2024 Q1 Form 10-K Financial Statement

#000081445324000017 Filed on February 21, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $1.653B $2.076B $8.133B
YoY Change -8.42% -9.15% -14.02%
Cost Of Revenue $1.141B $1.455B $5.780B
YoY Change -13.76% -13.65% -12.75%
Gross Profit $512.0M $621.0M $2.353B
YoY Change 6.22% 3.5% -16.97%
Gross Profit Margin 30.97% 29.91% 28.93%
Selling, General & Admin $457.0M $544.0M $2.001B
YoY Change -4.79% -73.22% -1.57%
% of Gross Profit 89.26% 87.6% 85.04%
Research & Development $117.0M
YoY Change -16.43%
% of Gross Profit 4.97%
Depreciation & Amortization $85.00M $94.00M $334.0M
YoY Change 4.94% 27.03% 12.84%
% of Gross Profit 16.6% 15.14% 14.19%
Operating Expenses $457.0M $544.0M $2.001B
YoY Change -4.79% -73.22% -7.92%
Operating Profit $55.00M $77.00M $352.0M
YoY Change -252.78% -128.21% 12.82%
Interest Expense -$73.00M -$70.00M -$283.0M
YoY Change -207.35% -75.18% -220.43%
% of Operating Profit -132.73% -90.91% -80.4%
Other Income/Expense, Net -$2.000M -$84.00M -$175.0M
YoY Change -83.33% -1150.0% -316.05%
Pretax Income -$60.00M -$164.0M -$543.0M
YoY Change -48.28% -50.3% -445.86%
Income Tax -$51.00M -$78.00M -$155.0M
% Of Pretax Income
Net Earnings -$9.000M -$86.00M -$388.0M
YoY Change -91.18% -65.46% -296.95%
Net Earnings / Revenue -0.54% -4.14% -4.77%
Basic Earnings Per Share -$0.02 -$0.94
Diluted Earnings Per Share -$0.02 -$0.21 -$0.94
COMMON SHARES
Basic Shares Outstanding 414.3M shares 414.2M shares 414.1M shares
Diluted Shares Outstanding 414.7M shares 414.1M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $372.0M $332.0M $332.0M
YoY Change 37.27% 15.68% 15.68%
Cash & Equivalents $372.0M $332.0M $332.0M
Short-Term Investments
Other Short-Term Assets $376.0M $296.0M $296.0M
YoY Change 15.34% -5.13% -5.13%
Inventory $1.695B $1.531B $1.531B
Prepaid Expenses
Receivables $958.0M $1.195B $1.195B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.401B $3.354B $3.354B
YoY Change -16.13% -17.23% -17.23%
LONG-TERM ASSETS
Property, Plant & Equipment $1.686B $1.727B $1.727B
YoY Change -5.49% -1.99% -1.99%
Goodwill $3.059B $3.071B
YoY Change -7.44% -6.88%
Intangibles $2.447B $2.488B
YoY Change -7.13% -6.08%
Long-Term Investments
YoY Change
Other Assets $1.507B $1.523B $1.523B
YoY Change 115.59% 120.41% 1.47%
Total Long-Term Assets $8.699B $8.809B $8.809B
YoY Change -5.66% -4.35% -4.35%
TOTAL ASSETS
Total Short-Term Assets $3.401B $3.354B $3.354B
Total Long-Term Assets $8.699B $8.809B $8.809B
Total Assets $12.10B $12.16B $12.16B
YoY Change -8.86% -8.29% -8.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.038B $1.003B $1.003B
YoY Change -4.95% -5.56% -5.56%
Accrued Expenses $1.438B $1.565B $1.565B
YoY Change 9.02% 16.62% 16.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $429.0M $329.0M $329.0M
YoY Change -49.65% -47.02% -47.02%
Total Short-Term Liabilities $2.956B $2.897B $2.897B
YoY Change -10.18% -5.88% -5.88%
LONG-TERM LIABILITIES
Long-Term Debt $4.558B $4.575B $4.575B
YoY Change -4.56% -3.81% -3.81%
Other Long-Term Liabilities $1.273B $1.338B $1.338B
YoY Change 46.32% 52.57% -3.67%
Total Long-Term Liabilities $5.831B $5.913B $5.913B
YoY Change 3.28% 4.97% -3.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.956B $2.897B $2.897B
Total Long-Term Liabilities $5.831B $5.913B $5.913B
Total Liabilities $9.024B $9.051B $9.051B
YoY Change -9.24% -7.1% -7.1%
SHAREHOLDERS EQUITY
Retained Earnings -$2.735B -$2.726B
YoY Change 12.09% 16.6%
Common Stock $7.341B $7.355B
YoY Change -0.85% -1.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.076B $3.112B $3.112B
YoY Change
Total Liabilities & Shareholders Equity $12.10B $12.16B $12.16B
YoY Change -8.86% -8.29% -8.29%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$9.000M -$86.00M -$388.0M
YoY Change -91.18% -65.46% -296.95%
Depreciation, Depletion And Amortization $85.00M $94.00M $334.0M
YoY Change 4.94% 27.03% 12.84%
Cash From Operating Activities $32.00M $251.0M $930.0M
YoY Change -141.56% -14.92% -441.91%
INVESTING ACTIVITIES
Capital Expenditures $59.00M $75.00M $284.0M
YoY Change -28.92% -17.58% -8.97%
Acquisitions
YoY Change
Other Investing Activities $9.000M $23.00M $85.00M
YoY Change -160.0% 64.29% -323.68%
Cash From Investing Activities -$50.00M -$52.00M -$199.0M
YoY Change -26.47% -32.47% -158.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities 60.00M -259.0M -664.0M
YoY Change -53.13% -55.03% 186.21%
NET CHANGE
Cash From Operating Activities 32.00M 251.0M 930.0M
Cash From Investing Activities -50.00M -52.00M -199.0M
Cash From Financing Activities 60.00M -259.0M -664.0M
Net Change In Cash 42.00M -60.00M 67.00M
YoY Change -333.33% -83.24% -138.51%
FREE CASH FLOW
Cash From Operating Activities $32.00M $251.0M $930.0M
Capital Expenditures $59.00M $75.00M $284.0M
Free Cash Flow -$27.00M $176.0M $646.0M
YoY Change -83.13% -13.73% -210.62%

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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates and Risks</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Management’s application of U.S. GAAP in preparing the Company’s consolidated financial statements requires the pervasive use of estimates and assumptions. The Company continues to be impacted by inflationary pressures, soft global demand, focus by major retailers on the rebalancing of inventory levels, rising interest rates and indirect macroeconomic impacts from geopolitical conflicts. These collective macroeconomic trends, the duration or severity of which are highly uncertain, are rapidly changing the retail and consumer landscape and negatively impact the Company’s operating results, cash flows and financial condition in 2023 and are expected to persist into 2024. As consumers continue to face widespread increases in prices and interest rates, their discretionary spending and purchase patterns may continue to be unfavorably impacted. The high level of uncertainty of these factors has resulted in estimates and assumptions that have the potential for more variability and are more subjective. In addition, some of the other inherent estimates and assumptions used in the Company’s forecasted results of operations and cash flows that form the basis of the determination of the fair value of the reporting units for goodwill and indefinite-lived intangible asset impairment testing are outside the control of management, including interest rates, cost of capital, tax rates, industry growth, credit ratings, foreign exchange rates and labor inflation. Although management has made its best estimates and assumptions based upon current information, actual results could materially differ given the uncertainty of these factors and may require future changes to such estimates and assumptions, including reserves, which may result in future expense or impairment charges.</span></div>
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RevenueFromContractWithCustomerExcludingAssessedTax
10589000000 usd
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8133000000 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
9459000000 usd
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
10589000000 usd
CY2022Q3 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
103000000 usd
CY2023Q4 us-gaap Accrual For Environmental Loss Contingencies Gross
AccrualForEnvironmentalLossContingenciesGross
41000000 usd
CY2023 nwl Number Of General Notice Letter Recipients
NumberOfGeneralNoticeLetterRecipients
100 entity
CY2023Q4 nwl Number Of Operable Units
NumberOfOperableUnits
4 unit
CY2021Q4 nwl Miles Of River Included In The Remedial Investigation And Feasibility Study
MilesOfRiverIncludedInTheRemedialInvestigationAndFeasibilityStudy
9 mi
CY2021Q4 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
441000000 usd
CY2018Q2 nwl Number Of Parties Sued
NumberOfPartiesSued
100 party
CY2018Q2 us-gaap Loss Contingency Number Of Defendants
LossContingencyNumberOfDefendants
42 defendant
CY2023Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
38000000 usd
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023 dei Auditor Name
AuditorName
PricewaterhouseCoopers LLP
CY2023 dei Auditor Firm
AuditorFirmId
238

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