2017 Q1 Form 10-Q Financial Statement

#000140807517000021 Filed on April 26, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $1.062B $1.034B
YoY Change 2.66% 2.56%
Cost Of Revenue $889.6M $826.3M
YoY Change 7.66% 0.94%
Gross Profit $175.0M $207.7M
YoY Change -15.74% 9.55%
Gross Profit Margin 16.49% 20.09%
Selling, General & Admin $91.90M $89.10M
YoY Change 3.14% 4.33%
% of Gross Profit 52.51% 42.9%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $75.00M $70.70M
YoY Change 6.08% 3.82%
% of Gross Profit 42.86% 34.04%
Operating Expenses $91.90M $89.10M
YoY Change 3.14% 4.33%
Operating Profit $71.60M $107.2M
YoY Change -33.21% 1.8%
Interest Expense $21.30M $16.90M
YoY Change 26.04% 0.0%
% of Operating Profit 29.75% 15.76%
Other Income/Expense, Net $3.900M
YoY Change
Pretax Income $54.20M $90.30M
YoY Change -39.98% 2.15%
Income Tax $17.60M $33.20M
% Of Pretax Income 32.47% 36.77%
Net Earnings $37.00M $57.50M
YoY Change -35.65% 4.36%
Net Earnings / Revenue 3.49% 5.56%
Basic Earnings Per Share $0.12 $0.18
Diluted Earnings Per Share $0.12 $0.18
COMMON SHARES
Basic Shares Outstanding 312.9M shares 323.1M shares
Diluted Shares Outstanding 314.1M shares 324.2M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.40M $75.60M
YoY Change -50.53% 74.19%
Cash & Equivalents $37.40M $75.60M
Short-Term Investments
Other Short-Term Assets $51.80M $41.20M
YoY Change 25.73% -5.29%
Inventory $603.1M $599.4M
Prepaid Expenses
Receivables $453.0M $474.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.145B $1.190B
YoY Change -3.77% -9.33%
LONG-TERM ASSETS
Property, Plant & Equipment $1.785B $1.690B
YoY Change 5.68% 8.15%
Goodwill $1.266B $1.280B
YoY Change -1.11% 8.77%
Intangibles $434.7M $482.1M
YoY Change -9.83% 27.27%
Long-Term Investments
YoY Change
Other Assets $30.60M $49.20M
YoY Change -37.8% -21.66%
Total Long-Term Assets $3.517B $3.501B
YoY Change 0.45% 10.07%
TOTAL ASSETS
Total Short-Term Assets $1.145B $1.190B
Total Long-Term Assets $3.517B $3.501B
Total Assets $4.662B $4.691B
YoY Change -0.62% 4.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $447.0M $406.5M
YoY Change 9.96% -6.64%
Accrued Expenses $241.4M $231.0M
YoY Change 4.5% 11.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $69.00M $33.30M
YoY Change 107.21% -4.86%
Total Short-Term Liabilities $757.4M $670.8M
YoY Change 12.91% -0.95%
LONG-TERM LIABILITIES
Long-Term Debt $2.184B $2.268B
YoY Change -3.7% 9.5%
Other Long-Term Liabilities $68.90M $77.50M
YoY Change -11.1% -7.41%
Total Long-Term Liabilities $2.253B $2.345B
YoY Change -3.94% 8.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $757.4M $670.8M
Total Long-Term Liabilities $2.253B $2.345B
Total Liabilities $3.010B $3.016B
YoY Change -0.2% 6.5%
SHAREHOLDERS EQUITY
Retained Earnings -$237.8M -$310.6M
YoY Change -23.44% -25.48%
Common Stock $1.685B $1.746B
YoY Change -3.48% -1.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.081B $1.100B
YoY Change
Total Liabilities & Shareholders Equity $4.662B $4.691B
YoY Change -0.62% 4.4%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $37.00M $57.50M
YoY Change -35.65% 4.36%
Depreciation, Depletion And Amortization $75.00M $70.70M
YoY Change 6.08% 3.82%
Cash From Operating Activities -$91.70M $58.40M
YoY Change -257.02% 110.83%
INVESTING ACTIVITIES
Capital Expenditures -$76.10M -$103.0M
YoY Change -26.12% 69.69%
Acquisitions $0.00 $288.5M
YoY Change -100.0% 147.43%
Other Investing Activities $1.200M $1.400M
YoY Change -14.29% 1300.0%
Cash From Investing Activities $42.80M -$392.9M
YoY Change -110.89% 121.48%
FINANCING ACTIVITIES
Cash Dividend Paid $23.60M $16.30M
YoY Change 44.79%
Common Stock Issuance & Retirement, Net $40.10M $43.50M
YoY Change -7.82% 987.5%
Debt Paid & Issued, Net $6.300M $6.300M
YoY Change 0.0% 0.0%
Cash From Financing Activities $25.90M $353.3M
YoY Change -92.67% 207.22%
NET CHANGE
Cash From Operating Activities -$91.70M $58.40M
Cash From Investing Activities $42.80M -$392.9M
Cash From Financing Activities $25.90M $353.3M
Net Change In Cash -$23.00M $18.80M
YoY Change -222.34% -154.18%
FREE CASH FLOW
Cash From Operating Activities -$91.70M $58.40M
Capital Expenditures -$76.10M -$103.0M
Free Cash Flow -$15.60M $161.4M
YoY Change -109.67% 82.58%

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CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
58400000 USD
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
28400000 USD
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
57500000 USD
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
37000000 USD
CY2017Q1 us-gaap Number Of Real Estate Properties
NumberOfRealEstateProperties
7 paperboard_mill
CY2017Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
107200000 USD
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
75500000 USD
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
127200000 USD
CY2017Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
127200000 USD
CY2016Q4 us-gaap Other Assets Current
OtherAssetsCurrent
46100000 USD
CY2017Q1 us-gaap Other Assets Current
OtherAssetsCurrent
51800000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
31000000 USD
CY2017Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
30600000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
17600000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-2000000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-1900000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
6000000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
18900000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
6600000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
17700000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-2600000 USD
CY2017Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-700000 USD
CY2017Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-2200000 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
68100000 USD
CY2017Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
68900000 USD
CY2016Q4 us-gaap Other Long Term Debt
OtherLongTermDebt
3000000 USD
CY2017Q1 us-gaap Other Long Term Debt
OtherLongTermDebt
2800000 USD
CY2016Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-12800000 USD
CY2017Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-4100000 USD
CY2016Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-900000 USD
CY2017Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
200000 USD
CY2016Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
1400000 USD
CY2017Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
1200000 USD
CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
43500000 USD
CY2017Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
40100000 USD
CY2016Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
16300000 USD
CY2017Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
23600000 USD
CY2016Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
10400000 USD
CY2017Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
10000000 USD
CY2016 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
333000000 USD
CY2016Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
288500000 USD
CY2017Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2016Q1 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
4000000 USD
CY2017Q1 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
6900000 USD
CY2016Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
99000000 USD
CY2017Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
69200000 USD
CY2016Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
202500000 USD
CY2017Q1 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
189500000 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2017Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
552500000 USD
CY2017Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
310100000 USD
CY2016Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-300000 USD
CY2017Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
2200000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1751900000 USD
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1785400000 USD
CY2016Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
426800000 USD
CY2017Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
453000000 USD
CY2017Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-100000 USD
CY2016Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
122400000 USD
CY2017Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
206400000 USD
CY2016Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
6300000 USD
CY2017Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
6300000 USD
CY2017Q1 us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
RestrictedStockValueSharesIssuedNetOfTaxWithholdings
-10000000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-268000000 USD
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-237800000 USD
CY2016Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1034000000 USD
CY2017Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
1061500000 USD
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
89100000 USD
CY2017Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
91100000 USD
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
1600000 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
900000 shares
CY2015Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
250000000 USD
CY2017Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
250000000 USD
CY2017Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
230000000 USD
CY2017Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1440697 shares
CY2016Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
3712552 shares
CY2017Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
2956121 shares
CY2017Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
38400000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
1056500000 USD
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
1080800000 USD
CY2016Q1 us-gaap Transfer Of Financial Assets Accounted For As Sales Amount Derecognized
TransferOfFinancialAssetsAccountedForAsSalesAmountDerecognized
300000000 USD
CY2017Q1 us-gaap Transfer Of Financial Assets Accounted For As Sales Amount Derecognized
TransferOfFinancialAssetsAccountedForAsSalesAmountDerecognized
346000000 USD
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
324200000 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
314100000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
323100000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
312900000 shares
CY2017Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:100%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In addition, the preparation of the Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from those estimates and changes in these estimates are recorded when known.</font></div></div>

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