Page |
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Report of Independent Registered Public Accounting Firm |
2 | |||
Consolidated Statements of Income for the years ended December 31, 2023, 2022 and 2021 |
4 | |||
Consolidated Statements of Comprehensive Income for the years ended December 31, 2023, 2022 and 2021 |
5 | |||
Consolidated Balance Sheets as of December 31, 2023, 2022 and 2021 |
6 | |||
Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2022 and 2021 |
7 | |||
Consolidated Statements of Changes in Stockholders’ Equity for the years ended December 31, 2023, 2022 and 2021 |
9 | |||
Notes to the Consolidated Financial Statements |
10 |
Year Ended December 31, |
||||||||||||
(In millions, except per share data) | 2023 |
2022 |
2021 |
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Revenue: |
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Product revenue |
$ | $ | $ | |||||||||
Service revenue |
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Total revenue |
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Operating expenses: |
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Cost of products |
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Cost of services |
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Selling, general and administrative expense |
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Restructuring expense |
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Operating income |
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Pension expense (income), other than service cost |
( |
) | ||||||||||
Interest income |
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Interest expense |
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Net income before income taxes |
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Income tax provision |
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Equity in net earnings of unconsolidated affiliate |
( |
) | ||||||||||
Income from continuing operations |
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Income from discontinued operations, net of taxes |
||||||||||||
Net income |
$ | $ | $ | |||||||||
Basic earnings per share: |
||||||||||||
Income from continuing operations |
$ | $ | $ | |||||||||
Income from discontinued operations |
||||||||||||
Net income |
$ | $ | $ | |||||||||
Diluted earnings per share: |
||||||||||||
Income from continuing operations |
$ | $ | $ | |||||||||
Income from discontinued operations |
||||||||||||
Net income |
$ | $ | $ | |||||||||
Weighted average shares outstanding: |
||||||||||||
Basic |
||||||||||||
Diluted |
Year Ended December 31, |
||||||||||||
(In millions) |
2023 |
2022 |
2021 |
|||||||||
Net income |
$ | $ | $ | |||||||||
Other comprehensive income (loss), net of income taxes |
||||||||||||
Foreign currency translation adjustments |
( |
) | ||||||||||
Pension and other post-retirement benefits adjustments |
( |
) | ||||||||||
Derivatives designated as hedges |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Other comprehensive income (loss) |
( |
) | ||||||||||
|
|
|
|
|
|
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Comprehensive income |
$ | $ | $ | |||||||||
|
|
|
|
|
|
(In millions, except per share and number of shares) |
December 31, 2023 |
December 31, 2022 |
December 31, 2021 |
|||||||||
Assets |
||||||||||||
Current Assets: |
||||||||||||
Cash and cash equivalents |
$ | $ | $ | |||||||||
Trade receivables, net of allowances |
||||||||||||
Contract assets |
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Inventories |
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Other current assets |
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Current assets of discontinued operations |
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Total current assets |
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Property, plant and equipment, net of accumulated depreciation of $ |
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Goodwill |
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Intangible assets, net |
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Other assets |
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Non-current assets of discontinued operations |
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Total Assets |
$ | $ | $ | |||||||||
Liabilities and Stockholders’ Equity |
||||||||||||
Current Liabilities: |
||||||||||||
Short-term debt |
$ | $ | $ | |||||||||
Accounts payable, trade and other |
||||||||||||
Advance and progress payments |
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Accrued payroll |
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Other current liabilities |
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Current liabilities of discontinued operations |
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Total current liabilities |
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Long-term debt |
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Accrued pension and other post-retirement benefits, less current portion |
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Other liabilities |
||||||||||||
Non-current liabilities of discontinued operations |
||||||||||||
Commitments and contingencies (Note 17) |
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Stockholders’ Equity: |
||||||||||||
Preferred stock, $ |
||||||||||||
Common stock, $ |
||||||||||||
Common stock held in treasury, at cost; 2023: |
( |
) | ( |
) | ||||||||
Additional paid-in capital |
||||||||||||
Retained earnings |
||||||||||||
Accumulated other comprehensive loss |
( |
) | ( |
) | ( |
) | ||||||
Total stockholders’ equity |
||||||||||||
Total Liabilities and Stockholders’ Equity |
$ | $ | $ | |||||||||
Year Ended December 31, |
||||||||||||
(In millions) |
2023 |
2022 |
2021 |
|||||||||
Cash flows from continuing operating activities: |
||||||||||||
Net income |
$ | $ | $ | |||||||||
Less: Income from discontinued operations, net of taxes |
||||||||||||
Income from continuing operations |
||||||||||||
Adjustments to reconcile income from continuing operations to cash provided by continuing operating activities: |
||||||||||||
Depreciation |
||||||||||||
Amortization |
||||||||||||
Stock-based compensation |
||||||||||||
Pension and other post-retirement benefits expense |
||||||||||||
Deferred income taxes |
( |
) | ( |
) | ( |
) | ||||||
Other |
||||||||||||
Changes in operating assets and liabilities: |
||||||||||||
Trade receivables, net and contract assets |
( |
) | ( |
) | ( |
) | ||||||
Inventories |
( |
) | ( |
) | ||||||||
Accounts payable, trade and other |
( |
) | ||||||||||
Advance and progress payments |
( |
) | ( |
) | ||||||||
Accrued pension and other post-retirement benefits, net |
( |
) | ( |
) | ( |
) | ||||||
Income taxes on gain from sale of AeroTech |
( |
) | ||||||||||
Other assets and liabilities, net |
||||||||||||
Cash provided by continuing operating activities |
||||||||||||
Cash flows from continuing investing activities: |
||||||||||||
Proceeds from sale of AeroTech, net |
||||||||||||
Acquisitions, net of cash acquired |
( |
) | ( |
) | ( |
) | ||||||
Investment in unconsolidated affiliate |
( |
) | ||||||||||
Capital expenditures |
( |
) | ( |
) | ( |
) | ||||||
Proceeds from disposal of assets |
||||||||||||
Purchase of marketable securities |
( |
) | ||||||||||
Proceeds from sale of marketable securities |
||||||||||||
Cash provided (required) by continuing investing activities |
( |
) | ( |
) | ||||||||
Cash flows from continuing financing activities: |
||||||||||||
Net proceeds from short-term debt |
( |
) | ( |
) | ||||||||
Payment in connection with modification of credit facilities |
( |
) | ||||||||||
Net (payments) proceeds from domestic credit facilities, net of debt issuance costs |
( |
) | ||||||||||
Proceeds from issuance of 2026 convertible senior notes, net of issuance costs |
||||||||||||
Purchase of convertible bond hedge |
( |
) | ||||||||||
Proceeds from sale of warrants |
||||||||||||
Settlement of taxes withheld on equity compensation awards |
( |
) | ( |
) | ( |
) | ||||||
Proceeds from settlement of cross currency swaps |
||||||||||||
Common stock repurchases |
( |
) | ( |
) | ||||||||
Dividends |
( |
) | ( |
) | ( |
) | ||||||
Acquisition date earnout liability and other deferred acquisition payments |
( |
) | ||||||||||
Cash (required) provided by continuing financing activities |
( |
) | ||||||||||
Net increase (decrease) in cash from continuing operations |
( |
) | ( |
) | ||||||||
Cash flows from discontinued operations: |
||||||||||||
Cash required by operating activities of discontinued operations, net |
( |
) | ||||||||||
Cash required by investing activities of discontinued operations, net |
( |
) | ( |
) | ( |
) | ||||||
Net cash (required) provided by discontinued operations |
( |
) | ||||||||||
Effect of foreign exchange rate changes on cash and cash equivalents |
( |
) | ( |
) | ( |
) | ||||||
Net increase (decrease) in cash and cash equivalents |
$ | $ | ( |
) | $ | |||||||
Year Ended December 31, |
||||||||||||
(In millions) |
2023 |
2022 |
2021 |
|||||||||
Cash and cash equivalents from continuing operations, beginning of period |
$ | $ | $ | |||||||||
Add: Cash and cash equivalents from discontinued operations, beginning of period |
||||||||||||
Add: Net increase (decrease) in cash and cash equivalents |
( |
) | ||||||||||
Less: Cash and cash equivalents from discontinued operations, end of period |
( |
) | ( |
) | ||||||||
Cash and cash equivalents from continuing operations, end of period |
$ | $ | $ | |||||||||
Supplemental cash flow information for continuing operations: |
||||||||||||
Interest paid |
||||||||||||
Income taxes paid |
||||||||||||
Income taxes paid on gain from sale of AeroTech |
||||||||||||
Non-cash investing in capital expenditures, accrued but not paid |
(In millions) |
Common Stock |
Common Stock Held in Treasury |
Additional Paid-In Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Total Equity |
||||||||||||||||||
December 31, 2020 |
$ | $ | ( |
) | $ | $ | $ | ( |
) | $ | ||||||||||||||
Net income |
— | — | — | — | ||||||||||||||||||||
Issuance of treasury stock |
— | ( |
) | — | — | — | ||||||||||||||||||
Common stock cash dividends, $ |
— | — | — | ( |
) | — | ( |
) | ||||||||||||||||
Foreign currency translation adjustments, net of income taxes of $( |
— | — | — | — | ||||||||||||||||||||
Derivatives designated as hedges, net of income taxes of $( |
— | — | — | — | ||||||||||||||||||||
Pension and other post-retirement liability adjustments, net of income taxes of $( |
— | — | — | — | ||||||||||||||||||||
Proceeds from sale of warrants |
— | — | — | — | ||||||||||||||||||||
Purchase of convertible bond hedge, net of income tax of $ |
— | — | ( |
) | — | — | ( |
) | ||||||||||||||||
Stock-based compensation expense |
— | — | — | — | ||||||||||||||||||||
Taxes withheld on issuance of stock-based awards |
— | — | ( |
) | — | — | ( |
) | ||||||||||||||||
December 31, 2021 |
( |
) | ||||||||||||||||||||||
Net income |
— | — | — | — | ||||||||||||||||||||
Issuance of treasury stock |
— | ( |
) | — | — | — | ||||||||||||||||||
Share repurchases |
— | ( |
) | — | — | — | ( |
) | ||||||||||||||||
Common stock cash dividends, $ |
— | — | — | ( |
) | — | ( |
) | ||||||||||||||||
Foreign currency translation adjustments, net of income taxes of $( |
— | — | — | — | ( |
) | ( |
) | ||||||||||||||||
Derivatives designated as hedges, net of income taxes of $( |
— | — | — | — | ||||||||||||||||||||
Pension and other post-retirement liability adjustments, net of income taxes of $( |
— | — | — | — | ||||||||||||||||||||
Stock-based compensation expense |
— | — | — | — | ||||||||||||||||||||
Taxes withheld on issuance of stock-based awards |
— | — | ( |
) | — | — | ( |
) | ||||||||||||||||
December 31, 2022 |
( |
) | ( |
) | ||||||||||||||||||||
Net income |
— | — | — | — | ||||||||||||||||||||
Issuance of treasury stock |
— | ( |
) | — | — | — | ||||||||||||||||||
Share repurchases |
— | ( |
) | — | — | — | ( |
) | ||||||||||||||||
Common stock cash dividends, $ |
— | — | — | ( |
) | — | ( |
) | ||||||||||||||||
Foreign currency translation adjustments, net of income taxes of $ |
— | — | — | — | ||||||||||||||||||||
Derivatives designated as hedges, net of income taxes of $ |
— | — | — | — | ( |
) | ( |
) | ||||||||||||||||
Pension and other post-retirement liability adjustments, net of income taxes of $ |
— | — | — | — | ( |
) | ( |
) | ||||||||||||||||
Stock-based compensation expense |
— | — | — | — | ||||||||||||||||||||
Taxes withheld on issuance of stock-based awards |
— | — | ( |
) | — | — | ( |
) | ||||||||||||||||
December 31, 2023 |
$ | $ | ( |
) | $ | $ | $ | ( |
) | $ | ||||||||||||||
(in millions) |
As Computed under LIFO |
Effect of Change |
As Reported |
|||||||||
Cost of products |
$ | $ | ( |
) | $ | |||||||
Income tax provision |
||||||||||||
Income from continuing operations |
||||||||||||
Income from discontinued operations, net of taxes |
( |
) | ||||||||||
Net income |
( |
) | ||||||||||
Basic earnings per share: |
||||||||||||
Income from continuing operations |
$ | $ | $ | |||||||||
Income from discontinued operations |
( |
) | ||||||||||
Net income |
$ | $ | ( |
) | $ | |||||||
Diluted earnings per share: |
||||||||||||
Income from continuing operations |
$ | $ | $ | |||||||||
Income from discontinued operations |
( |
) | ||||||||||
Net income |
$ | $ | ( |
) | $ |
(In millions) |
As Computed under LIFO |
Effect of Change |
As Reported |
|||||||||
Comprehensive income |
$ | $ | ( |
) | $ |
(in millions) |
As Computed under LIFO |
Effect of Change |
As Reported |
|||||||||
Inventories |
$ | $ | $ | |||||||||
Other current liabilities |
||||||||||||
Other liabilities |
||||||||||||
Retained earnings |
(In millions) |
As Computed under LIFO |
Effect of Change |
As Reported |
|||||||||
Cash flows from continuing operating activities: |
||||||||||||
Income from continuing operations |
$ | $ | $ | |||||||||
Adjustments to reconcile income from continuing operations to cash provided by continuing operating activities: |
||||||||||||
LIFO expense |
( |
) | ||||||||||
Change in operating assets and liabilities from continuing operations: |
||||||||||||
Other assets and liabilities, net |
||||||||||||
Cash provided by continuing operating activities |
Year Ended December 31, 2022 |
Year Ended December 31, 2021 |
|||||||||||||||||||||||
(In millions, except per share data) |
As Reported (1) |
Effect of Change |
As Adjusted |
As Reported (1) |
Effect of Change |
As Adjusted |
||||||||||||||||||
Cost of products |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||
Income tax provision |
||||||||||||||||||||||||
Income from continuing operations |
||||||||||||||||||||||||
Income from discontinued operations, net of taxes |
( |
) |
||||||||||||||||||||||
Net income |
||||||||||||||||||||||||
Basic earnings per share: |
||||||||||||||||||||||||
Income from continuing operations |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Income from discontinued operations |
( |
) |
||||||||||||||||||||||
Net income |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Diluted earnings per share: |
||||||||||||||||||||||||
Income from continuing operations |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Income from discontinued operations |
( |
) |
||||||||||||||||||||||
Net income |
$ |
$ |
$ |
$ |
$ |
$ |
Year Ended December 31, 2022 |
Year Ended December 31, 2021 |
|||||||||||||||||||||||
(In millions) |
As Reported (1) |
Effect of Change |
As Adjusted |
As Reported (1) |
Effect of Change |
As Adjusted |
||||||||||||||||||
Comprehensive income |
$ |
$ |
$ |
$ |
$ |
$ |
December 31, 2022 |
December 31, 2021 |
|||||||||||||||||||||||
(In millions) |
As Reported (1) |
Effect of Change |
As Adjusted |
As Reported (1) |
Effect of Change |
As Adjusted |
||||||||||||||||||
Inventories |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Current assets of discontinued operations |
||||||||||||||||||||||||
Other current liabilities |
||||||||||||||||||||||||
Other liabilities |
||||||||||||||||||||||||
Retained earnings |
Year Ended December 31, 2022 |
Year Ended December 31, 2021 |
|||||||||||||||||||||||
(In millions) |
As Reported (1) |
Effect of Change |
As Adjusted |
As Reported (1) |
Effect of Change |
As Adjusted |
||||||||||||||||||
Cash flows from continuing operating activities: |
||||||||||||||||||||||||
Income from continuing operations |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Adjustments to reconcile income from continuing operations to cash provided by continuing operating activities: |
||||||||||||||||||||||||
LIFO expense |
( |
) |
( |
) |
||||||||||||||||||||
Change in operating assets and liabilities from continuing operations: |
||||||||||||||||||||||||
Other assets and liabilities, net |
||||||||||||||||||||||||
Cash provided by continuing operating activities |
(1) |
As Reported represents the consolidated financial statement balances that have been recast for discontinued operations presentation. |
• | The timing and pattern of transfer to the lessee of the lease and non-lease component are the same, and |
• | The lease component, if accounted for separately, would be classified as an operating lease. |
Year Ended December 31, |
||||||||||||
(In millions) |
2023 |
2022 |
2021 |
|||||||||
Revenue |
$ | $ | $ | |||||||||
Operating expenses: |
||||||||||||
Cost of sales |
||||||||||||
Selling, general and administrative expense |
||||||||||||
Operating income |
||||||||||||
Interest expense |
||||||||||||
Gain on sale of AeroTech |
||||||||||||
Income from discontinued operations before income taxes |
||||||||||||
Income tax provision |
||||||||||||
Income from discontinued operations, net of taxes |
$ | $ | $ | |||||||||
(In millions) |
December 31, 2022 |
December 31, 2021 |
||||||
Assets: |
||||||||
Cash and cash equivalents |
$ | $ | ||||||
Trade receivables, net of allowances |
||||||||
Contract assets |
||||||||
Inventories |
||||||||
Other current assets |
||||||||
Total current assets of discontinued operations |
$ | $ | ||||||
Property, plant and equipment, net of accumulated depreciation of $ |
$ | $ | ||||||
Goodwill |
||||||||
Intangible assets, net |
||||||||
Other assets |
||||||||
Total non-current assets of discontinued operations |
$ | $ | ||||||
Liabilities: |
||||||||
Accounts payable |
$ | $ | ||||||
Advance and progress payments |
||||||||
Other current liabilities |
||||||||
Total current liabilities of discontinued operations |
$ | $ | ||||||
Total non-current liabilities of discontinued operations |
$ | $ | ||||||
Date |
Type |
Company/Product Line |
Location | |||
September 1, 2022 | Stock | Bevcorp, LLC (“Bevcorp”) | Eastlake, Ohio | |||
A provider of beverage processing and packaging solutions in blending, handling, filling, and closing technologies. The Bevcorp acquisition expands the Company’s presence in the ready-to-drink | ||||||
July 1, 2022 | Stock | Alco-food-machines GmbH & Co. KG (“Alco”) |
Bad Iburg, Germany | |||
A provider of further food processing equipment and production lines for a broad range of food applications. The Alco acquisition extends the Company’s capabilities in further processing offerings and strengthens existing full line offerings. | ||||||
November 2, 2021 | Stock | Urtasun Tecnología Alimentaria S.L (“Urtasun”) |
Navarra, Spain | |||
A provider of fruit and vegetable processing solutions, particularly in the fresh packaged and frozen markets. The Urtasun acquisition extends the Company’s capabilities in providing fruit and vegetable processing solutions. | ||||||
July 2, 2021 | Stock | CMS Technology, Inc (“Prevenio”) |
Bridgewater, New Jersey | |||
A provider of innovative food safety solutions primarily for the poultry industry as well as produce applications. Prevenio provides a pathogen protection solution through its anti-microbial delivery equipment that enhances food safety and integrity, and creates a safer work environment for its customers and their employees. This acquisition enhances the Company’s recurring revenue portfolio and furthers its investment in solutions that support its customers’ daily operations. | ||||||
February 28, 2021 | Stock | AutoCoding Systems Ltd. (“ACS”) |
Cheshire, U.K. | |||
A provider of a central command solution for the integration of packaging process devices. The ACS acquisition extends the Company’s capabilities in packaging line equipment and associated devices, including coding and label inspection and verification. |
(In millions) | Bevcorp (1) |
Alco (2) |
Urtasun (3) |
Prevenio (4) |
ACS (5) |
Total |
||||||||||||||||||
Financial assets |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Inventories |
||||||||||||||||||||||||
Property, plant and equipment |
||||||||||||||||||||||||
Customer relationship (6) |
||||||||||||||||||||||||
Patents and acquired technology (6) |
||||||||||||||||||||||||
Trademarks (6) |
||||||||||||||||||||||||
Financial liabilities |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||
Total identifiable net assets |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Cash consideration paid |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Cash acquired |
||||||||||||||||||||||||
Net consideration |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Goodwill (7) |
$ | $ | $ | $ | $ | $ |
(1) | The purchase accounting for Bevcorp was final as of March 31, 2023. During the quarter ended March 31, 2023, the Company recorded an increase in cash consideration paid of $ |
(2) | The purchase accounting for Alco was final as of June 30, 2023. During the quarter ended March 31, 2023, the Company made no significant measurement period adjustments for this acquisition. During the quarter ended June 30, 2023, the Company recorded a decrease in cash consideration paid by $ |
(3) | The purchase accounting for Urtasun was final as of September 30, 2022. |
(4) | The purchase accounting for Prevenio was final as of June 30, 2022. |
(5) | The purchase accounting for ACS was final as of December 31, 2021. |
(6) | The acquired intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from to twenty-two years |
(7) | The Company expects goodwill of $ |
(In millions) |
2023 |
2022 |
2021 |
|||||||||
Raw materials |
$ |
$ |
$ |
|||||||||
Work in process |
||||||||||||
Finished goods |
||||||||||||
Gross inventories before valuation adjustments |
||||||||||||
Valuation adjustments |
( |
) |
( |
) |
( |
) | ||||||
Net inventories |
$ |
$ |
$ |
|||||||||
(In millions) |
2023 |
2022 |
2021 |
|||||||||
Land and land improvements |
$ |
$ |
$ |
|||||||||
Buildings |
||||||||||||
Machinery and equipment |
||||||||||||
Construction in process |
||||||||||||
Accumulated depreciation |
( |
) |
( |
) |
( |
) | ||||||
Property, plant and equipment, net |
$ |
$ |
$ |
|||||||||
2023 |
2022 |
2021 |
||||||||||||||||||||||
(In millions) |
Carrying Amount |
Accumulated Amortization |
Carrying Amount |
Accumulated Amortization |
Carrying Amount |
Accumulated Amortization |
||||||||||||||||||
Capitalized software |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Cloud computing arrangement implementation costs |
||||||||||||||||||||||||
Other |
— | — | — | |||||||||||||||||||||
Total other assets |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
(In millions) |
||||
Balance as of January 1, 2021 |
$ | |||
Acquisitions |
||||
Currency translation |
( |
) | ||
Balance as of December 31, 2021 |
||||
Acquisitions |
||||
Currency translation |
( |
) | ||
Balance as of December 31, 2022 |
||||
Acquisitions |
( |
) | ||
Currency translation |
||||
Balance as of December 31, 2023 |
$ | |||
2023 |
2022 |
2021 |
||||||||||||||||||||||
(In millions) |
Carrying Amount |
Accumulated Amortization |
Carrying Amount |
Accumulated Amortization |
Gross Carrying Amount |
Accumulated Amortization |
||||||||||||||||||
Customer relationships |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Patents and acquired technology |
||||||||||||||||||||||||
Trademarks |
||||||||||||||||||||||||
Indefinite lived intangibles assets |
— | — | — | |||||||||||||||||||||
Other |
||||||||||||||||||||||||
Total intangible assets |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
(In millions) |
Maturity Date |
2023 |
2022 |
2021 |
||||||||||||
Revolving credit facility (1) |
$ | $ | $ | |||||||||||||
Less: unamortized debt issuance costs |
( |
) | ( |
) | ( |
) | ||||||||||
Revolving credit facility, net |
$ | $ | $ | |||||||||||||
Convertible senior notes (2) |
$ | $ | $ | |||||||||||||
Less: unamortized debt issuance costs |
( |
) | ( |
) | ( |
) | ||||||||||
Convertible senior notes, net |
$ | $ | $ | |||||||||||||
Long-term debt, net |
$ | $ | $ | |||||||||||||
(1) | Weighted-average interest rate at December 31, 2023 was |
(2) | Effective interest rate for the Notes (as defined below) for the quarter ended December 31, 2023 was |
(In millions) |
2023 |
2022 |
2021 |
|||||||||
Contractual interest expense |
$ | $ | $ | |||||||||
Interest cost related to amortization of issuance costs |
||||||||||||
Total interest expense |
$ | $ | $ | |||||||||
• | during any calendar quarter commencing after the calendar quarter ending on September 30, 2021 (and only during such calendar quarter), if the last reported sale price of the common stock for at least |
• | during the |
• | if the Company calls such Notes for redemption, at any time prior to the close of business on the scheduled trading day immediately preceding the redemption date, but only with respect to the Notes called (or deemed called) for redemption; or |
• | upon the occurrence of certain corporate events, as specified in the Indenture governing the Notes. |
(In millions) |
2023 |
2022 |
2021 |
|||||||||||||||||
Domestic |
$ | $ | $ | |||||||||||||||||
Foreign |
||||||||||||||||||||
Income before income taxes |
$ | $ | $ | |||||||||||||||||
(In millions) |
2023 |
2022 |
2021 |
|||||||||||||||
Current: |
||||||||||||||||||
Federal |
$ | $ | $ | |||||||||||||||
State |
||||||||||||||||||
Foreign |
||||||||||||||||||
Total current |
$ | $ | $ | |||||||||||||||
Deferred: |
||||||||||||||||||
Federal |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||||||||
State |
( |
) | ( |
) | ||||||||||||||
Foreign |
( |
) | ( |
) | ||||||||||||||
Total deferred |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||||||||
Provision for income taxes |
$ | $ | $ | |||||||||||||||
(In millions) |
2023 |
2022 |
2021 |
|||||||||
Deferred tax assets attributable to: |
||||||||||||
Accrued pension and other postretirement benefits |
$ | $ | $ | |||||||||
Accrued expenses and accounts receivable allowances |
||||||||||||
Loss carryforwards |
||||||||||||
Inventories |
||||||||||||
Stock-based compensation |
||||||||||||
Operating lease liabilities |
||||||||||||
Convertible bond |
||||||||||||
Research and development costs |
||||||||||||
Credit carryforwards |
||||||||||||
Other |
||||||||||||
Total deferred tax assets |
$ | $ | $ | |||||||||
Valuation allowance |
( |
) | ( |
) | ( |
) | ||||||
Deferred tax assets, net of valuation allowance |
$ | $ | $ | |||||||||
Deferred tax liabilities attributable to: |
||||||||||||
Investment in subsidiary |
$ | $ | $ | |||||||||
Property, plant and equipment |
||||||||||||
Goodwill and intangibles |
||||||||||||
Right to use lease assets |
||||||||||||
Net investment hedges |
||||||||||||
Total deferred tax liabilities |
$ | $ | $ | |||||||||
Net deferred tax liabilities |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
2023 |
2022 |
2021 |
||||||||||
Statutory U.S. federal tax rate |
% | % | % | |||||||||
Net difference resulting from: |
||||||||||||
Research and development tax incentives |
( |
) | ( |
) | ( |
) | ||||||
Foreign earnings subject to different tax rates |
||||||||||||
State income taxes |
||||||||||||
Foreign tax credits |
( |
) | ( |
) | ( |
) | ||||||
Effect of UK law change |
||||||||||||
Global intangible low-taxed income (GILTI) |
||||||||||||
Stock based compensation - excess tax benefit |
( |
) | ||||||||||
Remeasurement of deferred tax liability |
( |
) | ||||||||||
Valuation allowance |
||||||||||||
Disposition of subsidiary |
( |
) | ||||||||||
Other |
( |
) | ( |
) | ||||||||
Total difference |
( |
)% | ( |
)% | % | |||||||
Effective income tax rate |
% | % | % | |||||||||
(In millions) |
2023 |
2022 |
2021 |
|||||||||
Projected benefit obligation at January 1 |
$ |
$ |
$ |
|||||||||
Service cost |
||||||||||||
Interest cost |
||||||||||||
Actuarial (gain) loss |
( |
) |
( |
) | ||||||||
Plan participants’ contributions |
||||||||||||
Benefits paid |
( |
) |
( |
) |
( |
) | ||||||
Currency translation adjustments |
( |
) |
( |
) | ||||||||
Projected benefit obligation at December 31 |
$ |
$ |
$ |
|||||||||
Fair value of plan assets at January 1 |
$ |
$ |
$ |
|||||||||
Company contributions |
||||||||||||
Actual return on plan assets |
( |
) |
||||||||||
Plan participants’ contributions |
||||||||||||
Benefits paid |
( |
) |
( |
) |
( |
) | ||||||
Currency translation adjustments |
( |
) |
( |
) | ||||||||
Fair value of plan assets at December 31 |
$ |
$ |
$ |
|||||||||
Funded status of the plans (liability) at December 31 |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | |||
Amounts recognized in the Consolidated Balance Sheets at December 31 |
||||||||||||
Other current liabilities |
( |
) |
( |
) |
( |
) | ||||||
Accrued pension and other post-retirement benefits, less current portion |
( |
) |
( |
) |
( |
) | ||||||
Net amount recognized |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) | |||
(In millions) |
2023 |
2022 |
2021 |
|||||||||
Service cost |
$ |
$ |
$ |
|||||||||
Interest cost |
||||||||||||
Expected return on plan assets |
( |
) |
( |
) |
( |
) | ||||||
Amortization of net actuarial loss |
||||||||||||
Settlement loss recognized |
||||||||||||
Total costs |
$ |
$ |
$ |
|||||||||
(In millions) |
Pensions |
|||
Actuarial gain |
$ | |||
Amortization of net actuarial loss |
( |
) | ||
Net income recognized in other comprehensive income |
$ | |||
Total recognized in net periodic benefit cost and other comprehensive income |
$ | |||
2023 |
2022 |
2021 |
||||||||||
Discount rate |
% | % | % | |||||||||
Rate of compensation increase |
% | % | % |
2023 |
2022 |
2021 |
||||||||||
Discount rate |
% | % | % | |||||||||
Rate of compensation increase |
% | % | % | |||||||||
Expected rate of return on plan assets |
% | % | % |
Target |
2023 |
2022 |
2021 |
|||||||||||||
Equity |
||||||||||||||||
Fixed income |
||||||||||||||||
Real estate and other |
||||||||||||||||
Cash |
||||||||||||||||
% | % | % | ||||||||||||||
As of December 31, 2023 |
As of December 31, 2022 |
As of December 31, 2021 |
||||||||||||||||||||||||||||||||||
(In millions) |
Total |
Level 1 |
Level 2 |
Total |
Level 1 |
Level 2 |
Total |
Level 1 |
Level 2 |
|||||||||||||||||||||||||||
Cash and cash equivalents |
$ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Equity securities: |
||||||||||||||||||||||||||||||||||||
All caps (1) |
||||||||||||||||||||||||||||||||||||
International (2) |
||||||||||||||||||||||||||||||||||||
Infrastructure (3) |
||||||||||||||||||||||||||||||||||||
Fixed income securities: |
||||||||||||||||||||||||||||||||||||
Government securities (4) |
||||||||||||||||||||||||||||||||||||
Corporate bonds (5) |
||||||||||||||||||||||||||||||||||||
Other investments (6) |
||||||||||||||||||||||||||||||||||||
Total assets at fair value |
$ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Investments valued using NAV as a practical expedient (7) |
||||||||||||||||||||||||||||||||||||
Total assets |
$ | $ | $ | |||||||||||||||||||||||||||||||||
(1) | Includes funds that invest in large, medium and small cap equity securities. |
(2) | Includes funds that invest primarily in international equity securities. |
(3) | Includes funds that invest primarily in infrastructure equity securities. |
(4) | Includes U.S. government securities and funds that invest primarily in U.S. government bonds, including treasury inflation protected securities. |
(5) | Includes funds that invest in investment grade bonds, high yield bonds and mortgage-backed fixed income securities. |
(6) | Includes funds that invest primarily in commodities and investments in insurance contracts held by the Company’s foreign pension plans. |
(7) | The Company elected the practical expedient to characterize certain new investments which are measured at net asset values (“NAV”) that have not been classified in the fair value hierarchy. |
(In millions) |
Pensions |
|||
2024 |
$ | |||
2025 |
||||
2026 |
||||
2027 |
||||
2028 |
||||
2029-2033 |
(In millions) |
Pension and Other Post- retirement Benefits (1) |
Derivatives Designated as Hedges (1) |
Foreign Currency Translation (1) |
Total (1) |
||||||||||||
Balance as of January 1, 2021 |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
Other comprehensive income (loss) before reclassification |
||||||||||||||||
Amounts reclassified from accumulated other comprehensive income |
( |
) | ||||||||||||||
Balance as of December 31, 2021 |
$ | ( |
) | $ | $ | ( |
) | $ | ( |
) | ||||||
Other comprehensive income (loss) before reclassification |
( |
) | ( |
) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income |
( |
) | ||||||||||||||
Balance as of December 31, 2022 |
$ | ( |
) | $ | $ | ( |
) | $ | ( |
) | ||||||
Other comprehensive income (loss) before reclassification |
( |
) | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income |
( |
) | ( |
) | ( |
) | ||||||||||
Balance as of December 31, 2023 |
$ | ( |
) | $ | $ | ( |
) | $ | ( |
) | ||||||
(1) | All amounts are net of income taxes. |
(In millions) |
2023 |
2022 |
2021 |
|||||||||
Stock-based compensation expense |
$ | $ | $ | |||||||||
Tax benefit recorded in consolidated statements of income |
$ | $ | $ | |||||||||
Shares |
Weighted-Average Grant-Date Fair Value |
|||||||
Nonvested at December 31, 2022 |
$ | |||||||
Granted |
$ | |||||||
Vested |
( |
) | $ | |||||
Forfeited |
( |
) | $ | |||||
Nonvested at December 31, 2023 |
$ | |||||||
2023 |
2022 |
2021 |
||||||||||
Weighted-average grant-date fair value of restricted stock units granted |
$ | $ | $ | |||||||||
Fair value of restricted stock vested (in millions) |
$ | $ | $ |
Common Stock Outstanding |
Common Stock Held in Treasury |
|||||||
December 31, 2022 |
||||||||
Stock awards issued |
( |
) | ||||||
Treasury stock purchases |
( |
) | ||||||
December 31, 2023 |
||||||||
December 31, |
||||||||||||
(In millions) |
2023 |
2022 |
2021 |
|||||||||
Type of Good or Service |
||||||||||||
Recurring (1) |
$ | $ | $ | |||||||||
Non-recurring (1) |
||||||||||||
Total |
$ | $ | $ | |||||||||
Geographical Region (2) |
||||||||||||
North America |
$ | $ | $ | |||||||||
Europe, Middle East and Africa |
||||||||||||
Asia Pacific |
||||||||||||
Latin America |
||||||||||||
Total |
$ | $ | $ | |||||||||
Timing of Recognition |
||||||||||||
Point in Time |
$ | $ | $ | |||||||||
Over Time |
||||||||||||
Total |
$ | $ | $ |
(1) | Recurring revenue includes revenue from aftermarket parts and services, re-build services on customer owned equipment, operating leases of equipment, and subscription-based software applications. Non-recurring revenue includes new equipment and installation and the sale of software licenses. |
(2) | Geographical region represents the region in which the end customer resides. |
Balances as of |
||||||||||||
(In millions) |
December 31, 2023 |
December 31, 2022 |
December 31, 2021 |
|||||||||
Contract Assets |
$ | $ | $ | |||||||||
Contract Liabilities |
(In millions, except per share data) |
2023 |
2022 |
2021 |
|||||||||
Basic earnings per share: |
||||||||||||
Income from continuing operations |
$ | $ | $ | |||||||||
Income from discontinued operations, net of tax |
||||||||||||
Net income |
$ | $ | $ | |||||||||
Weighted average number of shares outstanding |
||||||||||||
Basic earnings per share from: |
||||||||||||
Continuing operations |
$ | $ | $ | |||||||||
Discontinued operations |
||||||||||||
Net income |
$ | $ | $ | |||||||||
Diluted earnings per share: |
||||||||||||
Income from continuing operations |
$ | $ | $ | |||||||||
Income from discontinued operations, net of tax |
||||||||||||
Net income |
$ | $ | $ | |||||||||
Weighted average number of shares outstanding |
||||||||||||
Effect of dilutive securities: |
||||||||||||
Restricted stock |
||||||||||||
Total shares and dilutive securities |
||||||||||||
Diluted earnings per share from: |
||||||||||||
Continuing operations |
$ | $ | $ | |||||||||
Discontinued operations |
||||||||||||
Net income |
$ | $ | $ | |||||||||
As of December 31, 2023 |
As of December 31, 2022 |
As of December 31, 2021 |
||||||||||||||||||||||
(In millions) |
Derivative Assets |
Derivative Liabilities |
Derivative Assets |
Derivative Liabilities |
Derivative Assets |
Derivative Liabilities |
||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
(In millions) |
As of December 31, 2023 |
|||||||||||||||||||
Offsetting of Assets |
Gross Amounts of Recognized Assets |
Gross Amounts Offset in the Consolidated Balance Sheets |
Amount Presented in the Consolidated Balance Sheets |
Amount Subject to Master Netting Agreement |
Net Amount |
|||||||||||||||
Derivatives |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||
Offsetting of Liabilities |
As of December 31, 2023 |
|||||||||||||||||||
Gross Amounts of Recognized Liabilities |
Gross Amounts Offset in the Consolidated Balance Sheets |
Amount Presented in the Consolidated Balance Sheets |
Amount Subject to Master Netting Agreement |
Net Amount |
||||||||||||||||
Derivatives |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||
(In millions) |
As of December 31, 2022 |
|||||||||||||||||||
Offsetting of Assets |
Gross Amounts of Recognized Assets |
Gross Amounts Offset in the Consolidated Balance Sheets |
Amount Presented in the Consolidated Balance Sheets |
Amount Subject to Master Netting Agreement |
Net Amount |
|||||||||||||||
$ |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||
Offsetting of Liabilities |
As of December 31, 2022 |
|||||||||||||||||||
Gross Amounts of Recognized Liabilities |
Gross Amounts Offset in the Consolidated Balance Sheets |
Amount Presented in the Consolidated Balance Sheets |
Amount Subject to Master Netting Agreement |
Net Amount |
||||||||||||||||
$ |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||
(In millions) |
As of December 31, 2021 |
|||||||||||||||||||
Offsetting of Assets |
Gross Amounts of Recognized Assets |
Gross Amounts Offset in the Consolidated Balance Sheets |
Amount Presented in the Consolidated Balance Sheets |
Amount Subject to Master Netting Agreement |
Net Amount |
|||||||||||||||
Derivatives |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||
Offsetting of Liabilities |
As of December 31, 2021 |
|||||||||||||||||||
Gross Amounts of Recognized Liabilities |
Gross Amounts Offset in the Consolidated Balance Sheets |
Amount Presented in the Consolidated Balance Sheets |
Amount Subject to Master Netting Agreement |
Net Amount |
||||||||||||||||
Derivatives |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||
Derivatives Not Designated as Hedging Instruments |
Location of Gain (Loss) Recognized in Income |
Amount of Gain (Loss) Recognized in Income |
||||||||||||
(In millions) |
2023 |
2022 |
2021 |
|||||||||||
Foreign exchange contracts |
Revenue | $ | $ | ( |
) | $ | ( |
) | ||||||
Foreign exchange contracts |
Cost of sales | ( |
) | ( |
) | ( |
) | |||||||
Foreign exchange contracts |
Selling, general and administrative expense | |||||||||||||
Commodity contracts |
Income from discontinued operations | ( |
) | |||||||||||
|
|
|
|
|
|
|||||||||
Total |
$ | $ | ( |
) | $ | ( |
) | |||||||
Remeasurement of assets and liabilities in foreign currencies | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|||||||||
Net gain (loss) |
$ | $ | ( |
) | $ | ( |
) | |||||||
|
|
|
|
|
|
• | Level 1 |
• | Level 2 |
• | Level 3 |
As of December 31, 2023 |
As of December 31, 2022 |
As of December 31, 2021 |
||||||||||||||||||||||||||||||||||||||||||||||
(In millions) |
Total |
Level 1 |
Level 2 |
Level 3 |
Total |
Level 1 |
Level 2 |
Level 3 |
Total |
Level 1 |
Level 2 |
Level 3 |
||||||||||||||||||||||||||||||||||||
Assets: |
||||||||||||||||||||||||||||||||||||||||||||||||
Investments |
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||
Derivatives |
||||||||||||||||||||||||||||||||||||||||||||||||
Total assets |
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||
Liabilities: |
||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives |
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||
Total liabilities |
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||
2023 |
2022 |
2021 |
||||||||||||||||||||||
(In millions) |
Carrying Value |
Estimated Fair Value |
Carrying Value |
Estimated Fair Value |
Carrying Value |
Estimated Fair Value |
||||||||||||||||||
Convertible senior notes |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Revolving credit facility, expires December 14, 2026 |
||||||||||||||||||||||||
Other |
(In millions) |
2023 |
2022 |
2021 |
|||||||||
Balance at beginning of the year |
$ |
$ |
$ |
|||||||||
Expenses for new warranties |
||||||||||||
Adjustments to existing accruals |
( |
) |
( |
) |
( |
) | ||||||
Claims paid |
( |
) |
( |
) |
( |
) | ||||||
Added through acquisition |
||||||||||||
Translation |
( |
) |
( |
) | ||||||||
Balance at end of year |
$ |
$ |
$ |
|||||||||
(In millions) |
2023 |
2022 |
2021 |
|||||||||
Fixed lease cost |
$ |
$ |
$ |
|||||||||
Variable lease cost |
||||||||||||
Total operating lease cost |
$ |
$ |
$ |
|||||||||
(In millions) |
2023 |
2022 |
2021 |
|||||||||
Operating cash flows from operating leases |
$ |
$ |
$ |
|||||||||
Right-of-use |
$ |
$ |
$ |
(In millions) |
Balance Sheet Classification |
2023 |
2022 |
2021 |
||||||||||
Lease ROU assets: |
||||||||||||||
Operating |
Other assets | $ | $ | $ | ||||||||||
Finance (a) |
Net property, plant and equipment | |||||||||||||
Total lease ROU assets |
$ | $ | $ | |||||||||||
Lease liabilities: |
||||||||||||||
Current: |
||||||||||||||
Operating |
Other current liabilities | $ | $ | $ | ||||||||||
Finance (a) |
||||||||||||||
Long-term: |
||||||||||||||
Operating |
Other liabilities | |||||||||||||
Finance (a) |
||||||||||||||
Total lease liabilities |
$ | $ | $ | |||||||||||
(a) | Finance leases include real estate leases for which the Company is a lessee for an indefinite lease term. However, these finance leases have no lease liability outstanding as of December 31, 2023 as no amounts are due under the lease. |
(In millions) |
2023 |
2022 |
2021 |
|||||||||
Weighted-average remaining lease term (years) |
||||||||||||
Operating leases |
||||||||||||
Finance leases (a) |
||||||||||||
Weighted-average discount rate |
||||||||||||
Operating leases |
% | % | % | |||||||||
Finance leases (a) |
% | % | % |
(a) | Excludes real estate finance leases for which the Company is a lessee for an indefinite lease term and has no lease liability outstanding as of December 31, 2023. |
Operating Leases |
Finance Leases |
|||||||
Year 1 (a) |
$ | $ | ||||||
Year 2 |
||||||||
Year 3 |
||||||||
Year 4 |
||||||||
Year 5 |
||||||||
After Year 5 |
||||||||
Total lease payments |
$ | $ | ||||||
Less: Interest on lease payments |
( |
) | ( |
) | ||||
Present value of lease liabilities |
$ | $ | ||||||
(In millions) |
December 31, 2023 |
December 31, 2022 |
December 31, 2021 |
|||||||||
Fixed payment revenue |
$ | $ | $ | |||||||||
Variable payment revenue |
||||||||||||
Total |
$ | $ | $ | |||||||||
Year 1 (a) |
$ | |||
Year 2 |
||||
Year 3 |
||||
Year 4 |
||||
Year 5 |
||||
After Year 5 |
||||
Total lease receivables |
$ | |||
Year 1 (a) |
$ | |||
Year 2 |
||||
Year 3 |
||||
After Year 3 |
||||
Total lease receivables |
$ | |
||
(In millions) |
2023 |
2022 |
2021 |
|||||||||
Trade receivables, net of allowances |
$ | $ | $ | |||||||||
Other assets |
||||||||||||
Total |
$ | $ | $ | |||||||||
Cumulative Amount |
As of the Quarter Ended |
Cumulative Amount |
||||||||||||||||||||||
(In millions) |
Balance as of December 31, 2022 |
March 31, 2023 |
June 30, 2023 |
September 30, 2023 |
December 31, 2023 |
Balance as of December 31, 2023 |
||||||||||||||||||
2022/2023 restructuring plan |
||||||||||||||||||||||||
Severance and related expense |
$ | $ | $ | $ | $ | ( |
) | $ | ||||||||||||||||
Other |
||||||||||||||||||||||||
Total Restructuring charges |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Impacts to earnings |
||||||||||||||||||||
(In millions) |
Balance as of December 31, 2022 |
Charged to Earnings |
Releases |
Cash Payments |
Balance as of December 31, 2023 |
|||||||||||||||
2022/2023 restructuring plan |
||||||||||||||||||||
Severance and related expense |
$ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||
Other |
( |
) | ||||||||||||||||||
Total |
$ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||
Impacts to earnings |
||||||||||||||||||||
(In millions) |
Balance as of December 31, 2021 |
Charged to Earnings |
Releases |
Cash Payments |
Balance as of December 31, 2022 |
|||||||||||||||
2020 restructuring plan |
||||||||||||||||||||
Severance and related expense |
$ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||
Other |
( |
) | ||||||||||||||||||
2022/2023 restructuring plan |
||||||||||||||||||||
Severance and related expense |
( |
) | ( |
) | ||||||||||||||||
Total |
$ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||
Consolidated Statements of Income |
Three Months Ended |
|||||||||||||||
(In millions, except per share data) |
March 31, 2023 |
June 30, 2023 |
September 30, 2023 |
December 31, 2023 |
||||||||||||
Total revenue |
$ | $ | $ | $ | ||||||||||||
Cost of sales |
||||||||||||||||
Income from continuing operations |
||||||||||||||||
Income from discontinued operations, net of taxes |
||||||||||||||||
Net income |
||||||||||||||||
Basic earnings per share: (1) |
||||||||||||||||
Continuing operations |
$ | $ | $ | $ | ||||||||||||
Discontinued operations |
||||||||||||||||
Net income |
$ | $ | $ | $ | ||||||||||||
Diluted earnings per share: (1) |
||||||||||||||||
Continuing operations |
$ | $ | $ | $ | ||||||||||||
Discontinued operations |
||||||||||||||||
Net income |
$ | $ | $ | $ |
Three Months Ended |
||||||||||||||||
(In millions, except per share data) |
March 31, 2022 |
June 30, 2022 |
September 30, 2022 |
December 31, 2022 |
||||||||||||
Total revenue |
$ | $ | $ | $ | ||||||||||||
Cost of sales |
||||||||||||||||
Income from continuing operations |
||||||||||||||||
Income from discontinued operations, net of taxes |
||||||||||||||||
Net income |
||||||||||||||||
Basic earnings per share: (1) |
||||||||||||||||
Continuing operations |
$ | $ | $ | $ | ||||||||||||
Discontinued operations |
||||||||||||||||
Net income |
$ | $ | $ | $ | ||||||||||||
Diluted earnings per share: (1) |
||||||||||||||||
Continuing operations |
$ | $ | $ | $ | ||||||||||||
Discontinued operations |
||||||||||||||||
Net income |
$ | $ | $ | $ |
(1) | Quarterly basic and diluted earnings per share amounts may not add up to the full fiscal year total presented due to rounding. Basic and diluted earnings per share are calculated by dividing net earnings by basic and diluted shares outstanding, respectively. |
(In thousands) |
Additions |
|||||||||||||||
Description |
Balance at Beginning of Period |
Charged to Costs and Expenses |
Deductions and Other (a) |
Balance at End of Period |
||||||||||||
Year ended December 31, 2021: |
||||||||||||||||
Allowance for doubtful accounts |
$ | $ | $ | $ | ||||||||||||
Valuation allowance for deferred tax assets |
$ | $ | $ | $ | ||||||||||||
Year ended December 31, 2022: |
||||||||||||||||
Allowance for credit losses |
$ | $ | $ | $ | ||||||||||||
Valuation allowance for deferred tax assets |
$ | $ | $ | $ | ||||||||||||
Year ended December 31, 2023: |
||||||||||||||||
Allowance for credit losses |
$ | $ | $ | $ | ||||||||||||
Valuation allowance for deferred tax assets |
$ | $ | $ | $ |
(a) | “Deductions and other” includes translation adjustments, write-offs, net of recoveries, and reductions in the allowances credited to expense. |