IS
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| ABB Ltd Consolidated Income Statements (unaudited) | ||||
| Nine months ended | Three months ended | |||
| ($ in millions, except per share data in $) | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 |
| Sales of products | 17,946 | 17,644 | 6,184 | 5,770 |
| Sales of services and other | 3,676 | 3,734 | 1,222 | 1,258 |
| Total revenues | 21,622 | 21,378 | 7,406 | 7,028 |
| Cost of sales of products | (12,439) | (12,089) | (4,217) | (3,981) |
| Cost of services and other | (2,131) | (2,219) | (708) | (753) |
| Total cost of sales | (14,570) | (14,308) | (4,925) | (4,734) |
| Gross profit | 7,052 | 7,070 | 2,481 | 2,294 |
| Selling, general and administrative expenses | (3,833) | (3,808) | (1,277) | (1,231) |
| Non-order related research and development expenses | (844) | (897) | (272) | (296) |
| Other income (expense), net | (223) | 378 | (224) | 85 |
| Income from operations | 2,152 | 2,743 | 708 | 852 |
| Interest and dividend income | 50 | 37 | 17 | 11 |
| Interest and other finance expense | (107) | (108) | (45) | (17) |
| Non-operational pension (cost) credit | 102 | 130 | 34 | 42 |
| Income from continuing operations before taxes | 2,197 | 2,802 | 714 | 888 |
| Income tax expense | (728) | (775) | (294) | (201) |
| Income from continuing operations, net of tax | 1,469 | 2,027 | 420 | 687 |
| Loss from discontinued operations, net of tax | (36) | (45) | (16) | (9) |
| Net income | 1,433 | 1,982 | 404 | 678 |
| Net income attributable to noncontrolling interests | (90) | (76) | (44) | (26) |
| Net income attributable to ABB | 1,343 | 1,906 | 360 | 652 |
| Amounts attributable to ABB shareholders: | ||||
| Income from continuing operations, net of tax | 1,379 | 1,951 | 376 | 661 |
| Loss from discontinued operations, net of tax | (36) | (45) | (16) | (9) |
| Net income | 1,343 | 1,906 | 360 | 652 |
| Basic earnings per share attributable to ABB shareholders: | ||||
| Income from continuing operations, net of tax | 0.72 | 0.97 | 0.20 | 0.33 |
| Loss from discontinued operations, net of tax | (0.02) | (0.02) | (0.01) | 0.00 |
| Net income | 0.70 | 0.95 | 0.19 | 0.33 |
| Diluted earnings per share attributable to ABB shareholders: | ||||
| Income from continuing operations, net of tax | 0.72 | 0.96 | 0.20 | 0.33 |
| Loss from discontinued operations, net of tax | (0.02) | (0.02) | (0.01) | 0.00 |
| Net income | 0.70 | 0.94 | 0.19 | 0.32 |
| Weighted-average number of shares outstanding (in millions) used to compute: | ||||
| Basic earnings per share attributable to ABB shareholders | 1,909 | 2,011 | 1,882 | 2,001 |
| Diluted earnings per share attributable to ABB shareholders | 1,920 | 2,028 | 1,889 | 2,019 |
| Due to rounding, numbers presented may not add to the totals provided. | ||||
| See Notes to the Consolidated Financial Information |
CI
| - | ||||
| ABB Ltd Condensed Consolidated Statements of Comprehensive | ||||
| Income (unaudited) | ||||
| Nine months ended | Three months ended | |||
| ($ in millions) | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 |
| Total comprehensive income, net of tax | 778 | 1,722 | 70 | 516 |
| Total comprehensive income attributable to noncontrolling interests, net of tax | (61) | (81) | (35) | (26) |
| Total comprehensive income attributable to ABB shareholders, net of tax | 717 | 1,641 | 35 | 490 |
| Due to rounding, numbers presented may not add to the totals provided. | ||||
| See Notes to the Consolidated Financial Information |
BS
| - | ||
| ABB Ltd Consolidated Balance Sheets (unaudited) | ||
| ($ in millions) | Sep. 30, 2022 | Dec. 31, 2021 |
| Cash and equivalents | 2,365 | 4,159 |
| Restricted cash | 323 | 30 |
| Marketable securities and short-term investments | 793 | 1,170 |
| Receivables, net | 6,695 | 6,551 |
| Contract assets | 955 | 990 |
| Inventories, net | 5,849 | 4,880 |
| Prepaid expenses | 261 | 206 |
| Other current assets | 519 | 573 |
| Current assets held for sale and in discontinued operations | 102 | 136 |
| Total current assets | 17,862 | 18,695 |
| Restricted cash, non-current | - | 300 |
| Property, plant and equipment, net | 3,735 | 4,045 |
| Operating lease right-of-use assets | 857 | 895 |
| Investments in equity-accounted companies | 1,557 | 1,670 |
| Prepaid pension and other employee benefits | 901 | 892 |
| Intangible assets, net | 1,386 | 1,561 |
| Goodwill | 10,285 | 10,482 |
| Deferred taxes | 1,353 | 1,177 |
| Other non-current assets | 497 | 543 |
| Total assets | 38,433 | 40,260 |
| Accounts payable, trade | 4,769 | 4,921 |
| Contract liabilities | 2,115 | 1,894 |
| Short-term debt and current maturities of long-term debt | 3,068 | 1,384 |
| Current operating leases | 215 | 230 |
| Provisions for warranties | 962 | 1,005 |
| Other provisions | 1,478 | 1,386 |
| Other current liabilities | 4,201 | 4,367 |
| Current liabilities held for sale and in discontinued operations | 286 | 381 |
| Total current liabilities | 17,094 | 15,568 |
| Long-term debt | 4,530 | 4,177 |
| Non-current operating leases | 666 | 689 |
| Pension and other employee benefits | 871 | 1,025 |
| Deferred taxes | 766 | 685 |
| Other non-current liabilities | 2,246 | 2,116 |
| Non-current liabilities held for sale and in discontinued operations | 17 | 43 |
| Total liabilities | 26,190 | 24,303 |
| Commitments and contingencies | ||
| Redeemable noncontrolling interest | 85 | - |
| Stockholders' equity: | ||
| Common stock, CHF 0.12 par value | ||
| (1,965 million and 2,053 million shares issued at September 30, 2022, and December 31, 2021, respectively) | 171 | 178 |
| Additional paid-in capital | 9 | 22 |
| Retained earnings | 19,127 | 22,477 |
| Accumulated other comprehensive loss | (4,715) | (4,088) |
| Treasury stock, at cost | ||
| (90 million and 95 million shares at September 30, 2022, and December 31, 2021, respectively) | (2,770) | (3,010) |
| Total ABB stockholders' equity | 11,822 | 15,579 |
| Noncontrolling interests | 336 | 378 |
| Total stockholders' equity | 12,158 | 15,957 |
| Total liabilities and stockholders' equity | 38,433 | 40,260 |
| Due to rounding, numbers presented may not add to the totals provided. | ||
| See Notes to the Consolidated Financial Information |
CFS
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| ABB Ltd Consolidated Statements of Cash Flows (unaudited) | ||||
| Nine months ended | Three months ended | |||
| ($ in millions) | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 |
| Operating activities: | ||||
| Net income | 1,433 | 1,982 | 404 | 678 |
| Loss from discontinued operations, net of tax | 36 | 45 | 16 | 9 |
| Adjustments to reconcile net income (loss) to | ||||
| net cash provided by operating activities: | ||||
| Depreciation and amortization | 615 | 677 | 198 | 220 |
| Changes in fair values of investments | (39) | (114) | (24) | (1) |
| Pension and other employee benefits | (107) | (159) | (24) | (65) |
| Deferred taxes | (183) | 82 | (35) | (27) |
| Loss from equity-accounted companies | 100 | 83 | 38 | 26 |
| Net loss (gain) from derivatives and foreign exchange | 44 | 99 | (33) | 55 |
| Net loss (gain) from sale of property, plant and equipment | (64) | (22) | (9) | (7) |
| Other | 65 | 61 | (2) | 32 |
| Changes in operating assets and liabilities: | ||||
| Trade receivables, net | (657) | (182) | (36) | 232 |
| Contract assets and liabilities | 353 | (73) | 101 | 74 |
| Inventories, net | (1,667) | (692) | (584) | (399) |
| Accounts payable, trade | 390 | 361 | 177 | 52 |
| Accrued liabilities | 52 | 336 | 307 | 283 |
| Provisions, net | 312 | (79) | 186 | (19) |
| Income taxes payable and receivable | 19 | (92) | 71 | (36) |
| Other assets and liabilities, net | (88) | (8) | 42 | 12 |
| Net cash provided by operating activities - continuing operations | 614 | 2,305 | 793 | 1,119 |
| Net cash provided by (used in) operating activities - discontinued operations | (14) | 5 | (2) | (15) |
| Net cash provided by operating activities | 600 | 2,310 | 791 | 1,104 |
| Investing activities: | ||||
| Purchases of investments | (271) | (414) | (15) | (67) |
| Purchases of property, plant and equipment and intangible assets | (503) | (459) | (165) | (166) |
| Acquisition of businesses (net of cash acquired) | ||||
| and increases in cost- and equity-accounted companies | (226) | (227) | (47) | (199) |
| Proceeds from sales of investments | 654 | 1,639 | 148 | 318 |
| Proceeds from maturity of investments | - | 80 | - | - |
| Proceeds from sales of property, plant and equipment | 85 | 36 | 19 | 13 |
| Proceeds from sales of businesses (net of transaction costs | ||||
| and cash disposed) and cost- and equity-accounted companies | (8) | 93 | 5 | 46 |
| Net cash from settlement of foreign currency derivatives | (154) | (75) | (210) | (3) |
| Other investing activities | 1 | (25) | 9 | (11) |
| Net cash provided by (used in) investing activities - continuing operations | (422) | 648 | (256) | (69) |
| Net cash provided by (used in) investing activities - discontinued operations | (91) | (83) | - | (13) |
| Net cash provided by (used in) investing activities | (513) | 565 | (256) | (82) |
| Financing activities: | ||||
| Net changes in debt with original maturities of 90 days or less | 1,475 | 213 | 284 | (61) |
| Increase in debt | 3,554 | 1,378 | 373 | 374 |
| Repayment of debt | (2,025) | (763) | (542) | (13) |
| Delivery of shares | 389 | 786 | 19 | 20 |
| Purchase of treasury stock | (3,251) | (2,441) | (590) | (470) |
| Dividends paid | (1,698) | (1,726) | - | - |
| Dividends paid to noncontrolling shareholders | (83) | (91) | (7) | 1 |
| Other financing activities | (58) | (17) | (5) | (23) |
| Net cash used in financing activities - continuing operations | (1,697) | (2,661) | (468) | (172) |
| Net cash provided by financing activities - discontinued operations | - | - | - | - |
| Net cash used in financing activities | (1,697) | (2,661) | (468) | (172) |
| Effects of exchange rate changes on cash and equivalents and restricted cash | (191) | (75) | (115) | (41) |
| Net change in cash and equivalents and restricted cash | (1,801) | 139 | (48) | 809 |
| Cash and equivalents and restricted cash, beginning of period | 4,489 | 3,901 | 2,736 | 3,231 |
| Cash and equivalents and restricted cash, end of period | 2,688 | 4,040 | 2,688 | 4,040 |
| Supplementary disclosure of cash flow information: | ||||
| Interest paid | 47 | 75 | 11 | 17 |
| Income taxes paid | 907 | 793 | 269 | 250 |
| Due to rounding, numbers presented may not add to the totals provided. | ||||
| See Notes to the Consolidated Financial Information |
Equity
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| ABB Ltd Consolidated Statements of Changes in Stockholders' Equity (unaudited) | ||||||||
| ($ in millions) | Common stock | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Treasury stock | Total ABB stockholders' equity | Non- controlling interests | Total stockholders' equity |
| Balance at January 1, 2021 | 188 | 83 | 22,946 | (4,002) | (3,530) | 15,685 | 314 | 15,999 |
| Comprehensive income: | ||||||||
| Net income | 1,906 | 1,906 | 76 | 1,982 | ||||
| Foreign currency translation | ||||||||
| adjustments, net of tax of $2 | (366) | (366) | 5 | (361) | ||||
| Effect of change in fair value of | ||||||||
| available-for-sale securities, | ||||||||
| net of tax of $(3) | (10) | (10) | (10) | |||||
| Unrecognized income (expense) | ||||||||
| related to pensions and other | ||||||||
| postretirement plans, | ||||||||
| net of tax of $10 | 114 | 114 | 114 | |||||
| Change in derivative instruments | ||||||||
| and hedges, net of tax of $0 | (3) | (3) | (3) | |||||
| Total comprehensive income | 1,641 | 81 | 1,722 | |||||
| Changes in noncontrolling interests | (37) | (20) | (57) | 55 | (2) | |||
| Dividends to | ||||||||
| noncontrolling shareholders | - | (92) | (92) | |||||
| Dividends to shareholders | (1,730) | (1,730) | (1,730) | |||||
| Cancellation of treasury shares | (10) | (17) | (3,130) | 3,157 | - | - | ||
| Share-based payment arrangements | 48 | 48 | 48 | |||||
| Purchase of treasury stock | (2,430) | (2,430) | (2,430) | |||||
| Delivery of shares | (68) | (136) | 990 | 786 | 786 | |||
| Other | 6 | 6 | 6 | |||||
| Balance at September 30, 2021 | 178 | 16 | 19,837 | (4,266) | (1,814) | 13,951 | 358 | 14,309 |
| Balance at January 1, 2022 | 178 | 22 | 22,477 | (4,088) | (3,010) | 15,579 | 378 | 15,957 |
| Comprehensive income: | ||||||||
| Net income | 1,343 | 1,343 | 93 | 1,436 | ||||
| Foreign currency translation | ||||||||
| adjustments, net of tax of $1 | (774) | (774) | (32) | (806) | ||||
| Effect of change in fair value of | ||||||||
| available-for-sale securities, | ||||||||
| net of tax of $(6) | (24) | (24) | (24) | |||||
| Unrecognized income (expense) | ||||||||
| related to pensions and other | ||||||||
| postretirement plans, | ||||||||
| net of tax of $57 | 172 | 172 | 172 | |||||
| Change in derivative instruments | ||||||||
| and hedges, net of tax of $3 | - | - | - | |||||
| Total comprehensive income | 717 | 61 | 778 | |||||
| Changes in noncontrolling interests | (3) | (3) | (22) | (25) | ||||
| Dividends to | ||||||||
| noncontrolling shareholders | - | (81) | (81) | |||||
| Dividends to shareholders | (1,700) | (1,700) | (1,700) | |||||
| Cancellation of treasury shares | (8) | (4) | (2,864) | 2,876 | - | - | ||
| Share-based payment arrangements | 33 | 33 | 33 | |||||
| Purchase of treasury stock | (3,201) | (3,201) | (3,201) | |||||
| Delivery of shares | (46) | (130) | 565 | 389 | 389 | |||
| Other | 7 | 7 | 7 | |||||
| Balance at September 30, 2022 | 171 | 9 | 19,127 | (4,715) | (2,770) | 11,822 | 336 | 12,158 |
| Due to rounding, numbers presented may not add to the totals provided. | ||||||||
| See Notes to the Consolidated Financial Information |
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Disclaimer
ABB Ltd. published this content on 20 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 October 2022 07:37:12 UTC.