2016 Q3 Form 10-Q Financial Statement

#000155118216000106 Filed on November 01, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $4.987B $5.203B
YoY Change -4.15% -9.17%
Cost Of Revenue $3.374B $3.597B
YoY Change -6.2% -8.15%
Gross Profit $1.613B $1.606B
YoY Change 0.44% -11.37%
Gross Profit Margin 32.34% 30.87%
Selling, General & Admin $853.0M $907.0M
YoY Change -5.95% -5.62%
% of Gross Profit 52.88% 56.48%
Research & Development $146.0M $156.0M
YoY Change -6.41% -4.29%
% of Gross Profit 9.05% 9.71%
Depreciation & Amortization $233.0M $232.0M
YoY Change 0.43% -4.92%
% of Gross Profit 14.45% 14.45%
Operating Expenses $999.0M $1.063B
YoY Change -6.02% -5.43%
Operating Profit $614.0M $543.0M
YoY Change 13.08% -21.08%
Interest Expense -$59.00M -$59.00M
YoY Change 0.0% 5.36%
% of Operating Profit -9.61% -10.87%
Other Income/Expense, Net $15.00M $3.000M
YoY Change 400.0% -70.0%
Pretax Income $570.0M $487.0M
YoY Change 17.04% -24.14%
Income Tax $50.00M $42.00M
% Of Pretax Income 8.77% 8.62%
Net Earnings $523.0M $446.0M
YoY Change 17.26% -25.91%
Net Earnings / Revenue 10.49% 8.57%
Basic Earnings Per Share $1.15 $0.96
Diluted Earnings Per Share $1.14 $0.96
COMMON SHARES
Basic Shares Outstanding 453.9M shares 465.1M shares
Diluted Shares Outstanding 455.6M shares 466.4M shares

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $707.0M $568.0M
YoY Change 24.47% -42.63%
Cash & Equivalents $494.0M $418.0M
Short-Term Investments $213.0M $150.0M
Other Short-Term Assets $393.0M $960.0M
YoY Change -59.06% -1.13%
Inventory $2.328B $2.395B
Prepaid Expenses
Receivables $3.659B $3.656B
Other Receivables $0.00 $0.00
Total Short-Term Assets $7.087B $7.579B
YoY Change -6.49% -10.11%
LONG-TERM ASSETS
Property, Plant & Equipment $3.506B $3.590B
YoY Change -2.34% -3.03%
Goodwill $13.43B $13.54B
YoY Change -0.78% -3.89%
Intangibles $5.689B $6.139B
YoY Change -7.33% -8.9%
Long-Term Investments $0.00 $0.00
YoY Change
Other Assets $1.109B $1.107B
YoY Change 0.18% 6.65%
Total Long-Term Assets $24.15B $24.62B
YoY Change -1.92% -4.6%
TOTAL ASSETS
Total Short-Term Assets $7.087B $7.579B
Total Long-Term Assets $24.15B $24.62B
Total Assets $31.24B $32.20B
YoY Change -2.99% -5.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.790B $1.997B
YoY Change -10.37% -2.01%
Accrued Expenses $388.0M $373.0M
YoY Change 4.02% -12.03%
Deferred Revenue
YoY Change
Short-Term Debt $1.000M $1.000M
YoY Change 0.0% 0.0%
Long-Term Debt Due $550.0M $841.0M
YoY Change -34.6% 104.13%
Total Short-Term Liabilities $4.595B $5.100B
YoY Change -9.9% 2.29%
LONG-TERM LIABILITIES
Long-Term Debt $7.881B $7.830B
YoY Change 0.65% -8.82%
Other Long-Term Liabilities $988.0M $997.0M
YoY Change -0.9% -12.62%
Total Long-Term Liabilities $11.20B $11.69B
YoY Change -4.21% -7.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.595B $5.100B
Total Long-Term Liabilities $11.20B $11.69B
Total Liabilities $15.79B $16.79B
YoY Change -5.94% -4.58%
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 $15.40B $15.37B
YoY Change
Total Liabilities & Shareholders Equity $31.24B $32.20B
YoY Change -2.99% -5.95%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $523.0M $446.0M
YoY Change 17.26% -25.91%
Depreciation, Depletion And Amortization $233.0M $232.0M
YoY Change 0.43% -4.92%
Cash From Operating Activities $799.0M $973.0M
YoY Change -17.88% 236.68%
INVESTING ACTIVITIES
Capital Expenditures -$100.0M -$122.0M
YoY Change -18.03% -14.08%
Acquisitions
YoY Change
Other Investing Activities -$67.00M -$44.00M
YoY Change 52.27% -115.33%
Cash From Investing Activities -$167.0M -$166.0M
YoY Change 0.6% -214.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -461.0M -677.0M
YoY Change -31.91% 68.41%
NET CHANGE
Cash From Operating Activities 799.0M 973.0M
Cash From Investing Activities -167.0M -166.0M
Cash From Financing Activities -461.0M -677.0M
Net Change In Cash 171.0M 130.0M
YoY Change 31.54% 306.25%
FREE CASH FLOW
Cash From Operating Activities $799.0M $973.0M
Capital Expenditures -$100.0M -$122.0M
Free Cash Flow $899.0M $1.095B
YoY Change -17.9% 154.06%

Facts In Submission

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OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
-151000000 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
-99000000 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
52000000 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
CY2016Q3 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
1000000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-33000000 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
CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
24000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
42000000 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
CY2016Q3 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
-132000000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-2000000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax
1000000 USD
CY2015Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1833000000 USD
CY2016Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1866000000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
978000000 USD
CY2016Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
988000000 USD
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
27000000 USD
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
15000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
28000000 USD
us-gaap Other Postretirement Benefits Payments
OtherPostretirementBenefitsPayments
24000000 USD
us-gaap Other Postretirement Benefits Payments
OtherPostretirementBenefitsPayments
26000000 USD
CY2015Q4 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent
440000000 USD
CY2016Q3 us-gaap Other Postretirement Defined Benefit Plan Liabilities Noncurrent
OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent
429000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
44000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-3000000 USD
us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
-76000000 USD
us-gaap Payments For Proceeds From Short Term Investments
PaymentsForProceedsFromShortTermInvestments
29000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
454000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
567000000 USD
CY2015 us-gaap Payments For Restructuring
PaymentsForRestructuring
62000000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
100000000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
771000000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
780000000 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
368000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
346000000 USD
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
244000000 USD
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
177000000 USD
us-gaap Pension Contributions
PensionContributions
290000000 USD
us-gaap Pension Contributions
PensionContributions
114000000 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
369000000 USD
CY2016Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
393000000 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
1000000 USD
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
0 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
567000000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3506000000 USD
CY2015Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
3479000000 USD
CY2016Q3 us-gaap Receivables Net Current
ReceivablesNetCurrent
3659000000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-101000000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
405000000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
666000000 USD
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
156000000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
472000000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
633000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-8000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-5000000 USD
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
0 USD
us-gaap Proceeds From Repayments Of Related Party Debt
ProceedsFromRepaymentsOfRelatedPartyDebt
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
48000000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
60000000 USD
CY2015Q3 us-gaap Profit Loss
ProfitLoss
445000000 USD
us-gaap Profit Loss
ProfitLoss
1447000000 USD
CY2016Q3 us-gaap Profit Loss
ProfitLoss
522000000 USD
us-gaap Profit Loss
ProfitLoss
1417000000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3565000000 USD
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
146000000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
444000000 USD
CY2015Q3 us-gaap Restructuring Charges
RestructuringCharges
113000000 USD
us-gaap Restructuring Charges
RestructuringCharges
127000000 USD
CY2015 us-gaap Restructuring Charges
RestructuringCharges
129000000 USD
CY2016Q3 us-gaap Restructuring Charges
RestructuringCharges
23000000 USD
us-gaap Restructuring Charges
RestructuringCharges
121000000 USD
CY2014Q4 us-gaap Restructuring Reserve
RestructuringReserve
0 USD
CY2015Q4 us-gaap Restructuring Reserve
RestructuringReserve
54000000 USD
CY2016Q3 us-gaap Restructuring Reserve
RestructuringReserve
60000000 USD
CY2015 us-gaap Restructuring Reserve Translation And Other Adjustment
RestructuringReserveTranslationAndOtherAdjustment
-13000000 USD
us-gaap Restructuring Reserve Translation And Other Adjustment
RestructuringReserveTranslationAndOtherAdjustment
-15000000 USD
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
5203000000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
15798000000 USD
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
4987000000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
14880000000 USD
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
907000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2723000000 USD
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
853000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2642000000 USD
CY2015Q3 us-gaap Severance Costs1
SeveranceCosts1
99000000 USD
us-gaap Severance Costs1
SeveranceCosts1
111000000 USD
CY2016Q3 us-gaap Severance Costs1
SeveranceCosts1
18000000 USD
us-gaap Severance Costs1
SeveranceCosts1
95000000 USD
CY2015Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
426000000 USD
CY2016Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
1000000 USD
CY2015Q4 us-gaap Short Term Investments
ShortTermInvestments
177000000 USD
CY2016Q3 us-gaap Short Term Investments
ShortTermInvestments
213000000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
15186000000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
105000000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
15404000000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
15231000000 USD
CY2016Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
15446000000 USD
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
CY2016Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1700000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1400000 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
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
455600000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
457900000 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
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
453900000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
456500000 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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