2018 Q2 Form 10-Q Financial Statement

#000010182918000027 Filed on July 27, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q2
Revenue $8.333B $7.836B $15.28B
YoY Change -45.46% -43.28% 2.73%
Cost Of Revenue $12.38B $3.264B $3.193B
YoY Change 287.57% 15.54% 13.71%
Gross Profit $1.819B $1.791B $4.116B
YoY Change -55.81% -51.32% -0.41%
Gross Profit Margin 21.83% 22.86% 26.94%
Selling, General & Admin $1.759B $1.711B $1.590B
YoY Change 10.63% 11.32% 9.58%
% of Gross Profit 96.7% 95.53% 38.63%
Research & Development $589.0M $554.0M $619.0M
YoY Change -4.85% -5.46% 5.27%
% of Gross Profit 32.38% 30.93% 15.04%
Depreciation & Amortization $592.0M $581.0M $527.0M
YoY Change 12.33% 13.48% 6.68%
% of Gross Profit 32.55% 32.44% 12.8%
Operating Expenses $2.348B $2.265B $2.209B
YoY Change 6.29% 6.69% 8.34%
Operating Profit $2.876B $1.928B $2.164B
YoY Change 32.9% -10.07% -7.4%
Interest Expense $234.0M $229.0M $226.0M
YoY Change 3.54% 7.51% 0.44%
% of Operating Profit 8.14% 11.88% 10.44%
Other Income/Expense, Net $194.0M $191.0M
YoY Change
Pretax Income $2.834B $1.890B $2.064B
YoY Change 37.31% -7.98% -2.27%
Income Tax $695.0M $522.0M $532.0M
% Of Pretax Income 24.52% 27.62% 25.78%
Net Earnings $2.048B $1.297B $1.439B
YoY Change 42.32% -6.42% 4.35%
Net Earnings / Revenue 24.58% 16.55% 9.42%
Basic Earnings Per Share $2.59 $1.64 $1.83
Diluted Earnings Per Share $2.56 $1.62 $1.80
COMMON SHARES
Basic Shares Outstanding 790.5M shares 789.9M shares 788.7M shares
Diluted Shares Outstanding 799.6M shares 800.4M shares 798.2M shares

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.07B $7.667B $9.345B
YoY Change 18.44% 7.14% 37.73%
Cash & Equivalents $11.07B $7.667B $9.345B
Short-Term Investments
Other Short-Term Assets $1.263B $1.448B $1.027B
YoY Change 22.98% 56.88% 14.88%
Inventory $8.979B $8.938B $9.860B
Prepaid Expenses
Receivables $15.25B $14.69B $12.60B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $36.56B $32.74B $32.83B
YoY Change 11.35% 11.72% 17.37%
LONG-TERM ASSETS
Property, Plant & Equipment $10.12B $10.28B $9.475B
YoY Change 6.75% 11.11% 6.33%
Goodwill $27.70B $28.34B $27.59B
YoY Change 0.41% 3.91% 0.19%
Intangibles $15.74B $16.00B $15.88B
YoY Change -0.89% 1.36% 0.25%
Long-Term Investments $2.763B $2.522B $1.701B
YoY Change 62.43% 58.32% 70.1%
Other Assets $7.071B $7.136B $5.503B
YoY Change 28.49% 33.06% -14.15%
Total Long-Term Assets $65.01B $66.04B $61.96B
YoY Change 4.92% 8.14% 0.74%
TOTAL ASSETS
Total Short-Term Assets $36.56B $32.74B $32.83B
Total Long-Term Assets $65.01B $66.04B $61.96B
Total Assets $101.6B $98.78B $94.79B
YoY Change 7.15% 9.3% 5.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.623B $8.875B $8.542B
YoY Change 12.66% 18.02% 17.95%
Accrued Expenses $8.730B $7.951B $12.63B
YoY Change -30.9% -36.5% 0.8%
Deferred Revenue $5.652B $5.727B
YoY Change
Short-Term Debt $985.0M $1.066B $682.0M
YoY Change 44.43% -11.17% -9.43%
Long-Term Debt Due $78.00M $1.128B $2.061B
YoY Change -96.22% -54.59% 24.61%
Total Short-Term Liabilities $25.07B $24.75B $23.92B
YoY Change 4.8% 4.3% 7.83%
LONG-TERM LIABILITIES
Long-Term Debt $27.25B $25.15B $23.88B
YoY Change 14.08% 20.36% 18.64%
Other Long-Term Liabilities $13.19B $13.41B $11.18B
YoY Change 17.97% 24.85% 6.57%
Total Long-Term Liabilities $13.19B $13.41B $11.18B
YoY Change 17.97% 24.85% 6.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.07B $24.75B $23.92B
Total Long-Term Liabilities $13.19B $13.41B $11.18B
Total Liabilities $68.09B $66.15B $64.23B
YoY Change 6.01% 8.81% 9.76%
SHAREHOLDERS EQUITY
Retained Earnings $57.03B $55.53B $54.64B
YoY Change 4.37% 3.33% 6.2%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $35.65B $35.62B $35.52B
YoY Change 0.36% 1.54% 14.13%
Treasury Stock Shares
Shareholders Equity $31.36B $30.53B $28.44B
YoY Change
Total Liabilities & Shareholders Equity $101.6B $98.78B $94.79B
YoY Change 7.15% 9.3% 5.94%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q2
OPERATING ACTIVITIES
Net Income $2.048B $1.297B $1.439B
YoY Change 42.32% -6.42% 4.35%
Depreciation, Depletion And Amortization $592.0M $581.0M $527.0M
YoY Change 12.33% 13.48% 6.68%
Cash From Operating Activities $2.102B $453.0M $2.146B
YoY Change -2.05% -54.38% 36.51%
INVESTING ACTIVITIES
Capital Expenditures -$475.0M -$415.0M -$540.0M
YoY Change -12.04% -2.58% 16.38%
Acquisitions
YoY Change
Other Investing Activities $1.213B $9.000M -$311.0M
YoY Change -490.03% -117.65% -25.42%
Cash From Investing Activities $738.0M -$976.0M -$851.0M
YoY Change -186.72% 602.16% -3.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $25.00M
YoY Change -97.32%
Debt Paid & Issued, Net $993.0M
YoY Change 2446.15%
Cash From Financing Activities 699.0M -910.0M 877.0M
YoY Change -20.3% -2.05% -178.58%
NET CHANGE
Cash From Operating Activities 2.102B 453.0M 2.146B
Cash From Investing Activities 738.0M -976.0M -851.0M
Cash From Financing Activities 699.0M -910.0M 877.0M
Net Change In Cash 3.539B -1.433B 2.172B
YoY Change 62.94% 1810.67% -611.06%
FREE CASH FLOW
Cash From Operating Activities $2.102B $453.0M $2.146B
Capital Expenditures -$475.0M -$415.0M -$540.0M
Free Cash Flow $2.577B $868.0M $2.686B
YoY Change -4.06% -38.83% 31.93%

Facts In Submission

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us-gaap Income Loss From Continuing Operations
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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us-gaap Income Tax Expense Benefit
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2010000000 USD
us-gaap Increase Decrease In Contract With Customer Asset
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0 USD
us-gaap Increase Decrease In Contract With Customer Asset
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440000000 USD
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2017Q4 us-gaap Liabilities And Stockholders Equity
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us-gaap Maximum Length Of Time Foreign Currency Cash Flow Hedge
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CY2017Q4 us-gaap Long Term Debt And Capital Lease Obligations
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us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
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us-gaap Oci Before Reclassifications Before Tax Attributable To Parent
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us-gaap Oci Before Reclassifications Before Tax Attributable To Parent
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us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Before Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Before Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Availableforsale Securities Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Availableforsale Securities Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Before Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Before Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Before Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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LongTermReceivablesHighCreditRisk
170000000 USD
CY2018Q2 utx Long Term Receivables High Credit Risk
LongTermReceivablesHighCreditRisk
140000000 USD
CY2018Q2 utx Maximum Commercial Paper Borrowing Authority
MaximumCommercialPaperBorrowingAuthority
4350000000.00 USD
utx Netincreasedecreaseincashandcashequivalents
Netincreasedecreaseincashandcashequivalents
2192000000 USD
utx Netincreasedecreaseincashandcashequivalents
Netincreasedecreaseincashandcashequivalents
2088000000 USD
CY2017Q2 utx Noncontrolling Interest Increasefrom Capital Contributions
NoncontrollingInterestIncreasefromCapitalContributions
0 USD
utx Noncontrolling Interest Increasefrom Capital Contributions
NoncontrollingInterestIncreasefromCapitalContributions
43000000 USD
CY2018Q2 utx Noncontrolling Interest Increasefrom Capital Contributions
NoncontrollingInterestIncreasefromCapitalContributions
42000000 USD
utx Noncontrolling Interest Increasefrom Capital Contributions
NoncontrollingInterestIncreasefromCapitalContributions
162000000 USD
utx Noncontrollinginterestdecreasefromdispositionofnoncontrollinginterest
Noncontrollinginterestdecreasefromdispositionofnoncontrollinginterest
0 USD
utx Noncontrollinginterestdecreasefromdispositionofnoncontrollinginterest
Noncontrollinginterestdecreasefromdispositionofnoncontrollinginterest
8000000 USD
CY2017Q2 utx Operating Profit Margin
OperatingProfitMargin
0.142
utx Operating Profit Margin
OperatingProfitMargin
0.148
CY2018Q2 utx Operating Profit Margin
OperatingProfitMargin
0.172
utx Operating Profit Margin
OperatingProfitMargin
0.150
utx Other Comprehensive Income Loss Asu201601adoptionimpacton Defined Benefit Plan Arising During Period
OtherComprehensiveIncomeLossASU201601adoptionimpactonDefinedBenefitPlanArisingDuringPeriod
0 USD
utx Other Comprehensive Income Loss Asu201601adoptionimpacton Derivatives Arising During Period
OtherComprehensiveIncomeLossASU201601adoptionimpactonDerivativesArisingDuringPeriod
0 USD
CY2017Q2 utx Other Comprehensive Income Loss Asu201601adoptionimpacton Securities Arising During Period
OtherComprehensiveIncomeLossASU201601adoptionimpactonSecuritiesArisingDuringPeriod
0 USD
utx Other Comprehensive Income Loss Asu201601adoptionimpacton Securities Arising During Period
OtherComprehensiveIncomeLossASU201601adoptionimpactonSecuritiesArisingDuringPeriod
0 USD
CY2018Q2 utx Other Comprehensive Income Loss Asu201601adoptionimpacton Securities Arising During Period
OtherComprehensiveIncomeLossASU201601adoptionimpactonSecuritiesArisingDuringPeriod
0 USD
utx Other Comprehensive Income Loss Asu201601adoptionimpacton Securities Arising During Period
OtherComprehensiveIncomeLossASU201601adoptionimpactonSecuritiesArisingDuringPeriod
-5000000 USD
utx Other Comprehensive Income Loss Asu201601adoptionimpactonforeigncurrencytranslation Arising During Period
OtherComprehensiveIncomeLossASU201601adoptionimpactonforeigncurrencytranslationArisingDuringPeriod
0 USD
CY2017Q4 utx Other Long Term Debt Fair Market Value Adjustments
OtherLongTermDebtFairMarketValueAdjustments
-25000000 USD
CY2018Q2 utx Other Long Term Debt Fair Market Value Adjustments
OtherLongTermDebtFairMarketValueAdjustments
-37000000 USD
CY2018Q1 utx Previously Recognized Customer Fundingto Contract Liability
PreviouslyRecognizedCustomerFundingtoContractLiability
850000000 USD
CY2017Q4 utx Principal Long Term Debt
PrincipalLongTermDebt
27118000000 USD
CY2018Q2 utx Principal Long Term Debt
PrincipalLongTermDebt
27361000000 USD
utx Proceedsfromsaleof Taylor Company
ProceedsfromsaleofTaylorCompany
1000000000 USD
utx Proceedsfromthesaleoftheinvestmentin Watsco Inc.
ProceedsfromthesaleoftheinvestmentinWatscoInc.
596000000 USD
utx Proceedsfromthesaleoftheinvestmentin Watsco Inc.
ProceedsfromthesaleoftheinvestmentinWatscoInc.
0 USD
CY2017Q4 utx Progress Payments Netted Against Inventory For Long Term Contracts Or Programs Excluding Government
ProgressPaymentsNettedAgainstInventoryForLongTermContractsOrProgramsExcludingGovernment
9337000000 USD
CY2018Q2 utx Progress Payments Netted Against Inventory For Long Term Contracts Or Programs Excluding Government
ProgressPaymentsNettedAgainstInventoryForLongTermContractsOrProgramsExcludingGovernment
0 USD
CY2017Q4 utx Progress Payments Netted Against Inventory For Long Term Us Government Contracts Or Programs
ProgressPaymentsNettedAgainstInventoryForLongTermUSGovernmentContractsOrPrograms
236000000 USD
CY2018Q2 utx Progress Payments Netted Against Inventory For Long Term Us Government Contracts Or Programs
ProgressPaymentsNettedAgainstInventoryForLongTermUSGovernmentContractsOrPrograms
0 USD
CY2017Q2 utx Purchasesaleofsubsidiarysharesfromnoncontrollinginterest
Purchasesaleofsubsidiarysharesfromnoncontrollinginterest
5000000 USD
utx Purchasesaleofsubsidiarysharesfromnoncontrollinginterest
Purchasesaleofsubsidiarysharesfromnoncontrollinginterest
6000000 USD
CY2018Q2 utx Purchasesaleofsubsidiarysharesfromnoncontrollinginterest
Purchasesaleofsubsidiarysharesfromnoncontrollinginterest
0 USD
utx Purchasesaleofsubsidiarysharesfromnoncontrollinginterest
Purchasesaleofsubsidiarysharesfromnoncontrollinginterest
2000000 USD
utx Reclassificationfrom Oc Icurrentperiod Asu201601adoptionimpact
ReclassificationfromOCIcurrentperiodASU201601adoptionimpact
-5000000 USD
CY2017Q2 utx Redeemablenoncontrollinginterestfairvalueadjustment
Redeemablenoncontrollinginterestfairvalueadjustment
94000000 USD
utx Redeemablenoncontrollinginterestfairvalueadjustment
Redeemablenoncontrollinginterestfairvalueadjustment
95000000 USD
CY2018Q2 utx Redeemablenoncontrollinginterestfairvalueadjustment
Redeemablenoncontrollinginterestfairvalueadjustment
0 USD
utx Redeemablenoncontrollinginterestfairvalueadjustment
Redeemablenoncontrollinginterestfairvalueadjustment
2000000 USD
CY2018Q2 utx Revenue Remaining Performance Obligationstoberecognizedwithin24months
RevenueRemainingPerformanceObligationstoberecognizedwithin24months
0.45

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