2016 Q2 Form 10-Q Financial Statement

#000031361616000163 Filed on April 21, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $3.924B $3.192B
YoY Change 22.93% -33.27%
Cost Of Revenue $1.757B $2.227B
YoY Change -21.1% -4.99%
Gross Profit $2.167B $1.742B
YoY Change 24.44% -30.09%
Gross Profit Margin 55.23% 54.56%
Selling, General & Admin $1.328B $1.414B
YoY Change -6.06% 1.38%
% of Gross Profit 61.28% 81.17%
Research & Development $226.1M $299.4M
YoY Change -24.48% -11.0%
% of Gross Profit 10.43% 17.19%
Depreciation & Amortization $128.5M $135.0M
YoY Change -4.81% -42.65%
% of Gross Profit 5.93% 7.75%
Operating Expenses $1.554B $1.713B
YoY Change -9.28% -1.03%
Operating Profit $613.1M $447.7M
YoY Change 36.94% -48.86%
Interest Expense $52.90M $29.30M
YoY Change 80.55% -11.75%
% of Operating Profit 8.63% 6.54%
Other Income/Expense, Net $400.0K $0.00
YoY Change -100.0%
Pretax Income $783.6M $728.1M
YoY Change 7.62% -17.17%
Income Tax $197.8M $170.1M
% Of Pretax Income 25.24% 23.36%
Net Earnings $758.4M $569.8M
YoY Change 33.1% -15.76%
Net Earnings / Revenue 19.33% 17.85%
Basic Earnings Per Share $1.10 $0.81
Diluted Earnings Per Share $1.09 $0.79
COMMON SHARES
Basic Shares Outstanding 688.6M shares 707.2M shares
Diluted Shares Outstanding 697.1M shares 718.7M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $664.0M $2.511B
YoY Change -73.56% -24.39%
Cash & Equivalents $664.3M $2.511B
Short-Term Investments
Other Short-Term Assets $974.0M $919.0M
YoY Change 5.98% 39.24%
Inventory $2.238B $1.897B
Prepaid Expenses
Receivables $3.871B $3.447B
Other Receivables $0.00 $0.00
Total Short-Term Assets $7.747B $8.774B
YoY Change -11.71% -7.71%
LONG-TERM ASSETS
Property, Plant & Equipment $2.873B $2.136B
YoY Change 34.49% -4.31%
Goodwill $25.49B $16.71B
YoY Change 52.5% 1.91%
Intangibles $11.26B $7.358B
YoY Change 53.07% 15.53%
Long-Term Investments
YoY Change
Other Assets $1.017B $1.092B
YoY Change -6.9% -4.64%
Total Long-Term Assets $40.64B $27.30B
YoY Change 48.87% 4.41%
TOTAL ASSETS
Total Short-Term Assets $7.747B $8.774B
Total Long-Term Assets $40.64B $27.30B
Total Assets $48.39B $36.07B
YoY Change 34.14% 1.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.919B $1.732B
YoY Change 10.8% -0.17%
Accrued Expenses $3.206B $3.097B
YoY Change 3.51% 18.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $197.0M $124.0M
YoY Change 58.87% 153.06%
Total Short-Term Liabilities $5.321B $4.953B
YoY Change 7.44% 12.39%
LONG-TERM LIABILITIES
Long-Term Debt $12.19B $3.054B
YoY Change 299.33% 1.12%
Other Long-Term Liabilities $6.293B $4.675B
YoY Change 34.6% 5.38%
Total Long-Term Liabilities $18.49B $7.729B
YoY Change 139.2% 3.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.321B $4.953B
Total Long-Term Liabilities $18.49B $7.729B
Total Liabilities $23.81B $12.68B
YoY Change 87.74% 6.9%
SHAREHOLDERS EQUITY
Retained Earnings $21.66B $20.80B
YoY Change 4.15% 8.76%
Common Stock $5.081B $4.632B
YoY Change 9.69% 7.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $24.50B $23.32B
YoY Change
Total Liabilities & Shareholders Equity $48.39B $36.07B
YoY Change 34.14% 1.18%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $758.4M $569.8M
YoY Change 33.1% -15.76%
Depreciation, Depletion And Amortization $128.5M $135.0M
YoY Change -4.81% -42.65%
Cash From Operating Activities $772.8M $523.6M
YoY Change 47.59% -47.2%
INVESTING ACTIVITIES
Capital Expenditures $122.6M $117.0M
YoY Change 4.79% -179.21%
Acquisitions $94.70M $482.6M
YoY Change -80.38%
Other Investing Activities $0.00 -$3.200M
YoY Change -100.0% -99.23%
Cash From Investing Activities $8.300M -$690.7M
YoY Change -101.2% 22.38%
FINANCING ACTIVITIES
Cash Dividend Paid $92.70M $70.40M
YoY Change 31.68%
Common Stock Issuance & Retirement, Net $43.90M $61.60M
YoY Change -28.73%
Debt Paid & Issued, Net $300.0K $1.200M
YoY Change -75.0%
Cash From Financing Activities -$890.6M -$260.8M
YoY Change 241.49% -43.08%
NET CHANGE
Cash From Operating Activities $772.8M $523.6M
Cash From Investing Activities $8.300M -$690.7M
Cash From Financing Activities -$890.6M -$260.8M
Net Change In Cash -$109.5M -$427.9M
YoY Change -74.41% 1284.79%
FREE CASH FLOW
Cash From Operating Activities $772.8M $523.6M
Capital Expenditures $122.6M $117.0M
Free Cash Flow $650.2M $406.6M
YoY Change 59.91% -64.31%

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201100000 USD
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CY2015Q4 us-gaap Other Liabilities Noncurrent
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CY2015Q2 us-gaap Payments To Acquire Investments
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CY2016Q2 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
0 USD
CY2015Q2 us-gaap Payments To Acquire Property Plant And Equipment
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117000000 USD
CY2016Q2 us-gaap Payments To Acquire Property Plant And Equipment
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151000000 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2016Q2 us-gaap Prepaid Expense And Other Assets Current
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CY2015Q2 us-gaap Proceeds From Issuance Of Common Stock
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CY2016Q2 us-gaap Proceeds From Issuance Of Common Stock
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CY2015Q2 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2016Q2 us-gaap Proceeds From Issuance Of Long Term Debt
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262300000 USD
CY2015Q2 us-gaap Proceeds From Payments For Other Financing Activities
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CY2016Q2 us-gaap Proceeds From Payments For Other Financing Activities
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CY2015Q2 us-gaap Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less
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CY2016Q2 us-gaap Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less
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CY2016Q2 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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CY2015Q2 us-gaap Proceeds From Sale And Maturity Of Other Investments
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CY2016Q2 us-gaap Proceeds From Sale And Maturity Of Other Investments
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CY2015Q4 us-gaap Product Warranty Accrual
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CY2016Q2 us-gaap Product Warranty Accrual
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100000 USD
CY2016Q2 us-gaap Product Warranty Accrual Currency Translation Increase Decrease
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1700000 USD
CY2016Q2 us-gaap Product Warranty Accrual Payments
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31600000 USD
CY2016Q2 us-gaap Product Warranty Accrual Warranties Issued
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CY2015Q4 us-gaap Property Plant And Equipment Net
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CY2016Q2 us-gaap Property Plant And Equipment Net
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CY2015Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
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CY2015Q2 us-gaap Reclassification From Aoci Current Period Tax
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CY2015Q2 us-gaap Repayments Of Long Term Debt
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CY2016Q2 us-gaap Repayments Of Long Term Debt
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300000 USD
CY2015Q2 us-gaap Research And Development Expense
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CY2015Q2 us-gaap Sales Revenue Net
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CY2016Q2 us-gaap Sales Revenue Net
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CY2015Q2 us-gaap Selling General And Administrative Expense
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CY2016Q2 us-gaap Selling General And Administrative Expense
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CY2015Q2 us-gaap Share Based Compensation
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CY2016Q2 us-gaap Share Based Compensation
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CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.006
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
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CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
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CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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3700000 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
20100000 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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21700000 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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57.84
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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63.27
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
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693800000 USD
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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20900000 shares
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
62.46
CY2016Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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42.38
CY2016Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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74.40
CY2016Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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87.20
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y
CY2016Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y
CY2016Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
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1400000 shares
CY2013Q3 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
20000000 shares
CY2016Q2 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
20000000 shares
CY2015Q4 us-gaap Stockholders Equity
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23690300000 USD
CY2016Q2 us-gaap Stockholders Equity
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CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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23764000000 USD
CY2016Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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24577100000 USD
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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718700000 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
697100000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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707200000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
688600000 shares

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