2017 Q4 Form 10-K Financial Statement

#000005578519000013 Filed on February 07, 2019

View on sec.gov

Income Statement

Concept 2017 Q4 2016 Q4 2016
Revenue $4.603B $4.629B $18.29B
YoY Change -0.56% 1.98% -1.64%
Cost Of Revenue $2.995B $2.911B $11.60B
YoY Change 2.89% -0.07% -3.1%
Gross Profit $1.608B $1.718B $6.691B
YoY Change -6.4% 5.66% 1.01%
Gross Profit Margin 34.93% 37.11% 36.59%
Selling, General & Admin $753.0M $795.0M $3.300B
YoY Change -5.28% -7.23% -4.15%
% of Gross Profit 46.83% 46.27% 49.32%
Research & Development $326.0M
YoY Change 0.62%
% of Gross Profit 4.87%
Depreciation & Amortization $184.0M $177.0M $705.0M
YoY Change 3.95% -2.21% -5.5%
% of Gross Profit 11.44% 10.3% 10.54%
Operating Expenses $780.0M $813.0M $326.0M
YoY Change -4.06% -18.37% 0.62%
Operating Profit $828.0M $905.0M $3.383B
YoY Change -8.51% 43.65% 109.73%
Interest Expense -$69.00M -$79.00M $319.0M
YoY Change -12.66% 11.27% 8.14%
% of Operating Profit -8.33% -8.73% 9.43%
Other Income/Expense, Net -$16.00M -$66.00M -$66.00M
YoY Change -75.76%
Pretax Income $743.0M $760.0M $2.088B
YoY Change -2.24% 35.96% 362.97%
Income Tax $219.0M $271.0M $922.0M
% Of Pretax Income 29.48% 35.66% 44.16%
Net Earnings $617.0M $505.0M $2.166B
YoY Change 22.18% 51.65% 113.82%
Net Earnings / Revenue 13.4% 10.91% 11.84%
Basic Earnings Per Share $6.03
Diluted Earnings Per Share $1.745M $1.404M $5.99
COMMON SHARES
Basic Shares Outstanding 351.8M shares 358.2M shares 359.4M shares
Diluted Shares Outstanding 361.7M shares

Balance Sheet

Concept 2017 Q4 2016 Q4 2016
SHORT-TERM ASSETS
Cash & Short-Term Investments $616.0M $923.0M $923.0M
YoY Change -33.26% 49.11% 49.11%
Cash & Equivalents $616.0M $923.0M $923.0M
Short-Term Investments
Other Short-Term Assets $490.0M $337.0M $337.0M
YoY Change 45.4% -45.38% -45.38%
Inventory $1.790B $1.679B $1.679B
Prepaid Expenses
Receivables $2.315B $2.176B $2.009B
Other Receivables $0.00 $0.00 $167.0M
Total Short-Term Assets $5.211B $5.115B $5.115B
YoY Change 1.88% -5.73% -5.73%
LONG-TERM ASSETS
Property, Plant & Equipment $7.436B $7.169B $7.169B
YoY Change 3.72% 0.91% 0.91%
Goodwill $1.576B $1.480B
YoY Change 6.49% 2.35%
Intangibles
YoY Change
Long-Term Investments $233.0M $257.0M $257.0M
YoY Change -9.34% 4.05% 4.05%
Other Assets $695.0M $581.0M $498.0M
YoY Change 19.62% -6.14% -5.14%
Total Long-Term Assets $9.940B $9.487B $9.487B
YoY Change 4.77% 0.75% 0.75%
TOTAL ASSETS
Total Short-Term Assets $5.211B $5.115B $5.115B
Total Long-Term Assets $9.940B $9.487B $9.487B
Total Assets $15.15B $14.60B $14.60B
YoY Change 3.76% -1.62% -1.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.834B $2.609B $2.609B
YoY Change 8.62% -0.11% -0.11%
Accrued Expenses $1.730B $1.775B $1.472B
YoY Change -2.54% 1.43% 3.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $953.0M $963.0M $1.133B
YoY Change -1.04% 61.04% -32.12%
Total Short-Term Liabilities $5.858B $5.846B $5.846B
YoY Change 0.21% -7.92% -7.92%
LONG-TERM LIABILITIES
Long-Term Debt $6.533B $6.439B $6.497B
YoY Change 1.46% 5.45% 5.3%
Other Long-Term Liabilities $299.0M $309.0M $1.610B
YoY Change -3.24% -18.68% 6.13%
Total Long-Term Liabilities $299.0M $6.748B $8.107B
YoY Change -95.57% 4.04% 5.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.858B $5.846B $5.846B
Total Long-Term Liabilities $299.0M $6.748B $8.107B
Total Liabilities $6.157B $12.59B $14.70B
YoY Change -51.11% -1.88% -2.08%
SHAREHOLDERS EQUITY
Retained Earnings $5.769B $5.831B
YoY Change -1.06% 16.76%
Common Stock $473.0M $473.0M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.288B $3.629B
YoY Change -9.4% 22.11%
Treasury Stock Shares 27.49M shares 22.03M shares
Shareholders Equity $882.0M -$102.0M -$102.0M
YoY Change
Total Liabilities & Shareholders Equity $15.15B $14.60B $14.60B
YoY Change 3.76% -1.62% -1.62%

Cashflow Statement

Concept 2017 Q4 2016 Q4 2016
OPERATING ACTIVITIES
Net Income $617.0M $505.0M $2.166B
YoY Change 22.18% 51.65% 113.82%
Depreciation, Depletion And Amortization $184.0M $177.0M $705.0M
YoY Change 3.95% -2.21% -5.5%
Cash From Operating Activities $863.0M $871.0M $3.232B
YoY Change -0.92% 30.98% 40.16%
INVESTING ACTIVITIES
Capital Expenditures -$190.0M -$189.0M -$771.0M
YoY Change 0.53% -26.74% -26.99%
Acquisitions
YoY Change
Other Investing Activities $16.00M $33.00M -$49.00M
YoY Change -51.52% 6.45% -508.33%
Cash From Investing Activities -$174.0M -$156.0M -$732.0M
YoY Change 11.54% -31.28% -30.29%
FINANCING ACTIVITIES
Cash Dividend Paid $1.311B
YoY Change 3.07%
Common Stock Issuance & Retirement, Net $739.0M
YoY Change -14.17%
Debt Paid & Issued, Net $598.0M
YoY Change 8.14%
Cash From Financing Activities -741.0M -648.0M -$2.185B
YoY Change 14.35% 47.61% 68.34%
NET CHANGE
Cash From Operating Activities 863.0M 871.0M $3.232B
Cash From Investing Activities -174.0M -156.0M -$732.0M
Cash From Financing Activities -741.0M -648.0M -$2.185B
Net Change In Cash -52.00M 67.00M $315.0M
YoY Change -177.61% -6800.0% -850.0%
FREE CASH FLOW
Cash From Operating Activities $863.0M $871.0M $3.232B
Capital Expenditures -$190.0M -$189.0M -$771.0M
Free Cash Flow $1.053B $1.060B $4.003B
YoY Change -0.66% 14.84% 19.07%

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CY2018Q4 us-gaap Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Aggregate Accumulated Benefit Obligation
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation
1826000000 USD
CY2017Q4 us-gaap Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Aggregate Fair Value Of Plan Assets
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets
1699000000 USD
CY2018Q4 us-gaap Defined Benefit Plan Pension Plans With Accumulated Benefit Obligations In Excess Of Plan Assets Aggregate Fair Value Of Plan Assets
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets
1547000000 USD
CY2017Q4 us-gaap Defined Benefit Plan Plans With Benefit Obligations In Excess Of Plan Assets Aggregate Benefit Obligation
DefinedBenefitPlanPlansWithBenefitObligationsInExcessOfPlanAssetsAggregateBenefitObligation
2480000000 USD
CY2018Q4 us-gaap Defined Benefit Plan Plans With Benefit Obligations In Excess Of Plan Assets Aggregate Benefit Obligation
DefinedBenefitPlanPlansWithBenefitObligationsInExcessOfPlanAssetsAggregateBenefitObligation
2038000000 USD
CY2017Q4 us-gaap Defined Benefit Plan Plans With Benefit Obligations In Excess Of Plan Assets Aggregate Fair Value Of Plan Assets
DefinedBenefitPlanPlansWithBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets
2011000000 USD
CY2018Q4 us-gaap Defined Benefit Plan Plans With Benefit Obligations In Excess Of Plan Assets Aggregate Fair Value Of Plan Assets
DefinedBenefitPlanPlansWithBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets
1727000000 USD
CY2018 us-gaap Defined Benefit Plan Year Health Care Cost Trend Rate Reaches Ultimate Trend Rate
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2028
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DefinedContributionPlanCostRecognized
126000000 USD
CY2017 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
128000000 USD
CY2018 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
120000000 USD
CY2016 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
705000000 USD
CY2017 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
724000000 USD
CY2018 us-gaap Depreciation Depletion And Amortization
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882000000 USD
CY2017Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
45000000 USD
CY2018Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
14000000 USD
CY2017Q4 us-gaap Dividends Payable Current
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341000000 USD
CY2018Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
345000000 USD
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6.03
CY2017 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
6.44
CY2018 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.05
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5.99
CY2017 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
6.40
CY2018 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.03
CY2016 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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-11000000 USD
CY2017 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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36000000 USD
CY2018 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-30000000 USD
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0.306
CY2017 us-gaap Effective Income Tax Rate Continuing Operations
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0.259
CY2018 us-gaap Effective Income Tax Rate Continuing Operations
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0.260
CY2016 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.350
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.350
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.210
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0.002
CY2017 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.001
CY2018 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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0.016
CY2016 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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-0.027
CY2017 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.031
CY2018 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.002
CY2016 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.002
CY2017 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.011
CY2018 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.029
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EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0.000
CY2017 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
-0.025
CY2018 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0.064
CY2016 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.018
CY2017 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.011
CY2018 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.037
CY2016 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
28000000 USD
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EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
26000000 USD
CY2018 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
13000000 USD
CY2016Q4 us-gaap Equity Method Investment Summarized Financial Information Current Assets
EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets
963000000 USD
CY2017Q4 us-gaap Equity Method Investment Summarized Financial Information Current Assets
EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets
828000000 USD
CY2018Q4 us-gaap Equity Method Investment Summarized Financial Information Current Assets
EquityMethodInvestmentSummarizedFinancialInformationCurrentAssets
921000000 USD
CY2016Q4 us-gaap Equity Method Investment Summarized Financial Information Current Liabilities
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531000000 USD
CY2017Q4 us-gaap Equity Method Investment Summarized Financial Information Current Liabilities
EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities
415000000 USD
CY2018Q4 us-gaap Equity Method Investment Summarized Financial Information Current Liabilities
EquityMethodInvestmentSummarizedFinancialInformationCurrentLiabilities
578000000 USD
CY2016Q4 us-gaap Equity Method Investment Summarized Financial Information Equity Or Capital
EquityMethodInvestmentSummarizedFinancialInformationEquityOrCapital
554000000 USD
CY2017Q4 us-gaap Equity Method Investment Summarized Financial Information Equity Or Capital
EquityMethodInvestmentSummarizedFinancialInformationEquityOrCapital
520000000 USD
CY2018Q4 us-gaap Equity Method Investment Summarized Financial Information Equity Or Capital
EquityMethodInvestmentSummarizedFinancialInformationEquityOrCapital
353000000 USD
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EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss
720000000 USD
CY2017 us-gaap Equity Method Investment Summarized Financial Information Gross Profit Loss
EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss
627000000 USD
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EquityMethodInvestmentSummarizedFinancialInformationGrossProfitLoss
635000000 USD
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276000000 USD
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EquityMethodInvestmentSummarizedFinancialInformationNetIncomeLoss
214000000 USD
CY2018 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
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215000000 USD
CY2016Q4 us-gaap Equity Method Investment Summarized Financial Information Noncurrent Assets
EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets
1168000000 USD
CY2017Q4 us-gaap Equity Method Investment Summarized Financial Information Noncurrent Assets
EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets
1232000000 USD
CY2018Q4 us-gaap Equity Method Investment Summarized Financial Information Noncurrent Assets
EquityMethodInvestmentSummarizedFinancialInformationNoncurrentAssets
1247000000 USD
CY2016Q4 us-gaap Equity Method Investment Summarized Financial Information Noncurrent Liabilities
EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities
1046000000 USD
CY2017Q4 us-gaap Equity Method Investment Summarized Financial Information Noncurrent Liabilities
EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities
1125000000 USD
CY2018Q4 us-gaap Equity Method Investment Summarized Financial Information Noncurrent Liabilities
EquityMethodInvestmentSummarizedFinancialInformationNoncurrentLiabilities
1237000000 USD
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2138000000 USD
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EquityMethodInvestmentSummarizedFinancialInformationRevenue
2191000000 USD
CY2018 us-gaap Equity Method Investment Summarized Financial Information Revenue
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2264000000 USD
CY2017Q4 us-gaap Equity Method Investments
EquityMethodInvestments
233000000 USD
CY2018Q4 us-gaap Equity Method Investments
EquityMethodInvestments
224000000 USD
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-6000000 USD
CY2017 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-21000000 USD
CY2018 us-gaap Gain Loss On Disposition Of Assets1
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-52000000 USD
CY2016Q4 us-gaap Goodwill
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1480000000 USD
CY2017Q4 us-gaap Goodwill
Goodwill
1576000000 USD
CY2018Q4 us-gaap Goodwill
Goodwill
1474000000 USD
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6691000000 USD
CY2017 us-gaap Gross Profit
GrossProfit
6587000000 USD
CY2018 us-gaap Gross Profit
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5597000000 USD
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2088000000 USD
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
1995000000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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1606000000 USD
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921000000 USD
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996000000 USD
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207000000 USD
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3009000000 USD
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2991000000 USD
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1813000000 USD
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IncomeLossFromEquityMethodInvestments
132000000 USD
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IncomeLossFromEquityMethodInvestments
104000000 USD
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IncomeLossFromEquityMethodInvestments
103000000 USD
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4000000 USD
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-26000000 USD
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3009000000 USD
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2991000000 USD
CY2018 us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
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1813000000 USD
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CY2018 us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
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2000000 USD
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IncomeTaxExpenseBenefit
922000000 USD
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IncomeTaxExpenseBenefit
776000000 USD
CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
471000000 USD
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-15000000 USD
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IncomeTaxesPaid
744000000 USD
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IncomeTaxesPaid
961000000 USD
CY2018 us-gaap Income Taxes Paid
IncomeTaxesPaid
395000000 USD
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-61000000 USD
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174000000 USD
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IncreaseDecreaseInAccountsPayableTrade
392000000 USD
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23000000 USD
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44000000 USD
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26000000 USD
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115000000 USD
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121000000 USD
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64000000 USD
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47000000 USD
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-230000000 USD
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33000000 USD
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127000000 USD
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148000000 USD
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2300000 shares
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2300000 shares
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1600000 shares
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319000000 USD
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318000000 USD
CY2018 us-gaap Interest Expense
InterestExpense
263000000 USD
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315000000 USD
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InterestPaid
354000000 USD
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264000000 USD
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68000000 USD
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75000000 USD
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1105000000 USD
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1153000000 USD
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1966000000 USD
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2004000000 USD
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176000000 USD
CY2018Q4 us-gaap Inventory Lifo Reserve
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191000000 USD
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1790000000 USD
CY2018Q4 us-gaap Inventory Net
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1813000000 USD
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345000000 USD
CY2018Q4 us-gaap Inventory Raw Materials
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362000000 USD
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213000000 USD
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214000000 USD
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11000000 USD
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10000000 USD
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10000000 USD
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271000000 USD
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281000000 USD
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280000000 USD
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6536000000 USD
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25000000 USD
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6472000000 USD
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6247000000 USD
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406000000 USD
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713000000 USD
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6878000000 USD
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6960000000 USD
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464000000 USD
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304000000 USD
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256000000 USD
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758000000 USD
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716000000 USD
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3232000000 USD
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2929000000 USD
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2970000000 USD
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2166000000 USD
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2278000000 USD
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1410000000 USD
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53000000 USD
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41000000 USD
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35000000 USD
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CY2018 us-gaap Nonoperating Income Expense
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2229000000 USD
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538000000 USD
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160000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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41000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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57000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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85000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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123000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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72000000 USD
CY2018Q4 us-gaap Operating Loss Carryforwards
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<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;text-decoration:underline;">Use of Estimates</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;padding-top:4px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of net sales and expenses during the reporting periods. Actual results could differ from these estimates, and changes in these estimates are recorded when known. Estimates are used in accounting for, among other things, sales incentives and trade promotion allowances, employee postretirement benefits, and deferred income taxes and potential assessments.</font></div></div>

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