2016 Q2 Form 10-Q Financial Statement

#000155118216000092 Filed on August 02, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $5.080B $5.372B
YoY Change -5.44% -6.85%
Cost Of Revenue $3.422B $3.675B
YoY Change -6.88% -8.7%
Gross Profit $1.658B $1.697B
YoY Change -2.3% -2.58%
Gross Profit Margin 32.64% 31.59%
Selling, General & Admin $897.0M $901.0M
YoY Change -0.44% -8.43%
% of Gross Profit 54.1% 53.09%
Research & Development $149.0M $158.0M
YoY Change -5.7% -5.95%
% of Gross Profit 8.99% 9.31%
Depreciation & Amortization $234.0M $234.0M
YoY Change 0.0% -6.4%
% of Gross Profit 14.11% 13.79%
Operating Expenses $1.046B $1.059B
YoY Change -1.23% -8.07%
Operating Profit $612.0M $638.0M
YoY Change -4.08% 8.14%
Interest Expense -$57.00M -$59.00M
YoY Change -3.39% 7.27%
% of Operating Profit -9.31% -9.25%
Other Income/Expense, Net -$5.000M $19.00M
YoY Change -126.32% -88.55%
Pretax Income $550.0M $598.0M
YoY Change -8.03% 949.12%
Income Tax $60.00M $63.00M
% Of Pretax Income 10.91% 10.54%
Net Earnings $491.0M $535.0M
YoY Change -8.22% 212.87%
Net Earnings / Revenue 9.67% 9.96%
Basic Earnings Per Share $1.07 $1.14
Diluted Earnings Per Share $1.07 $1.14
COMMON SHARES
Basic Shares Outstanding 457.0M shares 467.6M shares
Diluted Shares Outstanding 458.3M shares 469.2M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $469.0M $430.0M
YoY Change 9.07% -66.01%
Cash & Equivalents $323.0M $303.0M
Short-Term Investments $146.0M $127.0M
Other Short-Term Assets $406.0M $935.0M
YoY Change -56.58% -9.14%
Inventory $2.323B $2.439B
Prepaid Expenses
Receivables $3.628B $3.840B
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.826B $7.644B
YoY Change -10.7% -13.51%
LONG-TERM ASSETS
Property, Plant & Equipment $3.551B $3.680B
YoY Change -3.51% -2.98%
Goodwill $13.45B $13.70B
YoY Change -1.81% -4.72%
Intangibles $5.795B $6.282B
YoY Change -7.75% -9.95%
Long-Term Investments $0.00 $0.00
YoY Change
Other Assets $1.119B $1.025B
YoY Change 9.17% -0.68%
Total Long-Term Assets $24.33B $24.94B
YoY Change -2.43% -5.62%
TOTAL ASSETS
Total Short-Term Assets $6.826B $7.644B
Total Long-Term Assets $24.33B $24.94B
Total Assets $31.15B $32.58B
YoY Change -4.37% -7.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.802B $1.931B
YoY Change -6.68% -5.53%
Accrued Expenses $316.0M $327.0M
YoY Change -3.36% -12.33%
Deferred Revenue
YoY Change
Short-Term Debt $557.0M $139.0M
YoY Change 300.72% 6850.0%
Long-Term Debt Due $252.0M $842.0M
YoY Change -70.07% 102.4%
Total Short-Term Liabilities $4.816B $5.056B
YoY Change -4.75% -8.79%
LONG-TERM LIABILITIES
Long-Term Debt $7.605B $7.770B
YoY Change -2.12% -9.81%
Other Long-Term Liabilities $1.017B $1.015B
YoY Change 0.2% -9.46%
Total Long-Term Liabilities $10.97B $11.72B
YoY Change -6.37% -7.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.816B $5.056B
Total Long-Term Liabilities $10.97B $11.72B
Total Liabilities $15.79B $16.78B
YoY Change -5.88% -7.91%
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 $15.32B $15.75B
YoY Change
Total Liabilities & Shareholders Equity $31.15B $32.58B
YoY Change -4.37% -7.6%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $491.0M $535.0M
YoY Change -8.22% 212.87%
Depreciation, Depletion And Amortization $234.0M $234.0M
YoY Change 0.0% -6.4%
Cash From Operating Activities $745.0M $579.0M
YoY Change 28.67% -8.53%
INVESTING ACTIVITIES
Capital Expenditures -$135.0M -$141.0M
YoY Change -4.26% 11.9%
Acquisitions
YoY Change
Other Investing Activities $90.00M -$13.00M
YoY Change -792.31% -56.67%
Cash From Investing Activities -$45.00M -$154.0M
YoY Change -70.78% -1.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -705.0M -785.0M
YoY Change -10.19% 23.62%
NET CHANGE
Cash From Operating Activities 745.0M 579.0M
Cash From Investing Activities -45.00M -154.0M
Cash From Financing Activities -705.0M -785.0M
Net Change In Cash -5.000M -360.0M
YoY Change -98.61% 127.85%
FREE CASH FLOW
Cash From Operating Activities $745.0M $579.0M
Capital Expenditures -$135.0M -$141.0M
Free Cash Flow $880.0M $720.0M
YoY Change 22.22% -5.14%

Facts In Submission

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1119000000 USD
CY2015Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
209000000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-511000000 USD
CY2016Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-296000000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-35000000 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
-98000000 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
-65000000 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
33000000 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
CY2016Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-12000000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-34000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-404000000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-255000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
18000000 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
CY2016Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-53000000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-87000000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
1000000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax
0 USD
CY2015Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1833000000 USD
CY2016Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1889000000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
978000000 USD
CY2016Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1017000000 USD
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
19000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
24000000 USD
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-5000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
13000000 USD
us-gaap Other Postretirement Benefits Payments
OtherPostretirementBenefitsPayments
16000000 USD
us-gaap Other Postretirement Benefits Payments
OtherPostretirementBenefitsPayments
18000000 USD
CY2015Q4 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent
440000000 USD
CY2016Q2 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent
433000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
33000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-3000000 USD
us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
-109000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
295000000 USD
us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
-38000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
170000000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
137000000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
151000000 USD
CY2015 us-gaap Payments For Restructuring
PaymentsForRestructuring
62000000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
64000000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
514000000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
521000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
38000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
-1000000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
0 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
246000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
246000000 USD
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
158000000 USD
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
116000000 USD
us-gaap Pension Contributions
PensionContributions
258000000 USD
us-gaap Pension Contributions
PensionContributions
74000000 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
369000000 USD
CY2016Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
406000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-7000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
46000000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
37000000 USD
CY2015Q2 us-gaap Profit Loss
ProfitLoss
535000000 USD
us-gaap Profit Loss
ProfitLoss
1002000000 USD
CY2016Q2 us-gaap Profit Loss
ProfitLoss
492000000 USD
us-gaap Profit Loss
ProfitLoss
895000000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3565000000 USD
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3551000000 USD
CY2015Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
3479000000 USD
CY2016Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
3628000000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-64000000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
404000000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
240000000 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 USD
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 USD
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
158000000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
316000000 USD
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
149000000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
298000000 USD
CY2015Q2 us-gaap Restructuring Charges
RestructuringCharges
4000000 USD
us-gaap Restructuring Charges
RestructuringCharges
14000000 USD
CY2015 us-gaap Restructuring Charges
RestructuringCharges
129000000 USD
CY2016Q2 us-gaap Restructuring Charges
RestructuringCharges
35000000 USD
us-gaap Restructuring Charges
RestructuringCharges
98000000 USD
CY2014Q4 us-gaap Restructuring Reserve
RestructuringReserve
0 USD
CY2015Q4 us-gaap Restructuring Reserve
RestructuringReserve
54000000 USD
CY2016Q2 us-gaap Restructuring Reserve
RestructuringReserve
76000000 USD
CY2015 us-gaap Restructuring Reserve Translation And Other Adjustment
RestructuringReserveTranslationAndOtherAdjustment
-13000000 USD
us-gaap Restructuring Reserve Translation And Other Adjustment
RestructuringReserveTranslationAndOtherAdjustment
-12000000 USD
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
5372000000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
10595000000 USD
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
5080000000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
9893000000 USD
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
901000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1816000000 USD
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
897000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1789000000 USD
CY2015Q2 us-gaap Severance Costs1
SeveranceCosts1
3000000 USD
us-gaap Severance Costs1
SeveranceCosts1
12000000 USD
CY2016Q2 us-gaap Severance Costs1
SeveranceCosts1
20000000 USD
us-gaap Severance Costs1
SeveranceCosts1
77000000 USD
CY2015Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
426000000 USD
CY2016Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
557000000 USD
CY2015Q4 us-gaap Short Term Investments
ShortTermInvestments
177000000 USD
CY2016Q2 us-gaap Short Term Investments
ShortTermInvestments
146000000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
66000000 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
324000000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
15186000000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
15320000000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
15231000000 USD
CY2016Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
15364000000 USD
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
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1300000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1200000 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
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
458300000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
459000000 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
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
457000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
457800000 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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