2018 Q4 Form 10-K Financial Statement

#000104786219000035 Filed on February 21, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2017 Q4 2016 Q4
Revenue $2.949B $2.961B $2.707B
YoY Change -0.41% 9.38% 0.0%
Cost Of Revenue $662.0M $572.0M $549.0M
YoY Change 15.73% 4.19% -15.41%
Gross Profit $2.287B $2.389B $2.158B
YoY Change -4.27% 10.7% 4.86%
Gross Profit Margin 77.55% 80.68% 79.72%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $377.0M $343.0M $311.0M
YoY Change 9.91% 10.29% 7.24%
% of Gross Profit 16.48% 14.36% 14.41%
Operating Expenses $1.761B $1.804B $1.475B
YoY Change -2.38% 22.31% -11.09%
Operating Profit $526.0M $585.0M $683.0M
YoY Change -10.09% -14.35% 71.18%
Interest Expense -$178.0M -$163.0M -$167.0M
YoY Change 9.2% -2.4% 5.7%
% of Operating Profit -33.84% -27.86% -24.45%
Other Income/Expense, Net -$77.00M -$44.00M -$214.0M
YoY Change 75.0% -79.44% 2575.0%
Pretax Income $402.0M $378.0M $302.0M
YoY Change 6.35% 25.17% 29.61%
Income Tax $71.00M $132.0M $96.00M
% Of Pretax Income 17.66% 34.92% 31.79%
Net Earnings $331.0M $505.0M $206.0M
YoY Change -34.46% 145.15% 17.05%
Net Earnings / Revenue 11.22% 17.06% 7.61%
Basic Earnings Per Share
Diluted Earnings Per Share $1.048M $1.618M $673.0K
COMMON SHARES
Basic Shares Outstanding 311.4M shares 310.1M shares 304.7M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2017 Q4 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $895.0M $797.0M $776.0M
YoY Change 12.3% 2.71% -18.06%
Cash & Equivalents $895.0M $797.0M $776.0M
Short-Term Investments
Other Short-Term Assets $122.0M $177.0M $151.0M
YoY Change -31.07% 17.22% -22.16%
Inventory $358.0M $334.0M $339.0M
Prepaid Expenses $187.0M $178.0M $159.0M
Receivables $1.267B $1.103B $1.106B
Other Receivables $334.0M $224.0M $274.0M
Total Short-Term Assets $3.864B $3.537B $3.406B
YoY Change 9.25% 3.85% -11.21%
LONG-TERM ASSETS
Property, Plant & Equipment $41.75B $37.60B $35.22B
YoY Change 11.03% 6.77% 9.34%
Goodwill $440.0M $428.0M $428.0M
YoY Change 2.8% 0.0% -0.23%
Intangibles $1.654B $131.0M $124.0M
YoY Change 1162.6% 5.65% 6100.0%
Long-Term Investments $0.00 $467.0M $488.0M
YoY Change -100.0% -4.3% -14.98%
Other Assets $6.541B $4.973B $7.712B
YoY Change 31.53% -35.52% -11.49%
Total Long-Term Assets $50.06B $44.57B $44.85B
YoY Change 12.3% -0.61% 7.28%
TOTAL ASSETS
Total Short-Term Assets $3.864B $3.537B $3.406B
Total Long-Term Assets $50.06B $44.57B $44.85B
Total Assets $53.92B $48.11B $48.26B
YoY Change 12.07% -0.3% 5.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.187B $1.286B $1.147B
YoY Change -7.7% 12.12% 13.79%
Accrued Expenses $238.0M $248.0M $251.0M
YoY Change -4.03% -1.2% 7.73%
Deferred Revenue
YoY Change
Short-Term Debt $825.0M $0.00 $1.054B
YoY Change -100.0% -31.07%
Long-Term Debt Due $650.0M $1.298B $39.00M
YoY Change -49.92% 3228.21% -94.72%
Total Short-Term Liabilities $6.207B $4.902B $3.843B
YoY Change 26.62% 27.56% -18.58%
LONG-TERM LIABILITIES
Long-Term Debt $17.50B $14.73B $14.74B
YoY Change 18.76% -0.03% 22.73%
Other Long-Term Liabilities $7.559B $7.558B $5.166B
YoY Change 0.01% 46.3% -18.23%
Total Long-Term Liabilities $13.38B $13.05B $15.37B
YoY Change 2.5% -15.08% -3.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.207B $4.902B $3.843B
Total Long-Term Liabilities $13.38B $13.05B $15.37B
Total Liabilities $19.59B $17.96B $19.21B
YoY Change 9.08% -6.55% -6.61%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $16.73B $15.42B $14.30B
YoY Change
Total Liabilities & Shareholders Equity $53.92B $48.11B $48.26B
YoY Change 12.07% -0.3% 5.72%

Cashflow Statement

Concept 2018 Q4 2017 Q4 2016 Q4
OPERATING ACTIVITIES
Net Income $331.0M $505.0M $206.0M
YoY Change -34.46% 145.15% 17.05%
Depreciation, Depletion And Amortization $377.0M $343.0M $311.0M
YoY Change 9.91% 10.29% 7.24%
Cash From Operating Activities $1.095B $1.140B $1.127B
YoY Change -3.95% 1.15% 4.55%
INVESTING ACTIVITIES
Capital Expenditures -$976.0M -$1.067B -$1.375B
YoY Change -8.53% -22.4% 59.33%
Acquisitions
YoY Change
Other Investing Activities -$1.548B -$58.00M $142.0M
YoY Change 2568.97% -140.85% -232.71%
Cash From Investing Activities -$2.524B -$1.125B -$1.233B
YoY Change 124.36% -8.76% 27.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.190B 719.0M 762.0M
YoY Change 204.59% -5.64% 2.01%
NET CHANGE
Cash From Operating Activities 1.095B 1.140B 1.127B
Cash From Investing Activities -2.524B -1.125B -1.233B
Cash From Financing Activities 2.190B 719.0M 762.0M
Net Change In Cash 761.0M 734.0M 656.0M
YoY Change 3.68% 11.89% -23.27%
FREE CASH FLOW
Cash From Operating Activities $1.095B $1.140B $1.127B
Capital Expenditures -$976.0M -$1.067B -$1.375B
Free Cash Flow $2.071B $2.207B $2.502B
YoY Change -6.16% -11.79% 28.9%

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0 USD
CY2017 us-gaap Business Combination Bargain Purchase Gain Recognized Amount
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CY2018 us-gaap Business Combination Bargain Purchase Gain Recognized Amount
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CY2018 us-gaap Capital Expenditures Incurred But Not Yet Paid
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830000000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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14000000 USD
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162000000 USD
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122000000 USD
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0 USD
CY2018 us-gaap Cash Flows Between Transferee And Transferor Proceeds From New Transfers
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2.68
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1526000000 USD
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1392000000 USD
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432000000 USD
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369000000 USD
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551000000 USD
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229000000 USD
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53000000 USD
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514000000 USD
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20000000 USD
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105000000 USD
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346000000 USD
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601000000 USD
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55000000 USD
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54000000 USD
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206000000 USD
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117000000 USD
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65000000 USD
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106000000 USD
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29000000 USD
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33000000 USD
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299000000 USD
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33000000 USD
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33000000 USD
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157000000 USD
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148000000 USD
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330000000 USD
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326000000 USD
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8000000 USD
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50000000 USD
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46000000 USD
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46000000 USD
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4.12
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4.42
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0.35
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0.21
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0.04
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0.04
CY2018 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.04
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0.01
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0.00
CY2018 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
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109000000 USD
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20000000 USD
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25000000 USD
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4000000 USD
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24000000 USD
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25000000 USD
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68000000 USD
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108000000 USD
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107000000 USD
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467000000 USD
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336000000 USD
CY2017 us-gaap Excise Taxes Collected
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302000000 USD
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330000000 USD
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8000000 USD
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4000000 USD
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2000000 USD
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8000000 USD
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6000000 USD
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11000000 USD
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1000000 USD
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1000000 USD
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15000000 USD
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29000000 USD
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105000000 USD
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105000000 USD
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105000000 USD
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105000000 USD
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105000000 USD
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104000000 USD
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1000000 USD
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6000000 USD
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4000000 USD
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CY2017Q4 us-gaap Goodwill
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428000000 USD
CY2018Q4 us-gaap Goodwill
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440000000 USD
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2073000000 USD
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2439000000 USD
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0 USD
CY2017 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0 USD
CY2016 us-gaap Impairment Of Long Lived Assets Held For Use
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0 USD
CY2017 us-gaap Impairment Of Long Lived Assets Held For Use
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0 USD
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1943000000 USD
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1997000000 USD
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1783000000 USD
CY2017Q4 us-gaap Income Tax Examination Penalties Accrued
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CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
698000000 USD
CY2017 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
472000000 USD
CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
401000000 USD
CY2018 us-gaap Income Tax Reconciliation Tax Contingencies
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4000000 USD
CY2016 us-gaap Income Taxes Paid Net
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-180000000 USD
CY2017 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-29000000 USD
CY2018 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0 USD
CY2017Q4 us-gaap Income Taxes Receivable
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76000000 USD
CY2018Q4 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
49000000 USD
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47000000 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
111000000 USD
CY2018 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11928000000 USD
CY2018Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
95000000 USD
CY2018Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
59000000 USD
CY2018Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
36000000 USD
CY2018Q4 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P2Y
CY2018Q4 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
CY2016 us-gaap Revenues
Revenues
12075000000 USD
CY2017 us-gaap Revenues
Revenues
12033000000 USD
CY2018 us-gaap Revenues
Revenues
12337000000 USD
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Maximum Employee Subscription Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumEmployeeSubscriptionRate
0.2
CY2017Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
0 USD
CY2018Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
825000000 USD
CY2016 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
702000000 USD
CY2017 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
343000000 USD
CY2018 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
705000000 USD
CY2016 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
101000000 USD
CY2017 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
100000000 USD
CY2018 us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
100000000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
15418000000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
16726000000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
13061000000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
14306000000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
15425000000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
16839000000 USD
CY2016 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
-9000000 USD
CY2017 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
-9000000 USD
CY2018 us-gaap Tax Adjustments Settlements And Unusual Provisions
TaxAdjustmentsSettlementsAndUnusualProvisions
-9000000 USD
CY2016 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
2031000000 USD
CY2017 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
2155000000 USD
CY2018 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
2266000000 USD
CY2017Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
108000000 USD
CY2018Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
61000000 USD
CY2017Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
142000000 USD
CY2018Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
185000000 USD
CY2017Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
58000000 USD
CY2018Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
29000000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
34000000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
42000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
12000000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
6000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
13000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
24000000 USD
CY2018 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
2000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
0 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
6000000 USD
CY2018 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
3000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
0 USD
CY2017 us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
0 USD
CY2018 us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
0 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
2000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
1000000 USD
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
2000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
19000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
1000000 USD
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
1000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
0 USD
CY2017 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
2000000 USD
CY2018 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
4000000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
6000000 USD
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
301900000 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
308800000 shares
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
312900000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
300400000 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
307100000 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
311700000 shares
CY2018 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;color:#5e5e61;font-weight:bold;">Reclassification</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;color:#5e5e61;">Certain prior year amounts have been reclassified to conform with the current year presentation.</font></div></div>
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;color:#5e5e61;font-weight:bold;">Estimates</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;color:#5e5e61;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and 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>

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