2021 Q4 Form 10-K Financial Statement

#000095017022002294 Filed on February 28, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $1.963B $7.656B $1.660B
YoY Change 18.26% 25.71% 12.87%
Cost Of Revenue $1.272B $4.909B $1.052B
YoY Change 20.9% 25.04% 12.56%
Gross Profit $690.8M $2.747B $607.7M
YoY Change 13.67% 26.92% 14.27%
Gross Profit Margin 35.2% 35.88% 36.62%
Selling, General & Admin $412.7M $1.579B $364.2M
YoY Change 13.32% 23.11% 17.86%
% of Gross Profit 59.74% 57.48% 59.93%
Research & Development $65.60M
YoY Change 31.46%
% of Gross Profit 2.39%
Depreciation & Amortization $47.70M $125.0M $46.60M
YoY Change 2.36% 2.88% 16.5%
% of Gross Profit 6.91% 4.55% 7.67%
Operating Expenses $428.3M $1.579B $375.1M
YoY Change 14.18% 23.11% 17.07%
Operating Profit $262.5M $1.090B $233.2M
YoY Change 12.56% 36.06% 21.14%
Interest Expense -$21.20M $84.40M -$19.50M
YoY Change 8.72% 0.6% -11.76%
% of Operating Profit -8.08% 7.74% -8.36%
Other Income/Expense, Net -$200.0K -$900.0K -$100.0K
YoY Change 100.0% -106.77% -99.68%
Pretax Income $239.1M $1.005B $213.6M
YoY Change 11.94% 37.53% 53.78%
Income Tax $63.80M $232.7M $47.10M
% Of Pretax Income 26.68% 23.15% 22.05%
Net Earnings $175.3M $772.4M $163.6M
YoY Change 7.15% 39.65% 57.31%
Net Earnings / Revenue 8.93% 10.09% 9.86%
Basic Earnings Per Share $5.62 $1.18
Diluted Earnings Per Share $1.276M $5.54 $1.16
COMMON SHARES
Basic Shares Outstanding 135.3M 137.5M
Diluted Shares Outstanding 137.3M 139.5M

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $471.5M $471.5M $419.1M
YoY Change 12.5% 12.5% 8.04%
Cash & Equivalents $471.5M $471.5M $419.1M
Short-Term Investments
Other Short-Term Assets $193.5M $193.5M $187.3M
YoY Change 3.31% 3.31% 12.22%
Inventory $1.194B $1.194B $867.2M
Prepaid Expenses
Receivables $885.7M $885.7M $734.9M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.745B $2.745B $2.209B
YoY Change 24.27% 24.27% 16.35%
LONG-TERM ASSETS
Property, Plant & Equipment $1.010B $1.201B $917.4M
YoY Change 10.04% 10.45% 11.31%
Goodwill $2.465B $2.395B
YoY Change 2.94% 14.57%
Intangibles $1.384B $1.420B
YoY Change -2.57% 21.51%
Long-Term Investments
YoY Change
Other Assets $141.6M $141.6M $247.5M
YoY Change -42.79% -42.79% 71.64%
Total Long-Term Assets $5.192B $5.192B $5.150B
YoY Change 0.81% 0.81% 17.23%
TOTAL ASSETS
Total Short-Term Assets $2.745B $2.745B $2.209B
Total Long-Term Assets $5.192B $5.192B $5.150B
Total Assets $7.936B $7.936B $7.359B
YoY Change 7.85% 7.85% 16.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $764.9M $764.9M $620.5M
YoY Change 23.27% 23.27% 34.89%
Accrued Expenses $768.4M
YoY Change 1895.84%
Deferred Revenue
YoY Change
Short-Term Debt $400.0M $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $400.0M $400.0M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $1.971B $1.971B $1.345B
YoY Change 46.54% 46.54% -4.56%
LONG-TERM LIABILITIES
Long-Term Debt $2.310B $2.310B $2.572B
YoY Change -10.2% -10.2% 44.13%
Other Long-Term Liabilities $176.0M $414.5M $205.4M
YoY Change -14.31% -17.99% 19.98%
Total Long-Term Liabilities $2.486B $2.724B $2.778B
YoY Change -10.51% -11.48% 42.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.971B $1.971B $1.345B
Total Long-Term Liabilities $2.486B $2.724B $2.778B
Total Liabilities $4.871B $4.871B $4.583B
YoY Change 6.29% 6.29% 18.63%
SHAREHOLDERS EQUITY
Retained Earnings $2.808B $2.180B
YoY Change 28.79% 23.66%
Common Stock $3.020B $2.928B
YoY Change 3.15% 4.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.739B $2.278B
YoY Change 20.24% 9.54%
Treasury Stock Shares $50.25M $45.41M
Shareholders Equity $3.065B $3.065B $2.776B
YoY Change
Total Liabilities & Shareholders Equity $7.936B $7.936B $7.359B
YoY Change 7.85% 7.85% 16.97%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $175.3M $772.4M $163.6M
YoY Change 7.15% 39.65% 57.31%
Depreciation, Depletion And Amortization $47.70M $125.0M $46.60M
YoY Change 2.36% 2.88% 16.5%
Cash From Operating Activities $257.9M $688.7M $318.9M
YoY Change -19.13% -16.59% 12.53%
INVESTING ACTIVITIES
Capital Expenditures -$101.2M $214.2M -$84.30M
YoY Change 20.05% 42.33% 70.65%
Acquisitions -$5.200M
YoY Change -100.73%
Other Investing Activities $200.0K $7.100M -$715.1M
YoY Change -100.03% -100.92% 715000.0%
Cash From Investing Activities -$101.0M -$207.1M -$799.4M
YoY Change -87.37% -77.57% 1514.95%
FINANCING ACTIVITIES
Cash Dividend Paid $143.0M
YoY Change 7.28%
Common Stock Issuance & Retirement, Net $447.7M
YoY Change 138.65%
Debt Paid & Issued, Net $1.510B
YoY Change 3.07%
Cash From Financing Activities -143.5M -428.6M 420.4M
YoY Change -134.13% -484.05% -323.86%
NET CHANGE
Cash From Operating Activities 257.9M 688.7M 318.9M
Cash From Investing Activities -101.0M -207.1M -799.4M
Cash From Financing Activities -143.5M -428.6M 420.4M
Net Change In Cash 13.40M 51.10M -60.10M
YoY Change -122.3% 69.77% -230.37%
FREE CASH FLOW
Cash From Operating Activities $257.9M $688.7M $318.9M
Capital Expenditures -$101.2M $214.2M -$84.30M
Free Cash Flow $359.1M $474.5M $403.2M
YoY Change -10.94% -29.72% 21.15%

Facts In Submission

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;line-height:1.0829166666666667;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;">Use of Estimates</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;"> The presentation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires us to make estimates and assumptions that affect reported amounts and related disclosures. Actual results in future periods could differ from those estimates.</span></p>
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CY2021 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;">21. Contingencies</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;">Litigation</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">The Company is a defendant in lawsuits that are ordinary routine litigation matters incidental to its businesses. It is not possible to predict the outcome of the pending actions, and, as with any litigation, it is possible that these actions could be decided unfavorably to the Company. The Company believes that there are meritorious defenses to these actions and that these actions will not have a material adverse effect upon the Company’s results of operations, cash flows or financial condition, and, where appropriate, these actions are being vigorously contested. Accordingly, the Company believes the likelihood of material loss is remote.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Arial;">Environmental</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">We are involved in remediation activities to clean up hazardous wastes as required by federal and state laws. Liabilities for remediation costs of each site are based on our best estimate of undiscounted future costs, excluding possible insurance recoveries or recoveries from other third parties. Uncertainties about the status of laws, regulations, technology and information related to individual sites make it difficult to develop estimates of future environmental remediation exposures. Some of the potential liabilities relate to sites we own, and some relate to sites we no longer own or never owned. Several of our subsidiaries have been designated as potentially responsible parties (“PRP”) under Superfund or similar state laws. As of December 31, 2021, twelve such instances have not been dismissed, settled or otherwise resolved. In 2021, none of our subsidiaries were identified as a PRP in a new instance and no instances were settled, dismissed or otherwise resolved. In most instances where our subsidiaries are named as a PRP, we enter into cost-sharing arrangements with other PRPs. We give notice to insurance carriers of potential PRP liability, but very rarely, if ever, receive reimbursement from insurance for PRP costs. At December 31, 2021 and 2020, we had accruals of $</span><span style="font-size:10.0pt;font-family:Arial;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">0.4</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;"> million and $</span><span style="font-size:10.0pt;font-family:Arial;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;">0.3</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Arial;"> million, respectively, relating to environmental compliance and cleanup including, but not limited to, the above mentioned Superfund sites.</span></p>
CY2021Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
400000
CY2020Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
300000
CY2021 dei Auditor Firm
AuditorFirmId
238

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