10-Q Filing

KNOWLES CORP CIK: 1587523 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001587523-14-000016`
Period End Date	20140331
Filing Date	20140512
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	kn-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 32 Cash Flow Statement 54 Stockholders Equity 12 Comprehensive Income 16

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.25M	USD	Point-in-time
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.03M	USD	Point-in-time
Allowance for doubtful accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$1.69M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$51.38M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$105.59M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.30M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Receivables, net of allowances of $1,035 and $1,686	`AccountsReceivableNetCurrent`	$224.56M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	-	USD	Point-in-time
Receivables, net of allowances of $1,035 and $1,686	`AccountsReceivableNetCurrent`	$188.50M	USD	Point-in-time
Inventories, net	`InventoryNet`	$149.17M	USD	Point-in-time
Inventories, net	`InventoryNet`	$154.19M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	0.00	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$15.58M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$11.80M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$10.71M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsNetCurrent`	$12.60M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$501.82M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	0.00	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	400.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$422.24M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	85.03M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$350.91M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$361.00M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	0.00	shares	Point-in-time
Goodwill	`Goodwill`	$964.35M	USD	Point-in-time
Goodwill	`Goodwill`	$961.92M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$318.31M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$312.51M	USD	Point-in-time
Other assets and deferred charges	`OtherAssetsNoncurrent`	$32.33M	USD	Point-in-time
Other assets and deferred charges	`OtherAssetsNoncurrent`	$27.07M	USD	Point-in-time
Total assets	`Assets`	$2.17B	USD	Point-in-time
Total assets	`Assets`	$2.08B	USD	Point-in-time
Current maturities of long-term debt	`DebtCurrent`	$3.75M	USD	Point-in-time
Current maturities of long-term debt	`DebtCurrent`	-	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$129.13M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$143.81M	USD	Point-in-time
Accrued compensation and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$29.23M	USD	Point-in-time
Accrued compensation and employee benefits	`EmployeeRelatedLiabilitiesCurrent`	$40.92M	USD	Point-in-time
Other accrued expenses	`OtherLiabilitiesCurrent`	$23.34M	USD	Point-in-time
Other accrued expenses	`OtherLiabilitiesCurrent`	$25.25M	USD	Point-in-time
Federal and other taxes on income	`AccruedIncomeTaxesCurrent`	-	USD	Point-in-time
Federal and other taxes on income	`AccruedIncomeTaxesCurrent`	$12.15M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$197.59M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$209.97M	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	-	USD	Point-in-time
Long-term debt	`LongTermDebtNoncurrent`	$396.25M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$45.89M	USD	Point-in-time
Deferred income taxes	`DeferredTaxLiabilitiesNoncurrent`	$49.12M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$27.12M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$35.01M	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Net Parent Company Investment in Knowles Corporation, prior to Separation	`NetFormerParentCompanyInvestmentPriortoSeparation`	$1.85B	USD	Point-in-time
Net Parent Company Investment in Knowles Corporation, prior to Separation	`NetFormerParentCompanyInvestmentPriortoSeparation`	-	USD	Point-in-time
Preferred stock - $0.01 par value; 10,000,000 shares authorized; none issued	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock - $0.01 par value; 10,000,000 shares authorized; none issued	`PreferredStockValue`	-	USD	Point-in-time
Common stock - $0.01 par value; 400,000,000 shares authorized; 85,027,624 shares issued at March 31, 2014	`CommonStockValue`	-	USD	Point-in-time
Common stock - $0.01 par value; 400,000,000 shares authorized; 85,027,624 shares issued at March 31, 2014	`CommonStockValue`	$850.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$1.37B	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	-	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	-	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$10.65M	USD	Point-in-time
Accumulated other comprehensive earnings	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$27.22M	USD	Point-in-time
Accumulated other comprehensive earnings	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-15.52M	USD	Point-in-time
Accumulated other comprehensive earnings	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$36.52M	USD	Point-in-time
Accumulated other comprehensive earnings	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$3.77M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityExcludingNetFormerParentCompanyInvestment`	$36.52M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityExcludingNetFormerParentCompanyInvestment`	$1.40B	USD	Point-in-time
Total equity	`StockholdersEquity`	$1.89B	USD	Point-in-time
Total equity	`StockholdersEquity`	$1.40B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$2.08B	USD	Point-in-time
Total liabilities and equity	`LiabilitiesAndStockholdersEquity`	$2.17B	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenues	`SalesRevenueNet`	$273.38M	USD	1 Quarter
Revenues	`SalesRevenueNet`	$276.12M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$181.56M	USD	1 Quarter
Cost of goods sold	`CostOfGoodsSold`	$190.33M	USD	1 Quarter
Gross profit	`GrossProfit`	$83.06M	USD	1 Quarter
Gross profit	`GrossProfit`	$94.56M	USD	1 Quarter
Research and development expenses	`ResearchAndDevelopmentExpense`	$19.22M	USD	1 Quarter
Research and development expenses	`ResearchAndDevelopmentExpense`	$20.92M	USD	1 Quarter
Selling and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$52.67M	USD	1 Quarter
Selling and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$51.55M	USD	1 Quarter
Operating expenses	`OperatingExpenses`	$71.89M	USD	1 Quarter
Operating expenses	`OperatingExpenses`	$72.47M	USD	1 Quarter
Operating earnings	`OperatingIncomeLoss`	$22.09M	USD	1 Quarter
Operating earnings	`OperatingIncomeLoss`	$11.16M	USD	1 Quarter
Interest expense, net	`InterestRevenueExpenseNet`	$-11.95M	USD	1 Quarter
Interest expense, net	`InterestRevenueExpenseNet`	$-672.00K	USD	1 Quarter
Other expense (income), net	`OtherNonoperatingIncomeExpense`	$-347.00K	USD	1 Quarter
Other expense (income), net	`OtherNonoperatingIncomeExpense`	$1.96M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$10.14M	USD	1 Quarter
Earnings before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$12.10M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$2.50M	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$210.00K	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$7.64M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$11.89M	USD	1 Quarter
Basic earnings per share (usd per share)	`EarningsPerShareBasic`	$0.09	USD	1 Quarter
Basic earnings per share (usd per share)	`EarningsPerShareBasic`	$0.14	USD	1 Quarter
Diluted earnings per share (usd per share)	`EarningsPerShareDiluted`	$0.09	USD	1 Quarter
Diluted earnings per share (usd per share)	`EarningsPerShareDiluted`	$0.14	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	85.02M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	85.02M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	85.02M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	85.13M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$7.64M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$11.89M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$33.38M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$31.14M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$565.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.49M	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$8.80M	USD	1 Quarter
Other, net	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-2.39M	USD	1 Quarter
Receivables, net	`IncreaseDecreaseInAccountsReceivable`	$-23.09M	USD	1 Quarter
Receivables, net	`IncreaseDecreaseInAccountsReceivable`	$-34.53M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$8.07M	USD	1 Quarter
Inventories, net	`IncreaseDecreaseInInventories`	$6.04M	USD	1 Quarter
Prepaid and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$3.22M	USD	1 Quarter
Prepaid and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$45.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-24.16M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-9.76M	USD	1 Quarter
Accrued compensation and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-6.51M	USD	1 Quarter
Accrued compensation and employee benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-14.39M	USD	1 Quarter
Other accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-2.10M	USD	1 Quarter
Other accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-1.84M	USD	1 Quarter
Accrued and deferred taxes, net	`IncreaseDecreaseAccruedAndDeferredTaxesNet`	$-963.00K	USD	1 Quarter
Accrued and deferred taxes, net	`IncreaseDecreaseAccruedAndDeferredTaxesNet`	$8.03M	USD	1 Quarter
Other non-current assets and non-current liabilities	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$3.38M	USD	1 Quarter
Other non-current assets and non-current liabilities	`IncreaseDecreaseInOtherNoncurrentAssetsAndLiabilitiesNet`	$72.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$21.65M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$43.15M	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$29.36M	USD	1 Quarter
Additions to property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$23.90M	USD	1 Quarter
Capitalized patent defense costs	`CapitalizedPatentDefenseCostsInvestingActivities`	$4.45M	USD	1 Quarter
Capitalized patent defense costs	`CapitalizedPatentDefenseCostsInvestingActivities`	$2.29M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-28.35M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-31.64M	USD	1 Quarter
Proceeds from debt	`ProceedsFromIssuanceOfLongTermDebt`	-	USD	1 Quarter
Proceeds from debt	`ProceedsFromIssuanceOfLongTermDebt`	$400.00M	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	-	USD	1 Quarter
Debt issuance costs	`PaymentsOfDebtIssuanceCosts`	$2.85M	USD	1 Quarter
Change in Parent Company borrowings, net	`ChangeinFormerParentCompanyBorrowingsNet`	$24.59M	USD	1 Quarter
Change in Parent Company borrowings, net	`ChangeinFormerParentCompanyBorrowingsNet`	-	USD	1 Quarter
Net transfers (to) from Parent Company	`NettransfersToFromFormerParentCompany`	$465.90M	USD	1 Quarter
Net transfers (to) from Parent Company	`NettransfersToFromFormerParentCompany`	$-33.67M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$-68.75M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$9.08M	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-140.00K	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalents`	$-261.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.05M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-54.21M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$9.25M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$51.38M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$105.59M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$10.30M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$9.25M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$51.38M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$105.59M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashAndCashEquivalentsAtCarryingValue`	$10.30M	USD	Point-in-time

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$1.89B	USD	Point-in-time
Balance	`StockholdersEquity`	$1.40B	USD	Point-in-time
Net earnings	`NetIncomeLoss`	$7.64M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$11.89M	USD	1 Quarter
Net transfers to Parent Company	`NetTransferstoFormerParentCompany`	$-470.43M	USD	1 Quarter
Separation-related adjustments	`SeparationrelatedAdjustmentsNetofTax`	$-19.33M	USD	1 Quarter
Reclassification of Net Parent Company Investment in connection with the Separation	`AdjustmenttoAdditionalPaidinCapitalReclassificationduetoSeparation`	-	USD	1 Quarter
Issuance of common stock at Separation	`StockIssuedDuringPeriodValueNewIssues`	-	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-1.76M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.13M	USD	1 Quarter
Balance	`StockholdersEquity`	$1.89B	USD	Point-in-time
Balance	`StockholdersEquity`	$1.40B	USD	Point-in-time

Comprehensive Income 16 line items

Line Item	Tag	Value	Unit	Period
Net earnings	`NetIncomeLoss`	$7.64M	USD	1 Quarter
Net earnings	`NetIncomeLoss`	$11.89M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-1.65M	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-19.14M	USD	1 Quarter
Actuarial losses arising during period	`OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax`	-	USD	1 Quarter
Actuarial losses arising during period	`OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax`	$-115.00K	USD	1 Quarter
Total employee benefit plans	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	$115.00K	USD	1 Quarter
Total employee benefit plans	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax`	-	USD	1 Quarter
Unrealized net losses arising during period	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	-	USD	1 Quarter
Unrealized net losses arising during period	`OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax`	$-142.00K	USD	1 Quarter
Total cash flow hedges	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax`	-	USD	1 Quarter
Total cash flow hedges	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax`	$-142.00K	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-1.76M	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-19.28M	USD	1 Quarter
Comprehensive earnings (loss)	`ComprehensiveIncomeNetOfTax`	$-7.39M	USD	1 Quarter
Comprehensive earnings (loss)	`ComprehensiveIncomeNetOfTax`	$5.88M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.