2017 Form 10-K Financial Statement

#000086637417000005 Filed on May 16, 2017

View on sec.gov

Income Statement

Concept 2017 2016 Q1 2015 Q3
Revenue $23.86B $5.773B $6.317B
YoY Change -2.28% -3.01% -3.24%
Cost Of Revenue $22.30B $5.366B $5.920B
YoY Change -2.23% -3.7% -3.76%
Gross Profit $1.521B $406.3M $396.9M
YoY Change -5.42% 7.26% 5.26%
Gross Profit Margin 6.37% 7.04% 6.28%
Selling, General & Admin $937.3M $288.1M $216.8M
YoY Change -1.84% 34.25% 5.97%
% of Gross Profit 61.63% 70.9% 54.62%
Research & Development $65.60M
YoY Change 7.54%
% of Gross Profit 4.31%
Depreciation & Amortization $432.2M $133.5M $120.8M
YoY Change -16.13% -1.98% -12.97%
% of Gross Profit 28.42% 32.85% 30.43%
Operating Expenses $1.003B $312.4M $216.8M
YoY Change -1.27% 44.43% 5.97%
Operating Profit $518.0M $93.94M $180.1M
YoY Change -12.52% -42.2% 4.42%
Interest Expense $108.0M -$19.90M $25.10M
YoY Change 10.2% 342.22% 32.11%
% of Operating Profit 20.85% -21.18% 13.94%
Other Income/Expense, Net $15.25M -$4.800M -$22.04M
YoY Change -117.99% 128.57% 76.2%
Pretax Income $370.8M $69.20M $140.3M
YoY Change -18.44% -55.61% -9.11%
Income Tax $51.28M $7.900M $17.30M
% Of Pretax Income 13.83% 11.42% 12.33%
Net Earnings $319.6M $61.34M $123.0M
YoY Change -28.04% -54.6% -11.47%
Net Earnings / Revenue 1.34% 1.06% 1.95%
Basic Earnings Per Share $0.59 $0.11 $0.22
Diluted Earnings Per Share $0.59 $0.11 $0.22
COMMON SHARES
Basic Shares Outstanding 540.5M shares 548.6M shares 563.3M shares
Diluted Shares Outstanding 546.2M shares 569.7M shares

Balance Sheet

Concept 2017 2016 Q1 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.831B $1.608B $1.668B
YoY Change 13.87% -1.23% 10.17%
Cash & Equivalents $1.067B $1.831B $1.668B
Short-Term Investments
Other Short-Term Assets $968.0M $1.171B $1.209B
YoY Change -17.34% -8.95% -0.19%
Inventory $3.396B $3.492B $3.561B
Prepaid Expenses
Receivables $2.193B $2.045B $2.547B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $8.388B $8.315B $8.985B
YoY Change 0.88% -4.87% 1.2%
LONG-TERM ASSETS
Property, Plant & Equipment $2.317B $2.258B $2.218B
YoY Change 2.61% 7.91% 1.1%
Goodwill $942.1M $627.4M
YoY Change 182.37% 95.4%
Intangibles $403.8M
YoY Change
Long-Term Investments $122.9M
YoY Change 41.26%
Other Assets $542.0M $466.4M $475.0M
YoY Change 16.31% 15.26% 9.54%
Total Long-Term Assets $4.205B $4.070B $3.675B
YoY Change 3.32% 39.76% 20.85%
TOTAL ASSETS
Total Short-Term Assets $8.388B $8.315B $8.985B
Total Long-Term Assets $4.205B $4.070B $3.675B
Total Assets $12.59B $12.38B $12.66B
YoY Change 1.68% 6.28% 6.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.485B $4.248B $4.788B
YoY Change 5.58% -6.86% 2.01%
Accrued Expenses $344.0M $354.0M $401.0M
YoY Change -2.82% 4.12% 5.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $62.00M $65.17M $47.97M
YoY Change -4.62% 44.72% 5.25%
Total Short-Term Liabilities $6.505B $6.572B $7.033B
YoY Change -1.02% -2.71% -0.33%
LONG-TERM LIABILITIES
Long-Term Debt $2.891B $2.709B $2.618B
YoY Change 6.72% 33.73% 26.92%
Other Long-Term Liabilities $520.0M $497.9M $553.8M
YoY Change 4.42% 4.68% 20.97%
Total Long-Term Liabilities $3.411B $3.207B $3.172B
YoY Change 6.36% 28.21% 25.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.505B $6.572B $7.033B
Total Long-Term Liabilities $3.411B $3.207B $3.172B
Total Liabilities $9.949B $9.779B $10.20B
YoY Change 1.38% 5.65% 6.55%
SHAREHOLDERS EQUITY
Retained Earnings -$3.892B -$4.102B
YoY Change -10.24% -11.28%
Common Stock $6.987B $7.112B
YoY Change -3.83% -4.48%
Preferred Stock
YoY Change
Treasury Stock (at cost) $388.2M $388.2M
YoY Change 0.0% 0.0%
Treasury Stock Shares 50.24M shares 50.24M shares
Shareholders Equity $2.645B $2.571B $2.420B
YoY Change
Total Liabilities & Shareholders Equity $12.59B $12.38B $12.66B
YoY Change 1.68% 6.28% 6.21%

Cashflow Statement

Concept 2017 2016 Q1 2015 Q3
OPERATING ACTIVITIES
Net Income $319.6M $61.34M $123.0M
YoY Change -28.04% -54.6% -11.47%
Depreciation, Depletion And Amortization $432.2M $133.5M $120.8M
YoY Change -16.13% -1.98% -12.97%
Cash From Operating Activities -$3.822B $196.6M $299.7M
YoY Change -436.32% 57.78% -22.64%
INVESTING ACTIVITIES
Capital Expenditures $525.1M -$92.00M -$158.1M
YoY Change 2.84% -0.43% 97.38%
Acquisitions $189.1M
YoY Change -79.37%
Other Investing Activities $60.33M $8.500M -$626.4M
YoY Change -630.64% -89.92% 2375.89%
Cash From Investing Activities $4.270B -$83.60M -$784.4M
YoY Change -405.78% 919.51% 644.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $349.5M
YoY Change -16.84%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$242.1M -136.9M -162.7M
YoY Change -196.98% -28.55% 36.04%
NET CHANGE
Cash From Operating Activities -$3.822B 196.6M 299.7M
Cash From Investing Activities $4.270B -83.60M -784.4M
Cash From Financing Activities -$242.1M -136.9M -162.7M
Net Change In Cash $223.1M -23.90M -647.4M
YoY Change -2268.38% -68.22% -498.65%
FREE CASH FLOW
Cash From Operating Activities -$3.822B $196.6M $299.7M
Capital Expenditures $525.1M -$92.00M -$158.1M
Free Cash Flow -$4.347B $288.6M $457.8M
YoY Change -794.65% 33.0% -2.07%

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12100000 USD
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133100000 USD
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124700000 USD
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63887000 USD
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746420000 USD
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65232000 USD
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517592000 USD
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475092000 USD
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2709389000 USD
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2890609000 USD
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0.035
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0.035
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34658000 USD
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2257633000 USD
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2317026000 USD
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141730000 USD
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26300000 USD
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61000000 USD
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65600000 USD
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13240000 USD
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23501000 USD
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0 USD
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us-gaap Sales Revenue Net
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5862597000 USD
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23862934000 USD
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844473000 USD
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954890000 USD
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50270000 USD
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77330000 USD
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1200000 USD
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500000000 USD
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285300000 USD
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25100000 shares
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345800000 USD
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14700000 shares
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214700000 USD
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2396250000 USD
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2678276000 USD
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1
CY2017 us-gaap Subsidiary Or Equity Method Investee Cumulative Percentage Ownership After All Transactions
SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions
1
CY2016Q1 us-gaap Treasury Stock Shares
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CY2017Q1 us-gaap Treasury Stock Shares
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388215000 USD
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17351000 USD
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16007000 USD
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1200000000 USD
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222373000 USD
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212326000 USD
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203323000 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Foreign Currency Translation
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7086000 USD
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8599000 USD
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9578000 USD
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22065000 USD
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12797000 USD
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3684000 USD
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21273000 USD
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29007000 USD
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20453000 USD
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9728000 USD
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22312000 USD
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13390000 USD
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UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
185400000 USD
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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591556000 shares
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
564869000 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
546220000 shares
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
579981000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
557667000 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
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540503000 shares
CY2017 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Concentration of Credit Risk</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments which potentially subject the Company to concentrations of credit risk are primarily accounts receivable, cash and cash equivalents, and derivative instruments.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:26px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Customer Credit Risk</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has an established customer credit policy, through which it manages customer credit exposures through credit evaluations, credit limit setting, monitoring, and enforcement of credit limits for new and existing customers. The Company performs ongoing credit evaluations of its customers' financial condition and makes provisions for doubtful accounts based on the outcome of those credit evaluations. The Company evaluates the collectability of its accounts receivable based on specific customer circumstances, current economic trends, historical experience with collections and the age of past due receivables. To the extent the Company identifies exposures as a result of credit or customer evaluations, the Company also reviews other customer related exposures, including but not limited to inventory and related contractual obligations.</font></div></div>
CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:26px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S.&#160;GAAP" or "GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates are used in accounting for, among other things: allowances for doubtful accounts; inventory write-downs; valuation allowances for deferred tax assets; uncertain tax positions; valuation and useful lives of long-lived assets including property, equipment, intangible assets and goodwill; asset impairments; fair values of financial instruments including investments, notes receivable and derivative instruments; restructuring charges; contingencies; warranty provisions; fair values of assets obtained and liabilities assumed in business combinations and the fair values of stock options and share bonus awards granted under the Company's stock-based compensation plans. Actual results may differ from previously estimated amounts, and such differences may be material to the consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they occur.</font></div></div>

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