2015 Q2 Form 10-Q Financial Statement

#000162828015003452 Filed on May 01, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $1.742B $1.742B
YoY Change 0.0% -3.39%
Cost Of Revenue $1.448B $1.467B
YoY Change -1.29% -13.19%
Gross Profit $293.9M $261.2M
YoY Change 12.52% -254.1%
Gross Profit Margin 16.87% 14.99%
Selling, General & Admin $51.60M $60.50M
YoY Change -14.71% 11.83%
% of Gross Profit 17.56% 23.16%
Research & Development $7.000M $6.300M
YoY Change 11.11% -26.74%
% of Gross Profit 2.38% 2.41%
Depreciation & Amortization $43.60M $41.30M
YoY Change 5.57% 1.72%
% of Gross Profit 14.83% 15.81%
Operating Expenses $58.60M $66.80M
YoY Change -12.28% 6.54%
Operating Profit $235.3M $235.3M
YoY Change 0.0% 8.83%
Interest Expense -$23.60M -$35.10M
YoY Change -32.76% 108.93%
% of Operating Profit -10.03% -14.92%
Other Income/Expense, Net -$6.400M $1.300M
YoY Change -592.31% 0.0%
Pretax Income $211.0M $160.3M
YoY Change 31.63% -162.99%
Income Tax $29.40M $6.900M
% Of Pretax Income 13.93% 4.3%
Net Earnings $181.9M $181.9M
YoY Change 0.0% 26.85%
Net Earnings / Revenue 10.44% 10.44%
Basic Earnings Per Share $1.31 $1.31
Diluted Earnings Per Share $1.30 $1.30
COMMON SHARES
Basic Shares Outstanding 138.9M shares 141.6M shares
Diluted Shares Outstanding 140.4M shares 143.7M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $749.5M $382.4M
YoY Change 96.0% 20.63%
Cash & Equivalents $749.5M $382.1M
Short-Term Investments $300.0K
Other Short-Term Assets $69.10M $22.60M
YoY Change 205.75% -48.28%
Inventory $1.702B $1.869B
Prepaid Expenses
Receivables $601.0M $746.5M
Other Receivables $11.80M $8.900M
Total Short-Term Assets $3.161B $3.117B
YoY Change 1.4% -2.85%
LONG-TERM ASSETS
Property, Plant & Equipment $1.777B $1.801B
YoY Change -1.34% 3.53%
Goodwill $2.700M $3.000M
YoY Change -10.0% 7.14%
Intangibles
YoY Change
Long-Term Investments $2.200M $1.600M
YoY Change 37.5% 14.29%
Other Assets $124.5M $121.5M
YoY Change 2.47% 39.49%
Total Long-Term Assets $2.112B $2.185B
YoY Change -3.34% 1.81%
TOTAL ASSETS
Total Short-Term Assets $3.161B $3.117B
Total Long-Term Assets $2.112B $2.185B
Total Assets $5.273B $5.302B
YoY Change -0.55% -0.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $679.2M $758.1M
YoY Change -10.41% 9.06%
Accrued Expenses $256.9M $253.6M
YoY Change 1.3% 26.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $30.20M $81.60M
YoY Change -62.99% 462.76%
Total Short-Term Liabilities $1.228B $1.328B
YoY Change -7.52% 12.52%
LONG-TERM LIABILITIES
Long-Term Debt $1.115B $1.153B
YoY Change -3.27% -0.47%
Other Long-Term Liabilities $258.2M $199.3M
YoY Change 29.55% 34.75%
Total Long-Term Liabilities $258.2M $199.3M
YoY Change 29.55% 34.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.228B $1.328B
Total Long-Term Liabilities $258.2M $199.3M
Total Liabilities $1.486B $1.527B
YoY Change -2.69% 14.99%
SHAREHOLDERS EQUITY
Retained Earnings $1.049B $662.3M
YoY Change 58.45% -34.02%
Common Stock $1.040B $1.028B
YoY Change 1.16% 0.84%
Preferred Stock
YoY Change
Treasury Stock (at cost) $129.2M
YoY Change
Treasury Stock Shares 4.000M shares
Shareholders Equity $1.794B $1.638B
YoY Change
Total Liabilities & Shareholders Equity $5.273B $5.302B
YoY Change -0.55% -0.98%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $181.9M $181.9M
YoY Change 0.0% 26.85%
Depreciation, Depletion And Amortization $43.60M $41.30M
YoY Change 5.57% 1.72%
Cash From Operating Activities $423.7M $45.00M
YoY Change 841.56% -24.62%
INVESTING ACTIVITIES
Capital Expenditures $40.30M $53.00M
YoY Change -23.96% -196.72%
Acquisitions
YoY Change
Other Investing Activities $0.00 $100.0K
YoY Change -100.0% -75.0%
Cash From Investing Activities -$40.30M -$52.90M
YoY Change -23.82% -2.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net $7.500M $9.500M
YoY Change -21.05%
Cash From Financing Activities -$12.10M -$28.20M
YoY Change -57.09% 2720.0%
NET CHANGE
Cash From Operating Activities $423.7M $45.00M
Cash From Investing Activities -$40.30M -$52.90M
Cash From Financing Activities -$12.10M -$28.20M
Net Change In Cash $371.3M -$36.10M
YoY Change -1128.53% -939.53%
FREE CASH FLOW
Cash From Operating Activities $423.7M $45.00M
Capital Expenditures $40.30M $53.00M
Free Cash Flow $383.4M -$8.000M
YoY Change -4892.5% -106.99%

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300000 USD
CY2014Q2 us-gaap Increase Decrease In Accounts Receivable
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196700000 USD
CY2014Q2 us-gaap Depreciation
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41300000 USD
CY2015Q2 us-gaap Depreciation
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43600000 USD
CY2014Q4 us-gaap Derivative Fair Value Of Derivative Liability
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1100000 USD
CY2014Q2 us-gaap Derivative Instruments Loss Reclassified From Accumulated Oci Into Income Effective Portion
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0 USD
CY2015Q2 us-gaap Derivative Instruments Loss Reclassified From Accumulated Oci Into Income Effective Portion
DerivativeInstrumentsLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortion
-500000 USD
CY2014Q2 us-gaap Derivative Instruments Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing
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-100000 USD
CY2015Q2 us-gaap Derivative Instruments Loss Recognized In Income Ineffective Portion And Amount Excluded From Effectiveness Testing
DerivativeInstrumentsLossRecognizedInIncomeIneffectivePortionAndAmountExcludedFromEffectivenessTesting
-1600000 USD
CY2015Q2 us-gaap Derivative Instruments Not Designated As Hedging Instruments Loss
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsLoss
400000 USD
CY2014Q2 us-gaap Derivative Net Hedge Ineffectiveness Gain Loss
DerivativeNetHedgeIneffectivenessGainLoss
600000 USD
CY2015Q2 us-gaap Derivative Net Hedge Ineffectiveness Gain Loss
DerivativeNetHedgeIneffectivenessGainLoss
-1600000 USD
CY2014Q2 us-gaap Earnings Per Share Basic
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1.08
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.31
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.07
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.30
CY2014Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.043
CY2015Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.139
CY2014Q4 us-gaap Equity Method Investments
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1900000 USD
CY2015Q2 us-gaap Equity Method Investments
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2200000 USD
CY2014Q2 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
500000 USD
CY2015Q2 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
0 USD
CY2014Q2 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
500000 USD
CY2015Q2 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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0 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Gross
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8200000 USD
CY2015Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
8200000 USD
CY2014Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
3200000 USD
CY2015Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
3100000 USD
CY2014Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
200000 USD
CY2015Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-5900000 USD
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-1800000 USD
CY2015Q2 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-6400000 USD
CY2014Q4 us-gaap Goodwill
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2900000 USD
CY2015Q2 us-gaap Goodwill
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2700000 USD
CY2014Q4 us-gaap Guarantee Obligations Maximum Exposure
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21600000 USD
CY2015Q2 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
20500000 USD
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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160300000 USD
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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211000000 USD
CY2014Q2 us-gaap Income Loss From Equity Method Investments
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200000 USD
CY2015Q2 us-gaap Income Loss From Equity Method Investments
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300000 USD
CY2014Q2 us-gaap Income Tax Expense Benefit
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6900000 USD
CY2015Q2 us-gaap Income Tax Expense Benefit
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29400000 USD
CY2014Q2 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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50600000 USD
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-10200000 USD
CY2015Q2 us-gaap Increase Decrease In Accounts Receivable
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-300000 USD
CY2014Q2 us-gaap Increase Decrease In Accrued Income Taxes Payable
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72500000 USD
CY2015Q2 us-gaap Long Term Debt
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1133500000 USD
CY2015Q2 us-gaap Increase Decrease In Accrued Income Taxes Payable
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198000000 USD
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-30600000 USD
CY2015Q2 us-gaap Increase Decrease In Customer Advances
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-10200000 USD
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-21700000 USD
CY2015Q2 us-gaap Increase Decrease In Deferred Compensation
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-91100000 USD
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4800000 USD
CY2015Q2 us-gaap Increase Decrease In Deferred Liabilities
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56700000 USD
CY2014Q2 us-gaap Increase Decrease In Inventories
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51600000 USD
CY2015Q2 us-gaap Increase Decrease In Inventories
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-33800000 USD
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-8400000 USD
CY2015Q2 us-gaap Increase Decrease In Other Operating Capital Net
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-8700000 USD
CY2014Q2 us-gaap Increase Decrease In Pension And Postretirement Obligations
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-8000000 USD
CY2015Q2 us-gaap Increase Decrease In Pension And Postretirement Obligations
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-6100000 USD
CY2014Q2 us-gaap Increase Decrease In Restricted Cash
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72800000 USD
CY2015Q2 us-gaap Increase Decrease In Restricted Cash
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0 USD
CY2014Q2 us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
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1100000 shares
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100000 shares
CY2014Q2 us-gaap Interest And Debt Expense
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35400000 USD
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17900000 USD
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1000000 USD
CY2015Q2 us-gaap Interest Costs Capitalized
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1300000 USD
CY2014Q2 us-gaap Interest Income Other
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100000 USD
CY2015Q2 us-gaap Interest Income Other
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200000 USD
CY2014Q2 us-gaap Interest Income Securities State And Municipal
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1000000 USD
CY2015Q2 us-gaap Interest Income Securities State And Municipal
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1200000 USD
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46700000 USD
CY2015Q2 us-gaap Inventory Finished Goods Net Of Reserves
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51600000 USD
CY2014Q4 us-gaap Inventory Net
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1753000000 USD
CY2015Q2 us-gaap Inventory Net
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1702400000 USD
CY2014Q4 us-gaap Inventory Raw Materials Net Of Reserves
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254500000 USD
CY2015Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
246100000 USD
CY2014Q4 us-gaap Inventory Work In Process Net Of Reserves
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885700000 USD
CY2015Q2 us-gaap Inventory Work In Process Net Of Reserves
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841700000 USD
CY2014Q4 us-gaap Land
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17100000 USD
CY2015Q2 us-gaap Land
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16500000 USD
CY2014Q4 us-gaap Liabilities And Stockholders Equity
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5162700000 USD
CY2015Q2 us-gaap Liabilities And Stockholders Equity
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5272700000 USD
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1258800000 USD
CY2015Q2 us-gaap Liabilities Current
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1227800000 USD
CY2014Q4 us-gaap Line Of Credit
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19900000 USD
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3000000 USD
CY2015Q2 us-gaap Loans Payable To Bank Current
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2500000 USD
CY2014Q4 us-gaap Long Term Debt
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CY2014Q4 us-gaap Long Term Debt And Capital Lease Obligations
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1144100000 USD
CY2015Q2 us-gaap Long Term Debt And Capital Lease Obligations
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1115100000 USD
CY2014Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
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9400000 USD
CY2015Q2 us-gaap Long Term Debt And Capital Lease Obligations Current
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30200000 USD
CY2014Q4 us-gaap Long Term Loans From Bank
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3700000 USD
CY2015Q2 us-gaap Long Term Loans From Bank
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3200000 USD
CY2014Q4 us-gaap Loss Contingency Accrual At Carrying Value
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96300000 USD
CY2015Q2 us-gaap Loss Contingency Accrual At Carrying Value
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55500000 USD
CY2014Q4 us-gaap Minority Interest
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500000 USD
CY2015Q2 us-gaap Minority Interest
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500000 USD
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CY2015Q2 us-gaap Net Cash Provided By Used In Financing Activities
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-12100000 USD
CY2014Q2 us-gaap Net Cash Provided By Used In Investing Activities
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-52900000 USD
CY2015Q2 us-gaap Net Cash Provided By Used In Investing Activities
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-40300000 USD
CY2014Q2 us-gaap Net Cash Provided By Used In Operating Activities
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45000000 USD
CY2015Q2 us-gaap Net Cash Provided By Used In Operating Activities
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423700000 USD
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153600000 USD
CY2015Q2 us-gaap Net Income Loss
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181900000 USD
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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152400000 USD
CY2015Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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181700000 USD
CY2014Q4 us-gaap Nontrade Receivables Current
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7700000 USD
CY2015Q2 us-gaap Nontrade Receivables Current
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11800000 USD
CY2014Q2 us-gaap Operating Income Loss
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194400000 USD
CY2015Q2 us-gaap Operating Income Loss
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235300000 USD
CY2014Q4 us-gaap Other Assets Current
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262400000 USD
CY2015Q2 us-gaap Other Assets Current
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69100000 USD
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124500000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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400000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-12700000 USD
CY2014Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
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200000 USD
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
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0 USD
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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1100000 USD
CY2014Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
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0 USD
CY2015Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
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0 USD
CY2014Q4 us-gaap Other Inventory Capitalized Costs
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223400000 USD
CY2015Q2 us-gaap Other Inventory Capitalized Costs
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223000000 USD
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45100000 USD
CY2015Q2 us-gaap Other Liabilities Current
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45900000 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
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260800000 USD
CY2015Q2 us-gaap Other Liabilities Noncurrent
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258200000 USD
CY2014Q2 us-gaap Other Nonoperating Income Expense
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1300000 USD
CY2015Q2 us-gaap Other Nonoperating Income Expense
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0 USD
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6300000 USD
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19200000 USD
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CY2014Q2 us-gaap Payments To Acquire Property Plant And Equipment
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53000000 USD
CY2015Q2 us-gaap Payments To Acquire Property Plant And Equipment
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40300000 USD
CY2014Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
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73000000 USD
CY2015Q2 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
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74700000 USD
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2014Q4 us-gaap Preferred Stock Shares Authorized
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CY2015Q2 us-gaap Preferred Stock Shares Authorized
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CY2015Q2 us-gaap Preferred Stock Shares Issued
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0 USD
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535000000 USD
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300000000 USD
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100000 USD
CY2015Q2 us-gaap Proceeds From Sale Of Other Property Plant And Equipment
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CY2015Q2 us-gaap Product Warranty Expense
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1783600000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
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CY2014Q4 us-gaap Provision For Loss On Contracts
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CY2015Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2014Q4 us-gaap Treasury Stock Shares
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CY2014Q4 us-gaap Unbilled Contracts Receivable
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CY2015Q2 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2014Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2015Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2015Q2 spr Changeindefinedbenefitpensionplansdisclosurestextblock
Changeindefinedbenefitpensionplansdisclosurestextblock
<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;"></font><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td width="72%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="11%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="11%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Defined&#160;Benefit&#160;Plans</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For&#160;the&#160;Three</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Months&#160;Ended</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Components&#160;of&#160;Net&#160;Periodic&#160;Pension</font></div><div style="font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Income</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">April&#160;2, <br clear="none"/>2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">April 3, <br clear="none"/>2014</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Service cost</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.3</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest cost</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12.0</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">12.9</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Expected return on plan assets</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(20.7</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(22.3</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amortization of net loss</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.0</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net periodic pension income</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(7.4</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(9.4</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr></table></div></div><div style="line-height:120%;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td width="72%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="11%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="11%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Other&#160;Benefits</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:1pt;"><font style="font-family:inherit;font-size:1pt;font-weight:bold;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">For&#160;the&#160;Three</font></div><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Months&#160;Ended</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Components&#160;of&#160;Other&#160;Benefit&#160;Expense</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">April&#160;2, <br clear="none"/>2015</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">April 3, <br clear="none"/>2014</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Service cost</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.7</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.7</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Interest cost</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.6</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">0.7</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net periodic other benefit expense</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.3</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1.4</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>

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