2018 Q2 Form 10-Q Financial Statement

#000001292718000048 Filed on July 25, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $24.26B $23.05B
YoY Change 5.24% -6.88%
Cost Of Revenue $19.54B $18.70B
YoY Change 4.46% -16.23%
Gross Profit $4.722B $4.349B
YoY Change 8.58% 78.97%
Gross Profit Margin 19.47% 18.87%
Selling, General & Admin $1.194B $1.043B
YoY Change 14.48% 29.4%
% of Gross Profit 25.29% 23.98%
Research & Development $827.0M $813.0M
YoY Change 1.72% -61.78%
% of Gross Profit 17.51% 18.69%
Depreciation & Amortization $507.0M $488.0M
YoY Change 3.89% 9.17%
% of Gross Profit 10.74% 11.22%
Operating Expenses $827.0M $813.0M
YoY Change 1.72% -61.78%
Operating Profit $2.710B $2.530B
YoY Change 7.11% -703.82%
Interest Expense -$108.0M -$53.00M
YoY Change 103.77% -320.83%
% of Operating Profit -3.99% -2.09%
Other Income/Expense, Net -$15.00M $25.00M
YoY Change -160.0% 92.31%
Pretax Income $2.586B $2.462B
YoY Change 5.04% -613.99%
Income Tax $390.0M $713.0M
% Of Pretax Income 15.08% 28.96%
Net Earnings $2.196B $1.749B
YoY Change 25.56% -847.44%
Net Earnings / Revenue 9.05% 7.59%
Basic Earnings Per Share $3.77 $2.91
Diluted Earnings Per Share $3.73 $2.87
COMMON SHARES
Basic Shares Outstanding 581.9M shares 601.8M shares
Diluted Shares Outstanding 588.0M shares 608.9M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.770B $10.33B
YoY Change -5.38% 11.45%
Cash & Equivalents $8.121B $8.737B
Short-Term Investments $1.649B $1.589B
Other Short-Term Assets $2.396B
YoY Change
Inventory $61.25B $42.45B
Prepaid Expenses
Receivables $2.823B $9.503B
Other Receivables $294.0M $549.0M
Total Short-Term Assets $86.40B $62.83B
YoY Change 37.51% -1.06%
LONG-TERM ASSETS
Property, Plant & Equipment $12.61B $12.82B
YoY Change -1.68% 2.29%
Goodwill $5.550B $5.347B
YoY Change 3.8% 4.27%
Intangibles $2.494B $2.567B
YoY Change -2.84% 0.9%
Long-Term Investments $1.159B $1.220B
YoY Change -5.0% -0.81%
Other Assets $1.800B $1.470B
YoY Change 22.45% 4.33%
Total Long-Term Assets $26.79B $27.21B
YoY Change -1.51% 4.23%
TOTAL ASSETS
Total Short-Term Assets $86.40B $62.83B
Total Long-Term Assets $26.79B $27.21B
Total Assets $113.2B $90.04B
YoY Change 25.72% 0.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.90B $12.09B
YoY Change 6.71% 2.94%
Accrued Expenses $12.24B $14.29B
YoY Change -14.37% 5.62%
Deferred Revenue $50.97B
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.611B $720.0M
YoY Change 123.75% -38.36%
Total Short-Term Liabilities $77.73B $52.91B
YoY Change 46.9% 6.12%
LONG-TERM LIABILITIES
Long-Term Debt $10.51B $10.06B
YoY Change 4.5% 2.11%
Other Long-Term Liabilities $2.875B $2.128B
YoY Change 35.1% 3.91%
Total Long-Term Liabilities $2.875B $2.128B
YoY Change 35.1% 3.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $77.73B $52.91B
Total Long-Term Liabilities $2.875B $2.128B
Total Liabilities $80.60B $55.04B
YoY Change 46.45% 6.03%
SHAREHOLDERS EQUITY
Retained Earnings $52.30B $42.22B
YoY Change 23.88% 10.06%
Common Stock $5.061B $5.061B
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $49.34B $40.73B
YoY Change 21.14% 16.97%
Treasury Stock Shares 436.4M shares 419.1M shares
Shareholders Equity -$1.441B -$2.037B
YoY Change
Total Liabilities & Shareholders Equity $113.2B $90.04B
YoY Change 25.72% 0.48%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $2.196B $1.749B
YoY Change 25.56% -847.44%
Depreciation, Depletion And Amortization $507.0M $488.0M
YoY Change 3.89% 9.17%
Cash From Operating Activities $4.680B $4.949B
YoY Change -5.44% 55.14%
INVESTING ACTIVITIES
Capital Expenditures -$412.0M -$570.0M
YoY Change -27.72% -15.05%
Acquisitions
YoY Change
Other Investing Activities -$1.002B -$553.0M
YoY Change 81.19% 129.46%
Cash From Investing Activities -$1.414B -$1.123B
YoY Change 25.91% 23.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.332B -3.311B
YoY Change 30.84% 114.44%
NET CHANGE
Cash From Operating Activities 4.680B 4.949B
Cash From Investing Activities -1.414B -1.123B
Cash From Financing Activities -4.332B -3.311B
Net Change In Cash -1.066B 515.0M
YoY Change -306.99% -29.84%
FREE CASH FLOW
Cash From Operating Activities $4.680B $4.949B
Capital Expenditures -$412.0M -$570.0M
Free Cash Flow $5.092B $5.519B
YoY Change -7.74% 42.94%

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us-gaap Dividends Common Stock Cash
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Financial Services Costs
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us-gaap Gross Profit
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us-gaap Gross Profit
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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 Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Per Basic Share
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us-gaap Income Loss From Equity Method Investments
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CY2017Q2 us-gaap Income Tax Expense Benefit
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Unbilled Receivables
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us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
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700000 shares
us-gaap Incremental Common Shares Attributable To Participating Nonvested Shares With Non Forfeitable Dividend Rights
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600000 shares
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CY2017Q4 us-gaap Investments
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CY2017Q4 us-gaap Letters Of Credit Outstanding Amount
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us-gaap Number Of Reportable Segments
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us-gaap Operating Income Loss
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us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
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us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Tax
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CY2017Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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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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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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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
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CY2018Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
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CY2018Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
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ProductWarrantyAccrualPreexistingIncreaseDecrease
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126000000 USD
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130000000 USD
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us-gaap Profit Loss
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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us-gaap Revenues
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us-gaap Revenues
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WeightedAverageNumberDilutedSharesOutstandingAdjustment
6900000 shares
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WeightedAverageNumberDilutedSharesOutstandingAdjustment
6100000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
6300000 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Financing Receivable Allowance For Credit Losses Policy For Uncollectible Amounts
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The adequacy of the allowance for losses is assessed quarterly. Three primary factors influencing the level of our allowance for losses on customer financing receivables are customer credit ratings, default rates and collateral values. We assign internal credit ratings for all customers and determine the creditworthiness of each customer based upon publicly available information and information obtained directly from our customers. Our rating categories are comparable to those used by the major credit rating agencies.</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-bottom:12px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Unbilled receivables (contract assets) arise when the Company recognizes revenue for amounts which cannot yet be billed under terms of the contract with the customer. Advances and progress billings (contract liabilities) arise when the Company receives payments from customers in advance of recognizing revenue. The amount of Unbilled receivables or Advances and progress billings is determined for each contract</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>

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