2015 Q2 Form 10-Q Financial Statement

#000000708415000023 Filed on August 04, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $17.19B $21.49B
YoY Change -20.04% -4.64%
Cost Of Revenue $16.22B $20.32B
YoY Change -20.18% -6.5%
Gross Profit $964.0M $1.172B
YoY Change -17.75% 45.23%
Gross Profit Margin 5.61% 5.45%
Selling, General & Admin $525.0M $426.0M
YoY Change 23.24% -5.75%
% of Gross Profit 54.46% 36.35%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $225.0M $213.0M
YoY Change 5.63% -6.17%
% of Gross Profit 23.34% 18.17%
Operating Expenses $525.0M $426.0M
YoY Change 23.24% -5.75%
Operating Profit $439.0M $746.0M
YoY Change -41.15% 110.14%
Interest Expense $85.00M $79.00M
YoY Change 7.59% -26.17%
% of Operating Profit 19.36% 10.59%
Other Income/Expense, Net $95.00M -$3.000M
YoY Change -3266.67% -86.36%
Pretax Income $526.0M $735.0M
YoY Change -28.44% 131.86%
Income Tax $143.0M $203.0M
% Of Pretax Income 27.19% 27.62%
Net Earnings $386.0M $533.0M
YoY Change -27.58% 139.01%
Net Earnings / Revenue 2.25% 2.48%
Basic Earnings Per Share $0.62 $0.81
Diluted Earnings Per Share $0.62 $0.81
COMMON SHARES
Basic Shares Outstanding 624.0M shares 656.0M shares
Diluted Shares Outstanding 627.0M shares 659.0M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.176B $1.996B
YoY Change -41.08% -1.63%
Cash & Equivalents $867.0M $1.630B
Short-Term Investments $309.0M $366.0M
Other Short-Term Assets $5.167B $5.186B
YoY Change -0.37% -6.37%
Inventory $7.845B $9.024B
Prepaid Expenses
Receivables $2.224B $4.089B
Other Receivables $2.439B $2.147B
Total Short-Term Assets $22.59B $24.66B
YoY Change -8.39% -1.51%
LONG-TERM ASSETS
Property, Plant & Equipment $9.897B $10.11B
YoY Change -2.11% 0.19%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $4.422B $3.958B
YoY Change 11.72% 2.41%
Other Assets $405.0M $451.0M
YoY Change -10.2% -35.66%
Total Long-Term Assets $17.98B $15.27B
YoY Change 17.73% 0.46%
TOTAL ASSETS
Total Short-Term Assets $22.59B $24.66B
Total Long-Term Assets $17.98B $15.27B
Total Assets $40.57B $39.93B
YoY Change 1.6% -0.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.017B $2.904B
YoY Change 3.89% -2.26%
Accrued Expenses $2.222B $2.580B
YoY Change -13.88% 306.94%
Deferred Revenue
YoY Change
Short-Term Debt $157.0M $233.0M
YoY Change -32.62% -77.07%
Long-Term Debt Due $801.0M $20.00M
YoY Change 3905.0% -98.25%
Total Short-Term Liabilities $12.86B $11.89B
YoY Change 8.14% -9.39%
LONG-TERM LIABILITIES
Long-Term Debt $5.965B $5.369B
YoY Change 11.1% 0.06%
Other Long-Term Liabilities $1.568B $962.0M
YoY Change 62.99% -34.51%
Total Long-Term Liabilities $9.151B $7.820B
YoY Change 17.02% -3.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.86B $11.89B
Total Long-Term Liabilities $9.151B $7.820B
Total Liabilities $22.01B $19.71B
YoY Change 11.66% -7.13%
SHAREHOLDERS EQUITY
Retained Earnings $16.23B $14.56B
YoY Change 11.47% 8.04%
Common Stock $4.017B $5.692B
YoY Change -29.43% -7.45%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $18.54B $20.18B
YoY Change
Total Liabilities & Shareholders Equity $40.57B $39.93B
YoY Change 1.6% -0.77%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $386.0M $533.0M
YoY Change -27.58% 139.01%
Depreciation, Depletion And Amortization $225.0M $213.0M
YoY Change 5.63% -6.17%
Cash From Operating Activities $362.0M $1.341B
YoY Change -73.01% -32.65%
INVESTING ACTIVITIES
Capital Expenditures -$296.0M -$210.0M
YoY Change 40.95% 8.25%
Acquisitions
YoY Change
Other Investing Activities $150.0M $98.00M
YoY Change 53.06% 18.07%
Cash From Investing Activities -$146.0M -$112.0M
YoY Change 30.36% 0.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -239.0M -682.0M
YoY Change -64.96% -53.92%
NET CHANGE
Cash From Operating Activities 362.0M 1.341B
Cash From Investing Activities -146.0M -112.0M
Cash From Financing Activities -239.0M -682.0M
Net Change In Cash -23.00M 547.0M
YoY Change -104.2% 36.75%
FREE CASH FLOW
Cash From Operating Activities $362.0M $1.341B
Capital Expenditures -$296.0M -$210.0M
Free Cash Flow $658.0M $1.551B
YoY Change -57.58% -29.02%

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30000000 USD
CY2015Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
32000000 USD
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
659000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
661000000 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
627000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
633000000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
656000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
658000000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
624000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
630000000 shares
adm Accrued Expenses And Other Payables Disclosure
AccruedExpensesAndOtherPayablesDisclosure
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Accrued Expenses and Other Payables</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table sets forth the items in accrued expenses and other payables:</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:99.41520467836257%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td width="71%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="12%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="12%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">June&#160;30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">December&#160;31,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2015</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2014</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(In millions)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Unrealized losses on derivative contracts</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">1,084</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">926</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Accrued expenses and other payables</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2,222</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:2px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,114</font></div></td><td style="vertical-align:bottom;border-bottom:2px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">3,306</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,040</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Pending Accounting Standards</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Effective January 1, 2016, the Company will be required to adopt the amended guidance of Accounting Standards Codification (ASC) Topic 718, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation - Stock Compensation</font><font style="font-family:inherit;font-size:10pt;">, which seeks to resolve the diversity in practice that exists when accounting for share-based payments. The amended guidance requires a performance target that affects vesting and that could be achieved after the requisite service period to be treated as a performance condition. The Company will be required to adopt the amended guidance either prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The Company does not expect the adoption of this amended guidance to impact financial results.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Effective January 1, 2016, the Company will be required to adopt the amended guidance of ASC Topic 810, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Consolidation </font><font style="font-family:inherit;font-size:10pt;">(Topic 810), which seeks to improve targeted areas of the consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures. The amended guidance changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. The changes include, among others, modification of the evaluation whether limited partnerships and similar legal entities are variable interest entities or voting interest entities and elimination of the presumption that a general partner should consolidate a limited partnership. The Company will be required to adopt Topic 810 either on a full retrospective basis to each prior reporting period presented or on a modified retrospective basis with the cumulative effect of initially applying the new guidance recognized at the date of initial application. The Company has not yet completed its assessment of the impact of the amended guidance on its consolidated financial statements but does not expect the adoption of this amended guidance to have a significant impact on financial results.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Effective January 1, 2016, the Company will be required to adopt the amended guidance of ASC Subtopic 225-20, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Income Statement - Extraordinary and Unusual Items</font><font style="font-family:inherit;font-size:10pt;">, which eliminates the concept of extraordinary items from Generally Accepted Accounting Principles in the U.S. The amended guidance aligns more closely with International Accounting Standards 1, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Presentation of Financial Statements,</font><font style="font-family:inherit;font-size:10pt;"> which prohibits the presentation and disclosure of extraordinary items. The Company does not expect the adoption of this amended guidance to impact financial results.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Effective January 1, 2018, the Company will be required to adopt the new guidance of ASC Topic 606, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers </font><font style="font-family:inherit;font-size:10pt;">(Topic 606), which will supersede the revenue recognition requirements in ASC Topic 605, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue Recognition</font><font style="font-family:inherit;font-size:10pt;">. Topic 606 requires the Company to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance requires the Company to apply the following steps: (1) identify the contract with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when, or as, the Company satisfies a performance obligation. The Company will be required to adopt Topic 606 either on a full retrospective basis to each prior reporting period presented or on a modified retrospective basis with the cumulative effect of initially applying the new guidance recognized at the date of initial application. If the Company elects the modified retrospective approach, it will be required to provide additional disclosures of the amount by which each financial statement line item is affected in the current reporting period, as compared to the guidance that was in effect before the change, and an explanation of the reasons for significant changes. The Company has not yet completed its assessment of the impact of the new guidance on its consolidated financial statements.</font></div></div>

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