2018 Form 10-K Financial Statement

#000100443419000008 Filed on February 22, 2019

View on sec.gov

Income Statement

Concept 2018 2017 Q4 2017 Q3
Revenue $2.378B $604.1M $585.7M
YoY Change 3.18% 9.76% 7.53%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $417.7M $359.5M $91.90M
YoY Change 11.95% 5.46% -2.44%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $136.8M $26.70M $26.00M
YoY Change 28.21% -17.85% -18.5%
% of Gross Profit
Operating Expenses $1.692B $412.2M $389.6M
YoY Change 5.45% 9.45% 4.25%
Operating Profit $280.0M $289.5M
YoY Change -7.25% 21.38%
Interest Expense $80.60M $72.10M $22.10M
YoY Change -8.2% -33.3% -1.34%
% of Operating Profit 25.75% 7.63%
Other Income/Expense, Net -$6.600M
YoY Change -46.34%
Pretax Income $713.6M $264.0M $282.9M
YoY Change -33.13% -6.35% 25.07%
Income Tax $181.3M $87.10M $66.10M
% Of Pretax Income 25.41% 32.99% 23.37%
Net Earnings $243.6M $315.4M $125.4M
YoY Change -64.67% 109.99% 13.79%
Net Earnings / Revenue 10.24% 52.21% 21.41%
Basic Earnings Per Share $4.55 $2.25
Diluted Earnings Per Share $4.52 $5.50 $2.22
COMMON SHARES
Basic Shares Outstanding 53.60M shares 55.58M shares 55.80M shares
Diluted Shares Outstanding 53.80M shares 58.30M shares

Balance Sheet

Concept 2018 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $565.5M $517.3M $467.1M
YoY Change 28.67% -6.49% -26.46%
Cash & Equivalents $565.5M $439.5M $374.7M
Short-Term Investments $77.80M $92.40M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $400.6M $433.8M $487.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $966.1M $873.3M $862.1M
YoY Change 10.63% 7.27% 6.55%
LONG-TERM ASSETS
Property, Plant & Equipment $104.3M $111.0M $111.7M
YoY Change -6.04% 0.82% -1.5%
Goodwill $2.663B $2.662B
YoY Change 1.31% 0.66%
Intangibles $1.450B $1.467B
YoY Change -3.19% -5.12%
Long-Term Investments $3.111B $539.0M $3.544B
YoY Change -12.29% -84.0% 12.4%
Other Assets
YoY Change
Total Long-Term Assets $7.253B $7.829B $7.839B
YoY Change -7.35% -1.34% 4.33%
TOTAL ASSETS
Total Short-Term Assets $966.1M $873.3M $862.1M
Total Long-Term Assets $7.253B $7.829B $7.839B
Total Assets $8.219B $8.702B $8.701B
YoY Change -5.55% -0.54% 4.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $698.3M
YoY Change 20.52%
Accrued Expenses $463.2M $611.1M
YoY Change -24.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $746.6M $807.2M $698.3M
YoY Change -7.51% 10.68% 20.52%
LONG-TERM LIABILITIES
Long-Term Debt $1.830B $1.855B $1.914B
YoY Change -1.35% -12.08% -9.45%
Other Long-Term Liabilities $162.7M $182.4M $178.3M
YoY Change -10.8% 22.09% 4.7%
Total Long-Term Liabilities $1.992B $2.037B $2.092B
YoY Change -2.2% -9.82% -8.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $746.6M $807.2M $698.3M
Total Long-Term Liabilities $1.992B $2.037B $2.092B
Total Liabilities $4.762B $3.312B $3.493B
YoY Change -2.42% -9.25% -0.64%
SHAREHOLDERS EQUITY
Retained Earnings $3.699B $3.394B
YoY Change 21.09% 16.94%
Common Stock $809.2M $850.3M
YoY Change -24.66% 9.82%
Preferred Stock
YoY Change
Treasury Stock (at cost) $663.7M $566.1M
YoY Change 71.94% 36.9%
Treasury Stock Shares 3.400M shares
Shareholders Equity $3.457B $3.822B $3.628B
YoY Change
Total Liabilities & Shareholders Equity $8.219B $8.702B $8.701B
YoY Change -5.55% -0.54% 4.54%

Cashflow Statement

Concept 2018 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income $243.6M $315.4M $125.4M
YoY Change -64.67% 109.99% 13.79%
Depreciation, Depletion And Amortization $136.8M $26.70M $26.00M
YoY Change 28.21% -17.85% -18.5%
Cash From Operating Activities $1.141B $369.9M $356.5M
YoY Change -2.55% 1.31% 4.24%
INVESTING ACTIVITIES
Capital Expenditures $18.70M -$4.600M -$6.700M
YoY Change 1.08% -9.8% 3.08%
Acquisitions
YoY Change
Other Investing Activities $500.0K $13.50M $10.60M
YoY Change -98.45% -102.95% -103.29%
Cash From Investing Activities -$18.20M $8.900M $3.900M
YoY Change -231.88% -101.92% -101.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $486.4M
YoY Change 57.21%
Debt Paid & Issued, Net $1.181B
YoY Change 46.66%
Cash From Financing Activities -$983.1M -318.2M -354.3M
YoY Change -17.37% -295.33% -780.04%
NET CHANGE
Cash From Operating Activities $1.141B 369.9M 356.5M
Cash From Investing Activities -$18.20M 8.900M 3.900M
Cash From Financing Activities -$983.1M -318.2M -354.3M
Net Change In Cash $129.2M 60.60M 6.100M
YoY Change 1385.06% -6.05% -90.67%
FREE CASH FLOW
Cash From Operating Activities $1.141B $369.9M $356.5M
Capital Expenditures $18.70M -$4.600M -$6.700M
Free Cash Flow $1.122B $374.5M $363.2M
YoY Change -2.6% 1.16% 4.22%

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1067100000 USD
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713600000 USD
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165000000 USD
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160200000 USD
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20300000 USD
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52300000 USD
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6100000 USD
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7700000 USD
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11700000 USD
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53500000 USD
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2200000 shares
CY2018 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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600000 shares
CY2017 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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400000 shares
CY2018 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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1309900000 USD
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82100000 USD
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76900000 USD
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3304700000 USD
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2791000000 USD
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87800000 USD
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80600000 USD
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15500000 USD
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15500000 USD
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8702100000 USD
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8219100000 USD
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809000000 USD
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77800000 USD
CY2018Q4 us-gaap Marketable Securities
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119300000 USD
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35800000 USD
CY2018 us-gaap Marketable Securities Realized Gain Loss
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6900000 USD
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354100000 USD
CY2017 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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352200000 USD
CY2018 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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370500000 USD
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200900000 USD
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CY2018 us-gaap Net Cash Provided By Used In Financing Activities
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CY2017 us-gaap Net Cash Provided By Used In Investing Activities
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13800000 USD
CY2018 us-gaap Net Cash Provided By Used In Investing Activities
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1050300000 USD
CY2017 us-gaap Net Cash Provided By Used In Operating Activities
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1140600000 USD
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CY2017Q1 us-gaap Net Income Loss
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CY2017Q3 us-gaap Net Income Loss
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125400000 USD
CY2017Q4 us-gaap Net Income Loss
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315400000 USD
CY2017 us-gaap Net Income Loss
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CY2018Q1 us-gaap Net Income Loss
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153000000 USD
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117000000 USD
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124900000 USD
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243600000 USD
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488300000 USD
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705000000 USD
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243600000 USD
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266200000 USD
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319200000 USD
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288700000 USD
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11900000 USD
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3100000 USD
CY2018 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
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7500000 USD
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1 segment
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1595200000 USD
CY2017 us-gaap Operating Expenses
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1604600000 USD
CY2018 us-gaap Operating Expenses
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1692000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
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35500000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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23400000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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27700000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
34800000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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36900000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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75200000 USD
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35500000 USD
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37500000 USD
CY2018 us-gaap Operating Leases Rent Expense Net
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40500000 USD
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241700000 USD
CY2018Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
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240500000 USD
CY2017Q4 us-gaap Other Assets
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58100000 USD
CY2018Q4 us-gaap Other Assets
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94000000 USD
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-35200000 USD
CY2017 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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-7700000 USD
CY2018 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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0 USD
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112300000 USD
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-87100000 USD
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100000 USD
CY2017 us-gaap Other Comprehensive Income Loss Derivative Excluded Component Increase Decrease After Adjustments And Tax
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-800000 USD
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-100000 USD
CY2016 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-115300000 USD
CY2017 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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128000000 USD
CY2018 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-102100000 USD
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-150400000 USD
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119500000 USD
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-102200000 USD
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-22900000 USD
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-7200000 USD
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15100000 USD
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43300000 USD
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58000000 USD
CY2018 us-gaap Other Cost And Expense Operating
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69700000 USD
CY2017Q4 us-gaap Other Investments
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165000000 USD
CY2018Q4 us-gaap Other Investments
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201100000 USD
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182400000 USD
CY2018Q4 us-gaap Other Liabilities
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162700000 USD
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756300000 USD
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677500000 USD
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16100000 USD
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26300000 USD
CY2018 us-gaap Other Noncash Income Expense
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2700000 USD
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-65300000 USD
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-100100000 USD
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-48600000 USD
CY2016 us-gaap Payments For Repurchase Of Common Stock
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33400000 USD
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393200000 USD
CY2018 us-gaap Payments For Repurchase Of Common Stock
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505800000 USD
CY2017 us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
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76800000 USD
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44800000 USD
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0 USD
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44900000 USD
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64400000 USD
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354100000 USD
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352200000 USD
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370500000 USD
CY2016 us-gaap Payments To Acquire Businesses And Interest In Affiliates
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115800000 USD
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174700000 USD
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120000000 USD
CY2016 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
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1361300000 USD
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30600000 USD
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7300000 USD
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16000000 USD
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37200000 USD
CY2018 us-gaap Payments To Acquire Marketable Securities
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40800000 USD
CY2016 us-gaap Payments To Acquire Property Plant And Equipment
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20200000 USD
CY2017 us-gaap Payments To Acquire Property Plant And Equipment
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18500000 USD
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18700000 USD
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11800000 USD
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9000000 USD
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6300000 USD
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465800000 USD
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41900000 USD
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9700000 USD
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1350000000 USD
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545000000 USD
CY2018 us-gaap Proceeds From Issuance Of Long Term Debt
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1150000000 USD
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112200000 USD
CY2018 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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81400000 USD
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25600000 USD
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41900000 USD
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9700000 USD
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739000000 USD
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110100000 USD
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111000000 USD
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104300000 USD
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673500000 USD
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811900000 USD
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805000000 USD
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92400000 USD
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2194600000 USD
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585700000 USD
CY2017Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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604100000 USD
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2305000000 USD
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612500000 USD
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600200000 USD
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601300000 USD
CY2018Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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564400000 USD
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2378400000 USD
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398100000 USD
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373100000 USD
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417700000 USD
CY2017Q4 us-gaap Senior Notes
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741300000 USD
CY2018Q4 us-gaap Senior Notes
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742500000 USD
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20700000 USD
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
59400000 USD
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ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
5900000 USD
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100000 shares
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138.97
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27700000 USD
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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50800000 USD
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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8200000 USD
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
0 shares
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
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0 shares
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39.02
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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48.05
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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48.64
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600000 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
500000 shares
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
122.04
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
130.81
CY2018 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
99.57
CY2018 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
122.40
CY2018 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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179.54
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300000 USD
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y3M18D
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y8M12D
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16400000 USD
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
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800000 USD
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
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1000000 USD
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100000 shares
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440300000 USD
CY2016 us-gaap Stock Issued During Period Value Share Based Compensation
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15500000 USD
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StockIssuedDuringPeriodValueShareBasedCompensation
21000000 USD
CY2018 us-gaap Stock Issued During Period Value Share Based Compensation
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3822200000 USD
CY2018Q4 us-gaap Stockholders Equity
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3457400000 USD
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4485900000 USD
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4604000000 USD
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3769100000 USD
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4426500000 USD
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4578500000 USD
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4134900000 USD
CY2017Q4 us-gaap Treasury Stock Shares
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3400000 shares
CY2018Q4 us-gaap Treasury Stock Shares
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6500000 shares
CY2017Q4 us-gaap Treasury Stock Value
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663700000 USD
CY2018Q4 us-gaap Treasury Stock Value
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1146600000 USD
CY2016 us-gaap Treasury Stock Value Acquired Cost Method
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33400000 USD
CY2017 us-gaap Treasury Stock Value Acquired Cost Method
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416300000 USD
CY2018 us-gaap Treasury Stock Value Acquired Cost Method
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489500000 USD
CY2018Q4 us-gaap Undistributed Earnings Of Foreign Subsidiaries
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225400000 USD
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26900000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits
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26800000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
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32400000 USD
CY2018 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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1300000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits
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33100000 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
0 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
0 USD
CY2018 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
2000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
0 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
0 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
32400000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
33100000 USD
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57000000 shares
CY2016Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
1400000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
1700000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
2100000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
3800000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
6000000 USD
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
2400000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
600000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
1500000 USD
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
8400000 USD
CY2016 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
4700000 USD
CY2017 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
2300000 USD
CY2018 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
6300000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
26000000 USD
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
58600000 shares
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53800000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54200000 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56000000 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53600000 shares
CY2018 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Concentration of Credit Risk</font></div><div style="line-height:120%;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash investments and derivative financial instruments. The Company and its Affiliates maintain cash and cash equivalents, investments and, at times, certain derivative financial instruments with various high credit-quality financial institutions. These financial institutions are typically located in countries in which the Company and its Affiliates operate. For the Company and certain of its Affiliates, cash deposits at a financial institution may exceed Federal Deposit Insurance Corporation insurance limits.</font></div></div>
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.</font></div></div>

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