2018 Q3 Form 10-K Financial Statement

#000102447818000032 Filed on November 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2018 Q2 2018 Q1
Revenue $1.730B $1.699B $1.651B
YoY Change 3.72% 6.22% 6.23%
Cost Of Revenue $993.4M $954.0M $947.3M
YoY Change 1.77% 3.53% 5.51%
Gross Profit $736.1M $744.7M $703.9M
YoY Change 13.65% 9.89% 7.22%
Gross Profit Margin 42.56% 43.84% 42.63%
Selling, General & Admin $415.1M $399.6M $386.6M
YoY Change 6.0% 3.31% -5.52%
% of Gross Profit 56.39% 53.66% 54.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $39.70M $42.10M $43.20M
YoY Change -11.58% -2.09% 6.4%
% of Gross Profit 5.39% 5.65% 6.14%
Operating Expenses $235.2M $399.6M $386.6M
YoY Change -40.96% 3.31% -5.52%
Operating Profit $500.9M $345.1M $317.3M
YoY Change 100.92% 18.63% 28.31%
Interest Expense -$19.20M $16.50M $17.30M
YoY Change -1.54% -13.61% -8.47%
% of Operating Profit -3.83% 4.78% 5.45%
Other Income/Expense, Net
YoY Change
Pretax Income $481.7M $251.7M $299.6M
YoY Change 76.12% -8.8% 30.09%
Income Tax $81.20M $53.10M $72.20M
% Of Pretax Income 16.86% 21.1% 24.1%
Net Earnings $345.9M $198.6M $227.4M
YoY Change 69.06% -8.44% 20.0%
Net Earnings / Revenue 20.0% 11.69% 13.77%
Basic Earnings Per Share $2.84 $1.60 $1.79
Diluted Earnings Per Share $2.80 $1.58 $1.77
COMMON SHARES
Basic Shares Outstanding 124.4M shares 126.9M shares
Diluted Shares Outstanding 125.8M shares 128.5M shares

Balance Sheet

Concept 2018 Q3 2018 Q2 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $909.7M $1.489B $2.047B
YoY Change -64.12% -43.06% -19.22%
Cash & Equivalents $618.8M $940.1M $1.434B
Short-Term Investments $290.9M $549.0M $613.0M
Other Short-Term Assets $149.3M $167.5M $160.1M
YoY Change -21.83% 15.92% 1.27%
Inventory $581.6M $570.3M $570.4M
Prepaid Expenses
Receivables $1.190B $1.149B $1.163B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.831B $3.376B $3.941B
YoY Change -35.97% -24.25% -8.72%
LONG-TERM ASSETS
Property, Plant & Equipment $576.8M $537.3M $557.2M
YoY Change -1.22% -5.54% -1.76%
Goodwill $1.076B $1.079B $1.104B
YoY Change -0.2% 0.82% 3.86%
Intangibles $215.2M $222.5M $230.9M
YoY Change -9.58% -4.05% -3.47%
Long-Term Investments $1.288B
YoY Change
Other Assets $96.20M $326.8M $347.8M
YoY Change 33.43% 31.72% 42.6%
Total Long-Term Assets $3.431B $2.462B $2.573B
YoY Change 25.18% -10.77% -6.37%
TOTAL ASSETS
Total Short-Term Assets $2.831B $3.376B $3.941B
Total Long-Term Assets $3.431B $2.462B $2.573B
Total Assets $6.262B $5.838B $6.514B
YoY Change -12.56% -19.1% -7.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $713.4M $641.8M $630.0M
YoY Change 14.47% 5.2% 11.58%
Accrued Expenses $371.0M $344.0M $300.0M
YoY Change 2.77% 2.38% 5.63%
Deferred Revenue $268.6M
YoY Change
Short-Term Debt $551.0M $800.0K $308.5M
YoY Change 57.25% -99.77% -17.38%
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Total Short-Term Liabilities $2.237B $1.754B $1.878B
YoY Change 4.25% -20.15% -7.29%
LONG-TERM LIABILITIES
Long-Term Debt $1.225B $1.227B $1.230B
YoY Change -1.46% -1.34% -0.82%
Other Long-Term Liabilities $577.3M $568.2M $585.2M
YoY Change 166.77% 189.75% 193.78%
Total Long-Term Liabilities $1.803B $1.795B $1.815B
YoY Change 23.48% 24.68% 26.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.237B $1.754B $1.878B
Total Long-Term Liabilities $1.803B $1.795B $1.815B
Total Liabilities $4.039B $3.549B $3.693B
YoY Change 12.03% -2.4% 6.59%
SHAREHOLDERS EQUITY
Retained Earnings $6.198B $5.852B $5.881B
YoY Change 1.55% -0.8% 0.06%
Common Stock $1.863B $1.851B $1.841B
YoY Change 2.39% 2.43% 2.46%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.502B $5.118B $4.693B
YoY Change 34.84% 25.93% 18.27%
Treasury Stock Shares 60.30M shares 58.20M shares 55.80M shares
Shareholders Equity $1.618B $1.444B $1.947B
YoY Change
Total Liabilities & Shareholders Equity $6.262B $5.838B $6.514B
YoY Change -12.56% -19.1% -7.8%

Cashflow Statement

Concept 2018 Q3 2018 Q2 2018 Q1
OPERATING ACTIVITIES
Net Income $345.9M $198.6M $227.4M
YoY Change 69.06% -8.44% 20.0%
Depreciation, Depletion And Amortization $39.70M $42.10M $43.20M
YoY Change -11.58% -2.09% 6.4%
Cash From Operating Activities $362.8M $343.1M $381.4M
YoY Change 239.38% 8.82% 26.71%
INVESTING ACTIVITIES
Capital Expenditures -$46.90M -$22.40M -$22.10M
YoY Change 6.11% -25.58% -21.07%
Acquisitions
YoY Change
Other Investing Activities -$685.4M $81.00M $558.4M
YoY Change 529.96% 190.32% -288.71%
Cash From Investing Activities -$732.3M $58.60M $536.3M
YoY Change 378.63% -2763.64% -265.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 51.60M -837.1M -1.077B
YoY Change -146.11% 282.24% 545.56%
NET CHANGE
Cash From Operating Activities 362.8M 343.1M 381.4M
Cash From Investing Activities -732.3M 58.60M 536.3M
Cash From Financing Activities 51.60M -837.1M -1.077B
Net Change In Cash -317.9M -435.4M -159.1M
YoY Change 101.2% -562.7% -16.13%
FREE CASH FLOW
Cash From Operating Activities $362.8M $343.1M $381.4M
Capital Expenditures -$46.90M -$22.40M -$22.10M
Free Cash Flow $409.7M $365.5M $403.5M
YoY Change 171.14% 5.82% 22.64%

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45900000 USD
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25300000 USD
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0.598 pure
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0.350 pure
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0.350 pure
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.245 pure
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.2453 pure
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0.020 pure
CY2017 us-gaap Effective Income Tax Rate Reconciliation Deductions Employee Stock Ownership Plan Dividends
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0.006 pure
CY2018 us-gaap Effective Income Tax Rate Reconciliation Deductions Employee Stock Ownership Plan Dividends
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0.013 pure
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0.005 pure
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0.006 pure
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0.007 pure
CY2018 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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3300000 USD
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282300000 USD
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19100000 USD
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5700000 USD
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-10200000 USD
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900000 USD
CY2017Q3 us-gaap Gain Loss On Sale Of Business
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60800000 USD
CY2016 us-gaap Gain Loss On Sale Of Business
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0 USD
CY2017 us-gaap Gain Loss On Sale Of Business
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60800000 USD
CY2018 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
0 USD
CY2016 us-gaap Gain Loss On Sale Of Property Plant Equipment
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-1700000 USD
CY2017 us-gaap Gain Loss On Sale Of Property Plant Equipment
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-100000 USD
CY2018 us-gaap Gain Loss On Sale Of Property Plant Equipment
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-2500000 USD
CY2016Q3 us-gaap Goodwill
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CY2017Q3 us-gaap Goodwill
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CY2018Q3 us-gaap Goodwill
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CY2017 us-gaap Goodwill Acquired During Period
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800000 USD
CY2018 us-gaap Goodwill Acquired During Period
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6800000 USD
CY2017 us-gaap Goodwill Foreign Currency Translation Gain Loss
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13300000 USD
CY2018 us-gaap Goodwill Foreign Currency Translation Gain Loss
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CY2017 us-gaap Goodwill Written Off Related To Sale Of Business Unit
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10300000 USD
CY2016 us-gaap Gross Profit
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CY2016Q4 us-gaap Gross Profit
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CY2017Q1 us-gaap Gross Profit
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CY2017Q2 us-gaap Gross Profit
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677700000 USD
CY2017Q3 us-gaap Gross Profit
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647700000 USD
CY2017 us-gaap Gross Profit
GrossProfit
2624200000 USD
CY2017Q4 us-gaap Gross Profit
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697100000 USD
CY2018Q1 us-gaap Gross Profit
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CY2018Q2 us-gaap Gross Profit
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741700000 USD
CY2018Q3 us-gaap Gross Profit
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CY2018 us-gaap Gross Profit
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CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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512100000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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547200000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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721600000 USD
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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943100000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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1037400000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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1330800000 USD
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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431000000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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490200000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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943100000 USD
CY2016Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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257600000 USD
CY2017Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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230300000 USD
CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
276000000 USD
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
273500000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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1037400000 USD
CY2017Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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297800000 USD
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299600000 USD
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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251700000 USD
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
481700000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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1330800000 USD
CY2016 us-gaap Income Tax Expense Benefit
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213400000 USD
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211700000 USD
CY2018 us-gaap Income Tax Expense Benefit
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795300000 USD
CY2016 us-gaap Income Tax Holiday Aggregate Dollar Amount
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33900000 USD
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43400000 USD
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52300000 USD
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0.26
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0.33
CY2018 us-gaap Income Tax Holiday Income Tax Benefits Per Share
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0.41
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299800000 USD
CY2017 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
211900000 USD
CY2018 us-gaap Income Taxes Paid Net
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222900000 USD
CY2016 us-gaap Increase Decrease In Accounts Payable
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32300000 USD
CY2017 us-gaap Increase Decrease In Accounts Payable
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81100000 USD
CY2018 us-gaap Increase Decrease In Accounts Payable
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67200000 USD
CY2016 us-gaap Increase Decrease In Deferred Revenue And Customer Advances And Deposits
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11700000 USD
CY2017 us-gaap Increase Decrease In Deferred Revenue And Customer Advances And Deposits
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21300000 USD
CY2018 us-gaap Increase Decrease In Deferred Revenue And Customer Advances And Deposits
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12900000 USD
CY2016 us-gaap Increase Decrease In Employee Related Liabilities
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-81100000 USD
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124700000 USD
CY2018 us-gaap Increase Decrease In Employee Related Liabilities
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22400000 USD
CY2016 us-gaap Increase Decrease In Income Taxes
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-8900000 USD
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-22200000 USD
CY2018 us-gaap Increase Decrease In Income Taxes
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426700000 USD
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-4600000 USD
CY2017 us-gaap Increase Decrease In Inventories
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30400000 USD
CY2018 us-gaap Increase Decrease In Inventories
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37400000 USD
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14800000 USD
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18900000 USD
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53000000 USD
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91700000 USD
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900000 shares
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1200000 shares
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1300000 shares
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0 shares
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IncrementalCommonSharesAttributableToContingentlyIssuableShares
300000 shares
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200000 shares
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43700000 USD
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43700000 USD
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501500000 USD
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497500000 USD
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238000000 USD
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215200000 USD
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71300000 USD
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74200000 USD
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16900000 USD
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24000000 USD
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558700000 USD
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172000000 USD
CY2018Q3 us-gaap Inventory Raw Materials And Purchased Parts Net Of Reserves
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177300000 USD
CY2017Q3 us-gaap Inventory Work In Process Net Of Reserves
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168000000 USD
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180000000 USD
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19600000 USD
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24400000 USD
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5300000 USD
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115100000 USD
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120300000 USD
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250000000 USD
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0 USD
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1243400000 USD
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325700000 USD
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1288000000 USD
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100800000 USD
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93000000 USD
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108000000 USD
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17800000 USD
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14100000 USD
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1145800000 USD
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CY2018 us-gaap Maximum Length Of Time Hedged In Cash Flow Hedge1
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P2Y
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CY2018 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2017 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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1034000000 USD
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1300000000 USD
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0 USD
CY2017 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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CY2018 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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CY2017 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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260000000 USD
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146700000 USD
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18800000 USD
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CY2018 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
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6600000 USD
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57200000 USD
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359600000 USD
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237300000 USD
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142700000 USD
CY2017 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2018 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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-268900000 USD
CY2016 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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CY2017 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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159300000 USD
CY2018 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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87200000 USD
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62700000 USD
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69900000 USD
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220200000 USD
CY2018Q3 us-gaap Other Liabilities Current
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226600000 USD
CY2017Q3 us-gaap Other Liabilities Noncurrent
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216400000 USD
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577300000 USD
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700000 USD
CY2017 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
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900000 USD
CY2018 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
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500000 USD
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CY2018 us-gaap Payments For Repurchase Of Common Stock
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390700000 USD
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139100000 USD
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1100000 USD
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9900000 USD
CY2016 us-gaap Payments To Acquire Property Plant And Equipment
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116900000 USD
CY2017 us-gaap Payments To Acquire Property Plant And Equipment
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141700000 USD
CY2018 us-gaap Payments To Acquire Property Plant And Equipment
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125500000 USD
CY2016 us-gaap Payments To Acquire Short Term Investments
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1070700000 USD
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1444200000 USD
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1296900000 USD
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892500000 USD
CY2018Q3 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
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605100000 USD
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44300000 USD
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254900000 USD
CY2018 us-gaap Pension Contributions
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50300000 USD
CY2018Q3 us-gaap Preferred Stock Shares Authorized
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25000000 shares
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94000000 USD
CY2016 us-gaap Proceeds From Divestiture Of Businesses
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CY2018 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
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191.87
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177200000 USD
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P5Y6M
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CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
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6000000 USD
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3100000 USD
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100000 USD
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1100000 USD
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27100000 USD
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11300000 USD
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2500000 USD
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1900000 USD
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100000 USD
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3000000 USD
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1600000 USD
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6300000 USD
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1600000 USD
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129900000 shares
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CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
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125400000 shares
CY2018 us-gaap Revenue Recognition Accounting Policy Gross And Net Revenue Disclosure
RevenueRecognitionAccountingPolicyGrossAndNetRevenueDisclosure
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:13px;text-align:justify;text-indent:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Taxes on Revenue Producing Transactions</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Taxes assessed by governmental authorities on revenue producing transactions, including sales, value added, excise and use taxes, are recorded on a net basis (excluded from revenue).</font></div></div>
CY2018 us-gaap Revenue Recognition Revenue Reductions
RevenueRecognitionRevenueReductions
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:13px;text-align:justify;text-indent:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Returns, Rebates and Incentives</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our primary incentive program provides distributors with cash rebates or account credits based on agreed amounts that vary depending on the customer to whom our distributor ultimately sells the product. We also offer various other incentive programs that provide distributors and direct sale customers with cash rebates, account credits or additional hardware and software products, solutions and services based on meeting specified program criteria. Certain distributors are offered a right to return product, subject to contractual limitations.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We record accruals for customer returns, rebates and incentives at the time of revenue recognition based primarily on historical experience. Returns, rebates and incentives are recognized as a reduction of sales if distributed in cash or customer account credits. Rebates and incentives are recognized in cost of sales for additional hardware and software products, solutions and services to be provided. Accruals are reported as a current liability in our Consolidated Balance Sheet or, where a right of setoff exists, as a reduction of accounts receivable.</font></div></div>
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:13px;text-align:justify;text-indent:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in accordance with U.S. GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and revenues and expenses during the periods reported. Actual results could differ from those estimates. We use estimates in accounting for, among other items, customer returns, rebates and incentives; allowance for doubtful accounts; excess and obsolete inventory; discount valuation of PTC Inc. ("PTC") common stock; share-based compensation; acquisitions; product warranty obligations; retirement benefits; litigation, claims and contingencies, including environmental matters, conditional asset retirement obligations and contractual indemnifications; and income taxes. We account for changes to estimates and assumptions prospectively when warranted by factually-based experience.</font></div></div>

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