2019 Q1 Form 10-Q Financial Statement

#000087504519000017 Filed on April 24, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $3.490B $3.131B
YoY Change 11.46% 11.4%
Cost Of Revenue $602.0M $446.0M
YoY Change 34.98% 15.96%
Gross Profit $2.888B $2.685B
YoY Change 7.55% 10.68%
Gross Profit Margin 82.75% 85.76%
Selling, General & Admin $567.7M $501.3M
YoY Change 13.25% 0.52%
% of Gross Profit 19.66% 18.67%
Research & Development $563.7M $496.7M
YoY Change 13.49% 17.31%
% of Gross Profit 19.52% 18.5%
Depreciation & Amortization $121.1M $168.9M
YoY Change -28.3% -67.01%
% of Gross Profit 4.19% 6.29%
Operating Expenses $1.131B $998.0M
YoY Change 13.37% 8.23%
Operating Profit $1.503B $1.535B
YoY Change -2.09% 49.77%
Interest Expense $47.90M $50.50M
YoY Change -5.15% -20.35%
% of Operating Profit 3.19% 3.29%
Other Income/Expense, Net $357.3M -$41.00M
YoY Change -971.46% 7.89%
Pretax Income $1.860B $1.494B
YoY Change 24.52% 51.38%
Income Tax $422.5M $322.5M
% Of Pretax Income 22.72% 21.59%
Net Earnings $1.409B $1.173B
YoY Change 20.11% 56.89%
Net Earnings / Revenue 40.37% 37.46%
Basic Earnings Per Share $7.17 $5.55
Diluted Earnings Per Share $7.15 $5.54
COMMON SHARES
Basic Shares Outstanding 196.6M shares 211.4M shares
Diluted Shares Outstanding 197.0M shares 211.7M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.909B $5.916B
YoY Change -33.92% 105.42%
Cash & Equivalents $2.243B $4.108B
Short-Term Investments $1.666B $1.808B
Other Short-Term Assets $965.4M $895.9M
YoY Change 7.76% -27.27%
Inventory $770.2M $890.8M
Prepaid Expenses
Receivables $2.089B $1.939B
Other Receivables $0.00 $0.00
Total Short-Term Assets $8.943B $10.20B
YoY Change -12.29% 48.63%
LONG-TERM ASSETS
Property, Plant & Equipment $3.014B $3.335B
YoY Change -9.62% 27.72%
Goodwill $5.640B $4.908B
YoY Change 14.91% 35.89%
Intangibles $3.056B $3.795B
YoY Change -19.46% -7.54%
Long-Term Investments $3.236B $1.580B
YoY Change 104.81% -60.56%
Other Assets $1.898B $380.1M
YoY Change 399.42% -67.91%
Total Long-Term Assets $17.50B $15.89B
YoY Change 10.12% 10.87%
TOTAL ASSETS
Total Short-Term Assets $8.943B $10.20B
Total Long-Term Assets $17.50B $15.89B
Total Assets $26.45B $26.09B
YoY Change 1.36% 23.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $378.0M $345.8M
YoY Change 9.31% 9.29%
Accrued Expenses $1.436B $1.217B
YoY Change 18.0% 26.38%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.000M
YoY Change -99.47%
Total Short-Term Liabilities $3.149B $3.152B
YoY Change -0.11% 5.33%
LONG-TERM LIABILITIES
Long-Term Debt $5.943B $5.929B
YoY Change 0.24% -0.4%
Other Long-Term Liabilities $1.354B $1.640B
YoY Change -17.45% 138.1%
Total Long-Term Liabilities $1.354B $1.640B
YoY Change -17.45% 138.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.149B $3.152B
Total Long-Term Liabilities $1.354B $1.640B
Total Liabilities $12.62B $12.05B
YoY Change 4.74% 23.89%
SHAREHOLDERS EQUITY
Retained Earnings $17.03B $17.33B
YoY Change -1.78% 17.27%
Common Stock $100.0K $100.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.977B $2.977B
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $13.83B $14.05B
YoY Change
Total Liabilities & Shareholders Equity $26.45B $26.09B
YoY Change 1.36% 23.09%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $1.409B $1.173B
YoY Change 20.11% 56.89%
Depreciation, Depletion And Amortization $121.1M $168.9M
YoY Change -28.3% -67.01%
Cash From Operating Activities $1.460B $1.457B
YoY Change 0.16% 519.52%
INVESTING ACTIVITIES
Capital Expenditures $127.1M $194.7M
YoY Change -34.72% -7.29%
Acquisitions
YoY Change
Other Investing Activities -$1.700M -$1.600M
YoY Change 6.25% -124.24%
Cash From Investing Activities $238.8M $1.347B
YoY Change -82.27% -280.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $655.8M $250.0M
YoY Change 162.32% -57.16%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$679.3M -$268.6M
YoY Change 152.9% -70.2%
NET CHANGE
Cash From Operating Activities $1.460B $1.457B
Cash From Investing Activities $238.8M $1.347B
Cash From Financing Activities -$679.3M -$268.6M
Net Change In Cash $1.019B $2.535B
YoY Change -59.8% -279.74%
FREE CASH FLOW
Cash From Operating Activities $1.460B $1.457B
Capital Expenditures $127.1M $194.7M
Free Cash Flow $1.332B $1.262B
YoY Change 5.54% 4909.52%

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CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Other
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0.004
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0.002
CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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0.009
CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.004
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
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0.008
CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
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160800000 USD
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3400000 USD
CY2019Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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3300000 USD
CY2018Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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7600000 USD
CY2019Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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7400000 USD
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CY2019Q1 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
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375000000 USD
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5600000 USD
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20000000 USD
CY2019Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
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0 USD
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CY2019Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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4675600000 USD
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290000000 USD
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200000000 USD
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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190000000 USD
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230000000 USD
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250000000 USD
CY2019Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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250000000 USD
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58400000 USD
CY2018Q4 us-gaap Future Minimum Sublease Rentals Sale Leaseback Transactions Within Five Years
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24300000 USD
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24000000 USD
CY2018Q4 us-gaap Future Minimum Sublease Rentals Sale Leaseback Transactions Within One Year
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26800000 USD
CY2018Q4 us-gaap Future Minimum Sublease Rentals Sale Leaseback Transactions Within Three Years
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23700000 USD
CY2018Q4 us-gaap Future Minimum Sublease Rentals Sale Leaseback Transactions Within Two Years
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25600000 USD
CY2018Q1 us-gaap Gain Loss On Foreign Currency Derivative Instruments Not Designated As Hedging Instruments
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CY2019Q1 us-gaap Gain Loss On Foreign Currency Derivative Instruments Not Designated As Hedging Instruments
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4800000 USD
CY2018Q4 us-gaap Goodwill
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CY2019Q1 us-gaap Goodwill
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2800000 USD
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1493700000 USD
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1860000000 USD
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0 USD
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CY2018Q1 us-gaap Income Loss From Individually Significant Component Disposed Of Or Held For Sale Excluding Discontinued Operations Attributable To Parent Before Income Tax
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0 USD
CY2019Q1 us-gaap Income Loss From Individually Significant Component Disposed Of Or Held For Sale Excluding Discontinued Operations Attributable To Parent Before Income Tax
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322500000 USD
CY2019Q1 us-gaap Income Tax Expense Benefit
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422500000 USD
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134000000 USD
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257600000 USD
CY2019Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
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170300000 USD
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20000000 USD
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171100000 USD
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3120000000 USD
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CY2018Q1 us-gaap Interest Expense
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CY2019Q1 us-gaap Interest Expense
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CY2019Q1 us-gaap Inventory Noncurrent
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196300000 USD
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199700000 USD
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CY2018Q1 us-gaap Investment Income Interest
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26700000 USD
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31200000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
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81700000 USD
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68600000 USD
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CY2019Q1 us-gaap Liabilities
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1534700000 USD
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1502700000 USD
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15700000 USD
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508600000 USD
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436100000 USD
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44700000 USD
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20600000 USD
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500000 USD
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CY2018Q1 us-gaap Payments For Repurchase Of Common Stock
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CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2019Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
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10000000 USD
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127100000 USD
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CY2019Q1 us-gaap Realized Investment Gains Losses
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CY2018Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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563700000 USD
CY2018Q1 us-gaap Research And Development In Process
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10000000 USD
CY2019Q1 us-gaap Research And Development In Process
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1600000 USD
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CY2018Q1 us-gaap Revenues
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CY2019Q1 us-gaap Revenues
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5400000 USD
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501300000 USD
CY2019Q1 us-gaap Selling General And Administrative Expense
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567700000 USD
CY2019Q1 us-gaap Servicing Asset At Fair Value Description Of Changes In Valuation Inputs
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0
CY2018Q1 us-gaap Share Based Compensation
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43400000 USD
CY2019Q1 us-gaap Share Based Compensation
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45700000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
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37800000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
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48900000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Treasury Stock Reissued
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16200000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Treasury Stock Reissued
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16600000 USD
CY2017Q4 us-gaap Stockholders Equity
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CY2018Q1 us-gaap Stockholders Equity
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CY2018Q4 us-gaap Stockholders Equity
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13039600000 USD
CY2019Q1 us-gaap Stockholders Equity
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13829900000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
12598100000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
14037500000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
13031600000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
13822000000 USD
CY2018Q1 us-gaap Stockholders Equity Other
StockholdersEquityOther
479900000 USD
CY2018Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
63500000 USD
CY2019Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
238500000 USD
CY2018Q1 us-gaap Translation Adjustment For Net Investment Hedge Net Of Tax Period Increase Decrease
TranslationAdjustmentForNetInvestmentHedgeNetOfTaxPeriodIncreaseDecrease
0 USD
CY2019Q1 us-gaap Translation Adjustment For Net Investment Hedge Net Of Tax Period Increase Decrease
TranslationAdjustmentForNetInvestmentHedgeNetOfTaxPeriodIncreaseDecrease
14000000 USD
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
2977100000 USD
CY2019Q1 us-gaap Treasury Stock Value
TreasuryStockValue
2977100000 USD
CY2018Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
1051300000 USD
CY2019Q1 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
1083400000 USD
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
300000 shares
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
400000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
211700000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
197000000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
211400000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
196600000 shares
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;text-indent:32px;font-size:10pt;"><font style="font-family:Franklin Gothic Book,sans-serif;font-size:10pt;">The preparation of our condensed consolidated financial statements requires us to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity, revenues and expenses and related disclosure of contingent assets and liabilities. On an ongoing basis we evaluate our estimates, judgments and methodologies. We base our estimates on historical experience and on various other assumptions that we believe are reasonable, the results of which form the basis for making judgments about the carrying values of assets, liabilities and equity and the amount of revenues and expenses. Actual results may differ from these estimates.</font></div></div>

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0000875045-19-000017.txt Edgar Link pending
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biib-20190331.xml Edgar Link completed
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biib-20190331_cal.xml Edgar Link unprocessable
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