2018 Q4 Form 10-K Financial Statement

#000002474119000016 Filed on February 12, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2017 Q4 2017 Q3
Revenue $3.035B $2.637B $2.607B
YoY Change 15.09% 6.5% 3.99%
Cost Of Revenue $1.833B $1.603B $1.557B
YoY Change 14.35% 7.87% 6.21%
Gross Profit $1.202B $1.032B $1.050B
YoY Change 16.47% 4.24% 0.86%
Gross Profit Margin 39.6% 39.14% 40.28%
Selling, General & Admin $445.0M $400.0M $375.0M
YoY Change 11.25% 8.7% 24.17%
% of Gross Profit 37.02% 38.76% 35.71%
Research & Development $265.0M $240.0M $215.0M
YoY Change 10.42% 38.73% 14.97%
% of Gross Profit 22.05% 23.26% 20.48%
Depreciation & Amortization $330.0M $306.0M $294.0M
YoY Change 7.84% 0.33% -2.0%
% of Gross Profit 27.45% 29.65% 28.0%
Operating Expenses $736.0M $662.0M $375.0M
YoY Change 11.18% 18.43% 24.17%
Operating Profit $466.0M $370.0M $442.0M
YoY Change 25.95% -14.15% -17.38%
Interest Expense $87.00M $254.0M $23.00M
YoY Change -65.75% -87.21% -109.2%
% of Operating Profit 18.67% 68.65% 5.2%
Other Income/Expense, Net -$205.0M -$60.00M $7.000M
YoY Change 241.67% 328.57% -125.0%
Pretax Income $346.0M $566.0M $479.0M
YoY Change -38.87% -76.46% 86.38%
Income Tax $54.00M $1.978B $89.00M
% Of Pretax Income 15.61% 349.47% 18.58%
Net Earnings $292.0M -$1.412B $390.0M
YoY Change -120.68% -189.82% 37.32%
Net Earnings / Revenue 9.62% -53.55% 14.96%
Basic Earnings Per Share $0.27 -$1.66 $0.41
Diluted Earnings Per Share $0.26 -$1.66 $0.39
COMMON SHARES
Basic Shares Outstanding 800.4M 883.0M
Diluted Shares Outstanding 1.009B

Balance Sheet

Concept 2018 Q4 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.355B $4.317B $3.865B
YoY Change -45.45% -18.41% -19.83%
Cash & Equivalents $2.355B $4.317B $3.865B
Short-Term Investments
Other Short-Term Assets $702.0M $991.0M $948.0M
YoY Change -29.16% 23.11% 90.74%
Inventory $2.037B $1.712B $1.693B
Prepaid Expenses
Receivables $1.940B $1.807B $1.748B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.034B $8.827B $8.254B
YoY Change -20.31% -2.44% -2.65%
LONG-TERM ASSETS
Property, Plant & Equipment $14.90B $14.02B $13.34B
YoY Change 6.26% 11.72% 0.38%
Goodwill $1.936B $1.694B
YoY Change 14.29% 7.42%
Intangibles $1.292B $869.0M
YoY Change 48.68% 9.17%
Long-Term Investments $376.0M $340.0M $352.0M
YoY Change 10.59% 26.39% 23.51%
Other Assets $1.021B $934.0M $3.569B
YoY Change 9.31% -26.51% 195.2%
Total Long-Term Assets $20.47B $18.67B $19.84B
YoY Change 9.66% -0.98% -2.41%
TOTAL ASSETS
Total Short-Term Assets $7.034B $8.827B $8.254B
Total Long-Term Assets $20.47B $18.67B $19.84B
Total Assets $27.51B $27.49B $28.09B
YoY Change 0.04% -1.45% -2.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.456B $1.439B $1.179B
YoY Change 1.18% 33.36% 26.37%
Accrued Expenses $1.851B $1.391B $1.004B
YoY Change 33.07% -1.77% -25.85%
Deferred Revenue $54.00M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.000M $379.0M $631.0M
YoY Change -98.94% 48.05% 8914.29%
Total Short-Term Liabilities $3.311B $3.209B $3.065B
YoY Change 3.18% 16.65% 33.61%
LONG-TERM LIABILITIES
Long-Term Debt $5.994B $4.749B $3.994B
YoY Change 26.22% 30.25% 1.99%
Other Long-Term Liabilities $3.652B $3.017B $3.652B
YoY Change 21.05% 7.56% -11.01%
Total Long-Term Liabilities $3.652B $3.017B $7.646B
YoY Change 21.05% 7.56% 86.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.311B $3.209B $3.065B
Total Long-Term Liabilities $3.652B $3.017B $7.646B
Total Liabilities $13.62B $11.72B $10.78B
YoY Change 16.16% 17.96% -2.22%
SHAREHOLDERS EQUITY
Retained Earnings $16.30B $15.93B
YoY Change 2.34% -5.63%
Common Stock $15.07B $14.94B
YoY Change 0.84% 2.76%
Preferred Stock
YoY Change
Treasury Stock (at cost) $18.87B $16.63B
YoY Change 13.45% 17.53%
Treasury Stock Shares $925.0M $850.0M
Shareholders Equity $13.79B $15.70B $17.32B
YoY Change
Total Liabilities & Shareholders Equity $27.51B $27.49B $28.09B
YoY Change 0.04% -1.45% -2.48%

Cashflow Statement

Concept 2018 Q4 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income $292.0M -$1.412B $390.0M
YoY Change -120.68% -189.82% 37.32%
Depreciation, Depletion And Amortization $330.0M $306.0M $294.0M
YoY Change 7.84% 0.33% -2.0%
Cash From Operating Activities $941.0M $888.0M $645.0M
YoY Change 5.97% -37.82% -1.38%
INVESTING ACTIVITIES
Capital Expenditures -$618.0M -$557.0M -$486.0M
YoY Change 10.95% 76.83% 72.34%
Acquisitions
YoY Change
Other Investing Activities -$3.000M $65.00M -$98.00M
YoY Change -104.62% 209.52%
Cash From Investing Activities -$621.0M -$492.0M -$584.0M
YoY Change 26.22% 67.35% 107.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 121.0M -29.00M -457.0M
YoY Change -517.24% -93.56% -83.3%
NET CHANGE
Cash From Operating Activities 941.0M 888.0M 645.0M
Cash From Investing Activities -621.0M -492.0M -584.0M
Cash From Financing Activities 121.0M -29.00M -457.0M
Net Change In Cash 441.0M 367.0M -396.0M
YoY Change 20.16% -46.35% -83.26%
FREE CASH FLOW
Cash From Operating Activities $941.0M $888.0M $645.0M
Capital Expenditures -$618.0M -$557.0M -$486.0M
Free Cash Flow $1.559B $1.445B $1.131B
YoY Change 7.89% -17.1% 20.83%

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ResearchAndDevelopmentExpense
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ResearchAndDevelopmentExpense
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CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
15770000000
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
13886000000
CY2016 us-gaap Stockholders Equity Other
StockholdersEquityOther
28000000
CY2016 us-gaap Restructuring Settlement And Impairment Provisions
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77000000
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
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15930000000
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2017 us-gaap Treasury Stock Value Acquired Par Value Method
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2448000000
CY2018 us-gaap Treasury Stock Value Acquired Par Value Method
TreasuryStockValueAcquiredParValueMethod
2230000000
CY2017Q4 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
15400000000
CY2018Q4 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
1500000000
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
253000000
CY2016 us-gaap Revenues
Revenues
9390000000
CY2017Q1 us-gaap Revenues
Revenues
2375000000
CY2017 us-gaap Revenues
Revenues
10116000000
CY2017Q2 us-gaap Revenues
Revenues
2497000000
CY2017Q3 us-gaap Revenues
Revenues
2607000000
CY2017Q4 us-gaap Revenues
Revenues
2637000000
CY2018Q1 us-gaap Revenues
Revenues
2500000000
CY2018 us-gaap Revenues
Revenues
11290000000
CY2018Q2 us-gaap Revenues
Revenues
2747000000
CY2018Q3 us-gaap Revenues
Revenues
3008000000
CY2018Q4 us-gaap Revenues
Revenues
3035000000
CY2017 us-gaap Stockholders Equity Other
StockholdersEquityOther
-196000000
CY2018 us-gaap Stockholders Equity Other
StockholdersEquityOther
13000000
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
243000000
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
252000000
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
435000000
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
816000000
CY2016 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1462000000
CY2017 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1473000000
CY2018 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1799000000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.431
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.361
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.314
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.371
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.324
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.306
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.021
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.023
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.031
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.014
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.021
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.027
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.410
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.361
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.314
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
15698000000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
13792000000
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StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
18863000000
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
13000000
CY2016Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
92000000
CY2017Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
97000000
CY2018Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
263000000
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Use of Estimates</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;">The preparation of financial statements requires management to make estimates and assumptions that affect amounts reported in the consolidated financial statements and related notes.&nbsp;&nbsp;Significant estimates and assumptions in these consolidated financial statements include estimates associated with revenue recognition, restructuring charges, goodwill and long-lived asset impairment tests, estimates of acquired assets and liabilities, estimates of fair value of investments, equity interests, environmental and legal liabilities, income taxes and deferred tax valuation allowances, assumptions used in calculating pension and other postretirement employee benefit expenses and the fair value of share-based compensation.&nbsp;&nbsp;Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be different from these estimates.</font> </p> <p><font size="1"> </font></p> </div> </div>
CY2016 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
9000000
CY2018 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
10000000
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1144000000
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
895000000
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
941000000
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1020000000
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
895000000

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