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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-250 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | THE TRAVELERS COMPANIES, INC. (Parent Company Only) CONDENSED FINANCIAL INFORMATION OF REGISTRANT (in millions) CONDENSED STATEMENT OF COMPREHENSIVE INCOME The condensed financial statements should be read in conjunction with the notes to the condensed financial information of the registrant, as well as the consolidated financial statements and notes thereto. See the Report of Independent Registered Public Accounting Firm. 231 SCHEDULE II | [
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-251 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | THE TRAVELERS COMPANIES, INC. (Parent Company Only) CONDENSED FINANCIAL INFORMATION OF REGISTRANT (in millions) CONDENSED BALANCE SHEET The condensed financial statements should be read in conjunction with the notes to the condensed financial information of the registrant, as well as the consolidated financial statements and notes thereto. See the Report of Independent Registered Public Accounting Firm. 232 SCHEDULE II | [
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"text": "Fixed maturities..............................................................................................................."
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"text": "Equity securities.............................................................................................................."
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"text": "209 "
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"text": "Short-term securities .........................................................................................................."
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"text": "1,390 "
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"text": "Investment in subsidiaries....................................................................................................."
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"text": "30,028 "
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"text": "Other assets ..................................................................................................................."
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"text": "............ "
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"text": "336 "
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"text": "Total assets"
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"text": "$ 32,054 "
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"text": "$ 29,268"
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"text": "Liabilities"
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"text": "Debt..........................................................................................................................."
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"text": "................ "
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"text": "$ 5,865 "
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"text": "$ 5,871"
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"text": "Other liabilities.............................................................................................................."
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"text": "............ "
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"text": "239 "
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"text": "496"
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"text": "Total liabilities"
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"text": "....................................................................................................................... "
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"text": "6,104 "
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"text": "6,367"
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"text": "Shareholders’ equity"
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"text": "Common stock (1,750.0 shares authorized; 255.5 and 263.7 shares issued, 255.5 and 263.6"
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"text": "shares outstanding) ............................................................................................................"
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"text": ".... "
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"text": "23,469 "
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"text": "23,144"
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"text": "Retained earnings.............................................................................................................."
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"text": "........ "
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"text": "36,984 "
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"text": "35,211"
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"text": "Accumulated other comprehensive income (loss) .................................................................... "
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"text": "640 "
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"text": "(1,859)"
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"text": "Treasury stock, at cost (522.1 and 510.9 shares) ...................................................................... "
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"text": "(35,143) "
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"text": "(33,595)"
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"text": "Total shareholders’ equity"
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"text": ".................................................................................................... "
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"text": "25,950 "
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"text": "22,901"
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"text": "Total liabilities and shareholders’ equity"
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"text": "............................................................................ "
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"text": "$ 32,054 "
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"text": "$ 29,268"
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"text": "The condensed financial statements should be read in conjunction with the notes to the condensed financial information of the "
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"text": "registrant, as well as the consolidated financial statements and notes thereto."
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"text": "See the Report of Independent Registered Public Accounting Firm."
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"text": "THE TRAVELERS COMPANIES, INC."
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"text": "(Parent Company Only)"
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"label": "section_header",
"text": "CONDENSED FINANCIAL INFORMATION OF REGISTRANT"
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"text": "(in millions)"
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"text": "CONDENSED BALANCE SHEET"
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"html_seq": "<table><tr><td>At December 31,</td><th>2019</th><th>2018</th></tr><tr><td>Assets</td><td></td><td></td></tr><tr><td>Fixed maturities............................................................................................................... ..........</td><td>$ 91</td><td>$ 84</td></tr><tr><td>Equity securities.............................................................................................................. ..........</td><td>209</td><td>171</td></tr><tr><td>Short-term securities .......................................................................................................... .......</td><td>1,390</td><td>1,371</td></tr><tr><td>Investment in subsidiaries..................................................................................................... ....</td><td>30,028</td><td>26,993</td></tr><tr><td>Other assets ................................................................................................................... ............</td><td>336</td><td>649</td></tr><tr><td>Total assets .............................................................................................................................</td><td>$ 32,054</td><td>$ 29,268</td></tr><tr><td>Liabilities</td><td></td><td></td></tr><tr><td>Debt........................................................................................................................... ................</td><td>$ 5,865</td><td>$ 5,871</td></tr><tr><td>Other liabilities.............................................................................................................. ............</td><td>239</td><td>496</td></tr><tr><td>Total liabilities .......................................................................................................................</td><td>6,104</td><td>6,367</td></tr><tr><td>Shareholders' equity</td><td></td><td></td></tr><tr><td>Common stock (1,750.0 shares authorized; 255.5 and 263.7 shares issued, 255.5 and 263.6 shares outstanding) ............................................................................................................ ....</td><td>23,469</td><td>23,144</td></tr><tr><td>Retained earnings.............................................................................................................. ........</td><td>36,984</td><td>35,211</td></tr><tr><td>Accumulated other comprehensive income (loss) ....................................................................</td><td>640</td><td>(1,859)</td></tr><tr><td>Treasury stock, at cost (522.1 and 510.9 shares) ......................................................................</td><td>(35,143)</td><td>(33,595)</td></tr><tr><td>Total shareholders' equity ....................................................................................................</td><td>25,950</td><td>22,901</td></tr><tr><td>Total liabilities and shareholders' equity ............................................................................</td><td>$ 32,054</td><td>$ 29,268</td></tr></table>",
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"label": "table",
"text": ""
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"label": "text",
"text": "The condensed financial statements should be read in conjunction with the notes to the condensed financial information of the registrant, as well as the consolidated financial statements and notes thereto."
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"text": "See the Report of Independent Registered Public Accounting Firm."
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"label": "page_footer",
"text": "232"
},
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"label": "section_header",
"text": "SCHEDULE II"
}
] | {
"filename": "NYSE_TRV_2019.pdf",
"page": 251
} |
e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-252 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | THE TRAVELERS COMPANIES, INC. (Parent Company Only) CONDENSED FINANCIAL INFORMATION OF REGISTRANT (in millions) CONDENSED STATEMENT OF CASH FLOWS The condensed financial statements should be read in conjunction with the notes to the condensed financial information of the registrant, as well as the consolidated financial statements and notes thereto. See the Report of Independent Registered Public Accounting Firm. 233 SCHEDULE II | [
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"text": "THE TRAVELERS COMPANIES, INC."
},
{
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"text": "(Parent Company Only)"
},
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"ocr_confidence": 1,
"text": "CONDENSED FINANCIAL INFORMATION OF REGISTRANT"
},
{
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"text": "(in millions)"
},
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"text": "CONDENSED STATEMENT OF CASH FLOWS"
},
{
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"text": "For the year ended December 31, "
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{
"bbox": [
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"text": "2019 "
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"text": "2018 "
},
{
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"text": "2017"
},
{
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"text": "Cash flows from operating activities"
},
{
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"text": "Net income..................................................................................................... "
},
{
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"text": "$ 2,622 "
},
{
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"text": "$ 2,523 $ 2,064"
},
{
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"text": "Adjustments to reconcile net income to net cash provided by operating"
},
{
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"text": "activities:"
},
{
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"ocr": false,
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"text": "Equity in net income of subsidiaries ........................................................... "
},
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"ocr": false,
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"text": "(2,789) "
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{
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"ocr": false,
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"text": "(2,714) "
},
{
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"ocr": false,
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"text": "(2,190)"
},
{
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"ocr": false,
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"text": "Dividends received from consolidated subsidiaries.................................... "
},
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"text": "2,459 "
},
{
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"text": "2,258 2,289"
},
{
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"ocr": false,
"ocr_confidence": 1,
"text": "Deferred federal income tax expense (benefit) ........................................... "
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "(2) "
},
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"text": "28 "
},
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"text": "40"
},
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"ocr": false,
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"text": "Change in income taxes payable................................................................. "
},
{
"bbox": [
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"text": "3 "
},
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"text": "100 "
},
{
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"text": "3"
},
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"ocr": false,
"ocr_confidence": 1,
"text": "Other............................................................................................................ "
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "(79) "
},
{
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"text": "(35) "
},
{
"bbox": [
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"ocr": false,
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"text": "(174)"
},
{
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"ocr": false,
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"text": "Net cash provided by operating activities"
},
{
"bbox": [
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"text": "............................................... "
},
{
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"text": "2,214 "
},
{
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"ocr": false,
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"text": "2,160 2,032"
},
{
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"text": "Cash flows from investing activities"
},
{
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"text": "Net sales (purchases) of short-term securities ............................................... "
},
{
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"text": "(19) "
},
{
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"ocr": false,
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"text": "(141) "
},
{
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"text": "397"
},
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"ocr": false,
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"text": "Other investments, net................................................................................... "
},
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"text": "(8) "
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"text": "(7) "
},
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"text": "(34)"
},
{
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"ocr": false,
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"text": "Acquisition, net of cash acquired .................................................................. "
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"ocr": false,
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"text": "— "
},
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"text": "— "
},
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"ocr": false,
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"text": "(477)"
},
{
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"ocr": false,
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"text": "Net cash used in investing activities"
},
{
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"text": "......................................................... "
},
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"text": "(27) "
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"text": "(148) "
},
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"text": "(114)"
},
{
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"text": "Cash flows from financing activities"
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"text": "Treasury stock acquired—share repurchase authorization............................ "
},
{
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"ocr": false,
"ocr_confidence": 1,
"text": "(1,500) "
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"text": "(1,270) "
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{
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"text": "(1,378)"
},
{
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"text": "Treasury stock acquired—net employee share-based compensation ............ "
},
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"text": "(48) "
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"text": "(51) "
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"text": "(62)"
},
{
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"text": "Dividends paid to shareholders ..................................................................... "
},
{
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"text": "(844) "
},
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"text": "(814) "
},
{
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"text": "(785)"
},
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"ocr": false,
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"text": "Payment of debt............................................................................................. "
},
{
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"text": "(500) "
},
{
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"text": "(600) "
},
{
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"ocr": false,
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"text": "(657)"
},
{
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"ocr": false,
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"text": "Issuance of debt ............................................................................................. "
},
{
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"text": "492 "
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"text": "591 "
},
{
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"text": "789"
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"text": "Issuance of common stock—employee share options................................... "
},
{
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"text": "213 "
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"text": "132 "
},
{
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"ocr": false,
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"text": "173"
},
{
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"text": "Net cash used in financing activities"
},
{
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"text": "........................................................ "
},
{
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"text": "(2,187) "
},
{
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"text": "(2,012) "
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{
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"text": "(1,920)"
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{
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"ocr": false,
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"text": "Net decrease in cash ...................................................................................... "
},
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"text": "— "
},
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"text": "— "
},
{
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"text": "(2)"
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"text": "Cash at beginning of year.............................................................................. "
},
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"bbox": [
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-253 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | THE TRAVELERS COMPANIES, INC. (Parent Company Only) NOTES TO THE CONDENSED FINANCIAL INFORMATION OF REGISTRANT 1. GUARANTEES The Travelers Companies, Inc. (TRV) fully and unconditionally guarantees the payment of all principal, premiums, if any, and interest on certain debt obligations of its subsidiaries TPC and TIGHI. The guarantees pertain to the $200 million 7.75% notes due 2026 and the $500 million 6.375% notes due 2033. TRV also has contingent obligations for guarantees in connection with the selling of businesses to third parties, certain insurance obligations of a subsidiary and various indemnifications including indemnifications to service providers in the normal course of business. The guarantees and indemnification clauses are often standard contractual terms and include indemnifications for breaches of representations and warranties and in some cases obligations arising from certain liabilities. The terms of these provisions vary in duration and nature. Certain of the guarantees and indemnifications described above have no stated or notional amounts or limitation to the maximum potential future payments. Accordingly, TRV is unable to provide an estimate of the maximum potential payments for such arrangements, and the likelihood for any payment under these guarantees is remote. 234 SCHEDULE II | [
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-254 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | SCHEDULE III THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIESSupplementary Insurance Information2017-2019(in millions) Net Net ___________________________________________ (1) See note 2 of notes to the consolidated financial statements for discussion of the method used to allocate net investment i ncome and invested assets to the identified segments. (2) Expense allocations are determined in accordance with prescribed statutory accounting practices. These practices make a rea sonable allocation of all expenses to those product lines with which they are associated. See the Report of Independent Registered Public Accounting Firm. 235 | [
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"text": "$ 2,273 $ 51,849 $ 14,604 $ 28,272 $ 2,468 $ 19,133 $ 4,601 $ 4,709 $ 29,151"
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"text": "Business Insurance............................................. $ 1,102 $ 41,132 $ 7,112 $ 14,722 $ 1,833 $ 10,171 $ 2,388 $ 2,623 $ 14,956Bond & Specialty Insurance .............................. 277 3,255 1,619 2,420 233 772 454 459 2,528Personal Insurance ............................................. 741 6,266 4,824 9,917 408 7,348 1,539 1,185 10,224Total—Reportable Segments.......................... 2,120 50,653 13,555 27,059 2,474 18,291 4,381 4,267 27,708Other .................................................................. — 15 — — — — — 382 —Consolidated................................................... $ 2,120 $ 50,668 $ 13,555 $ 27,059 $ 2,474 $ 18,291 $ 4,381 $ 4,649 $ 27,708"
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"text": "Business Insurance............................................. $ 1,060 $ 40,352 $ 6,857 $ 14,146 $ 1,786 $ 9,521 $ 2,286 $ 2,563 $ 14,270Bond & Specialty Insurance .............................. 258 3,421 1,515 2,307 228 899 432 464 2,359Personal Insurance ............................................. 707 5,860 4,543 9,230 383 7,047 1,448 1,111 9,590Total—Reportable Segments.......................... 2,025 49,633 12,915 25,683 2,397 17,467 4,166 4,138 26,219Other .................................................................. — 17 — — — — — 401 —Consolidated................................................... $ 2,025 $ 49,650 $ 12,915 $ 25,683 $ 2,397 $ 17,467 $ 4,166 $ 4,539 $ 26,219"
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"text": "(1) See note 2 of notes to the consolidated financial statements for discussion of the method used to allocate net investment i"
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"text": "ncome and invested assets to the identified segments."
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"text": "sonable allocation of all expenses to those product lines "
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"text": "THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIESSupplementary Insurance Information2017-2019(in millions)"
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"text": "(1) See note 2 of notes to the consolidated financial statements for discussion of the method used to allocate net investment i ncome and invested assets to the identified segments."
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"text": "(2) Expense allocations are determined in accordance with prescribed statutory accounting practices. These practices make a rea sonable allocation of all expenses to those product lines with which they are associated."
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-255 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIES Valuation and Qualifying Accounts (in millions) ___________________________________________ (1) Credited to the related asset account. See the Report of Independent Registered Public Accounting Firm. 236 SCHEDULE V | [
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"text": "Reinsurance recoverables....................... "
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"text": "$ 110 $ — $ — $ 18 $ 92"
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"text": "Allowance for uncollectible:"
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"text": "Premiums receivable from"
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"text": "$ 54 $ 59 $ — $ 58 $ 55"
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"text": "(2) $ — $ — $ 22"
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"text": "Reinsurance recoverables....................... "
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"text": "$ 111 $ — $ — $ 1 $ 110"
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"text": "Allowance for uncollectible:"
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"text": "Premiums receivable from"
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"text": "underwriting activities........................ "
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"text": "$ 58 $ 50 $ — $ 54 $ 54"
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"text": "Deductibles .......................................... "
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"text": "$ 26 $ "
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"text": "(1) $ — $ 1 $ 24"
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"text": "Reinsurance recoverables....................... "
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"text": "$ 116 $ — $ — $ 5 $ 111"
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"text": "Allowance for uncollectible:"
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"text": "Premiums receivable from"
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"text": "underwriting activities........................ "
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"text": "$ 61 $ 38 $ — $ 41 $ 58"
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"text": "Deductibles .......................................... "
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"text": "$ 34 $ "
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"text": "(2) $ — $ 6 $ 26"
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"text": "___________________________________________"
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"text": "(1) Credited to the related asset account."
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"text": "See the Report of Independent Registered Public Accounting Firm."
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"text": "Valuation and Qualifying Accounts"
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"text": "(in millions)"
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"html_seq": "<table><tr><td></td><th>Balance at beginning of period</th><th>Charged to other accounts Deductions (1)</th><th>Charged to costs and expenses Balance at end of period</th></tr><tr><td>2019</td><td></td><td></td><td></td></tr><tr><td>Reinsurance recoverables.......................</td><td></td><td></td><td>$ 110 $ - $ - $ 18 $ 92</td></tr><tr><td>Allowance for uncollectible:</td><td></td><td></td><td></td></tr><tr><td>Premiums receivable from underwriting activities........................</td><td></td><td></td><td>$ 54 $ 59 $ - $ 58 $ 55</td></tr><tr><td>Deductibles ..........................................</td><td>$ 24 $</td><td></td><td>(2) $ - $ - $ 22</td></tr><tr><td>2018</td><td></td><td></td><td></td></tr><tr><td>Reinsurance recoverables.......................</td><td></td><td></td><td>$ 111 $ - $ - $ 1 $ 110</td></tr><tr><td>Allowance for uncollectible:</td><td></td><td></td><td></td></tr><tr><td>Premiums receivable from underwriting activities........................</td><td></td><td></td><td>$ 58 $ 50 $ - $ 54 $ 54</td></tr><tr><td>Deductibles ..........................................</td><td>$ 26 $</td><td></td><td>(1) $ - $ 1 $ 24</td></tr><tr><td>2017</td><td></td><td></td><td></td></tr><tr><td>Reinsurance recoverables.......................</td><td></td><td></td><td>$ 116 $ - $ - $ 5 $ 111</td></tr><tr><td>Allowance for uncollectible:</td><td></td><td></td><td></td></tr><tr><td>Premiums receivable from underwriting activities........................</td><td></td><td></td><td>$ 61 $ 38 $ - $ 41 $ 58</td></tr><tr><td>Deductibles ..........................................</td><td>$ 34 $</td><td>(2) $ - $ 6 $ 26</td><td></td></tr></table>",
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"text": "___________________________________________"
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"text": "SCHEDULE V"
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"filename": "NYSE_TRV_2019.pdf",
"page": 255
} |
e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-256 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | SCHEDULE VI THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIESSupplementary Information Concerning Property-Casualty Insurance Operations (1) 2017-2019(in millions) Claims and ClaimAdjustmentExpenses IncurredRelated to: ___________________________________________ Excludes accident and health insurance business. (1) Consolidated property-casualty insurance operations. (2) (3) For a discussion of types of reserves discounted and discount rates used, see note 7 of notes to the consolidated financial statements. See the Report of Independent Registered Public Accounting Firm. 237 | [
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"text": "Paid Claimsand ClaimAdjustmentExpenses"
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"text": "Affiliation"
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"text": "with"
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"text": "Registrant(2)"
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"text": "Claims andClaim AdjustmentExpense Reserves"
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"text": "Discount FromReserves forUnpaid Claims(3)"
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"text": "UnearnedPremiums"
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"text": "Net"
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"text": "InvestmentIncome"
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"text": "Current"
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"text": "Year Prior Year"
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"text": "Net WrittenPremiums"
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"text": "2019 "
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"text": ".......... "
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"text": "$ 2,273 $ 51,836 $ 1,155 $ 14,604 $ 28,272 $ 2,468 $ 18,854 $ 164 $ 4,601 $ 17,794 $ 29,151"
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"text": "2018 "
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"text": ".......... "
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"text": "$ 2,120 $ 50,653 $ 1,158 $ 13,555 $ 27,059 $ 2,474 $ 18,614 $ (406) $ 4,381 $ 17,060 $ 27,708"
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"text": "2017 "
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"text": ".......... "
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"text": "$ 2,025 $ 49,633 $ 1,102 $ 12,915 $ 25,683 $ 2,397 $ 17,846 $ (458) $ 4,166 $ 16,043 $ 26,219"
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"text": "___________________________________________"
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"text": "(1) "
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"text": "Excludes accident and health insurance business."
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"text": "(2) "
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"text": "Consolidated property-casualty insurance operations."
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"text": "(3) "
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"text": "For a discussion of types of reserves discounted and discount rates used, see note 7 of notes to the consolidated financial "
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"text": "statements."
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"text": "See the Report of Independent Registered Public Accounting Firm."
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"text": "THE TRAVELERS COMPANIES, INC. AND SUBSIDIARIESSupplementary Information Concerning Property-Casualty Insurance Operations (1) 2017-2019(in millions)"
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"text": "Claims and ClaimAdjustmentExpenses IncurredRelated to:"
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"text": "- a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and"
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"text": "/s/ ALAN D. SCHNITZER"
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-258 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | CERTIFICATION - I, Daniel S. Frey, certify that: - 1. I have reviewed this Annual Report on Form 10-K for the year ended December 31, 2019 of The Travelers Companies, Inc. (the Company); - 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; - 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this report; - 4. The Company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Company and have: - a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; - b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; - c) evaluated the effectiveness of the Company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and - d) disclosed in this report any change in the Company's internal control over financial reporting that occurred during the Company's most recent fiscal quarter (the Company's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and - 5. The Company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Company's auditors and the audit committee of the Company's Board of Directors (or persons performing the equivalent functions): - a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and - b) any fraud, whether or not material, that involves management or other employees who have a significant role in the Company's internal control over financial reporting. Date: February 13, 2020 By: /s/ DANIEL S. FREY Daniel S. Frey Executive Vice President and Chief Financial Officer - Exhibit 31.2 | [
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"text": "- 1. I have reviewed this Annual Report on Form 10-K for the year ended December 31, 2019 of The Travelers Companies, Inc. (the Company);"
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"text": "- a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;"
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"text": "- d) disclosed in this report any change in the Company's internal control over financial reporting that occurred during the Company's most recent fiscal quarter (the Company's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting; and"
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"text": "- a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company's ability to record, process, summarize and report financial information; and"
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-260 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | Shareholders' Information Your dividends The Travelers Companies, Inc. has paid cash dividends without interruption for 148 years. Our most recent quarterly dividend of $0.82 per share was declared on January 23, 2020, payable March 31, 2020, to shareholders of record as of March 10, 2020. Automatic dividend reinvestment program This program provides a convenient opportunity for our shareholders to increase their holding of Travelers common stock. An explanatory brochure and enrollment card may be obtained by calling our stock transfer agent, Equiniti Trust Company, at 888.326.5102, or by mailing a request to the address below. Stock transfer agent and registrar For address changes, dividend checks, direct deposits of dividends, account consolidations, registration changes, lost stock certificates and general stock holding questions, please contact: Equiniti Trust Company EQ Shareowner Services P.O. Box 64854 Saint Paul, MN 55164-0854 Toll Free: 888.326.5102 Outside U.S. and Canada: 651.450.4064 shareowneronline.com Financial information available Travelers makes available, free of charge on its website, all of its filings that are made electronically to the SEC, including Forms 10-K, 10-Q and 8-K. To access these filings, go to travelers.com > Investors > Financial Information > SEC Filings. Requests for additional information may be directed to: The Travelers Companies, Inc. 485 Lexington Avenue New York, NY 10017-2630 Investor Relations, NY08EX Attn: Abbe Goldstein 917.778.6824 Annual Meeting of Shareholders The Annual Meeting of Shareholders will be held on May 21, 2020, at The Hartford Marriott Downtown, 200 Columbus Boulevard, Hartford, CT 06103-2807. As part of our precautions regarding the coronavirus or COVID-19 pandemic, we are planning for the possibility that the Annual Meeting may be held virtually over the internet. If we take this step, we will announce the decision to do so in advance, and details on how to participate will be available on our website at travelers.com under the "Investors" heading. On or about April 3, 2020, we plan to send proxy materials, or a notice of internet availability of proxy materials, to shareholders of record as of the close of business on March 24, 2020. The notice will provide instructions on where to access our Proxy Statement and Annual Report as well as how to vote your shares electronically. The notice also includes instructions on how to request a printed copy of our proxy materials. Stock price and dividends declared The Travelers Companies, Inc. common stock is listed on the New York Stock Exchange (NYSE) and is publicly traded under the ticker symbol "TRV". The following tables set forth the quarterly high and low closing sales prices of The Travelers Companies, Inc. common stock, as well as the amount of quarterly cash dividends declared per share for 2019 and 2018. Additional information We have included the tables below and on the next page to provide reconciliations of certain GAAP financial measures to non-GAAP financial measures as follows: (i) a reconciliation of net income to core income, (ii) a reconciliation of shareholders' equity to adjusted shareholders' equity, which are components of the return on equity and core return on equity ratios, (iii) a calculation of return on equity and core return on equity, (iv) a calculation of book value per share and adjusted book value per share, (v) a reconciliation of after-tax underwriting gain (excluding the impact of catastrophes and net favorable (unfavorable) prior year reserve development) to net income and (vi) a reconciliation of invested assets to invested assets excluding net unrealized investment gains (losses). | [
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"text": "Automatic dividend reinvestment program"
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"text": "This program provides a convenient opportunity for our shareholders "
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"text": "to increase their holding of Travelers common stock. An explanatory "
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"text": "brochure and enrollment card may be obtained by calling our stock "
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"text": "transfer agent, Equiniti Trust Company, at 888.326.5102, or by mailing "
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"text": "a request to the address below."
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"text": "Annual Meeting of Shareholders"
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"text": "The Annual Meeting of Shareholders will be held on May 21, 2020, at "
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"text": "The Hartford Marriott Downtown, 200 Columbus Boulevard, Hartford, "
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"text": "CT 06103-2807. As part of our precautions regarding the coronavirus "
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"text": "or COVID-19 pandemic, we are planning for the possibility that the "
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"text": "Annual Meeting may be held virtually over the internet. If we take this "
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"text": "step, we will announce the decision to do so in advance, and details "
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"text": "on how to participate will be available on our website at travelers.com "
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"text": "under the “Investors” heading."
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"text": "On or about April 3, 2020, we plan to send proxy materials, or a notice "
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"text": "of internet availability of proxy materials, to shareholders of record "
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"text": "as of the close of business on March 24, 2020. The notice will provide "
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"text": "instructions on where to access our Proxy Statement and Annual "
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"text": "Report as well as how to vote your shares electronically. The notice "
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"text": "also includes instructions on how to request a printed copy of our "
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"text": "proxy materials."
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"text": "Stock price and dividends declared"
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"text": "The Travelers Companies, Inc. common stock is listed on the New "
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"text": "York Stock Exchange (NYSE) and is publicly traded under the ticker "
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"text": "symbol “TRV”."
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"text": "The following tables set forth the quarterly high and low closing "
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"text": "sales prices of The Travelers Companies, Inc. common stock, as well "
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"text": "as the amount of quarterly cash dividends declared per share for "
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"text": "2019 and 2018."
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"text": "Cash Dividend "
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"text": "2019 "
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"text": "High "
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"text": "Low "
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"text": "Declared"
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"text": "First Quarter "
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"text": "$137.16 "
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"text": "$115.26 "
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"text": "$0.77"
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"text": "Second Quarter "
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"text": "153.13 "
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"text": "135.19 "
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"text": "0.82"
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"text": "Third Quarter "
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"text": "154.83 "
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"text": "143.48 "
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"text": "0.82"
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"text": "Fourth Quarter "
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"text": "145.55 "
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"text": "128.93 "
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"text": "0.82"
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"text": "Cash Dividend "
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"text": "2018 "
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"text": "High "
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"text": "Low "
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"text": "Declared"
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"text": "First Quarter "
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"text": "$150.00 "
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"text": "$131.45 "
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"text": "$0.72 "
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"text": "Second Quarter "
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"text": "139.29 "
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"text": "121.34 "
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"text": "0.77"
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"text": "Third Quarter "
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"text": "134.44 "
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"text": "122.39 "
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"text": "0.77"
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"text": "Fourth Quarter "
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"text": "131.66 "
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"text": "112.63 "
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"text": "0.77"
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"text": "Additional information"
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"text": "We have included the tables below and on the next page to provide "
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"text": "reconciliations of certain GAAP financial measures to non-GAAP "
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"text": "financial measures as follows: (i) a reconciliation of net income to "
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"text": "core income, (ii) a reconciliation of shareholders’ equity to adjusted "
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"text": "shareholders’ equity, which are components of the return on equity "
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"text": "and core return on equity ratios, (iii) a calculation of return on equity "
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"text": "and core return on equity, (iv) a calculation of book value per share "
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"text": "and adjusted book value per share, (v) a reconciliation of after-tax "
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"text": "underwriting gain (excluding the impact of catastrophes and net "
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"text": "favorable (unfavorable) prior year reserve development) to net "
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"text": "income and (vi) a reconciliation of invested assets to invested assets "
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"text": "excluding net unrealized investment gains (losses)."
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"text": "For the year ended December 31,"
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"text": "(Dollars in millions, after-tax) "
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"text": "2019 "
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"ocr_confidence": 1,
"text": "2018 "
},
{
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"ocr": false,
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"text": "2017 "
},
{
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"text": "2016 "
},
{
"bbox": [
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"text": "2015"
},
{
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"ocr": false,
"ocr_confidence": 1,
"text": "Reconciliation of net income to core income"
},
{
"bbox": [
0.5171919800215699,
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0.5856055057410038,
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"ocr": false,
"ocr_confidence": 1,
"text": "Net income "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "$2,622 $2,523 $2,056 $3,014 $3,439"
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "Adjustments:"
},
{
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"ocr": false,
"ocr_confidence": 1,
"text": "Net realized investment gains "
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "(85) "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "(93) "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "(142) "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "(47) "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "(2)"
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "Impact of TCJA"
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "1"
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "at enactment "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "– "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "– "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "129 "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "– "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "–"
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "Core income "
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "$2,537 $2,430 $2,043 $2,967 $3,437"
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "As of December 31,"
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "(Dollars in millions) "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2019 "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2018 "
},
{
"bbox": [
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"ocr": false,
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"text": "2017 "
},
{
"bbox": [
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"ocr": false,
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"text": "2016 "
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "2015 "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2014"
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "Reconciliation of shareholders’ equity to adjusted shareholders’ equity"
},
{
"bbox": [
0.0762628947042857,
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0.20870077730429293,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "Shareholders’ equity "
},
{
"bbox": [
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0.5346719761087437,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "$25,943 "
},
{
"bbox": [
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0.8604896801694727,
0.6159447050255156,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "$22,894 "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "$23,731 "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "$23,221 "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "$23,598 "
},
{
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],
"ocr": false,
"ocr_confidence": 1,
"text": "$24,836"
},
{
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"ocr": false,
"ocr_confidence": 1,
"text": "Adjustments:"
},
{
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"ocr": false,
"ocr_confidence": 1,
"text": "Net unrealized investment (gains) losses, "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "net of tax, included in shareholders’ equity "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "(2,246) "
},
{
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"ocr": false,
"ocr_confidence": 1,
"text": "113 "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "(1,112) "
},
{
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],
"ocr": false,
"ocr_confidence": 1,
"text": "(730) "
},
{
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],
"ocr": false,
"ocr_confidence": 1,
"text": "(1,289) "
},
{
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],
"ocr": false,
"ocr_confidence": 1,
"text": "(1,966)"
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "Net realized investment gains, net of tax "
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "(85) "
},
{
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],
"ocr": false,
"ocr_confidence": 1,
"text": "(93) "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "(142) "
},
{
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],
"ocr": false,
"ocr_confidence": 1,
"text": "(47) "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "(2) "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "(51)"
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "Impact of TCJA"
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "1"
},
{
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"ocr": false,
"ocr_confidence": 1,
"text": "at enactment "
},
{
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],
"ocr": false,
"ocr_confidence": 1,
"text": "– "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "– "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "287 "
},
{
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"ocr": false,
"ocr_confidence": 1,
"text": "– "
},
{
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"ocr": false,
"ocr_confidence": 1,
"text": "– "
},
{
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"ocr_confidence": 1,
"text": "–"
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "Adjusted shareholders’ equity "
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "$23,612 "
},
{
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"text": "$22,914 "
},
{
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"text": "$22,764 "
},
{
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"text": "$22,444 "
},
{
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"text": "$22,307 "
},
{
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"text": "$22,819"
},
{
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"text": "Stock transfer agent "
},
{
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"text": "and registrar"
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{
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"text": "For address changes, dividend "
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{
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"text": "checks, direct deposits of "
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"text": "dividends, account consolidations, "
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{
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"text": "registration changes, lost stock "
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{
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"text": "certificates and general stock "
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"text": "holding questions, please contact:"
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"text": "Equiniti Trust Company "
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"text": "EQ Shareowner Services"
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{
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"text": "P.O. Box 64854"
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"text": "Saint Paul, MN 55164-0854"
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{
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"text": "Toll Free: 888.326.5102"
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"text": "Outside U.S. and Canada: "
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"text": "651.450.4064"
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"text": "shareowneronline.com"
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"text": "Financial information "
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"text": "available"
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"text": "Travelers makes available, free "
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"text": "of charge on its website, all of its "
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"text": "Your dividends"
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"text": "The Travelers Companies, Inc. has paid cash dividends without interruption for 148 years. Our most recent quarterly dividend of $0.82 per share was declared on January 23, 2020, payable March 31, 2020, to shareholders of record as of March 10, 2020."
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"text": "Automatic dividend reinvestment program"
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"text": "This program provides a convenient opportunity for our shareholders to increase their holding of Travelers common stock. An explanatory brochure and enrollment card may be obtained by calling our stock transfer agent, Equiniti Trust Company, at 888.326.5102, or by mailing a request to the address below."
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"text": "For address changes, dividend checks, direct deposits of dividends, account consolidations, registration changes, lost stock certificates and general stock holding questions, please contact:"
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"text": "Equiniti Trust Company EQ Shareowner Services P.O. Box 64854 Saint Paul, MN 55164-0854"
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"text": "Toll Free: 888.326.5102 Outside U.S. and Canada: 651.450.4064 shareowneronline.com"
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"text": "Travelers makes available, free of charge on its website, all of its filings that are made electronically to the SEC, including Forms 10-K, 10-Q and 8-K. To access these filings, go to travelers.com > Investors > Financial Information > SEC Filings."
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"text": "The Travelers Companies, Inc. 485 Lexington Avenue New York, NY 10017-2630 Investor Relations, NY08EX Attn: Abbe Goldstein 917.778.6824"
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"text": "Annual Meeting of Shareholders"
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"text": "The Annual Meeting of Shareholders will be held on May 21, 2020, at The Hartford Marriott Downtown, 200 Columbus Boulevard, Hartford, CT 06103-2807. As part of our precautions regarding the coronavirus or COVID-19 pandemic, we are planning for the possibility that the Annual Meeting may be held virtually over the internet. If we take this step, we will announce the decision to do so in advance, and details on how to participate will be available on our website at travelers.com under the \"Investors\" heading."
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"text": "On or about April 3, 2020, we plan to send proxy materials, or a notice of internet availability of proxy materials, to shareholders of record as of the close of business on March 24, 2020. The notice will provide instructions on where to access our Proxy Statement and Annual Report as well as how to vote your shares electronically. The notice also includes instructions on how to request a printed copy of our proxy materials."
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"text": "Stock price and dividends declared"
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"text": "The Travelers Companies, Inc. common stock is listed on the New York Stock Exchange (NYSE) and is publicly traded under the ticker symbol \"TRV\"."
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"text": "The following tables set forth the quarterly high and low closing sales prices of The Travelers Companies, Inc. common stock, as well as the amount of quarterly cash dividends declared per share for 2019 and 2018."
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"text": "We have included the tables below and on the next page to provide reconciliations of certain GAAP financial measures to non-GAAP financial measures as follows: (i) a reconciliation of net income to core income, (ii) a reconciliation of shareholders' equity to adjusted shareholders' equity, which are components of the return on equity and core return on equity ratios, (iii) a calculation of return on equity and core return on equity, (iv) a calculation of book value per share and adjusted book value per share, (v) a reconciliation of after-tax underwriting gain (excluding the impact of catastrophes and net favorable (unfavorable) prior year reserve development) to net income and (vi) a reconciliation of invested assets to invested assets excluding net unrealized investment gains (losses)."
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"html_seq": "<table><tr><td></td><th colspan=\"6\">As of December 31,</th></tr><tr><td>(Dollars in millions)</td><th>2019</th><th>2018</th><th>2017</th><th>2016</th><th>2015</th><th>2014</th></tr><tr><td colspan=\"7\">Reconciliation of shareholders' equity to adjusted shareholders' equity</td></tr><tr><td>Shareholders' equity</td><td>$25,943</td><td>$22,894</td><td>$23,731</td><td>$23,221</td><td>$23,598</td><td>$24,836</td></tr><tr><td>Adjustments:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net unrealized investment (gains) losses, net of tax, included in shareholders' equity</td><td>(2,246)</td><td>113</td><td>(1,112)</td><td>(730)</td><td>(1,289)</td><td>(1,966)</td></tr><tr><td>Net realized investment gains, net of tax</td><td>(85)</td><td>(93)</td><td>(142)</td><td>(47)</td><td>(2)</td><td>(51)</td></tr><tr><td>Impact of TCJA 1 at enactment</td><td>-</td><td>-</td><td>287</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Adjusted shareholders' equity</td><td>$23,612</td><td>$22,914</td><td>$22,764</td><td>$22,444</td><td>$22,307</td><td>$22,819</td></tr></table>",
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e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533-261 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e0093d65a08001302da004d0efc202507906360fc9a05c2e4f935979a1383533.tar.gz | 11 Tax Cuts and Jobs Act of 2017 (TCJA)Tax Cuts and Jobs Act of 2017 (TCJA) 11 Tax Cuts and Jobs Act of 2017 (TCJA)Tax Cuts and Jobs Act of 2017 (TCJA) Average shareholders’ equity is (a) the sum of total shareholders’ equity at the beginning and end of each of the quarters for the period presented divided by Average shareholders’ equity is (a) the sum of total shareholders’ equity at the beginning and end of each of the quarters for the period presented divided by (b) the number of quarters in the period presented times two. (b) the number of quarters in the period presented times two. Average shareholders’ equity is (a) the sum of total shareholders’ equity at the beginning and end of each of the quarters for the period presented divided by Average shareholders’ equity is (a) the sum of total shareholders’ equity at the beginning and end of each of the quarters for the period presented divided by (b) the number of quarters in the period presented times two. (b) the number of quarters in the period presented times two. Adjusted shareholders' equity is shareholders' equity excluding net unrealized investment gains (losses), net of tax, included in shareholders' equity, net realized Adjusted shareholders' equity is shareholders' equity excluding net unrealized investment gains (losses), net of tax, included in shareholders' equity, net realized investment gains (losses), net of tax, for the period presented and the effect of a change in tax laws and tax rates at enactment (excluding the portion related to net investment gains (losses), net of tax, for the period presented and the effect of a change in tax laws and tax rates at enactment (excluding the portion related to net unrealized investment gains (losses)). Adjusted average shareholders' equity is (a) the sum of adjusted shareholders' equity at the beginning and end of each of the unrealized investment gains (losses)). Adjusted average shareholders' equity is (a) the sum of adjusted shareholders' equity at the beginning and end of each of the quarters for the period presented divided by (b) the number of quarters in the period presented times two.quarters for the period presented divided by (b) the number of quarters in the period presented times two. Adjusted shareholders' equity is shareholders' equity excluding net unrealized investment gains (losses), net of tax, included in shareholders' equity, net realized Adjusted shareholders' equity is shareholders' equity excluding net unrealized investment gains (losses), net of tax, included in shareholders' equity, net realized investment gains (losses), net of tax, for the period presented and the effect of a change in tax laws and tax rates at enactment (excluding the portion related to net investment gains (losses), net of tax, for the period presented and the effect of a change in tax laws and tax rates at enactment (excluding the portion related to net unrealized investment gains (losses)). Adjusted average shareholders' equity is (a) the sum of adjusted shareholders' equity at the beginning and end of each of the unrealized investment gains (losses)). Adjusted average shareholders' equity is (a) the sum of adjusted shareholders' equity at the beginning and end of each of the quarters for the period presented divided by (b) the number of quarters in the period presented times two.quarters for the period presented divided by (b) the number of quarters in the period presented times two. Return on equity is the ratio of (a) net income for the period presented to (b) average shareholders' equity for the period presented. Core return on equity is the ratio Return on equity is the ratio of (a) net income for the period presented to (b) average shareholders' equity for the period presented. Core return on equity is the ratio of (a) core income for the period presented to (b) adjusted average shareholders' equity for the period presented. of (a) core income for the period presented to (b) adjusted average shareholders' equity for the period presented. Return on equity is the ratio of (a) net income for the period presented to (b) average shareholders' equity for the period presented. Core return on equity is the ratio Return on equity is the ratio of (a) net income for the period presented to (b) average shareholders' equity for the period presented. Core return on equity is the ratio of (a) core income for the period presented to (b) adjusted average shareholders' equity for the period presented. of (a) core income for the period presented to (b) adjusted average shareholders' equity for the period presented. Definitions of other terms used in this Annual Report are included in the Definitions of other terms used in this Annual Report are included in the Glossary of Selected Insurance Terms Glossary of Selected Insurance Terms portion of the Form 10-K.portion of the Form 10-K. Definitions of other terms used in this Annual Report are included in the Definitions of other terms used in this Annual Report are included in the Glossary of Selected Insurance Terms Glossary of Selected Insurance Terms portion of the Form 10-K.portion of the Form 10-K. | [
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"bbox": [
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0.07571702902939277,
0.7619034995133628,
0.08601935334907945
],
"ocr": false,
"ocr_confidence": 1,
"text": "$ 3,439$ 3,439"
},
{
"bbox": [
0.04567625707247442,
0.08913561601663436,
0.21797776141953387,
0.09999608870316537
],
"ocr": false,
"ocr_confidence": 1,
"text": "Average shareholders’ equity Average shareholders’ equity "
},
{
"bbox": [
0.39047775525436657,
0.08863558510477229,
0.4387201893610585,
0.09900769768451227
],
"ocr": false,
"ocr_confidence": 1,
"text": "$24,922 $24,922 "
},
{
"bbox": [
0.47153994370791247,
0.08863558510477229,
0.5193126434428925,
0.09893790942445897
],
"ocr": false,
"ocr_confidence": 1,
"text": "$22,843 $22,843 "
},
{
"bbox": [
0.5523429382529724,
0.08863558510477229,
0.5982368546302872,
0.09893790942445897
],
"ocr": false,
"ocr_confidence": 1,
"text": "$23,671 $23,671 "
},
{
"bbox": [
0.6331459841744266,
0.08863558510477229,
0.680948995981955,
0.09893790942445897
],
"ocr": false,
"ocr_confidence": 1,
"text": "$24,182 $24,182 "
},
{
"bbox": [
0.7139490300958807,
0.08863558510477229,
0.7623883899213489,
0.09893790942445897
],
"ocr": false,
"ocr_confidence": 1,
"text": "$24,304$24,304"
},
{
"bbox": [
0.04653989425813309,
0.10722867586199936,
0.1529792759956334,
0.11784492906673934
],
"ocr": false,
"ocr_confidence": 1,
"text": "Return on equity Return on equity "
},
{
"bbox": [
0.40217623726687446,
0.10767051046208818,
0.43914594553937814,
0.11549610068939761
],
"ocr": false,
"ocr_confidence": 1,
"text": "10.5% 10.5% "
},
{
"bbox": [
0.4839944550485322,
0.10767051046208818,
0.5199489914608323,
0.11549610068939761
],
"ocr": false,
"ocr_confidence": 1,
"text": "11.0% 11.0% "
},
{
"bbox": [
0.571494465323811,
0.10767051046208818,
0.6007520373822864,
0.11549610068939761
],
"ocr": false,
"ocr_confidence": 1,
"text": "8.7% 8.7% "
},
{
"bbox": [
0.6456005468914404,
0.10767051046208818,
0.6815550833037405,
0.11549610068939761
],
"ocr": false,
"ocr_confidence": 1,
"text": "12.5% 12.5% "
},
{
"bbox": [
0.7264035414365004,
0.10767051046208818,
0.7623580778488005,
0.11549610068939761
],
"ocr": false,
"ocr_confidence": 1,
"text": "14.2%14.2%"
},
{
"bbox": [
0.04607020484076606,
0.12532173570736435,
0.1261444477119831,
0.1334728467680071
],
"ocr": false,
"ocr_confidence": 1,
"text": "Core income Core income "
},
{
"bbox": [
0.3911308006004051,
0.12482170479550227,
0.43882777153040825,
0.13519381737524225
],
"ocr": false,
"ocr_confidence": 1,
"text": "$ 2,537 $ 2,537 "
},
{
"bbox": [
0.47219144776212646,
0.12482170479550227,
0.5196459734881366,
0.13512402911518895
],
"ocr": false,
"ocr_confidence": 1,
"text": "$ 2,430 $ 2,430 "
},
{
"bbox": [
0.5529944936835806,
0.12482170479550227,
0.6001005333280723,
0.13512402911518895
],
"ocr": false,
"ocr_confidence": 1,
"text": "$ 2,043 $ 2,043 "
},
{
"bbox": [
0.6337974882286406,
0.12482170479550227,
0.6809793080545034,
0.13512402911518895
],
"ocr": false,
"ocr_confidence": 1,
"text": "$ 2,967 $ 2,967 "
},
{
"bbox": [
0.7146005341500947,
0.12482170479550227,
0.7617823539759575,
0.13512402911518895
],
"ocr": false,
"ocr_confidence": 1,
"text": "$ 3,437$ 3,437"
},
{
"bbox": [
0.045645970688123094,
0.13824029178274386,
0.2696458707353483,
0.14912402722262597
],
"ocr": false,
"ocr_confidence": 1,
"text": "Adjusted average shareholders’ equity Adjusted average shareholders’ equity "
},
{
"bbox": [
0.3904489844736427,
0.1377402608708818,
0.4386004823626894,
0.14811237345062178
],
"ocr": false,
"ocr_confidence": 1,
"text": "$23,335 $23,335 "
},
{
"bbox": [
0.4715096316353641,
0.1377402608708818,
0.5199489914608323,
0.14804258519056848
],
"ocr": false,
"ocr_confidence": 1,
"text": "$22,814 $22,814 "
},
{
"bbox": [
0.5523126775568182,
0.1377402608708818,
0.6000853772917982,
0.14804258519056848
],
"ocr": false,
"ocr_confidence": 1,
"text": "$22,743 $22,743 "
},
{
"bbox": [
0.6331157234782723,
0.1377402608708818,
0.6811611804897938,
0.14804258519056848
],
"ocr": false,
"ocr_confidence": 1,
"text": "$22,386 $22,386 "
},
{
"bbox": [
0.7139187180233323,
0.1377402608708818,
0.7598126344006471,
0.14804258519056848
],
"ocr": false,
"ocr_confidence": 1,
"text": "$22,681$22,681"
},
{
"bbox": [
0.0460550616485904,
0.15503103172440247,
0.1842368797019676,
0.16564728492914244
],
"ocr": false,
"ocr_confidence": 1,
"text": "Core return on equity Core return on equity "
},
{
"bbox": [
0.40214595088252314,
0.15547286632449128,
0.43911563346682975,
0.1632984565518007
],
"ocr": false,
"ocr_confidence": 1,
"text": "10.9% 10.9% "
},
{
"bbox": [
0.4839641429759838,
0.15547286632449128,
0.5199186793882838,
0.1632984565518007
],
"ocr": false,
"ocr_confidence": 1,
"text": "10.7% 10.7% "
},
{
"bbox": [
0.5713732170336174,
0.15547286632449128,
0.600721725309738,
0.1632984565518007
],
"ocr": false,
"ocr_confidence": 1,
"text": "9.0% 9.0% "
},
{
"bbox": [
0.6455702348188921,
0.15547286632449128,
0.6815247712311922,
0.1632984565518007
],
"ocr": false,
"ocr_confidence": 1,
"text": "13.3% 13.3% "
},
{
"bbox": [
0.7263732807403461,
0.15547286632449128,
0.7623278171526463,
0.1632984565518007
],
"ocr": false,
"ocr_confidence": 1,
"text": "15.2%15.2%"
},
{
"bbox": [
0.045656567069416495,
0.8407338558857447,
0.8831514814486006,
0.8504806242555919
],
"ocr": false,
"ocr_confidence": 1,
"text": "Average shareholders’ equity is (a) the sum of total shareholders’ equity at the beginning and end of each of the quarters for the period presented divided by Average shareholders’ equity is (a) the sum of total shareholders’ equity at the beginning and end of each of the quarters for the period presented divided by "
},
{
"bbox": [
0.04738047307589239,
0.8523617628624889,
0.38035824965146253,
0.8620361801265746
],
"ocr": false,
"ocr_confidence": 1,
"text": "(b) the number of quarters in the period presented times two. (b) the number of quarters in the period presented times two. "
},
{
"bbox": [
0.045656567069416495,
0.8756175768159773,
0.8953941679161406,
0.8853850155221707
],
"ocr": false,
"ocr_confidence": 1,
"text": "Adjusted shareholders’ equity is shareholders’ equity excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity, net realized Adjusted shareholders’ equity is shareholders’ equity excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity, net realized "
},
{
"bbox": [
0.04628956277763804,
0.8872454837927215,
0.9218304052898779,
0.8969922521625686
],
"ocr": false,
"ocr_confidence": 1,
"text": "investment gains (losses), net of tax, for the period presented and the effect of a change in tax laws and tax rates at enactment (excluding the portion related to net investment gains (losses), net of tax, for the period presented and the effect of a change in tax laws and tax rates at enactment (excluding the portion related to net "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "unrealized investment gains (losses)). Adjusted average shareholders’ equity is (a) the sum of adjusted shareholders’ equity at the beginning and end of each of the unrealized investment gains (losses)). Adjusted average shareholders’ equity is (a) the sum of adjusted shareholders’ equity at the beginning and end of each of the "
},
{
"bbox": [
0.04602020276515974,
0.9105012977462098,
0.6204888443352798,
0.9201757150102955
],
"ocr": false,
"ocr_confidence": 1,
"text": "quarters for the period presented divided by (b) the number of quarters in the period presented times two.quarters for the period presented divided by (b) the number of quarters in the period presented times two."
},
{
"bbox": [
0.046531985504458646,
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0.9379381378893098,
0.9435038849980948
],
"ocr": false,
"ocr_confidence": 1,
"text": "Return on equity is the ratio of (a) net income for the period presented to (b) average shareholders’ equity for the period presented. Core return on equity is the ratio Return on equity is the ratio of (a) net income for the period presented to (b) average shareholders’ equity for the period presented. Core return on equity is the ratio "
},
{
"bbox": [
0.04602020276515974,
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0.6615797871291035,
0.9551524623111853
],
"ocr": false,
"ocr_confidence": 1,
"text": "of (a) core income for the period presented to (b) adjusted average shareholders’ equity for the period presented. of (a) core income for the period presented to (b) adjusted average shareholders’ equity for the period presented. "
},
{
"bbox": [
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0.7705493760028672,
0.9783152523582912
],
"ocr": false,
"ocr_confidence": 1,
"text": "Definitions of other terms used in this Annual Report are included in the Definitions of other terms used in this Annual Report are included in the Glossary of Selected Insurance Terms Glossary of Selected Insurance Terms portion of the Form 10-K.portion of the Form 10-K."
},
{
"bbox": [
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0.6956615512218539,
0.6999832074463521
],
"ocr": false,
"ocr_confidence": 1,
"text": "As of December 31, As of December 31, "
},
{
"bbox": [
0.051030303492690575,
0.7114508971379401,
0.16313669737742004,
0.7215284204606246
],
"ocr": false,
"ocr_confidence": 1,
"text": "(Dollars in millions) (Dollars in millions) "
},
{
"bbox": [
0.39182219842467647,
0.7114457320181282,
0.4210494840988005,
0.7190271224778444
],
"ocr": false,
"ocr_confidence": 1,
"text": "2019 2019 "
},
{
"bbox": [
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0.7114224692647771,
0.4797464492746475,
0.71898061668534
],
"ocr": false,
"ocr_confidence": 1,
"text": "2018 2018 "
},
{
"bbox": [
0.5064131097761468,
0.7114224692647771,
0.5352313109118529,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2017 2017 "
},
{
"bbox": [
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0.7114224692647771,
0.5943525423505892,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2016 2016 "
},
{
"bbox": [
0.6259434247257734,
0.7114224692647771,
0.6545646487663089,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2015 2015 "
},
{
"bbox": [
0.686549485331834,
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0.7159585663766572,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2014 2014 "
},
{
"bbox": [
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0.7114224692647771,
0.7742161606297349,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2013 2013 "
},
{
"bbox": [
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0.8314889207833543,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2012 2012 "
},
{
"bbox": [
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0.8851404671717171,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2011 2011 "
},
{
"bbox": [
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0.9462919395780723,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "20102010"
},
{
"bbox": [
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0.7299108579177265,
0.7040118593158144,
0.741248059334373
],
"ocr": false,
"ocr_confidence": 1,
"text": "Reconciliation of invested assets to invested assets excluding net unrealized investment gains (losses) Reconciliation of invested assets to invested assets excluding net unrealized investment gains (losses) "
},
{
"bbox": [
0.050737374559396045,
0.7496123991579356,
0.13902373907943366,
0.7577635693611716
],
"ocr": false,
"ocr_confidence": 1,
"text": "Invested assets Invested assets "
},
{
"bbox": [
0.3726464473839962,
0.7491123879602714,
0.945979776607218,
0.7594844808258135
],
"ocr": false,
"ocr_confidence": 1,
"text": "$77,884 $77,884 $72,278 $72,278 $72,502 $72,502 $70,488 $70,488 $70,470 $70,470 $73,261 $73,261 $73,160 $73,160 $73,838 $73,838 $72,701 $72,701 $72,722 $72,722 "
},
{
"bbox": [
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0.3611007073912958,
0.7733914673482417
],
"ocr": false,
"ocr_confidence": 1,
"text": "Less: Net unrealized investment gains (losses), pre-tax Less: Net unrealized investment gains (losses), pre-tax "
},
{
"bbox": [
0.3880706684356587,
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0.42090401183876525,
0.7724030763295886
],
"ocr": false,
"ocr_confidence": 1,
"text": "2,853 2,853 "
},
{
"bbox": [
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0.7624495947391796,
0.48591916890256737,
0.7733100674257106
],
"ocr": false,
"ocr_confidence": 1,
"text": "(137) (137) "
},
{
"bbox": [
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0.7631821546135639,
0.5358585653080282,
0.7723333274979308
],
"ocr": false,
"ocr_confidence": 1,
"text": "1,414 1,414 "
},
{
"bbox": [
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0.7631123860677084,
0.59414642025726,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "1,112 1,112 "
},
{
"bbox": [
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0.7631007546910328,
0.6553888288812605,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "1,974 1,974 "
},
{
"bbox": [
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0.7631007546910328,
0.7154797383831808,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "3,008 3,008 "
},
{
"bbox": [
0.741722183998185,
0.7631007546910328,
0.7746009698219171,
0.7723333274979308
],
"ocr": false,
"ocr_confidence": 1,
"text": "2,030 2,030 "
},
{
"bbox": [
0.7986767187664404,
0.7631007546910328,
0.8296160970874106,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "4,761 4,761 "
},
{
"bbox": [
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0.7631007546910328,
0.8872222386626684,
0.7723333274979308
],
"ocr": false,
"ocr_confidence": 1,
"text": "4,399 4,399 "
},
{
"bbox": [
0.9134495796177925,
0.7631007546910328,
0.9460556081649831,
0.7723333274979308
],
"ocr": false,
"ocr_confidence": 1,
"text": "2,827 2,827 "
},
{
"bbox": [
0.0507979473280987,
0.7819147233199087,
0.28638581555299086,
0.7927751960064398
],
"ocr": false,
"ocr_confidence": 1,
"text": "Invested assets excluding net unrealized Invested assets excluding net unrealized "
},
{
"bbox": [
0.062494913736979164,
0.7947519386153504,
0.21446314082803952,
0.8056938112244125
],
"ocr": false,
"ocr_confidence": 1,
"text": "investment gains (losses) investment gains (losses) "
},
{
"bbox": [
0.37270702015269885,
0.7943333273402172,
0.9458888403895728,
0.8047054202057594
],
"ocr": false,
"ocr_confidence": 1,
"text": "$75,031 $75,031 $72,415 $72,415 $71,088 $71,088 $69,376 $69,376 $68,496 $68,496 $70,253 $70,253 $71,130 $71,130 $69,077 $69,077 $68,302 $68,302 $69,895$69,895"
},
{
"bbox": [
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0.0469413333468967,
0.8187583903625646
],
"ocr": false,
"ocr_confidence": 1,
"text": "11"
},
{
"bbox": [
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0.8150064631025921,
0.2522343593815762,
0.824680870509579
],
"ocr": false,
"ocr_confidence": 1,
"text": "Tax Cuts and Jobs Act of 2017 (TCJA)Tax Cuts and Jobs Act of 2017 (TCJA)"
},
{
"bbox": [
0.5804848719124842,
0.1905929999142038,
0.6983636412957702,
0.20049993628371285
],
"ocr": false,
"ocr_confidence": 1,
"text": "As of December 31, As of December 31, "
},
{
"bbox": [
0.046989900094491464,
0.21196768511789404,
0.31353130404796664,
0.22204518872638082
],
"ocr": false,
"ocr_confidence": 1,
"text": "(Dollars in millions, except per share amounts) (Dollars in millions, except per share amounts) "
},
{
"bbox": [
0.3877774119778514,
0.2119624805696867,
0.4170046976519755,
0.2195438513152051
],
"ocr": false,
"ocr_confidence": 1,
"text": "2019 2019 "
},
{
"bbox": [
0.4468077071989425,
0.2119392178163356,
0.47570163713962543,
0.2194973258085029
],
"ocr": false,
"ocr_confidence": 1,
"text": "2018 2018 "
},
{
"bbox": [
0.5023682976411248,
0.2119392178163356,
0.5311864987768308,
0.21948573386022288
],
"ocr": false,
"ocr_confidence": 1,
"text": "2017 2017 "
},
{
"bbox": [
0.5612925519846906,
0.2119392178163356,
0.590307678839173,
0.2194973258085029
],
"ocr": false,
"ocr_confidence": 1,
"text": "2016 2016 "
},
{
"bbox": [
0.6218986125907513,
0.2119392178163356,
0.6505198366312869,
0.2194973258085029
],
"ocr": false,
"ocr_confidence": 1,
"text": "2015 2015 "
},
{
"bbox": [
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0.2119392178163356,
0.711913754241635,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2014 2014 "
},
{
"bbox": [
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0.2119392178163356,
0.7701713484947128,
0.2194973258085029
],
"ocr": false,
"ocr_confidence": 1,
"text": "2013 2013 "
},
{
"bbox": [
0.7986713756214489,
0.2119392178163356,
0.8274441086483323,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2012 2012 "
},
{
"bbox": [
0.854231966063631,
0.2119392178163356,
0.8810956036603009,
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],
"ocr": false,
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"text": "2011 2011 "
},
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"text": "20102010"
},
{
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"text": "Calculation of book value per share and adjusted book value per share Calculation of book value per share and adjusted book value per share "
},
{
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0.17839242954446813,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "Shareholders’ equity Shareholders’ equity "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "$25,943 $25,943 $22,894 $22,894 $23,731 $23,731 $23,221 $23,221 "
},
{
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"text": "$23,598 $23,598 $24,836 $24,836 $24,796 $24,796 $25,405 $25,405 $24,477 $24,477 $25,475 $25,475 "
},
{
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"ocr": false,
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"text": "Less: Net unrealized investment gains (losses), Less: Net unrealized investment gains (losses), "
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "net of tax, included in shareholders’ equity net of tax, included in shareholders’ equity "
},
{
"bbox": [
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"ocr": false,
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"text": "2,246 2,246 "
},
{
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"ocr": false,
"ocr_confidence": 1,
"text": "(113) (113) "
},
{
"bbox": [
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"ocr": false,
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"text": "1,112 1,112 "
},
{
"bbox": [
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0.5904242005011048,
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],
"ocr": false,
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"text": "730 730 "
},
{
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0.277828088410449,
0.6508484400482691,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "1,289 1,289 "
},
{
"bbox": [
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0.7115605929082491,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "1,966 1,966 "
},
{
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0.770242402047822,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "1,322 1,322 "
},
{
"bbox": [
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0.8274544866799506,
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],
"ocr": false,
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"text": "3,103 3,103 "
},
{
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2,871 2,871 "
},
{
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0.942106099241109,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "1,859 1,859 "
},
{
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0.1716651145857994,
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"ocr": false,
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"text": "Less: Preferred stock Less: Preferred stock "
},
{
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0.2948746397821786,
0.41719694811888414,
0.2959095563075339
],
"ocr": false,
"ocr_confidence": 1,
"text": "– – "
},
{
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0.29509559651061856,
0.4760453965928819,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "– – "
},
{
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0.29509559651061856,
0.5316059870350642,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "– – "
},
{
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0.29509559651061856,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "– – "
},
{
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0.29509559651061856,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "– – "
},
{
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0.29509559651061856,
0.7117423625907513,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "– – "
},
{
"bbox": [
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0.29509559651061856,
0.7706666169343172,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "– – "
},
{
"bbox": [
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0.29509559651061856,
0.8279090136389942,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "– – "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "– – "
},
{
"bbox": [
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],
"ocr": false,
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"text": "68 68 "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "Shareholders’ equity, excluding net unrealized Shareholders’ equity, excluding net unrealized "
},
{
"bbox": [
0.05830297887525976,
0.3221537272135417,
0.3537726610999316,
0.33349096805858364
],
"ocr": false,
"ocr_confidence": 1,
"text": "investment gains (losses), net of tax, included investment gains (losses), net of tax, included "
},
{
"bbox": [
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0.3351453787549979,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "in shareholders’ equity and preferred stock in shareholders’ equity and preferred stock "
},
{
"bbox": [
0.36869691277192496,
0.3348978520671835,
0.5882575038306239,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "$23,697 $23,697 $23,007 $23,007 $22,619 $22,619 $22,491 $22,491 "
},
{
"bbox": [
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0.3348978520671835,
0.9421514132207491,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "$22,309 $22,309 $22,870 $22,870 $23,474 $23,474 $22,302 $22,302 $21,606 $21,606 $23,548 $23,548 "
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "Common shares outstanding Common shares outstanding "
},
{
"bbox": [
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0.4168787227335201,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "255.5 255.5 "
},
{
"bbox": [
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0.3553513716665657,
0.474272654112742,
0.36290951908712854
],
"ocr": false,
"ocr_confidence": 1,
"text": "263.6 263.6 "
},
{
"bbox": [
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0.35536300304324125,
0.5319090050077598,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "271.4 271.4 "
},
{
"bbox": [
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0.3553513716665657,
0.5904393051609849,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "279.6 279.6 "
},
{
"bbox": [
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0.3553513716665657,
0.6509393248895202,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "295.9 295.9 "
},
{
"bbox": [
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0.3553513716665657,
0.7114090325455071,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "322.2 322.2 "
},
{
"bbox": [
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0.3553513716665657,
0.7701817779027251,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "353.5 353.5 "
},
{
"bbox": [
0.7951968928378841,
0.3553513716665657,
0.8282120316116898,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "377.4 377.4 "
},
{
"bbox": [
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0.3553513716665657,
0.8849392772122264,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "392.8 392.8 "
},
{
"bbox": [
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0.3553513716665657,
0.9406212186973906,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "434.6 434.6 "
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "Book value per share Book value per share "
},
{
"bbox": [
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0.37237462085654877,
0.41690900911787143,
0.3822815966544533
],
"ocr": false,
"ocr_confidence": 1,
"text": "$101.55 $101.55 "
},
{
"bbox": [
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0.37237462085654877,
0.4763786752617319,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "$86.84 $86.84 "
},
{
"bbox": [
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0.37237462085654877,
0.5315453115135732,
0.3822815966544533
],
"ocr": false,
"ocr_confidence": 1,
"text": "$87.46 $87.46 "
},
{
"bbox": [
0.5499999177977694,
0.37237462085654877,
0.5900756630431924,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "$83.05 $83.05 "
},
{
"bbox": [
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0.37237462085654877,
0.6506817236492529,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "$79.75 $79.75 "
},
{
"bbox": [
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0.37237462085654877,
0.7115604901554609,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "$77.08 $77.08 "
},
{
"bbox": [
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0.37237462085654877,
0.7702120385988794,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "$70.15 $70.15 "
},
{
"bbox": [
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0.37237462085654877,
0.8256968488596906,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "$67.31 $67.31 "
},
{
"bbox": [
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0.37237462085654877,
0.8831665861084806,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "$62.32 $62.32 "
},
{
"bbox": [
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0.37237462085654877,
0.9421363085608692,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "$58.47 $58.47 "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "Adjusted book value per share Adjusted book value per share "
},
{
"bbox": [
0.38406050967849065,
0.3863746189639858,
0.41724231347491847,
0.39396766051457527
],
"ocr": false,
"ocr_confidence": 1,
"text": "92.76 92.76 "
},
{
"bbox": [
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0.38636298758731025,
0.47581810742516306,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "87.27 87.27 "
},
{
"bbox": [
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0.38636298758731025,
0.5315756235861216,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "83.36 83.36 "
},
{
"bbox": [
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0.38636298758731025,
0.5908938321200284,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "80.44 80.44 "
},
{
"bbox": [
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0.38636298758731025,
0.6509998976582229,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "75.39 75.39 "
},
{
"bbox": [
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0.38636298758731025,
0.7115908022280093,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "70.98 70.98 "
},
{
"bbox": [
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0.38636298758731025,
0.7684847128511679,
0.39392113500787307
],
"ocr": false,
"ocr_confidence": 1,
"text": "66.41 66.41 "
},
{
"bbox": [
0.795287777679135,
0.38636298758731025,
0.8277726093125263,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "59.09 59.09 "
},
{
"bbox": [
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0.38636298758731025,
0.8812877513744213,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "55.01 55.01 "
},
{
"bbox": [
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0.38636298758731025,
0.9422574540982744,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "54.1954.19"
},
{
"bbox": [
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0.7365252048479588,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "For the year ended December 31,For the year ended December 31,"
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "(Dollars in millions, after-tax) (Dollars in millions, after-tax) "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2019 2019 "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2018 2018 "
},
{
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2017 2017 "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2016 \r\nd\r\n2016 "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2015 \r\nf\r\n2015 "
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "2014 2014 "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2013 2013 "
},
{
"bbox": [
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"ocr": false,
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"text": "2012 2012 "
},
{
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],
"ocr": false,
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"text": "2011 2011 "
},
{
"bbox": [
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],
"ocr": false,
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"text": "20102010"
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "Reconciliation of after-tax underwriting gain (excluding the impact of catastrophes and net favorable (unfavorable) prior year reserve \r\nuse pdf\r\nReconciliation of after-tax underwriting gain (excluding the impact of catastrophes and net favorable (unfavorable) prior year reserve "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "development) to net incomedevelopment) to net income"
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "Underwriting gain excluding the impact of catastrophes\r\nu\r\nUnderwriting gain excluding the impact of catastrophes"
},
{
"bbox": [
0.057949046895961566,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "and net favorable (unfavorable) prior year reserve and net favorable (unfavorable) prior year reserve "
},
{
"bbox": [
0.05808541269013376,
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0.31852313725635256,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "development (underlying underwriting gain) development (underlying underwriting gain) "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "$ 1,400 $ 1,400 "
},
{
"bbox": [
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"text": "Other, including interest expense Other, including interest expense "
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"text": "(229)(229)"
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"text": "2,537 2,537 "
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"text": "3,641 3,641 "
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"text": "3,567 3,567 "
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"text": "2,441 2,441 "
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"text": "142 142 "
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"text": "Impact of TCJAImpact of TCJA"
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"text": "11"
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"text": "at enactment at enactment "
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"text": "(129) (129) "
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0.6527752149320696
],
"ocr": false,
"ocr_confidence": 1,
"text": "– – "
},
{
"bbox": [
0.7647791390467171,
0.6522054351885498,
0.770597310178609,
0.6527752149320696
],
"ocr": false,
"ocr_confidence": 1,
"text": "– – "
},
{
"bbox": [
0.8220215871277883,
0.6522054351885498,
0.8278397582596801,
0.6527752149320696
],
"ocr": false,
"ocr_confidence": 1,
"text": "– – "
},
{
"bbox": [
0.8792639324560712,
0.6522054351885498,
0.8850821035879629,
0.6527752149320696
],
"ocr": false,
"ocr_confidence": 1,
"text": "– – "
},
{
"bbox": [
0.9348094182383733,
0.6522054351885498,
0.9406275893702651,
0.6527752149320696
],
"ocr": false,
"ocr_confidence": 1,
"text": "––"
},
{
"bbox": [
0.04667306187176945,
0.6644728707404716,
0.11467306220571602,
0.6722287121361232
],
"ocr": false,
"ocr_confidence": 1,
"text": "Net income Net income "
},
{
"bbox": [
0.3727336588130655,
0.6635775307352229,
0.41685488408663457,
0.673949623600765
],
"ocr": false,
"ocr_confidence": 1,
"text": "$ 2,622 $ 2,622 "
},
{
"bbox": [
0.43368823118884153,
0.6635775307352229,
0.47388517334806396,
0.6738798747691073
],
"ocr": false,
"ocr_confidence": 1,
"text": "$2,523 $2,523 "
},
{
"bbox": [
0.49093062789351855,
0.6635775307352229,
0.5314003273292824,
0.6738798747691073
],
"ocr": false,
"ocr_confidence": 1,
"text": "$2,056 $2,056 "
},
{
"bbox": [
0.5498397262008102,
0.6635775307352229,
0.5907033284505209,
0.6738798747691073
],
"ocr": false,
"ocr_confidence": 1,
"text": "$3,014 $3,014 "
},
{
"bbox": [
0.6104457868068708,
0.6635775307352229,
0.6508093939887153,
0.6738798747691073
],
"ocr": false,
"ocr_confidence": 1,
"text": "$3,439 $3,439 "
},
{
"bbox": [
0.6710518474129314,
0.6635775307352229,
0.7112791016447022,
0.6738798747691073
],
"ocr": false,
"ocr_confidence": 1,
"text": "$3,692 $3,692 "
},
{
"bbox": [
0.7299761531328914,
0.6635775307352229,
0.7701730952921139,
0.6738798747691073
],
"ocr": false,
"ocr_confidence": 1,
"text": "$3,673 $3,673 "
},
{
"bbox": [
0.7872184984611742,
0.6635775307352229,
0.8274154406203966,
0.6738798747691073
],
"ocr": false,
"ocr_confidence": 1,
"text": "$2,473 $2,473 "
},
{
"bbox": [
0.8444609465422453,
0.6635775307352229,
0.8849306459780093,
0.6738798747691073
],
"ocr": false,
"ocr_confidence": 1,
"text": "$1,426 $1,426 "
},
{
"bbox": [
0.9000064323245476,
0.6635775307352229,
0.9404761317603114,
0.6738798747691073
],
"ocr": false,
"ocr_confidence": 1,
"text": "$3,216$3,216"
},
{
"bbox": [
0.3455585775150595,
0.4479068489961846,
0.6578818170309869,
0.5188371130970405
],
"ocr": false,
"ocr_confidence": 1,
"text": "2019 2018 2017 2016 2015 \r\ncluding the impact of catastrophes and net favorable \r\nophes\r\nve \r\nuse pdf\r\n2019 2018 2017 2016 2015 \r\ncluding the impact of catastrophes and net favorable \r\nophes\r\nve "
},
{
"bbox": [
0.48607067788891517,
0.023255813953488372,
0.6860251892295349,
0.03399997287326389
],
"ocr": false,
"ocr_confidence": 1,
"text": "For the year ended December 31,\r\nFor the year ended December 31,"
},
{
"bbox": [
0.046989900094491464,
0.0432338665314115,
0.21520266548953074,
0.053311370139898256
],
"ocr": false,
"ocr_confidence": 1,
"text": "(Dollars in millions, after-tax) (Dollars in millions, after-tax) "
},
{
"bbox": [
0.409661110001381,
0.04322866198320414,
0.438888395675505,
0.050810032728722546
],
"ocr": false,
"ocr_confidence": 1,
"text": "2019 2019 "
},
{
"bbox": [
0.49058537852483164,
0.04320539922985304,
0.5194793084655145,
0.050763507222020346
],
"ocr": false,
"ocr_confidence": 1,
"text": "2018 2018 "
},
{
"bbox": [
0.5713883730698917,
0.04320539922985304,
0.6002065742055976,
0.05075191527374031
],
"ocr": false,
"ocr_confidence": 1,
"text": "2017 2017 "
},
{
"bbox": [
0.6521914189913457,
0.04320539922985304,
0.6812065972222222,
0.050763507222020346
],
"ocr": false,
"ocr_confidence": 1,
"text": "2016 2016 "
},
{
"bbox": [
0.7313277633101852,
0.04320539922985304,
0.7599489873507207,
0.050763507222020346
],
"ocr": false,
"ocr_confidence": 1,
"text": "20152015"
},
{
"bbox": [
0.04610049122511738,
0.05932167703791182,
0.41014153066307607,
0.07004257320433624
],
"ocr": false,
"ocr_confidence": 1,
"text": "Calculation of return on equity and core return on equityCalculation of return on equity and core return on equity"
},
{
"bbox": [
0.04655503745030875,
0.07621705994125484,
0.11899291786681923,
0.08436817100189761
],
"ocr": false,
"ocr_confidence": 1,
"text": "Net income Net income "
},
{
"bbox": [
0.3911611126729535,
0.07571702902939277,
0.4387368866891572,
0.08608914160913275
],
"ocr": false,
"ocr_confidence": 1,
"text": "$ 2,622 $ 2,622 "
},
{
"bbox": [
0.4722217084582807,
0.07571702902939277,
0.5193277481027725,
0.08601935334907945
],
"ocr": false,
"ocr_confidence": 1,
"text": "$ 2,523 $ 2,523 "
},
{
"bbox": [
0.5530247543797349,
0.07571702902939277,
0.6004034999243739,
0.08601935334907945
],
"ocr": false,
"ocr_confidence": 1,
"text": "$ 2,056 $ 2,056 "
},
{
"bbox": [
0.633827800301189,
0.07571702902939277,
0.681600500036169,
0.08601935334907945
],
"ocr": false,
"ocr_confidence": 1,
"text": "$ 3,014 $ 3,014 "
},
{
"bbox": [
0.7146307948462489,
0.07571702902939277,
0.7619034995133628,
0.08601935334907945
],
"ocr": false,
"ocr_confidence": 1,
"text": "$ 3,439$ 3,439"
},
{
"bbox": [
0.04569140026465008,
0.08913561601663436,
0.2179929174558081,
0.09999608870316537
],
"ocr": false,
"ocr_confidence": 1,
"text": "Average shareholders’ equity Average shareholders’ equity "
},
{
"bbox": [
0.3904944268942682,
0.08863558510477229,
0.43873683531276303,
0.09900769768451227
],
"ocr": false,
"ocr_confidence": 1,
"text": "$24,922 $24,922 "
},
{
"bbox": [
0.4715702044040667,
0.08863558510477229,
0.5193429041390467,
0.09893790942445897
],
"ocr": false,
"ocr_confidence": 1,
"text": "$22,843 $22,843 "
},
{
"bbox": [
0.5523732503255209,
0.08863558510477229,
0.5982671667028356,
0.09893790942445897
],
"ocr": false,
"ocr_confidence": 1,
"text": "$23,671 $23,671 "
},
{
"bbox": [
0.6331762448705808,
0.08863558510477229,
0.6809792566781092,
0.09893790942445897
],
"ocr": false,
"ocr_confidence": 1,
"text": "$24,182 $24,182 "
},
{
"bbox": [
0.7139792907920349,
0.08863558510477229,
0.7624186506175031,
0.09893790942445897
],
"ocr": false,
"ocr_confidence": 1,
"text": "$24,304$24,304"
},
{
"bbox": [
0.046570180642484416,
0.10722867586199936,
0.15300956237998475,
0.11784492906673934
],
"ocr": false,
"ocr_confidence": 1,
"text": "Return on equity Return on equity "
},
{
"bbox": [
0.4022065236512258,
0.10767051046208818,
0.4391762062355324,
0.11549610068939761
],
"ocr": false,
"ocr_confidence": 1,
"text": "10.5% 10.5% "
},
{
"bbox": [
0.4840247671210806,
0.10767051046208818,
0.5199793035333807,
0.11549610068939761
],
"ocr": false,
"ocr_confidence": 1,
"text": "11.0% 11.0% "
},
{
"bbox": [
0.5715247260199653,
0.10767051046208818,
0.6007822980784406,
0.11549610068939761
],
"ocr": false,
"ocr_confidence": 1,
"text": "8.7% 8.7% "
},
{
"bbox": [
0.6456308075875947,
0.10767051046208818,
0.6815853439998948,
0.11549610068939761
],
"ocr": false,
"ocr_confidence": 1,
"text": "12.5% 12.5% "
},
{
"bbox": [
0.7264338535090489,
0.10767051046208818,
0.7623883899213489,
0.11549610068939761
],
"ocr": false,
"ocr_confidence": 1,
"text": "14.2%14.2%"
},
{
"bbox": [
0.04611569863778574,
0.12532173570736435,
0.12618994150900278,
0.1334728467680071
],
"ocr": false,
"ocr_confidence": 1,
"text": "Core income Core income "
},
{
"bbox": [
0.39117632008562186,
0.12482170479550227,
0.438873291015625,
0.13519381737524225
],
"ocr": false,
"ocr_confidence": 1,
"text": "$ 2,537 $ 2,537 "
},
{
"bbox": [
0.47223691587094907,
0.12482170479550227,
0.5196914415969591,
0.13512402911518895
],
"ocr": false,
"ocr_confidence": 1,
"text": "$ 2,430 $ 2,430 "
},
{
"bbox": [
0.5530399617924032,
0.12482170479550227,
0.600146001436895,
0.13512402911518895
],
"ocr": false,
"ocr_confidence": 1,
"text": "$ 2,043 $ 2,043 "
},
{
"bbox": [
0.6338430077138574,
0.12482170479550227,
0.6810248275397202,
0.13512402911518895
],
"ocr": false,
"ocr_confidence": 1,
"text": "$ 2,967 $ 2,967 "
},
{
"bbox": [
0.7146460536353114,
0.12482170479550227,
0.7618278734611742,
0.13512402911518895
],
"ocr": false,
"ocr_confidence": 1,
"text": "$ 3,437$ 3,437"
},
{
"bbox": [
0.04570665905371258,
0.13824029178274386,
0.2697065719450363,
0.14912402722262597
],
"ocr": false,
"ocr_confidence": 1,
"text": "Adjusted average shareholders’ equity Adjusted average shareholders’ equity "
},
{
"bbox": [
0.3905096856833307,
0.1377402608708818,
0.4386612092605745,
0.14811237345062178
],
"ocr": false,
"ocr_confidence": 1,
"text": "$23,335 $23,335 "
},
{
"bbox": [
0.471570307156855,
0.1377402608708818,
0.5200096669823232,
0.14804258519056848
],
"ocr": false,
"ocr_confidence": 1,
"text": "$22,814 $22,814 "
},
{
"bbox": [
0.5523733530783091,
0.1377402608708818,
0.6001460528132891,
0.14804258519056848
],
"ocr": false,
"ocr_confidence": 1,
"text": "$22,743 $22,743 "
},
{
"bbox": [
0.6331763989997633,
0.1377402608708818,
0.6812218046348906,
0.14804258519056848
],
"ocr": false,
"ocr_confidence": 1,
"text": "$22,386 $22,386 "
},
{
"bbox": [
0.7139793935448232,
0.1377402608708818,
0.7598733099221381,
0.14804258519056848
],
"ocr": false,
"ocr_confidence": 1,
"text": "$22,681$22,681"
},
{
"bbox": [
0.04611575001417988,
0.15503103172440247,
0.1842975680675571,
0.16564728492914244
],
"ocr": false,
"ocr_confidence": 1,
"text": "Core return on equity Core return on equity "
},
{
"bbox": [
0.4022066264040141,
0.15547286632449128,
0.4391763089883207,
0.1632984565518007
],
"ocr": false,
"ocr_confidence": 1,
"text": "10.9% 10.9% "
},
{
"bbox": [
0.4840248698738689,
0.15547286632449128,
0.519979406286169,
0.1632984565518007
],
"ocr": false,
"ocr_confidence": 1,
"text": "10.7% 10.7% "
},
{
"bbox": [
0.5714339439315025,
0.15547286632449128,
0.600782452207623,
0.1632984565518007
],
"ocr": false,
"ocr_confidence": 1,
"text": "9.0% 9.0% "
},
{
"bbox": [
0.645630910340383,
0.15547286632449128,
0.6815854467526831,
0.1632984565518007
],
"ocr": false,
"ocr_confidence": 1,
"text": "13.3% 13.3% "
},
{
"bbox": [
0.7264339562618372,
0.15547286632449128,
0.7623884926741372,
0.1632984565518007
],
"ocr": false,
"ocr_confidence": 1,
"text": "15.2%15.2%"
},
{
"bbox": [
0.045656567069416495,
0.8407338558857447,
0.8831488098761048,
0.8504806242555919
],
"ocr": false,
"ocr_confidence": 1,
"text": "Average shareholders’ equity is (a) the sum of total shareholders’ equity at the beginning and end of each of the quarters for the period presented divided by Average shareholders’ equity is (a) the sum of total shareholders’ equity at the beginning and end of each of the quarters for the period presented divided by "
},
{
"bbox": [
0.04738047307589239,
0.8523617628624889,
0.38035824965146253,
0.8620361801265746
],
"ocr": false,
"ocr_confidence": 1,
"text": "(b) the number of quarters in the period presented times two. (b) the number of quarters in the period presented times two. "
},
{
"bbox": [
0.045656567069416495,
0.8756175768159773,
0.8953914963436448,
0.8853850155221707
],
"ocr": false,
"ocr_confidence": 1,
"text": "Adjusted shareholders’ equity is shareholders’ equity excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity, net realized Adjusted shareholders’ equity is shareholders’ equity excluding net unrealized investment gains (losses), net of tax, included in shareholders’ equity, net realized "
},
{
"bbox": [
0.04628956277763804,
0.8872454837927215,
0.9218304052898779,
0.8969922521625686
],
"ocr": false,
"ocr_confidence": 1,
"text": "investment gains (losses), net of tax, for the period presented and the effect of a change in tax laws and tax rates at enactment (excluding the portion related to net investment gains (losses), net of tax, for the period presented and the effect of a change in tax laws and tax rates at enactment (excluding the portion related to net "
},
{
"bbox": [
0.04637037142358645,
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0.9200851491806081,
0.9086408294756592
],
"ocr": false,
"ocr_confidence": 1,
"text": "unrealized investment gains (losses)). Adjusted average shareholders’ equity is (a) the sum of adjusted shareholders’ equity at the beginning and end of each of the unrealized investment gains (losses)). Adjusted average shareholders’ equity is (a) the sum of adjusted shareholders’ equity at the beginning and end of each of the "
},
{
"bbox": [
0.04602020276515974,
0.9105012977462098,
0.6204888443352798,
0.9201757150102955
],
"ocr": false,
"ocr_confidence": 1,
"text": "quarters for the period presented divided by (b) the number of quarters in the period presented times two.quarters for the period presented divided by (b) the number of quarters in the period presented times two."
},
{
"bbox": [
0.046531985504458646,
0.9337571116996982,
0.9379381378893098,
0.9435038849980948
],
"ocr": false,
"ocr_confidence": 1,
"text": "Return on equity is the ratio of (a) net income for the period presented to (b) average shareholders’ equity for the period presented. Core return on equity is the ratio Return on equity is the ratio of (a) net income for the period presented to (b) average shareholders’ equity for the period presented. Core return on equity is the ratio "
},
{
"bbox": [
0.04602020276515974,
0.9453850186764424,
0.6615797871291035,
0.9551524623111853
],
"ocr": false,
"ocr_confidence": 1,
"text": "of (a) core income for the period presented to (b) adjusted average shareholders’ equity for the period presented. of (a) core income for the period presented to (b) adjusted average shareholders’ equity for the period presented. "
},
{
"bbox": [
0.046531985504458646,
0.9686408326299307,
0.7705493760028672,
0.9783152523582912
],
"ocr": false,
"ocr_confidence": 1,
"text": "Definitions of other terms used in this Annual Report are included in the Definitions of other terms used in this Annual Report are included in the Glossary of Selected Insurance Terms Glossary of Selected Insurance Terms portion of the Form 10-K.portion of the Form 10-K."
},
{
"bbox": [
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0.6956615512218539,
0.6999832074463521
],
"ocr": false,
"ocr_confidence": 1,
"text": "As of December 31, As of December 31, "
},
{
"bbox": [
0.051030303492690575,
0.7114508971379401,
0.16313669737742004,
0.7215284204606246
],
"ocr": false,
"ocr_confidence": 1,
"text": "(Dollars in millions) (Dollars in millions) "
},
{
"bbox": [
0.39182219842467647,
0.7114457320181282,
0.4210494840988005,
0.7190271224778444
],
"ocr": false,
"ocr_confidence": 1,
"text": "2019 2019 "
},
{
"bbox": [
0.45085251933396464,
0.7114224692647771,
0.4797464492746475,
0.71898061668534
],
"ocr": false,
"ocr_confidence": 1,
"text": "2018 2018 "
},
{
"bbox": [
0.5064131097761468,
0.7114224692647771,
0.5352313109118529,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2017 2017 "
},
{
"bbox": [
0.5653373641197128,
0.7114224692647771,
0.5943525423505892,
0.71898061668534
],
"ocr": false,
"ocr_confidence": 1,
"text": "2016 2016 "
},
{
"bbox": [
0.6259433733493792,
0.7114224692647771,
0.6545645973899148,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2015 2015 "
},
{
"bbox": [
0.6865494339554398,
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0.7159585150002631,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2014 2014 "
},
{
"bbox": [
0.7454736882990057,
0.7114224692647771,
0.7742161092533407,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2013 2013 "
},
{
"bbox": [
0.8027161363800768,
0.7114224692647771,
0.8314888694069602,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2012 2012 "
},
{
"bbox": [
0.8582767268222591,
0.7114224692647771,
0.8851403644189288,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2011 2011 "
},
{
"bbox": [
0.9172010839186132,
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0.9462919395780723,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "20102010"
},
{
"bbox": [
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0.7039813931140836,
0.741248059334373
],
"ocr": false,
"ocr_confidence": 1,
"text": "Reconciliation of invested assets to invested assets excluding net unrealized investment gains (losses) Reconciliation of invested assets to invested assets excluding net unrealized investment gains (losses) "
},
{
"bbox": [
0.050737374559396045,
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"ocr": false,
"ocr_confidence": 1,
"text": "Invested assets Invested assets "
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "$77,884 $77,884 $72,278 $72,278 $72,502 $72,502 $70,488 $70,488 $70,470 $70,470 $73,261 $73,261 $73,160 $73,160 $73,838 $73,838 $72,701 $72,701 $72,722 $72,722 "
},
{
"bbox": [
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],
"ocr": false,
"ocr_confidence": 1,
"text": "Less: Net unrealized investment gains (losses), pre-tax Less: Net unrealized investment gains (losses), pre-tax "
},
{
"bbox": [
0.38804033067491317,
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0.4208736740780198,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2,853 2,853 "
},
{
"bbox": [
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0.7624495947391796,
0.4858888568300189,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "(137) (137) "
},
{
"bbox": [
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0.7631821546135639,
0.5358282018590856,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "1,414 1,414 "
},
{
"bbox": [
0.5624494456281566,
0.7631123860677084,
0.5941161081847117,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "1,112 1,112 "
},
{
"bbox": [
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0.7631007546910328,
0.6553585168087122,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "1,974 1,974 "
},
{
"bbox": [
0.6829494386409669,
0.7631007546910328,
0.7154494263106324,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "3,008 3,008 "
},
{
"bbox": [
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0.7631007546910328,
0.7745706063729746,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2,030 2,030 "
},
{
"bbox": [
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0.7631007546910328,
0.8295857850148621,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "4,761 4,761 "
},
{
"bbox": [
0.8542069971360743,
0.7631007546910328,
0.8871918238373316,
0.7723333274979308
],
"ocr": false,
"ocr_confidence": 1,
"text": "4,399 4,399 "
},
{
"bbox": [
0.9134191647924558,
0.7631007546910328,
0.9460251933396465,
0.7723333274979308
],
"ocr": false,
"ocr_confidence": 1,
"text": "2,827 2,827 "
},
{
"bbox": [
0.050737258962509205,
0.7819147233199087,
0.2863251400314999,
0.7927751960064398
],
"ocr": false,
"ocr_confidence": 1,
"text": "Invested assets excluding net unrealized Invested assets excluding net unrealized "
},
{
"bbox": [
0.06243422537138968,
0.7947519386153504,
0.2144009368588226,
0.8056938112244125
],
"ocr": false,
"ocr_confidence": 1,
"text": "investment gains (losses) investment gains (losses) "
},
{
"bbox": [
0.37264634463120794,
0.7943333273402172,
0.945828216244476,
0.8047054202057594
],
"ocr": false,
"ocr_confidence": 1,
"text": "$75,031 $75,031 $72,415 $72,415 $71,088 $71,088 $69,376 $69,376 $68,496 $68,496 $70,253 $70,253 $71,130 $71,130 $69,077 $69,077 $68,302 $68,302 $69,895$69,895"
},
{
"bbox": [
0.04526103626598011,
0.8149560933273275,
0.0469413333468967,
0.8187583903625646
],
"ocr": false,
"ocr_confidence": 1,
"text": "11"
},
{
"bbox": [
0.048680138507676045,
0.8150064631025921,
0.2522343593815762,
0.824680870509579
],
"ocr": false,
"ocr_confidence": 1,
"text": "Tax Cuts and Jobs Act of 2017 (TCJA)Tax Cuts and Jobs Act of 2017 (TCJA)"
},
{
"bbox": [
0.5804848719124842,
0.1905929999142038,
0.6983636412957702,
0.20049993628371285
],
"ocr": false,
"ocr_confidence": 1,
"text": "As of December 31, As of December 31, "
},
{
"bbox": [
0.046989900094491464,
0.21196768511789404,
0.31353130404796664,
0.22204518872638082
],
"ocr": false,
"ocr_confidence": 1,
"text": "(Dollars in millions, except per share amounts) (Dollars in millions, except per share amounts) "
},
{
"bbox": [
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0.2119624805696867,
0.4170046976519755,
0.2195438513152051
],
"ocr": false,
"ocr_confidence": 1,
"text": "2019 2019 "
},
{
"bbox": [
0.4468077071989425,
0.2119392178163356,
0.47570163713962543,
0.2194973258085029
],
"ocr": false,
"ocr_confidence": 1,
"text": "2018 2018 "
},
{
"bbox": [
0.5023682976411248,
0.2119392178163356,
0.5311864987768308,
0.21948573386022288
],
"ocr": false,
"ocr_confidence": 1,
"text": "2017 2017 "
},
{
"bbox": [
0.5612925519846906,
0.2119392178163356,
0.590307678839173,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2016 2016 "
},
{
"bbox": [
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0.2119392178163356,
0.6505198366312869,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2015 2015 "
},
{
"bbox": [
0.6825046731968119,
0.2119392178163356,
0.711913754241635,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2014 2014 "
},
{
"bbox": [
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0.2119392178163356,
0.7701713484947128,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2013 2013 "
},
{
"bbox": [
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0.8274441086483323,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2012 2012 "
},
{
"bbox": [
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0.8810956036603009,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "2011 2011 "
},
{
"bbox": [
0.9131563231599853,
0.2119392178163356,
0.9422471788194444,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "20102010"
},
{
"bbox": [
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0.4944366557830913,
0.2415787255733204
],
"ocr": false,
"ocr_confidence": 1,
"text": "Calculation of book value per share and adjusted book value per share Calculation of book value per share and adjusted book value per share "
},
{
"bbox": [
0.04595454694446088,
0.25142115708777457,
0.17839242954446813,
0.26203741029251454
],
"ocr": false,
"ocr_confidence": 1,
"text": "Shareholders’ equity Shareholders’ equity "
},
{
"bbox": [
0.368606053618871,
0.25092112617591245,
0.5881666703657671,
0.26129323875565247
],
"ocr": false,
"ocr_confidence": 1,
"text": "$25,943 $25,943 $22,894 $22,894 $23,731 $23,731 $23,221 $23,221 "
},
{
"bbox": [
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0.25092112617591245,
0.9417878738557449,
0.26122345049559914
],
"ocr": false,
"ocr_confidence": 1,
"text": "$23,598 $23,598 $24,836 $24,836 $24,796 $24,796 $25,405 $25,405 $24,477 $24,477 $25,475 $25,475 "
},
{
"bbox": [
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0.326949919113005,
0.27520026470647607
],
"ocr": false,
"ocr_confidence": 1,
"text": "Less: Net unrealized investment gains (losses), Less: Net unrealized investment gains (losses), "
},
{
"bbox": [
0.05854539839105574,
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0.3111484411991004,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "net of tax, included in shareholders’ equity net of tax, included in shareholders’ equity "
},
{
"bbox": [
0.383999936909788,
0.27783975921552,
0.41706054379241636,
0.2871304297632025
],
"ocr": false,
"ocr_confidence": 1,
"text": "2,246 2,246 "
},
{
"bbox": [
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0.27717696788699125,
0.48184841168849957,
0.2880373617167313
],
"ocr": false,
"ocr_confidence": 1,
"text": "(113) (113) "
},
{
"bbox": [
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0.27783975921552,
0.5311514600760207,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "1,112 1,112 "
},
{
"bbox": [
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0.277828088410449,
0.5903938884285564,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "730 730 "
},
{
"bbox": [
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0.277828088410449,
0.6508181279757207,
0.28706064150314925
],
"ocr": false,
"ocr_confidence": 1,
"text": "1,289 1,289 "
},
{
"bbox": [
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0.277828088410449,
0.7115302808357008,
0.28706064150314925
],
"ocr": false,
"ocr_confidence": 1,
"text": "1,966 1,966 "
},
{
"bbox": [
0.7385453760423243,
0.277828088410449,
0.7702120385988794,
0.28706064150314925
],
"ocr": false,
"ocr_confidence": 1,
"text": "1,322 1,322 "
},
{
"bbox": [
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0.277828088410449,
0.8274241746074021,
0.28706064150314925
],
"ocr": false,
"ocr_confidence": 1,
"text": "3,103 3,103 "
},
{
"bbox": [
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0.277828088410449,
0.8811059816919192,
0.28706064150314925
],
"ocr": false,
"ocr_confidence": 1,
"text": "2,871 2,871 "
},
{
"bbox": [
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0.277828088410449,
0.9420756844157723,
0.28706064150314925
],
"ocr": false,
"ocr_confidence": 1,
"text": "1,859 1,859 "
},
{
"bbox": [
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0.29007234006581073,
0.1716044262202099,
0.29832809408813793
],
"ocr": false,
"ocr_confidence": 1,
"text": "Less: Preferred stock Less: Preferred stock "
},
{
"bbox": [
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0.2948746397821786,
0.41713624690919615,
0.2959095563075339
],
"ocr": false,
"ocr_confidence": 1,
"text": "– – "
},
{
"bbox": [
0.47016654993949913,
0.29509559651061856,
0.475984721071391,
0.2956653368257429
],
"ocr": false,
"ocr_confidence": 1,
"text": "– – "
},
{
"bbox": [
0.5257271403816814,
0.29509559651061856,
0.5315453115135732,
0.2956653368257429
],
"ocr": false,
"ocr_confidence": 1,
"text": "– – "
},
{
"bbox": [
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0.29509559651061856,
0.5904695658571391,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "– – "
},
{
"bbox": [
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0.29509559651061856,
0.6510756264631997,
0.2956653368257429
],
"ocr": false,
"ocr_confidence": 1,
"text": "– – "
},
{
"bbox": [
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0.29509559651061856,
0.7116816870692603,
0.2956653368257429
],
"ocr": false,
"ocr_confidence": 1,
"text": "– – "
},
{
"bbox": [
0.7647877189045402,
0.29509559651061856,
0.770605890036432,
0.2956653368257429
],
"ocr": false,
"ocr_confidence": 1,
"text": "– – "
},
{
"bbox": [
0.8220301669856114,
0.29509559651061856,
0.8278483381175031,
0.2956653368257429
],
"ocr": false,
"ocr_confidence": 1,
"text": "– – "
},
{
"bbox": [
0.8775907060513994,
0.29509559651061856,
0.8834088771832912,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "– – "
},
{
"bbox": [
0.9283332182502104,
0.29074672334261953,
0.9420604770031039,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "68 68 "
},
{
"bbox": [
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0.3095606919714955,
0.3400392371797401,
0.32043275660630655
],
"ocr": false,
"ocr_confidence": 1,
"text": "Shareholders’ equity, excluding net unrealized Shareholders’ equity, excluding net unrealized "
},
{
"bbox": [
0.058211952748924795,
0.3221537272135417,
0.3536816221294981,
0.33349096805858364
],
"ocr": false,
"ocr_confidence": 1,
"text": "investment gains (losses), net of tax, included investment gains (losses), net of tax, included "
},
{
"bbox": [
0.058211952748924795,
0.3352932400173611,
0.3350558810763889,
0.3460141361837855
],
"ocr": false,
"ocr_confidence": 1,
"text": "in shareholders’ equity and preferred stock in shareholders’ equity and preferred stock "
},
{
"bbox": [
0.36860587380149146,
0.3348978520671835,
0.5881664648601904,
0.34526996464692344
],
"ocr": false,
"ocr_confidence": 1,
"text": "$23,697 $23,697 $23,007 $23,007 $22,619 $22,619 $22,491 $22,491 "
},
{
"bbox": [
0.6028786090889362,
0.3348978520671835,
0.9420603742503156,
0.3452001763868702
],
"ocr": false,
"ocr_confidence": 1,
"text": "$22,309 $22,309 $22,870 $22,870 $23,474 $23,474 $22,302 $22,302 $21,606 $21,606 $23,548 $23,548 "
},
{
"bbox": [
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0.35478159192304587,
0.2180891454420507,
0.3656420646095769
],
"ocr": false,
"ocr_confidence": 1,
"text": "Common shares outstanding Common shares outstanding "
},
{
"bbox": [
0.38399975709240847,
0.3553862657965924,
0.4167573460023411,
0.36293278184047967
],
"ocr": false,
"ocr_confidence": 1,
"text": "255.5 255.5 "
},
{
"bbox": [
0.44134824605100487,
0.3553513716665657,
0.4741513030697601,
0.36290951908712854
],
"ocr": false,
"ocr_confidence": 1,
"text": "263.6 263.6 "
},
{
"bbox": [
0.49859069413207596,
0.35536300304324125,
0.531787653964778,
0.36290951908712854
],
"ocr": false,
"ocr_confidence": 1,
"text": "271.4 271.4 "
},
{
"bbox": [
0.5575148970992477,
0.3553513716665657,
0.5903179541180029,
0.36290951908712854
],
"ocr": false,
"ocr_confidence": 1,
"text": "279.6 279.6 "
},
{
"bbox": [
0.6181209577053083,
0.3553513716665657,
0.6508179224701441,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "295.9 295.9 "
},
{
"bbox": [
0.6789088393702651,
0.3553513716665657,
0.711287630126131,
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],
"ocr": false,
"ocr_confidence": 1,
"text": "322.2 322.2 "
},
{
"bbox": [
0.737833093713831,
0.3553513716665657,
0.7700603754833492,
0.36290951908712854
],
"ocr": false,
"ocr_confidence": 1,
"text": "353.5 353.5 "
},
{
"bbox": [
0.795075490418508,
0.3553513716665657,
0.8280906291923138,
0.36290951908712854
],
"ocr": false,
"ocr_confidence": 1,
"text": "377.4 377.4 "
},
{
"bbox": [
0.8523179384995792,
0.3553513716665657,
0.8848179261692445,
0.36290951908712854
],
"ocr": false,
"ocr_confidence": 1,
"text": "392.8 392.8 "
},
{
"bbox": [
0.9074088459464436,
0.3553513716665657,
0.9404997649016203,
0.36290951908712854
],
"ocr": false,
"ocr_confidence": 1,
"text": "434.6 434.6 "
},
{
"bbox": [
0.046545224559026134,
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0.3834095247648175
],
"ocr": false,
"ocr_confidence": 1,
"text": "Book value per share Book value per share "
},
{
"bbox": [
0.3686058224250973,
0.37237462085654877,
0.4167573460023411,
0.3822815966544533
],
"ocr": false,
"ocr_confidence": 1,
"text": "$101.55 $101.55 "
},
{
"bbox": [
0.43536340989649097,
0.37237462085654877,
0.4762270121462016,
0.3822815966544533
],
"ocr": false,
"ocr_confidence": 1,
"text": "$86.84 $86.84 "
},
{
"bbox": [
0.49092394896227903,
0.37237462085654877,
0.5313936483980429,
0.3822815966544533
],
"ocr": false,
"ocr_confidence": 1,
"text": "$87.46 $87.46 "
},
{
"bbox": [
0.5498482546822391,
0.37237462085654877,
0.5899239999276621,
0.3822815966544533
],
"ocr": false,
"ocr_confidence": 1,
"text": "$83.05 $83.05 "
},
{
"bbox": [
0.6104543152882996,
0.37237462085654877,
0.6505300605337226,
0.3822815966544533
],
"ocr": false,
"ocr_confidence": 1,
"text": "$79.75 $79.75 "
},
{
"bbox": [
0.6710603758943603,
0.37237462085654877,
0.7114088270399306,
0.3822815966544533
],
"ocr": false,
"ocr_confidence": 1,
"text": "$77.08 $77.08 "
},
{
"bbox": [
0.7299846302379261,
0.37237462085654877,
0.7700603754833492,
0.3822815966544533
],
"ocr": false,
"ocr_confidence": 1,
"text": "$70.15 $70.15 "
},
{
"bbox": [
0.7872270269426032,
0.37237462085654877,
0.8255451857441604,
0.3822815966544533
],
"ocr": false,
"ocr_confidence": 1,
"text": "$67.31 $67.31 "
},
{
"bbox": [
0.8427876687611795,
0.37237462085654877,
0.8830149229929504,
0.3822815966544533
],
"ocr": false,
"ocr_confidence": 1,
"text": "$62.32 $62.32 "
},
{
"bbox": [
0.9017119231047453,
0.37237462085654877,
0.9419846454453388,
0.3822815966544533
],
"ocr": false,
"ocr_confidence": 1,
"text": "$58.47 $58.47 "
},
{
"bbox": [
0.04551486134127736,
0.3857932078437904,
0.23940575082695445,
0.39661882582869024
],
"ocr": false,
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"text": "Adjusted book value per share Adjusted book value per share "
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{
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"text": "92.76 92.76 "
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{
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"text": "87.27 87.27 "
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"text": "83.36 83.36 "
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{
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"ocr": false,
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"text": "80.44 80.44 "
},
{
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"ocr": false,
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"text": "75.39 75.39 "
},
{
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"ocr": false,
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"text": "70.98 70.98 "
},
{
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"ocr": false,
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"text": "66.41 66.41 "
},
{
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0.8275905827480534,
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"ocr": false,
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"text": "59.09 59.09 "
},
{
"bbox": [
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],
"ocr": false,
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"text": "55.01 55.01 "
},
{
"bbox": [
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],
"ocr": false,
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"text": "54.1954.19"
},
{
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],
"ocr": false,
"ocr_confidence": 1,
"text": "For the year ended December 31,For the year ended December 31,"
},
{
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],
"ocr": false,
"ocr_confidence": 1,
"text": "(Dollars in millions, after-tax) (Dollars in millions, after-tax) "
},
{
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"ocr": false,
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"text": "2019 2019 "
},
{
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],
"ocr": false,
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"text": "2018 2018 "
},
{
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],
"ocr": false,
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"text": "2017 2017 "
},
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"ocr": false,
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"text": "2016 \r\nd\r\n2016 "
},
{
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"ocr": false,
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"text": "2015 \r\nf\r\n2015 "
},
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"ocr": false,
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"text": "2014 2014 "
},
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"ocr": false,
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"text": "2013 2013 "
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"ocr": false,
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"text": "2012 2012 "
},
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"text": "2011 2011 "
},
{
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"ocr": false,
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"text": "20102010"
},
{
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"ocr": false,
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"text": "Reconciliation of after-tax underwriting gain (excluding the impact of catastrophes and net favorable (unfavorable) prior year reserve \r\nuse pdf\r\nReconciliation of after-tax underwriting gain (excluding the impact of catastrophes and net favorable (unfavorable) prior year reserve "
},
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],
"ocr": false,
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"text": "development) to net incomedevelopment) to net income"
},
{
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"ocr": false,
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"text": "Underwriting gain excluding the impact of catastrophes\r\nu\r\nUnderwriting gain excluding the impact of catastrophes"
},
{
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"ocr": false,
"ocr_confidence": 1,
"text": "and net favorable (unfavorable) prior year reserve and net favorable (unfavorable) prior year reserve "
},
{
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],
"ocr": false,
"ocr_confidence": 1,
"text": "development (underlying underwriting gain) development (underlying underwriting gain) "
},
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"ocr": false,
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"text": "$ 1,400 $ 1,400 "
},
{
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"ocr": false,
"ocr_confidence": 1,
"text": "$1,522 $1,522 "
},
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"ocr": false,
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"text": "$1,239 $1,239 "
},
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],
"ocr": false,
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"text": "$1,265 $1,265 "
},
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"ocr": false,
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"text": "$1,446 $1,446 "
},
{
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"ocr": false,
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"text": "$1,430 $1,430 "
},
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"ocr": false,
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"text": "$1,277 $1,277 "
},
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"ocr": false,
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"text": "$ 888 $ 888 "
},
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"ocr": false,
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"text": "$ 451 $ 451 "
},
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"text": "$ 715$ 715"
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"ocr": false,
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"text": "Impact of catastrophes Impact of catastrophes "
},
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"ocr": false,
"ocr_confidence": 1,
"text": "(699) (699) (1,355) (1,355) (1,267) (1,267) "
},
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"ocr": false,
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"text": "(576) (576) "
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"ocr": false,
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"text": "(338) (338) "
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"ocr": false,
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"text": "(462) (462) "
},
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"ocr": false,
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"text": "(387) (387) (1,214) (1,214) (1,669) (1,669) "
},
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"ocr": false,
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"text": "(729)(729)"
},
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"ocr": false,
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"text": "Impact of net favorable (unfavorable) prior Impact of net favorable (unfavorable) prior "
},
{
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"ocr": false,
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"text": "year reserve development year reserve development "
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{
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"ocr": false,
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"text": "(47) (47) "
},
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"text": "409 409 "
},
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"text": "378 378 "
},
{
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"text": "510 510 "
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"text": "617 617 "
},
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"text": "616 616 "
},
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"text": "552 552 "
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"text": "622 622 "
},
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"text": "473 473 "
},
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"text": "818818"
},
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"ocr": false,
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"text": "Underwriting gain (loss) Underwriting gain (loss) "
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"text": "654 654 "
},
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"text": "576 576 "
},
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"text": "350 350 "
},
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"text": "1,199 1,199 "
},
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"text": "1,725 1,725 "
},
{
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"text": "1,584 1,584 "
},
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"text": "1,442 1,442 "
},
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"text": "296 296 "
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],
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"text": "(745) (745) "
},
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"text": "804804"
},
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"text": "Net investment income Net investment income "
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{
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"text": "2,097 2,097 "
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"text": "2,102 2,102 "
},
{
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"text": "1,872 1,872 "
},
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"text": "1,846 1,846 "
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"text": "1,905 1,905 "
},
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"text": "2,216 2,216 "
},
{
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"text": "2,186 2,186 "
},
{
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"text": "2,316 2,316 "
},
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"text": "2,330 2,330 "
},
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"text": "2,4682,468"
},
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"text": "Other, including interest expense Other, including interest expense "
},
{
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"text": "(214) (214) "
},
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"text": "(248) (248) "
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"text": "(179) (179) "
},
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"text": "(78) (78) "
},
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"text": "(193) (193) "
},
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"ocr_confidence": 1,
"text": "(159) (159) "
},
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"ocr": false,
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"text": "(61) (61) "
},
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"ocr": false,
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"text": "(171) (171) "
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"html_seq": "<table><tr><td></td><th colspan=\"7\">For the year ended December 31, For the year ended December 31, For the year ended December 31, For the year ended December 31,</th><td></td><td></td><td></td></tr><tr><td>(Dollars in millions, after-tax) (Dollars in millions, after-tax) (Dollars in millions, after-tax) (Dollars in millions, after-tax)</td><th>2019 2019 2019 2019</th><td></td><th>2018 2018 2018 2018</th><th>2017 2017 2017 2017</th><th>2016 2016 2016 2016</th><td></td><th>20152015 20152015</th><td></td><td></td><td></td></tr><tr><td>Calculation of return on equity and core return on equityCalculation of return on equity and core return on equity Calculation of return on equity and core return on equityCalculation of return on equity and core return on equity</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income Net income Net income Net income</td><td>$ 2,622 $ 2,622 $ 2,622 $ 2,622</td><td></td><td>$ 2,523 $ 2,523 $ 2,523 $ 2,523</td><td>$ 2,056 $ 2,056 $ 2,056 $ 2,056</td><td></td><td>$ 3,014 $ 3,014 $ 3,014 $ 3,014</td><td>$ 3,439$ 3,439 $ 3,439$ 3,439</td><td></td><td></td><td></td></tr><tr><td>Average shareholders' equity Average shareholders' equity Average shareholders' equity Average shareholders' equity</td><td>$24,922 $24,922 $24,922 $24,922</td><td></td><td>$22,843 $22,843 $22,843 $22,843</td><td>$23,671 $23,671 $23,671 $23,671</td><td>$24,182 $24,182 $24,182 $24,182</td><td></td><td>$24,304$24,304 $24,304$24,304</td><td></td><td></td><td></td></tr><tr><td>Return on equity Return on equity Return on equity Return on equity</td><td>10.5% 10.5% 10.5% 10.5%</td><td></td><td>11.0% 11.0% 11.0% 11.0%</td><td>8.7% 8.7% 8.7% 8.7%</td><td>12.5% 12.5% 12.5% 12.5%</td><td></td><td>14.2%14.2% 14.2%14.2%</td><td></td><td></td><td></td></tr><tr><td>Core income Core income Core income Core income</td><td>$ 2,537 $ 2,537 $ 2,537 $ 2,537</td><td></td><td>$ 2,430 $ 2,430 $ 2,430 $ 2,430</td><td>$ 2,043 $ 2,043 $ 2,043 $ 2,043</td><td>$ 2,967 $ 2,967 $ 2,967 $ 2,967</td><td></td><td>$ 3,437$ 3,437 $ 3,437$ 3,437</td><td></td><td></td><td></td></tr><tr><td>Adjusted average shareholders' equity Adjusted average shareholders' equity Adjusted average shareholders' equity Adjusted average shareholders' equity</td><td>$23,335 $23,335 $23,335 $23,335</td><td></td><td>$22,814 $22,814 $22,814 $22,814</td><td>$22,743 $22,743 $22,743 $22,743</td><td>$22,386 $22,386 $22,386 $22,386</td><td></td><td>$22,681$22,681 $22,681$22,681</td><td></td><td></td><td></td></tr><tr><td>Core return on equity Core return on equity Core return on equity Core return on equity</td><td>10.9% 10.9% 10.9% 10.9%</td><td></td><td>10.7% 10.7% 10.7% 10.7%</td><td>9.0% 9.0% 9.0% 9.0%</td><td>13.3% 13.3% 13.3% 13.3%</td><td></td><td>15.2%15.2% 15.2%15.2%</td><td></td><td></td><td></td></tr><tr><td></td><th colspan=\"10\">As of December 31, As of December 31, As of December 31, As of December 31,</th></tr><tr><td>(Dollars in millions, except per share amounts) (Dollars in millions, except per share amounts) (Dollars in millions, except per share amounts) (Dollars in millions, except per share amounts)</td><th>2019 2019 2019 2019</th><th>2018 2018 2018 2018</th><th>2017 2017 2017 2017</th><th>2016 2016 2016 2016</th><th>2015 2015 2015 2015</th><th>2014 2014 2014 2014</th><th>2013 2013 2013 2013</th><th>2012 2012 2012 2012</th><th>2011 2011 2011 2011</th><th>20102010 20102010</th></tr><tr><td>Calculation of book value per share and adjusted book value per share Calculation of book value per share and adjusted book value per share Calculation of book value per share and adjusted book value per share Calculation of book value per share and adjusted book value per share</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Shareholders' equity Shareholders' equity Shareholders' equity Shareholders' equity</td><td></td><td>$25,943 $25,943 $22,894 $22,894 $23,731 $23,731 $23,221 $23,221 $25,943 $25,943 $22,894 $22,894 $23,731 $23,731 $23,221 $23,221</td><td></td><td></td><td></td><td>$23,598 $23,598 $24,836 $24,836 $24,796 $24,796 $25,405 $25,405 $24,477 $24,477 $25,475 $25,475 $23,598 $23,598 $24,836 $24,836 $24,796 $24,796 $25,405 $25,405 $24,477 $24,477 $25,475 $25,475</td><td></td><td></td><td></td><td></td></tr><tr><td>Less: Net unrealized investment gains (losses), Less: Net unrealized investment gains (losses), net of tax, included in shareholders' equity net of tax, included in shareholders' equity Less: Net unrealized investment gains (losses), Less: Net unrealized investment gains (losses), net of tax, included in shareholders' equity net of tax, included in shareholders' equity</td><td>2,246 2,246 2,246 2,246</td><td>(113) (113) (113) (113)</td><td>1,112 1,112 1,112 1,112</td><td>730 730 730 730</td><td>1,289 1,289 1,289 1,289</td><td>1,966 1,966 1,966 1,966</td><td>1,322 1,322 1,322 1,322</td><td>3,103 3,103 3,103 3,103</td><td>2,871 2,871 2,871 2,871</td><td>1,859 1,859 1,859 1,859</td></tr><tr><td>Less: Preferred stock Less: Preferred stock Less: Preferred stock Less: Preferred stock</td><td>- - - -</td><td>- - - -</td><td>- - - -</td><td>- - - -</td><td>- - - -</td><td>- - - -</td><td>- - - -</td><td>- - - -</td><td>- - - -</td><td>68 68 68 68</td></tr><tr><td>Shareholders' equity, excluding net unrealized Shareholders' equity, excluding net unrealized investment gains (losses), net of tax, included investment gains (losses), net of tax, included in shareholders' equity and preferred stock in shareholders' equity and preferred stock Shareholders' equity, excluding net unrealized Shareholders' equity, excluding net unrealized investment gains (losses), net of tax, included investment gains (losses), net of tax, included in shareholders' equity and preferred stock in shareholders' equity and preferred stock</td><td></td><td>$23,697 $23,697 $23,007 $23,007 $22,619 $22,619 $22,491 $22,491 $23,697 $23,697 $23,007 $23,007 $22,619 $22,619 $22,491 $22,491</td><td></td><td></td><td></td><td>$22,309 $22,309 $22,870 $22,870 $23,474 $23,474 $22,302 $22,302 $21,606 $21,606 $23,548 $23,548 $22,309 $22,309 $22,870 $22,870 $23,474 $23,474 $22,302 $22,302 $21,606 $21,606 $23,548 $23,548</td><td></td><td></td><td></td><td></td></tr><tr><td>Common shares outstanding Common shares outstanding Common shares outstanding Common shares outstanding</td><td>255.5 255.5 255.5 255.5</td><td>263.6 263.6 263.6 263.6</td><td>271.4 271.4 271.4 271.4</td><td>279.6 279.6 279.6 279.6</td><td>295.9 295.9 295.9 295.9</td><td>322.2 322.2 322.2 322.2</td><td>353.5 353.5 353.5 353.5</td><td>377.4 377.4 377.4 377.4</td><td>392.8 392.8 392.8 392.8</td><td>434.6 434.6 434.6 434.6</td></tr><tr><td>Book value per share Book value per share Adjusted book value per share Adjusted book value per share Book value per share Book value per share Adjusted book value per share Adjusted book value per share</td><td>$101.55 $101.55 92.76 92.76 $101.55 $101.55 92.76 92.76</td><td>$86.84 $86.84 87.27 87.27 $86.84 $86.84 87.27 87.27</td><td>$87.46 $87.46 83.36 83.36 $87.46 $87.46 83.36 83.36</td><td>$83.05 $83.05 80.44 80.44 $83.05 $83.05 80.44 80.44</td><td>$79.75 $79.75 75.39 75.39 $79.75 $79.75 75.39 75.39</td><td>$77.08 $77.08 70.98 70.98 $77.08 $77.08 70.98 70.98</td><td>$70.15 $70.15 66.41 66.41 $70.15 $70.15 66.41 66.41</td><td>$67.31 $67.31 59.09 59.09 $67.31 $67.31 59.09 59.09</td><td>$62.32 $62.32 55.01 55.01 $62.32 $62.32 55.01 55.01</td><td>$58.47 $58.47 54.1954.19 $58.47 $58.47 54.1954.19</td></tr><tr><td></td><th colspan=\"10\">For the year ended December 31,For the year ended December 31, For the year ended December 31,For the year ended December 31,</th></tr><tr><td>(Dollars in millions, after-tax) (Dollars in millions, after-tax) (Dollars in millions, after-tax) (Dollars in millions, after-tax)</td><th>2019 2019 2019 2019</th><th>2018 2018 2018 2018</th><th>2017 2017 2017 2017</th><th>2016 d 2016 2016 d 2016</th><th>2015 f 2015 2015 f 2015</th><th>2014 2014 2014 2014</th><th>2013 2013 2013 2013</th><th>2012 2012 2012 2012</th><th>2011 2011 2011 2011</th><th>20102010 20102010</th></tr><tr><td colspan=\"11\">Reconciliation of after-tax underwriting gain (excluding the impact of catastrophes and net favorable (unfavorable) prior year reserve use pdf Reconciliation of after-tax underwriting gain (excluding the impact of catastrophes and net favorable (unfavorable) prior year reserve development) to net incomedevelopment) to net income 2019 2018 2017 2016 2015 cluding the impact of catastrophes and net favorable ophes ve use pdf 2019 2018 2017 2016 2015 cluding the impact of catastrophes and net favorable ophes ve Reconciliation of after-tax underwriting gain (excluding the impact of catastrophes and net favorable (unfavorable) prior year reserve use pdf Reconciliation of after-tax underwriting gain (excluding the impact of catastrophes and net favorable (unfavorable) prior year reserve development) to net incomedevelopment) to net income</td></tr><tr><td>Underwriting gain excluding the impact of catastrophes u Underwriting gain excluding the impact of catastrophes and net favorable (unfavorable) prior year reserve and net favorable (unfavorable) prior year reserve development (underlying underwriting gain) development (underlying underwriting gain) Underwriting gain excluding the impact of catastrophes u Underwriting gain excluding the impact of catastrophes and net favorable (unfavorable) prior year reserve and net favorable (unfavorable) prior year reserve development (underlying underwriting gain) development (underlying underwriting gain)</td><td>$ 1,400 $ 1,400 $ 1,400 $ 1,400</td><td>$1,522 $1,522 $1,522 $1,522</td><td>$1,239 $1,239 $1,239 $1,239</td><td>$1,265 $1,265 $1,265 $1,265</td><td>$1,446 $1,446 $1,446 $1,446</td><td>$1,430 $1,430 $1,430 $1,430</td><td>$1,277 $1,277 $1,277 $1,277</td><td>$ 888 $ 888 $ 888 $ 888</td><td>$ 451 $ 451 $ 451 $ 451</td><td>$ 715$ 715 $ 715$ 715</td></tr><tr><td>Impact of catastrophes Impact of catastrophes Impact of net favorable (unfavorable) prior Impact of net favorable (unfavorable) prior year reserve development year reserve development Impact of catastrophes Impact of catastrophes Impact of net favorable (unfavorable) prior Impact of net favorable (unfavorable) prior year reserve development year reserve development</td><td>(47) (47) (47) (47)</td><td>(699) (699) (1,355) (1,355) (1,267) (1,267) 409 409 (699) (699) (1,355) (1,355) (1,267) (1,267) 409 409</td><td>378 378 378 378</td><td>(576) (576) 510 510 (576) (576) 510 510</td><td>(338) (338) 617 617 (338) (338) 617 617</td><td>(462) (462) 616 616 (462) (462) 616 616</td><td>552 552 552 552</td><td>(387) (387) (1,214) (1,214) (1,669) (1,669) 622 622 (387) (387) (1,214) (1,214) (1,669) (1,669) 622 622</td><td>473 473 473 473</td><td>(729)(729) 818818 (729)(729) 818818</td></tr><tr><td>Underwriting gain (loss) Underwriting gain (loss) Underwriting gain (loss) Underwriting gain (loss)</td><td>654 654 654 654</td><td>576 576 576 576</td><td>350 350 350 350</td><td>1,199 1,199 1,199 1,199</td><td>1,725 1,725 1,725 1,725</td><td>1,584 1,584 1,584 1,584</td><td>1,442 1,442 1,442 1,442</td><td>296 296 296 296</td><td>(745) 804(745) 804 (745) (745)</td><td>804804</td></tr><tr><td>Net investment income Net investment income Other, including interest expense Other, including interest expense Net investment income Net investment income Other, including interest expense Other, including interest expense</td><td>2,097 2,097 (214) (214) 2,097 2,097 (214) (214)</td><td>2,102 2,102 (248) (248) 2,102 2,102 (248) (248)</td><td>1,872 1,872 (179) (179) 1,872 1,872 (179) (179)</td><td>1,846 1,846 (78) (78) 1,846 1,846 (78) (78)</td><td>1,905 1,905 (193) (193) 1,905 1,905 (193) (193)</td><td>2,216 2,216 (159) (159) 2,216 2,216 (159) (159)</td><td>2,186 2,186 (61) (61) 2,186 2,186 (61) (61)</td><td>2,316 2,316 (171) (171) 2,316 2,316 (171) (171)</td><td>2,330 2,330 (195) (195) 2,330 2,330 (195) (195)</td><td>2,4682,468 (229)(229) 2,4682,468 (229)(229)</td></tr><tr><td></td><td>2,537 2,537 2,537 2,537</td><td></td><td></td><td>2,967 2,967 2,967 2,967</td><td>3,437 3,437 3,437 3,437</td><td>3,641 3,641 3,641 3,641</td><td>3,567 3,567 3,567 3,567</td><td>2,441 2,441 2,441 2,441</td><td></td><td></td></tr><tr><td>Core income Core income Core income Core income</td><td></td><td>2,430 2,430 2,430 2,430</td><td>2,043 2,043 2,043 2,043</td><td></td><td></td><td></td><td></td><td></td><td>1,390 1,390 1,390 1,390</td><td>3,0433,043 3,0433,043</td></tr><tr><td>Net realized investment gains Net realized investment gains Net realized investment gains Net realized investment gains</td><td>85 85 85 85</td><td>93 93 93 93</td><td>142 142 142 142</td><td>47 47 47 47</td><td>2 2 2 2</td><td>51 51 51 51</td><td>106 106 106 106</td><td>32 32 32 32</td><td>36 36 36 36</td><td>173173 173173</td></tr><tr><td>Net income Net income Net income Net income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>$ 2,622 $ 2,622 $ 2,622 $ 2,622</td><td>$2,523 $2,523 $2,523 $2,523</td><td>$2,056 $2,056 $2,056 $2,056</td><td>$3,014 $3,014 $3,014 $3,014</td><td>$3,439 $3,439 $3,439 $3,439</td><td>$3,692 $3,692 $3,692 $3,692</td><td>$3,673 $3,673 $3,673 $3,673</td><td>$2,473 $2,473 $2,473 $2,473</td><td>$1,426 $1,426 $1,426 $1,426</td><td>$3,216$3,216 $3,216$3,216</td></tr><tr><td></td><th colspan=\"10\">As of December 31, As of December 31, As of December 31, As of December 31,</th></tr><tr><td>(Dollars in millions) (Dollars in millions) (Dollars in millions) (Dollars in millions)</td><td>2019 2019 2019 2019</td><td>2018 2018 2018 2018</td><td>2017 2017 2017 2017</td><td>2016 2016 2016 2016</td><td>2015 2015 2015 2015</td><td>2014 2014 2014 2014</td><td>2013 2013 2013 2013</td><td>2012 2012 2012 2012</td><td>2011 2011 2011 2011</td><td>20102010 20102010</td></tr><tr><td>Reconciliation of invested assets to invested assets excluding net unrealized investment gains (losses) Reconciliation of invested assets to invested assets excluding net unrealized investment gains (losses) Reconciliation of invested assets to invested assets excluding net unrealized investment gains (losses) Reconciliation of invested assets to invested assets excluding net unrealized investment gains (losses)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Invested assets Invested assets Less: Net unrealized investment gains (losses), pre-tax Less: Net unrealized investment gains (losses), pre-tax Invested assets Invested assets Less: Net unrealized investment gains (losses), pre-tax Less: Net unrealized investment gains (losses), pre-tax</td><td>2,853 2,853 2,853 2,853</td><td>$77,884 $77,884 $72,278 $72,278 $72,502 $72,502 $70,488 $70,488 $70,470 $70,470 $73,261 $73,261 $73,160 $73,160 $73,838 $73,838 $72,701 $72,701 $72,722 $72,722 (137) (137) $77,884 $77,884 $72,278 $72,278 $72,502 $72,502 $70,488 $70,488 $70,470 $70,470 $73,261 $73,261 $73,160 $73,160 $73,838 $73,838 $72,701 $72,701 $72,722 $72,722 (137) (137)</td><td>1,414 1,414 1,414 1,414</td><td>1,112 1,112 1,112 1,112</td><td>1,974 1,974 1,974 1,974</td><td>3,008 3,008 3,008 3,008</td><td>2,030 2,030 2,030 2,030</td><td>4,761 4,761 4,761 4,761</td><td>4,399 4,399 4,399 4,399</td><td>2,827 2,827 2,827 2,827</td></tr><tr><td>Invested assets excluding net unrealized Invested assets excluding net unrealized investment gains (losses) investment gains (losses) Invested assets excluding net unrealized Invested assets excluding net unrealized investment gains (losses) investment gains (losses)</td><td></td><td>$75,031 $75,031 $72,415 $72,415 $71,088 $71,088 $69,376 $69,376 $68,496 $68,496 $70,253 $70,253 $71,130 $71,130 $69,077 $69,077 $68,302 $68,302 $69,895$69,895 $75,031 $75,031 $72,415 $72,415 $71,088 $71,088 $69,376 $69,376 $68,496 $68,496 $70,253 $70,253 $71,130 $71,130 $69,077 $69,077 $68,302 $68,302 $69,895$69,895</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>",
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"text": "11 Tax Cuts and Jobs Act of 2017 (TCJA)Tax Cuts and Jobs Act of 2017 (TCJA) 11 Tax Cuts and Jobs Act of 2017 (TCJA)Tax Cuts and Jobs Act of 2017 (TCJA)"
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"text": "Return on equity is the ratio of (a) net income for the period presented to (b) average shareholders' equity for the period presented. Core return on equity is the ratio Return on equity is the ratio of (a) net income for the period presented to (b) average shareholders' equity for the period presented. Core return on equity is the ratio of (a) core income for the period presented to (b) adjusted average shareholders' equity for the period presented. of (a) core income for the period presented to (b) adjusted average shareholders' equity for the period presented. Return on equity is the ratio of (a) net income for the period presented to (b) average shareholders' equity for the period presented. Core return on equity is the ratio Return on equity is the ratio of (a) net income for the period presented to (b) average shareholders' equity for the period presented. Core return on equity is the ratio of (a) core income for the period presented to (b) adjusted average shareholders' equity for the period presented. of (a) core income for the period presented to (b) adjusted average shareholders' equity for the period presented."
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"text": "Definitions of other terms used in this Annual Report are included in the Definitions of other terms used in this Annual Report are included in the Glossary of Selected Insurance Terms Glossary of Selected Insurance Terms portion of the Form 10-K.portion of the Form 10-K. Definitions of other terms used in this Annual Report are included in the Definitions of other terms used in this Annual Report are included in the Glossary of Selected Insurance Terms Glossary of Selected Insurance Terms portion of the Form 10-K.portion of the Form 10-K."
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"text": "In 2012, our Private Capital team made excellent progress on our second priority- streamlining the business with fewer, more profitable and differentiated investment vehicles. Since the merger, we have liquidated or restructured seven funds, six of which were rationalized in 2012, including the Prologis European Properties Fund (PEPR)."
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"text": "A significant portion of this new business was the joint venture with Norges Bank Investment Management, the manager of the Norwegian Government Pension Fund. Announced in December, the transaction closed in March 2013. Upon closing, the venture acquired a stabilized portfolio of 195 properties totaling approximately 49 million square feet (4.5 million square meters); about 75% of the properties coming from the former ProLogis European Properties (PEPR) fund and the remaining 25% from other Prologis wholly owned assets. This joint venture is a significant milestone for us, as it completes our European recapitalization ahead of schedule. We are very pleased to be teaming up with such a highly regarded investor in Europe."
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"text": "In Asia, we selected the J-REIT as the structure to capitalize our Japan operating platform. In early 2013, we launched the initial public offering for Nippon Prologis REIT Inc., \"NPR,\" and on February 14, it was listed and commenced trading on the Japan Stock Exchange. Concurrently, NPR acquired a portfolio of 12 properties"
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"text": "from us for an aggregate purchase price of ¥173 billion ($1.9 billion). We will retain at least a 15% equity ownership interest in NPR. The level of interest in and demand for the IPO was exceptionally strong, and we plan to grow NPR's portfolio with assets from our significant development pipeline in the future."
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"text": "Additionally, we monetized approximately $500 million of land into new development projects. We believe that our global land bank has a market value above its book value and will provide locational benefits for customers and a unique advantage for Prologis as we compete for future build-to-suit business."
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e01705598816a9b7bfa5daeb5cdfa82cae616d1d7b60d1ff1cf0480fa21c50d6-12 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e01705598816a9b7bfa5daeb5cdfa82cae616d1d7b60d1ff1cf0480fa21c50d6.tar.gz | In Asia, the supply of Class-A facilities remains constrained in both Japan and China. We expect the reconfiguration of the supply chain in Japan and growing consumption in China to present long-term demand for our product. In Latin America, demand for Class-A facilities remains vibrant. Brazil continues to be an underserved logistics market, as growing GDP and increasing consumption creates significant new space requirements. Demand in Mexico is similarly positive, benefiting from the economic recovery in the U.S. and the growth in "near-shoring" of production activities. Strengthening demand in the Americas, Europe and Asia, together with low levels of new logistics and distribution space construction, is having a positive impact on market rents. Recovery in rents has taken hold in most global markets and is now spreading to our regional markets. This will clearly have a positive impact on our business. Shareholders Letter Leadership Priorities News "Strengthening demand … together with low levels of new logistics and distribution space construction, is havaving a positive impact on market rents." 2012 a annual report Financial Highlights Beyond the Business No discussion of our business in 2012 would be complete without recognizing the significant contributions of two executives who retired, as planned, from the company last year: William E. Sullivan and Walter C. Rakowich. Bill, our former chief financial officer, retired in May a few months ahead of schedule. He joined the former ProLogis in March 2007. We will remember him for his leadership, business acumen, integrity and laser focus on always "getting it right." He was instrumental in establishing the plan to reposition and rebuild the former ProLogis in 2008, and played a vital role in making the merger possible. | [
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"text": "No discussion of our business in 2012 would be complete without recognizing the significant contributions of two executives who retired, as planned, from the company last year: William E. Sullivan and Walter C. Rakowich."
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e01705598816a9b7bfa5daeb5cdfa82cae616d1d7b60d1ff1cf0480fa21c50d6-13 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e01705598816a9b7bfa5daeb5cdfa82cae616d1d7b60d1ff1cf0480fa21c50d6.tar.gz | Walt joined ProLogis in 1994, and his steady hand and unwavering commitment have helped pave the road to success for our organization. He did a tremendous job turning things around and made numerous tough decisions in the face of adversity. At the time of the merger, he assumed the role as my partner, co-CEO and Board member. Walt is a class act, and I can't think of anyone else I'd have liked to have been paired with to lead this company over the last two years. Foundation for Growth 2012 was a highly productive year for Prologis. I am incredibly proud of how our teams across the globe have delivered on the challenging goals we set. With determination and hard work, we have successfully built the foundation upon which the company will profitably grow. Shareholders Letter Leadership Priorities News 2012 a annual report Financial Highlights Though 2012 was a monumental year for Prologis, it is the prospects for our future that are most exciting to us. Demand for our properties is robust and increasing. The rent-recovery cycle is firmly under way and poised for accelerating growth. Globally, customers continue to reconfigure their supply chains and have requirements for state-of-the-art logistics facilities. Private capital investors value our operating expertise and gravitate to our co-investment fund vehicles. From San Francisco to Amsterdam to Shanghai, we have the scale to support the activities of our customers and the ability to produce leading returns for our stockholders and investors. On behalf of our Prologis colleagues around the world, thank you for your ongoing support and confidence. Hamid R. Moghadam Chairman and Chief Executive Officer March 22, 2013 | [
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‘ Emerging Growth Company ‘
‘ Non-Accelerated Filer È ' ' Smaller Reporting Company ‘
‘ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ' Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. È If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ' Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ' Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ' No È The aggregate market value of the voting and non-voting common stock held by non-affiliates of the registrant as of March 31, 2023, based upon the last sale price of such voting and non-voting common stock on that date, was $39,444,381,187. The number of shares outstanding of TransDigm Group Incorporated's common stock, par value $.01 per share, was 55,314,104 as of October 31, 2023. Documents incorporated by reference: Certain sections of the registrant's definitive Proxy Statement to be filed in connection with its 2024 Annual Meeting of Shareholders expected to be held on March 7, 2024 are incorporated by reference into Part III of this Annual Report on Form 10-K. Accelerated Filer ' ' | [
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"text": "(State or other jurisdiction of incorporation or organization)"
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"text": "(Registrants’ telephone number, including area code)"
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"text": "Securities registered pursuant to Section 12(b) of the Act:"
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"text": "Title of each class Trading symbol Name of exchange on which registered"
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"text": "Common Stock, $0.01 par value TDG New York Stock Exchange"
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"text": "Securities registered pursuant to Section 12(g) of the Act:"
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"text": "None"
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"text": "Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes È "
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"text": "No ‘"
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"text": "Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ‘ "
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"text": "No È"
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"text": "Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange"
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"text": "Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been"
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"text": "subject to such filing requirements for the past 90 days. Yes È "
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"text": "No ‘"
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"text": "Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to"
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"text": "Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such"
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"text": "files). Yes È "
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"text": "No ‘"
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"text": "Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or smaller reporting"
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"text": "company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and"
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"text": "“emerging growth company” in Rule 12b-2 of the Exchange Act."
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"text": "Large Accelerated Filer "
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"text": "È \r\n‘ "
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"text": "Non-Accelerated Filer "
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"text": "È \r\n‘ \r\n‘"
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"text": "Smaller Reporting Company ‘\r\n‘"
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"text": "Emerging Growth Company ‘ \r\n‘"
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"text": "If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying"
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"text": "with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ‘"
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"text": "Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its"
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"text": "internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting"
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"text": "firm that prepared or issued its audit report. È"
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"text": "If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant"
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"text": "included in the filing reflect the correction of an error to previously issued financial statements. ‘"
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"text": "Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based"
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"text": "compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ‘"
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"text": "Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ‘ "
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"text": "No È"
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"text": "The aggregate market value of the voting and non-voting common stock held by non-affiliates of the registrant as of March 31, 2023, based"
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"text": "upon the last sale price of such voting and non-voting common stock on that date, was $39,444,381,187."
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"text": "The number of shares outstanding of TransDigm Group Incorporated’s common stock, par value $.01 per share, was 55,314,104 as of"
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"text": "October 31, 2023."
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"text": "Documents incorporated by reference: Certain sections of the registrant’s definitive Proxy Statement to be filed in connection with its 2024"
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"text": "Annual Meeting of Shareholders expected to be held on March 7, 2024 are incorporated by reference into Part III of this Annual Report on"
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"text": "Form 10-K."
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"text": "ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934"
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"text": "For the fiscal year ended September 30, 2023"
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"text": "‘ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934"
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"text": "Commission File Number 001-32833"
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"text": "(Exact name of registrant as specified in its charter)"
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"text": "(I.R.S. Employer Identification No.)"
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"text": "(Registrants' telephone number, including area code)"
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"text": "Securities registered pursuant to Section 12(b) of the Act:"
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"label": "text",
"text": "Title of each class Trading symbol Name of exchange on which registered"
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"text": "Common Stock, $0.01 par value TDG New York Stock Exchange"
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"text": "Securities registered pursuant to Section 12(g) of the Act:"
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"text": "Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes È"
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"text": "Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes '"
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"text": "Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes È No '"
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"text": "Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such"
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"text": "Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or smaller reporting company or an emerging growth company. See the definitions of \"large accelerated filer,\" \"accelerated filer,\" \"smaller reporting company\" and \"emerging growth company\" in Rule 12b-2 of the Exchange Act."
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"text": "Large Accelerated Filer È \r\n‘"
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"text": "If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. '"
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"text": "Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. È"
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"label": "text",
"text": "If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. '"
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"label": "text",
"text": "Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). '"
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"label": "text",
"text": "Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes '"
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"text": "No È"
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"text": "The aggregate market value of the voting and non-voting common stock held by non-affiliates of the registrant as of March 31, 2023, based upon the last sale price of such voting and non-voting common stock on that date, was $39,444,381,187."
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"text": "The number of shares outstanding of TransDigm Group Incorporated's common stock, par value $.01 per share, was 55,314,104 as of October 31, 2023."
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"label": "text",
"text": "Documents incorporated by reference: Certain sections of the registrant's definitive Proxy Statement to be filed in connection with its 2024 Annual Meeting of Shareholders expected to be held on March 7, 2024 are incorporated by reference into Part III of this Annual Report on Form 10-K."
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"text": "Accelerated Filer"
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] | {
"filename": "NYSE_TDG_2023.pdf",
"page": 0
} |
e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6-1 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6.tar.gz | TABLE OF CONTENTS TABLE OF CONTENTS | [
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"text": "PART I"
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"text": "ITEM 1 BUSINESS .............................................................. 2"
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"text": "ITEM 1A RISK FACTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11"
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"text": "ITEM 1B UNRESOLVED STAFF COMMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23"
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"text": "ITEM 2 PROPERTIES "
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"text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24"
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"text": "ITEM 3 LEGAL PROCEEDINGS "
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"text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26"
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"text": "PART II"
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"text": "ITEM 5 MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER"
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"text": "MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES . . . . . . . . . . . . . . . 26"
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"text": "ITEM 6 [RESERVED] "
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"text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27"
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"text": "ITEM 7 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION"
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"text": "AND RESULTS OF OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28"
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"text": "ITEM 7A QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK . . 50"
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"text": "ITEM 8 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA "
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"text": ". . . . . . . . . . . . . . . . . . 51"
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"text": "ITEM 9 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON"
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"text": "ITEM 9A CONTROLS AND PROCEDURES "
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"text": "ITEM 9B OTHER INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54"
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"text": "PART III"
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"text": "ITEM 10 DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE . . . . . . . 54"
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"text": "ITEM 11 EXECUTIVE COMPENSATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55"
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"text": "ITEM 12 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND"
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"text": "MANAGEMENT AND RELATED STOCKHOLDER MATTERS "
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"text": "ITEM 13 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR"
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"text": "INDEPENDENCE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56"
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"text": "ITEM 14 PRINCIPAL ACCOUNTANT FEES AND SERVICES . . . . . . . . . . . . . . . . . . . . . . . . . . . 56"
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"text": "PART IV"
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"text": "ITEM 15 EXHIBITS AND FINANCIAL STATEMENT SCHEDULES . . . . . . . . . . . . . . . . . . . . . . 57"
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"text": "FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA "
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"text": ". . . . . . . . . . . . . . . . . . 94"
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"text": "This Annual Report on Form 10-K contains both historical and \"forward-looking statements\" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the \"Exchange Act\"), and 27A of the Securities Act of 1933, as amended. All statements other than statements of historical fact included that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements, including, in particular, the statements about our plans, objectives, strategies and prospects regarding, among other things, our financial condition, results of operations and business. We have identified some of these forward-looking statements with words like \"believe,\" \"may,\" \"will,\" \"should,\" \"expect,\" \"intend,\" \"plan,\" \"predict,\" \"anticipate,\" \"estimate\" or \"continue\" and other words and terms of similar meaning. These forward-looking statements may be contained throughout this Annual Report on Form 10-K. These forward-looking statements are based on current expectations about future events affecting us and are subject to uncertainties and factors relating to, among other things, our operations and business environment, all of which are difficult to predict and many of which are beyond our control. Many factors mentioned in our discussion in this Annual Report on Form 10-K, including the risks outlined under \"Risk Factors,\" will be important in determining future results. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we do not know whether our expectations will prove correct. They can be affected by inaccurate assumptions we might make or by known or unknown risks and uncertainties, including those described under \"Risk Factors\" in this Annual Report on Form 10-K. Since our actual results, performance or achievements could differ materially from those expressed in, or implied by, these forwardlooking statements, we cannot give any assurance that any of the events anticipated by these forward-looking statements will occur or, if any of them does occur, what impact they will have on our business, results of operations and financial condition. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. We do not undertake any obligation to update these forward-looking statements or the risk factors contained in this Annual Report on Form 10-K to reflect new information, future events or otherwise, except as may be required under federal securities laws."
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"text": "Important factors that could cause actual results to differ materially from the forward-looking statements made in this Annual Report on Form 10-K include but are not limited to: the sensitivity of our business to the number of flight hours that our customers' planes spend aloft and our customers' profitability, both of which are affected by general economic conditions; supply chain constraints; increases in raw material costs, taxes and labor costs that cannot be recovered in product pricing; failure to complete or successfully integrate acquisitions; our indebtedness; current and future geopolitical or other worldwide events, including, without limitation, wars or conflicts and public health crises; cybersecurity threats; risks related to the transition or physical impacts of climate change and other natural disasters or meeting sustainability-related voluntary goals or regulatory requirements; our reliance on certain customers; the United States (\"U.S.\") defense budget and risks associated with being a government supplier including government audits and investigations; failure to maintain government or industry approvals; risks related to changes in laws and regulations, including increases in compliance costs; potential environmental liabilities; liabilities arising in connection with litigation; risks and costs associated with our international sales and operations; and other factors."
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Major product offerings include mechanical/electromechanical actuators and controls, ignition systems and engine technology, specialized pumps and valves, power conditioning devices, specialized AC/DC electric motors and generators, batteries and chargers, databus and power controls, advanced sensor products, switches and relay panels, high performance hoists, winches and lifting devices, and cargo loading, handling and delivery systems. Primary customers of this segment are engine and power system and subsystem suppliers, airlines, third party maintenance suppliers, military buying agencies and repair depots. Products are sold in the original equipment and aftermarket market channels. The Airframe segment includes operations that primarily develop, produce and market systems and components that are used in non-power airframe applications utilizing airframe and cabin structure technologies. Major product offerings include engineered latching and locking devices, engineered rods, engineered connectors and elastomer sealing solutions, cockpit security components and systems, specialized and advanced cockpit displays, engineered audio, radio and antenna systems, specialized lavatory components, seat belts and safety restraints, engineered and customized interior surfaces and related components, thermal protection and insulation, lighting and control technology, parachutes and specialized flight, wind tunnel and jet engine testing services and equipment. Primary customers of this segment are airframe manufacturers and cabin system suppliers and subsystem suppliers, airlines, third party maintenance suppliers, military buying agencies and repair depots. Products are sold in the original equipment and aftermarket market channels. The Non-aviation segment includes operations that primarily develop, produce and market products for non-aviation markets. Major product offerings include seat belts and safety restraints for ground transportation applications, mechanical/electromechanical actuators and controls for space applications, hydraulic/ electromechanical actuators and fuel valves for land-based gas turbines, and refueling systems for heavy equipment used in mining, construction and other industries and turbine controls for the energy and oil and gas markets. Primary customers of this segment are off-road vehicle suppliers and subsystem suppliers, child restraint system suppliers, satellite and space system suppliers, manufacturers of heavy equipment used in mining, construction and other industries and turbine original equipment manufacturers, gas pipeline builders and electric utilities. The primary measurement used by management to review and assess the operating performance of each segment is EBITDA As Defined. The Company defines EBITDA As Defined as earnings before interest, taxes, depreciation and amortization plus certain non-operating items recorded as corporate expenses including non-cash compensation charges incurred in connection with the Company's stock incentive or deferred compensation plans, restructuring costs related to the Company's cost reduction measures in response to the COVID-19 pandemic, foreign currency gains and losses, acquisition-integration costs, acquisition and divestiture transaction-related expenses, and refinancing costs. COVID-19 restructuring costs represented actions primarily taken by the Company in fiscal 2021 and 2020 only, to reduce its workforce to align with customer demand, as well as incremental costs related to the pandemic that were not expected to recur once the pandemic subsided and were clearly separable from normal operations (e.g., additional cleaning and disinfecting of facilities by contractors above and beyond normal requirements, personal protective equipment). Acquisition and divestiturerelated costs represent accounting adjustments to inventory associated with acquisitions of businesses and product lines that were charged to cost of sales when the inventory was sold; costs incurred to integrate acquired businesses and product lines into the Company's operations, facility relocation costs and other acquisition-related costs; transaction-related costs for both acquisitions and divestitures comprising deal fees; legal, financial and tax diligence expenses and valuation costs that are required to be expensed as incurred and other acquisition accounting adjustments. For financial information about our segments, refer to Note 17, "Segments," in the notes to the consolidated financial statements included herein. 3 | [
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e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6-6 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6.tar.gz | Customers We predominantly serve customers in the commercial, regional, business jet and general aviation aftermarket, which accounted for approximately 32% of our net sales for fiscal year 2023; the commercial aerospace OEM market, comprising large commercial transport manufacturers and regional and business jet manufacturers, which accounted for approximately 22% of our net sales for fiscal year 2023; and the defense market (which includes defense OEMs and aftermarket sales to the U.S. and friendly foreign governments), which accounted for approximately 39% of our net sales for fiscal year 2023. Non-aerospace net sales comprised approximately 7% of our net sales for fiscal year 2023. The commercial aerospace industry was significantly disrupted by the COVID-19 pandemic and its adverse impact on air travel worldwide. To a lesser extent, the defense aerospace market was adversely impacted by the COVID-19 pandemic, with this impact arising primarily from supply chain shortages. This led to the defense market comprising a greater percentage of our net sales in fiscal years 2023, 2022 and 2021 compared to pre-pandemic historical levels. In fiscal years 2015 through 2019, defense market net sales ranged from 29% to 37% of total net sales. As the commercial aerospace industry continues to recover, defense market net sales continue to trend to account for a percentage of total net sales that is relatively in line with our historical levels prior to the COVID-19 pandemic. We began to see this expected trend in fiscal 2022 and this trend has continued in fiscal 2023, as defense sales represented 39% of net sales compared to 43% of net sales in fiscal 2022 and 50% of net sales in fiscal 2021. Our customers include: (1) distributors of aerospace components; (2) worldwide commercial airlines, including national and regional airlines; (3) large commercial transport and regional and business aircraft OEMs; (4) various armed forces of the United States and friendly foreign governments; (5) defense OEMs; (6) system suppliers; and (7) various other industrial customers. Our top ten customers for fiscal year 2023 accounted for approximately 41% of our net sales. Products supplied to many of our customers are used on multiple platforms. None of our customers individually accounted for greater than 10% of our net sales for fiscal year 2023. The markets in which we sell our products are, to varying degrees, cyclical and have experienced upswings and downturns. The demand for our commercial aftermarket parts and services depends on, among other things, the breadth of our installed OEM base, revenue passenger kilometers ("RPKs"), the size and age of the worldwide aircraft fleet, the percentage of the worldwide fleet that is in warranty, and airline profitability. The demand for defense products is specifically dependent on government budget trends, military campaigns and political pressures. Competition The niche markets within the aerospace industry that we serve are relatively fragmented and we face several competitors for many of the products and services we provide. Due to the global nature of the commercial aircraft industry, competition in these categories comes from both U.S. and foreign companies. Competitors in our product offerings range in size from divisions of large public corporations to small privately-held entities with only one or two components in their entire product portfolios. We compete on the basis of engineering, manufacturing and marketing high quality products, which we believe meet or exceed the performance and maintenance requirements of our customers, consistent and timely delivery, and superior customer service and support. The industry's stringent regulatory, certification and technical requirements and the investments necessary in the development and certification of products may create disincentives for potential new competitors for certain products. If customers receive products that meet or exceed expectations and performance standards, we believe that they will have a reduced incentive to certify another supplier because of the cost and time of the technical design and testing certification process. In addition, we believe that the availability, dependability and safety of our products are reasons for our customers to continue long-term supplier relationships. 5 | [
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"text": "aftermarket, which accounted for approximately 32% of our net sales for fiscal year 2023; the commercial"
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"text": "which accounted for approximately 39% of our net sales for fiscal year 2023. Non-aerospace net sales comprised"
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"text": "pre-pandemic historical levels. In fiscal years 2015 through 2019, defense market net sales ranged from 29% to"
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"text": "37% of total net sales. As the commercial aerospace industry continues to recover, defense market net sales"
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"text": "in fiscal 2023, as defense sales represented 39% of net sales compared to 43% of net sales in fiscal 2022 and 50%"
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"text": "Our customers include: (1) distributors of aerospace components; (2) worldwide commercial airlines,"
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"text": "approximately 41% of our net sales. Products supplied to many of our customers are used on multiple platforms."
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"text": "and downturns. The demand for our commercial aftermarket parts and services depends on, among other things,"
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"text": "the breadth of our installed OEM base, revenue passenger kilometers (“RPKs”), the size and age of the"
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"text": "worldwide aircraft fleet, the percentage of the worldwide fleet that is in warranty, and airline profitability. The"
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"text": "competitors for many of the products and services we provide. Due to the global nature of the commercial"
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"text": "aircraft industry, competition in these categories comes from both U.S. and foreign companies. Competitors in"
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"text": "technical requirements and the investments necessary in the development and certification of products may create"
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"text": "disincentives for potential new competitors for certain products. If customers receive products that meet or"
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"text": "exceed expectations and performance standards, we believe that they will have a reduced incentive to certify"
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"text": "We predominantly serve customers in the commercial, regional, business jet and general aviation aftermarket, which accounted for approximately 32% of our net sales for fiscal year 2023; the commercial aerospace OEM market, comprising large commercial transport manufacturers and regional and business jet manufacturers, which accounted for approximately 22% of our net sales for fiscal year 2023; and the defense market (which includes defense OEMs and aftermarket sales to the U.S. and friendly foreign governments), which accounted for approximately 39% of our net sales for fiscal year 2023. Non-aerospace net sales comprised approximately 7% of our net sales for fiscal year 2023."
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"text": "The commercial aerospace industry was significantly disrupted by the COVID-19 pandemic and its adverse impact on air travel worldwide. To a lesser extent, the defense aerospace market was adversely impacted by the COVID-19 pandemic, with this impact arising primarily from supply chain shortages. This led to the defense market comprising a greater percentage of our net sales in fiscal years 2023, 2022 and 2021 compared to pre-pandemic historical levels. In fiscal years 2015 through 2019, defense market net sales ranged from 29% to 37% of total net sales. As the commercial aerospace industry continues to recover, defense market net sales continue to trend to account for a percentage of total net sales that is relatively in line with our historical levels prior to the COVID-19 pandemic. We began to see this expected trend in fiscal 2022 and this trend has continued in fiscal 2023, as defense sales represented 39% of net sales compared to 43% of net sales in fiscal 2022 and 50% of net sales in fiscal 2021."
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"text": "Our customers include: (1) distributors of aerospace components; (2) worldwide commercial airlines, including national and regional airlines; (3) large commercial transport and regional and business aircraft OEMs; (4) various armed forces of the United States and friendly foreign governments; (5) defense OEMs; (6) system suppliers; and (7) various other industrial customers. Our top ten customers for fiscal year 2023 accounted for approximately 41% of our net sales. Products supplied to many of our customers are used on multiple platforms. None of our customers individually accounted for greater than 10% of our net sales for fiscal year 2023."
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"text": "The markets in which we sell our products are, to varying degrees, cyclical and have experienced upswings and downturns. The demand for our commercial aftermarket parts and services depends on, among other things, the breadth of our installed OEM base, revenue passenger kilometers (\"RPKs\"), the size and age of the worldwide aircraft fleet, the percentage of the worldwide fleet that is in warranty, and airline profitability. The demand for defense products is specifically dependent on government budget trends, military campaigns and political pressures."
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"text": "The niche markets within the aerospace industry that we serve are relatively fragmented and we face several competitors for many of the products and services we provide. Due to the global nature of the commercial aircraft industry, competition in these categories comes from both U.S. and foreign companies. Competitors in our product offerings range in size from divisions of large public corporations to small privately-held entities with only one or two components in their entire product portfolios."
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"text": "We compete on the basis of engineering, manufacturing and marketing high quality products, which we believe meet or exceed the performance and maintenance requirements of our customers, consistent and timely delivery, and superior customer service and support. The industry's stringent regulatory, certification and technical requirements and the investments necessary in the development and certification of products may create disincentives for potential new competitors for certain products. If customers receive products that meet or exceed expectations and performance standards, we believe that they will have a reduced incentive to certify another supplier because of the cost and time of the technical design and testing certification process. In addition, we believe that the availability, dependability and safety of our products are reasons for our customers to continue long-term supplier relationships."
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e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6-7 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6.tar.gz | Government Contracts Companies engaged in supplying defense-related equipment and services to United States Government ("U.S. Government") agencies are subject to business risks specific to the defense industry. These risks include the ability of the U.S. Government to unilaterally: (1) suspend us from receiving new contracts; (2) terminate existing contracts; (3) reduce the value of existing contracts; (4) audit our contract-related costs and fees, including allocated indirect costs; (5) control and potentially prohibit the export of our products; and (6) seek repayment of contract related payments under certain circumstances. Violations of government procurement laws could result in civil or criminal penalties. Governmental Regulation The commercial aircraft component industry is highly regulated by the Federal Aviation Administration ("FAA") in the United States and by the European Union Aviation Safety Agency in Europe and other agencies throughout the world, while the military aircraft component industry is governed by military quality specifications. We, and the components we manufacture, are required to be certified by one or more of these entities or agencies, and, in many cases, by individual OEMs, in order to engineer and service parts and components used in specific aircraft models. We must also satisfy the requirements of our customers, including OEMs and airlines that are subject to FAA regulations, and provide these customers with products and services that comply with the government regulations applicable to commercial flight operations. In addition, the FAA and other aviation authorities require that various maintenance routines be performed on aircraft components. We believe that we currently satisfy or exceed these maintenance standards in our repair and overhaul services. We also maintain several FAA-approved repair stations. In addition, our businesses are subject to many other laws and requirements typically applicable to manufacturers and exporters. Without limiting the foregoing, sales of many of our products that will be used on aircraft owned by foreign entities are subject to compliance with export control laws and the manufacture of our products and the operations of our businesses, including the disposal of hazardous wastes, are subject to compliance with applicable environmental laws. Market Channels Commercial Aftermarket The key market factors in the commercial aftermarket include RPKs and the size and activity level of the worldwide fleet of aircraft and the percentage of the fleet that is in warranty. Throughout fiscal 2023, we continued to see a rebound in our commercial aerospace end markets from the COVID-19 pandemic and are encouraged by the progression of the commercial aerospace market recovery to date. Commercial air travel in domestic markets continues to lead the air traffic recovery with most domestic markets nearing, achieving or surpassing pre-pandemic air traffic levels. The pace of the international recovery has been slower than the domestic recovery and remains below pre-pandemic levels. However, RPKs, which is a key metric used to measure air traffic demand, continues to make positive strides as most countries have removed international traveler restrictions and there is pent-up demand for long-haul travel. Current industry consensus indicates that worldwide RPKs will recover and surpass the calendar year 2019 (i.e., pre-pandemic levels) in calendar year 2024. Therefore, we expect the Company's commercial aerospace end markets to continue progressing into fiscal 2024 barring any significant disruptions or setbacks. Commercial OEM Market The commercial OEM market recovery is progressing with airlines returning to the commercial OEMs to place orders; however, the continuation of commercial OEM supply chain challenges impacting manufacturers 6 | [
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"text": "throughout the world, while the military aircraft component industry is governed by military quality"
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"text": "worldwide fleet of aircraft and the percentage of the fleet that is in warranty. Throughout fiscal 2023, we"
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"text": "Companies engaged in supplying defense-related equipment and services to United States Government (\"U.S. Government\") agencies are subject to business risks specific to the defense industry. These risks include the ability of the U.S. Government to unilaterally: (1) suspend us from receiving new contracts; (2) terminate existing contracts; (3) reduce the value of existing contracts; (4) audit our contract-related costs and fees, including allocated indirect costs; (5) control and potentially prohibit the export of our products; and (6) seek repayment of contract related payments under certain circumstances. Violations of government procurement laws could result in civil or criminal penalties."
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"text": "The commercial aircraft component industry is highly regulated by the Federal Aviation Administration (\"FAA\") in the United States and by the European Union Aviation Safety Agency in Europe and other agencies throughout the world, while the military aircraft component industry is governed by military quality specifications. We, and the components we manufacture, are required to be certified by one or more of these entities or agencies, and, in many cases, by individual OEMs, in order to engineer and service parts and components used in specific aircraft models."
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"text": "We must also satisfy the requirements of our customers, including OEMs and airlines that are subject to FAA regulations, and provide these customers with products and services that comply with the government regulations applicable to commercial flight operations. In addition, the FAA and other aviation authorities require that various maintenance routines be performed on aircraft components. We believe that we currently satisfy or exceed these maintenance standards in our repair and overhaul services. We also maintain several FAA-approved repair stations."
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"text": "In addition, our businesses are subject to many other laws and requirements typically applicable to manufacturers and exporters. Without limiting the foregoing, sales of many of our products that will be used on aircraft owned by foreign entities are subject to compliance with export control laws and the manufacture of our products and the operations of our businesses, including the disposal of hazardous wastes, are subject to compliance with applicable environmental laws."
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"text": "The key market factors in the commercial aftermarket include RPKs and the size and activity level of the worldwide fleet of aircraft and the percentage of the fleet that is in warranty. Throughout fiscal 2023, we continued to see a rebound in our commercial aerospace end markets from the COVID-19 pandemic and are encouraged by the progression of the commercial aerospace market recovery to date. Commercial air travel in domestic markets continues to lead the air traffic recovery with most domestic markets nearing, achieving or surpassing pre-pandemic air traffic levels. The pace of the international recovery has been slower than the domestic recovery and remains below pre-pandemic levels. However, RPKs, which is a key metric used to measure air traffic demand, continues to make positive strides as most countries have removed international traveler restrictions and there is pent-up demand for long-haul travel. Current industry consensus indicates that worldwide RPKs will recover and surpass the calendar year 2019 (i.e., pre-pandemic levels) in calendar year 2024. Therefore, we expect the Company's commercial aerospace end markets to continue progressing into fiscal 2024 barring any significant disruptions or setbacks."
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"text": "The commercial OEM market recovery is progressing with airlines returning to the commercial OEMs to place orders; however, the continuation of commercial OEM supply chain challenges impacting manufacturers"
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e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6-8 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6.tar.gz | such as Boeing and Airbus are slowing the pace of new aircraft manufacturing. Our commercial transport OEM shipments and revenues generally run ahead of Boeing and Airbus aircraft delivery schedules. As a result, and consistent with prior years, our fiscal 2024 shipments will be a function of, among other things, the estimated 2024 and 2025 commercial aircraft production rates. In fiscal 2023, we experienced improved sales in the commercial OEM sector primarily due to increased production by Boeing and Airbus. Both Boeing and Airbus have disclosed further planned OEM production rate increases for calendar 2024. Our businesses continually seek to provide innovative solutions for our customers and others in the commercial aerospace and defense industries. Our current initiatives include creating new products that are more environmentally friendly, creating new products that will help further improve commercial airlines' efforts to keep passengers healthy and safe, such as touch-free aircraft lavatory suite products and air shields to better cabin air quality. We strive to create new products that ensure the safety of our customer's endeavors on the land, sea and space. Defense Our military business fluctuates from year-to-year, and is dependent, to a degree, on government budget constraints, the timing of orders, macro and micro dynamics with respect to the U.S. Department of Defense ("DOD") procurement policy and the extent of global conflicts, such as the existing conflicts between Russia and Ukraine and Israel and Hamas. Also, delays in government spending outlays and government funding reprioritization, such as shifting funds to efforts to assist friendly countries in conflicts, provides for further unpredictability in the military spending outlook. For a variety of reasons, the military spending outlook is very uncertain, though recent DOD budgets have trended upwards. Other Considerations Historically, our presence in both the commercial aerospace and military sectors of the aerospace industry has served to mitigate the impact on our business of any specific industry risk. We service a diversified customer base in the commercial and military aerospace industry, and we provide components to a diverse installed base of aircraft, which mitigates our exposure to any individual airframe platform. At times, declines in net sales in one channel have been offset by increased net sales in another channel. However, due to differences between the profitability of our products sold to OEM and aftermarket customers, variation in product mix can cause variation in gross profit. Outside of the market disruptions caused by COVID-19, there are other factors (including customer inventory level adjustments, supply chain issues, unannounced changes in order patterns, strikes, facility shutdowns caused by fires, hurricanes, health crises or other incidents and mergers and acquisitions) that can cause short-term disruptions in our quarterly shipment patterns as compared to previous quarters and the same periods in prior years. As such, it can be difficult to determine longer-term trends in our business based on quarterly comparisons. To normalize for short-term fluctuations, we tend to look at our performance over several quarters or years of activity rather than discrete short-term periods. Additionally, there are fluctuations in OEM and aftermarket product mix from quarter-to-quarter that may cause positive or negative variations in gross profit since commercial aftermarket net sales have historically produced higher gross profit margins than net sales to commercial OEMs. Again, in many instances these are timing events between quarters and must be balanced with macro aerospace industry indicators. Raw Materials We require the use of various raw materials in our manufacturing processes. We purchase a variety of manufactured component parts from various suppliers. We also purchase replacement parts, which are utilized in our various repair and overhaul operations. At times, we concentrate our orders among a few suppliers in order to strengthen our supplier relationships. Most of our raw materials and component parts are generally available from multiple suppliers at competitive prices. 7 | [
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"text": "Historically, our presence in both the commercial aerospace and military sectors of the aerospace industry has served to mitigate the impact on our business of any specific industry risk. We service a diversified customer base in the commercial and military aerospace industry, and we provide components to a diverse installed base of aircraft, which mitigates our exposure to any individual airframe platform. At times, declines in net sales in one channel have been offset by increased net sales in another channel. However, due to differences between the profitability of our products sold to OEM and aftermarket customers, variation in product mix can cause variation in gross profit."
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e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6-9 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6.tar.gz | In fiscal 2023, the global supply chain continued to be disrupted by the pandemic, though the disruption has gradually improved. The disruption has resulted in delays in the availability of certain raw materials and increased raw material costs, among other costs such as labor. Our business has been adversely affected, though not materially, and could continue to be adversely affected in fiscal 2024 by disruptions in our ability to timely obtain raw materials and components from our suppliers in the quantities we require or on favorable terms. Although we believe in most cases that we could identify alternative suppliers, or alternative raw materials or component parts, the lengthy and expensive aviation authority and OEM certification processes associated with aerospace products could prevent efficient replacement of a supplier, raw material or component part. Intellectual Property We have various trade secrets, proprietary information, trademarks, trade names, patents, copyrights and other intellectual property rights, which we believe, in the aggregate but not individually, are important to our business. The Company's products are manufactured, marketed and sold using a portfolio of patents, trademarks, licenses, and other forms of intellectual property, some of which expire in the future. The Company develops and acquires new intellectual property on an ongoing basis. Based on the broad scope of the Company's product lines, management believes that the loss or expiration of any single intellectual property right would not have a material effect on our consolidated financial statements. Environmental Matters Our operations and facilities are subject to a number of federal, state, local and foreign environmental laws and regulations that govern, among other things, discharges of pollutants into the air and water, the generation, handling, storage and disposal of hazardous materials and wastes, the remediation of contamination and the health and safety of our employees. Environmental laws and regulations may require that the Company investigate and remediate the effects of the release or disposal of materials at sites associated with past and present operations. Certain facilities and third-party sites utilized by the Company have been identified as potentially responsible parties under the federal superfund laws and comparable state laws. The Company is currently involved in the investigation and remediation of a number of sites under applicable laws. For information regarding environmental accruals, refer to Note 15, "Commitments and Contingencies," in the notes to the consolidated financial statements included herein. Compliance with federal, state, local and foreign environmental laws during fiscal 2023 had no material impact on our capital expenditures, results of operations or cash flows. Based upon consideration of currently available information, we believe liabilities for environmental matters will not have a material adverse impact on our consolidated financial statements, but we cannot assure that material environmental liabilities may not arise in the future. For further information on environmental-related risks, including climate change, refer to Item 1A. "Risk Factors." Human Capital Resources As of September 30, 2023, we had approximately 15,500 full-time, part-time and temporary employees. Approximately 18% of our full-time and part-time employees are represented by labor unions. Collective bargaining agreements between us and these labor unions expire at various dates up to September 2027. Talent Development We consider our employees to be our greatest asset. Succession planning and the development, attraction and retention of employees is critical for TransDigm and its operating units to sustain our three core value drivers (obtaining profitable new business, continually improving our cost structure and providing highly engineered value-added products to customers). To support the advancement of our employees, we offer training and development programs encouraging advancement from within and continue to fill our team with strong and experienced management talent. We leverage both formal and informal programs to identify, foster, and retain top talent at both the corporate and operating unit level. 8 | [
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"text": "Our operations and facilities are subject to a number of federal, state, local and foreign environmental laws and regulations that govern, among other things, discharges of pollutants into the air and water, the generation, handling, storage and disposal of hazardous materials and wastes, the remediation of contamination and the health and safety of our employees. Environmental laws and regulations may require that the Company investigate and remediate the effects of the release or disposal of materials at sites associated with past and present operations. Certain facilities and third-party sites utilized by the Company have been identified as potentially responsible parties under the federal superfund laws and comparable state laws. The Company is currently involved in the investigation and remediation of a number of sites under applicable laws."
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"text": "For information regarding environmental accruals, refer to Note 15, \"Commitments and Contingencies,\" in the notes to the consolidated financial statements included herein. Compliance with federal, state, local and foreign environmental laws during fiscal 2023 had no material impact on our capital expenditures, results of operations or cash flows. Based upon consideration of currently available information, we believe liabilities for environmental matters will not have a material adverse impact on our consolidated financial statements, but we cannot assure that material environmental liabilities may not arise in the future. For further information on environmental-related risks, including climate change, refer to Item 1A. \"Risk Factors.\""
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"text": "As of September 30, 2023, we had approximately 15,500 full-time, part-time and temporary employees. Approximately 18% of our full-time and part-time employees are represented by labor unions. Collective bargaining agreements between us and these labor unions expire at various dates up to September 2027."
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"text": "We consider our employees to be our greatest asset. Succession planning and the development, attraction and retention of employees is critical for TransDigm and its operating units to sustain our three core value drivers (obtaining profitable new business, continually improving our cost structure and providing highly engineered value-added products to customers). To support the advancement of our employees, we offer training and development programs encouraging advancement from within and continue to fill our team with strong and experienced management talent. We leverage both formal and informal programs to identify, foster, and retain top talent at both the corporate and operating unit level."
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e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6-10 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6.tar.gz | We have established TransDigm University, in partnership with the University of Southern California Marshall School of Business, a formal mentoring and education program with a curated curriculum and established leadership serving as mentors. Participants in the program learn and develop more advanced skills leading to higher contribution and satisfaction within their roles, while mentors enhance their leadership capabilities by helping others progress. This program helps identify top performers, improving employee performance and retention, increasing our organizational learning and supporting the promotion of our current employees. The Company's Management Development Program ("MDP") identifies new talent and prepares them for success within our organization. The Company actively recruits for MDP candidates at colleges and universities across the U.S. to ensure we are reaching a large and diverse pool of candidates. The program hires recent Master of Business Administration graduates who work for three eight-month periods at a selection of operating units. Program participants gain experience in developing, manufacturing, and selling aerospace components with the intent of becoming fully immersed in the operations of our business. Once the program is complete, MDP participants are better equipped with the knowledge and experience needed to excel as a manager at TransDigm. Our goal for successful MDP participants is to hire them on a full-time basis at an operating unit upon completion of the program. TransDigm's executive team also mentors rising talent on a more informal basis. This informal mentorship achieves a number of goals, including accelerating the development of top performers, increasing organizational learning, and improving employee performance and retention. The executive team also commits substantial time to evaluating the bench strength of our leadership and working with our leadership to improve their performance. TransDigm University, MDP, various internship programs and informal mentoring demonstrates the Company's ongoing commitment and initiatives towards accelerating the development of our future leaders. Benefits We are proud to offer attractive benefits packages that attract, retain, motivate and reward our talent, and we are committed to providing our employees and their families with programs that support their health and overall well-being. To assist employees with financial empowerment, we offer retirement savings plans. We also offer employees the ability to save money on a tax-free basis through flexible spending accounts and health savings accounts. TransDigm offers competitive compensation programs to our employees that includes base pay, bonus programs and equity programs. TransDigm employees also receive paid time off and holidays. We understand the value in furthering the knowledge and education of our current employee base. In addition to formal and informal employee development programs within TransDigm and our operating units, employees can expand their careers by accessing tuition reimbursement programs. Some operating units also partner with local colleges to provide training courses to TransDigm employees. Access to programs such as these enhance our employees' value to the Company, our customers and our communities. TransDigm's equity compensation plans are designed to assist in attracting, retaining, motivating and rewarding key employees and directors, and promoting the creation of long-term value for our stockholders by closely aligning the interests of these individuals with those of our stockholders. TransDigm's equity compensation plans provide for the granting of performance-based stock options. Equity compensation, and specifically stock options, is a significant component of TransDigm's equity-based compensation strategy and value-based culture. Our approach to equity has a track record of success and we believe that the continued use of performance-based stock options will help retain the Company's key employees and recruit the talented minds of the future. 9 | [
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"text": "We have established TransDigm University, in partnership with the University of Southern California Marshall School of Business, a formal mentoring and education program with a curated curriculum and established leadership serving as mentors. Participants in the program learn and develop more advanced skills leading to higher contribution and satisfaction within their roles, while mentors enhance their leadership capabilities by helping others progress. This program helps identify top performers, improving employee performance and retention, increasing our organizational learning and supporting the promotion of our current employees."
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e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6-11 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6.tar.gz | Diversity At TransDigm, we value new ideas, different experiences and fresh perspectives, and we firmly believe this is enhanced by a more diverse workforce throughout all levels of our organization. Diversity and inclusion make us stronger as a company - it is critical to innovation, provides a competitive advantage, yields better outcomes, and in turn, enables us to better deliver for all of our stakeholders. We know that the tone is set from the top, and our commitment to diversity, equity and inclusion must be reflected within our leadership team as well as our Board of Directors. Beginning in fiscal 2022, TransDigm implemented unconscious bias training for our Board of Directors and management. Approximately 44% of the most recent MDP participant group is gender and racially diverse, which is almost double that of the program's inaugural class in 2019. Total past and present MDP participants are approximately 39% gender or racially diverse, and we continuously work to enhance the diversity of the program. We are committed to diversity at all levels of management and leadership, and our leadership team and Board of Directors are committed to improving diversity throughout the Company and fostering a more inclusive and open environment. Diversity, equity and inclusion make us stronger as a business so we can effectively serve all our stakeholders. Our workforce includes talented people from many backgrounds. Discrimination is not tolerated at TransDigm. We are committed to high ethical standards and equal employment opportunities in all personnel actions without regard to race, color, religion, gender, national origin, citizenship status, age, marital status, gender identity or expression, sexual orientation, physical or mental disability, or veteran status. As a company whose products and values are closely tied to supporting the U.S. military and its allies, we are dedicated to offering employment opportunities to U.S. military veterans. Supporting our veterans as they enter the civilian workforce is incredibly important to us given their valuable wealth of knowledge and skills. Many of our U.S.-based operating units have specific programs or initiatives that provide career opportunities to veterans as they transition into the civilian workforce. Health and Safety Our commitment to manufacturing the safest, highest quality products is matched by our commitment to keeping our employees healthy and safe as they work to produce these products. We are dedicated to building, designing, maintaining, and operating our facilities to effectively manage process safety and other hazards, and to minimize risks. We also seek to empower and support our employees to prevent accidents and promote a safe environment. We expect personnel to report and communicate risks, potential hazards, incidents and near hits so that they can be investigated, and appropriate action can be taken to prevent future issues. Our operating units report on environmental health and safety matters to the TransDigm executive management on a monthly basis. Seasonality We do not believe our net sales are subject to significant seasonal variation; however, our net sales have generally been lower in the first quarter of our fiscal year compared to the subsequent quarters due to fewer working days resulting from the observance of various holidays. Available Information TD Group's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including any amendments, will be made available free of charge on the Company's website, www.transdigm.com, as soon as reasonably practicable, following the filing of the reports with the Securities and Exchange Commission ("SEC"). In addition, the Company's website allows investors and other interested persons to sign up to automatically receive e-mail alerts when news releases and financial information is posted 10 | [
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"text": "We know that the tone is set from the top, and our commitment to diversity, equity and inclusion must be reflected within our leadership team as well as our Board of Directors. Beginning in fiscal 2022, TransDigm implemented unconscious bias training for our Board of Directors and management. Approximately 44% of the most recent MDP participant group is gender and racially diverse, which is almost double that of the program's inaugural class in 2019. Total past and present MDP participants are approximately 39% gender or racially diverse, and we continuously work to enhance the diversity of the program. We are committed to diversity at all levels of management and leadership, and our leadership team and Board of Directors are committed to improving diversity throughout the Company and fostering a more inclusive and open environment. Diversity, equity and inclusion make us stronger as a business so we can effectively serve all our stakeholders. Our workforce includes talented people from many backgrounds."
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"text": "Discrimination is not tolerated at TransDigm. We are committed to high ethical standards and equal employment opportunities in all personnel actions without regard to race, color, religion, gender, national origin, citizenship status, age, marital status, gender identity or expression, sexual orientation, physical or mental disability, or veteran status."
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"text": "As a company whose products and values are closely tied to supporting the U.S. military and its allies, we are dedicated to offering employment opportunities to U.S. military veterans. Supporting our veterans as they enter the civilian workforce is incredibly important to us given their valuable wealth of knowledge and skills. Many of our U.S.-based operating units have specific programs or initiatives that provide career opportunities to veterans as they transition into the civilian workforce."
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"text": "Our commitment to manufacturing the safest, highest quality products is matched by our commitment to keeping our employees healthy and safe as they work to produce these products. We are dedicated to building, designing, maintaining, and operating our facilities to effectively manage process safety and other hazards, and to minimize risks. We also seek to empower and support our employees to prevent accidents and promote a safe environment. We expect personnel to report and communicate risks, potential hazards, incidents and near hits so that they can be investigated, and appropriate action can be taken to prevent future issues. Our operating units report on environmental health and safety matters to the TransDigm executive management on a monthly basis."
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"text": "We do not believe our net sales are subject to significant seasonal variation; however, our net sales have generally been lower in the first quarter of our fiscal year compared to the subsequent quarters due to fewer working days resulting from the observance of various holidays."
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"text": "TD Group's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including any amendments, will be made available free of charge on the Company's website, www.transdigm.com, as soon as reasonably practicable, following the filing of the reports with the Securities and Exchange Commission (\"SEC\"). In addition, the Company's website allows investors and other interested persons to sign up to automatically receive e-mail alerts when news releases and financial information is posted"
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e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6-16 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6.tar.gz | We are dependent on our executive officers, senior management team and highly trained employees and any work stoppage, difficulty hiring similar employees, or ineffective succession planning could adversely affect our business. Because our products are complicated and highly engineered, we depend on an educated and trained workforce. Historically, there has been substantial competition for skilled personnel in the aerospace and defense industry, and we could be adversely affected by a shortage of skilled employees. We may not be able to fill new positions or vacancies created by expansion or turnover or attract and retain qualified personnel. We cannot be assured that we can continue to hire, train and retain qualified employees at current wage rates since we operate in a competitive labor market, and there are currently significant inflationary and other pressures on wages. Although we believe that our relations with our employees are satisfactory, we cannot assure that we will be able to negotiate a satisfactory renewal of collective bargaining agreements or that our employee relations will remain stable. Because we strive to limit the volume of finished goods inventory, any work stoppage could materially and adversely affect our ability to provide products to our customers. In addition, our success depends in part on our ability to attract and motivate our senior management and key employees. Achieving this objective may be difficult due to a variety of factors, including fluctuations in economic and industry conditions, competitors' hiring practices, and the effectiveness of our compensation programs. Competition for qualified personnel can be intense. If we are unable to effectively provide for the succession of key personnel, senior management and our executive officers, including our President, Chief Executive Officer and Director, our business, results of operations, cash flows and financial condition may be adversely affected. The Company's Board of Directors continually monitors this risk and we believe that the Company's succession plan, together with our straightforward strategy, clear value drivers, decentralized nature and the quality of managers running our operating units helps to mitigate this risk. Public health crises, such as the COVID-19 pandemic, and other health pandemics, epidemics and outbreaks could adversely affect our business . A significant public health crisis, such as the COVID-19 pandemic, could cause disruption to our operations. The COVID-19 pandemic had a negative effect on our business, results of operations, cash flows and financial condition. It affected our business due to the impact on the global economy, including its effects on the commercial aerospace industry, the supply chain and raw material availability, production efforts and customer demand for our products and services. Our ability to predict and respond to future changes resulting from potential health crises is uncertain. Even after a public health crises subsides, there may be long-term effects on our business practices and customers in economies in which we operate that could severely disrupt our operations and could have a material adverse effect on our business, results of operations, cash flows and financial condition. As we cannot predict the duration, scope or severity of future public health crises, the negative financial impact to our results cannot be reasonably estimated and could be material. Risks Related to our Operations Our sales to manufacturers of aircraft are cyclical, and a downturn in sales to these manufacturers may adversely affect us. Our sales to manufacturers of large commercial aircraft, such as Boeing, Airbus, and related OEM suppliers, as well as manufacturers of business jets have historically experienced periodic downturns. In the past, these sales have been affected by airline profitability, which is impacted by, among other things, fuel and labor costs, price competition, interest rates, downturns in the global economy and national and international events. In addition, sales of our products to manufacturers of business jets are impacted by, among other things, downturns in the global economy. In recent years, such as in fiscal 2021 and the second half of fiscal 2020, we experienced decreased sales across the commercial OEM sector driven primarily by the decrease in production by Boeing and 15 | [
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e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6-17 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6.tar.gz | Airbus related to reduced demand in the commercial aerospace industry from the COVID-19 pandemic, and airlines deferring or cancelling orders. Regulatory and quality challenges, such as with Boeing's 737 MAX aircraft and 787 aircraft, also has had an adverse impact. Downturns adversely affect our results of operations, financial position and cash flows. Our business is dependent on the availability of certain components and raw materials from suppliers. Our business is affected by the price and availability of the raw materials and component parts that we use to manufacture our components. Our business, therefore, could be adversely impacted by factors affecting our suppliers (such as the destruction of our suppliers' facilities or their distribution infrastructure, a work stoppage or strike by our suppliers' employees or the failure of our suppliers to provide materials of the requisite quality), or by increased costs of such raw materials or components if we were unable to pass along such price increases to our customers. We are currently experiencing supply shortages and inflationary pressures for certain components and raw materials that are important to our manufacturing process, particularly electronic parts, due to global supply chain constraints. Expected growth in the global economy may exacerbate these pressures on us and our suppliers, and we expect these supply chain challenges and cost impacts to continue for the foreseeable future. Because we strive to limit the volume of raw materials and component parts on hand, our business could be adversely affected if we were unable to obtain these raw materials and components from our suppliers in the quantities we require or on favorable terms. Although we believe in most cases that we could identify alternative suppliers, or alternative raw materials or component parts, the lengthy and expensive aviation authority and OEM certification processes associated with aerospace products could prevent efficient replacement of a supplier, raw material or component part. We face significant competition. We operate in a highly competitive global industry and compete against a number of companies. Competitors in our product lines are both U.S. and foreign companies and range in size from divisions of large public corporations to small privately-held entities. We believe that our ability to compete depends on high product performance, consistent high quality, short lead-time and timely delivery, competitive pricing, superior customer service and support and continued certification under customer quality requirements and assurance programs. We may have to adjust the prices of some of our products to stay competitive. Climate-related regulations designed to address climate change may result in additional compliance costs. Our operations and the products we sell are currently subject to rules limiting emissions and to other climate-related regulations in certain jurisdictions where we operate. The increased prevalence of global climate change concerns may result in new regulations that may negatively impact us, our suppliers and customers. We are continuing to evaluate short-, medium- and long-term risks related to climate change. We cannot predict what environmental legislation or regulations will be enacted in the future, how existing or future laws or regulations will be administered or interpreted, or what environmental conditions may be found to exist. Compliance with any new or more stringent laws or regulations, or stricter interpretations of existing laws, could require additional expenditures by us or our suppliers, in which case, the costs of raw materials and component parts could increase. As a whole, because our manufacturing facilities primarily engage in assembly and light manufacturing and because we do not maintain any transportation infrastructure, we have relatively low Scope 1 and Scope 2 emissions. Accordingly, we do not anticipate any material adverse impact from increased carbon regulation directly on our manufacturing operations. Further, because of our wide portfolio of hundreds of thousands of products, we do not anticipate any material adverse impact from the reliance on a supplier or group of suppliers that may be subject to climate risks. However, regulation that would have a material adverse impact on air travel could have a material adverse impact on our business. Given the political significance and uncertainty around 16 | [
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e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6-18 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6.tar.gz | these issues, we cannot predict how legislation, regulation, and increased awareness of these issues will affect our operations and financial condition. We have established a science-aligned greenhouse gas emissions reduction target of at least a 50% reduction in our Scope 1 and Scope 2 emissions on an absolute basis by the year 2031. Fiscal 2019 is the selected baseline year for TransDigm that we will compare against as we make progress towards our emissions reduction goal. We continue to evaluate ways to reduce our energy and water consumption and lower our greenhouse gas emissions through energy efficiency measures, the purchase of green power and other actions. Our operations depend on our manufacturing facilities, which are subject to physical and other risks that could disrupt production. Our operations and those of our customers and suppliers have been and may again be subject to natural disasters, climate change-related events, pandemics or other business disruptions, which could seriously harm our results of operation and increase our costs and expenses. Some of our manufacturing facilities are located in regions that may be impacted by severe weather events, such as increased storm frequency or severity in the Atlantic and fires in hotter and drier climates. These could result in potential damage to our physical assets as well as disruptions in manufacturing activities. Some of our manufacturing facilities are located in areas that may be at risk due to rising sea levels. Moreover, some of our manufacturing facilities are located in areas that could experience decreased access to water due to climate issues. We are also vulnerable to damage from other types of disasters, including power loss, fire, explosions, floods, communications failures, terrorist attacks and similar events. Disruptions could also occur due to healthrelated outbreaks and crises, cyber attacks, computer or equipment malfunction (accidental or intentional), operator error or process failures. Should insurance or other risk transfer mechanisms, such as our existing disaster recovery and business continuity plans, be insufficient to recover all costs, we could experience a material adverse effect on our business, results of operations, financial position and cash flows. Operations and sales outside of the United States may be subject to additional risks. Our net sales to foreign customers were approximately $2.3 billion for the fiscal year ended September 30, 2023. A number of risks inherent in international operations could have a material adverse effect on our results of operations, including war, sanctions, global health crises, currency fluctuations, difficulties in staffing and managing multinational operations, general economic and political uncertainties and potential for social unrest in countries in which we operate, limitations on our ability to enforce legal rights and remedies, restrictions on the repatriation of funds, change in trade policies, tariff regulation, difficulties in obtaining export and import licenses and the risk of government financed competition. Issues with the global supply chain can also rise due to some of the aforementioned risks, as well as the availability and cost of raw materials to suppliers, merchandise quality or safety issues, shipping and transport availability and cost, increases in wage rates and taxes, transport security, inflation and other factors relating to the suppliers and the countries in which they are located or from which they import. Such issues are often beyond our control and could adversely affect our operations and profitability. Furthermore, the Company is subject to laws and regulations, such as the Foreign Corrupt Practices Act, U.K. Bribery Act and similar local anti-bribery laws, which generally prohibit companies and their employees, agents and contractors from making improper payments for the purpose of obtaining or retaining business. Failure to comply with these laws could subject the Company to civil and criminal penalties that could materially adversely affect the Company's results of operations, financial position and cash flows. We are monitoring the ongoing conflicts between Israel and Hamas and between Russia and Ukraine and the related export controls and financial and economic sanctions imposed on certain industry sectors, including the aviation sector, and parties in Russia by the U.S., the U.K., the European Union and others. Although the conflicts have not, nor are expected to, have a direct material adverse impact on TransDigm's business, the 17 | [
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"text": "Our net sales to foreign customers were approximately $2.3 billion for the fiscal year ended September 30, 2023. A number of risks inherent in international operations could have a material adverse effect on our results of operations, including war, sanctions, global health crises, currency fluctuations, difficulties in staffing and managing multinational operations, general economic and political uncertainties and potential for social unrest in countries in which we operate, limitations on our ability to enforce legal rights and remedies, restrictions on the repatriation of funds, change in trade policies, tariff regulation, difficulties in obtaining export and import licenses and the risk of government financed competition."
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e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6-19 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6.tar.gz | implications of the Israel and Hamas and Russia and Ukraine conflicts in the short-term and long-term are difficult to predict at this time. Factors such as increased energy costs, the availability of certain raw materials for aircraft manufacturers, embargoes on flights from certain airlines, sanctions on certain companies, and the stability of certain customers could impact the global economy and aviation sector. We are subject to certain unique business risks as a result of supplying equipment and services to the U.S. Government. Companies engaged in supplying defense-related equipment and services to U.S. Government agencies, whether through direct contracts with the U.S. Government or as a subcontractor to customers contracting with the U.S. Government, are subject to business risks specific to the defense industry. These risks include the ability of the U.S. Government to unilaterally: - · suspend or debar from receiving new contracts based on alleged violations of procurement laws or regulations; - · terminate existing contracts; - · revoke required security clearances; and - · audit contract-related costs and fees, including allocated indirect costs. Most U.S. Government contracts can be terminated by the U.S. Government at its convenience without significant notice. Termination for convenience provisions provide only for recovery of costs incurred or committed, settlement expenses and profit on the work completed prior to termination. Most of our U.S. Government contracts are based on a firm-fixed price. On contracts for which the price is based on the reimbursement of costs, the U.S. Government may review our costs and performance, as well as our accounting and general business practices. Based on the results of such audits, the U.S. Government may adjust our contract-related costs and fees, including allocated indirect costs. In addition, under U.S. Government purchasing regulations, some of our costs, including most financing costs, amortization of intangible assets, portions of research and development costs, and certain marketing expenses may not be subject to reimbursement under cost-reimbursement contracts. Furthermore, even where the price is not based on cost, the U.S. Government may seek to review our costs to determine whether our pricing is "fair and reasonable." Our subsidiaries are periodically subject to pricing reviews and government buying agencies that purchase some of our subsidiaries' products are periodically subject to audits by the DOD with respect to prices paid for such products. As a result of these audits, we could be asked to enter into an arrangement whereby our prices would be based on cost, plus a nominal fee, the DOD could seek to pursue alternative sources of supply for our parts, or the U.S. Government could take other adverse actions with respect to our contracts. Any of those occurrences could lead to a reduction in our revenue from, or the profitability of certain of our supply arrangements with, certain agencies and buying organizations of the U.S. Government. Further, negative publicity relating to the results of any audit, inquiry or subsequent hearing or the like could negatively impact our stock price. If a government inquiry or investigation uncovers improper or illegal activities, we could be subject to civil or criminal penalties or administrative sanctions, including contract termination, fines, forfeiture of fees, suspension of payment and suspension or debarment from doing business with U.S. Government agencies, any of which could materially adversely affect our reputation, business, financial condition, results of operations and cash flows. Moreover, U.S. Government purchasing regulations contain a number of additional operational requirements, which do not apply to entities not engaged in government contracting. Failure to comply with such government contracting requirements could result in civil and criminal penalties that could have a material adverse effect on the Company's results of operations. 18 | [
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"text": "implications of the Israel and Hamas and Russia and Ukraine conflicts in the short-term and long-term are difficult to predict at this time. Factors such as increased energy costs, the availability of certain raw materials for aircraft manufacturers, embargoes on flights from certain airlines, sanctions on certain companies, and the stability of certain customers could impact the global economy and aviation sector."
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e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6-20 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6.tar.gz | Our business may be adversely affected if we would lose our government or industry approvals or if more stringent government regulations are enacted or if industry oversight is increased. The aerospace industry is highly regulated in the U.S. and in other countries. In order to sell our products, we and the products we manufacture must be certified by the FAA, the DOD and similar agencies in foreign countries and by individual manufacturers. If new and more stringent government regulations are adopted or if industry oversight increases, we might incur significant expenses to comply with any new regulations or heightened industry oversight. In addition, if material authorizations or approvals were revoked or suspended, our business would be adversely affected. In addition to the aviation approvals, we are at times required to obtain approval from U.S. Government agencies and similar agencies elsewhere in the world to export our products. U.S. laws and regulations applicable to us include the Arms Export Control Act, the International Traffic in Arms Regulations ("ITAR"), the Export Administration Regulations ("EAR") and the trade sanctions laws and regulations administered by the United States Department of the Treasury's Office of Foreign Assets Control ("OFAC"). EAR restricts the export of commercial and dual-use products and technical data to certain countries, while ITAR restricts the export of defense products, technical data and defense services. Failure to obtain approval to export or determination by the U.S. Government or similar agencies elsewhere in the world that we failed to receive required approvals or licenses could eliminate or restrict our ability to sell our products outside the United States or other country of origin, and the penalties that could be imposed by the U.S. Government or other applicable government for failure to comply with these laws could be significant. We could incur substantial costs as a result of data protection concerns. The interpretation and application of data protection laws in the U.S. and globally, including but not limited to the General Data Protection Regulation (the "GDPR"), the California Consumer Privacy Act (the "CCPA") and China's Personal Information Protection Law ("PIPL"), are uncertain and evolving. It is possible that these laws may be interpreted and applied in a manner that is inconsistent with our data practices. Complying with these various laws is difficult and could cause us to incur substantial costs or require us to change our business practices in a manner adverse to our business. Further, although we have implemented internal controls and procedures designed to ensure compliance with the GDPR, CCPA, PIPL and other privacy-related laws, rules and regulations (collectively, the "Data Protection Laws"), there can be no assurance that our controls and procedures will enable us to be fully compliant with all Data Protection Laws. Any failure to comply with Data Protection Laws could result in significant penalties, fines, legal challenges and reputational harm. Increased cybersecurity threats and more sophisticated and targeted computer crime have posed and could continue to pose a risk to our information technology systems and a disruption to or breach in the security of such systems, if material, could have adverse effects on our result of operations and financial condition. We rely extensively on information technology systems to manage and operate our business, some of which are managed by third parties. The security and functionality of these information technology systems, and the processing of data by these systems, are critical to our business operations. If these systems, or any part of the systems, are damaged, intruded upon, attacked, shutdown or cease to function properly (whether by planned upgrades, force majeure, telecommunications failures, criminal acts, including hardware or software break-ins or extortion attempts, or viruses, or other cybersecurity incidents) and we suffer any resulting interruption in our ability to manage and operate our business or if our products are affected, our results of operations and financial condition could be materially adversely affected. In fact, we have experienced data security incidents, although these have not had a material impact on our financial results. Furthermore, the Company has access to classified, sensitive, confidential, or personal data or information that is subject to privacy and security laws, regulations, or other contractually-imposed controls. 19 | [
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"text": "or other losses, or injunctive or declaratory relief. These proceedings could result in substantial cost and may require us to devote substantial resources to defend ourselves. The ultimate resolution of these matters through settlement, mediation, or court judgment could have a material impact on our financial condition, results of operations, and cash flows."
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"text": "following the events of September 11, 2001, the Severe Acute Respiratory Syndrome (\"SARS\") epidemic, and conflicts abroad. Additional examples include future geopolitical or other worldwide events, such as war, terrorist acts, or additional worldwide infectious disease outbreaks."
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"text": "There has been significant volatility in the market price and trading volume of equity securities, which is unrelated to the operating performance of the companies issuing the securities. These market fluctuations may negatively affect the market price of our common stock. Shareholders may not be able to sell their shares at or above the purchase price due to fluctuations in the market price of our common stock. Such changes could be caused by changes in our operating performance or prospects, including possible changes due to the cyclical nature of the aerospace industry and other factors such as fluctuations in OEM and aftermarket ordering, which could cause short-term swings in profit margins. Or such changes could be unrelated to our operating performance, such as changes in market conditions affecting the stock market generally or the stocks of aerospace companies or changes in the outlook for our common stock, such as changes to or the confidence in our business strategy, changes to or confidence in our management, or expectations for future growth of the Company."
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"page": 24
} |
e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6-25 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6.tar.gz | ITEM 2. PROPERTIES TransDigm's principal owned properties (defined as greater than 20,000 square feet or related to a principal operation) as of September 30, 2023 are as follows: (1) Subject to mortgage liens under our senior secured credit facility, our 6.25% secured notes due March 15, 2026 (“2026 Secured Notes”), our 6.75% secured notes due August 15, 2028 (“2028 Secured Notes”) and our 6.875% secured notes due December 15, 2030 (“2030 Secured Notes”). 24 | [
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"text": "Miesbach, Germany "
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"text": "Power & Control 197,100"
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"text": "Airframe 191,900"
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"text": "Kent, OH (1) "
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"text": "Bridport, United Kingdom "
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"text": "Airframe 174,700"
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"text": "Lillington, NC "
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"text": "Power & Control 162,400"
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"text": "Union Gap, WA (1) "
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"text": "Airframe 144,400"
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"text": "Coachella, CA (1) "
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"text": "Power & Control 140,000"
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"text": "Phoenix, AZ "
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"text": "Airframe 138,700"
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"text": "Paks, Hungary "
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"text": "Buena Park, CA "
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"text": "Bourges, France "
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"text": "Addison, IL (1) "
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"text": "Niagara Falls, NY "
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"text": "Airframe 82,500"
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"text": "Sarralbe, France "
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"text": "Power & Control 77,900"
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"text": "Niort, France "
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"text": "Power & Control 69,000"
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"text": "Prescott, AZ "
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"text": "Airframe 66,200"
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"text": "Power & Control 64,200"
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"text": "South Euclid, OH "
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"text": "Power & Control 60,000"
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"text": "Wichita, KS "
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"text": "Branford, CT "
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"text": "Airframe 52,000"
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"text": "Ontario, Canada "
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"text": "Airframe 50,000"
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"text": "Avenel, NJ "
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"text": "Power & Control 48,500"
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"text": "Rancho Cucamonga, CA (1) "
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"text": ".................................. "
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"text": "Power & Control 47,000"
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"text": "Pennsauken, NJ "
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"text": "Airframe 38,000"
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"text": "Ryde, United Kingdom "
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"text": "...................................... "
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"text": "Power & Control 33,200"
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"text": "Rancho Cucamonga, CA "
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"text": ".................................... "
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"text": "Airframe 32,700"
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"text": "Plymouth, MN "
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"text": "............................................ "
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"text": "Airframe 25,000"
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"text": "Melaka, Malaysia "
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"text": ".......................................... "
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"text": "Power & Control 24,800"
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"text": "Cheveley, United Kingdom "
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"text": ".................................. "
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"text": "Airframe 24,000"
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"text": "Broussard, LA "
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"text": "............................................. "
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"text": "Airframe 22,000"
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"text": "Deerfield Beach, FL "
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"text": "........................................ "
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"text": "Non-aviation 20,000"
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"text": "(1) "
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"text": "Subject to mortgage liens under our senior secured credit facility, our 6.25% secured notes due March 15,"
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"text": "2026 (“2026 Secured Notes”), our 6.75% secured notes due August 15, 2028 (“2028 Secured Notes”) and"
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"text": "our 6.875% secured notes due December 15, 2030 (“2030 Secured Notes”)."
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"text": "24"
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"label": "section_header",
"text": "ITEM 2. PROPERTIES"
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"label": "text",
"text": "TransDigm's principal owned properties (defined as greater than 20,000 square feet or related to a principal operation) as of September 30, 2023 are as follows:"
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"html_seq": "<table><tr><td>Location</td><th>Reporting Segment Footage</th></tr><tr><td>Cheektowaga, NY ..........................................</td><td>Airframe 656,200</td></tr><tr><td>Brea, CA (1) ...............................................</td><td>Airframe 315,000</td></tr><tr><td>Stillington, United Kingdom .................................</td><td>Airframe 274,800</td></tr><tr><td>Montreal, Canada ..........................................</td><td>Airframe 271,700</td></tr><tr><td>Miesbach, Germany ........................................</td><td>Power & Control 242,000</td></tr><tr><td>Liberty, SC (1) .............................................</td><td>Power & Control 219,000</td></tr><tr><td>Waco, TX ................................................</td><td>Power & Control 218,800</td></tr><tr><td>Liverpool, NY .............................................</td><td>Power & Control 197,100</td></tr><tr><td>Ingolstadt, Germany ........................................</td><td>Airframe 191,900</td></tr><tr><td>Kent, OH (1) ...............................................</td><td>Airframe 185,000</td></tr><tr><td>Bridport, United Kingdom ...................................</td><td>Airframe 174,700</td></tr><tr><td>Lillington, NC .............................................</td><td>Power & Control 162,400</td></tr><tr><td>Union Gap, WA (1) .........................................</td><td>Airframe 144,400</td></tr><tr><td>Coachella, CA (1) ...........................................</td><td>Power & Control 140,000</td></tr><tr><td>Phoenix, AZ ..............................................</td><td>Airframe 138,700</td></tr><tr><td>Paks, Hungary .............................................</td><td>Airframe 137,800</td></tr><tr><td>Los Angeles, CA ...........................................</td><td>Power & Control 131,000</td></tr><tr><td>Bohemia NY (1) ............................................</td><td>Power & Control 124,000</td></tr><tr><td>Buena Park, CA ...........................................</td><td>Power & Control 115,000</td></tr><tr><td>Llangeinor, United Kingdom .................................</td><td>Airframe 112,300</td></tr><tr><td>Bourges, France ...........................................</td><td>Power & Control 109,400</td></tr><tr><td>Westbury, NY .............................................</td><td>Power & Control 106,800</td></tr><tr><td>Kent, WA (1)</td><td>Airframe 100,000</td></tr><tr><td>.............................................. Painesville, OH</td><td>Power & Control 94,200</td></tr><tr><td>............................................ Newport News, VA ........................................</td><td>Airframe 93,000</td></tr><tr><td>Valencia, CA (1) ............................................ Letchworth, United Kingdom .................................</td><td>Airframe 88,400 Airframe 88,200</td></tr><tr><td>Placentia, CA .............................................</td><td>Airframe 86,600</td></tr><tr><td>Addison, IL (1) .............................................</td><td>Power & Control 83,300 Airframe 82,500</td></tr><tr><td>Niagara Falls, NY ..........................................</td><td></td></tr><tr><td>Sarralbe, France ...........................................</td><td>Power & Control 77,900 Power & Control 69,000</td></tr><tr><td>Niort, France ..............................................</td><td></td></tr><tr><td>Prescott, AZ ..............................................</td><td>Airframe 66,200</td></tr><tr><td>Clearwater, FL ............................................ South Euclid, OH ..........................................</td><td>Power & Control 64,200 Power & Control 60,000</td></tr><tr><td>Wichita, KS ...............................................</td><td>Power & Control 57,000</td></tr><tr><td>Branford, CT ..............................................</td><td>Airframe 52,000</td></tr><tr><td>Ontario, Canada ...........................................</td><td>Airframe 50,000</td></tr><tr><td>Avenel, NJ ...............................................</td><td>Power & Control 48,500</td></tr><tr><td>Rancho Cucamonga, CA (1) ..................................</td><td>Power & Control 47,000</td></tr><tr><td>Pennsauken, NJ ............................................</td><td>Airframe 38,000</td></tr><tr><td>Ryde, United Kingdom ......................................</td><td>Power & Control 33,200</td></tr><tr><td>Rancho Cucamonga, CA ....................................</td><td>Airframe 32,700</td></tr><tr><td>Plymouth, MN</td><td>Airframe 25,000</td></tr><tr><td>............................................ Melaka, Malaysia ..........................................</td><td>Power & Control 24,800</td></tr><tr><td>Cheveley, United Kingdom ..................................</td><td>Airframe 24,000</td></tr><tr><td>Broussard, LA .............................................</td><td>Airframe 22,000</td></tr><tr><td>Deerfield Beach, FL ........................................</td><td>Non-aviation 20,000</td></tr></table>",
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"label": "footnote",
"text": "(1) Subject to mortgage liens under our senior secured credit facility, our 6.25% secured notes due March 15, 2026 (“2026 Secured Notes”), our 6.75% secured notes due August 15, 2028 (“2028 Secured Notes”) and our 6.875% secured notes due December 15, 2030 (“2030 Secured Notes”)."
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"filename": "NYSE_TDG_2023.pdf",
"page": 25
} |
e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6-26 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6.tar.gz | TransDigm's principal leased properties (defined as greater than 20,000 square feet or related to a principal operation) as of September 30, 2023 are as follows: Our Cleveland, OH and Pasadena, CA corporate facilities house our principal executive offices, and we currently lease approximately 20,100 square feet and 5,300 square feet, respectively, for those purposes. TransDigm also leases certain of its other non-material facilities. Management believes that our machinery, plants and offices are in satisfactory operating condition and that it will have sufficient capacity to meet foreseeable future needs without incurring significant additional capital expenditures. 25 | [
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"text": "Redhill, United Kingdom "
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"text": "Pennsauken, NJ "
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"text": "Airframe 20,500"
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"text": "Our Cleveland, OH and Pasadena, CA corporate facilities house our principal executive offices, and we"
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"text": "currently lease approximately 20,100 square feet and 5,300 square feet, respectively, for those purposes."
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"text": "TransDigm also leases certain of its other non-material facilities. Management believes that our machinery,"
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"text": "plants and offices are in satisfactory operating condition and that it will have sufficient capacity to meet"
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"text": "foreseeable future needs without incurring significant additional capital expenditures."
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"text": "TransDigm's principal leased properties (defined as greater than 20,000 square feet or related to a principal operation) as of September 30, 2023 are as follows:"
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"html_seq": "<table><tr><th>Location</th><th>Reporting Segment Footage</th></tr><tr><td>Everett, WA ..............................................</td><td>Airframe 339,300</td></tr><tr><td>East Camden, AR ..........................................</td><td>Power & Control 276,000</td></tr><tr><td>Whippany, NJ .............................................</td><td>Power & Control 230,500</td></tr><tr><td>Nittambuwa, Sri Lanka ......................................</td><td>Airframe 168,000</td></tr><tr><td>Santa Ana, CA ............................................</td><td>Airframe 159,200</td></tr><tr><td>Dayton, NV ...............................................</td><td>Airframe 144,000</td></tr><tr><td>Tijuana, Mexico ...........................................</td><td>Airframe 141,000</td></tr><tr><td>Holmestrand, Norway .......................................</td><td>Airframe 139,500</td></tr><tr><td>Marlow, United Kingdom ....................................</td><td>Airframe 116,100</td></tr><tr><td>Tijuana, Mexico ...........................................</td><td>Power & Control 112,800</td></tr><tr><td>Melbourne, FL ............................................</td><td>Power & Control 107,000</td></tr><tr><td>Farnborough, United Kingdom ................................</td><td>Power & Control 103,400</td></tr><tr><td>Goldsboro, NC ............................................</td><td>Power & Control 101,000</td></tr><tr><td>Fullerton, CA .............................................</td><td>Airframe 100,000</td></tr><tr><td>Kunshan, China ............................................</td><td>Airframe 99,500</td></tr><tr><td>Sylmar, CA ...............................................</td><td>Airframe 93,000</td></tr><tr><td>Elkhart, IN ...............................................</td><td>Non-aviation 91,500</td></tr><tr><td>Carson City, NV ...........................................</td><td>Airframe 90,100</td></tr><tr><td>Kunshan, China ............................................</td><td>Non-aviation 86,100</td></tr><tr><td>Miesbach, Germany ........................................</td><td>Power & Control 85,600</td></tr><tr><td>Davis Junction, IL ..........................................</td><td>Airframe 84,500</td></tr><tr><td>Camarillo, CA .............................................</td><td>Power & Control 70,000</td></tr><tr><td>Matamoros, Mexico ........................................</td><td>Power & Control 69,200</td></tr><tr><td>Gloucestor, United Kingdom .................................</td><td>Airframe 69,100</td></tr><tr><td>St. Paul, MN .............................................. Chihuahua, Mexico</td><td>Airframe 66,600</td></tr><tr><td>.........................................</td><td>Airframe 55,000</td></tr><tr><td>Portland, OR ..............................................</td><td>Airframe 50,000</td></tr><tr><td>Zunyi, China .............................................. Sugar Grove, IL ...........................................</td><td>Power & Control 45,600 Airframe 45,000</td></tr><tr><td>Tempe, AZ ...............................................</td><td>Power & Control 40,200</td></tr><tr><td>Anaheim, CA .............................................</td><td>Airframe 39,000</td></tr><tr><td>Chongqing, China ..........................................</td><td>Airframe 36,300</td></tr><tr><td>Rancho Santa Margarita, CA .................................</td><td>Airframe 35,200</td></tr><tr><td>Eloy, AZ .................................................</td><td>Airframe 28,100</td></tr><tr><td>Ashford, United Kingdom ...................................</td><td>Power & Control 28,000</td></tr><tr><td>Nogales, Mexico</td><td>Airframe 27,000</td></tr><tr><td>........................................... Niagara Falls, NY ..........................................</td><td>Airframe 24,200</td></tr><tr><td>Redhill, United Kingdom ....................................</td><td>Airframe 22,700</td></tr><tr><td>Ravenna, OH ..............................................</td><td>Airframe 22,500</td></tr><tr><td>Pennsauken, NJ ............................................</td><td>Airframe 20,500</td></tr></table>",
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"text": "Our Cleveland, OH and Pasadena, CA corporate facilities house our principal executive offices, and we currently lease approximately 20,100 square feet and 5,300 square feet, respectively, for those purposes. TransDigm also leases certain of its other non-material facilities. Management believes that our machinery, plants and offices are in satisfactory operating condition and that it will have sufficient capacity to meet foreseeable future needs without incurring significant additional capital expenditures."
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e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6-27 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6.tar.gz | ITEM 3. LEGAL PROCEEDINGS The Company is involved in various claims and legal actions arising in the ordinary course of business. The Securities and Exchange Commission ("SEC") regulations require us to disclose certain information about environmental proceedings when a governmental authority is a party to the proceedings if we reasonably believe that such proceedings may result in monetary sanctions above a stated threshold. Pursuant to such regulations, the Company uses a threshold of $1 million or more for purposes of determining whether disclosure of any such proceedings is required as we believe matters under this threshold are not material to the Company. While the Company is currently involved in certain legal proceedings, it believes the results of these proceedings will not have a material adverse effect on its financial condition, results of operations, or cash flows. Information with respect to our legal proceedings is contained in Note 15, "Commitments and Contingencies," within the notes to the consolidated financial statements included herein. PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES Market Information Our common stock is traded on the New York Stock Exchange, or NYSE, under the ticker symbol "TDG." Holders As of October 12, 2023, there were 34 stockholders of record of our common stock and approximately 434,000 beneficial stockholders, which includes an estimated number of stockholders who have their shares held in their accounts by banks and brokers. Dividends During fiscal 2022, TD Group's Board of Directors (the "Board") declared a special cash dividend of $18.50 (in August 2022) on each outstanding share of common stock and cash dividend equivalent payments on eligible vested options granted under its stock option plans. On November 9, 2023, the Company announced that TD Group's Board of Directors authorized and declared a special cash dividend of $35.00 on each outstanding share of common stock and cash dividend equivalent payments on eligible vested options outstanding under its stock option plans. The record date and payment date for the special dividend is November 20, 2023 and November 27, 2023, respectively. The total estimated cash payment, to be funded by existing cash on hand, related to the special dividend and dividend equivalent payments in the first quarter of fiscal 2024 is approximately $2,020 million. Performance Graph Set forth below is a line graph comparing the cumulative total return of a hypothetical investment in the shares of common stock of TD Group with the cumulative total return of a hypothetical investment in each of the S&P 500 Index and the S&P Aerospace & Defense Select Index. An investment of $100 (with reinvestment of all dividends) is assumed to have been made in our common stock and in each of the indexes on September 30, 2018, and its relative performance is tracked through September 30, 2023. 26 | [
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"text": "have a material adverse effect on its financial condition, results of operations, or cash flows."
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"text": "Contingencies,” within the notes to the consolidated financial statements included herein."
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"text": "PART II"
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"text": "ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER"
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"text": "MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES"
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"text": "Our common stock is traded on the New York Stock Exchange, or NYSE, under the ticker symbol “TDG.”"
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"text": "As of October 12, 2023, there were 34 stockholders of record of our common stock and approximately"
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"text": "434,000 beneficial stockholders, which includes an estimated number of stockholders who have their shares held"
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"text": "During fiscal 2022, TD Group’s Board of Directors (the “Board”) declared a special cash dividend of"
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"text": "$18.50 (in August 2022) on each outstanding share of common stock and cash dividend equivalent payments on"
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"text": "eligible vested options granted under its stock option plans."
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"text": "declared a special cash dividend of $35.00 on each outstanding share of common stock and cash dividend"
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"text": "equivalent payments on eligible vested options outstanding under its stock option plans. The record date and"
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"text": "payment date for the special dividend is November 20, 2023 and November 27, 2023, respectively. The total"
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"text": "estimated cash payment, to be funded by existing cash on hand, related to the special dividend and dividend"
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"text": "equivalent payments in the first quarter of fiscal 2024 is approximately $2,020 million."
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"text": "Performance Graph"
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"text": "Set forth below is a line graph comparing the cumulative total return of a hypothetical investment in the"
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"text": "shares of common stock of TD Group with the cumulative total return of a hypothetical investment in each of the"
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"text": "S&P 500 Index and the S&P Aerospace & Defense Select Index. An investment of $100 (with reinvestment of all"
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"text": "dividends) is assumed to have been made in our common stock and in each of the indexes on September 30,"
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"text": "2018, and its relative performance is tracked through September 30, 2023."
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"text": "ITEM 3. LEGAL PROCEEDINGS"
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"text": "The Company is involved in various claims and legal actions arising in the ordinary course of business. The Securities and Exchange Commission (\"SEC\") regulations require us to disclose certain information about environmental proceedings when a governmental authority is a party to the proceedings if we reasonably believe that such proceedings may result in monetary sanctions above a stated threshold. Pursuant to such regulations, the Company uses a threshold of $1 million or more for purposes of determining whether disclosure of any such proceedings is required as we believe matters under this threshold are not material to the Company. While the Company is currently involved in certain legal proceedings, it believes the results of these proceedings will not have a material adverse effect on its financial condition, results of operations, or cash flows."
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"text": "Information with respect to our legal proceedings is contained in Note 15, \"Commitments and Contingencies,\" within the notes to the consolidated financial statements included herein."
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"text": "PART II"
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"text": "ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES"
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"text": "Our common stock is traded on the New York Stock Exchange, or NYSE, under the ticker symbol \"TDG.\""
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"text": "As of October 12, 2023, there were 34 stockholders of record of our common stock and approximately 434,000 beneficial stockholders, which includes an estimated number of stockholders who have their shares held in their accounts by banks and brokers."
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"text": "Dividends"
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"text": "During fiscal 2022, TD Group's Board of Directors (the \"Board\") declared a special cash dividend of $18.50 (in August 2022) on each outstanding share of common stock and cash dividend equivalent payments on eligible vested options granted under its stock option plans."
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"text": "On November 9, 2023, the Company announced that TD Group's Board of Directors authorized and declared a special cash dividend of $35.00 on each outstanding share of common stock and cash dividend equivalent payments on eligible vested options outstanding under its stock option plans. The record date and payment date for the special dividend is November 20, 2023 and November 27, 2023, respectively. The total estimated cash payment, to be funded by existing cash on hand, related to the special dividend and dividend equivalent payments in the first quarter of fiscal 2024 is approximately $2,020 million."
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"text": "Set forth below is a line graph comparing the cumulative total return of a hypothetical investment in the shares of common stock of TD Group with the cumulative total return of a hypothetical investment in each of the S&P 500 Index and the S&P Aerospace & Defense Select Index. An investment of $100 (with reinvestment of all dividends) is assumed to have been made in our common stock and in each of the indexes on September 30, 2018, and its relative performance is tracked through September 30, 2023."
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"text": "ITEM 6. [RESERVED]"
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"text": "The following performance graph and related information shall not be deemed \"soliciting material\" nor to be \"filed\" with the SEC, nor shall such information be incorporated by reference into any future filings under the Securities Act of 1933 or the Securities Exchange Act of 1934, each as amended, except to the extent we specifically incorporate it by reference into such filing."
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"text": "COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN*"
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"text": "Among TransDigm Group Inc., the S&P 500 Index and S&P Aerospace & Defense Select Index"
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"text": "*$100 invested on 9/30/2018 in stock or index, including reinvestment of dividends."
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"text": "Copyright 2023 Standard & Poor's, a division of S&P Global. All rights reserved."
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"text": "On January 27, 2022, the Board of Directors of the Company authorized a new stock repurchase program to permit repurchases of its outstanding common stock not to exceed $2,200 million in the aggregate (the \"$2,200 million stock repurchase program\"), replacing the $650 million stock repurchase program previously authorized by the Board on November 8, 2017, subject to any restrictions specified in the Second Amended and Restated Credit Agreement dated as of June 4, 2014 (the \"Credit Agreement\") and indentures governing the Company's existing Notes. There is no expiration date for this program."
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"text": "No repurchases were made under the program during fiscal 2023. During fiscal 2022, the Company repurchased 1,490,413 shares of common stock at an average price of $612.13 per share, for a total amount of $912 million. The repurchased shares of common stock are classified as treasury stock in the statement of changes in stockholders' deficit. As of September 30, 2023, $1,288 million remains available for repurchase under the $2,200 million stock repurchase program."
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e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6-29 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6.tar.gz | ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion of our financial condition and results of operations should be read together with TD Group's consolidated financial statements and the related notes included elsewhere in this report. The following discussion may contain predictions, estimates and other forward-looking statements that involve a number of risks and uncertainties, including those discussed under the heading entitled "Risk Factors" included elsewhere in this report. These risks could cause our actual results to differ materially from any future performance suggested below. Overview For fiscal year 2023, we generated net sales of $6,585 million, gross profit of $3,842 million or 58.3% of net sales, and net income attributable to TD Group of $1,298 million. We believe we have achieved steady, longterm growth in sales and improvements in operating performance due to our competitive strengths and through execution of our value-driven operating strategy. More specifically, we believe that focusing our businesses on our value-driven operating strategy of obtaining profitable new business, carefully controlling the cost structure and pricing our highly engineered value-added products to fairly reflect the value we provide and the resources required to do so has historically resulted in improvements in gross profit and income from operations over the long-term. Our selective acquisition strategy has also been an important contribution to the growth of our business. The integration of acquisitions into our existing businesses combined with implementing our proven operating strategy has historically resulted in improvements in the financial performance of the acquired business. We believe our key competitive strengths include: Large and Growing Installed Product Base with Aftermarket Revenue Stream. We provide components to a large and growing installed base of aircraft to which we supply aftermarket products. We estimate that our products are installed on over 100,000 commercial transport, regional transport, military and general aviation fixed wing turbine aircraft and rotary wing aircraft. Diversified Revenue Base. We believe that our diversified revenue base reduces our dependence on any particular product, platform or market channel and has been a significant factor in maintaining our financial performance. Our products are installed on almost all of the major commercial aircraft platforms now in production. We expect to continue to develop new products for military and commercial applications. Our current initiatives include creating new products that are more environmentally friendly, such as radiation-free exciters, and creating new products that will help further improve commercial airlines' efforts to keep passengers healthy and safe, such as touch-free aircraft lavatory suite products. Our business strategy is made up of two key elements: (1) a value-driven operating strategy focused around our three core value drivers and (2) a selective acquisition strategy. Value-Driven Operating Strategy. Our three core value drivers are: - · Obtaining Profitable New Business. We attempt to obtain profitable new business by using our technical expertise and application skill and our detailed knowledge of our customer base and the individual niche markets in which we operate. We have regularly been successful in identifying and developing both aftermarket and OEM products to drive our growth. - · Improving Our Cost Structure. We are committed to maintaining and continuously improving our lean cost structure through detailed attention to the cost of each of the products that we offer and our organizational structure, with a focus on reducing the cost of each. - · Providing Highly Engineered Value-Added Products to Customers. We focus on the engineering, manufacturing and marketing of a broad range of highly engineered niche products that we 28 | [
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"text": "ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS"
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"text": "The following discussion of our financial condition and results of operations should be read together with TD Group's consolidated financial statements and the related notes included elsewhere in this report. The following discussion may contain predictions, estimates and other forward-looking statements that involve a number of risks and uncertainties, including those discussed under the heading entitled \"Risk Factors\" included elsewhere in this report. These risks could cause our actual results to differ materially from any future performance suggested below."
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"text": "For fiscal year 2023, we generated net sales of $6,585 million, gross profit of $3,842 million or 58.3% of net sales, and net income attributable to TD Group of $1,298 million. We believe we have achieved steady, longterm growth in sales and improvements in operating performance due to our competitive strengths and through execution of our value-driven operating strategy. More specifically, we believe that focusing our businesses on our value-driven operating strategy of obtaining profitable new business, carefully controlling the cost structure and pricing our highly engineered value-added products to fairly reflect the value we provide and the resources required to do so has historically resulted in improvements in gross profit and income from operations over the long-term."
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"text": "Our selective acquisition strategy has also been an important contribution to the growth of our business. The integration of acquisitions into our existing businesses combined with implementing our proven operating strategy has historically resulted in improvements in the financial performance of the acquired business."
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"text": "We believe our key competitive strengths include:"
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"text": "Large and Growing Installed Product Base with Aftermarket Revenue Stream. We provide components to a large and growing installed base of aircraft to which we supply aftermarket products. We estimate that our products are installed on over 100,000 commercial transport, regional transport, military and general aviation fixed wing turbine aircraft and rotary wing aircraft."
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"text": "Diversified Revenue Base. We believe that our diversified revenue base reduces our dependence on any particular product, platform or market channel and has been a significant factor in maintaining our financial performance. Our products are installed on almost all of the major commercial aircraft platforms now in production. We expect to continue to develop new products for military and commercial applications. Our current initiatives include creating new products that are more environmentally friendly, such as radiation-free exciters, and creating new products that will help further improve commercial airlines' efforts to keep passengers healthy and safe, such as touch-free aircraft lavatory suite products."
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"text": "- · Obtaining Profitable New Business. We attempt to obtain profitable new business by using our technical expertise and application skill and our detailed knowledge of our customer base and the individual niche markets in which we operate. We have regularly been successful in identifying and developing both aftermarket and OEM products to drive our growth."
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"text": "- · Improving Our Cost Structure. We are committed to maintaining and continuously improving our lean cost structure through detailed attention to the cost of each of the products that we offer and our organizational structure, with a focus on reducing the cost of each."
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"text": "- · Providing Highly Engineered Value-Added Products to Customers. We focus on the engineering, manufacturing and marketing of a broad range of highly engineered niche products that we"
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e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6-30 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6.tar.gz | believe provide value to our customers. We believe we have been consistently successful in communicating to our customers the value of our products. This has generally enabled us to price our products to fairly reflect the value we provide and the resources required to do so. Selective Acquisition Strategy. We selectively pursue the acquisition of proprietary aerospace component businesses when we see an opportunity to create value through the application of our three core value-driven operating strategies. The aerospace industry, in particular, remains highly fragmented, with many of the companies in the industry being small private businesses or small non-core operations of larger businesses. We have significant experience among our management team in executing acquisitions and integrating acquired businesses into our company and culture. As of the date of this report, we have successfully acquired approximately 88 businesses and product lines since our formation in 1993. Many of these acquisitions have been integrated into an existing TransDigm production facility, which enables a higher production capacity utilization, which in turn improves gross profit levels due to the ability to spread the fixed manufacturing overhead costs over higher production volume. In the case of larger acquisitions that consist of multiple operating units (such as the Esterline acquisition in fiscal 2019), we may pursue opportunities to divest certain acquired operating units that are not in line with our long-term acquisition strategy. Acquisitions and divestitures during the most recent three fiscal years is described in Note 2, "Acquisitions and Divestitures," in the notes to the consolidated financial statements included herein. Also as further disclosed in Note 2, on November 9, 2023, TransDigm announced that it entered into a definitive agreement to acquire the Electron Device Business of Communications & Power Industries for approximately $1,385 million in cash. The acquisition is expected to close by the end of TransDigm's third quarter of fiscal 2024. Throughout fiscal 2023, we continued to see a rebound in our commercial aerospace end markets from the COVID-19 pandemic and are encouraged by the progression of the commercial aerospace market recovery to date. Commercial air travel in domestic markets continues to lead the air traffic recovery with most domestic markets nearing, achieving or surpassing pre-pandemic air traffic levels. The pace of the international recovery has been slower than the domestic recovery and remains below pre-pandemic levels. However, international RPKs, a metric used to measure air traffic demand, continues to make positive strides as most countries have removed international traveler restrictions and there is pent-up demand for long-haul travel. Current industry consensus indicates that worldwide RPKs will recover or surpass calendar year 2019 (i.e., pre-pandemic levels) in calendar year 2024. Therefore, we expect the Company's commercial aerospace end markets to continue progressing into fiscal 2024 barring any significant disruptions or setbacks. In fiscal 2023, we experienced improved sales in the commercial OEM sector primarily due to increased aircraft production by Boeing and Airbus. Aircraft production rates continue to lag pre-pandemic levels, mainly due to continued commercial OEM supply chain issues that are slowing the pace of new aircraft manufacturing. However, airline demand for new aircraft is strong and both Boeing and Airbus have disclosed further planned OEM production rate increases for calendar 2024. The pace of U.S. government defense spending outlays and government funding reprioritization provides for uncertainty in the defense aerospace market. Defense sales rebounded in the second half of fiscal 2023 due to improving U.S. government defense spend outlays (though, in management's estimation, the current lag between spend authorizations and outlays remains longer than historical average levels). Recent DOD budgets have trended upwards; however, the ongoing conflicts between Russia and Ukraine and Israel and Hamas and potential impact on reprioritization of U.S. government defense spending and other ancillary impacts of these conflicts causes uncertainty. In fiscal 2023, the pandemic continued to disrupt the global supply chain and labor markets, though the disruption has gradually improved. The disruption has resulted in delays in the availability of certain raw materials and increased freight costs, raw material costs and labor costs. Our business has been adversely affected, though not materially, and could continue to be adversely affected by disruptions in our ability to timely 29 | [
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"text": "believe provide value to our customers. We believe we have been consistently successful in communicating to our customers the value of our products. This has generally enabled us to price our products to fairly reflect the value we provide and the resources required to do so."
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"text": "Selective Acquisition Strategy. We selectively pursue the acquisition of proprietary aerospace component businesses when we see an opportunity to create value through the application of our three core value-driven operating strategies. The aerospace industry, in particular, remains highly fragmented, with many of the companies in the industry being small private businesses or small non-core operations of larger businesses. We have significant experience among our management team in executing acquisitions and integrating acquired businesses into our company and culture. As of the date of this report, we have successfully acquired approximately 88 businesses and product lines since our formation in 1993. Many of these acquisitions have been integrated into an existing TransDigm production facility, which enables a higher production capacity utilization, which in turn improves gross profit levels due to the ability to spread the fixed manufacturing overhead costs over higher production volume. In the case of larger acquisitions that consist of multiple operating units (such as the Esterline acquisition in fiscal 2019), we may pursue opportunities to divest certain acquired operating units that are not in line with our long-term acquisition strategy."
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"text": "Acquisitions and divestitures during the most recent three fiscal years is described in Note 2, \"Acquisitions and Divestitures,\" in the notes to the consolidated financial statements included herein. Also as further disclosed in Note 2, on November 9, 2023, TransDigm announced that it entered into a definitive agreement to acquire the Electron Device Business of Communications & Power Industries for approximately $1,385 million in cash. The acquisition is expected to close by the end of TransDigm's third quarter of fiscal 2024."
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"text": "Throughout fiscal 2023, we continued to see a rebound in our commercial aerospace end markets from the COVID-19 pandemic and are encouraged by the progression of the commercial aerospace market recovery to date. Commercial air travel in domestic markets continues to lead the air traffic recovery with most domestic markets nearing, achieving or surpassing pre-pandemic air traffic levels. The pace of the international recovery has been slower than the domestic recovery and remains below pre-pandemic levels. However, international RPKs, a metric used to measure air traffic demand, continues to make positive strides as most countries have removed international traveler restrictions and there is pent-up demand for long-haul travel. Current industry consensus indicates that worldwide RPKs will recover or surpass calendar year 2019 (i.e., pre-pandemic levels) in calendar year 2024. Therefore, we expect the Company's commercial aerospace end markets to continue progressing into fiscal 2024 barring any significant disruptions or setbacks. In fiscal 2023, we experienced improved sales in the commercial OEM sector primarily due to increased aircraft production by Boeing and Airbus. Aircraft production rates continue to lag pre-pandemic levels, mainly due to continued commercial OEM supply chain issues that are slowing the pace of new aircraft manufacturing. However, airline demand for new aircraft is strong and both Boeing and Airbus have disclosed further planned OEM production rate increases for calendar 2024."
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"text": "The pace of U.S. government defense spending outlays and government funding reprioritization provides for uncertainty in the defense aerospace market. Defense sales rebounded in the second half of fiscal 2023 due to improving U.S. government defense spend outlays (though, in management's estimation, the current lag between spend authorizations and outlays remains longer than historical average levels). Recent DOD budgets have trended upwards; however, the ongoing conflicts between Russia and Ukraine and Israel and Hamas and potential impact on reprioritization of U.S. government defense spending and other ancillary impacts of these conflicts causes uncertainty."
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"text": "In fiscal 2023, the pandemic continued to disrupt the global supply chain and labor markets, though the disruption has gradually improved. The disruption has resulted in delays in the availability of certain raw materials and increased freight costs, raw material costs and labor costs. Our business has been adversely affected, though not materially, and could continue to be adversely affected by disruptions in our ability to timely"
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] | {
"filename": "NYSE_TDG_2023.pdf",
"page": 30
} |
e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6-31 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6.tar.gz | obtain raw materials and components from our suppliers in the quantities we require or on favorable terms. Although we believe in most cases that we could identify alternative suppliers, or alternative raw materials or component parts, the lengthy and expensive aviation authority and OEM certification processes associated with aerospace products could prevent efficient replacement of a supplier, raw material or component part. Results of Operations The following table sets forth, for the periods indicated, certain operating data of the Company, including presentation of the amounts as a percentage of net sales (amounts in millions, except per share data): (1) Net income applicable to TD Group common stockholders represents net income attributable to TD Group less special dividends declared or paid on participating securities, including dividend equivalent payments of $38 million and $86 million for the fiscal years ended September 30, 2023 and 2022, respectively. (2) Earnings per share from continuing operations is calculated by dividing net income applicable to TD Group common stockholders, excluding income from discontinued operations, net of tax, by the basic and diluted weighted average common shares outstanding. Earnings per share from discontinued operations is calculated by dividing income from discontinued operations, net of tax, by the basic and diluted weighted average common shares outstanding. (3) Refer to “Non-GAAP Financial Measures” in this discussion and analysis for additional information and limitations regarding these non-GAAP financial measures, including a reconciliation to the comparable U.S. GAAP financial measure. 30 | [
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"text": "Less: Net income attributable to noncontrolling interests . . . . . . . . . . . . . . . . (1) — % (1) — %"
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"text": "$3,395 (3) 51.6% $2,646 (3) "
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"text": "Net income applicable to TD Group common stockholders represents net income attributable to TD Group"
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"text": "less special dividends declared or paid on participating securities, including dividend equivalent payments"
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"text": "of $38 million and $86 million for the fiscal years ended September 30, 2023 and 2022, respectively."
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"text": "weighted average common shares outstanding. Earnings per share from discontinued operations is"
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"text": "obtain raw materials and components from our suppliers in the quantities we require or on favorable terms. Although we believe in most cases that we could identify alternative suppliers, or alternative raw materials or component parts, the lengthy and expensive aviation authority and OEM certification processes associated with aerospace products could prevent efficient replacement of a supplier, raw material or component part."
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"text": "The following table sets forth, for the periods indicated, certain operating data of the Company, including presentation of the amounts as a percentage of net sales (amounts in millions, except per share data):"
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"text": "(1) Net income applicable to TD Group common stockholders represents net income attributable to TD Group less special dividends declared or paid on participating securities, including dividend equivalent payments of $38 million and $86 million for the fiscal years ended September 30, 2023 and 2022, respectively."
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"text": "(2) Earnings per share from continuing operations is calculated by dividing net income applicable to TD Group common stockholders, excluding income from discontinued operations, net of tax, by the basic and diluted weighted average common shares outstanding. Earnings per share from discontinued operations is calculated by dividing income from discontinued operations, net of tax, by the basic and diluted weighted average common shares outstanding."
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e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6-32 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6.tar.gz | Fiscal year ended September 30, 2023 compared with fiscal year ended September 30, 2022 Total Company - · Net Sales . Net organic sales and acquisition sales and the related dollar and percentage changes for the fiscal years ended September 30, 2023 and 2022 were as follows (amounts in millions): Organic sales represent net sales from existing businesses owned by the Company, excluding sales from acquisitions. Acquisition sales represent net sales from acquired businesses for the period up to one year subsequent to their respective acquisition date. We believe this measure provides investors with a supplemental understanding of underlying sales trends by providing sales growth on a consistent basis. Refer to Note 2, "Acquisitions and Divestitures," in the notes to the consolidated financial statements included herein for further information on the Company's recent acquisitions activity. The increase in organic sales of $985 million for the fiscal year ended September 30, 2023 compared to the fiscal year ended September 30, 2022 is primarily related to increases in commercial aftermarket sales ($494 million, an increase of 31.4%), commercial OEM sales ($266 million, an increase of 23.1%) and defense sales ($242 million, an increase of 10.4%). The increase in commercial aftermarket sales is primarily attributable to the continued recovery in commercial air travel demand and the resulting higher flight hours and utilization of aircraft in fiscal 2023 compared to fiscal 2022. The increase in commercial OEM sales is primarily attributable to the continued recovery in both narrow-body and wide-body aircraft production and deliveries. The increase in defense sales is primarily attributable to improving U.S. government defense spend outlays (though, in management's estimation, the current lag between spend authorizations and outlays remains longer than historical average levels but has improved in the second half of fiscal 2023). The acquisition sales for the fiscal year ended September 30, 2023 are attributable to Calspan, which was acquired in the third quarter of fiscal 2023, and DART Aerospace ("DART"), which was acquired in the third quarter of fiscal 2022. - · Cost of Sales and Gross Profit . Cost of sales increased by $413 million or 17.7%, to $2,743 million for the fiscal year ended September 30, 2023 compared to $2,330 million for the fiscal year ended September 30, 2022. Cost of sales and the related percentage of net sales for the fiscal years ended September 30, 2023 and 2022 were as follows (amounts in millions): 31 | [
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{
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"text": "fiscal years ended September 30, 2023 and 2022 were as follows (amounts in millions):"
},
{
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"text": "Fiscal Years Ended"
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{
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"text": "Change"
},
{
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"text": "% Change"
},
{
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"text": "September 30, 2023 "
},
{
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"text": "September 30, 2022 "
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{
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"text": "Net Sales"
},
{
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"text": "Organic sales "
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{
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"text": "................................ "
},
{
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"text": "$6,414 $5,429 $ 985 18.1%"
},
{
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"text": "Acquisition sales "
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"text": ". . . . . . . . . . . . . . . . . . . . . . . . . . . . . 171 — 171 "
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"text": "3.1%"
},
{
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"text": "Net sales "
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"text": "................................ "
},
{
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"text": "$6,585 $5,429 $1,156 21.2%"
},
{
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"text": "Organic sales represent net sales from existing businesses owned by the Company, excluding sales from acquisitions."
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{
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"text": "Acquisition sales represent net sales from acquired businesses for the period up to one year subsequent to their respective"
},
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"ocr": false,
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"text": "acquisition date. We believe this measure provides investors with a supplemental understanding of underlying sales trends"
},
{
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"ocr": false,
"ocr_confidence": 1,
"text": "by providing sales growth on a consistent basis. Refer to Note 2, “Acquisitions and Divestitures,” in the notes to the"
},
{
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"text": "consolidated financial statements included herein for further information on the Company’s recent acquisitions activity."
},
{
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"text": "The increase in organic sales of $985 million for the fiscal year ended September 30, 2023 compared to the"
},
{
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"text": "fiscal year ended September 30, 2022 is primarily related to increases in commercial aftermarket sales"
},
{
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"text": "($494 million, an increase of 31.4%), commercial OEM sales ($266 million, an increase of 23.1%) and defense"
},
{
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"text": "sales ($242 million, an increase of 10.4%). The increase in commercial aftermarket sales is primarily attributable"
},
{
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"text": "to the continued recovery in commercial air travel demand and the resulting higher flight hours and utilization of"
},
{
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"text": "aircraft in fiscal 2023 compared to fiscal 2022. The increase in commercial OEM sales is primarily attributable to"
},
{
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"ocr": false,
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"text": "the continued recovery in both narrow-body and wide-body aircraft production and deliveries. The increase in"
},
{
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"text": "defense sales is primarily attributable to improving U.S. government defense spend outlays (though, in"
},
{
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"ocr": false,
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"text": "management’s estimation, the current lag between spend authorizations and outlays remains longer than"
},
{
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"ocr": false,
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"text": "historical average levels but has improved in the second half of fiscal 2023)."
},
{
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"text": "The acquisition sales for the fiscal year ended September 30, 2023 are attributable to Calspan, which was"
},
{
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"text": "acquired in the third quarter of fiscal 2023, and DART Aerospace (“DART”), which was acquired in the third"
},
{
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"ocr": false,
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"text": "quarter of fiscal 2022."
},
{
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"text": "• "
},
{
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"text": "Cost of Sales and Gross Profit"
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"text": ". "
},
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"text": "Cost of sales increased by $413 million or 17.7%, to $2,743 million for"
},
{
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"ocr": false,
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"text": "the fiscal year ended September 30, 2023 compared to $2,330 million for the fiscal year ended"
},
{
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"ocr": false,
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"text": "September 30, 2022. Cost of sales and the related percentage of net sales for the fiscal years ended"
},
{
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"ocr": false,
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"text": "September 30, 2023 and 2022 were as follows (amounts in millions):"
},
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"text": "Fiscal Years Ended"
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{
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"ocr": false,
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"text": "September 30, 2023 "
},
{
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"text": "September 30, 2022 "
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{
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"text": "Change "
},
{
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"text": "% Change"
},
{
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"ocr": false,
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"text": "Cost of sales—excluding costs below "
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"text": ".............. "
},
{
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"text": "$2,746 $2,390 $356 14.9%"
},
{
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"ocr": false,
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"text": "% of net sales "
},
{
"bbox": [
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"ocr": false,
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"text": "............................. "
},
{
"bbox": [
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"text": "41.7% 44.0%"
},
{
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"text": "Non-cash stock and deferred compensation expense . . 17 19 (2) (10.5)%"
},
{
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"ocr": false,
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"text": "% of net sales "
},
{
"bbox": [
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"ocr": false,
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"text": "............................. "
},
{
"bbox": [
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"ocr": false,
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"text": "0.3% 0.3%"
},
{
"bbox": [
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"ocr": false,
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"text": "Foreign currency losses (gains) . . . . . . . . . . . . . . . . . . . 14 "
},
{
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"ocr": false,
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"text": "(40) 54 135.0%"
},
{
"bbox": [
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"ocr": false,
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"text": "% of net sales "
},
{
"bbox": [
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"ocr": false,
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"text": "............................. "
},
{
"bbox": [
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"ocr": false,
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"text": "0.2% (0.7)%"
},
{
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"ocr": false,
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"text": "Loss contract amortization "
},
{
"bbox": [
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"text": "...................... "
},
{
"bbox": [
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"ocr": false,
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"text": "(34) (39) 5 12.8%"
},
{
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"ocr": false,
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"text": "% of net sales "
},
{
"bbox": [
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"text": "............................. "
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "(0.5)% (0.7)%"
},
{
"bbox": [
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"ocr": false,
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"text": "Total cost of sales "
},
{
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"text": "............................. "
},
{
"bbox": [
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"text": "$2,743 $2,330 $413 17.7%"
},
{
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"ocr": false,
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"text": "% of net sales "
},
{
"bbox": [
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"text": "............................. "
},
{
"bbox": [
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"text": "41.7% 42.9%"
},
{
"bbox": [
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"ocr": false,
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"text": "Gross profit (Net sales less Total cost of sales) "
},
{
"bbox": [
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"text": "....... "
},
{
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"ocr": false,
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"text": "$3,842 $3,099 $743 24.0%"
},
{
"bbox": [
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"ocr": false,
"ocr_confidence": 1,
"text": "Gross profit percentage (Gross profit / Net sales) "
},
{
"bbox": [
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"text": "..... "
},
{
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"text": "58.3% 57.1%"
},
{
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"text": "31"
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] | [
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"label": "section_header",
"text": "Fiscal year ended September 30, 2023 compared with fiscal year ended September 30, 2022"
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"text": "Total Company"
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"label": "text",
"text": "- · Net Sales . Net organic sales and acquisition sales and the related dollar and percentage changes for the fiscal years ended September 30, 2023 and 2022 were as follows (amounts in millions):"
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"text": "Organic sales represent net sales from existing businesses owned by the Company, excluding sales from acquisitions. Acquisition sales represent net sales from acquired businesses for the period up to one year subsequent to their respective acquisition date. We believe this measure provides investors with a supplemental understanding of underlying sales trends by providing sales growth on a consistent basis. Refer to Note 2, \"Acquisitions and Divestitures,\" in the notes to the consolidated financial statements included herein for further information on the Company's recent acquisitions activity."
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"text": "The increase in organic sales of $985 million for the fiscal year ended September 30, 2023 compared to the fiscal year ended September 30, 2022 is primarily related to increases in commercial aftermarket sales ($494 million, an increase of 31.4%), commercial OEM sales ($266 million, an increase of 23.1%) and defense sales ($242 million, an increase of 10.4%). The increase in commercial aftermarket sales is primarily attributable to the continued recovery in commercial air travel demand and the resulting higher flight hours and utilization of aircraft in fiscal 2023 compared to fiscal 2022. The increase in commercial OEM sales is primarily attributable to the continued recovery in both narrow-body and wide-body aircraft production and deliveries. The increase in defense sales is primarily attributable to improving U.S. government defense spend outlays (though, in management's estimation, the current lag between spend authorizations and outlays remains longer than historical average levels but has improved in the second half of fiscal 2023)."
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"text": "The acquisition sales for the fiscal year ended September 30, 2023 are attributable to Calspan, which was acquired in the third quarter of fiscal 2023, and DART Aerospace (\"DART\"), which was acquired in the third quarter of fiscal 2022."
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"text": "- · Cost of Sales and Gross Profit . Cost of sales increased by $413 million or 17.7%, to $2,743 million for the fiscal year ended September 30, 2023 compared to $2,330 million for the fiscal year ended September 30, 2022. Cost of sales and the related percentage of net sales for the fiscal years ended September 30, 2023 and 2022 were as follows (amounts in millions):"
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e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6-33 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6.tar.gz | The change in cost of sales during the fiscal year ended September 30, 2023 decreased as a percentage of net sales despite increased inflationary pressures. This was primarily driven by the application of our three core value-driven operating strategies (obtaining profitable new business, continually improving our cost structure and providing highly engineered value-added products to customers) coupled with fixed overhead costs incurred being spread over a higher production volume. A favorable sales mix, specifically, higher commercial aftermarket sales as a percentage of net sales compared to commercial OEM and defense net sales also contributed to the gross profit as a percentage of net sales increasing by 1.2 percentage points to 58.3% for the fiscal year ended September 30, 2023 from 57.1% for the fiscal year ended September 30, 2022. Regarding the specific components to cost of sales listed above, foreign exchange rates, particularly the U.S. dollar compared to the British pound and the euro, weakened particularly in the first half of fiscal 2023 resulting in unfavorable movement. In fiscal 2022, the U.S. dollar strengthened considerably in the fourth quarter resulting in foreign currency gains. No other material movement in the components to cost of sales were identified. - · Selling and Administrative Expenses. Selling and administrative expenses increased by $32 million to $780 million, or 11.8% of net sales, for the fiscal year ended September 30, 2023 from $748 million, or 13.8% of net sales, for the fiscal year ended September 30, 2022. Selling and administrative expenses and the related percentage of net sales for the fiscal years ended September 30, 2023 and 2022 were as follows (amounts in millions): Selling and administrative expenses during the fiscal year ended September 30, 2023 improved as a percentage of net sales compared to the fiscal year ended September 30, 2022 as a result of higher net sales and our continued strategic cost mitigation efforts. The decrease in non-cash stock and deferred compensation expense is primarily attributable to fewer modifications to existing stock option grants compared to prior year. The change in bad debt expense in fiscal 2023 relates to the improving market conditions within commercial aerospace and the resulting reduction in assessed risk associated with the collectability of certain trade accounts receivable. - · Amortization of Intangible Assets. Amortization of intangible assets was $139 million for the fiscal year ended September 30, 2023 compared to $136 million for the fiscal year ended September 30, 2022. The increase in amortization expense of $3 million was primarily due to the amortization expense recognized on intangible assets from the third quarter of fiscal 2023 acquisition of Calspan and the third quarter of fiscal 2022 acquisition of DART. The increase was partially offset by the Cobham Aero Connectivity ("CAC") acquisition backlog being fully amortized in fiscal 2022. 32 | [
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"text": "Total selling and administrative expenses . . . . . . . . . . $ 780 $ 748 $ 32 "
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"text": "The change in cost of sales during the fiscal year ended September 30, 2023 decreased as a percentage of net sales despite increased inflationary pressures. This was primarily driven by the application of our three core value-driven operating strategies (obtaining profitable new business, continually improving our cost structure and providing highly engineered value-added products to customers) coupled with fixed overhead costs incurred being spread over a higher production volume. A favorable sales mix, specifically, higher commercial aftermarket sales as a percentage of net sales compared to commercial OEM and defense net sales also contributed to the gross profit as a percentage of net sales increasing by 1.2 percentage points to 58.3% for the fiscal year ended September 30, 2023 from 57.1% for the fiscal year ended September 30, 2022."
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"text": "Regarding the specific components to cost of sales listed above, foreign exchange rates, particularly the U.S. dollar compared to the British pound and the euro, weakened particularly in the first half of fiscal 2023 resulting in unfavorable movement. In fiscal 2022, the U.S. dollar strengthened considerably in the fourth quarter resulting in foreign currency gains. No other material movement in the components to cost of sales were identified."
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"text": "- · Selling and Administrative Expenses. Selling and administrative expenses increased by $32 million to $780 million, or 11.8% of net sales, for the fiscal year ended September 30, 2023 from $748 million, or 13.8% of net sales, for the fiscal year ended September 30, 2022. Selling and administrative expenses and the related percentage of net sales for the fiscal years ended September 30, 2023 and 2022 were as follows (amounts in millions):"
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"text": "Selling and administrative expenses during the fiscal year ended September 30, 2023 improved as a percentage of net sales compared to the fiscal year ended September 30, 2022 as a result of higher net sales and our continued strategic cost mitigation efforts. The decrease in non-cash stock and deferred compensation expense is primarily attributable to fewer modifications to existing stock option grants compared to prior year. The change in bad debt expense in fiscal 2023 relates to the improving market conditions within commercial aerospace and the resulting reduction in assessed risk associated with the collectability of certain trade accounts receivable."
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"text": "- · Amortization of Intangible Assets. Amortization of intangible assets was $139 million for the fiscal year ended September 30, 2023 compared to $136 million for the fiscal year ended September 30, 2022. The increase in amortization expense of $3 million was primarily due to the amortization expense recognized on intangible assets from the third quarter of fiscal 2023 acquisition of Calspan and the third quarter of fiscal 2022 acquisition of DART. The increase was partially offset by the Cobham Aero Connectivity (\"CAC\") acquisition backlog being fully amortized in fiscal 2022."
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"text": "interest expense-net was primarily due to an increase in the base rates, i.e., Term SOFR and London"
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"text": "Interbank Offered Rate (“LIBOR”), to the portion of our variable rate debt that is not hedged via an"
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"text": "Refinancing Costs. Refinancing costs of $56 million incurred for the fiscal year ended September 30,"
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"text": "the fiscal year ended September 30, 2023 as summarized in Note 12, “Debt,” in the notes to the"
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"text": "consolidated financial statements included herein. Refinancing costs of $1 million were incurred for the"
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"text": "(income) for the fiscal year ended September 30, 2023 primarily related to a $9 million cash refund"
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"text": "statements included herein for further information. Other expense for fiscal year ended September 30,"
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"text": "notes to the consolidated financial statements included herein for further information."
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"text": "approximately 24.3% for the fiscal year ended September 30, 2023 compared to 23.2% for the fiscal"
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"text": "Net income attributable to TD Group increased $432 million,"
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"text": "or 49.9%, to $1,298 million for the fiscal year ended September 30, 2023 compared to net income"
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"text": "Basic and diluted earnings per share from continuing operations was $22.03 for"
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"text": "- · Interest Expense-net. Interest expense-net includes interest on borrowings outstanding, amortization of debt issuance costs, original issue discount and premium, revolving credit facility fees, finance leases, interest income and the impact of interest rate swaps and caps designated and qualifying as cash flow hedges. Interest expense-net increased $88 million, or 8.2%, to $1,164 million for the fiscal year ended September 30, 2023 from $1,076 million for the fiscal year ended September 30, 2022. The increase in interest expense-net was primarily due to an increase in the base rates, i.e., Term SOFR and London Interbank Offered Rate (\"LIBOR\"), to the portion of our variable rate debt that is not hedged via an interest rate swap or cap. This was partially offset by a $93 million increase in interest income. The weighted average interest rate for cash interest payments on total borrowings outstanding for the fiscal year ended September 30, 2023 was 6.2% compared to 5.3% for the fiscal year ended September 30, 2022."
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"text": "- · Refinancing Costs. Refinancing costs of $56 million incurred for the fiscal year ended September 30, 2023 were primarily related to third party fees incurred for the refinancing activity completed during the fiscal year ended September 30, 2023 as summarized in Note 12, \"Debt,\" in the notes to the consolidated financial statements included herein. Refinancing costs of $1 million were incurred for the fiscal year ended September 30, 2022."
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"text": "- · Other (Income) Expense. Other (income) expense was $(13) million for the fiscal year ended September 30, 2023 compared to $18 million for the fiscal year ended September 30, 2022. Other (income) for the fiscal year ended September 30, 2023 primarily related to a $9 million cash refund received for the Esterline Retirement Plan (the \"ERP\") upon the finalizing of the group annuity purchase funding. Refer to Note 13, \"Retirement Plans,\" in the notes to the consolidated financial statements included herein for further information. Other expense for fiscal year ended September 30, 2022 was primarily driven by a pension settlement charge of approximately $22 million for the ERP. Partially offsetting this expense was the non-service related components of benefit costs on the Company's benefit plans of $(3) million."
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"text": "- · Gain on Sale of Businesses-net. No gain on sale of businesses-net was recorded for the fiscal year ended September 30, 2023. Gain on sale of businesses-net of $7 million was recorded for the fiscal year ended September 30, 2022, and is primarily related to the net gain on sale recognized on the ScioTeq and TREALITY Simulation Visual Systems (\"ScioTeq and TREALITY\") and Technical Airborne Components (\"TAC\") divestitures. Refer to Note 2, \"Acquisitions and Divestitures,\" in the notes to the consolidated financial statements included herein for further information."
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"text": "- · Income Tax Provision. Income tax expense as a percentage of income before income taxes was approximately 24.3% for the fiscal year ended September 30, 2023 compared to 23.2% for the fiscal year ended September 30, 2022. The Company's higher effective tax rate for the fiscal year ended September 30, 2023 was primarily due to an increase in the valuation allowance applicable to the Company's net interest deduction limitation carryforward, partially offset by the impact of excess tax benefits associated with share-based payments."
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"text": "- · Income from Discontinued Operations, net of tax . No income from discontinued operations, net of tax, was recorded for the fiscal year ended September 30, 2023. Income from discontinued operations, net of tax, was $1 million for the fiscal year ended September 30, 2022 and related to a final working capital settlement received on the divestiture of the Souriau-Sunbank Connection Technologies business."
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"text": "- · Net Income Attributable to TD Group . Net income attributable to TD Group increased $432 million, or 49.9%, to $1,298 million for the fiscal year ended September 30, 2023 compared to net income attributable to TD Group of $866 million for the fiscal year ended September 30, 2022, primarily as a result of the factors referenced above."
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"text": "- · Earnings per Share . Basic and diluted earnings per share from continuing operations was $22.03 for the fiscal year ended September 30, 2023 and $13.38 for the fiscal year ended September 30, 2022."
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e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6-35 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6.tar.gz | Basic and diluted earnings per share from discontinued operations was $0.02 for the fiscal year ended September 30, 2022. There was no impact on earnings per share from discontinued operations for the fiscal year ended September 30, 2023. Net income attributable to TD Group for the fiscal year ended September 30, 2023 of $1,298 million was decreased by dividend equivalent payments of $38 million, or $0.67 per share, resulting in net income applicable to TD Group common stockholders of $1,260 million. Net income attributable to TD Group for the fiscal year ended September 30, 2022 of $866 million was decreased by dividend equivalent payments of $86 million, or $1.47 per share, resulting in net income applicable to TD Group common stockholders of $780 million. Business Segments - · Segment Net Sales . Net sales by segment for the fiscal years ended September 30, 2023 and 2022 were as follows (amounts in millions): Net sales for the Power & Control segment increased $443 million, an increase of 15.4%, for the fiscal year ended September 30, 2023 compared to the fiscal year ended September 30, 2022. The sales increase resulted primarily from increases in organic sales in the commercial aftermarket ($236 million, an increase of 29.6%), defense ($145 million, an increase of 10.2%) and commercial OEM ($86 million, an increase of 16.3%). The increase in commercial aftermarket sales is primarily attributable to the continued recovery in commercial air travel demand and the resulting higher flight hours and utilization of aircraft in fiscal 2023 compared to fiscal 2022. The increase in defense sales is primarily attributable to slowly improving U.S. government defense spend outlays (though, in management's estimation, the current lag between spend authorizations and outlays remains longer than historical average levels but has improved in the second half of fiscal 2023). The increase in commercial OEM sales is primarily attributable to the continued recovery in both narrow-body and wide-body aircraft production and deliveries. Net sales for the Airframe segment increased $703 million, an increase of 29.4%, for the fiscal year ended September 30, 2023 compared to the fiscal year ended September 30, 2022. The sales increase resulted primarily from increases in organic sales in the commercial aftermarket ($259 million, an increase of 33.2%), commercial OEM ($181 million, an increase of 29.6%) and defense ($96 million, an increase of 10.8%). The increase in commercial aftermarket sales, commercial OEM sales and defense sales for the Airframe segment is attributable to the same factors described in the paragraph above for the Power & Control segment. Acquisition sales increased by $171 million for the fiscal year ended September 30, 2023 due to the impact of the Calspan and DART acquisitions. Acquisition sales represent net sales from acquired businesses for the period up to one year subsequent to their respective acquisition date. 34 | [
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"text": "Basic and diluted earnings per share from discontinued operations was $0.02 for the fiscal year ended September 30, 2022. There was no impact on earnings per share from discontinued operations for the fiscal year ended September 30, 2023. Net income attributable to TD Group for the fiscal year ended September 30, 2023 of $1,298 million was decreased by dividend equivalent payments of $38 million, or $0.67 per share, resulting in net income applicable to TD Group common stockholders of $1,260 million. Net income attributable to TD Group for the fiscal year ended September 30, 2022 of $866 million was decreased by dividend equivalent payments of $86 million, or $1.47 per share, resulting in net income applicable to TD Group common stockholders of $780 million."
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"text": "- · Segment Net Sales . Net sales by segment for the fiscal years ended September 30, 2023 and 2022 were as follows (amounts in millions):"
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"text": "Net sales for the Power & Control segment increased $443 million, an increase of 15.4%, for the fiscal year ended September 30, 2023 compared to the fiscal year ended September 30, 2022. The sales increase resulted primarily from increases in organic sales in the commercial aftermarket ($236 million, an increase of 29.6%), defense ($145 million, an increase of 10.2%) and commercial OEM ($86 million, an increase of 16.3%). The increase in commercial aftermarket sales is primarily attributable to the continued recovery in commercial air travel demand and the resulting higher flight hours and utilization of aircraft in fiscal 2023 compared to fiscal 2022. The increase in defense sales is primarily attributable to slowly improving U.S. government defense spend outlays (though, in management's estimation, the current lag between spend authorizations and outlays remains longer than historical average levels but has improved in the second half of fiscal 2023). The increase in commercial OEM sales is primarily attributable to the continued recovery in both narrow-body and wide-body aircraft production and deliveries."
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"text": "Net sales for the Airframe segment increased $703 million, an increase of 29.4%, for the fiscal year ended September 30, 2023 compared to the fiscal year ended September 30, 2022. The sales increase resulted primarily from increases in organic sales in the commercial aftermarket ($259 million, an increase of 33.2%), commercial OEM ($181 million, an increase of 29.6%) and defense ($96 million, an increase of 10.8%). The increase in commercial aftermarket sales, commercial OEM sales and defense sales for the Airframe segment is attributable to the same factors described in the paragraph above for the Power & Control segment. Acquisition sales increased by $171 million for the fiscal year ended September 30, 2023 due to the impact of the Calspan and DART acquisitions. Acquisition sales represent net sales from acquired businesses for the period up to one year subsequent to their respective acquisition date."
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"text": "of 21.9%, resulting from higher organic sales in the commercial aftermarket, commercial OEM and defense"
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"text": "The change in Non-aviation EBITDA as Defined compared to the prior fiscal year was not material."
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"text": "- · EBITDA As Defined . Refer to \"Non-GAAP Financial Measures\" in this discussion and analysis for additional information and limitations regarding these non-GAAP financial measures, including a reconciliation to the comparable U.S. GAAP financial measure. EBITDA As Defined by segment for the fiscal years ended September 30, 2023 and 2022 were as follows (amounts in millions):"
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"text": "EBITDA As Defined for the Power & Control segment increased approximately $335 million, an increase of 21.9%, resulting from higher organic sales in the commercial aftermarket, commercial OEM and defense channels. Also contributing to the increase in EBITDA As Defined was the application of our three core valuedriven operating strategies and positive leverage on our fixed overhead costs spread over a higher production volume despite the ongoing inflationary environment for freight, labor and certain raw materials."
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"text": "EBITDA As Defined for the Airframe segment increased approximately $426 million, an increase of 38.0%. The increase in EBITDA as Defined for the Airframe segment is attributable to the same factors described in the paragraph above for the Power & Control segment. EBITDA As Defined for the Airframe segment from acquisitions was approximately $48 million due to the impact of the Calspan and DART acquisitions. EBITDA As Defined from acquisitions represents EBITDA As Defined from acquired businesses for the period up to one year subsequent to the respective acquisition date."
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"text": "Corporate expenses consist primarily of compensation, benefits, professional services and other administrative costs incurred by the corporate offices. An immaterial amount of corporate expenses is allocated to the operating segments. The increase compared to the prior fiscal year is primarily attributable to the deferred compensation plan adopted in the fourth quarter of fiscal 2022 for certain members of non-executive management."
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"text": "For our results of operations for fiscal 2022 compared with fiscal 2021, refer to the discussion in Item 7. \"Management's Discussion and Analysis of Financial Conditions and Results of Operations\" of Form 10-K for the fiscal year ended September 30, 2022, as filed with the Securities and Exchange Commission on November 10, 2022."
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"text": "For purposes of computing the ratio of earnings to fixed charges, earnings consist of earnings from"
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"text": "continuing operations before income taxes plus fixed charges. Fixed charges consist of interest expense,"
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"text": "amortization of debt issuance costs, original issue discount and premium and the “interest component” of"
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"text": "If the Company has excess cash, it generally prioritizes allocating the excess cash in the following manner:"
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"text": "(1) capital spending at existing businesses, (2) acquisitions of businesses, (3) payment of a special dividend and/"
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"text": "or repurchases of our common stock and (4) prepayment of indebtedness or repurchase of debt."
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"text": "The Company’s ability to make scheduled interest payments on, or to refinance, the Company’s"
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"text": "depend on the Company’s ability to generate cash in the future. This is subject to general economic, financial,"
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"text": "In fiscal 2023, the Company refinanced over $9,800 million of its term loans and notes to extend maturity"
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"text": "dates, reduce interest rates (in the case of refinancing the $1,100 million of 8.00% senior secured notes due"
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"text": "2025—the “2025 Secured Notes”) and transition the benchmark rate of our variable rate debt from based on"
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"text": "In connection with the refinancing activity in fiscal 2023, we entered into forward starting interest rate"
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"text": "collar agreements aggregating to a notional amount of $1,600 million. For the remaining $4,700 million notional"
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"text": "We have historically maintained a capital structure comprising a mix of equity and debt financing. We vary our leverage both to optimize our equity return and to pursue acquisitions. We expect to meet our current debt obligations as they come due through internally generated funds from current levels of operations and/or through refinancing in the debt markets prior to the maturity dates of our debt."
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"text": "(1) Includes debt issuance costs and original issue discount and premiums. Reference Note 12, “Debt,” in the notes to the consolidated financial statements included herein for additional information."
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"text": "(1) For purposes of computing the ratio of earnings to fixed charges, earnings consist of earnings from continuing operations before income taxes plus fixed charges. Fixed charges consist of interest expense, amortization of debt issuance costs, original issue discount and premium and the “interest component” of rental expense."
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"text": "If the Company has excess cash, it generally prioritizes allocating the excess cash in the following manner: (1) capital spending at existing businesses, (2) acquisitions of businesses, (3) payment of a special dividend and/ or repurchases of our common stock and (4) prepayment of indebtedness or repurchase of debt."
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"text": "The Company's ability to make scheduled interest payments on, or to refinance, the Company's indebtedness, or to fund non-acquisition related capital expenditures and research and development efforts, will depend on the Company's ability to generate cash in the future. This is subject to general economic, financial, competitive, legislative, regulatory and other factors that are beyond its control."
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"text": "In fiscal 2023, the Company refinanced over $9,800 million of its term loans and notes to extend maturity dates, reduce interest rates (in the case of refinancing the $1,100 million of 8.00% senior secured notes due 2025-the \"2025 Secured Notes\") and transition the benchmark rate of our variable rate debt from based on LIBOR to Term SOFR. As a result of the refinancing activity, there is no maturity on any tranche of term loans or notes until March 2026."
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"text": "In connection with the refinancing activity in fiscal 2023, we entered into forward starting interest rate collar agreements aggregating to a notional amount of $1,600 million. For the remaining $4,700 million notional"
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e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6-38 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6.tar.gz | amount of interest rate swaps and cap, we entered into LIBOR to Term SOFR basis interest rate swap and cap transactions to effectively convert our existing swaps and cap from LIBOR-based to Term SOFR-based. The basis swaps and cap offset the LIBOR exposure of the existing swaps and cap and effectively fix the Term SOFR rate for the notional amount. The Company's objective is to maintain an allocation of at least 75% fixed rate and 25% variable rate debt thereby limiting its exposure to changes in near-term interest rates. Interest rate swaps, caps and collars used to hedge and offset, respectively, the variable interest rates on our term loans are further described in Note 21, "Derivatives and Hedging Activities," in the notes to the consolidated financial statements included herein. As of September 30, 2023, approximately 90% of our gross debt was fixed rate. On July 25, 2023, the Company amended the Securitization Facility to, among other things, increase the borrowing capacity from $350 million to $450 million and extend the maturity date to July 25, 2024 at an interest rate of three-month Term SOFR plus 1.60%, compared to an interest rate of three-month Term SOFR plus 1.30% that applied prior to the amendment. The total drawn on the Securitization Facility remains at $350 million as of September 30, 2023. Also, in fiscal 2023, we used existing cash on hand to fund the $729 million acquisition of Calspan, which was completed on May 8, 2023. As of September 30, 2023, the Company has significant cash liquidity as illustrated in the table presented below (in millions): (1) When considering the impact of the estimated $2,020 million payment in special dividends and dividend equivalents in November 2023, described below, the pro forma cash liquidity as of September 30, 2023 is $2,311 million. We believe our significant cash liquidity will allow us to meet our anticipated funding requirements. We expect to meet our short-term cash liquidity requirements (including interest obligations and capital expenditures) through net cash from operating activities, cash on hand and, if needed, draws on the revolving credit facility. Long-term cash liquidity requirements consist primarily of obligations under our long-term debt agreements. In connection with the continued application of our three core value-driven operating strategies (obtaining profitable new business, continually improving our cost structure and providing highly engineered value-added products to customers), we expect our efforts will continue to generate strong margins and provide sufficient cash provided by operating activities to meet our interest obligations and liquidity needs. We believe our cash provided by operating activities and available borrowing capacity will enable us to make strategic business acquisitions, pay dividends to our shareholders and make opportunistic investments in our own stock, subject to any restrictions in our existing credit agreement and market conditions. On November 9, 2023, TransDigm announced that it entered into a definitive agreement to acquire the Electron Device Business of Communications & Power Industries for approximately $1,385 million in cash. The acquisition is expected to close by the end of TransDigm's third quarter of fiscal 2024 and is expected to be financed through a combination of existing cash on hand and new long-term debt. 37 | [
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"text": "borrowing capacity from $350 million to $450 million and extend the maturity date to July 25, 2024 at an interest"
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"text": "rate of three-month Term SOFR plus 1.60%, compared to an interest rate of three-month Term SOFR plus 1.30%"
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"text": "equivalents in November 2023, described below, the pro forma cash liquidity as of September 30, 2023 is"
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"text": "credit facility. Long-term cash liquidity requirements consist primarily of obligations under our long-term debt"
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"text": "cash provided by operating activities to meet our interest obligations and liquidity needs. We believe our cash"
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"text": "acquisitions, pay dividends to our shareholders and make opportunistic investments in our own stock, subject to"
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"text": "any restrictions in our existing credit agreement and market conditions."
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"text": "Electron Device Business of Communications & Power Industries for approximately $1,385 million in cash. The"
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"text": "amount of interest rate swaps and cap, we entered into LIBOR to Term SOFR basis interest rate swap and cap transactions to effectively convert our existing swaps and cap from LIBOR-based to Term SOFR-based. The basis swaps and cap offset the LIBOR exposure of the existing swaps and cap and effectively fix the Term SOFR rate for the notional amount."
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"text": "The Company's objective is to maintain an allocation of at least 75% fixed rate and 25% variable rate debt thereby limiting its exposure to changes in near-term interest rates. Interest rate swaps, caps and collars used to hedge and offset, respectively, the variable interest rates on our term loans are further described in Note 21, \"Derivatives and Hedging Activities,\" in the notes to the consolidated financial statements included herein. As of September 30, 2023, approximately 90% of our gross debt was fixed rate."
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"text": "On July 25, 2023, the Company amended the Securitization Facility to, among other things, increase the borrowing capacity from $350 million to $450 million and extend the maturity date to July 25, 2024 at an interest rate of three-month Term SOFR plus 1.60%, compared to an interest rate of three-month Term SOFR plus 1.30% that applied prior to the amendment. The total drawn on the Securitization Facility remains at $350 million as of September 30, 2023."
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"text": "Also, in fiscal 2023, we used existing cash on hand to fund the $729 million acquisition of Calspan, which was completed on May 8, 2023."
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"text": "(1) When considering the impact of the estimated $2,020 million payment in special dividends and dividend equivalents in November 2023, described below, the pro forma cash liquidity as of September 30, 2023 is $2,311 million."
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"text": "We believe our significant cash liquidity will allow us to meet our anticipated funding requirements. We expect to meet our short-term cash liquidity requirements (including interest obligations and capital expenditures) through net cash from operating activities, cash on hand and, if needed, draws on the revolving credit facility. Long-term cash liquidity requirements consist primarily of obligations under our long-term debt agreements."
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"text": "In connection with the continued application of our three core value-driven operating strategies (obtaining profitable new business, continually improving our cost structure and providing highly engineered value-added products to customers), we expect our efforts will continue to generate strong margins and provide sufficient cash provided by operating activities to meet our interest obligations and liquidity needs. We believe our cash provided by operating activities and available borrowing capacity will enable us to make strategic business acquisitions, pay dividends to our shareholders and make opportunistic investments in our own stock, subject to any restrictions in our existing credit agreement and market conditions."
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"text": "On November 9, 2023, TransDigm announced that it entered into a definitive agreement to acquire the Electron Device Business of Communications & Power Industries for approximately $1,385 million in cash. The acquisition is expected to close by the end of TransDigm's third quarter of fiscal 2024 and is expected to be financed through a combination of existing cash on hand and new long-term debt."
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e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6-39 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6.tar.gz | On November 9, 2023, the Company announced that TD Group's Board of Directors authorized and declared a special cash dividend of $35.00 on each outstanding share of common stock and cash dividend equivalent payments on eligible vested options outstanding under its stock option plans. The record date and payment date for the special dividend is November 20, 2023 and November 27, 2023, respectively. The total estimated cash payment, to be funded by existing cash on hand, related to the special dividend and dividend equivalent payments in the first quarter of fiscal 2024 is approximately $2,020 million. The Company estimates its capital expenditures in fiscal year 2024 to be approximately 2% to 3% of net sales, which is consistent with its historical annual spend as a percentage of net sales. The Company's capital expenditures incurred from year-to-year are funded using existing cash on hand and are primarily for projects that are consistent with our three core value-driven operating strategies (obtaining profitable new business, continually improving our cost structure and providing highly engineered value-added products to customers). The Company may issue additional debt or refinance existing debt if prevailing market conditions are favorable to doing so. In addition, the Company may increase its borrowings in connection with acquisitions, if cash flow from operating activities becomes insufficient to fund current operations or for other short-term cash needs or for common stock repurchases or dividends. Our future leverage will also be impacted by the then current conditions of the credit markets. Operating Activities. The Company generated $1,375 million of net cash from operating activities during fiscal 2023 compared to $948 million during fiscal 2022. The change in trade accounts receivable during fiscal 2023 was a use of cash of $212 million compared to a use of cash of $190 million in fiscal 2022. The increase in the use of cash of $22 million is primarily attributable to the increase in sales volume and related timing of cash receipts. The Company continues to actively manage its accounts receivable, the related agings and collection efforts. The change in inventories during fiscal 2023 was a use of cash of $261 million compared to a use of cash of $134 million in fiscal 2022. The increase in the use of cash of $127 million is primarily driven by increased purchasing from higher demand in fiscal 2023 as raw material inventory is up approximately $185 million compared to at September 30, 2022. The Company also continues to actively and strategically manage inventory levels in response to existing ongoing supply chain challenges. The change in accounts payable during fiscal 2023 was a source of cash of $12 million compared to a source of cash of $58 million in fiscal 2022. The change is due to the timing of payments to suppliers. Investing Activities. Net cash used in investing activities was $900 million during fiscal 2023, consisting primarily of the acquisition of Calspan for approximately $729 million, certain product line acquisitions aggregating to approximately $33 million and capital expenditures of $139 million. Net cash used in investing activities was $553 million during fiscal 2022, consisting primarily of the acquisition of DART for approximately $360 million, certain product line acquisitions aggregating to approximately $62 million and capital expenditures of $119 million. This was slightly offset by $3 million in proceeds received from the final working capital settlement for the ScioTeq and TREALITY divestiture. Financing Activities. Net cash used in financing activities was $16 million during fiscal 2023. The use of cash was primarily attributable to repayments on term loans of $7,334 million, which consists of the full repayment of the existing principal for the Tranche E, Tranche F and Tranche G term loans ($7,284 million), plus normal course principal payments on the Tranche E, Tranche F, Tranche H and Tranche I term loans ($50 million), the redemptions of the (1) 2025 Secured Notes for $1,122 million, (2) 6.375% senior subordinated notes due 2026 (the "6.375% 2026 Notes") for $950 million and (3) 6.875% senior subordinated notes due 2026 (the "6.875% 2026 Notes") for $509 million, dividend equivalent payments of $38 million and other financing 38 | [
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"text": "The change in trade accounts receivable during fiscal 2023 was a use of cash of $212 million compared to a"
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"text": "use of cash of $190 million in fiscal 2022. The increase in the use of cash of $22 million is primarily attributable"
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"text": "purchasing from higher demand in fiscal 2023 as raw material inventory is up approximately $185 million"
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"text": "of cash of $58 million in fiscal 2022. The change is due to the timing of payments to suppliers."
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"text": "Investing Activities. Net cash used in investing activities was $900 million during fiscal 2023, consisting"
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"text": "primarily of the acquisition of Calspan for approximately $729 million, certain product line acquisitions"
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"text": "acquisition of DART for approximately $360 million, certain product line acquisitions aggregating to"
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"text": "approximately $62 million and capital expenditures of $119 million. This was slightly offset by $3 million in"
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"text": "proceeds received from the final working capital settlement for the ScioTeq and TREALITY divestiture."
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"text": "Financing Activities. Net cash used in financing activities was $16 million during fiscal 2023. The use of"
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"text": "cash was primarily attributable to repayments on term loans of $7,334 million, which consists of the full"
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"text": "repayment of the existing principal for the Tranche E, Tranche F and Tranche G term loans ($7,284 million), plus"
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"text": "($50 million), the redemptions of the (1) 2025 Secured Notes for $1,122 million, (2) 6.375% senior subordinated"
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"text": "notes due 2026 (the “6.375% 2026 Notes”) for $950 million and (3) 6.875% senior subordinated notes due 2026"
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"text": "(the “6.875% 2026 Notes”) for $509 million, dividend equivalent payments of $38 million and other financing"
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"text": "On November 9, 2023, the Company announced that TD Group's Board of Directors authorized and declared a special cash dividend of $35.00 on each outstanding share of common stock and cash dividend equivalent payments on eligible vested options outstanding under its stock option plans. The record date and payment date for the special dividend is November 20, 2023 and November 27, 2023, respectively. The total estimated cash payment, to be funded by existing cash on hand, related to the special dividend and dividend equivalent payments in the first quarter of fiscal 2024 is approximately $2,020 million."
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"text": "The Company estimates its capital expenditures in fiscal year 2024 to be approximately 2% to 3% of net sales, which is consistent with its historical annual spend as a percentage of net sales. The Company's capital expenditures incurred from year-to-year are funded using existing cash on hand and are primarily for projects that are consistent with our three core value-driven operating strategies (obtaining profitable new business, continually improving our cost structure and providing highly engineered value-added products to customers)."
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"text": "The Company may issue additional debt or refinance existing debt if prevailing market conditions are favorable to doing so. In addition, the Company may increase its borrowings in connection with acquisitions, if cash flow from operating activities becomes insufficient to fund current operations or for other short-term cash needs or for common stock repurchases or dividends. Our future leverage will also be impacted by the then current conditions of the credit markets."
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"text": "Operating Activities. The Company generated $1,375 million of net cash from operating activities during fiscal 2023 compared to $948 million during fiscal 2022."
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"text": "The change in trade accounts receivable during fiscal 2023 was a use of cash of $212 million compared to a use of cash of $190 million in fiscal 2022. The increase in the use of cash of $22 million is primarily attributable to the increase in sales volume and related timing of cash receipts. The Company continues to actively manage its accounts receivable, the related agings and collection efforts."
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"text": "The change in accounts payable during fiscal 2023 was a source of cash of $12 million compared to a source of cash of $58 million in fiscal 2022. The change is due to the timing of payments to suppliers."
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"text": "Investing Activities. Net cash used in investing activities was $900 million during fiscal 2023, consisting primarily of the acquisition of Calspan for approximately $729 million, certain product line acquisitions aggregating to approximately $33 million and capital expenditures of $139 million."
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"text": "Net cash used in investing activities was $553 million during fiscal 2022, consisting primarily of the acquisition of DART for approximately $360 million, certain product line acquisitions aggregating to approximately $62 million and capital expenditures of $119 million. This was slightly offset by $3 million in proceeds received from the final working capital settlement for the ScioTeq and TREALITY divestiture."
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"text": "Financing Activities. Net cash used in financing activities was $16 million during fiscal 2023. The use of cash was primarily attributable to repayments on term loans of $7,334 million, which consists of the full repayment of the existing principal for the Tranche E, Tranche F and Tranche G term loans ($7,284 million), plus normal course principal payments on the Tranche E, Tranche F, Tranche H and Tranche I term loans ($50 million), the redemptions of the (1) 2025 Secured Notes for $1,122 million, (2) 6.375% senior subordinated notes due 2026 (the \"6.375% 2026 Notes\") for $950 million and (3) 6.875% senior subordinated notes due 2026 (the \"6.875% 2026 Notes\") for $509 million, dividend equivalent payments of $38 million and other financing"
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e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6-40 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6.tar.gz | fees of $20 million. This was primarily offset by the total net proceeds from the issuance of Tranche H and Tranche I term loans of $6,238 million, net proceeds of $2,068 million from the completion of the 6.75% senior secured notes due 2028 (the "2028 Secured Notes") offering, net proceeds of $1,436 million from the completion of the 6.875% senior secured notes due 2030 (the "2030 Secured Notes") offering and $215 million in proceeds from stock option exercises. Net cash used in financing activities was $2,148 million during fiscal 2022. The use of cash was primarily attributable to $1,091 million of dividends and dividend equivalent payments, $912 million in common stock repurchases, the $200 million repayment of a previous draw on the revolving commitments and repayment on term loans of $75 million. This was partially offset by $132 million in proceeds from stock option exercises. Description of Senior Secured Term Loans and Indentures Senior Secured Term Loans Facility TransDigm has $6,249 million in fully drawn term loans (the "Term Loans Facility") and an $810 million revolving credit facility. The Term Loans Facility consists of two tranches of term loans as follows (aggregate principal amount disclosed is as of September 30, 2023): The Term Loans Facility requires quarterly aggregate principal payments of $16 million. The revolving commitments consist of two tranches which include up to $152 million of multicurrency revolving commitments. At September 30, 2023, the Company had $51 million in letters of credit outstanding and $759 million in borrowings available under the revolving commitments. Draws on the revolving commitments are subject to an interest rate of 2.50% per annum. The unused portion of the revolving commitments is subject to a fee of 0.5% per annum. The interest rates per annum applicable to the Tranche H and Tranche I term loans under the Credit Agreement are, at TransDigm's option, equal to either an alternate base rate or an adjusted Term SOFR for one, three or six-month interest periods chosen by TransDigm, in each case plus an applicable margin percentage. The adjusted Term SOFR related to the Tranche H and Tranche I term loans are not subject to a floor. Refer to Note 21, "Derivatives and Hedging Activities," for information about how our interest rate swaps, caps and collar agreements are used to hedge and offset, respectively, the variable interest rates on our debt. Fiscal 2023 Amendments to the Credit Agreement On December 14, 2022, the Company entered into Amendment No. 10, Loan Modification Agreement and Refinancing Facility Agreement (herein, "Amendment No. 10") to the Credit Agreement. Under the terms of Amendment No. 10, the Company, among other things, repaid in full its existing approximately $1,725 million in Tranche G term loans maturing August 22, 2024 and replaced such loans with approximately $1,725 million in Tranche H term loans maturing February 22, 2027. The Tranche H term loans bear interest at Term SOFR plus 3.25% compared to the former Tranche G term loans which bore interest at LIBOR plus 2.25%. The Tranche H term loans were issued at a discount of 2.00%, or approximately $34.5 million. The Tranche H term loans were fully drawn on December 14, 2022 and the other terms and conditions that apply to the Tranche H term loans are substantially the same as the terms and conditions that applied to the term loans immediately prior to Amendment No. 10. On February 24, 2023, the Company entered into Amendment No. 11, Loan Modification Agreement and Refinancing Facility Agreement (herein, "Amendment No. 11"), to the Credit Agreement. Under the terms of 39 | [
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"text": "attributable to $1,091 million of dividends and dividend equivalent payments, $912 million in common stock"
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"text": "term loans of $75 million. This was partially offset by $132 million in proceeds from stock option exercises."
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"text": "TransDigm has $6,249 million in fully drawn term loans (the “Term Loans Facility”) and an $810 million"
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"text": "revolving credit facility. The Term Loans Facility consists of two tranches of term loans as follows (aggregate"
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"text": "principal amount disclosed is as of September 30, 2023):"
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"text": "Tranche H $1,713 million February 22, 2027 Term SOFR plus 3.25%"
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"text": "The Term Loans Facility requires quarterly aggregate principal payments of $16 million. The revolving"
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"text": "commitments consist of two tranches which include up to $152 million of multicurrency revolving commitments."
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"text": "At September 30, 2023, the Company had $51 million in letters of credit outstanding and $759 million in"
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"text": "borrowings available under the revolving commitments. Draws on the revolving commitments are subject to an"
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"text": "interest rate of 2.50% per annum. The unused portion of the revolving commitments is subject to a fee of 0.5%"
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"text": "per annum."
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"text": "The interest rates per annum applicable to the Tranche H and Tranche I term loans under the Credit"
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"text": "Agreement are, at TransDigm’s option, equal to either an alternate base rate or an adjusted Term SOFR for one,"
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"text": "three or six-month interest periods chosen by TransDigm, in each case plus an applicable margin percentage. The"
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"text": "adjusted Term SOFR related to the Tranche H and Tranche I term loans are not subject to a floor. Refer to Note"
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"text": "21, “Derivatives and Hedging Activities,” for information about how our interest rate swaps, caps and collar"
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"text": "agreements are used to hedge and offset, respectively, the variable interest rates on our debt."
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"text": "Fiscal 2023 Amendments to the Credit Agreement"
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"text": "On December 14, 2022, the Company entered into Amendment No. 10, Loan Modification Agreement and"
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"text": "Refinancing Facility Agreement (herein, “Amendment No. 10”) to the Credit Agreement. Under the terms of"
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"text": "Amendment No. 10, the Company, among other things, repaid in full its existing approximately $1,725 million in"
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"text": "Tranche G term loans maturing August 22, 2024 and replaced such loans with approximately $1,725 million in"
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"text": "Tranche H term loans maturing February 22, 2027. The Tranche H term loans bear interest at Term SOFR plus"
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"text": "3.25% compared to the former Tranche G term loans which bore interest at LIBOR plus 2.25%. The Tranche H"
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"text": "term loans were issued at a discount of 2.00%, or approximately $34.5 million. The Tranche H term loans were"
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"text": "fully drawn on December 14, 2022 and the other terms and conditions that apply to the Tranche H term loans are"
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"text": "substantially the same as the terms and conditions that applied to the term loans immediately prior to"
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"text": "Amendment No. 10."
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"text": "On February 24, 2023, the Company entered into Amendment No. 11, Loan Modification Agreement and"
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"text": "Refinancing Facility Agreement (herein, “Amendment No. 11”), to the Credit Agreement. Under the terms of"
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"text": "fees of $20 million. This was primarily offset by the total net proceeds from the issuance of Tranche H and Tranche I term loans of $6,238 million, net proceeds of $2,068 million from the completion of the 6.75% senior secured notes due 2028 (the \"2028 Secured Notes\") offering, net proceeds of $1,436 million from the completion of the 6.875% senior secured notes due 2030 (the \"2030 Secured Notes\") offering and $215 million in proceeds from stock option exercises."
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"text": "Net cash used in financing activities was $2,148 million during fiscal 2022. The use of cash was primarily attributable to $1,091 million of dividends and dividend equivalent payments, $912 million in common stock repurchases, the $200 million repayment of a previous draw on the revolving commitments and repayment on term loans of $75 million. This was partially offset by $132 million in proceeds from stock option exercises."
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"text": "Description of Senior Secured Term Loans and Indentures"
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"text": "TransDigm has $6,249 million in fully drawn term loans (the \"Term Loans Facility\") and an $810 million revolving credit facility. The Term Loans Facility consists of two tranches of term loans as follows (aggregate principal amount disclosed is as of September 30, 2023):"
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"text": "The Term Loans Facility requires quarterly aggregate principal payments of $16 million. The revolving commitments consist of two tranches which include up to $152 million of multicurrency revolving commitments. At September 30, 2023, the Company had $51 million in letters of credit outstanding and $759 million in borrowings available under the revolving commitments. Draws on the revolving commitments are subject to an interest rate of 2.50% per annum. The unused portion of the revolving commitments is subject to a fee of 0.5% per annum."
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"text": "The interest rates per annum applicable to the Tranche H and Tranche I term loans under the Credit Agreement are, at TransDigm's option, equal to either an alternate base rate or an adjusted Term SOFR for one, three or six-month interest periods chosen by TransDigm, in each case plus an applicable margin percentage. The adjusted Term SOFR related to the Tranche H and Tranche I term loans are not subject to a floor. Refer to Note 21, \"Derivatives and Hedging Activities,\" for information about how our interest rate swaps, caps and collar agreements are used to hedge and offset, respectively, the variable interest rates on our debt."
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"text": "On December 14, 2022, the Company entered into Amendment No. 10, Loan Modification Agreement and Refinancing Facility Agreement (herein, \"Amendment No. 10\") to the Credit Agreement. Under the terms of Amendment No. 10, the Company, among other things, repaid in full its existing approximately $1,725 million in Tranche G term loans maturing August 22, 2024 and replaced such loans with approximately $1,725 million in Tranche H term loans maturing February 22, 2027. The Tranche H term loans bear interest at Term SOFR plus 3.25% compared to the former Tranche G term loans which bore interest at LIBOR plus 2.25%. The Tranche H term loans were issued at a discount of 2.00%, or approximately $34.5 million. The Tranche H term loans were fully drawn on December 14, 2022 and the other terms and conditions that apply to the Tranche H term loans are substantially the same as the terms and conditions that applied to the term loans immediately prior to Amendment No. 10."
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"text": "On February 24, 2023, the Company entered into Amendment No. 11, Loan Modification Agreement and Refinancing Facility Agreement (herein, \"Amendment No. 11\"), to the Credit Agreement. Under the terms of"
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e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6-41 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6.tar.gz | Amendment No. 11, the Company, among other things, repaid in full its existing approximately $2,149 million in Tranche E term loans maturing May 30, 2025 and approximately $3,410 million in Tranche F term loans maturing December 9, 2025 and replaced such loans with approximately $4,559 million in Tranche I term loans maturing August 24, 2028 and the $1,000 million 2028 Secured Notes. The Tranche I term loans bear interest at Term SOFR plus 3.25% compared to the former Tranche E and Tranche F term loans which bore interest at LIBOR plus 2.25%. The Tranche I term loans were issued at a discount of 0.25%, or approximately $11.4 million. The Tranche I term loans were fully drawn on February 24, 2023 and the other terms and conditions that apply to the Tranche I term loans are substantially the same as the terms and conditions that applied to the term loans immediately prior to Amendment No. 11. On June 16, 2023, the Company entered into Amendment No. 12 to the Second Amended and Restated Credit Agreement (herein, "Amendment No. 12"). Under the terms of Amendment No. 12, the Company, among other things, removed the option to utilize LIBOR as a benchmark rate for any revolving loans and all future loans under the Credit Agreement and replaced such rate with Term SOFR for all dollar denominated loans and with Euro Interbank Offered Rate ("EURIBOR") for all euro denominated revolving loans. Indentures The following table represents the senior subordinated and secured notes outstanding as of September 30, 2023: The 7.50% 2027 Notes, the 5.50% 2027 Notes, the 4.625% 2029 Notes and the 4.875% 2029 Notes (collectively, the "Subordinated Notes") were issued at a price of 100% of the principal amount. The initial $3,800 million offering of the 2026 Secured Notes (which, along with the 2028 Secured Notes and 2030 Secured Notes, are collectively referred to as the "Secured Notes") was issued at a price of 100% of its principal amount and the subsequent $200 million and $400 million offerings of the 2026 Secured Notes in the second quarter of fiscal 2019 and the third quarter of fiscal 2020, respectively, were issued at a price of 101% of their principal amount, resulting in gross proceeds of $4,411 million. The initial $1,000 million offering and the subsequent $1,100 million offering of the 6.75% senior secured notes due 2028 (collectively, the "2028 Secured Notes") in the second quarter of fiscal 2023 were issued at a price of 100% and 99%, respectively, of their principal amount, resulting in gross proceeds of $2,089 million. The 2030 Secured Notes were issued in the fourth quarter of fiscal 2023 at a price of 100% of the principal amount. The Subordinated Notes and Secured Notes do not require principal payments prior to their maturity. Interest under the Subordinated Notes and Secured Notes are payable semi-annually. The Subordinated Notes represent our unsecured obligations ranking subordinate to our senior debt, as defined in the applicable indentures. The Secured Notes represent our secured obligations ranking equally to all existing and future senior debt, as defined in the applicable indentures. The Subordinated Notes and Secured Notes contain many of the restrictive covenants included in the Credit Agreement. TransDigm is in compliance with all of the covenants contained in the Subordinated Notes and Secured Notes. 40 | [
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"text": "maturing August 24, 2028 and the $1,000 million 2028 Secured Notes. The Tranche I term loans bear interest at"
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"text": "$11.4 million. The Tranche I term loans were fully drawn on February 24, 2023 and the other terms and"
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"text": "On June 16, 2023, the Company entered into Amendment No. 12 to the Second Amended and Restated"
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"text": "Credit Agreement (herein, “Amendment No. 12”). Under the terms of Amendment No. 12, the Company, among"
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"text": "other things, removed the option to utilize LIBOR as a benchmark rate for any revolving loans and all future"
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"text": "loans under the Credit Agreement and replaced such rate with Term SOFR for all dollar denominated loans and"
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"text": "with Euro Interbank Offered Rate (“EURIBOR”) for all euro denominated revolving loans."
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"text": "Indentures"
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"text": "The following table represents the senior subordinated and secured notes outstanding as of September 30,"
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"text": "Aggregate Principal "
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"text": "2026 Secured Notes $4,400 million March 15, 2026 6.25%"
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"text": "7.50% 2027 Notes $550 million March 15, 2027 7.50%"
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"text": "restrictive covenants included in the Credit Agreement. TransDigm is in compliance with all of the covenants"
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"text": "Amendment No. 11, the Company, among other things, repaid in full its existing approximately $2,149 million in Tranche E term loans maturing May 30, 2025 and approximately $3,410 million in Tranche F term loans maturing December 9, 2025 and replaced such loans with approximately $4,559 million in Tranche I term loans maturing August 24, 2028 and the $1,000 million 2028 Secured Notes. The Tranche I term loans bear interest at Term SOFR plus 3.25% compared to the former Tranche E and Tranche F term loans which bore interest at LIBOR plus 2.25%. The Tranche I term loans were issued at a discount of 0.25%, or approximately $11.4 million. The Tranche I term loans were fully drawn on February 24, 2023 and the other terms and conditions that apply to the Tranche I term loans are substantially the same as the terms and conditions that applied to the term loans immediately prior to Amendment No. 11."
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"text": "On June 16, 2023, the Company entered into Amendment No. 12 to the Second Amended and Restated Credit Agreement (herein, \"Amendment No. 12\"). Under the terms of Amendment No. 12, the Company, among other things, removed the option to utilize LIBOR as a benchmark rate for any revolving loans and all future loans under the Credit Agreement and replaced such rate with Term SOFR for all dollar denominated loans and with Euro Interbank Offered Rate (\"EURIBOR\") for all euro denominated revolving loans."
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"text": "The following table represents the senior subordinated and secured notes outstanding as of September 30, 2023:"
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"text": "The 7.50% 2027 Notes, the 5.50% 2027 Notes, the 4.625% 2029 Notes and the 4.875% 2029 Notes (collectively, the \"Subordinated Notes\") were issued at a price of 100% of the principal amount. The initial $3,800 million offering of the 2026 Secured Notes (which, along with the 2028 Secured Notes and 2030 Secured Notes, are collectively referred to as the \"Secured Notes\") was issued at a price of 100% of its principal amount and the subsequent $200 million and $400 million offerings of the 2026 Secured Notes in the second quarter of fiscal 2019 and the third quarter of fiscal 2020, respectively, were issued at a price of 101% of their principal amount, resulting in gross proceeds of $4,411 million. The initial $1,000 million offering and the subsequent $1,100 million offering of the 6.75% senior secured notes due 2028 (collectively, the \"2028 Secured Notes\") in the second quarter of fiscal 2023 were issued at a price of 100% and 99%, respectively, of their principal amount, resulting in gross proceeds of $2,089 million. The 2030 Secured Notes were issued in the fourth quarter of fiscal 2023 at a price of 100% of the principal amount."
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"text": "The Subordinated Notes and Secured Notes do not require principal payments prior to their maturity. Interest under the Subordinated Notes and Secured Notes are payable semi-annually. The Subordinated Notes represent our unsecured obligations ranking subordinate to our senior debt, as defined in the applicable indentures. The Secured Notes represent our secured obligations ranking equally to all existing and future senior debt, as defined in the applicable indentures. The Subordinated Notes and Secured Notes contain many of the restrictive covenants included in the Credit Agreement. TransDigm is in compliance with all of the covenants contained in the Subordinated Notes and Secured Notes."
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e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6-42 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6.tar.gz | Guarantor Information The Subordinated Notes are subordinated to all of our existing and future senior secured debt, including indebtedness under TransDigm's existing senior secured credit facilities, rank equally with all of our existing and future senior subordinated debt and rank senior to all of our future debt that is expressly subordinated to the Subordinated Notes. The Subordinated Notes are fully and unconditionally guaranteed on a senior subordinated unsecured basis by TD Group, TransDigm UK and TransDigm Inc.'s Domestic Restricted Subsidiaries (as defined in the applicable indentures). The table set forth in Exhibit 22.1 filed with this Form 10-K details the primary obligors and guarantors. The guarantees of the Subordinated Notes are subordinated to all of the guarantors' existing and future senior debt, rank equally with all of their existing and future senior subordinated debt and rank senior to all of their future debt that is expressly subordinated to the guarantees of the Subordinated Notes. The Subordinated Notes are structurally subordinated to all of the liabilities of TD Group's non-guarantor subsidiaries. The Secured Notes are senior secured debt of TransDigm and rank equally in right of payment with all of TransDigm's existing and future senior secured debt, including indebtedness under TransDigm's existing senior secured credit facilities, and are senior in right of payment to all of TransDigm's existing and future senior subordinated debt, including the Subordinated Notes. The 2026 Secured Notes and the 2028 Secured Notes are guaranteed on a senior secured basis by TD Group, TransDigm UK and TransDigm Inc.'s Domestic Restricted Subsidiaries (as defined in the applicable indentures). The 2030 Secured Notes are guaranteed on a senior secured basis by TD Group and each of TransDigm Inc.'s direct and indirect Restricted Subsidiaries (as defined in the applicable indenture) that is a borrower or guarantor under TransDigm's senior secured credit facilities or that issues or guarantees any capital markets indebtedness of TransDigm Inc. or any of the guarantors in an aggregate principal amount of at least $200 million. As of the date of this Form 10-K, the guarantors of the 2030 Secured Notes are the same as the guarantors of the 2026 Secured Notes and the 2028 Secured Notes. The table set forth in Exhibit 22.1 filed with this Form 10-K details the primary obligors and guarantors. The guarantees of the Secured Notes rank equally in right of payment with all of the guarantors' existing and future senior secured debt and are senior in right of payment to all of their existing and future senior subordinated debt. The Secured Notes are structurally subordinated to all of the liabilities of TransDigm's non-guarantor subsidiaries. Separate financial statements of TransDigm Inc. are not presented because the Subordinated Notes and Secured Notes are fully and unconditionally guaranteed on a senior subordinated unsecured basis (if Subordinated Notes) and senior secured basis (if Secured Notes) by TD Group, TransDigm UK and all of TransDigm Inc.'s Domestic Restricted Subsidiaries. TD Group has no significant operations or assets separate from its investment in TransDigm Inc. The financial information presented is that of TD Group, TransDigm Inc. and the other Guarantors, which includes TransDigm UK, on a combined basis and the financial information of non-issuer and non-guarantor subsidiaries has been excluded. Intercompany balances and transactions between TD Group, TransDigm Inc. and the other Guarantors have been eliminated, and amounts due from, amounts due to, and transactions with non-issuer and non-guarantor subsidiaries have been presented separately. 41 | [
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"text": "defined in the applicable indentures). The table set forth in Exhibit 22.1 filed with this Form 10-K details the"
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"text": "Subsidiaries (as defined in the applicable indentures). The 2030 Secured Notes are guaranteed on a senior"
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"text": "in the applicable indenture) that is a borrower or guarantor under TransDigm’s senior secured credit facilities or"
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"text": "that issues or guarantees any capital markets indebtedness of TransDigm Inc. or any of the guarantors in an"
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"text": "Notes are structurally subordinated to all of the liabilities of TransDigm’s non-guarantor subsidiaries."
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"text": "Separate financial statements of TransDigm Inc. are not presented because the Subordinated Notes and"
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"text": "The Subordinated Notes are subordinated to all of our existing and future senior secured debt, including indebtedness under TransDigm's existing senior secured credit facilities, rank equally with all of our existing and future senior subordinated debt and rank senior to all of our future debt that is expressly subordinated to the Subordinated Notes. The Subordinated Notes are fully and unconditionally guaranteed on a senior subordinated unsecured basis by TD Group, TransDigm UK and TransDigm Inc.'s Domestic Restricted Subsidiaries (as defined in the applicable indentures). The table set forth in Exhibit 22.1 filed with this Form 10-K details the primary obligors and guarantors. The guarantees of the Subordinated Notes are subordinated to all of the guarantors' existing and future senior debt, rank equally with all of their existing and future senior subordinated debt and rank senior to all of their future debt that is expressly subordinated to the guarantees of the Subordinated Notes. The Subordinated Notes are structurally subordinated to all of the liabilities of TD Group's non-guarantor subsidiaries."
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"text": "The Secured Notes are senior secured debt of TransDigm and rank equally in right of payment with all of TransDigm's existing and future senior secured debt, including indebtedness under TransDigm's existing senior secured credit facilities, and are senior in right of payment to all of TransDigm's existing and future senior subordinated debt, including the Subordinated Notes. The 2026 Secured Notes and the 2028 Secured Notes are guaranteed on a senior secured basis by TD Group, TransDigm UK and TransDigm Inc.'s Domestic Restricted Subsidiaries (as defined in the applicable indentures). The 2030 Secured Notes are guaranteed on a senior secured basis by TD Group and each of TransDigm Inc.'s direct and indirect Restricted Subsidiaries (as defined in the applicable indenture) that is a borrower or guarantor under TransDigm's senior secured credit facilities or that issues or guarantees any capital markets indebtedness of TransDigm Inc. or any of the guarantors in an aggregate principal amount of at least $200 million. As of the date of this Form 10-K, the guarantors of the 2030 Secured Notes are the same as the guarantors of the 2026 Secured Notes and the 2028 Secured Notes. The table set forth in Exhibit 22.1 filed with this Form 10-K details the primary obligors and guarantors. The guarantees of the Secured Notes rank equally in right of payment with all of the guarantors' existing and future senior secured debt and are senior in right of payment to all of their existing and future senior subordinated debt. The Secured Notes are structurally subordinated to all of the liabilities of TransDigm's non-guarantor subsidiaries."
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"text": "Separate financial statements of TransDigm Inc. are not presented because the Subordinated Notes and Secured Notes are fully and unconditionally guaranteed on a senior subordinated unsecured basis (if Subordinated Notes) and senior secured basis (if Secured Notes) by TD Group, TransDigm UK and all of TransDigm Inc.'s Domestic Restricted Subsidiaries. TD Group has no significant operations or assets separate from its investment in TransDigm Inc."
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"text": "The financial information presented is that of TD Group, TransDigm Inc. and the other Guarantors, which includes TransDigm UK, on a combined basis and the financial information of non-issuer and non-guarantor subsidiaries has been excluded. Intercompany balances and transactions between TD Group, TransDigm Inc. and the other Guarantors have been eliminated, and amounts due from, amounts due to, and transactions with non-issuer and non-guarantor subsidiaries have been presented separately."
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e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6-43 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6.tar.gz | Certain Restrictive Covenants in Our Debt Documents The Credit Agreement and the indentures governing the Subordinated Notes and Secured Notes contain restrictive covenants that, among other things, limit the incurrence of additional indebtedness, the payment of special dividends, transactions with affiliates, asset sales, acquisitions, mergers and consolidations, liens and encumbrances, and prepayments of certain other indebtedness. The restrictive covenants included in the Credit Agreement are subject to amendments executed periodically. The most recent amendment that impacted the restrictive covenants contained in the Credit Agreement is Amendment No. 11. Under the terms of the Credit Agreement, TransDigm is entitled, on one or more occasions, to request additional term loans or additional revolving commitments to the extent that the existing or new lenders agree to provide such incremental term loans or additional revolving commitments provided that, among other conditions, our consolidated net leverage ratio would be no greater than 7.25x and the consolidated secured net debt ratio would be no greater than 5.00x, in each case, after giving effect to such incremental term loans or additional revolving commitments. If any such default occurs, the lenders under the Credit Agreement and the holders of the Subordinated Notes and Secured Notes may elect to declare all outstanding borrowings, together with accrued interest and other amounts payable thereunder, to be immediately due and payable. The lenders under the Credit Agreement also have the right in these circumstances to terminate any commitments they have to provide further borrowings. In addition, following an event of default under the Credit Agreement or the indentures governing the Secured Notes, the lenders thereunder or the holders thereof, as applicable, will have the right to proceed against the collateral granted to them to secure the debt, which includes our available cash, and they will also have the right to prevent us from making debt service payments on the Subordinated Notes. With the exception of the revolving credit facility, the Company has no maintenance covenants in its existing term loan and indenture agreements. Under the Credit Agreement, if the usage of the revolving credit facility exceeds 35%, or $284 million, of the total revolving commitments, the Company is required to maintain a maximum consolidated net leverage ratio of net debt to trailing four-quarter EBITDA As Defined of 7.25x as of the last day of the fiscal quarter. As of September 30, 2023, the Company was in compliance with all of its debt covenants and expects to remain in compliance with its debt covenants in subsequent periods. Trade Receivable Securitization Facility During fiscal 2014, the Company established a trade receivable securitization facility (the "Securitization Facility"). The Securitization Facility effectively increases the Company's borrowing capacity depending on the amount of the domestic operations' trade accounts receivable. The Securitization Facility includes the right for the Company to exercise annual one year extensions as long as there have been no termination events as defined by the agreement. The Company uses the proceeds from the Securitization Facility as an alternative to other 42 | [
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"text": "against the collateral granted to them to secure the debt, which includes our available cash, and they will also"
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"text": "Certain Restrictive Covenants in Our Debt Documents"
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"text": "The Credit Agreement and the indentures governing the Subordinated Notes and Secured Notes contain restrictive covenants that, among other things, limit the incurrence of additional indebtedness, the payment of special dividends, transactions with affiliates, asset sales, acquisitions, mergers and consolidations, liens and encumbrances, and prepayments of certain other indebtedness."
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"text": "Under the terms of the Credit Agreement, TransDigm is entitled, on one or more occasions, to request additional term loans or additional revolving commitments to the extent that the existing or new lenders agree to provide such incremental term loans or additional revolving commitments provided that, among other conditions, our consolidated net leverage ratio would be no greater than 7.25x and the consolidated secured net debt ratio would be no greater than 5.00x, in each case, after giving effect to such incremental term loans or additional revolving commitments."
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"text": "If any such default occurs, the lenders under the Credit Agreement and the holders of the Subordinated Notes and Secured Notes may elect to declare all outstanding borrowings, together with accrued interest and other amounts payable thereunder, to be immediately due and payable. The lenders under the Credit Agreement also have the right in these circumstances to terminate any commitments they have to provide further borrowings. In addition, following an event of default under the Credit Agreement or the indentures governing the Secured Notes, the lenders thereunder or the holders thereof, as applicable, will have the right to proceed against the collateral granted to them to secure the debt, which includes our available cash, and they will also have the right to prevent us from making debt service payments on the Subordinated Notes."
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"text": "With the exception of the revolving credit facility, the Company has no maintenance covenants in its existing term loan and indenture agreements. Under the Credit Agreement, if the usage of the revolving credit facility exceeds 35%, or $284 million, of the total revolving commitments, the Company is required to maintain a maximum consolidated net leverage ratio of net debt to trailing four-quarter EBITDA As Defined of 7.25x as of the last day of the fiscal quarter."
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"text": "As of September 30, 2023, the Company was in compliance with all of its debt covenants and expects to remain in compliance with its debt covenants in subsequent periods."
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"text": "During fiscal 2014, the Company established a trade receivable securitization facility (the \"Securitization Facility\"). The Securitization Facility effectively increases the Company's borrowing capacity depending on the amount of the domestic operations' trade accounts receivable. The Securitization Facility includes the right for the Company to exercise annual one year extensions as long as there have been no termination events as defined by the agreement. The Company uses the proceeds from the Securitization Facility as an alternative to other"
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e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6-44 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6.tar.gz | forms of debt, effectively reducing borrowing costs. The Securitization Facility is collateralized by substantially all of the Company's domestic operations' trade accounts receivable. On July 25, 2023, the Company amended the Securitization Facility to, among other things, increase the borrowing capacity from $350 million to $450 million and extend the maturity date to July 25, 2024 at an interest rate of three-month Term SOFR plus 1.60%, compared to an interest rate of three-month Term SOFR plus 1.30% that applied prior to the amendment. As of September 30, 2023, the total drawn on the Securitization Facility remains at $350 million. For the fiscal years ended September 30, 2023 and 2022, the applicable interest rate was 6.95% and 3.84%, respectively. Dividend and Dividend Equivalent Payments No dividends were declared during fiscal 2023. Pursuant to the Fourth Amended and Restated TransDigm Group Incorporated 2006 Stock Incentive Plan Dividend Equivalent Plan, the Amended and Restated 2014 Stock Option Plan Dividend Equivalent Plan and the 2019 Stock Option Plan Dividend Equivalent Plan, all of the vested options granted under the existing stock option plans, except for grants to the members of the Board of Directors, are entitled to certain dividend equivalent payments in the event of the declaration of a dividend by the Company. In August 2022, all members of the Board of Directors at that time executed amendments to their option agreements resulting in the directors no longer receiving dividend equivalent payments in cash, but rather for dividends declared after June 1, 2022, dividends result in a reduction of strike price. On August 26, 2022, the Company paid a special cash dividend of $18.50 on each outstanding share of common stock, totaling $1,005 million. In fiscal 2023 and 2022, the Company paid approximately $38 million and $86 million in dividend equivalent payments, respectively. On November 9, 2023, the Company announced that TD Group's Board of Directors authorized and declared a special cash dividend of $35.00 on each outstanding share of common stock and cash dividend equivalent payments on eligible vested options outstanding under its stock option plans. The record date and payment date for the special dividend is November 20, 2023 and November 27, 2023, respectively. The total estimated cash payment, to be funded by existing cash on hand, related to the special dividend and dividend equivalent payments in the first quarter of fiscal 2024 is approximately $2,020 million. Refer to Note 18, "StockBased Compensation," in the notes to the consolidated financial statements herein for further information on the Company's dividend equivalent payments. Any future declaration of special cash dividends on our common stock will be at the discretion of our Board of Directors and will depend upon our results of operations, earnings, capital requirements, financial condition, future prospects, contractual restrictions under the Credit Agreement and indentures governing the Notes, the availability of surplus under Delaware law and other factors deemed relevant by our Board of Directors. TD Group is a holding company and conducts all of its operations through direct and indirect subsidiaries. Unless TD Group receives dividends, distributions, advances, transfers of funds or other payments from our subsidiaries, TD Group will be unable to pay any dividends on our common stock in the future. The ability of any subsidiaries to take any of the foregoing actions is limited by the terms of our Term Loans Facility and indentures and may be limited by future debt or other agreements that we may enter into. 43 | [
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"text": "forms of debt, effectively reducing borrowing costs. The Securitization Facility is collateralized by substantially"
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"text": "borrowing capacity from $350 million to $450 million and extend the maturity date to July 25, 2024 at an interest"
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"text": "rate of three-month Term SOFR plus 1.60%, compared to an interest rate of three-month Term SOFR plus 1.30%"
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"text": "that applied prior to the amendment. As of September 30, 2023, the total drawn on the Securitization Facility"
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"text": "remains at $350 million. For the fiscal years ended September 30, 2023 and 2022, the applicable interest rate was"
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"text": "Dividend and Dividend Equivalent Payments"
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"text": "No dividends were declared during fiscal 2023. Pursuant to the Fourth Amended and Restated TransDigm"
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"text": "Group Incorporated 2006 Stock Incentive Plan Dividend Equivalent Plan, the Amended and Restated 2014 Stock"
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"text": "vested options granted under the existing stock option plans, except for grants to the members of the Board of"
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"text": "Directors, are entitled to certain dividend equivalent payments in the event of the declaration of a dividend by the"
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"text": "option agreements resulting in the directors no longer receiving dividend equivalent payments in cash, but rather"
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"text": "for dividends declared after June 1, 2022, dividends result in a reduction of strike price."
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"text": "On August 26, 2022, the Company paid a special cash dividend of $18.50 on each outstanding share of"
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"text": "common stock, totaling $1,005 million. In fiscal 2023 and 2022, the Company paid approximately $38 million"
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"text": "declared a special cash dividend of $35.00 on each outstanding share of common stock and cash dividend"
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"text": "equivalent payments in the first quarter of fiscal 2024 is approximately $2,020 million. Refer to Note 18, “Stock\u0002"
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"text": "Based Compensation,” in the notes to the consolidated financial statements herein for further information on the"
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"text": "Any future declaration of special cash dividends on our common stock will be at the discretion of our Board"
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"text": "of Directors and will depend upon our results of operations, earnings, capital requirements, financial condition,"
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"text": "future prospects, contractual restrictions under the Credit Agreement and indentures governing the Notes, the"
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"text": "Group will be unable to pay any dividends on our common stock in the future. The ability of any subsidiaries to"
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"text": "take any of the foregoing actions is limited by the terms of our Term Loans Facility and indentures and may be"
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"text": "forms of debt, effectively reducing borrowing costs. The Securitization Facility is collateralized by substantially all of the Company's domestic operations' trade accounts receivable."
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"text": "On July 25, 2023, the Company amended the Securitization Facility to, among other things, increase the borrowing capacity from $350 million to $450 million and extend the maturity date to July 25, 2024 at an interest rate of three-month Term SOFR plus 1.60%, compared to an interest rate of three-month Term SOFR plus 1.30% that applied prior to the amendment. As of September 30, 2023, the total drawn on the Securitization Facility remains at $350 million. For the fiscal years ended September 30, 2023 and 2022, the applicable interest rate was 6.95% and 3.84%, respectively."
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"text": "Dividend and Dividend Equivalent Payments"
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"text": "No dividends were declared during fiscal 2023. Pursuant to the Fourth Amended and Restated TransDigm Group Incorporated 2006 Stock Incentive Plan Dividend Equivalent Plan, the Amended and Restated 2014 Stock Option Plan Dividend Equivalent Plan and the 2019 Stock Option Plan Dividend Equivalent Plan, all of the vested options granted under the existing stock option plans, except for grants to the members of the Board of Directors, are entitled to certain dividend equivalent payments in the event of the declaration of a dividend by the Company. In August 2022, all members of the Board of Directors at that time executed amendments to their option agreements resulting in the directors no longer receiving dividend equivalent payments in cash, but rather for dividends declared after June 1, 2022, dividends result in a reduction of strike price."
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"text": "On August 26, 2022, the Company paid a special cash dividend of $18.50 on each outstanding share of common stock, totaling $1,005 million. In fiscal 2023 and 2022, the Company paid approximately $38 million and $86 million in dividend equivalent payments, respectively."
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"text": "On November 9, 2023, the Company announced that TD Group's Board of Directors authorized and declared a special cash dividend of $35.00 on each outstanding share of common stock and cash dividend equivalent payments on eligible vested options outstanding under its stock option plans. The record date and payment date for the special dividend is November 20, 2023 and November 27, 2023, respectively. The total estimated cash payment, to be funded by existing cash on hand, related to the special dividend and dividend equivalent payments in the first quarter of fiscal 2024 is approximately $2,020 million. Refer to Note 18, \"StockBased Compensation,\" in the notes to the consolidated financial statements herein for further information on the Company's dividend equivalent payments."
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"text": "Any future declaration of special cash dividends on our common stock will be at the discretion of our Board of Directors and will depend upon our results of operations, earnings, capital requirements, financial condition, future prospects, contractual restrictions under the Credit Agreement and indentures governing the Notes, the availability of surplus under Delaware law and other factors deemed relevant by our Board of Directors. TD Group is a holding company and conducts all of its operations through direct and indirect subsidiaries. Unless TD Group receives dividends, distributions, advances, transfers of funds or other payments from our subsidiaries, TD Group will be unable to pay any dividends on our common stock in the future. The ability of any subsidiaries to take any of the foregoing actions is limited by the terms of our Term Loans Facility and indentures and may be limited by future debt or other agreements that we may enter into."
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e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6-45 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6.tar.gz | Contractual Obligations and Commitments The following table summarizes the Company's cash requirements from all significant contractual obligations as of September 30, 2023 (in millions): (1) Represents principal maturities which excludes interest, debt issuance costs, original issue discount and premiums. (2) The Tranche H term loans mature in February 2027 and the Tranche I term loans mature in August 2028. The Term Loans Facility requires quarterly aggregate principal payments of $16 million. (3) Assumes that the variable interest rate on our Tranche H and Tranche I term loans under our Term Loans Facility range from approximately 5.8% to 6.8% based on anticipated movements in Term SOFR, which given the ongoing volatility in rates, are highly uncertain. In addition, interest payments include the impact of the existing interest rate swap, cap and collar agreements described in Note 21, “Derivatives and Hedging Activities,” in the notes to the consolidated financial statements included herein. (4) Represents future benefit payments expected to be paid from the pension and post-retirement benefit plans or from the Company’s assets. Off-Balance Sheet Arrangements The Company utilizes letters of credit to back certain payment and performance obligations. Letters of credit are subject to limits based on amounts outstanding under the Company's revolving credit facility. As of September 30, 2023, the Company had $51 million in letters of credit outstanding. Critical Accounting Policies and Estimates Our consolidated financial statements have been prepared in conformity with U.S. GAAP, which often requires the judgment of management in the selection and application of certain accounting principles and methods. Management believes that the quality and reasonableness of our most critical policies enable the fair presentation of our financial position and results of operations. However, investors are cautioned that the sensitivity of financial statements to these methods, assumptions and estimates could create materially different results under different conditions or using different assumptions. Below are those policies applied in preparing our financial statements that management believes are the most dependent on the application of estimates and assumptions. For additional significant accounting policies, see Note 3, "Summary of Significant Accounting Policies," in the notes to the consolidated financial statements included herein. Revenue Recognition - The Company recognizes revenue from contracts with customers using the five step model prescribed in ASC 606. Revenue is recognized from the sale of products or services when obligations under the terms of the contract are satisfied and control of promised goods or services have transferred to the 44 | [
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"text": "6,249 63 126 6,060 —"
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"text": "Securitization Facility . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350 350 — — —"
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"text": "Total contractual cash obligations "
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"text": "(1) "
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"text": "Represents principal maturities which excludes interest, debt issuance costs, original issue discount and"
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"text": "premiums."
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"text": "The Tranche H term loans mature in February 2027 and the Tranche I term loans mature in August 2028."
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"text": "The Term Loans Facility requires quarterly aggregate principal payments of $16 million."
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"text": "Assumes that the variable interest rate on our Tranche H and Tranche I term loans under our Term Loans"
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"text": "given the ongoing volatility in rates, are highly uncertain. In addition, interest payments include the impact"
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"text": "of the existing interest rate swap, cap and collar agreements described in Note 21, “Derivatives and Hedging"
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"text": "Activities,” in the notes to the consolidated financial statements included herein."
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"text": "Represents future benefit payments expected to be paid from the pension and post-retirement benefit plans"
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"text": "or from the Company’s assets."
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"text": "Off-Balance Sheet Arrangements"
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"text": "The Company utilizes letters of credit to back certain payment and performance obligations. Letters of"
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"text": "credit are subject to limits based on amounts outstanding under the Company’s revolving credit facility. As of"
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"text": "September 30, 2023, the Company had $51 million in letters of credit outstanding."
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"text": "methods. Management believes that the quality and reasonableness of our most critical policies enable the fair"
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"text": "see Note 3, “Summary of Significant Accounting Policies,” in the notes to the consolidated financial statements"
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"text": "The following table summarizes the Company's cash requirements from all significant contractual obligations as of September 30, 2023 (in millions):"
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"text": "(2) The Tranche H term loans mature in February 2027 and the Tranche I term loans mature in August 2028. The Term Loans Facility requires quarterly aggregate principal payments of $16 million."
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"text": "(3) Assumes that the variable interest rate on our Tranche H and Tranche I term loans under our Term Loans Facility range from approximately 5.8% to 6.8% based on anticipated movements in Term SOFR, which given the ongoing volatility in rates, are highly uncertain. In addition, interest payments include the impact of the existing interest rate swap, cap and collar agreements described in Note 21, “Derivatives and Hedging Activities,” in the notes to the consolidated financial statements included herein."
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"text": "The Company utilizes letters of credit to back certain payment and performance obligations. Letters of credit are subject to limits based on amounts outstanding under the Company's revolving credit facility. As of September 30, 2023, the Company had $51 million in letters of credit outstanding."
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"text": "Our consolidated financial statements have been prepared in conformity with U.S. GAAP, which often requires the judgment of management in the selection and application of certain accounting principles and methods. Management believes that the quality and reasonableness of our most critical policies enable the fair presentation of our financial position and results of operations. However, investors are cautioned that the sensitivity of financial statements to these methods, assumptions and estimates could create materially different results under different conditions or using different assumptions."
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"text": "Below are those policies applied in preparing our financial statements that management believes are the most dependent on the application of estimates and assumptions. For additional significant accounting policies, see Note 3, \"Summary of Significant Accounting Policies,\" in the notes to the consolidated financial statements included herein."
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"text": "Revenue Recognition - The Company recognizes revenue from contracts with customers using the five step model prescribed in ASC 606. Revenue is recognized from the sale of products or services when obligations under the terms of the contract are satisfied and control of promised goods or services have transferred to the"
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For agreements with multiple performance obligations, judgment is required to determine whether performance obligations specified in these agreements are distinct and should be accounted for as separate revenue transactions for recognition purposes based on the standalone selling price of each performance obligation. The primary method used to estimate a standalone selling price is the price observed in standalone sales to customers for the same product or service. We consider the contractual consideration payable by the customer and assesses variable consideration that may affect the total transaction price. Variable consideration is included in the estimated transaction price when there is a basis to reasonably estimate the amount, including whether the estimate should be constrained in order to avoid a significant reversal of revenue in a future period. These estimates are based on historical experience, anticipated performance under the terms of the contract and our best judgment at the time. Inventories - Inventories are stated at the lower of cost or net realizable value. Cost of inventories is generally determined by the average cost and the first-in, first-out ("FIFO") methods and includes material, labor and overhead related to the manufacturing process. Because the Company sells products that are installed on airframes that can be in-service for 25 or more years, it must keep a supply of such products on hand while the airframes are in use. Where management estimated that the net realizable value was below cost or determined that future demand was lower than current inventory levels, based on historical experience, current and projected market demand, current and projected volume trends and other relevant current and projected factors associated with the current economic conditions, a reduction in inventory cost to estimated net realizable value was made by recording a provision included in cost of sales. Additionally, management believes that the Company's estimates of excess and obsolete inventory are reasonable and material changes in future estimates or assumptions used to calculate our estimate is unlikely. However, actual results may differ materially from the estimates and additional provisions may be required in the future. A 10% change in our excess and obsolete inventory reserve at September 30, 2023 would not have a material impact on our results. In accordance with industry practice, all inventories are classified as current assets as all inventories are available and necessary to support current sales, even though a portion of the inventories may not be sold within one year. Goodwill and Other Intangible Assets - In accordance with ASC 805, "Business Combinations," the Company uses the acquisition method of accounting to allocate costs of acquired businesses to the assets acquired and liabilities assumed based on their estimated fair values at the dates of acquisition. The excess costs of acquired businesses over the fair values of the assets acquired and liabilities assumed are recognized as goodwill. The valuations of the acquired assets and liabilities will impact the determination of future operating results. Determining the fair value of assets acquired and liabilities assumed requires management's judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, revenue growth rates and EBITDA margins, discount rates, customer attrition rates, royalty rates, asset lives and market multiples, among other items. We determine the fair values of intangible assets acquired generally in consultation with third-party valuation advisors. Fair value adjustments to the Company's assets and liabilities are recognized and the results of operations of the acquired business are included in our consolidated financial statements from the effective date of the merger or acquisition. Intangible assets other than goodwill are recognized if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the intangible asset can be sold, transferred, licensed or exchanged, regardless of the Company's intent to do so. Goodwill and identifiable intangible assets are recorded at their estimated fair value on the date of acquisition and are reviewed at least annually for impairment based on cash flow projections and fair value estimates. 45 | [
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"text": "provisions may be required in the future. A 10% change in our excess and obsolete inventory reserve at"
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"text": "acquired and liabilities assumed based on their estimated fair values at the dates of acquisition. The excess costs"
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"text": "of acquired businesses over the fair values of the assets acquired and liabilities assumed are recognized as"
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"text": "goodwill. The valuations of the acquired assets and liabilities will impact the determination of future operating"
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"text": "results. Determining the fair value of assets acquired and liabilities assumed requires management’s judgment"
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"text": "and often involves the use of significant estimates and assumptions, including assumptions with respect to future"
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"text": "cash inflows and outflows, revenue growth rates and EBITDA margins, discount rates, customer attrition rates,"
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"text": "royalty rates, asset lives and market multiples, among other items. We determine the fair values of intangible"
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"text": "assets acquired generally in consultation with third-party valuation advisors. Fair value adjustments to the"
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"text": "included in our consolidated financial statements from the effective date of the merger or acquisition."
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"text": "Intangible assets other than goodwill are recognized if the benefit of the intangible asset is obtained through"
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"text": "contractual or other legal rights, or if the intangible asset can be sold, transferred, licensed or exchanged,"
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"text": "regardless of the Company’s intent to do so. Goodwill and identifiable intangible assets are recorded at their"
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"text": "estimated fair value on the date of acquisition and are reviewed at least annually for impairment based on cash"
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"text": "customer. Control is transferred when the customer has the ability to direct the use of and obtain benefits from the goods or services. Revenue is measured at the amount of consideration the Company expects to be paid in exchange for goods or services. A substantial portion of the Company's revenue is recorded at a point in time. Sales recognized over time are generally accounted for using an input measure to determine progress completed at the end of the period. Sales for service contracts generally are recognized as the services are provided. For agreements with multiple performance obligations, judgment is required to determine whether performance obligations specified in these agreements are distinct and should be accounted for as separate revenue transactions for recognition purposes based on the standalone selling price of each performance obligation. The primary method used to estimate a standalone selling price is the price observed in standalone sales to customers for the same product or service. We consider the contractual consideration payable by the customer and assesses variable consideration that may affect the total transaction price. Variable consideration is included in the estimated transaction price when there is a basis to reasonably estimate the amount, including whether the estimate should be constrained in order to avoid a significant reversal of revenue in a future period. These estimates are based on historical experience, anticipated performance under the terms of the contract and our best judgment at the time."
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"text": "Inventories - Inventories are stated at the lower of cost or net realizable value. Cost of inventories is generally determined by the average cost and the first-in, first-out (\"FIFO\") methods and includes material, labor and overhead related to the manufacturing process. Because the Company sells products that are installed on airframes that can be in-service for 25 or more years, it must keep a supply of such products on hand while the airframes are in use. Where management estimated that the net realizable value was below cost or determined that future demand was lower than current inventory levels, based on historical experience, current and projected market demand, current and projected volume trends and other relevant current and projected factors associated with the current economic conditions, a reduction in inventory cost to estimated net realizable value was made by recording a provision included in cost of sales. Additionally, management believes that the Company's estimates of excess and obsolete inventory are reasonable and material changes in future estimates or assumptions used to calculate our estimate is unlikely. However, actual results may differ materially from the estimates and additional provisions may be required in the future. A 10% change in our excess and obsolete inventory reserve at September 30, 2023 would not have a material impact on our results. In accordance with industry practice, all inventories are classified as current assets as all inventories are available and necessary to support current sales, even though a portion of the inventories may not be sold within one year."
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"text": "Goodwill and Other Intangible Assets - In accordance with ASC 805, \"Business Combinations,\" the Company uses the acquisition method of accounting to allocate costs of acquired businesses to the assets acquired and liabilities assumed based on their estimated fair values at the dates of acquisition. The excess costs of acquired businesses over the fair values of the assets acquired and liabilities assumed are recognized as goodwill. The valuations of the acquired assets and liabilities will impact the determination of future operating results. Determining the fair value of assets acquired and liabilities assumed requires management's judgment and often involves the use of significant estimates and assumptions, including assumptions with respect to future cash inflows and outflows, revenue growth rates and EBITDA margins, discount rates, customer attrition rates, royalty rates, asset lives and market multiples, among other items. We determine the fair values of intangible assets acquired generally in consultation with third-party valuation advisors. Fair value adjustments to the Company's assets and liabilities are recognized and the results of operations of the acquired business are included in our consolidated financial statements from the effective date of the merger or acquisition."
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"text": "Intangible assets other than goodwill are recognized if the benefit of the intangible asset is obtained through contractual or other legal rights, or if the intangible asset can be sold, transferred, licensed or exchanged, regardless of the Company's intent to do so. Goodwill and identifiable intangible assets are recorded at their estimated fair value on the date of acquisition and are reviewed at least annually for impairment based on cash flow projections and fair value estimates."
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e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6-47 | /tmp/hf-datasets-cache/medium/datasets/52128918645359-config-parquet-and-info-argimi-test_bnf-7df02e14/hub/datasets--argimi--test_bnf/snapshots/fe518dbc930963537ce0278577b5972656334856/e0/document-e02c4b61a3900fa828d741cb45ee814e1b5e37527560066b156536e1484fa7d6.tar.gz | U.S. GAAP requires that the annual, and any interim, goodwill impairment assessment be performed at the reporting unit level. Our reporting units have been identified at the operating unit level, which is one level below our operating segments. Substantially all goodwill was determined and recognized for each reporting unit pursuant to the accounting for the merger or acquisition as of the date of each transaction. With respect to acquisitions integrated into an existing reporting unit, any acquired goodwill is combined with the goodwill of the reporting unit. Companies may perform a qualitative assessment as the initial step in the annual goodwill impairment testing process for all or selected reporting units. Companies are also allowed to bypass the qualitative analysis and perform a quantitative analysis if desired. Economic uncertainties and the length of time from the calculation of a baseline fair value are factors that we consider in determining whether to perform a quantitative test. When we evaluate the potential for goodwill impairment using a qualitative assessment, we consider factors including, but not limited to, macroeconomic conditions, industry conditions, the competitive environment, changes in the market for our products and services, regulatory and political developments, entity specific factors such as strategy and changes in key personnel and overall financial performance. If, after completing this assessment, it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we proceed to a quantitative impairment test. For the quantitative test, management determines the estimated fair value through the use of a discounted cash flow valuation model incorporating discount rates commensurate with the risks involved for each reporting unit. If the calculated estimated fair value is less than the current carrying value, impairment of goodwill of the reporting unit may exist. The key assumptions used in the discounted cash flow valuation model for impairment testing includes discount rates, revenue growth rates and EBITDA margins, cash flow projections and terminal value rates. Discount rates are set by using the weighted average cost of capital ("WACC") methodology. The WACC methodology considers market and industry data in determining the appropriate discount rates to be used, inclusive of company-specific risk factors. The Company utilizes a third party valuation firm to assist in the determination of the WACC. The discount rate utilized for each reporting unit is indicative of the return an investor would expect to receive for investing in such a business. Management, considering industry and company-specific historical and projected data, develops growth rates, sales projections and cash flow projections for each reporting unit. Terminal value rate determination follows a common methodology of capturing the present value of perpetual cash flow estimates beyond the last projected period assuming a constant WACC and low long-term growth rates. The impairment test for indefinite-lived intangible assets consists of a comparison between the estimated fair values and carrying values. If the carrying amounts of intangible assets that have indefinite useful lives exceed their estimated fair values, an impairment loss will be recognized in an amount equal to the difference. Management utilizes the royalty savings valuation method to determine the estimated fair value for each indefinite-lived intangible asset. In this method, management estimates the royalty savings arising from the ownership of the intangible asset. The key assumptions used in estimating the royalty savings for impairment testing include discount rates, royalty rates, growth rates, sales projections and terminal value rates. Discount rates used are similar to the rates developed by the WACC methodology, inclusive of considering any differences in company-specific risk factors between reporting units and the indefinite-lived intangible assets. Royalty rates are established by management with the advice of valuation experts. Management, considering industry and company-specific historical and projected data, develops growth rates and sales projections for each significant intangible asset. Terminal value rate determination follows common methodology of capturing the present value of perpetual sales estimates beyond the last projected period assuming a constant WACC and low long-term growth rates. The discounted cash flow and royalty savings valuation methodologies require management to make certain assumptions based upon information available at the time the valuations are performed. Actual results could differ from these assumptions. Management believes the assumptions used are reflective of what a market participant would have used in calculating fair value considering the current economic conditions. 46 | [
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"text": "acquisitions integrated into an existing reporting unit, any acquired goodwill is combined with the goodwill of"
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"text": "strategy and changes in key personnel and overall financial performance. If, after completing this assessment, it is"
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"text": "determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we"
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"text": "proceed to a quantitative impairment test. For the quantitative test, management determines the estimated fair value"
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"text": "impairment of goodwill of the reporting unit may exist. The key assumptions used in the discounted cash flow"
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"text": "valuation model for impairment testing includes discount rates, revenue growth rates and EBITDA margins, cash"
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"text": "flow projections and terminal value rates. Discount rates are set by using the weighted average cost of capital"
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"text": "(“WACC”) methodology. The WACC methodology considers market and industry data in determining the"
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"text": "appropriate discount rates to be used, inclusive of company-specific risk factors. The Company utilizes a third party"
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"text": "valuation firm to assist in the determination of the WACC. The discount rate utilized for each reporting unit is"
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"text": "indicative of the return an investor would expect to receive for investing in such a business."
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"text": "fair values and carrying values. If the carrying amounts of intangible assets that have indefinite useful lives"
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"text": "exceed their estimated fair values, an impairment loss will be recognized in an amount equal to the difference."
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"text": "indefinite-lived intangible asset. In this method, management estimates the royalty savings arising from the"
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"text": "U.S. GAAP requires that the annual, and any interim, goodwill impairment assessment be performed at the reporting unit level. Our reporting units have been identified at the operating unit level, which is one level below our operating segments. Substantially all goodwill was determined and recognized for each reporting unit pursuant to the accounting for the merger or acquisition as of the date of each transaction. With respect to acquisitions integrated into an existing reporting unit, any acquired goodwill is combined with the goodwill of the reporting unit."
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