Attached files
| file | filename |
|---|---|
| 8-K - 8-K - AGILENT TECHNOLOGIES, INC. | form8-kpensionreclass.htm |
AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In millions, except per share amounts)
Three Months Ended | |||||||||||
January 31, 2018 | |||||||||||
As Previously Reported | Pension Adjustment | As Adjusted | |||||||||
Net revenue | $ | 1,211 | $ | 1,211 | |||||||
Costs and expenses: | |||||||||||
Cost of products and services | 538 | 3 | 541 | ||||||||
Research and development | 93 | 1 | 94 | ||||||||
Selling, general and administrative | 341 | 6 | 347 | ||||||||
Total costs and expenses | 972 | 982 | |||||||||
Income from operations | 239 | 229 | |||||||||
Interest income | 9 | 9 | |||||||||
Interest expense | (20 | ) | (20 | ) | |||||||
Other income (expense), net | 5 | 10 | 15 | ||||||||
Income before taxes | 233 | 233 | |||||||||
Provision for income taxes | 553 | 553 | |||||||||
Net loss | $ | (320 | ) | $ | (320 | ) | |||||
Net loss per share: | |||||||||||
Basic | $ | (0.99 | ) | $ | (0.99 | ) | |||||
Diluted | $ | (0.99 | ) | $ | (0.99 | ) | |||||
Weighted average shares used in computing net loss per share: | |||||||||||
Basic | 323 | 323 | |||||||||
Diluted | 323 | 323 | |||||||||
Cash dividends declared per common share | $ | 0.149 | $ | 0.149 | |||||||
AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In millions, except per share amounts)
Three Months Ended | Six Months Ended | ||||||||||||||||||||
April 30, 2018 | April 30, 2018 | ||||||||||||||||||||
As Previously Reported | Pension Adjustment | As Adjusted | As Previously Reported | Pension Adjustment | As Adjusted | ||||||||||||||||
Net revenue | $ | 1,206 | $ | 1,206 | $ | 2,417 | $ | 2,417 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||
Cost of products and services | 562 | 1 | 563 | 1,100 | 4 | 1,104 | |||||||||||||||
Research and development | 91 | 1 | 92 | 184 | 2 | 186 | |||||||||||||||
Selling, general and administrative | 338 | 3 | 341 | 679 | 9 | 688 | |||||||||||||||
Total costs and expenses | 991 | 996 | 1,963 | 1,978 | |||||||||||||||||
Income from operations | 215 | 210 | 454 | 439 | |||||||||||||||||
Interest income | 10 | 10 | 19 | 19 | |||||||||||||||||
Interest expense | (19 | ) | (19 | ) | (39 | ) | (39 | ) | |||||||||||||
Other income (expense), net | 21 | 5 | 26 | 26 | 15 | 41 | |||||||||||||||
Income before taxes | 227 | 227 | 460 | 460 | |||||||||||||||||
Provision for income taxes | 22 | 22 | 575 | 575 | |||||||||||||||||
Net income (loss) | $ | 205 | $ | 205 | $ | (115 | ) | $ | (115 | ) | |||||||||||
Net income (loss) per share: | |||||||||||||||||||||
Basic | $ | 0.64 | $ | 0.64 | $ | (0.36 | ) | $ | (0.36 | ) | |||||||||||
Diluted | $ | 0.63 | $ | 0.63 | $ | (0.36 | ) | $ | (0.36 | ) | |||||||||||
Weighted average shares used in computing net income (loss) per share: | |||||||||||||||||||||
Basic | 322 | 322 | 323 | 323 | |||||||||||||||||
Diluted | 326 | 326 | 323 | 323 | |||||||||||||||||
Cash dividends declared per common share | $ | 0.149 | $ | 0.149 | $ | 0.298 | $ | 0.298 | |||||||||||||
AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In millions, except per share amounts)
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
July 31, 2018 | July 31, 2018 | ||||||||||||||||||||
As Previously Reported | Pension Adjustment | As Adjusted | As Previously Reported | Pension Adjustment | As Adjusted | ||||||||||||||||
Net revenue | $ | 1,203 | $ | 1,203 | $ | 3,620 | $ | 3,620 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||
Cost of products and services | 542 | 2 | 544 | 1,642 | 6 | 1,648 | |||||||||||||||
Research and development | 97 | — | 97 | 281 | 2 | 283 | |||||||||||||||
Selling, general and administrative | 339 | 2 | 341 | 1,018 | 11 | 1,029 | |||||||||||||||
Total costs and expenses | 978 | 982 | 2,941 | 2,960 | |||||||||||||||||
Income from operations | 225 | 221 | 679 | 660 | |||||||||||||||||
Interest income | 9 | 9 | 28 | 28 | |||||||||||||||||
Interest expense | (18 | ) | (18 | ) | (57 | ) | (57 | ) | |||||||||||||
Other income (expense), net | 26 | 4 | 30 | 52 | 19 | 71 | |||||||||||||||
Income before taxes | 242 | 242 | 702 | 702 | |||||||||||||||||
Provision for income taxes | 6 | 6 | 581 | 581 | |||||||||||||||||
Net income | $ | 236 | $ | 236 | $ | 121 | $ | 121 | |||||||||||||
Net income per share: | |||||||||||||||||||||
Basic | $ | 0.74 | $ | 0.74 | $ | 0.38 | $ | 0.38 | |||||||||||||
Diluted | $ | 0.73 | $ | 0.73 | $ | 0.37 | $ | 0.37 | |||||||||||||
Weighted average shares used in computing net income per share: | |||||||||||||||||||||
Basic | 320 | 320 | 322 | 322 | |||||||||||||||||
Diluted | 324 | 324 | 326 | 326 | |||||||||||||||||
Cash dividends declared per common share | $ | 0.149 | $ | 0.149 | $ | 0.447 | $ | 0.447 | |||||||||||||
AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In millions, except per share amounts)
Three Months Ended | Year Ended | ||||||||||||||||||||
October 31, 2018 | October 31, 2018 | ||||||||||||||||||||
As Previously Reported | Pension Adjustment | As Adjusted | As Previously Reported | Pension Adjustment | As Adjusted | ||||||||||||||||
Net revenue | $ | 1,294 | $ | 1,294 | $ | 4,914 | $ | 4,914 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||
Cost of products and services | 585 | 1 | 586 | 2,227 | 7 | 2,234 | |||||||||||||||
Research and development | 104 | — | 104 | 385 | 2 | 387 | |||||||||||||||
Selling, general and administrative | 356 | 4 | 360 | 1,374 | 15 | 1,389 | |||||||||||||||
Total costs and expenses | 1,045 | 1,050 | 3,986 | 4,010 | |||||||||||||||||
Income from operations | 249 | 244 | 928 | 904 | |||||||||||||||||
Interest income | 10 | 10 | 38 | 38 | |||||||||||||||||
Interest expense | (18 | ) | (18 | ) | (75 | ) | (75 | ) | |||||||||||||
Other income (expense), net | 3 | 5 | 8 | 55 | 24 | 79 | |||||||||||||||
Income before taxes | 244 | 244 | 946 | 946 | |||||||||||||||||
Provision for income taxes | 49 | 49 | 630 | 630 | |||||||||||||||||
Net income | $ | 195 | $ | 195 | $ | 316 | $ | 316 | |||||||||||||
Net income per share: | |||||||||||||||||||||
Basic | $ | 0.61 | $ | 0.61 | $ | 0.98 | $ | 0.98 | |||||||||||||
Diluted | $ | 0.61 | $ | 0.61 | $ | 0.97 | $ | 0.97 | |||||||||||||
Weighted average shares used in computing net income per share: | |||||||||||||||||||||
Basic | 319 | 319 | 321 | 321 | |||||||||||||||||
Diluted | 322 | 322 | 325 | 325 | |||||||||||||||||
Cash dividends declared per common share | $ | 0.149 | $ | 0.149 | $ | 0.596 | $ | 0.596 | |||||||||||||
AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In millions, except per share amounts)
Three Months Ended | |||||||||||
January 31, 2017 | |||||||||||
As Previously Reported | Pension Adjustment | As Adjusted | |||||||||
Net revenue | $ | 1,067 | $ | 1,067 | |||||||
Costs and expenses: | |||||||||||
Cost of products and services | 493 | 10 | 503 | ||||||||
Research and development | 79 | 3 | 82 | ||||||||
Selling, general and administrative | 289 | 19 | 308 | ||||||||
Total costs and expenses | 861 | 893 | |||||||||
Income from operations | 206 | 174 | |||||||||
Interest income | 4 | 4 | |||||||||
Interest expense | (20 | ) | (20 | ) | |||||||
Other income (expense), net | 3 | 32 | 35 | ||||||||
Income before taxes | 193 | 193 | |||||||||
Provision for income taxes | 25 | 25 | |||||||||
Net income | $ | 168 | $ | 168 | |||||||
Net income per share: | |||||||||||
Basic | $ | 0.52 | $ | 0.52 | |||||||
Diluted | $ | 0.52 | $ | 0.52 | |||||||
Weighted average shares used in computing net income per share: | |||||||||||
Basic | 322 | 322 | |||||||||
Diluted | 326 | 326 | |||||||||
Cash dividends declared per common share | $ | 0.132 | $ | 0.132 | |||||||
AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In millions, except per share amounts)
Three Months Ended | Six Months Ended | ||||||||||||||||||||
April 30, 2017 | April 30, 2017 | ||||||||||||||||||||
As Previously Reported | Pension Adjustment | As Adjusted | As Previously Reported | Pension Adjustment | As Adjusted | ||||||||||||||||
Net revenue | $ | 1,102 | $ | 1,102 | $ | 2,169 | $ | 2,169 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||
Cost of products and services | 510 | — | 510 | 1,003 | 10 | 1,013 | |||||||||||||||
Research and development | 84 | — | 84 | 163 | 3 | 166 | |||||||||||||||
Selling, general and administrative | 307 | 1 | 308 | 596 | 20 | 616 | |||||||||||||||
Total costs and expenses | 901 | 902 | 1,762 | 1,795 | |||||||||||||||||
Income from operations | 201 | 200 | 407 | 374 | |||||||||||||||||
Interest income | 5 | 5 | 9 | 9 | |||||||||||||||||
Interest expense | (20 | ) | (20 | ) | (40 | ) | (40 | ) | |||||||||||||
Other income (expense), net | 5 | 1 | 6 | 8 | 33 | 41 | |||||||||||||||
Income before taxes | 191 | 191 | 384 | 384 | |||||||||||||||||
Provision for income taxes | 27 | 27 | 52 | 52 | |||||||||||||||||
Net income | $ | 164 | $ | 164 | $ | 332 | $ | 332 | |||||||||||||
Net income per share: | |||||||||||||||||||||
Basic | $ | 0.51 | $ | 0.51 | $ | 1.03 | $ | 1.03 | |||||||||||||
Diluted | $ | 0.50 | $ | 0.50 | $ | 1.02 | $ | 1.02 | |||||||||||||
Weighted average shares used in computing net income per share: | |||||||||||||||||||||
Basic | 321 | 321 | 322 | 322 | |||||||||||||||||
Diluted | 325 | 325 | 325 | 325 | |||||||||||||||||
Cash dividends declared per common share | $ | 0.132 | $ | 0.132 | $ | 0.264 | $ | 0.264 | |||||||||||||
AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In millions, except per share amounts)
Three Months Ended | Nine Months Ended | ||||||||||||||||||||
July 31, 2017 | July 31, 2017 | ||||||||||||||||||||
As Previously Reported | Pension Adjustment | As Adjusted | As Previously Reported | Pension Adjustment | As Adjusted | ||||||||||||||||
Net revenue | $ | 1,114 | $ | 1,114 | $ | 3,283 | $ | 3,283 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||
Cost of products and services | 518 | — | 518 | 1,521 | 10 | 1,531 | |||||||||||||||
Research and development | 87 | (1) | 86 | 250 | 2 | 252 | |||||||||||||||
Selling, general and administrative | 308 | 1 | 309 | 904 | 21 | 925 | |||||||||||||||
Total costs and expenses | 913 | 913 | 2,675 | 2,708 | |||||||||||||||||
Income from operations | 201 | 201 | 608 | 575 | |||||||||||||||||
Interest income | 6 | 6 | 15 | 15 | |||||||||||||||||
Interest expense | (19 | ) | (19 | ) | (59 | ) | (59 | ) | |||||||||||||
Other income (expense), net | 5 | 5 | 13 | 33 | 46 | ||||||||||||||||
Income before taxes | 193 | 193 | 577 | 577 | |||||||||||||||||
Provision for income taxes | 18 | 18 | 70 | 70 | |||||||||||||||||
Net income | $ | 175 | $ | 175 | $ | 507 | $ | 507 | |||||||||||||
Net income per share: | |||||||||||||||||||||
Basic | $ | 0.55 | $ | 0.55 | $ | 1.57 | $ | 1.57 | |||||||||||||
Diluted | $ | 0.54 | $ | 0.54 | $ | 1.56 | $ | 1.56 | |||||||||||||
Weighted average shares used in computing net income per share: | |||||||||||||||||||||
Basic | 321 | 321 | 322 | 322 | |||||||||||||||||
Diluted | 326 | 326 | 325 | 325 | |||||||||||||||||
Cash dividends declared per common share | $ | 0.132 | $ | 0.132 | $ | 0.396 | $ | 0.396 | |||||||||||||
AGILENT TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In millions, except per share amounts)
Three Months Ended | Year Ended | ||||||||||||||||||||
October 31, 2017 | October 31, 2017 | ||||||||||||||||||||
As Previously Reported | Pension Adjustment | As Adjusted | As Previously Reported | Pension Adjustment | As Adjusted | ||||||||||||||||
Net revenue | $ | 1,189 | $ | 1,189 | $ | 4,472 | $ | 4,472 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||
Cost of products and services | 542 | — | 542 | 2,063 | 10 | 2,073 | |||||||||||||||
Research and development | 89 | — | 89 | 339 | 2 | 341 | |||||||||||||||
Selling, general and administrative | 325 | 1 | 326 | 1,229 | 22 | 1,251 | |||||||||||||||
Total costs and expenses | 956 | 957 | 3,631 | 3,665 | |||||||||||||||||
Income from operations | 233 | 232 | 841 | 807 | |||||||||||||||||
Interest income | 7 | 7 | 22 | 22 | |||||||||||||||||
Interest expense | (20 | ) | (20 | ) | (79 | ) | (79 | ) | |||||||||||||
Other income (expense), net | 6 | 1 | 7 | 19 | 34 | 53 | |||||||||||||||
Income before taxes | 226 | 226 | 803 | 803 | |||||||||||||||||
Provision for income taxes | 49 | 49 | 119 | 119 | |||||||||||||||||
Net income | $ | 177 | $ | 177 | $ | 684 | $ | 684 | |||||||||||||
Net income per share: | |||||||||||||||||||||
Basic | $ | 0.55 | $ | 0.55 | $ | 2.12 | $ | 2.12 | |||||||||||||
Diluted | $ | 0.54 | $ | 0.54 | $ | 2.10 | $ | 2.10 | |||||||||||||
Weighted average shares used in computing net income per share: | |||||||||||||||||||||
Basic | 322 | 322 | 322 | 322 | |||||||||||||||||
Diluted | 326 | 326 | 326 | 326 | |||||||||||||||||
Cash dividends declared per common share | $ | 0.132 | $ | 0.132 | $ | 0.528 | $ | 0.528 | |||||||||||||
AGILENT TECHNOLOGIES, INC. | |||||||||||||||||||||
LIFE SCIENCES AND APPLIED MARKETS SEGMENT | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
All periods below were revised to include the impact of the adoption of ASU 2017-07. | |||||||||||||||||||||
(In millions, except margins data) | 2018 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | |||||||||||||||||
Gross margin % | 62.1 | % | 59.7 | % | 61.3 | % | 62.1 | % | 61.3 | % | |||||||||||
Research and development expenses | $ | 54 | $ | 54 | $ | 54 | $ | 58 | $ | 220 | |||||||||||
Selling, general and administrative expenses | $ | 162 | $ | 154 | $ | 155 | $ | 159 | $ | 630 | |||||||||||
Income from operations | $ | 154 | $ | 113 | $ | 122 | $ | 154 | $ | 543 | |||||||||||
Operating margin % | 25.9 | % | 21.0 | % | 22.7 | % | 25.7 | % | 23.9 | % | |||||||||||
2017 | |||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | |||||||||||||||||
Gross margin % | 59.9 | % | 60.2 | % | 60.0 | % | 61.2 | % | 60.3 | % | |||||||||||
Research and development expenses | $ | 48 | $ | 50 | $ | 50 | $ | 51 | $ | 199 | |||||||||||
Selling, general and administrative expenses | $ | 141 | $ | 145 | $ | 147 | $ | 154 | $ | 587 | |||||||||||
Income from operations | $ | 123 | $ | 106 | $ | 109 | $ | 132 | $ | 470 | |||||||||||
Operating margin % | 23.6 | % | 21.3 | % | 21.5 | % | 23.9 | % | 22.6 | % | |||||||||||
Income from operations reflect the results of our reportable segments under Agilent's management reporting system which are not necessarily in conformity with GAAP financial measures. Income from operations of our reporting segments exclude, among other things, asset impairments, charges related to amortization of intangibles, business exit and divestiture costs, transformational initiatives, acquisition and integration costs, NASD site costs, and special compliance costs.
Readers are reminded that non-GAAP numbers are merely a supplement to, and not a replacement for, GAAP financial measures. They should be read in conjunction with the GAAP financial measures. It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies.
9
AGILENT TECHNOLOGIES, INC. | |||||||||||||||||||||
DIAGNOSTICS AND GENOMICS SEGMENT | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
All periods below were revised to include the impact of the adoption of ASU 2017-07. | |||||||||||||||||||||
(In millions, except margins data) | 2018 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | |||||||||||||||||
Gross margin % | 54.2 | % | 54.8 | % | 56.8 | % | 59.0 | % | 56.3 | % | |||||||||||
Research and development expenses | $ | 25 | $ | 24 | $ | 30 | $ | 30 | $ | 109 | |||||||||||
Selling, general and administrative expenses | $ | 63 | $ | 61 | $ | 62 | $ | 63 | $ | 249 | |||||||||||
Income from operations | $ | 24 | $ | 48 | $ | 43 | $ | 58 | $ | 173 | |||||||||||
Operating margin % | 11.7 | % | 19.9 | % | 18.0 | % | 22.7 | % | 18.4 | % | |||||||||||
2017 | |||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | |||||||||||||||||
Gross margin % | 54.6 | % | 57.5 | % | 52.8 | % | 55.6 | % | 55.2 | % | |||||||||||
Research and development expenses | $ | 21 | $ | 21 | $ | 24 | $ | 23 | $ | 89 | |||||||||||
Selling, general and administrative expenses | $ | 52 | $ | 55 | $ | 54 | $ | 57 | $ | 218 | |||||||||||
Income from operations | $ | 27 | $ | 53 | $ | 37 | $ | 50 | $ | 167 | |||||||||||
Operating margin % | 14.7 | % | 23.7 | % | 17.0 | % | 21.3 | % | 19.4 | % | |||||||||||
Income from operations reflect the results of our reportable segments under Agilent's management reporting system which are not necessarily in conformity with GAAP financial measures. Income from operations of our reporting segments exclude, among other things, asset impairments, charges related to amortization of intangibles, business exit and divestiture costs, transformational initiatives, acquisition and integration costs, NASD site costs, and special compliance costs.
Readers are reminded that non-GAAP numbers are merely a supplement to, and not a replacement for, GAAP financial measures. They should be read in conjunction with the GAAP financial measures. It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies.
10
AGILENT TECHNOLOGIES, INC. | |||||||||||||||||||||
AGILENT CROSSLAB SEGMENT | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
All periods below were revised to include the impact of the adoption of ASU 2017-07. | |||||||||||||||||||||
(In millions, except margins data) | 2018 | ||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | |||||||||||||||||
Gross margin % | 50.4 | % | 50.0 | % | 50.1 | % | 51.0 | % | 50.4 | % | |||||||||||
Research and development expenses | $ | 14 | $ | 14 | $ | 13 | $ | 15 | $ | 56 | |||||||||||
Selling, general and administrative expenses | $ | 105 | $ | 103 | $ | 102 | $ | 103 | $ | 413 | |||||||||||
Income from operations | $ | 87 | $ | 96 | $ | 98 | $ | 107 | $ | 388 | |||||||||||
Operating margin % | 21.2 | % | 22.5 | % | 23.1 | % | 24.2 | % | 22.8 | % | |||||||||||
2017 | |||||||||||||||||||||
Q1 | Q2 | Q3 | Q4 | Total | |||||||||||||||||
Gross margin % | 48.5 | % | 49.6 | % | 49.9 | % | 49.6 | % | 49.4 | % | |||||||||||
Research and development expenses | $ | 12 | $ | 12 | $ | 12 | $ | 14 | $ | 50 | |||||||||||
Selling, general and administrative expenses | $ | 91 | $ | 94 | $ | 91 | $ | 95 | $ | 371 | |||||||||||
Income from operations | $ | 73 | $ | 81 | $ | 90 | $ | 92 | $ | 336 | |||||||||||
Operating margin % | 20.1 | % | 21.5 | % | 23.2 | % | 22.7 | % | 21.9 | % | |||||||||||
Income from operations reflect the results of our reportable segments under Agilent's management reporting system which are not necessarily in conformity with GAAP financial measures. Income from operations of our reporting segments exclude, among other things, asset impairments, charges related to amortization of intangibles, business exit and divestiture costs, transformational initiatives, acquisition and integration costs, NASD site costs, and special compliance costs.
Readers are reminded that non-GAAP numbers are merely a supplement to, and not a replacement for, GAAP financial measures. They should be read in conjunction with the GAAP financial measures. It should be noted as well that our non-GAAP information may be different from the non-GAAP information provided by other companies.
11