| 1 |
ADOBE SYSTEMS INC |
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| |
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Creative |
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Knowledge |
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Print and |
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| (in thousands) |
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Solutions |
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Worker |
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Enterprise |
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Platform(*) |
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Publishing |
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|
Total |
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Three months ended August 28, 2009
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Revenue
|
|
$ |
400,360 |
|
|
$ |
154,517 |
|
|
$ |
55,488 |
|
|
$ |
44,935 |
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|
$ |
42,207 |
|
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$ |
697,507 |
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Cost of revenue
|
|
|
34,903 |
|
|
|
9,870 |
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|
|
10,957 |
|
|
|
4,946 |
|
|
|
4,371 |
|
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|
65,047 |
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Gross profit
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$ |
365,457 |
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|
$ |
144,647 |
|
|
$ |
44,531 |
|
|
$ |
39,989 |
|
|
$ |
37,836 |
|
|
$ |
632,460 |
|
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|
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|
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Gross profit as a percentage of revenue
|
|
|
91 |
% |
|
|
94 |
% |
|
|
80 |
% |
|
|
89 |
% |
|
|
90 |
% |
|
|
91 |
% |
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Three months ended August 29, 2008
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Revenue
|
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$ |
493,615 |
|
|
$ |
217,988 |
|
|
$ |
65,491 |
|
|
$ |
59,077 |
|
|
$ |
51,086 |
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$ |
887,257 |
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Cost of revenue
|
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|
53,716 |
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|
15,762 |
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|
20,727 |
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|
|
14,137 |
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|
6,509 |
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|
110,851 |
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Gross profit
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$ |
439,899 |
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$ |
202,226 |
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$ |
44,764 |
|
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$ |
44,940 |
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$ |
44,577 |
|
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$ |
776,406 |
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|
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Gross profit as a percentage of revenue
|
|
|
89 |
% |
|
|
93 |
% |
|
|
68 |
% |
|
|
76 |
% |
|
|
87 |
% |
|
|
88 |
% |
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| (*) |
|
Platform revenue includes revenue related to our Mobile client products of $8.4
million and $27.5 million for the three months ended August 28, 2009 and August 29, 2008,
respectively, or 19% and 47% of Platform revenues, respectively. |
|
| 2 |
ASSURANT INC, |
13. Segment Information
The Company has five reportable segments, which are defined based on the nature of the products and services offered: Assurant Solutions, Assurant Specialty Property, Assurant Health, Assurant Employee Benefits, and Corporate & Other. Assurant Solutions provides credit-related insurance, including life, disability and unemployment, debt protection administration services, warranties and service contracts, life insurance policies and annuity products that provide benefits to fund pre-arranged funerals. Assurant Specialty Property provides creditor-placed homeowners insurance and manufactured housing homeowners insurance. Assurant Health provides individual, short-term and small group health insurance. Assurant Employee Benefits provides employee and employer paid dental, disability, and life insurance products and related services. Corporate & Other includes activities of the holding company, financing and interest expenses, net realized gains (losses) on investments, interest income earned from short-term investments held and additional costs associated with excess of loss reinsurance programs reinsured and ceded to certain subsidiaries in the London market between 1995 and 1997. Corporate & Other also includes the amortization of deferred gains associated with the sales of Fortis Financial Group and Long-Term Care through reinsurance agreements.
The Company evaluates performance of the operating business segments based on after-tax segment income (loss) excluding realized gains (losses) on investments. The Company determines reportable segments in a manner consistent with the way the Company organizes for purposes of making operating decisions and assessing performance.
The following tables summarize selected financial information by segment:
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Three Months Ended September 30, 2009
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Solutions
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Specialty
Property
|
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Health
|
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Employee
Benefits
|
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Corporate &
Other
|
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Consolidated
|
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Revenues
|
|
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|
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|
|
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|
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Net earned premiums and other
considerations
|
$ 669,344
|
|
$ 478,701
|
|
$ 470,385
|
|
$ 255,968
|
|
$ -
|
|
$ 1,874,398
|
|
Net investment income
|
97,681
|
|
26,550
|
|
11,770
|
|
33,039
|
|
3,884
|
|
172,924
|
|
Net realized gains on investments
|
-
|
|
-
|
|
-
|
|
-
|
|
19,866
|
|
19,866
|
|
Amortization of deferred gain
on disposal of businesses
|
-
|
|
-
|
|
-
|
|
-
|
|
6,802
|
|
6,802
|
|
Fees and other income
|
50,093
|
|
15,100
|
|
10,140
|
|
7,467
|
|
83
|
|
82,883
|
|
Total revenues
|
817,118
|
|
520,351
|
|
492,295
|
|
296,474
|
|
30,635
|
|
2,156,873
|
|
Benefits, losses and expenses
|
|
|
|
|
|
|
|
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Policyholder benefits
|
248,933
|
|
156,076
|
|
353,412
|
|
182,632
|
|
92
|
|
941,145
|
|
Amortization of deferred
acquisition costs and value of
business acquired
|
290,200
|
|
88,973
|
|
1,428
|
|
9,781
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|
-
|
|
390,382
|
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Underwriting, general and
administrative expenses
|
230,017
|
|
118,019
|
|
146,047
|
|
86,748
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|
20,289
|
|
601,120
|
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Interest expense
|
-
|
|
-
|
|
-
|
|
-
|
|
15,160
|
|
15,160
|
|
Total benefits, losses
and expenses
|
769,150
|
|
363,068
|
|
500,887
|
|
279,161
|
|
35,541
|
|
1,947,807
|
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Segment income (loss) before
provision (benefit) for
income tax
|
47,968
|
|
157,283
|
|
(8,592)
|
|
17,313
|
|
(4,906)
|
|
209,066
|
|
Provision (benefit) for income
taxes
|
16,324
|
|
54,126
|
|
(3,745)
|
|
5,863
|
|
(8,232)
|
|
64,336
|
|
Segment income (loss) after
tax
|
$ 31,644
|
|
$ 103,157
|
|
$ (4,847)
|
|
$ 11,450
|
|
$ 3,326
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
$ 144,730
|
|
|
Three Months Ended September 30, 2008
|
|
|
Solutions
|
|
Specialty
Property
|
|
Health
|
|
Employee
Benefits
|
|
Corporate &
Other
|
|
Consolidated
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
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|
|
Net earned premiums and other
considerations
|
$ 707,115
|
|
$ 513,228
|
|
$ 486,700
|
|
$ 277,093
|
|
$ -
|
|
$ 1,984,136
|
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Net investment income
|
105,539
|
|
31,129
|
|
13,769
|
|
35,278
|
|
6,599
|
|
192,314
|
|
Net realized losses on investments
|
-
|
|
-
|
|
-
|
|
-
|
|
(299,205)
|
|
(299,205)
|
|
Amortization of deferred gain
on disposal of businesses
|
-
|
|
-
|
|
-
|
|
-
|
|
7,379
|
|
7,379
|
|
Fees and other income
|
40,623
|
|
12,501
|
|
10,100
|
|
6,475
|
|
212
|
|
69,911
|
|
Total revenues
|
853,277
|
|
556,858
|
|
510,569
|
|
318,846
|
|
(285,015)
|
|
1,954,535
|
|
Benefits, losses and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Policyholder benefits
|
295,190
|
|
302,105
|
|
311,790
|
|
185,951
|
|
12
|
|
1,095,048
|
|
Amortization of deferred
acquisition costs and value of
business acquired
|
326,468
|
|
82,731
|
|
4,263
|
|
9,305
|
|
-
|
|
422,767
|
|
Underwriting, general and
administrative expenses
|
201,311
|
|
125,788
|
|
148,082
|
|
90,421
|
|
19,448
|
|
585,050
|
|
Interest expense
|
-
|
|
-
|
|
-
|
|
-
|
|
15,190
|
|
15,190
|
|
Total benefits, losses
and expenses
|
822,969
|
|
510,624
|
|
464,135
|
|
285,677
|
|
34,650
|
|
2,118,055
|
|
Segment income (loss) before
provision (benefit) for
income tax
|
30,308
|
|
46,234
|
|
46,434
|
|
33,169
|
|
(319,665)
|
|
(163,520)
|
|
Provision (benefit) for income
taxes
|
9,921
|
|
15,292
|
|
16,230
|
|
11,712
|
|
(105,246)
|
|
(52,091)
|
|
Segment income (loss) after
tax
|
$ 20,387
|
|
$ 30,942
|
|
$ 30,204
|
|
$ 21,457
|
|
$ (214,419)
|
|
|
|
Net (loss)
|
|
|
|
|
|
|
|
|
|
|
$ (111,429)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2009
|
|
|
Solutions
|
|
Specialty
Property
|
|
Health
|
|
Employe
Benefits
|
|
Corporat
& Other
|
|
Consolidated
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earned premiums and other
considerations
|
$1,980,891
|
|
$ 1,450,329
|
|
$ 1,411,626
|
|
$ 781,997
|
|
$ -
|
|
$ 5,624,843
|
|
Net investment income
|
292,782
|
|
84,306
|
|
36,320
|
|
100,662
|
|
12,265
|
|
526,335
|
|
Net realized losses on investments
|
-
|
|
-
|
|
-
|
|
-
|
|
(41,965)
|
|
(41,965)
|
|
Amortization of deferred gain
on disposal of businesses
|
-
|
|
-
|
|
-
|
|
-
|
|
20,354
|
|
20,354
|
|
Fees and other income
|
154,084
|
|
42,066
|
|
29,901
|
|
21,765
|
|
140,976
|
|
388,792
|
|
Total revenues
|
2,427,757
|
|
1,576,701
|
|
1,477,847
|
|
904,424
|
|
131,630
|
|
6,518,359
|
|
Benefits, losses and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Policyholder benefits
|
782,280
|
|
502,043
|
|
1,033,016
|
|
568,130
|
|
5,420
|
|
2,890,889
|
|
Amortization of deferred
acquisition costs and value of
business acquired
|
864,295
|
|
276,253
|
|
7,260
|
|
28,861
|
|
-
|
|
1,176,669
|
|
Underwriting, general and
administrative expenses
|
640,914
|
|
344,072
|
|
439,612
|
|
260,948
|
|
71,295
|
|
1,756,841
|
|
Interest expense
|
-
|
|
-
|
|
-
|
|
-
|
|
45,509
|
|
45,509
|
|
Total benefits, losses
and expenses
|
2,287,489
|
|
1,122,368
|
|
1,479,888
|
|
857,939
|
|
122,224
|
|
5,869,908
|
|
Segment income (loss) before
provision (benefit) for income tax
|
140,268
|
|
454,333
|
|
(2,041)
|
|
46,485
|
|
9,406
|
|
648,451
|
|
Provision (benefit) for income
Taxes
|
50,419
|
|
155,280
|
|
(1,536)
|
|
15,885
|
|
9,770
|
|
229,818
|
|
Segment income (loss) after
tax
|
$ 89,849
|
|
$ 299,053
|
|
$ (505)
|
|
$ 30,600
|
|
$(364)
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
$ 418,633
|
|
|
As of
September 30, 2009
|
|
Segment assets:
|
|
|
Segment assets, excluding goodwill
|
$11,204,037
|
|
$3,264,573
|
|
$1,059,085
|
|
$2,464,960
|
|
$6,663,834
|
|
$ 24,656,489
|
|
Goodwill
|
|
1,009,089
|
|
Total assets
|
|
$ 25,665,578
|
|
|
Nine Months Ended September 30, 2008
|
|
|
Solutions
|
|
Specialty
Property
|
|
Health
|
|
Employee
Benefits
|
|
Corporat
& Other
|
|
Consolidated
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earned premiums and other
considerations
|
$2,091,237
|
|
$ 1,528,569
|
|
$1,470,485
|
|
$ 830,778
|
|
$ -
|
|
$ 5,921,069
|
|
Net investment income
|
320,694
|
|
92,501
|
|
44,719
|
|
112,566
|
|
20,819
|
|
591,299
|
|
Net realized losses on investments
|
-
|
|
-
|
|
-
|
|
-
|
|
(376,922)
|
|
(376,922)
|
|
Amortization of deferred gain
on disposal of businesses
|
-
|
|
-
|
|
-
|
|
-
|
|
22,085
|
|
22,085
|
|
Fees and other income
|
132,572
|
|
38,090
|
|
29,143
|
|
20,238
|
|
3,046
|
|
223,089
|
|
Total revenues
|
2,544,503
|
|
1,659,160
|
|
1,544,347
|
|
963,582
|
|
(330,972)
|
|
6,380,620
|
|
Benefits, losses and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Policyholder benefits
|
888,043
|
|
618,711
|
|
943,859
|
|
578,994
|
|
1,108
|
|
3,030,715
|
|
Amortization of deferred
acquisition costs and value of
business acquired
|
961,729
|
|
249,822
|
|
13,857
|
|
27,656
|
|
-
|
|
1,253,064
|
|
Underwriting, general and
administrative expenses
|
544,656
|
|
353,878
|
|
439,473
|
|
270,325
|
|
70,922
|
|
1,679,254
|
|
Interest expense
|
-
|
|
-
|
|
-
|
|
-
|
|
45,765
|
|
45,765
|
|
Total benefits, losses
and expenses
|
2,394,428
|
|
1,222,411
|
|
1,397,189
|
|
876,975
|
|
117,795
|
|
6,008,798
|
|
Segment income (loss) before
provision (benefit) for
income tax
|
150,075
|
|
436,749
|
|
147,158
|
|
86,607
|
|
(448,767)
|
|
371,822
|
|
Provision (benefit) for income
taxes
|
49,776
|
|
150,021
|
|
51,970
|
|
30,188
|
|
(175,488)
|
|
106,467
|
|
Segment income (loss) after
tax
|
$ 100,299
|
|
$ 286,728
|
|
$ 95,188
|
|
$ 56,419
|
|
$ (273,279)
|
|
|
|
Net income
|
|
|
|
|
|
|
|
|
|
|
$ 265,355
|
|
|
As of
December 31, 2008
|
|
Segment assets:
|
|
|
Segment assets, excluding goodwill
|
$11,151,178
|
|
$3,335,130
|
|
$1,040,761
|
|
$2,559,065
|
|
$5,426,553
|
|
$ 23,512,687
|
|
Goodwill
|
|
1,001,899
|
|
Total assets
|
|
$ 24,514,586
|
|
| 3 |
AVALONBAY COMMUNITIES INC |
8. Segment Reporting
The Company’s reportable operating segments include Established Communities, Other Stabilized Communities, and Development/Redevelopment Communities. Annually as of January 1st, the Company determines which of its communities fall into each of these categories and maintains that classification, unless disposition plans regarding a community change, throughout the year for the purpose of reporting segment operations.
| · | Established Communities (also known as Same Store Communities) are communities where a comparison of operating results from the prior year to the current year is meaningful, as these communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior year. For the year 2009, the Established Communities are communities that are consolidated for financial reporting purposes, had stabilized occupancy and operating expenses as of January 1, 2008, are not conducting or planning to conduct substantial redevelopment activities and are not held for sale or planned for disposition within the current year. A community is considered to have stabilized occupancy at the earlier of (i) attainment of 95% physical occupancy or (ii) the one-year anniversary of completion of development or redevelopment. |
| · | Other Stabilized Communities includes all other completed communities that have stabilized occupancy, as defined above. Other Stabilized Communities does not include communities that are conducting or planning to conduct substantial redevelopment activities within the current year. |
| · | Development/Redevelopment Communities consists of communities that are under construction and have not received a final certificate of occupancy, communities where the Company owns a majority interest and where substantial redevelopment is in progress or is planned to begin during the current year and communities under lease-up that had not reached stabilized occupancy, as defined above, as of January 1, 2009. |
In addition, the Company owns land for future development and has other corporate assets that are not allocated to an operating segment.
The Company’s segment disclosures present the measure(s) used by the chief operating decision maker for purposes of assessing such segments’ performance. The Company’s chief operating decision maker is comprised of several members of its executive management team who use net operating income (“NOI”) as the primary financial measure for Established Communities and Other Stabilized Communities. NOI is defined by the Company as total revenue less direct property operating expenses. Although the Company considers NOI a useful measure of a community’s or communities’ operating performance, NOI should not be considered an alternative to net income or net cash flow from operating activities, as determined in accordance with GAAP. NOI excludes a number of income and expense categories as detailed in the reconciliation of NOI to net income.
A reconciliation of NOI to net income for the three and nine months ended September 30, 2009 and 2008 is as follows:
| | | For the three months ended | | | For the nine months ended | | | | | | 9-30-09 | | | | 9-30-08 | | | | 9-30-09 | | | | 9-30-08 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Net income | | $ | 58,101 | | | $ | 232,886 | | | $ | 121,924 | | | $ | 408,880 | | | Indirect operating expenses, net of corporate income | | | 6,987 | | | | 7,821 | | | | 22,922 | | | | 25,171 | | | Investments and investment management expense | | | 976 | | | | 1,229 | | | | 2,799 | | | | 3,643 | | | Expensed development and other pursuit costs | | | 1,721 | | | | 715 | | | | 5,096 | | | | 3,044 | | | Interest expense, net | | | 41,208 | | | | 28,363 | | | | 107,836 | | | | 85,620 | | | General and administrative expense | | | 5,750 | | | | 9,318 | | | | 18,388 | | | | 26,821 | | | Equity in income of unconsolidated entities | | | (190 | ) | | | (495 | ) | | | (4,139 | ) | | | (4,329 | ) | | Depreciation expense | | | 54,960 | | | | 48,698 | | | | 159,935 | | | | 140,885 | | | Impairment loss - land holdings | | | -- | | | | -- | | | | 20,302 | | | | -- | | | Gain on sale of real estate assets | | | (26,911 | ) | | | (183,711 | ) | | | (26,911 | ) | | | (257,850 | ) | | Income from discontinued operations | | | (1,132 | ) | | | (3,176 | ) | | | (3,998 | ) | | | (16,163 | ) | | | | | | | | | | | | | | | | | | | | Net operating income | | $ | 141,470 | | | $ | 141,648 | | | $ | 424,154 | | | $ | 415,722 | |
The primary performance measure for communities under development or redevelopment depends on the stage of completion. While under development, management monitors actual construction costs against budgeted costs as well as lease-up pace and rent levels compared to budget.
The following table provides details of the Company’s segment information as of the dates specified. The segments are classified based on the individual community’s status as of the beginning of the given calendar year. Therefore, each year the composition of communities within each business segment is adjusted. Accordingly, the amounts between years are not directly comparable. Segment information for the three and nine months ended September 30, 2009 and 2008 have been adjusted for the communities that were sold from January 1, 2008 through September 30, 2009, or otherwise qualify as discontinued operations as of September 30, 2009, as described in Note 7, “Real Estate Disposition Activities.”
| | | For the three months ended | | | For the nine months ended | | | | | Total | | | | | | % NOI change | | | Gross | | | Total | | | | | | % NOI change | | | Gross | | | | | revenue | | | NOI | | | from prior year | | | real estate (1) | | | revenue | | | NOI | | | from prior year | | | real estate (1) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the period ended September 30, 2009 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Established | | | | | | | | | | | | | | | | | | | | | | | | | | New England | | $ | 32,291 | | | $ | 19,993 | | | | (8.0 | %) | | $ | 917,491 | | | $ | 97,548 | | | $ | 60,986 | | | | (6.4 | %) | | $ | 917,491 | | | Metro NY/NJ | | | 41,238 | | | | 27,147 | | | | (9.9 | %) | | | 1,164,803 | | | | 125,507 | | | | 84,417 | | | | (5.9 | %) | | | 1,164,803 | | | Mid-Atlantic/Midwest | | | 32,957 | | | | 19,713 | | | | (1.7 | %) | | | 823,795 | | | | 98,578 | | | | 60,914 | | | | (2.1 | %) | | | 823,795 | | | Pacific Northwest | | | 6,983 | | | | 4,768 | | | | (9.0 | %) | | | 238,801 | | | | 21,537 | | | | 14,941 | | | | (5.2 | %) | | | 238,801 | | | Northern California | | | 24,203 | | | | 16,988 | | | | (11.6 | %) | | | 855,803 | | | | 75,034 | | | | 54,577 | | | | (5.1 | %) | | | 855,803 | | | Southern California | | | 15,551 | | | | 10,296 | | | | (12.3 | %) | | | 426,957 | | | | 47,442 | | | | 32,548 | | | | (8.8 | %) | | | 426,957 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | - | | | Total Established | | | 153,223 | | | | 98,905 | | | | (8.5 | %) | | | 4,427,650 | | | | 465,646 | | | | 308,383 | | | | (5.4 | %) | | | 4,427,650 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | - | | | Other Stabilized | | | 32,271 | | | | 21,185 | | | | n/a | | | | 1,421,181 | | | | 95,028 | | | | 61,296 | | | | n/a | | | | 1,421,181 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | - | | | Development / Redevelopment | | | 34,679 | | | | 21,380 | | | | n/a | | | | 2,148,152 | | | | 91,744 | | | | 54,475 | | | | n/a | | | | 2,148,152 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | - | | | Land Held for Future Development | | | n/a | | | | n/a | | | | n/a | | | | 243,656 | | | | n/a | | | | n/a | | | | n/a | | | | 243,656 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | - | | | Non-allocated (2) | | | 1,878 | | | | n/a | | | | n/a | | | | 71,765 | | | | 5,423 | | | | n/a | | | | n/a | | | | 71,765 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | | $ | 222,051 | | | $ | 141,470 | | | | (0.1 | %) | | $ | 8,312,404 | | | $ | 657,841 | | | $ | 424,154 | | | | 2.0 | % | | $ | 8,312,404 | |
| For the period ended September 30, 2008 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Established | | | | | | | | | | | | | | | | | | | | | | | | | | New England | | $ | 31,159 | | | $ | 20,095 | | | | 2.3 | % | | $ | 807,174 | | | $ | 92,902 | | | $ | 60,142 | | | | 2.9 | % | | $ | 807,174 | | | Metro NY/NJ | | | 36,430 | | | | 24,697 | | | | 0.7 | % | | | 930,454 | | | | 108,331 | | | | 74,228 | | | | 1.7 | % | | | 930,454 | | | Mid-Atlantic/Midwest | | | 31,215 | | | | 18,845 | | | | (1.9 | %) | | | 762,837 | | | | 93,084 | | | | 58,719 | | | | 2.9 | % | | | 762,837 | | | Pacific Northwest | | | 5,436 | | | | 3,852 | | | | 5.3 | % | | | 175,115 | | | | 16,119 | | | | 11,580 | | | | 8.4 | % | | | 175,115 | | | Northern California | | | 31,022 | | | | 22,925 | | | | 6.8 | % | | | 999,294 | | | | 92,022 | | | | 68,473 | | | | 9.0 | % | | | 999,294 | | | Southern California | | | 15,425 | | | | 10,901 | | | | 0.0 | % | | | 376,111 | | | | 46,166 | | | | 33,070 | | | | 0.9 | % | | | 376,111 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Established | | | 150,687 | | | | 101,315 | | | | 1.9 | % | | | 4,050,985 | | | | 448,624 | | | | 306,212 | | | | 3.9 | % | | | 4,050,985 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Other Stabilized | | | 27,689 | | | | 18,813 | | | | n/a | | | | 966,763 | | | | 80,497 | | | | 53,111 | | | | n/a | | | | 966,763 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Development / Redevelopment | | | 35,392 | | | | 21,520 | | | | n/a | | | | 2,308,113 | | | | 90,759 | | | | 56,399 | | | | n/a | | | | 2,308,113 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Land Held for Future Development | | | n/a | | | | n/a | | | | n/a | | | | 325,472 | | | | n/a | | | | n/a | | | | n/a | | | | 325,472 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Non-allocated (2) | | | 1,622 | | | | n/a | | | | n/a | | | | 49,536 | | | | 4,805 | | | | n/a | | | | n/a | | | | 49,536 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | | $ | 215,390 | | | $ | 141,648 | | | | 11.0 | % | | $ | 7,700,869 | | | $ | 624,685 | | | $ | 415,722 | | | | 12.7 | % | | $ | 7,700,869 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| (1) Does not include gross real estate assets held for sale of $38,328 and $135,516 as of September 30, 2009 and 2008, respectively. | | (2) Revenue represents third-party management, accounting and developer fees and miscellaneous income which are not allocated to a reportable segment. | |
| 4 |
BOEING CO |
Summary of Business
Segment Data
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions) |
|
Nine months ended
September 30 |
|
|
Three months ended
September 30 |
|
|
|
|
2009 |
|
|
2008 |
|
|
2009 |
|
|
2008 |
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Airplanes
|
|
$ |
24,868 |
|
|
$ |
23,674 |
|
|
$ |
7,883 |
|
|
$ |
6,946 |
|
|
Integrated Defense
Systems:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boeing Military Aircraft
|
|
|
10,324 |
|
|
|
10,169 |
|
|
|
3,951 |
|
|
|
3,702 |
|
|
Network and Space Systems
|
|
|
8,492 |
|
|
|
8,485 |
|
|
|
2,711 |
|
|
|
2,987 |
|
|
Global Services and
Support
|
|
|
6,298 |
|
|
|
5,352 |
|
|
|
2,082 |
|
|
|
1,808 |
|
| |
|
|
Total Integrated Defense
Systems
|
|
|
25,114 |
|
|
|
24,006 |
|
|
|
8,744 |
|
|
|
8,497 |
|
|
Boeing Capital Corporation
|
|
|
496 |
|
|
|
535 |
|
|
|
166 |
|
|
|
171 |
|
|
Other segment
|
|
|
125 |
|
|
|
527 |
|
|
|
51 |
|
|
|
300 |
|
|
Unallocated items and
eliminations
|
|
|
(259 |
) |
|
|
(497 |
) |
|
|
(156 |
) |
|
|
(621 |
) |
| |
|
|
Total revenues
|
|
$ |
50,344 |
|
|
$ |
48,245 |
|
|
$ |
16,688 |
|
|
$ |
15,293 |
|
| |
|
|
Earnings/(loss) from
operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Airplanes
|
|
$ |
(1,603 |
) |
|
$ |
2,154 |
|
|
$ |
(2,837 |
) |
|
$ |
394 |
|
|
Integrated Defense
Systems:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boeing Military Aircraft
|
|
|
1,160 |
|
|
|
929 |
|
|
|
486 |
|
|
|
388 |
|
|
Network and Space Systems
|
|
|
698 |
|
|
|
806 |
|
|
|
252 |
|
|
|
302 |
|
|
Global Services and
Support
|
|
|
612 |
|
|
|
616 |
|
|
|
147 |
|
|
|
164 |
|
| |
|
|
Total Integrated Defense
Systems
|
|
|
2,470 |
|
|
|
2,351 |
|
|
|
885 |
|
|
|
854 |
|
|
Boeing Capital Corporation
|
|
|
112 |
|
|
|
143 |
|
|
|
39 |
|
|
|
37 |
|
|
Other segment
|
|
|
(105 |
) |
|
|
(233 |
) |
|
|
(36 |
) |
|
|
(48 |
) |
|
Unallocated items and
eliminations
|
|
|
(471 |
) |
|
|
(222 |
) |
|
|
(202 |
) |
|
|
(90 |
) |
| |
|
|
Earnings/(loss) from
operations
|
|
|
403 |
|
|
|
4,193 |
|
|
|
(2,151 |
) |
|
|
1,147 |
|
|
Other income/(loss), net
|
|
|
7 |
|
|
|
257 |
|
|
|
(4 |
) |
|
|
55 |
|
|
Interest and debt expense
|
|
|
(229 |
) |
|
|
(145 |
) |
|
|
(92 |
) |
|
|
(49 |
) |
| |
|
|
Earnings/(loss) before income
taxes
|
|
|
181 |
|
|
|
4,305 |
|
|
|
(2,247 |
) |
|
|
1,153 |
|
|
Income tax
(expense)/benefit
|
|
|
(129 |
) |
|
|
(1,565 |
) |
|
|
687 |
|
|
|
(470 |
) |
| |
|
|
Net earnings/(loss) from
continuing operations
|
|
|
52 |
|
|
|
2,740 |
|
|
|
(1,560 |
) |
|
|
683 |
|
|
Net (loss)/gain on disposal of
discontinued operations, net of taxes of $5, ($10), $2 and
($6)
|
|
|
(8 |
) |
|
|
18 |
|
|
|
(4 |
) |
|
|
12 |
|
| |
|
|
Net earnings/(loss)
|
|
$ |
44 |
|
|
$ |
2,758 |
|
|
$ |
(1,564 |
) |
|
$ |
695 |
|
| |
|
|
Research and development expense,
net:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Airplanes
|
|
$ |
4,642 |
|
|
$ |
2,108 |
|
|
$ |
3,272 |
|
|
$ |
705 |
|
|
Integrated Defense
Systems:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boeing Military Aircraft
|
|
|
430 |
|
|
|
361 |
|
|
|
143 |
|
|
|
121 |
|
|
Network and Space Systems
|
|
|
293 |
|
|
|
227 |
|
|
|
108 |
|
|
|
73 |
|
|
Global Services and
Support
|
|
|
126 |
|
|
|
113 |
|
|
|
42 |
|
|
|
38 |
|
| |
|
|
Total Integrated Defense
Systems
|
|
|
849 |
|
|
|
701 |
|
|
|
293 |
|
|
|
232 |
|
|
Other segment
|
|
|
13 |
|
|
|
2 |
|
|
|
9 |
|
|
|
|
|
| |
|
|
Total research and development
expense, net
|
|
$ |
5,504 |
|
|
$ |
2,811 |
|
|
$ |
3,574 |
|
|
$ |
937 |
|
| |
|
This information is an integral part
of the Notes to Condensed Consolidated Financial Statements. See
Note 15 for further segment results.
|
| 5 |
CAMERON INTERNATIONAL CORP |
Note 12: Business Segments The Company’s operations are organized into three separate business segments – DPS, V&M and Compression Systems (CS). Summary financial data by segment is as follows (in thousands):
| | | Three Months Ended September 30, | | | Nine Months Ended September 30, | | | | | | | | 2008 | | | 2009 | | | 2008 (as revised) | | | Revenues: | | | | | | | | | | | | | | DPS | | $ | 791,494 | | | $ | 956,992 | | | $ | 2,459,115 | | | $ | 2,773,619 | | | V&M | | | 294,680 | | | | 383,724 | | | | 882,599 | | | | 1,095,142 | | | CS | | | 145,617 | | | | 164,017 | | | | 417,138 | | | | 455,860 | | | | | $ | 1,231,791 | | | $ | 1,504,733 | | | $ | 3,758,852 | | | $ | 4,324,621 | | | | | | | | | | | | | | | | | | | | | Income (loss) before income taxes: | | | | | | | | | | | | | | | | | | DPS | | $ | 149,706 | | | $ | 171,493 | | | $ | 486,563 | | | $ | 453,664 | | | V&M | | | 56,552 | | | | 84,661 | | | | 160,094 | | | | 221,711 | | | CS | | | 20,455 | | | | 28,440 | | | | 58,811 | | | | 72,861 | | | Corporate & other | | | (58,097 | ) | | | (42,424 | ) | | | (196,017 | ) | | | (107,146 | ) | | | | $ | 168,616 | | | $ | 242,170 | | | $ | 509,451 | | | $ | 641,090 | |
Corporate & other includes expenses associated with the Company’s Corporate office, as well as all of the Company’s interest income, interest expense, certain litigation expense managed by the Company’s General Counsel, foreign currency gains and losses from certain intercompany lending activities managed by the Company’s centralized Treasury function and all of the Company’s restructuring and stock compensation expense. |
| 6 |
CITRIX SYSTEMS INC |
9. SEGMENT
INFORMATION
The Company
operates in a single industry segment consisting of the design,
development and marketing of technology solutions that allow
applications to be delivered, supported and shared on-demand. The
Company’s revenues are derived from sales of its Desktop
Solutions, comprised primarily of Application Virtualization
revenues, and Datacenter and Cloud Solutions, comprised primarily
of Application Networking revenues, and related technical services
in the Americas, Europe, the Middle East and Africa
(“EMEA”) and Asia-Pacific regions and from its online
services sold by its Online Services division. These three
geographic regions and the Online Services division constitute the
Company’s four reportable segments.
The Company
does not engage in intercompany revenue transfers between segments.
The Company’s chief operating decision maker
(“CODM”) evaluates the Company’s performance
based primarily on profitability in the geographic locations in
which the Company operates and separately evaluates the performance
of its Online Services division. Segment profit for each segment
includes certain sales, marketing, general and administrative
expenses directly attributable to the segment, including research
and development costs in the Online Services division and excludes
certain expenses that are managed outside the reportable segments.
Costs excluded from segment profit primarily consist of certain
research and development costs associated with the Desktop
Solutions and Datacenter and Cloud Solutions, restructuring
charges, stock-based compensation costs, amortization of product
related technology, amortization of other intangible assets,
interest, corporate expenses and income taxes. Corporate expenses
are comprised primarily of corporate marketing costs, stock-based
compensation costs, operations and certain general and
administrative expenses, which are separately managed. Accounting
policies of the Company’s segments are the same as its
consolidated accounting policies.
Net revenues
and segment profit, classified by the Company’s four
reportable segments are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2009 |
|
|
2008 |
|
|
2009 |
|
|
2008 |
|
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas (1)
|
|
$ |
177,843 |
|
|
$ |
168,898 |
|
|
$ |
507,386 |
|
|
$ |
493,736 |
|
|
EMEA (2)
|
|
|
112,366 |
|
|
|
131,487 |
|
|
|
337,721 |
|
|
|
385,902 |
|
|
Asia-Pacific
|
|
|
31,955 |
|
|
|
33,559 |
|
|
|
91,613 |
|
|
|
97,398 |
|
|
Online Services
division
|
|
|
78,878 |
|
|
|
64,949 |
|
|
|
226,208 |
|
|
|
190,621 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
$ |
401,042 |
|
|
$ |
398,893 |
|
|
$ |
1,162,928 |
|
|
$ |
1,167,657 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment profit:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas (1)
|
|
$ |
102,703 |
|
|
$ |
88,207 |
|
|
$ |
277,408 |
|
|
$ |
245,663 |
|
|
EMEA (2)
|
|
|
72,403 |
|
|
|
84,528 |
|
|
|
216,357 |
|
|
|
247,226 |
|
|
Asia-Pacific
|
|
|
5,150 |
|
|
|
6,272 |
|
|
|
16,543 |
|
|
|
17,964 |
|
|
Online Services
division
|
|
|
25,335 |
|
|
|
20,087 |
|
|
|
67,550 |
|
|
|
56,329 |
|
|
Unallocated expenses
(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible
assets
|
|
|
(16,653 |
) |
|
|
(17,416 |
) |
|
|
(50,332 |
) |
|
|
(52,392 |
) |
|
Research and
development
|
|
|
(62,724 |
) |
|
|
(66,065 |
) |
|
|
(194,859 |
) |
|
|
(198,717 |
) |
|
Restructuring
|
|
|
(61 |
) |
|
|
— |
|
|
|
(22,827 |
) |
|
|
— |
|
|
Net interest and other
income
|
|
|
5,625 |
|
|
|
3,181 |
|
|
|
11,863 |
|
|
|
17,974 |
|
|
Other corporate
expenses
|
|
|
(70,053 |
) |
|
|
(67,914 |
) |
|
|
(209,011 |
) |
|
|
(209,193 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated income before
income taxes
|
|
$ |
61,725 |
|
|
$ |
50,880 |
|
|
$ |
112,692 |
|
|
$ |
124,854 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
The Americas segment is
comprised of the United States, Canada and Latin
America. |
| (2) |
Defined as Europe, the
Middle East and Africa. |
| (3) |
Represents expenses
presented to management on a consolidated basis only and not
allocated to the operating segments. |
In addition to
evaluating the Company’s profitability by geography,
including the Company’s Online Services division, its CODM
also evaluates revenues by product groupings. Accordingly, the
following table presents revenues for Product Licenses, License
Updates and product related Technical Services by product grouping
for the Company’s Application Virtualization products,
Application Networking products and other products and Online
services revenues for the Online Services division’s
products, for the following periods (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
| |
|
2009 |
|
2008 |
|
2009 |
|
2008 |
|
Net revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Application Virtualization
revenues
|
|
$ |
249,964 |
|
$ |
273,056 |
|
$ |
734,324 |
|
$ |
805,631 |
|
Citrix Online Division
revenues
|
|
|
78,878 |
|
|
64,949 |
|
|
226,208 |
|
|
190,621 |
|
Application Networking
revenues
|
|
|
54,355 |
|
|
47,450 |
|
|
156,374 |
|
|
139,398 |
|
Other
|
|
|
17,845 |
|
|
13,438 |
|
|
46,022 |
|
|
32,007 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total net
revenues
|
|
$ |
401,042 |
|
$ |
398,893 |
|
$ |
1,162,928 |
|
$ |
1,167,657 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 7 |
DIRECTV GROUP INC |
Note 11: Segment Reporting Our two business segments, DIRECTV U.S. and DIRECTV Latin America, acquire, promote, sell and distribute digital entertainment programming via satellite to residential and commercial subscribers. Corporate and Other includes the corporate office, eliminations and other entities. Selected information for our operating segments is reported as follows: | | | | | | | | (Dollars in Millions) | | Three Months Ended: | | | | | | September 30, 2009 | | | | | | Revenues........................................................................................................................ | | | | | | Operating profit (loss)................................................................................................... | $611 | $103 | $(29) | $685 | | Add: Depreciation and amortization expense......................................................... | | | | | | Operating profit (loss) before depreciation and amortization(1).......................... | | | | | | September 30, 2008 | | | | | | Revenues........................................................................................................................ | | | | | | Operating profit (loss)................................................................................................... | $532 | $142 | $(16) | $658 | | Add: Depreciation and amortization expense......................................................... | | | | | | Operating profit (loss) before depreciation and amortization(1).......................... | | | | | | | | | | | | | (Dollars in Millions) | | Nine Months Ended: | | | | | | September 30, 2009 | | | | | | Revenues....................................................................................................................... | | | | | | Operating profit (loss).................................................................................................. | $1,660 | $217 | $(66) | $1,811 | | Add: Depreciation and amortization expense........................................................ | | | | | | Operating profit (loss) before depreciation and amortization(1)......................... | | | | | | September 30, 2008 | | | | | | Revenues....................................................................................................................... | | | | | | Operating profit (loss).................................................................................................. | $1,842 | $322 | $(48) | $2,116 | | Add: Depreciation and amortization expense........................................................ | | | | | | Operating profit (loss) before depreciation and amortization(1)......................... | | | | | (1) Operating profit (loss) before depreciation and amortization, which is a financial measure that is not determined in accordance with GAAP can be calculated by adding amounts under the caption “Depreciation and amortization expense” to “Operating profit (loss).” This measure should be used in conjunction with GAAP financial measures and is not presented as an alternative measure of operating results, as determined in accordance with GAAP. Our management and Board of Directors use operating profit (loss) before depreciation and amortization to evaluate the operating performance of our company and our business segments and to allocate resources and capital to business segments. This metric is also used as a measure of performance for incentive compensation purposes and to measure income generated from operations that could be used to fund capital expenditures, service debt or pay taxes. Depreciation and amortization expense primarily represents an allocation to current expense of the cost of historical capital expenditures and for intangible assets resulting from prior business acquisitions. To compensate for the exclusion of depreciation and amortization expense from operating profit, our management and Board of Directors separately measure and budget for capital expenditures and business acquisitions. We believe this measure is useful to investors, along with GAAP measures (such as revenues, operating profit and net income), to compare our operating performance to other communications, entertainment and media service providers. We believe that investors use current and projected operating profit (loss) before depreciation and amortization and similar measures to estimate our current or prospective enterprise value and make investment decisions. This metric provides investors with a means to compare operating results exclusive of depreciation and amortization. Our management believes this is useful given the significant variation in depreciation and amortization expense that can result from the timing of capital expenditures, the capitalization of intangible assets, potential variations in expected useful lives when compared to other companies and periodic changes to estimated useful lives. The following represents a reconciliation of operating profit before depreciation and amortization to reported net income on the Consolidated Statements of Operations: | | Three Months Ended September 30, | Nine Months Ended September 30, | | | | | | | | | (Dollars in Millions) | | Operating profit before depreciation and amortization...................... | $1,348 | $1,252 | $3,819 | $3,791 | | Depreciation and amortization................................................................ | | | | | | Operating profit......................................................................................... | 685 | 658 | 1,811 | 2,116 | | Interest income........................................................................................... | 9 | 27 | 25 | 64 | | Interest expense.......................................................................................... | (101) | (103) | (304) | (248) | | Other, net..................................................................................................... | | | | | | Income before income taxes................................................................... | 603 | 593 | 1,599 | 1,961 | | Income tax expense.................................................................................. | | | | | | Net income.................................................................................................. | 384 | 398 | 1,014 | 1,249 | | Less: Net income attributable to noncontrolling interest.................... | | | | | | Net income attributable to The DIRECTV Group, Inc....................... | | | | | |
| 8 |
FORD MOTOR CO |
NOTE 17. SEGMENT INFORMATION
| (In millions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | THIRD QUARTER 2009 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Sales/Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | External customer | | $ | 13,718 | | | $ | 2,089 | | | $ | 7,584 | | | $ | 1,484 | | | $ | 2,995 | | | $ | — | | | $ | — | | | $ | — | | | $ | 27,870 | | | Intersegment | | | 65 | | | | — | | | | 168 | | | | — | | | | 8 | | | | — | | | | — | | | | — | | | | 241 | | | Income/(Loss) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Income/(Loss) before income taxes | | | 223 | | | | 241 | | | | 177 | | | | 21 | | | | 25 | | | | — | | | | — | | | | (142 | ) | | | 545 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | THIRD QUARTER 2008 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Sales/Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | External customer | | $ | 10,748 | | | $ | 2,712 | | | $ | 9,660 | | | $ | 1,697 | | | $ | 2,916 | | | $ | — | | | $ | — | | | $ | — | | | $ | 27,733 | | | Intersegment | | | 172 | | | | — | | | | 174 | | | | — | | | | 18 | | | | — | | | | — | | | | — | | | | 364 | | | Income/(Loss) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Income/(Loss) before income taxes | | | (36 | ) | | | 480 | | | | 29 | | | | (24 | ) | | | (484 | ) | | | (1 | ) | | | (37 | ) | | | (659 | ) | | | (732 | ) |
| | | Financial Services Sector | | | | | | | | | | | | | | | | | | | | | | | | | | THIRD QUARTER 2009 | | | | | | | | | | | | | | | | | | | | Sales/Revenues | | | | | | | | | | | | | | | | | | | | External customer | | $ | 2,937 | | | $ | 85 | | | $ | — | | | $ | 3,022 | | | $ | — | | | $ | 30,892 | | | Intersegment | | | 104 | | | | 4 | | | | — | | | | 108 | | | | (349 | ) | | | — | | | Income/(Loss) | | | | | | | | | | | | | | | | | | | | | | | | | | Income/(Loss) before income taxes | | | 677 | | | | (7 | ) | | | — | | | | 670 | | | | — | | | | 1,215 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | THIRD QUARTER 2008 | | | | | | | | | | | | | | | | | | | | | | | | | | Sales/Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | External customer | | $ | 3,939 | | | $ | 74 | | | $ | — | | | $ | 4,013 | | | $ | — | | | $ | 31,746 | | | Intersegment | | | 171 | | | | 2 | | | | — | | | | 173 | | | | (537 | ) | | | — | | | Income/(Loss) | | | | | | | | | | | | | | | | | | | | | | | | | | Income/(Loss) before income taxes | | | 161 | | | | (2 | ) | | | — | | | | 159 | | | | — | | | | (573 | ) |
* Includes intersector transactions occurring in the ordinary course of business. | (In millions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST NINE MONTHS 2009 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Sales/Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | External customer | | $ | 34,705 | | | $ | 5,333 | | | $ | 20,811 | | | $ | 3,855 | | | $ | 8,523 | | | $ | — | | | $ | — | | | $ | — | | | $ | 73,227 | | | Intersegment | | | 262 | | | | — | | | | 539 | | | | — | | | | 35 | | | | — | | | | — | | | | — | | | | 836 | | | Income/(Loss) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Income/(Loss) before income taxes | | | (1,600 | ) | | | 377 | | | | (479 | ) | | | (108 | ) | | | (994 | ) | | | — | | | | 3 | | | | 3,654 | | | | 853 | | | Total assets at September 30 (a) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 82,511 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST NINE MONTHS 2008 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Sales/Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | External customer | | $ | 42,077 | | | $ | 6,900 | | | $ | 31,374 | | | $ | 5,143 | | | $ | 11,439 | | | $ | — | | | $ | 6,974 | | | $ | — | | | $ | 103,907 | | | Intersegment | | | 461 | | | | — | | | | 663 | | | | — | | | | 75 | | | | — | | | | 63 | | | | — | | | | 1,262 | | | Income/(Loss) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Income/(Loss) before income taxes | | | (7,634 | ) | | | 1,125 | | | | 1,336 | | | | 15 | | | | (787 | ) | | | (63 | ) | | | 38 | | | | (1,179 | ) | | | (7,149 | ) | | Total assets at September 30 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 94,617 | |
| | | Financial Services Sector | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST NINE MONTHS 2009 | | | | | | | | | | | | | | | | | | | | Sales/Revenues | | | | | | | | | | | | | | | | | | | | External customer | | $ | 9,400 | | | $ | 232 | | | $ | — | | | $ | 9,632 | | | $ | — | | | $ | 82,859 | | | Intersegment | | | 302 | | | | 11 | | | | — | | | | 313 | | | | (1,149 | ) | | | — | | | Income/(Loss) | | | | | | | | | | | | | | | | | | | | | | | | | | Income/(Loss) before income taxes | | | 1,287 | | | | (174 | ) | | | — | | | | 1,113 | | | | — | | | | 1,966 | | | Total assets at September 30 (a) | | | 124,792 | | | | 10,513 | | | | (8,675 | ) | | | 126,630 | | | | (3,245 | ) | | | 205,896 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FIRST NINE MONTHS 2008 | | | | | | | | | | | | | | | | | | | | | | | | | | Sales/Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | External customer | | $ | 12,032 | | | $ | 201 | | | $ | — | | | $ | 12,233 | | | $ | — | | | $ | 116,140 | | | Intersegment | | | 597 | | | | 8 | | | | — | | | | 605 | | | | (1,867 | ) | | | — | | | Income/(Loss) | | | | | | | | | | | | | | | | | | | | | | | | | | Income/(Loss) before income taxes | | | (2,187 | ) | | | (10 | ) | | | — | | | | (2,197 | ) | | | — | | | | (9,346 | ) | | Total assets at September 30 | | | 155,305 | | | | 10,237 | | | | (9,632 | ) | | | 155,910 | | | | (4,009 | ) | | | 246,518 | |
(a) As reported on our sector balance sheet. (b) Includes intersector transactions occurring in the ordinary course of business. |
| 9 |
Lilly Eli & Co |
SEGMENT INFORMATION We operate in one significant business segment – human pharmaceutical products. Operations of our animal health business segment are not material and share many of the same economic and operating characteristics as human pharmaceutical products. Therefore, they are included with pharmaceutical products for purposes of segment reporting. Our business segments are distinguished by the ultimate end user of the product: humans or animals. Performance is evaluated based on profit or loss from operations before income taxes. Income before income taxes for the animal health business was $59.3 million and $47.6 million for the quarters ended September 30, 2009 and 2008, respectively, and $142.6 million and $102.9 million for the nine months ended September 30, 2009 and 2008, respectively. REVENUE BY CATEGORY Worldwide revenue by category was as follows: | | Three Months Ended September 30, | Nine Months Ended September 30, | | | 2009 | 2008 | 2009 | 2008 | | | (Dollars in millions) | | Net sales to unaffiliated customers | | | | | | Neurosciences........................................................ | $2,252.1 | $2,160.4 | $ 6,515.5 | $ 6,258.5 | | Endocrinology......................................................... | 1,448.7 | 1,371.4 | 4,164.2 | 4,098.8 | | Oncology................................................................. | 816.0 | 754.0 | 2,307.6 | 2,142.5 | | Cardiovascular........................................................ | 509.9 | 477.4 | 1,419.1 | 1,416.1 | | Animal health.......................................................... | 314.6 | 277.1 | 854.0 | 766.9 | | Other pharmaceuticals............................................. | 44.2 | 52.1 | 130.2 | 152.8 | | Net product sales...................................................... | 5,385.5 | 5,092.4 | 15,390.6 | 14,835.6 | | Collaboration and other revenue................................. | 176.5 | 117.1 | 511.2 | 331.9 | | Total revenue............................................................ | $5,562.0 | $5,209.5 | $15,901.8 | $15,167.5 | |
| 10 |
McAfee, Inc. |
|
|
|
11.
|
Business
Segment Information
|
We have one business and operate in one industry. We develop,
market, distribute and support computer and network security
solutions for large enterprises, governments, and small and
medium-sized business and consumer users, as well as resellers
and distributors. Management measures operations based on our
five operating segments: North America; EMEA; Japan;
Asia-Pacific, excluding Japan; and Latin America. Our chief
operating decision maker is our chief executive officer.
We market and sell anti-virus and security software, hardware
and services through our geographic regions. These products and
services are marketed and sold worldwide primarily through
resellers, distributors, systems integrators, retailers,
original equipment manufacturers, internet service providers and
directly by us. In addition, we offer on our web site suites of
online products and services personalized for the user based on
the users’ personal computer configuration, attached
peripherals and resident software. We also offer managed
security and availability applications to corporations and
governments on the internet.
Our chief operating decision maker evaluates financial
performance by geographic region based on income from
operations, which includes only cost of revenue and selling
expenses directly attributable to a sale. Historically, the
measure of segment income from operations included the
allocation of cost of revenues, research and development and
certain sales and marketing expenses. We revised the segment
information for the three and nine months ended
September 30, 2008 to conform to the 2009 presentation for
comparative purposes. Summarized financial information
concerning our net revenue and income from operations by
geographic region is as follows (in thousands):
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
|
|
|
September 30,
|
|
|
September 30,
|
|
|
|
|
2009
|
|
|
2008
|
|
|
2009
|
|
|
2008
|
|
|
|
|
Net revenue by region:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
$
|
273,464
|
|
|
$
|
218,365
|
|
|
$
|
793,295
|
|
|
$
|
612,333
|
|
|
EMEA
|
|
|
136,034
|
|
|
|
130,513
|
|
|
|
385,984
|
|
|
|
385,101
|
|
|
Japan
|
|
|
33,135
|
|
|
|
28,524
|
|
|
|
102,547
|
|
|
|
83,695
|
|
|
Asia-Pacific, excluding Japan
|
|
|
26,087
|
|
|
|
18,435
|
|
|
|
69,372
|
|
|
|
55,718
|
|
|
Latin America
|
|
|
16,551
|
|
|
|
13,842
|
|
|
|
50,468
|
|
|
|
39,231
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue
|
|
$
|
485,271
|
|
|
$
|
409,679
|
|
|
$
|
1,401,666
|
|
|
$
|
1,176,078
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations by region:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North America
|
|
$
|
205,158
|
|
|
$
|
165,653
|
|
|
$
|
585,481
|
|
|
$
|
463,588
|
|
|
EMEA
|
|
|
106,649
|
|
|
|
101,328
|
|
|
|
301,834
|
|
|
|
292,966
|
|
|
Japan
|
|
|
25,925
|
|
|
|
20,453
|
|
|
|
79,756
|
|
|
|
60,992
|
|
|
Asia-Pacific, excluding Japan
|
|
|
16,004
|
|
|
|
10,900
|
|
|
|
44,818
|
|
|
|
34,913
|
|
|
Latin America
|
|
|
11,139
|
|
|
|
9,231
|
|
|
|
36,152
|
|
|
|
26,542
|
|
|
Corporate and other
|
|
|
(322,370
|
)
|
|
|
(258,202
|
)
|
|
|
(897,890
|
)
|
|
|
(721,994
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations
|
|
$
|
42,505
|
|
|
$
|
49,363
|
|
|
$
|
150,151
|
|
|
$
|
157,007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and other includes research and development expenses,
cost of revenues and sales and marketing expenses not directly
related to the sale of our products and services, general and
administrative expenses, stock-based compensation, amortization
of purchased technology and other intangibles and restructuring
(benefit) charges. These expenses are not attributable to any
specific geographic region and are not included in the segment
measure of income from operations reviewed by our chief
operating decision maker. The difference between income from
operations and income before provision for income taxes is
reflected on the face of our condensed consolidated statements
of income and comprehensive income.
|
| 11 |
MCKESSON CORP |
14. Segment Information
We report our operations in two operating segments: McKesson Distribution Solutions and
McKesson Technology Solutions. The factors for determining the reportable segments included the
manner in which management evaluates the performance of the Company combined with the nature of the
individual business activities. We evaluate the performance of our operating segments based on
operating profit before interest expense, income taxes and results from discontinued operations.
Financial information relating to our reportable operating segments and reconciliations to the
condensed consolidated totals is as follows:
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Quarter Ended |
|
Six Months Ended |
| |
|
September 30, |
|
September 30, |
| (In millions) |
|
2009 |
|
2008 |
|
2009 |
|
2008 |
| |
|
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution Solutions (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Direct distribution & services
|
|
$ |
17,850 |
|
|
$ |
16,611 |
|
|
$ |
34,888 |
|
|
$ |
33,039 |
|
|
Sales to customers’ warehouses
|
|
|
5,501 |
|
|
|
6,319 |
|
|
|
11,552 |
|
|
|
12,983 |
|
| |
|
|
|
Total U.S. pharmaceutical
distribution & services
|
|
|
23,351 |
|
|
|
22,930 |
|
|
|
46,440 |
|
|
|
46,022 |
|
|
Canada pharmaceutical
distribution & services
|
|
|
2,255 |
|
|
|
2,182 |
|
|
|
4,395 |
|
|
|
4,423 |
|
|
Medical-Surgical distribution and
services
|
|
|
734 |
|
|
|
700 |
|
|
|
1,419 |
|
|
|
1,327 |
|
| |
|
|
|
Total Distribution Solutions
|
|
|
26,340 |
|
|
|
25,812 |
|
|
|
52,254 |
|
|
|
51,772 |
|
| |
|
|
|
Technology Solutions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Services
|
|
|
613 |
|
|
|
582 |
|
|
|
1,202 |
|
|
|
1,146 |
|
|
Software and software systems
|
|
|
142 |
|
|
|
140 |
|
|
|
272 |
|
|
|
278 |
|
|
Hardware
|
|
|
35 |
|
|
|
40 |
|
|
|
59 |
|
|
|
82 |
|
| |
|
|
|
Total Technology Solutions
|
|
|
790 |
|
|
|
762 |
|
|
|
1,533 |
|
|
|
1,506 |
|
| |
|
|
|
Total
|
|
$ |
27,130 |
|
|
$ |
26,574 |
|
|
$ |
53,787 |
|
|
$ |
53,278 |
|
| |
|
|
|
Operating profit (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution Solutions (3)
|
|
$ |
415 |
|
|
$ |
406 |
|
|
$ |
845 |
|
|
$ |
790 |
|
|
Technology Solutions
|
|
|
116 |
|
|
|
71 |
|
|
|
219 |
|
|
|
137 |
|
| |
|
|
|
Total
|
|
|
531 |
|
|
|
477 |
|
|
|
1,064 |
|
|
|
927 |
|
|
Corporate
|
|
|
(80 |
) |
|
|
(63 |
) |
|
|
(144 |
) |
|
|
(121 |
) |
|
Litigation Credit (4)
|
|
|
20 |
|
|
|
— |
|
|
|
20 |
|
|
|
— |
|
|
Interest Expense
|
|
|
(47 |
) |
|
|
(35 |
) |
|
|
(95 |
) |
|
|
(69 |
) |
| |
|
|
|
Income Before Income Taxes
|
|
$ |
424 |
|
|
$ |
379 |
|
|
$ |
845 |
|
|
$ |
737 |
|
| |
|
|
|
| (1) |
|
Revenues derived from services represent less than 1% of this segment’s total revenues for
the quarters and six months ended September 30, 2009 and 2008. |
| |
| (2) |
|
Operating profit includes net earnings of nil and $5 million from equity investments for the
second quarter and first six months of 2010 and net losses of $3 million and net earnings of
$5 million for the comparable prior year periods which were primarily recorded within our
Distribution Solutions segment. |
| |
| (3) |
|
Results for 2009 include a $24 million pre-tax gain on the sale of our 42% equity interest in
Verispan. |
| |
| (4) |
|
Operating profit for 2010 includes a litigation credit of $20 million. |
|
| 12 |
Noble Energy Inc |
Note 13 – Segment Information We have operations throughout the world and manage our operations by country. The following information is grouped into five components that are all primarily in the business of crude oil and natural gas acquisition, exploration and production: the United States; West Africa (Equatorial Guinea and Cameroon); the North Sea (UK and the Netherlands); Eastern Mediterranean (Israel and Cyprus); and Other International, Corporate and Marketing. The following data was prepared on the same basis as our consolidated financial statements and excludes the effects of income taxes. | | | Consolidated | | | United States | | | West Africa | | | North Sea | | | Eastern Mediter-ranean | | | Other Int'l, Corporate, Marketing (1) | | | | | (in millions) | | | Three Months Ended September 30, 2009 | | | | | | | | | | | | | | | | | | | | Revenues from Third Parties | | $ | 610 | | | $ | 332 | | | $ | 95 | | | $ | 51 | | | $ | 53 | | | $ | 79 | | | Reclassification from AOCL (2) | | | (14 | ) | | | (7 | ) | | | (7 | ) | | | - | | | | - | | | | - | | | Intersegment Revenue | | | - | | | | 33 | | | | - | | | | - | | | | - | | | | (33 | ) | | Income from Equity Method Investees | | | 25 | | | | - | | | | 25 | | | | - | | | | - | | | | - | | | Total Revenues | | | 621 | | | | 358 | | | | 113 | | | | 51 | | | | 53 | | | | 46 | | | DD&A | | | 205 | | | | 172 | | | | 9 | | | | 10 | | | | 6 | | | | 8 | | | Loss (gain) on Commodity Derivative Instruments | | | 28 | | | | 34 | | | | (6 | ) | | | - | | | | - | | | | - | | | Income (Loss) Before Income Taxes | | | 115 | | | | 42 | | | | 94 | | | | 25 | | | | 43 | | | | (89 | ) | | Three Months Ended September 30, 2008 | | | | | | | | | | | | | | | | | | | | | | | | | | Revenues from Third Parties | | $ | 1,151 | | | $ | 646 | | | $ | 156 | | | $ | 136 | | | $ | 51 | | | $ | 162 | | | Reclassification from AOCL (2) | | | (93 | ) | | | (84 | ) | | | (9 | ) | | | - | | | | - | | | | - | | | Intersegment Revenue | | | - | | | | 112 | | | | - | | | | - | | | | - | | | | (112 | ) | | Income from Equity Method Investees | | | 40 | | | | - | | | | 40 | | | | - | | | | - | | | | - | | | Total Revenues | | | 1,098 | | | | 674 | | | | 187 | | | | 136 | | | | 51 | | | | 50 | | | DD&A | | | 194 | | | | 158 | | | | 8 | | | | 12 | | | | 7 | | | | 9 | | | Asset Impairments | | | 38 | | | | 38 | | | | - | | | | - | | | | - | | | | - | | | (Gain) on Commodity Derivative Instruments | | | (875 | ) | | | (749 | ) | | | (126 | ) | | | - | | | | - | | | | - | | | Income (Loss) Before Income Taxes | | | 1,454 | | | | 1,058 | | | | 303 | | | | 107 | | | | 40 | | | | (54 | ) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Consolidated | | | United States | | | West Africa | | | North Sea | | | Eastern Mediter-ranean | | | Other Int'l, Corporate, Marketing (1) | | | | | (in millions) | | | Nine Months Ended September 30, 2009 | | | | | | | | | | | | | | | | | | | | Revenues from Third Parties | | $ | 1,546 | | | $ | 843 | | | $ | 238 | | | $ | 120 | | | $ | 105 | | | $ | 240 | | | Reclassification from AOCL (2) | | | (45 | ) | | | (23 | ) | | | (22 | ) | | | - | | | | - | | | | - | | | Intersegment Revenue | | | - | | | | 121 | | | | - | | | | - | | | | - | | | | (121 | ) | | Income from Equity Method Investees | | | 52 | | | | - | | | | 52 | | | | - | | | | - | | | | - | | | Total Revenues | | | 1,553 | | | | 941 | | | | 268 | | | | 120 | | | | 105 | | | | 119 | | | DD&A | | | 601 | | | | 505 | | | | 27 | | | | 28 | | | | 16 | | | | 25 | | | Asset Impairments | | | 437 | | | | 437 | | | | - | | | | - | | | | - | | | | - | | | Loss on Commodity Derivative Instruments | | | 95 | | | | 76 | | | | 19 | | | | - | | | | - | | | | - | | | Income (Loss) Before Income Taxes | | | (349 | ) | | | (439 | ) | | | 176 | | | | 49 | | | | 77 | | | | (212 | ) | | Nine Months Ended September 30, 2008 | | | | | | | | | | | | | | | | | | | | | | | | | | Revenues from Third Parties | | $ | 3,418 | | | $ | 1,975 | | | $ | 460 | | | $ | 327 | | | $ | 121 | | | $ | 535 | | | Reclassification from AOCL (2) | | | (248 | ) | | | (216 | ) | | | (32 | ) | | | - | | | | - | | | | - | | | Intersegment Revenue | | | - | | | | 372 | | | | - | | | | - | | | | - | | | | (372 | ) | | Income from Equity Method Investees | | | 158 | | | | - | | | | 158 | | | | - | | | | - | | | | - | | | Total Revenues | | | 3,328 | | | | 2,131 | | | | 586 | | | | 327 | | | | 121 | | | | 163 | | | DD&A | | | 593 | | | | 487 | | | | 26 | | | | 40 | | | | 18 | | | | 22 | | | Asset Impairments | | | 38 | | | | 38 | | | | - | | | | - | | | | - | | | | - | | | Loss on Commodity Derivative Instruments | | | 190 | | | | 137 | | | | 53 | | | | - | | | | - | | | | - | | | Income (Loss) Before Income Taxes | | | 1,573 | | | | 990 | | | | 491 | | | | 234 | | | | 94 | | | | (236 | ) | | Total Assets at September 30, 2009 (3) | | $ | 11,635 | | | $ | 8,557 | | | $ | 1,667 | | | $ | 605 | | | $ | 426 | | | $ | 380 | | | Total Assets at December 31, 2008 (3) | | | 12,384 | | | | 9,212 | | | | 1,614 | | | | 775 | | | | 366 | | | | 417 | | | (1) | Other international includes China, Ecuador and Argentina (through February 2008) operations and the gain on sale of Argentina (in 2009). | | (2) | Revenues include decreases resulting from hedging activities. The decreases resulted from hedge gains and losses that were deferred in AOCL, as a result of previous cash flow hedge accounting, and subsequently reclassified to revenues. | | (3) | The US reporting unit includes goodwill of $758 million at September 30, 2009 and $759 million at December 31, 2008. | |
| 13 |
Questar Corporation |
Note 12 - Operations by Line of Business
Questar's major lines of business include gas and oil exploration and production (Questar E&P and Wexpro), midstream field services (Gas Management), energy marketing (Energy Trading), interstate gas transportation (Questar Pipeline), and retail gas distribution (Questar Gas). Line-of-business information is presented according to senior management's basis for evaluating performance considering differences in the nature of products, services and regulation among other factors. Following is a summary of operations by line of business:
3 Months Ended Sept. 30, 9 Months Ended Sept. 30,
2009 2008 2009 2008 (in millions)Revenues from Unaffiliated Customers Questar E&P $294.6 $381.0 $ 900.3 $1,030.1 Wexpro 5.2 12.0 11.0 28.8 Gas Management 65.3 73.8 166.5 209.1 Energy Trading and other 109.8 134.2 301.4 521.6 Market Resources 474.9 601.0 1,379.2 1,789.6 Questar Pipeline 42.6 43.8 126.3 131.8 Questar Gas 82.3 115.2 626.5 664.9 Total $599.8 $760.0 $2,132.0 $2,586.3 Revenues from Affiliated Companies Wexpro $ 53.8 $ 54.7 $166.6 $153.4 Gas Management 6.4 6.1 19.6 17.4 Energy Trading and other 80.6 229.2 250.9 713.3 Market Resources 140.8 290.0 437.1 884.1 Questar Pipeline18.3 18.2 55.7 56.4 Questar Gas 0.1 1.8 0.6 6.1 Total $159.2 $310.0 $493.4 $946.6 Operating Income(Loss) Questar E&P $104.6 $272.4 $317.1 $611.2 Wexpro 31.6 29.7 90.4 83.3 Gas Management 35.1 42.6 78.9 113.5 Energy Trading and other 0.5 8.9 9.9 28.2 Market Resources 171.8 353.6 496.3 836.2 Questar Pipeline 28.2 31.6 87.4 87.7 Questar Gas (8.4) (9.7) 50.4 44.8 Corporate 0.1 Total $191.6 $375.5 $634.2 $968.7 Net Income (Loss) Attributable to Questar Questar E&P $49.6 $146.8 $ 64.3 $360.1 Wexpro 20.6 20.4 59.2 55.4 Gas Management 21.5 24.5 47.4 64.7 Energy Trading and other 0.3 5.9 6.5 18.8 Market Resources 92.0 197.6 177.4 499.0 Questar Pipeline 14.1 15.4 43.8 44.0 Questar Gas (8.1) (8.8) 21.7 19.8 Corporate 0.2 0.4 (0.2)Total $98.2 $204.2 $243.3 $562.6 |
| 14 |
TEREX CORP |
|
NOTE B - BUSINESS SEGMENT
INFORMATION
Terex is a diversified global manufacturer of
capital equipment with a mission to deliver value-added offerings
that meet or exceed the Companys customers current and future
needs. Terex manufactures a broad range of equipment for use
in the construction, infrastructure, quarrying, recycling, mining,
shipping, transportation, refining, utility and maintenance
industries. The Company operates in four reportable segments: (i)
Terex Aerial Work Platforms; (ii) Terex Construction; (iii) Terex
Cranes; and (iv) Terex Materials Processing &
Mining.
The Aerial Work Platforms segment designs,
manufactures, markets and refurbishes aerial work platform
equipment, telehandlers, power equipment, construction trailers and
utility equipment. Construction, building maintenance, government
and utility customers use these products to build and/or maintain
large physical assets and structures, construct and maintain
utility lines, trim trees and for other commercial operations.
Additionally, the Company owns much of the North American
distribution channel for its utility products group and operates a
fleet of rental utility products in the United States and
Canada.
The Construction segment designs, manufactures and
markets heavy and compact construction equipment, asphalt and
concrete equipment, landfill compactors and bridge inspection
equipment. Construction, logging, mining, industrial and government
customers use these products in construction and infrastructure
projects, in coal, minerals, sand and gravel operations and to
build roads. The Company acquired A.S.V., Inc. (ASV) on February
26, 2008. The results of ASV are included in the Construction
segment from its date of acquisition.
The Cranes segment designs, manufactures and markets
mobile telescopic cranes, tower cranes, lattice boom crawler
cranes, truck-mounted cranes (boom trucks and loading cranes),
straddle carriers, gantry cranes, mobile harbor cranes, ship to
shore cranes and telescopic container stackers. These products are
used primarily for construction, repair and maintenance of
infrastructure, building and manufacturing facilities and to
improve port productivity. The Company acquired the Port Equipment
Business on July 23, 2009. The results of Terex Port Equipment are
included in the Cranes segment from its date of
acquisition.
The Materials Processing & Mining segment
designs, manufactures and markets crushing and screening equipment,
hydraulic mining excavators, highwall mining equipment, high
capacity surface mining trucks, drilling equipment and other
products. Construction, mining, quarrying and government customers
use these products in construction and commodity mining.
The Company also assists customers in their rental,
leasing and acquisition of its products through Terex Financial
Services, Inc.
On January 1, 2009, the Company realigned certain
operations in an effort to capture market synergies and streamline
its cost structure. The Roadbuilding businesses, formerly part of
the Companys Roadbuilding, Utility Products and Other (RBUO)
segment, are now consolidated within the Construction segment. The
Utility Products businesses, formerly part of the RBUO segment, are
now consolidated within the Aerial Work Platforms segment.
Additionally, the Companys truck-mounted articulated hydraulic
crane line of business produced in Delmenhorst and Vechta, Germany,
formerly part of the Construction segment, is now consolidated
within the Cranes segment. Certain other businesses that were
included in the RBUO segment are now reported in Corporate and
Other, which includes eliminations among the Companys segments, as
well as general and corporate items that have not been allocated to
business segments for the three and nine months ended September 30,
2009 and 2008. Business segment information is presented below (in
millions), and prior period amounts have been retrospectively
adjusted to conform to this presentation:
|
|
|
Three Months
Ended September 30, |
|
Nine Months
Ended September 30, |
|
|
|
|
2009 |
|
|
2008 |
|
|
2009 |
|
|
2008 |
|
Net Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerial Work Platforms |
|
$ |
200.5 |
|
$ |
598.2 |
|
$ |
638.9 |
|
$ |
2,018.3 |
|
Construction |
|
|
236.2 |
|
|
535.0 |
|
|
717.8 |
|
|
1,726.6 |
|
Cranes |
|
|
454.6 |
|
|
736.9 |
|
|
1,407.0 |
|
|
2,219.6 |
|
Materials Processing & Mining |
|
|
338.8 |
|
|
662.0 |
|
|
1,128.5 |
|
|
1,907.8 |
|
Eliminations/Corporate |
|
|
(4.0) |
|
|
(17.5) |
|
|
(43.3) |
|
|
(59.1) |
|
Total |
|
$ |
1,226.1 |
|
$ |
2,514.6 |
|
$ |
3,848.9 |
|
$ |
7,813.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) Income from Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
Aerial Work Platforms |
|
$ |
(50.1) |
|
$ |
24.2 |
|
$ |
(123.9) |
|
$ |
264.3 |
|
Construction |
|
|
(59.8) |
|
|
(23.7) |
|
|
(223.1) |
|
|
3.8 |
|
Cranes |
|
|
12.1 |
|
|
85.6 |
|
|
57.5 |
|
|
295.5 |
|
Materials Processing & Mining |
|
|
5.4 |
|
|
91.4 |
|
|
63.9 |
|
|
270.7 |
|
Eliminations/Corporate |
|
|
(2.1) |
|
|
(10.3) |
|
|
(27.1) |
|
|
(39.9) |
|
Total |
|
$ |
(94.5) |
|
$ |
167.2 |
|
$ |
(252.7) |
|
$ |
794.4 |
|
|
|
September 30,
2009 |
|
|
December 31,
2008 |
|
Identifiable Assets |
|
|
|
|
|
|
Aerial Work Platforms |
$ |
706.4 |
|
$ |
889.5 |
|
Construction |
|
1,275.1 |
|
|
1,480.7 |
|
Cranes |
|
2,355.9 |
|
|
1,769.2 |
|
Materials Processing & Mining |
|
2,181.6 |
|
|
2,204.6 |
|
Eliminations/Corporate |
|
(611.3) |
|
|
(898.6) |
|
Total |
$ |
5,907.7 |
|
$ |
5,445.4 |
| |
| 15 |
VORNADO REALTY TRUST |
19. Segment Information Below is a summary of net income and a reconciliation of our net income to EBITDA(1) by segment for the three and nine months ended September 30, 2009 and 2008. | (Amounts in thousands) | | For the Three Months Ended September 30, 2009 | | | | | | | | | | | | | | | | | | | | Property rentals | | $ | 509,968 | | $ | 189,896 | | $ | 137,139 | | $ | 91,286 | | $ | 52,269 | | $ | — | | $ | 39,378 | | | Straight-line rents: | | | | | | | | | | | | | | | | | | | | | | | | Contractual rent increases | | | 16,676 | | | 10,126 | | | 3,573 | | | 2,827 | | | 135 | | | — | | | 15 | | | Amortization of free rent | | | 4,682 | | | (98 | ) | | 2,760 | | | 1,963 | | | 19 | | | — | | | 38 | | | Amortization of acquired below- market leases, net | | | 18,728 | | | 10,710 | | | 1,069 | | | 4,826 | | | 30 | | | — | | | 2,093 | | | Total rentals | | | 550,054 | | | 210,634 | | | 144,541 | | | 100,902 | | | 52,453 | | | — | | | 41,524 | | | Tenant expense reimbursements | | | 89,530 | | | 36,360 | | | 14,892 | | | 32,121 | | | 3,661 | | | — | | | 2,496 | | | Fee and other income: | | | | | | | | | | | | | | | | | | | | | | | | Tenant cleaning revenue | | | 14,514 | | | 20,661 | | | — | | | — | | | — | | | — | | | (6,147 | ) | | Management and leasing fees | | | 2,837 | | | 1,269 | | | 1,984 | | | 557 | | | 11 | | | — | | | (984 | ) | | Lease termination fees | | | 1,608 | | | 1,226 | | | 234 | | | — | | | 9 | | | — | | | 139 | | | Other | | | 12,676 | | | 3,182 | | | 4,979 | | | 648 | | | 3,461 | | | — | | | 406 | | | Total revenues | | | 671,219 | | | 273,332 | | | 166,630 | | | 134,228 | | | 59,595 | | | — | | | 37,434 | | | Operating expenses | | | 265,952 | | | 117,362 | | | 57,889 | | | 49,304 | | | 26,469 | | | — | | | 14,928 | | | Depreciation and amortization | | | 130,503 | | | 42,621 | | | 35,187 | | | 24,091 | | | 13,654 | | | — | | | 14,950 | | | General and administrative | | | 51,684 | | | 4,895 | | | 6,079 | | | 6,802 | | | 7,198 | | | — | | | 26,710 | | | Total expenses | | | 448,139 | | | 164,878 | | | 99,155 | | | 80,197 | | | 47,321 | | | — | | | 56,588 | | | Operating income (loss) | | | 223,080 | | | 108,454 | | | 67,475 | | | 54,031 | | | 12,274 | | | — | | | (19,154 | ) | | Income applicable to Alexander’s | | | 21,297 | | | 192 | | | — | | | 187 | | | — | | | — | | | 20,918 | | | Income applicable to Toys | | | 22,077 | | | — | | | — | | | — | | | — | | | 22,077 | | | — | | | (Loss) income from partially owned entities | | | (18,784 | ) | | 1,454 | | | 1,876 | | | 580 | | | 26 | | | — | | | (22,720 | ) | | Interest and other investment income, net | | | 20,486 | | | 190 | | | 254 | | | 10 | | | 12 | | | — | | | 20,020 | | | Interest and debt expense | | | (158,205 | ) | | (33,644 | ) | | (32,454 | ) | | (22,315 | ) | | (13,088 | ) | | — | | | (56,704 | ) | | Net gains of early extinguishment of debt | | | 3,407 | | | — | | | — | | | — | | | — | | | — | | | 3,407 | | | Net gains on disposition of wholly owned and partially owned assets other than depreciable real estate | | | 4,432 | | | — | | | — | | | — | | | — | | | — | | | 4,432 | | | Income (loss) before income taxes | | | 117,790 | | | 76,646 | | | 37,151 | | | 32,493 | | | (776 | ) | | 22,077 | | | (49,801 | ) | | Income tax expense | | | (5,267 | ) | | (585 | ) | | (44 | ) | | (39 | ) | | (847 | ) | | — | | | (3,752 | ) | | Income (loss) from continuing operations | | | 112,523 | | | 76,061 | | | 37,107 | | | 32,454 | | | (1,623 | ) | | 22,077 | | | (53,553 | ) | | Income from discontinued operations | | | 43,321 | | | — | | | 41,992 | | | 1,329 | | | — | | | — | | | — | | | Net income (loss) | | | 155,844 | | | 76,061 | | | 79,099 | | | 33,783 | | | (1,623 | ) | | 22,077 | | | (53,553 | ) | | Net (income) loss attributable to noncontrolling interests, including unit distributions | | | (15,227 | ) | | (2,817 | ) | | — | | | 15 | | | — | | | — | | | (12,425 | ) | | Net income (loss) attributable to Vornado | | | 140,617 | | | 73,244 | | | 79,099 | | | 33,798 | | | (1,623 | ) | | 22,077 | | | (65,978 | ) | | Interest and debt expense (2) | | | 212,727 | | | 31,945 | | | 32,980 | | | 23,978 | | | 13,315 | | | 39,136 | | | 71,373 | | | Depreciation and amortization(2) | | | 178,436 | | | 41,101 | | | 37,116 | | | 25,029 | | | 13,772 | | | 34,357 | | | 27,061 | | | Income tax (benefit) expense (2) | | | (30,479 | ) | | 585 | | | 47 | | | 39 | | | 847 | | | (36,122 | ) | | 4,125 | | | EBITDA(1) | | $ | 501,301 | | $ | 146,875 | | $ | 149,242 | | $ | 82,844 | | $ | 26,311 | | $ | 59,448 | | $ | 36,581 | | | | | | | | | | | | | | | | | | | | | | | | | | _______________________ | (Amounts in thousands) | | For the Three Months Ended September 30, 2008 | | | | | | | | | | | | | | | | | | | | Property rentals | | $ | 500,549 | | $ | 181,758 | | $ | 128,382 | | $ | 85,664 | | $ | 53,167 | | $ | — | | $ | 51,578 | | | Straight-line rents: | | | | | | | | | | | | | | | | | | | | | | | | Contractual rent increases | | | 14,353 | | | 8,077 | | | 418 | | | 3,754 | | | 1,738 | | | — | | | 366 | | | Amortization of free rent | | | 8,070 | | | 3,649 | | | 2,925 | | | 1,539 | | | (2 | ) | | — | | | (41 | ) | | Amortization of acquired below- market leases, net | | | 24,526 | | | 14,807 | | | 1,089 | | | 7,491 | | | 26 | | | — | | | 1,113 | | | Total rentals | | | 547,498 | | | 208,291 | | | 132,814 | | | 98,448 | | | 54,929 | | | — | | | 53,016 | | | Tenant expense reimbursements | | | 97,815 | | | 40,632 | | | 14,601 | | | 33,286 | | | 5,294 | | | — | | | 4,002 | | | Fee and other income: | | | | | | | | | | | | | | | | | | | | | | | | Tenant cleaning revenue | | | 13,627 | | | 17,751 | | | — | | | — | | | — | | |