2023 Q4 Form 10-K Financial Statement

#000071140423000072 Filed on December 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022
Revenue $927.1M $3.593B $3.308B
YoY Change 9.31% 8.61% 13.2%
Cost Of Revenue $320.6M $1.235B $1.169B
YoY Change 2.92% 5.69% 20.91%
Gross Profit $606.5M $2.358B $2.140B
YoY Change 13.03% 10.2% 9.4%
Gross Profit Margin 65.42% 65.62% 64.67%
Selling, General & Admin $387.6M $1.501B $1.342B
YoY Change 8.27% 11.85% 10.82%
% of Gross Profit 63.91% 63.67% 62.73%
Research & Development $36.70M $137.4M $110.3M
YoY Change 26.12% 24.57% 18.99%
% of Gross Profit 6.05% 5.83% 5.16%
Depreciation & Amortization $92.70M $367.7M $166.6M
YoY Change 101.52% 120.71% 2.08%
% of Gross Profit 15.28% 15.59% 7.79%
Operating Expenses $470.8M $1.639B $1.453B
YoY Change 8.7% 12.81% 11.4%
Operating Profit $135.7M $533.1M $507.6M
YoY Change 31.11% 5.02% 0.36%
Interest Expense -$27.20M $105.3M $57.30M
YoY Change 19.3% 83.77% 148.05%
% of Operating Profit -20.04% 19.75% 11.29%
Other Income/Expense, Net -$2.100M -$14.90M $25.00M
YoY Change -74.7% -159.6% 184.09%
Pretax Income $106.4M $412.9M $475.3M
YoY Change 46.96% -13.13% -3.3%
Income Tax $21.90M $118.7M $89.50M
% Of Pretax Income 20.58% 28.75% 18.83%
Net Earnings $84.50M $294.2M $385.8M
YoY Change 28.81% -23.74% -86.9%
Net Earnings / Revenue 9.11% 8.19% 11.66%
Basic Earnings Per Share $5.94 $7.83
Diluted Earnings Per Share $1.70 $5.91 $7.76
COMMON SHARES
Basic Shares Outstanding 49.53M shares 49.50M shares 49.30M shares
Diluted Shares Outstanding 49.80M shares 49.70M shares

Balance Sheet

Concept 2023 Q4 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $120.8M $120.8M $138.2M
YoY Change -12.59% -12.59% 44.11%
Cash & Equivalents $120.8M $120.8M $138.2M
Short-Term Investments
Other Short-Term Assets $238.8M $238.8M $208.9M
YoY Change 14.31% 14.31% -22.2%
Inventory $735.6M $735.6M $628.7M
Prepaid Expenses
Receivables $609.7M $609.7M $557.8M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.705B $1.705B $1.534B
YoY Change 11.17% 11.17% 4.66%
LONG-TERM ASSETS
Property, Plant & Equipment $1.629B $1.874B $1.433B
YoY Change 15.22% 30.79% -10.7%
Goodwill $3.625B
YoY Change 0.41%
Intangibles $1.710B
YoY Change -9.27%
Long-Term Investments
YoY Change
Other Assets $637.1M $2.745B $3.031B
YoY Change 8.37% -9.43% 12.64%
Total Long-Term Assets $9.954B $9.954B $9.959B
YoY Change -0.05% -0.05% 22.33%
TOTAL ASSETS
Total Short-Term Assets $1.705B $1.705B $1.534B
Total Long-Term Assets $9.954B $9.954B $9.959B
Total Assets $11.66B $11.66B $11.49B
YoY Change 1.45% 1.45% 19.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $261.9M $261.9M $248.8M
YoY Change 5.27% 5.27% 54.15%
Accrued Expenses $213.0M $213.0M $152.1M
YoY Change 40.04% 40.04% -17.52%
Deferred Revenue $123.6M
YoY Change 32.05%
Short-Term Debt $44.40M $44.40M $395.7M
YoY Change -88.78% -88.78% 377.32%
Long-Term Debt Due $1.000M $1.000M $412.6M
YoY Change -99.76% -99.76%
Total Short-Term Liabilities $969.0M $969.0M $1.280B
YoY Change -24.31% -24.31% 74.87%
LONG-TERM LIABILITIES
Long-Term Debt $2.520B $2.524B $2.351B
YoY Change 7.38% 7.36% 68.38%
Other Long-Term Liabilities $239.2M $513.6M $536.7M
YoY Change -55.43% -4.3% 4.84%
Total Long-Term Liabilities $2.760B $3.037B $2.888B
YoY Change 17.57% 5.19% 51.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $969.0M $969.0M $1.280B
Total Long-Term Liabilities $2.760B $3.037B $2.888B
Total Liabilities $4.108B $4.108B $4.318B
YoY Change -4.86% -4.85% 62.05%
SHAREHOLDERS EQUITY
Retained Earnings $6.876B
YoY Change 4.42%
Common Stock $5.400M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.551B $7.551B $7.175B
YoY Change
Total Liabilities & Shareholders Equity $11.66B $11.66B $11.49B
YoY Change 1.45% 1.45% 19.63%

Cashflow Statement

Concept 2023 Q4 2023 2022
OPERATING ACTIVITIES
Net Income $84.50M $294.2M $385.8M
YoY Change 28.81% -23.74% -86.9%
Depreciation, Depletion And Amortization $92.70M $367.7M $166.6M
YoY Change 101.52% 120.71% 2.08%
Cash From Operating Activities $174.2M $607.5M $692.4M
YoY Change 33.28% -12.26% -6.26%
INVESTING ACTIVITIES
Capital Expenditures $145.0M $392.5M $242.0M
YoY Change -252.79% 62.19% 12.87%
Acquisitions
YoY Change
Other Investing Activities -$15.80M -$56.50M -$1.589B
YoY Change 229.17% -96.44% 573.68%
Cash From Investing Activities -$160.8M -$449.0M -$1.831B
YoY Change 61.28% -75.48% 306.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $78.50M
YoY Change -100.0% 216.53%
Debt Paid & Issued, Net $1.954B $561.5M
YoY Change 247.98% -60.35%
Cash From Financing Activities -6.500M -$173.9M $1.194B
YoY Change -95.15% -114.57% -483.33%
NET CHANGE
Cash From Operating Activities 174.2M $607.5M $692.4M
Cash From Investing Activities -160.8M -$449.0M -$1.831B
Cash From Financing Activities -6.500M -$173.9M $1.194B
Net Change In Cash 6.900M -$17.70M $42.00M
YoY Change -106.69% -142.14% -307.92%
FREE CASH FLOW
Cash From Operating Activities $174.2M $607.5M $692.4M
Capital Expenditures $145.0M $392.5M $242.0M
Free Cash Flow $29.20M $215.0M $450.4M
YoY Change -87.06% -52.26% -14.08%

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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9.5pt;font-weight:700;line-height:120%">Use of Estimates</span></div>The preparation of Consolidated Financial Statements in conformity with 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, as well as the reported amounts of net sales and expenses during the reporting period. Actual results could differ from those estimates. The Company continually monitors and evaluates the estimates used as additional information becomes available. Adjustments will be made to these provisions periodically to reflect new facts and circumstances that may indicate that historical experience may not be indicative of current and/or future results.
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CY2023 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
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0.0800
CY2022 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets
0.0800
CY2021 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets
0.0800
CY2023Q4 coo Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Rate Of Return On Plan Assets At Year End
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0.0800
CY2022Q4 coo Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Rate Of Return On Plan Assets At Year End
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermRateOfReturnOnPlanAssetsAtYearEnd
0.0800
CY2021Q4 coo Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Rate Of Return On Plan Assets At Year End
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermRateOfReturnOnPlanAssetsAtYearEnd
0.0800
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DefinedBenefitPlanActuarialGainLoss
10900000 usd
CY2023Q4 us-gaap Defined Benefit Plan Weighted Average Asset Allocations
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CY2022Q4 us-gaap Defined Benefit Plan Weighted Average Asset Allocations
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DefinedBenefitPlanWeightedAverageAssetAllocations
1.000
CY2023Q4 coo Defined Benefit Plan Plan Assets Target Allocation Expected Long Term Return Percentage
DefinedBenefitPlanPlanAssetsTargetAllocationExpectedLongTermReturnPercentage
0.08
CY2023Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
DefinedBenefitPlanFairValueOfPlanAssets
137600000 usd
CY2023 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
1100000 usd
CY2022 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
0 usd
CY2021 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
12700000 usd
CY2023Q4 us-gaap Defined Benefit Plan Expected Future Employer Contributions Next Fiscal Year
DefinedBenefitPlanExpectedFutureEmployerContributionsNextFiscalYear
1100000 usd
CY2023Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Next Twelve Months
DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths
10900000 usd
CY2023Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Two
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo
11000000.0 usd
CY2023Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Three
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree
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CY2023Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Four
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour
11200000 usd
CY2023Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Five
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive
12300000 usd
CY2023Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Five Fiscal Years Thereafter
DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter
65900000 usd
CY2023 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.75
CY2023 us-gaap Deferred Compensation Arrangement With Individual Contributions By Employer
DeferredCompensationArrangementWithIndividualContributionsByEmployer
10100000 usd
CY2022 us-gaap Deferred Compensation Arrangement With Individual Contributions By Employer
DeferredCompensationArrangementWithIndividualContributionsByEmployer
9000000 usd
CY2021 us-gaap Deferred Compensation Arrangement With Individual Contributions By Employer
DeferredCompensationArrangementWithIndividualContributionsByEmployer
7200000 usd
CY2023 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2021 us-gaap Operating Income Loss
OperatingIncomeLoss
505800000 usd
CY2021Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
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1347600000 usd
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3593200000 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3308400000 usd
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2922500000 usd
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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3593200000 usd
CY2023 us-gaap Operating Income Loss
OperatingIncomeLoss
533100000 usd
CY2023 us-gaap Interest Expense
InterestExpense
105300000 usd
CY2023 us-gaap Nonoperating Income Expense
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-14900000 usd
CY2023 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2023Q4 us-gaap Assets
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CY2023 us-gaap Depreciation
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CY2023 us-gaap Adjustment For Amortization
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CY2023 us-gaap Segment Expenditure Addition To Long Lived Assets
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CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022 us-gaap Operating Income Loss
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CY2022 us-gaap Interest Expense
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CY2022 us-gaap Nonoperating Income Expense
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CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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475300000 usd
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242000000.0 usd
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2922500000 usd
CY2021 us-gaap Operating Income Loss
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CY2021 us-gaap Interest Expense
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CY2021 us-gaap Nonoperating Income Expense
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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491500000 usd
CY2021Q4 us-gaap Assets
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163200000 usd
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146100000 usd
CY2021 us-gaap Segment Expenditure Addition To Long Lived Assets
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214400000 usd
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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3593200000 usd
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3593200000 usd
CY2023 us-gaap Operating Income Loss
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533100000 usd
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3308400000 usd
CY2022 us-gaap Operating Income Loss
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79700000 usd
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25700000 usd
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32700000 usd
CY2023 us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
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