2015 Q3 Form 10-Q Financial Statement

#000155118215000023 Filed on October 30, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $5.203B $5.728B
YoY Change -9.17% 2.16%
Cost Of Revenue $3.597B $3.916B
YoY Change -8.15% 0.85%
Gross Profit $1.606B $1.812B
YoY Change -11.37% 5.1%
Gross Profit Margin 30.87% 31.63%
Selling, General & Admin $907.0M $961.0M
YoY Change -5.62% -0.62%
% of Gross Profit 56.48% 53.04%
Research & Development $156.0M $163.0M
YoY Change -4.29% -1.81%
% of Gross Profit 9.71% 9.0%
Depreciation & Amortization $232.0M $244.0M
YoY Change -4.92% -2.4%
% of Gross Profit 14.45% 13.47%
Operating Expenses $1.063B $1.124B
YoY Change -5.43% -0.79%
Operating Profit $543.0M $688.0M
YoY Change -21.08% -18.68%
Interest Expense -$59.00M -$56.00M
YoY Change 5.36% -11.11%
% of Operating Profit -10.87% -8.14%
Other Income/Expense, Net $3.000M $10.00M
YoY Change -70.0% -242.86%
Pretax Income $487.0M $642.0M
YoY Change -24.14% 23.22%
Income Tax $42.00M $37.00M
% Of Pretax Income 8.62% 5.76%
Net Earnings $446.0M $602.0M
YoY Change -25.91% 17.12%
Net Earnings / Revenue 8.57% 10.51%
Basic Earnings Per Share $0.96 $1.27
Diluted Earnings Per Share $0.96 $1.26
COMMON SHARES
Basic Shares Outstanding 465.1M shares 474.8M shares
Diluted Shares Outstanding 466.4M shares 477.2M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $568.0M $990.0M
YoY Change -42.63% -26.12%
Cash & Equivalents $418.0M $655.0M
Short-Term Investments $150.0M $335.0M
Other Short-Term Assets $960.0M $971.0M
YoY Change -1.13% -9.51%
Inventory $2.395B $2.498B
Prepaid Expenses
Receivables $3.656B $3.972B
Other Receivables $0.00 $0.00
Total Short-Term Assets $7.579B $8.431B
YoY Change -10.11% -3.82%
LONG-TERM ASSETS
Property, Plant & Equipment $3.590B $3.702B
YoY Change -3.03% -1.46%
Goodwill $13.54B $14.09B
YoY Change -3.89% -1.32%
Intangibles $6.139B $6.739B
YoY Change -8.9% -6.8%
Long-Term Investments $0.00 $0.00
YoY Change
Other Assets $1.107B $1.038B
YoY Change 6.65% 8.81%
Total Long-Term Assets $24.62B $25.81B
YoY Change -4.6% -2.78%
TOTAL ASSETS
Total Short-Term Assets $7.579B $8.431B
Total Long-Term Assets $24.62B $25.81B
Total Assets $32.20B $34.24B
YoY Change -5.95% -3.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.997B $2.038B
YoY Change -2.01% 3.14%
Accrued Expenses $373.0M $424.0M
YoY Change -12.03% -1.4%
Deferred Revenue
YoY Change
Short-Term Debt $1.000M $1.000M
YoY Change 0.0% -98.86%
Long-Term Debt Due $841.0M $412.0M
YoY Change 104.13% -28.47%
Total Short-Term Liabilities $5.100B $4.986B
YoY Change 2.29% -1.35%
LONG-TERM LIABILITIES
Long-Term Debt $7.830B $8.587B
YoY Change -8.82% -4.9%
Other Long-Term Liabilities $997.0M $1.141B
YoY Change -12.62% 7.14%
Total Long-Term Liabilities $11.69B $12.61B
YoY Change -7.3% -10.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.100B $4.986B
Total Long-Term Liabilities $11.69B $12.61B
Total Liabilities $16.79B $17.59B
YoY Change -4.58% -8.34%
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 $15.37B $16.59B
YoY Change
Total Liabilities & Shareholders Equity $32.20B $34.24B
YoY Change -5.95% -3.04%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $446.0M $602.0M
YoY Change -25.91% 17.12%
Depreciation, Depletion And Amortization $232.0M $244.0M
YoY Change -4.92% -2.4%
Cash From Operating Activities $973.0M $289.0M
YoY Change 236.68% -58.95%
INVESTING ACTIVITIES
Capital Expenditures -$122.0M -$142.0M
YoY Change -14.08% 17.36%
Acquisitions
YoY Change
Other Investing Activities -$44.00M $287.0M
YoY Change -115.33% -183.92%
Cash From Investing Activities -$166.0M $145.0M
YoY Change -214.48% -131.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -677.0M -402.0M
YoY Change 68.41% 71.06%
NET CHANGE
Cash From Operating Activities 973.0M 289.0M
Cash From Investing Activities -166.0M 145.0M
Cash From Financing Activities -677.0M -402.0M
Net Change In Cash 130.0M 32.00M
YoY Change 306.25% 433.33%
FREE CASH FLOW
Cash From Operating Activities $973.0M $289.0M
Capital Expenditures -$122.0M -$142.0M
Free Cash Flow $1.095B $431.0M
YoY Change 154.06% -47.76%

Facts In Submission

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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-883000000 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
-178000000 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
-116000000 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
62000000 USD
CY2014Q3 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
-1000000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
0 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
3000000 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-567000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-481000000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-312000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-716000000 USD
CY2014Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-45000000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-118000000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-60000000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-164000000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
7000000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax
-4000000 USD
CY2014Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1985000000 USD
CY2015Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1888000000 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1085000000 USD
CY2015Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
997000000 USD
CY2014Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
10000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
181000000 USD
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
27000000 USD
us-gaap Other Postretirement Benefits Payments
OtherPostretirementBenefitsPayments
38000000 USD
us-gaap Other Postretirement Benefits Payments
OtherPostretirementBenefitsPayments
24000000 USD
CY2014Q4 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent
513000000 USD
CY2015Q3 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent
502000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
56000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
44000000 USD
us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
-445000000 USD
us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
-76000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
267000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
454000000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
30000000 USD
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
0 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
700000000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
771000000 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
378000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
368000000 USD
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
260000000 USD
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
244000000 USD
us-gaap Pension Contributions
PensionContributions
333000000 USD
us-gaap Pension Contributions
PensionContributions
290000000 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
386000000 USD
CY2015Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
410000000 USD
us-gaap Proceeds From Contributions From Affiliates
ProceedsFromContributionsFromAffiliates
0 USD
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
282000000 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
1000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-3000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-8000000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
50000000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
48000000 USD
CY2014Q3 us-gaap Profit Loss
ProfitLoss
605000000 USD
us-gaap Profit Loss
ProfitLoss
1218000000 USD
CY2015Q3 us-gaap Profit Loss
ProfitLoss
445000000 USD
us-gaap Profit Loss
ProfitLoss
1447000000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3750000000 USD
CY2015Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3590000000 USD
CY2014Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
3667000000 USD
CY2015Q3 us-gaap Receivables Net Current
ReceivablesNetCurrent
3656000000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-109000000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
580000000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
405000000 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 USD
CY2014Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
163000000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
493000000 USD
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
156000000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
472000000 USD
CY2015Q3 us-gaap Restructuring Charges
RestructuringCharges
113000000 USD
us-gaap Restructuring Charges
RestructuringCharges
113000000 USD
CY2014Q4 us-gaap Restructuring Reserve
RestructuringReserve
0 USD
CY2015Q3 us-gaap Restructuring Reserve
RestructuringReserve
71000000 USD
us-gaap Restructuring Reserve Translation And Other Adjustment
RestructuringReserveTranslationAndOtherAdjustment
-12000000 USD
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
5728000000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
16987000000 USD
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
5203000000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
15798000000 USD
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
961000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2907000000 USD
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
907000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2723000000 USD
CY2014Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
2000000 USD
CY2015Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
1000000 USD
CY2014Q4 us-gaap Short Term Investments
ShortTermInvestments
245000000 USD
CY2015Q3 us-gaap Short Term Investments
ShortTermInvestments
150000000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
77000000 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
454000000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
15786000000 USD
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
15366000000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
15839000000 USD
CY2015Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
15413000000 USD
CY2014Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2400000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2700000 shares
CY2015Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1300000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1700000 shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
477200000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
478200000 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
466400000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
468500000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
474800000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
475500000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
465100000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
466800000 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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