$PH
Parker-Hannifin Corp

2018 Q1 Form 10-Q Financial Statement

#000007633418000046 Filed on May 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q2 2017 Q1
Revenue $3.750B $3.496B $3.119B
YoY Change 20.21% 18.23% 10.27%
Cost Of Revenue $2.820B $2.644B $2.384B
YoY Change 18.29% 17.46% 7.89%
Gross Profit $929.8M $841.6M $735.3M
YoY Change 26.44% 22.91% 18.75%
Gross Profit Margin 24.8% 24.07% 23.58%
Selling, General & Admin $416.5M $392.7M $392.0M
YoY Change 6.23% 17.19% 16.71%
% of Gross Profit 44.79% 46.66% 53.31%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $117.1M $118.7M $87.50M
YoY Change 33.83% 58.27% 15.59%
% of Gross Profit 12.59% 14.1% 11.9%
Operating Expenses $416.5M $420.9M $392.0M
YoY Change 6.23% 30.19% 16.71%
Operating Profit $538.5M $420.7M $414.6M
YoY Change 29.86% 16.4% 18.72%
Interest Expense $54.15M -$52.80M $42.06M
YoY Change 28.74% 61.47% 24.63%
% of Operating Profit 10.06% -12.55% 10.14%
Other Income/Expense, Net -$14.49M -$57.51M
YoY Change -74.81% 35.27%
Pretax Income $469.8M $400.6M $315.1M
YoY Change 49.12% 19.16% 15.41%
Income Tax $103.7M $107.3M $76.22M
% Of Pretax Income 22.07% 26.78% 24.19%
Net Earnings $366.0M $293.3M $238.7M
YoY Change 53.34% 21.3% 27.58%
Net Earnings / Revenue 9.76% 8.39% 7.65%
Basic Earnings Per Share $2.75 $1.79
Diluted Earnings Per Share $2.70 $2.15 $1.75
COMMON SHARES
Basic Shares Outstanding 133.0M shares 133.2M shares
Diluted Shares Outstanding 135.8M shares 136.1M shares

Balance Sheet

Concept 2018 Q1 2017 Q2 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.191B $924.0M $856.0M
YoY Change 39.14% -56.08% -59.33%
Cash & Equivalents $1.090B $884.9M $819.6M
Short-Term Investments $101.0M $39.00M $37.00M
Other Short-Term Assets $165.0M $120.0M $119.0M
YoY Change 38.66% 15.38% -56.09%
Inventory $1.733B $1.549B $1.539B
Prepaid Expenses $165.1M $120.3M $119.0M
Receivables $2.146B $1.931B $1.869B
Other Receivables $329.0M $255.0M $236.0M
Total Short-Term Assets $5.563B $4.780B $4.619B
YoY Change 20.44% -8.22% -15.35%
LONG-TERM ASSETS
Property, Plant & Equipment $1.942B $1.937B $1.946B
YoY Change -0.2% 23.54% 21.7%
Goodwill $5.746B $5.587B $5.509B
YoY Change 4.31% 92.45% 86.84%
Intangibles $2.135B $2.307B $2.338B
YoY Change -8.71% 150.11% 143.27%
Long-Term Investments $341.9M
YoY Change -3.94%
Other Assets $852.0M $879.0M $913.0M
YoY Change -6.68% -38.66% -17.3%
Total Long-Term Assets $10.67B $10.71B $10.71B
YoY Change -0.3% 56.89% 61.91%
TOTAL ASSETS
Total Short-Term Assets $5.563B $4.780B $4.619B
Total Long-Term Assets $10.67B $10.71B $10.71B
Total Assets $16.24B $15.49B $15.33B
YoY Change 5.95% 28.72% 26.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.376B $1.300B $1.209B
YoY Change 13.82% 25.7% 21.04%
Accrued Expenses $893.0M $932.0M $899.0M
YoY Change -0.67% 11.75% 12.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.056B $1.008B $776.2M
YoY Change 35.99% 178.75% 34.6%
Total Short-Term Liabilities $3.509B $3.396B $3.048B
YoY Change 15.09% 43.53% 21.91%
LONG-TERM LIABILITIES
Long-Term Debt $4.819B $4.862B $5.255B
YoY Change -8.31% 83.3% 96.45%
Other Long-Term Liabilities $569.2M $336.9M $327.0M
YoY Change 74.05% 9.9% 8.04%
Total Long-Term Liabilities $5.388B $5.199B $5.582B
YoY Change -3.48% 75.69% 87.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.509B $3.396B $3.048B
Total Long-Term Liabilities $5.388B $5.199B $5.582B
Total Liabilities $10.36B $10.22B $10.58B
YoY Change -2.05% 37.11% 50.2%
SHAREHOLDERS EQUITY
Retained Earnings $11.37B $10.93B $10.73B
YoY Change 6.05% 6.09% 5.69%
Common Stock $618.7M $634.4M $668.1M
YoY Change -7.39% -11.76% -9.44%
Preferred Stock
YoY Change
Treasury Stock (at cost) $4.473B $4.379B $4.358B
YoY Change 2.63% 3.79% 5.36%
Treasury Stock Shares 48.09M shares 47.85M shares 47.86M shares
Shareholders Equity $5.870B $5.262B $4.742B
YoY Change
Total Liabilities & Shareholders Equity $16.24B $15.49B $15.33B
YoY Change 5.95% 28.72% 26.98%

Cashflow Statement

Concept 2018 Q1 2017 Q2 2017 Q1
OPERATING ACTIVITIES
Net Income $366.0M $293.3M $238.7M
YoY Change 53.34% 21.3% 27.58%
Depreciation, Depletion And Amortization $117.1M $118.7M $87.50M
YoY Change 33.83% 58.27% 15.59%
Cash From Operating Activities $444.4M $511.3M $385.1M
YoY Change 15.4% 1.01% 12.6%
INVESTING ACTIVITIES
Capital Expenditures -$49.50M -$58.50M -$73.80M
YoY Change -32.93% 51.55% 108.47%
Acquisitions
YoY Change
Other Investing Activities $11.90M $3.600M -$3.337B
YoY Change -100.36% -97.86% 2357.07%
Cash From Investing Activities -$37.60M -$54.80M -$3.411B
YoY Change -98.9% -142.19% 1892.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -352.7M -385.8M 2.309B
YoY Change -115.27% -9.8% -1312.13%
NET CHANGE
Cash From Operating Activities 444.4M 511.3M 385.1M
Cash From Investing Activities -37.60M -54.80M -3.411B
Cash From Financing Activities -352.7M -385.8M 2.309B
Net Change In Cash 54.10M 70.70M -716.5M
YoY Change -107.55% -66.07% 3537.06%
FREE CASH FLOW
Cash From Operating Activities $444.4M $511.3M $385.1M
Capital Expenditures -$49.50M -$58.50M -$73.80M
Free Cash Flow $493.9M $569.8M $458.9M
YoY Change 7.63% 4.59% 21.6%

Facts In Submission

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<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;">New Accounting Pronouncements</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." ASU 2018-02 allows for a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the U.S. Tax Cuts and Jobs Act (TCJ Act) reduction of the U.S. federal corporate income tax rate. The amendments also require certain disclosures about stranded tax effects. ASU 2018-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted in any period after the issuance of the update. The amendments in this update should be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the TCJ Act is recognized. The Company has not yet determined the effect that ASU 2018-02 will have on its financial statements.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2017, the FASB issued ASU 2017-12, "Targeted Improvements to Accounting for Hedging Activities." ASU 2017-12 provides targeted improvements to Topic 815 accounting for hedging activities by expanding an entity&#8217;s ability to hedge non-financial and financial risk components and reduce complexity in fair value hedges of interest rate risk. The guidance eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. The guidance also eases certain documentation and assessment requirements and modifies the accounting for components excluded from the assessment of hedge effectiveness. ASU 2017-12 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early application is permitted in any interim period after issuance of the update. ASU 2017-12 should be applied using a modified retrospective approach for cash flow and net investment hedge relationships that exist on the date of adoption, and prospectively for presentation and disclosure requirements. The Company has not yet determined the effect that ASU 2017-12 will have on its financial statements.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2017, the FASB issued ASU 2017-09, "Scope of Modification Accounting." ASU 2017-09 provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. An entity should account for the effects of a modification unless all of the following are met: (1) the fair value of the modified award is the same as fair value of the original award; (2) the vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; and (3) the classification of the award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. ASU 2017-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted. ASU 2017-09 should be applied prospectively to an award modified on or after the adoption date. During the first quarter of fiscal 2018, the Company adopted ASU 2017-09. The adoption of ASU 2017-09 did not affect the Company's financial statements as there were no modifications of any share-based awards during the first nine months of fiscal 2018.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2. New Accounting Pronouncements, cont'd</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2017, the FASB issued ASU 2017-07, "Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." ASU 2017-07 requires that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. ASU 2017-07 also provides that only the service cost component is eligible for capitalization, when applicable. ASU 2017-07 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. Early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued. ASU 2017-07 should be applied retrospectively for the income statement presentation of net periodic pension cost and net periodic postretirement benefit cost and prospectively, on or after the effective date, for the capitalization of the service cost component of net periodic pension cost and net periodic postretirement benefit cost. The Company has not yet determined the effect that ASU 2017-07 will have on its financial statements.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the FASB issued ASU 2017-04, "Simplifying the Test for Goodwill Impairment." ASU 2017-04 eliminates Step 2 from the goodwill impairment test. Under the amendments in this Update, an entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. ASU 2017-04 also eliminates the requirement for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment and, if it fails that qualitative test, to perform Step 2 of the goodwill impairment test. ASU 2017-04 is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted. During the first quarter of fiscal 2018, the Company adopted ASU 2017-04. The adoption of ASU 2017-04 did not affect the Company's financial statements as there were no instances of a reporting units carrying value exceeding its fair value for any goodwill impairment tests performed during the first nine months of fiscal 2018.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In October 2016, the FASB issued ASU 2016-16, "Intra-Entity Transfers of Assets Other Than Inventory." ASU 2016-16 provides that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Consequently, the amendments in ASU 2016-16 eliminate the exception for an intra-entity transfer of an asset other than inventory. ASU 2016-16 is effective for fiscal years, and interim periods within those years, beginning after December 31, 2017. Early adoption is permitted. The Company currently estimates that the adoption of ASU 2016-16 will eliminate a </font><font style="font-family:inherit;font-size:10pt;">$58 million</font><font style="font-family:inherit;font-size:10pt;"> income tax deferred charge recorded in the Consolidated Balance Sheet as of March 31, 2018.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016, the FASB issued ASU 2016-15, "Classification of Certain Cash Receipts and Cash Payments." ASU 2016-15 provides specific guidance on several cash flow classification issues to reduce diversity in practice in how certain transactions are classified within the statement of cash flows. ASU 2016-15 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017 and should be applied using a retrospective transition method to each period presented. Early adoption is permitted. The Company has not yet determined the effect that ASU 2016-15 will have on its financial statements.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Instruments." ASU 2016-13 requires a financial asset (or a group of financial assets) measured at amortized cost to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial asset(s) to present the net carrying value at the amount expected to be collected on the financial asset. Credit losses relating to available-for-sale debt securities should be recorded through an allowance for credit losses. ASU 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. Early adoption is permitted. The Company has not yet determined the effect that ASU 2016-13 will have on its financial statements.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU 2016-02, "Leases." ASU 2016-02 requires lessees to put most leases on their balance sheet by recognizing a liability to make lease payments and an asset representing their right to use the asset during the lease term. Lessee recognition, measurement, and presentation of expenses and cash flows will not change significantly from existing guidance. Lessor accounting is also largely unchanged from existing guidance. ASU 2016-02 requires qualitative and quantitative disclosures that provide information about the amount, timing, and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018. Early adoption is permitted. The Company has not yet determined the effect that ASU 2016-02 will have on its financial statements.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2016, the FASB issued ASU 2016-01, "Recognition and Measurement of Financial Assets and Liabilities." ASU 2016-01 requires equity investments (excluding equity method investments and investments that are consolidated) to be measured at fair value with changes in fair value recognized in net income. Equity investments that do not have a readily determinable fair value may be measured at cost, adjusted for impairment and observable price changes. The ASU also simplifies the impairment assessment of equity investments, eliminates the disclosure of the assumptions used to estimate the </font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2. New Accounting Pronouncements, cont'd</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">fair value that is required to be disclosed for financial instruments measured at cost on the balance sheet and requires the exit price to be used when measuring fair value of financial instruments for disclosure purposes. Under ASU 2016-01, changes in fair value (resulting from instrument-specific credit risk) will be presented separately in other comprehensive income for liabilities measured using the fair value option and financial assets and liabilities will be presented separately by measurement category and type either on the balance sheet or in the financial statement disclosures. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. The Company has not yet determined the effect that ASU 2016-01 will have on its financial statements.</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." ASU 2014-09 requires revenue recognition to depict the transfer of goods or services to customers in an amount that reflects the consideration that a company expects to be entitled to in exchange for the goods or services. To achieve this principle, a company must apply five steps including identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when (or as) the company satisfies the performance obligations. Additional quantitative and qualitative disclosure to enhance the understanding about the nature, amount, timing, and uncertainty of revenue and cash flows is also required. ASU 2014-09 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017. In April 2016, the FASB issued ASU 2016-10, "Identifying Performance Obligations and Licensing." ASU 2016-10 clarifies the following two aspects of ASU 2014-09: identifying performance obligations and licensing implementation guidance. The effective date of ASU 2016-10 is the same as the effective date of ASU 2014-09. The Company currently anticipates using the modified retrospective method to adopt ASU 2014-09. The Company is still in the process of quantifying the impact of the adoption of ASU 2014-09, but at this time the Company does not expect the adoption to have a material impact on its financial statements.</font></div></div>

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