2019 Q2 Form 10-Q Financial Statement

#000107042319000007 Filed on May 10, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q1
Revenue $8.253B $8.375B $8.398B
YoY Change 2.14% -0.27% 25.96%
Cost Of Revenue $7.244B $7.119B $7.519B
YoY Change -4.07% -5.32% 34.44%
Gross Profit $1.009B $1.256B $879.0M
YoY Change 90.74% 42.89% -18.16%
Gross Profit Margin 12.23% 15.0% 10.47%
Selling, General & Admin $75.00M $76.00M $79.00M
YoY Change -6.25% -3.8% 6.76%
% of Gross Profit 7.43% 6.05% 8.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $147.0M $136.0M $127.0M
YoY Change 13.08% 7.09% 4.96%
% of Gross Profit 14.57% 10.83% 14.45%
Operating Expenses $222.0M $212.0M $206.0M
YoY Change 72.09% 2.91% 5.64%
Operating Profit $451.0M $714.0M $381.0M
YoY Change 412.5% 87.4% -35.53%
Interest Expense $103.0M $101.0M $106.0M
YoY Change -7.21% -4.72% -17.83%
% of Operating Profit 22.84% 14.15% 27.82%
Other Income/Expense, Net -$6.000M $25.00M -$1.000M
YoY Change -154.55% -2600.0% -80.0%
Pretax Income $425.0M $994.0M $349.0M
YoY Change 405.95% 184.81% -31.57%
Income Tax -$23.00M $24.00M $61.00M
% Of Pretax Income -5.41% 2.41% 17.48%
Net Earnings $446.0M $970.0M $288.0M
YoY Change 346.0% 236.81% -35.14%
Net Earnings / Revenue 5.4% 11.58% 3.43%
Basic Earnings Per Share
Diluted Earnings Per Share $557.5K $1.213M $396.1K
COMMON SHARES
Basic Shares Outstanding 726.8M shares 726.6M shares 725.2M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $419.0M $436.0M $23.00M
YoY Change 1132.35% 1795.65% -39.47%
Cash & Equivalents $419.0M $436.0M $23.00M
Short-Term Investments
Other Short-Term Assets $428.0M $279.0M $296.0M
YoY Change 19.55% -5.74% -59.73%
Inventory $558.0M $498.0M $620.0M
Prepaid Expenses
Receivables $2.835B $3.001B $3.023B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.282B $4.247B $3.962B
YoY Change 11.16% 7.19% -5.89%
LONG-TERM ASSETS
Property, Plant & Equipment $15.14B $14.89B $14.11B
YoY Change 6.2% 5.49% 0.38%
Goodwill $2.537B $2.529B $2.543B
YoY Change 0.08% -0.55% -2.04%
Intangibles
YoY Change
Long-Term Investments $3.377B $3.263B $2.882B
YoY Change 8.38% 13.22% 16.73%
Other Assets $877.0M $893.0M $893.0M
YoY Change -2.99% 0.0% -2.93%
Total Long-Term Assets $23.48B $23.14B $21.46B
YoY Change 7.45% 7.82% 1.91%
TOTAL ASSETS
Total Short-Term Assets $4.282B $4.247B $3.962B
Total Long-Term Assets $23.48B $23.14B $21.46B
Total Assets $27.76B $27.39B $25.42B
YoY Change 8.01% 7.72% 0.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.042B $3.454B $3.571B
YoY Change -14.43% -3.28% 44.34%
Accrued Expenses $104.0M $104.0M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $470.0M $149.0M $774.0M
YoY Change -50.16% -80.75% -42.28%
Total Short-Term Liabilities $4.294B $4.182B $4.601B
YoY Change -16.17% -9.11% 10.71%
LONG-TERM LIABILITIES
Long-Term Debt $9.176B $9.177B $9.050B
YoY Change 2.34% 1.4% -8.39%
Other Long-Term Liabilities $1.214B $1.265B $736.0M
YoY Change 54.26% 71.88% 14.29%
Total Long-Term Liabilities $10.39B $10.44B $9.786B
YoY Change 6.53% 6.7% -7.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.294B $4.182B $4.601B
Total Long-Term Liabilities $10.39B $10.44B $9.786B
Total Liabilities $14.68B $14.62B $14.39B
YoY Change -1.28% 1.65% -1.99%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.94B $12.76B $11.04B
YoY Change
Total Liabilities & Shareholders Equity $27.76B $27.39B $25.42B
YoY Change 8.01% 7.72% 0.61%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $446.0M $970.0M $288.0M
YoY Change 346.0% 236.81% -35.14%
Depreciation, Depletion And Amortization $147.0M $136.0M $127.0M
YoY Change 13.08% 7.09% 4.96%
Cash From Operating Activities $431.0M $1.033B $521.0M
YoY Change -12.75% 98.27% -36.15%
INVESTING ACTIVITIES
Capital Expenditures -$370.0M $280.0M $266.0M
YoY Change -19.21% 5.26% -3.27%
Acquisitions
YoY Change
Other Investing Activities -$179.0M $8.000M -$2.000M
YoY Change -203.47% -500.0% -99.84%
Cash From Investing Activities -$549.0M -$429.0M -$221.0M
YoY Change 92.63% 94.12% -85.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 110.0M -$198.0M -$311.0M
YoY Change -155.56% -36.33% -146.7%
NET CHANGE
Cash From Operating Activities 431.0M $1.033B $521.0M
Cash From Investing Activities -549.0M -$429.0M -$221.0M
Cash From Financing Activities 110.0M -$198.0M -$311.0M
Net Change In Cash -8.000M $403.0M -$11.00M
YoY Change -172.73% -3763.64% 22.22%
FREE CASH FLOW
Cash From Operating Activities $431.0M $1.033B $521.0M
Capital Expenditures -$370.0M $280.0M $266.0M
Free Cash Flow $801.0M $753.0M $255.0M
YoY Change -15.86% 195.29% -52.87%

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CY2018Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
61000000 USD
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
24000000 USD
CY2018Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
9000000 USD
CY2019Q1 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
65000000 USD
CY2018Q1 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
4000000 USD
CY2019Q1 us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
-182000000 USD
CY2018Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
6000000 USD
CY2019Q1 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
11000000 USD
CY2018Q1 us-gaap Interest Expense
InterestExpense
106000000 USD
CY2019Q1 us-gaap Interest Expense
InterestExpense
101000000 USD
CY2018Q1 us-gaap Interest Paid Net
InterestPaidNet
76000000 USD
CY2019Q1 us-gaap Interest Paid Net
InterestPaidNet
70000000 USD
CY2018Q4 us-gaap Inventory Net
InventoryNet
640000000 USD
CY2019Q1 us-gaap Inventory Net
InventoryNet
498000000 USD
CY2018Q4 us-gaap Inventory Noncurrent
InventoryNoncurrent
136000000 USD
CY2019Q1 us-gaap Inventory Noncurrent
InventoryNoncurrent
181000000 USD
CY2019Q1 us-gaap Lease Cost
LeaseCost
41000000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
660000000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
244000000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
52000000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
75000000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
89000000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
108000000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
92000000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
173000000 USD
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
13000000 USD
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
17000000 USD
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
11000000 USD
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
159000000 USD
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
16000000 USD
CY2019Q1 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
15000000 USD
CY2018Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
184000000 USD
CY2019Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
155000000 USD
CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
25511000000 USD
CY2019Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
27386000000 USD
CY2018Q4 us-gaap Liabilities Current
LiabilitiesCurrent
3456000000 USD
CY2019Q1 us-gaap Liabilities Current
LiabilitiesCurrent
4182000000 USD
CY2018Q4 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
10053000000 USD
CY2019Q1 us-gaap Liabilities Noncurrent
LiabilitiesNoncurrent
10442000000 USD
CY2018Q4 us-gaap Liabilities Other Than Longterm Debt Noncurrent
LiabilitiesOtherThanLongtermDebtNoncurrent
910000000 USD
CY2019Q1 us-gaap Liabilities Other Than Longterm Debt Noncurrent
LiabilitiesOtherThanLongtermDebtNoncurrent
882000000 USD
CY2018Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
9143000000 USD
CY2019Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
9177000000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-311000000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-198000000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-221000000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-429000000 USD
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
521000000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1033000000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
288000000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
970000000 USD
CY2019Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 segment
CY2018Q1 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
292000000 USD
CY2019Q1 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
326000000 USD
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
381000000 USD
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
714000000 USD
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
32000000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
487000000 USD
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
383000000 USD
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
33000000 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
477000000 USD
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.045
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y9M18D
CY2018Q4 us-gaap Other Assets Current
OtherAssetsCurrent
373000000 USD
CY2019Q1 us-gaap Other Assets Current
OtherAssetsCurrent
279000000 USD
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
916000000 USD
CY2019Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
893000000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-65000000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
58000000 USD
CY2018Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
686000000 USD
CY2019Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
579000000 USD
CY2018Q4 us-gaap Other Long Term Debt Noncurrent
OtherLongTermDebtNoncurrent
202000000 USD
CY2019Q1 us-gaap Other Long Term Debt Noncurrent
OtherLongTermDebtNoncurrent
234000000 USD
CY2018Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-7000000 USD
CY2019Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-7000000 USD
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1000000 USD
CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
25000000 USD
CY2018Q4 us-gaap Partners Capital
PartnersCapital
12002000000 USD
CY2019Q1 us-gaap Partners Capital
PartnersCapital
12762000000 USD
CY2018Q1 us-gaap Payments For Proceeds From Other Investing Activities
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-2000000 USD
CY2019Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
8000000 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
266000000 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
280000000 USD
CY2018Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
63000000 USD
CY2019Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
57000000 USD
CY2018Q1 us-gaap Proceeds From Repayments Of Commercial Paper
ProceedsFromRepaymentsOfCommercialPaper
-8000000 USD
CY2018Q1 us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
350000000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
83000000 USD
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
17866000000 USD
CY2019Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
18078000000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
14787000000 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
14889000000 USD
CY2018Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
2454000000 USD
CY2019Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
3001000000 USD
CY2018Q4 us-gaap Recorded Third Party Environmental Recoveries Receivable
RecordedThirdPartyEnvironmentalRecoveriesReceivable
61000000 USD
CY2019Q1 us-gaap Recorded Third Party Environmental Recoveries Receivable
RecordedThirdPartyEnvironmentalRecoveriesReceivable
62000000 USD
CY2018Q1 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
92000000 USD
CY2019Q1 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
114000000 USD
CY2019Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
33000000 USD
CY2018Q1 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
281000000 USD
CY2019Q1 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
225000000 USD
CY2019Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
447000000 USD
CY2019Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
573000000 USD
CY2019Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
461000000 USD
CY2019Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
387000000 USD
CY2019Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
353000000 USD
CY2019Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1041000000 USD
CY2018Q1 us-gaap Revenues
Revenues
8398000000 USD
CY2019Q1 us-gaap Revenues
Revenues
8375000000 USD
CY2018Q4 us-gaap Senior Long Term Notes
SeniorLongTermNotes
8941000000 USD
CY2019Q1 us-gaap Senior Long Term Notes
SeniorLongTermNotes
8943000000 USD
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
8000000 USD

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