2016 Q4 Form 10-K Financial Statement

#000006404017000015 Filed on February 09, 2017

View on sec.gov

Income Statement

Concept 2016 Q4 2015 Q4 2015 Q3
Revenue $1.399B $1.374B $1.324B
YoY Change 1.82% 6.51% 4.83%
Cost Of Revenue $406.0M $454.0M $419.0M
YoY Change -10.57% 7.58% 4.23%
Gross Profit $993.0M $921.0M $905.0M
YoY Change 7.82% 6.11% 5.11%
Gross Profit Margin 70.98% 67.03% 68.35%
Selling, General & Admin $468.0M $444.0M $458.0M
YoY Change 5.41% -77.6% -0.87%
% of Gross Profit 47.13% 48.21% 50.61%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $47.00M $53.00M $20.00M
YoY Change -11.32% 55.88% -4.76%
% of Gross Profit 4.73% 5.75% 2.21%
Operating Expenses $515.0M $497.0M $914.0M
YoY Change 3.62% -75.35% 1.9%
Operating Profit $857.0M $424.0M $410.0M
YoY Change 102.12% -136.93% 12.02%
Interest Expense -$59.00M -$40.00M $30.00M
YoY Change 47.5% 110.53% 150.0%
% of Operating Profit -6.88% -9.43% 7.32%
Other Income/Expense, Net
YoY Change
Pretax Income $798.0M $384.0M $380.0M
YoY Change 107.81% -132.9% 7.34%
Income Tax $229.0M $108.0M $99.00M
% Of Pretax Income 28.7% 28.13% 26.05%
Net Earnings $537.0M $248.0M $252.0M
YoY Change 116.53% -129.31% 32.63%
Net Earnings / Revenue 38.38% 18.05% 19.03%
Basic Earnings Per Share $2.07 $0.92 $0.93
Diluted Earnings Per Share $2.05 $0.91 $0.92
COMMON SHARES
Basic Shares Outstanding 259.1M shares 270.3M shares 271.3M shares
Diluted Shares Outstanding 274.4M shares

Balance Sheet

Concept 2016 Q4 2015 Q4 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.400B $1.487B $1.441B
YoY Change 61.4% -40.52% -24.87%
Cash & Equivalents $2.392B $1.481B $1.441B
Short-Term Investments $8.000M $6.000M
Other Short-Term Assets $149.0M $818.0M $409.0M
YoY Change -81.78% 54.34% 19.59%
Inventory
Prepaid Expenses
Receivables $1.122B $991.0M $986.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.671B $3.296B $2.836B
YoY Change 11.38% -16.81% -11.04%
LONG-TERM ASSETS
Property, Plant & Equipment $271.0M $270.0M $237.0M
YoY Change 0.37% 31.07% 19.1%
Goodwill $2.949B $2.882B $2.968B
YoY Change 2.32% 107.79% 106.83%
Intangibles $1.506B $1.522B $1.881B
YoY Change -1.05% 51.59% 85.87%
Long-Term Investments
YoY Change
Other Assets $272.0M $213.0M $241.0M
YoY Change 27.7% 14.52% 23.59%
Total Long-Term Assets $4.998B $4.887B $5.327B
YoY Change 2.27% 73.85% 72.84%
TOTAL ASSETS
Total Short-Term Assets $3.671B $3.296B $2.836B
Total Long-Term Assets $4.998B $4.887B $5.327B
Total Assets $8.669B $8.183B $8.163B
YoY Change 5.94% 20.82% 30.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $183.0M $206.0M $211.0M
YoY Change -11.17% 7.85% 9.9%
Accrued Expenses $465.0M $504.0M $424.0M
YoY Change -7.74% -75.04% 26.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $143.0M
YoY Change -100.0%
Total Short-Term Liabilities $2.611B $2.908B $2.505B
YoY Change -10.21% -25.82% 5.08%
LONG-TERM LIABILITIES
Long-Term Debt $3.564B $3.468B $3.489B
YoY Change 2.77% 336.23% 336.67%
Other Long-Term Liabilities $439.0M $368.0M $377.0M
YoY Change 19.29% 9.52% -12.12%
Total Long-Term Liabilities $4.003B $3.836B $3.866B
YoY Change 4.35% 239.17% 214.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.611B $2.908B $2.505B
Total Long-Term Liabilities $4.003B $3.836B $3.866B
Total Liabilities $6.888B $7.020B $6.649B
YoY Change -1.88% 29.42% 71.81%
SHAREHOLDERS EQUITY
Retained Earnings $9.210B $7.636B $7.592B
YoY Change 20.61% 9.93% -3.62%
Common Stock $914.0M $887.0M $853.0M
YoY Change 3.04% -1.99% 3.65%
Preferred Stock
YoY Change
Treasury Stock (at cost) $8.701B $7.729B $7.234B
YoY Change 12.58% 12.85% 5.18%
Treasury Stock Shares 153.0M shares 146.0M shares
Shareholders Equity $650.0M $194.0M $658.0M
YoY Change
Total Liabilities & Shareholders Equity $8.669B $8.183B $8.163B
YoY Change 5.94% 20.82% 30.19%

Cashflow Statement

Concept 2016 Q4 2015 Q4 2015 Q3
OPERATING ACTIVITIES
Net Income $537.0M $248.0M $252.0M
YoY Change 116.53% -129.31% 32.63%
Depreciation, Depletion And Amortization $47.00M $53.00M $20.00M
YoY Change -11.32% 55.88% -4.76%
Cash From Operating Activities $303.0M $712.0M $541.0M
YoY Change -57.44% 82.1% 43.88%
INVESTING ACTIVITIES
Capital Expenditures -$48.00M -$65.00M -$32.00M
YoY Change -26.15% 62.5% 113.33%
Acquisitions
YoY Change
Other Investing Activities $395.0M -$4.000M -$2.387B
YoY Change -9975.0% -101.21% -7559.38%
Cash From Investing Activities $347.0M -$69.00M -$2.419B
YoY Change -602.9% -123.79% -14329.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -592.0M -578.0M 1.634B
YoY Change 2.42% 847.54% -3434.69%
NET CHANGE
Cash From Operating Activities 303.0M 712.0M 541.0M
Cash From Investing Activities 347.0M -69.00M -2.419B
Cash From Financing Activities -592.0M -578.0M 1.634B
Net Change In Cash 58.00M 65.00M -244.0M
YoY Change -10.77% -89.52% -170.93%
FREE CASH FLOW
Cash From Operating Activities $303.0M $712.0M $541.0M
Capital Expenditures -$48.00M -$65.00M -$32.00M
Free Cash Flow $351.0M $777.0M $573.0M
YoY Change -54.83% 80.28% 46.55%

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324000000 USD
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391000000 USD
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CY2016 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
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CY2014 us-gaap Gain Loss On Sale Of Business
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CY2014Q4 us-gaap Goodwill
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CY2015 us-gaap Goodwill Impairment Loss
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CY2016 us-gaap Goodwill Impairment Loss
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CY2016 us-gaap Goodwill Written Off Related To Sale Of Business Unit
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CY2016 us-gaap Impairment Of Intangible Assets Finitelived
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CY2014 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
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CY2015 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
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CY2016 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
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CY2013Q4 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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CY2014 us-gaap Income Loss From Continuing Operations
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CY2016 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
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CY2014 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
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CY2015 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
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CY2016 us-gaap Income Loss From Continuing Operations Attributable To Noncontrolling Entity
IncomeLossFromContinuingOperationsAttributableToNoncontrollingEntity
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CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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54000000 USD
CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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1815000000 USD
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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CY2015 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 Foreign
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CY2014 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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CY2015 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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1268000000 USD
CY2016 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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CY2015 us-gaap Income Loss From Continuing Operations Per Basic Share
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CY2014 us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2015 us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2016 us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2014 us-gaap Income Loss From Discontinued Operations Net Of Tax
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CY2016 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
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CY2014 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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CY2016 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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0.00
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CY2014 us-gaap Income Loss From Subsidiaries Net Of Tax
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CY2016 us-gaap Income Loss From Subsidiaries Net Of Tax
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CY2016 us-gaap Income Tax Expense Benefit
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260000000 USD
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2500000000 USD
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102000000 USD
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1510000000 USD
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195000000 USD
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CY2015 us-gaap Operating Income Loss
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54000000 USD
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CY2015 us-gaap Other Comprehensive Income Loss Available For Sale Securities Tax
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CY2014 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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357000000 USD
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27000000 USD
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215000000 USD
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37000000 USD
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142000000 USD
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145000000 USD
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314000000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
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212000000 USD
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60000000 USD
CY2014 us-gaap Selling General And Administrative Expense
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CY2015 us-gaap Selling General And Administrative Expense
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1550000000 USD
CY2016 us-gaap Selling General And Administrative Expense
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0.014
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ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
32800000 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
33500000 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3700000 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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41.87
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168000000 USD
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94000000 USD
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95000000 USD
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
100000 shares
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
69.93
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0 shares
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
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0 shares
CY2014 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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23.41
CY2015 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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27.57
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
246000000 USD
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5800000 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3800000 shares
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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45.61
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43.36
CY2014Q4 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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6000000 USD
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11000000 USD
CY2016Q4 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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7000000 USD
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95.87
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SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M18D
CY2016Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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242000000 USD
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y6M
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y7M6D
CY2015Q4 us-gaap Short Term Investments
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6000000 USD
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8000000 USD
CY2014 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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37000000 USD
CY2015 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
71000000 USD
CY2016 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
111000000 USD
CY2016 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1900000 shares
CY2014 us-gaap Stock Option Plan Expense
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21000000 USD
CY2015 us-gaap Stock Option Plan Expense
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14000000 USD
CY2016 us-gaap Stock Option Plan Expense
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7000000 USD
CY2015Q4 us-gaap Stockholders Equity
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194000000 USD
CY2016Q4 us-gaap Stockholders Equity
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650000000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1344000000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
539000000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
243000000 USD
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701000000 USD
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CY2015 us-gaap Stockholders Equity Other
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2000000 USD
CY2016 us-gaap Stockholders Equity Other
StockholdersEquityOther
0 USD
CY2014 us-gaap Transfer To Investments
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52000000 USD
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2401000000 USD
CY2016 us-gaap Transfer To Investments
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211000000 USD
CY2015Q4 us-gaap Treasury Stock Acquired Average Cost Per Share
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98.98
CY2014 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
79.06
CY2015 us-gaap Treasury Stock Acquired Average Cost Per Share
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99.00
CY2016 us-gaap Treasury Stock Acquired Average Cost Per Share
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113.36
CY2015Q4 us-gaap Treasury Stock Shares
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146000000 shares
CY2016Q4 us-gaap Treasury Stock Shares
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153000000 shares
CY2015Q4 us-gaap Treasury Stock Shares Acquired
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300000 shares
CY2015Q4 us-gaap Treasury Stock Value
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7729000000 USD
CY2016Q4 us-gaap Treasury Stock Value
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8701000000 USD
CY2015Q4 us-gaap Treasury Stock Value Acquired Cost Method
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26000000 USD
CY2014 us-gaap Treasury Stock Value Acquired Cost Method
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346000000 USD
CY2015 us-gaap Treasury Stock Value Acquired Cost Method
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1002000000 USD
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1097000000 USD
CY2016Q4 us-gaap Undistributed Earnings Of Foreign Subsidiaries
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1700000000 USD
CY2013Q4 us-gaap Unrecognized Tax Benefits
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82000000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
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118000000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
120000000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits
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161000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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11000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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14000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
3000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
16000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
18000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
5000000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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31000000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
44000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
30000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
22000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
35000000 USD
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
33000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
12000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
14000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsIncreasesResultingFromSettlementsWithTaxingAuthorities
46000000 USD
CY2014 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2015 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
3000000 shares
CY2016 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2400000 shares
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
271500000 shares
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
274600000 shares
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
265200000 shares
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
271500000 shares
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
271600000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
262800000 shares
CY2016 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of estimates</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.</font></div></div>

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