2023 Q1 Form 10-K Financial Statement

#000088026623000010 Filed on March 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022 Q1
Revenue $3.334B $3.899B $2.686B
YoY Change 24.12% 23.57% 12.91%
Cost Of Revenue $2.479B $2.958B $2.054B
YoY Change 20.65% 19.65% 13.62%
Gross Profit $854.9M $940.6M $631.3M
YoY Change 35.42% 37.78% 10.66%
Gross Profit Margin 25.65% 24.12% 23.51%
Selling, General & Admin $331.8M $326.3M $271.1M
YoY Change 22.39% 14.09% 4.03%
% of Gross Profit 38.81% 34.69% 42.94%
Research & Development $119.6M $132.1M $100.3M
YoY Change 19.24% 20.64% 4.15%
% of Gross Profit 13.99% 14.04% 15.89%
Depreciation & Amortization $68.40M $67.10M $54.70M
YoY Change 25.05% -6.55% -0.18%
% of Gross Profit 8.0% 7.13% 8.66%
Operating Expenses $466.2M $473.1M $371.4M
YoY Change 25.53% 15.17% 4.06%
Operating Profit $388.7M $467.5M $204.0M
YoY Change 90.54% 71.94% 4.51%
Interest Expense -$500.0K -$4.400M -$400.0K
YoY Change 25.0% -4500.0% -88.24%
% of Operating Profit -0.13% -0.94% -0.2%
Other Income/Expense, Net -$50.40M -$72.90M -$17.50M
YoY Change 188.0% 614.71% 52.17%
Pretax Income $336.4M $388.5M $186.1M
YoY Change 80.76% 53.01% 3.22%
Income Tax $120.2M $90.70M $60.20M
% Of Pretax Income 35.73% 23.35% 32.35%
Net Earnings $232.6M $322.2M $151.8M
YoY Change 53.23% 14.21% 0.66%
Net Earnings / Revenue 6.98% 8.26% 5.65%
Basic Earnings Per Share $3.11 $2.03
Diluted Earnings Per Share $3.10 $4.30 $2.03
COMMON SHARES
Basic Shares Outstanding 74.85M shares 74.60M shares 74.60M shares
Diluted Shares Outstanding 75.00M shares 74.90M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $558.7M $789.5M $655.7M
YoY Change -14.79% -11.2% 44.43%
Cash & Equivalents $558.7M $789.5M $655.7M
Short-Term Investments
Other Short-Term Assets $596.6M $538.8M $613.4M
YoY Change -2.74% -0.19% 40.66%
Inventory $3.643B $3.190B $3.260B
Prepaid Expenses
Receivables $1.531B $1.221B $1.108B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $6.329B $5.739B $5.637B
YoY Change 12.27% 14.46% 31.14%
LONG-TERM ASSETS
Property, Plant & Equipment $1.830B $1.591B $1.464B
YoY Change 25.0% 8.63% 1.06%
Goodwill $1.323B $1.311B $1.305B
YoY Change 1.36% 2.34% 2.19%
Intangibles $354.0M $364.4M $396.8M
YoY Change -10.79% -7.09% -8.04%
Long-Term Investments $456.5M $436.9M $423.2M
YoY Change 7.87% 5.66% -4.68%
Other Assets $520.3M $268.7M $300.9M
YoY Change 72.91% -8.39% 63.53%
Total Long-Term Assets $4.483B $4.364B $4.240B
YoY Change 5.74% 4.71% 5.62%
TOTAL ASSETS
Total Short-Term Assets $6.329B $5.739B $5.637B
Total Long-Term Assets $4.483B $4.364B $4.240B
Total Assets $10.81B $10.10B $9.877B
YoY Change 9.47% 10.04% 18.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.427B $1.385B $1.276B
YoY Change 11.77% 28.47% 16.3%
Accrued Expenses $2.144B $2.271B $1.844B
YoY Change 16.29% 10.14% 9.43%
Deferred Revenue
YoY Change
Short-Term Debt $4.900M $8.900M $93.20M
YoY Change -94.74% -90.2% 79.92%
Long-Term Debt Due $190.6M $187.1M $2.100M
YoY Change 8976.19% 8809.52% -99.33%
Total Short-Term Liabilities $3.984B $4.088B $3.435B
YoY Change 15.98% 18.33% 0.6%
LONG-TERM LIABILITIES
Long-Term Debt $1.791B $1.265B $1.899B
YoY Change -5.7% -10.37% 102.8%
Other Long-Term Liabilities $788.0M $472.9M $418.9M
YoY Change 88.11% 9.7% 7.0%
Total Long-Term Liabilities $2.579B $1.738B $2.318B
YoY Change 11.25% -5.68% 74.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.984B $4.088B $3.435B
Total Long-Term Liabilities $2.579B $1.738B $2.318B
Total Liabilities $6.679B $6.221B $6.202B
YoY Change 7.7% 8.41% 19.55%
SHAREHOLDERS EQUITY
Retained Earnings $5.864B $5.655B $5.306B
YoY Change 10.51% 9.12% 8.34%
Common Stock $25.40M $30.90M $3.600M
YoY Change 605.56% 571.74% -44.62%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.133B $3.882B $3.675B
YoY Change
Total Liabilities & Shareholders Equity $10.81B $10.10B $9.877B
YoY Change 9.47% 10.04% 18.82%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022 Q1
OPERATING ACTIVITIES
Net Income $232.6M $322.2M $151.8M
YoY Change 53.23% 14.21% 0.66%
Depreciation, Depletion And Amortization $68.40M $67.10M $54.70M
YoY Change 25.05% -6.55% -0.18%
Cash From Operating Activities -$557.1M $1.133B -$576.5M
YoY Change -3.37% 83.17% 82.84%
INVESTING ACTIVITIES
Capital Expenditures $125.3M $117.8M $66.30M
YoY Change 88.99% -265.68% 4.41%
Acquisitions $900.0K $61.90M
YoY Change -98.55% 7637.5%
Other Investing Activities -$3.500M $1.900M $0.00
YoY Change -190.48% -100.0%
Cash From Investing Activities -$128.8M -$115.9M -$128.0M
YoY Change 0.63% 58.33% 91.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 461.6M -876.6M $479.1M
YoY Change -3.65% 441.45% -284.27%
NET CHANGE
Cash From Operating Activities -557.1M 1.133B -$576.5M
Cash From Investing Activities -128.8M -115.9M -$128.0M
Cash From Financing Activities 461.6M -876.6M $479.1M
Net Change In Cash -224.3M 140.8M -$233.4M
YoY Change -3.9% -63.3% -64.92%
FREE CASH FLOW
Cash From Operating Activities -$557.1M $1.133B -$576.5M
Capital Expenditures $125.3M $117.8M $66.30M
Free Cash Flow -$682.4M $1.016B -$642.8M
YoY Change 6.16% 47.22% 69.69%

Facts In Submission

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<div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">    The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The estimates made by management primarily relate to accounts and notes receivable, inventories, deferred income tax valuation allowances, uncertain tax positions, goodwill and other identifiable intangible assets, and certain accrued liabilities, principally relating to reserves for volume discounts and sales incentives, warranty obligations, product liability and workers’ compensation obligations, recoverable indirect taxes and pensions and postretirement benefits.</span></div>    The Company cannot predict the ongoing impact of the COVID-19 pandemic due to volatility in global economic and political environments, the cyclicality of market demand for its products, supply chain disruptions, possible workforce unavailability, exchange rate and commodity and protein price volatility and availability of financing, and their impact to the Company’s net sales, production volumes, costs and overall financial condition and available funding.
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CY2021Q4 agco Outstanding Accounts Receivables Of Receivables Sold To Retail Finance Joint Ventures Who Provide Financing To Company Dealers
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42600000 usd
CY2022Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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CY2021Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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413500000 usd
CY2022 us-gaap Income Loss From Equity Method Investments
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64100000 usd
CY2021 us-gaap Income Loss From Equity Method Investments
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65600000 usd
CY2020 us-gaap Income Loss From Equity Method Investments
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45500000 usd
CY2022 agco Equity Method Investment Summarized Financial Information Operating Income Loss
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179700000 usd
CY2021 agco Equity Method Investment Summarized Financial Information Operating Income Loss
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183000000.0 usd
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128200000 usd
CY2022Q4 us-gaap Due From Affiliates
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60800000 usd
CY2021Q4 us-gaap Due From Affiliates
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55100000 usd
CY2022Q4 us-gaap Retained Earnings Undistributed Earnings From Equity Method Investees
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401900000 usd
CY2021Q4 us-gaap Retained Earnings Undistributed Earnings From Equity Method Investees
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365600000 usd
CY2022 agco Proceeds From Dividends Received From Joint Ventures
ProceedsFromDividendsReceivedFromJointVentures
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CY2021 agco Proceeds From Dividends Received From Joint Ventures
ProceedsFromDividendsReceivedFromJointVentures
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CY2022 agco Proceeds From Dividends Received From Joint Ventures Return Of Investment In Excess Of Earnings
ProceedsFromDividendsReceivedFromJointVenturesReturnOfInvestmentInExcessOfEarnings
5700000 usd
CY2021 agco Proceeds From Dividends Received From Joint Ventures Return Of Investment In Excess Of Earnings
ProceedsFromDividendsReceivedFromJointVenturesReturnOfInvestmentInExcessOfEarnings
22700000 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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46800000 usd
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
897500000 usd
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
635400000 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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1107200000 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
562000000.0 usd
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CY2021 us-gaap Current Federal State And Local Tax Expense Benefit
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3400000 usd
CY2020 us-gaap Current Federal State And Local Tax Expense Benefit
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CY2022 us-gaap Current Foreign Tax Expense Benefit
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328600000 usd
CY2021 us-gaap Current Foreign Tax Expense Benefit
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222900000 usd
CY2020 us-gaap Current Foreign Tax Expense Benefit
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180200000 usd
CY2022 us-gaap Current Income Tax Expense Benefit
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354600000 usd
CY2021 us-gaap Current Income Tax Expense Benefit
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CY2020 us-gaap Current Income Tax Expense Benefit
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CY2022 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2021 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2020 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2022 us-gaap Deferred Income Tax Expense Benefit
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CY2021 us-gaap Deferred Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
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CY2020 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2022 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2020 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2021 us-gaap Income Tax Reconciliation Tax Credits Research
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CY2020 us-gaap Income Tax Reconciliation Tax Credits Research
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CY2021Q4 us-gaap Deferred Tax Assets Inventory
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CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Foreign
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CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Foreign
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CY2022Q1 us-gaap Common Stock Dividends Per Share Cash Paid
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