2020 Q4 Form 10-K Financial Statement

#000126282321000023 Filed on February 24, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2019 Q4 2019 Q3
Revenue $1.965B $1.883B $2.066B
YoY Change 4.35% -5.61% -8.38%
Cost Of Revenue $1.642B $1.633B $1.695B
YoY Change 0.55% -0.49% -1.22%
Gross Profit $323.0M $250.0M $371.0M
YoY Change 29.2% -29.38% -31.17%
Gross Profit Margin 16.44% 13.28% 17.96%
Selling, General & Admin $117.0M $115.0M $110.0M
YoY Change 1.74% 6.48% -3.51%
% of Gross Profit 36.22% 46.0% 29.65%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $196.0M $188.0M $178.0M
YoY Change 4.26% 11.9% 10.56%
% of Gross Profit 60.68% 75.2% 47.98%
Operating Expenses $145.0M $143.0M $110.0M
YoY Change 1.4% 6.72% -3.51%
Operating Profit $178.0M $102.0M $226.0M
YoY Change 74.51% -50.72% -42.93%
Interest Expense -$34.00M -$35.00M $31.00M
YoY Change -2.86% 16.67% 10.71%
% of Operating Profit -19.1% -34.31% 13.72%
Other Income/Expense, Net $12.00M $6.000M $21.00M
YoY Change 100.0% -700.0% -8.7%
Pretax Income $156.0M $73.00M $216.0M
YoY Change 113.7% -58.52% -44.76%
Income Tax $33.00M -$12.00M $50.00M
% Of Pretax Income 21.15% -16.44% 23.15%
Net Earnings $113.0M $72.00M $158.0M
YoY Change 56.94% -41.46% -48.7%
Net Earnings / Revenue 5.75% 3.82% 7.65%
Basic Earnings Per Share $0.87 $0.56 $1.22
Diluted Earnings Per Share $0.87 $0.56 $1.22
COMMON SHARES
Basic Shares Outstanding 127.7M shares 128.3M shares 128.2M shares
Diluted Shares Outstanding 128.6M shares

Balance Sheet

Concept 2020 Q4 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.313B $728.0M $1.437B
YoY Change 80.36% -3.32% 82.36%
Cash & Equivalents $1.313B $728.0M $1.437B
Short-Term Investments
Other Short-Term Assets $32.00M $42.00M $45.00M
YoY Change -23.81% 10.53% 25.0%
Inventory $918.0M $936.0M $906.0M
Prepaid Expenses
Receivables $1.078B $938.0M $1.037B
Other Receivables $44.00M $39.00M $28.00M
Total Short-Term Assets $3.477B $2.742B $3.482B
YoY Change 26.81% -3.52% 15.91%
LONG-TERM ASSETS
Property, Plant & Equipment $6.920B $6.912B $6.842B
YoY Change 0.12% 4.81% 4.95%
Goodwill $1.083B $1.074B $1.069B
YoY Change 0.84% 7.19% 6.05%
Intangibles
YoY Change
Long-Term Investments $1.059B $1.112B
YoY Change -4.77% 339.53%
Other Assets $223.0M $268.0M $565.0M
YoY Change -16.79% -46.83% 13.23%
Total Long-Term Assets $10.36B $10.52B $9.625B
YoY Change -1.53% 20.08% 10.42%
TOTAL ASSETS
Total Short-Term Assets $3.477B $2.742B $3.482B
Total Long-Term Assets $10.36B $10.52B $9.625B
Total Assets $13.84B $13.26B $13.11B
YoY Change 4.33% 14.3% 11.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $536.0M $473.0M $496.0M
YoY Change 13.32% -6.71% -20.77%
Accrued Expenses $821.0M $768.0M $742.0M
YoY Change 6.9% 13.61% 9.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $1.357B $1.241B $1.238B
YoY Change 9.35% 4.9% -4.84%
LONG-TERM LIABILITIES
Long-Term Debt $3.566B $3.445B $3.424B
YoY Change 3.51% 29.12% 28.38%
Other Long-Term Liabilities $199.0M $202.0M $195.0M
YoY Change -1.49% 12.85% 9.55%
Total Long-Term Liabilities $3.765B $3.647B $3.619B
YoY Change 3.24% 28.1% 27.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.357B $1.241B $1.238B
Total Long-Term Liabilities $3.765B $3.647B $3.619B
Total Liabilities $7.257B $6.858B $6.745B
YoY Change 5.82% 24.1% 19.74%
SHAREHOLDERS EQUITY
Retained Earnings $5.938B $5.757B $5.724B
YoY Change 3.14% 5.11% 6.0%
Common Stock $570.0M $554.0M $562.0M
YoY Change 2.89% -0.54% -0.18%
Preferred Stock
YoY Change
Treasury Stock (at cost) $401.0M $377.0M $396.0M
YoY Change 6.37% -1.31% 17.51%
Treasury Stock Shares 6.821M shares 6.267M shares
Shareholders Equity $6.043B $5.860B $5.824B
YoY Change
Total Liabilities & Shareholders Equity $13.84B $13.26B $13.11B
YoY Change 4.33% 14.3% 11.82%

Cashflow Statement

Concept 2020 Q4 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income $113.0M $72.00M $158.0M
YoY Change 56.94% -41.46% -48.7%
Depreciation, Depletion And Amortization $196.0M $188.0M $178.0M
YoY Change 4.26% 11.9% 10.56%
Cash From Operating Activities $431.0M $333.0M $501.0M
YoY Change 29.43% 31.1% -17.33%
INVESTING ACTIVITIES
Capital Expenditures -$122.0M -$183.0M $193.0M
YoY Change -33.33% -6.15% -1.03%
Acquisitions
YoY Change
Other Investing Activities -$21.00M -$823.0M $8.000M
YoY Change -97.45% -41250.0% -166.67%
Cash From Investing Activities -$143.0M -$1.006B -$185.0M
YoY Change -85.79% 421.24% -10.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -202.0M -39.00M 717.0M
YoY Change 417.95% -59.38% -905.62%
NET CHANGE
Cash From Operating Activities 431.0M 333.0M 501.0M
Cash From Investing Activities -143.0M -1.006B -185.0M
Cash From Financing Activities -202.0M -39.00M 717.0M
Net Change In Cash 86.00M -712.0M 1.033B
YoY Change -112.08% 1934.29% 233.23%
FREE CASH FLOW
Cash From Operating Activities $431.0M $333.0M $501.0M
Capital Expenditures -$122.0M -$183.0M $193.0M
Free Cash Flow $553.0M $516.0M $308.0M
YoY Change 7.17% 14.92% -25.06%

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<div style="margin-top:14pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="margin-top:5pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments which potentially subject the Company to concentration of risk consist principally of trade receivables from customers engaged in manufacturing polyethylene products, polyvinyl chloride ("PVC") products and PVC pipe products. The Company performs periodic credit evaluations of the customers' financial condition and generally does not require collateral. The Company maintains allowances for potential losses.</span></div>
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<div style="margin-top:14pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:5pt;text-indent:22.5pt"><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 accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results could differ from those estimates.</span></div>On March 11, 2020, the World Health Organization declared the ongoing coronavirus ("COVID-19") outbreak a pandemic and recommended containment and mitigation measures worldwide. Events surrounding the COVID-19 pandemic resulted in widespread adverse impacts on the global economy in 2020. As the COVID-19 pandemic and its impacts on the global economy continue, the Company expects to experience further near-term impacts on its business operations. However, the impact that COVID-19 will have on the financial condition, results of operations and cash flows of the Company cannot be estimated with certainty at this time as it will depend on future developments, including, among others, the ultimate duration, geographic spread and severity of the virus, the consequences of governmental and other measures designed to prevent the spread of the virus, the development of effective treatments and vaccines and their roll out, actions taken by customers, suppliers and other third parties, workforce availability, and the timing and extent to which normal economic and operating conditions resume.
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P8Y
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2020 us-gaap Operating Lease Cost
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CY2019 us-gaap Operating Lease Cost
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CY2020 us-gaap Short Term Lease Cost
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70000000 USD
CY2019 us-gaap Short Term Lease Cost
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CY2020 us-gaap Lease Cost
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187000000 USD
CY2019 us-gaap Lease Cost
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