Cushman & Wakefield(CWK) - 2021 Q1 - Quarterly Report

PART I - FINANCIAL INFORMATION Item 1. Financial Statements The company presents its unaudited condensed consolidated financial statements and related notes for the period Condensed Consolidated Balance Sheets Total assets and liabilities slightly decreased while total equity attributable to the Company increased Condensed Consolidated Balance Sheets | Metric (in millions) | March 31, 2021 | December 31, 2020 | | :------------------- | :------------- | :---------------- | | Total Assets | $7,130.8 | $7,337.9 | | Total Liabilities | $6,024.0 | $6,242.3 | | Total Equity | $1,106.8 | $1,095.6 | Condensed Consolidated Statements of Operations The company significantly reduced its net loss and operating loss despite a slight increase in revenue Condensed Consolidated Statements of Operations | Metric (in millions, except per share data) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :------------------------------------------ | :-------------------------------- | :-------------------------------- | | Revenue | $1,923.8 | $1,895.4 | | Total costs and expenses | $1,931.0 | $1,980.9 | | Operating loss | $(7.2) | $(85.5) | | Net loss | $(17.2) | $(55.1) | | Basic and diluted loss per share | $(0.08) | $(0.25) | Condensed Consolidated Statements of Comprehensive Income (Loss) The company shifted from a comprehensive loss to a comprehensive income, driven by hedge gains and reduced currency losses Condensed Consolidated Statements of Comprehensive Income (Loss) | Metric (in millions) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :----------------------------------- | :-------------------------------- | :-------------------------------- | | Net loss | $(17.2) | $(55.1) | | Total other comprehensive income (loss) | $25.2 | $(154.0) | | Total comprehensive income (loss) | $8.0 | $(209.1) | Condensed Consolidated Statements of Equity Total equity increased due to unrealized gains on hedging instruments and stock-based compensation, despite a net loss Condensed Consolidated Statements of Equity | Metric (in millions) | December 31, 2020 | March 31, 2021 | | :------------------------------------------------- | :---------------- | :------------- | | Total Equity Attributable to the Company (Balance) | $1,094.7 | $1,105.9 | | Net loss | $(17.2) | $(17.2) | | Stock-based compensation | $7.2 | $7.2 | | Unrealized gain on hedging instruments | $28.5 | $28.5 | Condensed Consolidated Statements of Cash Flows Cash used in operating, investing, and financing activities was significantly reduced in Q1 2021 compared to Q1 2020 Condensed Consolidated Statements of Cash Flows | Metric (in millions) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :---------------------------------------- | :-------------------------------- | :-------------------------------- | | Net cash used in operating activities | $(16.4) | $(249.9) | | Net cash used in investing activities | $(28.8) | $(131.4) | | Net cash used in financing activities | $(13.6) | $(23.9) | | Change in cash, cash equivalents and restricted cash | $(58.8) | $(405.2) | | Cash, cash equivalents and restricted cash, end of period | $1,101.8 | $450.6 | Notes to the Condensed Consolidated Financial Statements These notes detail accounting policies, segment performance, revenue recognition, and other key financial disclosures Note 1: Basis of Presentation The unaudited financial statements are prepared under U.S. GAAP and are not indicative of full-year performance - Interim financial statements are unaudited and prepared under U.S. GAAP, with results for the three months ended March 31, 2021, not necessarily indicative of the full year due to seasonality[18][20] Note 2: New Accounting Standards The company adopted new standards for credit losses, hedging, and income taxes with immaterial financial impact - Adopted Topic 326 (CECL) on January 1, 2020, replacing the incurred loss methodology with expected credit losses, resulting in an immaterial cumulative-effect adjustment to Accumulated deficit[22][24] - Applied ASU 2020-04 and ASU 2021-01 (Reference Rate Reform) for derivatives and hedging, preserving derivative presentation with no financial statement impact[26][27] - Adopted ASU No. 2019-12 (Income Taxes) effective July 1, 2020, with an immaterial impact[28] Note 3: Segment Data Total revenue increased slightly year-over-year, while Adjusted EBITDA saw significant growth across all segments Segment Revenue and Adjusted EBITDA | Metric | 2021 (in millions) | 2020 (in millions) | % Change | | :---------------- | :----------------- | :----------------- | :------- | | Total Revenue | | | | | Americas | $1,424.9 | $1,394.8 | 2 % | | EMEA | $223.9 | $210.0 | 7 % | | APAC | $275.0 | $290.6 | (5)% | | Total Revenue | $1,923.8 | $1,895.4 | 1 % | | Adjusted EBITDA | | | | | Americas | $77.8 | $64.1 | 21 % | | EMEA | $2.4 | $(3.4) | 171 % | | APAC | $19.5 | $9.6 | 103 % | - Adjusted EBITDA is the primary profitability metric for segment performance, excluding integration, pre-IPO stock-based compensation, acquisition costs, and non-cash effects[30] Note 4: Earnings Per Share Basic and diluted loss per share significantly improved as all potentially dilutive shares were anti-dilutive Earnings Per Share | Metric (in millions, except per share amounts) | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--------------------------------------------- | :-------------------------------- | :-------------------------------- | | Net loss attributable to shareholders | $(17.2) | $(55.1) | | Weighted average shares outstanding | 222.3 | 219.9 | | Basic and diluted loss per share | $(0.08) | $(0.25) | - Potentially dilutive securities (1.6 million in 2021, 3.9 million in 2020) were excluded from diluted EPS calculation as their effect would have been anti-dilutive[36] Note 5: Revenue Revenue is disaggregated by segment and service line, with Property, facilities and project management being the largest contributor - Revenue is recognized net of taxes upon transfer of control of promised services, across Property, facilities and project management, Leasing, Capital markets, and Valuation and other service lines[39] - Contract assets were $250.4 million (March 31, 2021) and $247.6 million (December 31, 2020), while contract liabilities were $40.9 million (March 31, 2021) and $42.8 million (December 31, 2020)[43][44] Revenue by Service Line (Three Months Ended March 31, 2021, in millions) | Service Line | Revenue Recognition Timing | Americas | EMEA | APAC | Total | | :---------------------------------- | :------------------------- | :---------- | :------ | :------ | :-------- | | Property, facilities and project management | Over time | $1,030.9 | $114.0 | $205.3 | $1,350.2 | | Leasing | At a point in time | $222.8 | $42.6 | $29.4 | $294.8 | | Capital markets | At a point in time | $133.8 | $22.3 | $10.7 | $166.8 | | Valuation and other | At a point in time or over time | $37.4 | $45.0 | $29.6 | $112.0 | | Total Revenue | | $1,424.9| $223.9| $275.0| $1,923.8| Note 6: Goodwill and Other Intangible Assets Goodwill and intangible assets slightly decreased due to foreign exchange movements, with no impairment recorded - Goodwill decreased by $6.8 million due to foreign exchange rate movements, and no impairment of goodwill or other intangible assets was recorded for the three months ended March 31, 2021 and 2020[48][49] Goodwill and Intangible Assets | Metric (in millions) | March 31, 2021 | December 31, 2020 | | :------------------- | :------------- | :---------------- | | Goodwill | $2,091.7 | $2,098.0 | | Intangible assets, net | $972.7 | $991.2 | Intangible Assets (in millions) | Asset Type | Useful Life (years) | Gross Value (Mar 31, 2021) | Net Value (Mar 31, 2021) | | :-------------------- | :------------------ | :------------------------- | :----------------------- | | C&W trade name | Indefinite | $546.0 | $546.0 | | Customer relationships | 1 - 15 | $1,387.8 | $419.5 | | Other intangible assets | 2 - 13 | $17.4 | $7.2 | | Total | | $1,951.2 | $972.7 | Note 7: Derivative Financial Instruments and Hedging Activities The company uses interest rate swaps and foreign currency forwards to mitigate market risks - The company uses five interest rate swap agreements as cash flow hedges, expiring in August 2025, to manage interest rate risk on floating rate borrowings[54] - Pre-tax losses of $120.6 million (March 31, 2021) related to interest rate swaps are in Accumulated other comprehensive loss, with an estimated $40.4 million to be reclassified to Interest expense in the next twelve months[55] - Short-term foreign currency forward contracts are used to mitigate foreign exchange fluctuations, with fair value changes recorded directly in earnings (losses of $0.2 million in Q1 2021)[56] Fair Value of Derivatives (in millions) | Derivative Instrument | Notional (Mar 31, 2021) | Fair Value Liabilities (Mar 31, 2021) | | :------------------------------- | :---------------------- | :------------------------------------ | | Interest rate swaps | $1,708.3 | $123.9 | | Foreign currency forward contracts | $617.3 | $0.3 | Note 8: Long-term Debt and Other Borrowings The company's long-term debt primarily consists of a first lien loan and senior secured notes, with all covenants met - The 2018 First Lien Loan (matures August 21, 2025) has an effective interest rate of 3.2% as of March 31, 2021, and the $1.0 billion Revolver was undrawn[65][67] - The 2020 Senior Secured Notes ($650.0 million, due May 15, 2028) bear a fixed interest rate of 6.75% (effective rate 6.8% as of March 31, 2021)[70] Long-term Debt (in millions) | Debt Type | March 31, 2021 | December 31, 2020 | | :------------------------- | :------------- | :---------------- | | 2018 First Lien Loan | $2,608.7 | $2,613.7 | | 2020 Senior Secured Notes | $639.7 | $639.4 | | Finance lease liability | $18.6 | $19.0 | | Notes payable to former stockholders | $0.3 | $0.3 | | Total long-term debt | $3,267.3 | $3,272.4 | | Less: current portion | $(36.8) | $(36.7) | | Total non-current long-term debt | $3,230.5 | $3,235.7 | Note 9: Stock-based Payments The company granted new time-based and performance-based RSUs in Q1 2021, with total compensation cost decreasing Restricted Stock Units (RSUs) Activity (in millions) | Metric | Time-Based RSUs (Number) | Performance-Based RSUs (Number) | | :------------------------- | :----------------------- | :------------------------------ | | Unvested as of Dec 31, 2020 | 4.1 | 1.5 | | Granted | 2.7 | 1.0 | | Vested | (1.2) | — | | Forfeited | (0.1) | (0.0) | | Unvested as of Mar 31, 2021 | 5.5 | 2.5 | Total RSU Stock-based Compensation Cost (in millions) | Period | 2021 | 2020 | | :-------------------------- | :--- | :--- | | Three Months Ended March 31 | $7.2 | $11.7 | | Unrecognized at March 31, 2021 | $66.9 | | Note 10: Restructuring Restructuring charges for operating efficiency initiatives decreased in Q1 2021, with additional charges expected - Restructuring charges were $8.5 million for Q1 2021, a decrease from $23.3 million in Q1 2020, reflecting ongoing operating efficiency initiatives[73] - The company expects to incur $25.0 million to $35.0 million of incremental charges in 2021 for expanding operating efficiency initiatives[73] Severance and Employment-Related Restructuring Activity (in millions) | Metric | March 31, 2021 | | :-------------------------- | :------------- | | Balance as of Dec 31, 2020 | $10.8 | | Total Restructuring Charges | $8.5 | | Total Payments and Other | $(10.1) | | Balance as of Mar 31, 2021 | $9.2 | Note 11: Commitments and Contingencies The company holds guarantees with remote non-performance risk and maintains reserves for various contingent liabilities - Guarantees under client service contracts have maximum potential future payments of $51.6 million, but non-performance is considered remote[79] Contingent Liabilities (in millions) | Liability Type | March 31, 2021 | December 31, 2020 | | :------------------------- | :------------- | :---------------- | | Other current liabilities | $101.7 | $91.7 | | Other non-current liabilities | $22.3 | $21.0 | | E&O and other claims | $42.7 | $39.5 | | Workers' compensation liabilities | $81.3 | $73.2 | Note 12: Related Party Transactions Receivables from affiliates, primarily for prepaid commissions and employee advances, increased during the quarter Receivables from Affiliates (in millions) | Category | March 31, 2021 | December 31, 2020 | | :------------------- | :------------- | :---------------- | | Other current assets | $40.9 | $34.4 | | Other non-current assets | $196.6 | $187.8 | Note 13: Fair Value Measurements The company measures certain financial instruments at fair value using a three-level hierarchy - Fair value measurements are categorized into Level 1 (quoted prices), Level 2 (observable inputs), and Level 3 (unobservable inputs), with no significant changes in valuation techniques[85][86] Fair Value of Assets (March 31, 2021, in millions) | Asset Type | Total | Level 1 | Level 2 | Level 3 | | :-------------------------------- | :------ | :------ | :------ | :------ | | Cash equivalents - money market funds | $448.4 | $448.4 | — | — | | Deferred compensation plan assets | $49.4 | $49.4 | — | — | | Foreign currency forward contracts | $1.5 | — | $1.5 | — | | Deferred purchase price receivable | $171.9 | — | — | $171.9 | | Total Assets | $671.2| $497.8| $1.5 | $171.9| Fair Value of Liabilities (March 31, 2021, in millions) | Liability Type | Total | Level 1 | Level 2 | Level 3 | | :-------------------------------- | :------ | :------ | :------ | :------ | | Deferred compensation plan liabilities | $44.2 | $44.2 | — | — | | Foreign currency forward contracts | $0.3 | — | $0.3 | — | | Interest rate swap agreements | $123.9 | — | $123.9 | — | | Earn-out liabilities | $20.3 | — | — | $20.3 | | Total Liabilities | $188.7| $44.2| $124.2| $20.3| Note 14: Accounts Receivable Securitization The company sells trade receivables under a securitization facility with no outstanding balance drawn on the investment limit - The A/R Securitization has an investment limit of $125.0 million and a termination date of August 20, 2022, with no outstanding balance drawn as of March 31, 2021[103] - Receivables sold under the A/R securitization were $320.2 million in Q1 2021 (vs $299.8 million in Q1 2020), and cash collections were $315.0 million (vs $307.3 million in Q1 2020)[106] - The outstanding principal on receivables sold was $184.6 million as of March 31, 2021 (vs $179.4 million as of December 31, 2020)[106] Note 15: Supplemental Cash Flow Information This note reconciles cash balances and details supplemental cash flow and non-cash investing and financing activities Reconciliation of Cash, Cash Equivalents and Restricted Cash (in millions) | Metric | March 31, 2021 | March 31, 2020 | | :------------------------------------------ | :------------- | :------------- | | Total cash, cash equivalents and restricted cash, beginning of period | $1,164.1 | $872.3 | | Total cash, cash equivalents and restricted cash, end of period | $1,101.8 | $450.6 | Supplemental Cash Flows (in millions) | Cash paid for: | 2021 | 2020 | | :------------- | :---- | :---- | | Interest | $30.5 | $31.0 | | Income taxes | $11.3 | $20.0 | | Operating leases | $35.9 | $37.5 | Non-cash investing/financing activities: | Property and equipment acquired through capital leases | $2.8 | $2.2 | | Deferred and contingent acquisition payment obligations | — | $32.3 | | Right of use assets acquired through operating leases | $7.6 | $17.6 | Note 16: Subsequent Events The company evaluated subsequent events and determined there were no material events to disclose - No material subsequent events were identified through May 6, 2021, the date of financial statement issuance[109] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses financial condition and results, including COVID-19 impacts, strategic initiatives, and liquidity Overview The company is a global commercial real estate firm that has maintained sufficient liquidity while navigating the COVID-19 pandemic - Cushman & Wakefield is a leading global commercial real estate services firm with approximately 50,000 employees, operating over 400 offices in 60 countries[113] - The COVID-19 pandemic poses significant risks, but the company has implemented business continuity plans and maintained sufficient liquidity of approximately $2.0 billion as of March 31, 2021[114][115] Critical Accounting Policies The company's critical accounting policies, which involve significant estimates, have not materially changed - Financial statements are prepared in accordance with U.S. GAAP, involving estimates and assumptions, with no material changes to critical accounting policies as of March 31, 2021[118] Recently Issued Accounting Pronouncements This section reiterates the adoption of new accounting standards with immaterial impacts on financial statements - The company adopted new accounting standards for CECL, Derivatives and Hedging (Reference Rate Reform), and Income Taxes, as discussed in Note 2, with immaterial impacts to financial statements[119][120][123][126] Items Affecting Comparability Financial results are affected by macroeconomic conditions, acquisitions, seasonality, and foreign currency fluctuations - Results are significantly impacted by macroeconomic conditions, acquisitions, seasonality (Q4 typically highest revenue), and foreign currency fluctuations from international operations[128][130][131][133] - The company's operating model partially mitigates negative market effects through variable compensation expenses[129] - Year-over-year changes in non-GAAP measures are presented in 'local currency' to exclude foreign exchange rate fluctuations and improve comparability[134][136] Key Performance Measures Management uses several non-GAAP measures, including Adjusted EBITDA and local currency changes, to evaluate performance - Key performance measures include Segment operating expenses, Fee-based operating expenses, Adjusted EBITDA, Adjusted EBITDA margin, and local currency[137] - Adjusted EBITDA is the primary measure of segment profitability, excluding integration, pre-IPO stock-based compensation, acquisition costs, and non-cash effects[143] - Local currency changes are calculated by holding foreign exchange rates constant to provide visibility into business performance excluding currency fluctuations[144] Results of Operations Revenue increased slightly due to Property management, while net loss decreased and Adjusted EBITDA grew significantly - Revenue growth in Property, facilities and project management ($36.0 million) offset declines in Leasing ($10.1 million) and Capital markets ($15.7 million) due to COVID-19[151] - Adjusted EBITDA increased by $29.4 million or 38% on a local currency basis, driven by cost reduction actions and operating efficiency initiatives[161] Consolidated Results of Operations (Three Months Ended March 31, in millions) | Metric | 2021 | 2020 | % Change in USD | % Change in Local Currency | | :------------------------------------ | :-------- | :-------- | :-------------- | :------------------------- | | Total revenue | $1,923.8 | $1,895.4 | 1 % | (1)% | | Total costs and expenses | $1,931.0 | $1,980.9 | (3)% | (5)% | | Operating loss | $(7.2) | $(85.5) | (92)% | (92)% | | Net loss | $(17.2) | $(55.1) | (69)% | (73)% | | Adjusted EBITDA | $99.7 | $70.3 | 42 % | 38 % | | Adjusted EBITDA margin | 7.5 % | 5.3 % | | | Americas Results Americas revenue grew 2%, driven by Property management, while Adjusted EBITDA increased significantly due to cost savings - Americas Adjusted EBITDA was $77.8 million, an increase of $13.7 million or 21% on a local currency basis[169] - Fee-based operating expenses decreased by 1% on a local currency basis due to cost savings and operating efficiency initiatives[169] Americas Revenue (Three Months Ended March 31, in millions) | Service Line | 2021 | 2020 | % Change in USD | % Change in Local Currency | | :---------------------------------- | :-------- | :-------- | :-------------- | :------------------------- | | Property, facilities and project management | $540.8 | $501.8 | 8 % | 8 % | | Leasing | $219.7 | $238.1 | (8)% | (8)% | | Capital markets | $133.4 | $146.5 | (9)% | (9)% | | Valuation and other | $37.3 | $38.8 | (4)% | (3)% | | Total service line fee revenue | $931.2 | $925.2 | 1 % | 1 % | | Gross contract reimbursables | $493.7 | $469.6 | 5 % | 5 % | | Total revenue | $1,424.9| $1,394.8| 2 % | 2 % | EMEA Results EMEA revenue declined 1% in local currency, but Adjusted EBITDA improved significantly from a loss to a gain due to cost savings - EMEA Adjusted EBITDA was $2.4 million, an increase of $5.8 million or 200% on a local currency basis, primarily due to cost savings actions[172] - Fee-based operating expenses decreased by 7% on a local currency basis, reflecting lower service line fee revenue and cost savings[172] EMEA Revenue (Three Months Ended March 31, in millions) | Service Line | 2021 | 2020 | % Change in USD | % Change in Local Currency | | :---------------------------------- | :------ | :------ | :-------------- | :------------------------- | | Property, facilities and project management | $83.7 | $84.9 | (1)% | (9)% | | Leasing | $42.6 | $40.8 | 4 % | (3)% | | Capital markets | $22.3 | $21.6 | 3 % | (5)% | | Valuation and other | $44.5 | $40.2 | 11 % | 2 % | | Total service line fee revenue | $193.1 | $187.5 | 3 % | (5)% | | Gross contract reimbursables | $30.8 | $22.5 | 37 % | 29 % | | Total revenue | $223.9| $210.0| 7 % | (1)% | APAC Results APAC revenue declined 13% in local currency, but Adjusted EBITDA grew significantly due to cost savings and growth in certain services - APAC Adjusted EBITDA was $19.5 million, an increase of $9.9 million or 80% on a local currency basis, driven by cost savings and higher Leasing and Valuation revenue[176] - Fee-based operating expenses decreased by 9% on a local currency basis due to lower service line revenue and cost savings[176] APAC Revenue (Three Months Ended March 31, in millions) | Service Line | 2021 | 2020 | % Change in USD | % Change in Local Currency | | :---------------------------------- | :------ | :------ | :-------------- | :------------------------- | | Property, facilities and project management | $143.6 | $145.4 | (1)% | (9)% | | Leasing | $29.4 | $22.9 | 28 % | 20 % | | Capital markets | $10.7 | $14.0 | (24)% | (27)% | | Valuation and other | $29.6 | $25.4 | 17 % | 9 % | | Total service line fee revenue | $213.3 | $207.7 | 3 % | (5)% | | Gross contract reimbursables | $61.7 | $82.9 | (26)% | (34)% | | Total revenue | $275.0| $290.6| (5)% | (13)% | Liquidity and Capital Resources The company maintains strong liquidity, with cash used in operations decreasing significantly year-over-year - As of March 31, 2021, the company had $2.0 billion of liquidity, comprising $1.0 billion cash on hand and an undrawn $1.0 billion revolving credit facility[178] - Net debt increased by approximately $54.5 million from December 31, 2020, primarily due to normal annual bonus payments and funding of strategic initiatives[180] - The 2018 First Lien Loan ($2.6 billion outstanding) and 2020 Senior Secured Notes ($639.7 million outstanding) form the core of the company's debt structure[180][190][195] Historical Cash Flows (Three Months Ended March 31, in millions) | Activity | 2021 | 2020 | | :---------------------------------------- | :-------- | :-------- | | Net cash used in operating activities | $(16.4) | $(249.9) | | Net cash used in investing activities | $(28.8) | $(131.4) | | Net cash used in financing activities | $(13.6) | $(23.9) | | Total change in cash, cash equivalents and restricted cash | $(62.3) | $(421.7) | Cautionary Note Regarding Forward-Looking Statements The report contains forward-looking statements subject to various risks and uncertainties, including COVID-19 impacts - Forward-looking statements are subject to risks including economic disruptions, the impact of COVID-19, competition, geopolitical risks, and foreign currency volatility[198][200] - Other risks include operating restrictions from debt agreements, substantial indebtedness, potential litigation, and fluctuations in real estate prices and interest rates[200] Item 3. Quantitative and Qualitative Disclosures About Market Risk The company is exposed to market risks from interest rates and foreign exchange, which are managed through derivatives - Principal market risks are interest rates on debt obligations and foreign exchange risk[204] - Risks are managed using derivative financial instruments for risk management, not speculation[205] - Interest rate risk on the 2018 First Lien Loan is managed through interest rate derivative agreements to hedge the variability of future interest payments[206][207][208] - Foreign exchange risk is managed by establishing local operations, invoicing in local currency, and using foreign currency forward contracts[209][210] Item 4. Controls and Procedures Management concluded that disclosure controls and procedures were effective, with no material changes in internal control - The Chief Executive Officer and Chief Financial Officer concluded that disclosure controls and procedures were effective as of March 31, 2021[214] - No material changes in internal control over financial reporting occurred during the quarter ended March 31, 2021[215] PART II - OTHER INFORMATION Item 1. Legal Proceedings The company is subject to various claims and litigation arising in the normal course of business - The company is party to pending or threatened lawsuits arising from ordinary business, with details referenced in Note 11: Commitments and Contingencies[216] Item 1A. Risk Factors No material changes to risk factors were disclosed compared to the company's 2020 Annual Report on Form 10-K - No material changes to risk factors were disclosed compared to the Annual Report on Form 10-K for the year ended December 31, 2020[218] Item 5. Other Information The company uses various channels, including its website and social media, to disseminate material information - Cushman & Wakefield disseminates material information through its website, press releases, SEC filings, blogs, and social media to ensure broad public distribution[219] Item 6. Exhibits This section lists the exhibits filed with the report, including CEO/CFO certifications and XBRL data files - Exhibits include certifications by the Chief Executive Officer and Chief Financial Officer and various XBRL taxonomy documents[223] Signatures The report is duly signed by the company's Chief Financial Officer and Global Controller - The report is signed by Neil Johnston, Chief Financial Officer, and Len Texter, Senior Vice President and Global Controller, on May 6, 2021[225]