Financial Statements

Income Statement

  Year Ending Dec 2018 (Update) Year Ending Dec 2017 (Reclassified) Year Ending Dec 2016 (Reclassified) Year Ending Dec 2015 (Update)
Net Sales 2,376.12 2,018.20 2,013.19 1,883.53
Revenue 2,376.12 2,018.20 2,013.19 1,883.53
Total Revenue 2,376.12 2,018.20 2,013.19 1,883.53
Cost of Revenue 1,645.80 1,341.45 1,350.65 1,326.85
Cost of Revenue, Total 1,645.80 1,341.45 1,350.65 1,326.85
Gross Profit 730.32 676.75 662.53 556.69
Selling/General/Administrative Expense 423.21 325.26 319.57 317.10
Selling/General/Administrative Expenses, Total 423.21 325.26 319.57 317.10
Research & Development 207.91 169.41 167.77 162.33
Amortization of Intangibles, Operating 71.71 20.79 25.11 31.67
Depreciation/Amortization 71.71 20.79 25.11 31.67
Purchased R&D Written-Off -- -- -- --
Restructuring Charge 77.18 6.42 49.09 -7.26
Impairment-Assets Held for Use -- -- -- --
Other Unusual Expense (Income) -- -- -- --
Unusual Expense (Income) 77.18 6.42 49.09 -7.26
Total Operating Expense 2,425.81 1,863.32 1,912.19 1,830.69
Operating Income -49.69 154.88 100.99 52.85
Interest Expense - Non-Operating -57.83 -14.12 -13.65 -12.29
Interest Expense, Net Non-Operating -57.83 -14.12 -13.65 -12.29
Interest Income, Non-Operating 2.15 2.13 0.87 0.76
Investment Income, Non-Operating 3.07 -6.01 0.67 -3.15
Interest/Investment Income, Non-Operating 5.22 -3.88 1.53 -2.38
Interest Income (Expense), Net-Non-Operating, Total -52.60 -18.00 -12.12 -14.67
Other Non-Operating Income (Expense) -6.86 -2.30 -4.25 -1.07
Other, Net -6.86 -2.30 -4.25 -1.07
Net Income Before Taxes -109.15 134.58 84.63 37.10
Income Tax – Total -12.57 43.90 49.57 22.10
Income After Tax -96.58 90.67 35.05 15.00
Minority Interest -2.67 -2.95 -3.28 -2.33
Net Income Before Extraordinary Items -99.25 87.72 31.77 12.68
Extraordinary Item 0.00 -30.42 -- --
Total Extraordinary Items 0.00 -30.42 -- --
Net Income -99.25 57.30 31.77 12.68
Income Available to Common Excluding Extraordinary Items -99.25 87.72 31.77 12.68
Income Available to Common Stocks Including Extraordinary Items -99.25 57.30 31.77 12.68
Basic Weighted Average Shares 39.24 38.66 38.21 38.22
Basic EPS Excluding Extraordinary Items -2.53 2.27 0.83 0.33
Basic EPS Including Extraordinary Items -2.53 1.48 0.83 0.33
Dilution Adjustment -- -- -- --
Diluted Net Income -99.25 57.30 31.77 12.68
Diluted Weighted Average Shares 39.24 39.39 38.64 38.51
Diluted EPS Excluding Extraordinary Items -2.53 2.23 0.82 0.33
Diluted EPS Including Extraordinary Items -2.53 1.45 0.82 0.33
DPS - Common Stock Primary Issue -- -- -- 0.00
Gross Dividends - Common Stock 0.00 0.00 0.00 0.00
Total Special Items 77.18 6.42 49.09 -7.26
Normalized Income Before Taxes -31.97 140.99 133.72 29.84
Effect of Special Items on Income Taxes 27.01 2.09 28.76 -4.33
Income Taxes Excluding Impact of Special Items 14.44 46.00 78.33 17.77
Normalized Income After Taxes -46.41 95.00 55.39 12.07
Normalized Income Available to Common -49.08 92.05 52.10 9.74
Basic Normalized EPS -1.25 2.38 1.36 0.25
Diluted Normalized EPS -1.25 2.34 1.35 0.25
Amortization of Intangibles, Supplemental 71.71 20.79 25.11 31.67
Depreciation, Supplemental 50.78 42.43 43.21 44.32
Interest Expense, Supplemental 108.98 26.90 26.10 12.29
Interest Capitalized, Supplemental -- -- -- --
Rental Expense, Supplemental 24.45 14.82 14.23 15.52
Stock-Based Compensation, Supplemental 33.43 23.15 19.11 14.09
Minority Interest, Supplemental -2.67 -2.95 -3.28 -2.33
Research & Development Expense, Supplemental 207.91 169.41 167.77 162.33
Audit-Related Fees, Supplemental 11.49 6.12 5.17 11.14
Audit-Related Fees 0.00 0.98 0.00 0.11
Tax Fees, Supplemental 1.91 1.49 2.33 0.02
All Other Fees Paid to Auditor, Supplemental 0.04 0.00 0.00 0.00
Gross Margin 30.74 33.53 32.91 29.56
Operating Margin -2.09 7.67 5.02 2.81
Pretax Margin -4.59 6.67 4.20 1.97
Effective Tax Rate -- 32.62 58.58 59.56
Net Profit Margin -4.18 4.35 1.58 0.67
Normalized EBIT 27.49 161.30 150.08 45.58
Normalized EBITDA 149.99 224.51 218.40 121.58
Current Tax - Domestic -7.70 7.68 20.49 5.03
Current Tax - Foreign 14.62 12.14 12.59 13.95
Current Tax - Local -0.36 3.84 2.71 1.63
Current Tax - Total 6.56 23.66 35.78 20.61
Deferred Tax - Domestic -17.46 9.92 10.81 3.95
Deferred Tax - Foreign -22.91 3.48 -24.82 -41.89
Deferred Tax - Local -4.49 -1.14 1.16 -0.97
Deferred Tax - Total -44.86 12.25 -12.85 -38.91
Other Tax 25.73 7.99 26.64 40.40
Income Tax - Total -12.57 43.90 49.57 22.10
Interest Cost - Domestic 2.32 2.26 2.57 2.38
Service Cost - Domestic 4.03 3.97 3.47 4.57
Prior Service Cost - Domestic 0.06 0.06 0.06 0.06
Expected Return on Assets - Domestic -0.67 -0.59 -0.54 -0.50
Actuarial Gains and Losses - Domestic 1.53 2.31 1.35 1.98
Curtailments & Settlements - Domestic 0.00 -0.59 1.34 0.42
Domestic Pension Plan Expense 7.28 7.42 8.25 8.91
Defined Contribution Expense - Domestic 27.06 51.71 51.32 6.58
Total Pension Expense 34.34 59.13 59.57 15.49
Discount Rate - Domestic 2.21 2.18 2.59 2.36
Expected Rate of Return - Domestic 5.58 5.58 5.29 5.45
Compensation Rate - Domestic 3.64 3.65 3.60 3.37
Total Plan Interest Cost 2.32 2.26 2.57 2.38
Total Plan Service Cost 4.03 3.97 3.47 4.57
Total Plan Expected Return -0.67 -0.59 -0.54 -0.50

Balance Sheet

  Year Ending Dec 2018 (Update) Year Ending Dec 2017 (Update) Year Ending Dec 2016 (Update) Year Ending Dec 2015 (Reclassified) Year Ending Dec 2014 (Restated)
Cash & Equivalents 120.22 176.27 133.57 131.02 112.37
Cash and Short Term Investments 120.22 176.27 133.57 131.02 112.37
Accounts Receivable - Trade, Gross 422.83 373.00 303.19 304.50 327.50
Provision for Doubtful Accounts -6.33 -3.96 -3.32 -5.95 -6.20
Accounts Receivable - Trade, Net 437.16 398.03 351.51 330.90 346.55
Total Receivables, Net 437.16 398.03 351.51 330.90 346.55
Inventories - Finished Goods 77.53 57.32 51.85 69.87 54.67
Inventories - Work In Progress 9.74 9.86 7.93 9.40 8.99
Inventories - Raw Materials 133.40 126.66 103.27 111.19 90.56
Total Inventory 220.67 193.84 163.05 190.47 154.22
Deferred Income Tax - Current Asset 0.00 0.00 0.00 0.00 45.50
Other Current Assets 118.09 81.60 84.35 106.56 123.82
Other Current Assets, Total 118.09 81.60 84.35 106.56 169.32
Total Current Assets 896.14 849.74 732.47 758.94 782.46
Buildings - Gross 146.07 135.57 122.68 127.53 134.46
Land/Improvements - Gross 14.98 18.43 17.18 19.88 21.76
Machinery/Equipment - Gross 420.26 415.14 377.87 393.33 387.66
Construction in Progress - Gross 49.68 39.95 29.36 32.64 20.58
Property/Plant/Equipment, Total - Gross 631.00 609.08 547.09 573.38 564.46
Accumulated Depreciation, Total -404.45 -408.31 -370.63 -383.12 -357.31
Property/Plant/Equipment, Total - Net 226.55 200.77 176.46 190.26 207.15
Goodwill, Net 1,116.53 555.76 452.49 468.12 500.82
Intangibles - Gross 981.16 769.85 669.90 702.51 748.15
Accumulated Intangible Amortization -723.58 -674.62 -597.75 -600.58 -608.24
Intangibles, Net 257.58 95.23 72.15 101.93 139.91
Deferred Income Tax - Long Term Asset 64.83 49.97 94.11 109.39 74.44
Restricted Cash - Long Term 2.06 311.01 0.00 0.00 0.00
Other Long Term Assets 45.29 43.67 50.13 51.68 46.97
Other Long Term Assets, Total 112.17 404.65 144.24 161.07 121.40
Total Assets 2,608.98 2,106.15 1,577.81 1,680.32 1,751.75
Accounts Payable 309.95 262.17 172.71 185.83 183.83
Accrued Expenses 88.60 90.51 82.35 76.98 94.82
Notes Payable/Short Term Debt 0.00 0.00 0.00 0.00 0.00
Current Portion of Long Term Debt/Capital Leases 28.44 19.69 14.06 11.25 30.00
Customer Advances 93.62 41.44 64.98 73.30 67.01
Income Taxes Payable 14.75 16.10 10.45 14.86 21.95
Deferred Income Tax - Current Liability 0.00 0.00 0.00 0.00 0.00
Other Current Liabilities 117.34 77.89 68.50 115.56 122.46
Other Current liabilities, Total 225.72 135.42 143.93 203.72 211.42
Total Current Liabilities 652.71 507.78 413.05 477.77 520.07
Long Term Debt 988.19 593.57 290.46 358.92 293.97
Total Long Term Debt 988.19 593.57 290.46 358.92 293.97
Total Debt 1,016.62 613.26 304.52 370.17 323.97
Deferred Income Tax - Long Term Liability 1.54 1.53 3.07 1.72 3.81
Deferred Income Tax 1.54 1.53 3.07 1.72 3.81
Minority Interest 21.39 19.22 18.75 17.95 17.54
Reserves 13.24 13.71 18.43 17.59 15.40
Pension Benefits - Underfunded 91.52 95.72 84.50 85.97 101.86
Other Long Term Liabilities 127.74 88.21 117.95 115.65 118.09
Other Liabilities, Total 232.50 197.64 220.88 219.20 235.36
Total Liabilities 1,896.32 1,319.73 946.21 1,075.56 1,070.75
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 1,334.36 1,294.77 1,270.47 1,246.67 1,270.05
Common Stock, Total 1,334.36 1,294.77 1,270.47 1,246.67 1,270.05
Retained Earnings (Accumulated Deficit) -425.40 -337.87 -409.54 -441.31 -453.98
Unrealized Gain (Loss) -14.38 -14.38 -14.38 -14.38 -14.38
Cumulative Translation Adjustment -157.49 -128.65 -182.99 -158.01 -85.08
Other Equity 0.00 0.00 0.00 0.00 0.00
Minimum Pension Liability Adjustment -25.64 -28.42 -32.00 -28.54 -34.83
Other Comprehensive Income 1.20 0.97 0.04 0.32 -0.77
Other Equity, Total -181.93 -156.10 -214.95 -186.23 -120.68
Total Equity 712.66 786.42 631.60 604.76 681.00
Total Liabilities & Shareholders' Equity 2,608.98 2,106.15 1,577.81 1,680.32 1,751.75
Shares Outstanding – Common Stock Primary Issue 39.50 38.77 38.32 37.91 38.59
Total Common Shares Outstanding 39.50 38.77 38.32 37.91 38.59
Treasury Shares – Common Primary Issue 0.00 0.00 0.00 0.00 0.00
Employees 8,000.00 7,800.00 7,300.00 7,900.00 8,000.00
Number of Common Shareholders 192.00 203.00 218.00 224.00 243.00
Accumulated Intangible Amortization 723.58 674.62 597.75 600.58 608.24
Deferred Revenue - Current 93.62 41.44 64.98 73.30 67.01
Total Current Assets less Inventory 675.47 655.91 569.42 568.48 628.24
Quick Ratio 1.03 1.29 1.38 1.19 1.21
Current Ratio 1.37 1.67 1.77 1.59 1.50
Net Debt 917.79 456.20 189.71 257.09 229.14
Tangible Book Value -661.45 135.43 106.96 34.70 40.27
Tangible Book Value per Share -16.75 3.49 2.79 0.92 1.04
Total Long Term Debt, Supplemental 1,284.26 319.48 305.29 0.00 0.00
Long Term Debt Maturing within 1 Year 75.80 19.69 14.06 0.00 0.00
Long Term Debt Maturing in Year 2 97.06 22.50 19.69 0.00 0.00
Long Term Debt Maturing in Year 3 97.06 277.29 22.50 0.00 0.00
Long Term Debt Maturing in Year 4 282.17 0.00 249.04 0.00 0.00
Long Term Debt Maturing in Year 5 282.17 0.00 0.00 0.00 0.00
Long Term Debt Maturing in 2-3 Years 194.13 299.79 42.19 0.00 0.00
Long Term Debt Maturing in 4-5 Years 564.34 0.00 249.04 0.00 0.00
Long Term Debt Maturing in Year 6 & Beyond 450.00 0.00 0.00 0.00 0.00
Total Operating Leases 90.06 48.60 54.42 0.00 0.00
Operating Lease Payments Due in Year 1 17.46 15.35 13.13 0.00 0.00
Operating Lease Payments Due in Year 2 14.23 10.27 12.24 0.00 0.00
Operating Lease Payments Due in Year 3 12.01 6.56 9.15 0.00 0.00
Operating Lease Payments Due in Year 4 9.76 3.73 6.03 0.00 0.00
Operating Lease Payments Due in Year 5 9.90 2.89 5.36 0.00 0.00
Operating Lease Payments Due in 2-3 Years 26.24 16.83 21.39 0.00 0.00
Operating Lease Payments Due in 4-5 Years 19.66 6.62 11.39 0.00 0.00
Standardized Operating Lease Payments Due in Year 6 and Beyond 26.70 9.80 8.51 0.00 0.00
Pension Obligation - Domestic 105.57 110.82 97.26 0.00 0.00
Plan Assets - Domestic 11.89 12.83 10.22 0.00 0.00
Funded Status - Domestic -93.68 -97.99 -87.05 0.00 0.00
Accumulated Obligation - Domestic 97.30 101.40 87.20 0.00 0.00
Total Funded Status -93.68 -97.99 -87.05 0.00 0.00
Discount Rate - Domestic 2.24 2.21 2.18 0.00 0.00
Compensation Rate - Domestic 3.60 3.64 3.65 0.00 0.00
Accrued Liabilities - Domestic -94.25 -98.98 -87.70 0.00 0.00
Other Assets, Net - Domestic 0.57 0.99 0.65 0.00 0.00
Net Assets Recognized on Balance Sheet -93.68 -97.99 -87.05 0.00 0.00
Equity % - Domestic 0.00 0.00 0.00 0.00 0.00
Private Investments % - Domestic 67.45 65.33 68.63 0.00 0.00
Other Investments % - Domestic 32.55 34.67 31.37 0.00 0.00
Total Plan Obligations 105.57 110.82 97.26 0.00 0.00
Total Plan Assets 11.89 12.83 10.22 0.00 0.00
Value of Bookings 2,515.00 1,993.00 0.00 0.00 2,385.00
Value of Backlog 3,173.00 1,750.00 1,652.00 0.00 1,516.00

Cash Flow

  Year Ending Dec 2018 (Update) Year Ending Dec 2017 (Update) Year Ending Dec 2016 (Update) Year Ending Dec 2015 (Update) Year Ending Dec 2014 (Reclassified)
Net Income/Starting Line -96.58 60.25 35.05 15.00 -22.30
Depreciation – Supplemental 122.50 63.22 68.32 75.99 98.14
Depreciation/Depletion 122.50 63.22 68.32 75.99 98.14
Deferred Taxes -19.13 50.67 13.79 1.49 -34.76
Unusual Items 0.86 -2.30 7.19 0.98 5.17
Purchased R&D
Other Non-Cash Items 39.76 26.15 23.42 18.22 20.39
Non-Cash Items 40.62 23.85 30.61 19.20 25.56
Accounts Receivable 15.52 -17.57 -27.16 -9.01 -15.12
Inventories -25.61 -16.24 22.34 -52.74 7.21
Other Assets -20.57 19.34 20.37 8.79 -23.49
Accrued Expenses -9.57 1.93 7.81 -10.87 7.50
Payable/Accrued 20.10 78.46 -37.31 -7.06 56.16
Other Liabilities 48.40 -51.86 -36.06 32.10 23.29
Other Operating Cash Flow 34.07 -20.68 18.09 0.45 10.78
Changes in Working Capital 62.35 -6.63 -31.93 -38.33 66.33
Cash from Operating Activities 109.76 191.35 115.84 73.35 132.97
Purchase of Fixed Assets -59.95 -49.50 -43.54 -43.92 -44.50
Capital Expenditures -59.95 -49.50 -43.54 -43.92 -44.50
Acquisition of Business -803.08 -99.39 -0.95 -5.75
Sale of Business --
Sale/Maturity of Investment
Other Investing Cash Flow 0.37 0.70 -3.03 0.72 3.00
Other Investing Cash Flow Items, Total -802.71 -98.68 -3.99 -5.03 3.00
Cash from Investing Activities -862.66 -148.18 -47.53 -48.95 -41.50
Other Financing Cash Flow -28.93 -7.59 -2.67 -7.11 -1.08
Financing Cash Flow Items -28.93 -7.59 -2.67 -7.11 -1.08
Sale/Issuance of Common 9.17 3.61 2.89 2.66 3.65
Repurchase/Retirement of Common -- -- -38.28 -39.67
Common Stock, Net 9.17 3.61 2.89 -35.62 -36.02
Issuance (Retirement) of Stock, Net 9.17 3.61 2.89 -35.62 -36.02
Total Debt Issued 778.94 335.00 15.88 113.47 47.66
Total Debt Reduction -363.36 -29.06 -79.12 -63.00 -102.44
Issuance (Retirement) of Debt, Net 415.58 305.94 -63.24 50.47 -54.78
Cash from Financing Activities 395.82 301.96 -63.02 7.74 -91.88
Foreign Exchange Effects -7.93 8.64 -2.74 -13.49 -12.03
Net Change in Cash -365.01 353.77 2.55 18.65 -12.43
Net Cash - Beginning Balance 487.34 133.57 131.02 112.37 124.81
Net Cash - Ending Balance 122.33 487.34 133.57 131.02 112.37
Cash Interest Paid 42.35 10.11 9.92 10.20 9.91
Cash Taxes Paid 13.77 28.97 24.29 29.19 18.22

In millions of USD (except for per share items)

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