2018 Form 10-K Financial Statement

#000002454519000007 Filed on February 12, 2019

View on sec.gov

Income Statement

Concept 2018 2017 Q4 2017 Q3
Revenue $13.34B $3.212B $3.553B
YoY Change -0.99% 10.68% 165.6%
Cost Of Revenue $6.585B $1.520B $1.589B
YoY Change 5.58% 2.56% 195.7%
Gross Profit $4.185B $1.060B $1.294B
YoY Change -12.2% 30.5% 215.48%
Gross Profit Margin 31.38% 33.0% 36.42%
Selling, General & Admin $2.803B $780.5M $783.8M
YoY Change -8.17% 3.54% 181.03%
% of Gross Profit 66.97% 73.65% 60.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $633.4M $208.5M $208.3M
YoY Change 7.23% 13.25% 212.76%
% of Gross Profit 15.14% 19.67% 16.1%
Operating Expenses $2.803B $780.5M $783.8M
YoY Change -8.17% 3.54% 181.03%
Operating Profit $1.632B $279.3M $506.2M
YoY Change -2.74% 379.07% 75.03%
Interest Expense $306.2M -$92.90M -$72.60M
YoY Change -12.34% 18.04% 9.01%
% of Operating Profit 18.76% -33.26% -14.34%
Other Income/Expense, Net -$272.0M $24.30M -$2.700M
YoY Change -7.64% -1969.23% -437.5%
Pretax Income $1.360B $201.6M $440.5M
YoY Change -1.69% -91.78% 97.18%
Income Tax $225.2M $23.90M $147.4M
% Of Pretax Income 16.56% 11.86% 33.46%
Net Earnings $1.117B $716.9M $313.2M
YoY Change -28.69% -50.19% 50.79%
Net Earnings / Revenue 8.37% 22.32% 8.82%
Basic Earnings Per Share $2.73 $1.33
Diluted Earnings Per Share $5.147M $2.72 $1.33
COMMON SHARES
Basic Shares Outstanding 216.0M shares 215.5M shares
Diluted Shares Outstanding 216.6M shares 216.5M shares

Balance Sheet

Concept 2018 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.058B $419.0M $971.0M
YoY Change 152.51% -25.31% -90.27%
Cash & Equivalents $1.058B $418.6M $971.3M
Short-Term Investments
Other Short-Term Assets $246.0M $277.6M $277.8M
YoY Change -11.51% 31.75% 154.63%
Inventory $592.0M $591.5M $636.0M
Prepaid Expenses
Receivables $744.0M $728.3M $833.4M
Other Receivables $127.0M $168.0M $198.0M
Total Short-Term Assets $2.766B $2.190B $2.916B
YoY Change 26.3% 0.93% -73.36%
LONG-TERM ASSETS
Property, Plant & Equipment $4.608B $4.674B $4.590B
YoY Change -1.41% 3.69% 200.58%
Goodwill $8.406B $8.347B
YoY Change 31.34% 333.56%
Intangibles $14.30B $14.32B
YoY Change 1.89% 193.33%
Long-Term Investments
YoY Change
Other Assets $698.0M $681.5M $508.4M
YoY Change 2.35% 78.17% 122.49%
Total Long-Term Assets $27.34B $28.06B $27.76B
YoY Change -2.54% 3.26% 146.79%
TOTAL ASSETS
Total Short-Term Assets $2.766B $2.190B $2.916B
Total Long-Term Assets $27.34B $28.06B $27.76B
Total Assets $30.11B $30.25B $30.68B
YoY Change -0.45% 3.09% 38.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.617B $1.569B $2.483B
YoY Change 3.06% 20.88% 95.67%
Accrued Expenses $701.0M $2.685B
YoY Change -8.13% 8.79%
Deferred Revenue
YoY Change
Short-Term Debt $11.00M $3.200M $3.100M
YoY Change -97.15% -54.29% -71.56%
Long-Term Debt Due $1.583B $328.4M $721.1M
YoY Change 382.62% -51.11% 140.45%
Total Short-Term Liabilities $4.301B $3.399B $4.256B
YoY Change 26.54% 7.66% 165.07%
LONG-TERM LIABILITIES
Long-Term Debt $8.894B $10.60B $10.57B
YoY Change -16.09% -6.93% 10.6%
Other Long-Term Liabilities $1.050B $316.8M $309.9M
YoY Change -9.87% 18.65% 408.03%
Total Long-Term Liabilities $9.944B $10.92B $10.88B
YoY Change -15.47% -6.34% 13.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.301B $3.399B $4.256B
Total Long-Term Liabilities $9.944B $10.92B $10.88B
Total Liabilities $16.60B $17.06B $17.98B
YoY Change -3.86% -3.73% 46.71%
SHAREHOLDERS EQUITY
Retained Earnings $6.958B $6.659B
YoY Change 13.23% 39.63%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $471.4M $471.4M
YoY Change 0.0% 0.0%
Treasury Stock Shares 9.500M shares 9.500M shares
Shareholders Equity $13.51B $12.98B $12.49B
YoY Change
Total Liabilities & Shareholders Equity $30.11B $30.25B $30.68B
YoY Change -0.45% 3.09% 38.21%

Cashflow Statement

Concept 2018 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income $1.117B $716.9M $313.2M
YoY Change -28.69% -50.19% 50.79%
Depreciation, Depletion And Amortization $633.4M $208.5M $208.3M
YoY Change 7.23% 13.25% 212.76%
Cash From Operating Activities $2.331B $720.9M $326.9M
YoY Change 24.92% 45.14% -6.01%
INVESTING ACTIVITIES
Capital Expenditures -$651.7M -$133.6M -$112.0M
YoY Change 8.69% -12.62% 66.42%
Acquisitions $0.00
YoY Change
Other Investing Activities $49.90M -$6.600M $15.90M
YoY Change -5644.44% -99.94% -126.07%
Cash From Investing Activities -$669.1M -$140.2M -$96.10M
YoY Change 24.32% -98.84% -25.1%
FINANCING ACTIVITIES
Cash Dividend Paid $354.2M
YoY Change 0.23%
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.009B -1.129B 225.4M
YoY Change -32.58% -151.35% -96.68%
NET CHANGE
Cash From Operating Activities $2.331B 720.9M 326.9M
Cash From Investing Activities -$669.1M -140.2M -96.10M
Cash From Financing Activities -$1.009B -1.129B 225.4M
Net Change In Cash $653.3M -547.9M 456.2M
YoY Change -488.18% -94.17% -93.48%
FREE CASH FLOW
Cash From Operating Activities $2.331B $720.9M $326.9M
Capital Expenditures -$651.7M -$133.6M -$112.0M
Free Cash Flow $2.983B $854.5M $438.9M
YoY Change 20.97% 31.54% 5.73%

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0.35
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
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0.036
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0.007
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0.064
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0.000
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0.000
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0.007
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0.035
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0.022
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0.014
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0.000
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P1Y9M12D
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20200000 USD
CY2018 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
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2468700000 USD
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2568400000 USD
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220400000 USD
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208500000 USD
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10300000 USD
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233700000 USD
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35900000 USD
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1359800000 USD
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1.57
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0.35
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5.17
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7.47
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2800000 USD
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10600000 USD
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2700000 USD
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7200000 USD
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1400000 shares
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54300000 USD
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200000 USD
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7700000 USD
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7900000 USD
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1866300000 USD
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5900000 USD
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18100000 USD
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59700000 USD
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1631800000 USD
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17000000 USD
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24600000 USD
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32600000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
40200000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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21000000 USD
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206500000 USD
CY2018Q4 us-gaap Other Accrued Liabilities Current
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225300000 USD
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277600000 USD
CY2018Q4 us-gaap Other Assets Current
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245600000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
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681500000 USD
CY2018Q4 us-gaap Other Assets Noncurrent
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698000000 USD
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1600000 USD
CY2018 us-gaap Other Comprehensive Income Defined Benefit Plan Net Prior Service Cost Credit Arising During Period Before Tax
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8300000 USD
CY2018 us-gaap Other Comprehensive Income Loss Finalization Of Pension And Non Pension Postretirement Plan Valuation Net Of Tax
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CY2017 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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686700000 USD
CY2018 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2016 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
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0 USD
CY2017 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
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0 USD
CY2018 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
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129400000 USD
CY2017 us-gaap Other Comprehensive Income Loss Net Of Tax
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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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3000000 USD
CY2017 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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CY2018 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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12200000 USD
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5900000 USD
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9700000 USD
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10900000 USD
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1400000 USD
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168200000 USD
CY2018Q4 us-gaap Other Receivables
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7400000 USD
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11400000 USD
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49900000 USD
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8000000 USD
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10900000 USD
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15800000 USD
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60700000 USD
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7000000 USD
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500000 USD
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352900000 USD
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353400000 USD
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354200000 USD
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0 USD
CY2018 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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0 USD
CY2018 us-gaap Payments To Acquire Interest In Joint Venture
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44300000 USD
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341800000 USD
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599600000 USD
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25000000 shares
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25000000 shares
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0 shares
CY2018Q4 us-gaap Preferred Stock Shares Issued
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0 shares
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2525600000 USD
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0 USD
CY2018 us-gaap Proceeds From Issuance Of Common Stock
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CY2018 us-gaap Proceeds From Issuance Of Debt
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23900000 USD
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174500000 USD
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32500000 USD
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11200000 USD
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4000000 USD
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16000000 USD
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30700000 USD
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500000 USD
CY2018 us-gaap Restructuring Reserve Translation And Other Adjustment
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CY2017Q4 us-gaap Revenues
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CY2017 us-gaap Revenues
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CY2018Q1 us-gaap Revenues
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CY2018 us-gaap Revenues
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0.0000
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0.8871
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0.0204
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P2Y9M
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0 USD
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23100000 USD
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123300000 USD
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41900000 USD
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37900000 USD
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47800000 USD
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0 USD
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8400000 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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12800000 USD
CY2018 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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5700000 USD
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2100000 USD
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2300000 USD
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1700000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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13500000 USD
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22300000 USD
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13600000 USD
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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700000 USD
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2300000 USD
CY2017 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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14600000 USD
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1600000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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39700000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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41900000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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51600000 USD
CY2018Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fifth Anniversary
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217000000 USD
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445400000 USD
CY2018Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fourth Anniversary
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316500000 USD
CY2018Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Second Anniversary
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400500000 USD
CY2018Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Third Anniversary
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345500000 USD
CY2018Q4 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
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1726200000 USD
CY2018Q4 us-gaap Unrecorded Unconditional Purchase Obligation Due After Five Years
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1300000 USD
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910700000 USD
CY2017 us-gaap Unrecorded Unconditional Purchase Obligation Purchases
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1200000000 USD
CY2018 us-gaap Unrecorded Unconditional Purchase Obligation Purchases
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1100000000 USD
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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213400000 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
216500000 shares
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
216600000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
212000000 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
215400000 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
216000000 shares
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our consolidated financial statements are prepared in accordance with U.S.&#160;GAAP. These accounting principles require us to make certain estimates, judgments and assumptions. We believe that the estimates, judgments and assumptions used to determine certain amounts that affect the financial statements are reasonable, based on information available at the time they are made. To the extent there are differences between these estimates and actual results, our consolidated financial statements may be materially affected.</font></div></div>

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