2016 Q2 Form 10-Q Financial Statement

#000146625816000492 Filed on July 27, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $3.688B $3.600B
YoY Change 2.44% 1.62%
Cost Of Revenue $2.507B $2.495B
YoY Change 0.48% 2.24%
Gross Profit $1.182B $1.106B
YoY Change 6.87% 0.24%
Gross Profit Margin 32.04% 30.71%
Selling, General & Admin $668.4M $653.5M
YoY Change 2.28% 2.16%
% of Gross Profit 56.56% 59.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $88.00M $92.80M
YoY Change -5.17% 8.03%
% of Gross Profit 7.45% 8.39%
Operating Expenses $668.4M $653.5M
YoY Change 2.28% 2.16%
Operating Profit $513.3M $452.2M
YoY Change 13.51% -2.4%
Interest Expense $56.50M $55.80M
YoY Change 1.25% 5.28%
% of Operating Profit 11.01% 12.34%
Other Income/Expense, Net $394.9M $22.00M
YoY Change 1695.0% 155.81%
Pretax Income $851.7M $418.4M
YoY Change 103.56% -0.12%
Income Tax $92.50M $331.4M
% Of Pretax Income 10.86% 79.21%
Net Earnings $747.6M $78.90M
YoY Change 847.53% -74.22%
Net Earnings / Revenue 20.27% 2.19%
Basic Earnings Per Share $2.88 $0.29
Diluted Earnings Per Share $2.86 $0.29
COMMON SHARES
Basic Shares Outstanding 259.2M shares 266.5M shares
Diluted Shares Outstanding 261.6M shares 269.4M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $929.0M $780.0M
YoY Change 19.1% -16.13%
Cash & Equivalents $928.8M $779.6M
Short-Term Investments
Other Short-Term Assets $364.9M $291.1M
YoY Change 25.35% 27.34%
Inventory $1.601B $1.635B
Prepaid Expenses
Receivables $2.498B $2.463B
Other Receivables $0.00 $0.00
Total Short-Term Assets $5.393B $5.529B
YoY Change -2.45% 3.79%
LONG-TERM ASSETS
Property, Plant & Equipment $1.561B $1.586B
YoY Change -1.59% 7.69%
Goodwill $5.764B $5.773B
YoY Change -0.15% 4.43%
Intangibles $3.866B $4.009B
YoY Change -3.55% 3.95%
Long-Term Investments
YoY Change
Other Assets $846.8M $991.1M
YoY Change -14.56% 1.52%
Total Long-Term Assets $12.04B $12.36B
YoY Change -2.6% 4.44%
TOTAL ASSETS
Total Short-Term Assets $5.393B $5.529B
Total Long-Term Assets $12.04B $12.36B
Total Assets $17.43B $17.89B
YoY Change -2.55% 4.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.500B $1.471B
YoY Change 1.99% -0.53%
Accrued Expenses $1.501B $1.948B
YoY Change -22.93% 41.22%
Deferred Revenue
YoY Change
Short-Term Debt $10.00M $309.0M
YoY Change -96.76%
Long-Term Debt Due $351.0M $351.0M
YoY Change 0.0% -61.68%
Total Short-Term Liabilities $3.767B $4.458B
YoY Change -15.49% 4.79%
LONG-TERM LIABILITIES
Long-Term Debt $3.725B $3.735B
YoY Change -0.26% 41.11%
Other Long-Term Liabilities $1.127B $1.234B
YoY Change -8.73% -5.25%
Total Long-Term Liabilities $4.851B $4.969B
YoY Change -2.36% 25.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.767B $4.458B
Total Long-Term Liabilities $4.851B $4.969B
Total Liabilities $10.95B $12.00B
YoY Change -8.72% 11.94%
SHAREHOLDERS EQUITY
Retained Earnings $7.632B $6.518B
YoY Change 17.1% 4.0%
Common Stock $270.4M $268.7M
YoY Change 0.63% 0.22%
Preferred Stock
YoY Change
Treasury Stock (at cost) $702.6M $202.5M
YoY Change 246.96%
Treasury Stock Shares
Shareholders Equity $6.414B $5.828B
YoY Change
Total Liabilities & Shareholders Equity $17.43B $17.89B
YoY Change -2.55% 4.24%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $747.6M $78.90M
YoY Change 847.53% -74.22%
Depreciation, Depletion And Amortization $88.00M $92.80M
YoY Change -5.17% 8.03%
Cash From Operating Activities $435.7M $295.2M
YoY Change 47.59% 21.93%
INVESTING ACTIVITIES
Capital Expenditures -$42.90M -$59.60M
YoY Change -28.02% 41.57%
Acquisitions
YoY Change
Other Investing Activities $415.7M $1.700M
YoY Change 24352.94% -94.35%
Cash From Investing Activities $372.8M -$57.90M
YoY Change -743.87% 382.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -473.0M -207.0M
YoY Change 128.5% 1.67%
NET CHANGE
Cash From Operating Activities 435.7M 295.2M
Cash From Investing Activities 372.8M -57.90M
Cash From Financing Activities -473.0M -207.0M
Net Change In Cash 335.5M 30.30M
YoY Change 1007.26% 14.34%
FREE CASH FLOW
Cash From Operating Activities $435.7M $295.2M
Capital Expenditures -$42.90M -$59.60M
Free Cash Flow $478.6M $354.8M
YoY Change 34.89% 24.84%

Facts In Submission

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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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149700000 USD
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us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Per Basic Share
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us-gaap Income Loss From Continuing Operations Per Diluted Share
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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 Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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20100000 USD
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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0 USD
us-gaap Income Loss From Equity Method Investments
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0 USD
us-gaap Income Loss From Equity Method Investments
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233600000 USD
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323200000 USD
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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56500000 USD
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113200000 USD
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500000 USD
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us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
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us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
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15600000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
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31100000 USD
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15100000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
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us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
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us-gaap Payments For Proceeds From Businesses And Interest In Affiliates
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us-gaap Payments For Proceeds From Businesses And Interest In Affiliates
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us-gaap Profit Loss
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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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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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P4Y11M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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us-gaap Standard Product Warranty Accrual Additions From Business Acquisition
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us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
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700000 USD
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us-gaap Standard Product Warranty Accrual Payments
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5600000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
5900000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
65900000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
63000000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
45300000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
-9200000 USD
CY2014Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
1500000000 USD
CY2016Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
400000000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
5816700000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
6414400000 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
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5879200000 USD
CY2016Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
6478000000 USD
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
4900000 shares
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
250100000 USD
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
452600000 USD
CY2016Q2 us-gaap Treasury Stock Value
TreasuryStockValue
702600000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
174900000 USD
CY2016Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
151100000 USD
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
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
261600000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
261400000 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
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
259200000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
259300000 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 </font><font style="font-family:inherit;font-size:10pt;">six</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2016</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 style="width:71%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;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;border-bottom:1px solid #000000;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, 2015</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;">269.0</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;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">7.8</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></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;">1.4</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;">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;">4.9</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;border-bottom:1px solid #000000;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, 2016</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;">270.4</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;border-bottom:1px solid #000000;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;">12.7</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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