2012 Q1 Form 10-Q Financial Statement

#000119312512180445 Filed on April 25, 2012

View on sec.gov

Income Statement

Concept 2012 Q1 2011 Q1
Revenue $1.346B $1.238B
YoY Change 8.72% -2.13%
Cost Of Revenue $1.160B $1.036B
YoY Change 11.97% 0.68%
Gross Profit $186.0M $202.0M
YoY Change -7.92% -14.41%
Gross Profit Margin 13.82% 16.32%
Selling, General & Admin $137.0M $135.0M
YoY Change 1.48% 8.87%
% of Gross Profit 73.66% 66.83%
Research & Development $19.00M $19.00M
YoY Change 0.0% 5.56%
% of Gross Profit 10.22% 9.41%
Depreciation & Amortization $89.00M $80.00M
YoY Change 11.25% 0.0%
% of Gross Profit 47.85% 39.6%
Operating Expenses $198.0M $141.0M
YoY Change 40.43% -7.84%
Operating Profit -$12.00M $61.00M
YoY Change -119.67% -26.51%
Interest Expense $28.00M $25.00M
YoY Change 12.0% -3.85%
% of Operating Profit 40.98%
Other Income/Expense, Net
YoY Change
Pretax Income -$40.00M $36.00M
YoY Change -211.11% -36.84%
Income Tax $5.000M $11.00M
% Of Pretax Income 30.56%
Net Earnings -$46.00M $24.00M
YoY Change -291.67% -50.0%
Net Earnings / Revenue -3.42% 1.94%
Basic Earnings Per Share -$0.38 $0.19
Diluted Earnings Per Share -$0.38 $0.19
COMMON SHARES
Basic Shares Outstanding 121.1M shares 123.8M shares
Diluted Shares Outstanding 121.1M shares 125.3M shares

Balance Sheet

Concept 2012 Q1 2011 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $58.00M $61.00M
YoY Change -4.92% -86.83%
Cash & Equivalents $58.00M $61.00M
Short-Term Investments
Other Short-Term Assets $188.0M $195.0M
YoY Change -3.59% 59.84%
Inventory $800.0M $665.0M
Prepaid Expenses
Receivables $889.0M $750.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.935B $1.689B
YoY Change 14.56% -13.43%
LONG-TERM ASSETS
Property, Plant & Equipment $2.922B $2.807B
YoY Change 4.1% 0.97%
Goodwill
YoY Change
Intangibles $1.066B $1.091B
YoY Change -2.29%
Long-Term Investments
YoY Change
Other Assets $237.0M $259.0M
YoY Change -8.49% 10.68%
Total Long-Term Assets $5.898B $5.795B
YoY Change 1.78% 9.26%
TOTAL ASSETS
Total Short-Term Assets $1.935B $1.689B
Total Long-Term Assets $5.898B $5.795B
Total Assets $7.833B $7.484B
YoY Change 4.66% 3.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $937.0M $981.0M
YoY Change -4.49% 0.93%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $22.00M $5.000M
YoY Change 340.0% 400.0%
Long-Term Debt Due $4.000M $5.000M
YoY Change -20.0% -28.57%
Total Short-Term Liabilities $963.0M $998.0M
YoY Change -3.51% 1.84%
LONG-TERM LIABILITIES
Long-Term Debt $2.202B $1.919B
YoY Change 14.75% -12.13%
Other Long-Term Liabilities $198.0M $133.0M
YoY Change 48.87% -82.73%
Total Long-Term Liabilities $2.400B $133.0M
YoY Change 1704.51% -95.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $963.0M $998.0M
Total Long-Term Liabilities $2.400B $133.0M
Total Liabilities $3.363B $1.131B
YoY Change 197.35% -74.25%
SHAREHOLDERS EQUITY
Retained Earnings $424.0M $218.0M
YoY Change 94.5%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $367.0M $234.0M
YoY Change 56.84%
Treasury Stock Shares 13.70M shares 9.500M shares
Shareholders Equity $3.681B $3.719B
YoY Change
Total Liabilities & Shareholders Equity $7.833B $7.484B
YoY Change 4.66% 3.16%

Cashflow Statement

Concept 2012 Q1 2011 Q1
OPERATING ACTIVITIES
Net Income -$46.00M $24.00M
YoY Change -291.67% -50.0%
Depreciation, Depletion And Amortization $89.00M $80.00M
YoY Change 11.25% 0.0%
Cash From Operating Activities -$193.0M -$213.0M
YoY Change -9.39% 688.89%
INVESTING ACTIVITIES
Capital Expenditures -$72.00M -$91.00M
YoY Change -20.88% 44.44%
Acquisitions
YoY Change
Other Investing Activities $4.000M $12.00M
YoY Change -66.67% 140.0%
Cash From Investing Activities -$68.00M -$79.00M
YoY Change -13.92% 36.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.000M $10.00M
YoY Change -50.0% 400.0%
Debt Paid & Issued, Net $2.000M $1.000M
YoY Change 100.0% -66.67%
Cash From Financing Activities $266.0M $300.0M
YoY Change -11.33% -2242.86%
NET CHANGE
Cash From Operating Activities -$193.0M -$213.0M
Cash From Investing Activities -$68.00M -$79.00M
Cash From Financing Activities $266.0M $300.0M
Net Change In Cash $5.000M $8.000M
YoY Change -37.5% -108.08%
FREE CASH FLOW
Cash From Operating Activities -$193.0M -$213.0M
Capital Expenditures -$72.00M -$91.00M
Free Cash Flow -$121.0M -$122.0M
YoY Change -0.82% -438.89%

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5000000 USD
CY2011Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1000000 USD
CY2011Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
432000000 USD
CY2011Q1 us-gaap Other Noncash Income
OtherNoncashIncome
7000000 USD
CY2011Q1 oc Gain On Sale Of Business And Fixed Assets
GainOnSaleOfBusinessAndFixedAssets
6000000 USD
CY2011Q1 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0 USD
CY2011Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-79000000 USD
CY2011Q1 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
133000000 USD
CY2011Q1 us-gaap Increase Decrease In Postretirement Obligations
IncreaseDecreaseInPostretirementObligations
-7000000 USD
CY2011Q1 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
4000000 USD
CY2011Q1 oc Proceeds From Sale Of Assets Or Affiliates
ProceedsFromSaleOfAssetsOrAffiliates
12000000 USD
CY2011Q1 us-gaap Increase Decrease In Pension Plan Obligations
IncreaseDecreaseInPensionPlanObligations
-78000000 USD
CY2011Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
61000000 USD
CY2012Q1 oc Prior Period Adjustment Expense Pre Tax
PriorPeriodAdjustmentExpensePreTax
4000000 USD
CY2012Q1 oc Prior Period Adjustment Expense After Tax
PriorPeriodAdjustmentExpenseAfterTax
3000000 USD
CY2011Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
198000000 USD
CY2012Q1 oc General Corporate Expense
GeneralCorporateExpense
-29000000 USD
CY2012Q1 oc Restructuring Charges And Related Items
RestructuringChargesAndRelatedItems
-55000000 USD
CY2011Q1 oc General Corporate Expense
GeneralCorporateExpense
-17000000 USD
CY2011Q1 oc Restructuring Charges And Related Items
RestructuringChargesAndRelatedItems
0 USD
CY2012Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
574000000 USD
CY2012Q1 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
226000000 USD
CY2011Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
597000000 USD
CY2012Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
119000000 USD
CY2011Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
114000000 USD
CY2012Q1 us-gaap Finite Lived Intangible Assets Future Amortization Expense
FiniteLivedIntangibleAssetsFutureAmortizationExpense
21000000 USD
CY2012Q1 oc Precious Metals Percentage
PreciousMetalsPercentage
0.2 pure
CY2012Q1 oc Precious Metals Depletion Percentage
PreciousMetalsDepletionPercentage
0.03 pure
CY2012Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1327000000 USD
CY2012Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4249000000 USD
CY2011Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1244000000 USD
CY2011Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4148000000 USD
CY2011Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
38000000 USD
CY2012Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
5000000 USD
CY2012Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
-5000000 USD
CY2012Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
38000000 USD
CY2012Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2202000000 USD
CY2011Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1930000000 USD
CY2012Q1 us-gaap Long Term Debt
LongTermDebt
2206000000 USD
CY2012Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
4000000 USD
CY2011Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
4000000 USD
CY2011Q4 us-gaap Long Term Debt
LongTermDebt
1934000000 USD
CY2012Q1 oc Fair Value Adjustment To Debt
FairValueAdjustmentToDebt
37000000 USD
CY2011Q4 oc Fair Value Adjustment To Debt
FairValueAdjustmentToDebt
39000000 USD
CY2012Q1 us-gaap Short Term Debt Weighted Average Interest Rate
ShortTermDebtWeightedAverageInterestRate
0.062 pure
CY2011Q4 us-gaap Short Term Debt Weighted Average Interest Rate
ShortTermDebtWeightedAverageInterestRate
0.074 pure
CY2012Q1 oc Environmental Liability Sites
EnvironmentalLiabilitySites
20 Number
CY2012Q1 us-gaap Loss Contingency Lawsuit Filing Date
LossContingencyLawsuitFilingDate
December 17, 2010
CY2012Q1 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
123000000 EUR
CY2012Q1 us-gaap Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
8000000 USD
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2600000 shares
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedTerm
6.26 Years
CY2011Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3293545 shares
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
409700 shares
CY2012Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
-163650 shares
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
28.51
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
-25300 shares
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3514295 shares
CY2011Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
26.26
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
33.73
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
24.56
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
27.19
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.005 pure
CY2012Q1 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
0 shares
CY2012Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2012Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
121100000 shares
CY2011Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
125300000 shares
CY2011Q1 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
500000 shares
CY2011Q1 us-gaap Incremental Common Shares Attributable To Nonvested Shares With Forfeitable Dividends
IncrementalCommonSharesAttributableToNonvestedSharesWithForfeitableDividends
1000000 shares
CY2012Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
9000000 USD
CY2012Q1 us-gaap Derivative Assets
DerivativeAssets
2000000 USD
CY2012Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
11000000 USD
CY2012Q1 us-gaap Derivative Financial Instruments Liabilities Fair Value Disclosure
DerivativeFinancialInstrumentsLiabilitiesFairValueDisclosure
-6000000 USD
CY2012Q1 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
-6000000 USD
CY2012Q1 us-gaap Notes Receivable Fair Value Disclosure
NotesReceivableFairValueDisclosure
47000000 USD
CY2012Q1 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
635000000 USD
CY2012Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
5000000 USD
CY2012Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2011Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
11000000 USD
CY2011Q1 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
9000000 USD
CY2011Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.56 pure
CY2011Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2012Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.13 pure

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