2023 Q1 Form 10-K Financial Statement

#000002617223000005 Filed on February 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022 Q3
Revenue $8.453B $7.770B $7.333B
YoY Change 32.39% 30.19% 20.0%
Cost Of Revenue $6.424B $5.951B $5.691B
YoY Change 32.37% 30.68% 22.84%
Gross Profit $2.029B $1.819B $1.642B
YoY Change 32.44% 28.64% 11.1%
Gross Profit Margin 24.0% 23.41% 22.39%
Selling, General & Admin $753.0M $742.0M $708.0M
YoY Change 22.44% 29.95% 18.0%
% of Gross Profit 37.11% 40.79% 43.12%
Research & Development $350.0M $333.0M $348.0M
YoY Change 17.45% 25.19% 26.09%
% of Gross Profit 17.25% 18.31% 21.19%
Depreciation & Amortization $246.0M $240.0M $216.0M
YoY Change 52.8% 50.0% 29.34%
% of Gross Profit 12.12% 13.19% 13.15%
Operating Expenses $1.103B $1.107B $1.056B
YoY Change 20.81% 32.26% 20.55%
Operating Profit $1.026B $712.0M $626.0M
YoY Change 69.87% 6.91% -14.83%
Interest Expense $87.00M $11.00M $61.00M
YoY Change 411.76% -60.71% 110.34%
% of Operating Profit 8.48% 1.54% 9.74%
Other Income/Expense, Net $90.00M $53.00M $43.00M
YoY Change -1100.0% 43.24% -41.1%
Pretax Income $1.029B $778.0M $608.0M
YoY Change 78.03% 15.26% -21.95%
Income Tax $223.0M $134.0M $199.0M
% Of Pretax Income 21.67% 17.22% 32.73%
Net Earnings $806.0M $631.0M $409.0M
YoY Change 90.54% 16.64% -33.17%
Net Earnings / Revenue 9.54% 8.12% 5.58%
Basic Earnings Per Share $5.58 $2.83
Diluted Earnings Per Share $5.55 $4.43 $2.82
COMMON SHARES
Basic Shares Outstanding 141.4M shares 141.1M shares
Diluted Shares Outstanding 142.4M shares 142.0M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.439B $2.573B $2.965B
YoY Change -12.99% -14.74% 1.58%
Cash & Equivalents $1.980B $2.101B $2.499B
Short-Term Investments $459.0M $472.0M $466.0M
Other Short-Term Assets $1.217B $1.073B $1.091B
YoY Change 45.05% 29.59% 35.7%
Inventory $5.878B $5.603B $5.543B
Prepaid Expenses
Receivables $5.834B $5.202B $4.799B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $15.37B $14.45B $14.40B
YoY Change 22.01% 17.4% 20.68%
LONG-TERM ASSETS
Property, Plant & Equipment $5.590B $5.521B $5.201B
YoY Change 27.6% 24.85% 24.6%
Goodwill $2.365B $2.343B $2.229B
YoY Change 83.9% 82.05% 72.66%
Intangibles $2.640B $2.687B $2.602B
YoY Change 187.9% 198.56% 176.22%
Long-Term Investments $1.860B $1.759B $1.826B
YoY Change 16.83% 14.0% 22.22%
Other Assets $2.114B $2.140B $1.977B
YoY Change 14.64% 21.18% 17.68%
Total Long-Term Assets $16.07B $15.85B $15.37B
YoY Change 39.38% 39.01% 43.96%
TOTAL ASSETS
Total Short-Term Assets $15.37B $14.45B $14.40B
Total Long-Term Assets $16.07B $15.85B $15.37B
Total Assets $31.43B $30.30B $29.77B
YoY Change 30.31% 27.79% 31.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.636B $4.252B $4.000B
YoY Change 32.57% 40.75% 26.1%
Accrued Expenses $1.648B $1.465B $1.568B
YoY Change 26.77% 23.11% 44.38%
Deferred Revenue $1.040B $1.004B $921.0M
YoY Change 17.78% 17.43% 14.41%
Short-Term Debt $2.774B $2.784B $2.610B
YoY Change 400.72% 876.84% 927.56%
Long-Term Debt Due $569.0M $573.0M $55.00M
YoY Change 724.64% 871.19% -3.51%
Total Short-Term Liabilities $11.92B $11.42B $10.53B
YoY Change 58.72% 61.22% 59.45%
LONG-TERM LIABILITIES
Long-Term Debt $4.409B $4.498B $5.450B
YoY Change 25.9% 24.88% 50.55%
Other Long-Term Liabilities $3.283B $3.311B $1.892B
YoY Change 109.64% 119.56% 28.53%
Total Long-Term Liabilities $3.283B $3.311B $1.892B
YoY Change 109.64% 119.56% 28.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.92B $11.42B $10.53B
Total Long-Term Liabilities $3.283B $3.311B $1.892B
Total Liabilities $20.55B $20.07B $20.16B
YoY Change 39.25% 40.29% 45.92%
SHAREHOLDERS EQUITY
Retained Earnings $18.61B $18.04B $17.63B
YoY Change 9.75% 7.74% 8.63%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $9.389B $9.415B $9.449B
YoY Change -0.24% 3.2% 6.91%
Treasury Stock Shares 80.90M shares 81.20M shares 81.50M shares
Shareholders Equity $9.623B $8.975B $8.380B
YoY Change
Total Liabilities & Shareholders Equity $31.43B $30.30B $29.77B
YoY Change 30.31% 27.79% 31.67%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $806.0M $631.0M $409.0M
YoY Change 90.54% 16.64% -33.17%
Depreciation, Depletion And Amortization $246.0M $240.0M $216.0M
YoY Change 52.8% 50.0% 29.34%
Cash From Operating Activities $495.0M $817.0M $382.0M
YoY Change 201.83% 43.59% -37.99%
INVESTING ACTIVITIES
Capital Expenditures $193.0M $419.0M -$222.0M
YoY Change 85.58% -355.49% 63.24%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $54.00M -$257.0M -$2.698B
YoY Change 5300.0% -903.13% -18086.67%
Cash From Investing Activities -$228.0M -$676.0M -$2.920B
YoY Change 2180.0% 412.12% 2313.22%
FINANCING ACTIVITIES
Cash Dividend Paid $222.0M
YoY Change 7.25%
Common Stock Issuance & Retirement, Net $4.000M
YoY Change -97.7%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$363.0M -442.0M 2.502B
YoY Change -26.96% 23.81% -356.09%
NET CHANGE
Cash From Operating Activities $495.0M 817.0M 382.0M
Cash From Investing Activities -$228.0M -676.0M -2.920B
Cash From Financing Activities -$363.0M -442.0M 2.502B
Net Change In Cash -$121.0M -301.0M -36.00M
YoY Change -61.71% -476.25% -92.53%
FREE CASH FLOW
Cash From Operating Activities $495.0M $817.0M $382.0M
Capital Expenditures $193.0M $419.0M -$222.0M
Free Cash Flow $302.0M $398.0M $604.0M
YoY Change 403.33% -45.7% -19.68%

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Reporting PeriodBeginning in 2022, we transitioned to a Gregorian calendar with our reporting period ending on the last day of the quarterly calendar period. In 2021 and prior, our reporting period ended on the Sunday closest to the last day of the quarterly calendar period. Our fiscal year ends on December 31, regardless of the day of the week on which December 31 falls.
CY2022 us-gaap Prior Period Reclassification Adjustment Description
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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-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain amounts for 2021 and 2020 were reclassified to conform to the current year presentation.</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Revisions</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the third quarter of 2022, we determined that a put right held by a minority shareholder in one of our subsidiaries, which became exercisable in September 2022, was incorrectly classified as noncontrolling interests (NCI) as opposed to mezzanine equity in our </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Consolidated Balance Sheets</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. Because the put right was exercisable at fair value (as defined in the governing documents of the subsidiary), the NCI should have also been reflected at fair value at each balance sheet date with an offset to additional paid-in-capital (APIC). As a result, we have revised our historical financial statements to reflect the NCI at its estimated fair value as redeemable noncontrolling interests in our </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Consolidated Balance Sheets</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> with a corresponding offset in NCI and APIC. This error did not impact our </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Consolidated Statements of Net Income</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Consolidated Statements of Comprehensive Income</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> or </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Consolidated Statements of Cash Flows</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for any period. The amounts reclassified from NCI and revisions to APIC were as follows:</span></div><div style="margin-bottom:8pt;margin-top:8pt;text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:63.333%"><tr><td style="width:1.0%"/><td style="width:25.215%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.896%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:22.364%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.896%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:22.364%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.896%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:22.369%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">In millions</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Noncontrolling Interests</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Additional Paid-in Capital</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="padding:2px 4.37pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total Correction to Mezzanine Equity</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">December 31, 2019</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">58 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">58 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">December 31, 2020</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">51 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">231 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">282 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">December 31, 2021</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">38 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">328 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">366 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">March 31, 2022</span></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">34 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">358 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">392 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">June 30, 2022</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">27 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">199 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">226 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">See NOTE 16, "REDEEMABLE NONCONTROLLING INTERESTS," for further information regarding the put right. We have concluded the correction of this error does not have a material impact to our previously issued annual and interim consolidated financial statements.</span></div>
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates in the Preparation of the Financial Statements </span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Preparation of financial statements requires management to make estimates and assumptions that affect reported amounts presented and disclosed in our </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Consolidated Financial Statements</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. Significant estimates and assumptions in these </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Consolidated Financial Statements </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">require the exercise of judgement and are used for, but not limited to, estimates of future cash flows and other assumptions associated with the valuation of intangible assets and goodwill and long-lived asset impairment tests, useful lives for depreciation and amortization, warranty programs, determination of discount rate and other assumptions for pensions and other postretirement benefit obligations and related costs, income taxes, deferred tax valuation allowances, contingencies and allowances for doubtful accounts. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be different from these estimates.</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Current supply chain disruptions and related future financial impacts cannot be estimated at this time. This uncertainty could have an impact on certain estimates used in the preparation of our 2022 financial results.</span></div>
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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0.001
CY2020 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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