2015 Q4 Form 10-Q Financial Statement

#000150630715000055 Filed on October 23, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $3.636B $3.707B $4.291B
YoY Change -7.97% -13.61% 14.24%
Cost Of Revenue $1.464B $1.106B $1.642B
YoY Change -25.31% -32.64% 6.42%
Gross Profit $2.172B $2.601B $2.649B
YoY Change 9.09% -1.81% 19.7%
Gross Profit Margin 59.74% 70.16% 61.73%
Selling, General & Admin $250.0M $268.0M $240.0M
YoY Change 3.73% 11.67% -5.14%
% of Gross Profit 11.51% 10.3% 9.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $584.0M $617.0M $520.0M
YoY Change 11.88% 18.65% 11.35%
% of Gross Profit 26.89% 23.72% 19.63%
Operating Expenses $836.0M $883.0M $760.0M
YoY Change 9.57% 16.18% 16.03%
Operating Profit $1.336B $721.0M $1.332B
YoY Change 8.79% -45.87% 27.95%
Interest Expense -$443.0M -$426.0M -$325.0M
YoY Change 17.2% 31.08% -177.75%
% of Operating Profit -33.16% -59.08% -24.4%
Other Income/Expense, Net -$2.000M -$430.0M -$307.0M
YoY Change -116.67% 40.07% -3.76%
Pretax Income -$693.0M $291.0M $1.025B
YoY Change -217.46% -71.61% 41.97%
Income Tax $43.00M $108.0M $246.0M
% Of Pretax Income 37.11% 24.0%
Net Earnings -$695.0M $186.0M $329.0M
YoY Change -651.59% -43.47% 15.03%
Net Earnings / Revenue -19.11% 5.02% 7.67%
Basic Earnings Per Share $0.08
Diluted Earnings Per Share -$311.8K $0.08 $0.32
COMMON SHARES
Basic Shares Outstanding 2.232B shares 2.203B shares 1.028B shares
Diluted Shares Outstanding 2.203B shares 1.028B shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $229.0M $179.0M $416.0M
YoY Change -27.3% -56.97% -38.73%
Cash & Equivalents $229.0M $179.0M $472.0M
Short-Term Investments $0.36
Other Short-Term Assets $266.0M $460.0M $635.0M
YoY Change -64.34% -27.56% 29.07%
Inventory $407.0M $445.0M $461.0M
Prepaid Expenses
Receivables $1.315B $1.404B $1.696B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.824B $3.067B $3.486B
YoY Change -24.73% -12.02% -2.92%
LONG-TERM ASSETS
Property, Plant & Equipment $40.55B $40.61B $38.10B
YoY Change 5.14% 6.58% 8.01%
Goodwill $23.79B $24.95B $24.64B
YoY Change -3.5% 1.26% 0.6%
Intangibles $3.551B $3.619B $2.337B
YoY Change 54.26% 54.86% -5.54%
Long-Term Investments $6.032B $5.943B $6.041B
YoY Change 0.07% -1.62% -0.05%
Other Assets $2.029B $2.161B $2.512B
YoY Change -2.92% -13.97% -6.86%
Total Long-Term Assets $81.28B $82.61B $73.63B
YoY Change 2.5% 12.19% 3.73%
TOTAL ASSETS
Total Short-Term Assets $2.824B $3.067B $3.486B
Total Long-Term Assets $81.28B $82.61B $73.63B
Total Assets $84.10B $85.68B $77.12B
YoY Change 1.27% 11.1% 3.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.192B $1.226B $1.543B
YoY Change -24.94% -20.54% 8.13%
Accrued Expenses $993.0M $885.0M $1.105B
YoY Change -2.65% -19.91% -45.16%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.000B $3.003B $2.307B
YoY Change -63.19% 30.17% -22.4%
Total Short-Term Liabilities $4.065B $6.191B $6.085B
YoY Change -36.1% 1.74% -5.14%
LONG-TERM LIABILITIES
Long-Term Debt $42.41B $41.63B $35.64B
YoY Change 5.76% 16.82% 7.86%
Other Long-Term Liabilities $2.230B $2.014B $2.023B
YoY Change 3.05% -0.44% -19.27%
Total Long-Term Liabilities $44.64B $43.64B $42.26B
YoY Change 5.62% 3.27% 18.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.065B $6.191B $6.085B
Total Long-Term Liabilities $44.64B $43.64B $42.26B
Total Liabilities $48.70B $49.84B $48.35B
YoY Change 0.16% 3.07% 4.49%
SHAREHOLDERS EQUITY
Retained Earnings -$6.103B -$4.242B -$1.776B
YoY Change 189.79% 138.85% 38.32%
Common Stock $22.00M $22.00M
YoY Change 4.76%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $35.12B $35.51B $12.55B
YoY Change
Total Liabilities & Shareholders Equity $84.10B $85.68B $77.12B
YoY Change 1.27% 11.1% 3.41%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$695.0M $186.0M $329.0M
YoY Change -651.59% -43.47% 15.03%
Depreciation, Depletion And Amortization $584.0M $617.0M $520.0M
YoY Change 11.88% 18.65% 11.35%
Cash From Operating Activities $1.806B $969.0M $1.289B
YoY Change 85.23% -24.83% 21.83%
INVESTING ACTIVITIES
Capital Expenditures -$897.0M -$1.090B -$961.0M
YoY Change -4.47% 13.42% 3.89%
Acquisitions
YoY Change
Other Investing Activities -$87.00M $112.0M -$352.0M
YoY Change -65.34% -131.82% 3100.0%
Cash From Investing Activities -$984.0M -$978.0M -$1.313B
YoY Change -17.31% -25.51% 40.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -769.0M 28.00M 138.0M
YoY Change -1381.67% -79.71% -141.69%
NET CHANGE
Cash From Operating Activities 1.806B 969.0M 1.289B
Cash From Investing Activities -984.0M -978.0M -1.313B
Cash From Financing Activities -769.0M 28.00M 138.0M
Net Change In Cash 53.00M 19.00M 114.0M
YoY Change -134.19% -83.33% -154.55%
FREE CASH FLOW
Cash From Operating Activities $1.806B $969.0M $1.289B
Capital Expenditures -$897.0M -$1.090B -$961.0M
Free Cash Flow $2.703B $2.059B $2.250B
YoY Change 41.22% -8.49% 13.46%

Facts In Submission

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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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617000000 USD
us-gaap Depreciation Depletion And Amortization
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us-gaap Dividends Common Stock Cash
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us-gaap Dividends Common Stock Cash
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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0.24
us-gaap Effective Income Tax Rate Continuing Operations
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0.25
CY2015Q3 us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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0.356
CY2014Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
CY2015Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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us-gaap Equity Method Investment Dividends Or Distributions
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us-gaap Equity Method Investment Dividends Or Distributions
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289000000 USD
CY2014Q3 us-gaap Equity Method Investment Other Than Temporary Impairment
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0 USD
us-gaap Equity Method Investment Other Than Temporary Impairment
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0 USD
CY2015Q3 us-gaap Equity Method Investment Other Than Temporary Impairment
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0 USD
us-gaap Equity Method Investment Other Than Temporary Impairment
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135000000 USD
us-gaap General And Administrative Expense
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461000000 USD
CY2015Q3 us-gaap General And Administrative Expense
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160000000 USD
us-gaap General And Administrative Expense
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540000000 USD
CY2014Q4 us-gaap Goodwill
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CY2015Q3 us-gaap Goodwill
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1025000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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2501000000 USD
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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291000000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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1465000000 USD
CY2014Q3 us-gaap Income Loss From Equity Method Investments
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107000000 USD
us-gaap Income Loss From Equity Method Investments
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306000000 USD
CY2015Q3 us-gaap Income Loss From Equity Method Investments
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114000000 USD
us-gaap Income Loss From Equity Method Investments
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330000000 USD
CY2014Q3 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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CY2015Q3 us-gaap Income Tax Expense Benefit
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108000000 USD
us-gaap Income Tax Expense Benefit
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521000000 USD
us-gaap Income Taxes Paid Net
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228000000 USD
us-gaap Income Taxes Paid Net
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Income Taxes Receivable
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us-gaap Increase Decrease In Income Taxes Receivable
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us-gaap Increase Decrease In Interest Payable Net
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us-gaap Increase Decrease In Interest Payable Net
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Other Current Liabilities
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us-gaap Increase Decrease In Other Current Liabilities
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us-gaap Interest Income Expense Net
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us-gaap Interest Income Expense Net
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us-gaap Interest Paid Net
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CY2015Q3 us-gaap Interest Payable Current
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CY2015Q3 us-gaap Inventory Net
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CY2015Q3 us-gaap Liabilities
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CY2015Q3 us-gaap Litigation Reserve
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CY2014Q4 us-gaap Minority Interest
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CY2015Q3 us-gaap Minority Interest
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us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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CY2015Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
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us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
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us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
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0 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
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CY2014Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Reclassification Adjustments Net Of Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
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us-gaap Other Depreciation And Amortization
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us-gaap Other Operating Income Expense Net
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CY2015Q3 us-gaap Other Operating Income Expense Net
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Payments Of Dividends
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us-gaap Payments Of Dividends
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us-gaap Payments Of Dividends Minority Interest
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us-gaap Payments To Acquire Assets Investing Activities
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us-gaap Payments To Acquire Assets Investing Activities
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Payments To Acquire Other Investments
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us-gaap Payments To Acquire Other Investments
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us-gaap Payments To Acquire Property Plant And Equipment
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2678000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2015Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2015Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2015Q3 us-gaap Preferred Stock Value
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us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Debt
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us-gaap Proceeds From Issuance Of Debt
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us-gaap Proceeds From Minority Shareholders
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us-gaap Profit Loss
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us-gaap Profit Loss
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us-gaap Repayments Of Debt
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us-gaap Repayments Of Debt
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CY2014Q3 us-gaap Revenues
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us-gaap Revenues
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CY2015Q3 us-gaap Revenues
Revenues
3707000000 USD
us-gaap Revenues
Revenues
10767000000 USD
CY2014Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
2050000000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
5655000000 USD
CY2015Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
2015000000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
5948000000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
40000000 USD
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
23000000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
3833000000 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
94000000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
34076000000 USD
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
35514000000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2014Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
28769000000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
34426000000 USD
CY2015Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
35842000000 USD
us-gaap Stockholders Equity Other
StockholdersEquityOther
-3000000 USD
us-gaap Stockholders Equity Other
StockholdersEquityOther
1000000 USD
CY2014Q3 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
105000000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
326000000 USD
CY2015Q3 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
108000000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
339000000 USD
us-gaap Transfer To Investments
TransferToInvestments
0 USD
us-gaap Transfer To Investments
TransferToInvestments
46000000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
189000000 USD
CY2015Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
156000000 USD
us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
33000000 USD
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1028000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1028000000 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2203000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2181000000 shares
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">ASU No. 2014-09</font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On May 28, 2014, the FASB issued ASU No. 2014-09, &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers (Topic 606).&#8221; </font><font style="font-family:inherit;font-size:10pt;"> This ASU is designed to create greater comparability for financial statement users across industries and jurisdictions. The provisions of ASU No. 2014-09 include a five-step process by which entities will recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the payment to which an entity expects to be entitled in exchange for those goods or services. The standard also will require enhanced disclosures, provide more comprehensive guidance for transactions such as service revenue and contract modifications, and enhance guidance for multiple-element arrangements. ASU No. 2014-09 will be effective for us January 1, 2018. Early adoption is permitted for the interim periods within the adoption year. We are currently reviewing the effect of ASU No. 2014-09 on our revenue recognition and assessing the timing of our adoption.</font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">ASU No. 2015-02</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On February 18, 2015, the FASB issued ASU No. 2015-02, &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Consolidation (Topic 810) - Amendments to the Consolidated Analysis.</font><font style="font-family:inherit;font-size:10pt;">&#8221; This ASU focuses on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. ASU No. 2015-02 will be effective for us January 1, 2016. We are currently reviewing the effect of ASU No. 2015-02.</font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">ASU No. 2015-11</font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On July 22, 2015, the FASB issued ASU No. 2015-11, &#8220;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Inventory (Topic 330): Simplifying the Measurement of Inventory</font><font style="font-family:inherit;font-size:10pt;">.&#8221; This ASU requires entities to subsequently measure inventory at the lower of cost and net realizable value, and defines net realizable value as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. ASU No. 2015-11 will be effective for us January 1, 2017. We are currently reviewing the effect of ASU No. 2015-11.</font></div></div>

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