Financial Statements

Income Statement

  Year Ending Dec 2019 (Update) Year Ending Dec 2018 (Update) Year Ending Dec 2017 (Reclassified) Year Ending Dec 2016 (Reclassified)
Net Sales 2,502.47 2,376.12 2,018.20 2,013.19
Revenue 2,502.47 2,376.12 2,018.20 2,013.19
Total Revenue 2,502.47 2,376.12 2,018.20 2,013.19
Cost of Revenue 1,750.15 1,645.80 1,341.45 1,350.65
Cost of Revenue, Total 1,750.15 1,645.80 1,341.45 1,350.65
Gross Profit 752.32 730.32 676.75 662.53
Selling/General/Administrative Expense 346.87 423.21 325.26 319.57
Selling/General/Administrative Expenses, Total 346.87 423.21 325.26 319.57
Research & Development 202.20 207.91 169.41 167.77
Amortization of Intangibles, Operating 64.29 71.71 20.79 25.11
Depreciation/Amortization 64.29 71.71 20.79 25.11
Restructuring Charge 6.28 77.18 6.42 49.09
Impairment-Assets Held for Use -- -- -- --
Unusual Expense (Income) 6.28 77.18 6.42 49.09
Total Operating Expense 2,369.79 2,425.81 1,863.32 1,912.19
Operating Income 132.68 -49.69 154.88 100.99
Interest Expense - Non-Operating -52.45 -58.58 -14.12 -13.65
Interest Expense, Net Non-Operating -52.45 -58.58 -14.12 -13.65
Interest Income, Non-Operating 1.85 2.15 2.13 0.87
Investment Income, Non-Operating -2.43 3.83 -6.01 0.67
Interest/Investment Income, Non-Operating -0.58 5.98 -3.88 1.53
Interest Income (Expense), Net-Non-Operating, Total -53.03 -52.60 -18.00 -12.12
Other Non-Operating Income (Expense) -6.62 -6.86 -2.30 -4.25
Other, Net -6.62 -6.86 -2.30 -4.25
Net Income Before Taxes 73.03 -109.15 134.58 84.63
Income Tax – Total 20.62 -12.57 43.90 49.57
Income After Tax 52.42 -96.58 90.67 35.05
Minority Interest -3.41 -2.67 -2.95 -3.28
Net Income Before Extraordinary Items 49.01 -99.25 87.72 31.77
Extraordinary Item -- 0.00 -30.42 --
Total Extraordinary Items -- 0.00 -30.42 --
Net Income 49.01 -99.25 57.30 31.77
Income Available to Common Excluding Extraordinary Items 49.01 -99.25 87.72 31.77
Income Available to Common Stocks Including Extraordinary Items 49.01 -99.25 57.30 31.77
Basic Weighted Average Shares 39.56 39.24 38.66 38.21
Basic EPS Excluding Extraordinary Items 1.24 -2.53 2.27 0.83
Basic EPS Including Extraordinary Items 1.24 -2.53 1.48 0.83
Dilution Adjustment -- -- -- --
Diluted Net Income 49.01 -99.25 57.30 31.77
Diluted Weighted Average Shares 39.98 39.24 39.39 38.64
Diluted EPS Excluding Extraordinary Items 1.23 -2.53 2.23 0.82
Diluted EPS Including Extraordinary Items 1.23 -2.53 1.45 0.82
DPS - Common Stock Primary Issue -- -- -- --
Gross Dividends - Common Stock 0.00 0.00 0.00 0.00
Total Special Items 6.28 77.18 6.42 49.09
Normalized Income Before Taxes 79.31 -31.97 140.99 133.72
Effect of Special Items on Income Taxes 1.77 27.01 2.09 28.76
Income Taxes Excluding Impact of Special Items 22.39 14.44 46.00 78.33
Normalized Income After Taxes 56.92 -46.41 95.00 55.39
Normalized Income Available to Common 53.51 -49.08 92.05 52.10
Basic Normalized EPS 1.35 -1.25 2.38 1.36
Diluted Normalized EPS 1.34 -1.25 2.34 1.35
Amortization of Intangibles, Supplemental 64.29 71.71 20.79 25.11
Depreciation, Supplemental 50.11 50.78 42.43 43.21
Interest Expense, Supplemental 52.45 58.58 14.12 13.65
Rental Expense, Supplemental 25.32 24.45 14.82 14.23
Stock-Based Compensation, Supplemental 30.26 33.43 23.15 19.11
Minority Interest, Supplemental -3.41 -2.67 -2.95 -3.28
Research & Development Expense, Supplemental 202.20 207.91 169.41 167.77
Audit-Related Fees, Supplemental -- 11.49 6.12 5.17
Audit-Related Fees -- 0.00 0.98 0.00
Tax Fees, Supplemental -- 1.91 1.49 2.33
All Other Fees Paid to Auditor, Supplemental -- 0.04 0.00 0.00
Gross Margin 30.06 30.74 33.53 32.91
Operating Margin 5.30 -2.09 7.67 5.02
Pretax Margin 2.92 -4.59 6.67 4.20
Effective Tax Rate 28.23 -- 32.62 58.58
Net Profit Margin 1.96 -4.18 4.35 1.58
Normalized EBIT 138.96 27.49 161.30 150.08
Normalized EBITDA 253.36 149.99 224.51 218.40
Current Tax - Domestic 4.86 -7.70 7.68 20.49
Current Tax - Foreign 13.77 14.62 12.14 12.59
Current Tax - Local 2.18 -0.36 3.84 2.71
Current Tax - Total 20.81 6.56 23.66 35.78
Deferred Tax - Domestic 2.33 -17.46 9.92 10.81
Deferred Tax - Foreign -6.03 -22.91 3.48 -24.82
Deferred Tax - Local -1.85 -4.49 -1.14 1.16
Deferred Tax - Total -5.55 -44.86 12.25 -12.85
Other Tax 5.35 25.73 7.99 26.64
Income Tax - Total 20.62 -12.57 43.90 49.57
Interest Cost - Domestic 2.28 2.32 2.26 2.57
Service Cost - Domestic 3.71 4.03 3.97 3.47
Prior Service Cost - Domestic 0.07 0.06 0.06 0.06
Expected Return on Assets - Domestic -0.61 -0.67 -0.59 -0.54
Actuarial Gains and Losses - Domestic 1.65 1.53 2.31 1.35
Curtailments & Settlements - Domestic 0.25 0.00 -0.59 1.34
Domestic Pension Plan Expense 7.35 7.28 7.42 8.25
Defined Contribution Expense - Domestic 66.32 27.06 51.71 51.32
Total Pension Expense 73.66 34.34 59.13 59.57
Discount Rate - Domestic 2.24 2.21 2.18 2.59
Expected Rate of Return - Domestic 5.19 5.58 5.58 5.29
Compensation Rate - Domestic 3.60 3.64 3.65 3.60
Total Plan Interest Cost 2.28 2.32 2.26 2.57
Total Plan Service Cost 3.71 4.03 3.97 3.47
Total Plan Expected Return -0.61 -0.67 -0.59 -0.54

Balance Sheet

  Year Ending Dec 2019 (Update) Year Ending Dec 2018 (Update) Year Ending Dec 2017 (Update) Year Ending Dec 2016 (Update) Year Ending Dec 2015 (Reclassified)
Cash & Equivalents 149.90 120.22 176.27 133.57 131.02
Cash and Short Term Investments 149.90 120.22 176.27 133.57 131.02
Accounts Receivable - Trade, Gross 418.95 422.83 373.00 303.19 304.50
Provision for Doubtful Accounts -3.06 -6.33 -3.96 -3.32 -5.95
Accounts Receivable - Trade, Net 472.93 437.16 398.03 351.51 330.90
Total Receivables, Net 472.93 437.16 398.03 351.51 330.90
Inventories - Finished Goods 95.93 77.53 57.32 51.85 69.87
Inventories - Work In Progress 11.11 9.74 9.86 7.93 9.40
Inventories - Raw Materials 120.86 133.40 126.66 103.27 111.19
Total Inventory 227.90 220.67 193.84 163.05 190.47
Deferred Income Tax - Current Asset 0.00 0.00 0.00 0.00 0.00
Other Current Assets 146.53 118.09 81.60 84.35 106.56
Other Current Assets, Total 146.53 118.09 81.60 84.35 106.56
Total Current Assets 997.25 896.14 849.74 732.47 758.94
Buildings - Gross 149.47 146.07 135.57 122.68 127.53
Land/Improvements - Gross 14.99 14.98 18.43 17.18 19.88
Machinery/Equipment - Gross 432.93 420.26 415.14 377.87 393.33
Construction in Progress - Gross 54.49 49.68 39.95 29.36 32.64
Other Property/Plant/Equipment - Gross 79.77 0.00 0.00 0.00 0.00
Property/Plant/Equipment, Total - Gross 731.65 631.00 609.08 547.09 573.38
Accumulated Depreciation, Total -418.65 -404.45 -408.31 -370.63 -383.12
Property/Plant/Equipment, Total - Net 313.00 226.55 200.77 176.46 190.26
Goodwill, Net 1,103.91 1,116.53 555.76 452.49 468.12
Intangibles - Gross 979.81 981.16 769.85 669.90 702.51
Accumulated Intangible Amortization -794.72 -723.58 -674.62 -597.75 -600.58
Intangibles, Net 185.10 257.58 95.23 72.15 101.93
Deferred Income Tax - Long Term Asset 63.90 64.83 49.97 94.11 109.39
Restricted Cash - Long Term 0.00 2.06 311.01 0.00 0.00
Other Long Term Assets 44.69 45.29 43.67 50.13 51.68
Other Long Term Assets, Total 108.59 112.17 404.65 144.24 161.07
Total Assets 2,707.84 2,608.98 2,106.15 1,577.81 1,680.32
Accounts Payable 328.13 309.95 262.17 172.71 185.83
Accrued Expenses 136.27 88.60 90.51 82.35 76.98
Notes Payable/Short Term Debt 0.00 0.00 0.00 0.00 0.00
Current Portion of Long Term Debt/Capital Leases 0.00 28.44 19.69 14.06 11.25
Customer Advances 99.56 93.62 41.44 64.98 73.30
Income Taxes Payable 22.19 14.75 16.10 10.45 14.86
Deferred Income Tax - Current Liability 0.00 0.00 0.00 0.00 0.00
Other Current Liabilities 85.25 117.34 77.89 68.50 115.56
Other Current liabilities, Total 206.99 225.72 135.42 143.93 203.72
Total Current Liabilities 671.39 652.71 507.78 413.05 477.77
Long Term Debt 932.48 988.19 593.57 290.46 358.92
Total Long Term Debt 932.48 988.19 593.57 290.46 358.92
Total Debt 932.48 1,016.62 613.26 304.52 370.17
Deferred Income Tax - Long Term Liability 1.81 1.54 1.53 3.07 1.72
Deferred Income Tax 1.81 1.54 1.53 3.07 1.72
Minority Interest 24.28 21.39 19.22 18.75 17.95
Reserves 14.73 13.24 13.71 18.43 17.59
Pension Benefits - Underfunded 98.71 91.52 95.72 84.50 85.97
Other Long Term Liabilities 187.90 127.74 88.21 117.95 115.65
Other Liabilities, Total 301.34 232.50 197.64 220.88 219.20
Total Liabilities 1,931.30 1,896.32 1,319.73 946.21 1,075.56
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 1,357.60 1,334.36 1,294.77 1,270.47 1,246.67
Common Stock, Total 1,357.60 1,334.36 1,294.77 1,270.47 1,246.67
Retained Earnings (Accumulated Deficit) -376.39 -425.40 -337.87 -409.54 -441.31
Unrealized Gain (Loss) -14.38 -14.38 -14.38 -14.38 -14.38
Cumulative Translation Adjustment -158.00 -157.49 -128.65 -182.99 -158.01
Minimum Pension Liability Adjustment -31.57 -25.64 -28.42 -32.00 -28.54
Other Comprehensive Income -0.72 1.20 0.97 0.04 0.32
Other Equity, Total -190.29 -181.93 -156.10 -214.95 -186.23
Total Equity 776.54 712.66 786.42 631.60 604.76
Total Liabilities & Shareholders' Equity 2,707.84 2,608.98 2,106.15 1,577.81 1,680.32
Shares Outstanding – Common Stock Primary Issue 39.94 39.50 38.77 38.32 37.91
Total Common Shares Outstanding 39.94 39.50 38.77 38.32 37.91
Treasury Shares – Common Primary Issue 0.00 0.00 0.00 0.00 0.00
Employees 7,900.00 8,000.00 7,800.00 7,300.00 7,900.00
Number of Common Shareholders 183.00 192.00 203.00 218.00 224.00
Accumulated Intangible Amortization 794.72 723.58 674.62 597.75 600.58
Deferred Revenue - Current 99.56 93.62 41.44 64.98 73.30
Total Current Assets less Inventory 769.36 675.47 655.91 569.42 568.48
Quick Ratio 1.15 1.03 1.29 1.38 1.19
Current Ratio 1.49 1.37 1.67 1.77 1.59
Net Debt 806.86 917.79 456.20 189.71 257.09
Tangible Book Value -512.47 -661.45 135.43 106.96 34.70
Tangible Book Value per Share -12.83 -16.75 3.49 2.79 0.92
Total Long Term Debt, Supplemental 950.16 1,284.26 319.48 305.29 0.00
Long Term Debt Maturing within 1 Year 0.00 75.80 19.69 14.06 0.00
Long Term Debt Maturing in Year 2 32.42 97.06 22.50 19.69 0.00
Long Term Debt Maturing in Year 3 44.06 97.06 277.29 22.50 0.00
Long Term Debt Maturing in Year 4 44.06 282.17 0.00 249.04 0.00
Long Term Debt Maturing in Year 5 429.61 282.17 0.00 0.00 0.00
Long Term Debt Maturing in 2-3 Years 76.49 194.13 299.79 42.19 0.00
Long Term Debt Maturing in 4-5 Years 473.67 564.34 0.00 249.04 0.00
Long Term Debt Maturing in Year 6 & Beyond 400.00 450.00 0.00 0.00 0.00
Total Operating Leases 85.97 90.06 48.60 54.42 0.00
Operating Lease Payments Due in Year 1 19.75 17.46 15.35 13.13 0.00
Operating Lease Payments Due in Year 2 16.74 14.23 10.27 12.24 0.00
Operating Lease Payments Due in Year 3 14.35 12.01 6.56 9.15 0.00
Operating Lease Payments Due in Year 4 13.70 9.76 3.73 6.03 0.00
Operating Lease Payments Due in Year 5 12.17 9.90 2.89 5.36 0.00
Operating Lease Payments Due in 2-3 Years 31.09 26.24 16.83 21.39 0.00
Operating Lease Payments Due in 4-5 Years 25.87 19.66 6.62 11.39 0.00
Standardized Operating Lease Payments Due in Year 6 and Beyond 9.26 26.70 9.80 8.51 0.00
Pension Obligation - Domestic 114.22 105.57 110.82 97.26 0.00
Plan Assets - Domestic 12.67 11.89 12.83 10.22 0.00
Funded Status - Domestic -101.55 -93.68 -97.99 -87.05 0.00
Accumulated Obligation - Domestic 105.10 97.30 101.40 87.20 0.00
Total Funded Status -101.55 -93.68 -97.99 -87.05 0.00
Discount Rate - Domestic 1.76 2.24 2.21 2.18 0.00
Compensation Rate - Domestic 3.76 3.60 3.64 3.65 0.00
Accrued Liabilities - Domestic 0.00 -94.25 -98.98 -87.70 0.00
Other Assets, Net - Domestic 0.00 0.57 0.99 0.65 0.00
Net Assets Recognized on Balance Sheet 0.00 -93.68 -97.99 -87.05 0.00
Equity % - Domestic 0.00 0.00 0.00 0.00 0.00
Private Investments % - Domestic 64.22 67.45 65.33 68.63 0.00
Other Investments % - Domestic 35.78 32.55 34.67 31.37 0.00
Total Plan Obligations 114.22 105.57 110.82 97.26 0.00
Total Plan Assets 12.67 11.89 12.83 10.22 0.00
Value of Bookings 0.00 2,515.00 1,993.00 2,066.00 1,981.00
Value of Backlog 1,500.00 3,173.00 1,750.00 1,652.00 1,575.00

Cash Flow

  Year Ending Dec 2019 (Update) Year Ending Dec 2018 (Update) Year Ending Dec 2017 (Update) Year Ending Dec 2016 (Update) Year Ending Dec 2015 (Update)
Net Income/Starting Line 52.42 -96.58 60.25 35.05 15.00
Depreciation – Supplemental 114.40 122.50 63.22 68.32 75.99
Depreciation/Depletion 114.40 122.50 63.22 68.32 75.99
Deferred Taxes -0.19 -19.13 50.67 13.79 1.49
Unusual Items -1.79 0.86 -2.30 7.19 0.98
Other Non-Cash Items 47.25 39.76 26.15 23.42 18.22
Non-Cash Items 45.47 40.62 23.85 30.61 19.20
Accounts Receivable -39.47 15.52 -17.57 -27.16 -9.01
Inventories -9.39 -25.61 -16.24 22.34 -52.74
Other Assets -24.08 -20.57 19.34 20.37 8.79
Accrued Expenses 30.84 -9.57 1.93 7.81 -10.87
Payable/Accrued 9.18 20.10 78.46 -37.31 -7.06
Other Liabilities 2.27 48.40 -51.86 -36.06 32.10
Other Operating Cash Flow -8.60 34.07 -20.68 18.09 0.45
Changes in Working Capital -39.25 62.35 -6.63 -31.93 -38.33
Cash from Operating Activities 172.84 109.76 191.35 115.84 73.35
Purchase of Fixed Assets -60.75 -59.95 -49.50 -43.54 -43.92
Capital Expenditures -60.75 -59.95 -49.50 -43.54 -43.92
Acquisition of Business -803.08 -99.39 -0.95 -5.75
Sale of Business --
Other Investing Cash Flow 12.57 0.37 0.70 -3.03 0.72
Other Investing Cash Flow Items, Total 12.57 -802.71 -98.68 -3.99 -5.03
Cash from Investing Activities -48.18 -862.66 -148.18 -47.53 -48.95
Other Financing Cash Flow -9.25 -28.93 -7.59 -2.67 -7.11
Financing Cash Flow Items -9.25 -28.93 -7.59 -2.67 -7.11
Sale/Issuance of Common 24.39 9.17 3.61 2.89 2.66
Repurchase/Retirement of Common -25.00 -- -- -38.28
Common Stock, Net -0.61 9.17 3.61 2.89 -35.62
Issuance (Retirement) of Stock, Net -0.61 9.17 3.61 2.89 -35.62
Total Debt Issued 50.00 778.94 335.00 15.88 113.47
Total Debt Reduction -137.66 -363.36 -29.06 -79.12 -63.00
Issuance (Retirement) of Debt, Net -87.66 415.58 305.94 -63.24 50.47
Cash from Financing Activities -97.52 395.82 301.96 -63.02 7.74
Foreign Exchange Effects 0.44 -7.93 8.64 -2.74 -13.49
Net Change in Cash 27.58 -365.01 353.77 2.55 18.65
Net Cash - Beginning Balance 122.33 487.34 133.57 131.02 112.37
Net Cash - Ending Balance 149.90 122.33 487.34 133.57 131.02
Cash Interest Paid 44.79 42.35 10.11 9.92 10.20
Cash Taxes Paid 12.04 13.77 28.97 24.29 29.19

In millions of USD (except for per share items)

Copyright Thomson Reuters Corporation