2018 Q2 Form 10-Q Financial Statement

#000173016818000019 Filed on June 14, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $5.014B $4.190B
YoY Change 19.67% 18.33%
Cost Of Revenue $2.463B $2.214B
YoY Change 11.25% -10.11%
Gross Profit $2.551B $1.976B
YoY Change 29.1% 83.3%
Gross Profit Margin 50.88% 47.16%
Selling, General & Admin $294.0M $204.0M
YoY Change 44.12% -14.29%
% of Gross Profit 11.52% 10.32%
Research & Development $936.0M $829.0M
YoY Change 12.91% 5.34%
% of Gross Profit 36.69% 41.95%
Depreciation & Amortization $964.0M $1.193B
YoY Change -19.2% 14.71%
% of Gross Profit 37.79% 60.37%
Operating Expenses $1.350B $1.502B
YoY Change -10.12% -14.66%
Operating Profit $1.201B $474.0M
YoY Change 153.38% -169.5%
Interest Expense $148.0M $112.0M
YoY Change 32.14% -143.75%
% of Operating Profit 12.32% 23.63%
Other Income/Expense, Net $46.00M $3.000M
YoY Change 1433.33% -150.0%
Pretax Income $1.099B $365.0M
YoY Change 201.1% -127.74%
Income Tax -$2.637B -$103.0M
% Of Pretax Income -239.95% -28.22%
Net Earnings $3.718B $440.0M
YoY Change 745.0% -137.1%
Net Earnings / Revenue 74.15% 10.5%
Basic Earnings Per Share $8.83 $1.09
Diluted Earnings Per Share $8.33 $1.05
COMMON SHARES
Basic Shares Outstanding 421.0M shares 403.0M shares
Diluted Shares Outstanding 448.0M shares 442.0M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.187B $4.454B
YoY Change 83.81% 118.23%
Cash & Equivalents $8.187B $4.254B
Short-Term Investments $200.0M
Other Short-Term Assets $303.0M $630.0M
YoY Change -51.9% -52.34%
Inventory $1.235B $1.311B
Prepaid Expenses $174.0M
Receivables $2.749B $2.073B
Other Receivables $87.00M $0.00
Total Short-Term Assets $12.47B $8.468B
YoY Change 47.31% 26.63%
LONG-TERM ASSETS
Property, Plant & Equipment $2.720B $2.762B
YoY Change -1.52% 11.1%
Goodwill $26.91B
YoY Change
Intangibles $12.35B
YoY Change
Long-Term Investments
YoY Change
Other Assets $488.0M $897.0M
YoY Change -45.6% 74.51%
Total Long-Term Assets $42.46B $41.38B
YoY Change 2.61% -7.47%
TOTAL ASSETS
Total Short-Term Assets $12.47B $8.468B
Total Long-Term Assets $42.46B $41.38B
Total Assets $54.94B $49.85B
YoY Change 10.2% -3.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $836.0M $925.0M
YoY Change -9.62% -6.09%
Accrued Expenses $417.0M $464.0M
YoY Change -10.13% 53.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $117.0M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $2.124B $2.052B
YoY Change 3.51% -22.6%
LONG-TERM LIABILITIES
Long-Term Debt $17.48B $13.57B
YoY Change 28.85% -7.48%
Other Long-Term Liabilities $3.264B $11.89B
YoY Change -72.54% 4.92%
Total Long-Term Liabilities $20.75B $25.45B
YoY Change -18.5% -2.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.124B $2.052B
Total Long-Term Liabilities $20.75B $25.45B
Total Liabilities $22.87B $30.42B
YoY Change -24.83% -4.04%
SHAREHOLDERS EQUITY
Retained Earnings $7.868B
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $32.07B $19.43B
YoY Change
Total Liabilities & Shareholders Equity $54.94B $49.85B
YoY Change 10.2% -3.03%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $3.718B $440.0M
YoY Change 745.0% -137.1%
Depreciation, Depletion And Amortization $964.0M $1.193B
YoY Change -19.2% 14.71%
Cash From Operating Activities $2.313B $1.583B
YoY Change 46.11% 154.5%
INVESTING ACTIVITIES
Capital Expenditures -$189.0M -$256.0M
YoY Change -26.17% 62.03%
Acquisitions
YoY Change
Other Investing Activities $34.00M -$237.0M
YoY Change -114.35% -97.64%
Cash From Investing Activities -$155.0M -$493.0M
YoY Change -68.56% -95.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $347.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.047B -372.0M
YoY Change 181.45% -103.93%
NET CHANGE
Cash From Operating Activities 2.313B 1.583B
Cash From Investing Activities -155.0M -493.0M
Cash From Financing Activities -1.047B -372.0M
Net Change In Cash 1.111B 718.0M
YoY Change 54.74% -660.94%
FREE CASH FLOW
Cash From Operating Activities $2.313B $1.583B
Capital Expenditures -$189.0M -$256.0M
Free Cash Flow $2.502B $1.839B
YoY Change 36.05% 135.77%

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CY2018Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
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CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
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CY2018Q2 us-gaap Other Liabilities Noncurrent
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us-gaap Other Noncash Income Expense
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us-gaap Other Noncash Income Expense
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CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
34000000 USD
CY2018Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2017Q4 us-gaap Other Receivables
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CY2018Q2 us-gaap Other Receivables
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
12000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
347000000 USD
us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
1521000000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
23000000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
868000000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
1521000000 USD
CY2017Q2 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
414000000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
822000000 USD
CY2018Q2 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
727000000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1444000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
37000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
4786000000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
200000000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
249000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
581000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
409000000 USD
us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
11000000 USD
us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
129000000 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2018Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2018Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
22145603 shares
CY2018Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
22145603 shares
CY2018Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q2 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
440000000 USD
CY2018Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
174000000 USD
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
10000000 USD
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
782000000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
150000000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
112000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
13446000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-4000000 USD
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
0 USD
us-gaap Proceeds From Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
54000000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
238000000 USD
CY2017Q2 us-gaap Profit Loss
ProfitLoss
464000000 USD
us-gaap Profit Loss
ProfitLoss
716000000 USD
us-gaap Profit Loss
ProfitLoss
6566000000 USD
CY2018Q2 us-gaap Profit Loss
ProfitLoss
3733000000 USD
us-gaap Profit Loss
ProfitLoss
10299000000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2599000000 USD
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2720000000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
13668000000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
856000000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
4000000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
21000000 USD
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
829000000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1637000000 USD
CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
936000000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1861000000 USD
us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
40000000 USD
us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
10000000 USD
CY2017Q4 us-gaap Restructuring Reserve
RestructuringReserve
45000000 USD
CY2018Q2 us-gaap Restructuring Reserve
RestructuringReserve
59000000 USD
CY2017Q2 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
27000000 USD
us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
73000000 USD
CY2018Q2 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
53000000 USD
us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
183000000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-129000000 USD
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
7868000000 USD
CY2017Q2 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
71000000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
148000000 USD
CY2018Q2 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
200000000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
382000000 USD
CY2017Q2 us-gaap Revenues
Revenues
4190000000 USD
us-gaap Revenues
Revenues
8329000000 USD
CY2018Q2 us-gaap Revenues
Revenues
5014000000 USD
us-gaap Revenues
Revenues
10341000000 USD
CY2017Q2 us-gaap Sales Allowances Price Protection
SalesAllowancesPriceProtection
56000000 USD
us-gaap Sales Allowances Price Protection
SalesAllowancesPriceProtection
120000000 USD
CY2018Q2 us-gaap Sales Allowances Price Protection
SalesAllowancesPriceProtection
25000000 USD
us-gaap Sales Allowances Price Protection
SalesAllowancesPriceProtection
64000000 USD
CY2017Q2 us-gaap Sales Revenue Net
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4190000000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
8329000000 USD
CY2018Q2 us-gaap Sales Revenue Net
SalesRevenueNet
5014000000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
10341000000 USD
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
204000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
405000000 USD
CY2018Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
294000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
585000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
418000000 USD
CY2018Q2 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
931000000 USD
CY2018Q2 us-gaap Unrecorded Unconditional Purchase Obligation Due After Five Years
UnrecordedUnconditionalPurchaseObligationDueAfterFiveYears
0 USD
CY2017Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
16000000 shares
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
29081000000 USD
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
16000000 shares
CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
32067000000 USD
CY2018Q2 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
230.50
CY2018Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
13000000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
15000000 shares
us-gaap Share Based Compensation
ShareBasedCompensation
595000000 USD
us-gaap Stock Issued During Period Shares Conversion Of Units
StockIssuedDuringPeriodSharesConversionOfUnits
22000000 shares
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
34000000 USD
CY2018Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
78000000 USD
CY2018Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
12000000000 USD
us-gaap Stock Repurchase Program Expiration Date
StockRepurchaseProgramExpirationDate
2019-11-03
CY2018Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
11653000000 USD
CY2018Q2 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
1500000 shares
CY2018Q2 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
-347000000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
20285000000 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
32067000000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
23186000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2256000000 USD
CY2018Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
3430000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
132000000 USD
CY2018Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
155000000 USD
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
1174000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
2388000000 USD
CY2018Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
3586000000 USD
CY2018Q2 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fifth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFifthAnniversary
0 USD
CY2018Q2 us-gaap Unrecorded Unconditional Purchase Obligation Balance On First Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary
843000000 USD
CY2018Q2 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fourth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary
1000000 USD
CY2018Q2 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Second Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary
69000000 USD
CY2018Q2 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Third Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary
18000000 USD
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
442000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
440000000 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
448000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
448000000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
403000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
401000000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
421000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
415000000 shares
us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-indent:24px;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;">We operate on a </font><font style="font-family:Calibri,sans-serif;font-size:10pt;">52- or 53-week</font><font style="font-family:Calibri,sans-serif;font-size:10pt;"> fiscal year ending on the Sunday closest to October 31 in a 52-week year and the first Sunday in November in a 53-week year. Our fiscal year ending </font><font style="font-family:Calibri,sans-serif;font-size:10pt;">November&#160;4, 2018</font><font style="font-family:Calibri,sans-serif;font-size:10pt;">, or fiscal year </font><font style="font-family:Calibri,sans-serif;font-size:10pt;">2018</font><font style="font-family:Calibri,sans-serif;font-size:10pt;">, is a 53-week fiscal year, with our first fiscal quarter containing 14 weeks. The first quarter of our fiscal year </font><font style="font-family:Calibri,sans-serif;font-size:10pt;">2018</font><font style="font-family:Calibri,sans-serif;font-size:10pt;"> ended on February 4, 2018, the second quarter ended on May 6, 2018 and the third quarter ends on August 5, 2018. Our fiscal year ended </font><font style="font-family:Calibri,sans-serif;font-size:10pt;">October&#160;29, 2017</font><font style="font-family:Calibri,sans-serif;font-size:10pt;">, or fiscal year </font><font style="font-family:Calibri,sans-serif;font-size:10pt;">2017</font><font style="font-family:Calibri,sans-serif;font-size:10pt;">, was a 52-week fiscal year.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-style:italic;">Reclassifications</font><font style="font-family:Calibri,sans-serif;font-size:10pt;">.&#160;Certain&#160;reclassifications&#160;have been made to the prior period condensed consolidated statement of cash flows. These&#160;reclassifications&#160;had no impact on the previously reported net cash activities.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:Calibri,sans-serif;font-size:10pt;font-style:italic;">Use of estimates. </font><font style="font-family:Calibri,sans-serif;font-size:10pt;">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and such differences could affect the results of operations reported in future periods.</font></div></div>

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