2018 Q4 Form 10-Q Financial Statement

#000005578518000069 Filed on October 22, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $4.569B $4.600B $4.665B
YoY Change -0.74% -1.39% 1.55%
Cost Of Revenue $3.091B $3.166B $2.998B
YoY Change 3.21% 5.6% 2.53%
Gross Profit $1.478B $1.416B $1.667B
YoY Change -8.08% -15.06% -0.18%
Gross Profit Margin 32.35% 30.78% 35.73%
Selling, General & Admin $729.0M $723.0M $807.0M
YoY Change -3.19% -10.41% -3.12%
% of Gross Profit 49.32% 51.06% 48.41%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $230.0M $217.0M $182.0M
YoY Change 25.0% 19.23% 1.68%
% of Gross Profit 15.56% 15.32% 10.92%
Operating Expenses $736.0M $721.0M $799.0M
YoY Change -5.64% -9.76% -4.2%
Operating Profit $742.0M $669.0M $868.0M
YoY Change -10.39% -22.93% 3.83%
Interest Expense -$62.00M $64.00M $78.00M
YoY Change -10.14% -17.95% -3.7%
% of Operating Profit -8.36% 9.57% 8.99%
Other Income/Expense, Net -$11.00M -$30.00M -$14.00M
YoY Change -31.25% 114.29%
Pretax Income $489.0M $577.0M $779.0M
YoY Change -34.19% -25.93% 2.91%
Income Tax $82.00M $138.0M $224.0M
% Of Pretax Income 16.77% 23.92% 28.75%
Net Earnings $411.0M $451.0M $567.0M
YoY Change -33.39% -20.46% 3.09%
Net Earnings / Revenue 9.0% 9.8% 12.15%
Basic Earnings Per Share $1.30 $1.61
Diluted Earnings Per Share $1.184M $1.29 $1.60
COMMON SHARES
Basic Shares Outstanding 346.3M shares 347.2M shares 352.7M shares
Diluted Shares Outstanding 348.8M shares 354.8M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $539.0M $494.0M $655.0M
YoY Change -12.5% -24.58% -25.9%
Cash & Equivalents $539.0M $494.0M $655.0M
Short-Term Investments
Other Short-Term Assets $525.0M $536.0M $463.0M
YoY Change 7.14% 15.77% 10.77%
Inventory $1.813B $1.770B $1.748B
Prepaid Expenses
Receivables $2.164B $2.308B $2.360B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.041B $5.108B $5.226B
YoY Change -3.26% -2.26% -0.65%
LONG-TERM ASSETS
Property, Plant & Equipment $7.159B $7.030B $7.317B
YoY Change -3.73% -3.92% 1.65%
Goodwill $1.474B $1.480B $1.581B
YoY Change -6.47% -6.39% 4.15%
Intangibles
YoY Change
Long-Term Investments $224.0M $251.0M $272.0M
YoY Change -3.86% -7.72% -5.88%
Other Assets $620.0M $714.0M $653.0M
YoY Change -10.79% 9.34% 3.0%
Total Long-Term Assets $9.477B $9.475B $9.823B
YoY Change -4.66% -3.54% 1.91%
TOTAL ASSETS
Total Short-Term Assets $5.041B $5.108B $5.226B
Total Long-Term Assets $9.477B $9.475B $9.823B
Total Assets $14.52B $14.58B $15.05B
YoY Change -4.18% -3.1% 1.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.190B $2.937B $2.729B
YoY Change 12.56% 7.62% 11.21%
Accrued Expenses $1.793B $1.735B $1.752B
YoY Change 3.64% -0.97% 1.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.208B $1.786B $589.0M
YoY Change 26.76% 203.23% -51.12%
Total Short-Term Liabilities $6.536B $6.805B $5.412B
YoY Change 11.57% 25.74% -5.38%
LONG-TERM LIABILITIES
Long-Term Debt $6.311B $5.800B $7.115B
YoY Change -3.4% -18.48% 9.34%
Other Long-Term Liabilities $328.0M $369.0M $305.0M
YoY Change 9.7% 20.98% -8.13%
Total Long-Term Liabilities $328.0M $369.0M $305.0M
YoY Change 9.7% 20.98% -8.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.536B $6.805B $5.412B
Total Long-Term Liabilities $328.0M $369.0M $305.0M
Total Liabilities $6.864B $7.174B $5.717B
YoY Change 11.48% 25.49% -5.54%
SHAREHOLDERS EQUITY
Retained Earnings $5.947B
YoY Change 3.09%
Common Stock $473.0M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.956B
YoY Change 20.32%
Treasury Stock Shares 33.64M shares
Shareholders Equity -$287.0M $112.0M $259.0M
YoY Change
Total Liabilities & Shareholders Equity $14.52B $14.58B $15.05B
YoY Change -4.18% -3.1% 1.01%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $411.0M $451.0M $567.0M
YoY Change -33.39% -20.46% 3.09%
Depreciation, Depletion And Amortization $230.0M $217.0M $182.0M
YoY Change 25.0% 19.23% 1.68%
Cash From Operating Activities $949.0M $692.0M $805.0M
YoY Change 9.97% -14.04% -15.08%
INVESTING ACTIVITIES
Capital Expenditures -$311.0M -$219.0M -$209.0M
YoY Change 63.68% 4.78% 12.97%
Acquisitions
YoY Change
Other Investing Activities $41.00M -$1.000M -$81.00M
YoY Change 156.25% -98.77% 1057.14%
Cash From Investing Activities -$270.0M -$220.0M -$290.0M
YoY Change 55.17% -24.14% 51.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -632.0M -453.0M -916.0M
YoY Change -14.71% -50.55% 71.54%
NET CHANGE
Cash From Operating Activities 949.0M 692.0M 805.0M
Cash From Investing Activities -270.0M -220.0M -290.0M
Cash From Financing Activities -632.0M -453.0M -916.0M
Net Change In Cash 47.00M 19.00M -401.0M
YoY Change -190.38% -104.74% -280.63%
FREE CASH FLOW
Cash From Operating Activities $949.0M $692.0M $805.0M
Capital Expenditures -$311.0M -$219.0M -$209.0M
Free Cash Flow $1.260B $911.0M $1.014B
YoY Change 19.66% -10.16% -10.5%

Facts In Submission

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CY2017Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
128000000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
450000000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-79000000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-343000000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
111000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
390000000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-54000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-211000000 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
8000000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
11000000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-22000000 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-101000000 USD
CY2017Q3 us-gaap Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
-9000000 USD
us-gaap Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
-49000000 USD
CY2018Q3 us-gaap Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
3000000 USD
us-gaap Other Comprehensive Income Other Net Of Tax
OtherComprehensiveIncomeOtherNetOfTax
31000000 USD
CY2017Q4 us-gaap Other Inventory Supplies
OtherInventorySupplies
303000000 USD
CY2018Q3 us-gaap Other Inventory Supplies
OtherInventorySupplies
279000000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
299000000 USD
CY2018Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
369000000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
-40000000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
113000000 USD
CY2017Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
8000000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
0 USD
CY2018Q3 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
2000000 USD
us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
-6000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
29000000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-13000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
804000000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
596000000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
1017000000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
1039000000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
595000000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
566000000 USD
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
-1000000 USD
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
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CY2017Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
1184000000 USD
CY2018Q3 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
993000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
937000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-49000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-41000000 USD
us-gaap Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less
ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess
111000000 USD
us-gaap Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less
ProceedsFromRepaymentsOfShortTermDebtMaturingInThreeMonthsOrLess
453000000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
114000000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
50000000 USD
CY2017Q3 us-gaap Profit Loss
ProfitLoss
579000000 USD
us-gaap Profit Loss
ProfitLoss
1694000000 USD
CY2018Q3 us-gaap Profit Loss
ProfitLoss
462000000 USD
us-gaap Profit Loss
ProfitLoss
1024000000 USD
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
17915000000 USD
CY2018Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
17499000000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7436000000 USD
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7030000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
972000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
310000000 USD
CY2017Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
4700000000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
13700000000 USD
CY2018Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
4600000000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
13900000000 USD
CY2017Q3 us-gaap Sales Revenue Net
SalesRevenueNet
4665000000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
13745000000 USD
CY2018Q3 us-gaap Sales Revenue Net
SalesRevenueNet
4582000000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
13917000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
64000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
45000000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
629000000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
-133000000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
882000000 USD
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
112000000 USD
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
5500000 shares
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
601000000 USD
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
354800000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
356700000 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
348800000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
350400000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
352700000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
354400000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
347200000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
348800000 shares

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