2017 Q2 Form 10-Q Financial Statement

#000140807517000031 Filed on July 26, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $1.095B $1.103B
YoY Change -0.77% 4.36%
Cost Of Revenue $920.9M $898.4M
YoY Change 2.5% 4.57%
Gross Profit $176.9M $204.8M
YoY Change -13.62% 3.43%
Gross Profit Margin 16.16% 18.56%
Selling, General & Admin $84.30M $92.70M
YoY Change -9.06% 4.51%
% of Gross Profit 47.65% 45.26%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $75.20M $75.20M
YoY Change 0.0% 5.62%
% of Gross Profit 42.51% 36.72%
Operating Expenses $84.30M $92.70M
YoY Change -9.06% 4.51%
Operating Profit $83.80M $105.6M
YoY Change -20.64% -4.17%
Interest Expense $22.50M $18.20M
YoY Change 23.63% 2.25%
% of Operating Profit 26.85% 17.23%
Other Income/Expense, Net $3.800M
YoY Change
Pretax Income $65.10M $87.40M
YoY Change -25.51% -5.41%
Income Tax $23.60M $10.10M
% Of Pretax Income 36.25% 11.56%
Net Earnings $42.00M $77.80M
YoY Change -46.02% 35.07%
Net Earnings / Revenue 3.84% 7.05%
Basic Earnings Per Share $0.14 $0.24
Diluted Earnings Per Share $0.14 $0.24
COMMON SHARES
Basic Shares Outstanding 310.7M shares 322.1M shares
Diluted Shares Outstanding 311.1M shares 322.5M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.50M $38.70M
YoY Change -67.7% -17.31%
Cash & Equivalents $12.50M $38.70M
Short-Term Investments
Other Short-Term Assets $45.70M $39.20M
YoY Change 16.58% -1.26%
Inventory $600.2M $589.9M
Prepaid Expenses
Receivables $493.6M $501.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.152B $1.169B
YoY Change -1.45% -11.43%
LONG-TERM ASSETS
Property, Plant & Equipment $1.814B $1.747B
YoY Change 3.81% 11.92%
Goodwill $1.266B $1.268B
YoY Change -0.11% 9.02%
Intangibles $423.7M $488.0M
YoY Change -13.18% 23.14%
Long-Term Investments
YoY Change
Other Assets $35.80M $48.30M
YoY Change -25.88% -33.38%
Total Long-Term Assets $3.539B $3.551B
YoY Change -0.33% 11.23%
TOTAL ASSETS
Total Short-Term Assets $1.152B $1.169B
Total Long-Term Assets $3.539B $3.551B
Total Assets $4.691B $4.720B
YoY Change -0.61% 4.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $465.3M $422.0M
YoY Change 10.26% 2.75%
Accrued Expenses $256.5M $242.5M
YoY Change 5.77% 7.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $47.50M $61.80M
YoY Change -23.14% 78.1%
Total Short-Term Liabilities $769.3M $726.3M
YoY Change 5.92% 8.16%
LONG-TERM LIABILITIES
Long-Term Debt $2.166B $2.213B
YoY Change -2.13% 10.11%
Other Long-Term Liabilities $73.50M $70.40M
YoY Change 4.4% -6.01%
Total Long-Term Liabilities $2.239B $2.283B
YoY Change -1.93% 9.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $769.3M $726.3M
Total Long-Term Liabilities $2.239B $2.283B
Total Liabilities $3.009B $3.010B
YoY Change -0.04% 9.2%
SHAREHOLDERS EQUITY
Retained Earnings -$229.5M -$271.3M
YoY Change -15.41% -28.25%
Common Stock $1.677B $1.738B
YoY Change -3.49% -2.6%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.097B $1.087B
YoY Change
Total Liabilities & Shareholders Equity $4.691B $4.720B
YoY Change -0.61% 4.6%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $42.00M $77.80M
YoY Change -46.02% 35.07%
Depreciation, Depletion And Amortization $75.20M $75.20M
YoY Change 0.0% 5.62%
Cash From Operating Activities -$12.20M $188.6M
YoY Change -106.47% 26.07%
INVESTING ACTIVITIES
Capital Expenditures -$68.40M -$83.00M
YoY Change -17.59% 25.19%
Acquisitions
YoY Change
Other Investing Activities $147.8M -$41.80M
YoY Change -453.59% -635.9%
Cash From Investing Activities $79.40M -$124.8M
YoY Change -163.62% 113.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -92.50M -99.80M
YoY Change -7.31% 13.02%
NET CHANGE
Cash From Operating Activities -12.20M 188.6M
Cash From Investing Activities 79.40M -124.8M
Cash From Financing Activities -92.50M -99.80M
Net Change In Cash -25.30M -36.00M
YoY Change -29.72% -1385.71%
FREE CASH FLOW
Cash From Operating Activities -$12.20M $188.6M
Capital Expenditures -$68.40M -$83.00M
Free Cash Flow $56.20M $271.6M
YoY Change -79.31% 25.8%

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PaymentsRelatedToTaxWithholdingForShareBasedCompensation
10400000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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PaymentsToAcquireBusinessesGross
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
328900000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
6600000 USD
CY2017Q2 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
185500000 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
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100000000 shares
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PreferredStockSharesAuthorized
100000000 shares
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
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PreferredStockSharesIssued
0 shares
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PreferredStockValue
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426800000 USD
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
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us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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us-gaap Repayments Of Lines Of Credit
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us-gaap Repayments Of Lines Of Credit
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us-gaap Repayments Of Long Term Debt
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us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
1000000 shares
CY2015Q1 us-gaap Stock Repurchase Program Authorized Amount1
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250000000 USD
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250000000 USD
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us-gaap Stock Repurchased During Period Value
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CY2016Q4 us-gaap Stockholders Equity
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CY2016Q2 us-gaap Transfer Of Financial Assets Accounted For As Sales Amount Derecognized
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CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
311800000 shares
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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