2015 Q4 Form 10-K Financial Statement

#000155115217000004 Filed on February 17, 2017

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2015 Q2
Revenue $6.400B $5.944B $5.475B
YoY Change 17.39% 18.43% 11.14%
Cost Of Revenue $1.475B $1.167B $916.0M
YoY Change 31.81% 9.68% -17.7%
Gross Profit $4.925B $4.777B $4.559B
YoY Change 13.66% 20.78% 19.56%
Gross Profit Margin 76.95% 80.37% 83.27%
Selling, General & Admin $1.737B $1.474B $1.703B
YoY Change -48.01% -7.59% 17.61%
% of Gross Profit 35.27% 30.86% 37.35%
Research & Development $891.0M $1.418B $981.0M
YoY Change 1.37% 74.63% 17.63%
% of Gross Profit 18.09% 29.68% 21.52%
Depreciation & Amortization $261.0M $102.0M $190.0M
YoY Change 35.23% -46.88% 84.47%
% of Gross Profit 5.3% 2.14% 4.17%
Operating Expenses $2.628B $2.892B $2.684B
YoY Change -44.32% 8.84% 17.62%
Operating Profit $2.297B $1.885B $1.875B
YoY Change -693.54% 45.22% 23.76%
Interest Expense -$201.0M $207.0M -$178.0M
YoY Change -67.84% -163.69% -343.84%
% of Operating Profit -8.75% 10.98% -9.49%
Other Income/Expense, Net $12.00M -$28.00M $4.000M
YoY Change 300.0% -196.55% -150.0%
Pretax Income $1.924B $1.647B $1.678B
YoY Change -285.54% 139.74% 17.1%
Income Tax $407.0M $408.0M $312.0M
% Of Pretax Income 21.15% 24.77% 18.59%
Net Earnings $1.517B $1.239B $1.366B
YoY Change -287.28% 144.86% 24.41%
Net Earnings / Revenue 23.7% 20.84% 24.95%
Basic Earnings Per Share $0.93 $0.75 $0.84
Diluted Earnings Per Share $0.92 $0.74 $0.83
COMMON SHARES
Basic Shares Outstanding 1.652B shares 1.620B
Diluted Shares Outstanding 1.664B shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.407B $9.249B $8.279B
YoY Change 0.39% 19.68% -19.2%
Cash & Equivalents $8.399B $9.223B $7.400B
Short-Term Investments $8.000M $26.00M $879.0M
Other Short-Term Assets $1.458B $2.248B $2.608B
YoY Change -48.81% -53.4% -3.01%
Inventory $1.719B $1.841B $1.623B
Prepaid Expenses
Receivables $4.730B $4.574B $4.367B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $16.31B $17.91B $16.88B
YoY Change 1.45% 2.03% -5.15%
LONG-TERM ASSETS
Property, Plant & Equipment $2.565B $2.546B $2.517B
YoY Change 3.22% 4.69% 5.45%
Goodwill $13.17B
YoY Change 124.63%
Intangibles $19.71B
YoY Change
Long-Term Investments $145.0M $74.00M $134.0M
YoY Change 57.61% -40.32% 3.08%
Other Assets $1.149B $1.235B $1.181B
YoY Change -22.36% 54.18% 48.55%
Total Long-Term Assets $36.74B $36.92B $36.98B
YoY Change 221.34% 238.75% 228.66%
TOTAL ASSETS
Total Short-Term Assets $16.31B $17.91B $16.88B
Total Long-Term Assets $36.74B $36.92B $36.98B
Total Assets $53.05B $54.83B $53.86B
YoY Change 92.82% 92.7% 85.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.597B $8.028B $7.222B
YoY Change -76.82% 32.19% 20.21%
Accrued Expenses $2.987B
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $406.0M $760.0M $0.00
YoY Change -4.47% 152.49% -100.0%
Long-Term Debt Due $2.025B $8.000M $4.007B
YoY Change -49.55% -63.64% 19935.0%
Total Short-Term Liabilities $10.89B $8.813B $11.26B
YoY Change -4.38% 32.83% 78.22%
LONG-TERM LIABILITIES
Long-Term Debt $29.24B $31.36B $27.12B
YoY Change 177.47% 116.73% 87.39%
Other Long-Term Liabilities $844.0M $3.801B $3.918B
YoY Change -77.07% 40.52% 28.88%
Total Long-Term Liabilities $844.0M $35.16B $31.03B
YoY Change -94.06% 104.73% 77.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.89B $8.813B $11.26B
Total Long-Term Liabilities $844.0M $35.16B $31.03B
Total Liabilities $11.74B $49.97B $48.35B
YoY Change -54.45% 109.87% 102.93%
SHAREHOLDERS EQUITY
Retained Earnings $2.248B
YoY Change
Common Stock $13.08B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $8.839B
YoY Change
Treasury Stock Shares 139.1M shares
Shareholders Equity $3.945B $4.863B $5.504B
YoY Change
Total Liabilities & Shareholders Equity $53.05B $54.83B $53.86B
YoY Change 92.82% 92.7% 85.42%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2015 Q2
OPERATING ACTIVITIES
Net Income $1.517B $1.239B $1.366B
YoY Change -287.28% 144.86% 24.41%
Depreciation, Depletion And Amortization $261.0M $102.0M $190.0M
YoY Change 35.23% -46.88% 84.47%
Cash From Operating Activities $1.963B $2.155B $1.832B
YoY Change -439.62% 20.66% 6.7%
INVESTING ACTIVITIES
Capital Expenditures $455.0M -$727.0M -$115.0M
YoY Change -397.39% 303.89% -19.01%
Acquisitions
YoY Change
Other Investing Activities -$752.0M $1.472B -$12.40B
YoY Change -128.2% -169.96% 5612.44%
Cash From Investing Activities -$297.0M $745.0M -$12.51B
YoY Change -111.81% -132.62% 3384.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.431B -1.056B 10.17B
YoY Change 175.62% 46.87% -2550.36%
NET CHANGE
Cash From Operating Activities 1.963B 2.155B 1.832B
Cash From Investing Activities -297.0M 745.0M -12.51B
Cash From Financing Activities -2.431B -1.056B 10.17B
Net Change In Cash -765.0M 1.844B -510.0M
YoY Change -172.58% -251.52% -154.08%
FREE CASH FLOW
Cash From Operating Activities $1.963B $2.155B $1.832B
Capital Expenditures $455.0M -$727.0M -$115.0M
Free Cash Flow $1.508B $2.882B $1.947B
YoY Change -454.82% 46.59% 4.73%

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UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
15000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
7000000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
25000000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
83000000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
112000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
10000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
13000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
35000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
115000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
187000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
118000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
67000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
369000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
111000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
2000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
8000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
8000000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
901000000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
1100000000 USD
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1610000000 shares
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1637000000 shares
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1631000000 shares
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1595000000 shares
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1625000000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1622000000 shares
CY2016 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;color:#444867;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">The financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and necessarily include amounts based on estimates and assumptions by management. Actual results could differ from those amounts. Significant estimates include amounts for rebates, pension and post-employment benefits, income taxes, litigation, valuation of intangible assets and goodwill, contingent consideration liabilities, financial instruments and inventory and accounts receivable exposures.</font></div></div>

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