2015 Q4 Form 10-Q Financial Statement

#000005143415000036 Filed on November 05, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $5.443B $5.691B $6.051B
YoY Change -8.41% -5.95% 1.27%
Cost Of Revenue $2.612B $3.891B $4.058B
YoY Change -36.42% -4.12% 0.25%
Gross Profit $1.678B $1.800B $1.996B
YoY Change -8.71% -9.82% 3.58%
Gross Profit Margin 30.83% 31.63% 32.99%
Selling, General & Admin $534.0M $417.0M $467.0M
YoY Change -39.93% -10.71% -1.27%
% of Gross Profit 31.82% 23.17% 23.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $314.0M $329.0M $358.0M
YoY Change -9.25% -8.1% -1.38%
% of Gross Profit 18.71% 18.28% 17.94%
Operating Expenses $721.0M $417.0M $467.0M
YoY Change -41.62% -10.71% -1.27%
Operating Profit $957.0M $579.0M $781.0M
YoY Change 58.71% -25.86% 17.44%
Interest Expense -$13.00M $158.0M $172.0M
YoY Change -90.78% -8.14% 6.17%
% of Operating Profit -1.36% 27.29% 22.02%
Other Income/Expense, Net -$118.0M $32.00M $3.000M
YoY Change -6000.0% 966.67% -92.11%
Pretax Income $265.0M $329.0M $552.0M
YoY Change -13.68% -40.4% 36.97%
Income Tax $71.00M $106.0M $147.0M
% Of Pretax Income 26.79% 32.22% 26.63%
Net Earnings $178.0M $220.0M $355.0M
YoY Change 32.84% -38.03% -7.07%
Net Earnings / Revenue 3.27% 3.87% 5.87%
Basic Earnings Per Share $0.43 $0.53 $0.84
Diluted Earnings Per Share $0.43 $0.53 $0.83
COMMON SHARES
Basic Shares Outstanding 414.6M shares 415.1M shares 425.3M shares
Diluted Shares Outstanding 417.5M shares 428.6M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.050B $1.104B $1.718B
YoY Change -44.18% -35.74% -11.72%
Cash & Equivalents $1.050B $1.104B $1.718B
Short-Term Investments
Other Short-Term Assets $212.0M $212.0M $301.0M
YoY Change -11.67% -29.57% 23.87%
Inventory $2.228B $2.340B $2.493B
Prepaid Expenses
Receivables $2.675B $2.832B $3.293B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $6.165B $12.75B $8.139B
YoY Change -22.54% 56.7% -14.1%
LONG-TERM ASSETS
Property, Plant & Equipment $11.98B $11.83B $12.90B
YoY Change -5.88% -8.26% -5.84%
Goodwill $3.335B $3.472B $3.931B
YoY Change -11.61% -11.68% -12.47%
Intangibles
YoY Change
Long-Term Investments $7.242B $2.419B $2.671B
YoY Change 202.63% -9.43% -7.16%
Other Assets $1.183B $1.148B $1.218B
YoY Change -10.65% -5.75% -17.09%
Total Long-Term Assets $12.35B $19.23B $21.26B
YoY Change -6.72% -9.58% -8.0%
TOTAL ASSETS
Total Short-Term Assets $6.165B $12.75B $8.139B
Total Long-Term Assets $12.35B $19.23B $21.26B
Total Assets $30.27B $31.98B $29.40B
YoY Change 5.53% 8.77% -9.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.078B $2.096B $2.619B
YoY Change -22.0% -19.97% -9.81%
Accrued Expenses $434.0M $422.0M $449.0M
YoY Change -9.01% -6.01% -12.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $426.0M $753.0M $724.0M
YoY Change -42.59% 4.01% -7.54%
Total Short-Term Liabilities $3.921B $9.547B $4.870B
YoY Change -20.13% 96.04% -9.73%
LONG-TERM LIABILITIES
Long-Term Debt $8.844B $8.887B $8.988B
YoY Change 2.47% -1.12% 0.99%
Other Long-Term Liabilities $434.0M $450.0M $584.0M
YoY Change -21.52% -22.95% -42.35%
Total Long-Term Liabilities $9.278B $9.337B $9.572B
YoY Change 1.02% -2.46% -3.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.921B $9.547B $4.870B
Total Long-Term Liabilities $9.278B $9.337B $9.572B
Total Liabilities $13.20B $18.88B $14.44B
YoY Change -6.34% 30.76% -5.66%
SHAREHOLDERS EQUITY
Retained Earnings $4.649B $4.656B $4.446B
YoY Change 5.44% 4.72% 5.56%
Common Stock $6.692B $6.700B $6.607B
YoY Change -0.03% 1.41% -3.95%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.749B $1.649B $1.172B
YoY Change 30.33% 40.7% 2291.84%
Treasury Stock Shares 36.78M shares 34.35M shares 25.20M shares
Shareholders Equity $3.884B $4.349B $6.816B
YoY Change
Total Liabilities & Shareholders Equity $30.27B $31.98B $29.40B
YoY Change 5.53% 8.77% -9.78%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $178.0M $220.0M $355.0M
YoY Change 32.84% -38.03% -7.07%
Depreciation, Depletion And Amortization $314.0M $329.0M $358.0M
YoY Change -9.25% -8.1% -1.38%
Cash From Operating Activities $1.133B $694.0M $933.0M
YoY Change -0.96% -25.62% 31.04%
INVESTING ACTIVITIES
Capital Expenditures -$489.0M -$523.0M -$327.0M
YoY Change 20.74% 59.94% 20.66%
Acquisitions
YoY Change
Other Investing Activities -$51.00M $62.00M $471.0M
YoY Change -149.51% -86.84% -43.59%
Cash From Investing Activities -$540.0M -$461.0M $144.0M
YoY Change 78.81% -420.14% -74.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -637.0M -673.0M -629.0M
YoY Change -1.09% 7.0% 15.84%
NET CHANGE
Cash From Operating Activities 1.133B 694.0M 933.0M
Cash From Investing Activities -540.0M -461.0M 144.0M
Cash From Financing Activities -637.0M -673.0M -629.0M
Net Change In Cash -44.00M -440.0M 448.0M
YoY Change -122.22% -198.21% -38.88%
FREE CASH FLOW
Cash From Operating Activities $1.133B $694.0M $933.0M
Capital Expenditures -$489.0M -$523.0M -$327.0M
Free Cash Flow $1.622B $1.217B $1.260B
YoY Change 4.71% -3.41% 28.18%

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us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
20000000 USD
us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
15000000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
49000000 USD
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
32000000 USD
CY2014Q3 us-gaap Profit Loss
ProfitLoss
349000000 USD
us-gaap Profit Loss
ProfitLoss
408000000 USD
CY2015Q3 us-gaap Profit Loss
ProfitLoss
210000000 USD
us-gaap Profit Loss
ProfitLoss
739000000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12728000000 USD
CY2015Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11832000000 USD
CY2014Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-36000000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-158000000 USD
CY2015Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-79000000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-227000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1762000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2202000000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
4409000000 USD
CY2015Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
4656000000 USD
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
6051000000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
17674000000 USD
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
5691000000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
16922000000 USD
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
467000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1331000000 USD
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
417000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1226000000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
1900000 shares
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
53.25
CY2014Q3 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
394000000 USD
us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
1137000000 USD
CY2015Q3 us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
334000000 USD
us-gaap Shipping Handling And Transportation Costs
ShippingHandlingAndTransportationCosts
1058000000 USD
CY2015Q3 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
40000000 USD
us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
221000000 USD
us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
204000000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
5115000000 USD
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
4349000000 USD
CY2014Q4 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
6457000000 USD
CY2015Q3 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
5998000000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
8284000000 USD
CY2014Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
6977000000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5263000000 USD
CY2015Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4470000000 USD
CY2014Q3 us-gaap Taxes Other
TaxesOther
43000000 USD
us-gaap Taxes Other
TaxesOther
137000000 USD
CY2015Q3 us-gaap Taxes Other
TaxesOther
39000000 USD
us-gaap Taxes Other
TaxesOther
127000000 USD
CY2014Q4 us-gaap Timber And Timberlands
TimberAndTimberlands
507000000 USD
CY2015Q3 us-gaap Timber And Timberlands
TimberAndTimberlands
356000000 USD
CY2014Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
28734000 shares
CY2015Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
34347000 shares
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1342000000 USD
CY2015Q3 us-gaap Treasury Stock Value
TreasuryStockValue
1649000000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
891000000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
505000000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
158000000 USD
CY2015Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
149000000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
41000000 USD
CY2015Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
33000000 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
7000000 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
-8000000 USD
CY2015Q2 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
0 USD
CY2015Q3 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
-1000000 USD
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
428600000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
433700000 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
417500000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
421900000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
429900000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
415100000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
425300000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
418700000 shares
CY2014Q3 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
13000000 USD
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
275000000 USD
CY2015Q3 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
1000000 USD
us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
208000000 USD

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