2019 Q4 Form 10-Q Financial Statement

#000005143419000037 Filed on November 01, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $5.498B $5.568B $5.901B
YoY Change -7.61% -5.64% 6.96%
Cost Of Revenue $3.669B $3.772B $3.887B
YoY Change -3.45% -2.96% -3.4%
Gross Profit $1.829B $1.796B $2.014B
YoY Change -14.97% -10.82% 34.9%
Gross Profit Margin 33.27% 32.26% 34.13%
Selling, General & Admin $879.0M $387.0M $405.0M
YoY Change -1.01% -4.44% 1.0%
% of Gross Profit 48.06% 21.55% 20.11%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $343.0M $327.0M $335.0M
YoY Change 1.48% -2.39% -4.29%
% of Gross Profit 18.75% 18.21% 16.63%
Operating Expenses $1.222B $387.0M $405.0M
YoY Change -0.33% -4.44% 1.0%
Operating Profit $607.0M $701.0M $738.0M
YoY Change -34.38% -5.01% 9.5%
Interest Expense -$110.0M $177.0M $184.0M
YoY Change -17.29% -3.8% -7.07%
% of Operating Profit -18.12% 25.25% 24.93%
Other Income/Expense, Net -$9.000M $21.00M -$25.00M
YoY Change -97.9% -184.0% -48.98%
Pretax Income $400.0M $452.0M $553.0M
YoY Change 4.71% -18.26% 21.01%
Income Tax $262.0M $137.0M $83.00M
% Of Pretax Income 65.5% 30.31% 15.01%
Net Earnings $165.0M $344.0M $562.0M
YoY Change -47.78% -38.79% 42.28%
Net Earnings / Revenue 3.0% 6.18% 9.52%
Basic Earnings Per Share $0.42 $0.88 $1.38
Diluted Earnings Per Share $0.42 $0.87 $1.37
COMMON SHARES
Basic Shares Outstanding 392.1M shares 392.6M shares 407.4M shares
Diluted Shares Outstanding 395.4M shares 411.4M shares

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $511.0M $697.0M $1.026B
YoY Change -13.24% -32.07% 2.81%
Cash & Equivalents $511.0M $697.0M $1.026B
Short-Term Investments
Other Short-Term Assets $247.0M $189.0M $199.0M
YoY Change -1.2% -5.03% -50.86%
Inventory $2.208B $2.194B $2.130B
Prepaid Expenses
Receivables $3.673B $3.693B $3.963B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $6.639B $7.051B $7.318B
YoY Change -5.1% -3.65% 1.48%
LONG-TERM ASSETS
Property, Plant & Equipment $13.00B $12.85B $13.09B
YoY Change -0.48% -1.86% -6.95%
Goodwill $3.114B $3.412B $3.371B
YoY Change -7.71% 1.22% -1.43%
Intangibles
YoY Change
Long-Term Investments $8.809B $8.735B $8.680B
YoY Change 1.04% 0.63% 17.57%
Other Assets $847.0M $1.002B $958.0M
YoY Change -16.88% 4.59% -24.33%
Total Long-Term Assets $13.40B $26.80B $26.49B
YoY Change -0.55% 1.18% -0.44%
TOTAL ASSETS
Total Short-Term Assets $6.639B $7.051B $7.318B
Total Long-Term Assets $13.40B $26.80B $26.49B
Total Assets $33.47B $33.85B $33.80B
YoY Change -0.31% 0.13% -0.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.423B $2.349B $2.510B
YoY Change 0.41% -6.41% 4.24%
Accrued Expenses $600.0M $578.0M $484.0M
YoY Change 12.15% 19.42% 8.28%
Deferred Revenue $56.00M $28.00M $25.00M
YoY Change 0.0% 12.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $168.0M $402.0M $555.0M
YoY Change -73.71% -27.57% -42.07%
Total Short-Term Liabilities $8.646B $4.729B $4.603B
YoY Change 84.19% 2.74% -5.46%
LONG-TERM LIABILITIES
Long-Term Debt $9.597B $9.957B $10.70B
YoY Change -4.17% -6.94% -5.92%
Other Long-Term Liabilities $640.0M $567.0M $544.0M
YoY Change 14.29% 4.23% 18.26%
Total Long-Term Liabilities $10.24B $10.52B $11.24B
YoY Change -3.2% -6.4% -4.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.646B $4.729B $4.603B
Total Long-Term Liabilities $10.24B $10.52B $11.24B
Total Liabilities $18.88B $15.25B $15.85B
YoY Change 23.67% -3.75% -5.12%
SHAREHOLDERS EQUITY
Retained Earnings $8.408B $8.447B $7.353B
YoY Change 12.63% 14.88% 49.51%
Common Stock $6.746B $6.710B $6.705B
YoY Change 0.25% 0.07% 1.21%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.702B $2.702B $2.131B
YoY Change 15.87% 26.79% 26.85%
Treasury Stock Shares 56.80M shares 56.80M shares 43.90M shares
Shareholders Equity $7.713B $7.441B $7.040B
YoY Change
Total Liabilities & Shareholders Equity $33.47B $33.85B $33.80B
YoY Change -0.31% 0.13% -0.03%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income $165.0M $344.0M $562.0M
YoY Change -47.78% -38.79% 42.28%
Depreciation, Depletion And Amortization $343.0M $327.0M $335.0M
YoY Change 1.48% -2.39% -4.29%
Cash From Operating Activities $947.0M $884.0M $941.0M
YoY Change 15.35% -6.06% -233.48%
INVESTING ACTIVITIES
Capital Expenditures -$363.0M -$285.0M -$357.0M
YoY Change 26.92% -20.17% 31.73%
Acquisitions
YoY Change
Other Investing Activities $57.00M $6.000M $11.00M
YoY Change 111.11% -45.45% -257.14%
Cash From Investing Activities -$306.0M -$279.0M -$346.0M
YoY Change 18.15% -19.36% 24.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -842.0M -671.0M -636.0M
YoY Change -15.8% 5.5% -168.39%
NET CHANGE
Cash From Operating Activities 947.0M 884.0M 941.0M
Cash From Investing Activities -306.0M -279.0M -346.0M
Cash From Financing Activities -842.0M -671.0M -636.0M
Net Change In Cash -201.0M -66.00M -41.00M
YoY Change -54.11% 60.98% -22.64%
FREE CASH FLOW
Cash From Operating Activities $947.0M $884.0M $941.0M
Capital Expenditures -$363.0M -$285.0M -$357.0M
Free Cash Flow $1.310B $1.169B $1.298B
YoY Change 18.34% -9.94% -399.08%

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40000000 USD
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10000000 USD
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us-gaap Investment Tax Credit
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CY2019Q3 us-gaap Accrual For Environmental Loss Contingencies
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145000000 USD
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155000000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
200000000 USD
CY2019Q2 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.0355
CY2019Q3 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
10400000000 USD
us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
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CY2019Q3 us-gaap Derivative Fair Value Of Derivative Asset
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DerivativeFairValueOfDerivativeAsset
19000000 USD
CY2019Q3 us-gaap Derivative Fair Value Of Derivative Liability
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20000000 USD
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ip Agetoparticipateinthepensionplan
Agetoparticipateinthepensionplan
21
ip Yearsofeligibilitytoparticipateinpensionplan
Yearsofeligibilitytoparticipateinpensionplan
1
CY2019Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
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CY2018Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
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us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
31000000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
16000000 USD
CY2019Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
655000000 USD
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
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us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2019Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
124000000 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
2400000 shares
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
43.49
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2018Q3 us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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1706000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
1947000000 USD
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452000000 USD
CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
553000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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1204000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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1399000000 USD
CY2019Q3 ip Income From Equity Method Investment And Income Attributable To Noncontrolling Interests
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2000000 USD
CY2018Q3 ip Income From Equity Method Investment And Income Attributable To Noncontrolling Interests
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4000000 USD
ip Income From Equity Method Investment And Income Attributable To Noncontrolling Interests
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CY2019Q3 us-gaap Other Noninterest Expense
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CY2018Q3 us-gaap Other Noninterest Expense
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us-gaap Other Noninterest Expense
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45000000 USD
us-gaap Other Noninterest Expense
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59000000 USD
CY2019Q3 us-gaap Other Nonrecurring Income Expense
OtherNonrecurringIncomeExpense
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CY2018Q3 us-gaap Other Nonrecurring Income Expense
OtherNonrecurringIncomeExpense
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us-gaap Other Nonrecurring Income Expense
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us-gaap Other Nonrecurring Income Expense
OtherNonrecurringIncomeExpense
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CY2019Q3 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
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9000000 USD
CY2018Q3 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
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25000000 USD
us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
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27000000 USD
us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
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65000000 USD
us-gaap Operating Income Loss
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