Balance Sheet
In millions of USD (except for per share items)
| Year Ending Dec 2025 (Update) | Year Ending Dec 2024 (Update) | Year Ending Dec 2023 (Update) | Year Ending Dec 2022 (Update) | Year Ending Dec 2021 (Update) | |
|---|---|---|---|---|---|
| Cash & Equivalents | 1,479.00 | 1,121.00 | 1,019.00 | 944.00 | 1,349.00 |
| Short Term Investments | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Cash and Short Term Investments | 1,479.00 | 1,121.00 | 1,019.00 | 944.00 | 1,349.00 |
| Accounts Receivable - Trade, Gross | 1,827.00 | 1,727.00 | 1,673.00 | 1,146.00 | 997.00 |
| Provision for Doubtful Accounts | -68.00 | -59.00 | -56.00 | -50.00 | -44.00 |
| Accounts Receivable - Trade, Net | 1,759.00 | 1,668.00 | 1,617.00 | 1,096.00 | 953.00 |
| Total Receivables, Net | 1,759.00 | 1,668.00 | 1,617.00 | 1,096.00 | 953.00 |
| Inventories - Finished Goods | 342.00 | 341.00 | 355.00 | 286.00 | 236.00 |
| Inventories - Work In Progress | 100.00 | 100.00 | 102.00 | 58.00 | 58.00 |
| Inventories - Raw Materials | 541.00 | 555.00 | 561.00 | 455.00 | 406.00 |
| Total Inventory | 983.00 | 996.00 | 1,018.00 | 799.00 | 700.00 |
| Prepaid Expenses | 244.00 | 236.00 | 230.00 | 173.00 | 158.00 |
| Discontinued Operations - Current Asset | 176.00 | 77.00 | 0.00 | 0.00 | 0.00 |
| Other Current Assets | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Current Assets, Total | 176.00 | 77.00 | 0.00 | 0.00 | 0.00 |
| Total Current Assets | 4,641.00 | 4,098.00 | 3,884.00 | 3,012.00 | 3,160.00 |
| Land/Improvements - Gross | 512.00 | 477.00 | 480.00 | 360.00 | 370.00 |
| Machinery/Equipment - Gross | 1,529.00 | 1,342.00 | 1,124.00 | 896.00 | 933.00 |
| Construction in Progress - Gross | 175.00 | 228.00 | 217.00 | 106.00 | 115.00 |
| Other Property/Plant/Equipment - Gross | 1,090.00 | 945.00 | 1,079.00 | 735.00 | 712.00 |
| Property/Plant/Equipment, Total - Gross | 3,306.00 | 2,992.00 | 2,900.00 | 2,097.00 | 2,130.00 |
| Accumulated Depreciation, Total | -1,638.00 | -1,434.00 | -1,298.00 | -1,157.00 | -1,182.00 |
| Property/Plant/Equipment, Total - Net | 1,668.00 | 1,558.00 | 1,602.00 | 940.00 | 948.00 |
| Goodwill, Net | 8,332.00 | 7,980.00 | 7,587.00 | 2,719.00 | 2,792.00 |
| Intangibles - Gross | 3,758.00 | 3,646.00 | 3,617.00 | 1,770.00 | 2,007.00 |
| Accumulated Intangible Amortization | -1,486.00 | -1,267.00 | -1,088.00 | -840.00 | -991.00 |
| Intangibles, Net | 2,272.00 | 2,379.00 | 2,529.00 | 930.00 | 1,016.00 |
| Other Long Term Assets | 721.00 | 478.00 | 510.00 | 351.00 | 360.00 |
| Other Long Term Assets, Total | 721.00 | 478.00 | 510.00 | 351.00 | 360.00 |
| Total Assets | 17,634.00 | 16,493.00 | 16,112.00 | 7,952.00 | 8,276.00 |
| Accounts Payable | 1,013.00 | 1,006.00 | 968.00 | 723.00 | 639.00 |
| Accrued Expenses | 592.00 | 659.00 | 659.00 | 471.00 | 480.00 |
| Notes Payable/Short Term Debt | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Current Portion of Long Term Debt/Capital Leases | 568.00 | 65.00 | 38.00 | 0.00 | 0.00 |
| Income Taxes Payable | 207.00 | 201.00 | 170.00 | 186.00 | 86.00 |
| Discontinued Operations – Current Liability | 72.00 | 21.00 | 0.00 | 0.00 | 0.00 |
| Other Current Liabilities | 404.00 | 384.00 | 370.00 | 210.00 | 186.00 |
| Other Current liabilities, Total | 683.00 | 606.00 | 540.00 | 396.00 | 272.00 |
| Total Current Liabilities | 2,856.00 | 2,336.00 | 2,205.00 | 1,590.00 | 1,391.00 |
| Long Term Debt | 1,408.00 | 1,978.00 | 2,268.00 | 1,880.00 | 2,440.00 |
| Capital Lease Obligations | 91.00 | 76.00 | 64.00 | 0.00 | 0.00 |
| Total Long Term Debt | 1,499.00 | 2,054.00 | 2,332.00 | 1,880.00 | 2,440.00 |
| Total Debt | 2,067.00 | 2,119.00 | 2,370.00 | 1,880.00 | 2,440.00 |
| Deferred Income Tax - Long Term Liability | 405.00 | 497.00 | 557.00 | 222.00 | 287.00 |
| Deferred Income Tax | 405.00 | 497.00 | 557.00 | 222.00 | 287.00 |
| Minority Interest | 269.00 | 240.00 | 10.00 | 9.00 | 8.00 |
| Pension Benefits - Underfunded | 317.00 | 304.00 | 344.00 | 286.00 | 438.00 |
| Other Long Term Liabilities | 808.00 | 420.00 | 498.00 | 471.00 | 494.00 |
| Other Liabilities, Total | 1,125.00 | 724.00 | 842.00 | 757.00 | 932.00 |
| Total Liabilities | 6,154.00 | 5,851.00 | 5,946.00 | 4,458.00 | 5,058.00 |
| Common Stock | 3.00 | 3.00 | 3.00 | 2.00 | 2.00 |
| Common Stock, Total | 3.00 | 3.00 | 3.00 | 2.00 | 2.00 |
| Additional Paid-In Capital | 8,759.00 | 8,687.00 | 8,564.00 | 2,134.00 | 2,089.00 |
| Retained Earnings (Accumulated Deficit) | 3,706.00 | 3,140.00 | 2,601.00 | 2,292.00 | 2,154.00 |
| Treasury Stock - Common | -768.00 | -753.00 | -733.00 | -708.00 | -656.00 |
| Cumulative Translation Adjustment | -191.00 | -368.00 | -196.00 | -180.00 | -101.00 |
| Minimum Pension Liability Adjustment | -39.00 | -53.00 | -72.00 | -41.00 | -268.00 |
| Other Comprehensive Income | 10.00 | -14.00 | -1.00 | -5.00 | -2.00 |
| Other Equity, Total | -220.00 | -435.00 | -269.00 | -226.00 | -371.00 |
| Total Equity | 11,480.00 | 10,642.00 | 10,166.00 | 3,494.00 | 3,218.00 |
| Total Liabilities & Shareholders' Equity | 17,634.00 | 16,493.00 | 16,112.00 | 7,952.00 | 8,276.00 |
| Shares Outstanding – Common Stock Primary Issue | 243.60 | 243.00 | 241.60 | 180.20 | 180.40 |
| Total Common Shares Outstanding | 243.60 | 243.00 | 241.60 | 180.20 | 180.40 |
| Treasury Shares – Common Primary Issue | 16.30 | 16.20 | 16.00 | 15.80 | 15.20 |
| Employees | 22,000.00 | 23,000.00 | 23,000.00 | 17,800.00 | 17,300.00 |
| Number of Common Shareholders | 6,919.00 | 7,365.00 | 7,833.00 | 8,359.00 | 8,875.00 |
| Accumulated Intangible Amortization | 1,486.00 | 1,267.00 | 1,088.00 | 840.00 | 991.00 |
| Total Current Assets less Inventory | 3,658.00 | 3,102.00 | 2,866.00 | 2,213.00 | 2,460.00 |
| Quick Ratio | 1.28 | 1.33 | 1.30 | 1.39 | 1.77 |
| Current Ratio | 1.63 | 1.75 | 1.76 | 1.89 | 2.27 |
| Net Debt | 857.00 | 1,238.00 | 1,361.00 | 945.00 | 1,099.00 |
| Tangible Book Value | 876.00 | 283.00 | 50.00 | -155.00 | -590.00 |
| Tangible Book Value per Share | 3.60 | 1.16 | 0.21 | -0.86 | -3.27 |
| Total Long Term Debt, Supplemental | 1,954.00 | 2,031.00 | 0.00 | 1,880.00 | 0.00 |
| Long Term Debt Maturing within 1 Year | 534.00 | 38.00 | 0.00 | 0.00 | 0.00 |
| Long Term Debt Maturing in Year 2 | 11.00 | 523.00 | 0.00 | 0.00 | 0.00 |
| Long Term Debt Maturing in Year 3 | 508.00 | 20.00 | 0.00 | 250.00 | 0.00 |
| Long Term Debt Maturing in Year 4 | 1.00 | 516.00 | 0.00 | 250.00 | 0.00 |
| Long Term Debt Maturing in Year 5 | 0.00 | 28.00 | 0.00 | 250.00 | 0.00 |
| Long Term Debt Maturing in Year 6 | 0.00 | 0.00 | 0.00 | 250.00 | 0.00 |
| Long Term Debt Maturing in 2-3 Years | 519.00 | 543.00 | 0.00 | 250.00 | 0.00 |
| Long Term Debt Maturing in 4-5 Years | 1.00 | 544.00 | 0.00 | 500.00 | 0.00 |
| Long Term Debt Maturing in Year 6 & Beyond | 900.00 | 906.00 | 0.00 | 1,130.00 | 0.00 |
| Interest Costs | -12.00 | -11.00 | -8.00 | 0.00 | 0.00 |
| Total Capital Leases | 125.00 | 103.00 | 86.00 | 0.00 | 0.00 |
| Capital Lease Payments Due in Year 1 | 39.00 | 31.00 | 22.00 | 0.00 | 0.00 |
| Capital Lease Payments Due in Year 2 | 35.00 | 27.00 | 23.00 | 0.00 | 0.00 |
| Capital Lease Payments Due in Year 3 | 27.00 | 22.00 | 19.00 | 0.00 | 0.00 |
| Capital Lease Payments Due in Year 4 | 20.00 | 16.00 | 14.00 | 0.00 | 0.00 |
| Capital Lease Payments Due in Year 5 | 11.00 | 9.00 | 8.00 | 0.00 | 0.00 |
| Capital Lease Payments Due in 2-3 Years | 62.00 | 49.00 | 42.00 | 0.00 | 0.00 |
| Capital Lease Payments Due in 4-5 Years | 31.00 | 25.00 | 22.00 | 0.00 | 0.00 |
| Capital Lease Payments Due in Year 6 & Beyond | 5.00 | 9.00 | 8.00 | 0.00 | 0.00 |
| Total Operating Leases | 408.00 | 324.00 | 354.00 | 293.00 | 308.00 |
| Operating Lease Payments Due in Year 1 | 101.00 | 92.00 | 89.00 | 71.00 | 73.00 |
| Operating Lease Payments Due in Year 2 | 86.00 | 78.00 | 78.00 | 58.00 | 60.00 |
| Operating Lease Payments Due in Year 3 | 69.00 | 59.00 | 63.00 | 45.00 | 48.00 |
| Operating Lease Payments Due in Year 4 | 50.00 | 44.00 | 49.00 | 35.00 | 36.00 |
| Operating Lease Payments Due in Year 5 | 36.00 | 27.00 | 37.00 | 28.00 | 28.00 |
| Operating Lease Payments Due in 2-3 Years | 155.00 | 137.00 | 141.00 | 103.00 | 108.00 |
| Operating Lease Payments Due in 4-5 Years | 86.00 | 71.00 | 86.00 | 63.00 | 64.00 |
| Standardized Operating Lease Payments Due in Year 6 and Beyond | 66.00 | 24.00 | 38.00 | 56.00 | 63.00 |
| Pension Obligation - Domestic | 95.00 | 92.00 | 99.00 | 92.00 | 117.00 |
| Pension Obligation - Foreign | 488.00 | 441.00 | 483.00 | 390.00 | 926.00 |
| Plan Assets - Domestic | 88.00 | 85.00 | 86.00 | 80.00 | 108.00 |
| Plan Assets - Foreign | 250.00 | 216.00 | 210.00 | 166.00 | 571.00 |
| Funded Status - Domestic | -7.00 | -7.00 | -13.00 | -12.00 | -9.00 |
| Funded Status - Foreign | -238.00 | -225.00 | -273.00 | -224.00 | -355.00 |
| Accumulated Obligation - Domestic | 554.00 | 518.00 | 551.00 | 460.00 | 1,009.00 |
| Unfunded Plan Obligations | 31.00 | 31.00 | 31.00 | 42.00 | 44.00 |
| Total Funded Status | -276.00 | -263.00 | -317.00 | -278.00 | -408.00 |
| Discount Rate - Domestic | 5.42 | 5.65 | 5.00 | 5.25 | 3.00 |
| Discount Rate - Foreign | 3.95 | 3.62 | 3.55 | 4.13 | 1.55 |
| Compensation Rate - Foreign | 2.87 | 2.85 | 2.87 | 2.79 | 2.84 |
| Prepaid Benefits - Domestic | 71.00 | 56.00 | 43.00 | 34.00 | 48.00 |
| Prepaid Benefits - Post-Retirement | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Accrued Liabilities - Domestic | -316.00 | -288.00 | -329.00 | -270.00 | -412.00 |
| Accrued Liabilities - Post-Retirement | -14.00 | -12.00 | -31.00 | -31.00 | -45.00 |
| Net Assets Recognized on Balance Sheet | -259.00 | -244.00 | -317.00 | -267.00 | -409.00 |
| Equity % - Domestic | 36.70 | 45.20 | 43.90 | 47.10 | 23.00 |
| Debt Securities % - Domestic | 44.70 | 40.50 | 42.90 | 43.90 | 21.90 |
| Private Investments % - Domestic | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Other Investments % - Domestic | 18.60 | 14.30 | 13.20 | 9.00 | 55.10 |
| Total Plan Obligations | 614.00 | 564.00 | 613.00 | 524.00 | 1,087.00 |
| Total Plan Assets | 338.00 | 301.00 | 296.00 | 246.00 | 679.00 |
Source: LSEG