2018 Q4 Form 10-K Financial Statement

#000113031019000016 Filed on February 28, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2018 2017 Q4
Revenue $1.666B $6.277B $2.638B
YoY Change -36.85% 10.14% 26.77%
Cost Of Revenue $40.00M
YoY Change 21.21%
Gross Profit $6.237B
YoY Change 10.08%
Gross Profit Margin 99.36%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $261.0M $1.230B $287.0M
YoY Change -9.06% 20.59% 13.44%
% of Gross Profit 19.72%
Operating Expenses -$1.480B $5.409B $2.330B
YoY Change -163.52% -36.2% 26.77%
Operating Profit $192.0M $868.0M $308.0M
YoY Change -37.66% -13.46% 26.75%
Interest Expense $4.000M $361.0M $88.00M
YoY Change -95.45% 15.34% -138.26%
% of Operating Profit 2.08% 41.59% 28.57%
Other Income/Expense, Net $10.00M -$317.0M -$110.0M
YoY Change -109.09% 334.25% -173.83%
Pretax Income $218.0M $551.0M $286.0M
YoY Change -23.78% -40.75% 76.54%
Income Tax $70.00M $155.0M $103.0M
% Of Pretax Income 32.11% 28.13% 36.01%
Net Earnings $120.0M $368.0M $1.296B
YoY Change -90.74% -79.46% 1183.17%
Net Earnings / Revenue 7.2% 5.86% 49.13%
Basic Earnings Per Share $0.18 $0.74 $3.01
Diluted Earnings Per Share $0.18 $0.74 $2.99
COMMON SHARES
Basic Shares Outstanding 501.2M shares 448.8M shares 431.0M shares
Diluted Shares Outstanding 452.5M shares

Balance Sheet

Concept 2018 Q4 2018 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.771B $4.771B $1.220B
YoY Change 291.07% 291.07% -5.72%
Cash & Equivalents $4.231B $4.231B $260.0M
Short-Term Investments $540.0M $540.0M $960.0M
Other Short-Term Assets $670.0M $670.0M $778.0M
YoY Change -13.88% -13.88% 42.23%
Inventory $394.0M $394.0M $397.0M
Prepaid Expenses
Receivables $586.0M $1.190B $1.000B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.108B $7.025B $3.395B
YoY Change 109.37% 106.92% 16.15%
LONG-TERM ASSETS
Property, Plant & Equipment $14.02B $14.04B $13.06B
YoY Change 7.4% 7.56% 6.09%
Goodwill $757.0M $867.0M
YoY Change -12.69% 0.58%
Intangibles $65.00M
YoY Change
Long-Term Investments $2.482B $2.845B $2.472B
YoY Change 0.4% 0.35% -1.32%
Other Assets $159.0M $2.163B $191.0M
YoY Change -16.75% -16.23% 10.4%
Total Long-Term Assets $19.99B $19.98B $19.34B
YoY Change 3.33% 3.32% 2.3%
TOTAL ASSETS
Total Short-Term Assets $7.108B $7.025B $3.395B
Total Long-Term Assets $19.99B $19.98B $19.34B
Total Assets $27.09B $27.01B $22.74B
YoY Change 19.16% 18.79% 4.16%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $761.0M $1.240B $963.0M
YoY Change -20.98% 28.76% 46.58%
Accrued Expenses $121.0M $121.0M $104.0M
YoY Change 16.35% 16.35% -3.7%
Deferred Revenue $84.00M
YoY Change
Short-Term Debt $0.00 $0.00 $39.00M
YoY Change -100.0% -100.0% 11.43%
Long-Term Debt Due $482.0M $482.0M $606.0M
YoY Change -20.46% -20.46% -40.88%
Total Short-Term Liabilities $3.385B $3.302B $3.069B
YoY Change 10.3% 7.59% -0.36%
LONG-TERM LIABILITIES
Long-Term Debt $8.682B $8.682B $8.195B
YoY Change 5.94% 5.94% 8.8%
Other Long-Term Liabilities $403.0M $3.728B $357.0M
YoY Change 12.89% 3.27% 28.42%
Total Long-Term Liabilities $9.085B $12.41B $8.552B
YoY Change 6.23% 5.12% 9.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.385B $3.302B $3.069B
Total Long-Term Liabilities $9.085B $12.41B $8.552B
Total Liabilities $12.47B $18.95B $11.62B
YoY Change 7.31% 5.0% 6.71%
SHAREHOLDERS EQUITY
Retained Earnings $349.0M $543.0M
YoY Change -35.73% -181.29%
Common Stock $5.000M $4.000M
YoY Change 25.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.058B $8.058B $4.688B
YoY Change
Total Liabilities & Shareholders Equity $27.09B $27.01B $22.74B
YoY Change 19.16% 18.79% 4.16%

Cashflow Statement

Concept 2018 Q4 2018 2017 Q4
OPERATING ACTIVITIES
Net Income $120.0M $368.0M $1.296B
YoY Change -90.74% -79.46% 1183.17%
Depreciation, Depletion And Amortization $261.0M $1.230B $287.0M
YoY Change -9.06% 20.59% 13.44%
Cash From Operating Activities $457.0M $2.136B $389.0M
YoY Change 17.48% 50.74% -17.41%
INVESTING ACTIVITIES
Capital Expenditures -$530.0M -$1.651B -$432.0M
YoY Change 22.69% 15.78% 17.71%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities -$3.000M -$16.00M $72.00M
YoY Change -104.17% 300.0% 0.0%
Cash From Investing Activities -$533.0M -$1.207B -$360.0M
YoY Change 48.06% -3.98% 22.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.844B
YoY Change
Debt Paid & Issued, Net $484.0M
YoY Change -60.03%
Cash From Financing Activities 4.023B $3.053B 34.00M
YoY Change 11732.35% -1346.12% -133.66%
NET CHANGE
Cash From Operating Activities 457.0M $2.136B 389.0M
Cash From Investing Activities -533.0M -$1.207B -360.0M
Cash From Financing Activities 4.023B $3.053B 34.00M
Net Change In Cash 3.947B $3.982B 63.00M
YoY Change 6165.08% -4784.71% -16.0%
FREE CASH FLOW
Cash From Operating Activities $457.0M $2.136B $389.0M
Capital Expenditures -$530.0M -$1.651B -$432.0M
Free Cash Flow $987.0M $3.787B $821.0M
YoY Change 20.22% 33.2% -2.03%

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CY2018 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
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CY2018Q4 us-gaap Debt Current
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CY2017 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
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3000000 USD
CY2018 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
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CY2016 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2017 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2018 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2017Q4 us-gaap Deferred Gain Loss On Discontinuation Of Fair Value Hedge
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14000000 USD
CY2018Q4 us-gaap Deferred Gain Loss On Discontinuation Of Fair Value Hedge
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1000000 USD
CY2016 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
213000000 USD
CY2017 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2018 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
48000000 USD
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3850000000 USD
CY2018Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
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CY2016 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
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CY2017 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
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CY2018 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
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CY2018Q4 us-gaap Deferred Tax Assets Net
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90000000 USD
CY2018Q4 us-gaap Deferred Tax Assets Other Tax Carryforwards
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84000000 USD
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347000000 USD
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CY2017Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
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162000000 USD
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160000000 USD
CY2017Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Asset Retirement Obligations
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68000000 USD
CY2018Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Asset Retirement Obligations
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62000000 USD
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CY2018Q4 us-gaap Deferred Tax Assets Valuation Allowance
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18000000 USD
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13000000 USD
CY2018Q4 us-gaap Deferred Tax Liabilities Derivatives
DeferredTaxLiabilitiesDerivatives
27000000 USD
CY2017Q4 us-gaap Deferred Tax Liabilities Investment In Noncontrolled Affiliates
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927000000 USD
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502000000 USD
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478000000 USD
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3174000000 USD
CY2018Q4 us-gaap Deferred Tax Liabilities Noncurrent
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3239000000 USD
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1808000000 USD
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1894000000 USD
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473000000 USD
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395000000 USD
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38000000 USD
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41000000 USD
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43000000 USD
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0.06
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1
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607000000 USD
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CY2018 us-gaap Depreciation
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1126000000 USD
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1036000000 USD
CY2018 us-gaap Depreciation Depletion And Amortization
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1243000000 USD
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64000000 USD
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82000000 USD
CY2017Q4 us-gaap Derivative Assets
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80000000 USD
CY2017Q4 us-gaap Derivative Assets Current
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110000000 USD
CY2018Q4 us-gaap Derivative Assets Current
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100000000 USD
CY2017Q4 us-gaap Derivative Assets Noncurrent
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44000000 USD
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38000000 USD
CY2018Q4 us-gaap Derivative Assets
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57000000 USD
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218000000 USD
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220000000 USD
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775000000 USD
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833000000 USD
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260000000 USD
CY2018 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
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20000000 USD
CY2018Q4 us-gaap Derivative Liabilities Current
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126000000 USD
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4000000 USD
CY2018Q4 us-gaap Derivative Liabilities Noncurrent
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5000000 USD
CY2017Q4 us-gaap Derivative Liability Fair Value Gross Asset
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83000000 USD
CY2018Q4 us-gaap Derivative Liability Fair Value Gross Asset
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101000000 USD
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2000000 USD
CY2018Q4 us-gaap Derivative Net Liability Position Aggregate Fair Value
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1000000 USD
CY2017Q4 us-gaap Dividends Payable Current
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120000000 USD
CY2018Q4 us-gaap Dividends Payable Current
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187000000 USD
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1.00
CY2017Q1 us-gaap Earnings Per Share Basic
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0.45
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0.31
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0.39
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3.01
CY2017 us-gaap Earnings Per Share Basic
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4.16
CY2018Q1 us-gaap Earnings Per Share Basic
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0.38
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-0.17
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0.35
CY2018Q4 us-gaap Earnings Per Share Basic
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0.18
CY2018 us-gaap Earnings Per Share Basic
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0.74
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1.00
CY2017Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.44
CY2017Q2 us-gaap Earnings Per Share Diluted
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0.31
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0.39
CY2017Q4 us-gaap Earnings Per Share Diluted
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2.99
CY2017 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.13
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0.38
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0.35
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EarningsPerShareDiluted
0.18
CY2018 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.74
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0.37
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CY2018 us-gaap Effective Income Tax Rate Continuing Operations
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0.28
CY2016 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.21
CY2016 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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7000000 USD
CY2017 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
8000000 USD
CY2016 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
EmployeeServiceShareBasedCompensationTaxBenefitFromExerciseOfStockOptions
5000000 USD
CY2017 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
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6000000 USD
CY2018 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
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5000000 USD
CY2017Q4 us-gaap Energy Related Inventory Natural Gas In Storage
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222000000 USD
CY2018Q4 us-gaap Energy Related Inventory Natural Gas In Storage
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194000000 USD
CY2017Q4 us-gaap Equity Method Investments
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2472000000 USD
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87000000 USD
CY2018 us-gaap Fair Value Assets Measured On Recurring Basis Change In Unrealized Gain Loss
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18000000 USD
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12000000 USD
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96000000 USD
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30000000 USD
CY2016 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Purchases
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12000000 USD
CY2017 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Purchases
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationPurchases
0 USD
CY2018 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Purchases
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationPurchases
0 USD
CY2016 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements
27000000 USD
CY2017 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements
11000000 USD
CY2018 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements
39000000 USD
CY2016 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Into Level3
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CY2017 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Into Level3
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersIntoLevel3
14000000 USD
CY2018 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Into Level3
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5000000 USD
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1000000 USD
CY2017 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Out Of Level3
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17000000 USD
CY2018 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Out Of Level3
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-656000000 USD
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12000000 USD
CY2016Q4 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
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CY2017Q4 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
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CY2018Q4 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
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30000000 USD
CY2017Q4 us-gaap Financial Liabilities Fair Value Disclosure
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692000000 USD
CY2018Q4 us-gaap Financial Liabilities Fair Value Disclosure
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31000000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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41000000 USD
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11000000 USD
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5000000 USD
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6000000 USD
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6000000 USD
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6000000 USD
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105000000 USD
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106000000 USD
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74000000 USD
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65000000 USD
CY2017Q4 us-gaap Goodwill
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867000000 USD
CY2018Q4 us-gaap Goodwill
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867000000 USD
CY2017 us-gaap Goodwill Impairment Loss
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0 USD
CY2018 us-gaap Goodwill Impairment Loss
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0 USD
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686000000 USD
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1063000000 USD
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514000000 USD
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208000000 USD
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265000000 USD
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307000000 USD
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208000000 USD
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265000000 USD
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40000000 USD
CY2016 us-gaap Income Tax Expense Benefit
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254000000 USD
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IncomeTaxExpenseBenefit
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CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
146000000 USD
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0 USD
CY2017 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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CY2018 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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32000000 USD
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240000000 USD
CY2017 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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372000000 USD
CY2018 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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108000000 USD
CY2016 us-gaap Income Tax Reconciliation Nondeductible Expense Amortization
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0 USD
CY2017 us-gaap Income Tax Reconciliation Nondeductible Expense Amortization
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0 USD
CY2018 us-gaap Income Tax Reconciliation Nondeductible Expense Amortization
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24000000 USD
CY2016 us-gaap Income Tax Reconciliation Other Adjustments
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3000000 USD
CY2017 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
3000000 USD
CY2018 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
11000000 USD
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-16000000 USD
CY2017 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
-17000000 USD
CY2018 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
-3000000 USD
CY2016 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
27000000 USD
CY2017 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
26000000 USD
CY2018 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
22000000 USD
CY2016 us-gaap Income Taxes Paid Net
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-104000000 USD
CY2017 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
15000000 USD
CY2018 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
89000000 USD
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117000000 USD
CY2017 us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
216000000 USD
CY2018 us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
154000000 USD
CY2016 us-gaap Increase Decrease In Accounts Payable
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133000000 USD
CY2017 us-gaap Increase Decrease In Accounts Payable
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136000000 USD
CY2018 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
220000000 USD
CY2016 us-gaap Increase Decrease In Derivative Assets And Liabilities
IncreaseDecreaseInDerivativeAssetsAndLiabilities
-30000000 USD
CY2017 us-gaap Increase Decrease In Derivative Assets And Liabilities
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84000000 USD
CY2018 us-gaap Increase Decrease In Derivative Assets And Liabilities
IncreaseDecreaseInDerivativeAssetsAndLiabilities
-103000000 USD
CY2016 us-gaap Increase Decrease In Income Taxes Receivable
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-142000000 USD
CY2017 us-gaap Increase Decrease In Income Taxes Receivable
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-30000000 USD
CY2018 us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
0 USD
CY2016 us-gaap Increase Decrease In Inventories
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-34000000 USD
CY2017 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
7000000 USD
CY2018 us-gaap Increase Decrease In Inventories
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30000000 USD
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60000000 USD
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200000000 USD
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10000000 USD
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326000000 USD
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7000000 USD
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10000000 USD
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1000000 USD
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1000000 USD
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297000000 USD
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297000000 USD
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30000000 USD
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CY2017 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
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CY2018 us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
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178000000 USD
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CY2018 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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1410000000 USD
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CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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452465000 shares
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430606000 shares
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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