2015 Q2 Form 10-Q Financial Statement

#000150630715000043 Filed on July 24, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $3.463B $3.937B
YoY Change -12.04% 16.41%
Cost Of Revenue $1.085B $1.610B
YoY Change -32.61% 28.39%
Gross Profit $2.378B $2.327B
YoY Change 2.19% 9.35%
Gross Profit Margin 68.67% 59.11%
Selling, General & Admin $280.0M $265.0M
YoY Change 5.66% -7.02%
% of Gross Profit 11.77% 11.39%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $570.0M $502.0M
YoY Change 13.55% 12.81%
% of Gross Profit 23.97% 21.57%
Operating Expenses $846.0M $767.0M
YoY Change 10.3% 7.57%
Operating Profit $892.0M $1.013B
YoY Change -11.94% 31.22%
Interest Expense -$358.0M -$340.0M
YoY Change 5.29% -179.63%
% of Operating Profit -40.13% -33.56%
Other Income/Expense, Net -$361.0M -$338.0M
YoY Change 6.8% -244.44%
Pretax Income $531.0M $675.0M
YoY Change -21.33% -32.9%
Income Tax $189.0M $178.0M
% Of Pretax Income 35.59% 26.37%
Net Earnings $333.0M $284.0M
YoY Change 17.25% 2.53%
Net Earnings / Revenue 9.62% 7.21%
Basic Earnings Per Share $0.15
Diluted Earnings Per Share $0.15 $0.27
COMMON SHARES
Basic Shares Outstanding 2.175B shares 1.028B shares
Diluted Shares Outstanding 2.187B shares 1.028B shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $163.0M $313.0M
YoY Change -47.92% -64.27%
Cash & Equivalents $163.0M $363.0M
Short-Term Investments
Other Short-Term Assets $493.0M $582.0M
YoY Change -15.29% 52.36%
Inventory $474.0M $460.0M
Prepaid Expenses
Receivables $1.349B $1.633B
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.936B $3.367B
YoY Change -12.8% -10.74%
LONG-TERM ASSETS
Property, Plant & Equipment $40.59B $37.61B
YoY Change 7.92% 8.69%
Goodwill $24.97B $24.65B
YoY Change 1.27% 0.65%
Intangibles $3.677B $2.367B
YoY Change 55.34% -4.75%
Long-Term Investments $6.028B $5.862B
YoY Change 2.83% -3.66%
Other Assets $2.009B $2.508B
YoY Change -19.9% -6.63%
Total Long-Term Assets $82.67B $73.00B
YoY Change 13.26% 3.77%
TOTAL ASSETS
Total Short-Term Assets $2.936B $3.367B
Total Long-Term Assets $82.67B $73.00B
Total Assets $85.61B $76.36B
YoY Change 12.11% 3.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.293B $1.501B
YoY Change -13.86% 13.2%
Accrued Expenses $1.020B $1.252B
YoY Change -18.53% -36.12%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.154B $2.623B
YoY Change 20.24% -33.83%
Total Short-Term Liabilities $6.499B $6.487B
YoY Change 0.18% -11.54%
LONG-TERM LIABILITIES
Long-Term Debt $41.40B $34.52B
YoY Change 19.92% 9.31%
Other Long-Term Liabilities $2.207B $2.147B
YoY Change 2.79% -10.35%
Total Long-Term Liabilities $43.61B $41.22B
YoY Change 5.78% 21.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.499B $6.487B
Total Long-Term Liabilities $43.61B $41.22B
Total Liabilities $50.11B $47.71B
YoY Change 5.02% 4.67%
SHAREHOLDERS EQUITY
Retained Earnings -$1.661B
YoY Change 44.06%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $35.17B $12.62B
YoY Change
Total Liabilities & Shareholders Equity $85.61B $76.36B
YoY Change 12.11% 3.03%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $333.0M $284.0M
YoY Change 17.25% 2.53%
Depreciation, Depletion And Amortization $570.0M $502.0M
YoY Change 13.55% 12.81%
Cash From Operating Activities $1.282B $1.085B
YoY Change 18.16% 12.2%
INVESTING ACTIVITIES
Capital Expenditures -$1.012B -$872.0M
YoY Change 16.06% 17.2%
Acquisitions
YoY Change
Other Investing Activities $43.00M -$16.00M
YoY Change -368.75% -93.77%
Cash From Investing Activities -$969.0M -$888.0M
YoY Change 9.12% -11.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -410.0M -353.0M
YoY Change 16.15% 760.98%
NET CHANGE
Cash From Operating Activities 1.282B 1.085B
Cash From Investing Activities -969.0M -888.0M
Cash From Financing Activities -410.0M -353.0M
Net Change In Cash -97.00M -156.0M
YoY Change -37.82% 108.0%
FREE CASH FLOW
Cash From Operating Activities $1.282B $1.085B
Capital Expenditures -$1.012B -$872.0M
Free Cash Flow $2.294B $1.957B
YoY Change 17.22% 14.38%

Facts In Submission

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us-gaap Equity Method Investment Dividends Or Distributions
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us-gaap Equity Method Investment Other Than Temporary Impairment
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Equity Method Investments
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us-gaap Income Loss From Equity Method Investments
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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 Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation 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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221000000 USD
CY2015Q2 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
116000000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
231000000 USD
us-gaap Transfer To Investments
TransferToInvestments
0 USD
us-gaap Transfer To Investments
TransferToInvestments
34000000 USD
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1028000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1028000000 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2187000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2169000000 shares
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%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">ASU No. 2014-09</font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On May 28, 2014, the FASB issued ASU No. 2014-09, &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers (Topic 606).&#8221; </font><font style="font-family:inherit;font-size:10pt;"> This ASU is designed to create greater comparability for financial statement users across industries and jurisdictions. The provisions of ASU No. 2014-09 include a five-step process by which entities will recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the payment to which an entity expects to be entitled in exchange for those goods or services. The standard also will require enhanced disclosures, provide more comprehensive guidance for transactions such as service revenue and contract modifications, and enhance guidance for multiple-element arrangements. ASU No. 2014-09 will be effective for U.S. public companies for annual reporting periods beginning after December 15, 2017, including interim reporting periods (January 1, 2018 for us). Early adoption is permitted for the interim periods within the adoption year. We are currently reviewing the effect of ASU No. 2014-09 on our revenue recognition.</font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">ASU No. 2015-02</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On February 18, 2015, the FASB issued ASU No. 2015-02, &#8220;Consolidation (Topic 810) - Amendments to the Consolidated Analysis.&#8221; This ASU focuses on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. ASU No. 2015-02 will be effective for U.S. public companies for annual reporting periods beginning after December 15, 2015. Early adoption is allowed, including in any interim period. We are currently reviewing the effect of ASU No. 2015-02 on our consolidation conclusion and disclosure.</font></div></div>

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