2024 Q1 Form 10-K Financial Statement

#000116330224000009 Filed on February 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $4.160B $4.144B $18.05B
YoY Change -6.94% -4.47% -14.3%
Cost Of Revenue $3.665B $3.851B $15.80B
YoY Change -7.29% -2.11% -5.81%
Gross Profit $495.0M $293.0M $2.250B
YoY Change -4.26% -27.48% -47.53%
Gross Profit Margin 11.9% 7.07% 12.46%
Selling, General & Admin $119.0M $181.0M $501.0M
YoY Change 20.2% 84.69% 18.72%
% of Gross Profit 24.04% 61.77% 22.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $210.0M $241.0M $916.0M
YoY Change -4.98% 22.34% 15.8%
% of Gross Profit 42.42% 82.25% 40.71%
Operating Expenses $119.0M $423.0M $501.0M
YoY Change 20.2% 50.0% 18.72%
Operating Profit $154.0M -$130.0M $799.0M
YoY Change -18.52% -206.56% -74.72%
Interest Expense $2.000M $75.00M $72.00M
YoY Change -92.59% -23.47% -54.72%
% of Operating Profit 1.3% 9.01%
Other Income/Expense, Net -$11.00M $30.00M -$18.00M
YoY Change 83.33% -49.15% -43.75%
Pretax Income $209.0M -$165.0M $1.047B
YoY Change -16.4% -173.33% -67.87%
Income Tax $38.00M -$85.00M $152.0M
% Of Pretax Income 18.18% 14.52%
Net Earnings $171.0M -$80.00M $895.0M
YoY Change -14.07% -145.98% -64.54%
Net Earnings / Revenue 4.11% -1.93% 4.96%
Basic Earnings Per Share $0.76 $3.98
Diluted Earnings Per Share $0.68 -$0.36 $3.56
COMMON SHARES
Basic Shares Outstanding 223.7M shares 223.0M shares
Diluted Shares Outstanding 254.6M shares 255.4M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.221B $2.948B $2.948B
YoY Change -21.71% -15.87% -15.87%
Cash & Equivalents $2.221B $2.948B $2.948B
Short-Term Investments
Other Short-Term Assets $321.0M $319.0M $319.0M
YoY Change -11.33% -13.32% -13.32%
Inventory $2.157B $2.128B $2.128B
Prepaid Expenses
Receivables $1.722B $1.548B $1.548B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $6.421B $6.943B $6.943B
YoY Change -14.93% -11.73% -11.73%
LONG-TERM ASSETS
Property, Plant & Equipment $10.81B $10.39B $10.50B
YoY Change 21.77% 22.39% 21.58%
Goodwill $920.0M $920.0M
YoY Change 0.0% 0.0%
Intangibles $431.0M $436.0M
YoY Change -7.71% -8.79%
Long-Term Investments $785.0M $740.0M $742.0M
YoY Change -5.42% -8.64% -11.67%
Other Assets $941.0M $838.0M $889.0M
YoY Change 29.44% 24.15% 24.16%
Total Long-Term Assets $14.03B $13.51B $13.51B
YoY Change 16.97% 16.53% 16.53%
TOTAL ASSETS
Total Short-Term Assets $6.421B $6.943B $6.943B
Total Long-Term Assets $14.03B $13.51B $13.51B
Total Assets $20.45B $20.45B $20.45B
YoY Change 4.65% 5.1% 5.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.948B $3.028B $3.028B
YoY Change -7.15% 0.4% 0.4%
Accrued Expenses $418.0M $556.0M $556.0M
YoY Change -13.28% 12.78% 12.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $159.0M $142.0M $142.0M
YoY Change 74.73% 125.4% 125.4%
Total Short-Term Liabilities $3.748B $3.948B $3.948B
YoY Change -6.65% -0.28% -0.28%
LONG-TERM LIABILITIES
Long-Term Debt $4.082B $4.080B $4.080B
YoY Change 4.64% 4.24% 4.24%
Other Long-Term Liabilities $516.0M $497.0M $696.0M
YoY Change 1.38% -1.39% -45.37%
Total Long-Term Liabilities $516.0M $497.0M $4.776B
YoY Change 1.38% -1.39% -7.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.748B $3.948B $3.948B
Total Long-Term Liabilities $516.0M $497.0M $4.776B
Total Liabilities $9.156B $9.311B $9.404B
YoY Change 0.12% 1.79% 1.77%
SHAREHOLDERS EQUITY
Retained Earnings $7.040B $6.880B
YoY Change 13.24% 14.1%
Common Stock $288.0M $286.0M
YoY Change 1.05% 1.06%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.441B $1.418B
YoY Change 10.76% 17.77%
Treasury Stock Shares
Shareholders Equity $11.20B $11.05B $11.05B
YoY Change
Total Liabilities & Shareholders Equity $20.45B $20.45B $20.45B
YoY Change 4.65% 5.1% 5.1%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $171.0M -$80.00M $895.0M
YoY Change -14.07% -145.98% -64.54%
Depreciation, Depletion And Amortization $210.0M $241.0M $916.0M
YoY Change -4.98% 22.34% 15.8%
Cash From Operating Activities -$28.00M $389.0M $2.100B
YoY Change -115.47% -48.48% -40.09%
INVESTING ACTIVITIES
Capital Expenditures $640.0M $637.0M $2.576B
YoY Change -13.51% -200.95% 45.62%
Acquisitions
YoY Change
Other Investing Activities $5.000M $4.000M $0.00
YoY Change -76.47% -100.0%
Cash From Investing Activities -$645.0M -$633.0M -$2.568B
YoY Change -12.6% 3.09% 52.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $175.0M
YoY Change -79.39%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$46.00M -45.00M -$98.00M
YoY Change -60.68% -61.21% -88.71%
NET CHANGE
Cash From Operating Activities -$28.00M 389.0M $2.100B
Cash From Investing Activities -$645.0M -633.0M -$2.568B
Cash From Financing Activities -$46.00M -45.00M -$98.00M
Net Change In Cash -$726.0M -289.0M -$551.0M
YoY Change 9.01% -1256.0% -158.68%
FREE CASH FLOW
Cash From Operating Activities -$28.00M $389.0M $2.100B
Capital Expenditures $640.0M $637.0M $2.576B
Free Cash Flow -$668.0M -$248.0M -$476.0M
YoY Change 19.5% -117.89% -127.42%

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<div style="padding-left:27pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:700;line-height:120%">Use of estimates</span></div><div style="padding-left:27pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Generally accepted accounting principles require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at year-end and the reported amounts of revenues and expenses during the year. Significant items subject to such estimates and assumptions include the carrying value of property, plant and equipment; intangible assets; the fair value of assets or liabilities acquired in a business combination; valuation allowances for receivables, inventories and deferred income tax assets and liabilities; environmental liabilities; liabilities for potential tax deficiencies; potential litigation claims and settlements; assets and obligations related to employee benefits; and restructuring and other charges. Actual results could differ materially from the estimates and assumptions used.</span></div>The preparation of the financial statements includes an assessment of certain accounting matters using all available information including consideration of forecasted financial information in context with other information reasonably available to us. However, our future assessment of current expectations could result in material impacts to our consolidated financial statements in future reporting periods. All such adjustments are of a normal recurring nature unless disclosed otherwise.
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CY2023 us-gaap Multiemployer Plan Pension Significant Certified Zone Status Fixed List
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MultiemployerPlanEmployerContributionCost
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CY2023 us-gaap Multiemployer Plan Pension Significant Surcharge Fixed List
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CY2022 us-gaap Multiemployer Plan Pension Significant Surcharge Fixed List
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AssetRetirementObligation
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AssetRetirementObligation
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InterestPaidNet
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IncomeTaxesPaidNet
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StockIssued1
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StockIssued1
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RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
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FairValueOfAssetsAcquired
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FairValueOfAssetsAcquired
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FinanceLeaseRightOfUseAsset
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FinanceLeaseRightOfUseAsset
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LeaseRightofUseAsset
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OperatingLeaseLiabilityNoncurrent
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q4 x Operating And Finance Lease Liability Payments Due Year Three
OperatingAndFinanceLeaseLiabilityPaymentsDueYearThree
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LesseeOperatingLeaseLiabilityPaymentsDueYearFour
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CY2023Q4 x Operating And Finance Lease Liability Payments Due Year Four
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OperatingAndFinanceLeaseLiabilityPaymentsDueYearFive
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LesseeOperatingLeaseLiabilityPaymentsDue
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FinanceLeaseLiabilityPaymentsDue
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OperatingAndFinanceLeaseLiabilityPaymentsDue
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CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
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OperatingAndFinanceLeaseLiabilityUndiscountedExcessAmount
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CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2023Q4 us-gaap Finance Lease Liability
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OperatingAndFinanceLeaseLiability
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CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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OperatingLeaseWeightedAverageDiscountRatePercent
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OperatingLeasePayments
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OperatingLeasePayments
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OperatingLeasePayments
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FinanceLeaseInterestPaymentOnLiability
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FinanceLeaseInterestPaymentOnLiability
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FinanceLeaseInterestPaymentOnLiability
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FinanceLeasePrincipalPayments
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FinanceLeasePrincipalPayments
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FinanceLeasePrincipalPayments
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RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
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CY2022 us-gaap Payments For Restructuring
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CY2022Q4 us-gaap Restructuring Reserve
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CY2023 us-gaap Restructuring Charges
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CY2023Q4 us-gaap Restructuring Reserve
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CY2022Q4 us-gaap Accrual For Environmental Loss Contingencies
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CY2021Q4 us-gaap Accrual For Environmental Loss Contingencies
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CY2023 us-gaap Accrual For Environmental Loss Contingencies Charges To Expense For New Losses
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CY2023 us-gaap Accrual For Environmental Loss Contingencies Payments1
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CY2023Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
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CY2022Q4 us-gaap Accrual For Environmental Loss Contingencies
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CY2023Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
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CY2022Q4 us-gaap Accrual For Environmental Loss Contingencies
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CY2023 us-gaap Environmental Costs Recognized Capitalized In Period
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CY2022 us-gaap Environmental Costs Recognized Capitalized In Period
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CY2023Q2 x Estimated Shortfallin Emissions Allowances
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CY2023 x Estimated Shortfallin Emissions Allowances
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CY2023 x Cost Of Emission Allowances Pre Purchased
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CY2023 x Cost Of Emission Allowances Pre Purchased
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CY2023Q4 us-gaap Loss Contingency Accrual Payments
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56500000 usd
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CY2023Q4 us-gaap Accrual For Environmental Loss Contingencies
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CY2023Q4 us-gaap Guarantee Obligations Maximum Exposure
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CY2023Q4 us-gaap Leveraged Leases Net Investment In Leveraged Leases Disclosure Residual Value Of Leased Assets
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CY2022Q1 x Proceeds From Government Incentives Financing Activities
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CY2022Q4 us-gaap Restricted Cash And Investments
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1480000000 usd
CY2023Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On First Anniversary
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515000000 usd
CY2023Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Second Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary
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CY2023Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Third Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary
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CY2023Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fourth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary
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CY2023Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fifth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFifthAnniversary
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CY2023Q4 us-gaap Unrecorded Unconditional Purchase Obligation Due After Five Years
UnrecordedUnconditionalPurchaseObligationDueAfterFiveYears
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CY2023Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
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CY2023 us-gaap Unrecorded Unconditional Purchase Obligation Purchases
UnrecordedUnconditionalPurchaseObligationPurchases
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CY2022 us-gaap Unrecorded Unconditional Purchase Obligation Purchases
UnrecordedUnconditionalPurchaseObligationPurchases
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CY2021 us-gaap Unrecorded Unconditional Purchase Obligation Purchases
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StockRepurchaseProgramAuthorizedAmount1
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StockRepurchaseProgramAuthorizedAmount1
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CY2022Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
500000000 usd
CY2023 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
7100000 shares
CY2022 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
37600000 shares
CY2021 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
6600000 shares
CY2023 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
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CY2022 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
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CY2021 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
150000000 usd

Files In Submission

Name View Source Status
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