2017 Q4 Form 10-K Financial Statement

#000004053319000010 Filed on February 13, 2019

View on sec.gov

Income Statement

Concept 2017 Q4 2016 Q4 2016
Revenue $7.580B $7.657B $30.56B
YoY Change -1.01% -4.22% -3.84%
Cost Of Revenue $6.018B $6.171B $24.90B
YoY Change -2.48% -4.83% 160.34%
Gross Profit $1.562B $1.486B $5.665B
YoY Change 5.11% -1.59% -74.5%
Gross Profit Margin 20.61% 19.41% 18.54%
Selling, General & Admin $503.0M $471.0M $1.921B
YoY Change 6.79% -1.05% -0.83%
% of Gross Profit 32.2% 31.7% 33.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $106.0M $109.0M $365.0M
YoY Change -2.75% -6.84% 0.0%
% of Gross Profit 6.79% 7.34% 6.44%
Operating Expenses $503.0M $471.0M $1.921B
YoY Change 6.79% -1.05% -0.83%
Operating Profit $1.063B $1.015B $3.744B
YoY Change 4.73% -1.84% -12.83%
Interest Expense -$27.00M -$23.00M $99.00M
YoY Change 17.39% 0.0% 1.02%
% of Operating Profit -2.54% -2.27% 2.64%
Other Income/Expense, Net -$9.000M $2.000M $3.000M
YoY Change -550.0% 0.0% -57.14%
Pretax Income $1.027B $994.0M $3.656B
YoY Change 3.32% -1.88% -13.34%
Income Tax $263.0M $263.0M $977.0M
% Of Pretax Income 25.61% 26.46% 26.72%
Net Earnings $764.0M $647.0M $2.572B
YoY Change 18.08% -11.73% -15.28%
Net Earnings / Revenue 10.08% 8.45% 8.42%
Basic Earnings Per Share $2.56 $2.13 $8.44
Diluted Earnings Per Share $2.52 $2.09 $8.29
COMMON SHARES
Basic Shares Outstanding 298.1M shares 303.9M shares 304.7M shares
Diluted Shares Outstanding 303.8M shares 309.7M shares 310.4M shares

Balance Sheet

Concept 2017 Q4 2016 Q4 2016
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.174B $2.303B $2.334B
YoY Change 37.82% -31.7% -16.19%
Cash & Equivalents $2.983B $2.334B $2.334B
Short-Term Investments $191.0M
Other Short-Term Assets $1.185B $1.471B $772.0M
YoY Change -19.44% 138.41% -84.48%
Inventory $5.303B $5.118B $5.817B
Prepaid Expenses
Receivables $3.617B $3.399B $7.611B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $18.33B $16.53B $16.53B
YoY Change 10.85% 13.47% 13.47%
LONG-TERM ASSETS
Property, Plant & Equipment $3.517B $3.477B $3.477B
YoY Change 1.15% 0.32% 0.32%
Goodwill $11.91B $11.45B
YoY Change 4.1% 0.02%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $585.0M $1.038B $1.038B
YoY Change -43.64% -40.82% -40.82%
Total Long-Term Assets $16.72B $16.64B $16.64B
YoY Change 0.48% -4.52% -4.52%
TOTAL ASSETS
Total Short-Term Assets $18.33B $16.53B $16.53B
Total Long-Term Assets $16.72B $16.64B $16.64B
Total Assets $35.05B $33.17B $33.17B
YoY Change 5.65% 1.95% 3.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.207B $2.538B $2.538B
YoY Change 26.36% 29.23% 29.23%
Accrued Expenses $1.135B $1.123B $1.030B
YoY Change 1.07% 0.0% 1.28%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $903.0M $1.000M $900.0M
YoY Change 90200.0% -99.8% 79.64%
Total Short-Term Liabilities $13.10B $13.45B $13.45B
YoY Change -2.61% 8.08% 8.08%
LONG-TERM LIABILITIES
Long-Term Debt $3.980B $2.988B $2.988B
YoY Change 33.2% 3.11% 3.11%
Other Long-Term Liabilities $6.532B $6.433B $6.250B
YoY Change 1.54% 8.74% 7.0%
Total Long-Term Liabilities $10.51B $9.421B $9.238B
YoY Change 11.58% 6.89% 5.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.10B $13.45B $13.45B
Total Long-Term Liabilities $10.51B $9.421B $9.238B
Total Liabilities $23.61B $22.87B $22.87B
YoY Change 3.24% 7.58% 7.58%
SHAREHOLDERS EQUITY
Retained Earnings $26.44B $24.54B
YoY Change 7.75% 5.77%
Common Stock $482.0M $482.0M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $15.54B $14.16B
YoY Change 9.8% 14.23%
Treasury Stock Shares
Shareholders Equity $11.80B $10.30B $10.30B
YoY Change
Total Liabilities & Shareholders Equity $35.05B $33.17B $33.17B
YoY Change 5.65% 3.67% 3.67%

Cashflow Statement

Concept 2017 Q4 2016 Q4 2016
OPERATING ACTIVITIES
Net Income $764.0M $647.0M $2.572B
YoY Change 18.08% -11.73% -15.28%
Depreciation, Depletion And Amortization $106.0M $109.0M $365.0M
YoY Change -2.75% -6.84% 0.0%
Cash From Operating Activities $860.0M $489.0M $2.109B
YoY Change 75.87% -40.51% -15.61%
INVESTING ACTIVITIES
Capital Expenditures -$120.0M -$110.0M $392.0M
YoY Change 9.09% -35.29% -31.11%
Acquisitions $58.00M
YoY Change 1060.0%
Other Investing Activities -$269.0M $13.00M -$50.00M
YoY Change -2169.23% -64.86% -394.12%
Cash From Investing Activities -$389.0M -$97.00M -$391.0M
YoY Change 301.03% -27.07% -295.5%
FINANCING ACTIVITIES
Cash Dividend Paid $252.0M $231.0M $911.0M
YoY Change 9.09% 3.59% 4.35%
Common Stock Issuance & Retirement, Net $1.996B
YoY Change -38.26%
Debt Paid & Issued, Net $500.0M $500.0M
YoY Change 0.0%
Cash From Financing Activities 395.0M 12.00M -2.169B
YoY Change 3191.67% -100.89% -49.07%
NET CHANGE
Cash From Operating Activities 860.0M 489.0M 2.109B
Cash From Investing Activities -389.0M -97.00M -391.0M
Cash From Financing Activities 395.0M 12.00M -2.169B
Net Change In Cash 866.0M 404.0M -451.0M
YoY Change 114.36% -161.21% -71.09%
FREE CASH FLOW
Cash From Operating Activities $860.0M $489.0M $2.109B
Capital Expenditures -$120.0M -$110.0M $392.0M
Free Cash Flow $980.0M $599.0M $1.717B
YoY Change 63.61% -39.62% -11.04%

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CY2018Q4 us-gaap Commitments And Contingencies
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CY2018Q4 us-gaap Common Stock Shares Outstanding
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0.000
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0.000
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CY2018Q4 us-gaap Fair Value Investments Entities That Calculate Net Asset Value Per Share Unfunded Committments
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1979000000 USD
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280000000 USD
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175000000 USD
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192000000 USD
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265000000 USD
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4077000000 USD
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4085000000 USD
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8.79
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9.73
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617000000 USD
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532000000 USD
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567000000 USD
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657000000 USD
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122000000 USD
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195000000 USD
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264000000 USD
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36000000 USD
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377000000 USD
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182000000 USD
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591000000 USD
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278000000 USD
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285000000 USD
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74000000 USD
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50000000 USD
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P1Y
CY2017 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
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P2Y
CY2018 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
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CY2018 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
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109.19
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263000000 USD
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215000000 USD
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147000000 USD
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197514 shares
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
182.08
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
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1730430 shares
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22.11
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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33.09
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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37.42
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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320000000 USD
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
10620389 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
10765195 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
126.08
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
143.43
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
319000000 USD
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
10595953 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
142.32
CY2018 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
104.48
CY2018 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
223.06
CY2018Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
294000000 USD
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y5M10D
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y6M
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y5M10D
CY2018Q4 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
0 USD
CY2018 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1388110 shares
CY2016 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
356000000 USD
CY2017 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
199000000 USD
CY2018 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
179000000 USD
CY2016 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
25000000 USD
CY2017 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
34000000 USD
CY2018 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
45000000 USD
CY2018Q4 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
7500000 shares
CY2016 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
14200000 shares
CY2017 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
7800000 shares
CY2018 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
10100000 shares
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
10440000000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
10301000000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
11435000000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
11732000000 USD
CY2018Q4 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
135000000 USD
CY2017Q4 us-gaap Trading Securities
TradingSecurities
0 USD
CY2018Q4 us-gaap Trading Securities
TradingSecurities
0 USD
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
15543000000 USD
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
17244000000 USD
CY2016 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
2031000000 USD
CY2017 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
1533000000 USD
CY2018 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
1806000000 USD
CY2017Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
21845000000 USD
CY2018Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
27908000000 USD
CY2017Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
5240000000 USD
CY2018Q4 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
6576000000 USD
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
310387000 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
304637000 shares
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
299160000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
304707000 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
299172000 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
295262000 shares
CY2017Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
320000000 USD
CY2018Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
244000000 USD
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:24px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Use of Estimates.</font><font style="font-family:inherit;font-size:12pt;"> The nature of our business requires that we make estimates and assumptions in accordance with U.S. generally accepted accounting principles (GAAP). These estimates and assumptions </font><font style="font-family:inherit;font-size:12pt;">affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period</font><font style="font-family:inherit;font-size:12pt;">. We base our estimates </font><font style="font-family:inherit;font-size:12pt;">on historical experience, currently available information and various other assumptions that we believe are reasonable under the circumstances</font><font style="font-family:inherit;font-size:12pt;">. </font><font style="font-family:inherit;font-size:12pt;">Actual results could differ from these estimates.</font></div></div>

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