2017 Q1 Form 10-Q Financial Statement

#000001079517000008 Filed on May 02, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $2.969B $3.067B
YoY Change -3.2% 49.54%
Cost Of Revenue $1.537B $1.584B
YoY Change -2.97% 57.61%
Gross Profit $1.432B $1.484B
YoY Change -3.5% 41.87%
Gross Profit Margin 48.23% 48.39%
Selling, General & Admin $724.0M $732.0M
YoY Change -1.09% 43.25%
% of Gross Profit 50.56% 49.33%
Research & Development $187.0M $182.0M
YoY Change 2.75% 41.09%
% of Gross Profit 13.06% 12.26%
Depreciation & Amortization $261.0M $280.0M
YoY Change -6.79% 102.9%
% of Gross Profit 18.23% 18.87%
Operating Expenses $911.0M $914.0M
YoY Change -0.33% 42.81%
Operating Profit $446.0M $466.0M
YoY Change -4.29% 59.04%
Interest Expense $86.00M $99.00M
YoY Change -13.13% 8.79%
% of Operating Profit 19.28% 21.24%
Other Income/Expense, Net -$5.000M $6.000M
YoY Change -183.33% -60.0%
Pretax Income $362.0M $376.0M
YoY Change -3.72% 67.11%
Income Tax $18.00M $38.00M
% Of Pretax Income 4.97% 10.11%
Net Earnings $344.0M $338.0M
YoY Change 1.78% 56.48%
Net Earnings / Revenue 11.59% 11.02%
Basic Earnings Per Share $1.61 $1.59
Diluted Earnings Per Share $1.58 $1.56
COMMON SHARES
Basic Shares Outstanding 213.6M shares 212.5M shares
Diluted Shares Outstanding 217.9M shares 216.5M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $556.0M $1.711B
YoY Change -67.5% -12.35%
Cash & Equivalents $548.0M $1.696B
Short-Term Investments $8.000M $15.00M
Other Short-Term Assets $664.0M $551.0M
YoY Change 20.51% -45.77%
Inventory $1.747B $1.846B
Prepaid Expenses
Receivables $1.569B $1.574B
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.891B $6.612B
YoY Change -26.03% -5.49%
LONG-TERM ASSETS
Property, Plant & Equipment $3.941B $3.779B
YoY Change 4.29% -5.34%
Goodwill $7.405B $7.448B
YoY Change -0.58% -2.81%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $948.0M $694.0M
YoY Change 36.6% -0.29%
Total Long-Term Assets $19.23B $19.62B
YoY Change -2.01% -7.86%
TOTAL ASSETS
Total Short-Term Assets $4.891B $6.612B
Total Long-Term Assets $19.23B $19.62B
Total Assets $24.12B $26.24B
YoY Change -8.06% -7.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.785B $2.510B
YoY Change 10.96% -7.28%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.224B $1.651B
YoY Change -25.86% -3.45%
Total Short-Term Liabilities $4.018B $4.380B
YoY Change -8.26% -2.6%
LONG-TERM LIABILITIES
Long-Term Debt $9.082B $10.86B
YoY Change -16.4% -10.42%
Other Long-Term Liabilities $1.702B $2.181B
YoY Change -21.96% -37.92%
Total Long-Term Liabilities $10.78B $13.05B
YoY Change -17.33% -16.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.018B $4.380B
Total Long-Term Liabilities $10.78B $13.05B
Total Liabilities $14.80B $17.43B
YoY Change -15.05% -13.47%
SHAREHOLDERS EQUITY
Retained Earnings $13.32B $12.60B
YoY Change 5.72% 2.24%
Common Stock $5.075B $4.933B
YoY Change 2.88% 4.49%
Preferred Stock
YoY Change
Treasury Stock (at cost) $8.445B $8.240B
YoY Change 2.49% -0.5%
Treasury Stock Shares
Shareholders Equity $7.963B $7.666B
YoY Change
Total Liabilities & Shareholders Equity $24.12B $26.24B
YoY Change -8.06% -7.27%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $344.0M $338.0M
YoY Change 1.78% 56.48%
Depreciation, Depletion And Amortization $261.0M $280.0M
YoY Change -6.79% 102.9%
Cash From Operating Activities $725.0M $558.0M
YoY Change 29.93% 144.74%
INVESTING ACTIVITIES
Capital Expenditures -$160.0M -$128.0M
YoY Change 25.0% -17.42%
Acquisitions
YoY Change
Other Investing Activities -$43.00M $103.0M
YoY Change -141.75% -101.28%
Cash From Investing Activities -$203.0M -$25.00M
YoY Change 712.0% -99.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -906.0M -431.0M
YoY Change 110.21% -131.71%
NET CHANGE
Cash From Operating Activities 725.0M 558.0M
Cash From Investing Activities -203.0M -25.00M
Cash From Financing Activities -906.0M -431.0M
Net Change In Cash -384.0M 102.0M
YoY Change -476.47% -101.54%
FREE CASH FLOW
Cash From Operating Activities $725.0M $558.0M
Capital Expenditures -$160.0M -$128.0M
Free Cash Flow $885.0M $686.0M
YoY Change 29.01% 79.11%

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CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
466000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
818000000 USD
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
446000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
1257000000 USD
CY2016Q3 us-gaap Other Assets Current
OtherAssetsCurrent
480000000 USD
CY2017Q1 us-gaap Other Assets Current
OtherAssetsCurrent
664000000 USD
CY2016Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
753000000 USD
CY2017Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
948000000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-114000000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
1000000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
4000000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
2000000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
30000000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
179000000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
63000000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
136000000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-139000000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
193000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
91000000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
153000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-80000000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-12000000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-24000000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-15000000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-29000000 USD
CY2017Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
1000000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
16000000 USD
CY2016Q3 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
604000000 USD
CY2017Q1 us-gaap Other Intangible Assets Net
OtherIntangibleAssetsNet
579000000 USD
CY2016Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1684000000 USD
CY2017Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1702000000 USD
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
6000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
11000000 USD
CY2017Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-5000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-35000000 USD
CY2016Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
0 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
0 USD
CY2017Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
0 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
336000000 USD
CY2016Q3 us-gaap Other Short Term Investments
OtherShortTermInvestments
27000000 USD
CY2017Q1 us-gaap Other Short Term Investments
OtherShortTermInvestments
8000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
33000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
34000000 USD
us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
-10000000 USD
us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
-26000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
220000000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
45000000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
280000000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
312000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
40000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
258000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
272000000 USD
CY2016Q3 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
1319000000 USD
CY2017Q1 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
1356000000 USD
CY2016Q1 us-gaap Postemployment Benefits Period Expense
PostemploymentBenefitsPeriodExpense
10000000 USD
us-gaap Postemployment Benefits Period Expense
PostemploymentBenefitsPeriodExpense
20000000 USD
CY2017Q1 us-gaap Postemployment Benefits Period Expense
PostemploymentBenefitsPeriodExpense
10000000 USD
us-gaap Postemployment Benefits Period Expense
PostemploymentBenefitsPeriodExpense
20000000 USD
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
111000000 USD
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
165000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1054000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-45000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-144000000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-300000000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-50000000 USD
CY2016Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8419000000 USD
CY2017Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8351000000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3901000000 USD
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3941000000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-34000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1000000 USD
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
182000000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
369000000 USD
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
187000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2189000000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
368000000 USD
us-gaap Restructuring Charges
RestructuringCharges
46000000 USD
CY2016Q3 us-gaap Restructuring Reserve
RestructuringReserve
69000000 USD
CY2017Q1 us-gaap Restructuring Reserve
RestructuringReserve
58000000 USD
us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
-7000000 USD
us-gaap Restructuring Reserve Settled Without Cash2
RestructuringReserveSettledWithoutCash2
6000000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
12727000000 USD
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
13321000000 USD
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
3067000000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
6054000000 USD
CY2017Q1 us-gaap Sales Revenue Net
SalesRevenueNet
2969000000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
5892000000 USD
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
732000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1480000000 USD
CY2017Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
724000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1432000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
119000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
99000000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
7633000000 USD
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
7963000000 USD
us-gaap Translation Adjustment For Net Investment Hedge Increase Decrease Net Of Tax
TranslationAdjustmentForNetInvestmentHedgeIncreaseDecreaseNetOfTax
-19000000 USD
CY2016Q4 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1300000 shares
CY2016Q3 us-gaap Treasury Stock Value
TreasuryStockValue
8212000000 USD
CY2017Q1 us-gaap Treasury Stock Value
TreasuryStockValue
8445000000 USD
CY2016Q4 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
220000000 USD
CY2016Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
4069000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
4618000 shares
CY2017Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
4283000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
4665000 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
216538000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
216695000 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
217866000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
217986000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
212469000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
212077000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
213583000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
213321000 shares

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