2016 Q2 Form 10-Q Financial Statement

#000101896316000079 Filed on August 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $810.5M $1.023B
YoY Change -20.73% -8.62%
Cost Of Revenue $762.3M $945.5M
YoY Change -19.38% -8.16%
Gross Profit $48.20M $77.00M
YoY Change -37.4% -13.97%
Gross Profit Margin 5.95% 7.53%
Selling, General & Admin $59.30M $72.40M
YoY Change -18.09% 10.2%
% of Gross Profit 123.03% 94.03%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $43.70M $48.00M
YoY Change -8.96% 10.34%
% of Gross Profit 90.66% 62.34%
Operating Expenses $59.30M $72.40M
YoY Change -18.09% 10.2%
Operating Profit -$12.10M $4.600M
YoY Change -363.04% -80.67%
Interest Expense -$30.30M -$26.80M
YoY Change 13.06% -4.96%
% of Operating Profit -582.61%
Other Income/Expense, Net $1.000M $600.0K
YoY Change 66.67% -53.85%
Pretax Income -$41.40M -$21.60M
YoY Change 91.67% 535.29%
Income Tax -$25.90M -$7.700M
% Of Pretax Income
Net Earnings -$18.80M -$16.40M
YoY Change 14.63% 310.0%
Net Earnings / Revenue -2.32% -1.6%
Basic Earnings Per Share -$0.18 -$0.15
Diluted Earnings Per Share -$0.18 -$0.15
COMMON SHARES
Basic Shares Outstanding 108.9M shares 109.2M shares
Diluted Shares Outstanding 107.3M shares 107.3M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $322.6M $250.9M
YoY Change 28.58% -29.36%
Cash & Equivalents $322.3M $250.9M
Short-Term Investments $300.0K $0.00
Other Short-Term Assets $43.30M $66.30M
YoY Change -34.69% -32.14%
Inventory $1.094B $1.473B
Prepaid Expenses
Receivables $492.5M $593.4M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.952B $2.384B
YoY Change -18.09% -5.18%
LONG-TERM ASSETS
Property, Plant & Equipment $2.959B $2.947B
YoY Change 0.41% 1.03%
Goodwill $646.9M $781.5M
YoY Change -17.22% -0.46%
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00
YoY Change
Other Assets $302.8M $357.6M
YoY Change -15.32% 1.59%
Total Long-Term Assets $3.909B $4.086B
YoY Change -4.34% 0.71%
TOTAL ASSETS
Total Short-Term Assets $1.952B $2.384B
Total Long-Term Assets $3.909B $4.086B
Total Assets $5.861B $6.469B
YoY Change -9.4% -1.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $308.2M $487.5M
YoY Change -36.78% -12.37%
Accrued Expenses $290.8M $314.4M
YoY Change -7.51% 5.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.700M $18.30M
YoY Change -63.39% 5.17%
Total Short-Term Liabilities $605.7M $888.0M
YoY Change -31.79% -1.66%
LONG-TERM LIABILITIES
Long-Term Debt $1.870B $1.503B
YoY Change 24.45% -1.18%
Other Long-Term Liabilities $89.90M $103.0M
YoY Change -12.72% -29.45%
Total Long-Term Liabilities $89.90M $103.0M
YoY Change -12.72% -29.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $605.7M $888.0M
Total Long-Term Liabilities $89.90M $103.0M
Total Liabilities $3.762B $3.757B
YoY Change 0.14% 4.92%
SHAREHOLDERS EQUITY
Retained Earnings $1.807B $2.346B
YoY Change -23.0% -2.91%
Common Stock $1.189B $1.166B
YoY Change 1.99% -0.15%
Preferred Stock
YoY Change
Treasury Stock (at cost) $27.70M $20.60M
YoY Change 34.47% -53.39%
Treasury Stock Shares 761.7K shares 485.4K shares
Shareholders Equity $1.994B $2.584B
YoY Change
Total Liabilities & Shareholders Equity $5.861B $6.469B
YoY Change -9.4% -1.55%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$18.80M -$16.40M
YoY Change 14.63% 310.0%
Depreciation, Depletion And Amortization $43.70M $48.00M
YoY Change -8.96% 10.34%
Cash From Operating Activities $27.90M $79.50M
YoY Change -64.91% 309.79%
INVESTING ACTIVITIES
Capital Expenditures -$75.80M -$40.70M
YoY Change 86.24% -30.19%
Acquisitions
YoY Change
Other Investing Activities $1.000M -$600.0K
YoY Change -266.67% -97.16%
Cash From Investing Activities -$74.80M -$41.30M
YoY Change 81.11% -47.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 212.3M -25.30M
YoY Change -939.13% -94.01%
NET CHANGE
Cash From Operating Activities 27.90M 79.50M
Cash From Investing Activities -74.80M -41.30M
Cash From Financing Activities 212.3M -25.30M
Net Change In Cash 165.4M 12.90M
YoY Change 1182.17% -102.67%
FREE CASH FLOW
Cash From Operating Activities $27.90M $79.50M
Capital Expenditures -$75.80M -$40.70M
Free Cash Flow $103.7M $120.2M
YoY Change -13.73% 54.7%

Facts In Submission

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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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us-gaap Income Loss From Continuing Operations Per Diluted Share
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us-gaap Increase Decrease In Accrued Income Taxes Payable
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3600000 USD
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us-gaap Increase Decrease In Pension And Postretirement Obligations
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us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
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0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
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us-gaap Interest On Convertible Debt Net Of Tax
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4600000 USD
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194400000 USD
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CY2016Q2 us-gaap Inventory Valuation Reserves
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204100000 USD
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us-gaap Net Income Loss
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6400000 USD
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us-gaap Operating Income Loss
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1500000 USD
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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3000000 USD
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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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400000 USD
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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 Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
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CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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300000 USD
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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0 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Net Unamortized Gain Loss Arising During Period Before Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Net Unamortized Gain Loss Arising During Period Before Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives 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 Unrealized Gain Loss On Derivatives Arising During Period Before Tax
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us-gaap Payments For Repurchase Of Other Equity
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316500000 USD
us-gaap Payments For Proceeds From Other Investing Activities
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0 USD
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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500000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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0 USD
us-gaap Payments To Acquire Productive Assets
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63300000 USD
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us-gaap Profit Loss
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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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0 USD
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12200000 USD
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CY2016Q2 us-gaap Preferred Stock Shares Issued
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CY2016Q2 us-gaap Preferred Stock Value
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Proceeds From Repayments Of Other Debt
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2500000 USD
us-gaap Profit Loss
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48900000 USD
CY2016Q2 us-gaap Progress Payments Netted Against Inventory For Long Term Contracts Or Programs
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44100000 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
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CY2016Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5026300000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2928200000 USD
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2958900000 USD
CY2015Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-11200000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-22000000 USD
CY2016Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-13200000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-28500000 USD
CY2015Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
12100000 USD
CY2016Q2 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
0 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
6300000 USD
us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
600000 USD
CY2016Q2 us-gaap Restructuring Reserve
RestructuringReserve
11000000 USD
CY2015Q2 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
0 USD
us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
0 USD
CY2016Q2 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
1000000 USD
us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
10000000 USD
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
21300000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1945900000 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1806700000 USD
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1022500000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2148000000 USD
CY2016Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
810500000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1568000000 USD
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
72400000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
135500000 USD
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
59300000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
121900000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
2082800000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
1994400000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2709300000 USD
CY2015Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2700700000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2184400000 USD
CY2016Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2099300000 USD
us-gaap Temporary Equity Issue Period Increase Or Decrease
TemporaryEquityIssuePeriodIncreaseOrDecrease
0 USD
CY2015Q2 us-gaap Temporary Equity Other Changes
TemporaryEquityOtherChanges
0 USD
us-gaap Temporary Equity Other Changes
TemporaryEquityOtherChanges
-100000 USD
CY2016Q2 us-gaap Temporary Equity Other Changes
TemporaryEquityOtherChanges
0 USD
us-gaap Temporary Equity Other Changes
TemporaryEquityOtherChanges
0 USD
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
520289 shares
CY2016Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
761725 shares
CY2016Q2 us-gaap Treasury Stock Value
TreasuryStockValue
27700000 USD
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
107300000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
107200000 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
107300000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
107300000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
107300000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
107200000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
107300000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
107300000 shares
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%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Pending Accounting Pronouncements</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the Financial Accounting Standards Board (FASB) issued new guidance to simplify employee share-based payment accounting. The areas for simplification in this guidance involve several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This new guidance is effective for the Company&#8217;s 2017 fiscal year with early adoption permitted. The Company is currently evaluating the possible impact of this new guidance, but does not anticipate that it will have a material impact on its consolidated financial statements.</font></div><div style="line-height:120%;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued new guidance on the accounting for leases. This new guidance will require that a lessee recognize assets and liabilities on the balance sheet for all leases with a lease term of more than twelve months, with the result being the recognition of a right of use asset and a lease liability. The new lease accounting requirements are effective for the Company&#8217;s 2019 fiscal year with a modified retrospective transition approach required, with early adoption permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In July 2015, the FASB issued changes to simplify the measurement of inventory valuation at the lower of cost or net realizable value.&#160; Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation.&#160; The new inventory measurement requirements are effective for the Company&#8217;s 2017 fiscal year, and will replace the current inventory valuation guidance that requires the use of a lower of cost or market framework. This change in the measurement of inventory does not apply to inventory valued on a LIFO basis, which is the accounting basis used for most of the Company&#8217;s inventory.&#160; The adoption of these changes is not expected to have a material impact on the Company&#8217;s consolidated financial statements.</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;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued changes to revenue recognition with customers. This update provides a five-step analysis of transactions to determine when and how revenue is recognized. An entity should 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. In July 2015, the FASB approved a one-year deferral of the effective date of this new guidance resulting in it now being effective for the Company beginning in fiscal year 2018. The Company plans to adopt this accounting standard update using the modified retrospective method, with the cumulative effect of initially applying this update recognized in the first reporting period of 2018. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements.</font></div></div>

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