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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
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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
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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 |
Attachments
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.