2021 Q4 Form 10-K Financial Statement

#000110465922024701 Filed on February 17, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $14.09B $52.06B $9.676B
YoY Change 45.59% 19.03% -18.1%
Cost Of Revenue $24.39B
YoY Change -1.69%
Gross Profit $27.67B
YoY Change 46.16%
Gross Profit Margin 53.15%
Selling, General & Admin $2.244B $8.790B $2.165B
YoY Change 3.65% 4.69% 0.37%
% of Gross Profit 31.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.043B $4.562B $897.0M
YoY Change 16.28% 8.93% -23.53%
% of Gross Profit 16.49%
Operating Expenses $11.44B $8.790B $10.01B
YoY Change 14.31% 4.69% -3.13%
Operating Profit $18.88B
YoY Change 79.22%
Interest Expense -$297.0M $1.305B -$358.0M
YoY Change -17.04% -10.43% -0.56%
% of Operating Profit 6.91%
Other Income/Expense, Net
YoY Change
Pretax Income $5.048B $12.10B -$558.0M
YoY Change -1004.66% -265.9% -153.86%
Income Tax $942.0M $2.176B -$542.0M
% Of Pretax Income 18.66% 17.98%
Net Earnings $3.746B $9.388B -$53.00M
YoY Change -7167.92% -257.94% -105.71%
Net Earnings / Revenue 26.59% 18.03% -0.55%
Basic Earnings Per Share $10.95
Diluted Earnings Per Share $4.425M $10.82 -$61.06K
COMMON SHARES
Basic Shares Outstanding 830.3M shares 854.3M shares 861.5M shares
Diluted Shares Outstanding 864.9M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $2.427B $3.230B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $1.712B $1.000B $1.840B
YoY Change -6.96% 10.38% -5.79%
Goodwill $4.056B $4.074B
YoY Change -0.44% 0.89%
Intangibles $300.0M $319.0M
YoY Change -5.96% -4.2%
Long-Term Investments $359.3B $359.3B $360.7B
YoY Change -0.38% -0.38% 6.83%
Other Assets $11.75B $11.75B $12.85B
YoY Change -8.57% -8.57% -4.05%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $596.1B $596.1B $586.5B
YoY Change 1.64% 1.64% 11.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $1.200B $1.000B
YoY Change 20.0% 36.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $68.00M $68.00M $1.896B
YoY Change -96.41% -96.41% 23.44%
Total Short-Term Liabilities $68.00M $1.268B $2.896B
YoY Change -97.65% -56.22% 27.63%
LONG-TERM LIABILITIES
Long-Term Debt $30.10B $30.10B $35.64B
YoY Change -15.55% -15.55% 5.39%
Other Long-Term Liabilities $28.70B $27.50B $26.12B
YoY Change 9.88% 5.29% 0.95%
Total Long-Term Liabilities $58.80B $57.60B $61.76B
YoY Change -4.79% -6.74% 3.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $68.00M $1.268B $2.896B
Total Long-Term Liabilities $58.80B $57.60B $61.76B
Total Liabilities $527.2B $530.2B $519.3B
YoY Change 1.52% 1.93% 13.47%
SHAREHOLDERS EQUITY
Retained Earnings $23.79B $15.50B
YoY Change 53.41% -32.84%
Common Stock $86.62B $86.18B
YoY Change 0.5% 0.08%
Preferred Stock
YoY Change
Treasury Stock (at cost) $51.62B $49.32B
YoY Change 4.66% 0.68%
Treasury Stock Shares 1.088B shares 1.045B shares
Shareholders Equity $65.96B $65.96B $66.36B
YoY Change
Total Liabilities & Shareholders Equity $596.1B $596.1B $586.5B
YoY Change 1.64% 1.64% 11.7%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $3.746B $9.388B -$53.00M
YoY Change -7167.92% -257.94% -105.71%
Depreciation, Depletion And Amortization $1.043B $4.562B $897.0M
YoY Change 16.28% 8.93% -23.53%
Cash From Operating Activities $951.0M $6.279B -$1.194B
YoY Change -179.65% 504.91% 491.09%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$356.0M $995.0M -$981.0M
YoY Change -63.71% -16683.33% 43.84%
Cash From Investing Activities -$356.0M -$3.280B -$981.0M
YoY Change -63.71% -47.11% 43.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.592B
YoY Change 418.4%
Debt Paid & Issued, Net $4.147B
YoY Change 115.65%
Cash From Financing Activities -975.0M -$3.735B 1.776B
YoY Change -154.9% -173.84% 318.87%
NET CHANGE
Cash From Operating Activities 951.0M $6.279B -1.194B
Cash From Investing Activities -356.0M -$3.280B -981.0M
Cash From Financing Activities -975.0M -$3.735B 1.776B
Net Change In Cash -380.0M -$803.0M -399.0M
YoY Change -4.76% 1308.77% -13.26%
FREE CASH FLOW
Cash From Operating Activities $951.0M $6.279B -$1.194B
Capital Expenditures
Free Cash Flow
YoY Change

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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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3287000000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021 aig Disposal Group Including Discontinued Operation Cash Increase Decrease
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CY2020 aig Disposal Group Including Discontinued Operation Cash Increase Decrease
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CY2019 aig Disposal Group Including Discontinued Operation Cash Increase Decrease
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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3230000000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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3287000000 USD
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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3230000000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021 aig Interest Credited To Policyholder Accounts Included In Financing Activities
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-1690000000 USD
CY2020 aig Fee Income Debited To Policyholder Contract Deposits Included In Financing Activities
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-1710000000 USD
CY2019 aig Fee Income Debited To Policyholder Contract Deposits Included In Financing Activities
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CY2021Q4 us-gaap Number Of Countries In Which Entity Operates
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CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2021 us-gaap Use Of Estimates
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<p style="margin-top: 12.00pt; line-height: 13.00pt; margin-bottom: 6.00pt; text-align: left"><span style="font-family: 'Arial', 'sans-serif'; font-size: 9.00pt"> </span><span style="color: #1352DE; font-family: 'Arial', 'sans-serif'; font-weight: bold; font-size: 11.00pt; text-transform: uppercase">Use of Estimates</span></p><p style="margin-top: 0; line-height: 12.00pt; margin-bottom: 3.00pt; text-align: left"><span style="font-family: 'Arial', 'sans-serif'; font-size: 9.00pt">The preparation of financial statements in accordance with U.S. GAAP requires the application of accounting policies that often involve a significant degree of judgment. Accounting policies that we believe are most dependent on the application of estimates and assumptions are considered our critical accounting estimates and are related to the determination of:</span></p><p style="margin-top: 0; line-height: 12.00pt; margin-bottom: 3.00pt; margin-left: 0.25in; text-indent: -0.13in; text-align: left"><span style="color: #001871; font-family: Symbol; font-size: 9.00pt; display: inline-block; width: 0.09in"></span> <span style="font-family: 'Arial', 'sans-serif'; font-size: 9.00pt">loss reserves;</span></p><p style="margin-top: 0; line-height: 12.00pt; margin-bottom: 3.00pt; margin-left: 0.25in; text-indent: -0.13in; text-align: left"><span style="color: #001871; font-family: Symbol; font-size: 9.00pt; display: inline-block; width: 0.09in"></span> <span style="font-family: 'Arial', 'sans-serif'; font-size: 9.00pt">future policy benefit reserves for life and accident and health insurance contracts;</span></p><p style="margin-top: 0; line-height: 12.00pt; margin-bottom: 3.00pt; margin-left: 0.25in; text-indent: -0.13in; text-align: left"><span style="color: #001871; font-family: Symbol; font-size: 9.00pt; display: inline-block; width: 0.09in"></span> <span style="font-family: 'Arial', 'sans-serif'; font-size: 9.00pt">liabilities for guaranteed benefit features of variable annuity, fixed annuity and fixed index annuity products;</span></p><p style="margin-top: 0; line-height: 12.00pt; margin-bottom: 3.00pt; margin-left: 0.25in; text-indent: -0.13in; text-align: left"><span style="color: #001871; font-family: Symbol; font-size: 9.00pt; display: inline-block; width: 0.09in"></span> <span style="font-family: 'Arial', 'sans-serif'; font-size: 9.00pt">embedded derivative liabilities for fixed index annuity and life products;</span></p><p style="margin-top: 0; line-height: 12.00pt; margin-bottom: 3.00pt; margin-left: 0.25in; text-indent: -0.13in; text-align: left"><span style="color: #001871; font-family: Symbol; font-size: 9.00pt; display: inline-block; width: 0.09in"></span> <span style="font-family: 'Arial', 'sans-serif'; font-size: 9.00pt">estimated gross profits to value deferred acquisition costs and unearned revenue for investment-oriented products;</span></p><p style="margin-top: 0; line-height: 12.00pt; margin-bottom: 3.00pt; margin-left: 0.25in; text-indent: -0.13in; text-align: left"><span style="color: #001871; font-family: Symbol; font-size: 9.00pt; display: inline-block; width: 0.09in"></span> <span style="font-family: 'Arial', 'sans-serif'; font-size: 9.00pt">reinsurance assets, including the allowance for credit losses and disputes;</span></p><p style="margin-top: 0; line-height: 12.00pt; margin-bottom: 3.00pt; margin-left: 0.25in; text-indent: -0.13in; text-align: left"><span style="color: #001871; font-family: Symbol; font-size: 9.00pt; display: inline-block; width: 0.09in"></span> <span style="font-family: 'Arial', 'sans-serif'; font-size: 9.00pt">goodwill impairment;</span></p><p style="margin-top: 0; line-height: 12.00pt; margin-bottom: 3.00pt; margin-left: 0.25in; text-indent: -0.13in; text-align: left"><span style="color: #001871; font-family: Symbol; font-size: 9.00pt; display: inline-block; width: 0.09in"></span> <span style="font-family: 'Arial', 'sans-serif'; font-size: 9.00pt">allowance for credit losses on certain investments, primarily on loans and available for sale fixed maturity securities;</span></p><p style="margin-top: 0; line-height: 12.00pt; margin-bottom: 3.00pt; margin-left: 0.25in; text-indent: -0.13in; text-align: left"><span style="color: #001871; font-family: Symbol; font-size: 9.00pt; display: inline-block; width: 0.09in"></span> <span style="font-family: 'Arial', 'sans-serif'; font-size: 9.00pt">legal contingencies;</span></p><p style="margin-top: 0; line-height: 12.00pt; margin-bottom: 3.00pt; margin-left: 0.25in; text-indent: -0.13in; text-align: left"><span style="color: #001871; font-family: Symbol; font-size: 9.00pt; display: inline-block; width: 0.09in"></span> <span style="font-family: 'Arial', 'sans-serif'; font-size: 9.00pt">fair value measurements of certain financial assets and financial liabilities; and</span></p><p style="margin-top: 0; line-height: 12.00pt; margin-bottom: 3.00pt; margin-left: 0.25in; text-indent: -0.13in; text-align: left"><span style="color: #001871; font-family: Symbol; font-size: 9.00pt; display: inline-block; width: 0.09in"></span> <span style="font-family: 'Arial', 'sans-serif'; font-size: 9.00pt">income taxes, in particular the recoverability of our deferred tax asset and establishment of provisions for uncertain tax positions.</span></p><p style="margin-top: 9.00pt; line-height: 12.00pt; margin-bottom: 6.00pt; text-align: left"><span style="font-family: 'Arial', 'sans-serif'; font-size: 9.00pt">These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected.</span></p>
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1840000000 USD
CY2019Q4 us-gaap Property Plant And Equipment Net
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1953000000 USD
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3291000000 USD
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71000000 USD
CY2020 us-gaap Fair Value Asset Recurring Basis Still Held Unrealized Gain Loss Oci
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276000000 USD
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CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Issues
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CY2021 aig Fair Value Level3 Transfers In At End Of Period Net Gain Loss Excluded From Level3 Gains Losses
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18000000 USD
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CY2021 aig Fair Value Level3 Transfers Out At End Of Period Net Gain Loss Included In Level3 Gains Losses
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