2017 Form 10-K Financial Statement

#000150158518000006 Filed on February 15, 2018

View on sec.gov

Income Statement

Concept 2017 2016 Q4 2016 Q3
Revenue $7.441B $1.922B $1.683B
YoY Change 5.28% 0.89% -6.5%
Cost Of Revenue $1.574B $1.480B $308.0M
YoY Change 28.18% -4.52% 5.48%
Gross Profit $5.867B $442.0M $1.375B
YoY Change 0.46% 24.51% -8.82%
Gross Profit Margin 78.85% 23.0% 81.7%
Selling, General & Admin $742.0M $188.0M $147.0M
YoY Change 19.1% -4.08% -2.0%
% of Gross Profit 12.65% 42.53% 10.69%
Research & Development $17.00M
YoY Change -10.53%
% of Gross Profit 0.29%
Depreciation & Amortization $205.0M $47.00M $45.00M
YoY Change 10.22% 4.44% 0.0%
% of Gross Profit 3.49% 10.63% 3.27%
Operating Expenses $17.00M $173.0M $147.0M
YoY Change -10.53% -11.73% -2.0%
Operating Profit $881.0M $268.0M $175.0M
YoY Change 0.57% 86.11% -12.5%
Interest Expense $94.00M -$19.00M $19.00M
YoY Change 27.03% -69.84% -24.0%
% of Operating Profit 10.67% -7.09% 10.86%
Other Income/Expense, Net $1.000M $1.000M $1.000M
YoY Change
Pretax Income $772.0M $251.0M $157.0M
YoY Change -1.53% 213.75% -10.29%
Income Tax $293.0M $54.00M $50.00M
% Of Pretax Income 37.95% 21.51% 31.85%
Net Earnings $479.0M $197.0M $107.0M
YoY Change -16.4% 294.0% -3.6%
Net Earnings / Revenue 6.44% 10.25% 6.36%
Basic Earnings Per Share $10.48 $4.26 $2.28
Diluted Earnings Per Share $10.46 $4.20 $2.27
COMMON SHARES
Basic Shares Outstanding 45.70M shares 46.37M shares 46.90M shares
Diluted Shares Outstanding 45.80M shares 47.20M shares

Balance Sheet

Concept 2017 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $701.0M $720.0M $957.0M
YoY Change -2.64% -19.46% 42.62%
Cash & Equivalents $701.0M $720.0M $957.0M
Short-Term Investments
Other Short-Term Assets $123.0M $48.00M $73.00M
YoY Change 156.25% 54.84% -54.94%
Inventory $183.0M $210.0M $268.0M
Prepaid Expenses
Receivables $1.188B $1.164B $1.046B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.195B $2.142B $2.344B
YoY Change 2.47% -6.22% -3.1%
LONG-TERM ASSETS
Property, Plant & Equipment $2.215B $1.986B $1.841B
YoY Change 11.53% 8.7% 5.2%
Goodwill $1.234B $956.0M
YoY Change 29.08% -1.75%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $239.0M $2.224B $388.0M
YoY Change -45.93% 16.26% 4.3%
Total Long-Term Assets $4.179B $4.210B $3.664B
YoY Change -0.74% 12.57% 1.13%
TOTAL ASSETS
Total Short-Term Assets $2.195B $2.142B $2.344B
Total Long-Term Assets $4.179B $4.210B $3.664B
Total Assets $6.374B $6.352B $6.008B
YoY Change 0.35% 5.44% -0.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $375.0M $316.0M $293.0M
YoY Change 18.67% -0.32% -1.01%
Accrued Expenses $495.0M $458.0M $438.0M
YoY Change 8.08% 3.62% -0.9%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.391B $1.343B $1.228B
YoY Change 3.57% 5.42% -5.1%
LONG-TERM LIABILITIES
Long-Term Debt $1.279B $1.278B $1.277B
YoY Change 0.08% 0.39% -2.15%
Other Long-Term Liabilities $1.946B $90.00M $99.00M
YoY Change -6.35% -12.62% -3.88%
Total Long-Term Liabilities $3.225B $1.368B $1.376B
YoY Change -3.9% -0.58% -2.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.391B $1.343B $1.228B
Total Long-Term Liabilities $3.225B $1.368B $1.376B
Total Liabilities $4.616B $4.699B $4.356B
YoY Change -1.77% 3.64% -4.31%
SHAREHOLDERS EQUITY
Retained Earnings $1.323B $1.154B
YoY Change 56.01% 40.56%
Common Stock $1.964B $1.949B
YoY Change -0.71% 0.05%
Preferred Stock
YoY Change
Treasury Stock (at cost) $684.0M $644.0M
YoY Change 39.02% 41.85%
Treasury Stock Shares
Shareholders Equity $1.758B $1.653B $1.652B
YoY Change
Total Liabilities & Shareholders Equity $6.374B $6.352B $6.008B
YoY Change 0.35% 5.44% -0.56%

Cashflow Statement

Concept 2017 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income $479.0M $197.0M $107.0M
YoY Change -16.4% 294.0% -3.6%
Depreciation, Depletion And Amortization $205.0M $47.00M $45.00M
YoY Change 10.22% 4.44% 0.0%
Cash From Operating Activities $814.0M $345.0M $254.0M
YoY Change -0.97% -22.3% 0.0%
INVESTING ACTIVITIES
Capital Expenditures $382.0M -$140.0M -$60.00M
YoY Change 34.04% 37.25% 62.16%
Acquisitions -$3.000M
YoY Change -100.81%
Other Investing Activities $33.00M -$372.0M $0.00
YoY Change -108.97%
Cash From Investing Activities -$349.0M -$512.0M -$60.00M
YoY Change -46.55% 401.96% 62.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $286.0M
YoY Change 47.42%
Debt Paid & Issued, Net $600.0M
YoY Change
Cash From Financing Activities -$484.0M -70.00M -89.00M
YoY Change 41.11% -41.18% -82.41%
NET CHANGE
Cash From Operating Activities $814.0M 345.0M 254.0M
Cash From Investing Activities -$349.0M -512.0M -60.00M
Cash From Financing Activities -$484.0M -70.00M -89.00M
Net Change In Cash -$19.00M -237.0M 105.0M
YoY Change -89.08% -206.28% -136.33%
FREE CASH FLOW
Cash From Operating Activities $814.0M $345.0M $254.0M
Capital Expenditures $382.0M -$140.0M -$60.00M
Free Cash Flow $432.0M $485.0M $314.0M
YoY Change -19.55% -11.17% 7.9%

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DefinedBenefitPlanEffectOfOnePercentagePointDecreaseOnAccumulatedPostretirementBenefitObligation1
-25000000 USD
CY2016Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
7000000 USD
CY2016Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
16000000 USD
CY2017Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
11000000 USD
CY2016Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
56000000 USD
CY2017Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
44000000 USD
CY2016Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
11000000 USD
CY2017Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
12000000 USD
CY2016Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
167000000 USD
CY2017Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
106000000 USD
CY2016Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
320000000 USD
CY2017Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
223000000 USD
CY2016Q4 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
1116000000 USD
CY2017Q4 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
922000000 USD
CY2015 us-gaap Defined Benefit Plan Amounts Recognized In Other Comprehensive Income Loss Net Gain Loss Before Tax
DefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossNetGainLossBeforeTax
34000000 USD
CY2016 us-gaap Defined Benefit Plan Amounts Recognized In Other Comprehensive Income Loss Net Gain Loss Before Tax
DefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossNetGainLossBeforeTax
-172000000 USD
CY2017 us-gaap Defined Benefit Plan Amounts Recognized In Other Comprehensive Income Loss Net Gain Loss Before Tax
DefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossNetGainLossBeforeTax
59000000 USD
CY2017 us-gaap Defined Benefit Plan Effect Of One Percentage Point Increase On Accumulated Postretirement Benefit Obligation
DefinedBenefitPlanEffectOfOnePercentagePointIncreaseOnAccumulatedPostretirementBenefitObligation
26000000 USD
CY2017 us-gaap Defined Benefit Plan Effect Of One Percentage Point Increase On Service And Interest Cost Components
DefinedBenefitPlanEffectOfOnePercentagePointIncreaseOnServiceAndInterestCostComponents
2000000 USD
CY2016Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
DefinedBenefitPlanFairValueOfPlanAssets
4911000000 USD
CY2017Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
DefinedBenefitPlanFairValueOfPlanAssets
5837000000 USD
CY2016Q4 us-gaap Defined Benefit Plan Health Care Cost Trend Rate Assumed Next Fiscal Year
DefinedBenefitPlanHealthCareCostTrendRateAssumedNextFiscalYear
0.0650
CY2017Q4 us-gaap Defined Benefit Plan Health Care Cost Trend Rate Assumed Next Fiscal Year
DefinedBenefitPlanHealthCareCostTrendRateAssumedNextFiscalYear
0.0600
CY2017Q3 us-gaap Defined Benefit Plan Plan Amendments
DefinedBenefitPlanPlanAmendments
76000000 USD
CY2016Q4 us-gaap Defined Benefit Plan Ultimate Health Care Cost Trend Rate1
DefinedBenefitPlanUltimateHealthCareCostTrendRate1
0.0500
CY2017Q4 us-gaap Defined Benefit Plan Ultimate Health Care Cost Trend Rate1
DefinedBenefitPlanUltimateHealthCareCostTrendRate1
0.0450
CY2015 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
73000000 USD
CY2016 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
71000000 USD
CY2017 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
78000000 USD
CY2015 us-gaap Depreciation
Depreciation
154000000 USD
CY2016 us-gaap Depreciation
Depreciation
163000000 USD
CY2017 us-gaap Depreciation
Depreciation
165000000 USD
CY2015 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
180000000 USD
CY2016 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
186000000 USD
CY2017 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
205000000 USD
CY2015 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
81000000 USD
CY2016 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
98000000 USD
CY2017 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
115000000 USD
CY2015 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
8.43
CY2016Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.89
CY2016Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.83
CY2016Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.28
CY2016Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.26
CY2016 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
12.24
CY2017Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.57
CY2017Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.22
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.28
CY2017Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.41
CY2017 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
10.48
CY2015 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
8.36
CY2016Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.87
CY2016Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.80
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.27
CY2016Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.20
CY2016 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
12.14
CY2017Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.56
CY2017Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.21
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.27
CY2017Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.41
CY2017 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
10.46
CY2015 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.361
CY2016 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.269
CY2017 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.380
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2015 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
17000000 USD
CY2016 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
14000000 USD
CY2017 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
9000000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
488000000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
528000000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
36000000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
24000000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
26000000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
28000000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
32000000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
548000000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
508000000 USD
CY2015 us-gaap Gain Loss Related To Litigation Settlement
GainLossRelatedToLitigationSettlement
150000000 USD
CY2015 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-44000000 USD
CY2017 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-22000000 USD
CY2015 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
669000000 USD
CY2016 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
623000000 USD
CY2017 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
570000000 USD
CY2015Q4 us-gaap Goodwill
Goodwill
956000000 USD
CY2016Q4 us-gaap Goodwill
Goodwill
1234000000 USD
CY2017Q4 us-gaap Goodwill
Goodwill
1217000000 USD
CY2016 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
278000000 USD
CY2015 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
102000000 USD
CY2017 us-gaap Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
USD
CY2016Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
2877000000 USD
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
784000000 USD
CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
218000000 USD
CY2015 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
75000000 USD
CY2017 us-gaap Goodwill Translation And Purchase Accounting Adjustments
GoodwillTranslationAndPurchaseAccountingAdjustments
-17000000 USD
CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
632000000 USD
CY2016Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
177000000 USD
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
199000000 USD
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
157000000 USD
CY2016Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
251000000 USD
CY2017Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
2877000000 USD
CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
211000000 USD
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
220000000 USD
CY2017Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
187000000 USD
CY2017 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
293000000 USD
CY2017 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
56000000 USD
CY2017Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
147000000 USD
CY2016 us-gaap Income Tax Reconciliation Deductions Other
IncomeTaxReconciliationDeductionsOther
-29000000 USD
CY2017 us-gaap Income Tax Reconciliation Deductions Other
IncomeTaxReconciliationDeductionsOther
-25000000 USD
CY2015 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
IncomeTaxReconciliationDeductionsQualifiedProductionActivities
10000000 USD
CY2016 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
IncomeTaxReconciliationDeductionsQualifiedProductionActivities
21000000 USD
CY2017 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
IncomeTaxReconciliationDeductionsQualifiedProductionActivities
12000000 USD
CY2015 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
221000000 USD
CY2016 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
274000000 USD
CY2017 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
270000000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
772000000 USD
CY2015 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
10000000 USD
CY2016 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
6000000 USD
CY2017 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
12000000 USD
CY2015 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
228000000 USD
CY2015 us-gaap Income Tax Reconciliation Nondeductible Expense Impairment Losses
IncomeTaxReconciliationNondeductibleExpenseImpairmentLosses
11000000 USD
CY2015 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
6000000 USD
CY2016 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
2000000 USD
CY2017 us-gaap Income Tax Reconciliation Other Reconciling Items
IncomeTaxReconciliationOtherReconcilingItems
4000000 USD
CY2016 us-gaap Income Tax Reconciliation Tax Contingencies
IncomeTaxReconciliationTaxContingencies
-15000000 USD
CY2015 us-gaap Income Taxes Paid
IncomeTaxesPaid
242000000 USD
CY2016 us-gaap Income Taxes Paid
IncomeTaxesPaid
229000000 USD
CY2017 us-gaap Income Taxes Paid
IncomeTaxesPaid
223000000 USD
CY2015 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
97000000 USD
CY2016 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-41000000 USD
CY2017 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
102000000 USD
CY2015 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
41000000 USD
CY2016 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
22000000 USD
CY2017 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
35000000 USD
CY2015 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
15000000 USD
CY2016 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-85000000 USD
CY2017 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-184000000 USD
CY2015 us-gaap Increase Decrease In Inventory For Long Term Contracts Or Programs
IncreaseDecreaseInInventoryForLongTermContractsOrPrograms
-54000000 USD
CY2016 us-gaap Increase Decrease In Inventory For Long Term Contracts Or Programs
IncreaseDecreaseInInventoryForLongTermContractsOrPrograms
-75000000 USD
CY2017 us-gaap Increase Decrease In Inventory For Long Term Contracts Or Programs
IncreaseDecreaseInInventoryForLongTermContractsOrPrograms
-18000000 USD
CY2015 us-gaap Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
32000000 USD
CY2016 us-gaap Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
-44000000 USD
CY2017 us-gaap Increase Decrease In Pension And Postretirement Obligations
IncreaseDecreaseInPensionAndPostretirementObligations
-163000000 USD
CY2015 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
31000000 USD
CY2016 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
17000000 USD
CY2017 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
52000000 USD
CY2015 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
400000 shares
CY2016 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
400000 shares
CY2017 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
100000 shares
CY2015 us-gaap Insurance Recoveries
InsuranceRecoveries
677500000 USD
CY2015 us-gaap Interest Expense
InterestExpense
137000000 USD
CY2016 us-gaap Interest Expense
InterestExpense
74000000 USD
CY2017 us-gaap Interest Expense
InterestExpense
94000000 USD
CY2016Q4 us-gaap Liabilities Current
LiabilitiesCurrent
1343000000 USD
CY2017Q4 us-gaap Liabilities Current
LiabilitiesCurrent
1391000000 USD
CY2016Q4 us-gaap Long Term Debt
LongTermDebt
1278000000 USD
CY2017Q4 us-gaap Long Term Debt
LongTermDebt
1279000000 USD
CY2016Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1372000000 USD
CY2017Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1361000000 USD
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
6352000000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
6374000000 USD
CY2015 us-gaap Interest Paid
InterestPaid
96000000 USD
CY2016 us-gaap Interest Paid
InterestPaid
71000000 USD
CY2017 us-gaap Interest Paid
InterestPaid
72000000 USD
CY2016Q4 us-gaap Inventory Net Of Allowances Customer Advances And Progress Billings
InventoryNetOfAllowancesCustomerAdvancesAndProgressBillings
210000000 USD
CY2017Q4 us-gaap Inventory Net Of Allowances Customer Advances And Progress Billings
InventoryNetOfAllowancesCustomerAdvancesAndProgressBillings
183000000 USD
CY2016Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
94000000 USD
CY2017Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
93000000 USD
CY2016Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
116000000 USD
CY2017Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
90000000 USD
CY2016Q4 us-gaap Land And Land Improvements
LandAndLandImprovements
252000000 USD
CY2017Q4 us-gaap Land And Land Improvements
LandAndLandImprovements
292000000 USD
CY2015 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
62000000 USD
CY2016 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
69000000 USD
CY2017 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
63000000 USD
CY2016Q4 us-gaap Liabilities
Liabilities
4699000000 USD
CY2017Q4 us-gaap Liabilities
Liabilities
4616000000 USD
CY2016Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1278000000 USD
CY2017Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1279000000 USD
CY2016Q4 us-gaap Machinery And Equipment Gross
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1410000000 USD
CY2017Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
1559000000 USD
CY2015 us-gaap Net Cash Provided By Used In Financing Activities
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-816000000 USD
CY2016 us-gaap Net Cash Provided By Used In Financing Activities
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-343000000 USD
CY2017 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-484000000 USD
CY2015 us-gaap Net Cash Provided By Used In Investing Activities
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-141000000 USD
CY2016 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-653000000 USD
CY2017 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-349000000 USD
CY2015 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
861000000 USD
CY2016 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
822000000 USD
CY2017 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
814000000 USD
CY2015 us-gaap Net Income Loss
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404000000 USD
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
136000000 USD
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
133000000 USD
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
107000000 USD
CY2016Q4 us-gaap Net Income Loss
NetIncomeLoss
197000000 USD
CY2016 us-gaap Net Income Loss
NetIncomeLoss
573000000 USD
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
119000000 USD
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
147000000 USD
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
149000000 USD
CY2017Q4 us-gaap Net Income Loss
NetIncomeLoss
64000000 USD
CY2017 us-gaap Net Income Loss
NetIncomeLoss
479000000 USD
CY2017 us-gaap Number Of Operating Segments
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3 segments
CY2017 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segments
CY2016 us-gaap Number Of Reporting Units
NumberOfReportingUnits
4 reporting_unit
CY2017 us-gaap Number Of Reporting Units
NumberOfReportingUnits
4 reporting_unit
CY2015 us-gaap Operating Income Loss
OperatingIncomeLoss
769000000 USD
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
198000000 USD
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
217000000 USD
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
175000000 USD
CY2016Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
268000000 USD
CY2016 us-gaap Operating Income Loss
OperatingIncomeLoss
858000000 USD
CY2017Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
164000000 USD
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
237000000 USD
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
237000000 USD
CY2017Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
227000000 USD
CY2017 us-gaap Operating Income Loss
OperatingIncomeLoss
865000000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
194000000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
39000000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
17000000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
24000000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
28000000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
35000000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
51000000 USD
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
256000000 USD
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
236000000 USD
CY2016Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
128000000 USD
CY2017Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
125000000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2224000000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1964000000 USD
CY2015 us-gaap Other Comprehensive Income Defined Benefit Plans Net Unamortized Gain Loss Arising During Period Net Of Tax
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17000000 USD
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14000000 USD
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372000000 USD
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188000000 USD
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285000000 USD
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361000000 USD
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188000000 USD
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285000000 USD
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147000000 USD
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139000000 USD
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205000000 USD
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154000000 USD
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182000000 USD
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600000000 USD
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600000000 USD
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150000000 USD
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32000000 USD
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4000000 USD
CY2017 us-gaap Proceeds From Sale Of Productive Assets
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3613000000 USD
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3985000000 USD
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1986000000 USD
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2215000000 USD
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10000000 USD
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995000000 USD
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600000000 USD
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19000000 USD
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19000000 USD
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17000000 USD
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1323000000 USD
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5665000000 USD
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5631000000 USD
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7020000000 USD
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1700000000 USD
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1996000000 USD
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1437000000 USD
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1868000000 USD
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43000000 USD
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36000000 USD
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600000000 USD
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1200000000 USD
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2200000000 USD
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1758000000 USD
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1653000000 USD
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1758000000 USD
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1266192 shares
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972000000 USD
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27000000 USD
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19000000 USD
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-15000000 USD
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-1000000 USD
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3000000 USD
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1000000 USD
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2000000 USD
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1000000 USD
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8000000 USD
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1000000 USD
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3000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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2000000 USD
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8000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Period Increase Decrease
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-25000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Period Increase Decrease
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-2000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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CY2017 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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-2000000 USD
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2000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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1000000 USD
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47200000 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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45800000 shares
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47900000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
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46800000 shares
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45700000 shares
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250000000 USD
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CY2017 us-gaap Concentration Risk Credit Risk
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">Concentration Risk </font><font style="font-family:Arial;font-size:10pt;">- The Company&#8217;s assets that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash and cash equivalents with reputable financial institutions and limits the amount of credit exposure with any one of them. The Company regularly evaluates the creditworthiness of these financial institutions and minimizes this credit risk by entering into transactions with high-quality counterparties, limiting the exposure to each counterparty, and monitoring the financial condition of its counterparties.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In connection with its U.S. Government contracts, the Company is required to procure certain raw materials, components, and parts from supply sources approved by the U.S.&#160;Government. Only one supplier may exist for certain components and parts required to manufacture the Company's products.</font></div></div>
CY2017 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">ACCOUNTING STANDARDS UPDATES</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, &#8220;Revenue from Contracts with Customers (Topic 606)&#8221;, which will replace existing requirements in U.S. GAAP, including industry-specific requirements, significantly expand the disclosure requirements, and provide companies with a single revenue recognition model for recognizing revenue from contracts with customers. The core principle of the new standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application. In July 2015, the FASB approved the deferral of the new standard's effective date by one year. The new standard is effective for annual reporting periods beginning after December 15, 2017. The FASB permitted companies to adopt the new standard early, but not before the original effective date of annual reporting periods beginning after December 15, 2016.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">As part of the Company's corporate governance structure, the Company established an implementation team comprised of key stakeholders across the Company's businesses. The Company developed a plan to identify and implement applicable changes to its business processes, systems, and controls. These changes are necessary to support recognition and disclosure under the new standard. In the first quarter of 2017, the Company reached a point in its assessment to support a transition decision based on information obtained to date. Based on its evaluation, the Company will adopt the requirements of the new standard in the first quarter of 2018 utilizing the modified retrospective method. As a result, the Company will present the cumulative effect of applying the standard at the date of initial application, January 1, 2018. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company has completed its evaluation of the impact of the accounting and disclosure changes on its business processes, controls, and systems and, as a result, has redefined its accounting policies affected by this standard and enhanced internal controls over financial reporting related to the standard.&#160; The assessment of the majority of the Company's contracts under the new standard supports the recognition of revenue over time using the cost-to-cost measurement under the percentage of completion method, which is consistent with the Company's current revenue recognition practices. As such, the revenue on the majority of the Company's contracts will continue to be recognized over time considering the continuous transfer of control to the customer. Under U.S. Government contracts, this continuous transfer of control to the customer is supported by clauses in the contract that allow the customer to unilaterally terminate the contract for convenience, pay the Company for costs incurred plus a reasonable profit, and take control of any work in process. ASU 2014-09 also requires expanded disclosures regarding the nature, timing, and uncertainty of revenue and customer contract balances, including how and when the Company satisfies its performance obligations and the relationship between revenue recognized and changes in contract balances during a reporting period. The Company has evaluated these disclosure requirements and is incorporating the collection of relevant data into its business processes. The Company does not expect the new standard to have a material effect on its consolidated financial position, results of operations, or cash flows.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In February 2016, the FASB issued ASU 2016-02, &#8220;Leases (Topic 842)&#8221;, which establishes a right-of-use model that requires a lessee to record the right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the statement of operations and comprehensive income. This guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those reporting periods. Early adoption is permitted and should be applied using a modified retrospective approach. The Company is in the process of evaluating the potential impacts of ASU 2016-02 on its consolidated financial statements and disclosures, contracting and accounting processes, internal controls, and information technology systems.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In January 2017, the FASB issued ASU 2017-04, &#8220;Intangibles - Goodwill and Other (Topic 350):&#160;Simplifying the Test for Goodwill Impairment&#8221;, which eliminates the performance of Step 2 from the goodwill impairment test. In performing its annual or interim impairment testing, an entity will instead compare the fair value of the reporting unit with its carrying amount and recognize any impairment charge for the amount by which the carrying amount exceeds the reporting unit&#8217;s fair value. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss. The Company elected to adopt ASU 2017-04 as of November 30, 2017. The adoption of ASU 2017-04 did not have a material impact on the Company's consolidated financial statements and disclosures, accounting processes, or internal controls.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In March 2017, the FASB issued ASU&#160;2017-07, &#8220;Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost&#8221;. The update requires employers to present the service cost component of the net periodic benefit cost in the same income statement line item as other employee compensation costs arising from services rendered during the period. The other components of net benefit cost, including interest cost, expected return on plan assets, amortization of prior service cost/credit and actuarial gain/loss, and settlement and curtailment effects, are to be presented outside of any subtotal of operating income. Employers will have to disclose the line(s) used to present the other components of net periodic benefit cost, if the components are not presented separately in the income statement. ASU 2017-07 is effective for fiscal years and interim periods beginning after December&#160;15, 2017, and early adoption is permitted. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Company expects the adoption of ASU 2017-07 will change the net FAS/CAS pension adjustment within operating income, which will be offset by a corresponding change in Other income (expense), as a result of reclassifying interest cost, expected return on plan assets, amortization of prior service cost/credit and actuarial gain/loss, and settlement and curtailment effects of net periodic benefit expense from operating income to Other income (expense). Additionally, the remaining FAS/CAS Adjustment within operating income will be reclassified from General and administrative expenses to Cost of product sales and service revenues. The Company adopted ASU 2017-07 on January 1, 2018 using the retrospective method and does not expect the impact to 2017 and 2016 operating income to be material when it is recast to reflect the new standard. The Company does not expect ASU 2017-07 to have a material impact on its consolidated statements of financial position, cash flows, accounting processes, or internal controls.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">In May 2017, the FASB issued ASU 2017-10, "Service Concession Arrangements (Topic 853): Determining the Customer of the Operation Services", which addresses how an operating entity should determine the customer for operations under a service concession arrangement. The update clarifies that the grantor is the customer of the operation services in all cases for these arrangements. This standard is effective for annual reporting periods beginning after December 15, 2017. The FASB permitted companies to adopt the new standard early, but not before the original effective date of annual reporting periods beginning after December 15, 2016. The Company is currently evaluating the impact of ASU 2017-10 on its consolidated financial statements and disclosures, accounting processes, or internal controls.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Other pronouncements issued but not effective until after December 31, 2017, are not expected to have a material impact on the Company's consolidated financial position, results of operations, or cash flows.</font></div></div>
CY2017 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">DESCRIPTION OF BUSINESS</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Huntington Ingalls Industries, Inc. ("HII" or the "Company") is one of America&#8217;s largest military shipbuilding companies and a provider of professional services to partners in government and industry. HII is organized into </font><font style="font-family:Arial;font-size:10pt;color:#000000;text-decoration:none;">three</font><font style="font-family:Arial;font-size:10pt;"> reportable segments: Ingalls Shipbuilding ("Ingalls"), Newport News Shipbuilding ("Newport News"), and Technical Solutions. For more than a century, the Company's Ingalls segment in Mississippi and Newport News segment in Virginia have built more ships in more ship classes than any other U.S. naval shipbuilder. The Technical Solutions segment, established in the fourth quarter of 2016, provides a range of services to the governmental, energy, and oil and gas markets. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">HII conducts most of its business with the U.S. Government, principally the Department of Defense ("DoD"). As prime contractor, principal subcontractor, team member, or partner, the Company participates in many high-priority U.S. defense technology programs. Through its Ingalls segment, HII is a builder of amphibious assault and expeditionary ships for the U.S. Navy, the sole builder of National Security Cutters for the U.S. Coast Guard, and one of only two companies that builds the Navy's current fleet of </font><font style="font-family:Arial;font-size:10pt;font-style:italic;">Arleigh Burke </font><font style="font-family:Arial;font-size:10pt;">class (DDG 51) destroyers. Through its Newport News segment, HII is the nation's sole designer, builder and refueler of nuclear-powered aircraft carriers, and one of only two companies currently designing and building nuclear-powered submarines for the U.S. Navy. The Technical Solutions segment provides a wide range of professional services, including fleet support, integrated missions solutions, nuclear and environmental, and oil and gas services.</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%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;">Accounting Estimates </font><font style="font-family:Arial;font-size:10pt;">- The preparation of the Company's consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingencies at the date of the financial statements, as well as the reported amounts of revenues and expenses during the reporting period. Estimates have been prepared on the basis of the most current and best available information, and actual results could differ materially from those estimates. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The Bipartisan Budget Act of 2015 established limits on U.S. Government discretionary spending, including defense spending, and provided sequestration relief for 2016 and 2017. Sequestration remains in effect for 2018 through 2021 and could result in significant decreases in DoD spending that could negatively impact the Company's revenues and its estimated recovery of goodwill and other long-lived assets.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;"><br clear="none"/></font></div></div>

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