2016 Q3 Form 10-Q Financial Statement

#000083344416000197 Filed on July 29, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2016 Q2 2015 Q3
Revenue $13.68B $2.449B $2.505B
YoY Change 446.15% -1.61% -7.33%
Cost Of Revenue $10.68B $3.732B $1.579B
YoY Change 576.19% 264.1% -8.25%
Gross Profit $3.004B $1.422B $926.0M
YoY Change 224.41% -2.87% -5.7%
Gross Profit Margin 21.96% 58.06% 36.97%
Selling, General & Admin $2.475B $895.0M $581.0M
YoY Change 325.99% 43.2% -46.99%
% of Gross Profit 82.39% 62.94% 62.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $703.0M $83.00M $85.00M
YoY Change 727.06% -3.49% -3.41%
% of Gross Profit 23.4% 5.84% 9.18%
Operating Expenses $2.301B $895.0M $581.0M
YoY Change 296.04% 43.2% -46.99%
Operating Profit $703.0M $236.0M $345.0M
YoY Change 103.77% -6.72% -402.63%
Interest Expense -$202.0M $66.00M -$23.00M
YoY Change 778.26% 153.85% 15.0%
% of Operating Profit -28.73% 27.97% -6.67%
Other Income/Expense, Net -$87.00M $54.00M -$91.00M
YoY Change -4.4% 800.0% -9200.0%
Pretax Income $475.0M $480.0M $97.00M
YoY Change 389.69% 102.53% -144.5%
Income Tax $67.00M $78.00M $14.00M
% Of Pretax Income 14.11% 16.25% 14.43%
Net Earnings -$1.329B $383.0M $66.00M
YoY Change -2113.64% 145.51% -174.16%
Net Earnings / Revenue -9.71% 15.64% 2.63%
Basic Earnings Per Share $0.59
Diluted Earnings Per Share -$912.1K $0.59 $161.8K
COMMON SHARES
Basic Shares Outstanding 426.2M shares 644.9M shares 421.5M shares
Diluted Shares Outstanding 649.7M shares

Balance Sheet

Concept 2016 Q3 2016 Q2 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $594.0M $415.0M $1.475B
YoY Change -59.73% -31.97% 20.02%
Cash & Equivalents $579.0M $347.0M $553.0M
Short-Term Investments $15.00M $70.00M $74.00M
Other Short-Term Assets $1.436B $946.0M $875.0M
YoY Change 64.11% -10.59% 31.98%
Inventory $2.888B $656.0M $1.665B
Prepaid Expenses
Receivables $6.394B $1.805B $3.617B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $17.11B $3.822B $10.47B
YoY Change 63.43% -7.52% 118.74%
LONG-TERM ASSETS
Property, Plant & Equipment $5.632B $1.180B $3.683B
YoY Change 52.92% -2.88% -4.26%
Goodwill $21.02B $4.418B $4.460B
YoY Change 371.39% 2.96% -2.43%
Intangibles $7.540B $966.0M $1.387B
YoY Change 443.62% 8.54% 94.8%
Long-Term Investments $1.242B $242.0M $248.0M
YoY Change 400.81% -6.92%
Other Assets $3.510B $1.228B $2.240B
YoY Change 56.7% 3.11% 141.64%
Total Long-Term Assets $46.07B $7.792B $19.12B
YoY Change 140.94% 2.7% -31.69%
TOTAL ASSETS
Total Short-Term Assets $17.11B $3.822B $10.47B
Total Long-Term Assets $46.07B $7.792B $19.12B
Total Assets $63.18B $11.61B $29.59B
YoY Change 113.51% -0.9% -9.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.000B $799.0M $2.580B
YoY Change 55.04% 7.39% 212.73%
Accrued Expenses $1.333B $1.564B $1.661B
YoY Change -19.75% -21.64% 88.75%
Deferred Revenue
YoY Change
Short-Term Debt $1.078B $0.00 $35.00M
YoY Change 2980.0%
Long-Term Debt Due $628.0M $341.0M $987.0M
YoY Change -36.37% 23.1% 4835.0%
Total Short-Term Liabilities $16.33B $3.116B $10.45B
YoY Change 56.34% -9.05% 200.43%
LONG-TERM LIABILITIES
Long-Term Debt $11.05B $2.165B $2.159B
YoY Change 411.95% 24.14% 49.62%
Other Long-Term Liabilities $5.033B $1.663B $1.590B
YoY Change 216.54% -12.38% -15.02%
Total Long-Term Liabilities $21.52B $1.663B $8.434B
YoY Change 155.21% -12.38% 350.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.33B $3.116B $10.45B
Total Long-Term Liabilities $21.52B $1.663B $8.434B
Total Liabilities $37.86B $7.228B $8.245B
YoY Change 359.13% -2.07% 15.7%
SHAREHOLDERS EQUITY
Retained Earnings $9.177B $5.364B $10.80B
YoY Change -15.0% 0.11% 121.57%
Common Stock $16.11B $4.000M $3.747B
YoY Change 329.81% 0.0% 1701.44%
Preferred Stock
YoY Change
Treasury Stock (at cost) $20.00M $15.00M $3.152B
YoY Change -99.37% 25.33%
Treasury Stock Shares 452.1K shares 412.6K shares 69.67M shares
Shareholders Equity $24.12B $4.351B $10.34B
YoY Change
Total Liabilities & Shareholders Equity $63.18B $11.61B $29.59B
YoY Change 113.51% -0.9% 150.57%

Cashflow Statement

Concept 2016 Q3 2016 Q2 2015 Q3
OPERATING ACTIVITIES
Net Income -$1.329B $383.0M $66.00M
YoY Change -2113.64% 145.51% -174.16%
Depreciation, Depletion And Amortization $703.0M $83.00M $85.00M
YoY Change 727.06% -3.49% -3.41%
Cash From Operating Activities $1.355B $190.0M $29.00M
YoY Change 4572.41% -22.45% -90.07%
INVESTING ACTIVITIES
Capital Expenditures -$1.040B -$66.00M -$63.00M
YoY Change 1550.79% 10.0% -19.23%
Acquisitions
YoY Change
Other Investing Activities $660.0M -$12.00M -$47.00M
YoY Change -1504.26% 9.09% -21.67%
Cash From Investing Activities -$380.0M -$78.00M -$110.0M
YoY Change 245.45% 9.86% -20.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 87.00M -114.0M 966.0M
YoY Change -90.99% 56.16% -183.13%
NET CHANGE
Cash From Operating Activities 1.355B 190.0M 29.00M
Cash From Investing Activities -380.0M -78.00M -110.0M
Cash From Financing Activities 87.00M -114.0M 966.0M
Net Change In Cash 1.062B -2.000M 885.0M
YoY Change 20.0% -101.98% -187.8%
FREE CASH FLOW
Cash From Operating Activities $1.355B $190.0M $29.00M
Capital Expenditures -$1.040B -$66.00M -$63.00M
Free Cash Flow $2.395B $256.0M $92.00M
YoY Change 2503.26% -16.07% -75.14%

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CY2015Q3 us-gaap Minority Interest
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CY2016Q2 us-gaap Minority Interest
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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504000000 USD
CY2015Q2 us-gaap Net Income Loss
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156000000 USD
us-gaap Net Income Loss
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CY2016Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2016Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Noncontrolling Interest Increase From Business Combination
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us-gaap Number Of Reportable Segments
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us-gaap Operating Income Loss
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CY2016Q2 us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
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CY2016Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
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CY2015Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
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CY2016Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
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CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
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CY2016Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
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CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2016Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Before Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Before Tax
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CY2016Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Before Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Before Tax
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CY2016Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
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CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2015Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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CY2016Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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us-gaap Other Noncash Income Expense
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us-gaap Payments To Acquire Investments
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us-gaap Payments To Acquire Productive Assets
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us-gaap Payments To Acquire Productive Assets
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CY2015Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2015Q3 us-gaap Preferred Stock Shares Authorized
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us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Proceeds From Sale Maturity And Collections Of Investments
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us-gaap Proceeds From Short Term Debt
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Repayments Of Long Term Debt
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us-gaap Repayments Of Long Term Debt
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us-gaap Restructuring Settlement And Impairment Provisions
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us-gaap Restructuring Settlement And Impairment Provisions
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us-gaap Sales Revenue Services Net
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us-gaap Selling General And Administrative Expense
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CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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CY2014Q3 us-gaap Stock Repurchase Program Authorized Amount1
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us-gaap Stock Repurchased During Period Shares
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us-gaap Stock Repurchased During Period Shares
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us-gaap Stockholders Equity Other
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CY2015Q3 us-gaap Treasury Stock Shares
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">References to </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;"> are to Tyco's fiscal quarters ending </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;24, 2016</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;26, 2015</font><font style="font-family:inherit;font-size:10pt;">, respectively, unless otherwise indicated. The Company has a </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">52</font><font style="font-family:inherit;font-size:10pt;">- or </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">53</font><font style="font-family:inherit;font-size:10pt;">-week fiscal year that ends on the last Friday in September. Fiscal </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;"> is a </font><font style="font-family:inherit;font-size:10pt;">53</font><font style="font-family:inherit;font-size:10pt;">-week year as compared with fiscal </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;">, which was </font><font style="font-family:inherit;font-size:10pt;">52</font><font style="font-family:inherit;font-size:10pt;"> weeks, with the&#160;additional week&#160;occurring in the fourth quarter of fiscal </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;">. The Company's results for the quarters and nine months ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;24, 2016</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">June&#160;26, 2015</font><font style="font-family:inherit;font-size:10pt;"> both consisted of 13 weeks and 39 weeks, respectively.</font></div></div>
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:10px;padding-top:10px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications</font><font style="font-family:inherit;font-size:10pt;">&#8212; Certain prior period amounts have been reclassified to conform with the current period presentation.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Effective for the first quarter of fiscal 2016, the Company has elected to present operating income by segment, as well as Corporate and Other, excluding restructuring and repositioning charges, net. Restructuring and repositioning charges, net, are shown in aggregate. This presentation is consistent with how management reviews the businesses, makes investing and resource decisions and assesses operating performance.</font></div></div>

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