Financial Overview - Annual Income Statement

  Year Ending Dec 2018 (Update) Year Ending Dec 2017 (Reclassified) Year Ending Dec 2016 (Reclassified) Year Ending Dec 2015 (Update)
Net Sales 3,977.54 3,398.72 3,116.35 3,023.19
Revenue 3,977.54 3,398.72 3,116.35 3,023.19
Total Revenue 3,977.54 3,398.72 3,116.35 3,023.19
Cost of Revenue 2,294.83 1,926.26 1,720.79 1,671.59
Cost of Revenue, Total 2,294.83 1,926.26 1,720.79 1,671.59
Gross Profit 1,682.71 1,472.46 1,395.56 1,351.60
Selling/General/Administrative Expense 707.46 570.14 572.52 509.56
Selling/General/Administrative Expenses, Total 707.46 570.14 572.52 509.56
Research & Development 311.58 295.47 258.86 246.10
Amortization of Intangibles, Operating 75.88 34.69 23.76 --
Depreciation/Amortization 75.88 34.69 23.76 --
Restructuring Charge 5.08 19.71 -1.70 7.59
Litigation -- -- -- --
Loss (Gain) on Sale of Assets - Operating -1.18 -0.18 -10.84 --
Other Unusual Expense (Income) 38.81 0.00 0.00 --
Unusual Expense (Income) 42.71 19.53 -12.54 7.59
Total Operating Expense 3,432.47 2,846.09 2,563.40 2,434.84
Operating Income 545.07 552.63 552.96 588.35
Interest Expense - Non-Operating -132.91 -65.36 -52.99 -46.06
Interest Expense, Net Non-Operating -132.91 -65.36 -52.99 -46.06
Investment Income, Non-Operating 14.51 -10.06 26.82 8.64
Interest/Investment Income, Non-Operating 14.51 -10.06 26.82 8.64
Interest Income (Expense), Net-Non-Operating, Total -118.41 -75.42 -26.17 -37.42
Other Non-Operating Income (Expense) 21.09 59.84 -3.07 -11.83
Other, Net 21.09 59.84 -3.07 -11.83
Net Income Before Taxes 447.76 537.05 523.72 539.10
Income Tax – Total 75.18 102.18 118.69 119.85
Income After Tax 372.58 434.87 405.03 419.25
Minority Interest 2.48 0.00 0.00 --
Net Income Before Extraordinary Items 375.06 434.87 405.03 419.25
Extraordinary Item -32.80 -139.20 -- --
Total Extraordinary Items -32.80 -139.20 -- --
Net Income 342.26 295.67 405.03 419.25
Miscellaneous Earnings Adjustment -1.00 -1.00 -1.00 -2.00
Total Adjustments to Net Income -1.00 -1.00 -1.00 -2.00
Income Available to Common Excluding Extraordinary Items 374.06 433.87 404.03 417.25
Income Available to Common Stocks Including Extraordinary Items 341.26 294.67 404.03 417.25
Basic Weighted Average Shares 87.55 79.07 79.65 80.45
Basic EPS Excluding Extraordinary Items 4.27 5.49 5.07 5.19
Basic EPS Including Extraordinary Items 3.90 3.73 5.07 5.19
Diluted Net Income 341.26 294.67 404.03 417.25
Diluted Weighted Average Shares 88.12 79.37 79.98 80.89
Diluted EPS Excluding Extraordinary Items 4.24 5.47 5.05 5.16
Diluted EPS Including Extraordinary Items 3.87 3.71 5.05 5.16
DPS - Common Stock Primary Issue 2.80 2.61 2.32 1.97
Gross Dividends - Common Stock 253.58 209.86 190.75 165.73
Other Unusual Expense (Income), Supplemental -- -- -- --
Non-Recurring Items, Total -- -- -- --
Total Special Items 42.71 19.53 -12.54 7.59
Normalized Income Before Taxes 490.47 556.57 511.18 546.70
Effect of Special Items on Income Taxes 7.17 3.72 -2.84 1.69
Income Taxes Excluding Impact of Special Items 82.35 105.90 115.85 121.54
Normalized Income After Taxes 408.12 450.68 395.34 425.15
Normalized Income Available to Common 409.60 449.68 394.34 423.15
Basic Normalized EPS 4.68 5.69 4.95 5.26
Diluted Normalized EPS 4.65 5.67 4.93 5.23
Amortization of Intangibles, Supplemental 75.88 34.69 23.76 15.00
Depreciation, Supplemental 97.91 83.27 78.71 74.60
Interest Expense, Supplemental 132.91 65.36 52.99 46.06
Rental Expense, Supplemental 42.40 37.80 35.40 33.60
Stock-Based Compensation, Supplemental 31.92 32.58 28.47 27.94
Minority Interest, Supplemental 2.48 0.00 0.00 --
Research & Development Expense, Supplemental 311.58 295.47 258.86 246.10
Audit-Related Fees, Supplemental 8.90 6.50 5.27 4.67
Audit-Related Fees 0.18 0.07 0.13 0.06
Tax Fees, Supplemental 1.45 0.39 0.51 0.65
All Other Fees Paid to Auditor, Supplemental 0.01 0.01 0.01 0.07
Gross Margin 42.31 43.32 44.78 44.71
Operating Margin 13.70 16.26 17.74 19.46
Pretax Margin 11.26 15.80 16.81 17.83
Effective Tax Rate 16.79 19.03 22.66 22.23
Net Profit Margin 9.40 12.77 12.96 13.80
Normalized EBIT 587.78 572.16 540.42 595.94
Normalized EBITDA 761.58 690.12 642.89 685.54
Current Tax - Domestic -11.57 68.89 -2.92 7.65
Current Tax - Foreign 98.43 113.47 105.87 98.96
Current Tax - Local 1.71 0.14 1.38 0.20
Current Tax - Total 88.57 182.49 104.34 106.81
Deferred Tax - Domestic -8.29 -64.75 8.84 14.38
Deferred Tax - Foreign 1.98 -4.02 6.14 -1.74
Deferred Tax - Local -7.09 -11.54 -0.63 0.40
Deferred Tax - Total -13.40 -80.31 14.35 13.04
Income Tax - Total 75.18 102.18 118.69 119.85
Interest Cost - Domestic 19.39 20.08 24.10 23.71
Service Cost - Domestic 1.97 2.18 2.50 3.14
Expected Return on Assets - Domestic -30.99 -35.58 -33.99 -32.41
Curtailments & Settlements - Domestic 0.00 0.00 0.00 0.00
Other Pension, Net - Domestic 6.59 5.42 5.82 21.39
Domestic Pension Plan Expense -3.04 -7.90 -1.57 15.83
Interest Cost - Foreign 17.70 17.12 24.41 25.39
Service Cost - Foreign 18.74 18.65 15.21 15.87
Expected Return on Assets - Foreign -33.99 -50.63 -45.87 -50.44
Curtailments & Settlements - Foreign -- 2.75 -0.49 0.00
Other Pension, Net - Foreign 11.80 14.40 12.80 12.86
Foreign Pension Plan Expense 14.25 2.29 6.07 3.68
Interest Cost - Post-Retirement 2.46 2.71 3.33 3.90
Service Cost - Post-Retirement 0.76 0.72 0.85 0.97
Prior Service Cost - Post-Retirement -- -- 0.00 --
Other Post-Retirement, Net -5.50 -4.91 -5.09 -4.48
Post-Retirement Plan Expense -2.28 -1.49 -0.91 0.39
Defined Contribution Expense - Domestic 10.53 8.60 8.40 7.10
Defined Contribution Expense - Foreign 6.86 5.68 6.30 7.03
Total Pension Expense 26.32 7.19 18.30 34.04
Discount Rate - Domestic -- 4.19 4.20 3.90
Discount Rate - Foreign -- 2.14 3.03 2.74
Discount Rate - Post-Retirement -- -- -- --
Expected Rate of Return - Domestic -- 7.30 7.30 7.30
Expected Rate of Return - Foreign -- 5.95 6.40 6.24
Compensation Rate - Domestic -- 3.25 3.25 3.25
Compensation Rate - Foreign -- 1.97 1.98 2.00
Total Plan Interest Cost 39.56 39.90 51.84 53.00
Total Plan Service Cost 21.46 21.55 18.56 19.98
Total Plan Expected Return -64.98 -86.20 -79.85 -82.84
Total Plan Other Expense 12.89 14.91 13.54 29.78
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In millions of USD (except for per share items)

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