2017 Q2 Form 10-Q Financial Statement

#000001427217000165 Filed on July 27, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $5.144B $4.871B
YoY Change 5.6% 17.01%
Cost Of Revenue $1.569B $1.206B
YoY Change 30.1% 19.05%
Gross Profit $3.575B $3.665B
YoY Change -2.46% 16.35%
Gross Profit Margin 69.5% 75.24%
Selling, General & Admin $1.187B $1.238B
YoY Change -4.12% 9.07%
% of Gross Profit 33.2% 33.78%
Research & Development $1.679B $1.266B
YoY Change 32.62% -31.79%
% of Gross Profit 46.97% 34.54%
Depreciation & Amortization $211.0M $90.00M
YoY Change 134.44% -1.1%
% of Gross Profit 5.9% 2.46%
Operating Expenses $2.866B $2.504B
YoY Change 14.46% -16.28%
Operating Profit $709.0M $1.161B
YoY Change -38.93% 630.19%
Interest Expense $52.00M $42.00M
YoY Change 23.81% -14.29%
% of Operating Profit 7.33% 3.62%
Other Income/Expense, Net $586.0M $454.0M
YoY Change 29.07% -524.3%
Pretax Income $1.295B $1.615B
YoY Change -19.81% 3005.77%
Income Tax $373.0M $427.0M
% Of Pretax Income 28.8% 26.44%
Net Earnings $916.0M $1.166B
YoY Change -21.44% -996.92%
Net Earnings / Revenue 17.81% 23.94%
Basic Earnings Per Share $0.56 $0.70
Diluted Earnings Per Share $0.56 $0.69
COMMON SHARES
Basic Shares Outstanding 1.644B shares 1.670B shares
Diluted Shares Outstanding 1.650B shares 1.679B shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.085B $7.932B
YoY Change 14.54% -21.53%
Cash & Equivalents $3.470B $2.934B
Short-Term Investments $5.615B $4.998B
Other Short-Term Assets $1.138B $1.071B
YoY Change 6.26% -61.24%
Inventory $1.217B $1.437B
Prepaid Expenses $820.0M $588.0M
Receivables $4.219B $3.685B
Other Receivables $1.245B $1.454B
Total Short-Term Assets $14.32B $12.30B
YoY Change 16.47% -5.81%
LONG-TERM ASSETS
Property, Plant & Equipment $4.944B $4.597B
YoY Change 7.55% 5.36%
Goodwill $6.861B $6.875B
YoY Change -0.2% -1.45%
Intangibles $1.245B $1.379B
YoY Change -9.72% -11.77%
Long-Term Investments $2.580B $3.281B
YoY Change -21.37% -29.17%
Other Assets $883.0M $1.012B
YoY Change -12.75% 28.59%
Total Long-Term Assets $19.09B $20.53B
YoY Change -7.05% 8.65%
TOTAL ASSETS
Total Short-Term Assets $14.32B $12.30B
Total Long-Term Assets $19.09B $20.53B
Total Assets $33.41B $32.83B
YoY Change 1.76% 2.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.551B $1.504B
YoY Change 3.13% -18.22%
Accrued Expenses $5.132B $4.880B
YoY Change 5.16% 132.05%
Deferred Revenue
YoY Change
Short-Term Debt $556.0M $155.0M
YoY Change 258.71% -79.47%
Long-Term Debt Due $750.0M $155.0M
YoY Change 383.87% -79.47%
Total Short-Term Liabilities $9.017B $7.885B
YoY Change 14.36% 6.05%
LONG-TERM LIABILITIES
Long-Term Debt $6.911B $6.581B
YoY Change 5.01% -0.51%
Other Long-Term Liabilities $1.181B $1.805B
YoY Change -34.57% 280.0%
Total Long-Term Liabilities $8.092B $8.386B
YoY Change -3.51% 18.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.017B $7.885B
Total Long-Term Liabilities $8.092B $8.386B
Total Liabilities $18.59B $17.75B
YoY Change 4.7% 6.54%
SHAREHOLDERS EQUITY
Retained Earnings $33.93B $32.71B
YoY Change 3.75% 1.07%
Common Stock $221.0M $221.0M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $18.78B $16.80B
YoY Change 11.81% 0.9%
Treasury Stock Shares 537.0M shares
Shareholders Equity $14.70B $14.92B
YoY Change
Total Liabilities & Shareholders Equity $33.41B $32.83B
YoY Change 1.76% 2.74%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $916.0M $1.166B
YoY Change -21.44% -996.92%
Depreciation, Depletion And Amortization $211.0M $90.00M
YoY Change 134.44% -1.1%
Cash From Operating Activities $1.584B $253.0M
YoY Change 526.09% 256.34%
INVESTING ACTIVITIES
Capital Expenditures -$248.0M -$261.0M
YoY Change -4.98% 58.18%
Acquisitions
YoY Change
Other Investing Activities -$776.0M $667.0M
YoY Change -216.34% -159.82%
Cash From Investing Activities -$1.024B $406.0M
YoY Change -352.22% -131.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.006B -366.0M
YoY Change 174.86% -58.55%
NET CHANGE
Cash From Operating Activities 1.584B 253.0M
Cash From Investing Activities -1.024B 406.0M
Cash From Financing Activities -1.006B -366.0M
Net Change In Cash -446.0M 293.0M
YoY Change -252.22% -114.01%
FREE CASH FLOW
Cash From Operating Activities $1.584B $253.0M
Capital Expenditures -$248.0M -$261.0M
Free Cash Flow $1.832B $514.0M
YoY Change 256.42% 117.8%

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us-gaap Income Tax Expense Benefit
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Reclassifications
Reclassifications
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior period amounts were reclassified to conform to the current period presentation. The consolidated statements of cash flows previously presented interest rate swap contract terminations and issuance of common stock as separate line items within cash flows from financing activities which are now presented as components of other financing activities. The reclassifications provide a more concise financial statement presentation and additional information is disclosed in the notes if material. </font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Revenues, expenses, assets and liabilities can vary during each quarter of the year. Accordingly, the results and trends in these unaudited consolidated financial statements may not be indicative of full year operating results. The preparation of financial statements requires the use of management estimates, judgments and assumptions. The most significant assumptions are estimates used in determining sales rebate and return accruals; legal contingencies; income taxes; determining if an acquisition or divestiture is a business or an asset; and pension and postretirement benefits. Actual results may differ from estimates.</font></div></div>

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