2017 Q4 Form 10-K Financial Statement

#000163745918000015 Filed on February 16, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2017 2016 Q4
Revenue $6.877B $26.23B $6.857B
YoY Change 0.29% -0.96%
Cost Of Revenue $4.554B $17.04B $4.049B
YoY Change 12.47% -0.65%
Gross Profit $2.287B $9.033B $2.459B
YoY Change -6.99% -1.24%
Gross Profit Margin 33.26% 34.44% 35.86%
Selling, General & Admin $778.0M $2.976B $805.0M
YoY Change -3.35% -16.05%
% of Gross Profit 34.02% 32.95% 32.74%
Research & Development $93.00M
YoY Change -22.5%
% of Gross Profit 1.03%
Depreciation & Amortization $241.0M $1.031B $290.0M
YoY Change -16.9% -22.89%
% of Gross Profit 10.54% 11.41% 11.79%
Operating Expenses $778.0M $3.069B $805.0M
YoY Change -3.35% -16.26%
Operating Profit $1.509B $6.057B $1.413B
YoY Change 6.79% 8.14%
Interest Expense $308.0M $1.234B $311.0M
YoY Change -0.96% 8.82%
% of Operating Profit 20.41% 20.37% 22.01%
Other Income/Expense, Net $116.0M $627.0M $3.000M
YoY Change 3766.67% 32.84%
Pretax Income $1.317B $5.450B $1.105B
YoY Change 19.19% 10.35%
Income Tax -$6.665B -$5.482B $262.0M
% Of Pretax Income -506.07% -100.59% 23.71%
Net Earnings $7.989B $10.94B $944.0M
YoY Change 746.29% 204.25%
Net Earnings / Revenue 116.17% 41.71% 13.77%
Basic Earnings Per Share $6.55 $8.98 $0.78
Diluted Earnings Per Share $6.50 $8.91 $0.77
COMMON SHARES
Basic Shares Outstanding 1.218B shares 1.218B shares 1.218B shares
Diluted Shares Outstanding 1.228B shares 1.228B shares

Balance Sheet

Concept 2017 Q4 2017 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.629B $1.629B $3.920B
YoY Change -58.44% -61.25%
Cash & Equivalents $1.629B $1.629B $4.204B
Short-Term Investments
Other Short-Term Assets $655.0M $1.000B $707.0M
YoY Change -7.36% 3.41%
Inventory $2.760B $2.760B $2.684B
Prepaid Expenses $345.0M
Receivables $921.0M $921.0M $769.0M
Other Receivables $891.0M $891.0M $208.0M
Total Short-Term Assets $7.201B $7.201B $8.753B
YoY Change -17.73% -17.73%
LONG-TERM ASSETS
Property, Plant & Equipment $7.061B $7.061B $6.688B
YoY Change 5.58% 5.58%
Goodwill $44.83B $44.13B
YoY Change 1.59%
Intangibles $59.43B $59.30B
YoY Change 0.23%
Long-Term Investments
YoY Change
Other Assets $1.573B $1.573B $1.617B
YoY Change -2.72% -2.72%
Total Long-Term Assets $112.9B $112.9B $111.7B
YoY Change 1.04% 1.04%
TOTAL ASSETS
Total Short-Term Assets $7.201B $7.201B $8.753B
Total Long-Term Assets $112.9B $112.9B $111.7B
Total Assets $120.1B $120.1B $120.5B
YoY Change -0.32% -0.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.362B $4.362B $3.456B
YoY Change 26.22% 9.16%
Accrued Expenses $1.108B $1.108B $1.183B
YoY Change -6.34% -16.12%
Deferred Revenue
YoY Change
Short-Term Debt $462.0M $462.0M $645.0M
YoY Change -28.37% -28.37%
Long-Term Debt Due $2.733B $2.733B $2.047B
YoY Change 33.51% 33.58%
Total Short-Term Liabilities $10.15B $10.15B $9.501B
YoY Change 6.87% 6.87%
LONG-TERM LIABILITIES
Long-Term Debt $28.31B $28.31B $29.98B
YoY Change -5.58% -4.73%
Other Long-Term Liabilities $1.088B $1.515B $806.0M
YoY Change 34.99% -46.73%
Total Long-Term Liabilities $1.088B $29.82B $806.0M
YoY Change 34.99% -8.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.15B $10.15B $9.501B
Total Long-Term Liabilities $1.088B $29.82B $806.0M
Total Liabilities $54.02B $54.23B $62.91B
YoY Change -14.13% -14.09%
SHAREHOLDERS EQUITY
Retained Earnings $8.495B $588.0M
YoY Change 1344.73%
Common Stock $12.00M $12.00M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $224.0M $207.0M
YoY Change 8.21%
Treasury Stock Shares 2.000M shares 2.000M shares
Shareholders Equity $65.86B $65.86B $57.36B
YoY Change
Total Liabilities & Shareholders Equity $120.1B $120.1B $120.5B
YoY Change -0.32% -0.32%

Cashflow Statement

Concept 2017 Q4 2017 2016 Q4
OPERATING ACTIVITIES
Net Income $7.989B $10.94B $944.0M
YoY Change 746.29% 204.25%
Depreciation, Depletion And Amortization $241.0M $1.031B $290.0M
YoY Change -16.9% -22.89%
Cash From Operating Activities $485.0M $501.0M -$1.088B
YoY Change -144.58% -81.08%
INVESTING ACTIVITIES
Capital Expenditures -$238.0M $1.194B -$322.0M
YoY Change -26.09% -4.25%
Acquisitions $0.00
YoY Change
Other Investing Activities $691.0M -$79.00M $1.858B
YoY Change -62.81% -28.18%
Cash From Investing Activities $453.0M $1.177B $1.536B
YoY Change -70.51% -18.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $2.641B
YoY Change 3007.06%
Cash From Financing Activities -732.0M -$4.221B -835.0M
YoY Change -12.34% -8.64%
NET CHANGE
Cash From Operating Activities 485.0M $501.0M -1.088B
Cash From Investing Activities 453.0M $1.177B 1.536B
Cash From Financing Activities -732.0M -$4.221B -835.0M
Net Change In Cash 206.0M -$2.486B -387.0M
YoY Change -153.23% 278.39%
FREE CASH FLOW
Cash From Operating Activities $485.0M $501.0M -$1.088B
Capital Expenditures -$238.0M $1.194B -$322.0M
Free Cash Flow $723.0M -$693.0M -$766.0M
YoY Change -194.39% -149.46%

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CY2016 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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2602000000 USD
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CY2017Q4 us-gaap Commitments And Contingencies
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0.22
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0.21
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1600000000 USD
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1410000000 USD
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CY2016 us-gaap Dividends Preferred Stock
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180000000 USD
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2.84
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0.73
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0.95
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0.78
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6.57
CY2017 us-gaap Earnings Per Share Basic
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9.03
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0.73
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0.63
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0.69
CY2016Q4 us-gaap Earnings Per Share Diluted
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0.77
CY2016 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.81
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0.73
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0.94
CY2017Q3 us-gaap Earnings Per Share Diluted
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0.77
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6.52
CY2017 us-gaap Earnings Per Share Diluted
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8.95
CY2016 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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57000000 USD
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0.362
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0.275
CY2017 us-gaap Effective Income Tax Rate Continuing Operations
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CY2016 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
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0.35
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0.35
CY2016 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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-0.104
CY2016 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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CY2017 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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0.003
CY2016 us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
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0.029
CY2016 us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
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0.019
CY2017 us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
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0.015
CY2016 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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-0.118
CY2016 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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-0.036
CY2017 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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-0.047
CY2016 us-gaap Effective Income Tax Rate Reconciliation Repatriation Of Foreign Earnings
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0.004
CY2017 us-gaap Effective Income Tax Rate Reconciliation Repatriation Of Foreign Earnings
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0.004
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0.008
CY2017 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.011
CY2016 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
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12000000 USD
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68000000 USD
CY2017 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
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44000000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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544000000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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837000000 USD
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272000000 USD
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FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
270000000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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270000000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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270000000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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270000000 USD
CY2016 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
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0.109
CY2016 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
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0.033
CY2017 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
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0.007
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6534000000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Gross
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6631000000 USD
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5990000000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Net
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5794000000 USD
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CY2016Q4 us-gaap Goodwill
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699000000 USD
CY2017Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
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CY2017Q2 us-gaap Goodwill Impairment Loss
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CY2016 us-gaap Gross Profit
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5761000000 USD
CY2016Q2 us-gaap Gross Profit
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2378000000 USD
CY2016Q3 us-gaap Gross Profit
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2531000000 USD
CY2016Q4 us-gaap Gross Profit
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2218000000 USD
CY2016Q4 us-gaap Gross Profit
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2459000000 USD
CY2016 us-gaap Gross Profit
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9586000000 USD
CY2017Q2 us-gaap Gross Profit
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2301000000 USD
CY2017Q3 us-gaap Gross Profit
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2681000000 USD
CY2017Q3 us-gaap Gross Profit
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2314000000 USD
CY2017Q4 us-gaap Gross Profit
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CY2016 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
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CY2017 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
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CY2016 us-gaap Other Operating Activities Cash Flow Statement
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CY2016 us-gaap Other Operating Activities Cash Flow Statement
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CY2016 us-gaap Payments For Proceeds From Loans And Leases
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CY2017 us-gaap Payments For Proceeds From Loans And Leases
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CY2016Q2 us-gaap Payments For Repurchase Of Redeemable Preferred Stock
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CY2016 us-gaap Payments For Repurchase Of Redeemable Preferred Stock
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CY2016 us-gaap Preferred Stock Dividends Income Statement Impact
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900000000 USD
CY2016Q2 us-gaap Preferred Stock Dividend Rate Percentage
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CY2017 us-gaap Payments For Repurchase Of Redeemable Preferred Stock
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CY2016 us-gaap Payments Of Debt Extinguishment Costs
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105000000 USD
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CY2017 us-gaap Payments Of Debt Extinguishment Costs
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CY2016 us-gaap Payments Of Debt Issuance Costs
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CY2016 us-gaap Payments Of Debt Issuance Costs
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CY2017 us-gaap Payments Of Debt Issuance Costs
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180000000 USD
CY2017 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
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CY2016 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2017 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2016 us-gaap Payments To Acquire Property Plant And Equipment
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648000000 USD
CY2016 us-gaap Payments To Acquire Property Plant And Equipment
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1247000000 USD
CY2017 us-gaap Payments To Acquire Property Plant And Equipment
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1217000000 USD
CY2016 us-gaap Pension And Other Postretirement Benefit Contributions
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344000000 USD
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427000000 USD
CY2016 us-gaap Preferred Stock Dividends Income Statement Impact
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180000000 USD
CY2017 us-gaap Preferred Stock Dividends Income Statement Impact
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CY2017Q4 us-gaap Preferred Stock Shares Authorized
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2589000000 USD
CY2017 us-gaap Proceeds From Collection Of Retained Interest In Securitized Receivables
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2286000000 USD
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0 USD
CY2016 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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0 USD
CY2016 us-gaap Proceeds From Hedge Investing Activities
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488000000 USD
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91000000 USD
CY2017 us-gaap Proceeds From Hedge Investing Activities
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6000000 USD
CY2016 us-gaap Proceeds From Issuance Of Commercial Paper
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CY2016 us-gaap Proceeds From Issuance Of Commercial Paper
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6680000000 USD
CY2017 us-gaap Proceeds From Issuance Of Commercial Paper
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CY2016 us-gaap Proceeds From Lines Of Credit
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CY2016 us-gaap Proceeds From Lines Of Credit
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0 USD
CY2017 us-gaap Proceeds From Lines Of Credit
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22000000 USD
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CY2016 us-gaap Proceeds From Repayments Of Related Party Debt
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0 USD
CY2017 us-gaap Proceeds From Repayments Of Related Party Debt
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CY2016 us-gaap Proceeds From Repurchase Of Equity
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0 USD
CY2016 us-gaap Proceeds From Repurchase Of Equity
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0 USD
CY2017 us-gaap Proceeds From Repurchase Of Equity
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CY2016 us-gaap Proceeds From Stock Options Exercised
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29000000 USD
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140000000 USD
CY2017 us-gaap Proceeds From Stock Options Exercised
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CY2016 us-gaap Profit Loss
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CY2017Q4 us-gaap Purchase Obligation
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CY2017Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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CY2016 us-gaap Research And Development Expense
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CY2016Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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9000000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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CY2016 us-gaap Restructuring And Related Cost Incurred Cost
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CY2016 us-gaap Restructuring And Related Cost Incurred Cost
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CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2016 us-gaap Share Based Compensation
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38.78
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21000000 USD
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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186000000 USD
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124000000 USD
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52.50
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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661762 shares
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14.24
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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716000000 USD
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CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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37.39
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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41.63
CY2017 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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291000000 USD
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y
CY2016Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
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11899949 shares
CY2017Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
11827142 shares
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares
650117 shares
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
9.89
CY2017 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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32.73
CY2017Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
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8.36
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
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1001730 shares
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
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15.09
CY2016Q4 us-gaap Short Term Borrowings
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CY2017Q4 us-gaap Short Term Borrowings
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CY2016 us-gaap Stock Issued During Period Shares Acquisitions
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593000000 shares
CY2017 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2016 us-gaap Stock Issued During Period Value Acquisitions
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CY2016Q4 us-gaap Stockholders Equity
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CY2017Q4 us-gaap Stockholders Equity
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CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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57574000000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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66241000000 USD
CY2016 us-gaap Stockholders Equity Other
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CY2016 us-gaap Stockholders Equity Other
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CY2017 us-gaap Stockholders Equity Other
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152000000 USD
CY2016Q4 us-gaap Treasury Stock Common Shares
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2000000 shares
CY2017Q4 us-gaap Treasury Stock Common Shares
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2000000 shares
CY2014Q4 us-gaap Treasury Stock Shares
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0 shares
CY2016Q1 us-gaap Treasury Stock Shares
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0 shares
CY2016Q4 us-gaap Treasury Stock Shares
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2000000 shares
CY2017Q4 us-gaap Treasury Stock Shares
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2000000 shares
CY2016Q4 us-gaap Treasury Stock Value
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CY2017Q4 us-gaap Treasury Stock Value
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85000000 USD
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124000000 USD
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114000000 USD
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353000000 USD
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389000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
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408000000 USD
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9000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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18000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
35000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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0 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
62000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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59000000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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81000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
57000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
18000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
8000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Acquisition
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242000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Acquisition
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0 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Acquisition
UnrecognizedTaxBenefitsIncreasesResultingFromAcquisition
0 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
33000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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62000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
135000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
25000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
59000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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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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9000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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5000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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24000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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316000000 USD
CY2017 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
9000000 USD
CY2014Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
72000000 USD
CY2016Q1 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
115000000 USD
CY2016Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
109000000 USD
CY2017Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
103000000 USD
CY2016 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
15000000 USD
CY2016 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
12000000 USD
CY2017 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
-1000000 USD
CY2016 us-gaap Valuation Allowances And Reserves Charged To Other Accounts
ValuationAllowancesAndReservesChargedToOtherAccounts
32000000 USD
CY2016 us-gaap Valuation Allowances And Reserves Charged To Other Accounts
ValuationAllowancesAndReservesChargedToOtherAccounts
-4000000 USD
CY2017 us-gaap Valuation Allowances And Reserves Charged To Other Accounts
ValuationAllowancesAndReservesChargedToOtherAccounts
1000000 USD
CY2016 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
4000000 USD
CY2016 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
14000000 USD
CY2017 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
-6000000 USD
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
786000000 shares
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1226000000 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1228000000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
786000000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1217000000 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1218000000 shares
CY2016 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
236000000 USD
CY2016 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
0 USD
CY2017 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
2000000 USD
CY2017 khc Capital Expendituresby Segment
CapitalExpendituresbySegment
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total capital expenditures by segment were (in millions):</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="12" rowspan="1"></td></tr><tr><td style="width:65%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December 30,<br clear="none"/> 2017<br clear="none"/>(52 weeks)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December 31,<br clear="none"/> 2016<br clear="none"/>(52 weeks)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">January 3,<br clear="none"/> 2016<br clear="none"/>(53 weeks)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">Capital expenditures:</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">United States</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">764</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">843</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">377</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">Canada</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">42</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">30</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">19</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">Europe</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">125</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">109</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">106</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">Rest of World</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">209</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">102</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">99</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:12px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">General corporate expenses</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">77</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">163</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">47</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">Total capital expenditures</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">1,217</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">1,247</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:9.5pt;"><font style="font-family:inherit;font-size:9.5pt;">648</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div>
CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates:</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We prepare our consolidated financial statements in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;), which requires us to make accounting policy elections, estimates, and assumptions that affect a number of amounts in our consolidated financial statements. We base our estimates on historical experience and other assumptions that we believe are reasonable. If actual amounts differ from estimates, we include the revisions in our consolidated results of operations in the period the actual amounts become known. Historically, the aggregate differences, if any, between our estimates and actual amounts in any year have not had a material effect on our consolidated financial statements.</font></div></div>

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