Ferguson (Jersey) Ltd

CIK:0001832433|SEC Filings

Condensed Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023
Income Statement [Abstract]
Net sales	$ 7,308	$ 7,140	$ 21,689	$ 21,896
Cost of sales	(5,076)	(5,000)	(15,097)	(15,273)
Gross profit	2,232	2,140	6,592	6,623
Selling, general and administrative expenses	(1,522)	(1,435)	(4,503)	(4,376)
Impairments and other charges	0	(127)	0	(127)
Depreciation and amortization	(85)	(81)	(248)	(243)
Operating profit	625	497	1,841	1,877
Interest expense, net	(43)	(48)	(132)	(136)
Other expense, net	(1)	(2)	(4)	(7)
Income before income taxes	581	447	1,705	1,734
Provision for income taxes	(138)	(111)	(421)	(429)
Net income	$ 443	$ 336	$ 1,284	$ 1,305
Earnings per share, Basic (in usd per share)	$ 2.19	$ 1.64	$ 6.32	$ 6.30
Earnings per share, Diluted (in usd per share)	$ 2.18	$ 1.63	$ 6.30	$ 6.28
Weighted average number of shares outstanding:
Basic (in shares)	202.6	205.4	203.3	207.1
Diluted (in shares)	203.2	206.1	203.9	207.9

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended		9 Months Ended		32 Months Ended
	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024	Apr. 30, 2023	Apr. 30, 2024
Cash flows from operating activities:
Net income	$ 443	$ 336	$ 1,284	$ 1,305
Depreciation and amortization			248	243
Share-based compensation			39	38
Non-cash impact of impairments and net loss on disposal of assets			0	127
Change in deferred income taxes			(14)	(88)
(Increase) decrease in inventories			(194)	315
Decrease in receivables and other assets			107	313
Increase (decrease) in accounts payable and other liabilities			107	(441)
Decrease in income taxes payable			(69)	(12)
Other operating activities			(1)	6
Net cash provided by operating activities of continuing operations			1,507	1,806
Net cash used in operating activities of discontinued operations			0	(4)
Net cash provided by operating activities			1,507	1,802
Cash flows from investing activities:
Purchase of businesses acquired, net of cash acquired			(185)	(179)
Capital expenditures			(263)	(361)
Other investing activities			30	(3)
Net cash used in investing activities			(418)	(543)
Cash flows from financing activities:
Purchase of treasury shares			(421)	(784)	$ (2,900)
Repayments of debt			(1,480)	(2,280)
Proceeds from debt			1,375	2,250
Change in bank overdrafts			19	1
Cash dividends			(465)	(557)
Other financing activities			(23)	(19)
Net cash used in financing activities			(995)	(1,389)
Change in cash, cash equivalents and restricted cash			94	(130)
Effects of exchange rate changes			(8)	20
Cash, cash equivalents and restricted cash, beginning of period			669	785
Cash, cash equivalents and restricted cash, end of period	755	675	755	675	755
Supplemental Disclosures:
Cash paid for income taxes			505	529
Cash paid for interest			162	156
Accrued capital expenditures			9	11
Accrued dividends	$ 160	$ 153	$ 160	$ 153	$ 160

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Apr. 30, 2024	Jul. 31, 2023
Assets
Cash and cash equivalents	$ 691	$ 601
Accounts receivable, less allowances of $41 and $27, respectively	3,532	3,597
Inventories	4,115	3,898
Prepaid and other current assets	946	953
Assets held for sale	30	28
Total current assets	9,314	9,077
Property, plant and equipment, net	1,692	1,595
Operating lease right-of-use assets	1,511	1,474
Deferred income taxes, net	306	300
Goodwill	2,325	2,241
Other intangible assets, net	767	783
Other non-current assets	543	524
Total assets	16,458	15,994
Liabilities and shareholders’ equity
Accounts payable	3,638	3,408
Short-term debt	150	55
Current portion of operating lease liabilities	382	366
Other current liabilities	1,359	1,600
Total current liabilities	5,529	5,429
Long-term debt	3,518	3,711
Long-term portion of operating lease liabilities	1,155	1,126
Other long-term liabilities	734	691
Total liabilities	10,936	10,957
Shareholders’ equity:
Ordinary shares, par value 10 pence: 500,000,000 shares authorized, 232,171,182 shares issued	30	30
Paid-in capital	855	809
Retained earnings	9,301	8,557
Treasury shares, 30 and 28 shares, respectively at cost	(3,750)	(3,425)
Employee Benefit Trusts, 0 and 0 shares, respectively at cost	0	(46)
Accumulated other comprehensive loss	(914)	(888)
Total shareholders' equity	5,522	5,037
Total liabilities and shareholders' equity	$ 16,458	$ 15,994