2015 Q4 Form 10-Q Financial Statement

#000160171215000032 Filed on October 30, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $47.00M $46.00M $33.00M
YoY Change 34.29% 39.39% 32.0%
% of Gross Profit
Operating Expenses
YoY Change
Operating Profit
YoY Change
Interest Expense $301.0M $289.0M $244.0M
YoY Change 6.74% 18.44% 33.33%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $868.0M $919.0M $879.0M
YoY Change 1.76% 4.55% -13.91%
Income Tax $321.0M $345.0M $331.0M
% Of Pretax Income 36.98% 37.54% 37.66%
Net Earnings $547.0M $574.0M $548.0M
YoY Change 3.01% 4.74% -14.51%
Net Earnings / Revenue
Basic Earnings Per Share $0.66 $0.69 $0.70
Diluted Earnings Per Share $0.65 $0.69 $0.70
COMMON SHARES
Basic Shares Outstanding 833.8M shares 834.0M shares 782.0M shares
Diluted Shares Outstanding 836.0M shares 782.0M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $12.33B $12.27B $14.81B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill $949.0M $949.0M $949.0M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $83.99B $79.44B $73.47B
YoY Change 10.94% 8.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $3.740B $2.855B $3.255B
YoY Change 32.91% -12.29%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due $602.0M
YoY Change
Total Short-Term Liabilities $3.740B $2.855B $3.857B
YoY Change 32.91% -25.98%
LONG-TERM LIABILITIES
Long-Term Debt $24.28B $23.88B $26.98B
YoY Change -11.58% -11.49%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $24.28B $23.88B $26.98B
YoY Change -11.58% -11.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.740B $2.855B $3.857B
Total Long-Term Liabilities $24.28B $23.88B $26.98B
Total Liabilities $71.39B $67.28B $63.53B
YoY Change 9.44% 5.91%
SHAREHOLDERS EQUITY
Retained Earnings $3.293B $2.746B $548.0M
YoY Change 205.19% 401.09%
Common Stock $1.000M $1.000M $1.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change
Treasury Stock Shares 0.000 shares
Shareholders Equity $12.60B $12.16B $9.941B
YoY Change
Total Liabilities & Shareholders Equity $83.99B $79.44B $73.47B
YoY Change 10.94% 8.13%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $547.0M $574.0M $548.0M
YoY Change 3.01% 4.74% -14.51%
Depreciation, Depletion And Amortization $47.00M $46.00M $33.00M
YoY Change 34.29% 39.39% 32.0%
Cash From Operating Activities $1.889B $1.317B $1.295B
YoY Change 80.59% 1.7% -26.59%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$5.193B -$2.619B -$2.896B
YoY Change -15.66% -9.56% 38.04%
Cash From Investing Activities -$5.193B -$2.619B -$2.896B
YoY Change -15.66% -9.56% 38.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.358B 2.952B 9.627B
YoY Change 57.58% -69.34% -9182.08%
NET CHANGE
Cash From Operating Activities 1.889B 1.317B 1.295B
Cash From Investing Activities -5.193B -2.619B -2.896B
Cash From Financing Activities 3.358B 2.952B 9.627B
Net Change In Cash 54.00M 1.650B 8.026B
YoY Change -101.81% -79.44% -1924.09%
FREE CASH FLOW
Cash From Operating Activities $1.889B $1.317B $1.295B
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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68000000 USD
CY2015Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
79000000 USD
CY2015Q3 us-gaap Unsecured Debt
UnsecuredDebt
4651000000 USD
CY2014Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2015Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2000000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1000000 shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
782000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
731000000 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
836000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
835000000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
782000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
731000000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
834000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
834000000 shares
us-gaap Fiscal Period
FiscalPeriod
<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:Arial;font-size:10pt;font-style:italic;font-weight:bold;text-decoration:none;">Interim Period Presentation</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The condensed consolidated and combined financial statements and notes thereto are unaudited. These statements include all adjustments (consisting of normal recurring accruals) that we considered necessary to present a fair statement of our results of operations, financial position and cash flows. The results reported in these condensed consolidated and combined financial statements should not be considered as necessarily indicative of results that may be expected for the entire year. These condensed consolidated and combined financial statements should be read in conjunction with our 2014 annual consolidated and combined financial statements and the related notes in our Annual Report on Form 10-K for the year ended December 31, 2014 (our "2014 Form 10-K"). Effective for the first quarter of 2015 and subsequent interim periods, the Company is following a calendar quarter. Previously, it was the longstanding practice of GE and GECC, our parent companies, to establish interim quarterly closing dates using a fiscal calendar that required our business to close its books on a Sunday. We label our quarterly information using a calendar convention, that is, first quarter is labeled as ending on March 31, second quarter as ending on June 30, and third quarter as ending on September 30.</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">We have reclassified certain prior-period amounts to conform to current-period presentation.</font></div></div>

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