2024 Q1 Form 10-K Financial Statement

#000193239324000013 Filed on February 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $4.650B $5.206B $19.55B
YoY Change -1.21% 5.43% 6.6%
Cost Of Revenue $2.749B $3.050B $11.63B
YoY Change -2.38% 1.46% 4.19%
Gross Profit $1.901B $2.156B $7.922B
YoY Change 0.53% 11.59% 10.35%
Gross Profit Margin 40.88% 41.41% 40.52%
Selling, General & Admin $1.038B $1.152B $4.282B
YoY Change -2.26% 30.32% 17.93%
% of Gross Profit 54.6% 53.43% 54.05%
Research & Development $324.0M $315.0M $1.205B
YoY Change 20.0% 16.24% 17.45%
% of Gross Profit 17.04% 14.61% 15.21%
Depreciation & Amortization $148.0M $144.0M $248.0M
YoY Change 142.62% -8.28% -60.82%
% of Gross Profit 7.79% 6.68% 3.13%
Operating Expenses $1.361B $1.467B $5.487B
YoY Change 2.18% 27.01% 17.82%
Operating Profit $540.0M $689.0M $2.435B
YoY Change -3.4% -11.33% -3.45%
Interest Expense -$137.0M -$122.0M -$505.0M
YoY Change 15.13% 106.78% 523.46%
% of Operating Profit -25.37% -17.71% -20.74%
Other Income/Expense, Net $109.0M $42.00M $86.00M
YoY Change 1262.5% 21.13%
Pretax Income $512.0M $609.0M $2.361B
YoY Change -6.23% -15.18% -6.01%
Income Tax $124.0M $193.0M $743.0M
% Of Pretax Income 24.22% 31.69% 31.47%
Net Earnings $374.0M $403.0M $1.568B
YoY Change 0.54% -27.26% -18.16%
Net Earnings / Revenue 8.04% 7.74% 8.02%
Basic Earnings Per Share $0.82 $3.05
Diluted Earnings Per Share $0.81 $0.88 $3.03
COMMON SHARES
Basic Shares Outstanding 455.4M shares 455.2M shares 455.0M shares
Diluted Shares Outstanding 459.0M shares 458.0M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.563B $2.504B $2.504B
YoY Change 10.14% 73.29% 73.29%
Cash & Equivalents $2.563B $2.494B $2.504B
Short-Term Investments
Other Short-Term Assets $516.0M $389.0M $389.0M
YoY Change -18.61% -6.71% -6.71%
Inventory $1.989B $1.960B $1.960B
Prepaid Expenses
Receivables $4.285B $4.525B $4.525B
Other Receivables $20.00M $32.00M $32.00M
Total Short-Term Assets $9.373B $9.410B $9.410B
YoY Change -2.41% 13.13% 13.13%
LONG-TERM ASSETS
Property, Plant & Equipment $2.445B $2.144B $2.500B
YoY Change 5.07% -7.35% 8.04%
Goodwill $12.93B $12.94B
YoY Change 0.02% 0.96%
Intangibles $1.174B $1.253B
YoY Change -21.42% -17.57%
Long-Term Investments $170.0M
YoY Change -6.59%
Other Assets $6.289B $1.881B $6.231B
YoY Change 222.18% -26.92% 156.53%
Total Long-Term Assets $22.84B $23.04B $23.04B
YoY Change -0.86% 19.89% 19.89%
TOTAL ASSETS
Total Short-Term Assets $9.373B $9.410B $9.410B
Total Long-Term Assets $22.84B $23.04B $23.04B
Total Assets $32.21B $32.45B $32.45B
YoY Change -1.31% 17.85% 17.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.931B $2.947B $2.947B
YoY Change -1.55% 0.1% 0.1%
Accrued Expenses $110.0M
YoY Change 5.77%
Deferred Revenue $1.879B $1.918B
YoY Change -7.48% 1.16%
Short-Term Debt $0.00 $1.006B $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $1.008B $1.006B $1.006B
YoY Change 20060.0% 6606.67% 14271.43%
Total Short-Term Liabilities $8.859B $8.981B $8.981B
YoY Change 7.56% 24.89% 24.89%
LONG-TERM LIABILITIES
Long-Term Debt $8.247B $8.436B $8.436B
YoY Change -19.42% 2.45% 2.45%
Other Long-Term Liabilities $7.434B $1.877B $7.659B
YoY Change 305.34% -12.78% 255.9%
Total Long-Term Liabilities $15.68B $10.31B $16.10B
YoY Change 29.94% -0.7% 54.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.859B $8.981B $8.981B
Total Long-Term Liabilities $15.68B $10.31B $16.10B
Total Liabilities $24.80B $25.14B $25.32B
YoY Change -3.66% 38.29% 39.26%
SHAREHOLDERS EQUITY
Retained Earnings $1.687B $1.326B
YoY Change 811.89%
Common Stock $5.000M $5.000M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.409B $7.133B $7.133B
YoY Change
Total Liabilities & Shareholders Equity $32.21B $32.45B $32.45B
YoY Change -1.31% 17.85% 17.85%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $374.0M $403.0M $1.568B
YoY Change 0.54% -27.26% -18.16%
Depreciation, Depletion And Amortization $148.0M $144.0M $248.0M
YoY Change 142.62% -8.28% -60.82%
Cash From Operating Activities $419.0M $1.050B $2.101B
YoY Change -10.47% 0.77% -0.57%
INVESTING ACTIVITIES
Capital Expenditures $145.0M $94.00M $387.0M
YoY Change 1.4% 22.08% 24.84%
Acquisitions $0.00 $147.0M
YoY Change -100.0%
Other Investing Activities -$43.00M $6.000M $25.00M
YoY Change 975.0% -133.33% -128.41%
Cash From Investing Activities -$188.0M -$88.00M -$558.0M
YoY Change -29.32% -7.37% 40.2%
FINANCING ACTIVITIES
Cash Dividend Paid $14.00M $41.00M
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -153.0M -900.0M -$478.0M
YoY Change -122.73% 2332.43% -41.85%
NET CHANGE
Cash From Operating Activities 419.0M 1.050B 2.101B
Cash From Investing Activities -188.0M -88.00M -$558.0M
Cash From Financing Activities -153.0M -900.0M -$478.0M
Net Change In Cash 78.00M 62.00M $1.055B
YoY Change -91.17% -93.19% 18.14%
FREE CASH FLOW
Cash From Operating Activities $419.0M $1.050B $2.101B
Capital Expenditures $145.0M $94.00M $387.0M
Free Cash Flow $274.0M $956.0M $1.714B
YoY Change -15.69% -0.93% -4.94%

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<div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Following the Spin-Off, certain prior year amounts in the financial statements and notes thereto have been reclassified to conform to the current year presentation, which provides additional detail to readers of our financial statements. Amounts in the Consolidated and Combined Statements of Cash Flows that were previously included within the All other operating activities line have been reclassified to separate lines including Net periodic postretirement benefit plan (income) expense, Postretirement plan contributions, and Share-based compensation.</span></div>
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<div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">ESTIMATES AND ASSUMPTIONS. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The preparation of the consolidated and combined financial statements in conformity with U.S. GAAP requires management to make estimates based on assumptions about current, and for some estimates, future, economic and market conditions, which affect the reported amounts and related disclosures in the consolidated and combined financial statements. We base our estimates and judgments on historical experience and on various other assumptions and information that we believe to be reasonable under the circumstances. Although our estimates contemplate current and expected future conditions, as applicable, it is reasonably possible that actual conditions could differ from our expectations, which could materially affect our results of operations, financial position, and cash flows. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Estimates are used for, but are not limited to, determining the following: revenue from contracts with customers, recoverability of long-lived assets and inventory, valuation of goodwill and intangible assets, useful lives used in depreciation and amortization, asset retirement obligations, income taxes and related valuation allowances, accruals for contingencies including legal and product warranties, actuarial assumptions used to determine costs of pension and other postretirement benefits, valuation of pension assets, valuation and recoverability of receivables, valuation of derivatives, and valuation of assets acquired, liabilities assumed, and contingent consideration as a result of acquisitions. </span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">There have been no material impacts to our accounting estimates as of December 31, 2023 and 2022, or the results for the years ended December 31, 2023, 2022, and 2021, from the COVID-19 pandemic. The federal COVID-19 Public Health Emergency declaration in the U.S. ended in May 2023, and COVID-19 restrictions have been lifted in many locations globally.</span></div>
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