2015 Q2 Form 10-Q Financial Statement

#000081445315000108 Filed on August 07, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $1.561B $1.502B
YoY Change 3.91% 1.86%
Cost Of Revenue $939.9M $906.6M
YoY Change 3.67% 1.64%
Gross Profit $621.0M $595.6M
YoY Change 4.26% 2.21%
Gross Profit Margin 39.78% 39.65%
Selling, General & Admin $393.0M $370.8M
YoY Change 5.99% 1.51%
% of Gross Profit 63.29% 62.26%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $24.20M $37.60M
YoY Change -35.64% -5.53%
% of Gross Profit 3.9% 6.31%
Operating Expenses $393.0M $370.8M
YoY Change 5.99% 1.51%
Operating Profit $214.7M $213.3M
YoY Change 0.66% 15.05%
Interest Expense -$18.10M -$15.00M
YoY Change 20.67% 0.0%
% of Operating Profit -8.43% -7.03%
Other Income/Expense, Net -$23.10M -$12.40M
YoY Change 86.29% -35.42%
Pretax Income $191.6M $200.9M
YoY Change -4.63% 20.88%
Income Tax $43.50M $51.90M
% Of Pretax Income 22.7% 25.83%
Net Earnings $148.5M $150.6M
YoY Change -1.39% 37.16%
Net Earnings / Revenue 9.51% 10.03%
Basic Earnings Per Share $0.55 $0.54
Diluted Earnings Per Share $0.55 $0.54
COMMON SHARES
Basic Shares Outstanding 269.7M shares 277.4M shares
Diluted Shares Outstanding 271.7M shares 279.7M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $239.0M $142.0M
YoY Change 68.31% -7.79%
Cash & Equivalents $238.7M $142.7M
Short-Term Investments
Other Short-Term Assets $274.0M $274.0M
YoY Change 0.0% -21.04%
Inventory $935.6M $811.8M
Prepaid Expenses
Receivables $1.304B $1.230B
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.753B $2.459B
YoY Change 11.97% -5.45%
LONG-TERM ASSETS
Property, Plant & Equipment $572.0M $543.0M
YoY Change 5.34% 1.8%
Goodwill $2.492B $2.358B
YoY Change 5.67% 0.51%
Intangibles $870.6M $596.7M
YoY Change 45.9% -6.47%
Long-Term Investments
YoY Change
Other Assets $271.3M $261.5M
YoY Change 3.75% -8.21%
Total Long-Term Assets $4.206B $3.760B
YoY Change 11.87% -1.14%
TOTAL ASSETS
Total Short-Term Assets $2.753B $2.459B
Total Long-Term Assets $4.206B $3.760B
Total Assets $6.959B $6.218B
YoY Change 11.91% -2.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $756.7M $592.9M
YoY Change 27.63% -9.91%
Accrued Expenses $764.0M $749.0M
YoY Change 2.0% -2.73%
Deferred Revenue
YoY Change
Short-Term Debt $776.6M $389.4M
YoY Change 99.44% -5.58%
Long-Term Debt Due $6.000M $251.3M
YoY Change -97.61% 31312.5%
Total Short-Term Liabilities $2.307B $1.986B
YoY Change 16.11% 7.87%
LONG-TERM LIABILITIES
Long-Term Debt $2.081B $1.424B
YoY Change 46.11% -14.67%
Other Long-Term Liabilities $553.0M $703.9M
YoY Change -21.44% -17.38%
Total Long-Term Liabilities $2.634B $2.128B
YoY Change 23.77% -15.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.307B $1.986B
Total Long-Term Liabilities $2.634B $2.128B
Total Liabilities $4.940B $4.115B
YoY Change 20.07% -5.68%
SHAREHOLDERS EQUITY
Retained Earnings $2.098B $2.215B
YoY Change -5.29% -4.02%
Common Stock $1.063B $996.2M
YoY Change 6.7% -1.59%
Preferred Stock
YoY Change
Treasury Stock (at cost) $520.8M $490.3M
YoY Change 6.22% 5.6%
Treasury Stock Shares 20.20M shares 19.40M shares
Shareholders Equity $1.780B $2.100B
YoY Change
Total Liabilities & Shareholders Equity $6.959B $6.218B
YoY Change 11.91% -2.89%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $148.5M $150.6M
YoY Change -1.39% 37.16%
Depreciation, Depletion And Amortization $24.20M $37.60M
YoY Change -35.64% -5.53%
Cash From Operating Activities $102.5M $96.20M
YoY Change 6.55% 51.97%
INVESTING ACTIVITIES
Capital Expenditures -$34.90M -$35.10M
YoY Change -0.57% 50.0%
Acquisitions
YoY Change
Other Investing Activities $7.000M $3.400M
YoY Change 105.88%
Cash From Investing Activities -$27.90M -$31.70M
YoY Change -11.99% 35.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -55.60M -70.60M
YoY Change -21.25% 22.57%
NET CHANGE
Cash From Operating Activities 102.5M 96.20M
Cash From Investing Activities -27.90M -31.70M
Cash From Financing Activities -55.60M -70.60M
Net Change In Cash 19.00M -6.100M
YoY Change -411.48% -65.54%
FREE CASH FLOW
Cash From Operating Activities $102.5M $96.20M
Capital Expenditures -$34.90M -$35.10M
Free Cash Flow $137.4M $131.3M
YoY Change 4.65% 51.44%

Facts In Submission

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OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesTax
2100000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
6900000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
13900000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
7400000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax
14800000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-2400000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
500000 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
630600000 USD
CY2015Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
553000000 USD
CY2014Q4 us-gaap Other Long Term Debt
OtherLongTermDebt
14400000 USD
CY2015Q2 us-gaap Other Long Term Debt
OtherLongTermDebt
7900000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-50800000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-15400000 USD
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2600000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-37400000 USD
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-5000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-5100000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-300000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
5700000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
158700000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
124000000 USD
CY2014Q2 us-gaap Payments For Restructuring
PaymentsForRestructuring
18700000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
49500000 USD
CY2015Q2 us-gaap Payments For Restructuring
PaymentsForRestructuring
15500000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
30200000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
89800000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
104400000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
2000000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
-67000000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
-85800000 USD
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1.00
CY2015Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
1.00
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2015Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
us-gaap Stock Repurchase Program Period In Force1
StockRepurchaseProgramPeriodInForce1
P3Y
CY2015Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
136100000 USD
CY2015Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
144900000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
29600000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-12500000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
215400000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
386000000 USD
us-gaap Proceeds From Sales Of Business Affiliate And Productive Assets
ProceedsFromSalesOfBusinessAffiliateAndProductiveAssets
3400000 USD
us-gaap Proceeds From Sales Of Business Affiliate And Productive Assets
ProceedsFromSalesOfBusinessAffiliateAndProductiveAssets
5100000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
559100000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
572000000 USD
CY2014Q2 us-gaap Restructuring Charges
RestructuringCharges
11500000 USD
us-gaap Restructuring Charges
RestructuringCharges
23500000 USD
CY2015Q2 us-gaap Restructuring Charges
RestructuringCharges
13300000 USD
us-gaap Restructuring Charges
RestructuringCharges
40600000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2111200000 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2097700000 USD
CY2014Q2 us-gaap Revenues
Revenues
1502200000 USD
us-gaap Revenues
Revenues
2716500000 USD
CY2015Q2 us-gaap Revenues
Revenues
1560900000 USD
us-gaap Revenues
Revenues
2824900000 USD
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
370800000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
711100000 USD
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
393000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
755000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
14500000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
14100000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
-300000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
30
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
1000000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
40
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
3700000 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
3100000 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
26
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
32
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
-1300000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
20
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2600000 shares
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1900000 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
19
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
18
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
22
CY2014Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
49100000 USD
CY2015Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
43400000 USD
CY2014Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
390700000 USD
CY2015Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
776600000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
1851400000 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
1779600000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1854900000 USD
CY2015Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1783100000 USD
CY2014Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
19500000 shares
CY2015Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
20200000 shares
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
493100000 USD
CY2015Q2 us-gaap Treasury Stock Value
TreasuryStockValue
520800000 USD
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
279700000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
281700000 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
271700000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
272200000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
277400000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
279100000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
269700000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
270100000 shares
us-gaap Reclassifications
Reclassifications
<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;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain 2014 amounts have been reclassified to conform to the 2015 presentation.</font></div></div>

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