2021 Q4 Form 10-K Financial Statement

#000132440422000008 Filed on February 24, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $2.540B $6.538B $1.102B
YoY Change 130.49% 58.54% 5.05%
Cost Of Revenue $1.385B $4.151B $922.0M
YoY Change 50.22% 24.92% 12.17%
Gross Profit $1.155B $2.387B $180.0M
YoY Change 541.67% 198.0% -20.7%
Gross Profit Margin 45.47% 36.51% 16.33%
Selling, General & Admin $56.00M $223.0M $52.00M
YoY Change 7.69% 8.25% -17.46%
% of Gross Profit 4.85% 9.34% 28.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $238.0M $888.0M $230.0M
YoY Change 3.48% -0.45% 8.49%
% of Gross Profit 20.61% 37.2% 127.78%
Operating Expenses $35.00M $223.0M $56.00M
YoY Change -37.5% 8.25% 5.66%
Operating Profit $1.120B $1.729B $124.0M
YoY Change 803.23% 177.53% -28.74%
Interest Expense -$34.00M $184.0M -$33.00M
YoY Change 3.03% 2.79% -28.26%
% of Operating Profit -3.04% 10.64% -26.61%
Other Income/Expense, Net -$1.000M $16.00M -$1.000M
YoY Change 0.0% 1500.0%
Pretax Income $1.085B $1.543B $117.0M
YoY Change 827.35% 233.26% 9.35%
Income Tax $226.0M $283.0M -$2.000M
% Of Pretax Income 20.83% 18.34% -1.71%
Net Earnings $705.0M $1.260B $87.00M
YoY Change 710.34% 191.67% -7.45%
Net Earnings / Revenue 27.76% 19.27% 7.89%
Basic Earnings Per Share $4.27
Diluted Earnings Per Share $3.270M $4.24 $404.8K
COMMON SHARES
Basic Shares Outstanding 214.5M shares 215.0M shares 213.9M shares
Diluted Shares Outstanding 216.2M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.628B $1.628B $683.0M
YoY Change 138.36% 138.36% 137.98%
Cash & Equivalents $1.628B $1.452B $683.0M
Short-Term Investments $55.00M $55.00M $23.00M
Other Short-Term Assets $56.00M $60.00M $35.00M
YoY Change 60.0% -54.55% 52.17%
Inventory $408.0M $408.0M $287.0M
Prepaid Expenses
Receivables $497.0M $464.0M $265.0M
Other Receivables $0.00 $33.00M $0.00
Total Short-Term Assets $2.593B $2.593B $1.367B
YoY Change 89.69% 89.69% 40.35%
LONG-TERM ASSETS
Property, Plant & Equipment $7.081B $7.324B $7.632B
YoY Change -7.22% -7.19% -6.59%
Goodwill $2.091B $2.374B
YoY Change -11.92% 0.38%
Intangibles
YoY Change
Long-Term Investments $82.00M $82.00M $80.00M
YoY Change 2.5% 2.5% -9.09%
Other Assets $285.0M $240.0M $311.0M
YoY Change -8.36% 15.94% 5.42%
Total Long-Term Assets $9.782B $9.782B $10.66B
YoY Change -8.2% -8.2% -4.84%
TOTAL ASSETS
Total Short-Term Assets $2.593B $2.593B $1.367B
Total Long-Term Assets $9.782B $9.782B $10.66B
Total Assets $12.38B $12.38B $12.02B
YoY Change 2.93% 2.93% -1.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $110.0M $110.0M $85.00M
YoY Change 29.41% 29.41% 8.97%
Accrued Expenses $89.00M $544.0M $88.00M
YoY Change 1.14% 27.4% -2.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $249.0M
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $1.432B $1.432B $906.0M
YoY Change 58.06% 58.06% 36.24%
LONG-TERM LIABILITIES
Long-Term Debt $3.465B $3.465B $3.712B
YoY Change -6.65% -6.65% -6.19%
Other Long-Term Liabilities $251.0M $413.0M $444.0M
YoY Change -43.47% -33.17% -6.33%
Total Long-Term Liabilities $3.716B $3.878B $4.156B
YoY Change -10.59% -10.44% -6.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.432B $1.432B $906.0M
Total Long-Term Liabilities $3.716B $3.878B $4.156B
Total Liabilities $5.148B $9.169B $5.062B
YoY Change 1.7% 0.75% -0.67%
SHAREHOLDERS EQUITY
Retained Earnings $2.088B $1.927B
YoY Change 8.35% -1.58%
Common Stock $2.000M $2.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.000M $4.000M
YoY Change -50.0%
Treasury Stock Shares 27.96K shares 102.8K shares
Shareholders Equity $3.206B $3.206B $2.922B
YoY Change
Total Liabilities & Shareholders Equity $12.38B $12.38B $12.02B
YoY Change 2.93% 2.93% -1.22%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $705.0M $1.260B $87.00M
YoY Change 710.34% 191.67% -7.45%
Depreciation, Depletion And Amortization $238.0M $888.0M $230.0M
YoY Change 3.48% -0.45% 8.49%
Cash From Operating Activities $1.480B $2.873B $290.0M
YoY Change 410.34% 133.39% -3.97%
INVESTING ACTIVITIES
Capital Expenditures -$132.0M $514.0M -$103.0M
YoY Change 28.16% 66.34% -3.74%
Acquisitions $0.00
YoY Change
Other Investing Activities $49.00M $48.00M $5.000M
YoY Change 880.0% -600.0%
Cash From Investing Activities -$83.00M -$466.0M -$98.00M
YoY Change -15.31% 55.85% -9.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $539.0M
YoY Change 439.0%
Debt Paid & Issued, Net $518.0M
YoY Change
Cash From Financing Activities -527.0M -$1.463B -69.00M
YoY Change 663.77% 169.93% -92.58%
NET CHANGE
Cash From Operating Activities 1.480B $2.873B 290.0M
Cash From Investing Activities -83.00M -$466.0M -98.00M
Cash From Financing Activities -527.0M -$1.463B -69.00M
Net Change In Cash 870.0M $945.0M 123.0M
YoY Change 607.32% 138.64% -116.71%
FREE CASH FLOW
Cash From Operating Activities $1.480B $2.873B $290.0M
Capital Expenditures -$132.0M $514.0M -$103.0M
Free Cash Flow $1.612B $2.359B $393.0M
YoY Change 310.18% 155.86% -3.91%

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CY2021 cf Numberof Nitrogen Fertilizer Manufacturing Facilities Canada
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CY2021 cf Numberof Nitrogen Fertilizer Manufacturing Facilities North America
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<div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-indent:24.75pt"><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 accounting principles generally accepted in the United States (U.S. GAAP) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses for the periods presented. Significant estimates and assumptions are used for, but are not limited to, net realizable value of inventories, environmental remediation liabilities, environmental and litigation contingencies, the cost of emission credits required to meet environmental regulations, the cost of customer incentives, the cost to fulfill contractual commitments to our customers, useful lives of property and identifiable intangible assets, the evaluation of potential impairments of property, investments, identifiable intangible assets and goodwill, income tax and valuation reserves, allowances for doubtful accounts receivable, the measurement of the fair values of investments for which markets are not active, the determination of the benefit obligation and annual expense of defined benefit pension and other postretirement plans and the valuation of stock-based compensation awards granted to employees.</span></div>
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CY2020 cf Increase Decreasein Capitalized Expendituresin Accounts Payableand Accrued Expenses
IncreaseDecreaseinCapitalizedExpendituresinAccountsPayableandAccruedExpenses
1000000 USD
CY2019 cf Increase Decreasein Capitalized Expendituresin Accounts Payableand Accrued Expenses
IncreaseDecreaseinCapitalizedExpendituresinAccountsPayableandAccruedExpenses
-6000000 USD
CY2021 cf Increase Decreasein Capitalized Expendituresin Other Liabilities
IncreaseDecreaseinCapitalizedExpendituresinOtherLiabilities
-1000000 USD
CY2020 cf Increase Decreasein Capitalized Expendituresin Other Liabilities
IncreaseDecreaseinCapitalizedExpendituresinOtherLiabilities
0 USD
CY2019 cf Increase Decreasein Capitalized Expendituresin Other Liabilities
IncreaseDecreaseinCapitalizedExpendituresinOtherLiabilities
-33000000 USD
CY2021Q4 cf Asset Retirement Obligations Liability Not Recognized Estimated Amount
AssetRetirementObligationsLiabilityNotRecognizedEstimatedAmount
116000000 USD
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
102000000 USD
CY2020 us-gaap Operating Lease Cost
OperatingLeaseCost
107000000 USD
CY2019 us-gaap Operating Lease Cost
OperatingLeaseCost
95000000 USD
CY2021 us-gaap Short Term Lease Cost
ShortTermLeaseCost
25000000 USD
CY2020 us-gaap Short Term Lease Cost
ShortTermLeaseCost
17000000 USD
CY2019 us-gaap Short Term Lease Cost
ShortTermLeaseCost
26000000 USD
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
7000000 USD
CY2020 us-gaap Variable Lease Cost
VariableLeaseCost
6000000 USD
CY2019 us-gaap Variable Lease Cost
VariableLeaseCost
4000000 USD
CY2021 us-gaap Lease Cost
LeaseCost
134000000 USD
CY2020 us-gaap Lease Cost
LeaseCost
130000000 USD
CY2019 us-gaap Lease Cost
LeaseCost
125000000 USD
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
97000000 USD
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
105000000 USD
CY2019 us-gaap Operating Lease Payments
OperatingLeasePayments
93000000 USD
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
80000000 USD
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
80000000 USD
CY2019 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
73000000 USD
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
243000000 USD
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
259000000 USD
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
89000000 USD
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
88000000 USD
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
162000000 USD
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
174000000 USD
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
251000000 USD
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
262000000 USD
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.038
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.047
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
91000000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
69000000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
50000000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
30000000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
19000000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
11000000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
270000000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
19000000 USD
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
251000000 USD
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
89000000 USD
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
162000000 USD
CY2021 dei Auditor Name
AuditorName
KPMG LLP
CY2021 dei Auditor Location
AuditorLocation
Chicago, IL
CY2021 dei Auditor Firm
AuditorFirmId
185

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