2016 Q4 Form 10-Q Financial Statement

#000119312516747491 Filed on October 26, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $3.460B $3.548B $3.360B
YoY Change 6.59% 5.6% -6.72%
Cost Of Revenue $1.873B $2.216B $2.095B
YoY Change 6.0% 5.78% -8.87%
Gross Profit $1.587B $1.332B $1.265B
YoY Change 7.3% 5.3% -2.92%
Gross Profit Margin 45.87% 37.54% 37.65%
Selling, General & Admin $652.0M $330.0M $330.0M
YoY Change 8.13% 0.0% -12.47%
% of Gross Profit 41.08% 24.77% 26.09%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $313.0M $336.0M $330.0M
YoY Change 3.99% 1.82% 0.3%
% of Gross Profit 19.72% 25.23% 26.09%
Operating Expenses $965.0M $330.0M $330.0M
YoY Change 6.75% 0.0% -12.47%
Operating Profit $617.0M $560.0M $601.0M
YoY Change 22.91% -6.82% 10.07%
Interest Expense -$106.0M -$94.00M -$95.00M
YoY Change 9.28% -1.05% -16.67%
% of Operating Profit -17.18% -16.79% -15.81%
Other Income/Expense, Net -$1.000M $0.00 -$1.000M
YoY Change -80.0% -100.0% -50.0%
Pretax Income $510.0M $457.0M $496.0M
YoY Change 28.46% -7.86% 19.81%
Income Tax $176.0M $153.0M $159.0M
% Of Pretax Income 34.51% 33.48% 32.06%
Net Earnings $335.0M $302.0M $335.0M
YoY Change 22.71% -9.85% 19.22%
Net Earnings / Revenue 9.68% 8.51% 9.97%
Basic Earnings Per Share $0.76 $0.68 $0.75
Diluted Earnings Per Share $0.75 $0.68 $0.74
COMMON SHARES
Basic Shares Outstanding 442.0M shares 442.9M shares 449.6M shares
Diluted Shares Outstanding 445.7M shares 452.7M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $32.00M $30.00M $113.0M
YoY Change -17.95% -73.45% -38.25%
Cash & Equivalents $32.00M $30.00M $113.0M
Short-Term Investments
Other Short-Term Assets $122.0M $130.0M $113.0M
YoY Change 1.67% 15.04% -8.13%
Inventory $90.00M $93.00M $92.00M
Prepaid Expenses
Receivables $1.700B $1.716B $1.570B
Other Receivables $432.0M $324.0M $432.0M
Total Short-Term Assets $2.376B $2.293B $2.399B
YoY Change 1.32% -4.42% -41.72%
LONG-TERM ASSETS
Property, Plant & Equipment $10.95B $10.84B $10.66B
YoY Change 2.67% 1.72% -1.75%
Goodwill $6.215B $6.227B $5.886B
YoY Change 3.86% 5.79% 2.08%
Intangibles $591.0M $617.0M $495.0M
YoY Change 23.9% 24.65% 6.68%
Long-Term Investments $173.0M $326.0M $374.0M
YoY Change -6.99% -12.83% -15.58%
Other Assets $407.0M $451.0M $589.0M
YoY Change -24.07% -23.43% 2.79%
Total Long-Term Assets $18.48B $18.46B $18.00B
YoY Change 2.56% 2.56% -0.51%
TOTAL ASSETS
Total Short-Term Assets $2.376B $2.293B $2.399B
Total Long-Term Assets $18.48B $18.46B $18.00B
Total Assets $20.86B $20.76B $20.40B
YoY Change 2.42% 1.74% -8.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $799.0M $689.0M $671.0M
YoY Change 10.82% 2.68% -5.76%
Accrued Expenses $1.085B $1.068B $1.095B
YoY Change 1.97% -2.47% -0.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $417.0M $432.0M $215.0M
YoY Change 64.82% 100.93% -81.16%
Total Short-Term Liabilities $2.794B $2.664B $2.442B
YoY Change 11.31% 9.09% -35.55%
LONG-TERM LIABILITIES
Long-Term Debt $8.893B $8.829B $8.835B
YoY Change 2.5% -0.07% -2.08%
Other Long-Term Liabilities $695.0M $769.0M $773.0M
YoY Change -17.16% -0.52% 13.84%
Total Long-Term Liabilities $695.0M $769.0M $773.0M
YoY Change -17.16% -0.52% 13.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.794B $2.664B $2.442B
Total Long-Term Liabilities $695.0M $769.0M $773.0M
Total Liabilities $15.54B $15.37B $15.15B
YoY Change 3.59% 1.51% -8.48%
SHAREHOLDERS EQUITY
Retained Earnings $7.388B $7.235B $6.840B
YoY Change 6.47% 5.77% 5.67%
Common Stock $4.856B $4.880B $4.811B
YoY Change 0.48% 1.43% 7.58%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.867B $6.693B $6.325B
YoY Change 9.0% 5.82% 11.79%
Treasury Stock Shares 191.0M shares 188.3M shares 183.8M shares
Shareholders Equity $5.297B $5.359B $5.235B
YoY Change
Total Liabilities & Shareholders Equity $20.86B $20.76B $20.40B
YoY Change 2.42% 1.74% -8.14%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $335.0M $302.0M $335.0M
YoY Change 22.71% -9.85% 19.22%
Depreciation, Depletion And Amortization $313.0M $336.0M $330.0M
YoY Change 3.99% 1.82% 0.3%
Cash From Operating Activities $754.0M $758.0M $657.0M
YoY Change 43.35% 15.37% -2.23%
INVESTING ACTIVITIES
Capital Expenditures -$377.0M -$333.0M -$335.0M
YoY Change 2.17% -0.6% 9.12%
Acquisitions
YoY Change
Other Investing Activities -$5.000M -$31.00M $33.00M
YoY Change -91.38% -193.94% 32.0%
Cash From Investing Activities -$382.0M -$364.0M -$302.0M
YoY Change -10.54% 20.53% 7.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -370.0M -402.0M -514.0M
YoY Change 115.12% -21.79% 50.73%
NET CHANGE
Cash From Operating Activities 754.0M 758.0M 657.0M
Cash From Investing Activities -382.0M -364.0M -302.0M
Cash From Financing Activities -370.0M -402.0M -514.0M
Net Change In Cash 2.000M -8.000M -159.0M
YoY Change -102.74% -94.97% -424.49%
FREE CASH FLOW
Cash From Operating Activities $754.0M $758.0M $657.0M
Capital Expenditures -$377.0M -$333.0M -$335.0M
Free Cash Flow $1.131B $1.091B $992.0M
YoY Change 26.37% 9.98% 1.33%

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<div> <table style="FONT-FAMILY: 'Times New Roman'; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left"><font style="FONT-FAMILY: 'Times New Roman'" size="2"><b>16.</b></font></td> <td valign="top" align="left"><font style="FONT-FAMILY: 'Times New Roman'" size="2"><b>New Accounting Standards Pending Adoption</b></font></td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6px; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: 'Times New Roman'" size="2"><i>Statement of Cash Flows</i><i>&#xA0;</i><i>&#x2014;</i><i>&#xA0;</i>In August 2016, the FASB issued amended authoritative guidance associated with the classification of certain cash receipts and cash payments on the statement of cash flows. The amended guidance addresses specific cash flow issues with the objective of reducing existing diversity in practice. The amended guidance is effective for the Company on January 1, 2018, with early adoption permitted. We do not currently expect that the adoption of this amended guidance will have a material impact on our consolidated financial statements.</font></p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6px; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: 'Times New Roman'" size="2"><i>Financial Instrument Credit Losses</i><i>&#xA0;</i><i>&#x2014;</i><i>&#xA0;</i>In June 2016, the FASB issued amended authoritative guidance associated with the measurement of credit losses on financial instruments.&#xA0;The amended guidance replaces the incurred loss impairment methodology in current U.S. Generally Accepted Accounting Principles (&#x201C;GAAP&#x201D;) of recognizing credit losses when a loss is probable, with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to assess credit loss estimates.&#xA0;The amended guidance is effective for the Company on January 1, 2020, with early adoption permitted beginning January 1, 2019.&#xA0;We are assessing the provisions of the amended guidance and evaluating the timing and impact on our consolidated financial statements.</font></p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6px; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: 'Times New Roman'" size="2"><i>Stock Compensation</i><i>&#xA0;</i><i>&#x2014;</i><i>&#xA0;</i>In March 2016, the FASB issued amended authoritative guidance associated with stock-based employee compensation as part of its simplification initiative to reduce the cost and complexity of compliance with GAAP while maintaining or improving the usefulness of the information provided.&#xA0;The amended guidance changes both the accounting and financial reporting for certain income tax impacts of stock-based employee compensation.&#xA0;All excess tax benefits and tax deficiencies will be required to be recognized as an income tax benefit or expense rather than as a component of equity.&#xA0;The guidance also provides for changes in the calculation of forfeitures related to the expense of stock-based employee compensation.&#xA0;The amended guidance is effective for the Company on January 1, 2017.&#xA0;We do not currently expect that the adoption of this amended guidance will have a material impact on our consolidated financial statements.</font></p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6px; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: 'Times New Roman'" size="2"><i>Leases</i><i>&#xA0;</i>&#x2014;&#xA0;In February 2016, the FASB issued amended authoritative guidance associated with lease accounting.&#xA0;The amended guidance requires the recognition of lease assets and lease liabilities on the balance sheet for those leases with terms in excess of 12 months and currently classified as operating leases.&#xA0;The disclosure of key information about leasing arrangements will also be required.&#xA0;The amended guidance is effective for the Company on January 1, 2019, with early adoption permitted.&#xA0;We are in the process of assessing the provisions of the amended guidance and evaluating the timing and impact on our consolidated financial statements and disclosures.</font></p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6px; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: 'Times New Roman'" size="2"><i>Financial Instruments</i><i>&#xA0;</i>&#x2014;&#xA0;In January 2016, the FASB issued amended authoritative guidance associated with the recognition and measurement of financial assets and liabilities.&#xA0;The amended guidance will require certain equity investments that are not consolidated to be measured at fair value with changes in fair value recognized in net income rather than as a component of accumulated other comprehensive income. The amended guidance is effective for the Company on January 1, 2018, with early adoption permitted.&#xA0;We do not currently expect that the adoption of this amended guidance will have a material impact on our consolidated financial statements.</font></p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6px; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: 'Times New Roman'" size="2"><i>Revenue Recognition</i><i>&#xA0;</i>&#x2014;&#xA0;In May 2014, the FASB issued amended authoritative guidance associated with revenue recognition. The amended guidance requires companies to recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Additionally, the amendments will require enhanced qualitative and quantitative disclosures regarding customer contracts. The amended guidance associated with revenue recognition is effective for the Company on January 1, 2018. The amended guidance may be applied retrospectively for all periods presented or retrospectively with the cumulative effect of initially applying the amended guidance recognized at the date of initial adoption. We have formed an implementation work team and completed training on the new standard. We are in the process of reviewing our contractual arrangements. We have not determined whether the adoption will have a material impact on our consolidated financial statements.</font></p> </div>
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<div> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; MARGIN-LEFT: 28px; WIDOWS: 1; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <font style="FONT-FAMILY: 'Times New Roman'" size="2"><b><i>Reclassifications</i></b></font></p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: medium 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6px; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px" align="justify"><font style="FONT-FAMILY: 'Times New Roman'" size="2">When necessary, reclassifications have been made to our prior period consolidated financial information in order to conform to the current year presentation.</font></p> <p style="MARGIN-BOTTOM: 0px; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 12px 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 0px; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> &#xA0;</p> </div>
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CostsAndExpenses
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CY2016Q3 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
2000000
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
330000000
CY2016Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
336000000
CY2016Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
2000000
CY2016Q3 wm Interest And Other Income Expense
InterestAndOtherIncomeExpense
-103000000
CY2016Q3 wm Potentially Issuable Shares
PotentiallyIssuableShares
9200000 shares
CY2016Q3 wm Equity In Net Income Losses Of Unconsolidated Entities And Other Net
EquityInNetIncomeLossesOfUnconsolidatedEntitiesAndOtherNet
-9000000
CY2016Q3 wm Income Expense From Divestitures Asset Impairments And Unusual Items
IncomeExpenseFromDivestituresAssetImpairmentsAndUnusualItems
106000000

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