2018 Q4 Form 10-Q Financial Statement

#000000296919000014 Filed on January 25, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2017 Q4
Revenue $2.224B $2.217B
YoY Change 0.33% 17.75%
Cost Of Revenue $1.544B $1.572B
YoY Change -1.77% 19.37%
Gross Profit $651.0M $644.8M
YoY Change 0.96% 13.96%
Gross Profit Margin 29.27% 29.09%
Selling, General & Admin $189.6M $191.6M
YoY Change -1.04% 16.33%
% of Gross Profit 29.12% 29.71%
Research & Development $15.00M $14.60M
YoY Change 2.74% -2.67%
% of Gross Profit 2.3% 2.26%
Depreciation & Amortization $258.0M $227.9M
YoY Change 13.21% 10.58%
% of Gross Profit 39.63% 35.34%
Operating Expenses $204.6M $206.2M
YoY Change -0.78% 14.75%
Operating Profit $455.0M $460.7M
YoY Change -1.24% 40.33%
Interest Expense $37.30M $29.80M
YoY Change 25.17% 1.02%
% of Operating Profit 8.2% 6.47%
Other Income/Expense, Net $18.50M $9.800M
YoY Change 88.78% -5000.0%
Pretax Income $489.1M $454.5M
YoY Change 7.61% 35.03%
Income Tax $132.1M $291.8M
% Of Pretax Income 27.01% 64.2%
Net Earnings $347.5M $154.6M
YoY Change 124.77% -48.43%
Net Earnings / Revenue 15.63% 6.97%
Basic Earnings Per Share $1.58 $0.71
Diluted Earnings Per Share $1.57 $0.70
COMMON SHARES
Basic Shares Outstanding 219.9M shares 218.9M shares
Diluted Shares Outstanding 221.0M shares 220.4M shares

Balance Sheet

Concept 2018 Q4 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.936B $3.130B
YoY Change -6.2% 377.13%
Cash & Equivalents $2.791B $2.723B
Short-Term Investments $12.00M $407.0M
Other Short-Term Assets $407.8M $371.7M
YoY Change 9.71% -23.5%
Inventory $396.1M $347.4M
Prepaid Expenses $129.6M $177.7M
Receivables $1.207B $1.233B
Other Receivables $0.00 $0.00
Total Short-Term Assets $5.108B $5.356B
YoY Change -4.61% 50.91%
LONG-TERM ASSETS
Property, Plant & Equipment $9.960B $8.632B
YoY Change 15.38% 7.49%
Goodwill $780.4M $790.8M
YoY Change -1.32% -2.5%
Intangibles $416.9M $429.1M
YoY Change -2.84% 13.91%
Long-Term Investments $1.242B $1.258B
YoY Change -1.27% 0.24%
Other Assets $666.7M $617.5M
YoY Change 7.97% -20.01%
Total Long-Term Assets $14.10B $12.85B
YoY Change 9.67% 3.59%
TOTAL ASSETS
Total Short-Term Assets $5.108B $5.356B
Total Long-Term Assets $14.10B $12.85B
Total Assets $19.20B $18.21B
YoY Change 5.47% 14.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.708B $1.542B
YoY Change 10.77% 3.77%
Accrued Expenses
YoY Change
Deferred Revenue $174.5M
YoY Change
Short-Term Debt $54.30M $87.10M
YoY Change -37.66% -44.2%
Long-Term Debt Due $430.0M $11.00M
YoY Change 3809.09% -98.74%
Total Short-Term Liabilities $2.365B $1.832B
YoY Change 29.09% -37.48%
LONG-TERM LIABILITIES
Long-Term Debt $3.315B $3.415B
YoY Change -2.93% 3.83%
Other Long-Term Liabilities $1.552B $1.922B
YoY Change -19.27% 6.93%
Total Long-Term Liabilities $5.664B $6.056B
YoY Change -6.48% 5.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.365B $1.832B
Total Long-Term Liabilities $5.664B $6.056B
Total Liabilities $8.028B $7.888B
YoY Change 1.78% -9.29%
SHAREHOLDERS EQUITY
Retained Earnings $13.50B $12.79B
YoY Change 5.52% 18.76%
Common Stock $1.280B $1.248B
YoY Change 2.59% 2.51%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.084B $2.129B
YoY Change -2.13% -3.9%
Treasury Stock Shares 29.82M shares 30.52M shares
Shareholders Equity $10.88B $10.22B
YoY Change
Total Liabilities & Shareholders Equity $19.20B $18.21B
YoY Change 5.47% 14.12%

Cashflow Statement

Concept 2018 Q4 2017 Q4
OPERATING ACTIVITIES
Net Income $347.5M $154.6M
YoY Change 124.77% -48.43%
Depreciation, Depletion And Amortization $258.0M $227.9M
YoY Change 13.21% 10.58%
Cash From Operating Activities $655.2M $561.0M
YoY Change 16.79% 9.0%
INVESTING ACTIVITIES
Capital Expenditures $403.4M $256.6M
YoY Change 57.21% 7.27%
Acquisitions $0.00 $237.1M
YoY Change -100.0%
Other Investing Activities -$3.100M -$5.600M
YoY Change -44.64% -473.33%
Cash From Investing Activities -$226.5M -$484.9M
YoY Change -53.29% 88.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $2.600M $408.6M
YoY Change -99.36% 2737.5%
Cash From Financing Activities -$289.8M -641.1M
YoY Change -54.8% -29.16%
NET CHANGE
Cash From Operating Activities $655.2M 561.0M
Cash From Investing Activities -$226.5M -484.9M
Cash From Financing Activities -$289.8M -641.1M
Net Change In Cash $132.0M -565.0M
YoY Change -123.36% -12.78%
FREE CASH FLOW
Cash From Operating Activities $655.2M $561.0M
Capital Expenditures $403.4M $256.6M
Free Cash Flow $251.8M $304.4M
YoY Change -17.28% 10.49%

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154600000 USD
CY2018Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
219900000 shares
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
218900000 shares
CY2018Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1100000 shares
CY2017Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1500000 shares
CY2018Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
221000000.0 shares
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
220400000 shares
CY2018Q4 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.58
CY2017Q4 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.71
CY2018Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0
CY2017Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0
CY2018Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.58
CY2017Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.71
CY2018Q4 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.57
CY2017Q4 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.70
CY2018Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0
CY2017Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0
CY2018Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.57
CY2017Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.70
CY2017Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
100000 shares
CY2017Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2018Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018Q4 apd Tax Cuts And Jobs Act Of2017 Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncomeTaxExpenseBenefit
40600000 USD
CY2018Q4 apd Tax Cuts And Jobs Act Of2017 Transition Tax For Accumulated Foreign Earnings Nonrecurring Expense Benefit For Us Tax On Foreign Dividends
TaxCutsAndJobsActOf2017TransitionTaxForAccumulatedForeignEarningsNonrecurringExpenseBenefitForUSTaxOnForeignDividends
56200000 USD
CY2018Q4 apd Tax Cuts And Jobs Act Measurement Period Adjustment Income Tax Expense Benefit
TaxCutsAndJobsActMeasurementPeriodAdjustmentIncomeTaxExpenseBenefit
-15600000 USD
CY2018 apd Tax Cuts And Jobs Act Of2017 Impactto Income Loss From Equity Method Investments
TaxCutsAndJobsActOf2017ImpacttoIncomeLossFromEquityMethodInvestments
-28500000 USD
CY2017Q4 apd Tax Cuts And Jobs Act Of2017 Incomplete Accounting Provisional Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncompleteAccountingProvisionalIncomeTaxExpenseBenefit
206500000 USD
CY2018 apd Tax Cuts And Jobs Act Of2017 Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncomeTaxExpenseBenefit
221200000 USD
CY2018 apd Tax Cuts And Jobs Act Of2017 Transition Tax And Additional Foreign Tax For Accumulated Foreign Earnings Income Tax Expense
TaxCutsAndJobsActOf2017TransitionTaxAndAdditionalForeignTaxForAccumulatedForeignEarningsIncomeTaxExpense
433000000.0 USD
CY2018 apd Tax Cuts And Jobs Act Of2017 Transition Tax For Accumulated Foreign Earnings Income Tax Expense
TaxCutsAndJobsActOf2017TransitionTaxForAccumulatedForeignEarningsIncomeTaxExpense
368300000 USD
CY2018 apd Tax Cuts And Jobs Act Of2017 Additional Foreign Tax For Accumulated Foreign Earnings Income Tax Expense
TaxCutsAndJobsActOf2017AdditionalForeignTaxForAccumulatedForeignEarningsIncomeTaxExpense
64700000 USD
CY2018 apd Tax Cuts And Jobs Act Of2017 Change In Tax Rate Deferred Tax Liability Income Tax Expense Benefit
TaxCutsAndJobsActOf2017ChangeInTaxRateDeferredTaxLiabilityIncomeTaxExpenseBenefit
211800000 USD
CY2018Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.270
CY2017Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.642
CY2018Q4 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
28700000 USD
CY2017Q4 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
61000000.0 USD
CY2018Q4 apd Facility Closure Gain Loss
FacilityClosureGainLoss
-29000000.0 USD
CY2018Q4 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
85000000 USD
CY2017Q4 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
105000000 USD
CY2018Q2 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
2300000000 CNY
CY2018Q4 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
360200000 USD
CY2018Q3 us-gaap Notes Payable Related Parties Noncurrent
NotesPayableRelatedPartiesNoncurrent
384300000 USD
CY2018Q4 us-gaap Due To Related Parties Current
DueToRelatedPartiesCurrent
23600000 USD
CY2018Q4 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
1900000000 CNY
CY2018Q4 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
283300000 USD
CY2018Q3 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
2200000000 CNY
CY2018Q3 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
330000000.0 USD
CY2018Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
455000000.0 USD
CY2017Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
460700000 USD
CY2018Q4 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
52900000 USD
CY2017Q4 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
13800000 USD

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