LEXMARK INTERNATIONAL INC /KY/

CIK:0001001288|SEC Filings

Consolidated Condensed Statements Of Earnings - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenue:
Product	$ 647.8	$ 669.0	$ 1,940.0	$ 2,103.6
Service	196.1	182.1	572.7	478.8
Total revenue	843.9	851.1	2,512.7	2,582.4
Cost of Revenue:
Product	415.8	423.8	1,236.9	1,267.9
Service	98.7	107.7	303.0	302.1
Restructuring-related costs		0.0		0.8
Total Cost of revenue	514.5	531.5	1,539.9	1,570.8
Gross profit	329.4	319.6	972.8	1,011.6
Research and development	68.5	81.6	228.0	244.9
Selling, general and administrative	228.5	261.0	743.1	736.0
Restructuring and related (reversals) charges	(3.5)	(1.4)	(18.6)	32.2
Operating expense	293.5	341.2	952.5	1,013.1
Operating income (loss)	35.9	(21.6)	20.3	(1.5)
Interest expense (income), net	11.5	10.4	33.8	28.1
Other expense (income), net	1.3	3.4	2.5	3.6
Earnings (loss) before income taxes	23.1	(35.4)	(16.0)	(33.2)
Provision (benefit) for income taxes	4.8	(20.2)	40.5	(3.5)
Net earnings (loss)	$ 18.3	$ (15.2)	$ (56.5)	$ (29.7)
Net earnings (loss) per share:
Basic	$ 0.29	$ (0.25)	$ (0.90)	$ (0.48)
Diluted	$ 0.28	$ (0.25)	$ (0.90)	$ (0.48)
Shares used in per share calculation:
Basic	63.0	61.7	62.8	61.5
Diluted	64.2	61.7	62.8	61.5
Cash dividends declared per common share	$ 0.36	$ 0.36	$ 1.08	$ 1.08

Consolidated Condensed Statements Of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net earnings (loss)	$ (56.5)	$ (29.7)
Adjustments to reconcile net loss to net cash flows provided by operating activities:
Depreciation and amortization	212.6	222.6
Deferred taxes	(1.4)	8.6
Stock-based compensation expense	38.4	25.6
Pension and other postretirement expense (income)	25.2	(5.6)
Other	(1.3)	1.8
Change in assets and liabilities, net of acquisitions:
Trade receivables	36.3	22.2
Inventories	(7.0)	(3.3)
Accounts payable	(102.8)	(62.5)
Accrued liabilities	(10.4)	(68.8)
Other assets and liabilities	1.0	(96.9)
Pension and other postretirement contributions	(6.0)	(9.3)
Net cash flows provided by operating activities	128.1	4.7
Cash flows from investing activities:
Purchases of property, plant and equipment	(57.1)	(84.1)
Purchases of marketable securities		(284.2)
Proceeds from sales of marketable securities		881.9
Proceeds from maturities of marketable securities		27.7
Purchase of businesses, net of cash acquired		(1,004.8)
Other	4.9	(1.4)
Net cash flows used for investing activities	(52.2)	(464.9)
Cash flows from financing activities:
Repayment of assumed debt		(1.3)
Proceeds from long-term debt	29.0	447.0
Payments on long-term debt	(73.0)	(50.0)
Purchase of shares from noncontrolling interest		(4.6)
Payment of cash dividend	(67.7)	(66.3)
Purchase of treasury stock	(4.0)	(30.0)
Proceeds from employee stock plans	0.7	5.7
Other	(3.0)	1.5
Net cash flows (used for) provided by financing activities	(118.0)	302.0
Effect of exchange rate changes on cash and cash equivalents	1.5	(8.2)
Net change in cash and cash equivalents	(40.6)	(166.4)
Cash and cash equivalents - beginning of period	158.3	309.3
Cash and cash equivalents - end of period	$ 117.7	$ 142.9

Consolidated Condensed Statements Of Financial Position - USD ($) $ in Millions	Sep. 30, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents	$ 117.7	$ 158.3
Trade receivables, net of allowances of $26.7 in 2016 and $24.4 in 2015	397.5	434.2
Inventories	238.9	231.9
Prepaid expenses and other current assets	169.2	204.9
Total current assets	923.3	1,029.3
Property, plant and equipment, net	683.2	740.2
Goodwill	1,323.0	1,325.1
Intangibles, net	432.6	532.5
Other assets	275.2	285.3
Total assets	3,637.3	3,912.4
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	398.9	501.7
Accrued liabilities	645.4	669.8
Total current liabilities	1,044.3	1,171.5
Long-term debt, net of unamortized discounts and issuance costs	1,017.9	1,061.3
Other liabilities	571.6	561.6
Total liabilities	2,633.8	2,794.4
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.01 par value, 1.6 shares authorized; no shares issued and outstanding
Capital in excess of par	1,068.4	1,025.9
Retained Earnings	1,165.7	1,292.8
Treasury stock, net; at cost; 36.5 and 36.4 shares in 2016 and 2015, respectively	(1,040.4)	(1,036.7)
Accumulated other comprehensive loss	(191.2)	(165.0)
Total stockholders' equity	1,003.5	1,118.0
Total liabilities and stockholders' equity	3,637.3	3,912.4
Class A Common Stock [Member]
Stockholders' equity:
Common stock	1.0	1.0
Class B Common Stock [Member]
Stockholders' equity:
Common stock