Income Statement

Income Statement

In millions of USD (except for per share items)

  Year Ending Dec 2020 (Update) Year Ending Dec 2019 (Update) Year Ending Dec 2018 (Update) Year Ending Dec 2017 (Reclassified) Year Ending Dec 2016 (Update)
Net Sales 4,876.00 5,249.00 5,207.00 4,707.00 3,771.00
Revenue 4,876.00 5,249.00 5,207.00 4,707.00 3,771.00
Total Revenue 4,876.00 5,249.00 5,207.00 4,707.00 3,771.00
Cost of Revenue 3,046.00 3,203.00 3,181.00 2,860.00 2,310.00
Cost of Revenue, Total 3,046.00 3,203.00 3,181.00 2,860.00 2,310.00
Gross Profit 1,830.00 2,046.00 2,026.00 1,847.00 1,461.00
Selling/General/Administrative Expense 1,143.00 1,158.00 1,161.00 1,089.00 915.00
Selling/General/Administrative Expenses, Total 1,143.00 1,158.00 1,161.00 1,089.00 915.00
Research & Development 187.00 191.00 189.00 181.00 110.00
Restructuring Charge 54.00 53.00 22.00 25.00 30.00
Impairment-Assets Held for Use 79.00 158.00 -- -- --
Other Unusual Expense (Income) 0.00 -1.00 0.00 10.00 0.00
Unusual Expense (Income) 133.00 210.00 22.00 35.00 30.00
Total Operating Expense 4,509.00 4,762.00 4,553.00 4,165.00 3,365.00
Operating Income 367.00 487.00 654.00 542.00 406.00
Interest Expense - Non-Operating -77.00 -67.00 -82.00 -82.00 -70.00
Interest Expense, Net Non-Operating -77.00 -67.00 -82.00 -82.00 -70.00
Interest Income, Non-Operating -- 5.00 4.00 3.00 2.00
Investment Income, Non-Operating -- 3.00 5.00 3.00 3.00
Interest/Investment Income, Non-Operating -- 8.00 9.00 6.00 5.00
Interest Income (Expense), Net-Non-Operating, Total -77.00 -59.00 -73.00 -76.00 -65.00
Other Non-Operating Income (Expense) -5.00 -12.00 4.00 0.00 -1.00
Other, Net -5.00 -12.00 4.00 0.00 -1.00
Net Income Before Taxes 285.00 416.00 585.00 466.00 340.00
Income Tax – Total 31.00 15.00 28.50 90.00 80.00
Income After Tax 254.00 401.00 556.50 376.00 260.00
Minority Interest -- 0.00 0.00 1.00 --
Net Income Before Extraordinary Items 254.00 401.00 556.50 377.00 260.00
Extraordinary Item -- -- -7.50 -46.00 --
Total Extraordinary Items -- -- -7.50 -46.00 --
Net Income 254.00 401.00 549.00 331.00 260.00
Income Available to Common Excluding Extraordinary Items 254.00 401.00 556.50 377.00 260.00
Income Available to Common Stocks Including Extraordinary Items 254.00 401.00 549.00 331.00 260.00
Basic Weighted Average Shares 180.10 179.99 179.80 179.60 179.10
Basic EPS Excluding Extraordinary Items 1.41 2.23 3.10 2.10 1.45
Basic EPS Including Extraordinary Items 1.41 2.23 3.05 1.84 1.45
Dilution Adjustment -- -- -- -- --
Diluted Net Income 254.00 401.00 549.00 331.00 260.00
Diluted Weighted Average Shares 181.10 181.20 181.10 180.90 180.00
Diluted EPS Excluding Extraordinary Items 1.40 2.21 3.07 2.08 1.44
Diluted EPS Including Extraordinary Items 1.40 2.21 3.03 1.83 1.44
DPS - Common Stock Primary Issue 1.04 0.96 0.84 0.72 0.62
Gross Dividends - Common Stock 188.00 174.00 151.00 130.00 112.00
Other Unusual Expense (Income), Supplemental 86.00 172.00 -- -- --
Non-Recurring Items, Total 86.00 172.00 -- -- --
Total Special Items 219.00 382.00 22.00 35.00 30.00
Normalized Income Before Taxes 504.00 798.00 607.00 501.00 370.00
Effect of Special Items on Income Taxes -16.00 88.00 1.07 6.76 7.06
Income Taxes Excluding Impact of Special Items 15.00 103.00 29.57 96.76 87.06
Normalized Income After Taxes 489.00 695.00 577.43 404.24 282.94
Normalized Income Available to Common 489.00 695.00 577.43 405.24 282.94
Basic Normalized EPS 2.72 3.86 3.21 2.26 1.58
Diluted Normalized EPS 2.70 3.84 3.19 2.24 1.57
Amortization of Intangibles, Supplemental 134.00 140.00 144.00 125.00 64.00
Depreciation, Supplemental 117.00 117.00 117.00 109.00 87.00
Interest Expense, Supplemental 77.00 67.00 82.00 82.00 70.00
Rental Expense, Supplemental 77.00 104.00 81.00 70.00 63.00
Stock-Based Compensation, Supplemental 26.00 29.00 30.00 21.00 18.00
Equity in Affiliates, Supplemental -- 3.00 5.00 3.00 3.00
Minority Interest, Supplemental -- 0.00 0.00 1.00 --
Research & Development Expense, Supplemental 187.00 191.00 189.00 181.00 110.00
Audit-Related Fees, Supplemental 6.44 6.17 6.49 6.53 6.68
Audit-Related Fees 0.05 0.13 0.07 0.09 0.11
Tax Fees, Supplemental 0.15 1.29 1.61 1.11 2.19
All Other Fees Paid to Auditor, Supplemental 0.00 0.06 0.00 0.00 0.01
Gross Margin 37.53 38.98 38.91 39.24 38.74
Operating Margin 7.53 9.28 12.56 11.51 10.77
Pretax Margin 5.84 7.93 11.23 9.90 9.02
Effective Tax Rate 10.88 3.61 4.87 19.31 23.53
Net Profit Margin 5.21 7.64 10.69 8.01 6.89
Normalized EBIT 586.00 869.00 676.00 577.00 436.00
Normalized EBITDA 837.00 1,126.00 937.00 811.00 587.00
Current Tax - Domestic 24.00 39.00 -- -44.00 19.00
Current Tax - Foreign 33.00 40.00 61.00 51.00 42.00
Current Tax - Local 5.00 13.00 13.00 9.00 5.00
Current Tax - Total 62.00 92.00 74.00 16.00 66.00
Deferred Tax - Domestic -21.00 7.00 18.50 78.00 19.00
Deferred Tax - Foreign -2.00 -83.00 -69.00 -14.00 -6.00
Deferred Tax - Local -8.00 -1.00 5.00 10.00 1.00
Deferred Tax - Total -31.00 -77.00 -45.50 74.00 14.00
Income Tax - Total 31.00 15.00 28.50 90.00 80.00
Interest Cost - Domestic 3.00 4.00 4.00 4.00 4.00
Service Cost - Domestic 3.00 3.00 3.00 3.00 3.00
Prior Service Cost - Domestic -- -- -- -- --
Expected Return on Assets - Domestic -7.00 -8.00 -7.00 -6.00 -5.00
Actuarial Gains and Losses - Domestic 3.00 1.00 2.00 2.00 2.00
Domestic Pension Plan Expense 2.00 0.00 2.00 3.00 4.00
Interest Cost - Foreign 16.00 19.00 19.00 21.00 21.00
Service Cost - Foreign 13.00 9.00 9.00 12.00 10.00
Prior Service Cost - Foreign -- -- -- -- --
Expected Return on Assets - Foreign -14.00 -27.00 -35.00 -34.00 -30.00
Actuarial Gains and Losses - Foreign 14.00 9.00 9.00 9.00 8.00
Curtailments & Settlements - Foreign -- 9.00 1.00 1.00 0.00
Foreign Pension Plan Expense 29.00 19.00 3.00 9.00 9.00
Interest Cost - Post-Retirement 2.00 2.00 2.00 2.00 3.00
Service Cost - Post-Retirement 0.00 0.00 0.00 1.00 1.00
Prior Service Cost - Post-Retirement -3.00 -4.00 -4.00 -3.00 -3.00
Actuarial Gains and Losses - Post-Retirement 2.00 2.00 2.00 2.00 3.00
Post-Retirement Plan Expense 1.00 0.00 0.00 2.00 4.00
Defined Contribution Expense - Domestic 44.00 49.00 39.00 38.00 35.00
Total Pension Expense 76.00 68.00 44.00 52.00 52.00
Discount Rate - Domestic -- 4.50 3.75 4.25 4.27
Discount Rate - Foreign -- 2.60 2.43 2.63 3.44
Expected Rate of Return - Domestic -- 7.75 8.00 8.00 8.00
Expected Rate of Return - Foreign -- 6.96 7.23 7.20 7.25
Compensation Rate - Domestic -- -- -- -- --
Compensation Rate - Foreign -- 2.92 2.93 2.76 3.29
Total Plan Interest Cost 21.00 25.00 25.00 27.00 28.00
Total Plan Service Cost 16.00 12.00 12.00 16.00 14.00
Total Plan Expected Return -21.00 -35.00 -42.00 -40.00 -35.00

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