2018 Q3 Form 10-Q Financial Statement

#000006850518000029 Filed on November 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $1.862B $1.645B
YoY Change 13.19% 15.03%
Cost Of Revenue $961.0M $851.0M
YoY Change 12.93% 12.86%
Gross Profit $901.0M $794.0M
YoY Change 13.48% 17.46%
Gross Profit Margin 48.39% 48.27%
Selling, General & Admin $323.0M $259.0M
YoY Change 24.71% 7.92%
% of Gross Profit 35.85% 32.62%
Research & Development $158.0M $141.0M
YoY Change 12.06% 2.17%
% of Gross Profit 17.54% 17.76%
Depreciation & Amortization $43.00M $49.00M
YoY Change -12.24% 11.36%
% of Gross Profit 4.77% 6.17%
Operating Expenses $481.0M $400.0M
YoY Change 20.25% 5.82%
Operating Profit $294.0M $347.0M
YoY Change -15.27% 54.91%
Interest Expense $62.00M $55.00M
YoY Change 12.73% -6.78%
% of Operating Profit 21.09% 15.85%
Other Income/Expense, Net -$24.00M -$61.00M
YoY Change -60.66% 7.02%
Pretax Income $270.0M $286.0M
YoY Change -5.59% 71.26%
Income Tax $22.00M $73.00M
% Of Pretax Income 8.15% 25.52%
Net Earnings $247.0M $212.0M
YoY Change 16.51% 98.13%
Net Earnings / Revenue 13.27% 12.89%
Basic Earnings Per Share $1.52 $1.30
Diluted Earnings Per Share $1.43 $1.25
COMMON SHARES
Basic Shares Outstanding 162.6M shares 162.3M shares
Diluted Shares Outstanding 172.6M shares 169.0M shares

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $839.0M $792.0M
YoY Change 5.93% -50.25%
Cash & Equivalents $839.0M $653.0M
Short-Term Investments $50.00M
Other Short-Term Assets $350.0M $873.0M
YoY Change -59.91% 37.48%
Inventory $367.0M $364.0M
Prepaid Expenses
Receivables $1.179B $1.382B
Other Receivables $119.0M $110.0M
Total Short-Term Assets $3.664B $3.336B
YoY Change 9.83% -5.95%
LONG-TERM ASSETS
Property, Plant & Equipment $892.0M $889.0M
YoY Change 0.34% 14.27%
Goodwill $1.541B $932.0M
YoY Change 65.34% 56.11%
Intangibles
YoY Change
Long-Term Investments $14.00M $14.00M
YoY Change 0.0% 40.0%
Other Assets $444.0M $201.0M
YoY Change 120.9% -81.06%
Total Long-Term Assets $5.299B $5.282B
YoY Change 0.32% 7.36%
TOTAL ASSETS
Total Short-Term Assets $3.664B $3.336B
Total Long-Term Assets $5.299B $5.282B
Total Assets $8.963B $8.618B
YoY Change 4.0% 1.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $456.0M $473.0M
YoY Change -3.59% 15.65%
Accrued Expenses $1.168B $2.043B
YoY Change -42.83% 25.26%
Deferred Revenue $1.127B
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $337.0M $46.00M
YoY Change 632.61% 820.0%
Total Short-Term Liabilities $3.088B $2.563B
YoY Change 20.48% 25.33%
LONG-TERM LIABILITIES
Long-Term Debt $5.095B $4.423B
YoY Change 15.19% -12.03%
Other Long-Term Liabilities $2.175B $2.450B
YoY Change -11.22% 18.24%
Total Long-Term Liabilities $7.270B $6.873B
YoY Change 5.78% -3.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.088B $2.563B
Total Long-Term Liabilities $7.270B $6.873B
Total Liabilities $10.36B $9.436B
YoY Change 9.77% 3.18%
SHAREHOLDERS EQUITY
Retained Earnings $788.0M $981.0M
YoY Change -19.67% -9.17%
Common Stock $372.0M $315.0M
YoY Change 18.1% 164.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.411B -$830.0M
YoY Change
Total Liabilities & Shareholders Equity $8.963B $8.618B
YoY Change 4.0% 1.78%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $247.0M $212.0M
YoY Change 16.51% 98.13%
Depreciation, Depletion And Amortization $43.00M $49.00M
YoY Change -12.24% 11.36%
Cash From Operating Activities $338.0M $173.0M
YoY Change 95.38% -40.55%
INVESTING ACTIVITIES
Capital Expenditures -$46.00M -$53.00M
YoY Change -13.21% -42.39%
Acquisitions
YoY Change
Other Investing Activities $6.000M -$15.00M
YoY Change -140.0% -129.41%
Cash From Investing Activities -$40.00M -$68.00M
YoY Change -41.18% 65.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -388.0M -151.0M
YoY Change 156.95% -75.96%
NET CHANGE
Cash From Operating Activities 338.0M 173.0M
Cash From Investing Activities -40.00M -68.00M
Cash From Financing Activities -388.0M -151.0M
Net Change In Cash -90.00M -46.00M
YoY Change 95.65% -87.83%
FREE CASH FLOW
Cash From Operating Activities $338.0M $173.0M
Capital Expenditures -$46.00M -$53.00M
Free Cash Flow $384.0M $226.0M
YoY Change 69.91% -40.99%

Facts In Submission

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CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
247000000 USD
us-gaap Net Income Loss
NetIncomeLoss
544000000 USD
CY2017Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1000000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
2000000 USD
CY2018Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1000000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
2000000 USD
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NonoperatingIncomeExpense
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us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2018Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-24000000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-102000000 USD
CY2017Q4 us-gaap Notes And Loans Receivable Gross Current
NotesAndLoansReceivableGrossCurrent
18000000 USD
CY2018Q3 us-gaap Notes And Loans Receivable Gross Current
NotesAndLoansReceivableGrossCurrent
7000000 USD
CY2017Q4 us-gaap Notes And Loans Receivable Gross Noncurrent
NotesAndLoansReceivableGrossNoncurrent
19000000 USD
CY2018Q3 us-gaap Notes And Loans Receivable Gross Noncurrent
NotesAndLoansReceivableGrossNoncurrent
20000000 USD
CY2017Q4 us-gaap Notes Receivable Gross
NotesReceivableGross
37000000 USD
CY2018Q3 us-gaap Notes Receivable Gross
NotesReceivableGross
29000000 USD
CY2018Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
347000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
781000000 USD
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
294000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
739000000 USD
CY2017Q4 us-gaap Other Accrued Liabilities Current
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547000000 USD
CY2018Q3 us-gaap Other Accrued Liabilities Current
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459000000 USD
CY2017Q4 us-gaap Other Assets Current
OtherAssetsCurrent
832000000 USD
CY2018Q3 us-gaap Other Assets Current
OtherAssetsCurrent
350000000 USD
CY2018Q1 us-gaap Other Assets Current
OtherAssetsCurrent
284000000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
333000000 USD
CY2018Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
444000000 USD
CY2018Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
418000000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
1000000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
5000000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
0 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-6000000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
46000000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
127000000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-4000000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-42000000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
73000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
191000000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
9000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-9000000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-26000000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-59000000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-13000000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-39000000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2585000000 USD
CY2018Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2175000000 USD
CY2018Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2578000000 USD
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-9000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-20000000 USD
CY2018Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
29000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
45000000 USD
CY2017Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-47000000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
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CY2018Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-126000000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-263000000 USD
CY2017Q3 us-gaap Other Restructuring Costs
OtherRestructuringCosts
6000000 USD
us-gaap Other Restructuring Costs
OtherRestructuringCosts
22000000 USD
CY2018Q3 us-gaap Other Restructuring Costs
OtherRestructuringCosts
21000000 USD
us-gaap Other Restructuring Costs
OtherRestructuringCosts
46000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
358000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
66000000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
51000000 USD
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
0 USD
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
169000000 USD
CY2017Q3 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
76000000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
230000000 USD
CY2018Q3 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
84000000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
252000000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
2000000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
1000000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
206000000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
128000000 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
100
CY2018Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
100
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
61000000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
139000000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
1295000000 USD
us-gaap Proceeds From Life Insurance Policies
ProceedsFromLifeInsurancePolicies
60000000 USD
us-gaap Proceeds From Long Term Capital Lease Obligations
ProceedsFromLongTermCapitalLeaseObligations
7000000 USD
CY2017Q3 us-gaap Profit Loss
ProfitLoss
213000000 USD
us-gaap Profit Loss
ProfitLoss
422000000 USD
CY2018Q3 us-gaap Profit Loss
ProfitLoss
248000000 USD
us-gaap Profit Loss
ProfitLoss
546000000 USD
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2449000000 USD
CY2018Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2590000000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
856000000 USD
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
892000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
15000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
412000000 USD
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
141000000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
413000000 USD
CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
158000000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
472000000 USD
CY2017Q4 us-gaap Restricted Cash
RestrictedCash
63000000 USD
CY2018Q3 us-gaap Restricted Cash
RestrictedCash
12000000 USD
us-gaap Restructuring Charges
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77000000 USD
CY2017Q4 us-gaap Restructuring Reserve
RestructuringReserve
50000000 USD
CY2018Q3 us-gaap Restructuring Reserve
RestructuringReserve
61000000 USD
us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
-15000000 USD
CY2017Q3 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
8000000 USD
us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
30000000 USD
CY2018Q3 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
25000000 USD
us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
62000000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
467000000 USD
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
788000000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
594000000 USD
CY2017Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1645000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4423000000 USD
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1862000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
5089000000 USD
CY2018Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
6100000000 USD
us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
259000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
760000000 USD
CY2018Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
323000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
918000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
49000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
53000000 USD
CY2018Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
1600000000 USD
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
600000 shares
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
12400000000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
-1411000000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-1727000000 USD
CY2018Q3 us-gaap Value Added Tax Receivable
ValueAddedTaxReceivable
119000000 USD
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-1395000000 USD
us-gaap Treasury Stock Acquired Average Cost Per Share
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101.54
CY2017Q4 us-gaap Value Added Tax Receivable
ValueAddedTaxReceivable
90000000 USD
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
169000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
169300000 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
172600000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
171600000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
162300000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
163200000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
162600000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
162000000 shares

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