2016 Q1 Form 10-Q Financial Statement

#000021622816000089 Filed on May 05, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $609.1M $588.7M
YoY Change 3.47% -12.72%
Cost Of Revenue $413.8M $389.7M
YoY Change 6.18% -15.23%
Gross Profit $195.3M $199.0M
YoY Change -1.86% -7.36%
Gross Profit Margin 32.06% 33.8%
Selling, General & Admin $112.3M $107.4M
YoY Change 4.56% -19.25%
% of Gross Profit 57.5% 53.97%
Research & Development $19.20M $18.30M
YoY Change 4.92% 3.39%
% of Gross Profit 9.83% 9.2%
Depreciation & Amortization $25.30M $20.70M
YoY Change 22.22% -1.9%
% of Gross Profit 12.95% 10.4%
Operating Expenses $131.5M $125.7M
YoY Change 4.61% -16.59%
Operating Profit $51.00M $57.90M
YoY Change -11.92% 19.88%
Interest Expense -$1.700M -$1.200M
YoY Change 41.67% 9.09%
% of Operating Profit -3.33% -2.07%
Other Income/Expense, Net -$1.700M -$1.200M
YoY Change 41.67% 9.09%
Pretax Income $49.30M $56.70M
YoY Change -13.05% 20.13%
Income Tax $11.70M $18.10M
% Of Pretax Income 23.73% 31.92%
Net Earnings $37.40M $42.10M
YoY Change -11.16% 30.75%
Net Earnings / Revenue 6.14% 7.15%
Basic Earnings Per Share $0.42 $0.46
Diluted Earnings Per Share $0.41 $0.46
COMMON SHARES
Basic Shares Outstanding 89.60M shares 90.60M shares
Diluted Shares Outstanding 90.50M shares 91.60M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $499.0M $585.0M
YoY Change -14.7% 1.04%
Cash & Equivalents $430.9M $570.1M
Short-Term Investments $69.00M $15.00M
Other Short-Term Assets $227.0M $243.8M
YoY Change -6.89% -21.86%
Inventory $301.3M $287.6M
Prepaid Expenses
Receivables $571.0M $502.0M
Other Receivables $36.00M $35.00M
Total Short-Term Assets $1.566B $1.639B
YoY Change -4.42% -4.42%
LONG-TERM ASSETS
Property, Plant & Equipment $443.0M $419.3M
YoY Change 5.65% -3.52%
Goodwill $787.6M $610.7M
YoY Change 28.97% -7.57%
Intangibles $181.2M $85.40M
YoY Change 112.18% -18.51%
Long-Term Investments
YoY Change
Other Assets $177.3M $151.3M
YoY Change 17.18% 4.42%
Total Long-Term Assets $2.243B $1.934B
YoY Change 15.98% -6.54%
TOTAL ASSETS
Total Short-Term Assets $1.566B $1.639B
Total Long-Term Assets $2.243B $1.934B
Total Assets $3.809B $3.573B
YoY Change 6.62% -5.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $293.5M $287.7M
YoY Change 2.02% -16.41%
Accrued Expenses $385.3M $433.3M
YoY Change -11.08% -11.55%
Deferred Revenue
YoY Change
Short-Term Debt $151.1M $114.0M
YoY Change 32.54% 322.22%
Long-Term Debt Due $1.100M
YoY Change
Total Short-Term Liabilities $954.0M $834.5M
YoY Change 14.32% 0.05%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $214.7M $260.8M
YoY Change -17.68% -7.58%
Total Long-Term Liabilities $1.432B $1.624B
YoY Change -11.78% -5.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $954.0M $834.5M
Total Long-Term Liabilities $1.432B $1.624B
Total Liabilities $2.386B $2.458B
YoY Change -2.92% -3.38%
SHAREHOLDERS EQUITY
Retained Earnings $1.727B $1.402B
YoY Change 23.22% 3.36%
Common Stock $90.00M $89.20M
YoY Change 0.9% -2.73%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.421B $1.109B
YoY Change
Total Liabilities & Shareholders Equity $3.809B $3.573B
YoY Change 6.62% -5.58%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $37.40M $42.10M
YoY Change -11.16% 30.75%
Depreciation, Depletion And Amortization $25.30M $20.70M
YoY Change 22.22% -1.9%
Cash From Operating Activities $13.20M $7.900M
YoY Change 67.09% -158.09%
INVESTING ACTIVITIES
Capital Expenditures -$21.00M -$30.20M
YoY Change -30.46% 58.95%
Acquisitions $200.0K $0.00
YoY Change
Other Investing Activities -$100.0K -$200.0K
YoY Change -50.0% -107.41%
Cash From Investing Activities -$24.80M -$40.00M
YoY Change -38.0% -250.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $800.0K $80.80M
YoY Change -99.01% -2023.81%
Debt Paid & Issued, Net $300.0K $200.0K
YoY Change 50.0% -33.33%
Cash From Financing Activities 16.90M 34.00M
YoY Change -50.29% -1100.0%
NET CHANGE
Cash From Operating Activities 13.20M 7.900M
Cash From Investing Activities -24.80M -40.00M
Cash From Financing Activities 16.90M 34.00M
Net Change In Cash 5.300M 1.900M
YoY Change 178.95% -80.0%
FREE CASH FLOW
Cash From Operating Activities $13.20M $7.900M
Capital Expenditures -$21.00M -$30.20M
Free Cash Flow $34.20M $38.10M
YoY Change -10.24% 605.56%

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CY2016Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
37700000 USD
CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
56700000 USD
CY2016Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
49300000 USD
CY2015Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
38600000 USD
CY2016Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
37600000 USD
CY2015Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.42
CY2016Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.42
CY2015Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.42
CY2016Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.42
CY2015Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
3400000 USD
CY2016Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.00
CY2015Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.04
CY2016Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
-300000 USD
CY2015Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.04
CY2016Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.01
CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
18100000 USD
CY2016Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11700000 USD
CY2015Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-1000000 USD
CY2016Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
5000000 USD
CY2015Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-500000 USD
CY2016Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-14800000 USD
CY2015Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-21300000 USD
CY2016Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-28800000 USD
CY2015Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-3600000 USD
CY2016Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
4000000 USD
CY2015Q1 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
8100000 USD
CY2016Q1 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
3500000 USD
CY2015Q1 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
56700000 USD
CY2016Q1 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
21000000 USD
CY2015Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1000000 shares
CY2016Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
900000 shares
CY2015Q4 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
30900000 USD
CY2016Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
31300000 USD
CY2015Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
187200000 USD
CY2016Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
181200000 USD
CY2015Q1 us-gaap Interest Paid Net
InterestPaidNet
0 USD
CY2016Q1 us-gaap Interest Paid Net
InterestPaidNet
1400000 USD
CY2015Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
60900000 USD
CY2016Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
46800000 USD
CY2015Q4 us-gaap Inventory For Long Term Contracts Or Programs
InventoryForLongTermContractsOrPrograms
43000000 USD
CY2016Q1 us-gaap Inventory For Long Term Contracts Or Programs
InventoryForLongTermContractsOrPrograms
47200000 USD
CY2015Q4 us-gaap Inventory Net
InventoryNet
292700000 USD
CY2016Q1 us-gaap Inventory Net
InventoryNet
301300000 USD
CY2015Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
162900000 USD
CY2016Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
170900000 USD
CY2015Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
56000000 USD
CY2016Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
63500000 USD
CY2015Q4 us-gaap Land
Land
25400000 USD
CY2016Q1 us-gaap Land
Land
26000000 USD
CY2015Q4 us-gaap Liabilities
Liabilities
2358200000 USD
CY2016Q1 us-gaap Liabilities
Liabilities
2386300000 USD
CY2015Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
3723600000 USD
CY2016Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
3809200000 USD
CY2015Q4 us-gaap Liabilities Current
LiabilitiesCurrent
953100000 USD
CY2016Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
2700000 USD
CY2015Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
1200000 USD
CY2016Q1 us-gaap Loss Contingency Accrual Carrying Value Noncurrent
LossContingencyAccrualCarryingValueNoncurrent
957000000 USD
CY2016Q1 us-gaap Liabilities Current
LiabilitiesCurrent
954000000 USD
CY2015Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
1405100000 USD
CY2016Q1 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
1432300000 USD
CY2016Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
1100000 USD
CY2015Q4 us-gaap Loss Contingency Accrual Carrying Value Noncurrent
LossContingencyAccrualCarryingValueNoncurrent
954800000 USD
CY2015Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
2800000 USD
CY2015Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
909300000 USD
CY2016Q1 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
941200000 USD
CY2015Q4 us-gaap Minority Interest
MinorityInterest
3300000 USD
CY2016Q1 us-gaap Minority Interest
MinorityInterest
1500000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Discontinued Operations
NetCashProvidedByUsedInDiscontinuedOperations
-300000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Discontinued Operations
NetCashProvidedByUsedInDiscontinuedOperations
7500000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
34000000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
16900000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-40000000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-24800000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
8200000 USD
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
5700000 USD
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
42100000 USD
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
37400000 USD
CY2015Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-100000 USD
CY2016Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-100000 USD
CY2015Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1200000 USD
CY2016Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1700000 USD
CY2015Q4 us-gaap Notes And Loans Receivable Gross Current
NotesAndLoansReceivableGrossCurrent
3900000 USD
CY2016Q1 us-gaap Notes And Loans Receivable Gross Current
NotesAndLoansReceivableGrossCurrent
3000000 USD
CY2016Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4 Segment
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
57900000 USD
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
51000000 USD
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
51500000 USD
CY2016Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
47300000 USD
CY2015Q4 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
37800000 USD
CY2016Q1 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
64400000 USD
CY2015Q4 us-gaap Other Assets Current
OtherAssetsCurrent
204400000 USD
CY2016Q1 us-gaap Other Assets Current
OtherAssetsCurrent
227000000 USD
CY2015Q4 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
50700000 USD
CY2016Q1 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
53100000 USD
CY2015Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
21400000 USD
CY2016Q1 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
20700000 USD
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
153300000 USD
CY2016Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
177300000 USD
CY2015Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent
-300000 USD
CY2016Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent
-600000 USD
CY2015Q1 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
-1600000 USD
CY2016Q1 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
-900000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax
-900000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax
-500000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-60900000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
27200000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-60400000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
28300000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-500000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-1100000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax
-2100000 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
-2000000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax
-1200000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax
-1100000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax
500000 USD
CY2016Q1 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax
1100000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
189900000 USD
CY2016Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
214700000 USD
CY2015Q4 us-gaap Other Receivables
OtherReceivables
43100000 USD
CY2016Q1 us-gaap Other Receivables
OtherReceivables
33500000 USD
CY2015Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-200000 USD
CY2016Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-100000 USD
CY2015Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
82800000 USD
CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
6900000 USD
CY2015Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
6600000 USD
CY2016Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
6500000 USD
CY2015Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
300000 USD
CY2016Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
11400000 USD
CY2015Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2016Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
200000 USD
CY2015Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
15300000 USD
CY2016Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
40000000 USD
CY2015Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
30200000 USD
CY2016Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
21000000 USD
CY2015Q4 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent
260400000 USD
CY2016Q1 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent
260600000 USD
CY2015Q4 us-gaap Prepaid Taxes
PrepaidTaxes
14300000 USD
CY2016Q1 us-gaap Prepaid Taxes
PrepaidTaxes
30900000 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2000000 USD
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
6100000 USD
CY2015Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-200000 USD
CY2016Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-2400000 USD
CY2015Q1 us-gaap Proceeds From Repayments Of Commercial Paper
ProceedsFromRepaymentsOfCommercialPaper
113500000 USD
CY2016Q1 us-gaap Proceeds From Repayments Of Commercial Paper
ProceedsFromRepaymentsOfCommercialPaper
28500000 USD
CY2015Q1 us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
5300000 USD
CY2016Q1 us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
36300000 USD
CY2015Q1 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
0 USD
CY2016Q1 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
27700000 USD
CY2015Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2000000 USD
CY2016Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
6100000 USD
CY2015Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
21700000 USD
CY2016Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
21200000 USD
CY2015Q1 us-gaap Profit Loss
ProfitLoss
42000000 USD
CY2016Q1 us-gaap Profit Loss
ProfitLoss
37300000 USD
CY2015Q4 us-gaap Progress Payments Netted Against Inventory For Long Term Contracts Or Programs
ProgressPaymentsNettedAgainstInventoryForLongTermContractsOrPrograms
30100000 USD
CY2016Q1 us-gaap Progress Payments Netted Against Inventory For Long Term Contracts Or Programs
ProgressPaymentsNettedAgainstInventoryForLongTermContractsOrPrograms
27100000 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1292000000 USD
CY2016Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1318100000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
443500000 USD
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
443000000 USD
CY2015Q4 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
6700000 USD
CY2016Q1 us-gaap Property Plant And Equipment Other
PropertyPlantAndEquipmentOther
6000000 USD
CY2015Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
584900000 USD
CY2016Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
607000000 USD
CY2015Q4 us-gaap Recorded Third Party Environmental Recoveries Receivable
RecordedThirdPartyEnvironmentalRecoveriesReceivable
12800000 USD
CY2016Q1 us-gaap Recorded Third Party Environmental Recoveries Receivable
RecordedThirdPartyEnvironmentalRecoveriesReceivable
34200000 USD
CY2015Q1 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
0 USD
CY2016Q1 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
27700000 USD
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
18300000 USD
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
19200000 USD
CY2015Q1 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
9300000 USD
CY2016Q1 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
5500000 USD
CY2014Q4 us-gaap Restructuring Reserve
RestructuringReserve
21900000 USD
CY2015Q1 us-gaap Restructuring Reserve
RestructuringReserve
24200000 USD
CY2015Q4 us-gaap Restructuring Reserve
RestructuringReserve
20000000 USD
CY2016Q1 us-gaap Restructuring Reserve
RestructuringReserve
18700000 USD
CY2015Q1 us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
-400000 USD
CY2016Q1 us-gaap Restructuring Reserve Translation Adjustment
RestructuringReserveTranslationAdjustment
-100000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1696700000 USD
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1727200000 USD
CY2015Q1 us-gaap Revenues
Revenues
588700000 USD
CY2016Q1 us-gaap Revenues
Revenues
609100000 USD
CY2015Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
47300000 USD
CY2016Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
43300000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3100000 USD
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
2900000 USD
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
9.16
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
200000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
200000 shares
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.015
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.322
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.015
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y0M13D
CY2015Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
150000000 USD
CY2016Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
151100000 USD
CY2015Q4 us-gaap Short Term Investments
ShortTermInvestments
64900000 USD
CY2016Q1 us-gaap Short Term Investments
ShortTermInvestments
68500000 USD
CY2016Q1 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
16000000 USD
CY2015Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
100000 shares
CY2016Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
300000 shares
CY2016Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
1000000000 USD
CY2015Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
2000000 shares
CY2015Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
80000000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
1362100000 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
1421400000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1220300000 USD
CY2015Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1114600000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1365400000 USD
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1422900000 USD
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
91600000 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
90500000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
90600000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
89600000 shares
CY2016Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:16px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The unaudited consolidated condensed financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC) and, in the opinion of management, reflect all adjustments (which include normal recurring adjustments) necessary for a fair presentation of the financial position, results of operations, and cash flows for the periods presented. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) have been condensed or omitted pursuant to such SEC rules. We believe that the disclosures made are adequate to make the information presented not misleading. We consistently applied the accounting policies described in ITT's Annual Report on Form&#160;10-K for the year ended December 31, </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">2015</font><font style="font-family:Arial;font-size:10pt;"> (</font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">2015</font><font style="font-family:Arial;font-size:10pt;"> Annual Report) in preparing these unaudited financial statements. These financial statements should be read in conjunction with the financial statements and notes thereto included in our </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">2015</font><font style="font-family:Arial;font-size:10pt;"> Annual Report. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:16px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Estimates are revised as additional information becomes available. Estimates and assumptions are used for, but not limited to, asbestos-related liabilities and recoveries from insurers, revenue recognition, unrecognized tax benefits, deferred tax valuation allowances, projected benefit obligations for postretirement plans, accounting for business combinations, goodwill and other intangible asset impairment testing, environmental liabilities and recoveries from insurers, allowance for doubtful accounts and inventory valuation. Actual results could differ from these estimates. </font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:16px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">ITT's quarterly financial periods end on the Saturday that is generally closest to the last day of the calendar quarter, except for the last quarterly period of the fiscal year, which ends on December 31st. For ease of presentation, the quarterly financial statements included herein are described as ending on the last day of the calendar quarter. </font></div></div>
CY2016Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">Accounting Pronouncements Not Yet Adopted</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In March 2016, the Financial Accounting Standards Board (FASB) issued ASU 2016-09 to simplify several aspects of the accounting for employee share-based payment transactions standard, including the classification of excess tax benefits and deficiencies and the accounting for employee forfeitures. The guidance is effective for the Company beginning in the first quarter of 2017. The updates to the accounting standard include the following:</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:42px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:Arial;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Excess tax benefits and deficiencies will no longer be recognized as a change in additional paid-in-capital in the equity section of the balance, instead they are to be recognized in the income statement as a tax expense or benefit. In the statement of cash flows, excess tax benefits and deficiencies will no longer be classified as a financing activity, instead they will be classified as an operating activity. </font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:42px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:Arial;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Entities will have the option to continue to reduce share-based compensation expense during the vesting period of outstanding awards for estimated future employee forfeitures or they may elect to recognize the impact of forfeitures as they actually occur.</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-bottom:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:42px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:Arial;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The ASU also provides new guidance to other areas of the standard including minimum statutory tax withholding rules and the calculation of diluted common shares outstanding. </font></div></td></tr></table><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The updates are to be applied using a modified retrospective approach as a cumulative adjustment to retained earnings and early adoption is permitted. We have yet to finalize the evaluation of the potential impact of this ASU on our financial statements, however we do not expect these changes to have a material impact.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In February 2016, the FASB issued ASU 2016-02 impacting the accounting for leases intended to increase transparency and comparability of organizations by requiring balance sheet presentation of leased assets and increased financial statement disclosure of leasing arrangements. The revised standard will require entities to recognize a liability for its lease obligations and a corresponding asset representing the right to use the underlying asset over the lease term. Lease obligations are to be measured at the present value of lease payments and accounted for using the effective interest method. The accounting for the leased asset will differ slightly depending on whether the agreement is deemed to be a financing or operating lease. For finance leases, the leased asset is depreciated on a straight-line basis and recorded separately from the interest expense in the income statement resulting in higher expense in the earlier part of the lease term. For operating leases, the depreciation and interest expense components are combined, recognized evenly over the term of the lease, and presented as a reduction to operating income. The ASU requires that assets and liabilities be presented or disclosed separately and classified appropriately as current and noncurrent. The ASU further requires additional disclosure of certain qualitative and quantitative information related to lease agreements. The new standard is effective for the Company beginning in the first quarter 2019 and early adoption is permitted. We are currently evaluating the impact of these amendments on our financial statements.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:16px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In May 2014, the FASB issued ASU 2014-09 amending the existing accounting standards for revenue recognition. The amendments are based on the principle that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity&#8217;s contracts with customers. The new guidance will be effective for the Company beginning in its first quarter of 2018. The amendments may be applied retrospectively to each prior period presented or with the cumulative effect recognized as of the date of initial application. We are currently evaluating the impact of these amendments and the transition alternatives on our financial statements.</font></div></div>

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