2018 Q1 Form 10-K Financial Statement

#000109428519000064 Filed on February 25, 2019

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q4 2017 Q3
Revenue $704.4M $671.1M
YoY Change 33.71% 24.35%
Cost Of Revenue $437.2M $421.2M
YoY Change 37.92% 25.28%
Gross Profit $267.2M $249.9M
YoY Change 27.36% 22.8%
Gross Profit Margin 37.93% 37.24%
Selling, General & Admin $172.6M $167.1M
YoY Change 22.41% 11.47%
% of Gross Profit 64.6% 66.87%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $31.40M $33.20M
YoY Change 37.72% 53.0%
% of Gross Profit 11.75% 13.29%
Operating Expenses $172.6M $167.1M
YoY Change 22.41% 11.47%
Operating Profit $94.60M $82.80M
YoY Change 37.5% 54.48%
Interest Expense $8.200M $9.100M
YoY Change 46.43% 54.24%
% of Operating Profit 8.67% 10.99%
Other Income/Expense, Net -$2.500M -$700.0K
YoY Change 212.5% -104.07%
Pretax Income $88.30M $76.40M
YoY Change 41.51% 17.72%
Income Tax $20.70M $16.30M
% Of Pretax Income 23.44% 21.34%
Net Earnings $67.60M $60.10M
YoY Change 30.0% 28.14%
Net Earnings / Revenue 9.6% 8.96%
Basic Earnings Per Share $1.91 $1.71
Diluted Earnings Per Share $1.84 $1.66
COMMON SHARES
Basic Shares Outstanding 35.70M shares 35.30M shares 35.20M shares
Diluted Shares Outstanding 36.40M shares 36.20M shares

Balance Sheet

Concept 2018 Q1 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $82.50M $81.70M
YoY Change -17.09% 13.95%
Cash & Equivalents $70.90M $81.70M
Short-Term Investments
Other Short-Term Assets $60.60M $54.20M
YoY Change 13.06% -17.25%
Inventory $375.4M $400.2M $435.7M
Prepaid Expenses
Receivables $389.3M $388.3M $467.1M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.012B $1.039B
YoY Change 18.88% 25.07%
LONG-TERM ASSETS
Property, Plant & Equipment $442.8M $446.9M
YoY Change 38.63% 38.83%
Goodwill $1.777B $1.706B
YoY Change 50.12% 43.75%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $88.90M $82.40M
YoY Change 25.21% 16.06%
Total Long-Term Assets $2.835B $2.741B
YoY Change 45.92% 40.58%
TOTAL ASSETS
Total Short-Term Assets $1.012B $1.039B
Total Long-Term Assets $2.835B $2.741B
Total Assets $3.846B $3.780B
YoY Change 37.68% 35.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $191.7M $197.4M
YoY Change 34.72% 47.31%
Accrued Expenses $347.2M $345.3M $320.1M
YoY Change 33.03% 26.9% 26.87%
Deferred Revenue $110.3M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.500M $102.3M
YoY Change -97.82% 657.78%
Total Short-Term Liabilities $540.6M $619.8M
YoY Change 2.19% 54.06%
LONG-TERM LIABILITIES
Long-Term Debt $1.064B $1.150B
YoY Change 115.98% 71.13%
Other Long-Term Liabilities $289.2M $275.3M
YoY Change 30.74% 23.51%
Total Long-Term Liabilities $1.353B $1.425B
YoY Change 89.56% 59.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $540.6M $619.8M
Total Long-Term Liabilities $1.353B $1.425B
Total Liabilities $1.899B $2.049B
YoY Change 52.1% 57.17%
SHAREHOLDERS EQUITY
Retained Earnings $2.143B $2.140B $2.003B
YoY Change 12.05% 15.07% 10.93%
Common Stock $337.7M $337.1M
YoY Change -0.44% -4.07%
Preferred Stock
YoY Change
Treasury Stock (at cost) $200.7M $221.9M
YoY Change -22.6% -23.75%
Treasury Stock Shares 2.158M shares 2.366M shares
Shareholders Equity $1.947B -$386.7M
YoY Change
Total Liabilities & Shareholders Equity $3.846B $3.780B
YoY Change 37.68% 35.95%

Cashflow Statement

Concept 2018 Q1 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income $67.60M $60.10M
YoY Change 30.0% 28.14%
Depreciation, Depletion And Amortization $31.40M $33.20M
YoY Change 37.72% 53.0%
Cash From Operating Activities $107.9M $87.00M
YoY Change 10.1% 4.07%
INVESTING ACTIVITIES
Capital Expenditures -$15.60M -$12.30M
YoY Change 8.33% -24.54%
Acquisitions
YoY Change
Other Investing Activities -$30.90M -$1.500M
YoY Change -418.56% -97.4%
Cash From Investing Activities -$46.50M -$13.80M
YoY Change 889.36% -81.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -64.00M -69.30M
YoY Change 0.63% 270.59%
NET CHANGE
Cash From Operating Activities 107.9M 87.00M
Cash From Investing Activities -46.50M -13.80M
Cash From Financing Activities -64.00M -69.30M
Net Change In Cash -2.600M 3.900M
YoY Change -108.75% -142.39%
FREE CASH FLOW
Cash From Operating Activities $107.9M $87.00M
Capital Expenditures -$15.60M -$12.30M
Free Cash Flow $123.5M $99.30M
YoY Change 9.88% -0.6%

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CY2017 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2018 us-gaap Cash And Cash Equivalents Period Increase Decrease
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71600000 USD
CY2017Q4 us-gaap Cash Equivalents At Carrying Value
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0 USD
CY2018Q4 us-gaap Cash Equivalents At Carrying Value
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0 USD
CY2017Q4 us-gaap Cash Surrender Value Of Life Insurance
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57200000 USD
CY2018Q4 us-gaap Cash Surrender Value Of Life Insurance
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56100000 USD
CY2017Q4 us-gaap Commitments And Contingencies
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USD
CY2018Q4 us-gaap Commitments And Contingencies
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USD
CY2017Q4 us-gaap Common Stock Par Or Stated Value Per Share
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0.01
CY2018Q4 us-gaap Common Stock Par Or Stated Value Per Share
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125000000 shares
CY2018Q4 us-gaap Common Stock Shares Authorized
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125000000 shares
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CY2017Q1 us-gaap Common Stock Shares Issued
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CY2017Q4 us-gaap Common Stock Shares Issued
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37697865 shares
CY2018Q4 us-gaap Common Stock Shares Issued
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37697865 shares
CY2017Q4 us-gaap Common Stock Shares Outstanding
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CY2018Q4 us-gaap Common Stock Shares Outstanding
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36087297 shares
CY2017Q4 us-gaap Common Stock Value
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400000 USD
CY2018Q4 us-gaap Common Stock Value
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400000 USD
CY2017 us-gaap Comprehensive Income Net Of Tax
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152900000 USD
CY2017 us-gaap Comprehensive Income Net Of Tax
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349100000 USD
CY2018 us-gaap Comprehensive Income Net Of Tax
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217500000 USD
CY2018 us-gaap Concentration Risk Percentage1
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0
CY2018 us-gaap Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Change In Estimate Of Transaction Price
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4400000 USD
CY2018Q4 us-gaap Contract With Customer Liability Current
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111500000 USD
CY2018Q1 us-gaap Contract With Customer Liability Current
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110300000 USD
CY2018Q4 us-gaap Contract With Customer Liability Noncurrent
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15300000 USD
CY2018 us-gaap Contract With Customer Liability Revenue Recognized
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79700000 USD
CY2017 us-gaap Cost Of Goods And Services Sold
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1329500000 USD
CY2017Q2 us-gaap Cost Of Goods And Services Sold
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357000000 USD
CY2017Q3 us-gaap Cost Of Goods And Services Sold
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421200000 USD
CY2017Q4 us-gaap Cost Of Goods And Services Sold
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408600000 USD
CY2017Q4 us-gaap Cost Of Goods And Services Sold
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437200000 USD
CY2017 us-gaap Cost Of Goods And Services Sold
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1624000000 USD
CY2018Q2 us-gaap Cost Of Goods And Services Sold
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438200000 USD
CY2018Q3 us-gaap Cost Of Goods And Services Sold
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447000000 USD
CY2018Q3 us-gaap Cost Of Goods And Services Sold
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446200000 USD
CY2018Q4 us-gaap Cost Of Goods And Services Sold
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459600000 USD
CY2018 us-gaap Cost Of Goods And Services Sold
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1791000000 USD
CY2017 us-gaap Costs And Expenses
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1909400000 USD
CY2017Q2 us-gaap Costs And Expenses
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511300000 USD
CY2017Q3 us-gaap Costs And Expenses
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588300000 USD
CY2017Q4 us-gaap Costs And Expenses
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572700000 USD
CY2017Q4 us-gaap Costs And Expenses
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609800000 USD
CY2017 us-gaap Costs And Expenses
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2282100000 USD
CY2018Q2 us-gaap Costs And Expenses
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607200000 USD
CY2018Q3 us-gaap Costs And Expenses
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621000000 USD
CY2018Q3 us-gaap Costs And Expenses
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619800000 USD
CY2018Q4 us-gaap Costs And Expenses
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637200000 USD
CY2017 us-gaap Current Federal Tax Expense Benefit
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43000000 USD
CY2018 us-gaap Costs And Expenses
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2485200000 USD
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3300000 USD
CY2017 us-gaap Current Federal Tax Expense Benefit
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54000000 USD
CY2018 us-gaap Current Federal Tax Expense Benefit
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22900000 USD
CY2017 us-gaap Current Foreign Tax Expense Benefit
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3400000 USD
CY2017 us-gaap Current Foreign Tax Expense Benefit
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22800000 USD
CY2018 us-gaap Current Foreign Tax Expense Benefit
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31800000 USD
CY2017 us-gaap Current Income Tax Expense Benefit
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50300000 USD
CY2017 us-gaap Current Income Tax Expense Benefit
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83200000 USD
CY2018 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
62800000 USD
CY2017 us-gaap Current State And Local Tax Expense Benefit
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3900000 USD
CY2017 us-gaap Current State And Local Tax Expense Benefit
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6400000 USD
CY2018 us-gaap Current State And Local Tax Expense Benefit
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8100000 USD
CY2017Q4 us-gaap Debt Instrument Carrying Amount
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1068200000 USD
CY2018Q4 us-gaap Debt Instrument Carrying Amount
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748800000 USD
CY2017 us-gaap Decrease In Restricted Cash
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19500000 USD
CY2017 us-gaap Decrease In Restricted Cash
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0 USD
CY2018 us-gaap Decrease In Restricted Cash
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0 USD
CY2017Q4 us-gaap Deferred Compensation Liability Classified Noncurrent
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55300000 USD
CY2018Q4 us-gaap Deferred Compensation Liability Classified Noncurrent
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52400000 USD
CY2017 us-gaap Deferred Federal Income Tax Expense Benefit
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4300000 USD
CY2017 us-gaap Deferred Federal Income Tax Expense Benefit
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-10700000 USD
CY2018 us-gaap Deferred Federal Income Tax Expense Benefit
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2300000 USD
CY2017 us-gaap Deferred Foreign Income Tax Expense Benefit
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600000 USD
CY2017 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-9100000 USD
CY2018 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-5600000 USD
CY2017Q4 us-gaap Deferred Income Tax Liabilities
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145400000 USD
CY2018Q4 us-gaap Deferred Income Tax Liabilities
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139600000 USD
CY2017 us-gaap Deferred State And Local Income Tax Expense Benefit
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-4800000 USD
CY2017 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-3600000 USD
CY2018 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
600000 USD
CY2017Q4 us-gaap Deferred Tax Assets Net
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94400000 USD
CY2018Q4 us-gaap Deferred Tax Assets Net
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100900000 USD
CY2017Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Postretirement Benefits
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3000000 USD
CY2018Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Postretirement Benefits
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2500000 USD
CY2017Q4 us-gaap Deferred Tax Assets Valuation Allowance
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8800000 USD
CY2018Q4 us-gaap Deferred Tax Assets Valuation Allowance
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5400000 USD
CY2017Q4 us-gaap Deferred Tax Liabilities
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51000000 USD
CY2018Q4 us-gaap Deferred Tax Liabilities
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38700000 USD
CY2017Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
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113400000 USD
CY2018Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssetsIntangibleAssets
112000000 USD
CY2017Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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28600000 USD
CY2018Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
20500000 USD
CY2018Q4 us-gaap Deferred Tax Liability Not Recognized Amount Of Unrecognized Deferred Tax Liability Undistributed Earnings Of Foreign Subsidiaries
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2100000 USD
CY2017Q4 us-gaap Defined Benefit Plan Assets For Plan Benefits Noncurrent
DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent
127200000 USD
CY2018Q4 us-gaap Defined Benefit Plan Assets For Plan Benefits Noncurrent
DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent
88200000 USD
CY2018 us-gaap Defined Benefit Plan Effect Of One Percentage Point Decrease On Accumulated Postretirement Benefit Obligation1
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200000 USD
CY2018 us-gaap Defined Benefit Plan Effect Of One Percentage Point Decrease On Service And Interest Cost Components1
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100000 USD
CY2018 us-gaap Defined Benefit Plan Effect Of One Percentage Point Increase On Accumulated Postretirement Benefit Obligation
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200000 USD
CY2018 us-gaap Defined Benefit Plan Effect Of One Percentage Point Increase On Service And Interest Cost Components
DefinedBenefitPlanEffectOfOnePercentagePointIncreaseOnServiceAndInterestCostComponents
100000 USD
CY2018Q4 us-gaap Defined Benefit Plan Health Care Cost Trend Rate Assumed Next Fiscal Year
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0.0625
CY2017 us-gaap Defined Benefit Plan Settlements Benefit Obligation
DefinedBenefitPlanSettlementsBenefitObligation
14600000 USD
CY2017 us-gaap Defined Benefit Plan Settlements Benefit Obligation
DefinedBenefitPlanSettlementsBenefitObligation
21700000 USD
CY2018 us-gaap Defined Benefit Plan Settlements Benefit Obligation
DefinedBenefitPlanSettlementsBenefitObligation
18600000 USD
CY2018Q4 us-gaap Defined Benefit Plan Ultimate Health Care Cost Trend Rate1
DefinedBenefitPlanUltimateHealthCareCostTrendRate1
0.050
CY2017 us-gaap Depreciation
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57600000 USD
CY2017 us-gaap Depreciation
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65900000 USD
CY2018 us-gaap Depreciation
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73500000 USD
CY2017 us-gaap Depreciation And Amortization
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87300000 USD
CY2017 us-gaap Depreciation And Amortization
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113000000 USD
CY2018 us-gaap Depreciation And Amortization
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113000000 USD
CY2017Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
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4200000 USD
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
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11100000 USD
CY2017 us-gaap Derivative Gain Loss On Derivative Net
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-5500000 USD
CY2017 us-gaap Derivative Gain Loss On Derivative Net
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-6000000 USD
CY2018 us-gaap Derivative Gain Loss On Derivative Net
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0 USD
CY2017 us-gaap Earnings Per Share Basic
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5.52
CY2017Q2 us-gaap Earnings Per Share Basic
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0.87
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1.71
CY2017Q4 us-gaap Earnings Per Share Basic
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1.95
CY2017Q4 us-gaap Earnings Per Share Basic
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1.91
CY2017 us-gaap Earnings Per Share Basic
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6.45
CY2018Q2 us-gaap Earnings Per Share Basic
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1.87
CY2018Q3 us-gaap Earnings Per Share Basic
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2.40
CY2018Q3 us-gaap Earnings Per Share Basic
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2.52
CY2018Q4 us-gaap Earnings Per Share Basic
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2.53
CY2018 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
9.32
CY2017 us-gaap Earnings Per Share Diluted
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5.37
CY2017Q2 us-gaap Earnings Per Share Diluted
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0.84
CY2017Q3 us-gaap Earnings Per Share Diluted
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1.66
CY2017Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.90
CY2017Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.84
CY2017 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
6.26
CY2018Q2 us-gaap Earnings Per Share Diluted
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1.81
CY2018Q3 us-gaap Earnings Per Share Diluted
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2.32
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.43
CY2018Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.45
CY2018 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
9.01
CY2017 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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-7500000 USD
CY2017 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
14700000 USD
CY2018Q4 us-gaap Goodwill
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1735200000 USD
CY2017 us-gaap Goodwill Acquired During Period
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504800000 USD
CY2018 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
1800000 USD
CY2017 us-gaap Goodwill Foreign Currency Translation Gain Loss
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78400000 USD
CY2017 us-gaap Goodwill Impairment Loss
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0 USD
CY2017 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2018 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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195200000 USD
CY2018 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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-15400000 USD
CY2017 us-gaap Effective Income Tax Rate Continuing Operations
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0.209
CY2017 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.208
CY2018 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.153
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2017 us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
EffectiveIncomeTaxRateReconciliationDeductionsQualifiedProductionActivities
0.016
CY2017 us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
EffectiveIncomeTaxRateReconciliationDeductionsQualifiedProductionActivities
0.013
CY2018 us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
EffectiveIncomeTaxRateReconciliationDeductionsQualifiedProductionActivities
0.000
CY2017 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.027
CY2017 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.042
CY2018 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.011
CY2017 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.026
CY2017 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.035
CY2018 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.014
CY2017 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
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-8500000 USD
CY2017 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
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0.035
CY2017 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
0.031
CY2018 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
0.033
CY2017 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.016
CY2017 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.018
CY2018 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.019
CY2017 us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies
EffectiveIncomeTaxRateReconciliationTaxContingencies
-0.015
CY2017 us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies
EffectiveIncomeTaxRateReconciliationTaxContingencies
-0.008
CY2018 us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies
EffectiveIncomeTaxRateReconciliationTaxContingencies
-0.003
CY2017 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Investment
EffectiveIncomeTaxRateReconciliationTaxCreditsInvestment
0.018
CY2017 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Investment
EffectiveIncomeTaxRateReconciliationTaxCreditsInvestment
0.015
CY2018 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Investment
EffectiveIncomeTaxRateReconciliationTaxCreditsInvestment
0.012
CY2017 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.020
CY2017 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.032
CY2018 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.023
CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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262200000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
290800000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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29100000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
19800000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
23700000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
26500000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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27500000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Gross
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504600000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Gross
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483600000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Net
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242400000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Net
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192800000 USD
CY2017 us-gaap Gain Loss On Sale Of Property Plant Equipment
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17900000 USD
CY2017Q1 us-gaap Goodwill
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1193500000 USD
CY2017Q4 us-gaap Goodwill
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1776700000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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187200000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
243700000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
46100000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
99800000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
150200000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
241300000 USD
CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
40600000 USD
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
76400000 USD
CY2017Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
81700000 USD
CY2017Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
88300000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
287000000 USD
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
82200000 USD
CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
104400000 USD
CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
100200000 USD
CY2018Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
107100000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
393900000 USD
CY2017 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
50400000 USD
CY2017Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10100000 USD
CY2017Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
16300000 USD
CY2017Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12700000 USD
CY2017Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
20700000 USD
CY2017 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
59800000 USD
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
15700000 USD
CY2018Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
18500000 USD
CY2018Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9900000 USD
CY2018Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
60100000 USD
CY2017 us-gaap Income Taxes Paid Net
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24600000 USD
CY2017 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
36700000 USD
CY2018 us-gaap Income Taxes Paid Net
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64700000 USD
CY2017 us-gaap Increase Decrease In Accounts Payable
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2100000 USD
CY2017 us-gaap Increase Decrease In Accounts Payable
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12400000 USD
CY2018 us-gaap Increase Decrease In Accounts Payable
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39900000 USD
CY2017 us-gaap Increase Decrease In Accounts Receivable
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11400000 USD
CY2017 us-gaap Increase Decrease In Accounts Receivable
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19600000 USD
CY2018 us-gaap Increase Decrease In Accounts Receivable
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66700000 USD
CY2017 us-gaap Increase Decrease In Accrued Liabilities
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26800000 USD
CY2017 us-gaap Increase Decrease In Accrued Liabilities
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16200000 USD
CY2018 us-gaap Increase Decrease In Accrued Liabilities
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17800000 USD
CY2017 us-gaap Increase Decrease In Inventories
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9100000 USD
CY2017 us-gaap Increase Decrease In Inventories
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7400000 USD
CY2018 us-gaap Increase Decrease In Inventories
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1700000 USD
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-1000000 USD
CY2017 us-gaap Increase Decrease In Other Noncurrent Assets
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13800000 USD
CY2017Q4 us-gaap Inventory Raw Materials And Supplies
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200200000 USD
CY2018Q4 us-gaap Inventory Raw Materials And Supplies
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205600000 USD
CY2017Q4 us-gaap Inventory Work In Process
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157900000 USD
CY2018Q4 us-gaap Inventory Work In Process
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CY2017Q4 us-gaap Lifo Inventory Amount
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63600000 USD
CY2018Q4 us-gaap Lifo Inventory Amount
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42300000 USD
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CY2018Q4 us-gaap Liabilities
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CY2017Q4 us-gaap Liabilities And Stockholders Equity
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CY2018Q4 us-gaap Liabilities And Stockholders Equity
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CY2017 us-gaap Increase Decrease In Other Noncurrent Liabilities
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11400000 USD
CY2017 us-gaap Increase Decrease In Other Noncurrent Liabilities
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18300000 USD
CY2018 us-gaap Increase Decrease In Other Noncurrent Liabilities
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CY2017 us-gaap Increase Decrease In Other Operating Capital Net
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3100000 USD
CY2017 us-gaap Increase Decrease In Other Operating Capital Net
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400000 USD
CY2018 us-gaap Increase Decrease In Other Operating Capital Net
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CY2017 us-gaap Increase Decrease In Pension Plan Obligations
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4000000 USD
CY2017 us-gaap Increase Decrease In Pension Plan Obligations
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CY2018 us-gaap Increase Decrease In Pension Plan Obligations
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1200000 USD
CY2017 us-gaap Increase Decrease In Postretirement Obligations
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-900000 USD
CY2017 us-gaap Increase Decrease In Postretirement Obligations
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-800000 USD
CY2018 us-gaap Increase Decrease In Postretirement Obligations
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CY2017 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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1700000 USD
CY2017 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
3600000 USD
CY2018 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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-7600000 USD
CY2017 us-gaap Increase In Restricted Cash
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19500000 USD
CY2017 us-gaap Increase In Restricted Cash
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0 USD
CY2018 us-gaap Increase In Restricted Cash
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0 USD
CY2017 us-gaap Interest And Debt Expense
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8200000 USD
CY2017Q3 us-gaap Interest And Debt Expense
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9100000 USD
CY2017Q4 us-gaap Interest And Debt Expense
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8200000 USD
CY2017Q4 us-gaap Interest And Debt Expense
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7600000 USD
CY2017 us-gaap Interest And Debt Expense
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33100000 USD
CY2018Q2 us-gaap Interest And Debt Expense
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7100000 USD
CY2018Q3 us-gaap Interest And Debt Expense
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6700000 USD
CY2018Q3 us-gaap Interest And Debt Expense
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6000000 USD
CY2018Q4 us-gaap Interest And Debt Expense
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5700000 USD
CY2018 us-gaap Interest And Debt Expense
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25500000 USD
CY2017 us-gaap Interest Expense Debt
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23600000 USD
CY2017 us-gaap Interest Expense Debt
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CY2018 us-gaap Interest Expense Debt
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29200000 USD
CY2017Q4 us-gaap Inventory Finished Goods
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CY2018Q4 us-gaap Inventory Finished Goods
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50500000 USD
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CY2018Q4 us-gaap Inventory Gross
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CY2017Q4 us-gaap Inventory Lifo Reserve
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10600000 USD
CY2018Q4 us-gaap Inventory Lifo Reserve
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9300000 USD
CY2017 us-gaap Inventory Lifo Reserve Effect On Income Net
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-700000 USD
CY2017 us-gaap Inventory Lifo Reserve Effect On Income Net
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CY2018 us-gaap Inventory Lifo Reserve Effect On Income Net
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CY2017Q4 us-gaap Inventory Net
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400200000 USD
CY2018Q4 us-gaap Inventory Net
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CY2018Q1 us-gaap Inventory Net
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95000000 USD
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114300000 USD
CY2018Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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157100000 USD
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540600000 USD
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720800000 USD
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612300000 USD
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3600000 USD
CY2018Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
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CY2018Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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115500000 USD
CY2018Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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137400000 USD
CY2018Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2017Q4 us-gaap Long Term Debt Noncurrent
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CY2018Q4 us-gaap Long Term Debt Noncurrent
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CY2017 us-gaap Net Cash Provided By Used In Financing Activities
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414100000 USD
CY2018 us-gaap Net Cash Provided By Used In Financing Activities
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CY2017 us-gaap Net Cash Provided By Used In Investing Activities
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CY2017 us-gaap Net Cash Provided By Used In Investing Activities
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CY2018 us-gaap Net Cash Provided By Used In Investing Activities
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CY2017 us-gaap Net Cash Provided By Used In Operating Activities
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317000000 USD
CY2017 us-gaap Net Cash Provided By Used In Operating Activities
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374700000 USD
CY2018 us-gaap Net Cash Provided By Used In Operating Activities
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CY2017Q4 us-gaap Net Income Loss
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CY2017Q4 us-gaap Net Income Loss
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CY2017 us-gaap Net Income Loss
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CY2018 us-gaap Net Income Loss
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CY2017Q4 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
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CY2017 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
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CY2018 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
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CY2017Q4 us-gaap Operating Income Loss
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CY2017 us-gaap Operating Income Loss
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18400000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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18400000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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20600000 USD
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CY2017 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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17300000 USD
CY2017 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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CY2018 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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31400000 USD
CY2017 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
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3900000 USD
CY2017 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
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3300000 USD
CY2018 us-gaap Other Comprehensive Income Derivatives Qualifying As Hedges Net Of Tax Portion Attributable To Parent
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CY2017 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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CY2017 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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96800000 USD
CY2018 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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121900000 USD
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CY2018 us-gaap Other Nonoperating Income Expense
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CY2017 us-gaap Payments For Derivative Instrument Financing Activities
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CY2018 us-gaap Payments For Derivative Instrument Financing Activities
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CY2017 us-gaap Payments To Acquire Property Plant And Equipment
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CY2017 us-gaap Payments To Acquire Property Plant And Equipment
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58500000 USD
CY2018 us-gaap Payments To Acquire Property Plant And Equipment
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CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0 shares
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0 shares
CY2018Q4 us-gaap Preferred Stock Shares Issued
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0 shares
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0 shares
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
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0 shares
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CY2018Q4 us-gaap Preferred Stock Value
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CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2017 us-gaap Proceeds From Income Tax Refunds
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CY2018 us-gaap Proceeds From Income Tax Refunds
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7600000 USD
CY2017 us-gaap Proceeds From Issuance Of Senior Long Term Debt
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CY2017 us-gaap Proceeds From Issuance Of Senior Long Term Debt
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268000000 USD
CY2018 us-gaap Proceeds From Issuance Of Senior Long Term Debt
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CY2017 us-gaap Proceeds From Lines Of Credit
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165000000 USD
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6100000 USD
CY2017 us-gaap Proceeds From Other Debt
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100000000 USD
CY2018 us-gaap Proceeds From Other Debt
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11500000 USD
CY2017 us-gaap Proceeds From Payments For Other Financing Activities
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CY2018 us-gaap Proceeds From Payments For Other Financing Activities
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CY2017 us-gaap Proceeds From Sales Of Business Affiliate And Productive Assets
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30000000 USD
CY2017 us-gaap Proceeds From Sales Of Business Affiliate And Productive Assets
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1400000 USD
CY2018 us-gaap Proceeds From Sales Of Business Affiliate And Productive Assets
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1300000 USD
CY2017 us-gaap Proceeds From Stock Options Exercised
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36100000 USD
CY2017 us-gaap Proceeds From Stock Options Exercised
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24900000 USD
CY2018 us-gaap Proceeds From Stock Options Exercised
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37200000 USD
CY2017Q4 us-gaap Progress Payments Netted Against Inventory For Long Term Contracts Or Programs
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1400000 USD
CY2018Q4 us-gaap Progress Payments Netted Against Inventory For Long Term Contracts Or Programs
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0 USD
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1008600000 USD
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442800000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
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442600000 USD
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478100000 USD
CY2018Q4 us-gaap Receivables Net Current
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561800000 USD
CY2017 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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CY2018 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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37800000 USD
CY2017 us-gaap Related Party Transaction Amounts Of Transaction
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0 USD
CY2017 us-gaap Related Party Transaction Amounts Of Transaction
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0 USD
CY2018 us-gaap Related Party Transaction Amounts Of Transaction
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0 USD
CY2017 us-gaap Repayments Of Lines Of Credit
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147000000 USD
CY2018 us-gaap Repayments Of Lines Of Credit
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136000000 USD
CY2017 us-gaap Repayments Of Other Debt
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22200000 USD
CY2017 us-gaap Repayments Of Other Debt
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139300000 USD
CY2018 us-gaap Repayments Of Other Debt
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182000000 USD
CY2018Q4 us-gaap Restructuring Reserve
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70.35
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78.26
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P6Y3M17D
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4400000 USD
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37200000 USD
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CY2018Q4 us-gaap Treasury Stock Shares
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CY2018Q4 us-gaap Treasury Stock Value
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CY2018Q4 us-gaap Unrecognized Tax Benefits
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100000 USD
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0 USD
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0 USD
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100000 USD
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2100000 USD
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1600000 USD
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500000 USD
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2300000 USD
CY2017Q1 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
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1900000 USD
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1400000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
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1700000 USD
CY2017 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
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200000 USD
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300000 USD
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7500000 USD
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8800000 USD
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5200000 USD
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900000 shares
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1100000 shares
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1200000 shares
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37000000 shares
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34600000 shares
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35200000 shares
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35800000 shares
CY2018 us-gaap Fiscal Period
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:13px;text-align:left;padding-left:2px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Fiscal Year</font></div><div style="line-height:120%;padding-top:5px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company operates on a 52- or 53-week fiscal year convention ending on the Sunday nearest to December&#160;31. Fiscal year </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;"> was a 52-week fiscal year and ended on </font><font style="font-family:inherit;font-size:10pt;">December&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">. Fiscal year </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> was a 52-week fiscal year and ended on </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">. Fiscal year </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;"> was a 52-week fiscal year and ended on </font><font style="font-family:inherit;font-size:10pt;">January&#160;1, 2017</font><font style="font-family:inherit;font-size:10pt;">. References to the years </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;"> are intended to refer to the respective fiscal year unless otherwise noted.</font></div></div>
CY2018 us-gaap Nature Of Operations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Description of Business</font></div><div style="line-height:120%;padding-top:5px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Teledyne Technologies Incorporated (&#8220;Teledyne&#8221; or the &#8220;Company&#8221;) became an independent, public company effective November&#160;29, 1999. Teledyne provides enabling technologies for industrial growth markets that require advanced technology and high reliability. These markets include aerospace and defense, factory automation, air and water quality environmental monitoring, electronics design and development, oceanographic research, deepwater oil and gas exploration and production, medical imaging and pharmaceutical research. The products include digital imaging sensors, cameras and systems within the visible, infrared and X-ray spectra, monitoring and control instrumentation for marine and environmental applications, harsh environment interconnects, electronic test and measurement equipment, aircraft information management systems, and defense electronics and satellite communication subsystems. Teledyne also supplies engineered systems for defense, space, environmental and energy applications. Teledyne differentiates itself from many of its direct competitors by having a customer and company-sponsored applied research center that augments our product development expertise.</font></div><div style="line-height:120%;padding-top:5px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Teledyne consists of the Instrumentation segment with principal operations in the United States, the United Kingdom and Denmark; the Digital Imaging segment with principal operations in the United States, Canada, France, the Netherlands and the United Kingdom: the Aerospace and Defense Electronics segment with principal operations in the United States and the United Kingdom; and the Engineered Systems segment with principal operations in the United States and the United Kingdom.</font></div></div>
CY2018 us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:13px;text-align:left;padding-left:2px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Estimates</font></div><div style="line-height:120%;padding-top:5px;text-align:left;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent liabilities. On an ongoing basis, the Company evaluates its estimates, including those related to sales returns and allowances, allowance for doubtful accounts, inventories, goodwill, intangible assets, asset valuations, income taxes, warranty obligations, pension and other postretirement benefits, long-term contracts, environmental, workers</font><font style="font-family:inherit;font-size:9pt;">&#8217;</font><font style="font-family:inherit;font-size:10pt;"> compensation and general liability, employee benefits and other contingencies and litigation. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances at the time, the results of which form the basis for making its judgments. Actual results may differ materially from these estimates under different assumptions or conditions. Management believes that the estimates are reasonable.</font></div></div>

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