Company Quick10K Filing
Microchip Technology
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 254 $21,615
10-Q 2020-02-04 Quarter: 2019-12-31
10-Q 2019-11-06 Quarter: 2019-09-30
10-Q 2019-08-07 Quarter: 2019-06-30
10-K 2019-05-30 Annual: 2019-03-31
10-Q 2019-02-06 Quarter: 2018-12-31
10-Q 2018-11-07 Quarter: 2018-09-30
10-Q 2018-08-09 Quarter: 2018-06-30
10-K 2018-05-18 Annual: 2018-03-31
10-Q 2018-02-07 Quarter: 2017-12-31
10-Q 2017-11-07 Quarter: 2017-09-30
10-Q 2017-08-04 Quarter: 2017-06-30
10-K 2017-05-30 Annual: 2017-03-31
10-Q 2017-02-08 Quarter: 2016-12-31
10-Q 2016-11-08 Quarter: 2016-09-30
10-Q 2016-08-09 Quarter: 2016-06-30
10-K 2016-05-24 Annual: 2016-03-31
10-Q 2016-02-05 Quarter: 2015-12-31
10-Q 2015-11-09 Quarter: 2015-09-30
10-Q 2015-08-06 Quarter: 2015-06-30
10-K 2015-05-27 Annual: 2015-03-31
10-Q 2015-02-03 Quarter: 2014-12-31
10-Q 2014-11-10 Quarter: 2014-09-30
10-Q 2014-08-11 Quarter: 2014-06-30
10-K 2014-05-30 Annual: 2014-03-31
10-Q 2014-02-07 Quarter: 2013-12-31
10-Q 2013-11-08 Quarter: 2013-09-30
10-Q 2013-08-09 Quarter: 2013-06-30
10-K 2013-05-30 Annual: 2013-03-31
10-Q 2013-02-11 Quarter: 2012-12-31
10-Q 2012-11-09 Quarter: 2012-09-30
10-Q 2012-08-09 Quarter: 2012-06-30
10-K 2012-05-30 Annual: 2012-03-31
10-Q 2012-02-06 Quarter: 2011-12-31
10-Q 2011-11-07 Quarter: 2011-09-30
10-Q 2011-08-09 Quarter: 2011-06-30
10-K 2011-05-31 Annual: 2011-03-31
10-Q 2011-02-08 Quarter: 2010-12-31
10-Q 2010-11-08 Quarter: 2010-11-08
10-Q 2010-08-09 Quarter: 2010-06-30
10-K 2010-06-02 Annual: 2010-03-31
10-Q 2010-02-09 Quarter: 2009-12-31
8-K 2020-02-04 Earnings, Exhibits
8-K 2020-01-07 Officers, Exhibits
8-K 2020-01-06 Earnings, Exhibits
8-K 2019-11-05 Earnings, Exhibits
8-K 2019-09-30 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-08-20 Shareholder Vote
8-K 2019-08-06 Earnings, Exhibits
8-K 2019-05-24 Officers, Amend Bylaw, Exhibits
8-K 2019-05-07 Earnings, Exhibits
8-K 2019-02-05 Earnings, Exhibits
8-K 2018-11-07 Earnings, Exhibits
8-K 2018-08-15 Shareholder Vote
8-K 2018-08-09 Earnings, Exhibits
8-K 2018-05-29 Enter Agreement, M&A, Exhibits
8-K 2018-05-23 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-05-21 Regulation FD, Exhibits
8-K 2018-05-21 Regulation FD, Exhibits
8-K 2018-05-18 Enter Agreement, Exhibits
8-K 2018-05-08 Earnings, Exhibits
8-K 2018-03-01 Enter Agreement, Exhibits
8-K 2018-02-06 Earnings, Exhibits
MCHP 2019-12-31
Part I. Financial Information
Item 1. Financial Statements
Note 1. Basis of Presentation
Note 2. Recently Issued Accounting Pronouncements
Note 3. Business Acquisitions
Note 4. Segment Information
Note 5. Net Sales
Note 6. Special Charges (Income) and Other, Net
Note 7. Fair Value of Financial Instruments
Note 8. Other Financial Statement Details
Note 9. Leases
Note 10. Intangible Assets and Goodwill
Note 11. Income Taxes
Note 12. Debt and Credit Facility
Note 13. Contingencies
Note 14. Derivative Instruments
Note 15. Accumulated Other Comprehensive Loss
Note 16. Share-Based Compensation
Note 17. Net Income per Common Share
Note 18. Stock Repurchase Activity
Note 19. Dividends
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.1 ex101201911122004equit.htm
EX-31.1 ex311q3fy20.htm
EX-31.2 ex312q3fy20.htm
EX-32 ex32q3fy20.htm

Microchip Technology Earnings 2019-12-31

MCHP 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
NXPI 30,694 21,530 10,840 0 0 0 0 34,152 0%
XLNX 30,482 4,968 2,355 3,224 2,189 941 1,234 30,137 68% 24.4 19%
UMC 22,115 362,597 158,200 0 0 0 0 22,115 0%
MCHP 21,615 18,246 5,460 3,105 371 1,763 32,582 57% 18.5 2%
SMI 21,570 14,424 5,501 0 0 0 0 20,978 0%
MRVL 17,161 9,981 2,777 2,915 1,418 -420 26 18,287 49% 694.9 -4%
MXIM 16,077 3,744 1,899 2,314 1,501 827 1,122 15,190 65% 13.5 22%
SWKS 13,299 4,842 742 3,558 1,701 928 1,435 12,557 48% 8.8 19%
STM 12,510 10,867 4,443 0 0 0 0 12,154 0%
IMOS 12,036 33,134 15,113 0 0 0 0 12,036 0%

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

FORM 10-Q

(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2019

OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number:  0-21184

mlogoa09.jpg
 
  
MICROCHIP TECHNOLOGY INCORPORATED
(Exact Name of Registrant as Specified in Its Charter)

Delaware
 
86-0629024
(State or Other Jurisdiction of Incorporation or Organization)
 
(IRS Employer Identification No.)

2355 W. Chandler Blvd., Chandler, AZ  85224-6199
(480) 792-7200
(Address, Including Zip Code, and Telephone Number,
Including Area Code, of Registrant's
Principal Executive Offices)

Indicate by checkmark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days. Yes  x No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  x No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act:
Large accelerated filer
x
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company
 
 
 
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  (Check One)
Yes     No   

Shares Outstanding of Registrant's Common Stock
Title of Each Class
 
 Trading Symbol
 
Name of Each Exchange on Which Registered
 
January 29, 2020
Common Stock, $0.001 par value
 
MCHP
 
NASDAQ
Stock Market LLC
 
239,538,076 shares
 
 
 
 
(Nasdaq Global Select Market)
 
 
 



Table of Contents

MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES

INDEX

 
 
 
Page
 
 
 
PART I.  FINANCIAL INFORMATION
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PART II.  OTHER INFORMATION
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CERTIFICATIONS
 
 
 
EXHIBITS
 


2

Table of Contents

PART I.  FINANCIAL INFORMATION


Item 1. Financial Statements

MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share amounts)
(unaudited)
ASSETS
 
December 31,
 
March 31,
 
2019
 
2019
Cash and cash equivalents
$
397.1

 
$
428.6

Short-term investments
5.2

 
2.3

Accounts receivable, net
807.5

 
880.6

Inventories
708.8

 
711.7

Other current assets
185.4

 
191.6

Total current assets
2,104.0

 
2,214.8

Property, plant and equipment, net
909.7

 
996.7

Goodwill
6,664.8

 
6,663.9

Intangible assets, net
5,939.5

 
6,685.6

Long-term deferred tax assets
1,738.4

 
1,677.2

Other assets
232.2

 
111.8

Total assets
$
17,588.6

 
$
18,350.0

LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable
$
209.3

 
$
226.4

Accrued liabilities
726.5

 
787.3

Current portion of long-term debt
1,400.8

 
1,360.8

Total current liabilities
2,336.6

 
2,374.5

Long-term debt
8,179.7

 
8,946.2

Long-term income tax payable
711.4

 
756.2

Long-term deferred tax liability
386.3

 
706.1

Other long-term liabilities
358.0

 
279.5

Stockholders' equity:
 
 
 
Preferred stock, $0.001 par value; authorized 5,000,000 shares; no shares issued or outstanding

 

Common stock, $0.001 par value; authorized 450,000,000 shares; 253,232,909 shares issued and 239,534,856 shares outstanding at December 31, 2019; 253,232,909 shares issued and 237,589,501 shares outstanding at March 31, 2019
0.2

 
0.2

Additional paid-in capital
2,738.7

 
2,679.6

Common stock held in treasury: 13,698,053 shares at December 31, 2019; 15,643,408 shares at March 31, 2019
(520.8
)
 
(582.2
)
Accumulated other comprehensive loss
(22.0
)
 
(20.7
)
Retained earnings
3,420.5

 
3,210.6

Total stockholders' equity
5,616.6

 
5,287.5

Total liabilities and stockholders' equity
$
17,588.6

 
$
18,350.0


See accompanying notes to condensed consolidated financial statements

3

Table of Contents


MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in millions, except per share amounts)
(unaudited)
 
Three Months Ended
December 31,
 
Nine Months Ended
December 31,
 
2019
 
2018
 
2019
 
2018
Net sales
$
1,287.4

 
$
1,374.7

 
$
3,947.8

 
$
4,019.7

Cost of sales (1)
501.9

 
595.1

 
1,519.6

 
1,908.8

Gross profit
785.5

 
779.6

 
2,428.2

 
2,110.9

 
 
 
 
 
 
 
 
Research and development (1)
217.1

 
217.7

 
656.0

 
611.6

Selling, general and administrative (1)
170.7

 
174.8

 
510.9

 
515.5

Amortization of acquired intangible assets
248.7

 
193.7

 
745.4

 
497.2

Special charges (income) and other, net (1)
17.8

 
(1.3
)
 
29.5

 
57.0

Operating expenses
654.3

 
584.9

 
1,941.8

 
1,681.3

 
 
 
 
 
 
 
 
Operating income
131.2

 
194.7

 
486.4

 
429.6

Losses on equity method investments

 
(0.1
)
 

 
(0.2
)
Other income (expense):
 
 
 
 
 
 
 
Interest income
0.6

 
0.7

 
2.3

 
7.3

Interest expense
(119.7
)
 
(137.6
)
 
(381.9
)
 
(366.7
)
Loss on settlement of debt

 
(0.2
)
 
(2.0
)
 
(4.3
)
Other loss, net
(1.5
)
 
(2.5
)
 
(0.2
)
 
(12.4
)
Income before income taxes
10.6

 
55.0

 
104.6

 
53.3

Income tax (benefit) provision
(300.5
)
 
5.8

 
(366.1
)
 
(127.9
)
Net income
$
311.1

 
$
49.2

 
$
470.7

 
$
181.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic net income per common share
$
1.30

 
$
0.21

 
$
1.97

 
$
0.77

Diluted net income per common share
$
1.20

 
$
0.20

 
$
1.84

 
$
0.73

Dividends declared per common share
$
0.3665

 
$
0.3645

 
$
1.0980

 
$
1.0920

Basic common shares outstanding
239.2

 
236.7

 
238.5

 
235.9

Diluted common shares outstanding
258.3

 
244.6

 
255.8

 
249.5

 
 
 
 
 
 
 
 
(1) Includes share-based compensation expense as follows:
 
 
 
 
 
 
 
Cost of sales
$
5.7

 
$
3.4

 
$
15.8

 
$
10.9

Research and development
$
21.2

 
$
19.4

 
$
63.0

 
$
53.2

Selling, general and administrative
$
16.6

 
$
16.6

 
$
50.7

 
$
46.1

Special charges (income) and other, net
$

 
$
0.2

 
$

 
$
17.3


See accompanying notes to condensed consolidated financial statements

4

Table of Contents

MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in millions)
(unaudited)

 
Three Months Ended
December 31,
 
Nine Months Ended
December 31,
 
2019
 
2018
 
2019
 
2018
Net income
$
311.1

 
$
49.2

 
$
470.7

 
$
181.2

Components of other comprehensive income (loss):
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
Unrealized holding losses, net of tax effect

 

 

 
(5.6
)
Reclassification of realized transactions, net of tax effect

 

 

 
5.6

Defined benefit plans:
 
 
 
 
 
 
 
Actuarial (losses) gains related to defined benefit pension plans, net of tax (provision) benefit
(1.6
)
 
1.0

 
0.1

 
4.5

Reclassification of realized transactions, net of tax effect
0.2

 
0.3

 
0.6

 
0.8

Change in net foreign currency translation adjustment
1.7

 
(1.6
)
 
(0.7
)
 
(3.0
)
Other comprehensive income (loss), net of tax effect
0.3

 
(0.3
)
 

 
2.3

Comprehensive income
$
311.4

 
$
48.9

 
$
470.7

 
$
183.5


See accompanying notes to condensed consolidated financial statements


5

Table of Contents

MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
 
Nine Months Ended
December 31,
 
2019
 
2018
Cash flows from operating activities:
 
 
 
Net income
$
470.7

 
$
181.2

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
904.7

 
637.7

Deferred income taxes
(404.2
)
 
(29.1
)
Share-based compensation expense related to equity incentive plans
129.5

 
127.5

Loss on settlement of debt
2.0

 
4.3

Amortization of debt discount
90.9

 
85.2

Amortization of debt issuance costs
12.8

 
12.1

Losses on equity method investments

 
0.2

Losses on sale of assets
0.4

 

Losses on write-down of fixed assets
2.7

 
0.5

Impairment of intangible assets
0.5

 
3.1

(Gains) losses on available-for-sale investments and marketable equity securities, net
(1.0
)
 
6.8

Amortization of premium on available-for-sale investments

 
(0.2
)
Changes in operating assets and liabilities, excluding impact of acquisitions:
 
 
 
Decrease in accounts receivable
73.2

 
189.4

Decrease in inventories
5.6

 
344.5

Decrease in accounts payable and accrued liabilities
(53.3
)
 
(143.5
)
Change in other assets and liabilities
(3.9
)
 
15.2

Change in income tax payable
(58.5
)
 
(163.5
)
Net cash provided by operating activities
1,172.1

 
1,271.4

Cash flows from investing activities:
 
 
 
Purchases of available-for-sale investments
(2.0
)
 
(167.7
)
Maturities of available-for-sale investments

 
75.7

Sales of available-for-sale investments

 
1,376.6

Acquisition of Microsemi, net of cash acquired

 
(7,850.6
)
Investments in other assets
(40.5
)
 
(12.8
)
Proceeds from sale of assets
0.5

 
0.2

Capital expenditures
(55.7
)
 
(188.8
)
Net cash used in investing activities
(97.7
)
 
(6,767.4
)
Cash flows from financing activities:
 
 
 
Proceeds from issuance of 2023 and 2021 Senior Notes

 
1,989.5

Proceeds from borrowings on term loan facility

 
3,000.0

Repayments of term loan facility
(188.0
)
 
(287.0
)
Proceeds from borrowings on revolving loan under credit facility
682.0

 
3,725.5

Repayments of revolving loan under credit facility
(1,324.0
)
 
(983.0
)
Repayment of debt assumed in Microsemi acquisition

 
(2,056.9
)
Deferred financing costs
(1.8
)
 
(72.7
)
Payment of cash dividends
(262.1
)
 
(257.8
)
Proceeds from sale of common stock
38.8

 
26.9

Tax payments related to shares withheld for vested restricted stock units
(50.2
)
 
(57.0
)
Capital lease payments
(0.6
)
 
(0.6
)
Net cash (used in) provided by financing activities
(1,105.9
)
 
5,026.9

Net decrease in cash and cash equivalents
(31.5
)
 
(469.1
)
Cash and cash equivalents, and restricted cash at beginning of period (2)
428.6

 
901.3

Cash and cash equivalents, and restricted cash at end of period (2)
$
397.1

 
$
432.2



6

Table of Contents

 
Nine Months Ended
December 31,
 
2019
 
2018
 
 
 
 
Supplemental disclosure of cash flow information
 
 
 
Non-cash activities:
 
 
 
Right-of-use assets obtained in exchange of lease liabilities
$
25.1

 
$

Cash paid for:
 
 
 
Operating lease payments in operating cash flows
$
39.3

 
$




(2) Schedule of restricted cash

The following table presents the balance of restricted cash which consists of cash denominated in a foreign currency and restricted in use due to a foreign taxing authority requirement (in millions):

 
December 31,
 
March 31,
 
2019
 
2019
Restricted cash
$

 
$
38.4



See accompanying notes to condensed consolidated financial statements

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Table of Contents

MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(in millions)
(unaudited)
 
 
Common Stock and Additional Paid-in-Capital
 
Common Stock Held
 in Treasury
 
Accumulated Other Comprehensive Income
 
Retained
Earnings
 
Total Equity
 
 
Shares
 
Amount
 
Shares
 
Amount
 
Balance at March 31, 2018
 
253.2

 
$
2,562.7

 
18.2

 
$
(662.6
)
 
$
(17.6
)
 
$
1,397.3

 
$
3,279.8

Net income
 

 

 

 

 

 
35.7

 
35.7

Other comprehensive income
 

 

 

 

 
4.4

 

 
4.4

Adoption of ASU 2016-01, cumulative adjustment
 

 

 

 

 
(1.7
)
 
1.7

 

Adoption of ASU 2016-16, cumulative adjustment
 

 

 

 

 

 
1,558.1

 
1,558.1

Adoption of ASC 606, cumulative adjustment
 

 

 

 

 

 
241.9

 
241.9

Non-cash consideration, exchange of employee stock awards - Microsemi acquisition
 

 
53.9

 

 

 

 

 
53.9

Proceeds from sales of common stock through employee equity incentive plans
 
0.7

 
6.4

 


 

 

 

 
6.4

Restricted stock unit and stock appreciation right withholdings
 
(0.2
)
 
(16.8
)
 


 

 

 

 
(16.8
)
Treasury stock used for new issuances
 
(0.5
)
 
(14.9
)
 
(0.5
)
 
14.9

 

 

 

Share-based compensation
 

 
45.9

 

 

 

 

 
45.9

Cash dividend
 

 

 

 

 

 
(85.5
)
 
(85.5
)
Balance at June 30, 2018
 
253.2

 
2,637.2

 
17.7

 
(647.7
)
 
(14.9
)
 
3,149.2

 
5,123.8

Net income
 

 

 

 

 

 
96.3

 
96.3

Other comprehensive loss
 

 

 

 

 
(1.8
)
 

 
(1.8
)
Proceeds from sales of common stock through employee equity incentive plans
 
0.9

 
13.9

 

 

 

 

 
13.9

Restricted stock unit and stock appreciation right withholdings
 
(0.2
)
 
(20.1
)
 

 

 

 

 
(20.1
)
Treasury stock used for new issuances
 
(0.7
)
 
(22.3
)
 
(0.7
)
 
22.3

 

 

 

Share-based compensation
 

 
44.0

 

 

 

 

 
44.0

Cash dividend
 

 
 
 

 

 

 
(85.9
)
 
(85.9
)
Balance at September 30, 2018
 
253.2

 
2,652.7

 
17.0

 
(625.4
)
 
(16.7
)
 
3,159.6

 
5,170.2

Net income
 

 

 

 

 

 
49.2

 
49.2

Other comprehensive loss
 

 

 

 

 
(0.3
)
 

 
(0.3
)
Proceeds from sales of common stock through employee equity incentive plans
 
1.0

 
6.6

 

 

 

 

 
6.6

Restricted stock unit and stock appreciation right withholdings
 
(0.3
)
 
(20.1
)
 

 

 

 

 
(20.1
)
Treasury stock used for new issuances
 
(0.7
)
 
(23.6
)
 
(0.7
)
 
23.6

 

 

 

Share-based compensation
 

 
41.9

 

 

 

 

 
41.9

Cash dividend
 

 

 

 

 

 
(86.4
)
 
(86.4
)
Balance at December 31, 2018
 
253.2

 
$
2,657.5

 
16.3

 
$
(601.8
)
 
$
(17.0
)
 
$
3,122.4

 
$
5,161.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at March 31, 2019
 
253.2

 
$
2,679.8

 
15.6

 
$
(582.2
)
 
$
(20.7
)
 
$
3,210.6

 
$
5,287.5

Net income
 

 

 

 

 

 
50.7

 
50.7

Other comprehensive income
 

 

 

 

 
(0.3
)
 

 
(0.3
)
Adoption of ASU 2018-02, cumulative adjustment
 

 

 

 

 
(1.3
)
 
1.3

 


8

Table of Contents

 
 
Common Stock and Additional Paid-in-Capital
 
Common Stock Held
 in Treasury
 
Accumulated Other Comprehensive Income
 
Retained
Earnings
 
Total Equity
 
 
Shares
 
Amount
 
Shares
 
Amount
 
Proceeds from sales of common stock through employee equity incentive plans
 
0.5

 
7.3

 

 

 

 

 
7.3

Restricted stock unit and stock appreciation right withholdings
 
(0.1
)
 
(11.4
)
 

 

 

 

 
(11.4
)
Treasury stock used for new issuances
 
(0.4
)
 
(13.8
)
 
(0.4
)
 
13.8

 

 

 

Share-based compensation
 

 
41.6

 

 

 

 

 
41.6

Cash dividend
 

 

 

 

 

 
(87.1
)
 
(87.1
)
Balance at June 30, 2019
 
253.2

 
2,703.5

 
15.2

 
(568.4
)
 
(22.3
)
 
3,175.5

 
5,288.3

Net Income
 

 

 

 

 

 
108.9

 
108.9

Other comprehensive income
 

 

 

 

 

 

 

Proceeds from sales of common stock through employee equity incentive plans
 
0.9

 
20.2

 

 

 

 

 
20.2

Restricted stock unit and stock appreciation right withholdings
 
(0.2
)
 
(15.2
)
 

 

 

 

 
(15.2
)
Treasury stock used for new issuances
 
(0.7
)
 
(23.2
)
 
(0.7
)
 
23.2

 

 

 

Share-based compensation
 

 
46.4

 

 

 

 

 
46.4

Cash dividend
 

 

 

 

 

 
(87.3
)
 
(87.3
)
Balance at September 30, 2019
 
253.2

 
2,731.7

 
14.5

 
(545.2
)
 
(22.3
)
 
3,197.1

 
5,361.3

Net income
 

 

 

 

 

 
311.1

 
311.1

Other comprehensive income
 

 

 

 

 
0.3

 

 
0.3

Proceeds from sales of common stock through employee equity incentive plans
 
1.0

 
11.3