2015 Q2 Form 10-Q Financial Statement

#000155118215000018 Filed on July 29, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $5.372B $5.767B
YoY Change -6.85% 2.95%
Cost Of Revenue $3.675B $4.025B
YoY Change -8.7% 4.01%
Gross Profit $1.697B $1.742B
YoY Change -2.58% 0.58%
Gross Profit Margin 31.59% 30.21%
Selling, General & Admin $901.0M $984.0M
YoY Change -8.43% 2.5%
% of Gross Profit 53.09% 56.49%
Research & Development $158.0M $168.0M
YoY Change -5.95% 4.35%
% of Gross Profit 9.31% 9.64%
Depreciation & Amortization $234.0M $250.0M
YoY Change -6.4% 2.04%
% of Gross Profit 13.79% 14.35%
Operating Expenses $1.059B $1.152B
YoY Change -8.07% 2.77%
Operating Profit $638.0M $590.0M
YoY Change 8.14% -29.93%
Interest Expense -$59.00M -$55.00M
YoY Change 7.27% -22.54%
% of Operating Profit -9.25% -9.32%
Other Income/Expense, Net $19.00M $166.0M
YoY Change -88.55% -2866.67%
Pretax Income $598.0M $57.00M
YoY Change 949.12% -89.33%
Income Tax $63.00M -$115.0M
% Of Pretax Income 10.54% -201.75%
Net Earnings $535.0M $171.0M
YoY Change 212.87% -65.59%
Net Earnings / Revenue 9.96% 2.97%
Basic Earnings Per Share $1.14 $0.36
Diluted Earnings Per Share $1.14 $0.36
COMMON SHARES
Basic Shares Outstanding 467.6M shares 475.9M shares
Diluted Shares Outstanding 469.2M shares 478.5M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $430.0M $1.265B
YoY Change -66.01% 27.01%
Cash & Equivalents $303.0M $631.0M
Short-Term Investments $127.0M $634.0M
Other Short-Term Assets $935.0M $1.029B
YoY Change -9.14% 2.08%
Inventory $2.439B $2.534B
Prepaid Expenses
Receivables $3.840B $4.010B
Other Receivables $0.00 $0.00
Total Short-Term Assets $7.644B $8.838B
YoY Change -13.51% 7.4%
LONG-TERM ASSETS
Property, Plant & Equipment $3.680B $3.793B
YoY Change -2.98% 1.17%
Goodwill $13.70B $14.38B
YoY Change -4.72% 2.33%
Intangibles $6.282B $6.976B
YoY Change -9.95% -2.92%
Long-Term Investments $0.00 $0.00
YoY Change
Other Assets $1.025B $1.032B
YoY Change -0.68% 17.94%
Total Long-Term Assets $24.94B $26.42B
YoY Change -5.62% -2.25%
TOTAL ASSETS
Total Short-Term Assets $7.644B $8.838B
Total Long-Term Assets $24.94B $26.42B
Total Assets $32.58B $35.26B
YoY Change -7.6% 0.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.931B $2.044B
YoY Change -5.53% -0.05%
Accrued Expenses $327.0M $373.0M
YoY Change -12.33% 1.36%
Deferred Revenue
YoY Change
Short-Term Debt $139.0M $2.000M
YoY Change 6850.0% -98.26%
Long-Term Debt Due $842.0M $416.0M
YoY Change 102.4% -27.65%
Total Short-Term Liabilities $5.056B $5.543B
YoY Change -8.79% 11.28%
LONG-TERM LIABILITIES
Long-Term Debt $7.770B $8.615B
YoY Change -9.81% -5.01%
Other Long-Term Liabilities $1.015B $1.121B
YoY Change -9.46% 20.02%
Total Long-Term Liabilities $11.72B $12.67B
YoY Change -7.52% -14.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.056B $5.543B
Total Long-Term Liabilities $11.72B $12.67B
Total Liabilities $16.78B $18.22B
YoY Change -7.91% -8.12%
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 $15.75B $16.98B
YoY Change
Total Liabilities & Shareholders Equity $32.58B $35.26B
YoY Change -7.6% 0.0%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $535.0M $171.0M
YoY Change 212.87% -65.59%
Depreciation, Depletion And Amortization $234.0M $250.0M
YoY Change -6.4% 2.04%
Cash From Operating Activities $579.0M $633.0M
YoY Change -8.53% 3.94%
INVESTING ACTIVITIES
Capital Expenditures -$141.0M -$126.0M
YoY Change 11.9% -2.33%
Acquisitions
YoY Change
Other Investing Activities -$13.00M -$30.00M
YoY Change -56.67% -21.05%
Cash From Investing Activities -$154.0M -$156.0M
YoY Change -1.28% -6.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $99.00M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -785.0M -635.0M
YoY Change 23.62% 44.32%
NET CHANGE
Cash From Operating Activities 579.0M 633.0M
Cash From Investing Activities -154.0M -156.0M
Cash From Financing Activities -785.0M -635.0M
Net Change In Cash -360.0M -158.0M
YoY Change 127.85% -8000.0%
FREE CASH FLOW
Cash From Operating Activities $579.0M $633.0M
Capital Expenditures -$141.0M -$126.0M
Free Cash Flow $720.0M $759.0M
YoY Change -5.14% 2.85%

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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-511000000 USD
us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
-114000000 USD
us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
-74000000 USD
us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax
40000000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
2000000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
2000000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
3000000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
3000000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
83000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
86000000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
230000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-404000000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-23000000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-73000000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-18000000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-104000000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
4000000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax
-2000000 USD
CY2014Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1985000000 USD
CY2015Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1817000000 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1085000000 USD
CY2015Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1015000000 USD
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
166000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
171000000 USD
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
19000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
24000000 USD
us-gaap Other Postretirement Benefits Payments
OtherPostretirementBenefitsPayments
24000000 USD
us-gaap Other Postretirement Benefits Payments
OtherPostretirementBenefitsPayments
16000000 USD
CY2014Q4 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent
513000000 USD
CY2015Q2 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent
507000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
51000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
33000000 USD
us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
-162000000 USD
us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
-109000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
99000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
170000000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
467000000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
514000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
38000000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
236000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
246000000 USD
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
180000000 USD
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
158000000 USD
us-gaap Pension Contributions
PensionContributions
304000000 USD
us-gaap Pension Contributions
PensionContributions
258000000 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
386000000 USD
CY2015Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
382000000 USD
us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
0 USD
us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
0 USD
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
273000000 USD
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
1000000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
137000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-7000000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
44000000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
46000000 USD
CY2014Q2 us-gaap Profit Loss
ProfitLoss
172000000 USD
us-gaap Profit Loss
ProfitLoss
613000000 USD
CY2015Q2 us-gaap Profit Loss
ProfitLoss
535000000 USD
us-gaap Profit Loss
ProfitLoss
1002000000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3750000000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3680000000 USD
CY2014Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
3667000000 USD
CY2015Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
3840000000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-70000000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
576000000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
404000000 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 USD
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
168000000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
330000000 USD
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
158000000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
316000000 USD
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
5767000000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
11259000000 USD
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
5372000000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
10595000000 USD
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
984000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1946000000 USD
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
901000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1816000000 USD
CY2014Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
2000000 USD
CY2015Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
139000000 USD
CY2014Q4 us-gaap Short Term Investments
ShortTermInvestments
245000000 USD
CY2015Q2 us-gaap Short Term Investments
ShortTermInvestments
127000000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
54000000 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
170000000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
15786000000 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
15753000000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
15839000000 USD
CY2015Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
15803000000 USD
CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2600000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2800000 shares
CY2015Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1600000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1900000 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
478500000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
478700000 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
469200000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
469600000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
475900000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
475900000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
467600000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
467700000 shares
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:6px;padding-top:8px;text-align:left;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior year amounts have been reclassified to conform to the current year presentation.</font></div></div>

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