Financial Statements

Income Statement

  Year Ending Dec 2017 (Update) Year Ending Dec 2016 (Update) Year Ending Dec 2015 (Update) Year Ending Dec 2014 (Restated)
Net Sales 2.02M 2.01M 1.88M 1.95M
Revenue 2.02M 2.01M 1.88M 1.95M
Total Revenue 2.02M 2.01M 1.88M 1.95M
Cost of Revenue 1.34M 1.35M 1.33M 1.33M
Cost of Revenue, Total 1.34M 1.35M 1.33M 1.33M
Gross Profit 675.15 660.32 556.69 614.05
Selling/General/Administrative Expense 326.55 321.70 317.10 344.97
Selling/General/Administrative Expenses, Total 326.55 321.70 317.10 344.97
Research & Development 169.98 168.21 162.33 175.50
Amortization of Intangibles, Operating 20.79 25.11 31.67 43.62
Depreciation/Amortization 20.79 25.11 31.67 43.62
Purchased R&D Written-Off
Restructuring Charge 6.42 49.09 -7.26 49.48
Impairment-Assets Held for Use --
Other Unusual Expense (Income)
Unusual Expense (Income) 6.42 49.09 -7.26 49.48
Total Operating Expense 1.87M 1.92M 1.83M 1.95M
Operating Income 151.43 96.21 52.85 0.48
Interest Expense - Non-Operating -11.86 -11.08 -12.29 -11.60
Interest Expense, Net Non-Operating -11.86 -11.08 -12.29 -11.60
Interest Income, Non-Operating 2.13 0.87 0.76 0.49
Investment Income, Non-Operating -6.01 0.67 -3.15 -5.25
Interest/Investment Income, Non-Operating -3.88 1.53 -2.38 -4.75
Interest Income (Expense), Net-Non-Operating, Total -15.74 -9.55 -14.67 -16.36
Other Non-Operating Income (Expense) -1.12 -2.04 -1.07 -2.39
Other, Net -1.12 -2.04 -1.07 -2.39
Net Income Before Taxes 134.58 84.63 37.10 -18.27
Income Tax – Total 43.90 49.57 22.10 4.04
Income After Tax 90.67 35.05 15.00 -22.30
Minority Interest -2.95 -3.28 -2.33 -1.37
Net Income Before Extraordinary Items 87.72 31.77 12.68 -23.67
Extraordinary Item -30.42
Total Extraordinary Items -30.42
Net Income 57.30 31.77 12.68 -23.67
Income Available to Common Excluding Extraordinary Items 87.72 31.77 12.68 -23.67
Income Available to Common Stocks Including Extraordinary Items 57.30 31.77 12.68 -23.67
Basic Weighted Average Shares 38.66 38.21 38.22 39.18
Basic EPS Excluding Extraordinary Items 2.27 0.83 0.33 -0.60
Basic EPS Including Extraordinary Items 1.48 0.83 0.33 -0.60
Dilution Adjustment
Diluted Net Income 57.30 31.77 12.68 -23.67
Diluted Weighted Average Shares 39.39 38.64 38.51 39.18
Diluted EPS Excluding Extraordinary Items 2.23 0.82 0.33 -0.60
Diluted EPS Including Extraordinary Items 1.45 0.82 0.33 -0.60
DPS - Common Stock Primary Issue -- --
Gross Dividends - Common Stock -- -- -- --
Total Special Items 6.42 49.09 -7.26 49.48
Normalized Income Before Taxes 140.99 133.72 29.84 31.22
Effect of Special Items on Income Taxes 2.09 28.76 -4.33 17.32
Income Taxes Excluding Impact of Special Items 46.00 78.33 17.77 21.35
Normalized Income After Taxes 95.00 55.39 12.07 9.86
Normalized Income Available to Common 92.05 52.10 9.74 8.49
Basic Normalized EPS 2.38 1.36 0.25 0.22
Diluted Normalized EPS 2.34 1.35 0.25 0.22
Amortization of Intangibles, Supplemental 20.79 25.11 31.67 43.62
Depreciation, Supplemental 42.43 43.21 44.32 54.52
Interest Expense, Supplemental 22.37 20.95 12.29 11.60
Interest Capitalized, Supplemental
Rental Expense, Supplemental 14.82 14.23 15.52 19.18
Stock-Based Compensation, Supplemental 23.15 19.11 14.09 17.86
Minority Interest, Supplemental -2.95 -3.28 -2.33 -1.37
Research & Development Expense, Supplemental 169.98 168.21 162.33 175.50
Audit-Related Fees, Supplemental 6.12 5.17 11.14 7.77
Audit-Related Fees 0.98 -- 0.11 --
Tax Fees, Supplemental 1.49 2.33 0.02 0.02
All Other Fees Paid to Auditor, Supplemental 0.00 0.00 -- 0.00
Gross Margin 33.45 32.80 29.56 31.53
Operating Margin 7.50 4.78 2.81 0.02
Pretax Margin 6.67 4.20 1.97 -0.94
Effective Tax Rate 32.62 58.58 59.56
Net Profit Margin 4.35 1.58 0.67 -1.22
Normalized EBIT 157.84 145.30 45.58 49.96
Normalized EBITDA 221.06 213.62 121.58 148.10
Current Tax - Domestic 7.68 20.49 5.03 17.75
Current Tax - Foreign 12.14 12.59 13.95 20.27
Current Tax - Local 3.84 2.71 1.63 0.78
Current Tax - Total 23.66 35.78 20.61 38.79
Deferred Tax - Domestic 9.92 10.81 3.95 -82.19
Deferred Tax - Foreign 3.48 -24.82 -41.89 -51.65
Deferred Tax - Local -1.14 1.16 -0.97 -0.98
Deferred Tax - Total 12.25 -12.85 -38.91 -134.81
Other Tax 7.99 26.64 40.40 100.05
Income Tax - Total 43.90 49.57 22.10 4.04
Interest Cost - Domestic 2.26 2.57 2.38
Service Cost - Domestic 3.97 3.47 4.57
Prior Service Cost - Domestic 0.06 0.06 0.06
Expected Return on Assets - Domestic -0.59 -0.54 -0.50
Actuarial Gains and Losses - Domestic 2.31 1.35 1.98
Curtailments & Settlements - Domestic -0.59 1.34 0.42
Domestic Pension Plan Expense 7.42 8.25 8.91
Defined Contribution Expense - Domestic 51.71 51.32 6.58
Total Pension Expense 59.13 59.57 15.49
Discount Rate - Domestic 2.18 2.59 2.36
Expected Rate of Return - Domestic 5.58 5.29 5.45
Compensation Rate - Domestic 3.65 3.60 3.37
Total Plan Interest Cost 2.26 2.57 2.38
Total Plan Service Cost 3.97 3.47 4.57
Total Plan Expected Return -0.59 -0.54 -0.50

Balance Sheet

  Year Ending Dec 2017 (Update) Year Ending Dec 2016 (Update) Year Ending Dec 2015 (Reclassified) Year Ending Dec 2014 (Restated) Year Ending Dec 2013 (Update)
Cash & Equivalents 176.27 133.57 131.02 112.37 124.81
Cash and Short Term Investments 176.27 133.57 131.02 112.37 124.81
Accounts Receivable - Trade, Gross 373.00 303.19 304.50 327.50 336.61
Provision for Doubtful Accounts -3.96 -3.32 -5.95 -6.20 -8.37
Accounts Receivable - Trade, Net 398.03 351.51 330.90 346.55 356.71
Total Receivables, Net 398.03 351.51 330.90 346.55 356.71
Inventories - Finished Goods 57.32 51.85 69.87 54.67 61.10
Inventories - Work In Progress 9.86 7.93 9.40 8.99 13.77
Inventories - Raw Materials 126.66 103.27 111.19 90.56 102.60
Total Inventory 193.84 163.05 190.47 154.22 177.47
Deferred Income Tax - Current Asset 0.00 0.00 0.00 45.50 37.11
Other Current Assets 81.60 84.35 106.56 123.82 103.28
Other Current Assets, Total 81.60 84.35 106.56 169.32 140.39
Total Current Assets 849.74 732.47 758.94 782.46 799.37
Buildings - Gross 135.57 122.68 127.53 134.46 145.93
Land/Improvements - Gross 18.43 17.18 19.88 21.76 24.01
Machinery/Equipment - Gross 415.14 377.87 393.33 387.66 409.18
Construction in Progress - Gross 39.95 29.36 32.64 20.58 14.26
Property/Plant/Equipment, Total - Gross 609.08 547.09 573.38 564.46 593.37
Accumulated Depreciation, Total -408.31 -370.63 -383.12 -357.31 -346.55
Property/Plant/Equipment, Total - Net 200.77 176.46 190.26 207.15 246.82
Goodwill, Net 555.76 452.49 468.12 500.82 548.58
Intangibles - Gross 769.85 669.90 702.51 748.15 804.28
Accumulated Intangible Amortization -674.62 -597.75 -600.58 -608.24 -608.44
Intangibles, Net 95.23 72.15 101.93 139.91 195.84
Deferred Income Tax - Long Term Asset 49.97 94.11 109.39 74.44 58.88
Restricted Cash - Long Term 311.01 0.00 0.00 0.00 0.00
Other Long Term Assets 43.67 50.13 51.68 46.97 33.03
Other Long Term Assets, Total 404.65 144.24 161.07 121.40 91.91
Total Assets 2,106.15 1,577.81 1,680.32 1,751.75 1,882.51
Accounts Payable 262.17 172.71 185.83 183.83 199.77
Accrued Expenses 90.51 82.35 76.98 94.82 89.31
Notes Payable/Short Term Debt 0.00 0.00 0.00 0.00 0.00
Current Portion of Long Term Debt/Capital Leases 19.69 14.06 11.25 30.00 26.25
Customer Advances 41.44 64.98 73.30 67.01 37.16
Income Taxes Payable 16.10 10.45 14.86 21.95 10.70
Deferred Income Tax - Current Liability 0.00 0.00 0.00 0.00 0.00
Other Current Liabilities 77.89 68.50 115.56 122.46 91.82
Other Current liabilities, Total 135.42 143.93 203.72 211.42 139.68
Total Current Liabilities 507.78 413.05 477.77 520.07 455.01
Long Term Debt 593.57 290.46 358.92 293.97 352.50
Total Long Term Debt 593.57 290.46 358.92 293.97 352.50
Total Debt 613.26 304.52 370.17 323.97 378.75
Deferred Income Tax - Long Term Liability 1.53 3.07 1.72 3.81 7.33
Deferred Income Tax 1.53 3.07 1.72 3.81 7.33
Minority Interest 19.22 18.75 17.95 17.54 17.74
Reserves 13.71 18.43 17.59 15.40 24.10
Pension Benefits - Underfunded 95.72 84.50 85.97 101.86 88.69
Other Long Term Liabilities 88.21 117.95 115.65 118.09 81.92
Other Liabilities, Total 197.64 220.88 219.20 235.36 194.70
Total Liabilities 1,319.73 946.21 1,075.56 1,070.75 1,027.28
Convertible Preferred Stock – Non-Redeemable 0.00 0.00 0.00 0.00 0.00
Preferred Stock - Non Redeemable, Net 0.00 0.00 0.00 0.00 0.00
Common Stock 1,294.77 1,270.47 1,246.67 1,270.05 1,290.63
Common Stock, Total 1,294.77 1,270.47 1,246.67 1,270.05 1,290.63
Retained Earnings (Accumulated Deficit) -337.87 -409.54 -441.31 -453.98 -413.67
Unrealized Gain (Loss) -14.38 -14.38 -14.38 -14.38 -14.38
Cumulative Translation Adjustment -128.65 -182.99 -158.01 -85.08 3.80
Other Equity 0.00 0.00 0.00 0.00 0.00
Minimum Pension Liability Adjustment -28.42 -32.00 -28.54 -34.83 -9.89
Other Comprehensive Income 0.97 0.04 0.32 -0.77 -1.26
Other Equity, Total -156.10 -214.95 -186.23 -120.68 -7.34
Total Equity 786.42 631.60 604.76 681.00 855.24
Total Liabilities & Shareholders' Equity 2,106.15 1,577.81 1,680.32 1,751.75 1,882.51
Shares Outstanding – Common Stock Primary Issue 38.77 38.32 37.91 38.59 39.15
Total Common Shares Outstanding 38.77 38.32 37.91 38.59 39.15
Treasury Shares – Common Primary Issue 0.00 0.00 0.00 0.00 0.00
Employees 7,800.00 7,300.00 7,900.00 8,000.00 8,200.00
Number of Common Shareholders 203.00 218.00 224.00 243.00 259.00
Accumulated Intangible Amortization 674.62 597.75 600.58 608.24 608.44
Deferred Revenue - Current 41.44 64.98 73.30 67.01 37.16
Total Current Assets less Inventory 655.91 569.42 568.48 628.24 621.90
Quick Ratio 1.29 1.38 1.19 1.21 1.37
Current Ratio 1.67 1.77 1.59 1.50 1.76
Net Debt 456.20 189.71 257.09 229.14 271.68
Tangible Book Value 135.43 106.96 34.70 40.27 110.82
Tangible Book Value per Share 3.49 2.79 0.92 1.04 2.83
Total Long Term Debt, Supplemental 319.48 305.29 0.00 0.00 378.75
Long Term Debt Maturing within 1 Year 19.69 14.06 0.00 0.00 26.25
Long Term Debt Maturing in Year 2 22.50 19.69 0.00 0.00 30.00
Long Term Debt Maturing in Year 3 277.29 22.50 0.00 0.00 322.50
Long Term Debt Maturing in Year 4 0.00 249.04 0.00 0.00 0.00
Long Term Debt Maturing in Year 5 0.00 0.00 0.00 0.00 0.00
Long Term Debt Maturing in 2-3 Years 299.79 42.19 0.00 0.00 352.50
Long Term Debt Maturing in 4-5 Years 0.00 249.04 0.00 0.00 0.00
Long Term Debt Maturing in Year 6 & Beyond 0.00 0.00 0.00 0.00 0.00
Total Operating Leases 48.60 54.42 0.00 0.00 52.69
Operating Lease Payments Due in Year 1 15.35 13.13 0.00 0.00 11.71
Operating Lease Payments Due in Year 2 10.27 12.24 0.00 0.00 9.92
Operating Lease Payments Due in Year 3 6.56 9.15 0.00 0.00 8.34
Operating Lease Payments Due in Year 4 3.73 6.03 0.00 0.00 7.80
Operating Lease Payments Due in Year 5 2.89 5.36 0.00 0.00 7.77
Operating Lease Payments Due in 2-3 Years 16.83 21.39 0.00 0.00 18.26
Operating Lease Payments Due in 4-5 Years 6.62 11.39 0.00 0.00 15.57
Standardized Operating Lease Payments Due in Year 6 and Beyond 9.80 8.51 0.00 0.00 7.16
Pension Obligation - Domestic 110.82 97.26 0.00 0.00 102.66
Plan Assets - Domestic 12.83 10.22 0.00 0.00 11.68
Funded Status - Domestic -97.99 -87.05 0.00 0.00 -90.98
Accumulated Obligation - Domestic 101.40 87.20 0.00 0.00 90.80
Total Funded Status -97.99 -87.05 0.00 0.00 -90.98
Discount Rate - Domestic 2.21 2.18 0.00 0.00 3.76
Compensation Rate - Domestic 3.64 3.65 0.00 0.00 3.33
Accrued Liabilities - Domestic -98.98 -87.70 0.00 0.00 -92.41
Other Assets, Net - Domestic 0.99 0.65 0.00 0.00 -5.92
Net Assets Recognized on Balance Sheet -97.99 -87.05 0.00 0.00 -98.33
Equity % - Domestic 0.00 0.00 0.00 0.00 0.00
Private Investments % - Domestic 65.33 68.63 0.00 0.00 70.72
Other Investments % - Domestic 34.67 31.37 0.00 0.00 29.28
Total Plan Obligations 110.82 97.26 0.00 0.00 102.66
Total Plan Assets 12.83 10.22 0.00 0.00 11.68
Value of Bookings 1,993.00 0.00 0.00 2,385.00 0.00
Value of Backlog 1,750.00 1,652.00 0.00 1,516.00 1,079.00

Cash Flow

  Year Ending Dec 2017 (Update) Year Ending Dec 2016 (Update) Year Ending Dec 2015 (Update) Year Ending Dec 2014 (Reclassified) Year Ending Dec 2013 (Reclassified)
Net Income/Starting Line 60.25 35.05 15.00 -22.30 -150.93
Depreciation – Supplemental 63.22 68.32 75.99 98.14 99.25
Depreciation/Depletion 63.22 68.32 75.99 98.14 99.25
Deferred Taxes 50.67 13.79 1.49 -34.76 -25.31
Unusual Items -2.30 7.19 0.98 5.17 175.49
Purchased R&D
Other Non-Cash Items 26.15 23.42 18.22 20.39 21.06
Non-Cash Items 23.85 30.61 19.20 25.56 196.54
Accounts Receivable -17.57 -27.16 -9.01 -15.12 11.73
Inventories -16.24 22.34 -52.74 7.21 -12.39
Other Assets 19.34 20.37 8.79 -23.49 -12.25
Accrued Expenses 1.93 7.81 -10.87 7.50 -1.82
Payable/Accrued 78.46 -37.31 -7.06 56.16 -4.47
Other Liabilities -51.86 -36.06 32.10 23.29 2.20
Other Operating Cash Flow -20.68 18.09 0.45 10.78 2.87
Changes in Working Capital -6.63 -31.93 -38.33 66.33 -14.13
Cash from Operating Activities 191.35 115.84 73.35 132.97 105.42
Purchase of Fixed Assets -49.50 -43.54 -43.92 -44.50 -60.02
Capital Expenditures -49.50 -43.54 -43.92 -44.50 -60.02
Acquisition of Business -99.39 -0.95 -5.75 -0.86
Sale of Business --
Sale/Maturity of Investment
Other Investing Cash Flow 0.70 -3.03 0.72 3.00 4.11
Other Investing Cash Flow Items, Total -98.68 -3.99 -5.03 3.00 3.25
Cash from Investing Activities -148.18 -47.53 -48.95 -41.50 -56.77
Other Financing Cash Flow -7.59 -2.67 -7.11 -1.08 2.99
Financing Cash Flow Items -7.59 -2.67 -7.11 -1.08 2.99
Sale/Issuance of Common 3.61 2.89 2.66 3.65 5.30
Repurchase/Retirement of Common -- -- -38.28 -39.67 -26.98
Common Stock, Net 3.61 2.89 -35.62 -36.02 -21.68
Issuance (Retirement) of Stock, Net 3.61 2.89 -35.62 -36.02 -21.68
Long Term Debt Issued 335.00 15.88 113.47 47.66 35.00
Long Term Debt, Net 335.00 15.88 113.47 47.66 35.00
Total Debt Reduction -29.06 -79.12 -63.00 -102.44 -73.75
Issuance (Retirement) of Debt, Net 305.94 -63.24 50.47 -54.78 -38.75
Cash from Financing Activities 301.96 -63.02 7.74 -91.88 -57.44
Foreign Exchange Effects 8.64 -2.74 -13.49 -12.03 -2.82
Net Change in Cash 353.77 2.55 18.65 -12.43 -11.61
Net Cash - Beginning Balance 133.57 131.02 112.37 124.81 136.41
Net Cash - Ending Balance 487.34 133.57 131.02 112.37 124.81
Cash Interest Paid 10.11 9.92 10.20 9.91 9.03
Cash Taxes Paid 28.97 24.29 29.19 18.22 18.66

In millions of USD (except for per share items)

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