Income Statement
In millions of USD (except for per share items)
| Year Ending Dec 2023 (Update) | Year Ending Dec 2022 (Update) | Year Ending Dec 2021 (Update) | Year Ending Dec 2020 (Update) | Year Ending Dec 2019 (Update) | |
|---|---|---|---|---|---|
| Net Sales | 7,364.00 | 5,522.00 | 5,195.00 | 4,876.00 | 5,249.00 |
| Revenue | 7,364.00 | 5,522.00 | 5,195.00 | 4,876.00 | 5,249.00 |
| Total Revenue | 7,364.00 | 5,522.00 | 5,195.00 | 4,876.00 | 5,249.00 |
| Cost of Revenue | 4,647.00 | 3,438.00 | 3,220.00 | 3,046.00 | 3,203.00 |
| Cost of Revenue, Total | 4,647.00 | 3,438.00 | 3,220.00 | 3,046.00 | 3,203.00 |
| Gross Profit | 2,717.00 | 2,084.00 | 1,975.00 | 1,830.00 | 2,046.00 |
| Selling/General/Administrative Expense | 1,700.00 | 1,227.00 | 1,179.00 | 1,143.00 | 1,158.00 |
| Selling/General/Administrative Expenses, Total | 1,700.00 | 1,227.00 | 1,179.00 | 1,143.00 | 1,158.00 |
| Research & Development | 232.00 | 206.00 | 204.00 | 187.00 | 191.00 |
| Restructuring Charge | 72.00 | 15.00 | 6.00 | 54.00 | 53.00 |
| Impairment-Assets Held for Use | 4.00 | 14.00 | 1.00 | 79.00 | 158.00 |
| Other Unusual Expense (Income) | 58.00 | 139.00 | -2.00 | 0.00 | -1.00 |
| Unusual Expense (Income) | 134.00 | 168.00 | 5.00 | 133.00 | 210.00 |
| Total Operating Expense | 6,713.00 | 5,039.00 | 4,608.00 | 4,509.00 | 4,762.00 |
| Operating Income | 651.00 | 483.00 | 587.00 | 367.00 | 487.00 |
| Interest Expense - Non-Operating | -49.00 | -50.00 | -76.00 | -77.00 | -67.00 |
| Interest Expense, Net Non-Operating | -49.00 | -50.00 | -76.00 | -77.00 | -67.00 |
| Interest Income, Non-Operating | 28.00 | -- | -- | -- | 5.00 |
| Investment Income, Non-Operating | 0.00 | -- | -- | -- | 3.00 |
| Interest/Investment Income, Non-Operating | 28.00 | -- | -- | -- | 8.00 |
| Interest Income (Expense), Net-Non-Operating, Total | -21.00 | -50.00 | -76.00 | -77.00 | -59.00 |
| Other Non-Operating Income (Expense) | 5.00 | 7.00 | 0.00 | -5.00 | -12.00 |
| Other, Net | 5.00 | 7.00 | 0.00 | -5.00 | -12.00 |
| Net Income Before Taxes | 635.00 | 440.00 | 511.00 | 285.00 | 416.00 |
| Income Tax – Total | 26.00 | 85.00 | 84.00 | 31.00 | 15.00 |
| Income After Tax | 609.00 | 355.00 | 427.00 | 254.00 | 401.00 |
| Minority Interest | -- | -- | -- | -- | 0.00 |
| Net Income Before Extraordinary Items | 609.00 | 355.00 | 427.00 | 254.00 | 401.00 |
| Extraordinary Item | -- | -- | -- | -- | -- |
| Total Extraordinary Items | -- | -- | -- | -- | -- |
| Net Income | 609.00 | 355.00 | 427.00 | 254.00 | 401.00 |
| Income Available to Common Excluding Extraordinary Items | 609.00 | 355.00 | 427.00 | 254.00 | 401.00 |
| Income Available to Common Stocks Including Extraordinary Items | 609.00 | 355.00 | 427.00 | 254.00 | 401.00 |
| Basic Weighted Average Shares | 217.00 | 180.20 | 180.20 | 180.10 | 179.99 |
| Basic EPS Excluding Extraordinary Items | 2.81 | 1.97 | 2.37 | 1.41 | 2.23 |
| Basic EPS Including Extraordinary Items | 2.81 | 1.97 | 2.37 | 1.41 | 2.23 |
| Diluted Net Income | 609.00 | 355.00 | 427.00 | 254.00 | 401.00 |
| Diluted Weighted Average Shares | 218.20 | 181.00 | 181.50 | 181.10 | 181.20 |
| Diluted EPS Excluding Extraordinary Items | 2.79 | 1.96 | 2.35 | 1.40 | 2.21 |
| Diluted EPS Including Extraordinary Items | 2.79 | 1.96 | 2.35 | 1.40 | 2.21 |
| DPS - Common Stock Primary Issue | 1.32 | 1.20 | 1.12 | 1.04 | 0.96 |
| Gross Dividends - Common Stock | 300.00 | 217.00 | 203.00 | 188.00 | 174.00 |
| Restructuring Charge, Supplemental | 31.00 | 34.00 | -- | -- | -- |
| Other Unusual Expense (Income), Supplemental | 79.00 | 20.00 | 10.00 | 86.00 | 172.00 |
| Non-Recurring Items, Total | 110.00 | 54.00 | 10.00 | 86.00 | 172.00 |
| Total Special Items | 244.00 | 222.00 | 15.00 | 219.00 | 382.00 |
| Normalized Income Before Taxes | 879.00 | 662.00 | 526.00 | 504.00 | 798.00 |
| Effect of Special Items on Income Taxes | 9.99 | 42.89 | 0.00 | -16.00 | 88.00 |
| Income Taxes Excluding Impact of Special Items | 35.99 | 127.89 | 84.00 | 15.00 | 103.00 |
| Normalized Income After Taxes | 843.01 | 534.11 | 442.00 | 489.00 | 695.00 |
| Normalized Income Available to Common | 843.01 | 534.11 | 442.00 | 489.00 | 695.00 |
| Basic Normalized EPS | 3.88 | 2.96 | 2.45 | 2.72 | 3.86 |
| Diluted Normalized EPS | 3.86 | 2.95 | 2.44 | 2.70 | 3.84 |
| Amortization of Intangibles, Supplemental | 243.00 | 125.00 | 127.00 | 134.00 | 140.00 |
| Depreciation, Supplemental | 193.00 | 111.00 | 118.00 | 117.00 | 117.00 |
| Interest Expense, Supplemental | 49.00 | 50.00 | 76.00 | 77.00 | 67.00 |
| Rental Expense, Supplemental | 96.00 | 83.00 | 84.00 | 77.00 | 104.00 |
| Stock-Based Compensation, Supplemental | 60.00 | 37.00 | 33.00 | 26.00 | 29.00 |
| Equity in Affiliates, Supplemental | 0.00 | -- | -- | -- | 3.00 |
| Minority Interest, Supplemental | -- | -- | -- | -- | 0.00 |
| Research & Development Expense, Supplemental | 232.00 | 206.00 | 204.00 | 187.00 | 191.00 |
| Audit-Related Fees, Supplemental | -- | 7.01 | 6.71 | 6.44 | 6.17 |
| Audit-Related Fees | -- | 0.07 | 0.19 | 0.05 | 0.13 |
| Tax Fees, Supplemental | -- | 0.11 | 0.01 | 0.15 | 1.29 |
| All Other Fees Paid to Auditor, Supplemental | -- | 0.00 | 0.00 | 0.00 | 0.06 |
| Gross Margin | 36.90 | 37.74 | 38.02 | 37.53 | 38.98 |
| Operating Margin | 8.84 | 8.75 | 11.30 | 7.53 | 9.28 |
| Pretax Margin | 8.62 | 7.97 | 9.84 | 5.84 | 7.93 |
| Effective Tax Rate | 4.09 | 19.32 | 16.44 | 10.88 | 3.61 |
| Net Profit Margin | 8.27 | 6.43 | 8.22 | 5.21 | 7.64 |
| Normalized EBIT | 895.00 | 705.00 | 602.00 | 586.00 | 869.00 |
| Normalized EBITDA | 1,331.00 | 941.00 | 847.00 | 837.00 | 1,126.00 |
| Current Tax - Domestic | -4.00 | 77.00 | 16.00 | 24.00 | 39.00 |
| Current Tax - Foreign | 86.00 | 56.00 | 53.00 | 33.00 | 40.00 |
| Current Tax - Local | 23.00 | 16.00 | 5.00 | 5.00 | 13.00 |
| Current Tax - Total | 105.00 | 149.00 | 74.00 | 62.00 | 92.00 |
| Deferred Tax - Domestic | -49.00 | -43.00 | -2.00 | -21.00 | 7.00 |
| Deferred Tax - Foreign | -22.00 | -9.00 | 12.00 | -2.00 | -83.00 |
| Deferred Tax - Local | -8.00 | -12.00 | 0.00 | -8.00 | -1.00 |
| Deferred Tax - Total | -79.00 | -64.00 | 10.00 | -31.00 | -77.00 |
| Income Tax - Total | 26.00 | 85.00 | 84.00 | 31.00 | 15.00 |
| Interest Cost - Domestic | 5.00 | 3.00 | 3.00 | 3.00 | 4.00 |
| Service Cost - Domestic | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 |
| Prior Service Cost - Domestic | -- | -- | -- | -- | -- |
| Expected Return on Assets - Domestic | -6.00 | -6.00 | -7.00 | -7.00 | -8.00 |
| Actuarial Gains and Losses - Domestic | 0.00 | 3.00 | 4.00 | 3.00 | 1.00 |
| Domestic Pension Plan Expense | 2.00 | 3.00 | 3.00 | 2.00 | 0.00 |
| Interest Cost - Foreign | 16.00 | 13.00 | 11.00 | 16.00 | 19.00 |
| Service Cost - Foreign | 7.00 | 12.00 | 14.00 | 13.00 | 9.00 |
| Expected Return on Assets - Foreign | -11.00 | -13.00 | -14.00 | -14.00 | -27.00 |
| Actuarial Gains and Losses - Foreign | -2.00 | 10.00 | 17.00 | 14.00 | 9.00 |
| Curtailments & Settlements - Foreign | 0.00 | 140.00 | 0.00 | -- | 9.00 |
| Foreign Pension Plan Expense | 10.00 | 162.00 | 28.00 | 29.00 | 19.00 |
| Interest Cost - Post-Retirement | 2.00 | 1.00 | 1.00 | 2.00 | 2.00 |
| Service Cost - Post-Retirement | -- | -- | -- | 0.00 | 0.00 |
| Prior Service Cost - Post-Retirement | -3.00 | -3.00 | -3.00 | -3.00 | -4.00 |
| Actuarial Gains and Losses - Post-Retirement | 1.00 | 9.00 | 2.00 | 2.00 | 2.00 |
| Post-Retirement Plan Expense | 0.00 | 7.00 | 0.00 | 1.00 | 0.00 |
| Defined Contribution Expense - Domestic | 31.00 | 31.00 | 42.00 | 44.00 | 49.00 |
| Total Pension Expense | 43.00 | 203.00 | 73.00 | 76.00 | 68.00 |
| Discount Rate - Domestic | 5.25 | 3.00 | 2.50 | -- | 4.50 |
| Discount Rate - Foreign | 4.13 | 1.55 | 1.06 | -- | 2.60 |
| Expected Rate of Return - Domestic | 6.00 | 5.50 | 6.50 | -- | 7.75 |
| Expected Rate of Return - Foreign | 5.85 | 2.79 | 2.60 | -- | 6.96 |
| Compensation Rate - Foreign | 2.79 | 2.79 | 2.79 | -- | 2.92 |
| Total Plan Interest Cost | 23.00 | 17.00 | 15.00 | 21.00 | 25.00 |
| Total Plan Service Cost | 10.00 | 15.00 | 17.00 | 16.00 | 12.00 |
| Total Plan Expected Return | -17.00 | -19.00 | -21.00 | -21.00 | -35.00 |
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