2017 Q3 Form 10-Q Financial Statement

#000095012317009287 Filed on October 27, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2017 Q1 2016 Q3
Revenue $3.921B $3.699B $3.847B
YoY Change 1.92% 0.22% -8.05%
Cost Of Revenue $3.054B $2.760B $2.736B
YoY Change 11.62% 2.18% -8.8%
Gross Profit $867.0M $939.0M $1.111B
YoY Change -21.96% -5.15% -6.17%
Gross Profit Margin 22.11% 25.39% 28.88%
Selling, General & Admin $545.0M $576.0M $599.0M
YoY Change -9.02% -6.34% -5.37%
% of Gross Profit 62.86% 61.34% 53.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $199.0M $185.0M $181.0M
YoY Change 9.94% 6.32% 4.62%
% of Gross Profit 22.95% 19.7% 16.29%
Operating Expenses $545.0M $576.0M $599.0M
YoY Change -9.02% -6.34% -5.37%
Operating Profit $322.0M $363.0M $556.0M
YoY Change -42.09% -13.37% -7.64%
Interest Expense $84.00M $87.00M $90.00M
YoY Change -6.67% -4.4% -14.29%
% of Operating Profit 26.09% 23.97% 16.19%
Other Income/Expense, Net -$30.00M -$8.000M $23.00M
YoY Change -230.43% 33.33% 360.0%
Pretax Income $162.0M $239.0M $310.0M
YoY Change -47.74% -10.49% -28.07%
Income Tax $30.00M $70.00M -$10.00M
% Of Pretax Income 18.52% 29.29% -3.23%
Net Earnings $129.0M $166.0M $317.0M
YoY Change -59.31% -9.78% 16.97%
Net Earnings / Revenue 3.29% 4.49% 8.24%
Basic Earnings Per Share $0.52 $0.66 $1.21
Diluted Earnings Per Share $0.50 $0.65 $1.19
COMMON SHARES
Basic Shares Outstanding 250.0M shares 252.0M shares 262.0M shares
Diluted Shares Outstanding 254.0M shares 256.0M shares 266.0M shares

Balance Sheet

Concept 2017 Q3 2017 Q1 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $822.0M $961.0M $975.0M
YoY Change -15.69% -10.94% -42.31%
Cash & Equivalents $822.0M $961.0M $975.0M
Short-Term Investments
Other Short-Term Assets $248.0M $261.0M $203.0M
YoY Change 22.17% 42.62% -81.43%
Inventory $2.991B $2.845B $2.754B
Prepaid Expenses
Receivables $2.672B $2.270B $2.649B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $6.727B $6.325B $6.571B
YoY Change 2.37% -0.78% -17.05%
LONG-TERM ASSETS
Property, Plant & Equipment $7.331B $7.135B $7.039B
YoY Change 4.15% 2.81% 5.48%
Goodwill $587.0M $545.0M $564.0M
YoY Change 4.08% -5.05% 1.44%
Intangibles $137.0M $136.0M $138.0M
YoY Change -0.72% -1.45% 5.34%
Long-Term Investments $0.00 $0.00 $0.00
YoY Change
Other Assets $714.0M $682.0M $702.0M
YoY Change 1.71% 0.89% -6.15%
Total Long-Term Assets $11.13B $10.87B $10.57B
YoY Change 5.23% 4.49% 10.21%
TOTAL ASSETS
Total Short-Term Assets $6.727B $6.325B $6.571B
Total Long-Term Assets $11.13B $10.87B $10.57B
Total Assets $17.85B $17.19B $17.14B
YoY Change 4.14% 2.49% -2.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.624B $2.631B $2.600B
YoY Change 0.92% -0.83% 0.93%
Accrued Expenses $582.0M $568.0M $625.0M
YoY Change -6.88% -7.64% -13.55%
Deferred Revenue
YoY Change
Short-Term Debt $276.0M $217.0M $179.0M
YoY Change 54.19% 185.53% 336.59%
Long-Term Debt Due $378.0M $459.0M $403.0M
YoY Change -6.2% 46.18% 9.51%
Total Short-Term Liabilities $4.922B $4.915B $4.800B
YoY Change 2.54% 6.82% 0.36%
LONG-TERM LIABILITIES
Long-Term Debt $5.737B $5.257B $5.446B
YoY Change 5.34% -7.53% -2.59%
Other Long-Term Liabilities $522.0M $584.0M $716.0M
YoY Change -27.09% -8.03% 21.98%
Total Long-Term Liabilities $522.0M $584.0M $716.0M
YoY Change -27.09% -8.03% 21.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.922B $4.915B $4.800B
Total Long-Term Liabilities $522.0M $584.0M $716.0M
Total Liabilities $12.73B $12.23B $12.44B
YoY Change 2.35% -1.7% -0.99%
SHAREHOLDERS EQUITY
Retained Earnings $6.175B $5.949B $5.247B
YoY Change 17.69% 25.64% 5.34%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 32.00M shares 26.00M shares 17.00M shares
Shareholders Equity $4.882B $4.733B $4.477B
YoY Change
Total Liabilities & Shareholders Equity $17.85B $17.19B $17.14B
YoY Change 4.14% 2.49% -2.12%

Cashflow Statement

Concept 2017 Q3 2017 Q1 2016 Q3
OPERATING ACTIVITIES
Net Income $129.0M $166.0M $317.0M
YoY Change -59.31% -9.78% 16.97%
Depreciation, Depletion And Amortization $199.0M $185.0M $181.0M
YoY Change 9.94% 6.32% 4.62%
Cash From Operating Activities $31.00M -$286.0M $357.0M
YoY Change -91.32% -23.12% 5.93%
INVESTING ACTIVITIES
Capital Expenditures -$186.0M $271.0M -$245.0M
YoY Change -24.08% 7.11% 17.79%
Acquisitions
YoY Change
Other Investing Activities $9.000M $1.000M $13.00M
YoY Change -30.77% -125.0% 333.33%
Cash From Investing Activities -$177.0M -$270.0M -$232.0M
YoY Change -23.71% 2.27% 13.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $25.00M
YoY Change -50.0%
Debt Paid & Issued, Net $1.369B
YoY Change 66.55%
Cash From Financing Activities 31.00M $398.0M -281.0M
YoY Change -111.03% 95.1% 620.51%
NET CHANGE
Cash From Operating Activities 31.00M -$286.0M 357.0M
Cash From Investing Activities -177.0M -$270.0M -232.0M
Cash From Financing Activities 31.00M $398.0M -281.0M
Net Change In Cash -115.0M -$138.0M -156.0M
YoY Change -26.28% -65.84% -267.74%
FREE CASH FLOW
Cash From Operating Activities $31.00M -$286.0M $357.0M
Capital Expenditures -$186.0M $271.0M -$245.0M
Free Cash Flow $217.0M -$557.0M $602.0M
YoY Change -63.95% -10.88% 10.46%

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us-gaap Foreign Currency Cash Flow Hedge Gain Loss Reclassified To Earnings Net
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us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Short Term Investments
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us-gaap Payments To Acquire Short Term Investments
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CY2017Q3 us-gaap Prepaid Expense And Other Assets Current
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242000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
4129000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
4972000000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
9000000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
12000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-77000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-69000000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
13000000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
9000000 USD
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
34000000 USD
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
51000000 USD
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
219000000 USD
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
544000000 USD
CY2016Q3 us-gaap Profit Loss
ProfitLoss
320000000 USD
us-gaap Profit Loss
ProfitLoss
717000000 USD
CY2017Q3 us-gaap Profit Loss
ProfitLoss
132000000 USD
us-gaap Profit Loss
ProfitLoss
455000000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7040000000 USD
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7331000000 USD
CY2016Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-17000000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-59000000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-70000000 USD
us-gaap Redemption Premium
RedemptionPremium
53000000 USD
us-gaap Redemption Premium
RedemptionPremium
25000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
4025000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
4193000000 USD
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
99000000 USD
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
523000000 USD
CY2016Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
25000000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
57000000 USD
CY2017Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
46000000 USD
CY2016Q4 us-gaap Restructuring And Related Cost Cost Incurred To Date1
RestructuringAndRelatedCostCostIncurredToDate1
595000000 USD
CY2017Q3 us-gaap Restructuring And Related Cost Expected Cost Remaining1
RestructuringAndRelatedCostExpectedCostRemaining1
45000000 USD
us-gaap Restructuring And Related Cost Expected Number Of Positions Eliminated
RestructuringAndRelatedCostExpectedNumberOfPositionsEliminated
750 employee
CY2016Q3 us-gaap Restructuring Charges
RestructuringCharges
135000000 USD
us-gaap Restructuring Charges
RestructuringCharges
194000000 USD
CY2017Q3 us-gaap Restructuring Charges
RestructuringCharges
46000000 USD
us-gaap Restructuring Charges
RestructuringCharges
102000000 USD
CY2016Q4 us-gaap Restructuring Reserve
RestructuringReserve
219000000 USD
CY2017Q3 us-gaap Restructuring Reserve
RestructuringReserve
234000000 USD
CY2016Q3 us-gaap Restructuring Reserve Accelerated Depreciation
RestructuringReserveAcceleratedDepreciation
3000000 USD
us-gaap Restructuring Reserve Accelerated Depreciation
RestructuringReserveAcceleratedDepreciation
10000000 USD
CY2017Q3 us-gaap Restructuring Reserve Accelerated Depreciation
RestructuringReserveAcceleratedDepreciation
10000000 USD
us-gaap Restructuring Reserve Accelerated Depreciation
RestructuringReserveAcceleratedDepreciation
39000000 USD
CY2017Q3 us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
-5000000 USD
us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
-7000000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
5808000000 USD
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
6175000000 USD
CY2016Q3 us-gaap Royalty Income Nonoperating
RoyaltyIncomeNonoperating
4000000 USD
us-gaap Royalty Income Nonoperating
RoyaltyIncomeNonoperating
18000000 USD
CY2017Q3 us-gaap Royalty Income Nonoperating
RoyaltyIncomeNonoperating
10000000 USD
us-gaap Royalty Income Nonoperating
RoyaltyIncomeNonoperating
26000000 USD
CY2016Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
3847000000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
11417000000 USD
CY2017Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
3921000000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
11306000000 USD
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
599000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1807000000 USD
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
556000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1718000000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0113
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.3363
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0213
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y2M12D
CY2016Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
245000000 USD
CY2017Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
276000000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
18000000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
17000000 USD
us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
9000000 USD
us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
13000000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
4507000000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
4882000000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4142000000 USD
CY2016Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4704000000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4725000000 USD
CY2017Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5121000000 USD
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
26000000 shares
CY2017Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
32000000 shares
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
200000000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
205000000 USD
CY2016Q3 us-gaap Unrealized Gain Loss On Foreign Currency Derivatives Net Before Tax
UnrealizedGainLossOnForeignCurrencyDerivativesNetBeforeTax
-1000000 USD
us-gaap Unrealized Gain Loss On Foreign Currency Derivatives Net Before Tax
UnrealizedGainLossOnForeignCurrencyDerivativesNetBeforeTax
-1000000 USD
CY2017Q3 us-gaap Unrealized Gain Loss On Foreign Currency Derivatives Net Before Tax
UnrealizedGainLossOnForeignCurrencyDerivativesNetBeforeTax
-7000000 USD
us-gaap Unrealized Gain Loss On Foreign Currency Derivatives Net Before Tax
UnrealizedGainLossOnForeignCurrencyDerivativesNetBeforeTax
-28000000 USD
CY2017Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
63000000 USD
CY2017Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
4000000 USD
CY2017Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
47000000 USD
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
266000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
268000000 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
254000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
255000000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
262000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
264000000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
250000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
251000000 shares
CY2016Q4 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
248000000 USD
CY2017Q3 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
252000000 USD
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:8px;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;text-decoration:underline;">Reclassifications and Adjustments</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain items previously reported in specific financial statement captions have been reclassified to conform to the current presentation.</font></div></div>

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