Koester, Inc., states in its 2020 10-K filing with the SEC, In October 2020, two major credit rating agencies changed Koesters long-term credit rating outlook
Koester, Inc., states in its 2020 10-K filing with the SEC, In October 2020, two major credit rating agencies changed Koesters long-term credit rating outlook to negative and one of the credit rating agencies reduced Koesters short-term credit rating. Koesters financial statements (in $000) follow.
Koester, Inc. Comparative Income Statement For the Year Ended December 31 | |||||||
---|---|---|---|---|---|---|---|
2020 | 2019 | 2018 | |||||
Sales revenue | $5,179,016 | $5,102,786 | $4,960,100 | ||||
Cost of goods sold | 2,806,148 | 2,692,061 | 2,530,617 | ||||
Gross profit | 2,372,868 | 2,410,725 | 2,429,483 | ||||
Operating expenses | 1,708,339 | 1,679,908 | 1,643,773 | ||||
Operating income | 664,529 | 730,817 | 785,710 | ||||
Interest expense, net | 42,279 | 58,081 | 61,611 | ||||
Other non-operating (income), net | (29,799) | (23,518) | (16,755) | ||||
Income before income tax | 652,049 | 696,254 | 740,854 | ||||
Income tax expense | 235,030 | 123,531 | 203,222 | ||||
Net income | $417,019 | $572,723 | $537,632 |
Koester, Inc. Comparative Balance Sheet As of December 31 | ||||
---|---|---|---|---|
Assets | 2020 | 2019 | ||
Cash | $997,734 | $1,156,835 | ||
Accounts receivable (net) | 760,643 | 759,033 | ||
Inventory | 376,897 | 418,633 | ||
Prepaid expenses and other current assets | 277,226 | 302,649 | ||
Total current assets | 2,412,500 | 2,637,150 | ||
Property, plant, & equipment (net) | 547,104 | 586,526 | ||
Other assets | 1,412,709 | 1,532,816 | ||
Total Assets | $4,372,313 | $4,756,492 | ||
Liabilities and Stockholders Equity | ||||
Short-term borrowings | $117,994 | $28,995 | ||
Current portion of long-term debt | 100,000 | 189,130 | ||
Accounts payable | 265,936 | 349,159 | ||
Accrued expenses | 796,473 | 880,038 | ||
Income taxes payable | 182,782 | 279,849 | ||
Total current liabilities | 1,463,185 | 1,727,171 | ||
Long-term debt | 525,000 | 400,000 | ||
Other | 282,395 | 243,509 | ||
Total noncurrent liabilities | 807,395 | 643,509 | ||
Stockholders Equity | ||||
Common stock, $1.00 par value | 441,369 | 441,369 | ||
Additional paid-in capital | 1,589,281 | 1,594,332 | ||
Treasury stock | (935,711) | (473,349) | ||
Retained earnings | 1,006,794 | 823,460 | ||
Total stockholders equity | 2,101,733 | 2,385,812 | ||
Total Liabilities and Stockholders Equity | $4,372,313 | $4,756,492 |
What is the return on assets % for 2022? (rounded to one decimal place)
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