2015 Q1 Form 10-Q Financial Statement

#000001427215000178 Filed on April 28, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $4.041B $3.811B
YoY Change 6.04% -0.52%
Cost Of Revenue $847.0M $968.0M
YoY Change -12.5% -8.94%
Gross Profit $3.194B $2.843B
YoY Change 12.35% 2.71%
Gross Profit Margin 79.04% 74.6%
Selling, General & Admin $1.029B $957.0M
YoY Change 7.52% -3.72%
% of Gross Profit 32.22% 33.66%
Research & Development $1.016B $946.0M
YoY Change 7.4% 1.72%
% of Gross Profit 31.81% 33.27%
Depreciation & Amortization $104.0M $137.0M
YoY Change -24.09% -35.68%
% of Gross Profit 3.26% 4.82%
Operating Expenses $2.045B $1.903B
YoY Change 7.46% -1.09%
Operating Profit $1.149B $940.0M
YoY Change 22.23% 11.37%
Interest Expense $51.00M $54.00M
YoY Change -5.56% 8.0%
% of Operating Profit 4.44% 5.74%
Other Income/Expense, Net $299.0M $208.0M
YoY Change 43.75% 994.74%
Pretax Income $1.448B $985.0M
YoY Change 47.01% 46.14%
Income Tax $249.0M $49.00M
% Of Pretax Income 17.2% 4.97%
Net Earnings $1.186B $937.0M
YoY Change 26.57% 53.86%
Net Earnings / Revenue 29.35% 24.59%
Basic Earnings Per Share $0.71 $0.57
Diluted Earnings Per Share $0.71 $0.56
COMMON SHARES
Basic Shares Outstanding 1.663B shares 1.652B shares
Diluted Shares Outstanding 1.676B shares 1.666B shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.89B $10.62B
YoY Change 11.95% 83.84%
Cash & Equivalents $6.294B $5.225B
Short-Term Investments $5.592B $5.392B
Other Short-Term Assets $2.541B $2.267B
YoY Change 12.09% -18.45%
Inventory $1.437B $1.655B
Prepaid Expenses $538.0M $538.0M
Receivables $2.250B $1.742B
Other Receivables $1.090B $1.291B
Total Short-Term Assets $14.93B $14.01B
YoY Change 6.5% 39.08%
LONG-TERM ASSETS
Property, Plant & Equipment $4.323B $4.485B
YoY Change -3.61% -14.72%
Goodwill $7.027B $7.046B
YoY Change -0.27% -7.85%
Intangibles $1.706B $2.208B
YoY Change -22.74% -74.24%
Long-Term Investments $4.279B $3.558B
YoY Change 20.26% 9.75%
Other Assets $634.0M $1.324B
YoY Change -52.11% 35.79%
Total Long-Term Assets $18.65B $19.41B
YoY Change -3.89% -25.01%
TOTAL ASSETS
Total Short-Term Assets $14.93B $14.01B
Total Long-Term Assets $18.65B $19.41B
Total Assets $33.58B $33.42B
YoY Change 0.46% -7.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.346B $2.502B
YoY Change -6.24% 20.35%
Accrued Expenses $1.791B $1.997B
YoY Change -10.32% -15.95%
Deferred Revenue
YoY Change
Short-Term Debt $330.0M $281.0M
YoY Change 17.44% -79.52%
Long-Term Debt Due $330.0M $281.0M
YoY Change 17.44% -57.29%
Total Short-Term Liabilities $7.689B $7.521B
YoY Change 2.23% -10.61%
LONG-TERM LIABILITIES
Long-Term Debt $7.127B $7.367B
YoY Change -3.26% 12.96%
Other Long-Term Liabilities $583.0M $616.0M
YoY Change -5.36% 34.2%
Total Long-Term Liabilities $7.710B $7.983B
YoY Change -3.42% 14.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.689B $7.521B
Total Long-Term Liabilities $7.710B $7.983B
Total Liabilities $17.89B $17.89B
YoY Change -0.02% -19.61%
SHAREHOLDERS EQUITY
Retained Earnings $33.11B $33.29B
YoY Change -0.54% 1.62%
Common Stock $221.0M $221.0M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $16.68B $17.22B
YoY Change -3.12% -5.99%
Treasury Stock Shares 541.0M shares 551.0M shares
Shareholders Equity $15.55B $15.47B
YoY Change
Total Liabilities & Shareholders Equity $33.58B $33.42B
YoY Change 0.46% -7.05%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $1.186B $937.0M
YoY Change 26.57% 53.86%
Depreciation, Depletion And Amortization $104.0M $137.0M
YoY Change -24.09% -35.68%
Cash From Operating Activities $626.0M $617.0M
YoY Change 1.46% -244.16%
INVESTING ACTIVITIES
Capital Expenditures $136.0M $118.0M
YoY Change 15.25% 2.61%
Acquisitions $21.00M
YoY Change
Other Investing Activities $890.0M $21.00M
YoY Change 4138.1% -800.0%
Cash From Investing Activities $754.0M $2.212B
YoY Change -65.91% 1273.91%
FINANCING ACTIVITIES
Cash Dividend Paid $623.0M $605.0M
YoY Change 2.98% 4.31%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $676.0M
YoY Change
Cash From Financing Activities -$682.0M -$1.192B
YoY Change -42.79% 2609.09%
NET CHANGE
Cash From Operating Activities $626.0M $617.0M
Cash From Investing Activities $754.0M $2.212B
Cash From Financing Activities -$682.0M -$1.192B
Net Change In Cash $698.0M $1.637B
YoY Change -57.36% -626.37%
FREE CASH FLOW
Cash From Operating Activities $626.0M $617.0M
Capital Expenditures $136.0M $118.0M
Free Cash Flow $490.0M $499.0M
YoY Change -1.8% -191.9%

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CY2015Q1 us-gaap Earnings Per Share Diluted
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CY2015Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2015Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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P2Y8M15D
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CY2015Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2015Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2014Q1 us-gaap Gain Loss Related To Litigation Settlement
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CY2015Q1 us-gaap Gain Loss Related To Litigation Settlement
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CY2015Q1 us-gaap Goodwill
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985000000 USD
CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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CY2015Q1 us-gaap Income Loss From Equity Method Investments
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CY2014Q1 us-gaap Income Tax Expense Benefit
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CY2015Q1 us-gaap Income Tax Expense Benefit
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CY2014Q1 us-gaap Increase Decrease In Accounts Payable
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CY2015Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
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544000000 USD
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CY2015Q1 us-gaap Increase Decrease In Receivables
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CY2015Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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280000000 USD
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CY2015Q1 us-gaap Interest Paid Net
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CY2015Q1 us-gaap Inventory Finished Goods
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CY2015Q1 us-gaap Inventory Net
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CY2015Q1 us-gaap Inventory Noncurrent
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CY2014Q1 us-gaap Marketing And Advertising Expense
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CY2015Q1 us-gaap Marketing And Advertising Expense
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CY2014Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
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13000000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
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CY2015Q1 us-gaap Other Comprehensive Income Loss Tax
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35000000 USD
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CY2015Q1 us-gaap Other Restructuring Costs
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CY2015Q1 us-gaap Other Sales Revenue Net
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CY2015Q1 us-gaap Payments For Restructuring
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CY2014Q1 us-gaap Payments Of Dividends
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CY2015Q1 us-gaap Payments Of Dividends
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CY2014Q1 us-gaap Payments To Acquire Marketable Securities
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1080000000 USD
CY2015Q1 us-gaap Payments To Acquire Marketable Securities
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CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
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118000000 USD
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
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136000000 USD
CY2014Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
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CY2015Q1 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
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CY2015Q1 us-gaap Preferred Stock Liquidation Preference
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CY2015Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2015Q1 us-gaap Preferred Stock Shares Authorized
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PreferredStockSharesIssued
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CY2015Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
4212 shares
CY2015Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
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CY2015Q1 us-gaap Preferred Stock Value
PreferredStockValue
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CY2014Q4 us-gaap Prepaid Expense Current
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470000000 USD
CY2015Q1 us-gaap Prepaid Expense Current
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CY2014Q1 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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3055000000 USD
CY2015Q1 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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203000000 USD
CY2014Q1 us-gaap Proceeds From Repayments Of Short Term Debt
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CY2015Q1 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-260000000 USD
CY2014Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
376000000 USD
CY2015Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
1508000000 USD
CY2014Q1 us-gaap Profit Loss
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936000000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
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4417000000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4323000000 USD
CY2014Q4 us-gaap Receivables Net Current
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3390000000 USD
CY2015Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
3458000000 USD
CY2015Q1 us-gaap Profit Loss
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1199000000 USD
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
9066000000 USD
CY2015Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8990000000 USD
CY2014Q1 us-gaap Repayments Of Long Term Debt
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676000000 USD
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
946000000 USD
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1016000000 USD
CY2015 us-gaap Restructuring And Related Cost Expected Cost
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100000000 USD
CY2014Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
180
CY2015Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
245
CY2014Q1 us-gaap Restructuring Charges
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21000000 USD
CY2015Q1 us-gaap Restructuring Charges
RestructuringCharges
12000000 USD
CY2013Q4 us-gaap Restructuring Reserve
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102000000 USD
CY2014Q1 us-gaap Restructuring Reserve
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97000000 USD
CY2014Q4 us-gaap Restructuring Reserve
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156000000 USD
CY2015Q1 us-gaap Restructuring Reserve
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112000000 USD
CY2014Q1 us-gaap Restructuring Reserve Accrual Adjustment
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2000000 USD
CY2014Q1 us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
1000000 USD
CY2015Q1 us-gaap Restructuring Reserve Translation Adjustment
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-11000000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
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32541000000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
33110000000 USD
CY2014Q4 us-gaap Sale Leaseback Transaction Deferred Gain Net
SaleLeasebackTransactionDeferredGainNet
45000000 USD
CY2015Q1 us-gaap Sale Leaseback Transaction Deferred Gain Net
SaleLeasebackTransactionDeferredGainNet
39000000 USD
CY2014Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2807000000 USD
CY2015Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
3059000000 USD
CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
3811000000 USD
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
4041000000 USD
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
957000000 USD
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
894000000 USD
CY2014Q1 us-gaap Severance Costs1
SeveranceCosts1
20000000 USD
CY2015Q1 us-gaap Severance Costs1
SeveranceCosts1
10000000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
49000000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
54000000 USD
CY2014Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
590000000 USD
CY2015Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
330000000 USD
CY2015Q1 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Estimated Range Of Change Lower Bound
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleEstimatedRangeOfChangeLowerBound
310000000 USD
CY2015Q1 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Estimated Range Of Change Upper Bound
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370000000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
14852000000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
15546000000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
14983000000 USD
CY2015Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
15689000000 USD
CY2014Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
547000000 shares
CY2015Q1 us-gaap Treasury Stock Shares
TreasuryStockShares
541000000 shares
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
16992000000 USD
CY2015Q1 us-gaap Treasury Stock Value
TreasuryStockValue
16683000000 USD
CY2015Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
57000000 USD
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1666000000 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1676000000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1652000000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1663000000 shares

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