2016 Q3 Form 10-Q Financial Statement

#000001427216000491 Filed on October 27, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q4 2015 Q3
Revenue $4.922B $4.287B $4.069B
YoY Change 20.96% 0.68% 3.77%
Cost Of Revenue $1.305B $942.0M $1.097B
YoY Change 18.96% 0.75% 8.94%
Gross Profit $3.617B $3.335B $2.972B
YoY Change 21.7% 1.31% 1.99%
Gross Profit Margin 73.49% 77.79% 73.04%
Selling, General & Admin $1.144B $1.501B $1.176B
YoY Change -2.72% 10.04% 14.29%
% of Gross Profit 31.63% 45.01% 39.57%
Research & Development $1.138B $1.756B $1.132B
YoY Change 0.53% 54.17% 15.16%
% of Gross Profit 31.46% 52.65% 38.09%
Depreciation & Amortization $105.0M $76.00M $105.0M
YoY Change 0.0% -26.21% -6.25%
% of Gross Profit 2.9% 2.28% 3.53%
Operating Expenses $2.282B $3.267B $2.308B
YoY Change -1.13% 28.93% 14.71%
Operating Profit $1.335B $68.00M $664.0M
YoY Change 101.05% -91.03% -26.39%
Interest Expense $42.00M $0.00 $41.00M
YoY Change 2.44% -100.0% -18.0%
% of Operating Profit 3.15% 0.0% 6.17%
Other Income/Expense, Net $224.0M $59.00M $323.0M
YoY Change -30.65% -108.51% 16.61%
Pretax Income $1.559B -$410.0M $987.0M
YoY Change 57.95% 583.33% -2.08%
Income Tax $344.0M -$222.0M $257.0M
% Of Pretax Income 22.07% 26.04%
Net Earnings $1.202B -$197.0M $706.0M
YoY Change 70.25% -1615.38% -2.08%
Net Earnings / Revenue 24.42% -4.6% 17.35%
Basic Earnings Per Share $0.72 -$0.12 $0.42
Diluted Earnings Per Share $0.72 -$0.12 $0.42
COMMON SHARES
Basic Shares Outstanding 1.671B shares 1.668B shares
Diluted Shares Outstanding 1.679B shares 1.678B shares

Balance Sheet

Concept 2016 Q3 2015 Q4 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.595B $8.930B $10.04B
YoY Change -14.39% -24.6% -13.07%
Cash & Equivalents $3.432B $2.385B $3.975B
Short-Term Investments $5.163B $6.545B $6.065B
Other Short-Term Assets $1.009B $625.0M $2.650B
YoY Change -61.92% 32.98% 19.69%
Inventory $1.482B $1.221B $1.130B
Prepaid Expenses $565.0M $625.0M $529.0M
Receivables $3.813B $2.948B $2.714B
Other Receivables $1.340B $1.169B $1.019B
Total Short-Term Assets $13.20B $10.42B $12.93B
YoY Change 2.15% -28.7% -8.82%
LONG-TERM ASSETS
Property, Plant & Equipment $4.790B $4.412B $4.249B
YoY Change 12.73% -0.11% -3.15%
Goodwill $6.875B $6.881B $6.952B
YoY Change -1.11% -2.08% -1.33%
Intangibles $1.377B $1.419B $1.544B
YoY Change -10.82% -19.05% -10.13%
Long-Term Investments $3.035B $4.660B $4.627B
YoY Change -34.41% 5.72% 6.91%
Other Assets $918.0M $1.117B $762.0M
YoY Change 20.47% 79.87% -2.18%
Total Long-Term Assets $20.52B $21.33B $18.85B
YoY Change 8.86% 11.45% -2.18%
TOTAL ASSETS
Total Short-Term Assets $13.20B $10.42B $12.93B
Total Long-Term Assets $20.52B $21.33B $18.85B
Total Assets $33.73B $31.75B $31.78B
YoY Change 6.13% -5.93% -5.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.407B $1.565B $1.249B
YoY Change 12.65% -37.07% -51.36%
Accrued Expenses $4.964B $4.738B $2.330B
YoY Change 113.05% 92.68% 1.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $139.0M $642.0M
YoY Change -100.0% -76.44% 60.1%
Long-Term Debt Due $749.0M $139.0M $642.0M
YoY Change 16.67% -76.44% 60.1%
Total Short-Term Liabilities $8.996B $8.017B $7.158B
YoY Change 25.68% -5.25% -11.66%
LONG-TERM LIABILITIES
Long-Term Debt $5.836B $6.550B $6.632B
YoY Change -12.0% -9.56% -8.74%
Other Long-Term Liabilities $1.642B $1.429B $468.0M
YoY Change 250.85% 131.23% -24.27%
Total Long-Term Liabilities $7.478B $7.979B $7.100B
YoY Change 5.32% 1.51% -9.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.996B $8.017B $7.158B
Total Long-Term Liabilities $7.478B $7.979B $7.100B
Total Liabilities $17.95B $17.32B $16.51B
YoY Change 8.72% -7.68% -9.55%
SHAREHOLDERS EQUITY
Retained Earnings $33.27B $31.61B $32.45B
YoY Change 2.55% -2.85% -2.11%
Common Stock $221.0M $221.0M $221.0M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $16.80B $16.56B $16.61B
YoY Change 1.14% -2.55% -3.0%
Treasury Stock Shares 537.0M shares 539.0M shares 540.0M shares
Shareholders Equity $15.61B $14.27B $15.08B
YoY Change
Total Liabilities & Shareholders Equity $33.73B $31.75B $31.78B
YoY Change 6.13% -5.93% -5.0%

Cashflow Statement

Concept 2016 Q3 2015 Q4 2015 Q3
OPERATING ACTIVITIES
Net Income $1.202B -$197.0M $706.0M
YoY Change 70.25% -1615.38% -2.08%
Depreciation, Depletion And Amortization $105.0M $76.00M $105.0M
YoY Change 0.0% -26.21% -6.25%
Cash From Operating Activities $1.590B $884.0M $524.0M
YoY Change 203.44% 54.55% -41.97%
INVESTING ACTIVITIES
Capital Expenditures -$341.0M -$285.0M -$234.0M
YoY Change 45.73% 49.21% 118.69%
Acquisitions
YoY Change
Other Investing Activities -$27.00M -$699.0M $172.0M
YoY Change -115.7% -228.97% -36.53%
Cash From Investing Activities -$368.0M -$984.0M -$62.00M
YoY Change 493.55% -380.34% -137.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -732.0M -1.359B -700.0M
YoY Change 4.57% 488.31% 32.58%
NET CHANGE
Cash From Operating Activities 1.590B 884.0M 524.0M
Cash From Investing Activities -368.0M -984.0M -62.00M
Cash From Financing Activities -732.0M -1.359B -700.0M
Net Change In Cash 490.0M -1.459B -238.0M
YoY Change -305.88% -310.84% -144.16%
FREE CASH FLOW
Cash From Operating Activities $1.590B $884.0M $524.0M
Capital Expenditures -$341.0M -$285.0M -$234.0M
Free Cash Flow $1.931B $1.169B $758.0M
YoY Change 154.75% 53.21% -24.95%

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us-gaap Other Comprehensive Income Loss Finalization Of Pension And Non Pension Postretirement Plan Valuation Before Tax
OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationBeforeTax
66000000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Finalization Of Pension And Non Pension Postretirement Plan Valuation Net Of Tax
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31000000 USD
us-gaap Other Comprehensive Income Loss Finalization Of Pension And Non Pension Postretirement Plan Valuation Net Of Tax
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72000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Finalization Of Pension And Non Pension Postretirement Plan Valuation Net Of Tax
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13000000 USD
us-gaap Other Comprehensive Income Loss Finalization Of Pension And Non Pension Postretirement Plan Valuation Net Of Tax
OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationNetOfTax
43000000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-29000000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-30000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
1000000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
26000000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
5000000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
3000000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
6000000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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30000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2015Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
204000000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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-111000000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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331000000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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131000000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-72000000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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213000000 USD
CY2015Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Net Unamortized Gain Loss Arising During Period Before Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Net Unamortized Gain Loss Arising During Period Before Tax
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20000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Net Unamortized Gain Loss Arising During Period Before Tax
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72000000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Net Unamortized Gain Loss Arising During Period Before Tax
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CY2015Q3 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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67000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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39000000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
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4000000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Before Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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4000000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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CY2015Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
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39000000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
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102000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
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CY2015Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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26000000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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69000000 USD
CY2016Q3 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 Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
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CY2016Q3 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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CY2015Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before 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 Before Tax
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CY2016Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before 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 Before Tax
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CY2015Q3 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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CY2016Q3 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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CY2015Q3 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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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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CY2016Q3 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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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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CY2016Q3 us-gaap Preferred Stock Shares Outstanding
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CY2016Q3 us-gaap Preferred Stock Value
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us-gaap Proceeds From Repayments Of Short Term Debt
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us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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CY2015Q3 us-gaap Profit Loss
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us-gaap Profit Loss
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CY2016Q3 us-gaap Profit Loss
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us-gaap Research And Development Expense
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us-gaap Restructuring Charges
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us-gaap Restructuring Charges
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us-gaap Sales Revenue Goods Net
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us-gaap Sales Revenue Goods Net
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CY2015Q3 us-gaap Sales Revenue Net
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us-gaap Sales Revenue Net
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us-gaap Sales Revenue Net
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us-gaap Sales Revenue Services Gross
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us-gaap Sales Revenue Services Gross
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us-gaap Selling General And Administrative Expense
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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CY2016Q3 us-gaap Stock Repurchase Program Authorized Amount1
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1100000000 USD
CY2015Q4 us-gaap Stockholders Equity
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CY2016Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
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CY2016Q3 us-gaap Treasury Stock Shares
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1679000000 shares
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2016Q3 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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1670000000 shares
us-gaap Reclassifications
Reclassifications
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior period amounts were reclassified to conform to the current period presentation. The reclassifications provide a more concise financial statement presentation and additional information is disclosed in the notes if material. </font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="3" rowspan="1"></td></tr><tr><td style="width:20%;" rowspan="1" colspan="1"></td><td style="width:44%;" rowspan="1" colspan="1"></td><td style="width:36%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;font-weight:bold;">Prior Presentation</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;font-weight:bold;">Current Presentation</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">Consolidated Statements of Earnings</font></div></td><td style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">Advertising and product promotion</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">Included in Marketing, selling and administrative expenses</font></div></td></tr><tr><td rowspan="6" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;" colspan="1"><div style="text-align:center;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">Consolidated Balance Sheets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">Assets held-for-sale</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">Included in Prepaid expenses and other</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">Accrued expenses</font></div></td><td rowspan="3" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" colspan="1"><div style="font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">Combined as Accrued liabilities</font></div><div style="font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">Accrued rebates and returns</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">Dividends payable</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">Pension, postretirement and postemployment liabilities</font></div></td><td rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-right:1px solid #000000;" colspan="1"><div style="font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">Combined as Pension and other liabilities</font></div><div style="font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">Other liabilities</font></div></td></tr><tr><td rowspan="3" style="vertical-align:middle;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;" colspan="1"><div style="text-align:center;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">Consolidated Statements of Cash Flows</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">Net earnings attributable to noncontrolling interest</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">Included in Other adjustments</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">Divestiture gains and royalties included in Other adjustments</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">Divestiture gains and royalties</font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">Asset acquisition charges included in Other adjustments</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-left:1px solid #000000;border-right:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">Asset acquisition charges</font></div></td></tr></table></div></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Revenues, expenses, assets and liabilities can vary during each quarter of the year. Accordingly, the results and trends in these unaudited consolidated financial statements may not be indicative of full year operating results. The preparation of financial statements requires the use of management estimates and assumptions. The most significant assumptions are employed in estimates used in determining the fair value and potential impairment of intangible assets; sales rebate and return accruals; legal contingencies; income taxes; estimated selling prices used in multiple element arrangements; and pension and postretirement benefits. Actual results may differ from estimates.</font></div></div>

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