$ABLZF

ABB LTD

CIK:0001091587|SEC Filings

Consolidated Income Statements - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Total revenues	$ 32,235	$ 29,446	$ 28,945
Total cost of sales	(21,021)	(19,736)	(19,478)
Gross profit	11,214	9,710	9,467
Selling, general and administrative expenses	(5,543)	(5,132)	(5,162)
Non-order related research and development expenses	(1,317)	(1,166)	(1,219)
Other income (expense), net	517	(75)	2,632
Income from operations	4,871	3,337	5,718
Interest and dividend income	165	72	51
Interest and other finance expense	(275)	(130)	(148)
Non-operational pension (cost) credit	17	115	166
Income from continuing operations before taxes	4,778	3,394	5,787
Income tax expense	(930)	(757)	(1,057)
Income from continuing operations, net of tax	3,848	2,637	4,730
Loss from discontinued operations, net of tax	(24)	(43)	(80)
Net income	3,824	2,594	4,650
Net income attributable to noncontrolling interests and redeemable noncontrolling interests	(79)	(119)	(104)
Net income attributable to ABB	3,745	2,475	4,546
Amounts attributable to ABB shareholders:
Income from continuing operations, net of tax	3,769	2,517	4,625
Loss from discontinued operations, net of tax	(24)	(42)	(79)
Net income	$ 3,745	$ 2,475	$ 4,546
Basic earnings per share attributable to ABB shareholders:
Income from continuing operations, net of tax (in dollars per share)	$ 2.03	$ 1.33	$ 2.31
Loss from discontinued operations, net of tax (in dollars per share)	(0.01)	(0.02)	(0.04)
Net income (in dollars per share)	2.02	1.30	2.27
Diluted earnings per share attributable to ABB shareholders:
Income from continuing operations, net of tax (in dollars per share)	2.02	1.32	2.29
Loss from discontinued operations, net of tax (in dollars per share)	(0.01)	(0.02)	(0.04)
Net income (in dollars per share)	$ 2.01	$ 1.30	$ 2.25
Weighted-average number of shares outstanding (in millions) used to compute:
Basic earnings per share attributable to ABB shareholders (in shares)	1,855	1,899	2,001
Diluted earnings per share attributable to ABB shareholders (in shares)	1,867	1,910	2,019
Products
Total revenues	$ 27,010	$ 24,471	$ 23,745
Total cost of sales	(17,938)	(16,804)	(16,364)
Services and other
Total revenues	5,225	4,975	5,200
Total cost of sales	$ (3,083)	$ (2,932)	$ (3,114)

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities:
Net income	$ 3,824	$ 2,594	$ 4,650
Loss from discontinued operations, net of tax	24	43	80
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	780	814	893
Changes in fair values of investments	(29)	(33)	(123)
Pension and other employee benefits	(48)	(125)	(216)
Deferred taxes	(25)	(344)	(289)
Loss from equity-accounted companies	16	102	100
Net loss (gain) from derivatives and foreign exchange	(55)	(23)	49
Net gain from sale of property, plant and equipment	(116)	(84)	(38)
Net loss (gain) from sale of businesses	(101)	7	(2,193)
Other	158	66	117
Changes in operating assets and liabilities:
Trade receivables, net	(661)	(831)	(142)
Contract assets and liabilities	412	416	29
Inventories, net	(3)	(1,599)	(771)
Accounts payable, trade	(106)	395	659
Accrued liabilities	254	136	454
Provisions, net	211	(70)	(48)
Income taxes payable and receivable	(190)	(94)	117
Other assets and liabilities, net	(44)	(36)	10
Net cash provided by operating activities - continuing operations	4,301	1,334	3,338
Net cash used in operating activities - discontinued operations	(11)	(47)	(8)
Net cash provided by operating activities	4,290	1,287	3,330
Investing activities:
Purchases of investments	(1,957)	(321)	(1,528)
Purchases of property, plant and equipment and intangible assets	(770)	(762)	(820)
Acquisition of businesses (net of cash acquired) and increases in cost- and equity-accounted companies	(225)	(288)	(241)
Proceeds from sale of investments	610	697	2,272
Proceeds from maturity of investments	149	73	81
Proceeds from sales of property, plant and equipment	147	127	93
Proceeds from sales of businesses (net of transaction costs and cash disposed) and cost- and equity-accounted companies	553	1,541	2,958
Net cash from settlement of foreign currency derivatives	(109)	(166)	(121)
Changes in loans receivable, net	3	320	(19)
Other investing activities	7	(14)	(4)
Net cash provided by (used in) investing activities - continuing operations	(1,592)	1,207	2,671
Net cash used in investing activities - discontinued operations	(23)	(226)	(364)
Net cash provided by (used in) investing activities	(1,615)	981	2,307
Financing activities:
Net changes in debt with maturities of 90 days or less	(1,365)	1,366	(83)
Increase in debt	2,586	3,849	1,400
Repayment of debt	(1,567)	(2,703)	(1,538)
Delivery of shares	154	394	826
Purchase of treasury stock	(1,258)	(3,553)	(3,708)
Dividends paid	(1,713)	(1,698)	(1,726)
Cash associated with the spin-off of the Turbocharging Division	0	(172)	0
Dividends paid to noncontrolling shareholders	(93)	(99)	(98)
Proceeds from issuance of subsidiary shares	328	216	0
Other financing activities	31	6	(41)
Net cash used in financing activities - continuing operations	(2,897)	(2,394)	(4,968)
Net cash provided by financing activities - discontinued operations	0	0	0
Net cash used in financing activities	(2,897)	(2,394)	(4,968)
Effects of exchange rate changes on cash and equivalents and restricted cash	(43)	(189)	(81)
Net change in cash and equivalents and restricted cash	(265)	(315)	588
Cash and equivalents and restricted cash, beginning of period	4,174	4,489	3,901
Cash and equivalents and restricted cash, end of period	3,909	4,174	4,489
Supplementary disclosure of cash flow information:
Interest paid	250	90	132
Income taxes paid	$ 1,147	$ 1,188	$ 1,292

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Consolidated Balance Sheets
Cash and equivalents	$ 3,891	$ 4,156
Restricted cash	18	18
Marketable securities and short-term investments	1,928	725
Receivables, net	7,446	6,858
Contract assets	1,090	954
Inventories, net	6,149	6,028
Prepaid expenses	235	230
Other current assets	520	601
Total current assets	21,277	19,570
Property, plant and equipment, net	4,142	3,911
Operating lease right-of-use assets	893	841
Investments in equity-accounted companies	187	130
Prepaid pension and other employee benefits	780	916
Intangible assets, net	1,223	1,406
Goodwill	10,561	10,511
Deferred taxes	1,381	1,396
Other non-current assets	496	467
Total assets	40,940	39,148
Accounts payable, trade	4,847	4,904
Contract liabilities	2,844	2,216
Short-term debt and current maturities of long-term debt	2,607	2,535
Current operating leases	249	220
Provisions for warranties	1,210	1,028
Other provisions	1,201	1,171
Other current liabilities	5,046	4,455
Total current liabilities	18,004	16,529
Long-term debt	5,221	5,143
Non-current operating leases	666	651
Pension and other employee benefits	686	719
Deferred taxes	669	729
Other non-current liabilities	1,548	2,105
Total liabilities	26,794	25,876
Commitments and contingencies
Redeemable noncontrolling interest	89	85
Stockholders' equity:
Common stock, CHF 0.12 par value (1,882 million and 1,965 million shares issued at December 31, 2023 and 2022, respectively)	163	171
Additional paid-in capital	7	141
Retained earnings	19,724	20,082
Accumulated other comprehensive loss	(5,070)	(4,556)
Treasury stock, at cost (40 million and 100 million shares at December 31, 2023 and 2022, respectively)	(1,414)	(3,061)
Total ABB stockholders' equity	13,410	12,777
Noncontrolling interests	647	410
Total stockholders' equity	14,057	13,187
Total liabilities and stockholders' equity	$ 40,940	$ 39,148