2018 Q2 Form 10-Q Financial Statement

#000128369918000045 Filed on August 01, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q2
Revenue $10.57B $10.46B $10.21B
YoY Change 3.51% 8.76% 9.97%
Cost Of Revenue $1.530B $1.589B $1.518B
YoY Change 0.79% 12.86% 6.23%
Gross Profit $9.041B $8.866B $8.695B
YoY Change 3.98% 8.06% 10.65%
Gross Profit Margin 85.53% 84.8% 85.14%
Selling, General & Admin $3.185B $3.164B $2.915B
YoY Change 9.26% 7.07% 5.16%
% of Gross Profit 35.23% 35.69% 33.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.634B $1.575B $1.519B
YoY Change 7.57% 0.7% -3.56%
% of Gross Profit 18.07% 17.76% 17.47%
Operating Expenses $3.185B $3.164B $2.915B
YoY Change 9.26% 7.07% 5.16%
Operating Profit $1.450B $1.282B $1.416B
YoY Change 2.4% 23.63% 69.99%
Interest Expense $196.0M $251.0M $265.0M
YoY Change -26.04% -25.96% -27.99%
% of Operating Profit 13.52% 19.58% 18.71%
Other Income/Expense, Net -$382.0M -$401.0M -$482.0M
YoY Change -20.75% -6.74% 4.56%
Pretax Income $1.068B $881.0M $934.0M
YoY Change 14.35% 45.14% 151.08%
Income Tax $286.0M $210.0M $353.0M
% Of Pretax Income 26.78% 23.84% 37.79%
Net Earnings $782.0M $671.0M $581.0M
YoY Change 34.6% -3.87% 158.22%
Net Earnings / Revenue 7.4% 6.42% 5.69%
Basic Earnings Per Share $0.92 $0.78 $0.68
Diluted Earnings Per Share $0.92 $0.78 $0.67
COMMON SHARES
Basic Shares Outstanding 847.7M shares 855.2M shares 831.0M shares
Diluted Shares Outstanding 852.0M shares 862.2M shares 870.5M shares

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $215.0M $2.527B $181.0M
YoY Change 18.78% -66.31% -96.73%
Cash & Equivalents $215.0M $2.527B $181.0M
Short-Term Investments
Other Short-Term Assets $1.929B $2.043B $1.580B
YoY Change 22.09% 45.31% 11.66%
Inventory $998.0M $1.311B $1.208B
Prepaid Expenses
Receivables $1.630B $1.689B $1.719B
Other Receivables $2.319B $2.294B $2.092B
Total Short-Term Assets $7.091B $9.609B $6.780B
YoY Change 4.59% -39.56% -52.52%
LONG-TERM ASSETS
Property, Plant & Equipment $22.38B $22.31B $21.42B
YoY Change 4.44% 5.05% 4.15%
Goodwill $1.901B $1.901B $1.683B
YoY Change 12.95% 12.95% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.311B $1.062B $815.0M
YoY Change 60.86% 38.28% 40.03%
Total Long-Term Assets $62.60B $62.40B $60.38B
YoY Change 3.68% 19.65% 21.52%
TOTAL ASSETS
Total Short-Term Assets $7.091B $9.609B $6.780B
Total Long-Term Assets $62.60B $62.40B $60.38B
Total Assets $69.69B $72.00B $67.16B
YoY Change 3.77% 5.81% 4.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.686B $7.157B $6.225B
YoY Change 7.41% 16.19% -10.88%
Accrued Expenses
YoY Change
Deferred Revenue $722.0M $783.0M
YoY Change
Short-Term Debt $1.324B $3.765B $1.202B
YoY Change 10.15% -50.08% 365.89%
Long-Term Debt Due $522.0M
YoY Change
Total Short-Term Liabilities $9.281B $12.36B $8.828B
YoY Change 5.13% -19.16% 0.87%
LONG-TERM LIABILITIES
Long-Term Debt $12.07B $12.13B $13.21B
YoY Change -8.64% -7.46% -38.79%
Other Long-Term Liabilities $968.0M $933.0M $971.0M
YoY Change -0.31% -7.07% -6.45%
Total Long-Term Liabilities $37.02B $36.77B $38.72B
YoY Change -4.38% 8.79% 2.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.281B $12.36B $8.828B
Total Long-Term Liabilities $37.02B $36.77B $38.72B
Total Liabilities $46.30B $49.13B $47.55B
YoY Change -2.61% 0.09% 2.09%
SHAREHOLDERS EQUITY
Retained Earnings -$14.39B -$15.86B -$19.33B
YoY Change -25.57% -20.34% -9.52%
Common Stock $37.79B $38.06B $38.95B
YoY Change -2.98% -2.11% 0.47%
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.000M $7.000M $4.000M
YoY Change 75.0% 75.0% 300.0%
Treasury Stock Shares 1.511M shares 1.511M shares 1.455M shares
Shareholders Equity $23.39B $22.88B $19.61B
YoY Change
Total Liabilities & Shareholders Equity $69.69B $72.00B $67.16B
YoY Change 3.77% 5.81% 4.99%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q2
OPERATING ACTIVITIES
Net Income $782.0M $671.0M $581.0M
YoY Change 34.6% -3.87% 158.22%
Depreciation, Depletion And Amortization $1.634B $1.575B $1.519B
YoY Change 7.57% 0.7% -3.56%
Cash From Operating Activities $1.261B $770.0M $1.106B
YoY Change 14.01% 26.64% -37.44%
INVESTING ACTIVITIES
Capital Expenditures $1.629B $1.366B $1.347B
YoY Change 20.94% -10.6% -0.15%
Acquisitions $5.000M $333.0M $0.00
YoY Change
Other Investing Activities -$33.00M $7.000M -$5.000M
YoY Change 560.0% -12.5% 25.0%
Cash From Investing Activities -$306.0M -$462.0M -$6.251B
YoY Change -95.1% 11.06% 837.18%
FINANCING ACTIVITIES
Cash Dividend Paid $0.00 $0.00 $14.00M
YoY Change -100.0% -100.0% 0.0%
Common Stock Issuance & Retirement, Net $405.0M $666.0M $0.00
YoY Change
Debt Paid & Issued, Net $2.350B $999.0M $6.750B
YoY Change -65.19% -71.29% 134900.0%
Cash From Financing Activities -$3.267B $1.000B -$2.175B
YoY Change 50.21% -44.72% -375.32%
NET CHANGE
Cash From Operating Activities $1.261B $770.0M $1.106B
Cash From Investing Activities -$306.0M -$462.0M -$6.251B
Cash From Financing Activities -$3.267B $1.000B -$2.175B
Net Change In Cash -$2.312B $1.308B -$7.320B
YoY Change -68.42% -34.63% -487.1%
FREE CASH FLOW
Cash From Operating Activities $1.261B $770.0M $1.106B
Capital Expenditures $1.629B $1.366B $1.347B
Free Cash Flow -$368.0M -$596.0M -$241.0M
YoY Change 52.7% -35.22% -157.52%

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CY2018Q2 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1629000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2995000000 USD
CY2017Q2 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
14000000 USD
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
28000000 USD
CY2018Q2 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
0 USD
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
0 USD
CY2017Q2 us-gaap Proceeds From Collection Of Retained Interest In Securitized Receivables
ProceedsFromCollectionOfRetainedInterestInSecuritizedReceivables
882000000 USD
us-gaap Proceeds From Collection Of Retained Interest In Securitized Receivables
ProceedsFromCollectionOfRetainedInterestInSecuritizedReceivables
2016000000 USD
CY2018Q2 us-gaap Proceeds From Collection Of Retained Interest In Securitized Receivables
ProceedsFromCollectionOfRetainedInterestInSecuritizedReceivables
1323000000 USD
us-gaap Proceeds From Collection Of Retained Interest In Securitized Receivables
ProceedsFromCollectionOfRetainedInterestInSecuritizedReceivables
2618000000 USD
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
6734000000 USD
CY2017Q2 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
4485000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
9980000000 USD
CY2018Q2 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
2494000000 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
2494000000 USD
us-gaap Proceeds From Other Short Term Debt
ProceedsFromOtherShortTermDebt
300000000 USD
CY2017Q2 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-3000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
16000000 USD
CY2018Q2 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-3000000 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
us-gaap Proceeds From Repayments Of Other Debt
ProceedsFromRepaymentsOfOtherDebt
299000000 USD
CY2017Q2 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
1855000000 USD
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
1855000000 USD
CY2018Q2 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
2070000000 USD
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
4240000000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22196000000 USD
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22375000000 USD
CY2017Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
82000000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
175000000 USD
CY2018Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
75000000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
129000000 USD
us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
175000000 USD
us-gaap Provision For Loan Lease And Other Losses
ProvisionForLoanLeaseAndOtherLosses
128000000 USD
CY2017Q4 us-gaap Receivable With Imputed Interest Discount
ReceivableWithImputedInterestDiscount
264000000 USD
CY2018Q2 us-gaap Receivable With Imputed Interest Discount
ReceivableWithImputedInterestDiscount
268000000 USD
CY2017Q4 us-gaap Receivable With Imputed Interest Net Amount
ReceivableWithImputedInterestNetAmount
3696000000 USD
CY2018Q2 us-gaap Receivable With Imputed Interest Net Amount
ReceivableWithImputedInterestNetAmount
3646000000 USD
us-gaap Repayments Of Debt
RepaymentsOfDebt
3920000000 USD
CY2017Q2 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
1175000000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
1175000000 USD
CY2018Q2 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
2195000000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
3920000000 USD
CY2017Q2 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
119000000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
209000000 USD
CY2018Q2 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
155000000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
327000000 USD
CY2017Q2 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
6750000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
10230000000 USD
CY2018Q2 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2350000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3349000000 USD
CY2017Q2 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
292000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6349000000 USD
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
292000000 USD
CY2018Q2 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
0 USD
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
0 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-16074000000 USD
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-14389000000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-15861000000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
513000000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
983000000 USD
CY2018Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
783000000 USD
CY2017Q2 us-gaap Revenues
Revenues
10213000000 USD
us-gaap Revenues
Revenues
19826000000 USD
CY2018Q2 us-gaap Revenues
Revenues
10571000000 USD
us-gaap Revenues
Revenues
21026000000 USD
CY2017Q4 us-gaap Sale Leaseback Transaction Amount Due Under Financing Arrangement
SaleLeasebackTransactionAmountDueUnderFinancingArrangement
2590000000 USD
CY2018Q2 us-gaap Sale Leaseback Transaction Amount Due Under Financing Arrangement
SaleLeasebackTransactionAmountDueUnderFinancingArrangement
2574000000 USD
CY2017Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2506000000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
4549000000 USD
CY2018Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2325000000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
4678000000 USD
CY2017Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
7445000000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
14774000000 USD
CY2018Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
7931000000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
15737000000 USD
CY2017Q2 us-gaap Securitization Financial Asset For Which Transfer Is Accounted As Sale Gain Loss On Sale
SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleGainLossOnSale
-80000000 USD
us-gaap Securitization Financial Asset For Which Transfer Is Accounted As Sale Gain Loss On Sale
SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleGainLossOnSale
-175000000 USD
CY2018Q2 us-gaap Securitization Financial Asset For Which Transfer Is Accounted As Sale Gain Loss On Sale
SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleGainLossOnSale
-27000000 USD
us-gaap Securitization Financial Asset For Which Transfer Is Accounted As Sale Gain Loss On Sale
SecuritizationFinancialAssetForWhichTransferIsAccountedAsSaleGainLossOnSale
-79000000 USD
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2915000000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5870000000 USD
CY2018Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3185000000 USD
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
72000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
139000000 USD
CY2018Q2 us-gaap Share Based Compensation
ShareBasedCompensation
112000000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
209000000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
22559000000 USD
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
23390000000 USD
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1455347 shares
CY2018Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
1510742 shares
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
4000000 USD
CY2018Q2 us-gaap Treasury Stock Value
TreasuryStockValue
7000000 USD
CY2018Q2 us-gaap Unrecorded Unconditional Purchase Obligation Due In Next Rolling Twelve Months
UnrecordedUnconditionalPurchaseObligationDueInNextRollingTwelveMonths
2200000000 USD
CY2018Q2 us-gaap Unrecorded Unconditional Purchase Obligation Due In Rolling After Year Five
UnrecordedUnconditionalPurchaseObligationDueInRollingAfterYearFive
1100000000 USD
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
870457181 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
870854386 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
852040670 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
858728832 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
830971528 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
829356255 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
847660488 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
851420686 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Estimates are based on historical experience, where applicable, and other assumptions which our management believes are reasonable under the circumstances. These estimates are inherently subject to judgment and actual results could differ from those estimates.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>

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