2024 Q1 Form 10-K Financial Statement

#000021734624000017 Filed on February 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $3.135B $3.892B $13.68B
YoY Change 26.45% 10.51%
Cost Of Revenue $2.614B $3.529B $12.46B
YoY Change 26.99% 21.04%
Gross Profit $521.0M $363.0M $1.220B
YoY Change 21.4% -41.49%
Gross Profit Margin 16.62% 9.33% 8.92%
Selling, General & Admin $316.0M $45.00M $143.0M
YoY Change -82.56% -88.29%
% of Gross Profit 60.65% 12.4% 11.72%
Research & Development $570.0M
YoY Change -7.92%
% of Gross Profit 46.72%
Depreciation & Amortization $88.00M $103.0M $395.0M
YoY Change 7.29% 1.28%
% of Gross Profit 16.89% 28.37% 32.38%
Operating Expenses $316.0M $54.00M $182.0M
YoY Change -79.07% -90.11%
Operating Profit $205.0M $309.0M $1.038B
YoY Change 653.66% 323.67%
Interest Expense -$20.00M -$13.00M -$62.00M
YoY Change -141.94% -143.66%
% of Operating Profit -9.76% -4.21% -5.97%
Other Income/Expense, Net $66.00M $60.00M $237.0M
YoY Change 1.69% 49.06%
Pretax Income $237.0M $230.0M $1.087B
YoY Change -12.88% 24.51%
Income Tax $36.00M $31.00M $165.0M
% Of Pretax Income 15.19% 13.48% 15.18%
Net Earnings $201.0M $198.0M $921.0M
YoY Change -12.0% 23.46%
Net Earnings / Revenue 6.41% 5.09% 6.73%
Basic Earnings Per Share $1.04 $4.61
Diluted Earnings Per Share $1.03 $1.00 $4.57
COMMON SHARES
Basic Shares Outstanding 192.9M shares 196.0M shares 199.7M shares
Diluted Shares Outstanding 194.9M shares 201.8M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.466B $2.121B $2.121B
YoY Change 16.73% 0.19%
Cash & Equivalents $1.466B $2.121B $2.121B
Short-Term Investments
Other Short-Term Assets $755.0M $857.0M $857.0M
YoY Change -9.12% -15.82%
Inventory $4.267B $3.914B $3.914B
Prepaid Expenses
Receivables $894.0M $868.0M $868.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.382B $7.760B $7.760B
YoY Change 4.68% 4.29%
LONG-TERM ASSETS
Property, Plant & Equipment $2.833B $2.477B $2.477B
YoY Change 1.39% -14.94%
Goodwill
YoY Change
Intangibles $399.0M
YoY Change -13.45%
Long-Term Investments
YoY Change
Other Assets $3.329B $4.324B $4.324B
YoY Change 12.66% 89.48%
Total Long-Term Assets $9.032B $9.096B $9.096B
YoY Change 6.47% 8.47%
TOTAL ASSETS
Total Short-Term Assets $7.382B $7.760B $7.760B
Total Long-Term Assets $9.032B $9.096B $9.096B
Total Assets $16.41B $16.86B $16.86B
YoY Change 5.64% 6.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.136B $1.023B $1.023B
YoY Change 15.33% 30.15%
Accrued Expenses $57.00M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $357.0M $357.0M $357.0M
YoY Change 5000.0% 5850.0%
Total Short-Term Liabilities $4.395B $4.378B $4.378B
YoY Change 20.71% 39.6%
LONG-TERM LIABILITIES
Long-Term Debt $3.160B $3.587B $3.587B
YoY Change -1.37% -4.63%
Other Long-Term Liabilities $1.928B $1.904B $1.904B
YoY Change -1.35% -9.98%
Total Long-Term Liabilities $5.088B $5.491B $5.491B
YoY Change -1.37% -6.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.395B $4.378B $4.378B
Total Long-Term Liabilities $5.088B $5.491B $5.491B
Total Liabilities $9.483B $9.869B $9.869B
YoY Change 7.34% 9.51%
SHAREHOLDERS EQUITY
Retained Earnings $6.059B $5.862B
YoY Change -9.7%
Common Stock $25.00M $24.00M
YoY Change -14.29%
Preferred Stock
YoY Change
Treasury Stock (at cost) $484.0M $165.0M
YoY Change -79.27%
Treasury Stock Shares
Shareholders Equity $6.931B $6.987B $6.987B
YoY Change
Total Liabilities & Shareholders Equity $16.41B $16.86B $16.86B
YoY Change 5.64% 6.5%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $201.0M $198.0M $921.0M
YoY Change -12.0% 23.46%
Depreciation, Depletion And Amortization $88.00M $103.0M $395.0M
YoY Change 7.29% 1.28%
Cash From Operating Activities -$7.000M $549.0M $1.266B
YoY Change 66.36% -20.78%
INVESTING ACTIVITIES
Capital Expenditures $66.00M $178.0M $402.0M
YoY Change -328.21% -207.2%
Acquisitions
YoY Change
Other Investing Activities $3.000M $15.00M $85.00M
YoY Change -122.39% -336.11%
Cash From Investing Activities -$63.00M -$163.0M -$317.0M
YoY Change 12.41% 12.81%
FINANCING ACTIVITIES
Cash Dividend Paid $4.000M $16.00M
YoY Change -11.11%
Common Stock Issuance & Retirement, Net -$1.168B
YoY Change -226.82%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -637.0M 64.00M -813.0M
YoY Change 700.0% -43.78%
NET CHANGE
Cash From Operating Activities -7.000M 549.0M 1.266B
Cash From Investing Activities -63.00M -163.0M -317.0M
Cash From Financing Activities -637.0M 64.00M -813.0M
Net Change In Cash -707.0M 450.0M 136.0M
YoY Change 133.16% -199.27%
FREE CASH FLOW
Cash From Operating Activities -$7.000M $549.0M $1.266B
Capital Expenditures $66.00M $178.0M $402.0M
Free Cash Flow -$73.00M $371.0M $864.0M
YoY Change -9.07% -56.21%

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CaptiveFinanceReceivablesNet
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CY2022 txt Captive Finance Receivables Net
CaptiveFinanceReceivablesNet
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CY2022 us-gaap Increase Decrease In Other Operating Capital Net
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CY2022 us-gaap Increase Decrease In Other Operating Capital Net
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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CY2023 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
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CY2022 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023 us-gaap Payments To Acquire Productive Assets
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CY2022 us-gaap Payments To Acquire Productive Assets
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CY2022 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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CY2023 us-gaap Payments To Acquire Businesses And Interest In Affiliates
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CY2022 us-gaap Payments To Acquire Businesses And Interest In Affiliates
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CY2022 us-gaap Payments To Acquire Businesses And Interest In Affiliates
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CY2023 txt Proceeds From Insurance Recoveries And Sale Of Property Plant And Equipment
ProceedsFromInsuranceRecoveriesAndSaleOfPropertyPlantAndEquipment
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CY2022 txt Proceeds From Insurance Recoveries And Sale Of Property Plant And Equipment
ProceedsFromInsuranceRecoveriesAndSaleOfPropertyPlantAndEquipment
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CY2022 txt Proceeds From Insurance Recoveries And Sale Of Property Plant And Equipment
ProceedsFromInsuranceRecoveriesAndSaleOfPropertyPlantAndEquipment
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CY2023 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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CY2022 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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CY2022 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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CY2023 txt Finance Receivables Repaid
FinanceReceivablesRepaid
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CY2022 txt Finance Receivables Repaid
FinanceReceivablesRepaid
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CY2022 txt Finance Receivables Repaid
FinanceReceivablesRepaid
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CY2023 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
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CY2022 us-gaap Payments For Proceeds From Other Investing Activities
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CY2022 us-gaap Payments For Proceeds From Other Investing Activities
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CY2023 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023 us-gaap Repayments Of Short Term Debt
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CY2022 us-gaap Repayments Of Short Term Debt
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CY2022 us-gaap Repayments Of Short Term Debt
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CY2023 us-gaap Proceeds From Issuance Of Long Term Debt And Capital Securities Net
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CY2022 us-gaap Proceeds From Issuance Of Long Term Debt And Capital Securities Net
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CY2022 us-gaap Proceeds From Issuance Of Long Term Debt And Capital Securities Net
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CY2023 us-gaap Repayments Of Long Term Debt And Capital Securities
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CY2022 us-gaap Repayments Of Long Term Debt And Capital Securities
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CY2022 us-gaap Repayments Of Long Term Debt And Capital Securities
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CY2023 us-gaap Payments For Repurchase Of Common Stock
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CY2022 us-gaap Payments For Repurchase Of Common Stock
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CY2022 us-gaap Payments For Repurchase Of Common Stock
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CY2023 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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CY2022 us-gaap Proceeds From Stock Options Exercised
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CY2023 us-gaap Payments Of Dividends
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CY2022 us-gaap Payments Of Dividends
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CY2022 us-gaap Payments Of Dividends
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CY2023 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023 txt Number Of Borrowing Groups
NumberOfBorrowingGroups
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CY2023 txt Number Of Borrowing Groups
NumberOfBorrowingGroups
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CY2023 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:10pt;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</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%">We prepare our financial statements in conformity with generally accepted accounting principles, which require us to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results could differ from those estimates. Our estimates and assumptions are reviewed periodically, and the effects of changes, if any, are reflected in the Consolidated Statements of Operations in the period that they are determined.</span></div>
CY2023 txt Percentage Of Gross Intangible Assets Amortized Using Cash Flow Streams Used To Value The Assets
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CY2023Q4 us-gaap Asset Retirement Obligation
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CY2023 us-gaap Research And Development Expense
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CY2022 us-gaap Research And Development Expense
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CY2023Q4 us-gaap Intangible Assets Gross Excluding Goodwill
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CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
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CY2022Q4 us-gaap Intangible Assets Gross Excluding Goodwill
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CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
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CY2023 us-gaap Impairment Of Intangible Assets Finitelived
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CY2023 us-gaap Amortization Of Intangible Assets
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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CY2023Q4 us-gaap Notes Receivable Gross
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CY2023Q4 us-gaap Financing Receivable Allowance For Credit Losses
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CY2022Q4 us-gaap Financing Receivable Allowance For Credit Losses
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CY2023Q4 us-gaap Notes Receivable Net
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CY2022Q4 us-gaap Notes Receivable Net
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CY2023Q4 txt Average Balance Of Finance Receivables
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CY2023Q4 txt Percentage Of Internationally Based Finance Receivables
PercentageOfInternationallyBasedFinanceReceivables
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CY2023Q4 txt Percentage Of Domestic Based Finance Receivables
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0.43
CY2022Q4 txt Percentage Of Internationally Based Finance Receivables
PercentageOfInternationallyBasedFinanceReceivables
0.58
CY2022Q4 txt Percentage Of Domestic Based Finance Receivables
PercentageOfDomesticBasedFinanceReceivables
0.42
CY2023Q4 txt Percentage Of Loans Sixty Plus Days Past Due To Total Loans
PercentageOfLoansSixtyPlusDaysPastDueToTotalLoans
0.0066
CY2022Q4 txt Percentage Of Loans Sixty Plus Days Past Due To Total Loans
PercentageOfLoansSixtyPlusDaysPastDueToTotalLoans
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CY2023Q4 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
ImpairedFinancingReceivableWithRelatedAllowanceRecordedInvestment
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CY2022Q4 us-gaap Impaired Financing Receivable With Related Allowance Recorded Investment
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CY2023Q4 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
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CY2022Q4 us-gaap Impaired Financing Receivable With No Related Allowance Recorded Investment
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CY2023Q4 us-gaap Impaired Financing Receivable Unpaid Principal Balance
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CY2023Q4 us-gaap Impaired Financing Receivable Related Allowance
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CY2022Q4 us-gaap Impaired Financing Receivable Related Allowance
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CY2023 us-gaap Impaired Financing Receivable Average Recorded Investment
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CY2022 us-gaap Impaired Financing Receivable Average Recorded Investment
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CY2023Q4 us-gaap Leveraged Leases Balance Sheet Investment In Leveraged Leases Net
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CY2022Q4 us-gaap Leveraged Leases Balance Sheet Investment In Leveraged Leases Net
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CY2023Q4 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
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CY2022Q4 us-gaap Financing Receivable Allowance For Credit Losses Collectively Evaluated For Impairment
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CY2023Q4 us-gaap Financing Receivable Collectively Evaluated For Impairment
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CY2022Q4 us-gaap Financing Receivable Collectively Evaluated For Impairment
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CY2023Q4 us-gaap Financing Receivable Individually Evaluated For Impairment
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CY2022Q4 us-gaap Financing Receivable Individually Evaluated For Impairment
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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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CY2023Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2023Q4 us-gaap Inventory Raw Materials Net Of Reserves
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CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
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CY2023Q4 us-gaap Inventory Net
InventoryNet
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CY2022Q4 us-gaap Inventory Net
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CY2023Q4 us-gaap Percentage Of Lifo Inventory
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CY2022Q4 us-gaap Percentage Of Lifo Inventory
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CY2023Q4 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
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CY2022Q4 us-gaap Inventory Lifo Reserve
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CY2023Q4 txt Supplier Finance Program Commitment Maximum
SupplierFinanceProgramCommitmentMaximum
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CY2023Q4 us-gaap Supplier Finance Program Obligation Current
SupplierFinanceProgramObligationCurrent
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CY2022Q4 us-gaap Supplier Finance Program Obligation Current
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CY2023Q4 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
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CY2023 us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
CY2023Q4 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
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CY2023 us-gaap Operating Lease Cost
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CY2022 us-gaap Operating Lease Cost
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CY2022 us-gaap Operating Lease Cost
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CY2023 us-gaap Operating Lease Payments
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CY2022 us-gaap Operating Lease Payments
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CY2022 us-gaap Operating Lease Payments
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CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023Q4 us-gaap Operating Lease Right Of Use Asset
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CY2022Q4 us-gaap Operating Lease Right Of Use Asset
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CY2022Q4 us-gaap Operating Lease Liability Current
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CY2023Q4 us-gaap Operating Lease Liability Noncurrent
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CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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CY2023 txt Minimum Fixed Charge Coverage Required To Be Maintained By Subsidiary
MinimumFixedChargeCoverageRequiredToBeMaintainedBySubsidiary
1.25
CY2023 txt Minimum Shareholders Equity Required To Be Maintained By Subsidiary
MinimumShareholdersEquityRequiredToBeMaintainedBySubsidiary
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CY2022 us-gaap Proceeds From Contributions From Parent
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CY2023Q4 us-gaap Preferred Stock Shares Authorized
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CY2023Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2022Q4 us-gaap Common Stock Shares Outstanding
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CY2023 us-gaap Stock Repurchased During Period Shares
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CY2023 us-gaap Stock Issued During Period Shares Share Based Compensation
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CY2022 us-gaap Stock Issued During Period Shares Share Based Compensation
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CY2022 us-gaap Stock Issued During Period Shares Share Based Compensation
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txt-20231230.htm Edgar Link pending
txt-20231230.xsd Edgar Link pending
txt-20231230_g1.jpg Edgar Link pending
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txt-20231230_lab.xml Edgar Link unprocessable
txt-20231230_pre.xml Edgar Link unprocessable
txt-20231230_htm.xml Edgar Link completed
txt-20231230_cal.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
txt-20231230_def.xml Edgar Link unprocessable