2016 Q1 Form 10-K Financial Statement

#000007800316000077 Filed on February 29, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q4 2015 Q3
Revenue $14.05B $12.09B
YoY Change 7.08% -2.22%
Cost Of Revenue $3.372B $2.219B
YoY Change 25.59% -6.29%
Gross Profit $10.68B $9.868B
YoY Change 2.32% -1.25%
Gross Profit Margin 75.99% 81.64%
Selling, General & Admin $5.048B $3.270B
YoY Change 26.8% -8.04%
% of Gross Profit 47.29% 33.14%
Research & Development $2.348B $1.722B
YoY Change -26.83% -4.44%
% of Gross Profit 22.0% 17.45%
Depreciation & Amortization $1.424B $1.272B
YoY Change 6.99% -4.07%
% of Gross Profit 13.34% 12.89%
Operating Expenses $8.345B $4.992B
YoY Change 6.51% -6.83%
Operating Profit $2.330B $4.876B
YoY Change -10.32% 5.2%
Interest Expense -$1.129B $278.0M
YoY Change 833.06% -18.95%
% of Operating Profit -48.45% 5.7%
Other Income/Expense, Net -$661.0M
YoY Change 603.19%
Pretax Income -$355.0M $2.697B
YoY Change -119.71% -24.81%
Income Tax -$188.0M $567.0M
% Of Pretax Income 21.02%
Net Earnings -$172.0M $2.130B
YoY Change -114.01% -20.11%
Net Earnings / Revenue -1.22% 17.62%
Basic Earnings Per Share $0.35
Diluted Earnings Per Share -$27.85K $0.34
COMMON SHARES
Basic Shares Outstanding 6.184B shares 6.173B shares 6.168B shares
Diluted Shares Outstanding 6.243B shares

Balance Sheet

Concept 2016 Q1 2015 Q4 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.29B $20.66B
YoY Change -35.52% -38.23%
Cash & Equivalents $3.641B $3.099B
Short-Term Investments $19.65B $17.56B
Other Short-Term Assets $2.154B $2.248B
YoY Change -24.23% -11.67%
Inventory $7.513B $7.678B
Prepaid Expenses
Receivables $8.176B $9.535B
Other Receivables $0.00 $0.00
Total Short-Term Assets $43.80B $45.00B
YoY Change -21.21% -21.03%
LONG-TERM ASSETS
Property, Plant & Equipment $13.77B $13.70B
YoY Change 17.04% 13.82%
Goodwill $48.24B $47.22B
YoY Change 14.67% 10.52%
Intangibles $40.36B $43.30B
YoY Change 14.76% 19.03%
Long-Term Investments $16.00B $16.23B
YoY Change -8.67% -12.02%
Other Assets $3.420B $3.911B
YoY Change -2.65% 14.32%
Total Long-Term Assets $123.2B $125.9B
YoY Change 10.02% 10.05%
TOTAL ASSETS
Total Short-Term Assets $43.80B $45.00B
Total Long-Term Assets $123.2B $125.9B
Total Assets $167.0B $170.9B
YoY Change -0.34% -0.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.620B $3.294B
YoY Change 12.77% 10.8%
Accrued Expenses $2.359B $2.155B
YoY Change 28.14% 17.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.719B $9.818B
YoY Change 23.51% 82.19%
Total Short-Term Liabilities $29.40B $27.85B
YoY Change 36.19% 39.78%
LONG-TERM LIABILITIES
Long-Term Debt $28.74B $29.08B
YoY Change -8.88% -8.17%
Other Long-Term Liabilities $5.257B $4.987B
YoY Change 7.66% 16.9%
Total Long-Term Liabilities $34.00B $34.07B
YoY Change -6.66% -5.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.40B $27.85B
Total Long-Term Liabilities $34.00B $34.07B
Total Liabilities $102.4B $103.7B
YoY Change 6.71% 11.48%
SHAREHOLDERS EQUITY
Retained Earnings $71.99B $74.02B
YoY Change -0.25% -0.37%
Common Stock $459.0M $459.0M
YoY Change 0.88% 0.88%
Preferred Stock
YoY Change
Treasury Stock (at cost) $79.25B $79.26B
YoY Change 8.53% 10.36%
Treasury Stock Shares 3.003B shares
Shareholders Equity $64.72B $66.84B
YoY Change
Total Liabilities & Shareholders Equity $167.4B $170.9B
YoY Change -0.11% -0.29%

Cashflow Statement

Concept 2016 Q1 2015 Q4 2015 Q3
OPERATING ACTIVITIES
Net Income -$172.0M $2.130B
YoY Change -114.01% -20.11%
Depreciation, Depletion And Amortization $1.424B $1.272B
YoY Change 6.99% -4.07%
Cash From Operating Activities $4.898B $5.014B
YoY Change -9.26% 12.35%
INVESTING ACTIVITIES
Capital Expenditures -$662.0M -$325.0M
YoY Change 67.17% -42.07%
Acquisitions
YoY Change
Other Investing Activities -$1.562B -$4.918B
YoY Change 39.71% 149.14%
Cash From Investing Activities -$2.224B -$5.243B
YoY Change 46.9% 106.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.200B
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.294B -258.0M
YoY Change -55.78% -91.06%
NET CHANGE
Cash From Operating Activities 4.898B 5.014B
Cash From Investing Activities -2.224B -5.243B
Cash From Financing Activities -1.294B -258.0M
Net Change In Cash 1.380B -487.0M
YoY Change 44.05% -49.22%
FREE CASH FLOW
Cash From Operating Activities $4.898B $5.014B
Capital Expenditures -$662.0M -$325.0M
Free Cash Flow $5.560B $5.339B
YoY Change -4.04% 6.27%

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1.42
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
973000 shares
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
4825000 shares
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
46130000 shares
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.13
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.40
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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4.30
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24.05
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26.41
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1273000000 USD
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
1466000000 USD
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
22.31
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
26.24
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31.24
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
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CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
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CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
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CY2015Q4 us-gaap Short Term Investments
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19649000000 USD
CY2015Q4 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
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-200000000 USD
CY2015 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
56890000 shares
CY2013 us-gaap Stock Issued During Period Value Share Based Compensation
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2296000000 USD
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CY2015 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2011Q4 us-gaap Stock Repurchase Program Authorized Amount1
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10000000000 USD
CY2015Q4 us-gaap Stock Repurchase Program Authorized Amount1
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StockRepurchaseProgramAuthorizedAmount1
10000000000 USD
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StockRepurchaseProgramAuthorizedAmount1
10000000000 USD
CY2014Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
11000000000 USD
CY2015Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
16400000000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
71301000000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
64720000000 USD
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17000000 USD
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151000000 shares
CY2013 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
563000000 shares
CY2014 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
165000000 shares
CY2015 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
182000000 shares
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73021000000 USD
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16300000000 USD
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5000000000 USD
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5000000000 USD
CY2015 us-gaap Treasury Stock Value Acquired Cost Method
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6200000000 USD
CY2015 us-gaap Treasury Stock Value Acquired Cost Method
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6160000000 USD
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80000000000 USD
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6315000000 USD
CY2013Q4 us-gaap Unrecognized Tax Benefits
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CY2014Q4 us-gaap Unrecognized Tax Benefits
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6182000000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits
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5919000000 USD
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876000000 USD
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473000000 USD
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UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
496000000 USD
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571000000 USD
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UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
70000000 USD
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UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
64000000 USD
CY2013 us-gaap Unrecognized Tax Benefits Increases Resulting From Acquisition
UnrecognizedTaxBenefitsIncreasesResultingFromAcquisition
0 USD
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Acquisition
UnrecognizedTaxBenefitsIncreasesResultingFromAcquisition
0 USD
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Acquisition
UnrecognizedTaxBenefitsIncreasesResultingFromAcquisition
110000000 USD
CY2013 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
1178000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
795000000 USD
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UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
675000000 USD
CY2013 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
205000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
110000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
31000000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
643000000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
714000000 USD
CY2013 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
16000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
40000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
71000000 USD
CY2013 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
82000000 shares
CY2014 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
78000000 shares
CY2015 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
81000000 shares
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6895000000 shares
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6424000000 shares
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6257000000 shares
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6813000000 shares
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6346000000 shares
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6176000000 shares
CY2015 us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Cash flows associated with financial instruments designated as fair value or cash flow hedges may be included in operating, investing or financing activities, depending on the classification of the items being hedged. Cash flows associated with financial instruments designated as net investment hedges are classified according to the nature of the hedge instrument. Cash flows associated with financial instruments that do not qualify for hedge accounting treatment are classified according to their purpose and accounting nature.</font></div></div>
CY2015 us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">We review all of our long-lived assets for impairment indicators throughout the year. We perform impairment testing for indefinite-lived intangible assets and goodwill at least annually and for all other long-lived assets whenever impairment indicators are present. When necessary, we record charges for impairments of long-lived assets for the amount by which the fair value is less than the carrying value of these assets.</font></div></div>
CY2015 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">In preparing the consolidated financial statements, we use certain estimates and assumptions that affect reported amounts and disclosures, including amounts recorded and disclosed in connection with acquisitions. These estimates and underlying assumptions can impact all elements of our financial statements. For example, in the consolidated statements of income, estimates are used when accounting for deductions from revenues (such as rebates, chargebacks, sales allowances and sales returns), determining the cost of inventory that is sold, allocating cost in the form of depreciation and amortization, and estimating restructuring charges and the impact of contingencies. On the consolidated balance sheets, estimates are used in determining the valuation and recoverability of assets, such as accounts receivable, investments, inventories, deferred tax assets, fixed assets and intangible assets (including acquired in-process research &amp; development (IPR&amp;D) assets), and estimates are used in determining the reported amounts of liabilities, such as taxes payable, benefit obligations, accruals for contingencies, rebates, chargebacks, sales allowances and sales returns, and restructuring reserves, all of which also impact the consolidated statements of income.</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Our estimates are often based on complex judgments and assumptions that we believe to be reasonable, but that can be inherently uncertain and unpredictable. If our estimates and assumptions are not representative of actual outcomes, our results could be materially impacted.</font></div><div style="line-height:120%;font-size:7pt;"><font style="font-family:Arial;font-size:7pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">As future events and their effects cannot be determined with precision, our estimates and assumptions may prove to be incomplete or inaccurate, or unanticipated events and circumstances may occur that might cause us to change those estimates and assumptions. We are subject to risks and uncertainties that may cause actual results to differ from estimated amounts, such as changes in the healthcare environment, competition, litigation, legislation and regulations. We regularly evaluate our estimates and assumptions using historical experience and expectations about the future. We adjust our estimates and assumptions when facts and circumstances indicate the need for change. Those changes generally will be reflected in our financial statements on a prospective basis, unless they are required to be treated retrospectively under relevant accounting standards. It is possible that others, applying reasonable judgment to the same facts and circumstances, could develop and support a range of alternative estimated amounts.</font></div></div>

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