2017 Q4 Form 10-Q Financial Statement

#000009141917000011 Filed on November 22, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2016 Q4
Revenue $1.924B $1.914B
YoY Change 0.51% -7.88%
Cost Of Revenue $1.169B $1.171B
YoY Change -0.2% -9.25%
Gross Profit $755.0M $742.9M
YoY Change 1.63% -5.64%
Gross Profit Margin 39.25% 38.82%
Selling, General & Admin $359.5M $363.1M
YoY Change -0.99% -6.85%
% of Gross Profit 47.62% 48.88%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $102.2M $104.8M
YoY Change -2.48% -2.69%
% of Gross Profit 13.54% 14.11%
Operating Expenses $359.5M $363.1M
YoY Change -0.99% -6.85%
Operating Profit $332.1M $303.3M
YoY Change 9.5% -3.35%
Interest Expense -$41.60M -$41.00M
YoY Change 1.46% -3.76%
% of Operating Profit -12.53% -13.52%
Other Income/Expense, Net $1.300M $3.200M
YoY Change -59.38% -300.0%
Pretax Income $291.8M $265.5M
YoY Change 9.91% -1.52%
Income Tax $97.20M $88.20M
% Of Pretax Income 33.31% 33.22%
Net Earnings $194.6M $177.3M
YoY Change 9.76% 0.74%
Net Earnings / Revenue 10.12% 9.26%
Basic Earnings Per Share $1.71 $1.52
Diluted Earnings Per Share $1.71 $1.52
COMMON SHARES
Basic Shares Outstanding 113.0M shares 115.9M shares
Diluted Shares Outstanding 113.0M shares 116.0M shares

Balance Sheet

Concept 2017 Q4 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $180.0M $122.0M
YoY Change 47.54% -12.23%
Cash & Equivalents $180.3M $121.8M
Short-Term Investments
Other Short-Term Assets $112.2M $137.2M
YoY Change -18.22% -34.67%
Inventory $1.012B $1.028B
Prepaid Expenses
Receivables $481.6M $517.8M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.786B $1.805B
YoY Change -1.07% -10.01%
LONG-TERM ASSETS
Property, Plant & Equipment $1.616B $1.587B
YoY Change 1.83% -4.53%
Goodwill $6.087B $6.080B
YoY Change 0.11%
Intangibles $6.051B $6.387B
YoY Change -5.26%
Long-Term Investments
YoY Change
Other Assets $12.30B $12.67B
YoY Change -2.89% 6709.84%
Total Long-Term Assets $13.92B $14.25B
YoY Change -2.36% -2.97%
TOTAL ASSETS
Total Short-Term Assets $1.786B $1.805B
Total Long-Term Assets $13.92B $14.25B
Total Assets $15.70B $16.06B
YoY Change -2.22% -3.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $507.4M $435.8M
YoY Change 16.43% 27.8%
Accrued Expenses $138.0M $180.0M
YoY Change -23.33% 27.66%
Deferred Revenue
YoY Change
Short-Term Debt $463.9M $406.0M
YoY Change 14.26% 9.73%
Long-Term Debt Due $499.6M
YoY Change
Total Short-Term Liabilities $1.855B $1.306B
YoY Change 41.97% 15.3%
LONG-TERM LIABILITIES
Long-Term Debt $4.294B $4.945B
YoY Change -13.17% -10.0%
Other Long-Term Liabilities $344.9M $381.4M
YoY Change -9.57% 6.83%
Total Long-Term Liabilities $6.811B $7.572B
YoY Change -10.05% 29.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.855B $1.306B
Total Long-Term Liabilities $6.811B $7.572B
Total Liabilities $8.666B $8.878B
YoY Change -2.39% -6.17%
SHAREHOLDERS EQUITY
Retained Earnings $1.384B $1.433B
YoY Change -3.46%
Common Stock $5.738B $5.874B
YoY Change -2.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 32.90M shares 30.06M shares
Shareholders Equity $7.036B $7.180B
YoY Change
Total Liabilities & Shareholders Equity $15.70B $16.06B
YoY Change -2.22% -3.81%

Cashflow Statement

Concept 2017 Q4 2016 Q4
OPERATING ACTIVITIES
Net Income $194.6M $177.3M
YoY Change 9.76% 0.74%
Depreciation, Depletion And Amortization $102.2M $104.8M
YoY Change -2.48% -2.69%
Cash From Operating Activities $130.3M $136.4M
YoY Change -4.47% -50.13%
INVESTING ACTIVITIES
Capital Expenditures -$60.40M -$33.80M
YoY Change 78.7% -47.52%
Acquisitions
YoY Change
Other Investing Activities -$7.800M $0.00
YoY Change -100.0%
Cash From Investing Activities -$68.20M -$33.80M
YoY Change 101.78% -41.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -61.10M -87.90M
YoY Change -30.49% -58.38%
NET CHANGE
Cash From Operating Activities 130.3M 136.4M
Cash From Investing Activities -68.20M -33.80M
Cash From Financing Activities -61.10M -87.90M
Net Change In Cash 1.000M 14.70M
YoY Change -93.2% 234.09%
FREE CASH FLOW
Cash From Operating Activities $130.3M $136.4M
Capital Expenditures -$60.40M -$33.80M
Free Cash Flow $190.7M $170.2M
YoY Change 12.04% -49.63%

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193500000 USD
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4 Segment
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303300000 USD
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100000 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
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300000 USD
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100000 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
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200000 USD
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us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
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2400000 USD
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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21900000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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29700000 USD
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10100000 USD
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OtherOperatingIncomeExpenseNet
1900000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
2900000 USD
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us-gaap Payments For Proceeds From Other Investing Activities
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12300000 USD
us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments For Repurchase Of Common Stock
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18800000 USD
us-gaap Payments For Repurchase Of Common Stock
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6700000 USD
CY2017Q4 us-gaap Payments Of Debt Issuance Costs
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4100000 USD
us-gaap Payments Of Debt Issuance Costs
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4100000 USD
us-gaap Payments Of Dividends Common Stock
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164900000 USD
us-gaap Payments Of Dividends Common Stock
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173400000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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84000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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130000000 USD
us-gaap Pension Contributions
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1300000 USD
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800000 USD
us-gaap Proceeds From Payments For Other Financing Activities
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600000 USD
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122000000 USD
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2981700000 USD
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
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us-gaap Repayments Of Long Term Debt
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200000000 USD
us-gaap Repayments Of Long Term Debt
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150000000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
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1240500000 USD
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CY2016Q4 us-gaap Sales Revenue Goods Net
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us-gaap Sales Revenue Goods Net
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us-gaap Sales Revenue Goods Net
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CY2016Q4 us-gaap Selling General And Administrative Expense
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363100000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
719100000 USD
CY2017Q4 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
360900000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
711100000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
15100000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
12700000 USD
CY2017Q2 us-gaap Short Term Borrowings
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454000000 USD
CY2017Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
463900000 USD
CY2017Q4 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
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6700000 USD
CY2017Q4 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
3600000 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
6850200000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
7036300000 USD
CY2017Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
33100000 shares
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
32900000 shares
CY2016Q4 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
800000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
1600000 USD
CY2017Q4 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
1100000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
1700000 USD
CY2016Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
100000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
100000 shares
CY2017Q4 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
116000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
116000000 shares
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
113000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
113000000 shares
CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
115900000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
115900000 shares
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
113000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
113000000 shares
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Contingencies</font></div><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We, like other food manufacturers, are from time to time subject to various administrative, regulatory, and other legal proceedings arising in the ordinary course of business. We are currently a defendant in a variety of such legal proceedings. We cannot predict with certainty the ultimate results of these proceedings or reasonably determine a range of potential loss. Our policy is to accrue losses for contingent liabilities when such liabilities are probable and amounts can be reasonably estimated. Based on the information known to date, we do not believe the final outcome of these proceedings will have a material adverse effect on our financial position, results of operations, or cash flows.</font></div></div>

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