2015 Q2 Form 10-Q Financial Statement

#000151029515000040 Filed on August 03, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $20.54B $26.84B
YoY Change -23.5% 4.54%
Cost Of Revenue $18.32B $24.71B
YoY Change -25.88% 2.98%
Gross Profit $2.265B $2.211B
YoY Change 2.44% 29.98%
Gross Profit Margin 11.03% 8.24%
Selling, General & Admin $393.0M $316.0M
YoY Change 24.37% -11.73%
% of Gross Profit 17.35% 14.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $362.0M $325.0M
YoY Change 11.38% 7.62%
% of Gross Profit 15.98% 14.7%
Operating Expenses $393.0M $316.0M
YoY Change 24.37% -11.73%
Operating Profit $1.335B $1.369B
YoY Change -2.48% 42.6%
Interest Expense -$129.0M -$162.0M
YoY Change -20.37% 260.0%
% of Operating Profit -9.66% -11.83%
Other Income/Expense, Net -$5.000M -$48.00M
YoY Change -89.58% 6.67%
Pretax Income $1.271B $1.321B
YoY Change -3.79% 44.37%
Income Tax $432.0M $457.0M
% Of Pretax Income 33.99% 34.6%
Net Earnings $826.0M $855.0M
YoY Change -3.39% 44.18%
Net Earnings / Revenue 4.02% 3.19%
Basic Earnings Per Share $1.52 $1.49
Diluted Earnings Per Share $1.51 $1.48
COMMON SHARES
Basic Shares Outstanding 541.0M shares 574.0M shares
Diluted Shares Outstanding 544.0M shares 578.0M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.881B $2.125B
YoY Change -11.48% -30.76%
Cash & Equivalents $1.881B $2.125B
Short-Term Investments
Other Short-Term Assets $134.0M $125.0M
YoY Change 7.2% -34.21%
Inventory $5.540B $5.621B
Prepaid Expenses
Receivables $3.876B $5.725B
Other Receivables $0.00 $0.00
Total Short-Term Assets $11.43B $13.60B
YoY Change -15.92% -4.6%
LONG-TERM ASSETS
Property, Plant & Equipment $16.28B $13.85B
YoY Change 17.57% 0.37%
Goodwill $1.566B $937.0M
YoY Change 67.13% -0.11%
Intangibles
YoY Change
Long-Term Investments $994.0M $690.0M
YoY Change 44.06% 110.37%
Other Assets $379.0M $303.0M
YoY Change 25.08% -19.84%
Total Long-Term Assets $19.22B $15.78B
YoY Change 21.81% 2.18%
TOTAL ASSETS
Total Short-Term Assets $11.43B $13.60B
Total Long-Term Assets $19.22B $15.78B
Total Assets $30.65B $29.38B
YoY Change 4.35% -1.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.225B $8.934B
YoY Change -30.32% 3.87%
Accrued Expenses $838.0M $667.0M
YoY Change 25.64% -3.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $780.0M $26.00M
YoY Change 2900.0% 13.04%
Total Short-Term Liabilities $8.725B $11.06B
YoY Change -21.08% 7.95%
LONG-TERM LIABILITIES
Long-Term Debt $5.918B $3.612B
YoY Change 63.84% 6.64%
Other Long-Term Liabilities $1.709B $1.502B
YoY Change 13.78% -10.75%
Total Long-Term Liabilities $7.627B $5.114B
YoY Change 49.14% 0.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.725B $11.06B
Total Long-Term Liabilities $7.627B $5.114B
Total Liabilities $18.36B $18.34B
YoY Change 0.13% 4.81%
SHAREHOLDERS EQUITY
Retained Earnings $8.959B $6.325B
YoY Change 41.64% 27.29%
Common Stock $9.919B $9.826B
YoY Change 0.95% 0.87%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.926B $5.313B
YoY Change 30.36% 98.84%
Treasury Stock Shares 191.0M shares 78.00M shares
Shareholders Equity $11.64B $10.62B
YoY Change
Total Liabilities & Shareholders Equity $30.65B $29.38B
YoY Change 4.35% -1.07%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $826.0M $855.0M
YoY Change -3.39% 44.18%
Depreciation, Depletion And Amortization $362.0M $325.0M
YoY Change 11.38% 7.62%
Cash From Operating Activities $994.0M $878.0M
YoY Change 13.21% -301.38%
INVESTING ACTIVITIES
Capital Expenditures -$375.0M -$302.0M
YoY Change 24.17% 31.88%
Acquisitions
YoY Change
Other Investing Activities -$93.00M -$19.00M
YoY Change 389.47% 171.43%
Cash From Investing Activities -$468.0M -$321.0M
YoY Change 45.79% 36.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $408.0M $459.0M
YoY Change -11.11% -47.96%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -723.0M -598.0M
YoY Change 20.9% -39.96%
NET CHANGE
Cash From Operating Activities 994.0M 878.0M
Cash From Investing Activities -468.0M -321.0M
Cash From Financing Activities -723.0M -598.0M
Net Change In Cash -197.0M -41.00M
YoY Change 380.49% -97.54%
FREE CASH FLOW
Cash From Operating Activities $994.0M $878.0M
Capital Expenditures -$375.0M -$302.0M
Free Cash Flow $1.369B $1.180B
YoY Change 16.02% -670.05%

Facts In Submission

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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Fair Value Liabilities Measured On Recurring Basis Change In Unrealized Gain Loss
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us-gaap Fair Value Liabilities Measured On Recurring Basis Change In Unrealized Gain Loss
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
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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 Payments For Repurchase Of Common Stock
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Payments To Minority Shareholders
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TaxesExcludingIncomeAndExciseTaxes
202000000 USD
CY2015Q2 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
104000000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
201000000 USD
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
36.12
CY2014Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
44.07
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
43.91
CY2015Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
50.97
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
49.75
CY2014Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
179000000 shares
CY2015Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
191000000 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
191000000 shares
CY2014Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
10000000 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
26000000 shares
CY2015Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
8000000 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
12000000 shares
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
6299000000 USD
CY2015Q2 us-gaap Treasury Stock Value
TreasuryStockValue
6926000000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
1148000000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
617000000 USD
CY2014Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
35000000 USD
CY2015Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
38000000 USD
CY2014Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
1000000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
2000000 USD
CY2015Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
1000000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
3000000 USD
CY2014Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
1000000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
2000000 USD
CY2015Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
1000000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
3000000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
2000000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-18000000 USD
CY2015Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
12000000 USD
CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
4000000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
4000000 shares
CY2015Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3000000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
4000000 shares
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
578000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
584000000 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
544000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
547000000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
574000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
580000000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
541000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
543000000 shares
us-gaap Use Of Estimates
UseOfEstimates
<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:inherit;font-size:10pt;">These interim consolidated financial statements are unaudited; however, in the opinion of our management, these statements reflect all adjustments necessary for a fair statement of the results for the periods reported. All such adjustments are of a normal, recurring nature unless otherwise disclosed. These interim consolidated financial statements, including the notes, have been prepared in accordance with the rules of the Securities and Exchange Commission applicable to interim period financial statements and do not include all of the information and disclosures required by United States generally accepted accounting principles (&#8220;U.S. GAAP&#8221;) for complete financial statements.</font></div></div>

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