2018 Q1 Form 10-Q Financial Statement

#000007987918000040 Filed on June 28, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1 2017
Revenue $3.781B $3.486B $3.486B
YoY Change 8.46% -1.64% -75.57%
Cost Of Revenue $2.181B $1.902B $8.209B
YoY Change 14.67% 4.68% 7.1%
Gross Profit $1.600B $1.584B -$4.723B
YoY Change 1.01% -8.28% -171.51%
Gross Profit Margin 42.32% 45.44% -135.48%
Selling, General & Admin $906.0M $875.0M $3.554B
YoY Change 3.54% -3.42% -0.03%
% of Gross Profit 56.63% 55.24%
Research & Development $112.0M $109.0M $472.0M
YoY Change 2.75% -6.03% -0.21%
% of Gross Profit 7.0% 6.88%
Depreciation & Amortization $87.00M $79.00M $331.0M
YoY Change 10.13% -7.06% 3.76%
% of Gross Profit 5.44% 4.99%
Operating Expenses $1.018B $984.0M $4.026B
YoY Change 3.46% -3.72% -0.05%
Operating Profit $519.0M $561.0M $2.292B
YoY Change -7.49% 0.54% -3.78%
Interest Expense $26.00M $25.00M $105.0M
YoY Change 4.0% -16.67% -16.0%
% of Operating Profit 5.01% 4.46% 4.58%
Other Income/Expense, Net $41.00M $25.00M $74.00M
YoY Change 64.0% 19.05% -69.42%
Pretax Income $421.0M $446.0M $2.005B
YoY Change -5.61% -2.19% 157.38%
Income Tax $87.00M $110.0M $615.0M
% Of Pretax Income 20.67% 24.66% 30.67%
Net Earnings $334.0M $337.0M $1.594B
YoY Change -0.89% -2.88% 82.59%
Net Earnings / Revenue 8.83% 9.67% 45.73%
Basic Earnings Per Share $1.34 $1.31 $6.22
Diluted Earnings Per Share $1.33 $1.30 $6.18
COMMON SHARES
Basic Shares Outstanding 249.8M shares 257.6M shares 256.1M shares
Diluted Shares Outstanding 251.4M shares 259.5M shares 257.8M shares

Balance Sheet

Concept 2018 Q1 2017 Q1 2017
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.404B $1.389B $1.491B
YoY Change 1.08% 34.85% -19.97%
Cash & Equivalents $1.346B $1.349B $1.436B
Short-Term Investments $58.00M $40.00M $55.00M
Other Short-Term Assets $400.0M $439.0M $353.0M
YoY Change -8.88% -38.94% -34.99%
Inventory $1.963B $1.727B $1.730B
Prepaid Expenses
Receivables $3.343B $3.057B $2.903B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.110B $6.646B $6.477B
YoY Change 6.98% -1.07% -1.48%
LONG-TERM ASSETS
Property, Plant & Equipment $2.862B $2.806B $2.824B
YoY Change 2.0% -7.64% 8.28%
Goodwill $4.100B $3.720B
YoY Change 10.22% -0.61%
Intangibles $3.350B $3.261B
YoY Change 2.73% -6.02%
Long-Term Investments $270.0M $175.0M $403.0M
YoY Change 54.29% 775.0% 125.14%
Other Assets $719.0M $588.0M $847.0M
YoY Change 22.28% -6.37% -0.7%
Total Long-Term Assets $10.43B $9.508B $10.06B
YoY Change 9.74% -10.28% 9.42%
TOTAL ASSETS
Total Short-Term Assets $7.110B $6.646B $6.477B
Total Long-Term Assets $10.43B $9.508B $10.06B
Total Assets $17.54B $16.15B $16.54B
YoY Change 8.6% -6.71% 4.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.924B $3.573B $2.321B
YoY Change 9.82% -1.19% -32.92%
Accrued Expenses $441.0M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $15.00M $67.00M $0.00
YoY Change -77.61% 97.06%
Long-Term Debt Due $19.00M $604.0M $12.00M
YoY Change -96.85% 1489.47% -98.09%
Total Short-Term Liabilities $4.030B $4.273B $3.894B
YoY Change -5.69% -6.21% -8.44%
LONG-TERM LIABILITIES
Long-Term Debt $5.199B $3.817B $4.134B
YoY Change 36.21% -9.68% 9.16%
Other Long-Term Liabilities $985.0M $939.0M $2.395B
YoY Change 4.9% 10.21% -0.17%
Total Long-Term Liabilities $6.184B $4.756B $6.529B
YoY Change 30.03% -6.34% 5.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.030B $4.273B $3.894B
Total Long-Term Liabilities $6.184B $4.756B $6.529B
Total Liabilities $12.08B $10.87B $10.98B
YoY Change 11.12% -9.94% 0.34%
SHAREHOLDERS EQUITY
Retained Earnings $17.46B $16.21B
YoY Change 7.71% 2.82%
Common Stock $1.730B $1.680B
YoY Change 2.98% 3.9%
Preferred Stock
YoY Change
Treasury Stock (at cost) $11.84B $10.63B
YoY Change 11.45% 10.88%
Treasury Stock Shares
Shareholders Equity $5.346B $5.192B $5.558B
YoY Change
Total Liabilities & Shareholders Equity $17.54B $16.15B $16.54B
YoY Change 8.6% -6.71% 4.88%

Cashflow Statement

Concept 2018 Q1 2017 Q1 2017
OPERATING ACTIVITIES
Net Income $334.0M $337.0M $1.594B
YoY Change -0.89% -2.88% 82.59%
Depreciation, Depletion And Amortization $87.00M $79.00M $331.0M
YoY Change 10.13% -7.06% 3.76%
Cash From Operating Activities -$228.0M $9.000M $1.568B
YoY Change -2633.33% -88.61% 16.06%
INVESTING ACTIVITIES
Capital Expenditures $75.00M $63.00M $360.0M
YoY Change 19.05% -10.0% -5.26%
Acquisitions $96.00M $61.00M $225.0M
YoY Change 57.38% 916.67% -35.53%
Other Investing Activities -$6.000M -$2.000M -$26.00M
YoY Change 200.0% -66.67% -3.7%
Cash From Investing Activities -$178.0M -$138.0M -$67.00M
YoY Change 28.99% 119.05% -115.37%
FINANCING ACTIVITIES
Cash Dividend Paid $112.0M $103.0M $434.0M
YoY Change 8.74% 7.29% 4.83%
Common Stock Issuance & Retirement, Net $600.0M $163.0M $813.0M
YoY Change 268.1% 8.67% -22.57%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $295.0M -$372.0M -$1.954B
YoY Change -179.3% -13.29% 61.49%
NET CHANGE
Cash From Operating Activities -$228.0M $9.000M $1.568B
Cash From Investing Activities -$178.0M -$138.0M -$67.00M
Cash From Financing Activities $295.0M -$372.0M -$1.954B
Net Change In Cash -$111.0M -$501.0M -$453.0M
YoY Change -77.84% 21.31% -178.51%
FREE CASH FLOW
Cash From Operating Activities -$228.0M $9.000M $1.568B
Capital Expenditures $75.00M $63.00M $360.0M
Free Cash Flow -$303.0M -$54.00M $1.208B
YoY Change 461.11% -700.0% 24.41%

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CY2018Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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334000000 USD
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CY2017Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2018Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2018Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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CY2017 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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CY2018Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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CY2017 us-gaap Income Loss From Discontinued Operations Net Of Tax
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CY2018Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
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CY2017 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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CY2018Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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CY2017 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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CY2017 us-gaap Income Tax Expense Benefit
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CY2018Q1 us-gaap Income Tax Expense Benefit
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CY2018Q1 us-gaap Income Taxes Paid Net
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47000000 USD
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CY2018Q1 us-gaap Increase Decrease In Receivables
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CY2017Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2018Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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900000 shares
CY2017Q4 us-gaap Indefinite Lived Trademarks
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CY2018Q1 us-gaap Interest Expense
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CY2018Q1 us-gaap Interest Paid Net
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CY2018Q1 us-gaap Inventory Net
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CY2018Q1 us-gaap Liabilities
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CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2017Q1 us-gaap Proceeds From Sale Of Treasury Stock
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CY2017Q4 us-gaap Property Plant And Equipment Net
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CY2018Q1 us-gaap Treasury Stock Value
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CY2018Q1 us-gaap Revenues
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CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
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21.15
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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25.38
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P6Y6M
CY2018Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
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P10Y
CY2017Q4 us-gaap Short Term Borrowings
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CY2018Q1 us-gaap Short Term Borrowings
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CY2017Q4 us-gaap Short Term Investments
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CY2018Q1 us-gaap Short Term Investments
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CY2017Q1 us-gaap Stock Issued During Period Value Treasury Stock Reissued
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CY2018Q1 us-gaap Stock Issued During Period Value Treasury Stock Reissued
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CY2017Q4 us-gaap Stockholders Equity
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CY2018Q1 us-gaap Stockholders Equity
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CY2017Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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5672000000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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5467000000 USD
CY2017Q4 us-gaap Treasury Stock Value
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600000000 USD
CY2016 us-gaap Unrealized Gain Loss On Interest Rate Cash Flow Hedges Pretax Accumulated Other Comprehensive Income Loss
UnrealizedGainLossOnInterestRateCashFlowHedgesPretaxAccumulatedOtherComprehensiveIncomeLoss
16000000 USD
CY2018Q1 us-gaap Unrealized Gain Loss On Interest Rate Cash Flow Hedges Pretax Accumulated Other Comprehensive Income Loss
UnrealizedGainLossOnInterestRateCashFlowHedgesPretaxAccumulatedOtherComprehensiveIncomeLoss
77000000 USD
CY2017Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1900000 shares
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1600000 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
259500000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
251400000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
257600000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
249800000 shares

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