2023 Q3 Form 10-Q Financial Statement
#000009747623000035 Filed on July 26, 2023
Income Statement
| Concept | 2023 Q3 | 2023 Q2 |
|---|---|---|
| Revenue | $4.532B | $4.531B |
| YoY Change | -13.53% | -13.07% |
| Cost Of Revenue | $1.717B | $1.621B |
| YoY Change | 5.73% | 2.14% |
| Gross Profit | $2.815B | $2.910B |
| YoY Change | -22.17% | -19.72% |
| Gross Profit Margin | 62.11% | 64.22% |
| Selling, General & Admin | $452.0M | $461.0M |
| YoY Change | 4.87% | 9.24% |
| % of Gross Profit | 16.06% | 15.84% |
| Research & Development | $471.0M | $477.0M |
| YoY Change | 9.28% | 15.22% |
| % of Gross Profit | 16.73% | 16.39% |
| Depreciation & Amortization | $320.0M | $300.0M |
| YoY Change | 22.14% | 25.0% |
| % of Gross Profit | 11.37% | 10.31% |
| Operating Expenses | $923.0M | $938.0M |
| YoY Change | 7.08% | 12.2% |
| Operating Profit | $1.892B | $1.972B |
| YoY Change | -29.35% | -27.58% |
| Interest Expense | -$98.00M | -$89.00M |
| YoY Change | 84.91% | 81.63% |
| % of Operating Profit | -5.18% | -4.51% |
| Other Income/Expense, Net | $128.0M | $119.0M |
| YoY Change | 287.88% | 1600.0% |
| Pretax Income | $1.922B | $2.002B |
| YoY Change | -27.69% | -25.33% |
| Income Tax | $213.0M | $280.0M |
| % Of Pretax Income | 11.08% | 13.99% |
| Net Earnings | $1.709B | $1.713B |
| YoY Change | -25.53% | -25.23% |
| Net Earnings / Revenue | 37.71% | 37.81% |
| Basic Earnings Per Share | $1.87 | $1.89 |
| Diluted Earnings Per Share | $1.85 | $1.87 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 908.0M shares | 907.7M shares |
| Diluted Shares Outstanding | 916.0M shares | 916.0M shares |
Balance Sheet
| Concept | 2023 Q3 | 2023 Q2 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $8.948B | $9.552B |
| YoY Change | -1.56% | 13.89% |
| Cash & Equivalents | $2.566B | $2.901B |
| Short-Term Investments | $6.382B | $6.113B |
| Other Short-Term Assets | $265.0M | $277.0M |
| YoY Change | 11.34% | 3.75% |
| Inventory | $3.908B | $3.729B |
| Prepaid Expenses | ||
| Receivables | $1.976B | $1.956B |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $15.10B | $15.51B |
| YoY Change | 9.62% | 18.95% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $9.320B | $8.525B |
| YoY Change | 43.72% | 43.74% |
| Goodwill | $4.362B | $4.362B |
| YoY Change | 0.0% | 0.0% |
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | $16.00M | $14.00M |
| YoY Change | -23.81% | -39.13% |
| Other Assets | $1.923B | $2.381B |
| YoY Change | 140.68% | 232.54% |
| Total Long-Term Assets | $16.54B | $15.43B |
| YoY Change | 34.64% | 32.06% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $15.10B | $15.51B |
| Total Long-Term Assets | $16.54B | $15.43B |
| Total Assets | $31.64B | $30.94B |
| YoY Change | 21.42% | 25.14% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $713.0M | $923.0M |
| YoY Change | -8.59% | 29.63% |
| Accrued Expenses | $1.531B | $1.368B |
| YoY Change | 9.67% | 10.86% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | $300.0M | $299.0M |
| YoY Change | -39.88% | -40.08% |
| Total Short-Term Liabilities | $2.652B | $2.711B |
| YoY Change | -5.22% | 5.9% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $10.92B | $10.92B |
| YoY Change | 46.84% | 61.9% |
| Other Long-Term Liabilities | $1.226B | $1.299B |
| YoY Change | 6.33% | 11.5% |
| Total Long-Term Liabilities | $12.15B | $12.22B |
| YoY Change | 41.4% | 54.48% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $2.652B | $2.711B |
| Total Long-Term Liabilities | $12.15B | $12.22B |
| Total Liabilities | $15.01B | $15.00B |
| YoY Change | 29.93% | 41.09% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | $52.10B | $51.52B |
| YoY Change | 5.21% | 6.71% |
| Common Stock | $5.021B | $4.904B |
| YoY Change | 8.73% | 8.4% |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | $40.25B | $40.24B |
| YoY Change | 1.97% | 4.43% |
| Treasury Stock Shares | ||
| Shareholders Equity | $16.63B | $15.94B |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $31.64B | $30.94B |
| YoY Change | 21.42% | 25.14% |
Cashflow Statement
| Concept | 2023 Q3 | 2023 Q2 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $1.709B | $1.713B |
| YoY Change | -25.53% | -25.23% |
| Depreciation, Depletion And Amortization | $320.0M | $300.0M |
| YoY Change | 22.14% | 25.0% |
| Cash From Operating Activities | $1.937B | $1.399B |
| YoY Change | -29.97% | -20.87% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $1.495B | $1.446B |
| YoY Change | -289.24% | -342.21% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | -$199.0M | -$939.0M |
| YoY Change | -84.96% | -151.54% |
| Cash From Investing Activities | -$1.694B | -$2.385B |
| YoY Change | -19.83% | -294.69% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -1.116B | -52.00M |
| YoY Change | -13.22% | -98.07% |
| NET CHANGE | ||
| Cash From Operating Activities | 1.937B | 1.399B |
| Cash From Investing Activities | -1.694B | -2.385B |
| Cash From Financing Activities | -1.116B | -52.00M |
| Net Change In Cash | -873.0M | -1.038B |
| YoY Change | 37.91% | -449.49% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $1.937B | $1.399B |
| Capital Expenditures | $1.495B | $1.446B |
| Free Cash Flow | $442.0M | -$47.00M |
| YoY Change | -87.57% | -101.99% |
Facts In Submission
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Earnings Per Share Basic
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Weighted Average Number Diluted Shares Outstanding Adjustment
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Earnings Per Share Diluted
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Commercial Paper
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Loss Contingency Disclosures
LossContingencyDisclosures
|
Contingencies<div style="margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Indemnification guarantees</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We routinely sell products with an intellectual property indemnification included in the terms of sale. Historically, we have had only minimal, infrequent losses associated with these indemnities. Consequently, we cannot reasonably estimate any future liabilities that may result.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Warranty costs/product liabilities</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our stated warranties for semiconductor products obligate us to repair, replace or credit the purchase price of a covered product back to the buyer. Product claim consideration may exceed the price of our products. Historically, we have experienced a low rate of payments on product claims. Although we cannot predict the likelihood or amount of any future claims, we do not believe they will have a material adverse effect on our consolidated financial statements. We accrue for known product-related claims if a loss is probable and can be reasonably estimated. During the periods presented, there have been no material accruals or payments regarding product warranty or product liability. </span></div><div><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">General</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We are subject to various legal and administrative proceedings. Although it is not possible to predict the outcome of these matters, we believe that the results of these proceedings will not have a material adverse effect on our consolidated financial statements.</span></div> | ||
| us-gaap |
Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Indemnification guarantees</span></div><div style="margin-bottom:12pt;margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We routinely sell products with an intellectual property indemnification included in the terms of sale. Historically, we have had only minimal, infrequent losses associated with these indemnities. Consequently, we cannot reasonably estimate any future liabilities that may result.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Warranty costs/product liabilities</span></div>Our stated warranties for semiconductor products obligate us to repair, replace or credit the purchase price of a covered product back to the buyer. Product claim consideration may exceed the price of our products. Historically, we have experienced a low rate of payments on product claims. Although we cannot predict the likelihood or amount of any future claims, we do not believe they will have a material adverse effect on our consolidated financial statements. We accrue for known product-related claims if a loss is probable and can be reasonably estimated. During the periods presented, there have been no material accruals or payments regarding product warranty or product liability. | ||
| CY2023Q2 | us-gaap |
Government Assistance Amount Cumulative Noncurrent
GovernmentAssistanceAmountCumulativeNoncurrent
|
921000000 | usd |
| CY2022Q4 | us-gaap |
Government Assistance Amount Cumulative Noncurrent
GovernmentAssistanceAmountCumulativeNoncurrent
|
395000000 | usd |
| CY2023Q2 | us-gaap |
Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
|
754000000 | usd |
| CY2022Q4 | us-gaap |
Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
|
740000000 | usd |
| CY2023Q2 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
1675000000 | usd |
| CY2022Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
1135000000 | usd |
| us-gaap |
Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
|
3000000 | shares | |
| CY2023Q2 | us-gaap |
Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
|
1000000 | shares |
