2022 Q1 Form 10-Q Financial Statement

#000155837022006460 Filed on April 29, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021 Q1
Revenue $5.570B $5.311B $3.545B
YoY Change 57.14% 104.16% 37.65%
Cost Of Revenue $3.787B $3.549B $2.744B
YoY Change 38.01% 64.37% 27.06%
Gross Profit $1.783B $1.762B $800.3M
YoY Change 122.74% 298.38% 92.73%
Gross Profit Margin 32.0% 33.18% 22.58%
Selling, General & Admin $280.5M $325.5M $198.6M
YoY Change 41.23% 108.14% 47.77%
% of Gross Profit 15.74% 18.48% 24.82%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $87.55M $86.28M $86.92M
YoY Change 0.72% 1.39% 8.3%
% of Gross Profit 4.91% 4.9% 10.86%
Operating Expenses $287.6M $332.7M $206.1M
YoY Change 39.57% 102.75% 45.65%
Operating Profit $1.495B $1.429B $594.2M
YoY Change 151.58% 452.32% 117.11%
Interest Expense $16.67M -$12.34M $17.27M
YoY Change -3.47% -38.92% -38.37%
% of Operating Profit 1.12% -0.86% 2.91%
Other Income/Expense, Net -$20.47M -$7.940M -$10.07M
YoY Change 103.24% -55.14% -488.99%
Pretax Income $1.458B $1.409B $566.9M
YoY Change 157.16% 538.07% 128.34%
Income Tax $350.4M $313.2M $128.1M
% Of Pretax Income 24.04% 22.23% 22.6%
Net Earnings $1.107B $1.091B $438.8M
YoY Change 152.39% 453.7% 129.91%
Net Earnings / Revenue 19.88% 20.53% 12.38%
Basic Earnings Per Share $5.74 $2.04
Diluted Earnings Per Share $5.71 $5.486M $2.03
COMMON SHARES
Basic Shares Outstanding 192.2M 198.5M 211.0M
Diluted Shares Outstanding 193.2M 212.3M

Balance Sheet

Concept 2022 Q1 2021 Q4 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.190B $1.244B $1.245B
YoY Change -4.46% -9.14% -14.55%
Cash & Equivalents $1.190B $1.244B $1.245B
Short-Term Investments
Other Short-Term Assets $79.62M $209.6M $67.74M
YoY Change 17.54% 181.85% 49.38%
Inventory $3.517B $3.531B $2.218B
Prepaid Expenses
Receivables $2.285B $1.911B $1.361B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.150B $6.901B $4.897B
YoY Change 46.0% 62.05% 18.2%
LONG-TERM ASSETS
Property, Plant & Equipment $4.828B $4.751B $4.340B
YoY Change 11.23% 15.73% 30.44%
Goodwill $453.1M $453.8M $456.4M
YoY Change -0.72% -0.74% 0.95%
Intangibles $288.2M $295.3M $317.1M
YoY Change -9.13% -9.01% -1.11%
Long-Term Investments
YoY Change
Other Assets $337.8M $129.6M $117.1M
YoY Change 188.54% 8.23% 15.25%
Total Long-Term Assets $5.907B $5.630B $5.231B
YoY Change 12.92% 12.44% 24.49%
TOTAL ASSETS
Total Short-Term Assets $7.150B $6.901B $4.897B
Total Long-Term Assets $5.907B $5.630B $5.231B
Total Assets $13.06B $12.53B $10.13B
YoY Change 28.92% 35.25% 21.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.202B $1.267B $1.113B
YoY Change 7.98% 66.57% 84.66%
Accrued Expenses $270.2M $278.5M $176.4M
YoY Change 53.14% 55.95% 5.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $68.39M $97.17M $81.23M
YoY Change -15.8% 11.83% 15.86%
Total Short-Term Liabilities $2.091B $2.227B $1.661B
YoY Change 25.85% 76.95% 61.01%
LONG-TERM LIABILITIES
Long-Term Debt $3.010B $3.009B $3.016B
YoY Change -0.2% -0.23% 13.99%
Other Long-Term Liabilities $120.9M $120.1M $113.1M
YoY Change 6.89% 12.78% 57.11%
Total Long-Term Liabilities $3.131B $3.129B $3.129B
YoY Change 0.05% 0.21% 15.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.091B $2.227B $1.661B
Total Long-Term Liabilities $3.131B $3.129B $3.129B
Total Liabilities $6.078B $6.211B $5.393B
YoY Change 12.72% 26.31% 27.22%
SHAREHOLDERS EQUITY
Retained Earnings $8.801B $7.761B $5.134B
YoY Change 71.41% 63.09% 12.75%
Common Stock $1.205B $1.220B $1.204B
YoY Change 0.09% 0.96% 1.62%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.050B $2.674B $1.615B
YoY Change 88.9% 64.7% -0.61%
Treasury Stock Shares $77.98M $72.23M $55.40M
Shareholders Equity $6.964B $6.305B $4.729B
YoY Change
Total Liabilities & Shareholders Equity $13.06B $12.53B $10.13B
YoY Change 28.92% 35.25% 21.37%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021 Q1
OPERATING ACTIVITIES
Net Income $1.107B $1.091B $438.8M
YoY Change 152.39% 453.7% 129.91%
Depreciation, Depletion And Amortization $87.55M $86.28M $86.92M
YoY Change 0.72% 1.39% 8.3%
Cash From Operating Activities $819.0M $723.9M $262.2M
YoY Change 212.36% 424.94% 24.1%
INVESTING ACTIVITIES
Capital Expenditures $159.3M -$204.5M $309.9M
YoY Change -48.58% -40.4% 42.44%
Acquisitions
YoY Change
Other Investing Activities -$410.0K $3.546M -$390.0K
YoY Change 5.13% -3646.0% -24.71%
Cash From Investing Activities -$381.4M -$201.0M -$309.5M
YoY Change 23.24% -41.45% 77.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $389.2M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -491.9M -374.7M -76.17M
YoY Change 545.8% -222.34% -58.53%
NET CHANGE
Cash From Operating Activities 819.0M 723.9M 262.2M
Cash From Investing Activities -381.4M -201.0M -309.5M
Cash From Financing Activities -491.9M -374.7M -76.17M
Net Change In Cash -54.34M 148.2M -123.5M
YoY Change -55.98% 46.85% -15.68%
FREE CASH FLOW
Cash From Operating Activities $819.0M $723.9M $262.2M
Capital Expenditures $159.3M -$204.5M $309.9M
Free Cash Flow $659.6M $928.4M -$47.67M
YoY Change -1483.7% 92.98% 662.26%

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CY2021Q1 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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CY2022Q1 us-gaap Increase Decrease In Accrued Liabilities
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CY2021Q1 us-gaap Increase Decrease In Accrued Liabilities
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CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2022Q1 us-gaap Payments To Acquire Equity Method Investments
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CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022Q1 us-gaap Proceeds From Issuance Of Debt
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CY2022Q1 us-gaap Repayments Of Debt
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CY2021Q1 us-gaap Repayments Of Debt
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CY2022Q1 us-gaap Payments Of Dividends Common Stock
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CY2021Q1 us-gaap Payments Of Dividends Common Stock
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CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q1 us-gaap Income Taxes Paid Net
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CY2022Q1 us-gaap Number Of Reportable Segments
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CY2022Q1 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">These consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, and accordingly, include amounts that require management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and in the notes thereto. Significant items subject to such estimates and assumptions include the carrying value of property, plant and equipment, intangible assets, and goodwill; valuation allowances for trade receivables, inventories and deferred income tax assets; unrecognized tax benefits; potential environmental liabilities; and litigation claims and settlements. Actual results may differ from these estimates and assumptions.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">In the opinion of management, these financial statements reflect all normal recurring adjustments necessary for a fair presentation of the interim period results. These consolidated financial statements and notes should be read in conjunction with the audited financial statements and notes thereto included in the company’s Annual Report on Form 10-K for the year ended December 31, 2021.</p>
CY2021Q1 us-gaap Restricted Cash And Cash Equivalents
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CY2022Q1 us-gaap Restricted Cash And Cash Equivalents
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CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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192158000
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
5.74
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
430507000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
211015000
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.04
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1083000
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
193241000
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
5.71
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
430507000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
212254000
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.03
CY2022Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1871749000
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1870300000
CY2022Q1 us-gaap Inventory Supplies Net Of Reserves
InventorySuppliesNetOfReserves
562204000
CY2021Q4 us-gaap Inventory Supplies Net Of Reserves
InventorySuppliesNetOfReserves
552616000
CY2022Q1 us-gaap Inventory Net
InventoryNet
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CY2021Q4 us-gaap Inventory Net
InventoryNet
3531130000
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
6108757000
CY2022Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
64344000
CY2022Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
21633000
CY2022Q1 us-gaap Treasury Stock Value Acquired Cost Method
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389190000
CY2022Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
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CY2022Q1 us-gaap Profit Loss
ProfitLoss
1107354000
CY2022Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
11387000
CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2021Q1 us-gaap Dividends Common Stock Cash
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CY2021Q1 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
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CY2021Q1 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
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CY2021Q1 us-gaap Profit Loss
ProfitLoss
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CY2021Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax
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CY2021Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4571583000
CY2022Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
20888000
CY2021Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
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CY2022Q1 us-gaap Derivative Fair Value Of Derivative Liability
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CY2021Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
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CY2022Q1 us-gaap Derivative Excluded Component Gain Loss Recognized In Earnings
DerivativeExcludedComponentGainLossRecognizedInEarnings
285000
CY2021Q1 us-gaap Derivative Excluded Component Gain Loss Recognized In Earnings
DerivativeExcludedComponentGainLossRecognizedInEarnings
21000
CY2022Q1 us-gaap Gain Loss From Components Excluded From Assessment Of Fair Value Hedge Effectiveness Net
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CY2021Q1 us-gaap Gain Loss From Components Excluded From Assessment Of Fair Value Hedge Effectiveness Net
GainLossFromComponentsExcludedFromAssessmentOfFairValueHedgeEffectivenessNet
5400000
CY2022Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
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18100000
CY2021Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
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CY2022Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
3200000
CY2021Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
4400000
CY2022Q1 us-gaap Price Risk Cash Flow Hedge Unrealized Gain Loss To Be Reclassified During Next12 Months
PriceRiskCashFlowHedgeUnrealizedGainLossToBeReclassifiedDuringNext12Months
12200000
CY2022Q1 stld Period With In Which Company Expects To Reclassify Net Gains On Derivative Instruments From Oci To Earnings
PeriodWithInWhichCompanyExpectsToReclassifyNetGainsOnDerivativeInstrumentsFromOciToEarnings
P12M
CY2022Q1 us-gaap Long Term Debt
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3100000000
CY2021Q4 us-gaap Long Term Debt
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3100000000
CY2022Q1 us-gaap Revenues
Revenues
5569902000
CY2022Q1 us-gaap Operating Income Loss
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CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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1457730000
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
87546000
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2022Q1 us-gaap Assets
Assets
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CY2021Q1 us-gaap Operating Income Loss
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CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
86919000
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
309863000

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