2018 Q3 Form 10-Q Financial Statement

#000173016818000039 Filed on September 13, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $5.063B $4.463B
YoY Change 13.44% 17.7%
Cost Of Revenue $2.444B $2.314B
YoY Change 5.62% 15.58%
Gross Profit $2.619B $2.149B
YoY Change 21.87% 20.06%
Gross Profit Margin 51.73% 48.15%
Selling, General & Admin $234.0M $200.0M
YoY Change 17.0% -13.04%
% of Gross Profit 8.93% 9.31%
Research & Development $959.0M $827.0M
YoY Change 15.96% 1.6%
% of Gross Profit 36.62% 38.48%
Depreciation & Amortization $965.0M $1.211B
YoY Change -20.31% 14.46%
% of Gross Profit 36.85% 56.35%
Operating Expenses $1.280B $1.501B
YoY Change -14.72% -15.29%
Operating Profit $1.339B $648.0M
YoY Change 106.64% 3500.0%
Interest Expense $149.0M $112.0M
YoY Change 33.04% -180.58%
% of Operating Profit 11.13% 17.28%
Other Income/Expense, Net $39.00M $12.00M
YoY Change 225.0% 200.0%
Pretax Income $1.229B $548.0M
YoY Change 124.27% -230.48%
Income Tax $32.00M $39.00M
% Of Pretax Income 2.6% 7.12%
Net Earnings $1.196B $481.0M
YoY Change 148.65% -261.41%
Net Earnings / Revenue 23.62% 10.78%
Basic Earnings Per Share $2.78 $1.18
Diluted Earnings Per Share $2.71 $1.14
COMMON SHARES
Basic Shares Outstanding 430.0M shares 407.0M shares
Diluted Shares Outstanding 441.0M shares 445.0M shares

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.136B $5.449B
YoY Change -24.1% 177.87%
Cash & Equivalents $4.136B $5.249B
Short-Term Investments $200.0M
Other Short-Term Assets $333.0M $646.0M
YoY Change -48.45% 7.67%
Inventory $1.216B $1.431B
Prepaid Expenses $223.0M
Receivables $3.010B $2.417B
Other Receivables $73.00M $0.00
Total Short-Term Assets $8.695B $9.943B
YoY Change -12.55% 64.4%
LONG-TERM ASSETS
Property, Plant & Equipment $2.695B $2.909B
YoY Change -7.36% 13.06%
Goodwill $26.92B
YoY Change
Intangibles $11.60B
YoY Change
Long-Term Investments
YoY Change
Other Assets $464.0M $457.0M
YoY Change 1.53% -13.45%
Total Long-Term Assets $41.68B $40.00B
YoY Change 4.2% -8.48%
TOTAL ASSETS
Total Short-Term Assets $8.695B $9.943B
Total Long-Term Assets $41.68B $40.00B
Total Assets $50.37B $49.94B
YoY Change 0.86% 0.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $785.0M $1.158B
YoY Change -32.21% 2.75%
Accrued Expenses $257.0M $546.0M
YoY Change -52.93% 28.77%
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 $2.187B $2.218B
YoY Change -1.4% -18.7%
LONG-TERM LIABILITIES
Long-Term Debt $17.49B $13.57B
YoY Change 28.85% 1.43%
Other Long-Term Liabilities $3.246B $11.45B
YoY Change -71.65% 2.77%
Total Long-Term Liabilities $20.73B $25.02B
YoY Change -17.13% 2.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.187B $2.218B
Total Long-Term Liabilities $20.73B $25.02B
Total Liabilities $22.92B $30.14B
YoY Change -23.95% -0.46%
SHAREHOLDERS EQUITY
Retained Earnings $4.267B
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $27.45B $19.80B
YoY Change
Total Liabilities & Shareholders Equity $50.37B $49.94B
YoY Change 0.86% 0.38%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $1.196B $481.0M
YoY Change 148.65% -261.41%
Depreciation, Depletion And Amortization $965.0M $1.211B
YoY Change -20.31% 14.46%
Cash From Operating Activities $2.247B $1.656B
YoY Change 35.69% 71.96%
INVESTING ACTIVITIES
Capital Expenditures -$120.0M -$255.0M
YoY Change -52.94% 9.91%
Acquisitions
YoY Change
Other Investing Activities -$54.00M -$3.000M
YoY Change 1700.0% -100.46%
Cash From Investing Activities -$174.0M -$258.0M
YoY Change -32.56% -160.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.378B
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.124B -403.0M
YoY Change 1419.6% -72.57%
NET CHANGE
Cash From Operating Activities 2.247B 1.656B
Cash From Investing Activities -174.0M -258.0M
Cash From Financing Activities -6.124B -403.0M
Net Change In Cash -4.051B 995.0M
YoY Change -507.14% -1343.75%
FREE CASH FLOW
Cash From Operating Activities $2.247B $1.656B
Capital Expenditures -$120.0M -$255.0M
Free Cash Flow $2.367B $1.911B
YoY Change 23.86% 59.92%

Facts In Submission

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CY2018Q3 us-gaap Other Assets Noncurrent
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464000000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
0 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
0 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
1000000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax
0 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax
1000000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax
0 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax
1000000 USD
CY2017Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
681000000 USD
CY2018Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
663000000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
11272000000 USD
CY2018Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
3246000000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
2000000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-22000000 USD
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
12000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
46000000 USD
CY2018Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
39000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
120000000 USD
CY2017Q4 us-gaap Other Receivables
OtherReceivables
155000000 USD
CY2018Q3 us-gaap Other Receivables
OtherReceivables
73000000 USD
us-gaap Other Tax Expense Benefit
OtherTaxExpenseBenefit
237000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
5000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
59000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
5725000000 USD
us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
2275000000 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
1306000000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
2275000000 USD
CY2017Q3 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
415000000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
1237000000 USD
CY2018Q3 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
754000000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
2198000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
40000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
4793000000 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
836000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
529000000 USD
us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
16000000 USD
us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
130000000 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2018Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2018Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
22145603 shares
CY2018Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
13446000000 USD
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
22145603 shares
CY2018Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
440000000 USD
CY2018Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
223000000 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 Sale Maturity And Collections Of Investments
ProceedsFromSaleMaturityAndCollectionsOfInvestments
54000000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1000000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
238000000 USD
CY2017Q3 us-gaap Profit Loss
ProfitLoss
507000000 USD
us-gaap Profit Loss
ProfitLoss
1223000000 USD
CY2018Q3 us-gaap Profit Loss
ProfitLoss
1196000000 USD
us-gaap Profit Loss
ProfitLoss
11495000000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2599000000 USD
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2695000000 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
10000000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
21000000 USD
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
827000000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2464000000 USD
CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
959000000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2820000000 USD
us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
54000000 USD
us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
13000000 USD
CY2017Q4 us-gaap Restructuring Reserve
RestructuringReserve
45000000 USD
CY2018Q3 us-gaap Restructuring Reserve
RestructuringReserve
35000000 USD
CY2017Q3 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
33000000 USD
us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
106000000 USD
CY2018Q3 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
19000000 USD
us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
202000000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-129000000 USD
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
4267000000 USD
CY2017Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
97000000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
245000000 USD
CY2018Q3 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
282000000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
664000000 USD
CY2017Q3 us-gaap Revenues
Revenues
4463000000 USD
us-gaap Revenues
Revenues
12792000000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
20285000000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
27452000000 USD
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
-5725000000 USD
CY2018Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Second Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary
70000000 USD
CY2018Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Third Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary
52000000 USD
CY2018Q3 us-gaap Revenues
Revenues
5063000000 USD
us-gaap Revenues
Revenues
15404000000 USD
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
200000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
605000000 USD
CY2018Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
234000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
819000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
669000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
910000000 USD
us-gaap Stock Issued During Period Shares Conversion Of Units
StockIssuedDuringPeriodSharesConversionOfUnits
22000000 shares
CY2018Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
12000000000 USD
us-gaap Stock Repurchase Program Expiration Date
StockRepurchaseProgramExpirationDate
2019-11-03
CY2018Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
6275000000 USD
CY2018Q3 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
24000000 shares
us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
26000000 shares
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
23186000000 USD
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
27452000000 USD
CY2017Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
123000000 USD
CY2018Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
60000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2256000000 USD
CY2018Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
3437000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
132000000 USD
CY2018Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
161000000 USD
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
1181000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
2388000000 USD
CY2018Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
3598000000 USD
CY2018Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fifth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFifthAnniversary
0 USD
CY2018Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance On First Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary
823000000 USD
CY2018Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fourth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary
1000000 USD
CY2018Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
946000000 USD
CY2018Q3 us-gaap Unrecorded Unconditional Purchase Obligation Due After Five Years
UnrecordedUnconditionalPurchaseObligationDueAfterFiveYears
0 USD
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
445000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
442000000 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
441000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
433000000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
407000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
403000000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
430000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
420000000 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 ended 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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