2017 Q4 Form 10-Q Financial Statement

#000146625817000232 Filed on October 25, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $3.618B $3.671B $3.568B
YoY Change 7.72% 2.88% 2.32%
Cost Of Revenue $2.505B $2.490B $2.413B
YoY Change 6.88% 3.19% 1.41%
Gross Profit $1.114B $1.181B $1.155B
YoY Change 9.66% 2.23% 4.28%
Gross Profit Margin 30.78% 32.16% 32.37%
Selling, General & Admin $713.5M $674.5M $643.2M
YoY Change 10.11% 4.87% 1.76%
% of Gross Profit 64.07% 57.13% 55.69%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $91.40M $87.80M $88.70M
YoY Change 4.46% -1.01% 0.23%
% of Gross Profit 8.21% 7.44% 7.68%
Operating Expenses $713.5M $674.5M $643.2M
YoY Change 10.11% 4.87% 1.76%
Operating Profit $400.1M $506.1M $511.7M
YoY Change 8.87% -1.09% 7.64%
Interest Expense -$46.70M $53.90M $54.50M
YoY Change -56.56% -1.1% -2.33%
% of Operating Profit -11.67% 10.65% 10.65%
Other Income/Expense, Net -$14.90M -$7.600M -$6.300M
YoY Change -138.01% 20.63% -151.64%
Pretax Income $325.0M $444.6M $450.9M
YoY Change 21.22% -1.4% 4.42%
Income Tax -$142.0M $76.40M $83.20M
% Of Pretax Income -43.69% 17.18% 18.45%
Net Earnings $459.9M $367.0M $377.4M
YoY Change 131.34% -2.76% 25.42%
Net Earnings / Revenue 12.71% 10.0% 10.58%
Basic Earnings Per Share $1.45 $1.45
Diluted Earnings Per Share $1.816M $1.43 $1.44
COMMON SHARES
Basic Shares Outstanding 249.9M shares 253.3M shares 259.2M shares
Diluted Shares Outstanding 256.7M shares 261.8M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.549B $1.259B $1.505B
YoY Change -9.68% -16.35% 130.83%
Cash & Equivalents $1.524B $1.259B $1.505B
Short-Term Investments
Other Short-Term Assets $536.9M $426.0M $222.5M
YoY Change 109.89% 91.46% -67.48%
Inventory $1.555B $1.661B $1.556B
Prepaid Expenses
Receivables $2.477B $2.468B $2.361B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $6.119B $5.814B $5.715B
YoY Change 9.68% 1.74% 3.25%
LONG-TERM ASSETS
Property, Plant & Equipment $1.551B $1.529B $1.549B
YoY Change 2.67% -1.28% -1.94%
Goodwill $5.936B $5.851B $5.769B
YoY Change 4.9% 1.42% 0.11%
Intangibles $3.743B $3.741B $3.835B
YoY Change -1.11% -2.46% -3.37%
Long-Term Investments
YoY Change
Other Assets $824.3M $787.8M $852.2M
YoY Change -4.55% -7.56% -12.85%
Total Long-Term Assets $12.05B $11.91B $12.01B
YoY Change 2.0% -0.8% -2.31%
TOTAL ASSETS
Total Short-Term Assets $6.119B $5.814B $5.715B
Total Long-Term Assets $12.05B $11.91B $12.01B
Total Assets $18.17B $17.72B $17.72B
YoY Change 4.46% 0.02% -0.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.556B $1.488B $1.392B
YoY Change 16.65% 6.86% 3.85%
Accrued Expenses $1.655B $1.622B $1.511B
YoY Change 16.1% 7.34% -21.68%
Deferred Revenue
YoY Change
Short-Term Debt $7.000M $7.000M $10.00M
YoY Change -30.0% -30.0% -97.94%
Long-Term Debt Due $1.100B $1.100B $351.0M
YoY Change 213.39% 213.39% 0.0%
Total Short-Term Liabilities $4.828B $4.689B $3.703B
YoY Change 34.47% 26.6% -18.36%
LONG-TERM LIABILITIES
Long-Term Debt $2.957B $2.956B $3.709B
YoY Change -20.28% -20.3% -0.69%
Other Long-Term Liabilities $1.139B $1.023B $1.146B
YoY Change 0.05% -10.78% -5.47%
Total Long-Term Liabilities $4.096B $3.979B $4.855B
YoY Change -15.51% -18.05% -1.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.828B $4.689B $3.703B
Total Long-Term Liabilities $4.096B $3.979B $4.855B
Total Liabilities $10.97B $10.88B $10.89B
YoY Change 2.69% -0.1% -9.47%
SHAREHOLDERS EQUITY
Retained Earnings $8.903B $8.556B $7.926B
YoY Change 11.03% 7.95% 17.57%
Common Stock $274.0M $273.8M $270.9M
YoY Change 0.85% 1.07% 0.78%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.719B $1.614B $702.6M
YoY Change 144.68% 129.69% 61.18%
Treasury Stock Shares 24.50M shares
Shareholders Equity $7.140B $6.776B $6.764B
YoY Change
Total Liabilities & Shareholders Equity $18.17B $17.72B $17.72B
YoY Change 4.46% 0.02% -0.58%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $459.9M $367.0M $377.4M
YoY Change 131.34% -2.76% 25.42%
Depreciation, Depletion And Amortization $91.40M $87.80M $88.70M
YoY Change 4.46% -1.01% 0.23%
Cash From Operating Activities $650.3M $467.7M $674.3M
YoY Change 55.02% -30.64% 712.41%
INVESTING ACTIVITIES
Capital Expenditures -$71.40M -$70.40M -$44.50M
YoY Change 29.35% 58.2% -23.28%
Acquisitions
YoY Change
Other Investing Activities -$96.90M -$17.10M $200.0K
YoY Change -1504.35% -8650.0% -116.67%
Cash From Investing Activities -$168.3M -$87.50M -$44.30M
YoY Change 248.45% 97.52% -25.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -210.0M -455.6M -60.40M
YoY Change 120.36% 654.3% -52.03%
NET CHANGE
Cash From Operating Activities 650.3M 467.7M 674.3M
Cash From Investing Activities -168.3M -87.50M -44.30M
Cash From Financing Activities -210.0M -455.6M -60.40M
Net Change In Cash 272.0M -75.40M 569.6M
YoY Change -1.41% -113.24% -657.88%
FREE CASH FLOW
Cash From Operating Activities $650.3M $467.7M $674.3M
Capital Expenditures -$71.40M -$70.40M -$44.50M
Free Cash Flow $721.7M $538.1M $718.8M
YoY Change 52.03% -25.14% 409.79%

Facts In Submission

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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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us-gaap Income Loss From Continuing Operations
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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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us-gaap Income Loss From Discontinued Operations Net Of Tax
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5500000 USD
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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34300000 USD
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3700000 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 Diluted Share
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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0.02
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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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217600000 USD
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167700000 USD
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us-gaap Interest Expense
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162000000 USD
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400000 USD
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13800000 USD
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us-gaap Payments To Minority Shareholders
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423000000 USD
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2600000 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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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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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, 2017</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, 2016</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;">271.7</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;">12.7</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;">2.1</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;">10.6</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, 2017</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;">273.8</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;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;">23.3</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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