2016 Q4 Form 10-Q Financial Statement

#000157924116000087 Filed on October 27, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $569.7M $581.1M $544.5M
YoY Change 4.46% 6.72% -0.4%
Cost Of Revenue $330.9M $317.6M $304.5M
YoY Change 4.98% 4.3% -1.81%
Gross Profit $238.8M $263.5M $240.0M
YoY Change 3.74% 9.79% 1.44%
Gross Profit Margin 41.92% 45.35% 44.08%
Selling, General & Admin $139.3M $142.0M $129.6M
YoY Change 0.94% 9.57% -0.69%
% of Gross Profit 58.33% 53.89% 54.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $16.20M $17.20M $12.70M
YoY Change 3.18% 35.43% 4.96%
% of Gross Profit 6.78% 6.53% 5.29%
Operating Expenses $139.3M $142.0M $129.6M
YoY Change 0.94% 9.57% -0.69%
Operating Profit $99.50M $121.5M $110.4M
YoY Change 7.92% 10.05% 4.05%
Interest Expense -$15.30M $15.60M $13.70M
YoY Change -10.53% 13.87% 7.87%
% of Operating Profit -15.38% 12.84% 12.41%
Other Income/Expense, Net $600.0K -$400.0K $3.200M
YoY Change -93.26% -112.5% 60.0%
Pretax Income $82.50M $21.10M -$6.800M
YoY Change 8.84% -410.29% -107.13%
Income Tax $7.500M $19.10M $19.40M
% Of Pretax Income 9.09% 90.52%
Net Earnings $74.80M $1.600M -$27.30M
YoY Change 4.03% -105.86% -144.9%
Net Earnings / Revenue 13.13% 0.28% -5.01%
Basic Earnings Per Share $0.02 -$0.28
Diluted Earnings Per Share $769.5K $0.02 -$0.28
COMMON SHARES
Basic Shares Outstanding 96.02M shares 96.00M shares 95.90M shares
Diluted Shares Outstanding 96.90M shares 95.90M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $312.4M $214.5M $175.2M
YoY Change 56.43% 22.43% -30.31%
Cash & Equivalents $312.4M $214.5M $175.2M
Short-Term Investments
Other Short-Term Assets $22.20M $82.40M $56.80M
YoY Change 27.59% 45.07% -6.89%
Inventory $220.6M $228.3M $216.3M
Prepaid Expenses
Receivables $260.0M $277.1M $273.1M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $829.3M $802.3M $875.7M
YoY Change 12.81% -8.38% -6.24%
LONG-TERM ASSETS
Property, Plant & Equipment $226.6M $226.4M $227.9M
YoY Change 0.8% -0.66% 7.25%
Goodwill $716.8M $736.1M $823.4M
YoY Change 0.38% -10.6% 61.48%
Intangibles $357.4M $390.0M $260.3M
YoY Change -4.03% 49.83% 95.57%
Long-Term Investments
YoY Change
Other Assets $45.00M $151.8M $221.7M
YoY Change -63.91% -31.53% 9.37%
Total Long-Term Assets $1.418B $1.504B $1.533B
YoY Change -7.19% -1.89% 44.9%
TOTAL ASSETS
Total Short-Term Assets $829.3M $802.3M $875.7M
Total Long-Term Assets $1.418B $1.504B $1.533B
Total Assets $2.247B $2.307B $2.409B
YoY Change -0.69% -4.25% 20.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $179.9M $165.1M $180.2M
YoY Change 2.74% -8.38% -19.16%
Accrued Expenses $117.8M $220.0M $196.3M
YoY Change -5.68% 12.07% -6.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $48.20M $47.20M $59.00M
YoY Change -26.52% -20.0% 94.72%
Total Short-Term Liabilities $429.6M $432.3M $517.2M
YoY Change -3.91% -16.42% 11.42%
LONG-TERM LIABILITIES
Long-Term Debt $1.416B $1.426B $1.576B
YoY Change -2.87% -9.49% 26.15%
Other Long-Term Liabilities $32.60M $292.4M $287.9M
YoY Change -48.5% 1.56% 5.54%
Total Long-Term Liabilities $1.448B $1.719B $1.864B
YoY Change -4.77% -7.78% 22.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $429.6M $432.3M $517.2M
Total Long-Term Liabilities $1.448B $1.719B $1.864B
Total Liabilities $2.131B $2.151B $2.381B
YoY Change -4.58% -9.66% 19.88%
SHAREHOLDERS EQUITY
Retained Earnings $376.6M $350.7M $170.2M
YoY Change 62.05% 106.05% 78.41%
Common Stock $1.000M $1.000M $1.000M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $113.3M $151.8M $14.50M
YoY Change
Total Liabilities & Shareholders Equity $2.247B $2.307B $2.409B
YoY Change -0.69% -4.25% 20.92%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $74.80M $1.600M -$27.30M
YoY Change 4.03% -105.86% -144.9%
Depreciation, Depletion And Amortization $16.20M $17.20M $12.70M
YoY Change 3.18% 35.43% 4.96%
Cash From Operating Activities $199.1M $77.20M $92.30M
YoY Change 51.41% -16.36% -14.7%
INVESTING ACTIVITIES
Capital Expenditures -$16.10M -$9.900M -$8.700M
YoY Change 103.8% 13.79% -36.96%
Acquisitions
YoY Change
Other Investing Activities $1.400M -$900.0K -$459.2M
YoY Change -83.53% -99.8% -41845.45%
Cash From Investing Activities -$14.70M -$10.80M -$467.9M
YoY Change -2550.0% -97.69% 3584.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -80.00M -21.00M 353.5M
YoY Change -24.46% -105.94% -1115.8%
NET CHANGE
Cash From Operating Activities 199.1M 77.20M 92.30M
Cash From Investing Activities -14.70M -10.80M -467.9M
Cash From Financing Activities -80.00M -21.00M 353.5M
Net Change In Cash 104.4M 45.40M -22.10M
YoY Change 298.47% -305.43% -136.41%
FREE CASH FLOW
Cash From Operating Activities $199.1M $77.20M $92.30M
Capital Expenditures -$16.10M -$9.900M -$8.700M
Free Cash Flow $215.2M $87.10M $101.0M
YoY Change 54.38% -13.76% -17.21%

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us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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us-gaap Environmental Remediation Expense
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CY2016Q3 us-gaap Environmental Remediation Expense
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1800000 USD
us-gaap Environmental Remediation Expense
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19800000 USD
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19900000 USD
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19900000 USD
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19900000 USD
CY2016Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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20000000 USD
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us-gaap Gain Loss On Sale Of Business
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9500000 USD
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us-gaap Income Loss From Continuing Operations
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21100000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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212500000 USD
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2000000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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0.02
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us-gaap Income Loss From Continuing Operations Per Diluted Share
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0.02
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us-gaap Income Loss From Discontinued Operations Net Of Tax
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0 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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0 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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0 USD
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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0.00
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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0.00
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0.00
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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0.00
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0.00
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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0.00
CY2015Q3 us-gaap Income Loss From Equity Method Investments
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0 USD
us-gaap Income Loss From Equity Method Investments
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CY2016Q3 us-gaap Income Loss From Equity Method Investments
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0 USD
us-gaap Income Loss From Equity Method Investments
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0 USD
CY2015Q3 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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50800000 USD
CY2016Q3 us-gaap Income Tax Expense Benefit
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19100000 USD
us-gaap Income Tax Expense Benefit
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56300000 USD
us-gaap Increase Decrease In Other Operating Capital Net
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CY2015Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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900000 shares
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us-gaap Interest Expense
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CY2016Q3 us-gaap Inventory Raw Materials
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10600000 USD
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Operating Income Loss
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us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
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us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
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us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Payments To Acquire Productive Assets
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us-gaap Payments To Acquire Productive Assets
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us-gaap Payments To Minority Shareholders
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Proceeds From Repayments Of Short Term Debt
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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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us-gaap Profit Loss
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-13800000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
24400000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
53600000 USD
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
2900000 USD
CY2015Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
10200000 USD
CY2016Q3 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
8000000 USD
us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
300000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
232400000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
350700000 USD
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
544500000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
1522700000 USD
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
581100000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
1668300000 USD
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
129600000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
371800000 USD
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
142000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
418900000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0069
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0083
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.3402
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.2885
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0178
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0138
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y0M0D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y0M0D
CY2014Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
9800000 USD
CY2015Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
11000000 USD
CY2015Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
11700000 USD
CY2016Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
13300000 USD
us-gaap Standard Product Warranty Accrual Currency Translation Increase Decrease
StandardProductWarrantyAccrualCurrencyTranslationIncreaseDecrease
-200000 USD
us-gaap Standard Product Warranty Accrual Currency Translation Increase Decrease
StandardProductWarrantyAccrualCurrencyTranslationIncreaseDecrease
0 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
3700000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
4600000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
700000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
0 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
4400000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
6200000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
12100000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
8400000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
25600000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
151800000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
18500000 USD
CY2015Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
28000000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
29700000 USD
CY2016Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
155500000 USD
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
500000 shares
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
30000000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
30000000 USD
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
95900000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
96900000 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
96900000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
96800000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
95900000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
95800000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
96000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
95900000 shares
alle Reconciliation Of Ordinary Shares
ReconciliationOfOrdinaryShares
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The reconciliation of Ordinary shares is as follows:</font></div><div style="line-height:120%;padding-top:12px;text-align:center;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;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3" rowspan="1"></td></tr><tr><td style="width:81%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="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="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;font-weight:bold;">In millions</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Total</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;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;">December&#160;31, 2015</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;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;">96.0</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" 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:top;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;">Shares issued under incentive plans, net</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:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.5</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:top;background-color:#cceeff;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;">Repurchase of ordinary shares</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;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;">(0.5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right: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></tr><tr><td style="vertical-align:top;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;">September&#160;30, 2016</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">96.0</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px 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></table></div></div></div>

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