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Tables in the 10-K of Veralto Corp

56 tables with numbers, filed Feb 28, 2024. Each one downloads as an Excel file or a CSV (numbers are stored as numbers), with the filing's address in the last row. Only the layout is tidied (a "$" or ")" in a cell of its own is joined to its number); no value is changed. Open the filing on sec.gov ↗

← Filings of VLTO

Table 1 after “TABLE OF CONTENTS”

PAGE
INFORMATION RELATING TO FORWARD-LOOKING STATEMENTS1
PART I
Item 1.Business3
Item 1A.Risk Factors11
Item 1B.Unresolved Staff Comments26
Item 1C.Cybersecurity26
Item 2.Properties27

First 8 of 29 rows. The download has all of them.

Table 2 after “Sales Growth and Core Sales Growth”

2023 vs. 20222022 vs. 2021
Total sales growth GAAP3.1%3.6%
Impact of:
Acquisitions/divestitures(0.3)%0.4%
Currency exchange rates(0.2)%4.1%
Core sales growth (non-GAAP)2.6%8.1%

Table 3 after “Sales by business segment for the years ended December 31 are as follows ($ in millions):”

202320222021
Water Quality$3,039$2,887$2,669
Product Quality & Innovation1,9821,9832,031
Total$5,021$4,870$4,700

Table 4 after “Cost of Sales and Gross Profit”

Year Ended December 31
($ in millions)202320222021
Sales$5,021$4,870$4,700
Cost of sales(2,120)(2,110)(1,987)
Gross profit$2,901$2,760$2,713
Gross profit margin57.8%56.7%57.7%

Table 5 after “Operating Expenses”

Year Ended December 31
($ in millions)202320222021
Sales$5,021$4,870$4,700
Selling, general and administrative (“SG&A”) expenses(1,536)(1,431)(1,428)
Research and development (“R&D”) expenses(225)(217)(244)
SG&A as a % of sales30.6%29.4%30.4%
R&D as a % of sales4.5%4.5%5.2%

Table 6 after “Water Quality Selected Financial Data”

Year Ended December 31
($ in millions)202320222021
Sales$3,039$2,887$2,669
Operating profit730668584
Depreciation242427
Amortization of intangible assets212227
Operating profit as a % of sales24.0%23.1%21.9%
Depreciation as a % of sales0.8%0.8%1.0%

First 8 of 9 rows. The download has all of them.

Table 7 after “Sales Growth and Core Sales Growth”

2023 vs. 20222022 vs. 2021
Total sales growth GAAP5.3%8.1%
Impact of:
Acquisitions/divestitures—%—%
Currency exchange rates(0.2)%3.5%
Core sales growth (non-GAAP)5.1%11.6%

Table 8 after “Product Quality & Innovation Selected Financial Data”

Year Ended December 31
($ in millions)202320222021
Sales$1,982$1,983$2,031
Operating profit472488496
Depreciation151617
Amortization of intangible assets272835
Operating profit as a % of sales23.8%24.6%24.4%
Depreciation as a % of sales0.8%0.8%0.8%

First 8 of 9 rows. The download has all of them.

Table 9 after “Sales Growth (Decline) and Core Sales Growth (Decline)”

2023 vs. 20222022 vs. 2021
Total sales growth (decline) GAAP—%(2.4)%
Impact of:
Acquisitions/divestitures(0.7)%1.0%
Currency exchange rates(0.3)%5.0%
Core sales (decline) growth (non-GAAP)(1.0)%3.6%

Table 10 after “The following table summarizes the Company’s effective tax rate:”

Year Ended December 31
202320222021
Effective tax rate23.4%24.1%17.8%

Table 11 after “Following is an overview of the Company’s cash flows and liquidity for the years ended December 31:”

($ in millions)202320222021
Total operating cash flows$963$870$896
Cash paid for acquisitions$—$(55)$(60)
Payments for additions to property, plant and equipment(54)(34)(54)
Proceeds from sales of property, plant and equipment2——
Proceeds from sale of product lines——26
All other investing activities(3)—(9)
Net cash used in investing activities$(55)$(89)$(97)

First 8 of 14 rows. The download has all of them.

Table 12 after “($ in millions, except per share amount)”

As of December 31
20232022
ASSETS
Current assets:
Cash and equivalents$762$—
Trade accounts receivable, less allowance for doubtful accounts of $36 as of December 31, 2023 and $34 as of December 31, 2022826816
Inventories297345
Prepaid expenses and other current assets188119

First 8 of 32 rows. The download has all of them.

Table 13 after “($ and shares in millions, except per share amounts)”

Year Ended December 31
202320222021
Sales$5,021$4,870$4,700
Cost of sales(2,120)(2,110)(1,987)
Gross profit2,9012,7602,713
Operating costs:
Selling, general and administrative expenses(1,536)(1,431)(1,428)
Research and development expenses(225)(217)(244)

First 8 of 21 rows. The download has all of them.

Table 14 after “($ in millions)”

Year Ended December 31
202320222021
Net earnings$839$845$861
Other comprehensive income (loss), net of income taxes:
Foreign currency translation adjustments29(100)(88)
Pension and postretirement plan benefit adjustments(15)3315
Unrealized loss on net investment hedge(14)——
Total other comprehensive income (loss), net of income taxes—(67)(73)

First 8 of 9 rows. The download has all of them.

Table 15 after “($ and shares in millions)”

Common Stock
SharesAmountAdditional Paid-In CapitalRetained EarningsNet Former Parent InvestmentAccumulated Other Comprehensive Income (Loss)Noncontrolling Interests
Balance, January 1, 2021—$—$—$—$3,989$(814)$4
Net earnings for the year————861——
Net transfers to Former Parent————(800)——
Other comprehensive loss—————(73)—
Former Parent common stock-based award activity————34——
Balance, December 31, 2021—$—$—$—$4,084$(887)$4

First 8 of 25 rows. The download has all of them.

Table 16 after “($ in millions)”

Year Ended December 31
202320222021
Cash flows from operating activities:
Net earnings$839$845$861
Noncash items:
Depreciation394044
Amortization485062
Stock-based compensation expense554134

First 8 of 35 rows. The download has all of them.

Table 17 after “The classes of inventory as of December 31 are summarized as follows ($ in millions):”

20232022
Finished goods$126$145
Work in process4251
Raw materials129149
Total$297$345

Table 18 after “The classes of property, plant and equipment as of December 31 are summarized as follows ($ in millions):”

20232022
Land and improvements$15$15
Buildings202199
Machinery and equipment491458
Customer-leased equipment2635
Gross property, plant and equipment734707
Less: accumulated depreciation(472)(460)
Property, plant and equipment, net$262$247

Table 19 after “Information related to the calculation of net earnings per common share from continuing operations for the years ended December 31 is summar”

202320222021
Numerator:
Net earnings$839$845$861
Denominator:
Weighted average common shares outstanding used in Basic EPS246.4246.3246.3
Incremental common shares from:
Assumed exercise of dilutive options and vesting of dilutive RSUs0.4——
Weighted average common shares outstanding used in Diluted EPS246.8246.3246.3

First 8 of 10 rows. The download has all of them.

Table 20 after “The following table presents the Company’s revenues disaggregated by geographical region and revenue type ($ in millions). Sales taxes and o”

Water QualityProduct Quality & InnovationTotal
Year ended December 31, 2023:
Geographical region:
North America(a)$1,694$659$2,353
Western Europe5365841,120
Other developed markets6553118
High-growth markets(b)7446861,430
Total$3,039$1,982$5,021

First 8 of 34 rows. The download has all of them.

Table 21 after “Detailed segment data for the years ended December 31 is as follows ($ in millions):”

202320222021
Sales:
Water Quality$3,039$2,887$2,669
Product Quality & Innovation1,9821,9832,031
Total$5,021$4,870$4,700
Operating profit:
Water Quality$730$668$584
Product Quality & Innovation472488496

First 8 of 25 rows. The download has all of them.

Table 22 after “Operations in Geographical Areas:”

Year Ended December 31
($ in millions)202320222021
Sales:
United States$2,177$2,094$1,890
China356395416
Germany257251273
All other (each country individually less than 5% of total sales)2,2312,1302,121
Total$5,021$4,870$4,700

First 8 of 14 rows. The download has all of them.

Table 23 after “Earnings from operations before income taxes for the years ended December 31 were as follows ($ in millions):”

202320222021
United States$484$528$432
Non-U.S.612585615
Total$1,096$1,113$1,047

Table 24 after “The provision for income taxes from operations for the years ended December 31 were as follows ($ in millions):”

202320222021
Current:
Federal U.S.$86$107$41
Non-U.S.169177137
State and local272819
Deferred:
Federal U.S.(19)(22)(6)
Non-U.S.(4)(17)(3)

First 8 of 10 rows. The download has all of them.

Table 25 after “The effective income tax rate from operations for the years ended December 31 varies from the U.S. statutory federal income tax rate as foll”

Percentage of Pre-Tax Earnings
202320222021
Statutory federal income tax rate21.0%21.0%21.0%
Increase (decrease) in tax rate resulting from:
State income taxes (net of Federal income tax benefit)1.91.71.5
Non-U.S. rate differential3.52.72.2
US Taxation of Foreign Earnings(2.1)(1.5)(1.1)
Change in uncertain tax positions—1.0(3.5)

First 8 of 12 rows. The download has all of them.

Table 26 after “Significant components of the Company’s deferred tax assets and liabilities from operations at the end of each fiscal year were as follows:”

20232022
Deferred Tax Assets:
Allowance for doubtful accounts$6$6
Inventories1822
Employee benefit plans79
Other accruals and prepayments7989
Stock-based compensation expense1415
Operating lease liabilities3131

First 8 of 20 rows. The download has all of them.

Table 27 after “A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding amounts accrued for potential interest and penal”

202320222021
Unrecognized tax benefits, beginning of year$94$81$115
Additions based on tax positions related to the current year—87
Additions for tax positions of prior years2111
Reductions for tax positions of prior years2——
Acquisitions, divestitures and other4——
Statute of limitations expirations(1)(1)(40)
Settlements(4)(4)(1)

First 8 of 10 rows. The download has all of them.

Table 28 after “The following sets forth the components of the Company’s other income (expense), net ($ in millions):”

202320222021
Other components of net periodic benefit costs$1$1$(2)
Unrealized investment gains (losses)(15)——
Gains on sale of product lines——8
Total other income (expense), net$(14)$1$6

Table 29 after “65”

202320222021
Consolidated and Combined Statements of Earnings
Fixed operating lease expense (a)$43$40$45
Variable operating lease expense121313
Total operating lease expense$55$53$58
Consolidated and Combined Statements of Cash Flows
Cash paid for amounts included in the measurement of operating lease liabilities$41$40$46
ROU assets obtained in exchange for operating lease obligations522417

First 8 of 16 rows. The download has all of them.

Table 30 after “The following table presents the maturity of the Company’s operating lease liabilities as of December 31, 2023 ($ in millions):”

2024$38
202529
202622
202717
202813
Thereafter56
Total operating lease payments175
Less: imputed interest(27)

First 8 of 9 rows. The download has all of them.

Table 31 after “The following is a rollforward of the Company’s goodwill by segment ($ in millions):”

Water QualityProduct Quality & InnovationTotal
Balance, January 1, 2022$1,315$1,187$2,502
Attributable to 2022 acquisitions—3838
Adjustments due to finalization of purchase price allocations—11
Foreign currency translation and other(38)(27)(65)
Balance, December 31, 20221,2771,1992,476
Adjustments due to finalization of purchase price allocations—22
Foreign currency translation and other282755

First 8 of 9 rows. The download has all of them.

Table 32 after “The following summarizes the gross carrying value and accumulated amortization for each major category of intangible assets as of December 3”

20232022
Gross Carrying AmountAccumulated AmortizationGross Carrying AmountAccumulated Amortization
Finite – lived intangibles:
Customer relationships$595$(502)$588$(457)
Patents, technology and other intangibles277(246)271(228)
Total finite – lived intangibles872(748)859(685)
Indefinite – lived intangibles:
Trademarks and trade names303—305—

First 8 of 9 rows. The download has all of them.

Table 33 after “A summary of financial liabilities that are measured at fair value on a recurring basis were as follows ($ in millions):”

Quoted Prices in Active Market (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)Total
December 31, 2023
Deferred compensation liabilities$23$—$—$23
December 31, 2022
Deferred compensation liabilities$22$—$—$22

Table 34 after “The carrying amounts and fair values of the Company’s other financial instruments as of December 31 were as follows ($ in millions):”

20232022
Carrying AmountFair ValueCarrying AmountFair Value
Long-term debt$2,629$2,710$—$—

Table 35 after “Accrued expenses and other liabilities as of December 31 were as follows ($ in millions):”

20232022
CurrentNoncurrentCurrentNoncurrent
Compensation and benefits$184$44$211$57
Pension and postretirement benefits630513
Taxes, income and other13918566264
Deferred revenue2081519214
Sales and product allowances27—27—
Operating lease liabilities331153291

First 8 of 10 rows. The download has all of them.

Table 36 after “The components of the Company’s debt as of December 31 were as follows (amounts in millions):”

Outstanding Amount
Description and Aggregate Principal Amount20232022
5.50% senior unsecured notes due 9/18/2026 ($700 million) (the “2026 Notes”)$696$—
5.35% senior unsecured notes due 9/18/2028 ($700 million) (the “2028 Notes”)695—
4.15% senior unsecured notes due 9/19/2031 (€500 million) (the “2031 Notes”)546—
5.45% senior unsecured notes due 9/18/2033 ($700 million) (the "2033 Notes")692—
Long-term debt$2,629$—

Table 37 after “The Company’s minimum principal payments for the next five years are as follows ($ in millions):”

2024$—
2025—
2026700
2027—
2028700
Thereafter1,233

Table 38 after “The following table summarizes the notional values as of December 31, 2023 and pretax impact of changes in the fair values of instruments de”

Original Notional AmountNotional Amount OutstandingLoss Recognized in OCIAmounts Reclassified from OCI
Year ended December 31, 2023:
Foreign currency denominated debt$546$546$(19)$—

Table 39 after “The following sets forth the funded status of the Company's plans as of the most recent actuarial valuations using measurement dates of Dece”

20232022
Change in pension benefit obligation:
Benefit obligation at beginning of year$(142)$(182)
Service cost(5)(6)
Interest cost(4)(1)
Participant contributions(2)(2)
Plan settlements and curtailments—4
Benefits and other expenses paid62

First 8 of 21 rows. The download has all of them.

Table 40 after “Projected benefit obligation (“PBO”) and fair value of plan assets for pension plans and postretirement benefit plans with PBOs in excess of”

20232022
Projected benefit obligation$171$92
Fair value of plan assets13572

Table 41 after “Accumulated benefit obligation (“ABO”) and fair value of plan assets for pension plans and postretirement benefit plans with ABOs in excess ”

20232022
Accumulated benefit obligation$157$62
Fair value of plan assets13553

Table 42 after “Weighted average assumptions used to determine benefit obligations at date of measurement:”

20232022
Discount rate2.0%2.9%
Rate of compensation increase2.5%2.5%

Table 43 after “Components of net periodic pension and postretirement benefit (cost) ($ in millions):”

20232022
Service cost$(5)$(6)
Interest cost(4)(1)
Expected return on plan assets42
Amortization of prior service credit11
Amortization of net loss—(1)
Net periodic pension cost$(4)$(5)

Table 44 after “Weighted average assumptions used to determine net periodic pension benefit (cost) at date of measurement:”

20232022
Discount rate2.9%0.6%
Expected long-term return on plan assets3.1%2.3%
Rate of compensation increase2.5%2.1%

Table 45 after “The following sets forth benefit payments, which reflect expected future service, as appropriate, expected to be paid by the plans in the pe”

2024$7
20258
20268
20278
202810
2029 - 203348

Table 46 after “The following summarizes the assumptions used in the Black-Scholes model to value options granted during the years ended December 31:”

2023
Risk-free interest rate4.6 – 4.7%
Weighted average volatility32.7 – 35.7%
Dividend yield—%
Expected years until exercise5 – 7

Table 47 after “The following summarizes option activity under the Company’s stock plans (in millions, except weighted average exercise price and number of ”

OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual Term (in years)Aggregate Intrinsic Value
Outstanding as of December 31, 2022—$—
Awards converted from Former Parent plan5.758.22
Granted0.177.53
Exercised(0.1)31.81
Cancelled/forfeited(0.1)78.05
Outstanding as of December 31, 20235.658.936.3$141
Vested and expected to vest as of December 31, 2023 (a)5.6$58.486.1$141

First 8 of 9 rows. The download has all of them.

Table 48 after “Options outstanding as of December 31, 2023 are summarized below (in millions, except price per share and number of years):”

OutstandingExercisable
Exercise PriceSharesAverage Exercise PriceAverage Remaining Life (in years)SharesAverage Exercise Price
$18.36 to $33.181.0$25.0921.0$25.09
$33.19 to $52.391.336.7851.136.42
$52.4 to $75.811.363.8470.661.25
$75.82 to $83.251.181.9190.178.41
$83.26 to $100.120.990.5680.391.86

Table 49 after “The following summarizes information on unvested RSU activity (in millions, except weighted average grant-date fair value):”

Number of RSUsWeighted Average Grant-Date Fair Value
Unvested as of December 31, 2022—$—
Awards from Former Parent plan1.076.38
Granted0.176.19
Vested(0.1)80.20
Forfeited—77.93
Unvested as of December 31, 20231.076.23

Table 50 after “The changes in accumulated other comprehensive income (loss) by component are summarized below ($ in millions).”

Foreign Currency Translation AdjustmentsNet Investment HedgesPension and Postretirement Plan Benefit AdjustmentsAccumulated Comprehensive Income (Loss)
Balance, January 1, 2021$(780)$—$(34)$(814)
Other comprehensive income (loss) before reclassifications:
Increase (decrease)(88)—16(72)
Income tax impact——(4)(4)
Other comprehensive income (loss) before reclassifications, net of income taxes(88)—12(76)
Reclassification adjustments
Increase (decrease)——3(a)3

First 8 of 32 rows. The download has all of them.

Table 51 after “Set forth below are the names, ages, positions and experience of Veralto’s executive officers as of February 4, 2024. All of Veralto’s execu”

NameAgePosition
Jennifer L. Honeycutt54President and Chief Executive Officer; Director
Sameer Ralhan50Senior Vice President and Chief Financial Officer
Melissa Aquino52Senior Vice President, Water Quality
Mattias Byström51Senior Vice President, Product Quality & Innovation
Surekha Trivedi49Senior Vice President, Strategy & Sustainability
Lesley Beneteau51Senior Vice President, Human Resources
Sylvia Stein57Senior Vice President and General Counsel

Table 52 after “EXHIBIT INDEX”

Exhibit NumberDescription
2.1Separation and Distribution Agreement, dated as of September 29, 2023, by and between Veralto Corporation and Danaher Corporation (incorporated by reference to Exhibit 2.1 to Veralto Corporation’s Current Report on Form 8-K filed October 2, 2023)
3.1Amended and Restated Certificate of Incorporation of Veralto Corporation (incorporated by reference to Exhibit 3.1 to Veralto Corporation’s Current Report on Form 8-K filed October 2, 2023)
3.2Amended and Restated Bylaws of Veralto Corporation (incorporated by reference to Exhibit 3.2 to Veralto Corporation’s Current Report on Form 8-K filed October 2, 2023)
4.1Indenture, dated as of September 18, 2023, between Veralto Corporation, as issuer, and Deutsche Bank Trust Company Americas, a New York banking corporation, as trustee (incorporated by reference to Exhibit 4.1 to Veralto Corporation’s Current Report on Form 8-K filed September 19, 2023)
4.2Registration Rights Agreement, dated as of September 18, 2023, by and among Veralto Corporation and Barclays Capital Inc., BNP Paribas Securities Corp., BofA Securities, Inc., Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC, as representatives of the initial purchasers of the USD Notes (incorporated by reference to Exhibit 4.2 to Veralto Corporation’s Current Report on Form 8-K filed September 19, 2023)
4.3Indenture, dated as of September 19, 2023, between Veralto Corporation, as issuer, and Deutsche Bank Trust Company Americas, a New York banking corporation, as trustee (incorporated by reference to Exhibit 4.3 to Veralto Corporation’s Current Report on Form 8-K filed September 19, 2023)
4.4Registration Rights Agreement, dated as of September 19, 2023, by and among Veralto Corporation and Deutsche Bank AG, London Branch and Goldman Sachs & Co. LLC, as representatives of the initial purchasers of the Euro Notes (incorporated by reference to Exhibit 4.4 to Veralto Corporation’s Current Report on Form 8-K filed September 19, 2023)

First 8 of 21 rows. The download has all of them.

Table 53 after “Table of Contents”

10.13Offer of Employment Letter, dated as of January 27, 2023, between Danaher Corporation and Jennifer Honeycutt (incorporated by reference to Exhibit 10.7 to Amendment No. 2 to Veralto Corporation’s Registration Statement on Form 10 filed August 31, 2023)
10.14Offer of Employment Letter, dated as of May 12, 2023, between DH EAS Employment LLC and Sameer Ralhan (incorporated by reference to Exhibit 10.8 to Amendment No. 2 to Veralto Corporation’s Registration Statement on Form 10 filed August 31, 2023)
10.15Offer of Employment Letter, dated as of January 6, 2023, between Danaher Corporation and Melissa Aquino (incorporated by reference to Exhibit 10.9 to Amendment No. 2 to Veralto Corporation’s Registration Statement on Form 10 filed August 31, 2023)
10.16Employment Agreement, dated as of December 21, 2021, between VTI Sweden AB and Mattias Byström (incorporated by reference to Exhibit 10.10 to Amendment No. 2 to Veralto Corporation’s Registration Statement on Form 10 filed August 31, 2023)
10.17Offer of Employment Letter, dated as of April 10, 2023, between Veralto Corporation and Sylvia Stein
10.18Amendment to Employment Agreement, dated as of May 5, 2023, between VTI Sweden AB and Mattias Byström (incorporated by reference to Exhibit 10.11 to Amendment No. 2 to Veralto Corporation’s Registration Statement on Form 10 filed August 31, 2023)
10.19Offer of Employment Letter, dated as of February 27, 2023, between Danaher Corporation and Surekha Trivedi (incorporated by reference to Exhibit 10.12 to Amendment No. 2 to Veralto Corporation’s Registration Statement on Form 10 filed August 31, 2023)
10.20Form of Veralto Corporation Stock Option Agreement (incorporated by reference to Exhibit 10.14 to Amendment No. 2 to Veralto Corporation’s Registration Statement on Form 10 filed August 31, 2023)

First 8 of 26 rows. The download has all of them.

Table 54 after “Pursuant to the requirements of the Securities Exchange Act of 1934, this annual report has been signed below by the following persons on be”

Name, Title and SignatureDate
/s/ LINDA FILLERFebruary 28, 2024
Linda Filler
Chairman of the Board
/s/ JENNIFER L. HONEYCUTTFebruary 28, 2024
Jennifer L. Honeycutt
President, Chief Executive Officer and Director
/s/ SAMEER RALHANFebruary 28, 2024

First 8 of 25 rows. The download has all of them.

Table 55 after “Table of Contents”

/s/ WALTER G. LOHR, JR.February 28, 2024
Walter G. Lohr, Jr.
Director
/s/ HEATH A. MITTSFebruary 28, 2024
Heath A. Mitts
Director
/s/ JOHN T. SCHWIETERSFebruary 28, 2024
John T. Schwieters

First 8 of 15 rows. The download has all of them.

Table 56 after “($ in millions)”

ClassificationBalance at Beginning of Period (a)Charged to Costs & ExpensesImpact of CurrencyWrite-Offs, Write-Downs & DeductionsBalance at End of Period (a)
Year ended December 31, 2023:
Allowances deducted from asset account
Allowance for doubtful accounts$3610—(9)$37
Year ended December 31, 2022:
Allowances deducted from asset account
Allowance for doubtful accounts$369(1)(8)$36
Year ended December 31, 2021:

First 8 of 10 rows. The download has all of them.