2024 Q1 Form 10-K Financial Statement

#000009774524000007 Filed on February 22, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $10.35B $10.89B $42.86B
YoY Change 1.96% -4.58%
Cost Of Revenue $6.140B $6.390B $25.30B
YoY Change 2.31% -0.47%
Gross Profit $4.205B $4.496B $17.56B
YoY Change 1.47% -9.94%
Gross Profit Margin 40.65% 41.3% 40.98%
Selling, General & Admin $2.183B $1.672B $6.569B
YoY Change -4.07% -7.83%
% of Gross Profit 51.91% 37.19% 37.4%
Research & Development $331.0M $327.0M $1.337B
YoY Change -6.84% -9.11%
% of Gross Profit 7.87% 7.27% 7.61%
Depreciation & Amortization $285.0M $2.614B $3.406B
YoY Change 340.07% 0.74%
% of Gross Profit 6.78% 58.14% 19.39%
Operating Expenses $2.514B $2.562B $10.24B
YoY Change -4.69% -6.81%
Operating Profit $1.663B $1.934B $7.318B
YoY Change 10.96% -13.98%
Interest Expense $363.0M -$81.00M -$496.0M
YoY Change -22.86% 9.25%
% of Operating Profit 21.83% -4.19% -6.78%
Other Income/Expense, Net $10.00M -$33.00M -$65.00M
YoY Change 725.0% -37.5%
Pretax Income $1.589B $1.740B $6.298B
YoY Change 8.68% -19.62%
Income Tax $281.0M $133.0M $284.0M
% Of Pretax Income 17.68% 7.64% 4.51%
Net Earnings $1.331B $1.630B $5.995B
YoY Change 9.03% -13.74%
Net Earnings / Revenue 12.87% 14.97% 13.99%
Basic Earnings Per Share $3.47 $15.52
Diluted Earnings Per Share $3.46 $4.20 $15.45
COMMON SHARES
Basic Shares Outstanding 381.3M shares 386.0M shares
Diluted Shares Outstanding 384.0M shares 388.0M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.250B $8.077B $8.077B
YoY Change 176.7% -5.24%
Cash & Equivalents $5.499B $8.077B $8.077B
Short-Term Investments $1.751B $3.000M $3.000M
Other Short-Term Assets $1.904B $3.203B $3.203B
YoY Change 7.23% 9.21%
Inventory $5.133B $5.088B $5.088B
Prepaid Expenses
Receivables $7.931B $8.221B $8.221B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $23.64B $24.59B $24.59B
YoY Change 27.41% -3.06%
LONG-TERM ASSETS
Property, Plant & Equipment $9.324B $9.448B $9.448B
YoY Change 9.5% 1.81%
Goodwill $43.84B $44.02B
YoY Change 8.72%
Intangibles $16.05B $16.67B
YoY Change -6.42%
Long-Term Investments $489.0M $12.00M
YoY Change 32.52% -78.18%
Other Assets $4.241B $3.999B $3.999B
YoY Change -7.17% -0.2%
Total Long-Term Assets $73.46B $74.14B $74.14B
YoY Change 4.07% 3.08%
TOTAL ASSETS
Total Short-Term Assets $23.64B $24.59B $24.59B
Total Long-Term Assets $73.46B $74.14B $74.14B
Total Assets $97.10B $98.73B $98.73B
YoY Change 9.05% 1.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.555B $2.872B $2.872B
YoY Change 16.23% -15.05%
Accrued Expenses $4.299B $4.839B $4.839B
YoY Change -4.56% -11.19%
Deferred Revenue $2.632B $2.689B
YoY Change 4.75%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $4.451B $3.609B $3.609B
YoY Change 257.33% -35.31%
Total Short-Term Liabilities $13.94B $14.01B $14.01B
YoY Change 26.03% -18.13%
LONG-TERM LIABILITIES
Long-Term Debt $31.16B $31.31B $31.31B
YoY Change 11.22% 8.3%
Other Long-Term Liabilities $4.567B $6.564B $6.564B
YoY Change -12.96% -7.8%
Total Long-Term Liabilities $4.567B $37.87B $37.87B
YoY Change 6.11% 5.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.94B $14.01B $14.01B
Total Long-Term Liabilities $4.567B $37.87B $37.87B
Total Liabilities $18.50B $52.00B $52.00B
YoY Change 10.81% -2.36%
SHAREHOLDERS EQUITY
Retained Earnings $48.54B $47.36B
YoY Change 17.09%
Common Stock $17.93B $17.73B
YoY Change 4.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $45.52B $46.72B $46.72B
YoY Change
Total Liabilities & Shareholders Equity $97.10B $98.73B $98.73B
YoY Change 9.05% 1.48%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $1.331B $1.630B $5.995B
YoY Change 9.03% -13.74%
Depreciation, Depletion And Amortization $285.0M $2.614B $3.406B
YoY Change 340.07% 0.74%
Cash From Operating Activities $1.251B $3.723B $8.406B
YoY Change 92.2% -8.17%
INVESTING ACTIVITIES
Capital Expenditures $347.0M $405.0M $1.479B
YoY Change -174.04% -165.94%
Acquisitions $0.00 $3.660B
YoY Change 9284.62%
Other Investing Activities -$7.000M $29.00M -$3.663B
YoY Change 1350.0% -4460.71%
Cash From Investing Activities -$2.030B -$376.0M -$5.142B
YoY Change -31.01% 138.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 -$3.000B
YoY Change 0.0%
Debt Paid & Issued, Net $5.782B
YoY Change 1441.87%
Cash From Financing Activities -$1.821B -1.428B -3.622B
YoY Change 845.7% 28.9%
NET CHANGE
Cash From Operating Activities $1.251B 3.723B 8.406B
Cash From Investing Activities -$2.030B -376.0M -5.142B
Cash From Financing Activities -$1.821B -1.428B -3.622B
Net Change In Cash -$2.578B 1.919B -358.0M
YoY Change 54.63% -108.55%
FREE CASH FLOW
Cash From Operating Activities $1.251B $3.723B $8.406B
Capital Expenditures $347.0M $405.0M $1.479B
Free Cash Flow $904.0M $3.318B $6.927B
YoY Change 33.57% -39.22%

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CY2021 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
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CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2023 tmo Noncontrolling Interest Contribution From Distributions To Noncontrolling Interests
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CY2023 tmo Share Repurchase Program Excise Tax
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CY2023Q4 us-gaap Equity Method Investments
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CY2022Q4 us-gaap Equity Securities Fvni Noncurrent
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CY2023 us-gaap Prior Period Reclassification Adjustment Description
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<div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Presentation</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain reclassifications of prior year amounts have been made to conform to the current year presentation.</span></div>
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CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
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<div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.</span></div>The company’s estimates include, among others, asset reserve requirements as well as the amounts of future cash flows associated with certain assets and businesses that are used in assessing the risk of impairment. Actual results could differ from those estimates.
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