2020 Q1 Form 10-Q Financial Statement

#000155837020003511 Filed on April 01, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q2 2019 Q1
Revenue $937.3M $1.003B $926.8M
YoY Change 1.13% 9.28% 7.34%
Cost Of Revenue $686.9M $752.9M $653.4M
YoY Change 5.13% 9.35% 5.47%
Gross Profit $250.4M $250.5M $273.4M
YoY Change -8.41% 9.06% 12.1%
Gross Profit Margin 26.72% 24.97% 29.5%
Selling, General & Admin $87.90M $102.5M $79.60M
YoY Change 10.43% 7.44% 9.04%
% of Gross Profit 35.1% 40.92% 29.11%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $44.20M $44.90M $38.70M
YoY Change 14.21% 14.54% 3.2%
% of Gross Profit 17.65% 17.92% 14.16%
Operating Expenses $87.90M $102.5M $79.60M
YoY Change 10.43% 7.44% 9.04%
Operating Profit $162.5M $148.0M $193.8M
YoY Change -16.15% 10.2% 13.4%
Interest Expense -$25.20M -$27.10M -$27.00M
YoY Change -6.67% -2.17% -5.26%
% of Operating Profit -15.51% -18.31% -13.93%
Other Income/Expense, Net
YoY Change
Pretax Income $147.1M $120.9M $181.0M
YoY Change -18.73% 14.27% 28.64%
Income Tax $35.70M $25.70M $39.60M
% Of Pretax Income 24.27% 21.26% 21.88%
Net Earnings $111.4M $110.4M $141.4M
YoY Change -21.22% 10.4% -9.82%
Net Earnings / Revenue 11.89% 11.0% 15.26%
Basic Earnings Per Share $0.76 $0.76 $0.96
Diluted Earnings Per Share $0.76 $0.75 $0.95
COMMON SHARES
Basic Shares Outstanding 146.2M 146.6M
Diluted Shares Outstanding 147.2M 147.4M

Balance Sheet

Concept 2020 Q1 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.10M $12.20M $17.20M
YoY Change 75.0% -78.06% -65.18%
Cash & Equivalents $30.10M $12.20M $17.20M
Short-Term Investments
Other Short-Term Assets $101.3M $110.9M $103.3M
YoY Change -1.94% 11.79% 26.44%
Inventory $597.3M $498.3M $588.2M
Prepaid Expenses
Receivables $368.8M $340.1M $359.3M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.098B $961.5M $1.068B
YoY Change 2.76% 3.34% 6.99%
LONG-TERM ASSETS
Property, Plant & Equipment $1.554B $1.598B $1.557B
YoY Change -0.19% 12.46% 14.76%
Goodwill $303.0M $205.9M
YoY Change 52.41%
Intangibles $39.00M $37.60M
YoY Change
Long-Term Investments $253.4M $224.6M $222.8M
YoY Change 13.73% 2.18% 2.48%
Other Assets $46.90M $20.70M $16.30M
YoY Change 187.73% 86.49% 64.65%
Total Long-Term Assets $2.369B $2.087B $2.043B
YoY Change 15.93% 14.51% 16.38%
TOTAL ASSETS
Total Short-Term Assets $1.098B $961.5M $1.068B
Total Long-Term Assets $2.369B $2.087B $2.043B
Total Assets $3.466B $3.048B $3.111B
YoY Change 11.41% 10.74% 12.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $291.9M $289.2M $308.8M
YoY Change -5.47% 13.68% 5.61%
Accrued Expenses $244.2M $217.2M $177.9M
YoY Change 37.27% 18.37% 0.85%
Deferred Revenue
YoY Change
Short-Term Debt $21.00M $8.400M $98.70M
YoY Change -78.72% -12.5% 212.34%
Long-Term Debt Due $36.60M $38.00M $37.40M
YoY Change -2.14% -1.81% -4.83%
Total Short-Term Liabilities $593.7M $552.8M $666.6M
YoY Change -10.94% 6.57% 15.07%
LONG-TERM LIABILITIES
Long-Term Debt $2.195B $2.280B $2.289B
YoY Change -4.08% -2.42% -2.38%
Other Long-Term Liabilities $249.9M $94.00M $85.60M
YoY Change 191.94% 11.51% -2.06%
Total Long-Term Liabilities $2.602B $2.500B $2.374B
YoY Change 9.6% 3.26% -2.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $593.7M $552.8M $666.6M
Total Long-Term Liabilities $2.602B $2.500B $2.374B
Total Liabilities $3.196B $3.053B $3.167B
YoY Change 0.9% -1.12% 0.68%
SHAREHOLDERS EQUITY
Retained Earnings $1.099B $803.6M
YoY Change
Common Stock -$720.0M -$743.6M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $270.4M -$4.600M -$56.20M
YoY Change
Total Liabilities & Shareholders Equity $3.466B $3.048B $3.111B
YoY Change 11.41% 10.74% 12.97%

Cashflow Statement

Concept 2020 Q1 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income $111.4M $110.4M $141.4M
YoY Change -21.22% 10.4% -9.82%
Depreciation, Depletion And Amortization $44.20M $44.90M $38.70M
YoY Change 14.21% 14.54% 3.2%
Cash From Operating Activities $90.40M $236.5M $127.6M
YoY Change -29.15% 38.3% -0.31%
INVESTING ACTIVITIES
Capital Expenditures -$44.60M -$90.00M -$73.80M
YoY Change -39.57% -9.91% 44.42%
Acquisitions
YoY Change
Other Investing Activities -$5.000M $900.0K -$91.40M
YoY Change -94.53% -1000.0%
Cash From Investing Activities -$49.60M -$89.10M -$165.2M
YoY Change -69.98% -10.9% 223.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -34.10M -152.3M -65.90M
YoY Change -48.25% 143.68% -34.43%
NET CHANGE
Cash From Operating Activities 90.40M 236.5M 127.6M
Cash From Investing Activities -49.60M -89.10M -165.2M
Cash From Financing Activities -34.10M -152.3M -65.90M
Net Change In Cash 6.700M -4.900M -103.5M
YoY Change -106.47% -157.65% 338.56%
FREE CASH FLOW
Cash From Operating Activities $90.40M $236.5M $127.6M
Capital Expenditures -$44.60M -$90.00M -$73.80M
Free Cash Flow $135.0M $326.5M $201.4M
YoY Change -32.97% 20.52% 12.45%

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31200000
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P8Y6M
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CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due Current
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CY2019Q2 lw Leases Future Minimum Payments Due Next Twelve Months
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CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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15700000
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22900000
CY2019Q2 us-gaap Capital Leases Future Minimum Payments Due In Five Years
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5900000
CY2019Q2 lw Leases Future Minimum Payments Due In Five Years
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14500000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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CY2019Q2 lw Leases Future Minimum Payments Due Thereafter
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100100000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due
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CY2019Q2 lw Leases Future Minimum Payments Due
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CY2019Q2 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
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28800000
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28800000
CY2019Q2 us-gaap Capital Lease Obligations
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CY2020Q1 us-gaap Goodwill
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CY2019Q2 us-gaap Equity Method Investments
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CY2020Q1 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
10900000
CY2019Q1 us-gaap Equity Method Investment Dividends Or Distributions
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us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
28900000
us-gaap Equity Method Investment Dividends Or Distributions
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35400000
CY2019Q2 lw Lease Obligations
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175400000
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4300000
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4300000
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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2100000
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253400000
CY2020Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
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CY2020Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
21400000
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21000000.0
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39100000
CY2019Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
19500000
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CY2020Q1 us-gaap Intangible Assets Gross Excluding Goodwill
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60400000
CY2020Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
21400000
CY2020Q1 us-gaap Intangible Assets Net Excluding Goodwill
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57100000
CY2019Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
19500000
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CY2020Q1 us-gaap Amortization Of Intangible Assets
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600000
CY2019Q1 us-gaap Amortization Of Intangible Assets
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500000
us-gaap Amortization Of Intangible Assets
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1900000
us-gaap Amortization Of Intangible Assets
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CY2020Q1 us-gaap Accrued Employee Benefits Current
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75800000
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CY2020Q1 us-gaap Accrued Marketing Costs Current
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CY2020Q1 us-gaap Operating Lease Liability Current
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CY2020Q1 lw Franchise Property Sales And Use Taxes Payable Current
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9900000
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8600000
CY2020Q1 us-gaap Taxes Payable Current
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1500000
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500000
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18900000
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30300000
CY2019Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
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CY2020Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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CY2019Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
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us-gaap Allocated Share Based Compensation Expense Net Of Tax
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15600000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
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CY2020Q1 us-gaap Accrued Liabilities Current
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244200000
CY2019Q2 us-gaap Accrued Liabilities Current
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CY2020Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
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CY2019Q2 us-gaap Short Term Borrowings
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CY2020Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
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CY2019Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
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CY2020Q1 us-gaap Capital Lease Obligations
CapitalLeaseObligations
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CapitalLeaseObligations
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CY2020Q1 lw Debt Gross And Capital Lease Obligations
DebtGrossAndCapitalLeaseObligations
2274800000
CY2019Q2 lw Debt Gross And Capital Lease Obligations
DebtGrossAndCapitalLeaseObligations
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CY2020Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
21900000
CY2019Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
25800000
CY2020Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
21000000.0
CY2019Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
8400000
CY2020Q1 us-gaap Long Term Debt And Capital Lease Obligations Current
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36600000
CY2019Q2 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
38000000.0
CY2020Q1 us-gaap Long Term Debt And Capital Lease Obligations
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2195300000
CY2019Q2 us-gaap Long Term Debt And Capital Lease Obligations
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us-gaap Interest Paid
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58000000.0
us-gaap Interest Paid
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60700000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
68.47
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
7600000
CY2020Q1 lw Allocated Share Based Compensation Expense Stock Settled Compensation Expense
AllocatedShareBasedCompensationExpenseStockSettledCompensationExpense
5600000
CY2019Q1 lw Allocated Share Based Compensation Expense Stock Settled Compensation Expense
AllocatedShareBasedCompensationExpenseStockSettledCompensationExpense
4500000
lw Allocated Share Based Compensation Expense Stock Settled Compensation Expense
AllocatedShareBasedCompensationExpenseStockSettledCompensationExpense
18200000
lw Allocated Share Based Compensation Expense Stock Settled Compensation Expense
AllocatedShareBasedCompensationExpenseStockSettledCompensationExpense
13700000
lw Allocated Share Based Compensation Expense Cash Settled Restricted Stock Units
AllocatedShareBasedCompensationExpenseCashSettledRestrictedStockUnits
1000000.0
lw Allocated Share Based Compensation Expense Cash Settled Restricted Stock Units
AllocatedShareBasedCompensationExpenseCashSettledRestrictedStockUnits
3700000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
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5600000
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4500000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
19200000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17400000
CY2020Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1100000
lw Contribution Margin
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766700000
lw Contribution Margin
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731600000
CY2020Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
32700000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y10M24D
CY2018Q4 us-gaap Stock Repurchase Program Authorized Amount1
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250000000.0
CY2020Q1 us-gaap Treasury Stock Shares Acquired
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102039
CY2020Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
9400000
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
287239
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
22900000
CY2020Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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195300000
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
87700000
CY2020Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
33600000
us-gaap Dividends Payable Date Declared Day Month And Year
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2020-03-19
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.23
us-gaap Dividend Payable Date To Be Paid Day Month And Year
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2020-06-05
us-gaap Dividends Payable Date Of Record Day Month And Year
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2020-05-08
CY2020Q1 us-gaap Defined Benefit Plan Expected Amortization Of Gain Loss Next Fiscal Year
DefinedBenefitPlanExpectedAmortizationOfGainLossNextFiscalYear
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CY2020Q1 lw Defined Benefit Plan Expected Amortization Of Gain Loss Next Fiscal Year After Tax
DefinedBenefitPlanExpectedAmortizationOfGainLossNextFiscalYearAfterTax
-500000
CY2019Q1 us-gaap Number Of Operating Segments
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4
CY2020Q1 us-gaap Number Of Operating Segments
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4
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4
CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
937300000
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
926800000
us-gaap Revenue From Contract With Customer Including Assessed Tax
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2945500000
us-gaap Revenue From Contract With Customer Including Assessed Tax
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2753100000
CY2020Q1 lw Contribution Margin
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243800000
CY2019Q1 lw Contribution Margin
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264500000
CY2020Q1 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
6600000
CY2019Q1 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
8900000
us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
17400000
us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
21400000
CY2020Q1 us-gaap Gross Profit
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250400000
CY2019Q1 us-gaap Gross Profit
GrossProfit
273400000
us-gaap Gross Profit
GrossProfit
784100000
us-gaap Gross Profit
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753000000.0
CY2020Q1 us-gaap Selling General And Administrative Expense
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87900000
CY2019Q1 us-gaap Selling General And Administrative Expense
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79600000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
258100000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
232600000
CY2020Q1 us-gaap Operating Income Loss
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162500000
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
193800000
us-gaap Operating Income Loss
OperatingIncomeLoss
526000000.0
us-gaap Operating Income Loss
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520400000
CY2020Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-25200000
CY2019Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-80000000.0
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
35700000
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
39600000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
115100000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
107900000
CY2020Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
9800000
CY2019Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
14200000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
35400000
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
44300000
CY2020Q1 us-gaap Profit Loss
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111400000
CY2019Q1 us-gaap Profit Loss
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141400000
us-gaap Profit Loss
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367500000
us-gaap Profit Loss
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376800000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
8600000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
111400000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
141400000
us-gaap Net Income Loss
NetIncomeLoss
367500000
us-gaap Net Income Loss
NetIncomeLoss
368200000

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