Income Statement

  Year Ending Dec 2020 (Update) Year Ending Dec 2019 (Update) Year Ending Dec 2018 (Update) Year Ending Dec 2017 (Reclassified)
Net Sales 5,084.24 5,140.08 3,977.54 3,398.72
Revenue 5,084.24 5,140.08 3,977.54 3,398.72
Total Revenue 5,084.24 5,140.08 3,977.54 3,398.72
Cost of Revenue 2,998.37 3,027.34 2,294.83 1,926.26
Cost of Revenue, Total 2,998.37 3,027.34 2,294.83 1,926.26
Gross Profit 2,085.87 2,112.75 1,682.71 1,472.46
Selling/General/Administrative Expense 948.83 876.12 707.46 570.14
Selling/General/Administrative Expenses, Total 948.83 876.12 707.46 570.14
Research & Development 356.86 346.13 311.58 295.47
Amortization of Intangibles, Operating 192.61 193.10 75.88 34.69
Depreciation/Amortization 192.61 193.10 75.88 34.69
Restructuring Charge 17.30 29.77 5.08 19.71
Litigation -- -- -- --
Loss (Gain) on Sale of Assets - Operating 3.78 2.37 -1.18 -0.18
Other Unusual Expense (Income) 0.00 0.00 38.81 0.00
Unusual Expense (Income) 21.08 32.13 42.71 19.53
Total Operating Expense 4,517.76 4,474.81 3,432.47 2,846.09
Operating Income 566.48 665.27 545.07 552.63
Interest Expense - Non-Operating -131.80 -138.22 -132.91 -65.36
Interest Expense, Net Non-Operating -131.80 -138.22 -132.91 -65.36
Investment Income, Non-Operating -- 0.56 14.51 -10.06
Interest/Investment Income, Non-Operating -- 0.56 14.51 -10.06
Interest Income (Expense), Net-Non-Operating, Total -131.80 -137.66 -118.41 -75.42
Other Non-Operating Income (Expense) 6.69 29.85 21.09 59.84
Other, Net 6.69 29.85 21.09 59.84
Net Income Before Taxes 441.37 557.45 447.76 537.05
Income Tax – Total 74.00 97.18 75.18 102.18
Income After Tax 367.37 460.27 372.58 434.87
Minority Interest -4.14 -4.40 -5.33 0.00
Net Income Before Extraordinary Items 363.23 455.87 367.25 434.87
Extraordinary Item -- 0.00 -32.80 -139.20
Total Extraordinary Items -- 0.00 -32.80 -139.20
Net Income 363.23 455.87 334.45 295.67
Miscellaneous Earnings Adjustment -2.80 -3.10 -1.00 -1.00
Total Adjustments to Net Income -2.80 -3.10 -1.00 -1.00
Income Available to Common Excluding Extraordinary Items 360.43 452.78 366.25 433.87
Income Available to Common Stocks Including Extraordinary Items 360.43 452.78 333.45 294.67
Basic Weighted Average Shares 112.16 111.97 87.55 79.07
Basic EPS Excluding Extraordinary Items 3.21 4.04 4.18 5.49
Basic EPS Including Extraordinary Items 3.21 4.04 3.81 3.73
Diluted Net Income 360.43 452.78 333.45 294.67
Diluted Weighted Average Shares 113.63 113.31 88.12 79.37
Diluted EPS Excluding Extraordinary Items 3.17 4.00 4.16 5.47
Diluted EPS Including Extraordinary Items 3.17 4.00 3.78 3.71
DPS - Common Stock Primary Issue 3.02 2.94 2.80 2.61
Gross Dividends - Common Stock 324.86 315.77 253.58 209.86
Litigation Charge, Supplemental 3.28 11.31 -- --
Other Unusual Expense (Income), Supplemental 142.12 78.48 -- --
Non-Recurring Items, Total 145.40 89.79 -- --
Total Special Items 166.48 121.92 42.71 19.53
Normalized Income Before Taxes 607.85 679.37 490.47 556.57
Effect of Special Items on Income Taxes 32.82 25.50 7.17 3.72
Income Taxes Excluding Impact of Special Items 106.82 122.68 82.35 105.90
Normalized Income After Taxes 501.03 556.69 408.12 450.68
Normalized Income Available to Common 494.08 549.20 401.79 449.68
Basic Normalized EPS 4.41 4.91 4.59 5.69
Diluted Normalized EPS 4.35 4.85 4.56 5.67
Amortization of Intangibles, Supplemental 192.61 193.10 75.88 34.69
Depreciation, Supplemental 132.75 130.23 97.91 83.27
Interest Expense, Supplemental 131.80 138.22 132.91 65.36
Rental Expense, Supplemental 61.62 52.21 42.40 37.80
Stock-Based Compensation, Supplemental 39.66 38.61 31.92 32.58
Minority Interest, Supplemental -4.14 -4.40 -5.33 0.00
Research & Development Expense, Supplemental 356.86 346.13 311.58 295.47
Audit-Related Fees, Supplemental 9.27 9.47 8.90 6.50
Audit-Related Fees 0.20 0.06 0.18 0.07
Tax Fees, Supplemental 0.07 0.32 1.45 0.39
All Other Fees Paid to Auditor, Supplemental 0.01 0.01 0.01 0.01
Gross Margin 41.03 41.10 42.31 43.32
Operating Margin 11.14 12.94 13.70 16.26
Pretax Margin 8.68 10.85 11.26 15.80
Effective Tax Rate 16.77 17.43 16.79 19.03
Net Profit Margin 7.09 8.81 9.21 12.77
Normalized EBIT 732.96 787.19 587.78 572.16
Normalized EBITDA 1,058.32 1,110.52 761.58 690.12
Current Tax - Domestic -8.81 9.98 -11.57 68.89
Current Tax - Foreign 149.38 146.06 98.43 113.47
Current Tax - Local 1.15 0.43 1.71 0.14
Current Tax - Total 141.72 156.46 88.57 182.49
Deferred Tax - Domestic -7.94 -41.13 -8.29 -64.75
Deferred Tax - Foreign -57.72 -25.75 1.98 -4.02
Deferred Tax - Local -2.06 7.60 -7.09 -11.54
Deferred Tax - Total -67.72 -59.28 -13.40 -80.31
Income Tax - Total 74.00 97.18 75.18 102.18
Interest Cost - Domestic 17.26 21.95 19.39 20.08
Service Cost - Domestic 1.28 1.38 1.97 2.18
Expected Return on Assets - Domestic -28.32 -27.93 -30.99 -35.58
Curtailments & Settlements - Domestic 0.00 0.00 0.00 0.00
Other Pension, Net - Domestic 7.94 5.46 6.59 5.42
Domestic Pension Plan Expense -1.84 0.87 -3.04 -7.90
Interest Cost - Foreign 12.77 17.78 17.70 17.12
Service Cost - Foreign 23.95 19.32 18.74 18.65
Expected Return on Assets - Foreign -45.92 -43.48 -33.99 -50.63
Curtailments & Settlements - Foreign 4.47 0.19 -- 2.75
Other Pension, Net - Foreign 15.32 11.65 11.80 14.40
Foreign Pension Plan Expense 10.60 5.46 14.25 2.29
Interest Cost - Post-Retirement 1.78 2.27 2.46 2.71
Service Cost - Post-Retirement 0.60 0.57 0.76 0.72
Prior Service Cost - Post-Retirement -- -- -- --
Other Post-Retirement, Net -4.66 -4.92 -5.50 -4.91
Post-Retirement Plan Expense -2.27 -2.09 -2.28 -1.49
Defined Contribution Expense - Domestic 12.43 9.36 10.53 8.60
Defined Contribution Expense - Foreign 7.34 9.00 6.86 5.68
Total Pension Expense 26.26 22.60 26.32 7.19
Discount Rate - Domestic -- 4.31 -- 4.19
Discount Rate - Foreign -- 2.22 -- 2.14
Discount Rate - Post-Retirement -- -- -- --
Expected Rate of Return - Domestic -- 5.60 -- 7.30
Expected Rate of Return - Foreign -- 4.87 -- 5.95
Compensation Rate - Domestic -- 3.25 -- 3.25
Compensation Rate - Foreign -- 1.93 -- 1.97
Total Plan Interest Cost 31.81 41.99 39.56 39.90
Total Plan Service Cost 25.84 21.27 21.46 21.55
Total Plan Expected Return -74.24 -71.41 -64.98 -86.20
Total Plan Other Expense 18.61 12.20 12.89 14.91

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In millions of USD (except for per share items)

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