2017 Q1 Form 10-Q Financial Statement

#000121960117000016 Filed on April 28, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $1.901B $1.893B
YoY Change 0.42% -5.21%
Cost Of Revenue $1.531B $1.521B
YoY Change 0.66% -8.37%
Gross Profit $311.0M $372.0M
YoY Change -16.4% 30.07%
Gross Profit Margin 16.36% 19.65%
Selling, General & Admin $90.00M $91.00M
YoY Change -1.1% -7.14%
% of Gross Profit 28.94% 24.46%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $59.00M $60.00M
YoY Change -1.67% 17.65%
% of Gross Profit 18.97% 16.13%
Operating Expenses $90.00M $91.00M
YoY Change -1.1% -7.14%
Operating Profit $225.0M $219.0M
YoY Change 2.74% 30.36%
Interest Expense $62.00M $64.00M
YoY Change -3.13% -1.54%
% of Operating Profit 27.56% 29.22%
Other Income/Expense, Net $12.00M
YoY Change
Pretax Income $179.0M $137.0M
YoY Change 30.66% 38.38%
Income Tax $46.00M $38.00M
% Of Pretax Income 25.7% 27.74%
Net Earnings $107.0M $79.00M
YoY Change 35.44% 79.55%
Net Earnings / Revenue 5.63% 4.17%
Basic Earnings Per Share $0.77 $0.57
Diluted Earnings Per Share $0.77 $0.57
COMMON SHARES
Basic Shares Outstanding 138.5M shares 138.1M shares
Diluted Shares Outstanding 139.0M shares 139.0M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $338.0M $257.0M
YoY Change 31.52% -8.21%
Cash & Equivalents $338.0M $257.0M
Short-Term Investments
Other Short-Term Assets $234.0M $254.0M
YoY Change -7.87% -18.59%
Inventory $1.417B $1.413B
Prepaid Expenses
Receivables $707.0M $781.0M
Other Receivables $192.0M $199.0M
Total Short-Term Assets $2.888B $2.904B
YoY Change -0.55% -5.62%
LONG-TERM ASSETS
Property, Plant & Equipment $2.898B $2.727B
YoY Change 6.27% 4.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $727.0M $682.0M
YoY Change 6.6% -2.85%
Total Long-Term Assets $6.982B $7.036B
YoY Change -0.77% -0.44%
TOTAL ASSETS
Total Short-Term Assets $2.888B $2.904B
Total Long-Term Assets $6.982B $7.036B
Total Assets $9.870B $9.940B
YoY Change -0.7% -2.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.364B $2.349B
YoY Change 0.64% 2.49%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $37.00M $67.00M
YoY Change -44.78% -6.94%
Long-Term Debt Due $57.00M $239.0M
YoY Change -76.15% 38.95%
Total Short-Term Liabilities $2.496B $2.718B
YoY Change -8.17% 4.02%
LONG-TERM LIABILITIES
Long-Term Debt $5.206B $5.293B
YoY Change -1.64% -7.88%
Other Long-Term Liabilities $713.0M $656.0M
YoY Change 8.69% -0.3%
Total Long-Term Liabilities $5.919B $5.949B
YoY Change -0.5% -7.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.496B $2.718B
Total Long-Term Liabilities $5.919B $5.949B
Total Liabilities $8.415B $8.667B
YoY Change -2.91% -3.88%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $543.0M $249.0M
YoY Change
Total Liabilities & Shareholders Equity $9.870B $9.940B
YoY Change -0.7% -2.01%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $107.0M $79.00M
YoY Change 35.44% 79.55%
Depreciation, Depletion And Amortization $59.00M $60.00M
YoY Change -1.67% 17.65%
Cash From Operating Activities -$577.0M -$408.0M
YoY Change 41.42% 42.16%
INVESTING ACTIVITIES
Capital Expenditures $107.0M $51.00M
YoY Change 109.8% -1.92%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $0.00 $1.000M
YoY Change -100.0% -88.89%
Cash From Investing Activities $153.0M -$48.00M
YoY Change -418.75% -96.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $126.0M $3.000M
YoY Change 4100.0% 200.0%
Debt Paid & Issued, Net $12.00M $709.0M
YoY Change -98.31% 1629.27%
Cash From Financing Activities $199.0M -$4.000M
YoY Change -5075.0% -100.45%
NET CHANGE
Cash From Operating Activities -$577.0M -$408.0M
Cash From Investing Activities $153.0M -$48.00M
Cash From Financing Activities $199.0M -$4.000M
Net Change In Cash -$221.0M -$460.0M
YoY Change -51.96% -28.9%
FREE CASH FLOW
Cash From Operating Activities -$577.0M -$408.0M
Capital Expenditures $107.0M $51.00M
Free Cash Flow -$684.0M -$459.0M
YoY Change 49.02% 35.4%

Facts In Submission

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NetIncomeLossAttributableToNoncontrollingInterest
26000000 USD
CY2016Q4 us-gaap New Accounting Pronouncement Or Change In Accounting Principle Cumulative Effect Of Change On Equity Or Net Assets1
NewAccountingPronouncementOrChangeInAccountingPrincipleCumulativeEffectOfChangeOnEquityOrNetAssets1
60000000 USD
CY2017Q1 us-gaap Objectives For Using Derivative Instruments
ObjectivesForUsingDerivativeInstruments
The Company’s objective in managing exposure to market risk is to limit the impact on earnings and cash flow.
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
219000000 USD
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
237000000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
675000000 USD
CY2017Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
727000000 USD
CY2016Q1 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToNoncontrollingInterest
1000000 USD
CY2017Q1 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToNoncontrollingInterest
1000000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
7000000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
131000000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
2000000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
21000000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
9000000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
110000000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
24000000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
140000000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
23000000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
139000000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-13000000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-9000000 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
698000000 USD
CY2017Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
713000000 USD
CY2016Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
172000000 USD
CY2017Q1 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
192000000 USD
CY2016Q1 us-gaap Other Restructuring Costs
OtherRestructuringCosts
4000000 USD
CY2017Q1 us-gaap Other Restructuring Costs
OtherRestructuringCosts
0 USD
CY2016Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
1000000 USD
CY2017Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 USD
CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
4000000 USD
CY2017Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
133000000 USD
CY2016Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
2000000 USD
CY2017Q1 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
CY2016Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
8000000 USD
CY2017Q1 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
13000000 USD
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
51000000 USD
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
107000000 USD
CY2016Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
620000000 USD
CY2017Q1 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
596000000 USD
CY2016Q1 us-gaap Pension Contributions
PensionContributions
25000000 USD
CY2017Q1 us-gaap Pension Contributions
PensionContributions
13000000 USD
CY2016Q1 us-gaap Pension Expense
PensionExpense
7000000 USD
CY2017Q1 us-gaap Pension Expense
PensionExpense
5000000 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
172000000 USD
CY2017Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
234000000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1000000 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
7000000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
303000000 USD
CY2017Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
4000000 USD
CY2016Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
32000000 USD
CY2017Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-5000000 USD
CY2016Q1 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
383000000 USD
CY2017Q1 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
351000000 USD
CY2016Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
4000000 USD
CY2017Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
3000000 USD
CY2016Q1 us-gaap Profit Loss
ProfitLoss
99000000 USD
CY2017Q1 us-gaap Profit Loss
ProfitLoss
133000000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2820000000 USD
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2898000000 USD
CY2016Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
865000000 USD
CY2017Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
899000000 USD
CY2016Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-16000000 USD
CY2017Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-8000000 USD
CY2016Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
709000000 USD
CY2017Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
12000000 USD
CY2016Q1 us-gaap Restructuring Charges
RestructuringCharges
0 USD
CY2017Q1 us-gaap Restructuring Charges
RestructuringCharges
2000000 USD
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
1893000000 USD
CY2017Q1 us-gaap Sales Revenue Net
SalesRevenueNet
1901000000 USD
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
91000000 USD
CY2017Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
90000000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
6000000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
4000000 USD
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
1321292 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
1282334 shares
CY2016Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
33000000 USD
CY2017Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
37000000 USD
CY2017Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0 USD
CY2016Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1000000 USD
CY2017Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
7000000 USD
CY2016Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
4000000 USD
CY2017Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
140000000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
366000000 USD
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
543000000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
385000000 USD
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
503000000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
668000000 USD
CY2017Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
859000000 USD
CY2016Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
900000 shares
CY2017Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
500000 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
139000000 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
139000000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
138100000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
138500000 shares

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