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ABB(ABBNY) - 2023 Q3 - Earnings Call Transcript
2023-10-18 15:00
ABB Ltd (OTCPK:ABBNY) Q3 2023 Earnings Conference Call October 18, 2023 4:00 AM ET Company Participants Ann-Sofie Nordh - Head of IR Björn Klas Rosengren - CEO Timo Ihamuotila - CFO Conference Call Participants Alexander Virgo - Bank of America William Mackie - Kepler Cheuvreux Gael de-Bray - Deutsche Bank Max Yates - Morgan Stanley Sebastian Kuenne - RBC Capital Markets Martin Wilkie - Citi James Moore - Redburn Operator Ann-Sofie Nordh Greetings to you all, and nice to connect again as I welcome you to th ...
ABB(ABBNY) - 2023 Q1 - Earnings Call Presentation
2023-07-27 01:35
—ZURICH, SWITZERLAND | APRIL 25, 2023 | BJÖRN ROSENGREN, CEO; TIMO IHAMUOTILA, CFO Q1 2023 results Strong start to the year — Important notices This presentation includes forward-looking information and statements including statements concerning the outlook for our businesses. These statements are based on current expectations, estimates and projections about the factors that may affect our future performance, including global economic conditions, and the economic conditions of the regions and industries th ...
ABB(ABBNY) - 2023 Q2 - Earnings Call Transcript
2023-07-25 14:08
ABB Ltd (OTCPK:ABBNY) Q2 2023 Earnings Conference Call July 20, 2023 4:00 AM ET Company Participants Ann-Sofie Nordh - Head of Investor Relations Björn Klas Rosengren - Chief Executive Officer Timo Ihamuotila - Chief Financial Officer Conference Call Participants Gael de-Bray - Deutsche Bank Daniela Costa - Goldman Sachs Sebastian Kuenne - RBC Capital Markets Alexander Virgo - Bank of America Andrew Wilson - JPMorgan James Moore - Redburn William Mackie - Kepler Cheuvreux Martin Wilkie - Citi Guillermo Peig ...
ABB(ABBNY) - 2023 Q2 - Earnings Call Presentation
2023-07-25 13:54
—ZURICH, SWITZERLAND | JULY 20, 2023 | BJÖRN ROSENGREN, CEO; TIMO IHAMUOTILA, CFO Q2 2023 results Comparable order growth from a high base and record-high Operational EBITA margin — Important notices This presentation includes forward-looking information and statements including statements concerning the outlook for our businesses. These statements are based on current expectations, estimates and projections about the factors that may affect our future performance, including global economic conditions, and ...
ABB(ABBNY) - 2023 Q1 - Earnings Call Transcript
2023-04-25 12:00
ABB Ltd (OTCPK:ABBNY) Q1 2023 Earnings Conference Call April 25, 2023 1:00 AM ET Company Participants Ann-Sofie Nordh - Head of Investor Relations Bjorn Rosengren - Chief Executive Officer Timo Ihamuotila - Chief Financial Officer Conference Call Participants Sebastian Kuenne - RBC Capital Markets Alessandro Foletti - Octavian Alexander Virgo - Bank of America Merrill Lynch Andrew Wilson - JPMorgan Ben Uglow - Morgan Stanley Daniela Costa - Goldman Sachs James Moore - Redburn Lars Brorson - Barclays Ann-Sof ...
ABB(ABBNY) - 2023 Q1 - Quarterly Report
2023-03-31 12:02
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the month of March 2023 Commission File Number 001-16429 ABB Ltd (Translation of registrant's name into English) Affolternstrasse 44, CH-8050, Zurich, Switzerland (Address of principal executive office) Indicate by check mark whetherthe registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ⬜ Form 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECUR ...
ABB(ABBNY) - 2022 Q4 - Annual Report
2023-02-23 22:38
PART I [Key Information](index=6&type=section&id=Item%203.%20Key%20Information) The company faces principal business, operational, and legal risks from the volatile global environment and cybersecurity threats [Risk Factors](index=6&type=section&id=Risk%20Factors) The company's business is exposed to global economic volatility, emerging market instability, and operational risks - The company's business is exposed to risks from the volatile global economic environment, political conditions, and trade sanctions, with revenues from countries identified as state sponsors of terrorism being **less than 1% of total revenues** in 2022[28](index=28&type=chunk)[29](index=29&type=chunk)[31](index=31&type=chunk) - Operations in emerging markets, which accounted for **approximately 40% of consolidated revenues in 2022**, expose ABB to risks such as economic and political instability[34](index=34&type=chunk) - ABB faces significant operational risks, including **supply chain constraints for materials like semiconductors**, cybersecurity threats, and challenges in realizing benefits from strategic M&A activities[44](index=44&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk) - The company is subject to legal and regulatory risks, including compliance with **evolving data privacy laws like GDPR**, examinations by tax authorities, and potential environmental liabilities[72](index=72&type=chunk)[73](index=73&type=chunk)[75](index=75&type=chunk) - General risks include the inability to **attract and retain qualified personnel** and potential exposure to litigation and legal claims across the business[78](index=78&type=chunk)[79](index=79&type=chunk) [Information on the Company](index=17&type=section&id=Item%204.%20Information%20on%20the%20Company) ABB is a global technology leader in electrification and automation, operating through four business areas with a focus on sustainability [Introduction](index=17&type=section&id=Introduction) ABB operates in over 100 countries across four Business Areas under a decentralized 'The ABB Way' model - ABB is a technology leader in electrification and automation, with **approximately 105,000 employees** operating in over 100 countries across four Business Areas[81](index=81&type=chunk)[82](index=82&type=chunk) - In 2022, ABB completed the sale of its **remaining 19.9% investment in Hitachi Energy** to Hitachi[82](index=82&type=chunk)[86](index=86&type=chunk) - The company operates under 'The ABB Way,' a decentralized model where Divisions have full accountability for results and target an **annual productivity improvement of at least 3%**[93](index=93&type=chunk)[95](index=95&type=chunk) [Businesses](index=20&type=section&id=Businesses) The company's four business areas—Electrification, Motion, Process Automation, and Robotics—drive its revenue and operations Business Area Overview (2022) | Business Area | 2022 Revenues | Employees (as of Dec 31, 2022) | | :--- | :--- | :--- | | Electrification | $14.1 billion | ~52,300 | | Motion | $6.7 billion | ~21,100 | | Process Automation | $6.0 billion | ~20,100 | | Robotics & Discrete Automation | $3.2 billion | ~10,700 | - The Electrification Business Area provides electrical distribution and management technologies, generating **$14.1 billion in revenues** in 2022[112](index=112&type=chunk)[114](index=114&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk) - The Motion Business Area provides motors, generators, and drives, generating **$6.7 billion in revenues** in 2022[128](index=128&type=chunk)[130](index=130&type=chunk)[141](index=141&type=chunk)[142](index=142&type=chunk) - The Process Automation Business Area offers integrated automation and electrical systems, generating **$6.0 billion in revenues** in 2022 after spinning off its Turbocharging Division[143](index=143&type=chunk)[145](index=145&type=chunk)[148](index=148&type=chunk)[155](index=155&type=chunk)[156](index=156&type=chunk) - The Robotics & Discrete Automation Business Area provides robotics and machine automation solutions, generating **$3.2 billion in revenues** in 2022[157](index=157&type=chunk)[163](index=163&type=chunk)[164](index=164&type=chunk) [Capital Expenditures](index=30&type=section&id=Capital%20expenditures) Capital expenditures in 2022 focused on upgrading production facilities, primarily in mature markets Total Capital Expenditures | Year | Amount (in millions) | | :--- | :--- | | 2022 | $762 | | 2021 | $820 | | 2020 | $694 | - In 2022, capital expenditures were primarily focused on mature markets for upgrading existing production facilities, with **emerging markets accounting for 24% of total capex**[180](index=180&type=chunk) [Supplies and Raw Materials](index=30&type=section&id=Supplies%20and%20raw%20materials) The company manages commodity price risk and supply chain disruptions for key materials like copper and semiconductors - The primary raw materials used are copper, aluminum, steel, and various plastics, with commodity price risk managed through **derivative contracts and price escalation clauses**[183](index=183&type=chunk)[186](index=186&type=chunk) - In 2022, ABB experienced **delays and shortages, particularly for semiconductors**, and implemented mitigation actions such as building buffer stocks and approving new suppliers[187](index=187&type=chunk) [Patents and Trademarks](index=31&type=section&id=Patents%20and%20trademarks) ABB maintains a significant intellectual property portfolio with approximately 25,000 patents and applications - As of December 31, 2022, ABB holds a portfolio of **approximately 25,000 pending patent applications and granted patents**[190](index=190&type=chunk) [Sustainability Activities](index=32&type=section&id=Sustainability%20activities) The company's 2030 sustainability strategy focuses on enabling a low-carbon society and promoting social progress - ABB's 2030 sustainability strategy is built on four pillars: **enabling a low-carbon society, preserving resources, promoting social progress, and integrity**[193](index=193&type=chunk) - Key 2030 commitments include achieving **carbon neutrality in its own operations** and doubling the number of women in senior management roles to 25%[193](index=193&type=chunk) - In 2022, the share of **green electricity used increased to 81%** from 51% in 2021, and women in senior management positions increased to 17.8%[197](index=197&type=chunk)[198](index=198&type=chunk) [Organizational Structure](index=34&type=section&id=Organizational%20structure) ABB Ltd is the Swiss-domiciled ultimate parent company of the ABB Group - ABB Ltd is the ultimate parent company, domiciled in Switzerland, and is the sole shareholder of ABB Asea Brown Boveri Ltd[207](index=207&type=chunk) [Operating and Financial Review and Prospects](index=38&type=section&id=Item%205.%20Operating%20and%20Financial%20Review%20and%20Prospects) The company achieved revenue growth in 2022 despite macroeconomic challenges, though cash flow decreased due to working capital needs Key Financial Performance Indicators (2022 vs 2021) | Metric | 2022 | 2021 | Change (USD) | Change (Local Currency) | | :--- | :--- | :--- | :--- | :--- | | Orders | $33,988M | $31,868M | +7% | +13% | | Revenues | $29,446M | $28,945M | +2% | +9% | | Income from Operations | $3,337M | $5,718M | -42% | N/A | | Net Income attributable to ABB | $2,475M | $4,546M | -46% | N/A | | Cash Flow from Operations | $1,287M | $3,330M | -61% | N/A | | Order Backlog (Year-End) | $19,867M | $16,607M | +20% | +26% | - Active portfolio management continued with the **spin-off of the Turbocharging Division** and the sale of the remaining interest in Hitachi Energy[218](index=218&type=chunk) - The company returned **$7.8 billion of cash proceeds** from the Power Grids divestment to shareholders through share buyback programs[228](index=228&type=chunk) [Analysis of Results of Operations](index=50&type=section&id=Analysis%20of%20results%20of%20operations) Consolidated orders and revenues grew in 2022, though net income was impacted by divestment gains in the prior year Consolidated Orders by Business Area (in millions) | Business Area | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Electrification | $15,901 | $14,381 | 11% | | Motion | $7,896 | $7,616 | 4% | | Process Automation | $6,825 | $6,779 | 1% | | Robotics & Discrete Automation | $4,116 | $3,844 | 7% | | **Total** | **$33,988** | **$31,868** | **7%** | Consolidated Revenues by Business Area (in millions) | Business Area | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Electrification | $14,105 | $13,187 | 7% | | Motion | $6,745 | $6,925 | (3)% | | Process Automation | $6,044 | $6,259 | (3)% | | Robotics & Discrete Automation | $3,181 | $3,297 | (4)% | | **Total** | **$29,446** | **$28,945** | **2%** | - Other income (expense), net, was a **loss of $75 million in 2022** compared to a gain of $2,632 million in 2021, primarily due to a $313 million charge for regulatory penalties[301](index=301&type=chunk)[302](index=302&type=chunk) - The **effective tax rate increased to 22.3% in 2022** from 18.3% in 2021, mainly due to non-deductible regulatory penalties[308](index=308&type=chunk) [Business Analysis](index=59&type=section&id=Business%20analysis) Performance varied across business areas, with strong growth in Electrification offsetting challenges in other segments Operational EBITA by Business Area (in millions) | Business Area | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Electrification | $2,328 | $2,121 | 10% | | Motion | $1,163 | $1,183 | (2)% | | Process Automation | $848 | $801 | 6% | | Robotics & Discrete Automation | $340 | $355 | (4)% | - Electrification's orders **grew 17% in local currency**, driven by strong demand in buildings, e-mobility, and data centers[321](index=321&type=chunk)[324](index=324&type=chunk) - Motion's orders **grew 11% in local currency**, though the divestment of the Mechanical Power Transmission Division had a negative impact[331](index=331&type=chunk)[335](index=335&type=chunk) - Process Automation's orders **increased 8% in local currency**, impacted by the spin-off of the Turbocharging Division[342](index=342&type=chunk)[345](index=345&type=chunk) - Robotics & Discrete Automation's orders **rose 16% in local currency**, driven by EV investments, but revenue growth was hindered by component shortages[353](index=353&type=chunk)[357](index=357&type=chunk) [Liquidity and Capital Resources](index=70&type=section&id=Liquidity%20and%20capital%20resources) The company shifted to a net debt position due to lower operating cash flow and significant shareholder returns - The company shifted from a net cash position to a **net debt position of $2,779 million** at year-end 2022, driven by shareholder returns and lower cash from operations[372](index=372&type=chunk)[373](index=373&type=chunk) Consolidated Statement of Cash Flows Summary (in millions) | Cash Flow Activity | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | $1,287 | $3,330 | $1,693 | | Net cash provided by investing activities | $981 | $2,307 | $6,760 | | Net cash used in financing activities | ($2,394) | ($4,968) | ($8,175) | - **Cash flow from operating activities decreased by 61%** to $1,287 million in 2022, mainly due to a significant buildup in working capital and regulatory penalty payments[415](index=415&type=chunk) - ABB maintains a **$2 billion multicurrency revolving credit facility**, which was undrawn as of December 31, 2022[383](index=383&type=chunk) [Directors, Senior Management and Employees](index=79&type=section&id=Item%206.%20Directors%2C%20Senior%20Management%20and%20Employees) The report details the corporate governance structure, compensation policies, and major shareholding information [Board of Directors](index=82&type=section&id=Board%20of%20Directors) The Board of Directors consists of 10 members and operates with three primary committees - The Board of Directors for the 2022-2023 term consists of **10 members**, with Peter R Voser as Chairman[440](index=440&type=chunk)[457](index=457&type=chunk) - The Board has three committees: the Finance, Audit and Compliance Committee (FACC), the Governance and Nomination Committee (GNC), and the Compensation Committee (CC)[442](index=442&type=chunk)[449](index=449&type=chunk) [Executive Committee](index=90&type=section&id=Executive%20Committee) The Executive Committee, led by the CEO, is responsible for the day-to-day management of the company - As of December 31, 2022, the Executive Committee (EC) is led by **CEO Björn Rosengren** and includes the presidents of the four Business Areas[485](index=485&type=chunk)[487](index=487&type=chunk) [Shares](index=92&type=section&id=Shares) The company executed a $3 billion share buyback program in 2022, reducing the number of outstanding shares - As of December 31, 2022, ABB's market capitalization was **approximately CHF 52 billion**[501](index=501&type=chunk)[502](index=502&type=chunk) - In April 2022, ABB launched a **share buyback program of up to $3 billion** to complete the return of cash proceeds from the Power Grids divestment[505](index=505&type=chunk) [Shareholders](index=95&type=section&id=Shareholders) Investor AB is the largest shareholder, controlling 13.5% of voting rights - As of December 31, 2022, **Investor AB, Sweden, was the largest shareholder**, controlling 13.5% of the voting rights[521](index=521&type=chunk)[522](index=522&type=chunk)[523](index=523&type=chunk) [Compensation](index=99&type=section&id=Compensation) Executive compensation is strongly linked to performance, with a significant variable pay component tied to financial and sustainability targets - Aggregate Board compensation for the 2022-2023 term was **CHF 4.38 million**, with members required to take at least 50% in restricted shares[543](index=543&type=chunk)[585](index=585&type=chunk)[590](index=590&type=chunk) - Aggregate Executive Committee (EC) compensation for 2022 was **CHF 36.0 million**, with variable pay representing 56% of the CEO's total compensation[552](index=552&type=chunk)[553](index=553&type=chunk) - The 2022 Annual Incentive Plan (AIP) payout averaged **118.3% of target**, and the 2019 Long-Term Incentive Plan (LTIP) vested at **121.0% of target**[556](index=556&type=chunk) - Starting in 2022, the LTIP includes a **sustainability measure with a 20% weighting**, based on the reduction of GHG emissions[579](index=579&type=chunk)[634](index=634&type=chunk) [Major Shareholders and Related Party Transactions](index=137&type=section&id=Item%207.%20Major%20Shareholders%20and%20Related%20Party%20Transactions) U.S. holders own approximately 11% of share capital, and all related party transactions are conducted at arm's length - As of December 31, 2022, **U.S. holders held approximately 11%** of ABB's total share capital and voting rights[761](index=761&type=chunk) - Transactions with related parties are conducted on an **arm's length basis** and are not considered material[763](index=763&type=chunk)[764](index=764&type=chunk) [Financial Information](index=140&type=section&id=Item%208.%20Financial%20Information) The company settled a major legal case regarding the Kusile project and proposes an increased dividend for fiscal year 2022 - ABB settled with authorities regarding the Kusile project, recording a **provision of approximately $325 million** in Q3 2022 for this matter[767](index=767&type=chunk) - The Board of Directors has proposed a **dividend of CHF 0.84 per share** for the fiscal year 2022, an increase from the prior year[770](index=770&type=chunk)[773](index=773&type=chunk)[774](index=774&type=chunk) [Additional Information](index=142&type=section&id=Item%2010.%20Additional%20Information) This section covers corporate structure, material contracts, exchange controls, and key tax implications for shareholders - Material contracts include a **$2 billion multicurrency revolving credit facility** and indentures for various notes guaranteed by ABB Ltd[801](index=801&type=chunk)[802](index=802&type=chunk)[803](index=803&type=chunk) - Dividends paid by ABB are subject to a **35% Swiss federal withholding tax**, which may be partially refunded for U.S. residents under the tax treaty[806](index=806&type=chunk)[807](index=807&type=chunk) - For U.S. federal income tax purposes, distributions are generally treated as dividends, and ABB believes it **was not a Passive Foreign Investment Company (PFIC)** for 2022[817](index=817&type=chunk)[818](index=818&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=151&type=section&id=Item%2011.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages foreign exchange, interest rate, and commodity risks through a comprehensive hedging policy - The company uses derivative instruments to hedge transactional foreign exchange exposures, commodity price risks, and interest rate risks[831](index=831&type=chunk)[833](index=833&type=chunk)[835](index=835&type=chunk) Market Risk Sensitivity Analysis (Potential Loss in Fair Value) | Risk Type | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Foreign Exchange (10% move) | $511 million | $367 million | | Interest Rate (100 bps shift) | $163 million | $270 million | | Equity (10% move) | $4 million | $13 million | | Commodity (10% move) | $10 million | $11 million | PART II [Controls and Procedures](index=154&type=section&id=Item%2015.%20Controls%20and%20Procedures) Management confirmed the effectiveness of the company's disclosure controls and internal control over financial reporting as of year-end 2022 - The CEO and CFO concluded that as of December 31, 2022, the company's **disclosure controls and procedures were effective**[849](index=849&type=chunk) - Management concluded that **internal control over financial reporting was effective** as of December 31, 2022, based on the COSO 2013 framework[852](index=852&type=chunk) [Principal Accountant Fees and Services](index=155&type=section&id=Item%2016C.%20Principal%20Accountant%20Fees%20and%20Services) Total fees paid to the principal accountant, KPMG AG, amounted to $45.7 million for the 2022 fiscal year Principal Accountant Fees (in millions) | Fee Type | 2022 | 2021 | | :--- | :--- | :--- | | Audit Fees | $36.6 | $34.5 | | Audit-Related Fees | $8.6 | $13.0 | | Tax Fees | $0.4 | $0.5 | | Other Fees | $0.1 | $0.1 | | **Total** | **$45.7** | **$48.1** | - All services performed by KPMG in 2022 and 2021 were **pre-approved by the Finance, Audit and Compliance Committee (FACC)**[861](index=861&type=chunk) [Purchase of Equity Securities by Issuer and Affiliated Purchasers](index=156&type=section&id=Item%2016E.%20Purchase%20of%20Equity%20Securities%20by%20Issuer%20and%20Affiliated%20Purchasers) The company repurchased 111.4 million shares in 2022 as part of its capital return programs - In 2022, ABB purchased a total of **111,394,500 of its own shares**[862](index=862&type=chunk) - A new **share buyback program of up to $3 billion** was launched in April 2022, planned to run until the March 2023 AGM[864](index=864&type=chunk) PART III [Financial Statements](index=158&type=section&id=Item%2018.%20Financial%20Statements) This section presents the audited Consolidated Financial Statements for fiscal years 2020-2022, prepared under U.S. GAAP [Consolidated Income Statements](index=167&type=section&id=Consolidated%20Income%20Statements) The income statement reflects revenue growth but a decrease in net income compared to the prior year Consolidated Income Statement Summary (in millions) | Metric | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Total revenues | $29,446 | $28,945 | $26,134 | | Gross profit | $9,710 | $9,467 | $7,878 | | Income from operations | $3,337 | $5,718 | $1,593 | | Income from continuing operations, net of tax | $2,637 | $4,730 | $345 | | Net income attributable to ABB | $2,475 | $4,546 | $5,146 | Earnings Per Share Attributable to ABB Shareholders (in $) | Metric | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Basic EPS (Net Income) | 1.30 | 2.27 | 2.44 | | Diluted EPS (Net Income) | 1.30 | 2.25 | 2.43 | [Consolidated Balance Sheets](index=169&type=section&id=Consolidated%20Balance%20Sheets) The balance sheet shows a decrease in total assets and stockholders' equity at year-end 2022 Consolidated Balance Sheet Summary (in millions) | Metric | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Total current assets | $19,570 | $18,695 | | Total assets | $39,148 | $40,260 | | Total current liabilities | $16,529 | $15,568 | | Total liabilities | $25,876 | $24,303 | | Total ABB stockholders' equity | $12,777 | $15,579 | | Total liabilities and stockholders' equity | $39,148 | $40,260 | [Consolidated Statements of Cash Flows](index=170&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Cash flow from operations decreased significantly in 2022, driven by working capital changes Consolidated Statement of Cash Flows Summary (in millions) | Cash Flow Activity | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Net cash provided by operating activities | $1,287 | $3,330 | $1,693 | | Net cash provided by investing activities | $981 | $2,307 | $6,760 | | Net cash used in financing activities | ($2,394) | ($4,968) | ($8,175) | | Net change in cash and equivalents | ($315) | $588 | $357 | [Notes to the Consolidated Financial Statements](index=172&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes provide detailed disclosures on divestments, acquisitions, debt, and pension obligations - The company completed the sale of its Power Grids business to Hitachi in 2020 for **net cash consideration of $9.241 billion**, recognizing an initial net gain of $5.141 billion[1009](index=1009&type=chunk)[1011](index=1011&type=chunk) - In 2022, acquisitions totaled $195 million, and the company completed the **spin-off of its Turbocharging Division (Accelleron)**[1022](index=1022&type=chunk)[1023](index=1023&type=chunk)[1025](index=1025&type=chunk)[1028](index=1028&type=chunk) - **Total debt increased to $7,678 million** at year-end 2022 from $5,561 million in 2021, primarily due to new bond issuances[1093](index=1093&type=chunk)[1094](index=1094&type=chunk) - The company's defined benefit pension plans were **overfunded by a net of $326 million** at year-end 2022[244](index=244&type=chunk)[1167](index=1167&type=chunk) - Unrecognized tax benefits related to transfer pricing and other tax positions **totaled $1,350 million** at the end of 2022[896](index=896&type=chunk)[1156](index=1156&type=chunk)
ABB(ABBNY) - 2022 Q4 - Earnings Call Presentation
2023-02-06 19:05
—ZURICH, SWITZERLAND | FEBRUARY 2, 2023 | BJÖRN ROSENGREN, CEO; TIMO IHAMUOTILA, CFO Q4 2022 results Strong performance improvements in Q4 and long-term margin target achieved early — Important notices This presentation includes forward-looking information and statements including statements concerning the outlook for our businesses. These statements are based on current expectations, estimates and projections about the factors that may affect our future performance, including global economic conditions, an ...
ABB(ABBNY) - 2022 Q4 - Earnings Call Transcript
2023-02-02 16:00
ABB Ltd (ABB) Q4 2022 Earnings Conference Call February 2, 2023 4:00 AM ET Company Participants Ann-Sofie Nordh - Head of Investor Relations Bjorn Rosengren - Chief Executive Officer Timo Ihamuotila - Chief Financial Officer Conference Call Participants Lars Brorson - Barclays James Moore - Redburn Ben Uglow - Morgan Stanley Gael de-Bray - Deutsche Bank Alexander Virgo - Bank of America Merrill Lynch Andreas Willi - JPMorgan Guillermo Peigneux - UBS Ann-Sofie Nordh Greetings to you all and nice to connect a ...
ABB(ABBNY) - 2022 Q3 - Earnings Call Transcript
2022-10-20 12:38
ABB Ltd (ABB) Q3 2022 Earnings Conference Call October 20, 2022 4:00 AM ET Company Participants Bjorn Rosengren - Chief Executive Officer Timo Ihamuotila - Chief Financial Officer Ann-Sofie Nordh - Head of Investor Relations Conference Call Participants Martin Wilkie - Citi Alexander Virgo - Bank of America Gael de-Bray - Deutsche Bank Ben Uglow - Morgan Stanley Guillermo Peigneux - UBS James Moore - Redburn William Mackie - Kepler Cheuvreux Joe Giordano - Cowen Daniela Costa - Goldman Sachs Ann-Sofie Nordh ...