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DUN & BRADSTREET CORP/NW

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DUN & BRADSTREET CORP/NW

CIK:0001115222|SEC Filings
v3.10.0.1
Consolidated Statements of Operations and Comprehensive Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Revenue [1] $ 407.3 $ 428.3 $ 1,265.1 $ 1,215.5
Operating Expenses 142.2 142.3 420.4 423.3
Selling and Administrative Expenses 158.2 164.1 465.6 497.5
Depreciation and Amortization 22.6 20.1 66.4 58.4
Restructuring Charge 2.1 [2] 5.8 23.6 22.3
Operating Costs 325.1 332.3 976.0 1,001.5
Operating Income 82.2 96.0 289.1 214.0
Interest Income 0.4 0.4 1.5 1.2
Interest Expense (13.6) (15.2) (40.9) (44.9)
Other Income (Expense) - Net [3] (1.9) (1.7) (1.2) (2.4)
Non-Operating Income (Expense) - Net [4] (15.1) (16.5) (40.6) (46.1)
Income (Loss) Before Provision for Income Taxes and Equity in Net Income of Affiliates 67.1 79.5 248.5 167.9
Less: Provision for Income Taxes 16.1 24.2 38.3 51.1
Equity in Net Income of Affiliates 0.7 0.5 1.8 3.2
Net Income (Loss) from Continuing Operations 51.7 55.8 212.0 120.0
Less: Net Income Attributable to the Noncontrolling Interest (1.5) (1.7) (4.9) (4.5)
Net Income (Loss) from Continuing Operations Attributable to Dun & Bradstreet 50.2 54.1 207.1 115.5
Loss on Disposal of Business, no Tax Impact 0.0 0.0 0.0 (0.8)
Loss from Discontinued Operations, no Tax Impact 0.0 0.0 0.0 (0.8)
Net Income (Loss) Attributable to Dun & Bradstreet $ 50.2 $ 54.1 $ 207.1 $ 114.7
Basic Earnings (Loss) Per Share of Common Stock:        
Income (Loss) from Continuing Operations Attributable to Dun & Bradstreet Common Shareholders $ 1.35 $ 1.46 $ 5.58 $ 3.13
Loss from Discontinued Operations Attributable to Dun & Bradstreet Common Shareholders 0.00 0.00 0.00 (0.02)
Net Income (Loss) Attributable to Dun & Bradstreet Common Shareholders 1.35 1.46 5.58 3.11
Diluted Earnings (Loss) Per Share of Common Stock:        
Income (Loss) from Continuing Operations Attributable to Dun & Bradstreet Common Shareholders 1.35 1.45 5.55 3.11
Loss from Discontinued Operations Attributable to Dun & Bradstreet Common Shareholders 0.00 0.00 0.00 (0.02)
Net Income (Loss) Attributable to Dun & Bradstreet Common Shareholders $ 1.35 $ 1.45 $ 5.55 $ 3.09
Weighted Average Number of Shares Outstanding-Basic 37.1 37.0 37.1 36.9
Weighted Average Number of Shares Outstanding-Diluted 37.3 37.2 37.3 37.1
Cash Dividend Paid Per Common Share $ 0.52 $ 0.50 $ 1.57 $ 1.51
Other Comprehensive Income, Net of Income Taxes:        
Net Income (Loss) from Continuing Operations $ 51.7 $ 55.8 $ 212.0 $ 120.0
Loss from Discontinued Operations, no Tax Impact 0.0 0.0 0.0 (0.8)
Net Income (Loss) 51.7 55.8 212.0 119.2
Foreign Currency Translation Adjustments, Net of Tax (8.7) 13.6 (8.8) 36.5
Defined Benefit Pension Plans:        
Prior Service Costs, Net of Tax Benefit (Expense) (1) [5] 0.0 (0.1) 0.1 (0.4)
Net Actuarial Gain, Net of Tax Benefit (Expense) (2) [6] 1.7 2.7 17.5 15.3
Derivative Financial Instrument, no tax impact 0.9 0.0 1.1 0.0
Total Other Comprehensive Income (Loss), Net of Tax (6.1) 16.2 9.9 51.4
Comprehensive Income (Loss), Net of Tax 45.6 72.0 221.9 170.6
Less: Comprehensive Income Attributable to the Noncontrolling Interest (0.7) (1.9) (4.1) (5.3)
Comprehensive Income (Loss) Attributable to Dun & Bradstreet $ 44.9 $ 70.1 $ 217.8 $ 165.3
[1] See Note 2 to our unaudited consolidated financial statements included in this Quarterly Report on Form 10-Q for the impact of the adoption of Topic 606.
[2] Includes a reduction of $1.0 million to the reserve related to our ongoing severance program.
[3] The decrease in Other Expense - Net for the nine months ended September 30, 2018 as compared to the nine months ended September 30, 2017, was primarily due to an increase in dividend income from our minority-interest investments in 2018, and higher losses in the prior year period related to divested businesses and investment, partially offset by higher bank fees related to the new term loan and credit facilities in 2018.As a result of the adoption of ASU No. 2017-07, non-service cost components of the pension and postretirement cost (“non-service costs components”) are reported in Miscellaneous Other Income (Expense) - Net within Other Income (Expense) - Net. We have also reclassified all historical results accordingly. Total non-service cost components for our pension and postretirement plans was $0.8 million and $1.6 million for the three month and nine month periods ended September 30, 2018, respectively, as compared to $0.8 million and $1.5 million for the three month and nine month periods ended September 30, 2017, respectively. See Note 10 to the unaudited consolidated financial statements included in Item 1. of this Quarterly Report on Form 10-Q for further detail.
[4] The following table summarizes “Non-Operating Income (Expense) - Net:” For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017Interest Income$0.4 $0.4 $1.5 $1.2Interest Expense(13.6) (15.2) (40.9) (44.9)Other Income (Expense) - Net (a)(1.9) (1.7) (1.2) (2.4)Non-Operating Income (Expense) - Net$(15.1) $(16.5) $(40.6) $(46.1) (a) The decrease in Other Expense - Net for the nine months ended September 30, 2018 as compared to the nine months ended September 30, 2017, was primarily due to an increase in dividend income from our minority-interest investments in 2018, and higher losses in the prior year period related to divested businesses and investment, partially offset by higher bank fees related to the new term loan and credit facilities in 2018.As a result of the adoption of ASU No. 2017-07, non-service cost components of the pension and postretirement cost (“non-service costs components”) are reported in Miscellaneous Other Income (Expense) - Net within Other Income (Expense) - Net. We have also reclassified all historical results accordingly. Total non-service cost components for our pension and postretirement plans was $0.8 million and $1.6 million for the three month and nine month periods ended September 30, 2018, respectively, as compared to $0.8 million and $1.5 million for the three month and nine month periods ended September 30, 2017, respectively. See Note 10 to the unaudited consolidated financial statements included in Item 1. of this Quarterly Report on Form 10-Q for further detail.
[5] Tax Benefit (Expense) of $0.1 million and $0.3 million during the three months and nine months ended September 30, 2017, respectively.
[6] Tax Benefit (Expense) of $(0.4) million and $(1.0) million during the three months ended September 30, 2018 and 2017, respectively. Tax Benefit (Expense) of $(5.1) million and $(7.8) million during the nine months ended September 30, 2018 and 2017, respectively.