2015 Q4 Form 10-K Financial Statement

#000100062317000036 Filed on February 24, 2017

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2015 Q2
Revenue $209.8M $184.4M $181.9M
YoY Change 15.47% -9.74% -10.66%
Cost Of Revenue $132.0M $127.1M
YoY Change -12.81% -11.98%
Gross Profit $65.80M $52.40M $54.80M
YoY Change 34.01% -0.95% -7.43%
Gross Profit Margin 31.36% 28.42% 30.13%
Selling, General & Admin $15.80M $21.90M
YoY Change -24.04% 2.82%
% of Gross Profit 30.15% 39.96%
Research & Development $3.500M $3.700M
YoY Change -2.78% -11.9%
% of Gross Profit 6.68% 6.75%
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $19.30M $25.60M
YoY Change -20.9% 0.39%
Operating Profit $24.70M $31.80M $24.00M
YoY Change 42.77% 26.19% -21.31%
Interest Expense $1.700M $1.900M
YoY Change -5.56% -9.52%
% of Operating Profit 5.35% 7.92%
Other Income/Expense, Net $1.300M $6.100M
YoY Change -51.85% 117.86%
Pretax Income $31.40M $28.20M
YoY Change 20.31% -9.62%
Income Tax $5.900M $6.500M
% Of Pretax Income 18.79% 23.05%
Net Earnings $21.70M $25.80M $23.40M
YoY Change 17.3% 12.17% -6.4%
Net Earnings / Revenue 10.34% 13.99% 12.86%
Basic Earnings Per Share $0.72 $0.85 $0.76
Diluted Earnings Per Share $0.72 $0.85 $0.76
COMMON SHARES
Basic Shares Outstanding 30.47M shares 30.28M shares 30.27M shares
Diluted Shares Outstanding 30.41M shares 30.40M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $186.5M $268.5M $257.7M
Short-Term Investments
Other Short-Term Assets $4.600M $5.600M $6.500M
YoY Change -24.59% -3.45% 14.04%
Inventory $112.4M $102.4M $106.1M
Prepaid Expenses
Receivables $119.4M $119.1M $106.7M
Other Receivables
Total Short-Term Assets $444.8M $510.9M $494.2M
YoY Change -14.36% -9.14% -14.08%
LONG-TERM ASSETS
Property, Plant & Equipment $308.1M $313.4M $318.7M
YoY Change -14.89% -15.21% -18.22%
Goodwill $233.3M $124.5M $125.3M
YoY Change 85.01% 3.15% 3.55%
Intangibles $213.9M $85.60M $87.10M
YoY Change 139.53% 9.18% 9.97%
Long-Term Investments $67.50M $66.30M $68.20M
YoY Change -0.44% -0.9% 2.1%
Other Assets $22.30M $19.20M $21.30M
YoY Change 9.31% -37.46% -33.44%
Total Long-Term Assets $845.2M $609.0M $620.6M
YoY Change 26.98% -8.6% -9.89%
TOTAL ASSETS
Total Short-Term Assets $444.8M $510.9M $494.2M
Total Long-Term Assets $845.2M $609.0M $620.6M
Total Assets $1.290B $1.120B $1.115B
YoY Change 8.86% -8.85% -11.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $49.00M $39.90M $37.20M
YoY Change 9.38% -14.74% -25.6%
Accrued Expenses $85.50M $77.80M $76.50M
YoY Change 11.91% -3.59% -6.02%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due $3.300M $3.100M $3.200M
YoY Change 43.48% -65.17% -23.81%
Total Short-Term Liabilities $143.1M $122.0M $119.6M
YoY Change 15.87% -10.56% -11.8%
LONG-TERM LIABILITIES
Long-Term Debt $568.2M $397.0M $394.9M
YoY Change 30.44% -9.34% -11.24%
Other Long-Term Liabilities $32.00M $34.50M $32.80M
YoY Change 1.91% 35.29% 24.71%
Total Long-Term Liabilities $600.2M $431.5M $427.7M
YoY Change 28.52% -6.88% -9.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $143.1M $122.0M $119.6M
Total Long-Term Liabilities $600.2M $431.5M $427.7M
Total Liabilities $822.1M $659.9M $650.7M
YoY Change 18.12% -6.75% -9.47%
SHAREHOLDERS EQUITY
Retained Earnings $552.6M $543.1M $528.9M
YoY Change 7.78% 7.4% 7.13%
Common Stock $3.000M $3.000M $3.000M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $467.9M $460.0M $464.1M
YoY Change
Total Liabilities & Shareholders Equity $1.290B $1.120B $1.115B
YoY Change 8.86% -8.85% -11.8%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2015 Q2
OPERATING ACTIVITIES
Net Income $21.70M $25.80M $23.40M
YoY Change 17.3% 12.17% -6.4%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

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3300000 USD
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5500000 USD
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2300000 USD
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100000 USD
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20600000 USD
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3400000 USD
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200000 USD
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29800000 USD
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3900000 USD
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3900000 USD
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45200000 USD
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0 USD
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4100000 USD
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1500000 USD
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700000 USD
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72700000 USD
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2500000 USD
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2500000 USD
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35300000 USD
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45100000 USD
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41000000 USD
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44500000 USD
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0 USD
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100000 USD
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CY2014 us-gaap Disposal Group Including Discontinued Operation Revenue
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0 USD
CY2015 us-gaap Disposal Group Including Discontinued Operation Revenue
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0 USD
CY2016 us-gaap Disposal Group Including Discontinued Operation Revenue
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0 USD
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300000 USD
CY2015 us-gaap Distributed Earnings
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200000 USD
CY2016 us-gaap Distributed Earnings
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300000 USD
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44500000 USD
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46900000 USD
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49400000 USD
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0.72
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2.95
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2.70
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0.69
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0.85
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0.62
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0.55
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2.71
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2.93
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0.61
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0.76
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0.85
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0.72
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2.94
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0.69
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0.85
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0.61
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0.55
CY2014 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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CY2015 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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0.189
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0.165
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0.004
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0.013
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0.037
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0.011
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0.000
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0.000
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39200000 USD
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4400000 USD
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3900000 USD
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600000 USD
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500000 USD
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18800000 USD
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31100000 USD
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12600000 USD
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11300000 USD
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11300000 USD
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11700000 USD
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11800000 USD
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1500000 USD
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4300000 USD
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1800000 USD
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109500000 USD
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54800000 USD
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52400000 USD
CY2015Q4 us-gaap Gross Profit
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CY2015 us-gaap Gross Profit
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63100000 USD
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63200000 USD
CY2016 us-gaap Gross Profit
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256700000 USD
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0.71
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2.97
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0.69
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18800000 USD
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24500000 USD
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25600000 USD
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21600000 USD
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90500000 USD
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21100000 USD
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26000000 USD
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18700000 USD
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17000000 USD
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82800000 USD
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31000000 USD
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41600000 USD
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27700000 USD
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77200000 USD
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63900000 USD
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65700000 USD
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108200000 USD
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105500000 USD
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93400000 USD
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2.94
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0.62
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0.80
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0.84
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0.55
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2.71
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2.93
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0.61
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0.80
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0.84
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0.71
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2.96
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0.69
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0.85
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0.61
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0.55
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2.70
CY2014 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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0 USD
CY2015Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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0 USD
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-1100000 USD
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200000 USD
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0 USD
CY2016Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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0 USD
CY2016 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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0 USD
CY2014 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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0.00
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100000 USD
CY2015 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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-800000 USD
CY2016Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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0 USD
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0 USD
CY2015Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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0.00
CY2015Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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-0.04
CY2015Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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0.01
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0.00
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0.00
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0.00
CY2016 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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CY2015 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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0.00
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0.00
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0.00
CY2016 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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0.00
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1400000 USD
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3500000 USD
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37900000 USD
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36900000 USD
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32600000 USD
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1100000 USD
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1500000 USD
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900000 USD
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31900000 USD
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18000000 USD
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3100000 USD
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6500000 USD
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18200000 USD
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3700000 USD
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11000000 USD
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36100000 USD
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9700000 USD
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17300000 USD
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23900000 USD
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6800000 USD
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6900000 USD
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1800000 USD
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1800000 USD
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4000000 USD
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4800000 USD
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4800000 USD
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CY2015 us-gaap Net Income Loss
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88900000 USD
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106100000 USD
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22500000 USD
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CY2015Q4 us-gaap Operating Income Loss
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24700000 USD
CY2015 us-gaap Operating Income Loss
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3200000 USD
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3300000 USD
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CY2016Q4 us-gaap Other Assets Current
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9700000 USD
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19700000 USD
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3300000 USD
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CY2016 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
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CY2016 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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0 USD
CY2015 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
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0 USD
CY2016 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
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0 USD
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2100000 USD
CY2014 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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12700000 USD
CY2015 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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CY2016 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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CY2014 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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8300000 USD
CY2015 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2016 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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900000 USD
CY2014 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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4400000 USD
CY2015 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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900000 USD
CY2016 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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CY2014 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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CY2015 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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CY2016 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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CY2014 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
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<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;">General</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Nature of Business</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Schweitzer-Mauduit International, Inc., or SWM or the Company, headquartered in the United States of America, is a multinational diversified producer of highly engineered solutions and advanced materials for a variety of industries. The Company maintains </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> operating product line segments: Engineered Papers and Advanced Materials and Structures.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Historically, through its Engineered Papers ("EP") segment, the Company has primarily served the tobacco industry via the manufacture and sale of paper and reconstituted tobacco products, which remains a key focus. The primary products sold to the tobacco industry include cigarette, plug wrap and base tipping papers, or Cigarette Papers, which are used to wrap various parts of a cigarette, reconstituted tobacco leaf, or RTL, which is used as a blend with virgin tobacco in cigarettes, and reconstituted tobacco wrappers and binders for cigars. These products are sold directly to tobacco companies or their designated converters in the Americas, Europe, Asia, Africa, the Middle East and elsewhere. The EP segment is a manufacturer of lightweight specialty papers used in manufacturing banded papers used in the production of lower ignition propensity, or LIP, cigarettes and also produces premium specialized papers for other applications, including low volume specialized commercial and industrial commodity paper grades produced, among other reasons, to maximize machine utilization.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Through its Advanced Materials &amp; Structures, or AMS, segment, the Company is a specialty producer of resin-based plastic netting through an extrusion process, as well as certain meltblown products, machined plastic core tubes, urethane films, and resin-based rolled products for use in other end segments, such as filtration, surface protection, medical and other industrials. As discussed more fully in Note 3. Business Acquisitions, in October 2015, the Company completed the acquisition of Argotec Intermediate Holdings LLC, or Argotec, a manufacturer of urethane films for use in high performance niche applications such as surface and automotive paint protection, glass lamination, medical woundcare and other industrial uses. This acquisition has been incorporated into the AMS segment.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We conduct business in over </font><font style="font-family:inherit;font-size:10pt;">90</font><font style="font-family:inherit;font-size:10pt;"> countries and operate </font><font style="font-family:inherit;font-size:10pt;">18</font><font style="font-family:inherit;font-size:10pt;"> production locations worldwide, with facilities in the United States, Canada, United Kingdom, France, Luxembourg, Russia, Brazil, China and Poland. We also have a </font><font style="font-family:inherit;font-size:10pt;">50%</font><font style="font-family:inherit;font-size:10pt;"> equity interest in </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> joint ventures in China. The first, China Tobacco Mauduit (Jiangmen) Paper Industry Ltd., or CTM, produces cigarette and porous plug wrap papers and the second, China Tobacco Schweitzer (Yunnan) Reconstituted Tobacco Co. Ltd., or CTS, produces RTL.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As used in this 2016 Annual Report on Form 10-K, unless the context indicates otherwise, references to "we," "us," "our," "SWM," "Schweitzer-Mauduit" or similar terms include Schweitzer-Mauduit International, Inc. and its consolidated subsidiaries.</font></div></div>

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