2023 Q2 Form 10-Q Financial Statement
#000081555623000021 Filed on April 18, 2023
Income Statement
| Concept | 2023 Q2 | 2023 Q1 |
|---|---|---|
| Revenue | $1.883B | $1.859B |
| YoY Change | 5.88% | 9.1% |
| Cost Of Revenue | $1.026B | $1.009B |
| YoY Change | 7.84% | 10.79% |
| Gross Profit | $857.5M | $850.0M |
| YoY Change | 3.61% | 7.15% |
| Gross Profit Margin | 45.54% | 45.72% |
| Selling, General & Admin | $462.6M | $456.8M |
| YoY Change | 4.14% | 4.94% |
| % of Gross Profit | 53.95% | 53.74% |
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | $44.90M | $44.50M |
| YoY Change | 8.98% | 8.01% |
| % of Gross Profit | 5.24% | 5.24% |
| Operating Expenses | $462.6M | $456.8M |
| YoY Change | 4.14% | 4.94% |
| Operating Profit | $394.9M | $393.2M |
| YoY Change | 3.0% | 9.83% |
| Interest Expense | -$2.300M | -$3.500M |
| YoY Change | -182.14% | -245.83% |
| % of Operating Profit | -0.58% | -0.89% |
| Other Income/Expense, Net | ||
| YoY Change | ||
| Pretax Income | $392.6M | $389.7M |
| YoY Change | 3.13% | 9.56% |
| Income Tax | $94.60M | $94.60M |
| % Of Pretax Income | 24.1% | 24.28% |
| Net Earnings | $298.0M | $295.1M |
| YoY Change | 3.8% | 9.46% |
| Net Earnings / Revenue | 15.82% | 15.87% |
| Basic Earnings Per Share | $0.52 | $0.52 |
| Diluted Earnings Per Share | $0.52 | $0.52 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 571.0M shares | 570.8M shares |
| Diluted Shares Outstanding | 572.9M shares | 572.6M shares |
Balance Sheet
| Concept | 2023 Q2 | 2023 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $243.6M | $239.8M |
| YoY Change | -1.73% | 2.39% |
| Cash & Equivalents | $243.6M | $239.8M |
| Short-Term Investments | ||
| Other Short-Term Assets | $156.4M | $120.0M |
| YoY Change | 21.05% | -5.81% |
| Inventory | $1.565B | $1.652B |
| Prepaid Expenses | ||
| Receivables | $1.172B | $1.150B |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $3.137B | $3.162B |
| YoY Change | -0.5% | 4.2% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $1.274B | $1.247B |
| YoY Change | 26.3% | 23.69% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $165.8M | $168.2M |
| YoY Change | -5.85% | -5.66% |
| Total Long-Term Assets | $1.440B | $1.416B |
| YoY Change | 0.01% | -1.2% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $3.137B | $3.162B |
| Total Long-Term Assets | $1.440B | $1.416B |
| Total Assets | $4.577B | $4.577B |
| YoY Change | -0.34% | 2.47% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $262.0M | $266.8M |
| YoY Change | -10.21% | -7.97% |
| Accrued Expenses | $324.6M | $320.6M |
| YoY Change | 20.8% | 19.54% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | $150.0M | $200.0M |
| YoY Change | -23.08% | 471.43% |
| Total Short-Term Liabilities | $736.6M | $863.2M |
| YoY Change | -13.24% | 15.79% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $200.0M | $200.0M |
| YoY Change | -35.48% | -39.39% |
| Other Long-Term Liabilities | $175.1M | $159.2M |
| YoY Change | 5.8% | -0.25% |
| Total Long-Term Liabilities | $375.1M | $359.2M |
| YoY Change | 21.0% | 8.85% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $736.6M | $863.2M |
| Total Long-Term Liabilities | $375.1M | $359.2M |
| Total Liabilities | $1.196B | $1.306B |
| YoY Change | 3.19% | 21.47% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | $3.412B | $3.314B |
| YoY Change | 7.58% | 8.19% |
| Common Stock | $25.60M | $17.10M |
| YoY Change | -58.37% | -84.08% |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $3.381B | $3.271B |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $4.577B | $4.577B |
| YoY Change | -0.34% | 2.47% |
Cashflow Statement
| Concept | 2023 Q2 | 2023 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $298.0M | $295.1M |
| YoY Change | 3.8% | 9.46% |
| Depreciation, Depletion And Amortization | $44.90M | $44.50M |
| YoY Change | 8.98% | 8.01% |
| Cash From Operating Activities | $302.1M | $388.5M |
| YoY Change | 99.8% | 68.91% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $55.90M | $33.70M |
| YoY Change | 17.68% | -5.07% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $1.700M | $2.700M |
| YoY Change | 240.0% | 2600.0% |
| Cash From Investing Activities | -$54.20M | -$31.00M |
| YoY Change | 23.46% | -6.63% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | $199.9M | $199.8M |
| YoY Change | 11.99% | 12.0% |
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | $455.0M | $385.0M |
| YoY Change | 42.19% | 48.08% |
| Cash From Financing Activities | -243.3M | -348.9M |
| YoY Change | 183.24% | 74.89% |
| NET CHANGE | ||
| Cash From Operating Activities | 302.1M | 388.5M |
| Cash From Investing Activities | -54.20M | -31.00M |
| Cash From Financing Activities | -243.3M | -348.9M |
| Net Change In Cash | 4.600M | 8.600M |
| YoY Change | -66.42% | -530.0% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $302.1M | $388.5M |
| Capital Expenditures | $55.90M | $33.70M |
| Free Cash Flow | $246.2M | $354.8M |
| YoY Change | 137.42% | 82.42% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2022Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
0 | shares |
| CY2023Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
0 | shares |
| CY2022Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
570811674 | shares |
| CY2022Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
570811674 | shares |
| CY2023Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
3270600000 | usd |
| CY2022Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
3142000000 | usd |
| CY2023Q1 | us-gaap |
Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
|
0.35 | |
| CY2022Q1 | us-gaap |
Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
|
0.31 | |
| CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
295100000 | usd |
| CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
269600000 | usd |
| CY2023Q1 | us-gaap |
Depreciation
Depreciation
|
41800000 | usd |
| CY2022Q1 | us-gaap |
Depreciation
Depreciation
|
41200000 | usd |
| CY2023Q1 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
600000 | usd |
| CY2022Q1 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
-3500000 | usd |
| CY2023Q1 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
-1400000 | usd |
| CY2022Q1 | us-gaap |
Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
|
-300000 | usd |
| CY2023Q1 | us-gaap |
Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
|
300000 | usd |
| CY2022Q1 | us-gaap |
Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
|
1000000.0 | usd |
| CY2023Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1900000 | usd |
| CY2022Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1500000 | usd |
| CY2023Q1 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
2700000 | usd |
| CY2022Q1 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
2700000 | usd |
| CY2023Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
133700000 | usd |
| CY2022Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
169900000 | usd |
| CY2023Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-57700000 | usd |
| CY2022Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
76400000 | usd |
| CY2023Q1 | us-gaap |
Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
|
-45400000 | usd |
| CY2022Q1 | us-gaap |
Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
|
-60700000 | usd |
| CY2023Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
8500000 | usd |
| CY2022Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
56800000 | usd |
| CY2023Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-11900000 | usd |
| CY2022Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-30100000 | usd |
| CY2023Q1 | us-gaap |
Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
|
83900000 | usd |
| CY2022Q1 | us-gaap |
Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
|
69600000 | usd |
| CY2023Q1 | us-gaap |
Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
|
1200000 | usd |
| CY2022Q1 | us-gaap |
Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
|
-100000 | usd |
| CY2023Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
388500000 | usd |
| CY2022Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
230000000.0 | usd |
| CY2023Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
33700000 | usd |
| CY2022Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
35500000 | usd |
| CY2023Q1 | us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
2800000 | usd |
| CY2022Q1 | us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
2400000 | usd |
| CY2023Q1 | us-gaap |
Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
|
100000 | usd |
| CY2022Q1 | us-gaap |
Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
|
100000 | usd |
| CY2023Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-31000000.0 | usd |
| CY2022Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-33200000 | usd |
| CY2023Q1 | us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
230000000.0 | usd |
| CY2022Q1 | us-gaap |
Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
|
235000000.0 | usd |
| CY2023Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
385000000.0 | usd |
| CY2022Q1 | us-gaap |
Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
|
260000000.0 | usd |
| CY2023Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
5900000 | usd |
| CY2022Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
3900000 | usd |
| CY2023Q1 | us-gaap |
Payments Of Dividends
PaymentsOfDividends
|
199800000 | usd |
| CY2022Q1 | us-gaap |
Payments Of Dividends
PaymentsOfDividends
|
178400000 | usd |
| CY2023Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-348900000 | usd |
| CY2022Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-199500000 | usd |
| CY2023Q1 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
1100000 | usd |
| CY2022Q1 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
700000 | usd |
| CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
9700000 | usd |
| CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-2000000.0 | usd |
| CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
239800000 | usd |
| CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
234200000 | usd |
| CY2023Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
5100000 | usd |
| CY2022Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
2300000 | usd |
| CY2023Q1 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
9700000 | usd |
| CY2022Q1 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
15200000 | usd |
| CY2023Q1 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
25900000 | usd |
| CY2022Q1 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
23900000 | usd |
| CY2023Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
1859100000 | usd |
| CY2022Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
1704100000 | usd |
| CY2023Q1 | us-gaap |
Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
|
0.35 | |
| CY2022Q3 | us-gaap |
Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
|
0.31 | |
| CY2022Q4 | us-gaap |
Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
|
0.31 | |
| CY2022 | us-gaap |
Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
|
1.24 | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
|
12750912 | shares | |
| CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
6169792 | shares |
| CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
3018825 | shares |
| CY2023Q1 | us-gaap |
Residual Value Of Leased Asset
ResidualValueOfLeasedAsset
|
87400000 | usd |
| CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
|
P8Y | |
| CY2023Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
|
P10Y | |
| CY2022Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1500000 | usd |
| CY2023Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
|
22300000 | usd |
| CY2023Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
|
P4Y8M1D | |
| CY2022Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
575559161 | shares |
| CY2022Q1 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
2059645 | shares |
| CY2022Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
577618806 | shares |
| CY2022Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
930401 | shares |
| CY2022Q1 | fast |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Weighted Average Exercise Price
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareWeightedAverageExercisePrice
|
58.40 | |
| CY2023Q1 | us-gaap |
Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
|
0 | usd |
| CY2023Q1 | us-gaap |
Long Term Debt
LongTermDebt
|
400000000.0 | usd |
| CY2022Q4 | us-gaap |
Long Term Debt
LongTermDebt
|
555000000.0 | usd |
| CY2023Q1 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
200000000.0 | usd |
| CY2022Q4 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
201800000 | usd |
| CY2023Q1 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
200000000.0 | usd |
| CY2022Q4 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
353200000 | usd |
