2018 Q2 Form 10-Q Financial Statement

#000160649818000068 Filed on August 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2 2016 Q4
Revenue $160.9M $399.2M -$616.1M
YoY Change -59.69% -0.2% -7.21%
Cost Of Revenue $66.20M $64.60M -$498.1M
YoY Change 2.48% -75.09% -4.91%
Gross Profit $94.70M $84.50M -$118.0M
YoY Change 12.07% -39.94% -15.83%
Gross Profit Margin 58.86% 21.17%
Selling, General & Admin $79.80M $81.10M $45.20M
YoY Change -1.6% -24.84% -8.69%
% of Gross Profit 84.27% 95.98%
Research & Development $10.80M $9.200M $9.300M
YoY Change 17.39% -3.16% 82.35%
% of Gross Profit 11.4% 10.89%
Depreciation & Amortization $3.200M $5.100M $16.80M
YoY Change -37.25% -53.64% 0.0%
% of Gross Profit 3.38% 6.04%
Operating Expenses $90.60M $90.30M $60.70M
YoY Change 0.33% -23.08% -115.07%
Operating Profit $8.800M -$12.10M -$178.7M
YoY Change -172.73% -168.75% -168.08%
Interest Expense $9.900M $7.800M -$7.900M
YoY Change 26.92% -6.02% -1.25%
% of Operating Profit 112.5%
Other Income/Expense, Net
YoY Change
Pretax Income $1.100M -$19.40M -$186.6M
YoY Change -105.67% -306.38% -173.32%
Income Tax -$200.0K -$8.000M -$73.50M
% Of Pretax Income -18.18%
Net Earnings $35.30M $17.10M $10.00M
YoY Change 106.43% 163.08% -31.03%
Net Earnings / Revenue 21.94% 4.28%
Basic Earnings Per Share $0.75 $0.37
Diluted Earnings Per Share $0.73 $0.37 $215.1K
COMMON SHARES
Basic Shares Outstanding 47.10M shares 46.70M shares 46.67M shares
Diluted Shares Outstanding 48.20M shares 46.70M shares

Balance Sheet

Concept 2018 Q2 2017 Q2 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $479.6M $154.8M $113.7M
YoY Change 209.82% 95.45% -12.2%
Cash & Equivalents $479.6M $154.8M $113.7M
Short-Term Investments
Other Short-Term Assets $99.90M $19.70M $17.20M
YoY Change 407.11% -21.2% -7.53%
Inventory $107.8M $296.2M $80.70M
Prepaid Expenses
Receivables $189.2M $184.1M $188.5M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $876.5M $654.8M $593.5M
YoY Change 33.86% 7.4% -12.2%
LONG-TERM ASSETS
Property, Plant & Equipment $123.5M $259.7M $109.3M
YoY Change -52.45% -4.73% -60.89%
Goodwill $763.8M $1.031B $762.3M
YoY Change -25.91% -0.07% 12.37%
Intangibles $139.5M $159.8M $168.2M
YoY Change -12.7% -12.39% 103.63%
Long-Term Investments $0.00 $0.00 $0.00
YoY Change
Other Assets $3.500M $3.600M $3.000M
YoY Change -2.78% -2.7% 50.0%
Total Long-Term Assets $1.041B $1.470B $1.478B
YoY Change -29.2% -2.14% 11.64%
TOTAL ASSETS
Total Short-Term Assets $876.5M $654.8M $593.5M
Total Long-Term Assets $1.041B $1.470B $1.478B
Total Assets $1.917B $2.125B $2.072B
YoY Change -9.77% 0.61% 3.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $176.9M $184.4M $160.6M
YoY Change -4.07% 9.37% -1.59%
Accrued Expenses $175.9M $137.4M $138.4M
YoY Change 28.02% 0.81% -8.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $352.8M $321.8M $324.4M
YoY Change 9.63% 5.54% 2.92%
LONG-TERM LIABILITIES
Long-Term Debt $247.4M $579.9M $579.0M
YoY Change -57.34% -7.07% 0.16%
Other Long-Term Liabilities $29.60M $30.00M $23.80M
YoY Change -1.33% -0.66% -14.39%
Total Long-Term Liabilities $277.0M $609.9M $602.8M
YoY Change -54.58% 551.6% 1068.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $352.8M $321.8M $324.4M
Total Long-Term Liabilities $277.0M $609.9M $602.8M
Total Liabilities $630.8M $968.1M $969.3M
YoY Change -34.84% -5.32% 2.58%
SHAREHOLDERS EQUITY
Retained Earnings -$244.4M -$349.3M -$379.2M
YoY Change -30.03% -12.3% -9.5%
Common Stock $500.0K $500.0K $500.0K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.100M $3.900M $1.900M
YoY Change 30.77% 105.26% 90.0%
Treasury Stock Shares
Shareholders Equity $1.287B $1.157B $1.103B
YoY Change
Total Liabilities & Shareholders Equity $1.917B $2.125B $2.072B
YoY Change -9.77% 0.61% 3.58%

Cashflow Statement

Concept 2018 Q2 2017 Q2 2016 Q4
OPERATING ACTIVITIES
Net Income $35.30M $17.10M $10.00M
YoY Change 106.43% 163.08% -31.03%
Depreciation, Depletion And Amortization $3.200M $5.100M $16.80M
YoY Change -37.25% -53.64% 0.0%
Cash From Operating Activities -$96.70M $19.70M $44.90M
YoY Change -590.86% -61.75% 95.22%
INVESTING ACTIVITIES
Capital Expenditures -$11.10M -$6.400M -$7.400M
YoY Change 73.44% 4.92% 23.33%
Acquisitions
YoY Change
Other Investing Activities $734.5M $100.0K $3.200M
YoY Change 734400.0% -100.06%
Cash From Investing Activities $723.4M -$6.300M -$4.200M
YoY Change -11582.54% -96.52% -30.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -291.5M -1.700M -10.70M
YoY Change 17047.06% -103.85% -5450.0%
NET CHANGE
Cash From Operating Activities -96.70M 19.70M 44.90M
Cash From Investing Activities 723.4M -6.300M -4.200M
Cash From Financing Activities -291.5M -1.700M -10.70M
Net Change In Cash 335.2M 11.70M 30.00M
YoY Change 2764.96% -113.67% 74.42%
FREE CASH FLOW
Cash From Operating Activities -$96.70M $19.70M $44.90M
Capital Expenditures -$11.10M -$6.400M -$7.400M
Free Cash Flow -$85.60M $26.10M $52.30M
YoY Change -427.97% -54.69% 80.34%

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217700000 USD
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75300000 USD
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8800000 USD
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10400000 USD
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
10900000 USD
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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13100000 USD
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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15300000 USD
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CY2018Q2 us-gaap Finite Lived Intangible Assets Gross
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351500000 USD
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CY2018Q2 us-gaap Finite Lived Intangible Assets Net
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101000000 USD
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0 USD
us-gaap Gain Loss On Disposition Of Assets1
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CY2017Q4 us-gaap Goodwill
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CY2018Q2 us-gaap Goodwill
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us-gaap Goodwill Foreign Currency Translation Gain Loss
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CY2017Q2 us-gaap Gross Profit
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84500000 USD
us-gaap Gross Profit
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166000000 USD
CY2018Q2 us-gaap Gross Profit
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94700000 USD
us-gaap Gross Profit
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185800000 USD
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us-gaap Income Loss From Continuing Operations
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CY2018Q2 us-gaap Income Loss From Continuing Operations
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1300000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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1100000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
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0.03
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
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IncomeLossFromContinuingOperationsPerDilutedShare
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us-gaap Income Loss From Continuing Operations Per Diluted Share
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-0.56
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0.03
us-gaap Income Loss From Continuing Operations Per Diluted Share
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-0.21
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28500000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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56200000 USD
CY2018Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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34000000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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65500000 USD
CY2017Q2 us-gaap Income Loss From Subsidiaries Net Of Tax
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0 USD
us-gaap Income Loss From Subsidiaries Net Of Tax
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0 USD
CY2018Q2 us-gaap Income Loss From Subsidiaries Net Of Tax
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0 USD
us-gaap Income Loss From Subsidiaries Net Of Tax
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0 USD
CY2017Q2 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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-17900000 USD
CY2018Q2 us-gaap Income Tax Expense Benefit
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-200000 USD
us-gaap Income Tax Expense Benefit
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-3700000 USD
us-gaap Increase Decrease In Accounts Payable Trade
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11100000 USD
us-gaap Increase Decrease In Accounts Payable Trade
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-47900000 USD
us-gaap Increase Decrease In Accounts Receivable
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-5300000 USD
us-gaap Increase Decrease In Accounts Receivable
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-33800000 USD
us-gaap Increase Decrease In Accrued Liabilities
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-15300000 USD
us-gaap Increase Decrease In Accrued Liabilities
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33200000 USD
us-gaap Increase Decrease In Inventories
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23700000 USD
us-gaap Increase Decrease In Inventories
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24200000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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-800000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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32700000 USD
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5700000 USD
us-gaap Indefinitelived Intangible Assets Acquired
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5700000 USD
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148900000 USD
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139500000 USD
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7800000 USD
us-gaap Interest Expense
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15400000 USD
CY2018Q2 us-gaap Interest Expense
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9900000 USD
us-gaap Interest Expense
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18700000 USD
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49600000 USD
CY2018Q2 us-gaap Inventory Finished Goods
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50300000 USD
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104100000 USD
CY2018Q2 us-gaap Inventory Gross
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120700000 USD
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13000000 USD
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12900000 USD
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91100000 USD
CY2018Q2 us-gaap Inventory Net
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107800000 USD
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28100000 USD
CY2018Q2 us-gaap Inventory Raw Materials
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38500000 USD
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20700000 USD
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26000000 USD
CY2017Q2 us-gaap Investment Income Interest
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500000 USD
us-gaap Investment Income Interest
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900000 USD
CY2018Q2 us-gaap Investment Income Interest
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2200000 USD
us-gaap Investment Income Interest
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3200000 USD
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980500000 USD
CY2018Q2 us-gaap Liabilities
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630800000 USD
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2195900000 USD
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1917400000 USD
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389800000 USD
CY2018Q2 us-gaap Liabilities Current
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33900000 USD
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49600000 USD
CY2018Q2 us-gaap Liabilities Other Than Longterm Debt Noncurrent
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30600000 USD
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0 USD
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4100000 USD
CY2017Q4 us-gaap Long Term Debt
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589000000 USD
CY2018Q2 us-gaap Long Term Debt
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250000000 USD
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39800000 USD
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0 USD
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541100000 USD
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247400000 USD
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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713800000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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56700000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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17100000 USD
us-gaap Net Income Loss
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29900000 USD
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35300000 USD
us-gaap Net Income Loss
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55500000 USD
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us-gaap Operating Income Loss
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8800000 USD
us-gaap Operating Income Loss
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1800000 USD
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29200000 USD
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31000000 USD
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3500000 USD
CY2017Q2 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Portion Attributable To Parent
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0 USD
us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Portion Attributable To Parent
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CY2018Q2 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Portion Attributable To Parent
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-1200000 USD
us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Portion Attributable To Parent
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0 USD
us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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500000 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Before Tax Portion Attributable To Parent
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1400000 USD
CY2018Q2 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Before Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Before Tax Portion Attributable To Parent
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400000 USD
us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
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1100000 USD
CY2018Q2 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
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CY2017Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Before Tax Portion Attributable To Parent
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4700000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Before Tax Portion Attributable To Parent
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14500000 USD
CY2018Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Before Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Before Tax Portion Attributable To Parent
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CY2017Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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4700000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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14500000 USD
CY2018Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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CY2017Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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400000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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CY2018Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
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300000 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
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5100000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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15800000 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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0 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2017Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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0 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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0 USD
CY2018Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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CY2018Q2 us-gaap Other Inventory Supplies
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29600000 USD
us-gaap Other Operating Activities Cash Flow Statement
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6400000 USD
us-gaap Other Operating Activities Cash Flow Statement
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us-gaap Other Operating Income Expense Net
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CY2018Q2 us-gaap Other Operating Income Expense Net
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4700000 USD
us-gaap Other Operating Income Expense Net
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2900000 USD
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments To Acquire Productive Assets
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16600000 USD
us-gaap Payments To Acquire Productive Assets
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20700000 USD
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0 shares
CY2018Q2 us-gaap Preferred Stock Shares Issued
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0 shares
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0 USD
CY2018Q2 us-gaap Preferred Stock Value
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0 USD
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us-gaap Selling General And Administrative Expense
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165900000 USD
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79800000 USD
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48400000 USD
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0 USD
us-gaap Proceeds From Divestiture Of Businesses
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734500000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
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100000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
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0 USD
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800000 USD
us-gaap Proceeds From Stock Options Exercised
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11400000 USD
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203700000 USD
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109900000 USD
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123500000 USD
us-gaap Repayments Of Secured Debt
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0 USD
us-gaap Repayments Of Secured Debt
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339000000 USD
CY2017Q2 us-gaap Research And Development Expense
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9200000 USD
us-gaap Research And Development Expense
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16500000 USD
CY2018Q2 us-gaap Research And Development Expense
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10800000 USD
us-gaap Research And Development Expense
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20700000 USD
CY2017Q4 us-gaap Restricted Cash Current
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51500000 USD
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149100000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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294800000 USD
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160900000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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317300000 USD
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81100000 USD
us-gaap Selling General And Administrative Expense
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166200000 USD
us-gaap Share Based Compensation
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9800000 USD
us-gaap Share Based Compensation
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5600000 USD
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CY2018Q2 us-gaap Stockholders Equity
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1286600000 USD
us-gaap Subsidiary Or Equity Method Investee Cumulative Percentage Ownership After All Transactions
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1
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6800000 USD
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87900000 USD
CY2017Q4 us-gaap Treasury Stock Value
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4400000 USD
CY2018Q2 us-gaap Treasury Stock Value
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5100000 USD
CY2017Q4 us-gaap Undistributed Earnings Of Foreign Subsidiaries
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151000000 USD
CY2017Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2018Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1100000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46700000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46700000 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48200000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47000000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46700000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46700000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47000000 shares
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;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;padding-top:4px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Preparation of our condensed consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting periods. Estimates are used in accounting for, among other things, distributor rebate accruals, future cash flows associated with impairment testing for goodwill and long-lived assets, loss contingencies, and deferred tax assets and potential income tax assessments. Actual results could differ from these estimates, and the effect of the difference could be material to our financial statements. Changes in these estimates are recorded when known.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;"></font></div></div>

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