2016 Q2 Form 10-Q Financial Statement

#000095012316018552 Filed on July 27, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $3.879B $4.172B
YoY Change -7.02% -10.4%
Cost Of Revenue $2.813B $3.027B
YoY Change -7.07% -14.3%
Gross Profit $1.066B $1.145B
YoY Change -6.9% 1.87%
Gross Profit Margin 27.48% 27.44%
Selling, General & Admin $593.0M $648.0M
YoY Change -8.49% -7.16%
% of Gross Profit 55.63% 56.59%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $181.0M $177.0M
YoY Change 2.26% -5.85%
% of Gross Profit 16.98% 15.46%
Operating Expenses $593.0M $648.0M
YoY Change -8.49% -7.16%
Operating Profit $531.0M $550.0M
YoY Change -3.45% 19.57%
Interest Expense $104.0M $110.0M
YoY Change -5.45% 7.84%
% of Operating Profit 19.59% 20.0%
Other Income/Expense, Net -$20.00M -$13.00M
YoY Change 53.85% 62.5%
Pretax Income $301.0M $328.0M
YoY Change -8.23% 12.33%
Income Tax $93.00M $120.0M
% Of Pretax Income 30.9% 36.59%
Net Earnings $202.0M $192.0M
YoY Change 5.21% -9.86%
Net Earnings / Revenue 5.21% 4.6%
Basic Earnings Per Share $0.76 $0.71
Diluted Earnings Per Share $0.75 $0.70
COMMON SHARES
Basic Shares Outstanding 264.0M shares 270.0M shares
Diluted Shares Outstanding 268.0M shares 274.0M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.138B $1.638B
YoY Change -30.53% 0.06%
Cash & Equivalents $1.138B $1.638B
Short-Term Investments
Other Short-Term Assets $185.0M $1.049B
YoY Change -82.36% 143.95%
Inventory $2.686B $2.545B
Prepaid Expenses
Receivables $2.475B $2.476B
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.468B $7.695B
YoY Change -15.95% -4.27%
LONG-TERM ASSETS
Property, Plant & Equipment $6.960B $6.810B
YoY Change 2.2% -7.03%
Goodwill $560.0M $563.0M
YoY Change -0.53% -15.08%
Intangibles $138.0M $132.0M
YoY Change 4.55% -3.65%
Long-Term Investments $0.00 $0.00
YoY Change
Other Assets $706.0M $744.0M
YoY Change -5.11% 14.81%
Total Long-Term Assets $10.39B $9.821B
YoY Change 5.81% 10.3%
TOTAL ASSETS
Total Short-Term Assets $6.468B $7.695B
Total Long-Term Assets $10.39B $9.821B
Total Assets $16.86B $17.52B
YoY Change -3.75% 3.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.643B $2.602B
YoY Change 1.58% -15.98%
Accrued Expenses $605.0M $675.0M
YoY Change -10.37% -11.53%
Deferred Revenue
YoY Change
Short-Term Debt $145.0M $36.00M
YoY Change 302.78% 414.29%
Long-Term Debt Due $346.0M $321.0M
YoY Change 7.79% 311.54%
Total Short-Term Liabilities $4.594B $4.741B
YoY Change -3.1% -5.65%
LONG-TERM LIABILITIES
Long-Term Debt $5.745B $5.746B
YoY Change -0.02% -13.94%
Other Long-Term Liabilities $630.0M $626.0M
YoY Change 0.64% -32.98%
Total Long-Term Liabilities $630.0M $626.0M
YoY Change 0.64% -32.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.594B $4.741B
Total Long-Term Liabilities $630.0M $626.0M
Total Liabilities $12.45B $12.75B
YoY Change -2.34% -10.58%
SHAREHOLDERS EQUITY
Retained Earnings $4.918B $4.727B
YoY Change 4.04% 126.5%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 16.00M shares 9.000M shares
Shareholders Equity $4.182B $3.970B
YoY Change
Total Liabilities & Shareholders Equity $16.86B $17.52B
YoY Change -3.75% 3.39%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $202.0M $192.0M
YoY Change 5.21% -9.86%
Depreciation, Depletion And Amortization $181.0M $177.0M
YoY Change 2.26% -5.85%
Cash From Operating Activities $314.0M $536.0M
YoY Change -41.42% 31.05%
INVESTING ACTIVITIES
Capital Expenditures -$213.0M -$244.0M
YoY Change -12.7% 15.09%
Acquisitions
YoY Change
Other Investing Activities -$6.000M -$45.00M
YoY Change -86.67% -2350.0%
Cash From Investing Activities -$219.0M -$289.0M
YoY Change -24.22% 37.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -41.00M -233.0M
YoY Change -82.4% -44.39%
NET CHANGE
Cash From Operating Activities 314.0M 536.0M
Cash From Investing Activities -219.0M -289.0M
Cash From Financing Activities -41.00M -233.0M
Net Change In Cash 54.00M 14.00M
YoY Change 285.71% -106.36%
FREE CASH FLOW
Cash From Operating Activities $314.0M $536.0M
Capital Expenditures -$213.0M -$244.0M
Free Cash Flow $527.0M $780.0M
YoY Change -32.44% 25.6%

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us-gaap Guarantee Obligations Collateral Held Directly Or By Third Parties
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us-gaap Guarantee Obligations Recourse Provisions
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recourse to the affiliate, lessor, customer
us-gaap Guarantee Obligations Related Party Disclosure
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The notes are fully and unconditionally guaranteed on a joint and several basis by each guarantor subsidiary.
us-gaap Guarantee Obligations Term
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us-gaap Guarantee Obligations Triggering Event
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Equity Method Investments
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us-gaap Income Loss From Equity Method Investments
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CY2015Q2 us-gaap Income Tax Expense Benefit
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us-gaap Increase Decrease In Accounts Payable Trade
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us-gaap Increase Decrease In Accounts Payable Trade
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us-gaap Interest Expense
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CY2016Q2 us-gaap Liabilities
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CY2015Q4 us-gaap Liabilities And Stockholders Equity
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us-gaap Net Income Loss
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CY2016Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Operating Income Loss
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us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Tax
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us-gaap Other Comprehensive Income Finalization Of Pension And Non Pension Postretirement Plan Valuation Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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us-gaap Other Comprehensive Income Finalization Of Pension And Non Pension Postretirement Plan Valuation Tax
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Foreign Currency Translation Gain Loss Arising During Period Tax
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us-gaap Other Comprehensive Income Loss Finalization Of Pension And Non Pension Postretirement Plan Valuation Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
52000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
150000000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
86000000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
52000000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
32000000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
38000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
448000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
466000000 USD
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
49000000 USD
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
34000000 USD
CY2015Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
1468000000 USD
CY2016Q2 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
1393000000 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
153000000 USD
CY2016Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
169000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
1116000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
3283000000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
18000000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
3000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-10000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-23000000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1000000 USD
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
21000000 USD
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
23000000 USD
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
49000000 USD
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
124000000 USD
CY2015Q2 us-gaap Profit Loss
ProfitLoss
208000000 USD
us-gaap Profit Loss
ProfitLoss
444000000 USD
CY2016Q2 us-gaap Profit Loss
ProfitLoss
208000000 USD
us-gaap Profit Loss
ProfitLoss
397000000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6777000000 USD
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6960000000 USD
us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
155000000 USD
us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
0 USD
CY2016Q2 us-gaap Redemption Premium
RedemptionPremium
44000000 USD
us-gaap Redemption Premium
RedemptionPremium
44000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1312000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2931000000 USD
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
43000000 USD
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
36000000 USD
us-gaap Restriction To Transfer Funds
RestrictionToTransferFunds
Certain non-guarantor subsidiaries of the Parent Company are limited in their ability to remit funds to it by means of dividends, advances or loans due to required foreign government and/or currency exchange board approvals or limitations in credit agreements or other debt instruments of those subsidiaries.
CY2015Q4 us-gaap Restructuring And Related Cost Cost Incurred To Date1
RestructuringAndRelatedCostCostIncurredToDate1
375000000 USD
CY2016Q2 us-gaap Restructuring And Related Cost Expected Cost Remaining1
RestructuringAndRelatedCostExpectedCostRemaining1
25000000 USD
us-gaap Restructuring And Related Cost Expected Number Of Positions Eliminated
RestructuringAndRelatedCostExpectedNumberOfPositionsEliminated
700 Employees
CY2015Q2 us-gaap Restructuring Charges
RestructuringCharges
46000000 USD
us-gaap Restructuring Charges
RestructuringCharges
62000000 USD
CY2016Q2 us-gaap Restructuring Charges
RestructuringCharges
48000000 USD
us-gaap Restructuring Charges
RestructuringCharges
59000000 USD
CY2015Q4 us-gaap Restructuring Reserve
RestructuringReserve
103000000 USD
CY2016Q2 us-gaap Restructuring Reserve
RestructuringReserve
118000000 USD
CY2015Q2 us-gaap Restructuring Reserve Accelerated Depreciation
RestructuringReserveAcceleratedDepreciation
0 USD
us-gaap Restructuring Reserve Accelerated Depreciation
RestructuringReserveAcceleratedDepreciation
2000000 USD
CY2016Q2 us-gaap Restructuring Reserve Accelerated Depreciation
RestructuringReserveAcceleratedDepreciation
5000000 USD
us-gaap Restructuring Reserve Accelerated Depreciation
RestructuringReserveAcceleratedDepreciation
7000000 USD
us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
-2000000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
4570000000 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
4918000000 USD
CY2015Q2 us-gaap Royalty Income Nonoperating
RoyaltyIncomeNonoperating
10000000 USD
us-gaap Royalty Income Nonoperating
RoyaltyIncomeNonoperating
175000000 USD
CY2016Q2 us-gaap Royalty Income Nonoperating
RoyaltyIncomeNonoperating
10000000 USD
us-gaap Royalty Income Nonoperating
RoyaltyIncomeNonoperating
14000000 USD
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
4172000000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
8196000000 USD
CY2016Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
3879000000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
7570000000 USD
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
648000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1256000000 USD
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
593000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1208000000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0094
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.4078
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0145
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y2M
CY2015Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
49000000 USD
CY2016Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
145000000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
3920000000 USD
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
4182000000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4142000000 USD
CY2016Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4408000000 USD
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
11000000 shares
CY2016Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
16000000 shares
CY2015Q2 us-gaap Unrealized Gain Loss On Foreign Currency Derivatives Net Before Tax
UnrealizedGainLossOnForeignCurrencyDerivativesNetBeforeTax
-3000000 USD
us-gaap Unrealized Gain Loss On Foreign Currency Derivatives Net Before Tax
UnrealizedGainLossOnForeignCurrencyDerivativesNetBeforeTax
12000000 USD
CY2016Q2 us-gaap Unrealized Gain Loss On Foreign Currency Derivatives Net Before Tax
UnrealizedGainLossOnForeignCurrencyDerivativesNetBeforeTax
6000000 USD
us-gaap Unrealized Gain Loss On Foreign Currency Derivatives Net Before Tax
UnrealizedGainLossOnForeignCurrencyDerivativesNetBeforeTax
-1000000 USD
CY2016Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
54000000 USD
CY2016Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
5000000 USD
CY2016Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
40000000 USD
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
274000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
274000000 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
268000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
269000000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
270000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
270000000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
264000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
266000000 shares
CY2015Q4 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
264000000 USD
CY2016Q2 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
256000000 USD
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;text-decoration:underline;">Reclassifications and Adjustments</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain items previously reported in specific financial statement captions have been reclassified to conform to the current presentation.</font></div></div>

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