2022 Q1 Form 10-Q Financial Statement

#000010049322000016 Filed on February 07, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $12.93B $10.46B
YoY Change 23.64% -3.93%
Cost Of Revenue $10.92B $9.283B
YoY Change 17.61% -5.92%
Gross Profit $2.015B $1.177B
YoY Change 71.2% 15.28%
Gross Profit Margin 15.58% 11.25%
Selling, General & Admin $560.0M $472.0M
YoY Change 18.64% -6.72%
% of Gross Profit 27.79% 40.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $300.0M $298.0M
YoY Change 0.67% 1.71%
% of Gross Profit 14.89% 25.32%
Operating Expenses $560.0M $472.0M
YoY Change 18.64% -6.72%
Operating Profit $1.455B $705.0M
YoY Change 106.38% 36.89%
Interest Expense -$97.00M -$108.0M
YoY Change -10.19% -6.9%
% of Operating Profit -6.67% -15.32%
Other Income/Expense, Net -$45.00M -$89.00M
YoY Change -49.44% 790.0%
Pretax Income $1.410B $616.0M
YoY Change 128.9% 21.98%
Income Tax $284.0M $144.0M
% Of Pretax Income 20.14% 23.38%
Net Earnings $1.121B $467.0M
YoY Change 140.04% 24.2%
Net Earnings / Revenue 8.67% 4.46%
Basic Earnings Per Share
Diluted Earnings Per Share $3.07 $1.28
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding 365.0M shares 365.0M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.956B $2.406B
YoY Change 22.86% 450.57%
Cash & Equivalents $2.956B $2.406B
Short-Term Investments
Other Short-Term Assets $635.0M $323.0M
YoY Change 96.59% -16.97%
Inventory $4.454B $3.915B
Prepaid Expenses
Receivables $2.091B $1.900B
Other Receivables $0.00 $0.00
Total Short-Term Assets $10.14B $8.544B
YoY Change 18.63% 24.44%
LONG-TERM ASSETS
Property, Plant & Equipment $8.012B $7.664B
YoY Change 4.54% 2.68%
Goodwill $10.55B $10.91B
YoY Change -3.33% 0.61%
Intangibles $6.459B $6.719B
YoY Change -3.87% -2.59%
Long-Term Investments
YoY Change
Other Assets $1.667B $1.618B
YoY Change 3.03% 2.28%
Total Long-Term Assets $26.69B $26.91B
YoY Change -0.84% 0.46%
TOTAL ASSETS
Total Short-Term Assets $10.14B $8.544B
Total Long-Term Assets $26.69B $26.91B
Total Assets $36.82B $35.46B
YoY Change 3.85% 5.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.115B $1.997B
YoY Change 5.91% 14.64%
Accrued Expenses $1.054B $994.0M
YoY Change 6.04% 39.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.090B $566.0M
YoY Change 92.58% -50.44%
Total Short-Term Liabilities $6.034B $4.849B
YoY Change 24.44% 10.05%
LONG-TERM LIABILITIES
Long-Term Debt $8.274B $10.79B
YoY Change -23.32% -1.7%
Other Long-Term Liabilities $1.700B $1.706B
YoY Change -0.35% 11.65%
Total Long-Term Liabilities $1.700B $1.706B
YoY Change -0.35% 11.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.034B $4.849B
Total Long-Term Liabilities $1.700B $1.706B
Total Liabilities $7.734B $6.555B
YoY Change 17.99% 10.47%
SHAREHOLDERS EQUITY
Retained Earnings $18.45B $15.40B
YoY Change 19.83% 8.29%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.394B $4.115B
YoY Change 6.78% -0.51%
Treasury Stock Shares 83.00M shares 83.00M shares
Shareholders Equity $18.40B $15.64B
YoY Change
Total Liabilities & Shareholders Equity $36.82B $35.46B
YoY Change 3.85% 5.35%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $1.121B $467.0M
YoY Change 140.04% 24.2%
Depreciation, Depletion And Amortization $300.0M $298.0M
YoY Change 0.67% 1.71%
Cash From Operating Activities $1.432B $1.385B
YoY Change 3.39% 278.42%
INVESTING ACTIVITIES
Capital Expenditures $408.0M $289.0M
YoY Change 41.18% -192.63%
Acquisitions $0.00
YoY Change
Other Investing Activities $51.00M -$29.00M
YoY Change -275.86% -84.24%
Cash From Investing Activities -$459.0M -$259.0M
YoY Change 77.22% -47.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $17.00M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$484.0M -$173.0M
YoY Change 179.77% -202.98%
NET CHANGE
Cash From Operating Activities $1.432B $1.385B
Cash From Investing Activities -$459.0M -$259.0M
Cash From Financing Activities -$484.0M -$173.0M
Net Change In Cash $491.0M $969.0M
YoY Change -49.33% 2450.0%
FREE CASH FLOW
Cash From Operating Activities $1.432B $1.385B
Capital Expenditures $408.0M $289.0M
Free Cash Flow $1.024B $1.096B
YoY Change -6.57% 61.65%

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<div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The consolidated condensed financial statements are prepared in conformity with accounting principles generally accepted in the United States, which require us to make estimates and assumptions that affect the amounts reported in the consolidated condensed financial statements and accompanying notes. Actual results could differ from those estimates.</span></div>
CY2022Q1 us-gaap Inventory Finished Goods And Work In Process Net Of Reserves
InventoryFinishedGoodsAndWorkInProcessNetOfReserves
2411000000 USD
CY2021Q4 us-gaap Inventory Finished Goods And Work In Process Net Of Reserves
InventoryFinishedGoodsAndWorkInProcessNetOfReserves
2426000000 USD
CY2022Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1264000000 USD
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
1215000000 USD
CY2022Q1 us-gaap Inventory Supplies Net Of Reserves
InventorySuppliesNetOfReserves
779000000 USD
CY2021Q4 us-gaap Inventory Supplies Net Of Reserves
InventorySuppliesNetOfReserves
741000000 USD
CY2022Q1 us-gaap Inventory Net
InventoryNet
4454000000 USD
CY2021Q4 us-gaap Inventory Net
InventoryNet
4382000000 USD
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
16876000000 USD
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
16516000000 USD
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8864000000 USD
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8679000000 USD
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8012000000 USD
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7837000000 USD
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
664000000 USD
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
897000000 USD
CY2022Q1 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
914000000 USD
CY2021Q4 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
729000000 USD
CY2022Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
390000000 USD
CY2021Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
567000000 USD
CY2022Q1 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
861000000 USD
CY2021Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
840000000 USD
CY2022Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
2829000000 USD
CY2021Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
3033000000 USD
CY2022Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
41000000 USD
CY2021Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
42000000 USD
CY2022Q1 us-gaap Other Long Term Debt
OtherLongTermDebt
225000000 USD
CY2021Q4 us-gaap Other Long Term Debt
OtherLongTermDebt
212000000 USD
CY2022Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
48000000 USD
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
50000000 USD
CY2022Q1 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
9364000000 USD
CY2021Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
9348000000 USD
CY2022Q1 us-gaap Debt Current
DebtCurrent
1090000000 USD
CY2021Q4 us-gaap Debt Current
DebtCurrent
1067000000 USD
CY2022Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
8274000000 USD
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
8281000000 USD
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.202
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.234
CY2022Q1 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
36000000 USD
CY2022Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
152000000 USD
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
152000000 USD
CY2022Q1 tsn Number Of Classes Of Common Stock
NumberOfClassesOfCommonStock
2 Classes
CY2022Q1 tsn Cash Dividends Paid Ratio To Other Class Of Stock Maximum
CashDividendsPaidRatioToOtherClassOfStockMaximum
0.90
CY2022Q1 us-gaap Profit Loss
ProfitLoss
1126000000 USD
CY2021Q1 us-gaap Profit Loss
ProfitLoss
472000000 USD
CY2022Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
5000000 USD
CY2021Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
5000000 USD
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
1121000000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
467000000 USD
CY2022Q1 us-gaap Undistributed Earnings
UndistributedEarnings
951000000 USD
CY2021Q1 us-gaap Undistributed Earnings
UndistributedEarnings
299000000 USD
CY2022Q1 us-gaap Undistributed Earnings
UndistributedEarnings
951000000 USD
CY2021Q1 us-gaap Undistributed Earnings
UndistributedEarnings
299000000 USD
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3000000 shares
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2000000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
365000000 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
365000000 shares
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.07
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.28
CY2022Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
10918000000 USD
CY2021Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
9283000000 USD
CY2022Q1 us-gaap Interest And Debt Expense
InterestAndDebtExpense
100000000 USD
CY2021Q1 us-gaap Interest And Debt Expense
InterestAndDebtExpense
110000000 USD
CY2022Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
52000000 USD
CY2021Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
19000000 USD
CY2022Q1 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
DerivativeLiabilityCollateralRightToReclaimCashOffset
23000000 USD
CY2021Q4 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
DerivativeLiabilityCollateralRightToReclaimCashOffset
56000000 USD
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
48000000 USD
CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
53000000 USD
CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Other Comprehensive Income Loss
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss
-1000000 USD
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Other Comprehensive Income Loss
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInOtherComprehensiveIncomeLoss
0 USD
CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
1000000 USD
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
5000000 USD
CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues
0 USD
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues
0 USD
CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements
2000000 USD
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements
7000000 USD
CY2022Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
46000000 USD
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
51000000 USD
CY2022Q1 us-gaap Fair Value Assets Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
0 USD
CY2021Q1 us-gaap Fair Value Assets Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueAssetsMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
0 USD
CY2022Q1 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
10862000000 USD
CY2022Q1 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
9364000000 USD
CY2021Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
10810000000 USD
CY2021Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
9348000000 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
0 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0 USD
CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
0 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
77000000 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0 USD
CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
77000000 USD
CY2022Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4 Segments
CY2022Q1 us-gaap Revenues
Revenues
12933000000 USD
CY2021Q1 us-gaap Revenues
Revenues
10460000000 USD
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
1455000000 USD
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
705000000 USD
CY2022Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-45000000 USD
CY2021Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-89000000 USD
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1410000000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
616000000 USD
CY2022Q1 us-gaap Revenues
Revenues
12933000000 USD
CY2021Q4 tsn Cash Flow Assistance Program Estimated Allowance For Uncollectible Receivables
CashFlowAssistanceProgramEstimatedAllowanceForUncollectibleReceivables
0 USD
CY2022Q1 tsn Cash Flow Assistance Program Estimated Allowance For Uncollectible Receivables
CashFlowAssistanceProgramEstimatedAllowanceForUncollectibleReceivables
0 USD
CY2021Q1 us-gaap Revenues
Revenues
10460000000 USD
CY2022Q1 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
0 USD
CY2022Q1 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
0 USD
CY2021Q4 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
0 USD
CY2022Q1 tsn Cash Flow Assistance Program Potential Maximum Obligation
CashFlowAssistanceProgramPotentialMaximumObligation
293000000 USD
CY2022Q1 tsn Cash Flow Assistance Program Receivables
CashFlowAssistanceProgramReceivables
5000000 USD

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