2017 Q4 Form 10-K Financial Statement

#000006404018000061 Filed on February 09, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2017 Q2
Revenue $1.589B $1.513B $1.509B
YoY Change 13.58% 5.14% 1.82%
Cost Of Revenue $433.0M $419.0M $432.0M
YoY Change 6.65% -2.78% -7.89%
Gross Profit $1.155B $1.094B $1.077B
YoY Change 16.31% 8.53% 6.32%
Gross Profit Margin 72.69% 72.31% 71.37%
Selling, General & Admin $482.0M $399.0M $364.0M
YoY Change 2.99% 18.4% 14.83%
% of Gross Profit 41.73% 36.47% 33.8%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $46.00M $22.00M $20.00M
YoY Change -2.13% 0.0% -9.09%
% of Gross Profit 3.98% 2.01% 1.86%
Operating Expenses $528.0M $399.0M $364.0M
YoY Change 2.52% 18.4% -56.2%
Operating Profit $627.0M $649.0M $668.0M
YoY Change -26.84% -51.85% 2.61%
Interest Expense -$39.00M $37.00M $37.00M
YoY Change -33.9% -5.13% -11.9%
% of Operating Profit -6.22% 5.7% 5.54%
Other Income/Expense, Net $1.000M $9.000M $9.000M
YoY Change
Pretax Income $589.0M $621.0M $640.0M
YoY Change -26.19% -52.56% 5.09%
Income Tax $141.0M $169.0M $183.0M
% Of Pretax Income 23.94% 27.21% 28.59%
Net Earnings $263.0M $414.0M $421.0M
YoY Change -51.02% -53.59% 9.92%
Net Earnings / Revenue 16.55% 27.36% 27.9%
Basic Earnings Per Share $1.03 $1.62 $1.63
Diluted Earnings Per Share $1.02 $1.61 $1.62
COMMON SHARES
Basic Shares Outstanding 255.0M shares 255.5M shares 257.3M shares
Diluted Shares Outstanding 257.9M shares 259.9M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.791B $2.312B $2.384B
YoY Change 16.29% -3.63% 52.14%
Cash & Equivalents $2.777B $2.312B $2.384B
Short-Term Investments $12.00M
Other Short-Term Assets $226.0M $153.0M $173.0M
YoY Change 51.68% -52.92% -80.45%
Inventory
Prepaid Expenses
Receivables $1.319B $1.188B $1.166B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.324B $3.653B $3.723B
YoY Change 17.79% -1.38% 7.63%
LONG-TERM ASSETS
Property, Plant & Equipment $275.0M $259.0M $264.0M
YoY Change 1.48% 1.57% 9.09%
Goodwill $2.989B $2.992B $2.982B
YoY Change 1.36% 1.15% 3.47%
Intangibles $1.388B $1.421B $1.442B
YoY Change -7.84% -6.39% -2.76%
Long-Term Investments
YoY Change
Other Assets $449.0M $389.0M $380.0M
YoY Change 65.07% 61.41% 68.89%
Total Long-Term Assets $5.101B $5.061B $5.068B
YoY Change 2.06% 1.79% 4.88%
TOTAL ASSETS
Total Short-Term Assets $4.324B $3.653B $3.723B
Total Long-Term Assets $5.101B $5.061B $5.068B
Total Assets $9.425B $8.714B $8.791B
YoY Change 8.72% 0.44% 6.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $195.0M $170.0M $162.0M
YoY Change 6.56% -14.57% -8.99%
Accrued Expenses $579.0M $373.0M $294.0M
YoY Change 24.52% 18.41% 10.94%
Deferred Revenue $1.613B
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $399.0M
YoY Change
Total Short-Term Liabilities $3.214B $2.408B $2.362B
YoY Change 23.09% -21.08% -16.98%
LONG-TERM LIABILITIES
Long-Term Debt $3.170B $3.568B $3.566B
YoY Change -11.05% 0.14% 2.77%
Other Long-Term Liabilities $679.0M $426.0M $414.0M
YoY Change 54.67% 14.52% 11.59%
Total Long-Term Liabilities $3.849B $3.994B $3.980B
YoY Change -3.85% 1.5% 3.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.214B $2.408B $2.362B
Total Long-Term Liabilities $3.849B $3.994B $3.980B
Total Liabilities $7.307B $6.660B $6.611B
YoY Change 6.08% -8.07% -4.82%
SHAREHOLDERS EQUITY
Retained Earnings $10.02B $10.07B $9.816B
YoY Change 8.83% 12.8% 20.84%
Common Stock $937.0M $830.0M $902.0M
YoY Change 2.52% 6.55% 5.37%
Preferred Stock
YoY Change
Treasury Stock (at cost) $9.602B $9.379B $9.000B
YoY Change 10.36% 8.98% 12.84%
Treasury Stock Shares 158.0M shares
Shareholders Equity $709.0M $839.0M $1.019B
YoY Change
Total Liabilities & Shareholders Equity $9.425B $8.714B $8.791B
YoY Change 8.72% 0.44% 6.03%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2017 Q2
OPERATING ACTIVITIES
Net Income $263.0M $414.0M $421.0M
YoY Change -51.02% -53.59% 9.92%
Depreciation, Depletion And Amortization $46.00M $22.00M $20.00M
YoY Change -2.13% 0.0% -9.09%
Cash From Operating Activities $813.0M $529.0M $321.0M
YoY Change 168.32% -22.89% -16.84%
INVESTING ACTIVITIES
Capital Expenditures -$46.00M -$21.00M -$33.00M
YoY Change -4.17% -32.26% 65.0%
Acquisitions
YoY Change
Other Investing Activities -$8.000M -$10.00M -$69.00M
YoY Change -102.03% -101.02% 56.82%
Cash From Investing Activities -$54.00M -$31.00M -$102.0M
YoY Change -115.56% -103.28% 59.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -296.0M -593.0M -272.0M
YoY Change -50.0% -19.1% -17.58%
NET CHANGE
Cash From Operating Activities 813.0M 529.0M 321.0M
Cash From Investing Activities -54.00M -31.00M -102.0M
Cash From Financing Activities -296.0M -593.0M -272.0M
Net Change In Cash 463.0M -95.00M -53.00M
YoY Change 698.28% -110.57% 562.5%
FREE CASH FLOW
Cash From Operating Activities $813.0M $529.0M $321.0M
Capital Expenditures -$46.00M -$21.00M -$33.00M
Free Cash Flow $859.0M $550.0M $354.0M
YoY Change 144.73% -23.29% -12.81%

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1600000 shares
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1.03
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1.10
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1.44
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3.36
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2.05
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7.94
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1.53
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1.62
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1.61
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5.78
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0.35
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1101000000 USD
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113000000 USD
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0.000
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0.027
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0.025
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CY2017 us-gaap Effective Income Tax Rate Reconciliation Tax Settlements
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472000000 USD
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49000000 USD
CY2015 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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29000000 USD
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29000000 USD
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38000000 USD
CY2015 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
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49000000 USD
CY2016 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
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41000000 USD
CY2017 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
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64000000 USD
CY2015 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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CY2016 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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CY2017 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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-49000000 USD
CY2017 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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27000000 USD
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37000000 USD
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P3Y
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0.014
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ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
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2100000 shares
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44.08
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94000000 USD
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95000000 USD
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
118000000 USD
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
0 shares
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
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0 shares
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0 shares
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27.57
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
270000000 USD
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3800000 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2100000 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
43.36
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
44.09
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
11000000 USD
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7000000 USD
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
4000000 USD
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113.04
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SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M18D
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
270000000 USD
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y6M
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P3Y6M
CY2016Q4 us-gaap Short Term Investments
ShortTermInvestments
8000000 USD
CY2017Q4 us-gaap Short Term Investments
ShortTermInvestments
12000000 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
CY2017 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
80000000 USD
CY2017 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1700000 shares
CY2015 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
14000000 USD
CY2016 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
7000000 USD
CY2017 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
3000000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
650000000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
711000000 USD
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StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
539000000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
243000000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
701000000 USD
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StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
768000000 USD
CY2015 us-gaap Stockholders Equity Other
StockholdersEquityOther
2000000 USD
CY2016 us-gaap Stockholders Equity Other
StockholdersEquityOther
0 USD
CY2017 us-gaap Stockholders Equity Other
StockholdersEquityOther
2000000 USD
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2401000000 USD
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TransferToInvestments
211000000 USD
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TransferToInvestments
83000000 USD
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98.98
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TreasuryStockAcquiredAverageCostPerShare
99.00
CY2016 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
113.36
CY2017 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
147.74
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
153000000 shares
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
158000000 shares
CY2015Q4 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
300000 shares
CY2016Q4 us-gaap Treasury Stock Value
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8701000000 USD
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9602000000 USD
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26000000 USD
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TreasuryStockValueAcquiredCostMethod
1002000000 USD
CY2016 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
1097000000 USD
CY2017 us-gaap Treasury Stock Value Acquired Cost Method
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1006000000 USD
CY2017Q4 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
780000000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
155000000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
162000000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
221000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
212000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromCurrentPeriodTaxPositions
4000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
15000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
3000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
32000000 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
6000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
5000000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
44000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
59000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
24000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
48000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
23000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
16000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
20000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
17000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
0 USD
CY2016 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
0 USD
CY2017 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
12000000 USD
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
CY2017 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2600000 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
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
258900000 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
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
256300000 shares
CY2017 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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