$TDY
TELEDYNE TECHNOLOGIES INC

2016 Q4 Form 10-Q Financial Statement

#000109428516000282 Filed on November 08, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q1 2016
Revenue $526.8M $600.0M $1.020B
YoY Change 6.19% -55.6%
Cost Of Revenue $317.0M $378.4M $1.428B
YoY Change 9.4% 0.0%
Gross Profit $209.8M $221.6M -$407.4M
YoY Change 1.14% -146.81%
Gross Profit Margin 39.83% 36.93% -39.93%
Selling, General & Admin $141.0M $145.6M $588.6M
YoY Change -4.08% 0.0%
% of Gross Profit 67.21% 65.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.80M $22.40M $58.30M
YoY Change -3.45% -35.44%
% of Gross Profit 10.87% 10.11%
Operating Expenses $141.0M $145.6M $588.6M
YoY Change -4.08% 0.0%
Operating Profit $68.80M $76.00M $281.7M
YoY Change 12.93% 0.0%
Interest Expense $5.600M -$6.000M -$23.20M
YoY Change -201.69% -0.85%
% of Operating Profit 8.14% -7.89% -8.24%
Other Income/Expense, Net -$800.0K -$1.700M $400.0K
YoY Change -312.5% -500.0%
Pretax Income $62.40M $68.30M $213.8M
YoY Change 9.81% -17.2%
Income Tax $10.40M $12.80M $62.70M
% Of Pretax Income 16.67% 18.74% 29.33%
Net Earnings $52.00M $55.50M $195.8M
YoY Change 27.0% 0.0%
Net Earnings / Revenue 9.87% 9.25% 19.19%
Basic Earnings Per Share $1.50 $5.55
Diluted Earnings Per Share $1.46 $1.568M $5.44
COMMON SHARES
Basic Shares Outstanding 34.70M shares 34.47M shares 35.30M shares
Diluted Shares Outstanding 35.60M shares 36.00M shares

Balance Sheet

Concept 2016 Q4 2016 Q1 2016
SHORT-TERM ASSETS
Cash & Short-Term Investments $99.50M $85.10M $98.60M
YoY Change -22.78% 15.86%
Cash & Equivalents $99.50M $85.10M $98.60M
Short-Term Investments
Other Short-Term Assets $53.60M $30.70M $44.30M
YoY Change -60.94% 44.3%
Inventory $325.0M $309.2M $314.2M
Prepaid Expenses
Receivables $371.5M $368.6M $383.7M
Other Receivables $1.600M $28.80M $5.400M
Total Short-Term Assets $851.2M $826.8M $846.2M
YoY Change -8.27% 2.35%
LONG-TERM ASSETS
Property, Plant & Equipment $319.4M $321.3M $340.8M
YoY Change -2.37% 6.07%
Goodwill $1.184B $1.140B
YoY Change 0.57%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $71.00M $74.50M $159.3M
YoY Change 7.19% -14.12%
Total Long-Term Assets $1.943B $1.890B $1.928B
YoY Change -0.08% 2.0%
TOTAL ASSETS
Total Short-Term Assets $851.2M $826.8M $846.2M
Total Long-Term Assets $1.943B $1.890B $1.928B
Total Assets $2.794B $2.717B $2.774B
YoY Change -2.72% 2.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $142.3M $136.5M $138.8M
YoY Change -10.26% 1.68%
Accrued Expenses $272.1M $238.0M $186.6M
YoY Change -2.58% 4.01%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $114.6M $11.40M $102.0M
YoY Change -86.79% 434.03%
Total Short-Term Liabilities $529.0M $393.6M $501.8M
YoY Change -18.66% 27.49%
LONG-TERM LIABILITIES
Long-Term Debt $492.6M $754.1M $515.8M
YoY Change 1.56% -32.27%
Other Long-Term Liabilities $221.2M $217.9M $175.6M
YoY Change -8.14% -2.44%
Total Long-Term Liabilities $713.8M $972.0M $691.4M
YoY Change 309.78% -26.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $529.0M $393.6M $501.8M
Total Long-Term Liabilities $713.8M $972.0M $691.4M
Total Liabilities $1.249B $1.373B $1.220B
YoY Change -6.19% -11.14%
SHAREHOLDERS EQUITY
Retained Earnings $1.859B $1.722B
YoY Change 9.69%
Common Stock $339.2M $345.7M
YoY Change 8.44%
Preferred Stock
YoY Change
Treasury Stock (at cost) $259.3M $309.9M
YoY Change 36.52%
Treasury Stock Shares 2.758M shares 3.183M shares
Shareholders Equity -$394.2M $1.344B $1.554B
YoY Change
Total Liabilities & Shareholders Equity $2.794B $2.717B $2.774B
YoY Change -2.72% 2.11%

Cashflow Statement

Concept 2016 Q4 2016 Q1 2016
OPERATING ACTIVITIES
Net Income $52.00M $55.50M $195.8M
YoY Change 27.0% 0.0%
Depreciation, Depletion And Amortization $22.80M $22.40M $58.30M
YoY Change -3.45% -35.44%
Cash From Operating Activities $98.00M $61.00M $210.2M
YoY Change 265.27% 0.0%
INVESTING ACTIVITIES
Capital Expenditures -$14.40M -$15.40M $47.00M
YoY Change -300.0% -200.0%
Acquisitions $66.70M
YoY Change
Other Investing Activities $9.700M -$2.600M -$63.40M
YoY Change -85.95% 0.79%
Cash From Investing Activities -$4.700M -$18.00M -$109.9M
YoY Change -31.3% 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $243.8M
YoY Change -208.45%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -63.60M -26.80M -$145.0M
YoY Change 95.62% 0.0%
NET CHANGE
Cash From Operating Activities 98.00M 61.00M $210.2M
Cash From Investing Activities -4.700M -18.00M -$109.9M
Cash From Financing Activities -63.60M -26.80M -$145.0M
Net Change In Cash 29.70M 16.20M -$44.70M
YoY Change -169.83% 0.0%
FREE CASH FLOW
Cash From Operating Activities $98.00M $61.00M $210.2M
Capital Expenditures -$14.40M -$15.40M $47.00M
Free Cash Flow $112.4M $76.40M $163.2M
YoY Change 748.89% -36.55%

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63700000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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139500000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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192700000 USD
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64200000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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183800000 USD
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49800000 USD
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CY2015Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
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3.94
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us-gaap Income Loss From Discontinued Operations Net Of Tax
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CY2016Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax
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us-gaap Income Loss From Discontinued Operations Net Of Tax
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us-gaap Income Tax Expense Benefit
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50900000 USD
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11100000 USD
us-gaap Income Tax Expense Benefit
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44300000 USD
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6700000 USD
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8700000 USD
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38300000 USD
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6400000 USD
us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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26700000 USD
us-gaap Increase Decrease In Inventories
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27000000 USD
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19700000 USD
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-1000000 USD
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4500000 USD
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3500000 USD
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6000000 USD
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us-gaap Increase Decrease In Pension And Postretirement Obligations
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900000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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1600000 USD
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0 USD
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19500000 USD
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14200000 USD
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17900000 USD
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5600000 USD
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17200000 USD
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42100000 USD
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13600000 USD
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304100000 USD
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325000000 USD
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139100000 USD
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147400000 USD
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146100000 USD
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156300000 USD
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91600000 USD
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110000000 USD
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2717100000 USD
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529000000 USD
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2800000 USD
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0 USD
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498400000 USD
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19100000 USD
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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149200000 USD
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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252300000 USD
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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70500000 USD
us-gaap Operating Income Loss
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71800000 USD
us-gaap Operating Income Loss
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208500000 USD
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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3600000 USD
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us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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63700000 USD
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31300000 USD
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44900000 USD
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0 shares
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35700000 USD
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P7Y2M0D
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2700000 USD
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3400000 USD
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29600000 USD
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26700000 USD
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us-gaap Profit Loss
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300000 USD
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4600000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
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us-gaap Stock Option Plan Expense
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800000 shares
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900000 shares
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900000 shares
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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35600000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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35400000 shares
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34700000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">General</font></div><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Basis of Presentation</font></div><div style="line-height:120%;padding-bottom:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited condensed consolidated financial statements have been prepared by Teledyne Technologies Incorporated (&#8220;Teledyne&#8221; or the &#8220;Company&#8221;) pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and disclosures normally included in notes to consolidated financial statements have been condensed or omitted pursuant to such rules and regulations, but resultant disclosures are in accordance with accounting principles generally accepted in the United States as they apply to interim reporting. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the related notes in Teledyne&#8217;s Annual Report on Form 10-K for the fiscal year ended </font><font style="font-family:inherit;font-size:10pt;">January&#160;3, 2016</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;</font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;"> Form 10-K&#8221;).</font></div><div style="line-height:120%;padding-bottom:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the opinion of Teledyne&#8217;s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary to present fairly, in all material respects, Teledyne&#8217;s consolidated financial position as of </font><font style="font-family:inherit;font-size:10pt;">October&#160;2, 2016</font><font style="font-family:inherit;font-size:10pt;"> and the consolidated results of operations and consolidated comprehensive income for the three and nine months then ended and cash flows for the nine months then ended. The results of operations and cash flows for the periods ended </font><font style="font-family:inherit;font-size:10pt;">October&#160;2, 2016</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results of operations or cash flows to be expected for any subsequent quarter or the full fiscal year. Certain prior year amounts have been reclassified to conform to the current period presentation. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the third quarter of 2016, Teledyne sold assets of the Printed Circuit Technology (&#8220;PCT&#8221;) business for $</font><font style="font-family:inherit;font-size:10pt;">9.3 million</font><font style="font-family:inherit;font-size:10pt;"> in cash. As a result, these financial statements reflect the classification of our PCT business as a discontinued operation. See Note 14 to these condensed consolidated financial statements for additional information. </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%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update (&#8220;ASU&#8221;) No. 2016-09, Compensation - Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting. The ASU is intended to simplify several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods, with early adoption permitted for any entity in any interim or annual period. Teledyne elected to adopt early this ASU in the third quarter of 2016, therefore Teledyne is required to report the material impacts of this standard as though the ASU had been adopted at the beginning of the fiscal year. Accordingly, Teledyne recognized additional income tax benefits as an increase to net income of $</font><font style="font-family:inherit;font-size:10pt;">4.0 million</font><font style="font-family:inherit;font-size:10pt;"> and $</font><font style="font-family:inherit;font-size:10pt;">5.8 million</font><font style="font-family:inherit;font-size:10pt;"> during the third quarter and nine months ended October 2, 2016. The adjustments for the third quarter included only the quarterly impacts, whereas the adjustments for the first nine months of 2016 include the first and second quarter additional income tax benefits of $</font><font style="font-family:inherit;font-size:10pt;">0.6 million</font><font style="font-family:inherit;font-size:10pt;"> and $</font><font style="font-family:inherit;font-size:10pt;">1.2 million</font><font style="font-family:inherit;font-size:10pt;">, respectively and the immaterial impact for reclassification of amounts from financing activities to operating activities in the condensed consolidated statement of cash flows. Teledyne has elected to record forfeitures as they occur, which did not have a material impact on the condensed consolidated financial results. The new guidance did not impact any periods prior to our 2016 fiscal year, as the changes were applied on a prospective basis.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. In July 2015, the FASB deferred the effective date by one year, but will allow early adoption as of the original adoption date. This new guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and can be adopted either retrospectively to each prior reporting period presented or as a cumulative-effect adjustment as of the date of adoption. The Company is currently in the process of determining its implementation approach and evaluating the impact this guidance will have on the consolidated financial statements and footnote disclosures.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The new guidance will require lessees to recognize almost all leases on their balance sheet as a right-of-use asset and a lease liability, other than leases that meet the definition of a short-term lease. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. The new guidance will be effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with early adoption permitted. The new guidance must be adopted using a modified retrospective transition, requiring application at the beginning of the earliest comparative period presented. The Company is currently evaluating the impact this guidance will have on the consolidated financial statements and footnote disclosures.</font></div></div>

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