<SEC-DOCUMENT>0001193125-17-211617.txt : 20170807
<SEC-HEADER>0001193125-17-211617.hdr.sgml : 20170807
<ACCEPTANCE-DATETIME>20170623145705
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-17-211617
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170623

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ZEBRA TECHNOLOGIES CORP
		CENTRAL INDEX KEY:			0000877212
		STANDARD INDUSTRIAL CLASSIFICATION:	GENERAL INDUSTRIAL MACHINERY & EQUIPMENT [3560]
		IRS NUMBER:				362675536
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		3 OVERLOOK POINT
		CITY:			LINCOLNSHIRE
		STATE:			IL
		ZIP:			60069
		BUSINESS PHONE:		847-634-6700

	MAIL ADDRESS:	
		STREET 1:		3 OVERLOOK POINT
		CITY:			LINCOLNSHIRE
		STATE:			IL
		ZIP:			60069

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ZEBRA TECHNOLOGIES Corp
		DATE OF NAME CHANGE:	20090508

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ZEBRA TECHNOLOGIES CORP/DE
		DATE OF NAME CHANGE:	19930328
</SEC-HEADER>
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<TD VALIGN="top"><B><U>Via E-Mail</U></B></TD>
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<TD VALIGN="top">June&nbsp;23, 2017</TD>
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<TD VALIGN="top">Mr.&nbsp;David Burton</TD>
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<TD VALIGN="top">Zebra Technologies Corporation</TD>
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<TD VALIGN="top">Division&nbsp;of&nbsp;Corporation&nbsp;Finance</TD>
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<TD VALIGN="top">3 Overlook Point</TD>
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<TD VALIGN="top">Securities&nbsp;and&nbsp;Exchange&nbsp;Commission</TD>
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<TD VALIGN="top">Lincolnshire, IL 60069</TD>
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<TD VALIGN="top">100 F Street, N.E.</TD>
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<TD VALIGN="top">p 847-634-6700</TD>
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<TD VALIGN="top">f 847-913-8766</TD>
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<TD VALIGN="top">zebra.com</TD>
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<TD VALIGN="top" COLSPAN="5"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">Re:&nbsp;&nbsp;&nbsp;Zebra Technologies Corporation</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 10-K for the Fiscal Year
Ended December&nbsp;31, 2016, Filed February&nbsp;27, 2017</P></TD></TR>
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<TD VALIGN="top" COLSPAN="5"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEC Comment Letter dated
June&nbsp;15, 2017</P></TD></TR>
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<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top" COLSPAN="5"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-2.00em; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;File No. 0-19406</P></TD></TR>
</TABLE> <P STYLE="margin-top:36pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mr.&nbsp;Burton, </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf
of Zebra Technologies Corporation (&#147;Zebra&#148; or &#147;the Company&#148;), set forth below is the response to your letter of comment dated June&nbsp;15, 2017 relating to the above referenced Form 10-K. The comments and headings are repeated
below (comments are in <I>italics</I>). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Form 10-K for the Fiscal Year Ended December&nbsp;31, 2016</U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>Item&nbsp;7. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations</U> </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Consolidated Results of Operations, page 27 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"><I>We note from Note 13 to the financial statements the significant reduction to your federal statutory income tax rate as a result of foreign rate differentials and foreign earnings subject to U.S. taxation. In your
Form 10-Q for the period ended April&nbsp;1, 2017, you also stated that the difference between your effective tax rate and the federal statutory income rate was primarily attributable to unbenefited foreign losses, benefits of foreign rates and rate
changes in foreign jurisdictions, among other factors. In future filings, please revise the income tax discussion in this section to explain the impact of non-U.S. lower taxed jurisdictions on your effective tax rate, including a discussion of the
primary taxing jurisdictions where your foreign earnings are derived, the location of tax holidays and the relevant statutory rates in those jurisdictions. Discuss any uncertainties relating to the income tax rates or benefits you currently receive
in those jurisdictions. Refer to Item&nbsp;303(a)(3) of Regulation S-K.</I> </TD></TR></TABLE>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response to Comment 1:</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We will revise future filings with the Commission to explain the impact of&nbsp;non-U.S.&nbsp;lower taxed jurisdictions on the Company&#146;s
effective tax rate, including a discussion of the primary taxing jurisdictions where the Company&#146;s foreign earnings are derived, the location of tax holidays (if any) and the relevant statutory rates in those jurisdictions. In addition, the
Company will discuss any uncertainties relating to the income tax rates or benefits that it currently receives in those jurisdictions. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"><I>We note that you present several non-GAAP measures, such as Net sales excluding the impact of the Acquisition of the Enterprise business; Gross margin as a percent of sales excluding the effect of the Enterprise
business; Operating expenses excluding the Enterprise business as percentage of sales; and Operating income excluding the effect of the Enterprise business, etc., in this section If you elect to present these or similar non- GAAP measures in future
filings, please revise your presentations to identify the measures as non-GAAP, and provide the reconciliations and other disclosures required by Item&nbsp;10(e) of Regulation S-K.</I> </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response to Comment 2:</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We respectfully confirm to the extent we include non-GAAP measures excluding the impact of the Acquisition of the Enterprise business in future
filings, we will include and present appropriate non-GAAP reconciliations. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"><I>Similarly, we note that you discuss several measures on a constant currency basis, such as the 2016 percentage sales decline on a constant currency basis and excluding purchase accounting adjustments, the percentage
increase in 2015 net sales on a constant currency basis, etc. The disclosures appear to be based on non-GAAP financial measures. Please revise future filings to provide a reconciliation of sales excluding the effects of currency and describe the
process for calculating the currency effects. Refer to question 104.06 of the Compliance and Disclosure Interpretations related to Non-GAAP measures updated May&nbsp;17, 2016. We also note similar disclosures in your discussion of segment sales.
This comment also applies to your Form 10-Q for the period ended April&nbsp;1, 2017.</I> </TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response to Comment 3:</U>
</B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In future filings, the Company will include a reconciliation of each reported GAAP financial measure to each non-GAAP financial
measure within Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations and will include explanations as to the reasoning behind including the supplemental disclosures. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Schedule II: Valuation and Qualifying Accounts, page F-36 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>In light of the guidance in SAB Topic 5.BB and ASC 330-10-35-14 indicating that a reduction in the carrying
amount of an inventory item from cost to market value at the end of a fiscal year is viewed as creating a new &#147;cost basis&#148; for the item, in future filings please</I> </P></TD></TR></TABLE>

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<I>revise to remove the information relating to the inventory allowance as compliance with that guidance would not result in a valuation account. Further, please note that amounts recorded in
separate accounts to recognize obsolete and slow-moving inventory are not considered reserves for the purpose of this schedule because those amounts in substance represent normal adjustments of inventory rather than true &#147;reserves.&#148;</I>
</TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><U>Response to Comment 4:</U> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">The Company will&nbsp;revise future filings to remove the information relating to the inventory allowance in its Schedule II: Valuation and
Qualifying Accounts. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We hope that the foregoing has been responsive to the Staff&#146;s comments. Should you have any questions relating to any of the
foregoing, please feel free to contact me directly at 847-793-2683. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Sincerely, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">/s/ Olivier Leonetti </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Olivier Leonetti </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chief Financial Officer </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
