2013 Q2 Form 10-Q Financial Statement

#000110465913058371 Filed on July 31, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2012 Q2
Revenue $1.162B $1.182B
YoY Change -1.7% 20.38%
Cost Of Revenue $831.8M $908.6M
YoY Change -8.45% 31.28%
Gross Profit $330.1M $319.8M
YoY Change 3.22% 9.52%
Gross Profit Margin 28.41% 27.06%
Selling, General & Admin $233.1M $246.5M
YoY Change -5.44% 1.69%
% of Gross Profit 70.61% 77.08%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $27.00M $29.30M
YoY Change -7.85% 38.86%
% of Gross Profit 8.18% 9.16%
Operating Expenses $233.1M $246.5M
YoY Change -5.44% -0.6%
Operating Profit $69.10M $69.00M
YoY Change 0.14% 56.82%
Interest Expense $27.10M $27.80M
YoY Change -2.52% -300.0%
% of Operating Profit 39.22% 40.29%
Other Income/Expense, Net -$2.300M -$2.800M
YoY Change -17.86% -193.33%
Pretax Income $53.20M $46.90M
YoY Change 13.43% 48.89%
Income Tax $14.00M $9.000M
% Of Pretax Income 26.32% 19.19%
Net Earnings $47.20M $47.40M
YoY Change -0.42% 105.19%
Net Earnings / Revenue 4.06% 4.01%
Basic Earnings Per Share $0.99 $1.06
Diluted Earnings Per Share $0.98 $1.04
COMMON SHARES
Basic Shares Outstanding 45.68M shares 49.95M shares
Diluted Shares Outstanding 45.97M shares 50.91M shares

Balance Sheet

Concept 2013 Q2 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $352.9M $327.5M
YoY Change 7.76% -11.96%
Cash & Equivalents $352.9M $327.5M
Short-Term Investments
Other Short-Term Assets $145.4M $161.5M
YoY Change -9.97% -36.34%
Inventory $624.2M $613.1M
Prepaid Expenses
Receivables $1.237B $1.305B
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.436B $3.233B
YoY Change -24.65% 32.57%
LONG-TERM ASSETS
Property, Plant & Equipment $720.2M $644.3M
YoY Change 11.78% 16.59%
Goodwill $1.552B $1.776B
YoY Change -12.62%
Intangibles $919.1M $950.8M
YoY Change -3.33%
Long-Term Investments
YoY Change
Other Assets $772.2M $739.1M
YoY Change 4.48% 9.79%
Total Long-Term Assets $3.964B $4.111B
YoY Change -3.57% 12.17%
TOTAL ASSETS
Total Short-Term Assets $2.436B $3.233B
Total Long-Term Assets $3.964B $4.111B
Total Assets $6.400B $7.344B
YoY Change -12.85% 20.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $527.2M $535.1M
YoY Change -1.48% -4.6%
Accrued Expenses $910.5M $1.006B
YoY Change -9.48% -0.93%
Deferred Revenue
YoY Change
Short-Term Debt $34.30M $237.4M
YoY Change -85.55% 169.16%
Long-Term Debt Due $80.90M $331.6M
YoY Change -75.6% 1360.79%
Total Short-Term Liabilities $1.559B $2.344B
YoY Change -33.48% 37.62%
LONG-TERM LIABILITIES
Long-Term Debt $1.577B $1.595B
YoY Change -1.1% 43.52%
Other Long-Term Liabilities $931.8M $1.085B
YoY Change -14.14% 11.11%
Total Long-Term Liabilities $2.829B $2.825B
YoY Change 0.16% 35.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.559B $2.344B
Total Long-Term Liabilities $2.829B $2.825B
Total Liabilities $4.388B $5.169B
YoY Change -15.1% 33.01%
SHAREHOLDERS EQUITY
Retained Earnings $2.715B $2.524B
YoY Change 7.57%
Common Stock $1.565B $2.537B
YoY Change -38.32%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.996B $2.583B
YoY Change 15.98%
Treasury Stock Shares 54.39M shares 48.58M shares
Shareholders Equity $1.999B $2.165B
YoY Change
Total Liabilities & Shareholders Equity $6.400B $7.344B
YoY Change -12.85% 20.32%

Cashflow Statement

Concept 2013 Q2 2012 Q2
OPERATING ACTIVITIES
Net Income $47.20M $47.40M
YoY Change -0.42% 105.19%
Depreciation, Depletion And Amortization $27.00M $29.30M
YoY Change -7.85% 38.86%
Cash From Operating Activities -$243.7M $16.00M
YoY Change -1623.13% -144.2%
INVESTING ACTIVITIES
Capital Expenditures -$16.80M -$15.40M
YoY Change 9.09% 1.32%
Acquisitions
YoY Change
Other Investing Activities -$5.600M $2.000M
YoY Change -380.0% -104.04%
Cash From Investing Activities -$22.40M -$13.40M
YoY Change 67.16% -79.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -136.7M 900.0K
YoY Change -15288.89% -79.55%
NET CHANGE
Cash From Operating Activities -243.7M 16.00M
Cash From Investing Activities -22.40M -13.40M
Cash From Financing Activities -136.7M 900.0K
Net Change In Cash -402.8M 3.500M
YoY Change -11608.57% -103.63%
FREE CASH FLOW
Cash From Operating Activities -$243.7M $16.00M
Capital Expenditures -$16.80M -$15.40M
Free Cash Flow -$226.9M $31.40M
YoY Change -822.61% -249.52%

Facts In Submission

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spw Deferred Income Tax Expense Benefit And Uncertain Tax Positions
DeferredIncomeTaxExpenseBenefitAndUncertainTaxPositions
100000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
56800000 USD
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-1800000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
56800000 USD
spw Pension And Other Employee Benefits
PensionAndOtherEmployeeBenefits
21800000 USD
spw Pension And Other Employee Benefits
PensionAndOtherEmployeeBenefits
28700000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-3700000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-5900000 USD
us-gaap Increase Decrease In Accounts Receivable And Other Operating Assets
IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets
14500000 USD
us-gaap Increase Decrease In Accounts Receivable And Other Operating Assets
IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets
171900000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
93300000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
13900000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-191900000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-144200000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-300800000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-183900000 USD
us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
-9300000 USD
us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
-37200000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-310100000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-221100000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
11200000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
10700000 USD
us-gaap Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
8500000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
30500000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
36900000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
36800000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-38200000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-57000000 USD
us-gaap Cash Provided By Used In Investing Activities Discontinued Operations
CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
-2100000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-41800000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-59100000 USD
spw Borrowings Under Senior Credit Facilities
BorrowingsUnderSeniorCreditFacilities
586000000 USD
spw Repayments Under Senior Credit Facilities
RepaymentsUnderSeniorCreditFacilities
467900000 USD
spw Borrowing Under Trade Receivables Agreement
BorrowingUnderTradeReceivablesAgreement
35000000 USD
spw Borrowing Under Trade Receivables Agreement
BorrowingUnderTradeReceivablesAgreement
98000000 USD
spw Repayments Under Trade Receivables Agreement
RepaymentsUnderTradeReceivablesAgreement
35000000 USD
spw Repayments Under Trade Receivables Agreement
RepaymentsUnderTradeReceivablesAgreement
59300000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-3400000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
3900000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
249000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
75000000 USD
spw Minimum Tax Withholdings Paid On Behalf Of Employees For Net Share Settlements Net Of Proceeds From The Exercise Of Employee Stock Options And Other
MinimumTaxWithholdingsPaidOnBehalfOfEmployeesForNetShareSettlementsNetOfProceedsFromTheExerciseOfEmployeeStockOptionsAndOther
14500000 USD
spw Minimum Tax Withholdings Paid On Behalf Of Employees For Net Share Settlements Net Of Proceeds From The Exercise Of Employee Stock Options And Other
MinimumTaxWithholdingsPaidOnBehalfOfEmployeesForNetShareSettlementsNetOfProceedsFromTheExerciseOfEmployeeStockOptionsAndOther
-4600000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
200000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
12200000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
25300000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-279100000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
64800000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-279100000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
64800000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-200000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-8100000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-631200000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-223500000 USD
CY2011Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
551000000 USD
CY2012Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
327500000 USD
CY2012Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.25
CY2012Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.25
CY2011Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2237300000 USD
CY2012Q2 spw Fair Value Measurement Asset Transfers Between Levels
FairValueMeasurementAssetTransfersBetweenLevels
0 USD
spw Fair Value Measurement Asset Transfers Between Levels
FairValueMeasurementAssetTransfersBetweenLevels
0 USD
CY2013Q2 spw Fair Value Measurement Liability Transfers Between Levels
FairValueMeasurementLiabilityTransfersBetweenLevels
0 USD
spw Fair Value Measurement Liability Transfers Between Levels
FairValueMeasurementLiabilityTransfersBetweenLevels
0 USD
CY2012Q2 spw Effective Income Tax Rate After Impact Of Income Tax Benefits
EffectiveIncomeTaxRateAfterImpactOfIncomeTaxBenefits
0.195 pure
spw Disposal Group Including Discontinued Operation Pension Contributions
DisposalGroupIncludingDiscontinuedOperationPensionContributions
1000000 USD
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.146 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.324 pure
CY2013Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5300000 USD
CY2012Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6500000 USD
CY2013Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2000000 USD
CY2012Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
2500000 USD
CY2013Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax
-800000 USD
CY2013Q2 spw Income Tax Expense Benefit From Audit Settlements And Statute Expiration
IncomeTaxExpenseBenefitFromAuditSettlementsAndStatuteExpiration
-1800000 USD
CY2012Q2 spw Income Tax Expense Benefit From Audit Settlements And Statute Expiration
IncomeTaxExpenseBenefitFromAuditSettlementsAndStatuteExpiration
-2500000 USD
spw Income Tax Expense Benefit Related To Foreign Tax Credits
IncomeTaxExpenseBenefitRelatedToForeignTaxCredits
-2000000 USD
spw Income Tax Expense Benefit On Deconsolidation Of Foreign Business Unit
IncomeTaxExpenseBenefitOnDeconsolidationOfForeignBusinessUnit
6100000 USD
spw Impairment Of Goodwill And Intangible Assets
ImpairmentOfGoodwillAndIntangibleAssets
2000000 USD
spw Income Tax Expense Benefit From Audit Settlements And Statute Expiration
IncomeTaxExpenseBenefitFromAuditSettlementsAndStatuteExpiration
-1800000 USD
spw Defined Benefit Plan Annual Reduction In Pension Expense
DefinedBenefitPlanAnnualReductionInPensionExpense
6200000 USD

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