2014 Q4 Form 10-K Financial Statement

#000132440416000019 Filed on February 25, 2016

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2014 Q2
Revenue $1.217B $921.4M $1.473B
YoY Change -8.28% -16.01% -14.12%
Cost Of Revenue $772.2M $620.3M $882.4M
YoY Change 5.42% -12.74% 3.85%
Gross Profit $444.3M $301.1M $590.3M
YoY Change -25.18% -22.02% -31.77%
Gross Profit Margin 36.52% 32.68% 40.08%
Selling, General & Admin $32.50M $38.20M $39.50M
YoY Change -27.78% 18.63% -11.24%
% of Gross Profit 7.31% 12.69% 6.69%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $94.00M $95.40M $97.80M
YoY Change -2.89% -4.7% -8.26%
% of Gross Profit 21.16% 31.68% 16.57%
Operating Expenses -$9.000M $38.20M $39.50M
YoY Change -127.44% 18.63% -11.24%
Operating Profit $453.3M $246.6M $531.3M
YoY Change -19.2% -36.01% -36.27%
Interest Expense -$43.20M $46.40M $50.70M
YoY Change 44.97% 13.17% 56.97%
% of Operating Profit -9.53% 18.82% 9.54%
Other Income/Expense, Net -$1.400M $100.0K -$700.0K
YoY Change 250.0% -66.67% -333.33%
Pretax Income $376.5M $200.5M $480.2M
YoY Change -28.31% -42.0% -40.18%
Income Tax $132.1M $70.50M $157.2M
% Of Pretax Income 35.09% 35.16% 32.74%
Net Earnings $238.3M $140.6M $324.7M
YoY Change -26.86% -42.35% -37.33%
Net Earnings / Revenue 19.59% 15.26% 22.05%
Basic Earnings Per Share $0.97 $0.53 $1.22
Diluted Earnings Per Share $0.96 $0.52 $1.22
COMMON SHARES
Basic Shares Outstanding 248.4M shares 255.3M shares
Diluted Shares Outstanding 249.3M shares 256.0M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.997B $2.651B $2.194B
YoY Change 16.72% 15.97% 13.44%
Cash & Equivalents $1.997B $2.651B $2.194B
Short-Term Investments $9.000M $25.00M $25.00M
Other Short-Term Assets $18.60M $276.0M $50.80M
YoY Change -79.87% 628.23% 91.7%
Inventory $202.9M $255.0M $205.0M
Prepaid Expenses $17.40M
Receivables $192.0M $157.0M $258.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.531B $3.339B $3.406B
YoY Change -3.79% 9.13% 25.23%
LONG-TERM ASSETS
Property, Plant & Equipment $5.526B $5.050B $4.605B
YoY Change 34.72% 18.82% 12.69%
Goodwill $2.093B $2.096B
YoY Change -0.14% 1.51%
Intangibles
YoY Change
Long-Term Investments $862.0M $925.0M $943.0M
YoY Change -8.4% -0.75% 4.89%
Other Assets $243.6M $252.0M $255.4M
YoY Change -0.77% -13.76% -9.34%
Total Long-Term Assets $8.724B $8.321B $7.899B
YoY Change 8.4% 7.52% 4.87%
TOTAL ASSETS
Total Short-Term Assets $2.531B $3.339B $3.406B
Total Long-Term Assets $8.724B $8.321B $7.899B
Total Assets $11.25B $11.66B $11.30B
YoY Change 5.4% 7.97% 10.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $65.80M $556.0M $552.0M
YoY Change -61.07% 19.06% 12.65%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $979.7M $1.049B $720.3M
YoY Change 18.28% 14.91% 24.81%
LONG-TERM LIABILITIES
Long-Term Debt $4.593B $4.592B $4.592B
YoY Change 48.24% 48.22% 48.24%
Other Long-Term Liabilities $374.9M $349.0M $317.3M
YoY Change 15.14% -23.46% -29.47%
Total Long-Term Liabilities $4.967B $4.941B $4.910B
YoY Change 45.09% 39.03% 38.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $979.7M $1.049B $720.3M
Total Long-Term Liabilities $4.967B $4.941B $4.910B
Total Liabilities $5.947B $7.163B $5.630B
YoY Change 39.87% 60.36% 36.48%
SHAREHOLDERS EQUITY
Retained Earnings $3.175B $3.622B
YoY Change -14.77% -1.38%
Common Stock $2.500M $500.0K
YoY Change 316.67% -16.67%
Preferred Stock
YoY Change
Treasury Stock (at cost) $222.2M $603.1M
YoY Change 10.11% 158.51%
Treasury Stock Shares 4.231M shares 2.464M shares
Shareholders Equity $4.210B $4.497B $4.482B
YoY Change
Total Liabilities & Shareholders Equity $11.25B $11.66B $11.30B
YoY Change 5.4% 7.97% 10.27%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2014 Q2
OPERATING ACTIVITIES
Net Income $238.3M $140.6M $324.7M
YoY Change -26.86% -42.35% -37.33%
Depreciation, Depletion And Amortization $94.00M $95.40M $97.80M
YoY Change -2.89% -4.7% -8.26%
Cash From Operating Activities $231.7M $621.6M -$194.7M
YoY Change 517.87% -27.8% 76.36%
INVESTING ACTIVITIES
Capital Expenditures -$535.8M -$587.7M -$292.6M
YoY Change 180.67% 155.08% 17.18%
Acquisitions
YoY Change
Other Investing Activities $70.40M $509.3M $23.90M
YoY Change -172.21% -1571.97% -222.56%
Cash From Investing Activities -$465.4M -$78.40M -$268.7M
YoY Change 61.37% -70.42% -0.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -420.6M -82.70M -874.6M
YoY Change 33.52% -64.88% -987.02%
NET CHANGE
Cash From Operating Activities 231.7M 621.6M -194.7M
Cash From Investing Activities -465.4M -78.40M -268.7M
Cash From Financing Activities -420.6M -82.70M -874.6M
Net Change In Cash -654.3M 460.5M -1.338B
YoY Change 15.62% 27.74% 376.16%
FREE CASH FLOW
Cash From Operating Activities $231.7M $621.6M -$194.7M
Capital Expenditures -$535.8M -$587.7M -$292.6M
Free Cash Flow $767.5M $1.209B $97.90M
YoY Change 236.03% 10.8% -29.72%

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CY2015 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
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10700000 USD
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3800000 USD
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4000000 USD
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10400000 USD
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0 USD
CY2014 us-gaap Business Combination Step Acquisition Equity Interest In Acquiree Remeasurement Gain
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0 USD
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286000000 USD
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67500000 USD
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46500000 USD
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CY2015 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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644100000 USD
CY2014 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
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279000000 USD
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543300000 USD
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373900000 USD
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360500000 USD
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444400000 USD
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258100000 USD
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8600000 USD
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29800000 USD
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20100000 USD
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70700000 USD
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38500000 USD
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161500000 USD
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573000000 USD
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63300000 USD
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11700000 USD
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18500000 USD
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18500000 USD
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14800000 USD
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84800000 USD
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60200000 USD
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5300000 USD
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27900000 USD
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27000000 USD
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13100000 USD
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67700000 USD
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80800000 USD
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P12M
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129100000 USD
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0.39
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0.11
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2.97
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4.95
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2.58
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1.22
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0.52
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5.42
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0.96
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1.49
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0.39
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2.96
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0.353
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0.374
CY2013 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.350
CY2014 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.350
CY2015 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.350
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0.008
CY2015 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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0.015
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0.021
CY2014 us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
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0.013
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0.006
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0.014
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0.028
CY2015 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.030
CY2013 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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0.012
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0.016
CY2013 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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-0.021
CY2014 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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-0.018
CY2015 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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-0.017
CY2013 us-gaap Effective Income Tax Rate Reconciliation Minority Interest Income Expense
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0.011
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0.008
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0.011
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-0.011
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0.000
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0.000
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0.005
CY2014 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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0.002
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-0.022
CY2014 us-gaap Effective Income Tax Rate Reconciliation Tax Settlements Domestic
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0.000
CY2015 us-gaap Effective Income Tax Rate Reconciliation Tax Settlements Domestic
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0.000
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47300000 USD
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48800000 USD
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4600000 USD
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6100000 USD
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6000000 USD
CY2013 us-gaap Equity Method Investment Realized Gain Loss On Disposal
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0 USD
CY2014 us-gaap Equity Method Investment Realized Gain Loss On Disposal
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0 USD
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CY2013 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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13500000 USD
CY2014 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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8700000 USD
CY2015 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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1500000 USD
CY2013 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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13500000 USD
CY2014 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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8700000 USD
CY2015 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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1500000 USD
CY2015 us-gaap Finite Lived Intangible Asset Useful Life
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P20Y
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18200000 USD
CY2015Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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28600000 USD
CY2015Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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9000000 USD
CY2015Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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9000000 USD
CY2015Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
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CY2015Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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1057600000 USD
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22500000 USD
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72300000 USD
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27800000 USD
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13600000 USD
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17700000 USD
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16100000 USD
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47000000 USD
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28400000 USD
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16800000 USD
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765600000 USD
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370200000 USD
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23900000 USD
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16300000 USD
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4400000 USD
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6400000 USD
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32000000 USD
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61700000 USD
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32200000 USD
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435100000 USD
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49500000 USD
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41700000 USD
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90900000 USD
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200000 USD
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43200000 USD
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1900000 USD
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0 USD
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67500000 USD
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24100000 USD
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0 USD
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0 USD
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13900000 shares
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;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-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses for the periods presented. Significant estimates and assumptions are used for, but are not limited to, net realizable value of inventories, environmental remediation liabilities, environmental and litigation contingencies, the cost of customer incentives, useful lives of property and identifiable intangible assets, the assumptions used in the evaluation of potential impairments of property, investments, identifiable intangible assets and goodwill, income tax and valuation reserves, allowances for doubtful accounts receivable, the measurement of the fair values of investments for which markets are not active, assumptions used in the determination of the funded status and annual expense of defined benefit pension and other postretirement plans, the assumptions used to determine the relative fair values of our new reportable segments and the assumptions used in the valuation of stock-based compensation awards granted to employees.</font></div></div>

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