2015 Q4 Form 10-K Financial Statement

#000081509717000001 Filed on January 30, 2017

View on sec.gov

Income Statement

Concept 2015 Q4 2014 Q4 2014
Revenue $3.711B $3.719B $15.88B
YoY Change -0.22% 1.67% 7463.81%
Cost Of Revenue $2.218B $2.498B $10.42B
YoY Change -11.21% -5.45% -2.1%
Gross Profit $1.493B $1.221B $5.463B
YoY Change 22.28% 20.18% -152.35%
Gross Profit Margin 40.23% 32.83% 34.39%
Selling, General & Admin $563.0M $547.0M $2.054B
YoY Change 2.93% 2.82% 9.31%
% of Gross Profit 37.71% 44.8% 37.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $420.0M $408.0M $1.637B
YoY Change 2.94% 0.99% 2.96%
% of Gross Profit 28.13% 33.42% 29.97%
Operating Expenses $983.0M $955.0M $2.054B
YoY Change 2.93% 2.03% 9.31%
Operating Profit $510.0M $266.0M $1.772B
YoY Change 91.73% 232.5% 33.33%
Interest Expense -$246.0M -$354.0M $288.0M
YoY Change -30.51% 653.19% -9.72%
% of Operating Profit -48.24% -133.08% 16.25%
Other Income/Expense, Net $7.000M -$8.000M -$547.0M
YoY Change -187.5% -900.0% 95.36%
Pretax Income $271.0M -$96.00M $1.225B
YoY Change -382.29% -382.35% 16.78%
Income Tax $1.000M $7.000M $9.000M
% Of Pretax Income 0.37% 0.73%
Net Earnings $270.0M -$103.0M $1.216B
YoY Change -362.14% -339.53% 15.26%
Net Earnings / Revenue 7.28% -2.77% 7.66%
Basic Earnings Per Share $1.57
Diluted Earnings Per Share $348.8K -$132.7K $1.56
COMMON SHARES
Basic Shares Outstanding 776.0M shares
Diluted Shares Outstanding 778.0M shares

Balance Sheet

Concept 2015 Q4 2014 Q4 2014
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.395B $331.0M $331.0M
YoY Change 321.45% -28.35% -28.35%
Cash & Equivalents $1.395B $331.0M $331.0M
Short-Term Investments
Other Short-Term Assets $423.0M $322.0M $322.0M
YoY Change 31.37% 2.22% 2.22%
Inventory $330.0M $349.0M $349.0M
Prepaid Expenses
Receivables $303.0M $332.0M $332.0M
Other Receivables $109.0M $154.0M $154.0M
Total Short-Term Assets $2.451B $1.488B $1.488B
YoY Change 64.72% -23.18% -23.18%
LONG-TERM ASSETS
Property, Plant & Equipment $31.82B $32.82B $32.82B
YoY Change -3.05% -0.26% -0.26%
Goodwill $3.010B $3.127B
YoY Change -3.74% -2.59%
Intangibles $1.308B $1.270B
YoY Change 2.99% -1.7%
Long-Term Investments
YoY Change
Other Assets $650.0M $744.0M $744.0M
YoY Change -12.63% -2.11% -2.11%
Total Long-Term Assets $36.79B $37.96B $37.96B
YoY Change -3.09% -0.38% -0.54%
TOTAL ASSETS
Total Short-Term Assets $2.451B $1.488B $1.488B
Total Long-Term Assets $36.79B $37.96B $37.96B
Total Assets $39.24B $39.45B $39.45B
YoY Change -0.53% -1.48% -1.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $627.0M $626.0M $626.0M
YoY Change 0.16% -2.03% -2.03%
Accrued Expenses $1.683B $1.538B $1.276B
YoY Change 9.43% 36.59% 36.91%
Deferred Revenue
YoY Change
Short-Term Debt $30.00M $666.0M $666.0M
YoY Change -95.5% 1010.0% 1010.0%
Long-Term Debt Due $1.344B $1.059B $1.059B
YoY Change 26.91% -24.79% -24.79%
Total Short-Term Liabilities $6.956B $6.921B $6.921B
YoY Change 0.51% 2.99% 2.99%
LONG-TERM LIABILITIES
Long-Term Debt $7.413B $7.363B $7.363B
YoY Change 0.68% -9.01% -9.01%
Other Long-Term Liabilities $1.097B $960.0M $960.0M
YoY Change 14.27% 30.43% 30.43%
Total Long-Term Liabilities $8.510B $8.323B $8.323B
YoY Change 2.25% -5.72% -5.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.956B $6.921B $6.921B
Total Long-Term Liabilities $8.510B $8.323B $8.323B
Total Liabilities $15.47B $15.24B $15.24B
YoY Change 1.46% -1.96% -1.96%
SHAREHOLDERS EQUITY
Retained Earnings $20.06B $19.16B
YoY Change 4.71% 2.0%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.475B $3.087B
YoY Change 12.57% 0.32%
Treasury Stock Shares
Shareholders Equity $23.77B $24.20B $24.20B
YoY Change
Total Liabilities & Shareholders Equity $39.24B $39.45B $39.45B
YoY Change -0.53% -1.64% -1.64%

Cashflow Statement

Concept 2015 Q4 2014 Q4 2014
OPERATING ACTIVITIES
Net Income $270.0M -$103.0M $1.216B
YoY Change -362.14% -339.53% 15.26%
Depreciation, Depletion And Amortization $420.0M $408.0M $1.637B
YoY Change 2.94% 0.99% 2.96%
Cash From Operating Activities $978.0M $637.0M $3.430B
YoY Change 53.53% 34.11% 21.03%
INVESTING ACTIVITIES
Capital Expenditures -$590.0M -$906.0M $2.583B
YoY Change -34.88% 168.84% 20.2%
Acquisitions
YoY Change
Other Investing Activities -$83.00M $16.00M -$36.00M
YoY Change -618.75% -81.82% 56.52%
Cash From Investing Activities -$673.0M -$890.0M -$2.507B
YoY Change -24.38% 257.43% 21.94%
FINANCING ACTIVITIES
Cash Dividend Paid $776.0M
YoY Change -33.33%
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 567.0M 160.0M -$1.028B
YoY Change 254.38% -121.3% 31.79%
NET CHANGE
Cash From Operating Activities 978.0M 637.0M $3.430B
Cash From Investing Activities -673.0M -890.0M -$2.507B
Cash From Financing Activities 567.0M 160.0M -$1.028B
Net Change In Cash 872.0M -93.00M -$105.0M
YoY Change -1037.63% -82.29% 5150.0%
FREE CASH FLOW
Cash From Operating Activities $978.0M $637.0M $3.430B
Capital Expenditures -$590.0M -$906.0M $2.583B
Free Cash Flow $1.568B $1.543B $847.0M
YoY Change 1.62% 90.02% 23.65%

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CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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777000000 shares
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745000000 shares
CY2016 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Contingencies</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Litigation</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the normal course of our business, various claims and lawsuits have been filed or are pending against us. Most of these claims and lawsuits are covered by insurance and, accordingly, the maximum amount of our liability, net of any insurance recoverables, is typically limited to our self-insurance retention levels. Management believes the ultimate outcome of these claims and lawsuits will not have a material impact on our consolidated financial statements.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Contingent Obligations &#8211; Lease Out and Lease Back Type (&#8220;LILO&#8221;) Transactions</font></div><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">At </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">November&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;">, we had estimated contingent obligations totaling </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$366 million</font><font style="font-family:inherit;font-size:10pt;">, excluding termination payments as discussed below, to participants in LILO transactions for </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> of our ships. At the inception of these leases, we paid the aggregate of the net present value of these obligations to a group of major financial institutions, who agreed to act as payment undertakers and directly pay these obligations. As a result, these contingent obligations are considered extinguished and neither the funds nor the contingent obligations have been included in our Consolidated Balance Sheets.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the event that we were to default on our contingent obligations and assuming performance by all other participants, we estimate that we would, as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">November&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;">, be responsible for a termination payment of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$13 million</font><font style="font-family:inherit;font-size:10pt;">. In January 2016, we exercised our options to terminate, at no cost, the LILO transactions on January 1, 2017 for one ship and January 1, 2018 for the second ship.</font></div><div style="line-height:120%;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In advance of the termination dates, if the credit rating of one of the financial institutions who is directly paying the contingent obligations falls below AA-, or below A- for the other financial institution, then we will be required to replace the applicable financial institution with another financial institution whose credit rating is at least AA or meets other specified credit requirements.&#160;In such circumstances, we would incur additional costs, although we estimate that they would not be significant to our consolidated financial statements. The financial institution payment undertaker subject to the AA- credit rating threshold has a credit rating of AA, and the financial institution subject to the A- credit rating threshold has a credit rating of A+.&#160;If our credit rating, which is A-, falls below BBB, we will be required to provide a standby letter of credit for </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">$27 million</font><font style="font-family:inherit;font-size:10pt;">, or, alternatively, provide mortgages for this aggregate amount on these two ships.</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Contingent Obligations &#8211; Indemnifications</font></div><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Some of the debt contracts that we enter into include indemnification provisions obligating us to make payments to the counterparty if certain events occur. These contingencies generally relate to changes in taxes or changes in laws which increase lenders' costs. The indemnification clauses are often standard contractual terms and were entered into in the normal course of business. There are no stated or notional amounts included in the indemnification clauses, and we are not able to estimate the maximum potential amount of future payments, if any, under these indemnification clauses. We have not been required to make any material payments under such indemnification clauses in the past and we do not believe a request for material future indemnification payments is probable.</font></div></div>
CY2016 us-gaap Schedule Of Repurchase Agreements
ScheduleOfRepurchaseAgreements
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our repurchases under the Repurchase Program were as follows (in millions):</font></div><div style="line-height:120%;padding-top:12px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="11" rowspan="1"></td></tr><tr><td style="width:17%;" rowspan="1" colspan="1"></td><td style="width:19%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:20%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:19%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:19%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="4" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Carnival Corporation</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="5" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Carnival plc</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Number of Shares Repurchased</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Dollar Amount Paid for Shares Repurchased</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Number of Shares Repurchased</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Dollar Amount Paid for Shares Repurchased</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2016</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">47.8</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$2,264</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.7</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$35</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5.3</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$276</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

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