2018 Q3 Form 10-Q Financial Statement

#000095012318010221 Filed on October 26, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $3.928B $3.921B
YoY Change 0.18% 1.92%
Cost Of Revenue $3.028B $3.054B
YoY Change -0.85% 11.62%
Gross Profit $900.0M $867.0M
YoY Change 3.81% -21.96%
Gross Profit Margin 22.91% 22.11%
Selling, General & Admin $553.0M $545.0M
YoY Change 1.47% -9.02%
% of Gross Profit 61.44% 62.86%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $197.0M $199.0M
YoY Change -1.01% 9.94%
% of Gross Profit 21.89% 22.95%
Operating Expenses $553.0M $545.0M
YoY Change 1.47% -9.02%
Operating Profit $347.0M $322.0M
YoY Change 7.76% -42.09%
Interest Expense $82.00M $84.00M
YoY Change -2.38% -6.67%
% of Operating Profit 23.63% 26.09%
Other Income/Expense, Net $253.0M -$30.00M
YoY Change -943.33% -230.43%
Pretax Income $513.0M $162.0M
YoY Change 216.67% -47.74%
Income Tax $159.0M $30.00M
% Of Pretax Income 30.99% 18.52%
Net Earnings $351.0M $129.0M
YoY Change 172.09% -59.31%
Net Earnings / Revenue 8.94% 3.29%
Basic Earnings Per Share $1.49 $0.52
Diluted Earnings Per Share $1.48 $0.50
COMMON SHARES
Basic Shares Outstanding 236.0M shares 250.0M shares
Diluted Shares Outstanding 238.0M shares 254.0M shares

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $896.0M $822.0M
YoY Change 9.0% -15.69%
Cash & Equivalents $896.0M $822.0M
Short-Term Investments
Other Short-Term Assets $277.0M $248.0M
YoY Change 11.69% 22.17%
Inventory $2.938B $2.991B
Prepaid Expenses
Receivables $2.670B $2.672B
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.753B $6.727B
YoY Change 0.39% 2.37%
LONG-TERM ASSETS
Property, Plant & Equipment $7.132B $7.331B
YoY Change -2.71% 4.15%
Goodwill $572.0M $587.0M
YoY Change -2.56% 4.08%
Intangibles $137.0M $137.0M
YoY Change 0.0% -0.72%
Long-Term Investments $0.00 $0.00
YoY Change
Other Assets $1.089B $714.0M
YoY Change 52.52% 1.71%
Total Long-Term Assets $10.84B $11.13B
YoY Change -2.58% 5.23%
TOTAL ASSETS
Total Short-Term Assets $6.753B $6.727B
Total Long-Term Assets $10.84B $11.13B
Total Assets $17.59B $17.85B
YoY Change -1.46% 4.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.819B $2.624B
YoY Change 7.43% 0.92%
Accrued Expenses $517.0M $582.0M
YoY Change -11.17% -6.88%
Deferred Revenue $49.00M
YoY Change
Short-Term Debt $445.0M $276.0M
YoY Change 61.23% 54.19%
Long-Term Debt Due $471.0M $378.0M
YoY Change 24.6% -6.2%
Total Short-Term Liabilities $5.047B $4.922B
YoY Change 2.54% 2.54%
LONG-TERM LIABILITIES
Long-Term Debt $5.604B $5.737B
YoY Change -2.32% 5.34%
Other Long-Term Liabilities $495.0M $522.0M
YoY Change -5.17% -27.09%
Total Long-Term Liabilities $495.0M $522.0M
YoY Change -5.17% -27.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.047B $4.922B
Total Long-Term Liabilities $495.0M $522.0M
Total Liabilities $12.59B $12.73B
YoY Change -1.1% 2.35%
SHAREHOLDERS EQUITY
Retained Earnings $6.525B $6.175B
YoY Change 5.67% 17.69%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 45.45M shares 32.00M shares
Shareholders Equity $4.800B $4.882B
YoY Change
Total Liabilities & Shareholders Equity $17.59B $17.85B
YoY Change -1.46% 4.14%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $351.0M $129.0M
YoY Change 172.09% -59.31%
Depreciation, Depletion And Amortization $197.0M $199.0M
YoY Change -1.01% 9.94%
Cash From Operating Activities $60.00M $31.00M
YoY Change 93.55% -91.32%
INVESTING ACTIVITIES
Capital Expenditures -$173.0M -$186.0M
YoY Change -6.99% -24.08%
Acquisitions
YoY Change
Other Investing Activities -$21.00M $9.000M
YoY Change -333.33% -30.77%
Cash From Investing Activities -$194.0M -$177.0M
YoY Change 9.6% -23.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 58.00M 31.00M
YoY Change 87.1% -111.03%
NET CHANGE
Cash From Operating Activities 60.00M 31.00M
Cash From Investing Activities -194.0M -177.0M
Cash From Financing Activities 58.00M 31.00M
Net Change In Cash -76.00M -115.0M
YoY Change -33.91% -26.28%
FREE CASH FLOW
Cash From Operating Activities $60.00M $31.00M
Capital Expenditures -$173.0M -$186.0M
Free Cash Flow $233.0M $217.0M
YoY Change 7.37% -63.95%

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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 Other Nonoperating Income Expense
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CY2017Q3 us-gaap Other Postretirement Benefit Expense
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us-gaap Other Postretirement Benefit Expense
OtherPostretirementBenefitExpense
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OtherPostretirementBenefitExpense
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us-gaap Other Postretirement Benefit Expense
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us-gaap Payments For Proceeds From Other Investing Activities
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1000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
205000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
200000000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
96000000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
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us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
75000000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
100000000 USD
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
0 USD
us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
50000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
683000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
615000000 USD
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
51000000 USD
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
61000000 USD
CY2017Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
1515000000 USD
CY2018Q3 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
1350000000 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
224000000 USD
CY2018Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
249000000 USD
CY2018Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
231000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
4972000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
4704000000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
12000000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
4000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-69000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
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us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
9000000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2000000 USD
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
51000000 USD
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
61000000 USD
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
544000000 USD
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
1458000000 USD
CY2018Q3 us-gaap Professional Fees
ProfessionalFees
-1000000 USD
us-gaap Professional Fees
ProfessionalFees
13000000 USD
CY2017Q3 us-gaap Profit Loss
ProfitLoss
132000000 USD
us-gaap Profit Loss
ProfitLoss
455000000 USD
CY2018Q3 us-gaap Profit Loss
ProfitLoss
354000000 USD
us-gaap Profit Loss
ProfitLoss
598000000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7451000000 USD
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
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us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
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us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
523000000 USD
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
1267000000 USD
CY2017Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
46000000 USD
CY2018Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
66000000 USD
CY2017Q4 us-gaap Restructuring And Related Cost Cost Incurred To Date1
RestructuringAndRelatedCostCostIncurredToDate1
730000000 USD
CY2018Q3 us-gaap Restructuring And Related Cost Expected Cost Remaining1
RestructuringAndRelatedCostExpectedCostRemaining1
12000000 USD
us-gaap Restructuring And Related Cost Expected Number Of Positions Eliminated
RestructuringAndRelatedCostExpectedNumberOfPositionsEliminated
300 employee
CY2017Q3 us-gaap Restructuring Charges
RestructuringCharges
46000000 USD
us-gaap Restructuring Charges
RestructuringCharges
102000000 USD
CY2018Q3 us-gaap Restructuring Charges
RestructuringCharges
5000000 USD
us-gaap Restructuring Charges
RestructuringCharges
40000000 USD
CY2017Q4 us-gaap Restructuring Reserve
RestructuringReserve
213000000 USD
CY2018Q3 us-gaap Restructuring Reserve
RestructuringReserve
100000000 USD
CY2017Q3 us-gaap Restructuring Reserve Accelerated Depreciation
RestructuringReserveAcceleratedDepreciation
10000000 USD
us-gaap Restructuring Reserve Accelerated Depreciation
RestructuringReserveAcceleratedDepreciation
39000000 USD
CY2018Q3 us-gaap Restructuring Reserve Accelerated Depreciation
RestructuringReserveAcceleratedDepreciation
0 USD
us-gaap Restructuring Reserve Accelerated Depreciation
RestructuringReserveAcceleratedDepreciation
2000000 USD
CY2017Q3 us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
-5000000 USD
us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
-7000000 USD
CY2018Q3 us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
-1000000 USD
us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
-13000000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
6044000000 USD
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2017Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3928000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2017Q3 us-gaap Royalty Income Nonoperating
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us-gaap Royalty Income Nonoperating
RoyaltyIncomeNonoperating
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CY2018Q3 us-gaap Royalty Income Nonoperating
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5000000 USD
us-gaap Royalty Income Nonoperating
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15000000 USD
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
238000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
241000000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
250000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
251000000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
236000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
238000000 shares
CY2017Q4 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
243000000 USD
CY2018Q3 us-gaap Workers Compensation Liability Current And Noncurrent
WorkersCompensationLiabilityCurrentAndNoncurrent
240000000 USD
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
545000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1700000000 USD
CY2018Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
553000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1732000000 USD
CY2017Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
262000000 USD
CY2018Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
445000000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
17000000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
14000000 USD
us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
13000000 USD
us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
4000000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
4603000000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
4800000000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4725000000 USD
CY2017Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5121000000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
4850000000 USD
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
5000000000 USD
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
38000000 shares
CY2018Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
45000000 shares
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
205000000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
200000000 USD
CY2017Q3 us-gaap Unrealized Gain Loss On Foreign Currency Derivatives Net Before Tax
UnrealizedGainLossOnForeignCurrencyDerivativesNetBeforeTax
-7000000 USD
us-gaap Unrealized Gain Loss On Foreign Currency Derivatives Net Before Tax
UnrealizedGainLossOnForeignCurrencyDerivativesNetBeforeTax
-28000000 USD
CY2018Q3 us-gaap Unrealized Gain Loss On Foreign Currency Derivatives Net Before Tax
UnrealizedGainLossOnForeignCurrencyDerivativesNetBeforeTax
1000000 USD
us-gaap Unrealized Gain Loss On Foreign Currency Derivatives Net Before Tax
UnrealizedGainLossOnForeignCurrencyDerivativesNetBeforeTax
9000000 USD
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
254000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
255000000 shares
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;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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