2015 Q4 Form 10-K Financial Statement

#000091538916000095 Filed on February 25, 2016

View on sec.gov

Income Statement

Concept 2015 Q4 2014 Q4 2014 Q3
Revenue $2.225B $2.349B $2.413B
YoY Change -5.28% 3.71% 3.21%
Cost Of Revenue $1.716B $2.016B $1.777B
YoY Change -14.88% 37.05% 7.76%
Gross Profit $509.0M $333.0M $636.0M
YoY Change 52.85% -58.06% -7.69%
Gross Profit Margin 22.88% 14.18% 26.36%
Selling, General & Admin $219.0M $244.0M $171.0M
YoY Change -10.25% 80.74% 7.55%
% of Gross Profit 43.03% 73.27% 26.89%
Research & Development $65.00M $62.00M $56.00M
YoY Change 4.84% 37.78% 16.67%
% of Gross Profit 12.77% 18.62% 8.81%
Depreciation & Amortization $142.0M $122.0M $111.0M
YoY Change 16.39% 14.02% 2.78%
% of Gross Profit 27.9% 36.64% 17.45%
Operating Expenses $284.0M $306.0M $227.0M
YoY Change -7.19% 70.0% 9.66%
Operating Profit $225.0M $27.00M $338.0M
YoY Change 733.33% -95.6% -29.44%
Interest Expense -$65.00M -$48.00M -$37.00M
YoY Change 35.42% 11.63% -17.78%
% of Operating Profit -28.89% -177.78% -10.95%
Other Income/Expense, Net $10.00M -$8.000M $5.000M
YoY Change -225.0% 700.0% -600.0%
Pretax Income $117.0M -$29.00M $298.0M
YoY Change -503.45% -105.6% -31.34%
Income Tax -$8.000M -$46.00M $86.00M
% Of Pretax Income -6.84% 28.86%
Net Earnings $124.0M $16.00M $210.0M
YoY Change 675.0% -95.38% -31.82%
Net Earnings / Revenue 5.57% 0.68% 8.7%
Basic Earnings Per Share $0.83 $0.11 $1.41
Diluted Earnings Per Share $0.83 $0.11 $1.39
COMMON SHARES
Basic Shares Outstanding 147.8M shares 148.6M shares 148.7M shares
Diluted Shares Outstanding 150.3M shares

Balance Sheet

Concept 2015 Q4 2014 Q4 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $293.0M $214.0M $212.0M
YoY Change 36.92% -9.7% -4.5%
Cash & Equivalents $293.0M $214.0M $212.0M
Short-Term Investments
Other Short-Term Assets $68.00M $250.0M $194.0M
YoY Change -72.8% -0.4% 57.72%
Inventory $1.479B $1.509B $1.358B
Prepaid Expenses
Receivables $792.0M $936.0M $985.0M
Other Receivables $246.0M $264.0M $141.0M
Total Short-Term Assets $2.878B $3.173B $2.890B
YoY Change -9.3% 11.73% 4.45%
LONG-TERM ASSETS
Property, Plant & Equipment $5.130B $5.087B $4.352B
YoY Change 0.85% 18.58% 3.2%
Goodwill $4.518B $4.486B $2.716B
YoY Change 0.71% 70.12% 3.11%
Intangibles $2.650B $2.905B $1.808B
YoY Change -8.78% 63.11% 0.39%
Long-Term Investments $19.00M
YoY Change -9.52%
Other Assets $404.0M $421.0M $369.0M
YoY Change -4.04% 41.75% 19.81%
Total Long-Term Assets $12.70B $12.90B $9.245B
YoY Change -1.53% 43.24% 3.18%
TOTAL ASSETS
Total Short-Term Assets $2.878B $3.173B $2.890B
Total Long-Term Assets $12.70B $12.90B $9.245B
Total Assets $15.58B $16.07B $12.14B
YoY Change -3.06% 35.69% 3.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $699.0M $827.0M $735.0M
YoY Change -15.48% 8.53% 11.87%
Accrued Expenses $227.0M $191.0M $199.0M
YoY Change 18.85% -6.83% -4.33%
Deferred Revenue
YoY Change
Short-Term Debt $431.0M $301.0M $0.00
YoY Change 43.19%
Long-Term Debt Due $431.0M $301.0M
YoY Change 43.19%
Total Short-Term Liabilities $2.056B $2.022B $1.398B
YoY Change 1.68% 37.55% 5.67%
LONG-TERM LIABILITIES
Long-Term Debt $6.577B $7.248B $4.563B
YoY Change -9.26% 70.38% 3.03%
Other Long-Term Liabilities $701.0M $768.0M $380.0M
YoY Change -8.72% 69.54% -20.5%
Total Long-Term Liabilities $7.278B $8.016B $4.943B
YoY Change -9.21% 70.3% 0.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.056B $2.022B $1.398B
Total Long-Term Liabilities $7.278B $8.016B $4.943B
Total Liabilities $11.56B $12.48B $8.156B
YoY Change -7.39% 56.61% 1.22%
SHAREHOLDERS EQUITY
Retained Earnings $5.146B $4.545B $4.588B
YoY Change 13.22% 13.29% 23.4%
Common Stock $2.000M $2.000M $2.000M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.680B $2.577B $2.577B
YoY Change 4.0% 18.92% 26.2%
Treasury Stock Shares 69.14M shares 67.66M shares 67.66M shares
Shareholders Equity $3.941B $3.510B $3.901B
YoY Change
Total Liabilities & Shareholders Equity $15.58B $16.07B $12.14B
YoY Change -3.06% 35.69% 3.48%

Cashflow Statement

Concept 2015 Q4 2014 Q4 2014 Q3
OPERATING ACTIVITIES
Net Income $124.0M $16.00M $210.0M
YoY Change 675.0% -95.38% -31.82%
Depreciation, Depletion And Amortization $142.0M $122.0M $111.0M
YoY Change 16.39% 14.02% 2.78%
Cash From Operating Activities $574.0M $484.0M $560.0M
YoY Change 18.6% -3.78% 31.15%
INVESTING ACTIVITIES
Capital Expenditures -$224.0M -$185.0M -$153.0M
YoY Change 21.08% 6.32% 21.43%
Acquisitions
YoY Change
Other Investing Activities -$2.000M -$3.188B -$41.00M
YoY Change -99.94% -12852.0% -555.56%
Cash From Investing Activities -$226.0M -$3.373B -$194.0M
YoY Change -93.3% 2163.76% 65.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -363.0M 2.890B -322.0M
YoY Change -112.56% -945.03% -1.53%
NET CHANGE
Cash From Operating Activities 574.0M 484.0M 560.0M
Cash From Investing Activities -226.0M -3.373B -194.0M
Cash From Financing Activities -363.0M 2.890B -322.0M
Net Change In Cash -15.00M 1.000M 44.00M
YoY Change -1600.0% -91.67% -358.82%
FREE CASH FLOW
Cash From Operating Activities $574.0M $484.0M $560.0M
Capital Expenditures -$224.0M -$185.0M -$153.0M
Free Cash Flow $798.0M $669.0M $713.0M
YoY Change 19.28% -1.18% 28.93%

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990000000 USD
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5.01
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CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
0 USD
CY2014 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
2000000 USD
CY2015 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
0 USD
CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.00
CY2014 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.02
CY2015 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.00
CY2013 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.00
CY2014 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.02
CY2015 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.00
CY2013 us-gaap Income Tax Effects Allocated Directly To Equity
IncomeTaxEffectsAllocatedDirectlyToEquity
12000000 USD
CY2014 us-gaap Income Tax Effects Allocated Directly To Equity
IncomeTaxEffectsAllocatedDirectlyToEquity
-152000000 USD
CY2015 us-gaap Income Tax Effects Allocated Directly To Equity
IncomeTaxEffectsAllocatedDirectlyToEquity
63000000 USD
CY2013 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
507000000 USD
CY2014 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
235000000 USD
CY2015 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
275000000 USD
CY2013 us-gaap Income Tax Expense Benefit Intraperiod Tax Allocation
IncomeTaxExpenseBenefitIntraperiodTaxAllocation
519000000 USD
CY2014 us-gaap Income Tax Expense Benefit Intraperiod Tax Allocation
IncomeTaxExpenseBenefitIntraperiodTaxAllocation
85000000 USD
CY2015 us-gaap Income Tax Expense Benefit Intraperiod Tax Allocation
IncomeTaxExpenseBenefitIntraperiodTaxAllocation
338000000 USD
CY2013 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
IncomeTaxReconciliationDeductionsQualifiedProductionActivities
17000000 USD
CY2014 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
IncomeTaxReconciliationDeductionsQualifiedProductionActivities
6000000 USD
CY2015 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
IncomeTaxReconciliationDeductionsQualifiedProductionActivities
12000000 USD
CY2013 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-55000000 USD
CY2014 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-105000000 USD
CY2015 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-93000000 USD
CY2013 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
587000000 USD
CY2014 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
345000000 USD
CY2015 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
393000000 USD
CY2013 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-16000000 USD
CY2014 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
11000000 USD
CY2015 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
12000000 USD
CY2013 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
-383000000 USD
CY2014 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
304000000 USD
CY2013 us-gaap Income Tax Reconciliation Prior Year Income Taxes
IncomeTaxReconciliationPriorYearIncomeTaxes
14000000 USD
CY2013 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
30000000 USD
CY2014 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
4000000 USD
CY2015 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-3000000 USD
CY2013 us-gaap Income Tax Reconciliation Tax Contingencies
IncomeTaxReconciliationTaxContingencies
-16000000 USD
CY2014 us-gaap Income Tax Reconciliation Tax Contingencies
IncomeTaxReconciliationTaxContingencies
-6000000 USD
CY2015 us-gaap Income Tax Reconciliation Tax Contingencies
IncomeTaxReconciliationTaxContingencies
-7000000 USD
CY2013 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
6000000 USD
CY2014 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
8000000 USD
CY2015 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
15000000 USD
CY2015 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
15000000 USD
CY2013 us-gaap Income Tax Reconciliation Tax Settlements Foreign
IncomeTaxReconciliationTaxSettlementsForeign
14000000 USD
CY2013 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
224000000 USD
CY2014 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
152000000 USD
CY2015 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
124000000 USD
CY2014Q4 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
97000000 USD
CY2015Q4 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
92000000 USD
CY2013 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-2000000 USD
CY2014 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-30000000 USD
CY2015 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-102000000 USD
CY2013 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
38000000 USD
CY2014 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-19000000 USD
CY2015 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-114000000 USD
CY2013 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
6000000 USD
CY2014 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
61000000 USD
CY2015 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
26000000 USD
CY2013 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
56000000 USD
CY2014 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
12000000 USD
CY2015 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-5000000 USD
CY2013 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-26000000 USD
CY2014 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-88000000 USD
CY2015 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
22000000 USD
CY2013 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-102000000 USD
CY2014 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-45000000 USD
CY2015 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-44000000 USD
CY2014Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
2905000000 USD
CY2015Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
2650000000 USD
CY2013 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
4000000 USD
CY2014 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
7000000 USD
CY2015 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
7000000 USD
CY2013 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-180000000 USD
CY2014 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-187000000 USD
CY2015 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-263000000 USD
CY2013 us-gaap Interest Paid Net
InterestPaidNet
186000000 USD
CY2014 us-gaap Interest Paid Net
InterestPaidNet
184000000 USD
CY2015 us-gaap Interest Paid Net
InterestPaidNet
265000000 USD
CY2014Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1130000000 USD
CY2015Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1063000000 USD
CY2014Q4 us-gaap Inventory Gross
InventoryGross
1971000000 USD
CY2015Q4 us-gaap Inventory Gross
InventoryGross
1775000000 USD
CY2014Q4 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
462000000 USD
CY2015Q4 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
296000000 USD
CY2014Q4 us-gaap Inventory Net
InventoryNet
1509000000 USD
CY2015Q4 us-gaap Inventory Net
InventoryNet
1479000000 USD
CY2014Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
553000000 USD
CY2015Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
500000000 USD
CY2014Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
288000000 USD
CY2015Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
212000000 USD
CY2015 us-gaap Lessee Leasing Arrangements Operating Leases Term Of Contract
LesseeLeasingArrangementsOperatingLeasesTermOfContract
P40Y
CY2014Q4 us-gaap Liabilities
Liabilities
12482000000 USD
CY2015Q4 us-gaap Liabilities
Liabilities
11590000000 USD
CY2014Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
16072000000 USD
CY2015Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
15611000000 USD
CY2014Q4 us-gaap Liabilities Current
LiabilitiesCurrent
2022000000 USD
CY2015Q4 us-gaap Liabilities Current
LiabilitiesCurrent
2056000000 USD
CY2015Q4 us-gaap Line Of Credit Facility Capacity Available For Trade Purchases
LineOfCreditFacilityCapacityAvailableForTradePurchases
173000000 USD
CY2015Q4 us-gaap Line Of Credit Facility Capacity Available For Trade Purchases
LineOfCreditFacilityCapacityAvailableForTradePurchases
158000000 EUR
CY2014Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
7248000000 USD
CY2015Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
6608000000 USD
CY2014 us-gaap Loss On Cash Flow Hedge Ineffectiveness
LossOnCashFlowHedgeIneffectiveness
6000000 USD
CY2014Q4 us-gaap Minority Interest
MinorityInterest
80000000 USD
CY2015Q4 us-gaap Minority Interest
MinorityInterest
80000000 USD
CY2013 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
13000000 USD
CY2014 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
4000000 USD
CY2015 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
6000000 USD
CY2013 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-859000000 USD
CY2014 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2664000000 USD
CY2015 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-832000000 USD
CY2013 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-457000000 USD
CY2014 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4091000000 USD
CY2015 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-693000000 USD
CY2013 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1297000000 USD
CY2014 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1408000000 USD
CY2015 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1612000000 USD
CY2013 us-gaap Net Income Loss
NetIncomeLoss
1165000000 USD
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
233000000 USD
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
292000000 USD
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
210000000 USD
CY2014Q4 us-gaap Net Income Loss
NetIncomeLoss
16000000 USD
CY2014 us-gaap Net Income Loss
NetIncomeLoss
751000000 USD
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
171000000 USD
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
297000000 USD
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
256000000 USD
CY2015Q4 us-gaap Net Income Loss
NetIncomeLoss
124000000 USD
CY2015 us-gaap Net Income Loss
NetIncomeLoss
848000000 USD
CY2013 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
7000000 USD
CY2014 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
6000000 USD
CY2015 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
6000000 USD
CY2013 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-3000000 USD
CY2014 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
15000000 USD
CY2015 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
8000000 USD
CY2015 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
5 Segment
CY2015 us-gaap Objectives For Using Derivative Instruments
ObjectivesForUsingDerivativeInstruments
The Company is exposed to market risks, such as changes in foreign currency exchange rates, commodity prices, and interest rates. To mitigate these market risks and their effects on the cash flows of the underlying transaction, the Company uses various derivative financial instruments when appropriate in accordance with the Company's hedging strategy and policies. Designation is performed on a specific exposure basis to support hedge accounting. The changes in fair value of these hedging instruments are offset in part or in whole by corresponding changes in the anticipated cash flows of the underlying exposures being hedged. The Company does not enter into derivative transactions for speculative purposes.
CY2013 us-gaap Operating Income Loss
OperatingIncomeLoss
1862000000 USD
CY2014 us-gaap Operating Income Loss
OperatingIncomeLoss
1162000000 USD
CY2015 us-gaap Operating Income Loss
OperatingIncomeLoss
1384000000 USD
CY2013 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
73000000 USD
CY2014 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
80000000 USD
CY2015 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
91000000 USD
CY2014Q4 us-gaap Other Assets Current
OtherAssetsCurrent
250000000 USD
CY2015Q4 us-gaap Other Assets Current
OtherAssetsCurrent
68000000 USD
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
421000000 USD
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
435000000 USD
CY2014 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
0 USD
CY2015 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
0 USD
CY2013 us-gaap Other Comprehensive Income Defined Benefit Plan Net Prior Service Cost Credit Arising During Period Before Tax
OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax
47000000 USD
CY2014 us-gaap Other Comprehensive Income Defined Benefit Plan Net Prior Service Cost Credit Arising During Period Before Tax
OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax
0 USD
CY2015 us-gaap Other Comprehensive Income Defined Benefit Plan Net Prior Service Cost Credit Arising During Period Before Tax
OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostCreditArisingDuringPeriodBeforeTax
140000000 USD
CY2013 us-gaap Other Comprehensive Income Defined Benefit Plan Net Prior Service Costs Credit Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostsCreditArisingDuringPeriodNetOfTax
-29000000 USD
CY2014 us-gaap Other Comprehensive Income Defined Benefit Plan Net Prior Service Costs Credit Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostsCreditArisingDuringPeriodNetOfTax
0 USD
CY2015 us-gaap Other Comprehensive Income Defined Benefit Plan Net Prior Service Costs Credit Arising During Period Net Of Tax
OtherComprehensiveIncomeDefinedBenefitPlanNetPriorServiceCostsCreditArisingDuringPeriodNetOfTax
-87000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
26000000 USD
CY2014 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
28000000 USD
CY2015 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
30000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
-16000000 USD
CY2014 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
-17000000 USD
CY2015 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax
-19000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
60000000 USD
CY2014 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
-600000000 USD
CY2015 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
-50000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
12000000 USD
CY2014 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
-371000000 USD
CY2015 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
56000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
7000000 USD
CY2014 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-230000000 USD
CY2015 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
35000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
27000000 USD
CY2014 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-201000000 USD
CY2015 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-216000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
28000000 USD
CY2014 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-201000000 USD
CY2015 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-216000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
-1000000 USD
CY2014 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0 USD
CY2015 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0 USD
CY2013 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
48000000 USD
CY2014 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-448000000 USD
CY2015 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-113000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
21000000 USD
CY2014 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
-28000000 USD
CY2015 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax
110000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
13000000 USD
CY2014 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-17000000 USD
CY2015 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
68000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
-8000000 USD
CY2014 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
11000000 USD
CY2015 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
-42000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
-2000000 USD
CY2014 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
0 USD
CY2015 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
-134000000 USD
CY2013 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-1000000 USD
CY2014 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
0 USD
CY2015 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-83000000 USD
CY2013 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
10000000 USD
CY2014 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-371000000 USD
CY2015 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-78000000 USD
CY2013 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
6000000 USD
CY2014 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-230000000 USD
CY2015 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-48000000 USD
CY2013 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
5000000 USD
CY2014 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
-141000000 USD
CY2015 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
21000000 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
768000000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
701000000 USD
CY2013 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1000000 USD
CY2014 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
5000000 USD
CY2015 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1000000 USD
CY2015 us-gaap Payments For Repurchase Of Other Equity
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CY2015 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">RECENTLY ISSUED ACCOUNTING STANDARDS</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:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the Financial Accounting Standards Board ("FASB") and International Accounting Standards Board jointly issued new principles-based accounting guidance for revenue recognition that will supersede virtually all existing revenue guidance. The core principle of this guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. To achieve the core principle, the guidance establishes the following five steps: 1) identify the contract(s) with a customer, 2) identify the performance obligation in the contract, 3) determine the transaction price, 4) allocate the transaction price to the performance obligations in the contract, and 5) recognize revenue when (or as) the entity satisfies a performance obligation. The guidance also details the accounting treatment for costs to obtain or fulfill a contract. Lastly, disclosure requirements have been enhanced to provide sufficient information to enable users of financial statements to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB issued new guidance to delay the effective date of the new revenue standard by one year. The deferral results in the new revenue standard being effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017. Early application is permitted under the original effective date of fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. The Company is currently evaluating the impact on the Company's financial position and results of operations and related disclosures.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2015, the FASB issued new guidance for debt issuance costs as a part of the simplification and productivity initiative. Under this guidance debt issuance costs will be presented as a direct reduction from the carrying amount of the debt liability, consistent with the presentation of debt discounts. The amortization of debt issuance costs will be reported as interest expense. The recognition and measurement guidance for debt issuance costs is not affected by the amendment. In August 2015, the FASB released clarifying guidance for debt issuance costs related to line-of-credit arrangements which may be deferred and for presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The new guidance is to be applied on a retrospective basis and reported as a change in an accounting principle. This guidance is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. Early adoption is permitted for financial statements that have not been previously issued. The Company has concluded that changes in its accounting required by this new guidance will not materially impact the Company's financial position or results of operations and related disclosures.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2015, the FASB issued new guidance for cloud computing arrangement fees, also as a part of the simplification and productivity initiative. The guidance establishes a new requirement to determine if cloud computing arrangements include a software license. If an arrangement is deemed to include a software license then the customer would account for the license as any other purchased software, capitalized and depreciated over the life of the contract. If an arrangement is deemed not to include a license, the agreement would be accounted for as a service contract. This guidance is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period and early adoption is permitted. The Company has concluded that changes in its accounting required by this new guidance will not materially impact the Company's financial position or results of operations and related disclosures.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In July 2015, the FASB issued new guidance to simplify the measurement of inventory under the simplification and productivity initiative. The final standard changes the subsequent inventory measurement from lower of cost or market to lower of cost and net realizable value ("NRV"). NRV is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The subsequent method of estimating the cost of inventory under GAAP (i.e., LIFO or FIFO) is not being changed. This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period and early adoption is permitted. The new guidance is to be applied prospectively as of the beginning of an interim or annual reporting period. The Company has concluded that changes in its accounting required by this new guidance will not materially impact the Company's financial position or results of operations and related disclosures.</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:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In September 2015, the FASB issued guidance under the simplification and productivity initiative for business combination accounting. The new guidance requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. Under this guidance the acquirer recognizes, in the same period's financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. New disclosures are required to present separately on the face of the income statement or disclose in the notes the portion of the amount recognized in current-period earnings by line item that would have been recognized in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. This guidance is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. At adoption, the new guidance is to be applied prospectively to adjustments to provisional amounts that occur after the effective date with earlier application permitted for financial statements that have not been issued. The Company has elected to early adopt the new guidance beginning in third quarter 2015 for acquisitions in which the initial purchase price allocation was incomplete. At December 31, 2015, there have been no material changes or effect on earnings for any acquisitions as disclosed in Note 2, Acquisitions.</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%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In November 2015, the FASB issued guidance under the simplification and productivity initiative for presentation of deferred income tax liabilities and assets. This guidance simplifies the presentation of deferred income taxes such that deferred tax liabilities and assets are to be classified as noncurrent in a classified balance sheet. The update does not amend the current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount. This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is permitted as of the beginning of an interim or annual reporting period and may be applied either prospectively to all deferred tax liabilities and assets or retrospectively to all periods presented. The Company has elected to early adopt, prospectively, the new guidance as of the balance sheet date. At December 31, 2015, the adoption resulted in a reclassification from current to noncurrent deferred tax assets and deferred tax liabilities of </font><font style="font-family:inherit;font-size:10pt;">$240 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$12 million</font><font style="font-family:inherit;font-size:10pt;">, respectively. Prior periods are not retrospectively adjusted under the prospective adoption.</font></div></div>
CY2015 us-gaap Revenue Recognition Accounting Policy Gross And Net Revenue Disclosure
RevenueRecognitionAccountingPolicyGrossAndNetRevenueDisclosure
<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;font-weight:bold;">Revenue Recognition and Customer Incentives</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:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price to the customer is fixed or determinable, and collectability is reasonably assured.&#160;Revenue for products is recognized when title and risk of loss transfer to the customer.</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:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company records estimated obligations for customer programs and incentive offerings, which consist primarily of revenue or volume-based amounts that a customer must achieve over a specified period of time, as a reduction of revenue from each underlying revenue transaction as the customer progresses toward goals specified in incentive agreements.&#160;These estimates are based on a combination of forecasts of customer sales and actual sales volume and revenues against established goals, the customer's current level of purchases, Eastman's knowledge of customer purchasing habits, and industry pricing practice.&#160;The incentive payment rate may be variable, based upon the customer reaching higher sales volume or revenue levels over a specified period of time in order to receive an agreed upon incentive payment.</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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