2015 Q4 Form 10-Q Financial Statement

#000102430516000140 Filed on February 04, 2016

View on sec.gov

Income Statement

Concept 2015 Q4 2014 Q4
Revenue $1.211B $1.260B
YoY Change -3.9% -4.81%
Cost Of Revenue $467.7M $508.9M
YoY Change -8.1% -7.35%
Gross Profit $742.8M $750.7M
YoY Change -1.05% -3.0%
Gross Profit Margin 61.36% 59.6%
Selling, General & Admin $515.4M $534.9M
YoY Change -3.65% -11.29%
% of Gross Profit 69.39% 71.25%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $55.40M $57.90M
YoY Change -4.32% -6.31%
% of Gross Profit 7.46% 7.71%
Operating Expenses $515.4M $534.9M
YoY Change -3.65% -11.29%
Operating Profit $152.4M $183.7M
YoY Change -17.04% 28.01%
Interest Expense $25.30M $17.40M
YoY Change 45.4% -0.57%
% of Operating Profit 16.6% 9.47%
Other Income/Expense, Net -$24.10M -$300.0K
YoY Change 7933.33%
Pretax Income $110.6M $164.3M
YoY Change -32.68% 29.57%
Income Tax $13.00M $29.40M
% Of Pretax Income 11.75% 17.89%
Net Earnings $89.00M $125.4M
YoY Change -29.03% 52.0%
Net Earnings / Revenue 7.35% 9.96%
Basic Earnings Per Share $0.26 $0.35
Diluted Earnings Per Share $0.25 $0.35
COMMON SHARES
Basic Shares Outstanding 345.0M shares 353.4M shares
Diluted Shares Outstanding 354.3M shares 362.6M shares

Balance Sheet

Concept 2015 Q4 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $484.0M $1.206B
YoY Change -59.87% 4.51%
Cash & Equivalents $482.7M $1.203B
Short-Term Investments $1.000M $3.000M
Other Short-Term Assets $254.0M $252.0M
YoY Change 0.79% -1.95%
Inventory $505.9M $526.7M
Prepaid Expenses
Receivables $697.2M $736.7M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.941B $2.721B
YoY Change -28.68% -1.06%
LONG-TERM ASSETS
Property, Plant & Equipment $486.9M $500.5M
YoY Change -2.72% -5.57%
Goodwill $1.531B $1.314B
YoY Change 16.53%
Intangibles $1.856B $1.778B
YoY Change 4.42%
Long-Term Investments
YoY Change
Other Assets $687.8M $67.20M
YoY Change 923.51% -21.86%
Total Long-Term Assets $4.571B $3.668B
YoY Change 24.61% -10.94%
TOTAL ASSETS
Total Short-Term Assets $1.941B $2.721B
Total Long-Term Assets $4.571B $3.668B
Total Assets $6.512B $6.389B
YoY Change 1.92% -6.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $781.4M $700.0M
YoY Change 11.63% -6.42%
Accrued Expenses $812.0M $799.0M
YoY Change 1.63% -2.8%
Deferred Revenue
YoY Change
Short-Term Debt $10.20M $28.90M
YoY Change -64.71%
Long-Term Debt Due $86.00M $692.0M
YoY Change -87.57% 2286.21%
Total Short-Term Liabilities $1.713B $2.226B
YoY Change -23.03% 33.9%
LONG-TERM LIABILITIES
Long-Term Debt $3.571B $2.714B
YoY Change 31.6% 5.17%
Other Long-Term Liabilities $183.8M $181.7M
YoY Change 1.16% -63.66%
Total Long-Term Liabilities $3.755B $2.895B
YoY Change 29.69% -6.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.713B $2.226B
Total Long-Term Liabilities $3.755B $2.895B
Total Liabilities $6.010B $5.640B
YoY Change 6.56% 8.76%
SHAREHOLDERS EQUITY
Retained Earnings $20.80M -$290.4M
YoY Change -107.16%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.339B $766.6M
YoY Change 74.6%
Treasury Stock Shares 61.10M shares 44.40M shares
Shareholders Equity $405.8M $641.3M
YoY Change
Total Liabilities & Shareholders Equity $6.512B $6.389B
YoY Change 1.92% -6.98%

Cashflow Statement

Concept 2015 Q4 2014 Q4
OPERATING ACTIVITIES
Net Income $89.00M $125.4M
YoY Change -29.03% 52.0%
Depreciation, Depletion And Amortization $55.40M $57.90M
YoY Change -4.32% -6.31%
Cash From Operating Activities $400.4M $328.8M
YoY Change 21.78% -5.0%
INVESTING ACTIVITIES
Capital Expenditures -$35.80M -$43.20M
YoY Change -17.13% -15.29%
Acquisitions
YoY Change
Other Investing Activities -$465.4M $14.10M
YoY Change -3400.71% 2720.0%
Cash From Investing Activities -$501.2M -$29.10M
YoY Change 1622.34% -42.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 187.3M -62.80M
YoY Change -398.25% -34.85%
NET CHANGE
Cash From Operating Activities 400.4M 328.8M
Cash From Investing Activities -501.2M -29.10M
Cash From Financing Activities 187.3M -62.80M
Net Change In Cash 86.50M 236.9M
YoY Change -63.49% 18.93%
FREE CASH FLOW
Cash From Operating Activities $400.4M $328.8M
Capital Expenditures -$35.80M -$43.20M
Free Cash Flow $436.2M $372.0M
YoY Change 17.26% -6.32%

Facts In Submission

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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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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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PropertyPlantAndEquipmentNet
486900000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
2300000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1600000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
1500000 USD
CY2015Q2 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
86300000 USD
CY2015Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
82100000 USD
us-gaap Repayments Of Short Term Debt Maturing In More Than Three Months
RepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths
25200000 USD
us-gaap Repayments Of Short Term Debt Maturing In More Than Three Months
RepaymentsOfShortTermDebtMaturingInMoreThanThreeMonths
14400000 USD
CY2014Q4 us-gaap Restructuring Charges
RestructuringCharges
12000000 USD
us-gaap Restructuring Charges
RestructuringCharges
52500000 USD
CY2015Q4 us-gaap Restructuring Charges
RestructuringCharges
10600000 USD
us-gaap Restructuring Charges
RestructuringCharges
72700000 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-193900000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
20800000 USD
CY2014Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1259600000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2441900000 USD
CY2015Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1210500000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2322800000 USD
CY2014Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
534900000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1055500000 USD
CY2015Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
515400000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
999700000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
8100000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
12000000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P5Y
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
18900000 shares
CY2015Q2 us-gaap Taxes Payable Current
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22400000 USD
CY2015Q4 us-gaap Taxes Payable Current
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8200000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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419400000 USD
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
5500000 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
8.78
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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38500000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
38600000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
900000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
16.24
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
14000000 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
11100000 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.32
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.31
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
141800000 USD
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
9000000 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
9.94
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
9.05
CY2015Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
91900000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y2M19D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P4Y2M27D
CY2015Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
22100000 USD
CY2015Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
10200000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
2000000 shares
CY2015Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
700000000 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
969800000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
405800000 USD
CY2015Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
984700000 USD
CY2015Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
35200000 shares
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
61100000 shares
CY2015Q2 us-gaap Treasury Stock Value
TreasuryStockValue
610600000 USD
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1338500000 USD
CY2015Q2 us-gaap Unamortized Loan Commitment And Origination Fees And Unamortized Discounts Or Premiums
UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums
0 USD
CY2015Q4 us-gaap Unamortized Loan Commitment And Origination Fees And Unamortized Discounts Or Premiums
UnamortizedLoanCommitmentAndOriginationFeesAndUnamortizedDiscountsOrPremiums
5900000 USD
CY2015Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
342600000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
189200000 USD
CY2015Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
15200000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
7900000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
-2300000 USD
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
-3200000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
700000 USD
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
2000000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
67100000 USD
CY2014Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
362600000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
363500000 shares
CY2015Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
354300000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
362000000 shares
CY2014Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
353400000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
353800000 shares
CY2015Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
345000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
352500000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the period reported. Significant accounting policies that contain subjective management estimates and assumptions include those related to revenue recognition, the market value of inventory, the fair value of acquired assets and liabilities associated with acquisitions, the fair value of share-based compensation, pension and other post-employment benefit costs, the fair value of the Company&#8217;s reporting units, and the assessment of goodwill, other intangible assets and long-lived assets for impairment, income taxes, derivatives and redeemable noncontrolling interests when calculating the impact on Earnings Per Share (&#8220;EPS&#8221;). Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, and makes adjustments when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from those estimates and assumptions. Significant changes, if any, in those estimates and assumptions resulting from continuing changes in the economic environment will be reflected in the Condensed Consolidated Financial Statements in future periods.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;"></font></div></div>

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