2016 Q4 Form 10-Q Financial Statement

#000146625816000519 Filed on October 26, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $3.359B $3.568B $3.487B
YoY Change 0.99% 2.32% 3.01%
Cost Of Revenue $2.343B $2.413B $2.379B
YoY Change 1.14% 1.41% 2.25%
Gross Profit $1.016B $1.155B $1.108B
YoY Change 0.64% 4.28% 4.68%
Gross Profit Margin 30.23% 32.37% 31.76%
Selling, General & Admin $648.0M $643.2M $632.1M
YoY Change 5.19% 1.76% 2.28%
% of Gross Profit 63.81% 55.69% 57.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $87.50M $88.70M $88.50M
YoY Change -7.8% 0.23% 7.53%
% of Gross Profit 8.62% 7.68% 7.99%
Operating Expenses $648.0M $643.2M $632.1M
YoY Change 5.19% 1.76% 2.28%
Operating Profit $367.5M $511.7M $475.4M
YoY Change -6.49% 7.64% 8.05%
Interest Expense -$107.5M $54.50M $55.80M
YoY Change 90.94% -2.33% 6.69%
% of Operating Profit -29.25% 10.65% 11.74%
Other Income/Expense, Net $39.20M -$6.300M $12.20M
YoY Change -237.06% -151.64% 27.08%
Pretax Income $268.1M $450.9M $431.8M
YoY Change -12.98% 4.42% 8.68%
Income Tax $63.90M $83.20M $113.8M
% Of Pretax Income 23.83% 18.45% 26.35%
Net Earnings $198.8M $377.4M $300.9M
YoY Change -14.86% 25.42% 3.3%
Net Earnings / Revenue 5.92% 10.58% 8.63%
Basic Earnings Per Share $1.45 $1.13
Diluted Earnings Per Share $757.0K $1.44 $1.12
COMMON SHARES
Basic Shares Outstanding 258.3M shares 259.2M shares 265.6M shares
Diluted Shares Outstanding 261.8M shares 268.3M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.715B $1.505B $652.0M
YoY Change 132.7% 130.83% -30.42%
Cash & Equivalents $1.715B $1.505B $651.5M
Short-Term Investments
Other Short-Term Assets $255.8M $222.5M $684.1M
YoY Change -17.83% -67.48% 227.63%
Inventory $1.386B $1.556B $1.578B
Prepaid Expenses
Receivables $2.223B $2.361B $2.342B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.579B $5.715B $5.535B
YoY Change 21.04% 3.25% 7.05%
LONG-TERM ASSETS
Property, Plant & Equipment $1.511B $1.549B $1.580B
YoY Change -4.07% -1.94% 7.77%
Goodwill $5.658B $5.769B $5.763B
YoY Change -1.25% 0.11% 5.8%
Intangibles $3.785B $3.835B $3.969B
YoY Change -3.59% -3.37% 3.91%
Long-Term Investments
YoY Change
Other Assets $863.6M $852.2M $977.9M
YoY Change -1.51% -12.85% 1.51%
Total Long-Term Assets $11.82B $12.01B $12.29B
YoY Change -2.4% -2.31% 5.08%
TOTAL ASSETS
Total Short-Term Assets $5.579B $5.715B $5.535B
Total Long-Term Assets $11.82B $12.01B $12.29B
Total Assets $17.40B $17.72B $17.82B
YoY Change 4.07% -0.58% 5.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.334B $1.392B $1.341B
YoY Change 6.78% 3.85% -2.88%
Accrued Expenses $1.426B $1.511B $1.930B
YoY Change -2.18% -21.68% 43.11%
Deferred Revenue
YoY Change
Short-Term Debt $10.00M $10.00M $486.0M
YoY Change -93.46% -97.94% 1467.74%
Long-Term Debt Due $351.0M $351.0M $351.0M
YoY Change 0.0% 0.0% -58.71%
Total Short-Term Liabilities $3.590B $3.703B $4.536B
YoY Change -1.59% -18.36% 9.83%
LONG-TERM LIABILITIES
Long-Term Debt $3.709B $3.709B $3.735B
YoY Change -0.11% -0.69% 41.11%
Other Long-Term Liabilities $1.138B $1.146B $1.213B
YoY Change -2.77% -5.47% -4.5%
Total Long-Term Liabilities $4.847B $4.855B $4.947B
YoY Change -0.75% -1.86% 26.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.590B $3.703B $4.536B
Total Long-Term Liabilities $4.847B $4.855B $4.947B
Total Liabilities $10.68B $10.89B $12.03B
YoY Change -1.47% -9.47% 14.2%
SHAREHOLDERS EQUITY
Retained Earnings $8.019B $7.926B $6.742B
YoY Change 16.25% 17.57% 6.15%
Common Stock $271.7M $270.9M $268.8M
YoY Change 1.0% 0.78% 1.13%
Preferred Stock
YoY Change
Treasury Stock (at cost) $702.7M $702.6M $435.9M
YoY Change 55.26% 61.18%
Treasury Stock Shares 12.67M shares
Shareholders Equity $6.644B $6.764B $5.738B
YoY Change
Total Liabilities & Shareholders Equity $17.40B $17.72B $17.82B
YoY Change 4.07% -0.58% 5.68%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $198.8M $377.4M $300.9M
YoY Change -14.86% 25.42% 3.3%
Depreciation, Depletion And Amortization $87.50M $88.70M $88.50M
YoY Change -7.8% 0.23% 7.53%
Cash From Operating Activities $419.5M $674.3M $83.00M
YoY Change -33.98% 712.41% -78.01%
INVESTING ACTIVITIES
Capital Expenditures -$55.20M -$44.50M -$58.00M
YoY Change -27.65% -23.28% -0.17%
Acquisitions
YoY Change
Other Investing Activities $6.900M $200.0K -$1.200M
YoY Change -213.11% -116.67% -192.31%
Cash From Investing Activities -$48.30M -$44.30M -$59.20M
YoY Change -41.38% -25.17% 4.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -95.30M -60.40M -125.9M
YoY Change -78.89% -52.03% -45.92%
NET CHANGE
Cash From Operating Activities 419.5M 674.3M 83.00M
Cash From Investing Activities -48.30M -44.30M -59.20M
Cash From Financing Activities -95.30M -60.40M -125.9M
Net Change In Cash 275.9M 569.6M -102.1M
YoY Change 171.82% -657.88% -216.15%
FREE CASH FLOW
Cash From Operating Activities $419.5M $674.3M $83.00M
Capital Expenditures -$55.20M -$44.50M -$58.00M
Free Cash Flow $474.7M $718.8M $141.0M
YoY Change -33.3% 409.79% -67.63%

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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 Including Portion Attributable To Noncontrolling Interest
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14200000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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us-gaap Income Loss From Equity Method Investments
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500000 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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P4Y11M1D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y9M22D
CY2014Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
253600000 USD
CY2015Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
264100000 USD
CY2015Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
262000000 USD
CY2016Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
262700000 USD
us-gaap Standard Product Warranty Accrual Additions From Business Acquisition
StandardProductWarrantyAccrualAdditionsFromBusinessAcquisition
9700000 USD
us-gaap Standard Product Warranty Accrual Additions From Business Acquisition
StandardProductWarrantyAccrualAdditionsFromBusinessAcquisition
0 USD
CY2015Q4 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
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CY2016Q3 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
148400000 USD
us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-3600000 USD
us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
1100000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
104300000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
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us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-100000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
4300000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
108800000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
103000000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
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us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2014Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
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CY2016Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
400000000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
5816700000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
6764100000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2015Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2016Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
4900000 shares
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
452600000 USD
CY2016Q3 us-gaap Treasury Stock Value
TreasuryStockValue
702600000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
250100000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
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CY2016Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
167500000 USD
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
268700000 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
261800000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
261400000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
265600000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
265800000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
259200000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
259000000 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;">nine</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">September&#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;">1.9</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;">September&#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;">270.9</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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