2015 Q1 Form 10-Q Financial Statement

#000010653515000016 Filed on May 01, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $1.280B $1.736B
YoY Change -26.27% -1.08%
Cost Of Revenue $1.385B $1.361B
YoY Change 1.76% -11.22%
Gross Profit $342.0M $375.0M
YoY Change -8.8% -10.29%
Gross Profit Margin 26.72% 21.6%
Selling, General & Admin $102.0M $116.0M
YoY Change -12.07% -31.36%
% of Gross Profit 29.82% 30.93%
Research & Development $5.000M $7.000M
YoY Change -28.57% 0.0%
% of Gross Profit 1.46% 1.87%
Depreciation & Amortization $123.0M $126.0M
YoY Change -2.38% 12.5%
% of Gross Profit 35.96% 33.6%
Operating Expenses $107.0M $123.0M
YoY Change -13.01% -30.11%
Operating Profit $150.0M $308.0M
YoY Change -51.3% 21.74%
Interest Expense $83.00M $83.00M
YoY Change 0.0% 1.22%
% of Operating Profit 55.33% 26.95%
Other Income/Expense, Net -$80.00M
YoY Change
Pretax Income $77.00M $234.0M
YoY Change -67.09% 29.28%
Income Tax $19.00M $50.00M
% Of Pretax Income 24.68% 21.37%
Net Earnings $101.0M $194.0M
YoY Change -47.94% 34.72%
Net Earnings / Revenue 7.89% 11.18%
Basic Earnings Per Share $0.17 $0.31
Diluted Earnings Per Share $0.17 $0.31
COMMON SHARES
Basic Shares Outstanding 523.4M shares 584.9M shares
Diluted Shares Outstanding 527.4M shares 589.3M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.158B $780.0M
YoY Change 48.46% 22.83%
Cash & Equivalents $1.158B $780.0M
Short-Term Investments
Other Short-Term Assets $287.0M $315.0M
YoY Change -8.89% 13.31%
Inventory $645.0M $626.0M
Prepaid Expenses $95.00M $108.0M
Receivables $539.0M $560.0M
Other Receivables $23.00M $34.00M
Total Short-Term Assets $2.652B $2.315B
YoY Change 14.56% 5.13%
LONG-TERM ASSETS
Property, Plant & Equipment $2.524B $2.611B
YoY Change -3.33% -61.57%
Goodwill $40.00M $40.00M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $183.0M $205.0M
YoY Change -10.73% -2.84%
Other Assets $269.0M $429.0M
YoY Change -37.3% -86.54%
Total Long-Term Assets $10.36B $12.19B
YoY Change -15.04% 18.26%
TOTAL ASSETS
Total Short-Term Assets $2.652B $2.315B
Total Long-Term Assets $10.36B $12.19B
Total Assets $13.01B $14.51B
YoY Change -10.31% 15.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $319.0M $409.0M
YoY Change -22.0% 14.57%
Accrued Expenses $533.0M $661.0M
YoY Change -19.36% 54.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.000M
YoY Change -98.91%
Total Short-Term Liabilities $852.0M $1.072B
YoY Change -20.52% 0.0%
LONG-TERM LIABILITIES
Long-Term Debt $4.891B $4.891B
YoY Change 0.0% 5.57%
Other Long-Term Liabilities $284.0M $364.0M
YoY Change -21.98% -85.34%
Total Long-Term Liabilities $5.175B $5.255B
YoY Change -1.52% -26.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $852.0M $1.072B
Total Long-Term Liabilities $5.175B $5.255B
Total Liabilities $7.982B $7.620B
YoY Change 4.75% -7.46%
SHAREHOLDERS EQUITY
Retained Earnings $1.445B $344.0M
YoY Change 320.06% 30.3%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.027B $6.852B
YoY Change
Total Liabilities & Shareholders Equity $13.01B $14.51B
YoY Change -10.31% 15.95%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $101.0M $194.0M
YoY Change -47.94% 34.72%
Depreciation, Depletion And Amortization $123.0M $126.0M
YoY Change -2.38% 12.5%
Cash From Operating Activities $87.00M $109.0M
YoY Change -20.18% -278.69%
INVESTING ACTIVITIES
Capital Expenditures $71.00M $51.00M
YoY Change 39.22% 45.71%
Acquisitions
YoY Change
Other Investing Activities -$30.00M $19.00M
YoY Change -257.89%
Cash From Investing Activities -$119.0M -$46.00M
YoY Change 158.7% 9.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $253.0M $0.00
YoY Change
Debt Paid & Issued, Net $0.00 $0.00
YoY Change -100.0%
Cash From Financing Activities -$390.0M -$118.0M
YoY Change 230.51% -24.36%
NET CHANGE
Cash From Operating Activities $87.00M $109.0M
Cash From Investing Activities -$119.0M -$46.00M
Cash From Financing Activities -$390.0M -$118.0M
Net Change In Cash -$422.0M -$55.00M
YoY Change 667.27% -78.76%
FREE CASH FLOW
Cash From Operating Activities $87.00M $109.0M
Capital Expenditures $71.00M $51.00M
Free Cash Flow $16.00M $58.00M
YoY Change -72.41% -160.42%

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CY2015Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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-15000000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
OtherComprehensiveIncomeLossBeforeReclassificationsTax
10000000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-22000000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-47000000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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-15000000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
14000000 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
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308000000 USD
CY2015Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
284000000 USD
CY2014Q1 us-gaap Other Operating Income
OtherOperatingIncome
14000000 USD
CY2015Q1 us-gaap Other Operating Income
OtherOperatingIncome
4000000 USD
CY2014Q1 us-gaap Other Operating Income Expense Net
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75000000 USD
CY2015Q1 us-gaap Other Operating Income Expense Net
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-15000000 USD
CY2014Q1 us-gaap Other Restructuring Costs
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2000000 USD
CY2015Q1 us-gaap Other Restructuring Costs
OtherRestructuringCosts
1000000 USD
CY2014Q1 us-gaap Payments For Capital Improvements
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14000000 USD
CY2015Q1 us-gaap Payments For Capital Improvements
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18000000 USD
CY2014Q1 us-gaap Payments For Repurchase Of Common Stock
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0 USD
CY2015Q1 us-gaap Payments For Repurchase Of Common Stock
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253000000 USD
CY2015Q1 us-gaap Payments For Restructuring
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6000000 USD
CY2014Q1 us-gaap Payments Of Dividends Common Stock
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129000000 USD
CY2015Q1 us-gaap Payments Of Dividends Common Stock
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152000000 USD
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
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51000000 USD
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
71000000 USD
CY2014Q1 us-gaap Payments To Acquire Timberlands
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0 USD
CY2015Q1 us-gaap Payments To Acquire Timberlands
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32000000 USD
CY2014Q4 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent
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1319000000 USD
CY2015Q1 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent
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1249000000 USD
CY2014Q1 us-gaap Pension And Other Postretirement Benefit Contributions
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33000000 USD
CY2015Q1 us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
20000000 USD
CY2014Q1 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
-47000000 USD
CY2015Q1 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
10000000 USD
CY2014Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Current Liabilities
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47000000 USD
CY2015Q1 us-gaap Pension And Other Postretirement Defined Benefit Plans Current Liabilities
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47000000 USD
CY2014Q1 us-gaap Preferred Stock Dividends Income Statement Impact
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11000000 USD
CY2015Q1 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
11000000 USD
CY2014Q4 us-gaap Preferred Stock Value Outstanding
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14000000 USD
CY2015Q1 us-gaap Preferred Stock Value Outstanding
PreferredStockValueOutstanding
14000000 USD
CY2014Q4 us-gaap Prepaid Expense Current
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80000000 USD
CY2015Q1 us-gaap Prepaid Expense Current
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95000000 USD
CY2014Q1 us-gaap Proceeds From Payments For Other Financing Activities
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2000000 USD
CY2015Q1 us-gaap Proceeds From Payments For Other Financing Activities
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4000000 USD
CY2014Q1 us-gaap Proceeds From Sale Of Productive Assets
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19000000 USD
CY2015Q1 us-gaap Proceeds From Sale Of Productive Assets
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2000000 USD
CY2014Q1 us-gaap Proceeds From Stock Options Exercised
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15000000 USD
CY2015Q1 us-gaap Proceeds From Stock Options Exercised
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21000000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
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2623000000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2524000000 USD
CY2014Q4 us-gaap Receivables Net Current
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525000000 USD
CY2015Q1 us-gaap Receivables Net Current
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539000000 USD
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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584915000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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523426000 shares
CY2014Q1 wy Changes In Unamortized Net Pension And Other Postretirement Benefit Loss Tax Expense Benefit
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15000000 USD
CY2015Q1 wy Changes In Unamortized Net Pension And Other Postretirement Benefit Loss Tax Expense Benefit
ChangesInUnamortizedNetPensionAndOtherPostretirementBenefitLossTaxExpenseBenefit
26000000 USD
CY2014Q1 wy Changes In Unamortized Prior Service Credit Tax Expense Benefit
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-18000000 USD
CY2015Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
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-45000000 USD
CY2015Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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-29000000 USD
CY2015Q1 us-gaap Reclassification From Aoci Current Period Tax
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-16000000 USD
CY2014Q1 us-gaap Research And Development Expense
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7000000 USD
CY2015Q1 us-gaap Research And Development Expense
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5000000 USD
CY2014Q4 us-gaap Restricted Investments Noncurrent
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615000000 USD
CY2015Q1 us-gaap Restricted Investments Noncurrent
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615000000 USD
CY2014Q1 us-gaap Restructuring Charges
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19000000 USD
CY2015Q1 us-gaap Restructuring Charges
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1000000 USD
CY2014Q4 us-gaap Restructuring Reserve
RestructuringReserve
10000000 USD
CY2015Q1 us-gaap Restructuring Reserve
RestructuringReserve
4000000 USD
CY2014Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
19000000 USD
CY2015Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
14000000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1508000000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1445000000 USD
CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
1736000000 USD
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
1721000000 USD
CY2014Q1 us-gaap Selling Expense
SellingExpense
28000000 USD
CY2015Q1 us-gaap Selling Expense
SellingExpense
28000000 USD
CY2014Q1 us-gaap Severance Costs1
SeveranceCosts1
17000000 USD
CY2015Q1 us-gaap Severance Costs1
SeveranceCosts1
0 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
9000000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
8000000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
1389787 shares
CY2014Q3 us-gaap Stock Redeemed Or Called During Period Shares
StockRedeemedOrCalledDuringPeriodShares
59000000 shares
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5304000000 USD
CY2015Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5027000000 USD
CY2014Q4 us-gaap Timber And Timberlands
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6530000000 USD
CY2015Q1 us-gaap Timber And Timberlands
TimberAndTimberlands
6552000000 USD
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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589312000 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
527423000 shares
CY2015Q1 wy Changes In Unamortized Prior Service Credit Tax Expense Benefit
ChangesInUnamortizedPriorServiceCreditTaxExpenseBenefit
0 USD
CY2014Q1 wy Income Loss Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
250000000 USD
CY2015Q1 wy Income Loss Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
120000000 USD
CY2014Q1 wy Interest Expense Including Continuingand Discontinued Operations
InterestExpenseIncludingContinuingandDiscontinuedOperations
83000000 USD
CY2015Q1 wy Interest Expense Including Continuingand Discontinued Operations
InterestExpenseIncludingContinuingandDiscontinuedOperations
83000000 USD
CY2014Q1 wy Land Management Income
LandManagementIncome
7000000 USD
CY2015Q1 wy Land Management Income
LandManagementIncome
8000000 USD
CY2014Q1 wy Net Contribution To Earnings
NetContributionToEarnings
333000000 USD
CY2015Q1 wy Net Contribution To Earnings
NetContributionToEarnings
203000000 USD
CY2014Q1 wy Othercomprehensiveincomelosspensionandotherpostretirementbenefitplansnetpriorservicecreditcostarisingduringperiodandamortizationofnetpriorservicecostrecognizedinnetperiodicpensioncostnetoftax
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-29000000 USD
CY2015Q1 wy Othercomprehensiveincomelosspensionandotherpostretirementbenefitplansnetpriorservicecreditcostarisingduringperiodandamortizationofnetpriorservicecostrecognizedinnetperiodicpensioncostnetoftax
Othercomprehensiveincomelosspensionandotherpostretirementbenefitplansnetpriorservicecreditcostarisingduringperiodandamortizationofnetpriorservicecostrecognizedinnetperiodicpensioncostnetoftax
-2000000 USD
CY2014Q1 wy Othercomprehensiveincomelosspensionandotherpostretirementbenefitplansnetunamortizedgainlossarisingduringperiodandreclassificationofnetgainlossrecognizedinnetperiodperiodicbenefitcostnetoftax
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36000000 USD
CY2015Q1 wy Othercomprehensiveincomelosspensionandotherpostretirementbenefitplansnetunamortizedgainlossarisingduringperiodandreclassificationofnetgainlossrecognizedinnetperiodperiodicbenefitcostnetoftax
Othercomprehensiveincomelosspensionandotherpostretirementbenefitplansnetunamortizedgainlossarisingduringperiodandreclassificationofnetgainlossrecognizedinnetperiodperiodicbenefitcostnetoftax
62000000 USD
CY2014Q1 wy Real Estate And Land
RealEstateAndLand
72000000 USD
CY2015Q1 wy Real Estate And Land
RealEstateAndLand
0 USD
CY2015Q1 wy Weighted Average Assumptions Used In Estimating Value Of Performance Share Units Granted
WeightedAverageAssumptionsUsedInEstimatingValueOfPerformanceShareUnitsGranted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-left:4px;padding-top:12px;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Weighted Average Assumptions Used in Estimating the Value of Performance Share Units Granted in </font><font style="font-family:Arial;font-size:10pt;color:#000000;font-weight:bold;text-decoration:none;">2015</font></div><div style="line-height:120%;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;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="7" rowspan="1"></td></tr><tr><td width="79%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="8%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="3%" rowspan="1" colspan="1"></td><td width="7%" 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;">&#160;</font></div></td><td colspan="6" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;font-weight:bold;">Performance&#160;Share&#160;Units</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:Arial;font-size:10pt;">Performance period</font></div></td><td colspan="5" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1/1/2015&#160;&#8211;&#160;12/31/2017</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</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:Arial;font-size:10pt;">Valuation date closing stock price</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:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td colspan="4" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">35.41</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</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:Arial;font-size:10pt;">Expected dividends</font></div></td><td colspan="5" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">3.26</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-bottom:2px;padding-top:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">%</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:Arial;font-size:10pt;">Risk-free rate</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">0.05</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">%</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="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#8211;</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:Arial;font-size:10pt;">1.07</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">%</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:Arial;font-size:10pt;">Expected volatility</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">16.04</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">%</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="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#8211;</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:Arial;font-size:10pt;">20.89</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">%</font></div></td></tr></table></div></div></div>
CY2015Q1 wy Weighted Average Assumptions Used To Remeasure Value Of Stock Appreciation Rights
WeightedAverageAssumptionsUsedToRemeasureValueOfStockAppreciationRights
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Weighted Average Assumptions Used to Remeasure the Value of Stock Appreciation Rights as of </font><font style="font-family:Arial;font-size:10pt;color:#000000;font-weight:bold;text-decoration:none;">March&#160;31, 2015</font></div><div style="line-height:120%;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;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="4" rowspan="1"></td></tr><tr><td width="84%" rowspan="1" colspan="1"></td><td width="1%" rowspan="1" colspan="1"></td><td width="14%" 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;">&#160;</font></div></td><td colspan="3" 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:Arial;font-size:8pt;font-weight:bold;">MARCH&#160;31, <br clear="none"/>2015</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:Arial;font-size:10pt;">Expected volatility</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">19.55</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">%</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:Arial;font-size:10pt;">Expected dividends</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">3.36</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">%</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:Arial;font-size:10pt;">Expected term (in years)</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">1.99</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:Arial;font-size:10pt;">Risk-free rate</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">0.58</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">%</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:Arial;font-size:10pt;">Weighted average fair value</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">10.75</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></table></div></div></div>

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