MIRA
INFORM REPORT
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Report Date : |
23.07.2012 |
IDENTIFICATION DETAILS
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Name : |
ITRON, INC. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1977 |
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Legal Form : |
Public Parent |
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Line of Business : |
Delivers end-to-end smart metering solutions to electric, natural gas, and water utilities worldwide |
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No. of Employees : |
9,600 |
RATING & COMMENTS
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MIRAs Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name and address
Itron, Inc.
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Business
Description
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Itron, Inc. (Itron) is a technology company that delivers end-to-end
smart metering solutions to electric, natural gas, and water utilities
worldwide. Itron operate under the Itron brand worldwide. As of December 31,
2011, the Company’s segments included Itron North America and Itron
International. In March 2011, it announced the reorganization of its global
organizational structure by which the Company will be managed under two
operating segments, Energy and Water. Itron’s offerings include
electricity, natural gas, and water metering systems, software, and services.
The Company’s metering systems include three categories: standard metering,
advanced metering systems and technology, and smart metering systems and technology.
In January 2011, Itron completed the acquisition of Asais S.A.S. and Asais
Conseil S.A.S. (collectively Asais), an energy information management
software and consulting services provider, located in France. In May 2012, it
acquired SmartSynch. For the three months ended 31 March 2011, Itron Inc.'s
revenues increased 13% to $563.7M. Net income increased 7% to $27.1M.
Revenues reflect an increase in sales from Europe segment and higher income
from United States & Canada segment. Net income was partially offset by
an increase in cost of sales, higher sales & marketing expenses, a rise
in product development expenses and increased other expenses. |
Industry
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Industry |
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ANZSIC 2006: |
2419 - Other Professional and Scientific Equipment
Manufacturing |
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NACE 2002: |
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NAICS 2002: |
334515 - Instrument Manufacturing for Measuring and
Testing Electricity and Electrical Signals |
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UK SIC 2003: |
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US SIC 1987: |
3825 - Instruments for Measuring and Testing of
Electricity and Electrical Signals |
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Key Executives (Emails Available)
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Significant Developments
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News
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Financial
Summary
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Stock
Snapshot
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1 - Profit &
Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
Corporate Overview
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Itron, Inc. The Strategic Initiatives report is created using technology to
extract meaningful insights from analyst reports about a company's strategic
projects and investments. More about Strategic Initiatives
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Key Organizational Changes |
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Any unfavorable results from these lawsuits will lead to penalties or
closure of product or business operations of the company. Involvement in
litigations like these can adversely affect the position or business of the
company.Strategic Acquisition and AlliancesStrategic acquisitions and
partnerships could help the company maintain its competitive position in the
industry. In 2010, the company entered into an agreement for the acquisition
of Asais, an energy information management software and consulting services
supplier. This strategic acquisition contributes to the expansion of
end-to-end solutions portfolio of the company. Itron also signed a strategic
partnership agreement with Hager Group, for the development of smart metering
technologies for German market. |
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Adjusted EBITDA was up 62 percent for the year. Non-GAAP operating
margin increased to 11.2 percent, and we paid down $155 million of debt.
Since the acquisition of Actaris in 2007, we have aggressively reduced our
debt by over $1 billion. Much of our current growth is coming from products
and systems that are less than three years old—part of an innovation
pipeline that will lead to healthy growth for years to come. We ended the
year with a 12-month backlog of $913 million, compared to $807 million at the
beginning of 2010. |
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Partnerships |
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Mark Thurman, president for Cooper Power Systems, said, "Cooper
Power Systems continues to expand the metering options available for our
utility customers and this continued relationship with Itron has enabled us
to be one of the first to market on this RF platform—providing further
evidence of our leadership position. The Itron metering platform is one of
the workhorses behind Cooper Power Systems comprehensive suite of AMI
technologies which enable communications in all types of service territories."
Mark deVere-White, senior vice president of Itron Energy Group in North
America, said, "The market increasingly demands more choice and through
continued collaboration with companies like Cooper Power Systems, Itron can
offer a variety of deployment choices that meet specific customer needs.
Itron's CENTRON II meter was built to address the ever-changing business
drivers of the electricity market. With integrated Cooper Power Systems RF
and PLC communications, the flexible CENTRON II meter provides the perfect
platform to meet current and future business needs. |
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By providing customers with the tools needed to reduce their
electricity usage, SCE is targeting a reduction in peak load of 1,000 MW and
reduced GHG (greenhouse gases) of 365,000 tons per year, which equates to
removing about 79,000 vehicles from the road.Mar 22, 2012US Government
Announces New Commitments Of Nine Companies To Give 15 Million Households
Tools To Shrink Their Energy BillsThe US government announced that nine major
utilities and electricity suppliers will commit to providing more than 15
million households access to data about their own energy use with a simple
click of an online 'Green Button'. By providing consumers with secure,
easy-to-understand information about how they are using energy in their
households, Green Button can help them reduce waste and shrink bills.John
Holdren, assistant to the president and director of the White House Office of
Science and Technology Policy, said, "Empowering American families to
shrink their own utility bills is an important part of this administration's
all-of-the-above energy strategy. With new online tools made possible by the
Green Button, families will have easy access to information on how they can
reduce their energy use and put more money in their pocket." Inspired by
a White House call to action, Green Button is an industry-led effort that
allows electricity customers to download their household or building
energy-use data in a consumer- and computer-friendly format. |
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, serving 1.2 million customers in Maryland; • CenterPoint Energy,
Inc., serving 1.8 million households in Texas; • Commonwealth Edison Co.,
serving 3.4 million households in Illinois; • NSTAR, serving 1.1 million
households in Massachusetts; • PECO Energy Company, serving 1.4 million
households in Pennsylvania; • Reliant Energy Retail Holdings, LLC, serving
1.5 million customers in Texas; • Virginia Dominion Power, serving 2.4
million customers in Virginia and North Carolina. These utilities have agreed
to base their Green Buttons on a common technical standard developed in
collaboration with a public-private partnership supported by the Commerce
Department's National Institute of Standards and Technology. Adoption of a
consensus standard by utilities across the nation means software developers
and other entrepreneurs have a sufficiently large market to support the
creation of innovative applications that can help consumers make the most of
their energy information. Companies announced commitments to support utility
deployment of Green Button include Itron, Inc., OPower, Inc., Oracle Corp.,
and Silver Spring Networks, Inc., joining existing commitments from Aclara
Software, Inc. and Tendril. |
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• Setting new standards for residential and commercial appliances:
In August 2011, DOE issued final energy efficiency standards for home
refrigerators and freezers that will improve their efficiency by about 25% by
2014. These standards are expected to deliver more than $200 in electricity
bill savings for the typical consumer.Mar 02, 2012Cooper Power Systems And
Itron Announce Availability Of CENTRON II Meter With PLC CommunicationsCooper
Power Systems, Inc. and Itron, Inc. announced the availability of the Itron
CENTRON II meter integrated with Cooper Power Systems power line carrier
(PLC) communications technology.Mark Thurman, president for Cooper Power
Systems, said, "Utility customers have long used the proven and mature
CENTRON meter for their residential metering needs and through true
collaboration with Itron, Cooper Power Systems can now offer utility
customers more choices when it comes to meters. Cooper Power Systems is one
of the first smart grid technology vendors to release integrated communications
on the Itron metering platform—a clear indication of our leadership in
offering multi-vendor meter solutions and ability to deliver on our
customers' expectations to embrace new technology." Mark deVere-White,
senior vice president of Itron Energy Group in North America and Latin
America, said, "Our collaboration with Cooper Power Systems and the
resulting integrated product exemplify Itron's commitment to giving our
customers a variety of deployment choices to meet their specific needs. |
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mature CENTRON meter for their residential metering needs and through
true collaboration with Itron, Cooper Power Systems can now offer utility
customers more choices when it comes to meters. Cooper Power Systems is one
of the first smart grid technology vendors to release integrated
communications on the Itron metering platform—a clear indication of our
leadership in offering multi-vendor meter solutions and ability to deliver on
our customers' expectations to embrace new technology." Mark
deVere-White, senior vice president of Itron Energy Group in North America
and Latin America, said, "Our collaboration with Cooper Power Systems
and the resulting integrated product exemplify Itron's commitment to giving
our customers a variety of deployment choices to meet their specific needs.
The adaptable CENTRON II meter offers the best in metering technology,
including accuracy, reliability and serviceability. With the integrated
Cooper Power Systems PLC communications, the CENTRON II provides the perfect
platform to meet current and future business needs, with applications ranging
from standard metering to smart grid initiatives. |
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We're taking this opportunity to test how we can build a flexible and
intelligent grid that will optimize the flow of distributed energy resources,
enhance the performance of electricity distribution systems, and provide our
customers with choice and control over how they manage their energy
use." National Grid said that its involvement with this technology trial
also supports their vision for joining with industry and policy leaders to
provide communities and customers the best options for conservation and
energy management. Russ Vanos, vice president for smart grid solutions at
Itron, said, "Our collaboration with National Grid represents a
significant milestone in Itron's efforts to evolve smart grid communications
from proprietary systems to true, multi-application networks built on open
standards. By working with global leaders such as National Grid and Cisco, we
are bringing to market a solution that will fundamentally transform and
simplify the way utilities execute to their smart grid
strategies."GlobalData uses a range of research techniques to gather and
verify its information and analysis. |
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Overview
Itron is one of the leading companies involved in the supply of smart
grid and smart distribution solutions to diverse customers. It also offers
related services such as project management, installation and consulting services.
The company’s wide portfolio of products and services and increasing order
backlog are its key strengths. However, ongoing law suits and reliance on few
customers are major concerns for the company. Strategic acquisitions and
evolving metering technology give an opportunity for the company to increase
its market share and revenue streams. However, increasing labor costs and
intense competition could adversely affect its operational and financial
performance.
Strengths
High Return on Equity
The company's return on equity (ROE) was 7.3% for fiscal year 2010, as
compared to -0.1% for fiscal year 2009. Its return on capital employed (ROCE)
increased to 9.0% for 2010, from 1.3% in the previous year. Additionally, in
2010, its return on assets (ROA) stood at 3.8%, as compared to -0.07% in 2009.
The high return on equity can be attributed to high net income of $104.7m in
2010, as compared to $-2.2m in 2009. Further, Itron has reported an increase in
current asset turnover during the fiscal year 2010 over the past few years. The
company reported current asset turnover of 2.5 in 2010 as compared to 2.3 in
2009. This indicates that Itron is able to convert its current assets to
generate high sales. Such effectiveness in converting its short term assets into
sales and high returns on equity remains an area of strength for the company.
Extensive Product and Service Portfolio
The company offers a comprehensive portfolio of products and services to
energy and water utilities. Through its operating segments, Itron North America
and Itron International, the company delivers its solutions across the world.
It offers handheld systems, AMR and smart meter systems, transformers, AMR
modules and other network technologies to electric and gas utilities. The
company also provides a wide range of services including software solutions,
implementation, consulting and installation, meter data management, and
prepayment and managed services. Such established portfolio of products and
services gives a competitive edge to the company over its peers. In addition,
it also mitigates the risks associated with one specific product segment.
Strong Sales and Distribution Channels
Itron markets its products through a combination of direct and indirect
sales channels in both North America and International markets. The company’s
direct sales channel primarily serve large electric, gas and water utilities
with which Itron has established strategic relationships. Its indirect sales
channel serves a large number of small utilities in the energy sector. The
company’s indirect sales channel comprises representative agencies,
distributors, partners and meter manufacturer representatives. It also
commercializes its North America and European AMR/AMI technology through OEM
arrangements with other meter manufacturers. Thus, it has greatly made efforts
to reduce the dependence on one particular market and customer.
Increasing Order Backlog
Itron’s order backlog strengthens its revenue stream under the current
economic situation. The company had consolidated order backlog of $1.62 billion
in 2010 as compared to $1.48 billion in 2009. The current order backlog of
Itron represents 72% of total revenue in 2010. The company’s backlog is
increasing gradually over the past few years, which is a sign of customer’s
confidence in the company.
Weaknesses
More Focus on Few Customers
The company is highly dependent on top ten customers which contribute to
a substantial portion of the company’s net sales. The loss of one or more of
these customers could hamper results of operations of the company. These
customers accounted for approximately 34%, 17%, and 15% of total revenues in
2010, 2009, and 2008. Moreover, the company doesn’t have long-term supply
contracts for its sales with these customers therefore, there is no surety
whether they will continue to remain Itron’s customers in the future. Such
instances, may have an adverse effect on company's financial condition.
Legal Proceedings
Litigation and lawsuits against the company could not only have an
adverse impact on the company's financial but also can impact the brand image
of the company in the longer run. Itron is involved in different claims,
litigation matters and regulatory proceedings, which arise in the regular
course of its business. In 2011, Law Offices of Goldfarb Branham LLP forwarded
an investigating allegations that the board of directors of Itron, Inc. have
violated shareholder-protection laws by issuing false and misleading financial
statements during the period of April 28, 2010 to February 16, 2011. Further,
in the same year, Bernstein Liebhard LLP filed a lawsuit in the United States
District Court for the Eastern District of Washington on behalf of investors
who purchased Itron, Inc. securities between the period of April 28, 2010, and
February 16, 2011. Earlier, in 2009, Cinclus Technology (Cinclus) filed a law
suit against the company’s UK based entity, Itron Metering Solutions UK Ltd
(Itron UK). The lawsuit alleges the sale of fault meters by the company during
the E.ON installation project (2007-2009). Cinclus claimed that the Itron
meters failed to function effectively in certain environments that resulted in
inaccurate measurement of energy. Cinclus claimed replacement of all the meters
at Itron UK’s cost and expense. Itron UK has plans to defend these claims in the
court. Any unfavorable results from these lawsuits will lead to penalties or
closure of product or business operations of the company. Involvement in
litigations like these can adversely affect the position or business of the
company.
Opportunities
Strategic Acquisition and Alliances
Strategic acquisitions and partnerships could help the company maintain
its competitive position in the industry. In 2010, the company entered into an
agreement for the acquisition of Asais, an energy information management
software and consulting services supplier. This strategic acquisition
contributes to the expansion of end-to-end solutions portfolio of the company.
Itron also signed a strategic partnership agreement with Hager Group, for the
development of smart metering technologies for German market. In addition, it
also formed a strategic alliance with Cisco for developing next-generation
smart grid platform. In September 2009, the company entered into a partnership
with EnergyHub, a leading home energy solutions provider. The partnership
covers integration of Itron’s ERT reading technology with Energy Hub’s
in-home energy management devices. Such growth through acquisition enhances the
depth of expertise, broadens the company's products portfolio and increases the
shareholder value. A successful integration of such acquisitions could
facilitate the company to increase its customer base, attain economy of scale
and enter into new markets. Through acquisition and alliances, the company
could also get the opportunity to enhance its technology.
Evolving Metering Technology
Utility companies aim to replace current customer meters with new smart
meters in the coming years. Billing errors are a major challenge for utility
companies worldwide. Investments are being made in new and information-rich
customer billing systems. Advanced metering infrastructure (AMI) and other
smart meter/grid technologies are being explored and implemented by nearly
every large-scale utility. This technology will help customers to access their detailed
usage data online and benefit from the new rate options to better manage their
energy consumption and control their energy bills. Implementing advanced
metering is a major step forward in facilitating energy efficiency and enabling
the company to pinpoint power outages and restore power faster, avoid estimated
bills and identify potential service problems much more effectively. Such
market scenario gives an opportunity for the company to increase its market
share.
European Union Directive
European Union has issued a directive of 20% energy efficiency, 20%
carbon emission reductions, and 20% renewable energy by 2020. This directive
would definitely boost the sale of company’s products. As a step towards
implementing this directive, the United Kingdom has taken initiatives to
replace all electric and water meters with smart meters by 2020. In addition,
several other countries have taken priority initiatives through local
regulatory bodies. Such environment regulations give an opportunity for the company
to increase its market share and revenue.
Threats
Rapid Technological Changes
The company's products are characterized by swift technological changes,
which may affect its business operations. To compete effectively with its
peers, the company needs to develop new products constantly that meet the
customers’ requirements. Further, utility companies are shifting to low cost
technologies for supporting their capital-intensive investments. The
introduction of innovative products or the adoption of new industry standards
can make existing products, or products under development, obsolete and
unmarketable. Inability to study the evolving technological landscape may
impact the company’s competitive position.
Increasing competition
Itron faces competitive pressure from several companies in each of the
markets it serves. Some of its present and potential future competitors have,
or may have substantially greater financial, marketing, technical or
manufacturing resources and, in some cases, have greater brand recognition and
experience. It principally competes with General Electric Company, ESCO
Technologies Inc., eMeter Corporation, Oracle Corporation, Sensus Metering
Systems Inc., Badger Meter, Inc., OSIsoft, LLC., Cooper Industries plc, Silver
Spring Networks, Inc., Emerson Electric Co., Jiangxi Sanchuan Water Meter Co.,
Ltd., Landis+Gyr AG, Dresser, Inc., Trilliant Incorporated and Others. The
company also faces threat from companies that operate at low profit margins.
Furthermore, the industry is expected to witness acquisitions and strategic
alliances that would further intensify the competition. Inability to sustain
this intense competition is likely to have adverse effect on Itron’s business
operations and financial condition.
Hike in Labor Costs
In the wake of globalization, the costs of labor are also increasing at
a phenomenal pace. The government has passed a resolution to increase labor
costs, due to increased overtime and tight labor markets. The rise in labor
costs across the world could be a cause of concern for Itron. For instance
recently, the US government increased the minimum wage rate from $7.75 per hour
in 2010 to $8.5 an hour in January 2011. Further, the UK government increased
minimum wage by 2.2% from £5.80 per hour in 2009 to £5.93 an hour in October
2010. The company’s wage bill is increasing due to the increase in the labor
costs, coupled with a higher proportion of full-time employees. Going forward,
there may be regulatory pressure to revise wages of majority of the company’s
9,500 employees. If Itron fails to comply with future wage increases, it may
face labor strikes that might result in huge losses to the company.
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Corporate Structure News
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Itron, Inc. |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Liberty Lake, WA |
United States |
Scientific and Technical Instruments |
2,434.1 |
9,600 |
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Subsidiary |
Issy Les Moulineux |
France |
Scientific and Technical Instruments |
379.3 |
1,036 |
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Subsidiary |
Dordrecht, Zuid-Holland |
Netherlands |
Scientific and Technical Instruments |
37.4 |
6,000 |
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Branch |
West Union, SC |
United States |
Construction Services |
141.4 |
752 |
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Branch |
Waseca, MN |
United States |
Business Services |
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500 |
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Subsidiary |
Godollo |
Hungary |
Scientific and Technical Instruments |
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300 |
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Branch |
Raleigh, NC |
United States |
Construction Services |
38.4 |
204 |
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Subsidiary |
Owenton, KY |
United States |
Construction Services |
99.4 |
200 |
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Subsidiary |
Owenton, KY |
United States |
Scientific and Technical Instruments |
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200 |
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Subsidiary |
Cinisello Balsamo, Milano |
Italy |
Scientific and Technical Instruments |
77.2 |
136 |
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Subsidiary |
Dordrecht |
Netherlands |
Scientific and Technical Instruments |
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120 |
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Subsidiary |
Greenwood, SC |
United States |
Scientific and Technical Instruments |
53.4 |
114 |
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Subsidiary |
Barcelona |
Spain |
Scientific and Technical Instruments |
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90 |
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Subsidiary |
Buenos Aires |
Argentina |
Scientific and Technical Instruments |
22.9 |
75 |
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Branch |
Oakland, CA |
United States |
Software and Programming |
0.8 |
85 |
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Subsidiary |
Jackson, MS |
United States |
Software and Programming |
13.2 |
68 |
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Branch |
Flowood, MS |
United States |
Computer Services |
2.5 |
14 |
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Subsidiary |
North Richland Hills, TX |
United States |
Computer Peripherals |
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10 |
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Subsidiary |
Mexico City, Federal District |
Mexico |
Miscellaneous Capital Goods |
8.0 |
50 |
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Subsidiary |
Noisy Le Grand |
France |
Computer Services |
5.2 |
34 |
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Branch |
San Diego, CA |
United States |
Construction Services |
5.6 |
30 |
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Subsidiary |
Adelaide, SA |
Australia |
Scientific and Technical Instruments |
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27 |
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Subsidiary |
Sydney, NSW |
Australia |
Computer Hardware |
3.3 |
20 |
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Branch |
Vancouver, WA |
United States |
Construction Services |
1.5 |
8 |
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Branch |
Boston, MA |
United States |
Construction Services |
0.8 |
4 |
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Branch |
Berkeley, CA |
United States |
Construction Services |
0.8 |
4 |
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Branch |
Milford, CT |
United States |
Construction Services |
0.8 |
4 |
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Branch |
West Roxbury, MA |
United States |
Construction Services |
0.8 |
4 |
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Branch |
Santa Fe Springs, CA |
United States |
Construction Services |
0.8 |
4 |
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Branch |
Philadelphia, PA |
United States |
Construction Services |
0.8 |
4 |
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Branch |
Pittsburgh, PA |
United States |
Construction Services |
0.2 |
1 |
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Subsidiary |
London |
United Kingdom |
Business Services |
0.0 |
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Subsidiary |
Felixstowe |
United Kingdom |
Business Services |
0.0 |
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Subsidiary |
Felixstowe |
United Kingdom |
Miscellaneous Capital Goods |
123.4 |
440 |
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Subsidiary |
London, |
United Kingdom |
Software and Programming |
1.9 |
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Subsidiary |
Felixstowe |
United Kingdom |
Miscellaneous Financial Services |
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Subsidiary |
Manchester |
United Kingdom |
Scientific and Technical Instruments |
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120 |
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Subsidiary |
Bromma |
Sweden |
Miscellaneous Capital Goods |
12.2 |
38 |
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Subsidiary |
Cape Town |
South Africa |
Miscellaneous Capital Goods |
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Subsidiary |
Owenton, KY |
United States |
Natural Gas Utilities |
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Executives Report
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Itron, Inc.
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Turkey : Itron Selected to Provide 745,000 Gas Meters to AKSA, Turkey's
Largest Gas Utility
Mena Report
19 July 2012
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[What follows is
the full text of the news story.] Itron Inc.
announced today that it was awarded a contract by Turkey s largest private
gas utility, AKSA, to provide residential as well as commercial and
industrial (C&I) gas meters. During this 3-year contract, Itron s gas
meters will be rolled out in twenty different regions of AKSA s territory. As
Turkey is planning to increase its gas pipeline infrastructure to accommodate
its growing energy consumption, Itron brings its industry expertise to help
AKSA build a strong metering platform in the country. As a leading gas
distribution company in Turkey, we are pleased to work with Itron. We ve used
Itron meters for years and these new meters provide embedded technology for
smart meter applications that we aim to implement in the near future, said
Yasar Aslan, AKSA s CEO. AKSA plays a key role in the Turkish market and
relies on Itron for positioning us for the future. This contract
further illustrates the strong relationship that Itron has built with its
customers in this region. We are pleased that AKSA has once again entrusted
Itron with technology that modernizes their infrastructure, said R�my
Brill, Itron regional vice president and managing director, EMEA Energy. We
have been actively serving the Turkish market since 2002 and are very proud
to be part of the country s gasification. |
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Itron Selected to Provide 745,000 Gas Meters to AKSA, Turkey�s Largest
Gas Utility
Business Wire
18 July 2012
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[What follows is
the full text of the news story.] Itron
smart-ready gas meters to contribute to Turkey�s gas infrastructure
development LIBERTY LAKE,
Wash.--(BUSINESS WIRE)-- Itron, Inc. (NASDAQ: ITRI) announced today that it
was awarded a contract by Turkey�s largest private gas utility, AKSA, to
provide residential as well as commercial and industrial (C&I) gas
meters. During this 3-year contract, Itron�s gas meters will be rolled out
in twenty different regions of AKSA�s territory. As Turkey is planning to
increase its gas pipeline infrastructure to accommodate its growing energy
consumption, Itron brings its industry expertise to help AKSA build a strong
metering platform in the country. �As a leading
gas distribution company in Turkey, we are pleased to work with Itron.
We�ve used Itron meters for years and these new meters provide embedded
technology for smart meter applications that we aim to implement in the near
future,� said Yasar Aslan, AKSA�s CEO. �AKSA plays a key role in the Turkish
market and relies on Itron for positioning us for the future.� �This contract
further illustrates the strong relationship that Itron has built with its
customers in this region. We are pleased that AKSA has once again entrusted
Itron with technology that modernizes their infrastructure,� said R�my
Brill, Itron regional vice president and managing director, EMEA Energy.
�We have been actively serving the Turkish market since 2002 and are very
proud to be part of the country�s gasification.� About Itron Itron is a
leading provider of energy and water resource management solutions for nearly
8,000 utilities around the world. We offer end-to-end solutions that include
electricity, gas, water and thermal energy measurement and control technology;
communications systems; software; and professional services. With more than
9,000 employees doing business in more than 130 countries, Itron empowers
utilities to responsibly and efficiently manage energy and water resources.
To realize a sustainable future, start here: www.itron.com. Itron, Inc. . |
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South Africa,United States : Itron Partners with 2iE Foundation to
Launch Water Technology Training Program in Africa
Mena Report
17 July 2012
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[What follows is
the full text of the news story.] Itron, Inc.
announced today that it is collaborating with the 2iE Foundation to offer a
program that will help students and utility professionals learn water
metering fundamentals in order to better manage the precious water supply in
Africa. Trainees will benefit from knowledge sharing and the expertise of a
world leading water resource management solution provider Itron. Itron is
passionate about being good stewards of water, life s most vital resource.
Our work with 2iE will give people in the industry in Africa the proficiency
they need to better manage and conserve their water supply, said Marcel
Regnier, president and COO, Itron Water. Together, Itron
and 2iE will present technical content in a classroom setting to an audience
of people associated with the utility industry in Ouagadougou, Burkina Faso.
The intent is to instill valuable metering principles so that utilities in
Africa will be better equipped to face the challenges of water supply
scarcity, insufficient distribution infrastructure and an increasing
population. Itron will support
2iE to develop capacities and competencies with professionals and students
focusing on water resources in the public or private sector. I m very pleased
Itron is willing to share its expertise in water metering solutions through
comprehensive trainings, said Monsieur Paul Gini�s, managing director of
2iE foundation. |
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Itron Partners with 2iE Foundation to Launch Water Technology Training
Program in Africa
Business Wire
16 July 2012
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[What follows is
the full text of the news story.] Industry leader
provides critical courses for utility professionals and engineering students
in Burkina Faso LIBERTY LAKE,
Wash.--(BUSINESS WIRE)-- Itron, Inc. (NASDAQ: ITRI) announced today that it
is collaborating with the 2iE Foundation to offer a program that will help
students and utility professionals learn water metering fundamentals in order
to better manage the precious water supply in Africa. Trainees will benefit
from knowledge sharing and the expertise of a world leading water resource
management solution provider�Itron. �Itron is
passionate about being good stewards of water, life�s most vital resource.
Our work with 2iE will give people in the industry in Africa the proficiency
they need to better manage and conserve their water supply,� said Marcel
Regnier, president and COO, Itron Water. Together, Itron
and 2iE will present technical content in a classroom setting to an audience
of people associated with the utility industry in Ouagadougou, Burkina Faso.
The intent is to instill valuable metering principles so that utilities in
Africa will be better equipped to face the challenges of water supply
scarcity, insufficient distribution infrastructure and an increasing
population. �Itron will
support 2iE to develop capacities and competencies with professionals and
students focusing on water resources in the public or private sector. I�m
very pleased Itron is willing to share its expertise in water metering
solutions through comprehensive trainings,� said Monsieur Paul Gini�s,
managing director of 2iE Foundation. About Itron Itron is a
leading provider of energy and water resource management solutions for nearly
8,000 utilities around the world. We offer end-to-end solutions that include
electricity, gas, water and thermal energy measurement and control
technology; communications systems; software; and professional services. With
more than 9,000 employees doing business in more than 130 countries, Itron
empowers utilities to responsibly and efficiently manage energy and water
resources. To realize a sustainable future, start here: www.itron.com. About 2iE 2iE, based in
Ouagadougou, Burkina Faso, Africa, is an international institute of higher
education and research in the fields of water and sanitation, energy and
electricity, civil and mining engineering, and the environment. Its degrees
are accredited in Europe by the EUR-ACE label. 2iE is also a non-profit
organization promoting public interests within Africa. To help middle class
and disadvantaged populations access a world class education, 2iE has
developed an innovative pricing policy as well as financing and payment
arrangements. 2iE enables young African people to study and work in Africa:
95% of students are hired within 6 months after graduation and 98% stay in
Africa to work. For the past year, 2iE hosted more than 2600 students and
about 1000 trainees in short courses of continuing education. Itron, Inc. Source: Itron,
Inc. |
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When Europe sneezes, NW companies may catch cold
Seattle Times (WA)
15 July 2012
By By Drew DeSilver, The Seattle Times
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[What follows is
the full text of the news story.] July 15--Last
year's Japanese tsunami isn't the only overseas disaster whose wreckage is
likely to wash up on Northwest shores. Europe's
seemingly endless fiscal crisis, which has helped drag the Continent back to
the brink of recession and threatens to torpedo the euro as a common
currency, is bad news for Pacific Northwest companies that export goods and
services to the region or have major operations there. Just how bad?
Investors and others will learn more this month, as most companies report
their results for the second quarter -- a period that included two Greek
elections, a multibillion-euro bailout for Spain, and innumerable summits
where leaders tried to stem the crisis. In the first
quarter of the year, Washington's exports of products to Europe were down
more than 26 percent compared with the same period in 2011 -- $2.44 billion
versus $3.3 billion, according to data from the U.S. International Trade
Administration (ITA). Meanwhile the
state's worldwide exports grew by 25 percent, mainly due to Asia and the
Middle East, which received a sharp increase in transportation equipment. The European
Union collectively accounted for nearly 14 percent of Washington's exported
products last year, according to the ITA data. Add in non-EU countries such
as Turkey and Norway, and the share grows to nearly one of every five export
dollars. Though much of
the Northwest's economy is geared toward Asia and the Pacific, several
Seattle-area companies look to Europe for sizable chunks of their business. Bellevue-based
truck manufacturer Paccar, for instance, reported 37 percent of its vehicle
sales last year were in Europe, and 31.3 percent of its 2011 revenue came
from there -- primarily through DAF, its Dutch truck subsidiary. But in the first
quarter of this year, Paccar's European revenues were down 5.8 percent
compared with a year earlier. In April, the
company cut its forecast for industrywide heavy-truck sales in Europe to
210,000 to 230,000 units, from 241,000 last year. Harrie
Schippers, president of Paccar's DAF unit, said at the time that the market
was "being impacted by economic challenges in the eurozone," and
that truck manufacturers were cutting production in response. A company
representative did not respond to a request for further comment on its
European exposure. Companies that
derive significant revenue from eurozone countries also will be hurt by the
euro's falling value against the dollar. A year ago, a euro was worth more
than $1.40; now it's around $1.22 The European
crisis is, in truth, several crises with varying root causes in different
countries: bursting real-estate bubbles in Ireland and Spain, years of
chronic government overspending in Greece and Portugal, bank investments in
Greek government debt in Cyprus. Bailing out
those countries has cost hundreds of billions of euros already, with fears
that the bill will skyrocket should the crisis spread further. Fueling those
fears is the fact that several other European countries -- Italy, the United
Kingdom, the Netherlands -- have fallen back into recession, and more are
teetering on the brink. The divide
between strong and weak economies also has exposed longstanding frailties in
the 17-nation eurozone, whose countries share a common currency without
having common fiscal policies or banking regulations. Nariman
Behravesh, chief economist for IHS Global Insight, said Europe likely will
avoid a complete economic meltdown, of the sort that occurred in September
2008, even if Greece ultimately abandons the euro. But growth has
slowed sharply even in strong countries such as Germany and France, he said,
and the eurozone as a whole probably will be in recession through the middle
of 2013. Such a
prolonged, albeit shallow, recession will disproportionately affect certain
industries, Behravesh said, including high-tech, pharmaceuticals and
high-value manufacturing. Randy Tinseth,
vice president of marketing for Boeing Commercial Airplanes, said that so far
the crisis hasn't affected the plane-maker's order book -- even though the
International Air Transport Association projects European airlines will lose
a combined $1.1 billion this year. "Is this
having an impact on the aviation market? Yes," Tinseth said. "But
while we have one market being hit pretty hard, we have growing traffic and
self-sustaining business models elsewhere." So far, Boeing's
orders from Europe have not just held steady but accelerated throughout the
long-running crisis. But
significantly, most of the 344 orders Boeing has received from Europe since
the start of 2010 have come from three countries that are outside the
European Union and don't use the euro: Norway, Russia and Turkey. Not so fortunate
is Everett-based Intermec, which makes mobile computers, bar-code scanners,
radio-frequency ID tags and other devices for automated identification and
data collection. Intermec gets
nearly a third of its revenue from Europe, the Middle East and Africa (the
"EMEA" region). Those revenues had grown strongly the past two
years, a bright spot for a company that has yet to fully recover from the
recession. But in the first
quarter, EMEA revenues fell 17 percent versus the year-earlier quarter.
Excluding a recent acquisition, the decline would have been 25 percent. "Europe had
been one place where they had been strong," said Tavis McCourt, an
analyst who follows Intermec for Raymond James & Associates. "But (the
business) is very economically sensitive. It's the type of industry where in
an outright recession industry revenues are down 20 percent or so, though in
recoveries it grows very fast." In April,
Intermec's board fired Chief Executive Patrick Byrne. Last month, the company
said it would lay off 170 workers (about 7 percent of its global workforce)
as part of a larger restructuring. Intermec
declined to comment, citing a "quiet period" ahead of its quarterly
earnings report later this month. Itron, a company
based in suburban Spokane that makes electricity, gas and water meters, has
held up better. Its EMEA sales,
which make up well over a third of total revenue, declined just 1.2 percent
in the first quarter relative to a year earlier. "They sell
100 percent exclusively to utilities, and generally speaking utilities are
among the more stable and financially sound institutions in Europe --
sometimes even more so than their governments," said John Quealy, who
follows Itron for Canaccord Genuity. European
utilities, most of which are either owned, controlled or heavily regulated by
national governments, have not changed their capital-spending plans as a
result of the Continent's economic travails, Quealy said: "Utilities
tend to think in decades-long time frames, so whatever happens in the next
six months or so may not matter much." The exception,
not surprisingly, may be Greece, which is using its main power utility to
collect a special property tax imposed as a condition of its bailout. As a
consequence, increasing numbers of Greek consumers are refusing to pay their
electricity bills, and the Greek government has had to bail out the utility. Itron did not
respond to questions about the impact of Europe's problems on its sales. Not every
Northwest-based multinational provides much geographic detail on its sales.
Microsoft and Starbucks, for instance, sell plenty of software and coffee in
Europe, but both companies only break down revenues into "United
States" and "other countries." Though much of
the discussion of Washington's international trade focuses on goods, service
exports -- a category that includes software, tourism, foreign students and
freight handling -- totaled over $23 billion last year, according to the
Washington Council on International Trade. Of the 10 largest importers of
Washington's services, five are European. European
countries -- notably the U.K., Germany and France -- also account for nearly
a third of foreign visitors to Seattle, the council says, citing federal
data. Should conditions in their home countries deteriorate to the point where
more stay home, council President Eric Schinfeld said, local businesses will
suffer. "If you go
downtown and see all the foreign tourists walking around, that's money
jingling in somebody's pocket," he said. One thing
working in the Northwest's favor is that its European exposure tends to be
weighted toward the stronger nations in northern Europe (Ireland being the
glaring exception), rather than the seriously troubled countries in southern
Europe. As Schinfeld put
it, "We're better hedged than if Spain were our major trading
partner." Drew DeSilver:
206-464-3145 or ddesilver@seattletimes.com ___ (c)2012 The
Seattle Times Visit The
Seattle Times at www.seattletimes.com Distributed by
MCT Information Services |
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Annual Income Statement
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Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
2,434.1 |
2,259.3 |
1,687.4 |
1,909.6 |
1,464.0 |
|
Revenue |
2,434.1 |
2,259.3 |
1,687.4 |
1,909.6 |
1,464.0 |
|
Total Revenue |
2,434.1 |
2,259.3 |
1,687.4 |
1,909.6 |
1,464.0 |
|
|
|
|
|
|
|
|
Cost of Revenue |
1,691.1 |
1,561.0 |
1,150.0 |
1,262.8 |
976.8 |
|
Cost of Revenue, Total |
1,691.1 |
1,561.0 |
1,150.0 |
1,262.8 |
976.8 |
|
Gross Profit |
743.0 |
698.2 |
537.5 |
646.9 |
487.3 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
323.3 |
304.8 |
271.5 |
296.0 |
225.9 |
|
Total Selling/General/Administrative Expenses |
323.3 |
304.8 |
271.5 |
296.0 |
225.9 |
|
Research & Development |
162.5 |
140.2 |
122.3 |
120.7 |
94.9 |
|
Amortization of Intangibles |
63.4 |
69.1 |
98.6 |
120.4 |
84.0 |
|
Depreciation/Amortization |
63.4 |
69.1 |
98.6 |
120.4 |
84.0 |
|
Purchased R&D Written-Off |
- |
- |
0.0 |
0.0 |
36.0 |
|
Restructuring Charge |
68.1 |
0.0 |
0.0 |
- |
- |
|
Impairment-Assets Held for Use |
584.8 |
0.0 |
0.0 |
- |
- |
|
Other Unusual Expense (Income) |
0.0 |
0.0 |
12.8 |
0.0 |
0.0 |
|
Unusual Expense (Income) |
652.9 |
0.0 |
12.8 |
0.0 |
36.0 |
|
Total Operating Expense |
2,893.3 |
2,075.1 |
1,655.2 |
1,799.8 |
1,417.6 |
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|
|
Operating Income |
-459.2 |
184.2 |
32.2 |
109.8 |
46.5 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-36.8 |
-54.9 |
-70.3 |
-94.2 |
-100.9 |
|
Interest Expense, Net Non-Operating |
-36.8 |
-54.9 |
-70.3 |
-94.2 |
-100.9 |
|
Interest Income -
Non-Operating |
0.9 |
0.6 |
1.2 |
6.0 |
10.5 |
|
Interest/Investment Income - Non-Operating |
0.9 |
0.6 |
1.2 |
6.0 |
10.5 |
|
Interest Income (Expense) - Net Non-Operating Total |
-35.9 |
-54.3 |
-69.1 |
-88.2 |
-90.5 |
|
Other Non-Operating Income (Expense) |
-10.6 |
-9.1 |
-9.2 |
-3.0 |
0.4 |
|
Other, Net |
-10.6 |
-9.1 |
-9.2 |
-3.0 |
0.4 |
|
Income Before Tax |
-505.7 |
120.7 |
-46.1 |
18.6 |
-43.6 |
|
|
|
|
|
|
|
|
Total Income Tax |
4.4 |
16.0 |
-43.8 |
-1.2 |
-20.7 |
|
Income After Tax |
-510.2 |
104.8 |
-2.2 |
19.8 |
-22.9 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
-510.2 |
104.8 |
-2.2 |
19.8 |
-22.9 |
|
Net Income |
-510.2 |
104.8 |
-2.2 |
19.8 |
-22.9 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
-510.2 |
104.8 |
-2.2 |
19.8 |
-22.9 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
-510.2 |
104.8 |
-2.2 |
19.8 |
-22.9 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
40.6 |
40.3 |
38.5 |
33.1 |
29.6 |
|
Basic EPS Excl Extraord Items |
-12.56 |
2.60 |
-0.06 |
0.60 |
-0.77 |
|
Basic/Primary EPS Incl Extraord Items |
-12.56 |
2.60 |
-0.06 |
0.60 |
-0.77 |
|
Dilution Adjustment |
0.0 |
- |
0.0 |
- |
- |
|
Diluted Net Income |
-510.2 |
104.8 |
-2.2 |
19.8 |
-22.9 |
|
Diluted Weighted Average Shares |
40.6 |
40.9 |
38.5 |
35.0 |
29.6 |
|
Diluted EPS Excl Extraord Items |
-12.56 |
2.56 |
-0.06 |
0.57 |
-0.77 |
|
Diluted EPS Incl Extraord Items |
-12.56 |
2.56 |
-0.06 |
0.57 |
-0.77 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
36.8 |
54.9 |
70.3 |
94.2 |
100.9 |
|
Interest Capitalized, Supplemental |
0.0 |
0.0 |
-293.0 |
-187.0 |
-6.0 |
|
Depreciation, Supplemental |
66.1 |
62.2 |
57.2 |
53.3 |
42.2 |
|
Total Special Items |
652.9 |
0.0 |
12.8 |
0.0 |
36.0 |
|
Normalized Income Before Tax |
147.2 |
120.7 |
-33.3 |
18.6 |
-7.6 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
228.5 |
0.0 |
4.5 |
0.0 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
233.0 |
16.0 |
-39.3 |
-1.2 |
-20.7 |
|
Normalized Income After Tax |
-85.8 |
104.8 |
6.1 |
19.8 |
13.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-85.8 |
104.8 |
6.1 |
19.8 |
13.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-2.11 |
2.60 |
0.16 |
0.60 |
0.44 |
|
Diluted Normalized EPS |
-2.11 |
2.56 |
0.16 |
0.57 |
0.44 |
|
Amort of Intangibles, Supplemental |
63.4 |
69.1 |
98.6 |
120.4 |
84.0 |
|
Rental Expenses |
18.5 |
15.5 |
15.9 |
15.6 |
12.4 |
|
Research & Development Exp, Supplemental |
162.5 |
140.2 |
122.3 |
120.7 |
94.9 |
|
Normalized EBIT |
193.7 |
184.2 |
45.0 |
109.8 |
82.4 |
|
Normalized EBITDA |
323.2 |
315.4 |
200.8 |
283.5 |
208.6 |
|
Current Tax - Domestic |
5.5 |
10.5 |
0.0 |
0.0 |
0.3 |
|
Current Tax - Foreign |
9.9 |
22.7 |
20.4 |
42.1 |
18.6 |
|
Current Tax - Local |
2.0 |
0.8 |
0.0 |
-0.1 |
0.1 |
|
Current Tax - Total |
17.4 |
34.0 |
20.4 |
42.0 |
19.0 |
|
Deferred Tax - Domestic |
17.9 |
7.2 |
-39.3 |
-8.1 |
-8.7 |
|
Deferred Tax - Foreign |
-37.3 |
-31.7 |
-28.1 |
-33.4 |
-31.9 |
|
Deferred Tax - Local |
-2.1 |
3.3 |
-3.3 |
-1.8 |
-0.4 |
|
Deferred Tax - Total |
-21.5 |
-21.2 |
-70.8 |
-43.3 |
-41.0 |
|
Other Tax |
8.5 |
3.2 |
6.6 |
0.1 |
1.3 |
|
Income Tax - Total |
4.4 |
16.0 |
-43.8 |
-1.2 |
-20.7 |
|
Interest Cost - Domestic |
3.8 |
3.5 |
3.5 |
3.7 |
- |
|
Service Cost - Domestic |
2.5 |
2.0 |
1.8 |
2.0 |
- |
|
Prior Service Cost - Domestic |
0.1 |
0.0 |
0.0 |
0.1 |
- |
|
Expected Return on Assets - Domestic |
-0.3 |
-0.3 |
-0.3 |
-0.3 |
- |
|
Actuarial Gains and Losses - Domestic |
0.0 |
0.0 |
-0.5 |
-0.1 |
- |
|
Curtailments & Settlements - Domestic |
-0.1 |
-0.1 |
0.0 |
- |
- |
|
Domestic Pension Plan Expense |
6.0 |
5.1 |
4.4 |
5.3 |
- |
|
Defined Contribution Expense - Domestic |
7.2 |
6.2 |
3.4 |
5.2 |
3.5 |
|
Total Pension Expense |
13.2 |
11.3 |
7.8 |
10.5 |
3.5 |
|
Discount Rate - Domestic |
5.35% |
5.60% |
6.12% |
5.41% |
- |
|
Expected Rate of Return - Domestic |
4.00% |
3.96% |
4.06% |
4.10% |
- |
|
Compensation Rate - Domestic |
3.35% |
3.24% |
3.18% |
3.04% |
- |
|
Total Plan Interest Cost |
3.8 |
3.5 |
3.5 |
3.7 |
- |
|
Total Plan Service Cost |
2.5 |
2.0 |
1.8 |
2.0 |
- |
|
Total Plan Expected Return |
-0.3 |
-0.3 |
-0.3 |
-0.3 |
- |
|
|
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
133.1 |
169.5 |
121.9 |
144.4 |
92.0 |
|
Short Term Investments |
- |
- |
- |
- |
0.0 |
|
Cash and Short Term Investments |
133.1 |
169.5 |
121.9 |
144.4 |
92.0 |
|
Accounts Receivable -
Trade, Gross |
377.7 |
380.7 |
344.3 |
327.2 |
345.4 |
|
Provision for Doubtful
Accounts |
-6.0 |
-9.0 |
-6.3 |
-6.0 |
-6.4 |
|
Trade Accounts Receivable - Net |
371.6 |
371.7 |
337.9 |
321.3 |
339.0 |
|
Total Receivables, Net |
371.6 |
371.7 |
337.9 |
321.3 |
339.0 |
|
Inventories - Finished Goods |
67.1 |
83.7 |
67.1 |
64.5 |
70.7 |
|
Inventories - Work In Progress |
16.3 |
18.4 |
17.7 |
14.6 |
16.9 |
|
Inventories - Raw Materials |
112.5 |
106.0 |
85.4 |
85.2 |
81.6 |
|
Total Inventory |
195.8 |
208.2 |
170.1 |
164.2 |
169.2 |
|
Deferred Income Tax - Current Asset |
58.2 |
55.4 |
20.8 |
31.8 |
10.7 |
|
Other Current Assets |
81.6 |
77.6 |
75.2 |
56.0 |
42.5 |
|
Other Current Assets, Total |
139.8 |
132.9 |
96.0 |
87.8 |
53.2 |
|
Total Current Assets |
840.4 |
882.2 |
725.9 |
717.7 |
653.4 |
|
|
|
|
|
|
|
|
Buildings |
140.1 |
146.7 |
144.6 |
132.2 |
140.4 |
|
Land/Improvements |
26.1 |
36.0 |
37.7 |
33.7 |
41.8 |
|
Machinery/Equipment |
344.5 |
328.2 |
310.4 |
254.2 |
259.0 |
|
Construction in
Progress |
20.7 |
20.5 |
22.0 |
30.6 |
- |
|
Property/Plant/Equipment - Gross |
531.4 |
531.4 |
514.8 |
450.7 |
441.1 |
|
Accumulated Depreciation |
-268.7 |
-232.1 |
-196.6 |
-143.0 |
-118.1 |
|
Property/Plant/Equipment - Net |
262.7 |
299.2 |
318.2 |
307.7 |
323.0 |
|
Goodwill, Net |
636.9 |
1,209.4 |
1,305.6 |
1,285.9 |
1,266.1 |
|
Intangibles - Gross |
749.2 |
759.2 |
806.3 |
796.2 |
896.0 |
|
Accumulated Intangible Amortization |
-509.7 |
-467.5 |
-418.0 |
-314.4 |
-200.1 |
|
Intangibles, Net |
239.5 |
291.7 |
388.2 |
481.9 |
695.9 |
|
Deferred Income Tax - Long Term Asset |
22.1 |
35.1 |
89.9 |
30.9 |
75.2 |
|
Other Long Term Assets |
62.7 |
28.2 |
26.7 |
32.3 |
36.9 |
|
Other Long Term Assets, Total |
84.8 |
63.3 |
116.7 |
63.2 |
112.1 |
|
Total Assets |
2,064.3 |
2,745.8 |
2,854.6 |
2,856.3 |
3,050.6 |
|
|
|
|
|
|
|
|
Accounts Payable |
246.8 |
241.9 |
219.3 |
200.7 |
199.0 |
|
Accrued Expenses |
93.7 |
110.5 |
71.6 |
78.3 |
70.5 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
15.0 |
228.7 |
10.9 |
10.8 |
12.0 |
|
Customer Advances |
37.4 |
28.3 |
40.1 |
24.3 |
20.9 |
|
Income Taxes Payable |
11.5 |
19.7 |
14.4 |
18.6 |
17.5 |
|
Deferred Income Tax - Current Liability |
- |
0.4 |
1.6 |
1.9 |
5.4 |
|
Other Current Liabilities |
106.3 |
74.2 |
85.5 |
89.7 |
78.6 |
|
Other Current liabilities, Total |
155.2 |
122.6 |
141.7 |
134.6 |
122.4 |
|
Total Current Liabilities |
510.7 |
703.7 |
443.4 |
424.4 |
403.9 |
|
|
|
|
|
|
|
|
Long Term Debt |
437.5 |
382.2 |
770.9 |
1,141.0 |
1,578.6 |
|
Total Long Term Debt |
437.5 |
382.2 |
770.9 |
1,141.0 |
1,578.6 |
|
Total Debt |
452.5 |
610.9 |
781.8 |
1,151.8 |
1,590.5 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
31.7 |
54.4 |
80.7 |
102.7 |
173.5 |
|
Deferred Income Tax |
31.7 |
54.4 |
80.7 |
102.7 |
173.5 |
|
Pension Benefits - Underfunded |
62.4 |
61.5 |
63.0 |
55.8 |
60.6 |
|
Other Long Term Liabilities |
115.0 |
115.7 |
96.1 |
73.6 |
75.2 |
|
Other Liabilities, Total |
177.4 |
177.1 |
159.1 |
129.4 |
135.8 |
|
Total Liabilities |
1,157.4 |
1,317.5 |
1,454.1 |
1,797.6 |
2,291.8 |
|
|
|
|
|
|
|
|
Preferred Stock - Non Redeemable |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Preferred Stock - Non Redeemable, Net |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Common Stock |
1,319.2 |
1,328.2 |
1,299.1 |
992.2 |
609.9 |
|
Common Stock |
1,319.2 |
1,328.2 |
1,299.1 |
992.2 |
609.9 |
|
Retained Earnings (Accumulated Deficit) |
-375.1 |
135.0 |
30.3 |
50.3 |
22.2 |
|
Unrealized Gain (Loss) |
-14.4 |
-25.5 |
- |
- |
- |
|
Translation Adjustment |
-24.7 |
-26.0 |
- |
- |
- |
|
Other Equity |
- |
- |
0.0 |
-17.8 |
- |
|
Minimum Pension Liability Adjustment |
1.9 |
1.1 |
- |
- |
- |
|
Other Comprehensive Income |
- |
15.5 |
71.1 |
34.1 |
126.7 |
|
Other Equity, Total |
-22.8 |
-9.5 |
71.1 |
16.3 |
126.7 |
|
Total Equity |
906.9 |
1,428.3 |
1,400.5 |
1,058.8 |
758.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
2,064.3 |
2,745.8 |
2,854.6 |
2,856.3 |
3,050.6 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
40.0 |
40.4 |
40.1 |
34.5 |
30.6 |
|
Total Common Shares Outstanding |
40.0 |
40.4 |
40.1 |
34.5 |
30.6 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Employees |
9,600 |
9,500 |
9,000 |
8,700 |
8,400 |
|
Number of Common Shareholders |
288 |
303 |
309 |
315 |
324 |
|
Accumulated Intangible Amort, Suppl. |
509.7 |
467.5 |
418.0 |
314.4 |
200.1 |
|
Deferred Revenue - Current |
37.4 |
28.3 |
40.1 |
24.3 |
20.9 |
|
Total Long Term Debt, Supplemental |
452.5 |
616.3 |
797.2 |
- |
1,590.5 |
|
Long Term Debt Maturing within 1 Year |
15.0 |
234.1 |
10.9 |
- |
12.0 |
|
Long Term Debt Maturing in Year 2 |
18.8 |
10.5 |
234.5 |
- |
12.0 |
|
Long Term Debt Maturing in Year 3 |
26.3 |
10.5 |
10.9 |
- |
12.0 |
|
Long Term Debt Maturing in Year 4 |
30.0 |
361.3 |
10.9 |
- |
12.0 |
|
Long Term Debt Maturing in Year 5 |
362.5 |
- |
530.1 |
- |
136.4 |
|
Long Term Debt Maturing in 2-3 Years |
45.0 |
20.9 |
245.3 |
- |
24.0 |
|
Long Term Debt Maturing in 4-5 Years |
392.5 |
361.3 |
541.0 |
- |
148.4 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
- |
1,406.2 |
|
Total Operating Leases, Supplemental |
48.4 |
22.6 |
28.9 |
22.6 |
27.0 |
|
Operating Lease Payments Due in Year 1 |
13.3 |
8.6 |
10.3 |
9.2 |
11.9 |
|
Operating Lease Payments Due in Year 2 |
10.1 |
5.9 |
6.5 |
5.7 |
7.5 |
|
Operating Lease Payments Due in Year 3 |
7.7 |
3.6 |
4.9 |
3.1 |
4.2 |
|
Operating Lease Payments Due in Year 4 |
5.7 |
2.2 |
3.4 |
2.3 |
1.7 |
|
Operating Lease Payments Due in Year 5 |
5.2 |
0.9 |
2.2 |
1.1 |
0.5 |
|
Operating Lease Pymts. Due in 2-3 Years |
17.8 |
9.5 |
11.4 |
8.8 |
11.7 |
|
Operating Lease Pymts. Due in 4-5 Years |
11.0 |
3.2 |
5.5 |
3.4 |
2.2 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
6.3 |
1.3 |
1.7 |
1.1 |
1.2 |
|
Pension Obligation - Domestic |
72.6 |
71.4 |
73.3 |
66.8 |
- |
|
Plan Assets - Domestic |
8.0 |
7.7 |
7.9 |
7.4 |
- |
|
Funded Status - Domestic |
-64.6 |
-63.7 |
-65.4 |
-59.4 |
- |
|
Accumulated Obligation - Domestic |
65.8 |
65.9 |
68.9 |
62.7 |
- |
|
Total Funded Status |
-64.6 |
-63.7 |
-65.4 |
-59.4 |
- |
|
Discount Rate - Domestic |
5.51% |
5.35% |
5.60% |
6.12% |
- |
|
Compensation Rate - Domestic |
3.38% |
3.35% |
3.24% |
3.18% |
- |
|
Accrued Liabilities - Domestic |
-65.1 |
-64.1 |
-66.0 |
-60.1 |
- |
|
Other Assets, Net - Domestic |
-0.3 |
3.5 |
5.1 |
-3.2 |
- |
|
Net Assets Recognized on Balance Sheet |
-65.3 |
-60.6 |
-60.9 |
-63.3 |
- |
|
Equity % - Domestic |
10.78% |
7.71% |
8.00% |
7.00% |
- |
|
Other Investments % - Domestic |
89.22% |
92.29% |
92.00% |
93.00% |
- |
|
Total Plan Obligations |
72.6 |
71.4 |
73.3 |
66.8 |
- |
|
Total Plan Assets |
8.0 |
7.7 |
7.9 |
7.4 |
- |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-510.2 |
104.8 |
-2.2 |
19.8 |
-22.9 |
|
Depreciation |
129.5 |
131.2 |
155.7 |
173.7 |
126.4 |
|
Depreciation/Depletion |
129.5 |
131.2 |
155.7 |
173.7 |
126.4 |
|
Deferred Taxes |
-13.0 |
-18.0 |
-64.2 |
-43.3 |
-41.0 |
|
Unusual Items |
610.0 |
0.0 |
10.0 |
0.0 |
0.0 |
|
Purchased R&D |
- |
- |
0.0 |
0.0 |
36.0 |
|
Other Non-Cash Items |
31.4 |
40.3 |
38.0 |
36.8 |
37.5 |
|
Non-Cash Items |
641.4 |
40.3 |
48.0 |
36.8 |
73.5 |
|
Accounts Receivable |
-22.8 |
-45.6 |
-3.0 |
19.9 |
-40.7 |
|
Inventories |
6.4 |
-41.4 |
3.5 |
4.9 |
19.4 |
|
Other Assets |
-21.3 |
- |
- |
- |
- |
|
Accrued Expenses |
-19.8 |
42.2 |
-8.3 |
7.7 |
0.2 |
|
Payable/Accrued |
22.7 |
40.9 |
9.9 |
-6.5 |
10.0 |
|
Other Liabilities |
48.7 |
12.3 |
9.6 |
1.7 |
4.4 |
|
Other Assets & Liabilities, Net |
-9.3 |
-12.1 |
-8.2 |
-21.4 |
4.0 |
|
Changes in Working Capital |
4.7 |
-3.7 |
3.5 |
6.2 |
-2.7 |
|
Cash from Operating Activities |
252.4 |
254.6 |
140.8 |
193.1 |
133.3 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-60.1 |
-62.8 |
-52.9 |
-63.4 |
-40.6 |
|
Capital Expenditures |
-60.1 |
-62.8 |
-52.9 |
-63.4 |
-40.6 |
|
Acquisition of Business |
-20.1 |
0.0 |
-4.3 |
-6.9 |
-1,716.3 |
|
Sale/Maturity of Investment |
- |
- |
0.0 |
0.0 |
35.0 |
|
Other Investing Cash Flow |
1.4 |
6.5 |
3.2 |
3.3 |
7.4 |
|
Other Investing Cash Flow Items, Total |
-18.7 |
6.5 |
-1.1 |
-3.6 |
-1,673.8 |
|
Cash from Investing Activities |
-78.7 |
-56.3 |
-54.0 |
-67.1 |
-1,714.4 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-6.6 |
-2.3 |
-4.7 |
0.5 |
-20.2 |
|
Financing Cash Flow Items |
-6.6 |
-2.3 |
-4.7 |
0.5 |
-20.2 |
|
Sale/Issuance of
Common |
4.6 |
8.8 |
166.4 |
324.5 |
247.6 |
|
Repurchase/Retirement
of Common |
-29.4 |
0.0 |
0.0 |
- |
- |
|
Common Stock, Net |
-24.8 |
8.8 |
166.4 |
324.5 |
247.6 |
|
Issuance (Retirement) of Stock, Net |
-24.8 |
8.8 |
166.4 |
324.5 |
247.6 |
|
Long Term Debt Issued |
670.0 |
0.0 |
0.0 |
0.0 |
1,159.0 |
|
Long Term Debt
Reduction |
-848.1 |
-155.2 |
-275.8 |
-388.4 |
-76.1 |
|
Long Term Debt, Net |
-178.1 |
-155.2 |
-275.8 |
-388.4 |
1,082.9 |
|
Issuance (Retirement) of Debt, Net |
-178.1 |
-155.2 |
-275.8 |
-388.4 |
1,082.9 |
|
Cash from Financing Activities |
-209.5 |
-148.6 |
-114.1 |
-63.4 |
1,310.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.6 |
-2.1 |
4.8 |
-10.3 |
1.3 |
|
Net Change in Cash |
-36.4 |
47.6 |
-22.5 |
52.4 |
-269.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
169.5 |
121.9 |
144.4 |
92.0 |
361.4 |
|
Net Cash - Ending Balance |
133.1 |
169.5 |
121.9 |
144.4 |
92.0 |
|
Cash Interest Paid |
28.0 |
39.3 |
54.5 |
72.3 |
76.3 |
|
Cash Taxes Paid |
28.1 |
30.1 |
31.7 |
26.4 |
21.7 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Sales |
2,434.1 |
2,259.3 |
1,687.4 |
1,909.6 |
1,464.0 |
|
Total Revenue |
2,434.1 |
2,259.3 |
1,687.4 |
1,909.6 |
1,464.0 |
|
|
|
|
|
|
|
|
Cost of Sales, Net |
1,691.1 |
1,561.0 |
1,150.0 |
1,262.8 |
976.8 |
|
Sales & Marketing |
185.8 |
171.7 |
152.4 |
167.5 |
125.8 |
|
Product Development |
162.5 |
140.2 |
122.3 |
120.7 |
94.9 |
|
General & Admin. |
137.5 |
133.1 |
119.1 |
128.5 |
100.1 |
|
Amort. of Intangible |
63.4 |
69.1 |
98.6 |
120.4 |
84.0 |
|
Restructuring expense |
68.1 |
0.0 |
0.0 |
- |
- |
|
Goodwill impairment |
584.8 |
0.0 |
0.0 |
- |
- |
|
In-process research and development |
- |
- |
0.0 |
0.0 |
36.0 |
|
Loss on extinguishment of debt, net |
0.0 |
0.0 |
12.8 |
0.0 |
0.0 |
|
Total Operating Expense |
2,893.3 |
2,075.1 |
1,655.2 |
1,799.8 |
1,417.6 |
|
|
|
|
|
|
|
|
Interest Income |
0.9 |
0.6 |
1.2 |
6.0 |
10.5 |
|
Interest Expense |
-31.1 |
-54.9 |
-70.3 |
-94.2 |
-100.9 |
|
Amortization of Debt Placement Fees |
-5.7 |
- |
- |
- |
- |
|
Other income (expense), net |
-10.6 |
-9.1 |
-9.2 |
-3.0 |
0.4 |
|
Net Income Before Taxes |
-505.7 |
120.7 |
-46.1 |
18.6 |
-43.6 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
4.4 |
16.0 |
-43.8 |
-1.2 |
-20.7 |
|
Net Income After Taxes |
-510.2 |
104.8 |
-2.2 |
19.8 |
-22.9 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
-510.2 |
104.8 |
-2.2 |
19.8 |
-22.9 |
|
Net Income |
-510.2 |
104.8 |
-2.2 |
19.8 |
-22.9 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
-510.2 |
104.8 |
-2.2 |
19.8 |
-22.9 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-510.2 |
104.8 |
-2.2 |
19.8 |
-22.9 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
40.6 |
40.3 |
38.5 |
33.1 |
29.6 |
|
Basic EPS Excluding ExtraOrdinary Items |
-12.56 |
2.60 |
-0.06 |
0.60 |
-0.77 |
|
Basic EPS Including ExtraOrdinary Item |
-12.56 |
2.60 |
-0.06 |
0.60 |
-0.77 |
|
Dilution Adjustment |
0.0 |
- |
0.0 |
- |
- |
|
Diluted Net Income |
-510.2 |
104.8 |
-2.2 |
19.8 |
-22.9 |
|
Diluted Weighted Average Shares |
40.6 |
40.9 |
38.5 |
35.0 |
29.6 |
|
Diluted EPS Excluding ExtraOrd Items |
-12.56 |
2.56 |
-0.06 |
0.57 |
-0.77 |
|
Diluted EPS Including ExtraOrd Items |
-12.56 |
2.56 |
-0.06 |
0.57 |
-0.77 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
147.2 |
120.7 |
-33.3 |
18.6 |
-7.6 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
233.0 |
16.0 |
-39.3 |
-1.2 |
-20.7 |
|
Normalized Income After Taxes |
-85.8 |
104.8 |
6.1 |
19.8 |
13.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-85.8 |
104.8 |
6.1 |
19.8 |
13.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-2.11 |
2.60 |
0.16 |
0.60 |
0.44 |
|
Diluted Normalized EPS |
-2.11 |
2.56 |
0.16 |
0.57 |
0.44 |
|
Research & Development Exp |
162.5 |
140.2 |
122.3 |
120.7 |
94.9 |
|
Interest Expense |
36.8 |
54.9 |
70.3 |
94.2 |
100.9 |
|
Interest Capitalized |
0.0 |
0.0 |
-293.0 |
-187.0 |
-6.0 |
|
Amort of Intangibles |
63.4 |
69.1 |
98.6 |
120.4 |
84.0 |
|
Rental Expense |
18.5 |
15.5 |
15.9 |
15.6 |
12.4 |
|
Depreciation |
66.1 |
62.2 |
57.2 |
53.3 |
42.2 |
|
Current Tax-Federal |
5.5 |
10.5 |
0.0 |
0.0 |
0.3 |
|
Current Tax-State |
2.0 |
0.8 |
0.0 |
-0.1 |
0.1 |
|
Current Tax-Foreign |
9.9 |
22.7 |
20.4 |
42.1 |
18.6 |
|
Current Tax - Total |
17.4 |
34.0 |
20.4 |
42.0 |
19.0 |
|
Deferred Tax-Federal |
17.9 |
7.2 |
-39.3 |
-8.1 |
-8.7 |
|
Deferred Tax-State |
-2.1 |
3.3 |
-3.3 |
-1.8 |
-0.4 |
|
Deferred Tax-Foreign |
-37.3 |
-31.7 |
-28.1 |
-33.4 |
-31.9 |
|
Deferred Tax - Total |
-21.5 |
-21.2 |
-70.8 |
-43.3 |
-41.0 |
|
Valuation Allowance |
8.5 |
3.2 |
6.6 |
0.1 |
1.3 |
|
Income Tax - Total |
4.4 |
16.0 |
-43.8 |
-1.2 |
-20.7 |
|
Service Cost - Pension |
2.5 |
2.0 |
1.8 |
2.0 |
- |
|
Interest Cost - Pension |
3.8 |
3.5 |
3.5 |
3.7 |
- |
|
Expected Return on Assets - Pension |
-0.3 |
-0.3 |
-0.3 |
-0.3 |
- |
|
Amort. of Actuarial Gain/Loss - Pension |
0.0 |
0.0 |
-0.5 |
-0.1 |
- |
|
Settlements and curtailments |
-0.1 |
-0.1 |
0.0 |
- |
- |
|
Amort. of Prior Service Cost - Pension |
0.1 |
0.0 |
0.0 |
0.1 |
- |
|
Domestic Pension Plan Expense |
6.0 |
5.1 |
4.4 |
5.3 |
- |
|
Defined Contribution Expense - Domestic |
7.2 |
6.2 |
3.4 |
5.2 |
3.5 |
|
Total Pension Expense |
13.2 |
11.3 |
7.8 |
10.5 |
3.5 |
|
Discount Rate - Pension |
5.35% |
5.60% |
6.12% |
5.41% |
- |
|
Expected Rate of Return - Pension |
4.00% |
3.96% |
4.06% |
4.10% |
- |
|
Compensation Rate - Pension |
3.35% |
3.24% |
3.18% |
3.04% |
- |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst & Young
LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equiv. |
133.1 |
169.5 |
121.9 |
144.4 |
92.0 |
|
Short term investments |
- |
- |
- |
- |
0.0 |
|
Accounts Receivable |
334.9 |
337.9 |
325.6 |
312.5 |
330.8 |
|
Doubtful Accounts |
-6.0 |
-9.0 |
-6.3 |
-6.0 |
-6.4 |
|
Unbilled Revenue |
42.8 |
42.9 |
18.7 |
14.7 |
14.6 |
|
Materials |
112.5 |
106.0 |
85.4 |
85.2 |
81.6 |
|
Work in Process |
16.3 |
18.4 |
17.7 |
14.6 |
16.9 |
|
Finished Goods |
67.1 |
83.7 |
67.1 |
64.5 |
70.7 |
|
Deferred Taxes |
58.2 |
55.4 |
20.8 |
31.8 |
10.7 |
|
Other Cur. Asset |
81.6 |
77.6 |
75.2 |
56.0 |
42.5 |
|
Total Current Assets |
840.4 |
882.2 |
725.9 |
717.7 |
653.4 |
|
|
|
|
|
|
|
|
Machinery/Equip. |
269.6 |
265.1 |
243.7 |
195.7 |
192.6 |
|
Computers/Sftwr. |
74.9 |
63.1 |
66.8 |
58.5 |
66.4 |
|
Building/Furniture |
140.1 |
146.7 |
144.6 |
132.2 |
140.4 |
|
Land |
26.1 |
36.0 |
37.7 |
33.7 |
41.8 |
|
Construction in progress |
20.7 |
20.5 |
22.0 |
30.6 |
- |
|
Depreciation |
-268.7 |
-232.1 |
-196.6 |
-143.0 |
-118.1 |
|
Core-Developed Technology |
387.6 |
378.7 |
398.0 |
394.9 |
403.7 |
|
Customer Contracts |
278.6 |
283.0 |
306.1 |
299.9 |
312.7 |
|
Trademarks |
71.9 |
73.2 |
77.4 |
76.8 |
154.8 |
|
Other |
11.2 |
24.3 |
24.7 |
24.6 |
24.8 |
|
Amortization |
-509.7 |
-467.5 |
-418.0 |
-314.4 |
-200.1 |
|
Goodwill |
636.9 |
1,209.4 |
1,305.6 |
1,285.9 |
1,266.1 |
|
Deferred tax assets noncurrent, net |
22.1 |
35.1 |
89.9 |
30.9 |
75.2 |
|
Other long-term assets |
62.7 |
23.8 |
18.1 |
19.3 |
15.2 |
|
Prepaid Debt Fees |
- |
4.5 |
8.6 |
12.9 |
21.6 |
|
Total Assets |
2,064.3 |
2,745.8 |
2,854.6 |
2,856.3 |
3,050.6 |
|
|
|
|
|
|
|
|
Trade Payables |
246.8 |
241.9 |
219.3 |
200.7 |
199.0 |
|
Other Current Liabilities |
53.7 |
49.2 |
64.6 |
66.4 |
57.3 |
|
Wages/Bnfts.Pybl |
93.7 |
110.5 |
71.6 |
78.3 |
70.5 |
|
Taxes Payable |
11.5 |
19.7 |
14.4 |
18.6 |
17.5 |
|
Current Portion of Long-Term debt |
15.0 |
228.7 |
10.9 |
10.8 |
12.0 |
|
Accrued Warranty |
52.6 |
24.9 |
20.9 |
23.4 |
21.3 |
|
Deferred income taxes net |
- |
0.4 |
1.6 |
1.9 |
5.4 |
|
Deferred Revenue |
37.4 |
28.3 |
40.1 |
24.3 |
20.9 |
|
Total Current Liabilities |
510.7 |
703.7 |
443.4 |
424.4 |
403.9 |
|
|
|
|
|
|
|
|
Long-term debt |
437.5 |
382.2 |
770.9 |
1,141.0 |
1,578.6 |
|
Total Long Term Debt |
437.5 |
382.2 |
770.9 |
1,141.0 |
1,578.6 |
|
|
|
|
|
|
|
|
Pension Plan Benefits |
62.4 |
61.5 |
63.0 |
55.8 |
60.6 |
|
Deferred income taxes net |
31.7 |
54.4 |
80.7 |
102.7 |
173.5 |
|
Warranty |
26.9 |
26.4 |
12.9 |
14.9 |
11.6 |
|
Other Liab. |
88.0 |
89.3 |
83.2 |
58.7 |
63.7 |
|
Total Liabilities |
1,157.4 |
1,317.5 |
1,454.1 |
1,797.6 |
2,291.8 |
|
|
|
|
|
|
|
|
Preferred Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Common stock |
1,319.2 |
1,328.2 |
1,299.1 |
992.2 |
609.9 |
|
Other Comprehensive Income |
- |
- |
71.1 |
34.1 |
126.7 |
|
Translation Adj. |
-24.7 |
-26.0 |
- |
- |
- |
|
Net Unrealized Gain( Loss) on Derivative |
0.0 |
-20.0 |
- |
- |
- |
|
Net Unrealized Gain( Loss) on Non deriva |
-14.4 |
-5.5 |
- |
- |
- |
|
Pension Plan Benefit liability adjustmen |
1.9 |
1.1 |
- |
- |
- |
|
Net hedging (gains) losses reclassified |
- |
15.5 |
- |
- |
- |
|
Cumulative effect of change in accountin |
- |
- |
0.0 |
-17.8 |
- |
|
Accum. Deficit |
-375.1 |
135.0 |
30.3 |
50.3 |
22.2 |
|
Total Equity |
906.9 |
1,428.3 |
1,400.5 |
1,058.8 |
758.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
2,064.3 |
2,745.8 |
2,854.6 |
2,856.3 |
3,050.6 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
40.0 |
40.4 |
40.1 |
34.5 |
30.6 |
|
Total Common Shares Outstanding |
40.0 |
40.4 |
40.1 |
34.5 |
30.6 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Deferred Revenue - Current |
37.4 |
28.3 |
40.1 |
24.3 |
20.9 |
|
Intangible Amortization |
509.7 |
467.5 |
418.0 |
314.4 |
200.1 |
|
Full-Time Employees |
9,600 |
9,500 |
9,000 |
8,700 |
8,400 |
|
Number of Common Shareholders |
288 |
303 |
309 |
315 |
324 |
|
Long Term Debt-Within 1 Year |
15.0 |
234.1 |
10.9 |
- |
12.0 |
|
Long Term Debt-Within 2 Years |
18.8 |
10.5 |
234.5 |
- |
12.0 |
|
Long Term Debt-Within 3 Years |
26.3 |
10.5 |
10.9 |
- |
12.0 |
|
Long Term Debt-Within 4 Years |
30.0 |
361.3 |
10.9 |
- |
12.0 |
|
Long Term Debt-Within 5 Years |
362.5 |
- |
530.1 |
- |
136.4 |
|
Long Term Debt-Thereafter |
- |
- |
- |
- |
1,406.2 |
|
Total Long Term Debt, Supplemental |
452.5 |
616.3 |
797.2 |
- |
1,590.5 |
|
Operating Lease-Within 1 Year |
13.3 |
8.6 |
10.3 |
9.2 |
11.9 |
|
Operating Lease-Within 2 Years |
10.1 |
5.9 |
6.5 |
5.7 |
7.5 |
|
Operating Lease-Within 3 Years |
7.7 |
3.6 |
4.9 |
3.1 |
4.2 |
|
Operating Lease-Within 4 Years |
5.7 |
2.2 |
3.4 |
2.3 |
1.7 |
|
Operating Lease-Within 5 Years |
5.2 |
0.9 |
2.2 |
1.1 |
0.5 |
|
Operating Lease Maturing Thereafter |
6.3 |
1.3 |
1.7 |
1.1 |
1.2 |
|
Total Operating Leases |
48.4 |
22.6 |
28.9 |
22.6 |
27.0 |
|
Projected Benefit Obligation - Pension |
72.6 |
71.4 |
73.3 |
66.8 |
- |
|
FV of Plan Assets - Pension |
8.0 |
7.7 |
7.9 |
7.4 |
- |
|
Funded Status - Pension |
-64.6 |
-63.7 |
-65.4 |
-59.4 |
- |
|
Accumulated Benefit Obligation - Pension |
65.8 |
65.9 |
68.9 |
62.7 |
- |
|
Total Funded Status |
-64.6 |
-63.7 |
-65.4 |
-59.4 |
- |
|
Discount Rate - Pension |
5.51% |
5.35% |
5.60% |
6.12% |
- |
|
Compensation Rate - Pension |
3.38% |
3.35% |
3.24% |
3.18% |
- |
|
AOCI Net actuarial gain |
-0.6 |
1.7 |
4.0 |
-4.0 |
- |
|
AOCI Prior service cost |
0.0 |
0.1 |
0.0 |
0.1 |
- |
|
AOCI Amortization of net actuarial gain |
-0.1 |
0.1 |
0.5 |
0.1 |
- |
|
Other Assets, Net - Domestic |
0.1 |
- |
- |
- |
- |
|
AOCI Amortization of prior service cost |
-0.1 |
1.2 |
0.0 |
-0.1 |
- |
|
Other Assets, Net - Domestic |
0.0 |
- |
- |
- |
- |
|
Current portion of pension plan |
-2.6 |
-2.7 |
-3.0 |
-4.3 |
- |
|
Long-term portion of pension plan liabil |
-62.4 |
-61.5 |
-63.0 |
-55.8 |
- |
|
Plan assets in other long term assets |
0.4 |
0.4 |
0.6 |
0.7 |
- |
|
Net Assets Recognized on Balance Sheet |
-65.3 |
-60.6 |
-60.9 |
-63.3 |
- |
|
Equity Securities % - Pension |
10.78% |
7.71% |
8.00% |
7.00% |
- |
|
Other Investments % - Pension |
89.22% |
92.29% |
92.00% |
93.00% |
- |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
-510.2 |
104.8 |
-2.2 |
19.8 |
-22.9 |
|
Depreciation |
129.5 |
131.2 |
155.7 |
173.7 |
126.4 |
|
In-process research and development |
- |
- |
0.0 |
0.0 |
36.0 |
|
Excess tax benefits from stock based com |
- |
-1.2 |
0.0 |
- |
- |
|
Stock Based Compensation |
16.4 |
19.1 |
17.0 |
16.6 |
11.7 |
|
Amortization of Prepaid Debt Fees |
5.7 |
5.5 |
8.3 |
8.9 |
13.5 |
|
Amortization of convertible debt discoun |
5.3 |
10.1 |
9.7 |
13.4 |
11.0 |
|
Loss on extinguishment of debt |
0.0 |
0.0 |
10.0 |
0.0 |
0.0 |
|
Restructuring expense, non-cash |
25.1 |
0.0 |
- |
- |
- |
|
Deferred taxes, net |
-13.0 |
-18.0 |
-64.2 |
-43.3 |
-41.0 |
|
Other adjustments, net |
3.9 |
6.8 |
3.1 |
-2.2 |
1.3 |
|
Goodwill impairment |
584.8 |
0.0 |
0.0 |
- |
- |
|
Accounts Receivable |
-22.8 |
-45.6 |
-3.0 |
19.9 |
-40.7 |
|
Inventories |
6.4 |
-41.4 |
3.5 |
4.9 |
19.4 |
|
Other current assets |
-3.9 |
- |
- |
- |
- |
|
Other long-term assets |
-17.4 |
- |
- |
- |
- |
|
Payables/Accruals |
22.7 |
40.9 |
9.9 |
-6.5 |
10.0 |
|
Wages/Benefits Pybl. |
-19.8 |
42.2 |
-8.3 |
7.7 |
0.2 |
|
Deferred Revenues |
19.1 |
-2.4 |
14.8 |
3.9 |
2.7 |
|
Warranty |
29.6 |
14.7 |
-5.3 |
-2.2 |
1.8 |
|
Other operating, net |
-9.3 |
-12.1 |
-8.2 |
-21.4 |
4.0 |
|
Cash from Operating Activities |
252.4 |
254.6 |
140.8 |
193.1 |
133.3 |
|
|
|
|
|
|
|
|
Proceeds from the maturities of investme |
- |
- |
0.0 |
0.0 |
35.0 |
|
Capital Expenditures |
-60.1 |
-62.8 |
-52.9 |
-63.4 |
-40.6 |
|
Business acquisitions, net of cash equiv |
-20.1 |
0.0 |
-4.3 |
-6.9 |
-1,716.3 |
|
Other, Net |
1.4 |
6.5 |
3.2 |
3.3 |
7.4 |
|
Cash from Investing Activities |
-78.7 |
-56.3 |
-54.0 |
-67.1 |
-1,714.4 |
|
|
|
|
|
|
|
|
Common Stock Issued |
4.6 |
8.8 |
166.4 |
324.5 |
247.6 |
|
Proceeds from borrowings |
670.0 |
0.0 |
0.0 |
0.0 |
1,159.0 |
|
Excess tax benefits from stock based com |
- |
1.2 |
0.0 |
- |
- |
|
Debt Costs |
- |
-1.3 |
-3.9 |
-0.2 |
-22.1 |
|
Debt Payments |
-848.1 |
-155.2 |
-275.8 |
-388.4 |
-76.1 |
|
Other, Net |
-6.6 |
-2.1 |
-0.8 |
0.7 |
1.9 |
|
Repurchase of common stock |
-29.4 |
0.0 |
0.0 |
- |
- |
|
Cash from Financing Activities |
-209.5 |
-148.6 |
-114.1 |
-63.4 |
1,310.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.6 |
-2.1 |
4.8 |
-10.3 |
1.3 |
|
Net Change in Cash |
-36.4 |
47.6 |
-22.5 |
52.4 |
-269.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
169.5 |
121.9 |
144.4 |
92.0 |
361.4 |
|
Net Cash - Ending Balance |
133.1 |
169.5 |
121.9 |
144.4 |
92.0 |
|
Cash Interest Paid |
28.0 |
39.3 |
54.5 |
72.3 |
76.3 |
|
Cash Taxes Paid |
28.1 |
30.1 |
31.7 |
26.4 |
21.7 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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Financials in: USD (mil) |
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Except for share items (millions) and per
share items (actual units) |
|
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|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
2,434.1 |
2,259.3 |
1,687.4 |
1,909.6 |
1,464.0 |
|
Revenue |
2,434.1 |
2,259.3 |
1,687.4 |
1,909.6 |
1,464.0 |
|
Total Revenue |
2,434.1 |
2,259.3 |
1,687.4 |
1,909.6 |
1,464.0 |
|
|
|
|
|
|
|
|
Cost of Revenue |
1,691.1 |
1,561.0 |
1,150.0 |
1,262.8 |
976.8 |
|
Cost of Revenue, Total |
1,691.1 |
1,561.0 |
1,150.0 |
1,262.8 |
976.8 |
|
Gross Profit |
743.0 |
698.2 |
537.5 |
646.9 |
487.3 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
323.3 |
304.8 |
271.5 |
296.0 |
225.9 |
|
Total Selling/General/Administrative Expenses |
323.3 |
304.8 |
271.5 |
296.0 |
225.9 |
|
Research & Development |
162.5 |
140.2 |
122.3 |
120.7 |
94.9 |
|
Amortization of Intangibles |
63.4 |
69.1 |
98.6 |
120.4 |
84.0 |
|
Depreciation/Amortization |
63.4 |
69.1 |
98.6 |
120.4 |
84.0 |
|
Purchased R&D Written-Off |
- |
- |
0.0 |
0.0 |
36.0 |
|
Restructuring Charge |
68.1 |
0.0 |
0.0 |
- |
- |
|
Impairment-Assets Held for Use |
584.8 |
0.0 |
0.0 |
- |
- |
|
Other Unusual Expense (Income) |
0.0 |
0.0 |
12.8 |
0.0 |
0.0 |
|
Unusual Expense (Income) |
652.9 |
0.0 |
12.8 |
0.0 |
36.0 |
|
Total Operating Expense |
2,893.3 |
2,075.1 |
1,655.2 |
1,799.8 |
1,417.6 |
|
|
|
|
|
|
|
|
Operating Income |
-459.2 |
184.2 |
32.2 |
109.8 |
46.5 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-36.8 |
-54.9 |
-70.3 |
-94.2 |
-100.9 |
|
Interest Expense, Net Non-Operating |
-36.8 |
-54.9 |
-70.3 |
-94.2 |
-100.9 |
|
Interest Income -
Non-Operating |
0.9 |
0.6 |
1.2 |
6.0 |
10.5 |
|
Interest/Investment Income - Non-Operating |
0.9 |
0.6 |
1.2 |
6.0 |
10.5 |
|
Interest Income (Expense) - Net Non-Operating Total |
-35.9 |
-54.3 |
-69.1 |
-88.2 |
-90.5 |
|
Other Non-Operating Income (Expense) |
-10.6 |
-9.1 |
-9.2 |
-3.0 |
0.4 |
|
Other, Net |
-10.6 |
-9.1 |
-9.2 |
-3.0 |
0.4 |
|
Income Before Tax |
-505.7 |
120.7 |
-46.1 |
18.6 |
-43.6 |
|
|
|
|
|
|
|
|
Total Income Tax |
4.4 |
16.0 |
-43.8 |
-1.2 |
-20.7 |
|
Income After Tax |
-510.2 |
104.8 |
-2.2 |
19.8 |
-22.9 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
-510.2 |
104.8 |
-2.2 |
19.8 |
-22.9 |
|
Net Income |
-510.2 |
104.8 |
-2.2 |
19.8 |
-22.9 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
-510.2 |
104.8 |
-2.2 |
19.8 |
-22.9 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
-510.2 |
104.8 |
-2.2 |
19.8 |
-22.9 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
40.6 |
40.3 |
38.5 |
33.1 |
29.6 |
|
Basic EPS Excl Extraord Items |
-12.56 |
2.60 |
-0.06 |
0.60 |
-0.77 |
|
Basic/Primary EPS Incl Extraord Items |
-12.56 |
2.60 |
-0.06 |
0.60 |
-0.77 |
|
Dilution Adjustment |
0.0 |
- |
0.0 |
- |
- |
|
Diluted Net Income |
-510.2 |
104.8 |
-2.2 |
19.8 |
-22.9 |
|
Diluted Weighted Average Shares |
40.6 |
40.9 |
38.5 |
35.0 |
29.6 |
|
Diluted EPS Excl Extraord Items |
-12.56 |
2.56 |
-0.06 |
0.57 |
-0.77 |
|
Diluted EPS Incl Extraord Items |
-12.56 |
2.56 |
-0.06 |
0.57 |
-0.77 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
36.8 |
54.9 |
70.3 |
94.2 |
100.9 |
|
Interest Capitalized, Supplemental |
0.0 |
0.0 |
-293.0 |
-187.0 |
-6.0 |
|
Depreciation, Supplemental |
66.1 |
62.2 |
57.2 |
53.3 |
42.2 |
|
Total Special Items |
652.9 |
0.0 |
12.8 |
0.0 |
36.0 |
|
Normalized Income Before Tax |
147.2 |
120.7 |
-33.3 |
18.6 |
-7.6 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
228.5 |
0.0 |
4.5 |
0.0 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
233.0 |
16.0 |
-39.3 |
-1.2 |
-20.7 |
|
Normalized Income After Tax |
-85.8 |
104.8 |
6.1 |
19.8 |
13.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-85.8 |
104.8 |
6.1 |
19.8 |
13.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-2.11 |
2.60 |
0.16 |
0.60 |
0.44 |
|
Diluted Normalized EPS |
-2.11 |
2.56 |
0.16 |
0.57 |
0.44 |
|
Amort of Intangibles, Supplemental |
63.4 |
69.1 |
98.6 |
120.4 |
84.0 |
|
Rental Expenses |
18.5 |
15.5 |
15.9 |
15.6 |
12.4 |
|
Research & Development Exp, Supplemental |
162.5 |
140.2 |
122.3 |
120.7 |
94.9 |
|
Normalized EBIT |
193.7 |
184.2 |
45.0 |
109.8 |
82.4 |
|
Normalized EBITDA |
323.2 |
315.4 |
200.8 |
283.5 |
208.6 |
|
Current Tax - Domestic |
5.5 |
10.5 |
0.0 |
0.0 |
0.3 |
|
Current Tax - Foreign |
9.9 |
22.7 |
20.4 |
42.1 |
18.6 |
|
Current Tax - Local |
2.0 |
0.8 |
0.0 |
-0.1 |
0.1 |
|
Current Tax - Total |
17.4 |
34.0 |
20.4 |
42.0 |
19.0 |
|
Deferred Tax - Domestic |
17.9 |
7.2 |
-39.3 |
-8.1 |
-8.7 |
|
Deferred Tax - Foreign |
-37.3 |
-31.7 |
-28.1 |
-33.4 |
-31.9 |
|
Deferred Tax - Local |
-2.1 |
3.3 |
-3.3 |
-1.8 |
-0.4 |
|
Deferred Tax - Total |
-21.5 |
-21.2 |
-70.8 |
-43.3 |
-41.0 |
|
Other Tax |
8.5 |
3.2 |
6.6 |
0.1 |
1.3 |
|
Income Tax - Total |
4.4 |
16.0 |
-43.8 |
-1.2 |
-20.7 |
|
Interest Cost - Domestic |
3.8 |
3.5 |
3.5 |
3.7 |
- |
|
Service Cost - Domestic |
2.5 |
2.0 |
1.8 |
2.0 |
- |
|
Prior Service Cost - Domestic |
0.1 |
0.0 |
0.0 |
0.1 |
- |
|
Expected Return on Assets - Domestic |
-0.3 |
-0.3 |
-0.3 |
-0.3 |
- |
|
Actuarial Gains and Losses - Domestic |
0.0 |
0.0 |
-0.5 |
-0.1 |
- |
|
Curtailments & Settlements - Domestic |
-0.1 |
-0.1 |
0.0 |
- |
- |
|
Domestic Pension Plan Expense |
6.0 |
5.1 |
4.4 |
5.3 |
- |
|
Defined Contribution Expense - Domestic |
7.2 |
6.2 |
3.4 |
5.2 |
3.5 |
|
Total Pension Expense |
13.2 |
11.3 |
7.8 |
10.5 |
3.5 |
|
Discount Rate - Domestic |
5.35% |
5.60% |
6.12% |
5.41% |
- |
|
Expected Rate of Return - Domestic |
4.00% |
3.96% |
4.06% |
4.10% |
- |
|
Compensation Rate - Domestic |
3.35% |
3.24% |
3.18% |
3.04% |
- |
|
Total Plan Interest Cost |
3.8 |
3.5 |
3.5 |
3.7 |
- |
|
Total Plan Service Cost |
2.5 |
2.0 |
1.8 |
2.0 |
- |
|
Total Plan Expected Return |
-0.3 |
-0.3 |
-0.3 |
-0.3 |
- |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
|
Period Length |
3 Months |
3 Months |
3 Months |
3 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net Sales |
571.6 |
642.5 |
615.6 |
612.4 |
563.7 |
|
Revenue |
571.6 |
642.5 |
615.6 |
612.4 |
563.7 |
|
Total Revenue |
571.6 |
642.5 |
615.6 |
612.4 |
563.7 |
|
|
|
|
|
|
|
|
Cost of Revenue |
388.5 |
450.9 |
439.4 |
421.3 |
378.7 |
|
Cost of Revenue, Total |
388.5 |
450.9 |
439.4 |
421.3 |
378.7 |
|
Gross Profit |
183.1 |
191.6 |
176.2 |
191.1 |
185.0 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
86.4 |
84.1 |
77.2 |
84.0 |
79.2 |
|
Total Selling/General/Administrative Expenses |
86.4 |
84.1 |
77.2 |
84.0 |
79.2 |
|
Research & Development |
44.4 |
42.5 |
38.7 |
40.9 |
40.1 |
|
Amortization of Intangibles |
11.9 |
15.6 |
16.0 |
16.2 |
15.6 |
|
Depreciation/Amortization |
11.9 |
15.6 |
16.0 |
16.2 |
15.6 |
|
Restructuring Charge |
0.8 |
65.1 |
1.1 |
1.9 |
0.0 |
|
Impairment-Assets Held for Use |
- |
44.4 |
540.4 |
- |
- |
|
Other Unusual Expense (Income) |
- |
0.0 |
- |
- |
- |
|
Unusual Expense (Income) |
0.8 |
109.5 |
541.5 |
1.9 |
0.0 |
|
Total Operating Expense |
532.0 |
702.6 |
1,112.8 |
564.3 |
513.6 |
|
|
|
|
|
|
|
|
Operating Income |
39.6 |
-60.1 |
-497.3 |
48.1 |
50.1 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-2.4 |
-2.5 |
-10.8 |
-11.4 |
-12.1 |
|
Interest Expense, Net Non-Operating |
-2.4 |
-2.5 |
-10.8 |
-11.4 |
-12.1 |
|
Interest Income -
Non-Operating |
0.2 |
0.2 |
0.2 |
0.2 |
0.3 |
|
Interest/Investment Income - Non-Operating |
0.2 |
0.2 |
0.2 |
0.2 |
0.3 |
|
Interest Income (Expense) - Net Non-Operating Total |
-2.2 |
-2.2 |
-10.6 |
-11.3 |
-11.8 |
|
Other Non-Operating Income (Expense) |
-2.2 |
-3.4 |
-3.1 |
-2.5 |
-1.6 |
|
Other, Net |
-2.2 |
-3.4 |
-3.1 |
-2.5 |
-1.6 |
|
Income Before Tax |
35.2 |
-65.7 |
-511.0 |
34.4 |
36.7 |
|
|
|
|
|
|
|
|
Total Income Tax |
9.6 |
-11.1 |
6.0 |
-0.1 |
9.6 |
|
Income After Tax |
25.6 |
-54.6 |
-517.1 |
34.4 |
27.1 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.2 |
- |
- |
- |
0.0 |
|
Net Income Before Extraord Items |
25.4 |
-54.6 |
-517.1 |
34.4 |
27.1 |
|
Net Income |
25.4 |
-54.6 |
-517.1 |
34.4 |
27.1 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
25.4 |
-54.6 |
-517.1 |
34.4 |
27.1 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
25.4 |
-54.6 |
-517.1 |
34.4 |
27.1 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
39.9 |
40.5 |
40.7 |
40.7 |
40.5 |
|
Basic EPS Excl Extraord Items |
0.64 |
-1.35 |
-12.70 |
0.85 |
0.67 |
|
Basic/Primary EPS Incl Extraord Items |
0.64 |
-1.35 |
-12.70 |
0.85 |
0.67 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
- |
- |
|
Diluted Net Income |
25.4 |
-54.6 |
-517.1 |
34.4 |
27.1 |
|
Diluted Weighted Average Shares |
40.2 |
40.5 |
40.7 |
41.1 |
41.0 |
|
Diluted EPS Excl Extraord Items |
0.63 |
-1.35 |
-12.70 |
0.84 |
0.66 |
|
Diluted EPS Incl Extraord Items |
0.63 |
-1.35 |
-12.70 |
0.84 |
0.66 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
2.4 |
2.5 |
10.8 |
11.4 |
12.1 |
|
Depreciation, Supplemental |
15.3 |
17.0 |
16.6 |
16.6 |
15.9 |
|
Total Special Items |
2.8 |
109.5 |
541.5 |
1.9 |
0.0 |
|
Normalized Income Before Tax |
38.0 |
43.8 |
30.5 |
36.3 |
36.7 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-4.0 |
38.3 |
189.5 |
0.7 |
-6.1 |
|
Inc Tax Ex Impact of Sp Items |
5.6 |
27.2 |
195.6 |
0.6 |
3.5 |
|
Normalized Income After Tax |
32.4 |
16.6 |
-165.1 |
35.7 |
33.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
32.2 |
16.6 |
-165.1 |
35.7 |
33.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.81 |
0.41 |
-4.05 |
0.88 |
0.82 |
|
Diluted Normalized EPS |
0.80 |
0.41 |
-4.05 |
0.87 |
0.81 |
|
Amort of Intangibles, Supplemental |
11.9 |
15.6 |
16.0 |
16.2 |
15.6 |
|
Research & Development Exp, Supplemental |
44.4 |
42.5 |
38.7 |
40.9 |
40.1 |
|
Reported Gross Profit |
183.1 |
191.6 |
176.2 |
191.1 |
185.0 |
|
Reported Operating Profit |
39.6 |
-60.1 |
-497.3 |
48.1 |
50.1 |
|
Normalized EBIT |
42.4 |
49.4 |
44.2 |
50.0 |
50.1 |
|
Normalized EBITDA |
69.7 |
82.0 |
76.9 |
82.8 |
81.6 |
|
Interest Cost - Domestic |
0.9 |
0.9 |
0.9 |
1.0 |
0.9 |
|
Service Cost - Domestic |
0.7 |
0.7 |
0.6 |
0.6 |
0.6 |
|
Prior Service Cost - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Expected Return on Assets - Domestic |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Actuarial Gains and Losses - Domestic |
0.0 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Curtailments & Settlements - Domestic |
- |
0.0 |
- |
- |
- |
|
Domestic Pension Plan Expense |
1.6 |
1.4 |
1.5 |
1.5 |
1.5 |
|
Total Pension Expense |
1.6 |
1.4 |
1.5 |
1.5 |
1.5 |
|
Total Plan Interest Cost |
0.9 |
0.9 |
0.9 |
1.0 |
0.9 |
|
Total Plan Service Cost |
0.7 |
0.7 |
0.6 |
0.6 |
0.6 |
|
Total Plan Expected Return |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equivalents |
133.1 |
169.5 |
121.9 |
144.4 |
92.0 |
|
Short Term Investments |
- |
- |
- |
- |
0.0 |
|
Cash and Short Term Investments |
133.1 |
169.5 |
121.9 |
144.4 |
92.0 |
|
Accounts Receivable -
Trade, Gross |
377.7 |
380.7 |
344.3 |
327.2 |
345.4 |
|
Provision for Doubtful
Accounts |
-6.0 |
-9.0 |
-6.3 |
-6.0 |
-6.4 |
|
Trade Accounts Receivable - Net |
371.6 |
371.7 |
337.9 |
321.3 |
339.0 |
|
Total Receivables, Net |
371.6 |
371.7 |
337.9 |
321.3 |
339.0 |
|
Inventories - Finished Goods |
67.1 |
83.7 |
67.1 |
64.5 |
70.7 |
|
Inventories - Work In Progress |
16.3 |
18.4 |
17.7 |
14.6 |
16.9 |
|
Inventories - Raw Materials |
112.5 |
106.0 |
85.4 |
85.2 |
81.6 |
|
Total Inventory |
195.8 |
208.2 |
170.1 |
164.2 |
169.2 |
|
Deferred Income Tax - Current Asset |
58.2 |
55.4 |
20.8 |
31.8 |
10.7 |
|
Other Current Assets |
81.6 |
77.6 |
75.2 |
56.0 |
42.5 |
|
Other Current Assets, Total |
139.8 |
132.9 |
96.0 |
87.8 |
53.2 |
|
Total Current Assets |
840.4 |
882.2 |
725.9 |
717.7 |
653.4 |
|
|
|
|
|
|
|
|
Buildings |
140.1 |
146.7 |
144.6 |
132.2 |
140.4 |
|
Land/Improvements |
26.1 |
36.0 |
37.7 |
33.7 |
41.8 |
|
Machinery/Equipment |
344.5 |
328.2 |
310.4 |
254.2 |
259.0 |
|
Construction in
Progress |
20.7 |
20.5 |
22.0 |
30.6 |
- |
|
Property/Plant/Equipment - Gross |
531.4 |
531.4 |
514.8 |
450.7 |
441.1 |
|
Accumulated Depreciation |
-268.7 |
-232.1 |
-196.6 |
-143.0 |
-118.1 |
|
Property/Plant/Equipment - Net |
262.7 |
299.2 |
318.2 |
307.7 |
323.0 |
|
Goodwill, Net |
636.9 |
1,209.4 |
1,305.6 |
1,285.9 |
1,266.1 |
|
Intangibles - Gross |
749.2 |
759.2 |
806.3 |
796.2 |
896.0 |
|
Accumulated Intangible Amortization |
-509.7 |
-467.5 |
-418.0 |
-314.4 |
-200.1 |
|
Intangibles, Net |
239.5 |
291.7 |
388.2 |
481.9 |
695.9 |
|
Deferred Income Tax - Long Term Asset |
22.1 |
35.1 |
89.9 |
30.9 |
75.2 |
|
Other Long Term Assets |
62.7 |
28.2 |
26.7 |
32.3 |
36.9 |
|
Other Long Term Assets, Total |
84.8 |
63.3 |
116.7 |
63.2 |
112.1 |
|
Total Assets |
2,064.3 |
2,745.8 |
2,854.6 |
2,856.3 |
3,050.6 |
|
|
|
|
|
|
|
|
Accounts Payable |
246.8 |
241.9 |
219.3 |
200.7 |
199.0 |
|
Accrued Expenses |
93.7 |
110.5 |
71.6 |
78.3 |
70.5 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
15.0 |
228.7 |
10.9 |
10.8 |
12.0 |
|
Customer Advances |
37.4 |
28.3 |
40.1 |
24.3 |
20.9 |
|
Income Taxes Payable |
11.5 |
19.7 |
14.4 |
18.6 |
17.5 |
|
Deferred Income Tax - Current Liability |
- |
0.4 |
1.6 |
1.9 |
5.4 |
|
Other Current Liabilities |
106.3 |
74.2 |
85.5 |
89.7 |
78.6 |
|
Other Current liabilities, Total |
155.2 |
122.6 |
141.7 |
134.6 |
122.4 |
|
Total Current Liabilities |
510.7 |
703.7 |
443.4 |
424.4 |
403.9 |
|
|
|
|
|
|
|
|
Long Term Debt |
437.5 |
382.2 |
770.9 |
1,141.0 |
1,578.6 |
|
Total Long Term Debt |
437.5 |
382.2 |
770.9 |
1,141.0 |
1,578.6 |
|
Total Debt |
452.5 |
610.9 |
781.8 |
1,151.8 |
1,590.5 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
31.7 |
54.4 |
80.7 |
102.7 |
173.5 |
|
Deferred Income Tax |
31.7 |
54.4 |
80.7 |
102.7 |
173.5 |
|
Pension Benefits - Underfunded |
62.4 |
61.5 |
63.0 |
55.8 |
60.6 |
|
Other Long Term Liabilities |
115.0 |
115.7 |
96.1 |
73.6 |
75.2 |
|
Other Liabilities, Total |
177.4 |
177.1 |
159.1 |
129.4 |
135.8 |
|
Total Liabilities |
1,157.4 |
1,317.5 |
1,454.1 |
1,797.6 |
2,291.8 |
|
|
|
|
|
|
|
|
Preferred Stock - Non Redeemable |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Preferred Stock - Non Redeemable, Net |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Common Stock |
1,319.2 |
1,328.2 |
1,299.1 |
992.2 |
609.9 |
|
Common Stock |
1,319.2 |
1,328.2 |
1,299.1 |
992.2 |
609.9 |
|
Retained Earnings (Accumulated Deficit) |
-375.1 |
135.0 |
30.3 |
50.3 |
22.2 |
|
Unrealized Gain (Loss) |
-14.4 |
-25.5 |
- |
- |
- |
|
Translation Adjustment |
-24.7 |
-26.0 |
- |
- |
- |
|
Other Equity |
- |
- |
0.0 |
-17.8 |
- |
|
Minimum Pension Liability Adjustment |
1.9 |
1.1 |
- |
- |
- |
|
Other Comprehensive Income |
- |
15.5 |
71.1 |
34.1 |
126.7 |
|
Other Equity, Total |
-22.8 |
-9.5 |
71.1 |
16.3 |
126.7 |
|
Total Equity |
906.9 |
1,428.3 |
1,400.5 |
1,058.8 |
758.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
2,064.3 |
2,745.8 |
2,854.6 |
2,856.3 |
3,050.6 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
40.0 |
40.4 |
40.1 |
34.5 |
30.6 |
|
Total Common Shares Outstanding |
40.0 |
40.4 |
40.1 |
34.5 |
30.6 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Employees |
9,600 |
9,500 |
9,000 |
8,700 |
8,400 |
|
Number of Common Shareholders |
288 |
303 |
309 |
315 |
324 |
|
Accumulated Intangible Amort, Suppl. |
509.7 |
467.5 |
418.0 |
314.4 |
200.1 |
|
Deferred Revenue - Current |
37.4 |
28.3 |
40.1 |
24.3 |
20.9 |
|
Total Long Term Debt, Supplemental |
452.5 |
616.3 |
797.2 |
- |
1,590.5 |
|
Long Term Debt Maturing within 1 Year |
15.0 |
234.1 |
10.9 |
- |
12.0 |
|
Long Term Debt Maturing in Year 2 |
18.8 |
10.5 |
234.5 |
- |
12.0 |
|
Long Term Debt Maturing in Year 3 |
26.3 |
10.5 |
10.9 |
- |
12.0 |
|
Long Term Debt Maturing in Year 4 |
30.0 |
361.3 |
10.9 |
- |
12.0 |
|
Long Term Debt Maturing in Year 5 |
362.5 |
- |
530.1 |
- |
136.4 |
|
Long Term Debt Maturing in 2-3 Years |
45.0 |
20.9 |
245.3 |
- |
24.0 |
|
Long Term Debt Maturing in 4-5 Years |
392.5 |
361.3 |
541.0 |
- |
148.4 |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
- |
1,406.2 |
|
Total Operating Leases, Supplemental |
48.4 |
22.6 |
28.9 |
22.6 |
27.0 |
|
Operating Lease Payments Due in Year 1 |
13.3 |
8.6 |
10.3 |
9.2 |
11.9 |
|
Operating Lease Payments Due in Year 2 |
10.1 |
5.9 |
6.5 |
5.7 |
7.5 |
|
Operating Lease Payments Due in Year 3 |
7.7 |
3.6 |
4.9 |
3.1 |
4.2 |
|
Operating Lease Payments Due in Year 4 |
5.7 |
2.2 |
3.4 |
2.3 |
1.7 |
|
Operating Lease Payments Due in Year 5 |
5.2 |
0.9 |
2.2 |
1.1 |
0.5 |
|
Operating Lease Pymts. Due in 2-3 Years |
17.8 |
9.5 |
11.4 |
8.8 |
11.7 |
|
Operating Lease Pymts. Due in 4-5 Years |
11.0 |
3.2 |
5.5 |
3.4 |
2.2 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
6.3 |
1.3 |
1.7 |
1.1 |
1.2 |
|
Pension Obligation - Domestic |
72.6 |
71.4 |
73.3 |
66.8 |
- |
|
Plan Assets - Domestic |
8.0 |
7.7 |
7.9 |
7.4 |
- |
|
Funded Status - Domestic |
-64.6 |
-63.7 |
-65.4 |
-59.4 |
- |
|
Accumulated Obligation - Domestic |
65.8 |
65.9 |
68.9 |
62.7 |
- |
|
Total Funded Status |
-64.6 |
-63.7 |
-65.4 |
-59.4 |
- |
|
Discount Rate - Domestic |
5.51% |
5.35% |
5.60% |
6.12% |
- |
|
Compensation Rate - Domestic |
3.38% |
3.35% |
3.24% |
3.18% |
- |
|
Accrued Liabilities - Domestic |
-65.1 |
-64.1 |
-66.0 |
-60.1 |
- |
|
Other Assets, Net - Domestic |
-0.3 |
3.5 |
5.1 |
-3.2 |
- |
|
Net Assets Recognized on Balance Sheet |
-65.3 |
-60.6 |
-60.9 |
-63.3 |
- |
|
Equity % - Domestic |
10.78% |
7.71% |
8.00% |
7.00% |
- |
|
Other Investments % - Domestic |
89.22% |
92.29% |
92.00% |
93.00% |
- |
|
Total Plan Obligations |
72.6 |
71.4 |
73.3 |
66.8 |
- |
|
Total Plan Assets |
8.0 |
7.7 |
7.9 |
7.4 |
- |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Cash & Equivalents |
154.4 |
133.1 |
129.5 |
168.3 |
133.4 |
|
Cash and Short Term Investments |
154.4 |
133.1 |
129.5 |
168.3 |
133.4 |
|
Accounts Receivable -
Trade, Gross |
395.2 |
377.7 |
384.6 |
386.8 |
371.0 |
|
Provision for Doubtful
Accounts |
-6.0 |
-6.0 |
-7.5 |
-9.0 |
-9.0 |
|
Trade Accounts Receivable - Net |
389.2 |
371.6 |
377.1 |
377.8 |
362.0 |
|
Total Receivables, Net |
389.2 |
371.6 |
377.1 |
377.8 |
362.0 |
|
Inventories - Finished Goods |
81.0 |
67.1 |
91.0 |
94.7 |
96.8 |
|
Inventories - Work In Progress |
14.6 |
16.3 |
17.2 |
26.1 |
22.6 |
|
Inventories - Raw Materials |
115.1 |
112.5 |
132.3 |
132.3 |
129.0 |
|
Total Inventory |
210.7 |
195.8 |
240.6 |
253.1 |
248.4 |
|
Deferred Income Tax - Current Asset |
58.7 |
58.2 |
45.0 |
55.1 |
55.2 |
|
Other Current Assets |
87.4 |
81.6 |
88.2 |
104.5 |
92.7 |
|
Other Current Assets, Total |
146.2 |
139.8 |
133.2 |
159.6 |
148.0 |
|
Total Current Assets |
900.4 |
840.4 |
880.4 |
958.8 |
891.7 |
|
|
|
|
|
|
|
|
Buildings |
147.2 |
140.1 |
146.8 |
151.0 |
150.8 |
|
Land/Improvements |
28.6 |
26.1 |
32.4 |
33.9 |
32.8 |
|
Machinery/Equipment |
354.6 |
344.5 |
356.9 |
354.3 |
345.2 |
|
Construction in
Progress |
19.9 |
20.7 |
20.1 |
24.6 |
16.9 |
|
Property/Plant/Equipment - Gross |
550.3 |
531.4 |
556.2 |
563.8 |
545.8 |
|
Accumulated Depreciation |
-286.5 |
-268.7 |
-268.6 |
-262.3 |
-249.8 |
|
Property/Plant/Equipment - Net |
263.8 |
262.7 |
287.6 |
301.5 |
296.0 |
|
Goodwill, Net |
651.0 |
636.9 |
714.6 |
1,311.8 |
1,294.5 |
|
Intangibles - Gross |
765.7 |
749.2 |
773.3 |
802.0 |
806.5 |
|
Accumulated Intangible Amortization |
-531.4 |
-509.7 |
-509.0 |
-509.1 |
-501.8 |
|
Intangibles, Net |
234.3 |
239.5 |
264.2 |
292.9 |
304.8 |
|
Deferred Income Tax - Long Term Asset |
18.7 |
22.1 |
28.1 |
12.7 |
16.6 |
|
Other Long Term Assets |
30.3 |
62.7 |
66.9 |
69.0 |
46.1 |
|
Other Long Term Assets, Total |
48.9 |
84.8 |
94.9 |
81.7 |
62.8 |
|
Total Assets |
2,098.5 |
2,064.3 |
2,241.7 |
2,946.7 |
2,849.7 |
|
|
|
|
|
|
|
|
Accounts Payable |
246.0 |
246.8 |
260.1 |
268.5 |
252.6 |
|
Accrued Expenses |
82.0 |
93.7 |
83.2 |
94.9 |
85.8 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current Portion - Long Term Debt/Capital Leases |
15.0 |
15.0 |
15.0 |
234.4 |
231.7 |
|
Customer Advances |
45.3 |
37.4 |
43.8 |
49.7 |
42.9 |
|
Income Taxes Payable |
15.0 |
11.5 |
23.8 |
28.0 |
29.2 |
|
Deferred Income Tax - Current Liability |
- |
- |
- |
- |
0.4 |
|
Other Current Liabilities |
105.8 |
106.3 |
82.0 |
71.6 |
71.1 |
|
Other Current liabilities, Total |
166.0 |
155.2 |
149.6 |
149.3 |
143.7 |
|
Total Current Liabilities |
509.0 |
510.7 |
507.9 |
747.1 |
713.8 |
|
|
|
|
|
|
|
|
Long Term Debt |
423.8 |
437.5 |
481.3 |
341.1 |
341.6 |
|
Total Long Term Debt |
423.8 |
437.5 |
481.3 |
341.1 |
341.6 |
|
Total Debt |
438.8 |
452.5 |
496.3 |
575.6 |
573.2 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
29.0 |
31.7 |
42.0 |
51.5 |
54.6 |
|
Deferred Income Tax |
29.0 |
31.7 |
42.0 |
51.5 |
54.6 |
|
Minority Interest |
14.8 |
- |
- |
- |
- |
|
Pension Benefits - Underfunded |
64.4 |
62.4 |
66.6 |
69.7 |
66.9 |
|
Other Long Term Liabilities |
102.5 |
115.0 |
117.0 |
119.8 |
118.0 |
|
Other Liabilities, Total |
166.9 |
177.4 |
183.5 |
189.5 |
184.8 |
|
Total Liabilities |
1,143.5 |
1,157.4 |
1,214.7 |
1,329.2 |
1,294.8 |
|
|
|
|
|
|
|
|
Preferred Stock - Non Redeemable |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Preferred Stock - Non Redeemable, Net |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Common Stock |
1,313.3 |
1,319.2 |
1,343.9 |
1,339.5 |
1,334.2 |
|
Common Stock |
1,313.3 |
1,319.2 |
1,343.9 |
1,339.5 |
1,334.2 |
|
Retained Earnings (Accumulated Deficit) |
-349.8 |
-375.1 |
-320.5 |
196.6 |
162.1 |
|
Other Comprehensive Income |
-8.6 |
-37.2 |
3.5 |
81.4 |
58.6 |
|
Other Equity, Total |
-8.6 |
-37.2 |
3.5 |
81.4 |
58.6 |
|
Total Equity |
954.9 |
906.9 |
1,027.0 |
1,617.5 |
1,554.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
2,098.5 |
2,064.3 |
2,241.7 |
2,946.7 |
2,849.7 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
40.0 |
40.0 |
40.7 |
40.7 |
40.6 |
|
Total Common Shares Outstanding |
40.0 |
40.0 |
40.7 |
40.7 |
40.6 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accumulated Intangible Amort, Suppl. |
531.4 |
509.7 |
509.0 |
509.1 |
501.8 |
|
Deferred Revenue - Current |
45.3 |
37.4 |
43.8 |
49.7 |
42.9 |
|
Total Long Term Debt, Supplemental |
15.0 |
452.5 |
15.0 |
234.4 |
227.0 |
|
Long Term Debt Maturing within 1 Year |
15.0 |
15.0 |
15.0 |
234.4 |
227.0 |
|
Long Term Debt Maturing in Year 2 |
- |
18.8 |
- |
- |
- |
|
Long Term Debt Maturing in Year 3 |
- |
26.3 |
- |
- |
- |
|
Long Term Debt Maturing in Year 4 |
- |
30.0 |
- |
- |
- |
|
Long Term Debt Maturing in Year 5 |
- |
362.5 |
- |
- |
- |
|
Long Term Debt Maturing in 2-3 Years |
- |
45.0 |
- |
- |
- |
|
Long Term Debt Maturing in 4-5 Years |
- |
392.5 |
- |
- |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Operating Leases, Supplemental |
- |
48.4 |
- |
- |
- |
|
Operating Lease Payments Due in Year 1 |
- |
13.3 |
- |
- |
- |
|
Operating Lease Payments Due in Year 2 |
- |
10.1 |
- |
- |
- |
|
Operating Lease Payments Due in Year 3 |
- |
7.7 |
- |
- |
- |
|
Operating Lease Payments Due in Year 4 |
- |
5.7 |
- |
- |
- |
|
Operating Lease Payments Due in Year 5 |
- |
5.2 |
- |
- |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
- |
17.8 |
- |
- |
- |
|
Operating Lease Pymts. Due in 4-5 Years |
- |
11.0 |
- |
- |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
- |
6.3 |
- |
- |
- |
|
Accrued Liabilities - Domestic |
- |
-65.1 |
- |
-72.6 |
- |
|
Other Assets, Net - Domestic |
- |
0.4 |
- |
0.5 |
- |
|
Net Assets Recognized on Balance Sheet |
- |
-64.6 |
- |
-72.1 |
- |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst & Young
LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
-510.2 |
104.8 |
-2.2 |
19.8 |
-22.9 |
|
Depreciation |
129.5 |
131.2 |
155.7 |
173.7 |
126.4 |
|
Depreciation/Depletion |
129.5 |
131.2 |
155.7 |
173.7 |
126.4 |
|
Deferred Taxes |
-13.0 |
-18.0 |
-64.2 |
-43.3 |
-41.0 |
|
Unusual Items |
610.0 |
0.0 |
10.0 |
0.0 |
0.0 |
|
Purchased R&D |
- |
- |
0.0 |
0.0 |
36.0 |
|
Other Non-Cash Items |
31.4 |
40.3 |
38.0 |
36.8 |
37.5 |
|
Non-Cash Items |
641.4 |
40.3 |
48.0 |
36.8 |
73.5 |
|
Accounts Receivable |
-22.8 |
-45.6 |
-3.0 |
19.9 |
-40.7 |
|
Inventories |
6.4 |
-41.4 |
3.5 |
4.9 |
19.4 |
|
Other Assets |
-21.3 |
- |
- |
- |
- |
|
Accrued Expenses |
-19.8 |
42.2 |
-8.3 |
7.7 |
0.2 |
|
Payable/Accrued |
22.7 |
40.9 |
9.9 |
-6.5 |
10.0 |
|
Other Liabilities |
48.7 |
12.3 |
9.6 |
1.7 |
4.4 |
|
Other Assets & Liabilities, Net |
-9.3 |
-12.1 |
-8.2 |
-21.4 |
4.0 |
|
Changes in Working Capital |
4.7 |
-3.7 |
3.5 |
6.2 |
-2.7 |
|
Cash from Operating Activities |
252.4 |
254.6 |
140.8 |
193.1 |
133.3 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-60.1 |
-62.8 |
-52.9 |
-63.4 |
-40.6 |
|
Capital Expenditures |
-60.1 |
-62.8 |
-52.9 |
-63.4 |
-40.6 |
|
Acquisition of Business |
-20.1 |
0.0 |
-4.3 |
-6.9 |
-1,716.3 |
|
Sale/Maturity of Investment |
- |
- |
0.0 |
0.0 |
35.0 |
|
Other Investing Cash Flow |
1.4 |
6.5 |
3.2 |
3.3 |
7.4 |
|
Other Investing Cash Flow Items, Total |
-18.7 |
6.5 |
-1.1 |
-3.6 |
-1,673.8 |
|
Cash from Investing Activities |
-78.7 |
-56.3 |
-54.0 |
-67.1 |
-1,714.4 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-6.6 |
-2.3 |
-4.7 |
0.5 |
-20.2 |
|
Financing Cash Flow Items |
-6.6 |
-2.3 |
-4.7 |
0.5 |
-20.2 |
|
Sale/Issuance of
Common |
4.6 |
8.8 |
166.4 |
324.5 |
247.6 |
|
Repurchase/Retirement
of Common |
-29.4 |
0.0 |
0.0 |
- |
- |
|
Common Stock, Net |
-24.8 |
8.8 |
166.4 |
324.5 |
247.6 |
|
Issuance (Retirement) of Stock, Net |
-24.8 |
8.8 |
166.4 |
324.5 |
247.6 |
|
Long Term Debt Issued |
670.0 |
0.0 |
0.0 |
0.0 |
1,159.0 |
|
Long Term Debt
Reduction |
-848.1 |
-155.2 |
-275.8 |
-388.4 |
-76.1 |
|
Long Term Debt, Net |
-178.1 |
-155.2 |
-275.8 |
-388.4 |
1,082.9 |
|
Issuance (Retirement) of Debt, Net |
-178.1 |
-155.2 |
-275.8 |
-388.4 |
1,082.9 |
|
Cash from Financing Activities |
-209.5 |
-148.6 |
-114.1 |
-63.4 |
1,310.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.6 |
-2.1 |
4.8 |
-10.3 |
1.3 |
|
Net Change in Cash |
-36.4 |
47.6 |
-22.5 |
52.4 |
-269.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
169.5 |
121.9 |
144.4 |
92.0 |
361.4 |
|
Net Cash - Ending Balance |
133.1 |
169.5 |
121.9 |
144.4 |
92.0 |
|
Cash Interest Paid |
28.0 |
39.3 |
54.5 |
72.3 |
76.3 |
|
Cash Taxes Paid |
28.1 |
30.1 |
31.7 |
26.4 |
21.7 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
|
Period Length |
3 Months |
12 Months |
9 Months |
6 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
25.6 |
-510.2 |
-455.5 |
61.6 |
27.1 |
|
Depreciation |
27.2 |
129.5 |
96.9 |
64.3 |
31.5 |
|
Depreciation/Depletion |
27.2 |
129.5 |
96.9 |
64.3 |
31.5 |
|
Deferred Taxes |
-0.1 |
-13.0 |
-1.4 |
6.1 |
7.6 |
|
Unusual Items |
- |
610.0 |
540.4 |
- |
- |
|
Other Non-Cash Items |
5.4 |
31.4 |
25.1 |
17.4 |
6.9 |
|
Non-Cash Items |
5.4 |
641.4 |
565.5 |
17.4 |
6.9 |
|
Accounts Receivable |
20.8 |
-22.8 |
-21.9 |
-12.1 |
24.5 |
|
Inventories |
-11.0 |
6.4 |
-32.8 |
-36.7 |
-34.1 |
|
Other Assets |
-6.0 |
-21.3 |
-26.2 |
-44.3 |
-33.0 |
|
Accounts Payable |
3.0 |
- |
- |
16.5 |
11.3 |
|
Accrued Expenses |
-13.4 |
-19.8 |
-28.0 |
-21.5 |
-29.4 |
|
Payable/Accrued |
- |
22.7 |
12.3 |
- |
- |
|
Other Liabilities |
6.4 |
48.7 |
50.9 |
33.7 |
22.1 |
|
Other Assets & Liabilities, Net |
-4.0 |
-9.3 |
-6.0 |
2.7 |
1.3 |
|
Changes in Working Capital |
-4.1 |
4.7 |
-51.6 |
-61.6 |
-37.1 |
|
Cash from Operating Activities |
54.0 |
252.4 |
153.8 |
87.7 |
36.0 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-12.0 |
-60.1 |
-45.8 |
-28.7 |
-11.3 |
|
Capital Expenditures |
-12.0 |
-60.1 |
-45.8 |
-28.7 |
-11.3 |
|
Acquisition of Business |
-0.9 |
-20.1 |
-14.6 |
-14.6 |
-14.8 |
|
Other Investing Cash Flow |
0.3 |
1.4 |
0.6 |
0.5 |
0.3 |
|
Other Investing Cash Flow Items, Total |
-0.6 |
-18.7 |
-14.0 |
-14.1 |
-14.5 |
|
Cash from Investing Activities |
-12.6 |
-78.7 |
-59.8 |
-42.8 |
-25.8 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.1 |
-6.6 |
-5.3 |
-0.3 |
-0.6 |
|
Financing Cash Flow Items |
0.1 |
-6.6 |
-5.3 |
-0.3 |
-0.6 |
|
Sale/Issuance of
Common |
1.0 |
4.6 |
3.5 |
2.6 |
1.1 |
|
Repurchase/Retirement
of Common |
-10.6 |
-29.4 |
- |
- |
0.0 |
|
Common Stock, Net |
-9.6 |
-24.8 |
3.5 |
2.6 |
1.1 |
|
Issuance (Retirement) of Stock, Net |
-9.6 |
-24.8 |
3.5 |
2.6 |
1.1 |
|
Long Term Debt Issued |
- |
670.0 |
670.0 |
- |
- |
|
Long Term Debt
Reduction |
-13.8 |
-848.1 |
-804.3 |
-55.6 |
-52.9 |
|
Long Term Debt, Net |
-13.8 |
-178.1 |
-134.3 |
-55.6 |
-52.9 |
|
Issuance (Retirement) of Debt, Net |
-13.8 |
-178.1 |
-134.3 |
-55.6 |
-52.9 |
|
Cash from Financing Activities |
-23.2 |
-209.5 |
-136.1 |
-53.4 |
-52.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
3.2 |
-0.6 |
2.1 |
7.3 |
6.1 |
|
Net Change in Cash |
21.4 |
-36.4 |
-40.0 |
-1.2 |
-36.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
133.1 |
169.5 |
169.5 |
169.5 |
169.5 |
|
Net Cash - Ending Balance |
154.4 |
133.1 |
129.5 |
168.3 |
133.4 |
|
Cash Interest Paid |
2.1 |
28.0 |
26.0 |
15.9 |
9.5 |
|
Cash Taxes Paid |
10.3 |
28.1 |
12.9 |
6.8 |
2.7 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
Restated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst & Young
LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Sales |
2,434.1 |
2,259.3 |
1,687.4 |
1,909.6 |
1,464.0 |
|
Total Revenue |
2,434.1 |
2,259.3 |
1,687.4 |
1,909.6 |
1,464.0 |
|
|
|
|
|
|
|
|
Cost of Sales, Net |
1,691.1 |
1,561.0 |
1,150.0 |
1,262.8 |
976.8 |
|
Sales & Marketing |
185.8 |
171.7 |
152.4 |
167.5 |
125.8 |
|
Product Development |
162.5 |
140.2 |
122.3 |
120.7 |
94.9 |
|
General & Admin. |
137.5 |
133.1 |
119.1 |
128.5 |
100.1 |
|
Amort. of Intangible |
63.4 |
69.1 |
98.6 |
120.4 |
84.0 |
|
Restructuring expense |
68.1 |
0.0 |
0.0 |
- |
- |
|
Goodwill impairment |
584.8 |
0.0 |
0.0 |
- |
- |
|
In-process research and development |
- |
- |
0.0 |
0.0 |
36.0 |
|
Loss on extinguishment of debt, net |
0.0 |
0.0 |
12.8 |
0.0 |
0.0 |
|
Total Operating Expense |
2,893.3 |
2,075.1 |
1,655.2 |
1,799.8 |
1,417.6 |
|
|
|
|
|
|
|
|
Interest Income |
0.9 |
0.6 |
1.2 |
6.0 |
10.5 |
|
Interest Expense |
-31.1 |
-54.9 |
-70.3 |
-94.2 |
-100.9 |
|
Amortization of Debt Placement Fees |
-5.7 |
- |
- |
- |
- |
|
Other income (expense), net |
-10.6 |
-9.1 |
-9.2 |
-3.0 |
0.4 |
|
Net Income Before Taxes |
-505.7 |
120.7 |
-46.1 |
18.6 |
-43.6 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
4.4 |
16.0 |
-43.8 |
-1.2 |
-20.7 |
|
Net Income After Taxes |
-510.2 |
104.8 |
-2.2 |
19.8 |
-22.9 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
-510.2 |
104.8 |
-2.2 |
19.8 |
-22.9 |
|
Net Income |
-510.2 |
104.8 |
-2.2 |
19.8 |
-22.9 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
-510.2 |
104.8 |
-2.2 |
19.8 |
-22.9 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
-510.2 |
104.8 |
-2.2 |
19.8 |
-22.9 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
40.6 |
40.3 |
38.5 |
33.1 |
29.6 |
|
Basic EPS Excluding ExtraOrdinary Items |
-12.56 |
2.60 |
-0.06 |
0.60 |
-0.77 |
|
Basic EPS Including ExtraOrdinary Item |
-12.56 |
2.60 |
-0.06 |
0.60 |
-0.77 |
|
Dilution Adjustment |
0.0 |
- |
0.0 |
- |
- |
|
Diluted Net Income |
-510.2 |
104.8 |
-2.2 |
19.8 |
-22.9 |
|
Diluted Weighted Average Shares |
40.6 |
40.9 |
38.5 |
35.0 |
29.6 |
|
Diluted EPS Excluding ExtraOrd Items |
-12.56 |
2.56 |
-0.06 |
0.57 |
-0.77 |
|
Diluted EPS Including ExtraOrd Items |
-12.56 |
2.56 |
-0.06 |
0.57 |
-0.77 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
147.2 |
120.7 |
-33.3 |
18.6 |
-7.6 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
233.0 |
16.0 |
-39.3 |
-1.2 |
-20.7 |
|
Normalized Income After Taxes |
-85.8 |
104.8 |
6.1 |
19.8 |
13.1 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
-85.8 |
104.8 |
6.1 |
19.8 |
13.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
-2.11 |
2.60 |
0.16 |
0.60 |
0.44 |
|
Diluted Normalized EPS |
-2.11 |
2.56 |
0.16 |
0.57 |
0.44 |
|
Research & Development Exp |
162.5 |
140.2 |
122.3 |
120.7 |
94.9 |
|
Interest Expense |
36.8 |
54.9 |
70.3 |
94.2 |
100.9 |
|
Interest Capitalized |
0.0 |
0.0 |
-293.0 |
-187.0 |
-6.0 |
|
Amort of Intangibles |
63.4 |
69.1 |
98.6 |
120.4 |
84.0 |
|
Rental Expense |
18.5 |
15.5 |
15.9 |
15.6 |
12.4 |
|
Depreciation |
66.1 |
62.2 |
57.2 |
53.3 |
42.2 |
|
Current Tax-Federal |
5.5 |
10.5 |
0.0 |
0.0 |
0.3 |
|
Current Tax-State |
2.0 |
0.8 |
0.0 |
-0.1 |
0.1 |
|
Current Tax-Foreign |
9.9 |
22.7 |
20.4 |
42.1 |
18.6 |
|
Current Tax - Total |
17.4 |
34.0 |
20.4 |
42.0 |
19.0 |
|
Deferred Tax-Federal |
17.9 |
7.2 |
-39.3 |
-8.1 |
-8.7 |
|
Deferred Tax-State |
-2.1 |
3.3 |
-3.3 |
-1.8 |
-0.4 |
|
Deferred Tax-Foreign |
-37.3 |
-31.7 |
-28.1 |
-33.4 |
-31.9 |
|
Deferred Tax - Total |
-21.5 |
-21.2 |
-70.8 |
-43.3 |
-41.0 |
|
Valuation Allowance |
8.5 |
3.2 |
6.6 |
0.1 |
1.3 |
|
Income Tax - Total |
4.4 |
16.0 |
-43.8 |
-1.2 |
-20.7 |
|
Service Cost - Pension |
2.5 |
2.0 |
1.8 |
2.0 |
- |
|
Interest Cost - Pension |
3.8 |
3.5 |
3.5 |
3.7 |
- |
|
Expected Return on Assets - Pension |
-0.3 |
-0.3 |
-0.3 |
-0.3 |
- |
|
Amort. of Actuarial Gain/Loss - Pension |
0.0 |
0.0 |
-0.5 |
-0.1 |
- |
|
Settlements and curtailments |
-0.1 |
-0.1 |
0.0 |
- |
- |
|
Amort. of Prior Service Cost - Pension |
0.1 |
0.0 |
0.0 |
0.1 |
- |
|
Domestic Pension Plan Expense |
6.0 |
5.1 |
4.4 |
5.3 |
- |
|
Defined Contribution Expense - Domestic |
7.2 |
6.2 |
3.4 |
5.2 |
3.5 |
|
Total Pension Expense |
13.2 |
11.3 |
7.8 |
10.5 |
3.5 |
|
Discount Rate - Pension |
5.35% |
5.60% |
6.12% |
5.41% |
- |
|
Expected Rate of Return - Pension |
4.00% |
3.96% |
4.06% |
4.10% |
- |
|
Compensation Rate - Pension |
3.35% |
3.24% |
3.18% |
3.04% |
- |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
|
Period Length |
3 Months |
3 Months |
3 Months |
3 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Revenues |
571.6 |
642.5 |
615.6 |
612.4 |
563.7 |
|
Total Revenue |
571.6 |
642.5 |
615.6 |
612.4 |
563.7 |
|
|
|
|
|
|
|
|
Cost of revenues |
388.5 |
450.9 |
439.4 |
421.3 |
378.7 |
|
Sales & Marketing |
49.9 |
47.3 |
45.0 |
48.8 |
44.5 |
|
Product development |
44.4 |
42.5 |
38.7 |
40.9 |
40.1 |
|
General and administrative |
36.6 |
36.9 |
32.2 |
35.1 |
34.7 |
|
Amortization of intangible assets |
11.9 |
15.6 |
16.0 |
16.2 |
15.6 |
|
Goodwill impairment |
- |
44.4 |
540.4 |
- |
- |
|
Restructuring expense |
0.8 |
65.1 |
1.1 |
1.9 |
0.0 |
|
Loss on extinguishment of debt, net |
- |
0.0 |
- |
- |
- |
|
Total Operating Expense |
532.0 |
702.6 |
1,112.8 |
564.3 |
513.6 |
|
|
|
|
|
|
|
|
Interest Income |
0.2 |
0.2 |
0.2 |
0.2 |
0.3 |
|
Interest Expense |
-2.4 |
-2.5 |
-10.8 |
-11.4 |
-12.1 |
|
Other income (expense), net |
-2.2 |
-3.4 |
-3.1 |
-2.5 |
-1.6 |
|
Net Income Before Taxes |
35.2 |
-65.7 |
-511.0 |
34.4 |
36.7 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
9.6 |
-11.1 |
6.0 |
-0.1 |
9.6 |
|
Net Income After Taxes |
25.6 |
-54.6 |
-517.1 |
34.4 |
27.1 |
|
|
|
|
|
|
|
|
Net income attributable to non-controlli |
-0.2 |
- |
- |
- |
0.0 |
|
Net Income Before Extra. Items |
25.4 |
-54.6 |
-517.1 |
34.4 |
27.1 |
|
Net Income |
25.4 |
-54.6 |
-517.1 |
34.4 |
27.1 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
25.4 |
-54.6 |
-517.1 |
34.4 |
27.1 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
25.4 |
-54.6 |
-517.1 |
34.4 |
27.1 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
39.9 |
40.5 |
40.7 |
40.7 |
40.5 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.64 |
-1.35 |
-12.70 |
0.85 |
0.67 |
|
Basic EPS Including ExtraOrdinary Item |
0.64 |
-1.35 |
-12.70 |
0.85 |
0.67 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
- |
- |
|
Diluted Net Income |
25.4 |
-54.6 |
-517.1 |
34.4 |
27.1 |
|
Diluted Weighted Average Shares |
40.2 |
40.5 |
40.7 |
41.1 |
41.0 |
|
Diluted EPS Excluding ExtraOrd Items |
0.63 |
-1.35 |
-12.70 |
0.84 |
0.66 |
|
Diluted EPS Including ExtraOrd Items |
0.63 |
-1.35 |
-12.70 |
0.84 |
0.66 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
38.0 |
43.8 |
30.5 |
36.3 |
36.7 |
|
|
|
|
|
|
|
|
Income tax effect of non-GAAP adjustment |
-4.0 |
- |
- |
- |
-6.1 |
|
Inc Tax Ex Impact of Sp Items |
5.6 |
27.2 |
195.6 |
0.6 |
3.5 |
|
Normalized Income After Taxes |
32.4 |
16.6 |
-165.1 |
35.7 |
33.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
32.2 |
16.6 |
-165.1 |
35.7 |
33.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.81 |
0.41 |
-4.05 |
0.88 |
0.82 |
|
Diluted Normalized EPS |
0.80 |
0.41 |
-4.05 |
0.87 |
0.81 |
|
Research & Development |
44.4 |
42.5 |
38.7 |
40.9 |
40.1 |
|
Interest Expense |
2.4 |
2.5 |
10.8 |
11.4 |
12.1 |
|
Amort of Intangibles |
11.9 |
15.6 |
16.0 |
16.2 |
15.6 |
|
Depreciation |
15.3 |
17.0 |
16.6 |
16.6 |
15.9 |
|
Operating income (loss) |
39.6 |
-60.1 |
-497.3 |
48.1 |
50.1 |
|
Gross profit |
183.1 |
191.6 |
176.2 |
191.1 |
185.0 |
|
Service Cost - Pension |
0.7 |
0.7 |
0.6 |
0.6 |
0.6 |
|
Interest Cost - Pension |
0.9 |
0.9 |
0.9 |
1.0 |
0.9 |
|
Expected Return on Assets - Pension |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
|
Amort. of Actuarial Gain/Loss - Pension |
0.0 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Amort. of Prior Service Cost - Pension |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Curtailments & Settlements - Domestic |
- |
0.0 |
- |
- |
- |
|
Domestic Pension Plan Expense |
1.6 |
1.4 |
1.5 |
1.5 |
1.5 |
|
Total Pension Expense |
1.6 |
1.4 |
1.5 |
1.5 |
1.5 |
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash & Equiv. |
133.1 |
169.5 |
121.9 |
144.4 |
92.0 |
|
Short term investments |
- |
- |
- |
- |
0.0 |
|
Accounts Receivable |
334.9 |
337.9 |
325.6 |
312.5 |
330.8 |
|
Doubtful Accounts |
-6.0 |
-9.0 |
-6.3 |
-6.0 |
-6.4 |
|
Unbilled Revenue |
42.8 |
42.9 |
18.7 |
14.7 |
14.6 |
|
Materials |
112.5 |
106.0 |
85.4 |
85.2 |
81.6 |
|
Work in Process |
16.3 |
18.4 |
17.7 |
14.6 |
16.9 |
|
Finished Goods |
67.1 |
83.7 |
67.1 |
64.5 |
70.7 |
|
Deferred Taxes |
58.2 |
55.4 |
20.8 |
31.8 |
10.7 |
|
Other Cur. Asset |
81.6 |
77.6 |
75.2 |
56.0 |
42.5 |
|
Total Current Assets |
840.4 |
882.2 |
725.9 |
717.7 |
653.4 |
|
|
|
|
|
|
|
|
Machinery/Equip. |
269.6 |
265.1 |
243.7 |
195.7 |
192.6 |
|
Computers/Sftwr. |
74.9 |
63.1 |
66.8 |
58.5 |
66.4 |
|
Building/Furniture |
140.1 |
146.7 |
144.6 |
132.2 |
140.4 |
|
Land |
26.1 |
36.0 |
37.7 |
33.7 |
41.8 |
|
Construction in progress |
20.7 |
20.5 |
22.0 |
30.6 |
- |
|
Depreciation |
-268.7 |
-232.1 |
-196.6 |
-143.0 |
-118.1 |
|
Core-Developed Technology |
387.6 |
378.7 |
398.0 |
394.9 |
403.7 |
|
Customer Contracts |
278.6 |
283.0 |
306.1 |
299.9 |
312.7 |
|
Trademarks |
71.9 |
73.2 |
77.4 |
76.8 |
154.8 |
|
Other |
11.2 |
24.3 |
24.7 |
24.6 |
24.8 |
|
Amortization |
-509.7 |
-467.5 |
-418.0 |
-314.4 |
-200.1 |
|
Goodwill |
636.9 |
1,209.4 |
1,305.6 |
1,285.9 |
1,266.1 |
|
Deferred tax assets noncurrent, net |
22.1 |
35.1 |
89.9 |
30.9 |
75.2 |
|
Other long-term assets |
62.7 |
23.8 |
18.1 |
19.3 |
15.2 |
|
Prepaid Debt Fees |
- |
4.5 |
8.6 |
12.9 |
21.6 |
|
Total Assets |
2,064.3 |
2,745.8 |
2,854.6 |
2,856.3 |
3,050.6 |
|
|
|
|
|
|
|
|
Trade Payables |
246.8 |
241.9 |
219.3 |
200.7 |
199.0 |
|
Other Current Liabilities |
53.7 |
49.2 |
64.6 |
66.4 |
57.3 |
|
Wages/Bnfts.Pybl |
93.7 |
110.5 |
71.6 |
78.3 |
70.5 |
|
Taxes Payable |
11.5 |
19.7 |
14.4 |
18.6 |
17.5 |
|
Current Portion of Long-Term debt |
15.0 |
228.7 |
10.9 |
10.8 |
12.0 |
|
Accrued Warranty |
52.6 |
24.9 |
20.9 |
23.4 |
21.3 |
|
Deferred income taxes net |
- |
0.4 |
1.6 |
1.9 |
5.4 |
|
Deferred Revenue |
37.4 |
28.3 |
40.1 |
24.3 |
20.9 |
|
Total Current Liabilities |
510.7 |
703.7 |
443.4 |
424.4 |
403.9 |
|
|
|
|
|
|
|
|
Long-term debt |
437.5 |
382.2 |
770.9 |
1,141.0 |
1,578.6 |
|
Total Long Term Debt |
437.5 |
382.2 |
770.9 |
1,141.0 |
1,578.6 |
|
|
|
|
|
|
|
|
Pension Plan Benefits |
62.4 |
61.5 |
63.0 |
55.8 |
60.6 |
|
Deferred income taxes net |
31.7 |
54.4 |
80.7 |
102.7 |
173.5 |
|
Warranty |
26.9 |
26.4 |
12.9 |
14.9 |
11.6 |
|
Other Liab. |
88.0 |
89.3 |
83.2 |
58.7 |
63.7 |
|
Total Liabilities |
1,157.4 |
1,317.5 |
1,454.1 |
1,797.6 |
2,291.8 |
|
|
|
|
|
|
|
|
Preferred Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Common stock |
1,319.2 |
1,328.2 |
1,299.1 |
992.2 |
609.9 |
|
Other Comprehensive Income |
- |
- |
71.1 |
34.1 |
126.7 |
|
Translation Adj. |
-24.7 |
-26.0 |
- |
- |
- |
|
Net Unrealized Gain( Loss) on Derivative |
0.0 |
-20.0 |
- |
- |
- |
|
Net Unrealized Gain( Loss) on Non deriva |
-14.4 |
-5.5 |
- |
- |
- |
|
Pension Plan Benefit liability adjustmen |
1.9 |
1.1 |
- |
- |
- |
|
Net hedging (gains) losses reclassified |
- |
15.5 |
- |
- |
- |
|
Cumulative effect of change in accountin |
- |
- |
0.0 |
-17.8 |
- |
|
Accum. Deficit |
-375.1 |
135.0 |
30.3 |
50.3 |
22.2 |
|
Total Equity |
906.9 |
1,428.3 |
1,400.5 |
1,058.8 |
758.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
2,064.3 |
2,745.8 |
2,854.6 |
2,856.3 |
3,050.6 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
40.0 |
40.4 |
40.1 |
34.5 |
30.6 |
|
Total Common Shares Outstanding |
40.0 |
40.4 |
40.1 |
34.5 |
30.6 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Deferred Revenue - Current |
37.4 |
28.3 |
40.1 |
24.3 |
20.9 |
|
Intangible Amortization |
509.7 |
467.5 |
418.0 |
314.4 |
200.1 |
|
Full-Time Employees |
9,600 |
9,500 |
9,000 |
8,700 |
8,400 |
|
Number of Common Shareholders |
288 |
303 |
309 |
315 |
324 |
|
Long Term Debt-Within 1 Year |
15.0 |
234.1 |
10.9 |
- |
12.0 |
|
Long Term Debt-Within 2 Years |
18.8 |
10.5 |
234.5 |
- |
12.0 |
|
Long Term Debt-Within 3 Years |
26.3 |
10.5 |
10.9 |
- |
12.0 |
|
Long Term Debt-Within 4 Years |
30.0 |
361.3 |
10.9 |
- |
12.0 |
|
Long Term Debt-Within 5 Years |
362.5 |
- |
530.1 |
- |
136.4 |
|
Long Term Debt-Thereafter |
- |
- |
- |
- |
1,406.2 |
|
Total Long Term Debt, Supplemental |
452.5 |
616.3 |
797.2 |
- |
1,590.5 |
|
Operating Lease-Within 1 Year |
13.3 |
8.6 |
10.3 |
9.2 |
11.9 |
|
Operating Lease-Within 2 Years |
10.1 |
5.9 |
6.5 |
5.7 |
7.5 |
|
Operating Lease-Within 3 Years |
7.7 |
3.6 |
4.9 |
3.1 |
4.2 |
|
Operating Lease-Within 4 Years |
5.7 |
2.2 |
3.4 |
2.3 |
1.7 |
|
Operating Lease-Within 5 Years |
5.2 |
0.9 |
2.2 |
1.1 |
0.5 |
|
Operating Lease Maturing Thereafter |
6.3 |
1.3 |
1.7 |
1.1 |
1.2 |
|
Total Operating Leases |
48.4 |
22.6 |
28.9 |
22.6 |
27.0 |
|
Projected Benefit Obligation - Pension |
72.6 |
71.4 |
73.3 |
66.8 |
- |
|
FV of Plan Assets - Pension |
8.0 |
7.7 |
7.9 |
7.4 |
- |
|
Funded Status - Pension |
-64.6 |
-63.7 |
-65.4 |
-59.4 |
- |
|
Accumulated Benefit Obligation - Pension |
65.8 |
65.9 |
68.9 |
62.7 |
- |
|
Total Funded Status |
-64.6 |
-63.7 |
-65.4 |
-59.4 |
- |
|
Discount Rate - Pension |
5.51% |
5.35% |
5.60% |
6.12% |
- |
|
Compensation Rate - Pension |
3.38% |
3.35% |
3.24% |
3.18% |
- |
|
AOCI Net actuarial gain |
-0.6 |
1.7 |
4.0 |
-4.0 |
- |
|
AOCI Prior service cost |
0.0 |
0.1 |
0.0 |
0.1 |
- |
|
AOCI Amortization of net actuarial gain |
-0.1 |
0.1 |
0.5 |
0.1 |
- |
|
Other Assets, Net - Domestic |
0.1 |
- |
- |
- |
- |
|
AOCI Amortization of prior service cost |
-0.1 |
1.2 |
0.0 |
-0.1 |
- |
|
Other Assets, Net - Domestic |
0.0 |
- |
- |
- |
- |
|
Current portion of pension plan |
-2.6 |
-2.7 |
-3.0 |
-4.3 |
- |
|
Long-term portion of pension plan liabil |
-62.4 |
-61.5 |
-63.0 |
-55.8 |
- |
|
Plan assets in other long term assets |
0.4 |
0.4 |
0.6 |
0.7 |
- |
|
Net Assets Recognized on Balance Sheet |
-65.3 |
-60.6 |
-60.9 |
-63.3 |
- |
|
Equity Securities % - Pension |
10.78% |
7.71% |
8.00% |
7.00% |
- |
|
Other Investments % - Pension |
89.22% |
92.29% |
92.00% |
93.00% |
- |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Cash & Equivalents |
154.4 |
133.1 |
129.5 |
168.3 |
133.4 |
|
Trade Receivable |
341.6 |
334.9 |
348.1 |
357.7 |
332.6 |
|
Allowance of Doubtful Debts |
-6.0 |
-6.0 |
-7.5 |
-9.0 |
-9.0 |
|
Unbilled Revenue |
53.5 |
42.8 |
36.5 |
29.1 |
38.4 |
|
Materials |
115.1 |
112.5 |
132.3 |
132.3 |
129.0 |
|
Work in Process |
14.6 |
16.3 |
17.2 |
26.1 |
22.6 |
|
Finished Goods |
81.0 |
67.1 |
91.0 |
94.7 |
96.8 |
|
Deferred Taxes |
58.7 |
58.2 |
45.0 |
55.1 |
55.2 |
|
Other Current Assets |
87.4 |
81.6 |
88.2 |
104.5 |
92.7 |
|
Total Current Assets |
900.4 |
840.4 |
880.4 |
958.8 |
891.7 |
|
|
|
|
|
|
|
|
Machinery/Equip. |
276.7 |
269.6 |
281.2 |
284.4 |
278.0 |
|
Computers/Sftwr. |
77.9 |
74.9 |
75.7 |
69.9 |
67.2 |
|
Buildings, furniture, and improvements |
147.2 |
140.1 |
146.8 |
151.0 |
150.8 |
|
Land |
28.6 |
26.1 |
32.4 |
33.9 |
32.8 |
|
Construction in progress, including purc |
19.9 |
20.7 |
20.1 |
24.6 |
16.9 |
|
Depreciation |
-286.5 |
-268.7 |
-268.6 |
-262.3 |
-249.8 |
|
Core Developed Technology |
394.4 |
387.6 |
395.0 |
406.6 |
403.0 |
|
Customer Contracts |
287.0 |
278.6 |
292.5 |
307.2 |
302.6 |
|
Trademarks & Tradenames |
73.3 |
71.9 |
74.7 |
77.1 |
76.3 |
|
Other |
11.1 |
11.2 |
11.1 |
11.2 |
24.6 |
|
Accumulated Amortization |
-531.4 |
-509.7 |
-509.0 |
-509.1 |
-501.8 |
|
Prepaid debt fees |
- |
- |
- |
- |
3.6 |
|
Deferred income taxes net |
18.7 |
22.1 |
28.1 |
12.7 |
16.6 |
|
Other long term assets |
30.3 |
62.7 |
66.9 |
69.0 |
42.5 |
|
Goodwill |
651.0 |
636.9 |
714.6 |
1,311.8 |
1,294.5 |
|
Total Assets |
2,098.5 |
2,064.3 |
2,241.7 |
2,946.7 |
2,849.7 |
|
|
|
|
|
|
|
|
Trade payables |
246.0 |
246.8 |
260.1 |
268.5 |
252.6 |
|
Other current liabilities |
57.5 |
53.7 |
31.2 |
41.6 |
44.8 |
|
Wages and benefits payable |
82.0 |
93.7 |
83.2 |
94.9 |
85.8 |
|
Taxes payable |
15.0 |
11.5 |
23.8 |
28.0 |
29.2 |
|
Current portion of debt |
15.0 |
15.0 |
15.0 |
234.4 |
231.7 |
|
Current portion of Warranty |
48.2 |
52.6 |
50.8 |
30.0 |
26.3 |
|
Deferred Revenues |
45.3 |
37.4 |
43.8 |
49.7 |
42.9 |
|
Deferred income taxes net |
- |
- |
- |
- |
0.4 |
|
Total Current Liabilities |
509.0 |
510.7 |
507.9 |
747.1 |
713.8 |
|
|
|
|
|
|
|
|
Long term debt |
423.8 |
437.5 |
481.3 |
341.1 |
341.6 |
|
Total Long Term Debt |
423.8 |
437.5 |
481.3 |
341.1 |
341.6 |
|
|
|
|
|
|
|
|
Warranty/Other |
29.0 |
26.9 |
28.2 |
32.8 |
32.9 |
|
Pension plan and long term employee bene |
64.4 |
62.4 |
66.6 |
69.7 |
66.9 |
|
Deferred income taxes net |
29.0 |
31.7 |
42.0 |
51.5 |
54.6 |
|
Other Obligations |
73.5 |
88.0 |
88.7 |
86.9 |
85.1 |
|
Non-controlling interests |
14.8 |
- |
- |
- |
- |
|
Total Liabilities |
1,143.5 |
1,157.4 |
1,214.7 |
1,329.2 |
1,294.8 |
|
|
|
|
|
|
|
|
Preferred stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Common stock |
1,313.3 |
1,319.2 |
1,343.9 |
1,339.5 |
1,334.2 |
|
Other Comprehensive Income |
-8.6 |
-37.2 |
3.5 |
81.4 |
58.6 |
|
Retained Earnings |
-349.8 |
-375.1 |
-320.5 |
196.6 |
162.1 |
|
Total Equity |
954.9 |
906.9 |
1,027.0 |
1,617.5 |
1,554.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
2,098.5 |
2,064.3 |
2,241.7 |
2,946.7 |
2,849.7 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
40.0 |
40.0 |
40.7 |
40.7 |
40.6 |
|
Total Common Shares Outstanding |
40.0 |
40.0 |
40.7 |
40.7 |
40.6 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Revenue - Current |
45.3 |
37.4 |
43.8 |
49.7 |
42.9 |
|
Accumulated Intangible Amortization |
531.4 |
509.7 |
509.0 |
509.1 |
501.8 |
|
Long Term Debt Maturing Within 1 year |
15.0 |
15.0 |
15.0 |
234.4 |
227.0 |
|
Long Term Debt Maturing Within 2 year |
- |
18.8 |
- |
- |
- |
|
Long Term Debt Maturing Within 3 year |
- |
26.3 |
- |
- |
- |
|
Long Term Debt Maturing Within 4 year |
- |
30.0 |
- |
- |
- |
|
Long Term Debt Maturing Within 5 year |
- |
362.5 |
- |
- |
- |
|
Total Long Term Debt, Supplemental |
15.0 |
452.5 |
15.0 |
234.4 |
227.0 |
|
Optg leases-year 1 |
- |
13.3 |
- |
- |
- |
|
Optg leases-year 2 |
- |
10.1 |
- |
- |
- |
|
Optg leases-year 3 |
- |
7.7 |
- |
- |
- |
|
Optg leases-year 4 |
- |
5.7 |
- |
- |
- |
|
Optg leases-year 5 |
- |
5.2 |
- |
- |
- |
|
Optg leases-year 6+ |
- |
6.3 |
- |
- |
- |
|
Total Operating Leases |
- |
48.4 |
- |
- |
- |
|
Accrued Liabilities - Domestic |
- |
-2.6 |
- |
-2.9 |
- |
|
Accrued Liabilities - Domestic |
- |
-62.4 |
- |
-69.7 |
- |
|
Other Assets, Net - Domestic |
- |
0.4 |
- |
0.5 |
- |
|
Net Assets Recognized on Balance Sheet |
- |
-64.6 |
- |
-72.1 |
- |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income |
-510.2 |
104.8 |
-2.2 |
19.8 |
-22.9 |
|
Depreciation |
129.5 |
131.2 |
155.7 |
173.7 |
126.4 |
|
In-process research and development |
- |
- |
0.0 |
0.0 |
36.0 |
|
Excess tax benefits from stock based com |
- |
-1.2 |
0.0 |
- |
- |
|
Stock Based Compensation |
16.4 |
19.1 |
17.0 |
16.6 |
11.7 |
|
Amortization of Prepaid Debt Fees |
5.7 |
5.5 |
8.3 |
8.9 |
13.5 |
|
Amortization of convertible debt discoun |
5.3 |
10.1 |
9.7 |
13.4 |
11.0 |
|
Loss on extinguishment of debt |
0.0 |
0.0 |
10.0 |
0.0 |
0.0 |
|
Restructuring expense, non-cash |
25.1 |
0.0 |
- |
- |
- |
|
Deferred taxes, net |
-13.0 |
-18.0 |
-64.2 |
-43.3 |
-41.0 |
|
Other adjustments, net |
3.9 |
6.8 |
3.1 |
-2.2 |
1.3 |
|
Goodwill impairment |
584.8 |
0.0 |
0.0 |
- |
- |
|
Accounts Receivable |
-22.8 |
-45.6 |
-3.0 |
19.9 |
-40.7 |
|
Inventories |
6.4 |
-41.4 |
3.5 |
4.9 |
19.4 |
|
Other current assets |
-3.9 |
- |
- |
- |
- |
|
Other long-term assets |
-17.4 |
- |
- |
- |
- |
|
Payables/Accruals |
22.7 |
40.9 |
9.9 |
-6.5 |
10.0 |
|
Wages/Benefits Pybl. |
-19.8 |
42.2 |
-8.3 |
7.7 |
0.2 |
|
Deferred Revenues |
19.1 |
-2.4 |
14.8 |
3.9 |
2.7 |
|
Warranty |
29.6 |
14.7 |
-5.3 |
-2.2 |
1.8 |
|
Other operating, net |
-9.3 |
-12.1 |
-8.2 |
-21.4 |
4.0 |
|
Cash from Operating Activities |
252.4 |
254.6 |
140.8 |
193.1 |
133.3 |
|
|
|
|
|
|
|
|
Proceeds from the maturities of investme |
- |
- |
0.0 |
0.0 |
35.0 |
|
Capital Expenditures |
-60.1 |
-62.8 |
-52.9 |
-63.4 |
-40.6 |
|
Business acquisitions, net of cash equiv |
-20.1 |
0.0 |
-4.3 |
-6.9 |
-1,716.3 |
|
Other, Net |
1.4 |
6.5 |
3.2 |
3.3 |
7.4 |
|
Cash from Investing Activities |
-78.7 |
-56.3 |
-54.0 |
-67.1 |
-1,714.4 |
|
|
|
|
|
|
|
|
Common Stock Issued |
4.6 |
8.8 |
166.4 |
324.5 |
247.6 |
|
Proceeds from borrowings |
670.0 |
0.0 |
0.0 |
0.0 |
1,159.0 |
|
Excess tax benefits from stock based com |
- |
1.2 |
0.0 |
- |
- |
|
Debt Costs |
- |
-1.3 |
-3.9 |
-0.2 |
-22.1 |
|
Debt Payments |
-848.1 |
-155.2 |
-275.8 |
-388.4 |
-76.1 |
|
Other, Net |
-6.6 |
-2.1 |
-0.8 |
0.7 |
1.9 |
|
Repurchase of common stock |
-29.4 |
0.0 |
0.0 |
- |
- |
|
Cash from Financing Activities |
-209.5 |
-148.6 |
-114.1 |
-63.4 |
1,310.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.6 |
-2.1 |
4.8 |
-10.3 |
1.3 |
|
Net Change in Cash |
-36.4 |
47.6 |
-22.5 |
52.4 |
-269.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
169.5 |
121.9 |
144.4 |
92.0 |
361.4 |
|
Net Cash - Ending Balance |
133.1 |
169.5 |
121.9 |
144.4 |
92.0 |
|
Cash Interest Paid |
28.0 |
39.3 |
54.5 |
72.3 |
76.3 |
|
Cash Taxes Paid |
28.1 |
30.1 |
31.7 |
26.4 |
21.7 |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Mar-2012 |
31-Dec-2011 |
30-Sep-2011 |
30-Jun-2011 |
31-Mar-2011 |
|
Period Length |
3 Months |
12 Months |
9 Months |
6 Months |
3 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
|
|
|
|
|
|
|
Net Income |
25.6 |
-510.2 |
-455.5 |
61.6 |
27.1 |
|
Depreciation |
27.2 |
129.5 |
96.9 |
64.3 |
31.5 |
|
Stock Based Compensation |
4.2 |
16.4 |
12.4 |
9.5 |
5.0 |
|
Amortization of Prepaid Debt Fees |
0.3 |
5.7 |
5.4 |
2.3 |
1.3 |
|
Amortization of convertible debt discoun |
0.0 |
5.3 |
5.3 |
5.3 |
2.6 |
|
Deferred taxes, net |
-0.1 |
-13.0 |
-1.4 |
6.1 |
7.6 |
|
Restructuring expense, non-cash |
- |
25.1 |
- |
- |
- |
|
Goodwill impairment |
- |
584.8 |
540.4 |
- |
- |
|
Other adjustments, net |
0.9 |
3.9 |
2.0 |
0.3 |
-2.0 |
|
Loss on extinguishment of debt |
- |
0.0 |
- |
- |
- |
|
Accounts Receivable |
20.8 |
-22.8 |
-21.9 |
-12.1 |
24.5 |
|
Inventories |
-11.0 |
6.4 |
-32.8 |
-36.7 |
-34.1 |
|
Other current assets |
-7.3 |
-3.9 |
-8.7 |
-21.3 |
-12.1 |
|
Other long-term assets |
1.3 |
-17.4 |
-17.5 |
-23.0 |
-20.9 |
|
Accounts payables, other current liabili |
3.0 |
- |
- |
16.5 |
11.3 |
|
Payables & Accruals |
- |
22.7 |
12.3 |
- |
- |
|
Wages and benefits payable |
-13.4 |
-19.8 |
-28.0 |
-21.5 |
-29.4 |
|
Deferred Revenues |
9.7 |
19.1 |
22.9 |
24.2 |
15.7 |
|
LT Warranty/Other |
-3.4 |
29.6 |
28.0 |
9.5 |
6.4 |
|
Other operating, net |
-4.0 |
-9.3 |
-6.0 |
2.7 |
1.3 |
|
Cash from Operating Activities |
54.0 |
252.4 |
153.8 |
87.7 |
36.0 |
|
|
|
|
|
|
|
|
Capital Expenditures |
-12.0 |
-60.1 |
-45.8 |
-28.7 |
-11.3 |
|
Business acquisitions, net of cash equiv |
-0.9 |
-20.1 |
-14.6 |
-14.6 |
-14.8 |
|
Other net |
0.3 |
1.4 |
0.6 |
0.5 |
0.3 |
|
Cash from Investing Activities |
-12.6 |
-78.7 |
-59.8 |
-42.8 |
-25.8 |
|
|
|
|
|
|
|
|
Proceeds from borrowings |
- |
670.0 |
670.0 |
- |
- |
|
Payments on Debt |
-13.8 |
-848.1 |
-804.3 |
-55.6 |
-52.9 |
|
Common Stock |
1.0 |
4.6 |
3.5 |
2.6 |
1.1 |
|
Repurchase of common stock |
-10.6 |
-29.4 |
- |
- |
0.0 |
|
Other financing, net |
0.1 |
-6.6 |
-5.3 |
-0.3 |
-0.6 |
|
Cash from Financing Activities |
-23.2 |
-209.5 |
-136.1 |
-53.4 |
-52.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
3.2 |
-0.6 |
2.1 |
7.3 |
6.1 |
|
Net Change in Cash |
21.4 |
-36.4 |
-40.0 |
-1.2 |
-36.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
133.1 |
169.5 |
169.5 |
169.5 |
169.5 |
|
Net Cash - Ending Balance |
154.4 |
133.1 |
129.5 |
168.3 |
133.4 |
|
Cash Interest Paid |
2.1 |
28.0 |
26.0 |
15.9 |
9.5 |
|
Cash Taxes Paid |
10.3 |
28.1 |
12.9 |
6.8 |
2.7 |
|
|
|
Financials in: As Reported (mil)
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Financials in: As Reported (mil)
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Standard & Poors
|
United
States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks,
Rising Debt Burden; Outlook Negative |
|
Publication
date: 05-Aug-2011 20:13:14 EST |
We have lowered our long-term
sovereign credit rating on the United States of America to 'AA+' from 'AAA' and
affirmed the 'A-1+' short-term rating.
We have also removed both the short- and long-term ratings
from CreditWatch negative.
The downgrade reflects our opinion that the fiscal
consolidation plan that Congress and the Administration recently agreed to
falls short of what, in our view, would be necessary to stabilize the
government's medium-term debt dynamics.
More broadly, the downgrade reflects our view that the
effectiveness, stability, and predictability of American policymaking and
political institutions have weakened at a time of ongoing fiscal and economic
challenges to a degree more than we envisioned when we assigned a negative
outlook to the rating on April 18, 2011.
Since then, we have changed our view of the difficulties in
bridging the gulf between the political parties over fiscal policy, which makes
us pessimistic about the capacity of Congress and the Administration to be able
to leverage their agreement this week into a broader fiscal consolidation plan
that stabilizes the government's debt dynamics any time soon.
The outlook on the long-term rating is negative. We could
lower the long-term rating to 'AA' within the next two years if we see that
less reduction in spending than agreed to, higher interest rates, or new fiscal
pressures during the period result in a higher general government debt
trajectory than we currently assume in our base case.
TORONTO (Standard &
Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it
lowered its long-term sovereign credit rating on the United States of America
to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the
long-term rating is negative. At the same time, Standard & Poor's affirmed
its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's removed
both ratings from CreditWatch, where they were placed on July 14, 2011, with
negative implications.
The transfer and convertibility (T&C) assessment
of the U.S.--our assessment of the likelihood of official interference in the
ability of U.S.-based public- and private-sector issuers to secure foreign
exchange for
debt service--remains
'AAA'.
We lowered our long-term
rating on the U.S. because we believe that the prolonged controversy over
raising the statutory debt ceiling and the related fiscal policy debate
indicate that further near-term progress containing the growth in public
spending, especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain a
contentious and fitful process. We also believe that the fiscal consolidation
plan that Congress and the Administration agreed to this week falls short of
the amount that we believe is necessary to stabilize the general government
debt burden by the middle of the decade.
Our lowering of the
rating was prompted by our view on the rising public debt burden and our
perception of greater policymaking uncertainty, consistent with our criteria
(see "Sovereign Government Rating Methodology and
Assumptions ," June 30, 2011, especially Paragraphs 36-41).
Nevertheless, we view the U.S. federal government's other economic, external,
and monetary credit attributes, which form the basis for the sovereign rating,
as broadly unchanged.
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by
delays to raising the government's debt ceiling. In addition, we believe that
the act provides sufficient clarity to allow us to evaluate the likely course
of U.S. fiscal policy for the next few years.
The political brinksmanship of recent months
highlights what we see as America's governance and policymaking becoming less
stable, less effective, and less predictable than what we previously believed.
The statutory debt ceiling and the threat of default have become political
bargaining chips in the debate over fiscal policy. Despite this year's wide-ranging
debate, in our view, the differences between political parties have proven to
be extraordinarily difficult to bridge, and, as we see it, the resulting
agreement fell well short of the comprehensive fiscal consolidation program
that some proponents had envisaged until quite recently. Republicans and
Democrats have only been able to agree to relatively modest savings on
discretionary spending while delegating to the Select Committee decisions on
more comprehensive measures. It appears that for now, new revenues have dropped
down on the menu of policy options. In addition, the plan envisions only minor
policy changes on Medicare and little change in other entitlements,
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that
elected officials remain wary of tackling the structural issues required to
effectively address the rising U.S. public debt burden in a manner consistent
with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and
Assumptions," June 30, 2011, especially Paragraphs 36-41). In
our view, the difficulty in framing a consensus on fiscal policy weakens the
government's ability to manage public finances and diverts attention from the
debate over how to achieve more balanced and dynamic economic growth in an era
of fiscal stringency and private-sector deleveraging (ibid). A new political
consensus might (or might not) emerge after the 2012 elections, but we believe
that by then, the government debt burden will likely be higher, the needed
medium-term fiscal adjustment potentially greater, and the inflection point on
the U.S. population's demographics and other age-related spending drivers
closer at hand (see "Global Aging 2011: In The U.S., Going Gray Will Likely
Cost Even More Green, Now," June 21, 2011).
Standard & Poor's
takes no position on the mix of spending and revenue measures that Congress and
the Administration might conclude is appropriate for putting the U.S.'s
finances on a sustainable footing.
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through
2021. These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend them.
The act further provides
that if Congress does not enact the committee's recommendations, cuts of $1.2
trillion will be implemented over the same time period. The reductions would
mainly affect outlays for civilian discretionary spending, defense, and
Medicare. We understand that this fall-back mechanism is designed to encourage
Congress to embrace a more balanced mix of expenditure savings, as the
committee might recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated
total budgetary savings under the act to be at least $2.1 trillion over the
next 10 years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the
CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to include
the CBO assumptions contained in its Aug. 1 letter to Congress. In general, the
CBO's "Alternate Fiscal Scenario" assumes a continuation of recent
Congressional action overriding existing law.
We view the act's
measures as a step toward fiscal consolidation. However, this is within the
framework of a legislative mechanism that leaves open the details of what is
finally agreed to until the end of 2011, and Congress and the Administration
could modify any agreement in the future. Even assuming that at least $2.1
trillion of the spending reductions the act envisages are implemented, we
maintain our view that the U.S. net general government debt burden (all levels
of government combined, excluding liquid financial assets) will likely continue
to grow. Under our revised base case fiscal scenario--which we consider to be
consistent with a 'AA+' long-term rating and a negative outlook--we now project
that net general government debt would rise from an estimated 74% of GDP by the
end of 2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of
sovereign indebtedness is high in relation to those of peer credits and, as
noted, would continue to rise under the act's revised policy settings.
Compared with previous
projections, our revised base case scenario now assumes that the 2001 and 2003
tax cuts, due to expire by the end of 2012, remain in place. We have changed
our assumption on this because the majority of Republicans in Congress continue
to resist any measure that would raise revenues, a position we believe Congress
reinforced by passing the act. Key macroeconomic assumptions in the base case
scenario include trend real GDP growth of 3% and consumer price inflation near
2% annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the
outlook on the 'AA+' long-term rating being revised to stable--retains these
same macroeconomic assumptions. In addition, it incorporates $950 billion of
new revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside
scenario--which, other things being equal, we view as being consistent with a
possible further downgrade to a 'AA' long-term rating--features less-favorable
macroeconomic assumptions, as outlined below and also assumes that the second
round of spending cuts (at least $1.2 trillion) that the act calls for does not
occur. This scenario also assumes somewhat higher nominal interest rates for
U.S. Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our
perspective, the effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the U.S. government. First, the
revisions show that the recent recession was deeper than previously assumed, so
the GDP this year is lower than previously thought in both nominal and real
terms. Consequently, the debt burden is slightly higher. Second, the revised
data highlight the sub-par path of the current economic recovery when compared
with rebounds following previous post-war recessions. We believe the sluggish
pace of the current economic recovery could be consistent with the experiences
of countries that have had financial crises in which the slow process of debt
deleveraging in the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real trend GDP
growth of 2.5% and inflation of near 1.5% annually going forward.
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant
peers--Canada, France, Germany, and the U.K.--we also observe, based on our
base case scenarios for each, that the trajectory of the U.S.'s net public debt
is diverging from the others. Including the U.S., we estimate that these five
sovereigns will have net general government debt to GDP ratios this year
ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%.
By 2015, we project that their net public debt to GDP ratios will range between
30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net public debt
burdens of these other sovereigns will begin to decline, either before or by
2015.
Standard & Poor's
transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment
reflects our view of the likelihood of the sovereign restricting other public
and private issuers' access to foreign exchange needed to meet debt service.
Although in our view the credit standing of the U.S. government has
deteriorated modestly, we see little indication that official interference of
this kind is entering onto the policy agenda of either Congress or the
Administration. Consequently, we continue to view this risk as being highly
remote.
The outlook on the
long-term rating is negative. As our downside alternate fiscal scenario
illustrates, a higher public debt trajectory than we currently assume could
lead us to lower the long-term rating again. On the other hand, as our upside
scenario highlights, if the recommendations of the Congressional Joint Select
Committee on Deficit Reduction--independently or coupled with other
initiatives, such as the lapsing of the 2001 and 2003 tax cuts for high
earners--lead to fiscal consolidation measures beyond the minimum mandated, and
we believe they are likely to slow the deterioration of the government's debt
dynamics, the long-term rating could stabilize at 'AA+'.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.15 |
|
|
1 |
Rs.86.57 |
|
Euro |
1 |
Rs.67.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SCs credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.