Financial Overview - Annual Income Statement

  Year Ending Dec 2019 (Update) Year Ending Dec 2018 (Update) Year Ending Dec 2017 (Reclassified) Year Ending Dec 2016 (Reclassified)
Net Sales 5,140.08 3,977.54 3,398.72 3,116.35
Revenue 5,140.08 3,977.54 3,398.72 3,116.35
Total Revenue 5,140.08 3,977.54 3,398.72 3,116.35
Cost of Revenue 3,027.34 2,294.83 1,926.26 1,720.79
Cost of Revenue, Total 3,027.34 2,294.83 1,926.26 1,720.79
Gross Profit 2,112.75 1,682.71 1,472.46 1,395.56
Selling/General/Administrative Expense 876.12 707.46 570.14 572.52
Selling/General/Administrative Expenses, Total 876.12 707.46 570.14 572.52
Research & Development 346.13 311.58 295.47 258.86
Amortization of Intangibles, Operating 193.10 75.88 34.69 23.76
Depreciation/Amortization 193.10 75.88 34.69 23.76
Restructuring Charge 29.77 5.08 19.71 -1.70
Litigation -- -- -- --
Loss (Gain) on Sale of Assets - Operating 2.37 -1.18 -0.18 -10.84
Other Unusual Expense (Income) 0.00 38.81 0.00 0.00
Unusual Expense (Income) 32.13 42.71 19.53 -12.54
Total Operating Expense 4,474.81 3,432.47 2,846.09 2,563.40
Operating Income 665.27 545.07 552.63 552.96
Interest Expense - Non-Operating -138.22 -132.91 -65.36 -52.99
Interest Expense, Net Non-Operating -138.22 -132.91 -65.36 -52.99
Investment Income, Non-Operating 0.56 14.51 -10.06 26.82
Interest/Investment Income, Non-Operating 0.56 14.51 -10.06 26.82
Interest Income (Expense), Net-Non-Operating, Total -137.66 -118.41 -75.42 -26.17
Other Non-Operating Income (Expense) 29.85 21.09 59.84 -3.07
Other, Net 29.85 21.09 59.84 -3.07
Net Income Before Taxes 557.45 447.76 537.05 523.72
Income Tax – Total 97.18 75.18 102.18 118.69
Income After Tax 460.27 372.58 434.87 405.03
Minority Interest -4.40 -5.33 0.00 0.00
Net Income Before Extraordinary Items 455.87 367.25 434.87 405.03
Extraordinary Item 0.00 -32.80 -139.20 --
Total Extraordinary Items 0.00 -32.80 -139.20 --
Net Income 455.87 334.45 295.67 405.03
Miscellaneous Earnings Adjustment -3.10 -1.00 -1.00 -1.00
Total Adjustments to Net Income -3.10 -1.00 -1.00 -1.00
Income Available to Common Excluding Extraordinary Items 452.78 366.25 433.87 404.03
Income Available to Common Stocks Including Extraordinary Items 452.78 333.45 294.67 404.03
Basic Weighted Average Shares 111.97 87.55 79.07 79.65
Basic EPS Excluding Extraordinary Items 4.04 4.18 5.49 5.07
Basic EPS Including Extraordinary Items 4.04 3.81 3.73 5.07
Diluted Net Income 452.78 333.45 294.67 404.03
Diluted Weighted Average Shares 113.31 88.12 79.37 79.98
Diluted EPS Excluding Extraordinary Items 4.00 4.16 5.47 5.05
Diluted EPS Including Extraordinary Items 4.00 3.78 3.71 5.05
DPS - Common Stock Primary Issue 2.94 2.80 2.61 2.32
Gross Dividends - Common Stock 315.77 253.58 209.86 190.75
Litigation Charge, Supplemental 11.31 -- -- --
Other Unusual Expense (Income), Supplemental 78.48 -- -- --
Non-Recurring Items, Total 89.79 -- -- --
Total Special Items 121.92 42.71 19.53 -12.54
Normalized Income Before Taxes 679.37 490.47 556.57 511.18
Effect of Special Items on Income Taxes 25.50 7.17 3.72 -2.84
Income Taxes Excluding Impact of Special Items 122.68 82.35 105.90 115.85
Normalized Income After Taxes 556.69 408.12 450.68 395.34
Normalized Income Available to Common 549.20 401.79 449.68 394.34
Basic Normalized EPS 4.91 4.59 5.69 4.95
Diluted Normalized EPS 4.85 4.56 5.67 4.93
Amortization of Intangibles, Supplemental 193.10 75.88 34.69 23.76
Depreciation, Supplemental 130.23 97.91 83.27 78.71
Interest Expense, Supplemental 140.46 132.91 65.36 52.99
Rental Expense, Supplemental 52.21 42.40 37.80 35.40
Stock-Based Compensation, Supplemental 38.61 31.92 32.58 28.47
Minority Interest, Supplemental -4.40 -5.33 0.00 0.00
Research & Development Expense, Supplemental 346.13 311.58 295.47 258.86
Audit-Related Fees, Supplemental 9.47 8.90 6.50 5.27
Audit-Related Fees 0.06 0.18 0.07 0.13
Tax Fees, Supplemental 0.32 1.45 0.39 0.51
All Other Fees Paid to Auditor, Supplemental 0.01 0.01 0.01 0.01
Gross Margin 41.10 42.31 43.32 44.78
Operating Margin 12.94 13.70 16.26 17.74
Pretax Margin 10.85 11.26 15.80 16.81
Effective Tax Rate 17.43 16.79 19.03 22.66
Net Profit Margin 8.81 9.21 12.77 12.96
Normalized EBIT 787.19 587.78 572.16 540.42
Normalized EBITDA 1,110.52 761.58 690.12 642.89
Current Tax - Domestic 9.98 -11.57 68.89 -2.92
Current Tax - Foreign 146.06 98.43 113.47 105.87
Current Tax - Local 0.43 1.71 0.14 1.38
Current Tax - Total 156.46 88.57 182.49 104.34
Deferred Tax - Domestic -41.13 -8.29 -64.75 8.84
Deferred Tax - Foreign -25.75 1.98 -4.02 6.14
Deferred Tax - Local 7.60 -7.09 -11.54 -0.63
Deferred Tax - Total -59.28 -13.40 -80.31 14.35
Income Tax - Total 97.18 75.18 102.18 118.69
Interest Cost - Domestic 21.95 19.39 20.08 24.10
Service Cost - Domestic 1.38 1.97 2.18 2.50
Expected Return on Assets - Domestic -27.93 -30.99 -35.58 -33.99
Curtailments & Settlements - Domestic 0.00 0.00 0.00 0.00
Other Pension, Net - Domestic 5.46 6.59 5.42 5.82
Domestic Pension Plan Expense 0.87 -3.04 -7.90 -1.57
Interest Cost - Foreign 17.78 17.70 17.12 24.41
Service Cost - Foreign 19.32 18.74 18.65 15.21
Expected Return on Assets - Foreign -43.48 -33.99 -50.63 -45.87
Curtailments & Settlements - Foreign 0.19 -- 2.75 -0.49
Other Pension, Net - Foreign 11.65 11.80 14.40 12.80
Foreign Pension Plan Expense 5.46 14.25 2.29 6.07
Interest Cost - Post-Retirement 2.27 2.46 2.71 3.33
Service Cost - Post-Retirement 0.57 0.76 0.72 0.85
Prior Service Cost - Post-Retirement -- -- -- 0.00
Other Post-Retirement, Net -4.92 -5.50 -4.91 -5.09
Post-Retirement Plan Expense -2.09 -2.28 -1.49 -0.91
Defined Contribution Expense - Domestic 9.36 10.53 8.60 8.40
Defined Contribution Expense - Foreign 9.00 6.86 5.68 6.30
Total Pension Expense 22.60 26.32 7.19 18.30
Discount Rate - Domestic 4.31 -- 4.19 4.20
Discount Rate - Foreign 2.22 -- 2.14 3.03
Discount Rate - Post-Retirement -- -- -- --
Expected Rate of Return - Domestic 5.60 -- 7.30 7.30
Expected Rate of Return - Foreign 4.87 -- 5.95 6.40
Compensation Rate - Domestic 3.25 -- 3.25 3.25
Compensation Rate - Foreign 1.93 -- 1.97 1.98
Total Plan Interest Cost 41.99 39.56 39.90 51.84
Total Plan Service Cost 21.27 21.46 21.55 18.56
Total Plan Expected Return -71.41 -64.98 -86.20 -79.85
Total Plan Other Expense 12.20 12.89 14.91 13.54
For a more complete picture of our financial results, please review our SEC Filings

In millions of USD (except for per share items)

Copyright Refinitiv

X