$MCD
MCDONALDS CORP

2016 Q2 Form 10-Q Financial Statement

#000006390816000142 Filed on August 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2 2015 Q1
Revenue $6.265B $6.498B $5.959B
YoY Change -3.58% -9.52% -11.07%
Cost Of Revenue $3.679B $4.007B $3.758B
YoY Change -8.19% -8.87% -10.19%
Gross Profit $2.586B $2.490B $2.201B
YoY Change 3.84% -10.56% -12.52%
Gross Profit Margin 41.28% 38.33% 36.94%
Selling, General & Admin $596.1M $592.4M $582.8M
YoY Change 0.62% -5.85% -6.06%
% of Gross Profit 23.05% 23.79% 26.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $383.3M $392.2M $386.1M
YoY Change -2.27% -5.08% -5.92%
% of Gross Profit 14.82% 15.75% 17.54%
Operating Expenses $596.1M $592.4M $582.8M
YoY Change 0.62% -5.85% -6.06%
Operating Profit $1.858B $1.849B $1.386B
YoY Change 0.47% -15.52% -28.43%
Interest Expense $223.9M $149.2M $147.3M
YoY Change 50.07% 8.19% 8.71%
% of Operating Profit 12.05% 8.07% 10.63%
Other Income/Expense, Net $16.20M $12.30M $15.90M
YoY Change 31.71% -39.71% -192.44%
Pretax Income $1.650B $1.712B $1.254B
YoY Change -3.63% -17.34% -29.68%
Income Tax $557.3M $510.0M $442.6M
% Of Pretax Income 33.77% 29.78% 35.29%
Net Earnings $1.093B $1.202B $811.5M
YoY Change -9.11% -13.32% -32.64%
Net Earnings / Revenue 17.44% 18.51% 13.62%
Basic Earnings Per Share $1.27 $1.26 $0.84
Diluted Earnings Per Share $1.25 $1.26 $0.84
COMMON SHARES
Basic Shares Outstanding 864.0M shares 953.2M shares 960.6M shares
Diluted Shares Outstanding 871.2M shares 957.6M shares 965.5M shares

Balance Sheet

Concept 2016 Q2 2015 Q2 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.128B $3.999B $1.635B
YoY Change -21.78% 8.93% -40.42%
Cash & Equivalents $3.128B $3.999B $1.635B
Short-Term Investments
Other Short-Term Assets $564.0M $693.0M $767.0M
YoY Change -18.61% -17.3% 1.32%
Inventory $87.40M $102.3M $98.80M
Prepaid Expenses
Receivables $1.267B $1.179B $1.092B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.047B $5.972B $3.593B
YoY Change -15.5% 0.99% -25.71%
LONG-TERM ASSETS
Property, Plant & Equipment $22.85B $23.69B $23.30B
YoY Change -3.55% -8.45% -9.16%
Goodwill $2.499B $2.628B $2.594B
YoY Change -4.91% -9.47% -10.31%
Intangibles
YoY Change
Long-Term Investments $852.0M $860.0M $901.0M
YoY Change -0.93% -30.19% -26.39%
Other Assets $1.899B $1.797B $1.767B
YoY Change 5.71% -3.18% -0.02%
Total Long-Term Assets $28.10B $28.98B $28.56B
YoY Change -3.02% -9.07% -9.42%
TOTAL ASSETS
Total Short-Term Assets $5.047B $5.972B $3.593B
Total Long-Term Assets $28.10B $28.98B $28.56B
Total Assets $33.15B $34.95B $32.16B
YoY Change -5.15% -7.5% -11.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $574.6M $840.1M $702.0M
YoY Change -31.6% -12.95% -15.23%
Accrued Expenses $1.873B $1.858B $1.678B
YoY Change 0.81% 4.62% -3.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.667B $2.761B $2.752B
YoY Change -3.39% -18.6% -11.26%
LONG-TERM LIABILITIES
Long-Term Debt $26.01B $17.90B $14.29B
YoY Change 45.29% 20.21% 3.37%
Other Long-Term Liabilities $2.208B $2.112B $1.998B
YoY Change 4.53% 19.46% 17.05%
Total Long-Term Liabilities $28.22B $20.01B $16.29B
YoY Change 40.99% 20.13% 4.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.667B $2.761B $2.752B
Total Long-Term Liabilities $28.22B $20.01B $16.29B
Total Liabilities $30.89B $22.77B $19.04B
YoY Change 35.61% 13.58% 2.19%
SHAREHOLDERS EQUITY
Retained Earnings $45.27B $43.68B $43.29B
YoY Change 3.64% 2.2% 2.69%
Common Stock $16.60M $16.60M $16.60M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $48.11B $37.39B $35.73B
YoY Change 28.67% 12.31% 9.85%
Treasury Stock Shares 807.3M shares 718.8M shares 702.1M shares
Shareholders Equity $640.0M $10.56B $11.40B
YoY Change
Total Liabilities & Shareholders Equity $33.15B $34.95B $32.16B
YoY Change -5.15% -7.5% -11.59%

Cashflow Statement

Concept 2016 Q2 2015 Q2 2015 Q1
OPERATING ACTIVITIES
Net Income $1.093B $1.202B $811.5M
YoY Change -9.11% -13.32% -32.64%
Depreciation, Depletion And Amortization $383.3M $392.2M $386.1M
YoY Change -2.27% -5.08% -5.92%
Cash From Operating Activities $1.248B $1.514B $1.700B
YoY Change -17.52% 1.78% -10.89%
INVESTING ACTIVITIES
Capital Expenditures $352.5M $415.9M $392.6M
YoY Change -15.24% -29.46% -30.98%
Acquisitions
YoY Change
Other Investing Activities $20.90M -$18.40M $4.200M
YoY Change -213.59% -117.57% -96.44%
Cash From Investing Activities -$203.7M -$346.5M -$349.2M
YoY Change -41.21% -43.67% -42.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.381B $1.555B $606.4M
YoY Change 117.35% 121.09% 37.97%
Debt Paid & Issued, Net $600.4M $501.4M $545.3M
YoY Change 19.74% 50040.0%
Cash From Financing Activities -$1.137B $1.088B -$1.593B
YoY Change -204.52% 2032.55% 17.58%
NET CHANGE
Cash From Operating Activities $1.248B $1.514B $1.700B
Cash From Investing Activities -$203.7M -$346.5M -$349.2M
Cash From Financing Activities -$1.137B $1.088B -$1.593B
Net Change In Cash -$92.10M $2.255B -$243.0M
YoY Change -104.08% 144.3% 333.93%
FREE CASH FLOW
Cash From Operating Activities $1.248B $1.514B $1.700B
Capital Expenditures $352.5M $415.9M $392.6M
Free Cash Flow $895.9M $1.098B $1.307B
YoY Change -18.38% 22.31% -2.36%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recently Issued Accounting Standards</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Employee Share-Based Payment Accounting</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) 2016-09, &#8220;Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.&#8221; The goal of this update is to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This update is effective beginning January 1, 2017 with early adoption permitted. </font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company elected to early adopt ASU 2016-09 in the second quarter 2016, which requires reflection of any adjustments as of January 1, 2016. The primary impact of adoption was the recognition of excess tax benefits as a reduction to the provision for income taxes of </font><font style="font-family:inherit;font-size:10pt;">$17.6 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$43.8 million</font><font style="font-family:inherit;font-size:10pt;"> for the three and six months ended June 30, 2016, respectively, and a benefit to previously reported quarterly earnings per common share - basic and diluted for March 31, 2016 of </font><font style="font-family:inherit;font-size:10pt;">$0.03</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$0.02</font><font style="font-family:inherit;font-size:10pt;">, respectively. Excess tax benefits of </font><font style="font-family:inherit;font-size:10pt;">$26.1 million</font><font style="font-family:inherit;font-size:10pt;"> previously reported in financing activities in the consolidated statement of cash flows for the three months ended March 31, 2016 have been reclassified to operating activities in the consolidated statement of cash flows for the six months ended June 30, 2016. </font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Additional amendments to ASU 2016-09 related to income taxes and minimum statutory withholding tax requirements had no impact to retained earnings, where the cumulative effect of these changes are required to be recorded. The Company also elected to continue estimating forfeitures when determining the amount of compensation costs to be recognized in each period. </font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The presentation requirements for cash flows related to excess tax benefits will be applied prospectively; as such, prior years have not been restated. The presentation requirements for cash flows related to employee taxes paid for withheld shares had no impact to any of the periods presented in the consolidated statement of cash flows, since such cash flows have historically been presented in financing activities. </font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Lease Accounting</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU 2016-02, &#8220;Leases (Topic 842),&#8221; to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The Company anticipates ASU 2016-02 to have a material impact on the consolidated balance sheet. The impact on the Company&#8217;s consolidated statement of income is currently being evaluated. The impact of ASU 2016-02 is non-cash in nature, as such, it will not affect the Company&#8217;s cash position. </font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:6px;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue Recognition</font></div><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued guidance codified in ASC 606, &#8220;Revenue Recognition - Revenue from Contracts with Customers,&#8221; which amends the guidance in former ASC 605, &#8220;Revenue Recognition.&#8221; In July 2015, the FASB made a decision to defer by one year the effective date of its new standard to January 1, 2018, although early adoption is permitted as of January 1, 2017. The Company is currently evaluating the impact of ASC 606.</font></div></div>

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