2016 Q1 Form 10-Q Financial Statement

#000008596116000102 Filed on April 26, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $1.630B $1.567B
YoY Change 3.99% -2.71%
Cost Of Revenue $631.7M $582.3M
YoY Change 8.48% -3.94%
Gross Profit $998.0M $984.8M
YoY Change 1.33% -1.96%
Gross Profit Margin 61.24% 62.84%
Selling, General & Admin $204.4M $206.6M
YoY Change -1.07% 7.77%
% of Gross Profit 20.48% 20.98%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $287.2M $266.3M
YoY Change 7.85% 5.72%
% of Gross Profit 28.78% 27.04%
Operating Expenses $204.4M $206.6M
YoY Change -1.07% 7.77%
Operating Profit $793.6M $778.2M
YoY Change 1.97% -4.26%
Interest Expense $37.89M $36.80M
YoY Change 2.95% 3.56%
% of Operating Profit 4.77% 4.73%
Other Income/Expense, Net $2.265M $2.637M
YoY Change -14.11% -51.0%
Pretax Income $88.71M $84.18M
YoY Change 5.38% 12.17%
Income Tax $32.52M $30.85M
% Of Pretax Income 36.66% 36.65%
Net Earnings $55.79M $52.79M
YoY Change 5.69% 9.38%
Net Earnings / Revenue 3.42% 3.37%
Basic Earnings Per Share $1.05 $1.00
Diluted Earnings Per Share $1.04 $0.99
COMMON SHARES
Basic Shares Outstanding 53.08M shares 52.60M shares
Diluted Shares Outstanding 53.36M shares 53.11M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $57.00M $72.00M
YoY Change -20.83% -1.37%
Cash & Equivalents $56.81M $72.20M
Short-Term Investments
Other Short-Term Assets $150.0M $165.0M
YoY Change -9.09% 4.43%
Inventory $65.54M $63.02M
Prepaid Expenses
Receivables $0.00 $778.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.095B $1.078B
YoY Change 1.53% -3.5%
LONG-TERM ASSETS
Property, Plant & Equipment $717.4M $700.1M
YoY Change 2.47% 9.97%
Goodwill $389.4M $391.1M
YoY Change -0.43% 2.06%
Intangibles $53.59M $63.98M
YoY Change -16.24% -9.14%
Long-Term Investments
YoY Change
Other Assets $524.0M $465.0M
YoY Change 12.69% -1.48%
Total Long-Term Assets $9.960B $9.030B
YoY Change 10.3% 9.45%
TOTAL ASSETS
Total Short-Term Assets $1.095B $1.078B
Total Long-Term Assets $9.960B $9.030B
Total Assets $11.05B $10.11B
YoY Change 9.36% 7.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $475.0M $625.5M
YoY Change -24.05% 23.67%
Accrued Expenses $228.0M $204.0M
YoY Change 11.76% -8.52%
Deferred Revenue
YoY Change
Short-Term Debt $19.99M $2.550M
YoY Change 684.08% 60.38%
Long-Term Debt Due $592.0M $9.000M
YoY Change 6477.78% -97.74%
Total Short-Term Liabilities $1.594B $1.143B
YoY Change 39.36% -16.7%
LONG-TERM LIABILITIES
Long-Term Debt $4.987B $4.693B
YoY Change 6.26% 15.99%
Other Long-Term Liabilities $806.6M $784.9M
YoY Change 2.75% 27.16%
Total Long-Term Liabilities $806.6M $784.9M
YoY Change 2.75% 27.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.594B $1.143B
Total Long-Term Liabilities $806.6M $784.9M
Total Liabilities $9.009B $8.297B
YoY Change 8.58% 11.09%
SHAREHOLDERS EQUITY
Retained Earnings $1.701B $1.479B
YoY Change 15.02% 6.35%
Common Stock $1.039B $1.005B
YoY Change 3.33% 4.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.045B $1.811B
YoY Change
Total Liabilities & Shareholders Equity $11.05B $10.11B
YoY Change 9.36% 7.9%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $55.79M $52.79M
YoY Change 5.69% 9.38%
Depreciation, Depletion And Amortization $287.2M $266.3M
YoY Change 7.85% 5.72%
Cash From Operating Activities $367.9M $283.3M
YoY Change 29.86% 19.79%
INVESTING ACTIVITIES
Capital Expenditures -$575.0M -$553.2M
YoY Change 3.94% -4.41%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $146.0M $0.00
YoY Change -100.0%
Cash From Investing Activities -$429.0M -$440.8M
YoY Change -2.68% -0.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $6.141M
YoY Change -100.0% -84.81%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 60.50M 178.9M
YoY Change -66.18% -16.87%
NET CHANGE
Cash From Operating Activities 367.9M 283.3M
Cash From Investing Activities -429.0M -440.8M
Cash From Financing Activities 60.50M 178.9M
Net Change In Cash -600.0K 21.40M
YoY Change -102.8% 116.16%
FREE CASH FLOW
Cash From Operating Activities $367.9M $283.3M
Capital Expenditures -$575.0M -$553.2M
Free Cash Flow $942.9M $836.5M
YoY Change 12.72% 2.61%

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P2Y1M7D
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166000 USD
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CY2016Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
822556000 USD
CY2015Q4 us-gaap Restructuring Reserve
RestructuringReserve
12333000 USD
CY2016Q1 us-gaap Restructuring Reserve
RestructuringReserve
7526000 USD
CY2015Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
12333000 USD
CY2016Q1 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
7526000 USD
CY2015Q4 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
0 USD
CY2016Q1 us-gaap Restructuring Reserve Noncurrent
RestructuringReserveNoncurrent
0 USD
CY2015Q1 us-gaap Revenues
Revenues
1567153000 USD
CY2016Q1 us-gaap Revenues
Revenues
1629672000 USD
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
206605000 USD
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
211213000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
5665000 USD
CY2016Q1 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
12.53
CY2015Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
35947000 USD
CY2016Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
19994000 USD
CY2015Q4 us-gaap Short Term Debt Weighted Average Interest Rate
ShortTermDebtWeightedAverageInterestRate
0.0226
CY2016Q1 us-gaap Short Term Debt Weighted Average Interest Rate
ShortTermDebtWeightedAverageInterestRate
0.0231
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
1987111000 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
2045318000 USD
CY2015Q4 us-gaap Trade Receivables Held For Sale Amount
TradeReceivablesHeldForSaleAmount
0 USD
CY2016Q1 us-gaap Trade Receivables Held For Sale Amount
TradeReceivablesHeldForSaleAmount
0 USD
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
510000 shares
CY2016Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
287000 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53106000 shares
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53363000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
52596000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53076000 shares
CY2016Q1 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font><font style="font-family:inherit;font-size:10pt;">OTHER MATTERS</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We are a party to various claims, complaints and proceedings arising in the ordinary course of our continuing business operations including but not limited to those relating to commercial and employment claims, environmental matters, risk management matters (e.g., vehicle liability, workers&#8217; compensation, etc.) and administrative assessments primarily associated with operating taxes. We have established loss provisions for matters in which losses are probable and can be reasonably estimated. For matters from continuing operations, we believe that the resolution of these claims, complaints and legal proceedings will not have a material effect on our consolidated financial statements. </font></div><div style="line-height:120%;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our estimates regarding potential losses and materiality are based on our judgment and assessment of the claims utilizing currently available information. Although we will continue to reassess our reserves and estimates based on future developments, our objective assessment of the legal merits of such claims may not always be predictive of the outcome and actual results may vary from our current estimates. </font></div><div style="line-height:120%;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Although we discontinued our South American operations in 2009, we continue to be party to various federal, state and local legal proceedings involving labor matters, tort claims and tax assessments. We have established loss provisions for any matters where we believe a loss is probable and can be reasonably estimated. Other than with respect to the matters discussed below, we believe that such losses will not have a material effect on our consolidated financial statements.</font></div><div style="line-height:120%;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In Brazil, we were assessed </font><font style="font-family:inherit;font-size:10pt;">$5 million</font><font style="font-family:inherit;font-size:10pt;"> in prior years for various federal income taxes and social contribution taxes for the 1997 and 1998 tax years. These federal tax assessments were overturned in the lower courts; however, there is a reasonable possibility that these rulings could be reversed and we would be required to pay the assessments. We believe it is more likely than not that our position will ultimately be sustained if appealed and no amounts have been reserved for these matters. We are entitled to indemnification for a portion of any resulting liability on these federal tax claims which, if honored, would reduce the amount of any potential loss.</font></div></div>

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