2017 Q4 Form 10-K Financial Statement

#000153470118000065 Filed on February 23, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2017 Q2
Revenue $29.75B $25.63B $24.09B
YoY Change 27.14% 18.51% 10.24%
Cost Of Revenue $27.31B $19.46B $18.35B
YoY Change 25.92% 0.56% -6.44%
Gross Profit $2.586B $6.164B $5.734B
YoY Change 36.97% 170.83% 137.53%
Gross Profit Margin 8.69% 24.05% 23.81%
Selling, General & Admin $541.0M $435.0M $439.0M
YoY Change 14.38% 5.84% 4.28%
% of Gross Profit 20.92% 7.06% 7.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $346.0M $337.0M $320.0M
YoY Change 13.44% 15.02% 10.34%
% of Gross Profit 13.38% 5.47% 5.58%
Operating Expenses $2.051B $435.0M $439.0M
YoY Change 3.53% 5.84% 4.28%
Operating Profit $535.0M $5.729B $5.295B
YoY Change -675.27% 207.18% 165.68%
Interest Expense $104.0M $77.00M $528.0M
YoY Change -28.28% -78.43% 500.0%
% of Operating Profit 19.44% 1.34% 9.97%
Other Income/Expense, Net $21.00M $49.00M $18.00M
YoY Change 110.0% 104.17% 5.88%
Pretax Income $654.0M $1.256B $848.0M
YoY Change 954.84% 54.49% 17.78%
Income Tax $120.0M $407.0M $267.0M
% Of Pretax Income 18.35% 32.4% 31.49%
Net Earnings $3.198B $823.0M $550.0M
YoY Change 1861.96% 61.06% 10.89%
Net Earnings / Revenue 10.75% 3.21% 2.28%
Basic Earnings Per Share $6.29 $1.60 $1.06
Diluted Earnings Per Share $6.25 $1.60 $1.06
COMMON SHARES
Basic Shares Outstanding 512.9M shares 517.8M shares
Diluted Shares Outstanding 516.0M shares 520.2M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.119B $1.547B $2.161B
YoY Change 15.05% -33.8% -3.18%
Cash & Equivalents $3.119B $1.547B $2.161B
Short-Term Investments
Other Short-Term Assets $370.0M $578.0M $456.0M
YoY Change -12.32% -19.83% -44.46%
Inventory $3.395B $4.455B $4.245B
Prepaid Expenses
Receivables $7.506B $6.355B $5.594B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $14.39B $12.94B $12.46B
YoY Change 13.49% 8.12% -1.48%
LONG-TERM ASSETS
Property, Plant & Equipment $21.46B $21.30B $21.29B
YoY Change 2.9% 4.19% 5.17%
Goodwill $3.270B $3.270B $3.270B
YoY Change 0.0% 0.09% -0.15%
Intangibles $876.0M $884.0M $889.0M
YoY Change -1.35% -0.9% -0.78%
Long-Term Investments $13.73B $13.90B $13.51B
YoY Change 4.82% 4.68% 4.41%
Other Assets $434.0M $421.0M $413.0M
YoY Change 1.88% 3.44% 13.46%
Total Long-Term Assets $39.98B $39.78B $39.37B
YoY Change 2.59% 3.88% 4.39%
TOTAL ASSETS
Total Short-Term Assets $14.39B $12.94B $12.46B
Total Long-Term Assets $39.98B $39.78B $39.37B
Total Assets $54.37B $52.71B $51.83B
YoY Change 5.26% 4.89% 2.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.242B $6.404B $5.891B
YoY Change 13.24% 11.05% -6.77%
Accrued Expenses $2.039B $1.928B $1.826B
YoY Change 87.75% -1.38% 2.35%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $41.00M $706.0M $493.0M
YoY Change -95.9% -55.4% -67.82%
Total Short-Term Liabilities $10.11B $9.905B $8.874B
YoY Change 6.81% -1.93% -14.67%
LONG-TERM LIABILITIES
Long-Term Debt $10.07B $9.495B $9.472B
YoY Change 5.02% 30.52% 29.22%
Other Long-Term Liabilities $1.759B $1.748B $2.111B
YoY Change -17.57% -12.6% -9.48%
Total Long-Term Liabilities $11.83B $11.24B $11.58B
YoY Change 0.9% 21.22% 19.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.11B $9.905B $8.874B
Total Long-Term Liabilities $11.83B $11.24B $11.58B
Total Liabilities $26.94B $28.75B $28.02B
YoY Change -3.53% 10.83% 6.57%
SHAREHOLDERS EQUITY
Retained Earnings $16.31B $13.46B $13.00B
YoY Change 29.33% 5.39% 3.21%
Common Stock $19.77B $19.66B $19.63B
YoY Change 1.07% 0.91% 1.31%
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.38B $9.915B $9.454B
YoY Change 18.09% 15.86% 12.83%
Treasury Stock Shares 141.6M shares 136.7M shares 131.2M shares
Shareholders Equity $25.09B $22.52B $22.37B
YoY Change
Total Liabilities & Shareholders Equity $54.37B $52.71B $51.83B
YoY Change 5.26% 4.89% 2.91%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2017 Q2
OPERATING ACTIVITIES
Net Income $3.198B $823.0M $550.0M
YoY Change 1861.96% 61.06% 10.89%
Depreciation, Depletion And Amortization $346.0M $337.0M $320.0M
YoY Change 13.44% 15.02% 10.34%
Cash From Operating Activities $1.931B $401.0M $1.865B
YoY Change 189.51% -54.59% 61.47%
INVESTING ACTIVITIES
Capital Expenditures -$537.0M -$367.0M -$458.0M
YoY Change -33.95% -44.48% -26.13%
Acquisitions
YoY Change
Other Investing Activities $67.00M -$14.00M $5.000M
YoY Change -136.81% -112.73% -103.85%
Cash From Investing Activities -$470.0M -$381.0M -$453.0M
YoY Change -52.76% -30.85% -39.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 91.00M -612.0M -904.0M
YoY Change -87.06% 166.09% -784.85%
NET CHANGE
Cash From Operating Activities 1.931B 401.0M 1.865B
Cash From Investing Activities -470.0M -381.0M -453.0M
Cash From Financing Activities 91.00M -612.0M -904.0M
Net Change In Cash 1.552B -592.0M 508.0M
YoY Change 313.87% -680.39% -5.4%
FREE CASH FLOW
Cash From Operating Activities $1.931B $401.0M $1.865B
Capital Expenditures -$537.0M -$367.0M -$458.0M
Free Cash Flow $2.468B $768.0M $2.323B
YoY Change 66.76% -50.26% 30.87%

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1.60
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9.90
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7.73
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0.72
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0.93
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0.96
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0.31
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2.92
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1.02
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1.06
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1.60
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6.25
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9.85
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0.250
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0.35
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0.35
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0.35
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-0.002
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-0.001
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0.013
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0.005
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0.007
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-0.039
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-0.059
CY2015 us-gaap Effective Income Tax Rate Reconciliation Minority Interest Income Expense
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0.002
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0.012
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0.013
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0.004
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0.012
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-0.005
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0.025
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0.006
CY2017 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.022
CY2015 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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54000000 USD
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59000000 USD
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74000000 USD
CY2015 us-gaap Equity Method Investment Dividends Or Distributions
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1769000000 USD
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616000000 USD
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1270000000 USD
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6024000000 USD
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7097000000 USD
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7325000000 USD
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4130000000 USD
CY2016Q4 us-gaap Equity Method Investment Summarized Financial Information Current Liabilities
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5173000000 USD
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5248000000 USD
CY2015Q4 us-gaap Equity Method Investment Summarized Financial Information Minority Interest
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2404000000 USD
CY2016Q4 us-gaap Equity Method Investment Summarized Financial Information Minority Interest
EquityMethodInvestmentSummarizedFinancialInformationMinorityInterest
2260000000 USD
CY2017Q4 us-gaap Equity Method Investment Summarized Financial Information Minority Interest
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2549000000 USD
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CY2016 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
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2960000000 USD
CY2017 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
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CY2017Q4 us-gaap Equity Method Investment Summarized Financial Information Noncurrent Assets
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49950000000 USD
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13743000000 USD
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CY2016 us-gaap Excise And Sales Taxes
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134000000 USD
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173000000 USD
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CY2017Q4 us-gaap Goodwill
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596000000 USD
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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720000000 USD
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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813000000 USD
CY2016Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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62000000 USD
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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2191000000 USD
CY2017Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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797000000 USD
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848000000 USD
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1256000000 USD
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654000000 USD
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3555000000 USD
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
478000000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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1414000000 USD
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815000000 USD
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516000000 USD
CY2015 us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
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6044000000 USD
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2191000000 USD
CY2017 us-gaap Income Loss Including Portion Attributable To Noncontrolling Interest
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3555000000 USD
CY2015 us-gaap Income Tax Effects Allocated Directly To Equity Employee Stock Options
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150000000 USD
CY2017 us-gaap Income Tax Effects Allocated Directly To Equity Employee Stock Options
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81000000 USD
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547000000 USD
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18000000 USD
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41000000 USD
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CY2017 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2015 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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2115000000 USD
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767000000 USD
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1244000000 USD
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13000000 USD
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46000000 USD
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32000000 USD
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27000000 USD
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150000000 USD
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12000000 USD
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79000000 USD
CY2016 us-gaap Income Taxes Paid
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CY2017 us-gaap Income Taxes Paid
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102000000 USD
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1560000000 USD
CY2016 us-gaap Income Taxes Paid Net
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176000000 USD
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147000000 USD
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4622000 shares
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2535000 shares
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3418000 shares
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310000000 USD
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18000000 USD
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31000000 USD
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311000000 USD
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421000000 USD
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2883000000 USD
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3106000000 USD
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3150000000 USD
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18000000 USD
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11980000000 USD
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13354000000 USD
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2980000000 USD
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334000000 USD
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94000000 USD
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41000000 USD
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62000000 USD
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314000000 USD
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46000000 USD
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75000000 USD
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120000000 USD
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5713000000 USD
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2963000000 USD
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535000000 USD
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550000000 USD
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142000000 USD
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1549000000 USD
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5100000000 USD
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1550000000 USD
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5106000000 USD
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118000000 USD
CY2016 us-gaap Nonoperating Income Expense
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74000000 USD
CY2017 us-gaap Nonoperating Income Expense
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521000000 USD
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1826000000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due Current
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533000000 USD
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71000000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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100000000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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141000000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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306000000 USD
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420000000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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326000000 USD
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6000000 USD
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6000000 USD
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6000000 USD
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641000000 USD
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669000000 USD
CY2017 us-gaap Operating Leases Rent Expense Minimum Rentals
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680000000 USD
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511000000 USD
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580000000 USD
CY2017 us-gaap Operating Leases Rent Expense Net
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613000000 USD
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136000000 USD
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95000000 USD
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OperatingLeasesRentExpenseSubleaseRentals1
73000000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
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426000000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
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434000000 USD
CY2015 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
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0 USD
CY2016 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
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8000000 USD
CY2017 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
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6000000 USD
CY2015 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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0 USD
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CY2017 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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31000000 USD
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CY2016 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2015 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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CY2016 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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520000000 USD
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CY2016 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
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5000000 USD
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50000000 USD
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432000000 USD
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10000000 USD
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1590000000 USD
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CY2016 us-gaap Proceeds From Payments For Long Term Loans For Related Parties
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0 USD
CY2017 us-gaap Proceeds From Payments For Long Term Loans For Related Parties
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4280000000 USD
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ProfitLoss
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CY2017 us-gaap Research And Development Expense
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CY2016 us-gaap Sales Revenue Net
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SellingGeneralAndAdministrativeExpense
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CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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60000000 USD
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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18.84
CY2016 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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16.94
CY2017 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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16.95
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CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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49.48
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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172000000 USD
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327000000 USD
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327000000 USD
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
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48.79
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
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195000000 USD
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
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CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
55.25
CY2017 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
32.38
CY2017 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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78.48
CY2017 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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2258000 shares
CY2017 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
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CY2017 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2017Q4 us-gaap Stockholders Equity
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CY2016Q4 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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CY2016Q4 us-gaap Taxes Payable Current
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1042000000 USD
CY2017 us-gaap Treasury Stock Value Acquired Cost Method
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1590000000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
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142000000 USD
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82000000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
70000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
34000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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17000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
17000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
5000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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49000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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32000000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
19000000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
12000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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8000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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3000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
7000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
1000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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6000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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5000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
1000000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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34000000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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13000000 USD
CY2017Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fourth Anniversary
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327000000 USD
CY2017Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Second Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary
327000000 USD
CY2017Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Third Anniversary
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327000000 USD
CY2017Q4 us-gaap Unrecorded Unconditional Purchase Obligation Due After Five Years
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2644000000 USD
CY2015 us-gaap Unrecorded Unconditional Purchase Obligation Purchases
UnrecordedUnconditionalPurchaseObligationPurchases
328000000 USD
CY2016 us-gaap Unrecorded Unconditional Purchase Obligation Purchases
UnrecordedUnconditionalPurchaseObligationPurchases
325000000 USD
CY2017 us-gaap Unrecorded Unconditional Purchase Obligation Purchases
UnrecordedUnconditionalPurchaseObligationPurchases
323000000 USD
CY2017 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
10000000 USD
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
546977000 shares
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
530066000 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
518508000 shares
CY2015 us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
4753000 shares
CY2016 us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
4281000 shares
CY2017 us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
3822000 shares
CY2015 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
537602000 shares
CY2016 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
523250000 shares
CY2017 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
511268000 shares
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
542355000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
527531000 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
515090000 shares
CY2017 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%;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;font-weight:bold;">New Accounting Standards</font><font style="font-family:inherit;font-size:10.5pt;font-weight:bold;"> </font></div><div style="line-height:120%;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">In February 2017, the FASB issued ASU No. 2017-05, &#8220;Other Income&#8212;Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20).&#8221; This ASU clarifies the scope and accounting for the sale or transfer of nonfinancial assets and in substance nonfinancial assets to noncustomers, including partial sales.&#160; This ASU will eliminate the use of carryover basis for most nonmonetary exchanges, including contributions of assets to equity method joint ventures.&#160; These amendments could result in the entity recognizing a gain or loss on the sale or transfer of nonfinancial assets.&#160; Public entities should apply the guidance in ASU No. 2017-05 to annual periods beginning after December 15, 2017, including interim periods within those periods.&#160; There was no impact on our financial statements from adopting this ASU on January 1, 2018.</font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">In January 2017, the FASB issued ASU No. 2017-01, &#8220;Business Combinations (Topic 805): Clarifying the Definition of a Business,&#8221; which clarifies the definition of a business with the objective of adding guidance to assist in evaluating whether transactions should be accounted for as acquisitions of assets or businesses. The amendment provides a screen for determining when a transaction involves an acquisition of a business. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset, or a group of similar identifiable assets, then the transaction is not considered an acquisition of a business. If the screen is not met, then the amendment requires that to be considered a business, the operation must include at a minimum an input and a substantive process that together significantly contribute to the ability to create an output. The guidance may reduce the number of transactions accounted for as business acquisitions. Public business entities should apply the guidance in ASU No. 2017-01 to annual periods beginning after December 15, 2017, including interim periods within those periods, with early adoption permitted. The amendments should be applied prospectively and no disclosures are required at the effective date. There was no impact on our financial statements from adopting this ASU on January 1, 2018.</font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">In June 2016, the FASB issued ASU No. 2016-13, &#8220;Financial Instruments&#8212;Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.&#8221; The new standard amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which may result in earlier recognition of losses. Public business entities should apply the guidance in ASU No. 2016-13 for annual periods beginning after December 15, 2019, including interim periods within those annual periods. Early adoption will be permitted for annual periods beginning after December 15, 2018. We are currently evaluating the provisions of ASU No. 2016-13 and assessing the impact on our financial statements.</font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">In February 2016, the FASB issued ASU No. 2016-02, &#8220;Leases (Topic 842).&#8221; The new standard establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months.&#160; Leases will continue to be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement.&#160; Similarly, lessors will be required to classify leases as sales-type, finance or operating, with classification affecting the pattern of income recognition.&#160; Classification for both lessees and lessors will be based on an assessment of whether risks and rewards as well as substantive control have been transferred through a lease contract.&#160; Public business entities should apply the guidance in ASU No. 2016-02 for annual periods beginning after December 15, 2018, including interim periods within those annual periods. Early adoption is permitted. Entities are required to adopt the ASU using a modified retrospective approach, subject to certain optional practical expedients, and apply the provisions of ASU No. 2016-02 to leasing arrangements existing at or entered into after the earliest comparative period presented in the financial statements. We are currently evaluating the provisions of ASU No. 2016-02 and assessing its impact on our financial statements. As part of our assessment to-date, we have formed an implementation team, commenced identification of our lease population and selected a lease software package. We expect the adoption of ASU 2016-02 will materially gross up our consolidated balance sheet with the recognition of the ROU assets and operating lease liabilities.&#160; The impact to our consolidated statements of income and cash flows is not expected to be material.&#160; The new standard will also require additional disclosures for financing and operating leases.</font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">In January 2016, the FASB issued ASU No. 2016-01, &#8220;Financial Instruments&#8212;Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities,&#8221; to meet its objective of providing more decision-useful information about financial instruments. The majority of this ASU&#8217;s provisions amend only the presentation or disclosures of financial instruments; however, one provision will also affect net income. Equity investments carried under the cost method or lower of cost or fair value method of accounting, in accordance with current GAAP, will have to be carried at fair value upon adoption of ASU No. 2016-01, with changes in fair value recorded in net income. For equity investments that do not have readily determinable fair values, a company may elect to carry such investments at cost less impairments, if any, adjusted up or down for price changes in similar financial instruments issued by the investee, when and if observed. Public business entities should apply the guidance in ASU No. 2016-01 for annual periods beginning after December 15, 2017, and interim periods within those annual periods, with early adoption prohibited. We are currently evaluating the provisions of ASU No. 2016-01. Our initial review indicates that ASU No. 2016-01 will have a limited impact on our financial statements.</font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">In May 2014, the FASB issued ASU No. 2014-09, &#8220;Revenue from Contracts with Customers (Topic 606).&#8221; This ASU and other related updates are intended to improve comparability of revenue recognition practices across entities, industries, jurisdictions and capital markets and expand disclosure requirements. In August 2015, the FASB issued ASU No. 2015-14, &#8220;Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date.&#8221; The amendment in this ASU defers the effective date of ASU No. 2014-09 for all entities for one year. Public business entities should apply the guidance in ASU No. 2014-09 to annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Our assessment work primarily included the formation of an implementation work team, training on the new ASU&#8217;s revenue recognition model, contract review and documentation and the monitoring of industry interpretative issues. We adopted the standard on January 1, 2018, using the modified retrospective application. Our evaluation of the new ASU is near completion, which includes understanding the impact of adoption on earnings from equity method investments. Based upon our analysis to-date, the primary impact of adoption of the new standard is the netting of sales-based taxes collected from our customers against revenue. Sales-based taxes include excise taxes on sales of petroleum products as noted on our consolidated statement of income. We have not identified any other material impact on our financial statements other than disclosures.</font></div></div>
CY2017 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;font-weight:bold;">Recasted Financial Information</font><font style="font-family:inherit;font-size:10.5pt;">&#8212;Certain prior period financial information has been recasted to reflect the current year&#8217;s presentation.</font></div></div>
CY2017 us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;font-weight:bold;">Impairment of Properties, Plants and Equipment</font><font style="font-family:inherit;font-size:10.5pt;">&#8212;Properties, plants and equipment (PP&amp;E) used in operations are assessed for impairment whenever changes in facts and circumstances indicate a possible significant deterioration in the future cash flows expected to be generated by an asset group. If indicators of potential impairment exist, an undiscounted cash flow test is performed. If the sum of the undiscounted pre-tax cash flows is less than the carrying value of the asset group, including applicable liabilities, the carrying value of the PP&amp;E included in the asset group is written down to estimated fair value through additional amortization or depreciation provisions and reported in the &#8220;Impairments&#8221; line on our consolidated statement of income in the period in which the determination of the impairment is made. Individual assets are grouped for impairment purposes at the lowest level for which identifiable cash flows are largely independent of the cash flows of other groups of assets (for example, at a refinery complex level). Because there is usually a lack of quoted market prices for long-lived assets, the fair value of impaired assets is typically determined using one or more of the following methods: the present values of expected future cash flows using discount rates and other assumptions believed to be consistent with those used by principal market participants; a market multiple of earnings for similar assets; or historical market transactions of similar assets, adjusted using principal market participant assumptions when necessary. Long-lived assets held for sale are accounted for at the lower of amortized cost or fair value, less cost to sell, with fair value determined using a binding negotiated price, if available, or present value of expected future cash flows as previously described.</font></div><div style="line-height:120%;padding-left:48px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-left:48px;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;">The expected future cash flows used for impairment reviews and related fair value calculations are based on estimated future volumes, prices, costs, margins and capital project decisions, considering all available evidence at the date of review.</font></div></div>
CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10.5pt;"><font style="font-family:inherit;font-size:10.5pt;font-weight:bold;">Use of Estimates</font><font style="font-family:inherit;font-size:10.5pt;">&#8212;The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of contingent assets and liabilities. Actual results could differ from these estimates.</font></div></div>

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