2015 Q4 Form 10-Q Financial Statement

#000146625815000267 Filed on October 27, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q4
Revenue $3.326B $3.487B $3.241B
YoY Change 2.63% 3.01% 4.57%
Cost Of Revenue $2.317B $2.379B $2.261B
YoY Change 2.48% 2.25% 2.21%
Gross Profit $1.009B $1.108B $979.7M
YoY Change 2.99% 4.68% 10.46%
Gross Profit Margin 30.34% 31.76% 30.23%
Selling, General & Admin $616.0M $632.1M $631.0M
YoY Change -2.38% 2.28% 1.01%
% of Gross Profit 61.05% 57.07% 64.41%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $94.90M $88.50M $81.90M
YoY Change 15.87% 7.53% -2.27%
% of Gross Profit 9.41% 7.99% 8.36%
Operating Expenses $616.0M $632.1M $631.0M
YoY Change -2.38% 2.28% 1.01%
Operating Profit $393.0M $475.4M $348.7M
YoY Change 12.7% 8.05% 32.99%
Interest Expense -$56.30M $55.80M -$78.20M
YoY Change -28.01% 6.69% 13.5%
% of Operating Profit -14.33% 11.74% -22.43%
Other Income/Expense, Net -$28.60M $12.20M $20.00M
YoY Change -243.0% 27.08% 35.14%
Pretax Income $308.1M $431.8M $288.1M
YoY Change 6.94% 8.68% 75.78%
Income Tax $68.70M $113.8M $71.20M
% Of Pretax Income 22.3% 26.35% 24.71%
Net Earnings $233.5M $300.9M $255.5M
YoY Change -8.61% 3.3% 435.64%
Net Earnings / Revenue 7.02% 8.63% 7.88%
Basic Earnings Per Share $1.13
Diluted Earnings Per Share $880.8K $1.12 $948.1K
COMMON SHARES
Basic Shares Outstanding 261.0M shares 265.6M shares 265.5M shares
Diluted Shares Outstanding 268.3M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $737.0M $652.0M $1.705B
YoY Change -56.77% -30.42% -11.98%
Cash & Equivalents $736.8M $651.5M $1.705B
Short-Term Investments
Other Short-Term Assets $311.3M $684.1M $225.0M
YoY Change 38.36% 227.63% 23.36%
Inventory $1.411B $1.578B $1.359B
Prepaid Expenses
Receivables $2.151B $2.342B $2.119B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.609B $5.535B $5.708B
YoY Change -19.25% 7.05% -0.15%
LONG-TERM ASSETS
Property, Plant & Equipment $1.575B $1.580B $1.477B
YoY Change 6.64% 7.77% 0.59%
Goodwill $5.730B $5.763B $5.390B
YoY Change 6.32% 5.8% -2.72%
Intangibles $3.926B $3.969B $3.784B
YoY Change 3.76% 3.91% -3.52%
Long-Term Investments
YoY Change
Other Assets $876.8M $977.9M $939.9M
YoY Change -6.71% 1.51% -6.98%
Total Long-Term Assets $12.11B $12.29B $11.59B
YoY Change 4.47% 5.08% -2.94%
TOTAL ASSETS
Total Short-Term Assets $4.609B $5.535B $5.708B
Total Long-Term Assets $12.11B $12.29B $11.59B
Total Assets $16.72B $17.82B $17.30B
YoY Change -3.36% 5.68% -2.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.249B $1.341B $1.290B
YoY Change -3.16% -2.88% 10.92%
Accrued Expenses $1.458B $1.930B $1.422B
YoY Change 2.5% 43.11% 3.58%
Deferred Revenue
YoY Change
Short-Term Debt $153.0M $486.0M $116.0M
YoY Change 31.9% 1467.74% 582.35%
Long-Term Debt Due $351.0M $351.0M $367.0M
YoY Change -4.36% -58.71% 4.56%
Total Short-Term Liabilities $3.648B $4.536B $3.666B
YoY Change -0.48% 9.83% 7.55%
LONG-TERM LIABILITIES
Long-Term Debt $3.714B $3.735B $3.742B
YoY Change -0.75% 41.11% 18.65%
Other Long-Term Liabilities $1.170B $1.213B $1.233B
YoY Change -5.08% -4.5% -8.06%
Total Long-Term Liabilities $4.884B $4.947B $4.975B
YoY Change -1.82% 26.32% 10.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.648B $4.536B $3.666B
Total Long-Term Liabilities $4.884B $4.947B $4.975B
Total Liabilities $10.84B $12.03B $11.25B
YoY Change -3.69% 14.2% 6.9%
SHAREHOLDERS EQUITY
Retained Earnings $6.898B $6.742B $6.541B
YoY Change 5.46% 6.15% -3.73%
Common Stock $269.0M $268.8M $266.3M
YoY Change 1.01% 1.13% -5.8%
Preferred Stock
YoY Change
Treasury Stock (at cost) $452.6M $435.9M $202.5M
YoY Change 123.51% 25212.5%
Treasury Stock Shares 7.777M shares 3.373M shares
Shareholders Equity $5.817B $5.738B $5.987B
YoY Change
Total Liabilities & Shareholders Equity $16.72B $17.82B $17.30B
YoY Change -3.36% 5.68% -2.04%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q4
OPERATING ACTIVITIES
Net Income $233.5M $300.9M $255.5M
YoY Change -8.61% 3.3% 435.64%
Depreciation, Depletion And Amortization $94.90M $88.50M $81.90M
YoY Change 15.87% 7.53% -2.27%
Cash From Operating Activities $635.4M $83.00M $475.6M
YoY Change 33.6% -78.01% 64.91%
INVESTING ACTIVITIES
Capital Expenditures -$76.30M -$58.00M -$82.80M
YoY Change -7.85% -0.17% 24.14%
Acquisitions
YoY Change
Other Investing Activities -$6.100M -$1.200M $6.800M
YoY Change -189.71% -192.31% 277.78%
Cash From Investing Activities -$82.40M -$59.20M -$76.00M
YoY Change 8.42% 4.23% 17.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -451.5M -125.9M 428.5M
YoY Change -205.37% -45.92% -50.68%
NET CHANGE
Cash From Operating Activities 635.4M 83.00M 475.6M
Cash From Investing Activities -82.40M -59.20M -76.00M
Cash From Financing Activities -451.5M -125.9M 428.5M
Net Change In Cash 101.5M -102.1M 828.1M
YoY Change -87.74% -216.15% -24.19%
FREE CASH FLOW
Cash From Operating Activities $635.4M $83.00M $475.6M
Capital Expenditures -$76.30M -$58.00M -$82.80M
Free Cash Flow $711.7M $141.0M $558.4M
YoY Change 27.45% -67.63% 57.25%

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us-gaap Payments For Repurchase Of Common Stock
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0 USD
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7800000 USD
us-gaap Repayments Of Long Term Debt
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23700000 USD
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0.0173
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CY2015Q3 us-gaap Standard Product Warranty Accrual
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0 USD
us-gaap Standard Product Warranty Accrual Additions From Business Acquisition
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us-gaap Standard Product Warranty Accrual Currency Translation Increase Decrease
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us-gaap Standard Product Warranty Accrual Payments
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us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
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us-gaap Standard Product Warranty Accrual Warranties Issued
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us-gaap Standard Product Warranty Accrual Warranties Issued
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108800000 USD
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CY2015Q3 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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272200000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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265600000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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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 </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2015</font><font style="font-family:inherit;font-size:10pt;"> 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;">2.5</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;">Repurchase of ordinary shares</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;" 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;border-bottom:1px solid #000000;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;border-bottom:1px solid #000000;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;">4.1</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;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></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;">September&#160;30, 2015</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;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;">268.8</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;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;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;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;">7.5</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;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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