$EMN
EASTMAN CHEMICAL CO

2017 Q3 Form 10-Q Financial Statement

#000091538917000062 Filed on November 02, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3 2016 Q2
Revenue $2.465B $2.287B $2.297B
YoY Change 7.78% -6.54% -9.32%
Cost Of Revenue $1.794B $1.666B $1.692B
YoY Change 7.68% -4.91% -6.67%
Gross Profit $671.0M $621.0M $605.0M
YoY Change 8.05% -10.65% -15.97%
Gross Profit Margin 27.22% 27.15% 26.34%
Selling, General & Admin $180.0M $181.0M $174.0M
YoY Change -0.55% -1.09% -10.31%
% of Gross Profit 26.83% 29.15% 28.76%
Research & Development $59.00M $54.00M $55.00M
YoY Change 9.26% -8.47% -3.51%
% of Gross Profit 8.79% 8.7% 9.09%
Depreciation & Amortization $148.0M $145.0M $144.0M
YoY Change 2.07% 2.11% 1.41%
% of Gross Profit 22.06% 23.35% 23.8%
Operating Expenses $239.0M $235.0M $229.0M
YoY Change 1.7% -2.89% -8.76%
Operating Profit $460.0M $356.0M $376.0M
YoY Change 29.21% -17.59% -19.83%
Interest Expense -$58.00M -$65.00M -$62.00M
YoY Change -10.77% 20.37% 5.08%
% of Operating Profit -12.61% -18.26% -16.49%
Other Income/Expense, Net $4.000M -$3.000M $20.00M
YoY Change -233.33% -76.92%
Pretax Income $403.0M $289.0M $324.0M
YoY Change 39.45% -18.13% -19.6%
Income Tax $79.00M $56.00M $67.00M
% Of Pretax Income 19.6% 19.38% 20.68%
Net Earnings $323.0M $232.0M $255.0M
YoY Change 39.22% -9.38% -14.14%
Net Earnings / Revenue 13.1% 10.14% 11.1%
Basic Earnings Per Share $2.24 $1.57 $1.73
Diluted Earnings Per Share $2.22 $1.56 $1.71
COMMON SHARES
Basic Shares Outstanding 144.3M shares 147.2M shares 147.8M shares
Diluted Shares Outstanding 145.5M shares 148.2M shares 148.9M shares

Balance Sheet

Concept 2017 Q3 2016 Q3 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $195.0M $207.0M $240.0M
YoY Change -5.8% -33.01% -10.45%
Cash & Equivalents $195.0M $207.0M $240.0M
Short-Term Investments
Other Short-Term Assets $49.00M $59.00M $68.00M
YoY Change -16.95% -78.07% -75.0%
Inventory $1.576B $1.471B $1.445B
Prepaid Expenses
Receivables $1.047B $905.0M $951.0M
Other Receivables $378.0M $258.0M $226.0M
Total Short-Term Assets $3.245B $2.900B $2.930B
YoY Change 11.9% -8.86% -7.48%
LONG-TERM ASSETS
Property, Plant & Equipment $5.485B $5.197B $5.162B
YoY Change 5.54% 3.01% 3.01%
Goodwill $4.520B $4.474B $4.520B
YoY Change 1.03% -0.18% 1.03%
Intangibles $2.404B $2.543B $2.585B
YoY Change -5.47% -6.44% -6.91%
Long-Term Investments
YoY Change
Other Assets $370.0M $375.0M $385.0M
YoY Change -1.33% -17.22% -15.75%
Total Long-Term Assets $12.78B $12.59B $12.65B
YoY Change 1.51% -0.86% -0.53%
TOTAL ASSETS
Total Short-Term Assets $3.245B $2.900B $2.930B
Total Long-Term Assets $12.78B $12.59B $12.65B
Total Assets $16.02B $15.49B $15.58B
YoY Change 3.45% -2.46% -1.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $689.0M $629.0M $610.0M
YoY Change 9.54% -8.18% -14.33%
Accrued Expenses $183.0M $197.0M $172.0M
YoY Change -7.11% 9.44% 21.13%
Deferred Revenue
YoY Change
Short-Term Debt $369.0M $675.0M $722.0M
YoY Change -45.33% 168.92% 187.65%
Long-Term Debt Due $369.0M $675.0M $722.0M
YoY Change -45.33% 168.92% 187.65%
Total Short-Term Liabilities $1.771B $2.206B $2.189B
YoY Change -19.72% 22.56% 20.21%
LONG-TERM LIABILITIES
Long-Term Debt $6.325B $5.933B $6.082B
YoY Change 6.61% -15.59% -14.0%
Other Long-Term Liabilities $491.0M $573.0M $568.0M
YoY Change -14.31% -19.41% -18.39%
Total Long-Term Liabilities $6.816B $6.506B $6.650B
YoY Change 4.76% -15.94% -14.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.771B $2.206B $2.189B
Total Long-Term Liabilities $6.816B $6.506B $6.650B
Total Liabilities $10.93B $10.97B $11.13B
YoY Change -0.44% -7.98% -7.57%
SHAREHOLDERS EQUITY
Retained Earnings $6.391B $5.680B $5.517B
YoY Change 12.52% 11.59% 12.75%
Common Stock $2.000M $2.000M $2.000M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.100B $2.800B $2.725B
YoY Change 10.71% 6.67% 4.49%
Treasury Stock Shares 74.63M shares 70.90M shares 69.77M shares
Shareholders Equity $5.023B $4.441B $4.375B
YoY Change
Total Liabilities & Shareholders Equity $16.02B $15.49B $15.58B
YoY Change 3.45% -2.46% -1.91%

Cashflow Statement

Concept 2017 Q3 2016 Q3 2016 Q2
OPERATING ACTIVITIES
Net Income $323.0M $232.0M $255.0M
YoY Change 39.22% -9.38% -14.14%
Depreciation, Depletion And Amortization $148.0M $145.0M $144.0M
YoY Change 2.07% 2.11% 1.41%
Cash From Operating Activities $528.0M $450.0M $494.0M
YoY Change 17.33% 22.28% -16.41%
INVESTING ACTIVITIES
Capital Expenditures -$159.0M -$141.0M -$124.0M
YoY Change 12.77% -12.42% -12.06%
Acquisitions
YoY Change
Other Investing Activities $12.00M -$6.000M $38.00M
YoY Change -300.0% -85.37% -2000.0%
Cash From Investing Activities -$147.0M -$147.0M -$86.00M
YoY Change 0.0% -27.23% -39.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -410.0M -336.0M -369.0M
YoY Change 22.02% 175.41% -1.86%
NET CHANGE
Cash From Operating Activities 528.0M 450.0M 494.0M
Cash From Investing Activities -147.0M -147.0M -86.00M
Cash From Financing Activities -410.0M -336.0M -369.0M
Net Change In Cash -29.00M -33.00M 39.00M
YoY Change -12.12% -175.0% -45.83%
FREE CASH FLOW
Cash From Operating Activities $528.0M $450.0M $494.0M
Capital Expenditures -$159.0M -$141.0M -$124.0M
Free Cash Flow $687.0M $591.0M $618.0M
YoY Change 16.24% 11.72% -15.57%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Entity Current Reporting Status
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dei Amendment Flag
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dei Document Fiscal Year Focus
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dei Document Period End Date
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dei Document Type
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dei Entity Registrant Name
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CY2016Q4 us-gaap Goodwill
Goodwill
4461000000 USD
CY2017Q3 us-gaap Goodwill
Goodwill
4520000000 USD
CY2016Q3 us-gaap Gross Profit
GrossProfit
621000000 USD
us-gaap Gross Profit
GrossProfit
1860000000 USD
CY2017Q3 us-gaap Gross Profit
GrossProfit
691000000 USD
us-gaap Gross Profit
GrossProfit
1967000000 USD
CY2017Q3 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
71000000 USD
CY2017Q3 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
35000000 USD
us-gaap Guarantee Obligations Term
GuaranteeObligationsTerm
30 years
CY2016Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
232000000 USD
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
738000000 USD
CY2017Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
323000000 USD
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
893000000 USD
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
289000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
936000000 USD
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
403000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1103000000 USD
CY2016Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
1.57
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
5.00
CY2017Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
2.24
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
6.15
CY2016Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.56
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
4.96
CY2017Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
2.22
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
6.10
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
56000000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
195000000 USD
CY2017Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
79000000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
206000000 USD
us-gaap Income Tax Reconciliation Deductions Other
IncomeTaxReconciliationDeductionsOther
16000000 USD
CY2017Q3 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
0 USD
us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
22000000 USD
us-gaap Income Tax Reconciliation Prior Year Income Taxes
IncomeTaxReconciliationPriorYearIncomeTaxes
9000000 USD
us-gaap Income Tax Reconciliation Prior Year Income Taxes
IncomeTaxReconciliationPriorYearIncomeTaxes
22000000 USD
CY2016Q3 us-gaap Income Tax Reconciliation Tax Credits Foreign
IncomeTaxReconciliationTaxCreditsForeign
16000000 USD
us-gaap Income Tax Reconciliation Tax Credits Foreign
IncomeTaxReconciliationTaxCreditsForeign
16000000 USD
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-66000000 USD
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
-20000000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
105000000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
188000000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-12000000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
143000000 USD
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
25000000 USD
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-25000000 USD
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
50000000 USD
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
2000000 USD
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-27000000 USD
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-7000000 USD
CY2016Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
2469000000 USD
CY2017Q3 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
2404000000 USD
CY2016Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-64000000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-191000000 USD
CY2017Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-61000000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-182000000 USD
CY2016Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
997000000 USD
CY2017Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1120000000 USD
CY2016Q4 us-gaap Inventory Gross
InventoryGross
1668000000 USD
CY2017Q3 us-gaap Inventory Gross
InventoryGross
1837000000 USD
CY2016Q4 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
264000000 USD
CY2017Q3 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
261000000 USD
CY2016Q4 us-gaap Inventory Net
InventoryNet
1404000000 USD
CY2017Q3 us-gaap Inventory Net
InventoryNet
1576000000 USD
CY2016Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
473000000 USD
CY2017Q3 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
501000000 USD
CY2016Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
198000000 USD
CY2017Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
216000000 USD
us-gaap Lessee Leasing Arrangements Operating Leases Term Of Contract
LesseeLeasingArrangementsOperatingLeasesTermOfContract
P40Y
CY2016Q4 us-gaap Liabilities
Liabilities
10849000000 USD
CY2017Q3 us-gaap Liabilities
Liabilities
10925000000 USD
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
15457000000 USD
CY2017Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
16024000000 USD
CY2016Q4 us-gaap Liabilities Current
LiabilitiesCurrent
1795000000 USD
CY2017Q3 us-gaap Liabilities Current
LiabilitiesCurrent
1771000000 USD
CY2016Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
6311000000 USD
CY2017Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
6325000000 USD
CY2016Q4 us-gaap Minority Interest
MinorityInterest
76000000 USD
CY2017Q3 us-gaap Minority Interest
MinorityInterest
76000000 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
4000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-721000000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-568000000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-359000000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-430000000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
995000000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1011000000 USD
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
232000000 USD
us-gaap Net Income Loss
NetIncomeLoss
738000000 USD
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
323000000 USD
us-gaap Net Income Loss
NetIncomeLoss
893000000 USD
CY2016Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1000000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
3000000 USD
CY2017Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
1000000 USD
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
4000000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4 Segment
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
356000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
1131000000 USD
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
460000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
1277000000 USD
CY2016Q4 us-gaap Other Assets Current
OtherAssetsCurrent
70000000 USD
CY2017Q3 us-gaap Other Assets Current
OtherAssetsCurrent
49000000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
385000000 USD
CY2017Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
370000000 USD
CY2016 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
0 USD
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
0 USD
CY2016Q3 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
-12000000 USD
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
-34000000 USD
CY2017Q3 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
-11000000 USD
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
-33000000 USD
CY2016Q3 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
-7000000 USD
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
-21000000 USD
CY2017Q3 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
-7000000 USD
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
-20000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
-35000000 USD
us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
71000000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
65000000 USD
us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
31000000 USD
CY2016 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
172000000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
3000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-42000000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-6000000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
17000000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
60000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-42000000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-6000000 USD
CY2016 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-97000000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
17000000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
60000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-37000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
42000000 USD
CY2016 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
109000000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
48000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
43000000 USD
CY2016 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-34000000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
20000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
-30000000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
-90000000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
-10000000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesBeforeTax
-17000000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-7000000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-11000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-11000000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
21000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-19000000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-56000000 USD
CY2017Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
49000000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
-13000000 USD
CY2016Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-7000000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
13000000 USD
CY2017Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
31000000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-8000000 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
519000000 USD
CY2017Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
491000000 USD
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-3000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
5000000 USD
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
4000000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
8000000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
19000000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
21000000 USD
CY2016Q4 us-gaap Other Receivables
OtherReceivables
399000000 USD
CY2017Q3 us-gaap Other Receivables
OtherReceivables
378000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-1000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
2000000 USD
us-gaap Payments For Repurchase Of Other Equity
PaymentsForRepurchaseOfOtherEquity
120000000 USD
us-gaap Payments For Repurchase Of Other Equity
PaymentsForRepurchaseOfOtherEquity
275000000 USD
CY2016 us-gaap Payments For Restructuring
PaymentsForRestructuring
48000000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
31000000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
204000000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
223000000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
8000000 USD
us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
5000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
26000000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
4000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
375000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
438000000 USD
CY2016Q4 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Current
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesCurrent
110000000 USD
CY2017Q3 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Current
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesCurrent
83000000 USD
CY2016Q4 us-gaap Percentage Of Lifo Inventory
PercentageOfLIFOInventory
0.60
CY2017Q3 us-gaap Percentage Of Lifo Inventory
PercentageOfLIFOInventory
0.60
CY2016Q4 us-gaap Postemployment Benefits Liability Noncurrent
PostemploymentBenefitsLiabilityNoncurrent
1018000000 USD
CY2017Q3 us-gaap Postemployment Benefits Liability Noncurrent
PostemploymentBenefitsLiabilityNoncurrent
989000000 USD
CY2017Q3 us-gaap Price Risk Cash Flow Hedge Unrealized Gain Loss To Be Reclassified During Next12 Months
PriceRiskCashFlowHedgeUnrealizedGainLossToBeReclassifiedDuringNext12Months
-5000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
807000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
600000000 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
16000000 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
14000000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
-255000000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
71000000 USD
us-gaap Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
41000000 USD
us-gaap Proceeds From Sales Of Assets Investing Activities
ProceedsFromSalesOfAssetsInvestingActivities
14000000 USD
CY2016Q3 us-gaap Profit Loss
ProfitLoss
233000000 USD
us-gaap Profit Loss
ProfitLoss
741000000 USD
CY2017Q3 us-gaap Profit Loss
ProfitLoss
324000000 USD
us-gaap Profit Loss
ProfitLoss
897000000 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11699000000 USD
CY2017Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
12145000000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5276000000 USD
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5485000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
957000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
750000000 USD
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
54000000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
163000000 USD
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
56000000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
165000000 USD
CY2015Q4 us-gaap Restructuring Reserve
RestructuringReserve
66000000 USD
CY2016Q4 us-gaap Restructuring Reserve
RestructuringReserve
55000000 USD
CY2017Q3 us-gaap Restructuring Reserve
RestructuringReserve
26000000 USD
us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
2000000 USD
CY2016 us-gaap Restructuring Reserve Period Increase Decrease
RestructuringReservePeriodIncreaseDecrease
45000000 USD
us-gaap Restructuring Reserve Period Increase Decrease
RestructuringReservePeriodIncreaseDecrease
0 USD
CY2016 us-gaap Restructuring Reserve Settled Without Cash2
RestructuringReserveSettledWithoutCash2
8000000 USD
CY2016Q3 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
30000000 USD
us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
28000000 USD
CY2017Q3 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
0 USD
us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
0 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
5146000000 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
5517000000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
5680000000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
5721000000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
6142000000 USD
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
6391000000 USD
CY2016Q3 us-gaap Revenues
Revenues
2287000000 USD
us-gaap Revenues
Revenues
6820000000 USD
CY2017Q3 us-gaap Revenues
Revenues
2465000000 USD
us-gaap Revenues
Revenues
7187000000 USD
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
181000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
538000000 USD
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
175000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
525000000 USD
us-gaap Servicing Assets And Servicing Liabilities At Fair Value Assumptions Used To Estimate Fair Value Expected Credit Losses
ServicingAssetsAndServicingLiabilitiesAtFairValueAssumptionsUsedToEstimateFairValueExpectedCreditLosses
0.10
CY2016Q3 us-gaap Severance Costs1
SeveranceCosts1
30000000 USD
us-gaap Severance Costs1
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us-gaap Severance Costs1
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<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 provides a five-step process to the principles-based guidance. 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. In April 2016, the FASB issued clarifying guidance to the 2014 revenue standard in regard to the identification of performance obligations and licensing. In May 2016, the FASB issued narrow-scope improvements and practical expedients to the new revenue standard that include clarification of the collectability criterion, specification for the measurement of noncash considerations, clarification of a completed contract for transition purposes and clarification in regards to the retrospective application, as well as, policy elections, and other practical expedients. In December 2016, the FASB issued additional corrections and improvements that affect various narrow aspects of the guidance. The effective date for all amendments is the same as that of the revenue standard stated above. Management does not expect that changes in its accounting required by this new guidance will materially impact the Company's financial statements and related disclosures. The company plans to adopt the standard under the modified-retrospective approach when effective on January 1, 2018.</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 February 2016, the FASB issued guidance on lease accounting. The new guidance establishes two types of leases for lessees: finance and operating. Both finance and operating leases will have associated right-of-use assets and liabilities initially measured at the present value of the lease payments. This guidance is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period and early adoption is permitted. The new guidance is to be applied under a modified retrospective approach wherein practical expedients have been allowed that will not require reassessment of current leases at the effective date. Management is currently evaluating the impact on the Company's financial statements 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 June 2016, the FASB issued guidance relating to credit losses. The amendments require a financial asset (including trade receivables) to be presented at the net amount expected to be collected through the use of allowances for credit losses valuation account. The income statement will reflect the measurement of credit losses for newly recognized financial assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. This guidance is effective for annual reporting periods beginning after December 15, 2019, including interim periods within that reporting period and early adoption is permitted, including adoption in an interim period, beginning after December 15, 2018. The new guidance application is mixed among the various elements that include modified retrospective and prospective transition methods. Management is currently evaluating the impact on the Company's financial statements 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%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In October 2016, the FASB issued guidance as a part of its simplification initiative in regards to income tax of intra-entity asset transfers. The release requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. Consequently, the amendments eliminate the exception for an intra-entity transfer of an asset other than inventory that prohibited recognizing current and deferred income tax consequences for an intra-entity asset transfer until the asset or assets have been sold to an outside party. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods and early adoption is permitted as of the beginning of an annual reporting period for which financial statements (interim or annual) have not been issued or made available for issuance. The new guidance is to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. Management is currently evaluating the impact on the Company's financial statements 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%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the FASB issued guidance clarifying the definition of a business that provides a two-step analysis in the determination of whether an acquisition or derecognition is a business or an asset. The update removes the evaluation of whether a market participant could replace any missing elements and provides a framework to assist entities in evaluating whether both an input and a substantive process are present. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods and early adoption is permitted for transactions that meet specified criteria. This guidance is to be applied on a prospective basis for transactions that occur after the effective date.</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 January 2017, the FASB issued guidance as a part of its simplification initiative that bases the impairment of goodwill on any difference for which the carrying value is greater than the fair value of the reporting unit. This guidance is effective for annual reporting periods, or interim period testing performed, beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment testing performed after January 1, 2017. This guidance is to be applied on a prospective basis for goodwill testing that occur after the effective date.</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 February 2017, the FASB issued guidance that clarifies the scope of nonfinancial asset derecognition and the accounting for partial sales of nonfinancial assets. This guidance is effective at the same time as the amendments in the revenue recognition standard stated above, for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, and must be applied in conjunction with that standard. Adoption can be applied either on a retrospective or modified retrospective approach. Management is currently evaluating the impact on the Company's financial statements 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%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2017, the FASB issued guidance to improve the presentation of net periodic pension and postretirement benefit costs that will require the reporting of the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost (interest cost, expected return on plan assets, curtailment gains or losses, amortization of prior service costs or credits, and mark-to-market gains or losses) are to be presented in the income statement separately from the service cost component and outside the subtotal of income from operations, if presented. In addition, the new requirement prescribes only the service cost component to be eligible for capitalization. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim periods within those annual reporting periods, and early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. The new guidance is to be applied retrospectively for income statement effect and prospectively for balance sheet effects. Management is currently evaluating the impact on the Company's financial statements 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%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2017, the FASB issued guidance to clarify when changes to the terms or conditions of a share-based payment award would require an entity to apply modification accounting. This guidance is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period, for reporting periods for which financial statements have not yet been issued. The new guidance is to be applied prospectively to an award modified on or after the adoption date. </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 August 2017, the FASB issued guidance to simplify the application of the current hedge accounting guidance and improve the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities in the financial statements. This guidance is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted in any interim period after issuance of the guidance. Income statement impacts are to be adopted on a retrospective basis as of the beginning of the fiscal year of adoption. The amended presentation and disclosure guidance is required only prospectively. Management is currently evaluating the impact on the Company's financial statements and related disclosures.</font></div></div>

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