2015 Q2 Form 10-Q Financial Statement

#000119312515283204 Filed on August 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $2.475B $2.703B
YoY Change -8.44% -24.31%
Cost Of Revenue $1.454B $2.185B
YoY Change -33.46% 26.3%
Gross Profit $1.021B $1.093B
YoY Change -6.59% -41.68%
Gross Profit Margin 41.25% 40.44%
Selling, General & Admin $783.0M $988.0M
YoY Change -20.75% 17.9%
% of Gross Profit 76.69% 90.39%
Research & Development $151.0M $322.0M
YoY Change -53.11% 17.95%
% of Gross Profit 14.79% 29.46%
Depreciation & Amortization $190.0M $253.0M
YoY Change -24.9% 38.25%
% of Gross Profit 18.61% 23.15%
Operating Expenses $934.0M $1.310B
YoY Change -28.7% 17.91%
Operating Profit $87.00M -$217.0M
YoY Change -140.09% -128.44%
Interest Expense $36.00M $47.00M
YoY Change -23.4% 95.83%
% of Operating Profit 41.38%
Other Income/Expense, Net $51.00M -$15.00M
YoY Change -440.0% -77.94%
Pretax Income $108.0M $838.0M
YoY Change -87.11% -17.76%
Income Tax $34.00M $134.0M
% Of Pretax Income 31.48% 15.99%
Net Earnings $332.0M $520.0M
YoY Change -36.15% -11.86%
Net Earnings / Revenue 13.41% 19.24%
Basic Earnings Per Share $0.61 $0.96
Diluted Earnings Per Share $0.60 $0.95
COMMON SHARES
Basic Shares Outstanding 544.0M shares 542.0M shares
Diluted Shares Outstanding 549.0M shares 548.0M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.680B $1.866B
YoY Change 257.98% -68.84%
Cash & Equivalents $6.680B $1.866B
Short-Term Investments
Other Short-Term Assets $1.123B $871.0M
YoY Change 28.93% 10.96%
Inventory $3.842B $3.836B
Prepaid Expenses
Receivables $2.852B $2.914B
Other Receivables $0.00 $0.00
Total Short-Term Assets $14.50B $9.487B
YoY Change 52.81% -22.14%
LONG-TERM ASSETS
Property, Plant & Equipment $8.967B $8.152B
YoY Change 10.0% 28.16%
Goodwill $3.792B $4.226B
YoY Change -10.27% 69.18%
Intangibles $2.084B $2.329B
YoY Change -10.52% 121.18%
Long-Term Investments
YoY Change
Other Assets $675.0M $1.435B
YoY Change -52.96% -13.24%
Total Long-Term Assets $15.52B $16.14B
YoY Change -3.87% 39.56%
TOTAL ASSETS
Total Short-Term Assets $14.50B $9.487B
Total Long-Term Assets $15.52B $16.14B
Total Assets $30.02B $25.63B
YoY Change 17.11% 7.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.141B $4.479B
YoY Change -7.55% 10.29%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $1.493B $186.0M
YoY Change 702.69% 463.64%
Long-Term Debt Due $671.0M $1.125B
YoY Change -40.36% 197.62%
Total Short-Term Liabilities $6.312B $5.795B
YoY Change 8.92% 28.32%
LONG-TERM LIABILITIES
Long-Term Debt $12.05B $7.528B
YoY Change 60.12% -12.71%
Other Long-Term Liabilities $3.628B $3.619B
YoY Change 0.25% 9.8%
Total Long-Term Liabilities $3.628B $3.619B
YoY Change 0.25% 9.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.312B $5.795B
Total Long-Term Liabilities $3.628B $3.619B
Total Liabilities $9.940B $9.414B
YoY Change 5.59% 20.51%
SHAREHOLDERS EQUITY
Retained Earnings $13.39B $12.38B
YoY Change 8.17% 7.48%
Common Stock $6.543B $6.468B
YoY Change 1.16% 847.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.798B $8.039B
YoY Change -3.0% 1.57%
Treasury Stock Shares 138.3M shares 141.8M shares
Shareholders Equity $7.988B $8.662B
YoY Change
Total Liabilities & Shareholders Equity $30.02B $25.63B
YoY Change 17.11% 7.91%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $332.0M $520.0M
YoY Change -36.15% -11.86%
Depreciation, Depletion And Amortization $190.0M $253.0M
YoY Change -24.9% 38.25%
Cash From Operating Activities $696.0M $599.0M
YoY Change 16.19% -21.49%
INVESTING ACTIVITIES
Capital Expenditures -$210.0M -$423.0M
YoY Change -50.35% 21.9%
Acquisitions
YoY Change
Other Investing Activities -$380.0M -$119.0M
YoY Change 219.33% 495.0%
Cash From Investing Activities -$590.0M -$542.0M
YoY Change 8.86% 47.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.072B -220.0M
YoY Change -1950.91% -107.6%
NET CHANGE
Cash From Operating Activities 696.0M 599.0M
Cash From Investing Activities -590.0M -542.0M
Cash From Financing Activities 4.072B -220.0M
Net Change In Cash 4.178B -163.0M
YoY Change -2663.19% -104.95%
FREE CASH FLOW
Cash From Operating Activities $696.0M $599.0M
Capital Expenditures -$210.0M -$423.0M
Free Cash Flow $906.0M $1.022B
YoY Change -11.35% -7.93%

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CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
544000000 shares
CY2015Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.282 pure
CY2015Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.61
CY2015Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.62
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.61
CY2015Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.01
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
549000000 shares
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.60
CY2015Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax
-16000000
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
468000000
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
67000000
CY2015Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
336000000
CY2015Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax
11000000
CY2015Q2 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
895000000
CY2015Q2 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-34000000
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
3893000000
CY2015Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-4000000
CY2015Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
6000000
CY2015Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
28000000
CY2015Q2 us-gaap Change In Unrealized Gain Loss On Hedged Item In Fair Value Hedge1
ChangeInUnrealizedGainLossOnHedgedItemInFairValueHedge1
72000000
CY2015Q2 us-gaap Interest Expense
InterestExpense
40000000
CY2015Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
48000000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
332000000
CY2015Q2 us-gaap Gross Profit
GrossProfit
1920000000
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
563000000
CY2015Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
103000000
CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
421000000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
132000000
CY2015Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-4000000
CY2015Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-113000000
CY2015Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
30000000
CY2015Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
19000000
CY2015Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
1973000000
CY2015Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax
-2000000
CY2015Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
-48000000
CY2015Q2 us-gaap Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
203000000
CY2015Q2 us-gaap Restructuring Charges
RestructuringCharges
14000000
CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
41000000
CY2015Q2 us-gaap Proceeds From Sale And Collection Of Receivables
ProceedsFromSaleAndCollectionOfReceivables
117000000
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
48000000
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1097000000
CY2015Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
17000000
CY2015Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-32000000
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
388000000
CY2015Q2 bax Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities And Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociForSaleOfSecuritiesAndOtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNetOfTax
9000000
CY2015Q2 bax Restructuring Reserve Period Expenses Cash
RestructuringReservePeriodExpensesCash
-12000000
CY2015Q2 bax Effect Of Currency Exchange Rate Changes
EffectOfCurrencyExchangeRateChanges
-2000000
CY2015Q2 bax Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities And Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociForSaleOfSecuritiesAndOtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsBeforeTax
15000000
CY2015Q2 bax Cash Collections Remitted To Owners Of Receivables
CashCollectionsRemittedToOwnersOfReceivables
105000000
CY2015Q2 bax Restructuring Charges Including Discontinued Operations
RestructuringChargesIncludingDiscontinuedOperations
14000000
CY2015Q2 bax Restructuring Reserve Period Expenses Non Cash
RestructuringReservePeriodExpensesNonCash
2000000
CY2015Q2 bax Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities And Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAociForSaleOfSecuritiesAndOtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsTax
6000000
CY2015Q2 bax Other Comprehensive Income Loss Available For Sale Securities Including Other Than Temporary Impairment Losses Investments Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesIncludingOtherThanTemporaryImpairmentLossesInvestmentsNetOfTax
1000000

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