$NDSN
NORDSON CORP

2016 Q3 Form 10-Q Financial Statement

#000156459016024928 Filed on September 06, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $489.9M $462.7M
YoY Change 5.87% 0.91%
Cost Of Revenue $216.7M $214.2M
YoY Change 1.17% 6.55%
Gross Profit $273.2M $248.5M
YoY Change 9.95% -3.5%
Gross Profit Margin 55.77% 53.7%
Selling, General & Admin $147.8M $145.6M
YoY Change 1.51% 1.78%
% of Gross Profit 54.1% 58.59%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.60M $16.90M
YoY Change 4.14% 15.75%
% of Gross Profit 6.44% 6.8%
Operating Expenses $147.8M $145.7M
YoY Change 1.44% 1.85%
Operating Profit $125.4M $102.8M
YoY Change 22.01% -10.19%
Interest Expense -$3.100M -$4.400M
YoY Change -29.55% -215.49%
% of Operating Profit -2.47% -4.28%
Other Income/Expense, Net -$1.800M $0.00
YoY Change -100.0%
Pretax Income $117.2M $98.50M
YoY Change 18.98% -10.9%
Income Tax $33.00M $29.10M
% Of Pretax Income 28.16% 29.54%
Net Earnings $84.21M $69.39M
YoY Change 21.37% -10.9%
Net Earnings / Revenue 17.19% 15.0%
Basic Earnings Per Share $1.48 $1.15
Diluted Earnings Per Share $1.46 $1.14
COMMON SHARES
Basic Shares Outstanding 57.09M
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $60.30M $61.00M
YoY Change -1.15% 14.66%
Cash & Equivalents $60.30M $61.00M
Short-Term Investments
Other Short-Term Assets $57.20M $55.70M
YoY Change 2.69% -3.97%
Inventory $239.6M $228.8M
Prepaid Expenses $31.66M
Receivables $412.6M $375.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $769.7M $721.4M
YoY Change 6.69% 6.12%
LONG-TERM ASSETS
Property, Plant & Equipment $267.6M $244.3M
YoY Change 9.52% 16.73%
Goodwill $1.085B
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $29.15M $36.60M
YoY Change -20.36% 10.42%
Total Long-Term Assets $1.640B $1.595B
YoY Change 2.81% 11.57%
TOTAL ASSETS
Total Short-Term Assets $769.7M $721.4M
Total Long-Term Assets $1.640B $1.595B
Total Assets $2.410B $2.316B
YoY Change 4.02% 9.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $71.41M $60.80M
YoY Change 17.44% -8.25%
Accrued Expenses $123.9M $114.3M
YoY Change 8.44% 1.87%
Deferred Revenue
YoY Change
Short-Term Debt $6.900M $5.100M
YoY Change 35.29% -45.74%
Long-Term Debt Due $10.71M $15.40M
YoY Change -30.48% 43.19%
Total Short-Term Liabilities $278.4M $260.6M
YoY Change 6.84% 0.21%
LONG-TERM LIABILITIES
Long-Term Debt $1.027B $922.7M
YoY Change 11.26% 50.68%
Other Long-Term Liabilities $36.59M $223.5M
YoY Change -83.63% 441.08%
Total Long-Term Liabilities $1.063B $1.146B
YoY Change -7.25% 75.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $278.4M $260.6M
Total Long-Term Liabilities $1.063B $1.146B
Total Liabilities $1.342B $1.496B
YoY Change -10.32% 63.72%
SHAREHOLDERS EQUITY
Retained Earnings $1.872B
YoY Change
Common Stock $381.6M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.303B
YoY Change
Treasury Stock Shares
Shareholders Equity $811.8M $820.4M
YoY Change
Total Liabilities & Shareholders Equity $2.410B $2.316B
YoY Change 4.02% 9.81%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $84.21M $69.39M
YoY Change 21.37% -10.9%
Depreciation, Depletion And Amortization $17.60M $16.90M
YoY Change 4.14% 15.75%
Cash From Operating Activities $67.80M $49.90M
YoY Change 35.87% -38.24%
INVESTING ACTIVITIES
Capital Expenditures -$20.00M -$12.70M
YoY Change 57.48% 11.4%
Acquisitions
YoY Change
Other Investing Activities $100.0K -$16.00M
YoY Change -100.63% 2185.71%
Cash From Investing Activities -$19.70M -$28.70M
YoY Change -31.36% 137.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -35.30M -10.00M
YoY Change 253.0% -84.45%
NET CHANGE
Cash From Operating Activities 67.80M 49.90M
Cash From Investing Activities -19.70M -28.70M
Cash From Financing Activities -35.30M -10.00M
Net Change In Cash 12.80M 11.20M
YoY Change 14.29% 154.55%
FREE CASH FLOW
Cash From Operating Activities $67.80M $49.90M
Capital Expenditures -$20.00M -$12.70M
Free Cash Flow $87.80M $62.60M
YoY Change 40.26% -32.1%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2.</font></p></td> <td valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Recently issued accounting standards&nbsp;&nbsp;</p></td></tr></table></div> <p style="text-align:left;margin-top:6pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;letter-spacing:0pt;letter-spacing:-0.15pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In May 2014, the Financial Accounting Standards Board (FASB) issued a new standard regarding revenue recognition.&nbsp;&nbsp;Under this standard, a company recognizes revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. <font style="font-family:inherit;">The standard implements a five-step process for customer contract revenue recognition that focuses on transfer of control.&nbsp;&nbsp;In August 2015</font>, the FASB issued a standard to delay the effective date by one year. In accordance with this delay, the new standard is effective for us beginning in the first quarter of 2019. Early adoption is permitted, but not before the original effective date of the standard. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. We are currently assessing the impact this standard will have on our consolidated financial statements as well as the method by which we will adopt the new standard. </p> <p style="text-align:left;margin-top:6pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;letter-spacing:0pt;letter-spacing:-0.15pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In April 2015, the FASB issued a new standard regarding the presentation of debt issuance costs.&nbsp;&nbsp;Under this standard, a company is required to present unamortized debt issuance costs related to a recognized debt liability in the balance sheet as a direct deduction from the carrying amount of that debt liability, rather than as a separate asset. <font style="font-family:inherit;">The recognition and measurement guidance for debt issuance costs are not affected by this new standard.&nbsp;&nbsp;</font>In August 2015, the FASB issued an amendment to this standard, which added clarification to the presentation of debt issuance costs.&nbsp;&nbsp;This amendment allows debt issuance costs related to line-of-credit arrangements to be presented as an asset and subsequently amortized ratably over the term of the line-of-credit agreement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. <font style="font-family:inherit;">It</font> will be effective for us beginning in 2017. We do not expect this standard to have a material impact on our consolidated financial statements as it will only impact presentation.</p> <p style="text-align:left;margin-top:6pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;letter-spacing:0pt;letter-spacing:-0.15pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In July 2015, the FASB issued a new standard regarding the measurement of inventory. Under this standard, inventory that is measured using the first-in, first-out (&#8220;FIFO&#8221;) or average cost methods is required to be measured at the lower of cost or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. This standard does not impact inventory measured on a last-in, last-out (&#8220;LIFO&#8221;) method. It will be effective for us beginning in 2017. We are currently assessing the impact this standard will have on our consolidated financial statements. </p> <p style="margin-top:6pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In November 2015, the FASB issued a new standard regarding the balance sheet classification of deferred taxes, which will require entities to present deferred tax assets and liabilities as noncurrent on the balance sheet. This guidance simplifies the current guidance, which requires entities to separately present deferred tax assets and liabilities as current and noncurrent on the balance sheet. It will be effective for us beginning in 2017; however, early adoption is permissible. This standard may be adopted either on a retrospective or prospective basis.&nbsp;&nbsp;We are currently assessing the impact this standard will have on our consolidated financial statements as well as the method by which we will adopt the new standard. </p> <p style="margin-top:6pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In February 2016, the FASB issued a new standard which requires a lessee to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases with a lease term of more than twelve months. Leases will continue to be classified as either financing or operating, with classification affecting the recognition, measurement and presentation of expenses and cash flows arising from a lease. It will be effective for us beginning in 2020. We are currently assessing the impact this standard will have on our consolidated financial statements.</p> <p style="margin-top:6pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In March 2016, the FASB issued a new standard which simplifies the accounting for share-based payment transactions. This guidance requires that excess tax benefits and tax deficiencies be recognized as income tax expense or benefit in the Consolidated Statements of Income rather than additional paid-in capital. Additionally, the excess tax benefits will be classified along with other income tax cash flows as an operating activity, rather than a financing activity, on the Statement of Cash Flows. Further, the update allows an entity to make a policy election to recognize forfeitures as they occur or estimate the number of awards expected to be forfeited. It will be effective for us beginning in 2018 and should be applied prospectively, with certain cumulative effect adjustments. Early adoption is permitted. We are currently assessing the impact this standard will have on our consolidated financial statements.</p></div>
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<div> <p style="margin-top:6pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Use of estimates</font>.&nbsp;&nbsp;The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements.&nbsp;&nbsp;Actual amounts could differ from these estimates.</p></div>
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CY2016Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
39988000
CY2015Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
35509000
CY2016Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
146789000
CY2015Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
128816000
CY2016Q3 us-gaap Inventory Gross
InventoryGross
278483000
CY2015Q4 us-gaap Inventory Gross
InventoryGross
261540000
CY2016Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
32111000
CY2015Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
28230000
CY2016Q3 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
6761000
CY2015Q4 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
7638000
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
2433000
CY2016Q3 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
232789000
CY2015Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
232789000
CY2016Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
390198000
CY2016Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.282
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.255
ndsn Additional Tax Benefit Related To Retroactive Reinstatement Of Research And Development Tax Credit
AdditionalTaxBenefitRelatedToRetroactiveReinstatementOfResearchAndDevelopmentTaxCredit
2025000
CY2016Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
135380000
CY2015Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
115258000
CY2015Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
392684000
us-gaap Change In Unrealized Gain Loss On Hedged Item In Foreign Currency Fair Value Hedge1
ChangeInUnrealizedGainLossOnHedgedItemInForeignCurrencyFairValueHedge1
1020000
CY2016Q3 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
26000
CY2016Q3 us-gaap Long Term Debt
LongTermDebt
1037259000
CY2016Q3 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
516000
us-gaap Gain Loss On Foreign Currency Derivatives Recorded In Earnings Net
GainLossOnForeignCurrencyDerivativesRecordedInEarningsNet
2382000
CY2016Q3 us-gaap Gain Loss On Foreign Currency Derivatives Recorded In Earnings Net
GainLossOnForeignCurrencyDerivativesRecordedInEarningsNet
1520000
CY2015Q3 us-gaap Gain Loss On Foreign Currency Derivatives Recorded In Earnings Net
GainLossOnForeignCurrencyDerivativesRecordedInEarningsNet
-2701000
us-gaap Gain Loss On Foreign Currency Derivatives Recorded In Earnings Net
GainLossOnForeignCurrencyDerivativesRecordedInEarningsNet
-1198000
us-gaap Change In Unrealized Gain Loss On Hedged Item In Foreign Currency Fair Value Hedge1
ChangeInUnrealizedGainLossOnHedgedItemInForeignCurrencyFairValueHedge1
-506000
CY2016Q3 us-gaap Change In Unrealized Gain Loss On Hedged Item In Foreign Currency Fair Value Hedge1
ChangeInUnrealizedGainLossOnHedgedItemInForeignCurrencyFairValueHedge1
-172000
CY2016Q3 ndsn Derivative Carrying Value Of Derivative Net
DerivativeCarryingValueOfDerivativeNet
26000
CY2016Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
60294000
CY2016Q3 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
6909000
CY2016Q3 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1054980000
CY2015Q3 us-gaap Change In Unrealized Gain Loss On Hedged Item In Foreign Currency Fair Value Hedge1
ChangeInUnrealizedGainLossOnHedgedItemInForeignCurrencyFairValueHedge1
3085000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
22312000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
20558000
CY2015Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.295
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.294
CY2016Q3 us-gaap Unrecognized Tax Benefits Increases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsIncreasesResultingFromSettlementsWithTaxingAuthorities
1651000
ndsn Additional Tax Benefit Related To Dividends Paid From Foreign Earnings Tax Credit
AdditionalTaxBenefitRelatedToDividendsPaidFromForeignEarningsTaxCredit
6184000
us-gaap Unrecognized Tax Benefits Increases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsIncreasesResultingFromSettlementsWithTaxingAuthorities
1136000
CY2015Q3 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
-600000
ndsn Additional Tax Benefit Related To Retroactive Reinstatement Of Research And Development Tax Credit
AdditionalTaxBenefitRelatedToRetroactiveReinstatementOfResearchAndDevelopmentTaxCredit
2286000
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
2853000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2900
ndsn Products Warranty Period
ProductsWarrantyPeriod
P1Y
CY2014Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
9918000
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
9474000
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
9136000
us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
11000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
9050000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
8052000
us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-272000
us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-432000
CY2016Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
10689000
CY2015Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
10581000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3
ndsn Deferred Compensation Arrangement With Individual Employee Contribution Percentage Maximum
DeferredCompensationArrangementWithIndividualEmployeeContributionPercentageMaximum
1.00
ndsn Deferred Compensation Arrangement With Individual Employee Contribution Percentage Of Long Term Incentive Compensation Maximum
DeferredCompensationArrangementWithIndividualEmployeeContributionPercentageOfLongTermIncentiveCompensationMaximum
0.90
ndsn Foreign Currency Forward Contracts Maturity Period Maximum
ForeignCurrencyForwardContractsMaturityPeriodMaximum
P90D
CY2015Q4 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
565000

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