2015 Q2 Form 10-Q Financial Statement

#000146625815000249 Filed on July 28, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 Q1 2014 Q2
Revenue $3.600B $2.888B $3.543B
YoY Change 1.62% 6.06% 4.25%
Cost Of Revenue $2.495B $2.087B $2.440B
YoY Change 2.24% 6.75% 2.62%
Gross Profit $1.106B $801.1M $1.103B
YoY Change 0.24% 4.3% 8.04%
Gross Profit Margin 30.71% 27.74% 31.13%
Selling, General & Admin $653.5M $630.0M $639.7M
YoY Change 2.16% 2.76% 0.99%
% of Gross Profit 59.1% 78.64% 58.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $92.80M $87.90M $85.90M
YoY Change 8.03% 6.8% 3.12%
% of Gross Profit 8.39% 10.97% 7.79%
Operating Expenses $653.5M $630.0M $639.7M
YoY Change 2.16% 2.76% 0.99%
Operating Profit $452.2M $171.1M $463.3M
YoY Change -2.4% 10.39% 19.56%
Interest Expense $55.80M $55.10M $53.00M
YoY Change 5.28% 5.96% -14.38%
% of Operating Profit 12.34% 32.2% 11.44%
Other Income/Expense, Net $22.00M -$26.40M $8.600M
YoY Change 155.81% -1300.0% -458.33%
Pretax Income $418.4M $89.60M $418.9M
YoY Change -0.12% -14.83% 29.61%
Income Tax $331.4M $26.90M $103.7M
% Of Pretax Income 79.21% 30.02% 24.76%
Net Earnings $78.90M $51.30M $306.0M
YoY Change -74.22% -35.06% -3.53%
Net Earnings / Revenue 2.19% 1.78% 8.64%
Basic Earnings Per Share $0.29 $0.19 $1.13
Diluted Earnings Per Share $0.29 $0.19 $1.12
COMMON SHARES
Basic Shares Outstanding 266.5M shares 265.4M shares 270.4M shares
Diluted Shares Outstanding 269.4M shares 268.5M shares 274.2M shares

Balance Sheet

Concept 2015 Q2 2015 Q1 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $780.0M $734.0M $930.0M
YoY Change -16.13% -18.26% -57.75%
Cash & Equivalents $779.6M $733.9M $936.7M
Short-Term Investments
Other Short-Term Assets $291.1M $271.1M $228.6M
YoY Change 27.34% 36.51% -63.23%
Inventory $1.635B $1.613B $1.389B
Prepaid Expenses
Receivables $2.463B $2.190B $2.449B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.529B $5.105B $5.327B
YoY Change 3.79% 4.47% -22.0%
LONG-TERM ASSETS
Property, Plant & Equipment $1.586B $1.564B $1.473B
YoY Change 7.69% 6.52% -11.44%
Goodwill $5.773B $433.5M $5.528B
YoY Change 4.43% -92.17% -9.57%
Intangibles $4.009B $4.072B $3.856B
YoY Change 3.95% 4.7% -6.58%
Long-Term Investments
YoY Change
Other Assets $991.1M $973.9M $976.3M
YoY Change 1.52% -2.35% -36.68%
Total Long-Term Assets $12.36B $12.30B $11.83B
YoY Change 4.44% 3.5% -11.99%
TOTAL ASSETS
Total Short-Term Assets $5.529B $5.105B $5.327B
Total Long-Term Assets $12.36B $12.30B $11.83B
Total Assets $17.89B $17.41B $17.16B
YoY Change 4.24% 3.79% -15.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.471B $1.356B $1.479B
YoY Change -0.53% 9.35% 0.26%
Accrued Expenses $1.948B $1.470B $1.379B
YoY Change 41.22% 10.36% -11.78%
Deferred Revenue
YoY Change
Short-Term Debt $309.0M $452.0M $0.00
YoY Change -100.0%
Long-Term Debt Due $351.0M $351.0M $916.0M
YoY Change -61.68% -6.15%
Total Short-Term Liabilities $4.458B $3.978B $4.254B
YoY Change 4.79% 16.9% -17.35%
LONG-TERM LIABILITIES
Long-Term Debt $3.735B $3.742B $2.647B
YoY Change 41.11% 18.7% -16.12%
Other Long-Term Liabilities $1.234B $1.243B $1.303B
YoY Change -5.25% -6.05% -4.73%
Total Long-Term Liabilities $4.969B $4.985B $3.949B
YoY Change 25.82% 11.38% -12.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.458B $3.978B $4.254B
Total Long-Term Liabilities $4.969B $4.985B $3.949B
Total Liabilities $12.00B $11.62B $10.72B
YoY Change 11.94% 11.49% -18.16%
SHAREHOLDERS EQUITY
Retained Earnings $6.518B $6.516B $6.267B
YoY Change 4.0% 4.81% -6.49%
Common Stock $268.7M $268.0M $268.1M
YoY Change 0.22% -1.18% -8.15%
Preferred Stock
YoY Change
Treasury Stock (at cost) $202.5M $202.5M
YoY Change
Treasury Stock Shares
Shareholders Equity $5.828B $5.724B $6.382B
YoY Change
Total Liabilities & Shareholders Equity $17.89B $17.41B $17.16B
YoY Change 4.24% 3.79% -15.36%

Cashflow Statement

Concept 2015 Q2 2015 Q1 2014 Q2
OPERATING ACTIVITIES
Net Income $78.90M $51.30M $306.0M
YoY Change -74.22% -35.06% -3.53%
Depreciation, Depletion And Amortization $92.80M $87.90M $85.90M
YoY Change 8.03% 6.8% 3.12%
Cash From Operating Activities $295.2M -$125.2M $242.1M
YoY Change 21.93% 2.62% -44.57%
INVESTING ACTIVITIES
Capital Expenditures -$59.60M -$55.70M -$42.10M
YoY Change 41.57% 10.3% -34.73%
Acquisitions $941.7M
YoY Change 13352.86%
Other Investing Activities $1.700M -$937.7M $30.10M
YoY Change -94.35% 55058.82% 2408.33%
Cash From Investing Activities -$57.90M -$993.4M -$12.00M
YoY Change 382.5% 1803.07% -81.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $16.10M
YoY Change 16000.0%
Cash From Financing Activities -207.0M 256.8M -203.6M
YoY Change 1.67% -130.16% -119.99%
NET CHANGE
Cash From Operating Activities 295.2M -$125.2M 242.1M
Cash From Investing Activities -57.90M -993.4M -12.00M
Cash From Financing Activities -207.0M 256.8M -203.6M
Net Change In Cash 30.30M -$125.2M 26.50M
YoY Change 14.34% -87.79% -98.1%
FREE CASH FLOW
Cash From Operating Activities $295.2M -$125.2M $242.1M
Capital Expenditures -$59.60M -$55.70M -$42.10M
Free Cash Flow $354.8M -$69.50M $284.2M
YoY Change 24.84% -2.8% -43.31%

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us-gaap Other Comprehensive Income Loss Finalization Of Pension And Non Pension Postretirement Plan Valuation Before Tax
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us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
161000000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
38200000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
184700000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2900000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
5700000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2014Q2 us-gaap Profit Loss
ProfitLoss
310600000 USD
us-gaap Profit Loss
ProfitLoss
394000000 USD
CY2015Q2 us-gaap Profit Loss
ProfitLoss
82900000 USD
us-gaap Profit Loss
ProfitLoss
138300000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1477000000 USD
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1586000000 USD
CY2014Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
2119000000 USD
CY2015Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
2463100000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
7800000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
23700000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
6540800000 USD
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
6517600000 USD
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
3542900000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
6265900000 USD
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
3600200000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
6488000000 USD
CY2014Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
639700000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1252800000 USD
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
653500000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1283500000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
79.83
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0167
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0173
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.3143
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.2856
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0146
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0124
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y11M1D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y11M1D
CY2013Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
246900000 USD
CY2014Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
263300000 USD
CY2014Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
253600000 USD
CY2015Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
263600000 USD
us-gaap Standard Product Warranty Accrual Currency Translation Increase Decrease
StandardProductWarrantyAccrualCurrencyTranslationIncreaseDecrease
-400000 USD
us-gaap Standard Product Warranty Accrual Currency Translation Increase Decrease
StandardProductWarrantyAccrualCurrencyTranslationIncreaseDecrease
-3100000 USD
CY2014Q4 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
147800000 USD
CY2015Q2 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
152100000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
70900000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
68100000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
9600000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
5600000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
78100000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
75600000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
68600000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
45300000 USD
CY2014Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
1500000000 USD
CY2015Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
900000000 USD
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
0 shares
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
0 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
5987400000 USD
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
5827600000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
7131300000 USD
CY2014Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
6440100000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
6045400000 USD
CY2015Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5887500000 USD
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
202500000 USD
CY2015Q2 us-gaap Treasury Stock Value
TreasuryStockValue
202500000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
1012800000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
343800000 USD
CY2015Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
493000000 USD
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
274200000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
278200000 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
269400000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
269000000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
270400000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
274400000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
266500000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
265900000 shares
ir Reconciliation Of Ordinary Shares
ReconciliationOfOrdinaryShares
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Changes in ordinary shares and treasury shares for the six months ended June 30, 2015 are as follows:</font></div><div style="line-height:120%;padding-top:8px;text-align:center;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;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="6" rowspan="1"></td></tr><tr><td width="71%" rowspan="1" colspan="1"></td><td width="13%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="13%" 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:8pt;"><font style="font-family:inherit;font-size:8pt;font-style:italic;font-weight:bold;">In millions</font></div></td><td colspan="2" 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;">Ordinary shares issued</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;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">Ordinary shares held in treasury</font></div></td></tr><tr><td style="vertical-align:top;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;">December&#160;31, 2014</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">266.3</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" 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;background-color:#cceeff;padding-left:2px;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;">3.4</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:top;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;">Shares issued under incentive plans, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2.4</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 style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" 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;" 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:top;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;">June&#160;30, 2015</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;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;">268.7</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #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:1px solid #000000;background-color:#cceeff;padding-left:2px;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;">3.4</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #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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