2019 Q2 Form 10-Q Financial Statement

#000109087219000010 Filed on May 30, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q4 2018 Q2
Revenue $1.238B $1.294B $1.206B
YoY Change 2.65% 8.83% 9.44%
Cost Of Revenue $569.0M $576.0M $562.0M
YoY Change 1.25% 4.73% 10.2%
Gross Profit $669.0M $718.0M $644.0M
YoY Change 3.88% 12.36% 8.78%
Gross Profit Margin 54.04% 55.49% 53.4%
Selling, General & Admin $354.0M $360.0M $341.0M
YoY Change 3.81% 3.75% 11.07%
% of Gross Profit 52.91% 50.14% 52.95%
Research & Development $99.00M $104.0M $92.00M
YoY Change 7.61% 14.29% 9.52%
% of Gross Profit 14.8% 14.48% 14.29%
Depreciation & Amortization $53.00M $56.00M $50.00M
YoY Change 6.0% 7.69% -7.41%
% of Gross Profit 7.92% 7.8% 7.76%
Operating Expenses $453.0M $464.0M $433.0M
YoY Change 4.62% 5.94% 10.74%
Operating Profit $216.0M $254.0M $210.0M
YoY Change 2.86% 26.37% 4.48%
Interest Expense $17.00M -$18.00M $19.00M
YoY Change -10.53% 5.88% -5.0%
% of Operating Profit 7.87% -7.09% 9.05%
Other Income/Expense, Net $9.000M -$7.000M $26.00M
YoY Change -65.38% -116.67% 420.0%
Pretax Income $218.0M $244.0M $227.0M
YoY Change -3.96% 7.96% 18.85%
Income Tax $36.00M $30.00M $22.00M
% Of Pretax Income 16.51% 12.3% 9.69%
Net Earnings $182.0M $195.0M $205.0M
YoY Change -11.22% 10.17% 25.0%
Net Earnings / Revenue 14.7% 15.07% 17.0%
Basic Earnings Per Share $0.57 $0.64
Diluted Earnings Per Share $0.57 $605.6K $0.63
COMMON SHARES
Basic Shares Outstanding 317.0M shares 318.5M shares 322.0M shares
Diluted Shares Outstanding 321.0M shares 326.0M shares

Balance Sheet

Concept 2019 Q2 2018 Q4 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.155B $2.247B $3.011B
YoY Change -28.43% -16.09% 26.04%
Cash & Equivalents $2.155B $2.247B $3.011B
Short-Term Investments
Other Short-Term Assets $181.0M $190.0M $166.0M
YoY Change 9.04% -1.04% -10.75%
Inventory $657.0M $638.0M $594.0M
Prepaid Expenses
Receivables $819.0M $800.0M $754.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.812B $3.865B $4.525B
YoY Change -15.76% -7.29% 19.08%
LONG-TERM ASSETS
Property, Plant & Equipment $827.0M $822.0M $798.0M
YoY Change 3.63% 8.59% 18.22%
Goodwill $3.112B $2.973B $2.618B
YoY Change 18.87% 14.04% 1.95%
Intangibles $538.0M $491.0M $314.0M
YoY Change 71.34% 36.01% -15.82%
Long-Term Investments $96.00M $0.00 $139.0M
YoY Change -30.94% 3.73%
Other Assets $637.0M $332.0M $390.0M
YoY Change 63.33% -15.74% -16.31%
Total Long-Term Assets $5.210B $4.676B $4.259B
YoY Change 22.33% 9.84% 1.02%
TOTAL ASSETS
Total Short-Term Assets $3.812B $3.865B $4.525B
Total Long-Term Assets $5.210B $4.676B $4.259B
Total Assets $9.022B $8.541B $8.784B
YoY Change 2.71% 1.36% 9.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $314.0M $340.0M $271.0M
YoY Change 15.87% 11.48% 2.26%
Accrued Expenses $455.0M $502.0M $438.0M
YoY Change 3.88% 11.31% 16.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $315.0M
YoY Change -100.0% -100.0% 30.71%
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $1.118B $1.160B $1.365B
YoY Change -18.1% -8.16% 15.0%
LONG-TERM LIABILITIES
Long-Term Debt $1.798B $1.799B $1.800B
YoY Change -0.11% -0.11% -0.11%
Other Long-Term Liabilities $752.0M $763.0M $776.0M
YoY Change -3.09% 160.41% 131.64%
Total Long-Term Liabilities $2.550B $2.562B $2.576B
YoY Change -1.01% 22.35% 20.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.118B $1.160B $1.365B
Total Long-Term Liabilities $2.550B $2.562B $2.576B
Total Liabilities $3.897B $3.961B $4.167B
YoY Change -6.48% 10.3% 14.45%
SHAREHOLDERS EQUITY
Retained Earnings $178.0M -$303.0M -$412.0M
YoY Change -143.2% 140.48% 4.83%
Common Stock $3.000M $3.000M $3.000M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.000M $0.00
YoY Change
Treasury Stock Shares
Shareholders Equity $5.125B $4.567B $4.613B
YoY Change
Total Liabilities & Shareholders Equity $9.022B $8.558B $8.784B
YoY Change 2.71% 1.57% 9.58%

Cashflow Statement

Concept 2019 Q2 2018 Q4 2018 Q2
OPERATING ACTIVITIES
Net Income $182.0M $195.0M $205.0M
YoY Change -11.22% 10.17% 25.0%
Depreciation, Depletion And Amortization $53.00M $56.00M $50.00M
YoY Change 6.0% 7.69% -7.41%
Cash From Operating Activities $252.0M $372.0M $303.0M
YoY Change -16.83% 29.17% 17.9%
INVESTING ACTIVITIES
Capital Expenditures -$39.00M -$36.00M -$48.00M
YoY Change -18.75% -37.93% 11.63%
Acquisitions
YoY Change
Other Investing Activities -$17.00M -$78.00M -$2.000M
YoY Change 750.0% 3800.0%
Cash From Investing Activities -$56.00M -$114.0M -$50.00M
YoY Change 12.0% 90.0% 16.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -92.00M -131.0M -114.0M
YoY Change -19.3% 23.58% 70.15%
NET CHANGE
Cash From Operating Activities 252.0M 372.0M 303.0M
Cash From Investing Activities -56.00M -114.0M -50.00M
Cash From Financing Activities -92.00M -131.0M -114.0M
Net Change In Cash 104.0M 127.0M 139.0M
YoY Change -25.18% 4.1% -5.44%
FREE CASH FLOW
Cash From Operating Activities $252.0M $372.0M $303.0M
Capital Expenditures -$39.00M -$36.00M -$48.00M
Free Cash Flow $291.0M $408.0M $351.0M
YoY Change -17.09% 17.92% 17.0%

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us-gaap Impairment Of Long Lived Assets Held For Use
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us-gaap Goodwill Impairment Loss
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0 USD
us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
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CY2019Q2 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
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0 USD
us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
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us-gaap Impairment Of Investments
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us-gaap Impairment Of Investments
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us-gaap Impairment Of Long Lived Assets Held For Use
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us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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460000000 USD
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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466000000 USD
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227000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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460000000 USD
CY2019Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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218000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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466000000 USD
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us-gaap Income Tax Expense Benefit
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26000000 USD
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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36000000 USD
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401000000 USD
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252000000 USD
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256000000 USD
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us-gaap Inventory Write Down
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7000000 USD
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us-gaap Investment Income Interest
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10000000 USD
us-gaap Investment Income Interest
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20000000 USD
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CY2019Q2 us-gaap Liabilities
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CY2019Q2 us-gaap Liabilities Current
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1118000000 USD
CY2018Q4 us-gaap Liabilities Current
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1160000000 USD
CY2019Q1 us-gaap Line Of Credit Facility Expiration Date1
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2024-03-13
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CY2018Q4 us-gaap Long Term Investments
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us-gaap New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Quantification
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us-gaap Operating Income Loss
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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2000000 USD
us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
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4000000 USD
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2000000 USD
us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
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4000000 USD
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0 USD
us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
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CY2019Q2 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
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us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
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CY2019Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
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us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
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CY2018Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
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CY2019Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
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4000000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
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CY2019Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Before Tax
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10000000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
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19000000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
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10000000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
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20000000 USD
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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PaymentsToAcquireAdditionalInterestInSubsidiaries
0 USD
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4000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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7000000 USD
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us-gaap Payments To Acquire Investments
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1000000 USD
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PaymentsToAcquireInvestments
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2000000 USD
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2000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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239000000 USD
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PreferredStockSharesOutstanding
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PreferredStockSharesOutstanding
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us-gaap Standard Product Warranty Accrual Payments
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26000000 USD
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2000000 USD
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
4000000 USD
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us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
6000000 USD
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8000000 USD
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11000000 USD
us-gaap Repayments Of Debt
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251000000 USD
us-gaap Repayments Of Debt
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0 USD
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92000000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
186000000 USD
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ResearchAndDevelopmentExpense
99000000 USD
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ResearchAndDevelopmentExpense
201000000 USD
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7000000 USD
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6000000 USD
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178000000 USD
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P0Y12M0D
CY2018Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
341000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
688000000 USD
CY2019Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
354000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
709000000 USD
us-gaap Share Based Compensation
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43000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
40000000 USD
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0.85
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Discount From Market Price Purchase Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardDiscountFromMarketPricePurchaseDate
0.85
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Discount From Market Price Purchase Date
ShareBasedCompensationArrangementByShareBasedPaymentAwardDiscountFromMarketPricePurchaseDate
0.85
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Discount From Market Price Purchase Date
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0.85
CY2019Q1 us-gaap Short Term Debt Terms
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34000000 USD
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StandardProductWarrantyAccrual
35000000 USD
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StandardProductWarrantyAccrual
32000000 USD
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33000000 USD
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StandardProductWarrantyAccrualCurrent
32000000 USD
us-gaap Standard Product Warranty Accrual Payments
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30000000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
25000000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
27000000 USD
CY2018Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
9000000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
7000000 USD
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StockIssuedDuringPeriodValueShareBasedCompensation
10000000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
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18000000 USD
CY2018Q2 us-gaap Stock Repurchased During Period Value
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46000000 USD
us-gaap Stock Repurchased During Period Value
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CY2019Q2 us-gaap Stock Repurchased During Period Value
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50000000 USD
us-gaap Stock Repurchased During Period Value
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CY2018Q4 us-gaap Stockholders Equity
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CY2019Q2 us-gaap Stockholders Equity
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CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4526000000 USD
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4617000000 USD
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1000000 USD
CY2018Q4 us-gaap Treasury Stock Common Shares
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TreasuryStockCommonShares
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TreasuryStockRetiredCostMethodAmount
0 USD
us-gaap Treasury Stock Retired Cost Method Amount
TreasuryStockRetiredCostMethodAmount
0 USD
CY2019Q2 us-gaap Treasury Stock Retired Cost Method Amount
TreasuryStockRetiredCostMethodAmount
0 USD
us-gaap Treasury Stock Retired Cost Method Amount
TreasuryStockRetiredCostMethodAmount
0 USD
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
0 USD
CY2019Q2 us-gaap Treasury Stock Value
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CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
323000000 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
321000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
322000000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
322000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
323000000 shares
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
317000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
318000000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates.</font><font style="font-family:inherit;font-size:10pt;"> The preparation of condensed consolidated financial statements in accordance with GAAP in the U.S. requires management to make estimates and assumptions that affect the amounts reported in our condensed consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Although these estimates are based on management&#8217;s best knowledge of current events and actions that may impact the company in the future, actual results may be different from the estimates. Our critical accounting policies are those that affect our financial statements materially and involve difficult, subjective or complex judgments by management. Those policies are revenue recognition, inventory valuation, share-based compensation, retirement and post-retirement benefit plan assumptions, goodwill and purchased intangible assets and accounting for income taxes.</font></div></div>

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