2017 Q3 Form 10-Q Financial Statement

#000077515817000080 Filed on August 02, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2017 Q2 2016 Q2
Revenue $1.963B $2.037B $1.748B
YoY Change 11.83% 16.56% 8.39%
Cost Of Revenue $1.630B $1.650B $1.433B
YoY Change 11.93% 15.15% 7.87%
Gross Profit $326.5M $386.9M $314.6M
YoY Change 9.16% 22.98% 10.77%
Gross Profit Margin 16.63% 18.99% 18.0%
Selling, General & Admin $180.0M $163.9M $154.7M
YoY Change 9.96% 5.95% 15.28%
% of Gross Profit 55.13% 42.36% 49.17%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $33.00M $21.10M $18.40M
YoY Change 0.3% 14.67% 14.29%
% of Gross Profit 10.11% 5.45% 5.85%
Operating Expenses $191.1M $175.0M $167.8M
YoY Change 8.15% 4.29% 13.84%
Operating Profit $134.5M $211.9M $146.8M
YoY Change 40.84% 44.35% 7.47%
Interest Expense -$12.90M -$11.70M -$15.20M
YoY Change -17.83% -23.03% 18.75%
% of Operating Profit -9.59% -5.52% -10.35%
Other Income/Expense, Net -$7.300M $600.0K $800.0K
YoY Change -314.71% -25.0% -500.0%
Pretax Income $121.6M $198.6M $132.3M
YoY Change 46.15% 50.11% 6.87%
Income Tax $28.30M $70.10M $48.40M
% Of Pretax Income 23.27% 35.3% 36.58%
Net Earnings $93.50M $128.6M $84.20M
YoY Change 52.03% 52.73% -6.34%
Net Earnings / Revenue 4.76% 6.31% 4.82%
Basic Earnings Per Share $1.25 $1.72 $1.15
Diluted Earnings Per Share $1.23 $1.69 $1.13
COMMON SHARES
Basic Shares Outstanding 74.83M shares 74.81M shares 73.39M shares
Diluted Shares Outstanding 75.89M shares 74.27M shares

Balance Sheet

Concept 2017 Q3 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $447.0M $373.2M $45.50M
YoY Change 38.86% 720.22% -1.52%
Cash & Equivalents $447.0M $373.2M $45.50M
Short-Term Investments
Other Short-Term Assets $88.10M $84.00M $67.10M
YoY Change -6.18% 25.19% 53.2%
Inventory $1.198B $1.411B $1.255B
Prepaid Expenses
Receivables $1.306B $1.182B $1.198B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.040B $3.050B $2.644B
YoY Change 25.74% 15.35% 3.95%
LONG-TERM ASSETS
Property, Plant & Equipment $469.9M $443.4M $479.1M
YoY Change 3.94% -7.45% 5.13%
Goodwill $1.013B $1.007B $1.001B
YoY Change 0.95% 0.55% -0.1%
Intangibles $507.8M $518.8M $566.7M
YoY Change -8.26% -8.45% -8.54%
Long-Term Investments $15.20M
YoY Change -8.43%
Other Assets $68.40M $73.70M $86.30M
YoY Change -21.56% -14.6% -5.48%
Total Long-Term Assets $2.059B $2.042B $2.148B
YoY Change -1.77% -4.93% -1.69%
TOTAL ASSETS
Total Short-Term Assets $3.040B $3.050B $2.644B
Total Long-Term Assets $2.059B $2.042B $2.148B
Total Assets $5.099B $5.093B $4.793B
YoY Change 12.96% 6.26% 1.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $651.0M $686.9M $565.1M
YoY Change 39.67% 21.55% -11.77%
Accrued Expenses $191.8M $167.0M $138.5M
YoY Change 29.68% 20.58% -27.6%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $20.00M $15.00M $20.00M
YoY Change 0.0% -25.0% 0.0%
Total Short-Term Liabilities $1.683B $1.773B $1.617B
YoY Change 23.07% 9.63% 10.37%
LONG-TERM LIABILITIES
Long-Term Debt $807.9M $812.5M $840.0M
YoY Change -2.21% -3.27% -2.33%
Other Long-Term Liabilities $300.5M $327.9M $298.0M
YoY Change -12.52% 10.03% 4.56%
Total Long-Term Liabilities $1.108B $1.140B $1.138B
YoY Change -5.24% 0.21% -0.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.683B $1.773B $1.617B
Total Long-Term Liabilities $1.108B $1.140B $1.138B
Total Liabilities $2.792B $2.914B $2.755B
YoY Change 10.02% 5.74% 5.55%
SHAREHOLDERS EQUITY
Retained Earnings $2.400B $2.322B $2.130B
YoY Change 10.23% 9.04% 7.59%
Common Stock $803.1M $799.4M $783.7M
YoY Change 2.54% 2.0% 1.56%
Preferred Stock
YoY Change
Treasury Stock (at cost) $770.5M $776.8M $820.9M
YoY Change -4.72% -5.37% 31.91%
Treasury Stock Shares 17.09M shares 17.28M shares 18.66M shares
Shareholders Equity $2.307B $2.179B $1.944B
YoY Change
Total Liabilities & Shareholders Equity $5.099B $5.093B $4.793B
YoY Change 12.96% 6.26% 1.34%

Cashflow Statement

Concept 2017 Q3 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $93.50M $128.6M $84.20M
YoY Change 52.03% 52.73% -6.34%
Depreciation, Depletion And Amortization $33.00M $21.10M $18.40M
YoY Change 0.3% 14.67% 14.29%
Cash From Operating Activities $122.6M -$24.20M $67.40M
YoY Change -70.95% -135.91% 97.65%
INVESTING ACTIVITIES
Capital Expenditures -$41.70M -$18.90M -$30.20M
YoY Change 22.29% -37.42% -12.46%
Acquisitions
YoY Change
Other Investing Activities $7.100M $22.00M $7.100M
YoY Change 20.34% 209.86% 73.17%
Cash From Investing Activities -$34.60M $3.100M -$23.10M
YoY Change 22.7% -113.42% -24.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -11.90M -11.80M -40.30M
YoY Change -89.97% -70.72% 403.75%
NET CHANGE
Cash From Operating Activities 122.6M -24.20M 67.40M
Cash From Investing Activities -34.60M 3.100M -23.10M
Cash From Financing Activities -11.90M -11.80M -40.30M
Net Change In Cash 76.10M -32.90M 4.000M
YoY Change -72.35% -922.5% -193.02%
FREE CASH FLOW
Cash From Operating Activities $122.6M -$24.20M $67.40M
Capital Expenditures -$41.70M -$18.90M -$30.20M
Free Cash Flow $164.3M -$5.300M $97.60M
YoY Change -63.98% -105.43% 42.27%

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CY2016Q2 us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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167000000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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1300000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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0 USD
CY2016Q2 us-gaap Extended Product Warranty Accrual
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29700000 USD
CY2017Q2 us-gaap Extended Product Warranty Accrual
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30200000 USD
us-gaap Extended Product Warranty Accrual Period Increase Decrease
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11000000 USD
us-gaap Extended Product Warranty Accrual Period Increase Decrease
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9200000 USD
us-gaap Extended Product Warranty Accrual Preexisting Increase Decrease
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us-gaap Extended Product Warranty Accrual Preexisting Increase Decrease
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CY2016Q3 us-gaap Fifo Inventory Amount
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1075900000 USD
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1509600000 USD
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us-gaap Financing Receivable Allowance For Credit Losses Write Offs
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400000 USD
CY2017Q2 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
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1400000 USD
us-gaap Financing Receivable Allowance For Credit Losses Write Offs
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2900000 USD
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CY2017Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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38300000 USD
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11100000 USD
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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4900000 USD
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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5300000 USD
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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11000000 USD
CY2017Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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36900000 USD
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131100000 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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us-gaap Gain Loss On Disposition Of Assets1
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7600000 USD
us-gaap Gain Loss On Disposition Of Assets1
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5200000 USD
CY2016Q3 us-gaap Goodwill
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CY2017Q2 us-gaap Goodwill
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3000000 USD
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CY2017Q2 us-gaap Goodwill Gross
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2116500000 USD
CY2016Q3 us-gaap Goodwill Impaired Accumulated Impairment Loss
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1110000000 USD
CY2017Q2 us-gaap Goodwill Impaired Accumulated Impairment Loss
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1110000000 USD
CY2016Q3 us-gaap Government Contract Receivable
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CY2017Q2 us-gaap Government Contract Receivable
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55300000 USD
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119600000 USD
CY2016Q2 us-gaap Gross Profit
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us-gaap Gross Profit
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756700000 USD
CY2017Q2 us-gaap Gross Profit
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386900000 USD
us-gaap Gross Profit
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847900000 USD
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132300000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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223800000 USD
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198600000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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289700000 USD
CY2016Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
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us-gaap Income Loss From Continuing Operations Per Basic Share
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us-gaap Income Loss From Continuing Operations Per Basic Share
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2.57
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us-gaap Income Loss From Continuing Operations Per Diluted Share
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us-gaap Income Loss From Continuing Operations Per Diluted Share
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us-gaap Income Tax Expense Benefit
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CY2017Q2 us-gaap Income Tax Expense Benefit
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70100000 USD
us-gaap Income Tax Expense Benefit
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98900000 USD
CY2016Q2 us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
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900000 USD
us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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-2200000 USD
us-gaap Income Tax Reconciliation Other Adjustments
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-2100000 USD
us-gaap Income Tax Reconciliation Other Adjustments
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us-gaap Income Tax Reconciliation Tax Credits Research
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2400000 USD
CY2016Q2 us-gaap Income Tax Reconciliation Tax Settlements State And Local
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300000 USD
us-gaap Income Taxes Paid Net
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65600000 USD
us-gaap Income Taxes Paid Net
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40300000 USD
us-gaap Increase Decrease In Operating Capital
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92000000 USD
us-gaap Increase Decrease In Operating Capital
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183400000 USD
CY2016Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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803060 shares
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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387700000 USD
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15800000 USD
us-gaap Interest And Debt Expense
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46000000 USD
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15300000 USD
us-gaap Interest And Debt Expense
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45100000 USD
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us-gaap Interest Income Expense Net
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572000000 USD
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307800000 USD
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us-gaap Investment Income Interest
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us-gaap Investment Income Interest
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CY2017Q2 us-gaap Liabilities And Stockholders Equity
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CY2016Q3 us-gaap Line Of Credit
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25300000 USD
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24200000 USD
CY2016Q3 us-gaap Long Term Debt
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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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35900000 USD
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7600000 USD
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us-gaap Operating Expenses
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us-gaap Other Comprehensive Income Defined Benefit Plans Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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27000000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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7300000 USD
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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27600000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
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9500000 USD
CY2016Q2 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 Adjustment 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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1500000 USD
us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Restructuring
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3900000 USD
us-gaap Payments Of Dividends
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41900000 USD
us-gaap Payments Of Dividends
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47100000 USD
us-gaap Payments To Acquire Equipment On Lease
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30900000 USD
us-gaap Payments To Acquire Equipment On Lease
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26300000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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62300000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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45200000 USD
CY2016Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2016Q3 us-gaap Preferred Stock Shares Outstanding
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us-gaap Proceeds From Repayments Of Short Term Debt Maturing In Three Months Or Less
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3000000 USD
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42300000 USD
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323500000 USD
us-gaap Proceeds From Short Term Debt Maturing In More Than Three Months
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0 USD
us-gaap Proceeds From Stock Options Exercised
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8800000 USD
us-gaap Proceeds From Stock Options Exercised
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34200000 USD
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CY2016Q3 us-gaap Product Warranty Accrual
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89600000 USD
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95200000 USD
CY2016Q2 us-gaap Profit Loss
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84200000 USD
us-gaap Profit Loss
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154900000 USD
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us-gaap Profit Loss
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192100000 USD
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17800000 USD
CY2017Q2 us-gaap Progress Payments Netted Against Inventory For Long Term Contracts Or Programs
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15300000 USD
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452100000 USD
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us-gaap Repayments Of Debt Maturing In More Than Three Months
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20000000 USD
us-gaap Restructuring Charges
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24900000 USD
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900000 USD
CY2017Q2 us-gaap Restructuring Reserve
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19900000 USD
us-gaap Restructuring Reserve Settled Without Cash2
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2900000 USD
us-gaap Restructuring Reserve Translation Adjustment
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CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
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2177000000 USD
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2322000000 USD
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us-gaap Sales Revenue Net
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4523800000 USD
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2036900000 USD
us-gaap Sales Revenue Net
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4866600000 USD
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
154700000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
448700000 USD
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
163900000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
484700000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
16000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
16800000 USD
CY2017Q2 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
3400000 USD
us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
400000 USD
us-gaap Standard Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-200000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
40100000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
37700000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
2000000 USD
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
4800000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
34000000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
38000000 USD
CY2015Q3 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
10000000 shares
CY2017Q2 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
7512574 shares
CY2015Q3 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
10299198 shares
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
1976500000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
2179100000 USD
CY2015Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1911100000 USD
CY2016Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1944400000 USD
CY2016Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1976500000 USD
CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2179100000 USD
us-gaap Stockholders Equity Other
StockholdersEquityOther
-200000 USD
us-gaap Stockholders Equity Other
StockholdersEquityOther
100000 USD
CY2016Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
18175669 shares
CY2017Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
17280023 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
2786624 shares
CY2016Q3 us-gaap Treasury Stock Value
TreasuryStockValue
808700000 USD
CY2017Q2 us-gaap Treasury Stock Value
TreasuryStockValue
776800000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
100100000 USD
CY2017Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
11800000 USD
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
-1000000 USD
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
1300000 USD
CY2016Q2 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
600000 USD
CY2017Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
30300000 USD
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
3300000 USD
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
74266962 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
74329141 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
75892825 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
75685544 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
73390624 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
73526081 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
74806775 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
74593065 shares

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