2019 Form 10-K Financial Statement

#000001691819000024 Filed on April 23, 2019

View on sec.gov

Income Statement

Concept 2019 2018 Q1 2018
Revenue $8.116B $1.762B $8.327B
YoY Change -2.53% 8.93% 3.29%
Cost Of Revenue $4.036B $916.8M $3.768B
YoY Change 7.11% 9.1% -0.9%
Gross Profit $4.080B $845.2M $3.813B
YoY Change 7.02% 7.3% 8.34%
Gross Profit Margin 50.27% 47.97% 45.79%
Selling, General & Admin $1.668B $330.6M $1.533B
YoY Change 8.83% 9.54% 10.08%
% of Gross Profit 40.88% 39.12% 40.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $339.1M $79.40M $299.7M
YoY Change 13.15% 27.65% 20.9%
% of Gross Profit 8.31% 9.39% 7.86%
Operating Expenses $1.668B $331.6M $1.533B
YoY Change 8.83% 9.87% 10.08%
Operating Profit $2.412B $513.6M $2.280B
YoY Change 5.81% 5.7% -4.57%
Interest Expense $379.1M $156.6M $334.3M
YoY Change 13.4% -287.32% -0.24%
% of Operating Profit 15.72% 30.49% 14.66%
Other Income/Expense, Net
YoY Change
Pretax Income $4.145B $584.5M $2.338B
YoY Change 77.29% -4.73% 12.24%
Income Tax $685.9M $33.70M $22.70M
% Of Pretax Income 16.55% 5.77% 0.97%
Net Earnings $3.436B $910.5M $2.303B
YoY Change 49.17% 101.44% 50.69%
Net Earnings / Revenue 42.33% 51.67% 27.66%
Basic Earnings Per Share
Diluted Earnings Per Share $17.57M $4.566M $11.48M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 2018 Q1 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $94.00M $90.00M $90.00M
YoY Change 4.44% -49.15% -49.15%
Cash & Equivalents $94.00M $90.30M $90.00M
Short-Term Investments
Other Short-Term Assets $192.0M $133.4M $524.0M
YoY Change -63.36% 7.58% 101.54%
Inventory $2.130B $2.084B $2.084B
Prepaid Expenses
Receivables $847.0M $776.0M $776.0M
Other Receivables $421.0M $0.00 $0.00
Total Short-Term Assets $3.684B $3.474B $3.474B
YoY Change 6.04% 7.55% 7.55%
LONG-TERM ASSETS
Property, Plant & Equipment $5.267B $4.790B $4.790B
YoY Change 9.96% 21.79% 21.79%
Goodwill $8.083B
YoY Change 2.05%
Intangibles $3.305B
YoY Change -2.16%
Long-Term Investments $6.700B $121.5M
YoY Change 23.1%
Other Assets $2.293B $93.40M $887.0M
YoY Change 158.51% -33.95% 529.08%
Total Long-Term Assets $25.55B $17.06B $17.07B
YoY Change 49.71% 11.01% 11.01%
TOTAL ASSETS
Total Short-Term Assets $3.684B $3.474B $3.474B
Total Long-Term Assets $25.55B $17.06B $17.07B
Total Assets $29.23B $20.54B $20.54B
YoY Change 42.32% 10.41% 10.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $617.0M $592.2M $592.0M
YoY Change 4.22% 5.79% 5.71%
Accrued Expenses $675.0M $678.3M $665.0M
YoY Change 1.5% 9.33% 23.15%
Deferred Revenue
YoY Change
Short-Term Debt $792.0M $746.8M $747.0M
YoY Change 6.02% 23.13% 23.06%
Long-Term Debt Due $1.065B $22.30M $22.00M
YoY Change 4740.91% -97.55% -97.59%
Total Short-Term Liabilities $3.164B $2.040B $2.040B
YoY Change 55.1% -24.39% -24.39%
LONG-TERM LIABILITIES
Long-Term Debt $11.76B $9.418B $9.418B
YoY Change 24.87% 21.98% 21.98%
Other Long-Term Liabilities $1.471B $136.1M $1.090B
YoY Change 34.95% -17.86% 556.63%
Total Long-Term Liabilities $13.23B $9.554B $10.51B
YoY Change 25.91% 21.14% 33.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.164B $2.040B $2.040B
Total Long-Term Liabilities $13.23B $9.554B $10.51B
Total Liabilities $16.68B $12.55B $12.56B
YoY Change 32.77% 7.08% 7.28%
SHAREHOLDERS EQUITY
Retained Earnings $9.157B
YoY Change 25.27%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.807B
YoY Change 37.07%
Treasury Stock Shares
Shareholders Equity $12.55B $7.975B $7.975B
YoY Change
Total Liabilities & Shareholders Equity $29.23B $20.54B $20.54B
YoY Change 42.32% 10.41% 10.41%

Cashflow Statement

Concept 2019 2018 Q1 2018
OPERATING ACTIVITIES
Net Income $3.436B $910.5M $2.303B
YoY Change 49.17% 101.44% 50.69%
Depreciation, Depletion And Amortization $339.1M $79.40M $299.7M
YoY Change 13.15% 27.65% 20.9%
Cash From Operating Activities $2.246B $463.0M $1.931B
YoY Change 16.3% 65.18% 13.88%
INVESTING ACTIVITIES
Capital Expenditures $886.3M -$352.0M $1.058B
YoY Change -16.2% 11.46% 16.55%
Acquisitions $45.60M $150.1M
YoY Change -69.62% -86.49%
Other Investing Activities $900.0K -$32.80M $5.400M
YoY Change -83.33% -1158.06% 45.95%
Cash From Investing Activities -$4.832B -$384.8M -$1.423B
YoY Change 239.53% 23.06% -2.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $504.3M $1.039B
YoY Change -51.44% -7.5%
Debt Paid & Issued, Net $62.80M $7.129B
YoY Change -99.12% 633.56%
Cash From Financing Activities $2.593B -143.1M -$601.2M
YoY Change -531.35% -1333.62% 345.99%
NET CHANGE
Cash From Operating Activities $2.246B 463.0M $1.931B
Cash From Investing Activities -$4.832B -384.8M -$1.423B
Cash From Financing Activities $2.593B -143.1M -$601.2M
Net Change In Cash $3.300M -64.90M -$92.90M
YoY Change -103.55% 212.02% -193.46%
FREE CASH FLOW
Cash From Operating Activities $2.246B $463.0M $1.931B
Capital Expenditures $886.3M -$352.0M $1.058B
Free Cash Flow $1.360B $815.0M $873.8M
YoY Change 55.64% 36.72% 10.8%

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3600000 USD
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17100000 USD
CY2019 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
49600000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
7975100000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
12551000000 USD
CY2018Q1 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
11782500000 USD
CY2019Q1 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
15335300000 USD
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
6691800000 USD
CY2017Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
6829300000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
7991700000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
12837200000 USD
CY2019 us-gaap Treasury Stock Retired Cost Method Amount
TreasuryStockRetiredCostMethodAmount
0 USD
CY2018Q1 us-gaap Treasury Stock Value
TreasuryStockValue
3807400000 USD
CY2019Q1 us-gaap Treasury Stock Value
TreasuryStockValue
2784300000 USD
CY2017 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
1122700000 USD
CY2018 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
1038500000 USD
CY2019 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
504300000 USD
CY2017Q1 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
420000000 USD
CY2016Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
30400000 USD
CY2017Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
39500000 USD
CY2018Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
89300000 USD
CY2019Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
224300000 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
11500000 USD
CY2018 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
100000 USD
CY2019 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
1400000 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
0 USD
CY2018 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
400000 USD
CY2019 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
800000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
21300000 USD
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
43800000 USD
CY2019 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
88800000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0 USD
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
7500000 USD
CY2019 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
56400000 USD
CY2017 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
700000 USD
CY2018 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
1000000 USD
CY2019 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
8000000 USD
CY2018Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
89300000 USD
CY2019Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
224300000 USD
CY2019Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-50100000 USD
CY2018Q1 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
209900000 USD
CY2019Q1 us-gaap Value Added Tax Receivable Current
ValueAddedTaxReceivableCurrent
315800000 USD
CY2018 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
23400000 USD
CY2019 us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Indemnification liabilities:</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">We have indemnified respective parties against certain liabilities that may arise in connection with certain acquisitions and divestitures. Indemnification liabilities are recognized when probable and estimable and included in deferred income taxes and other liabilities (see Note </font><font style="font-family:inherit;font-size:11pt;">15</font><font style="font-family:inherit;font-size:11pt;">).</font></div></div>
CY2019 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">Management&#8217;s use of estimates:</font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>

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