2016 Q4 Form 10-K Financial Statement

#000010049317000133 Filed on November 13, 2017

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2016 Q2
Revenue $9.182B $9.403B $9.170B
YoY Change -12.6% -8.95%
Cost Of Revenue $7.699B $8.179B $7.987B
YoY Change -19.13% -12.09%
Gross Profit $1.483B $1.224B $1.183B
YoY Change 50.41% 19.98%
Gross Profit Margin 16.15% 13.02% 12.9%
Selling, General & Admin $501.0M $457.0M $479.0M
YoY Change 14.91% 13.24%
% of Gross Profit 33.78% 37.34% 40.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $177.0M $178.0M $176.0M
YoY Change -5.35% -0.56%
% of Gross Profit 11.94% 14.54% 14.88%
Operating Expenses $501.0M $457.0M $479.0M
YoY Change 14.91% 13.24%
Operating Profit $982.0M $767.0M $704.0M
YoY Change 78.55% 25.04%
Interest Expense -$60.00M -$58.00M -$62.00M
YoY Change -13.04% -11.43%
% of Operating Profit -6.11% -7.56% -8.81%
Other Income/Expense, Net -$70.00M -$56.00M -$60.00M
YoY Change -1850.0% 33.33%
Pretax Income $912.0M $711.0M $644.0M
YoY Change 88.04% 24.32%
Income Tax $318.0M $226.0M $210.0M
% Of Pretax Income 34.87% 31.79% 32.61%
Net Earnings $593.0M $484.0M $432.0M
YoY Change 129.84% 25.95%
Net Earnings / Revenue 6.46% 5.15% 4.71%
Basic Earnings Per Share
Diluted Earnings Per Share $1.59 $1.25 $1.10
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding 373.0M shares 388.0M shares 393.0M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $349.0M $197.0M $254.0M
YoY Change -49.27% -46.07%
Cash & Equivalents $349.0M $197.0M $254.0M
Short-Term Investments
Other Short-Term Assets $265.0M $167.0M $187.0M
YoY Change 35.9% -12.62%
Inventory $2.732B $2.918B $2.993B
Prepaid Expenses
Receivables $1.542B $1.599B $1.493B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.888B $4.881B $4.927B
YoY Change -9.16% -11.84%
LONG-TERM ASSETS
Property, Plant & Equipment $5.170B $5.157B $5.166B
YoY Change -0.12% -2.75%
Goodwill $6.669B $6.669B $6.670B
YoY Change 0.03% -0.3%
Intangibles $5.084B $5.104B $5.125B
YoY Change -1.63% -1.48%
Long-Term Investments
YoY Change
Other Assets $562.0M $599.0M $623.0M
YoY Change -2.6% -4.15%
Total Long-Term Assets $17.49B $17.53B $17.58B
YoY Change -0.59% -1.51%
TOTAL ASSETS
Total Short-Term Assets $4.888B $4.881B $4.927B
Total Long-Term Assets $17.49B $17.53B $17.58B
Total Assets $22.37B $22.41B $22.51B
YoY Change -2.59% -3.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.511B $1.466B $1.456B
YoY Change -9.09% -10.18%
Accrued Expenses $563.0M $490.0M $442.0M
YoY Change 17.78% -4.12%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $79.00M $79.00M $79.00M
YoY Change -88.95% -93.44%
Total Short-Term Liabilities $2.762B $2.713B $2.610B
YoY Change -21.87% -35.2%
LONG-TERM LIABILITIES
Long-Term Debt $6.200B $6.099B $6.270B
YoY Change 3.16% 4.0%
Other Long-Term Liabilities $1.242B $1.306B $1.308B
YoY Change -4.75% 4.14%
Total Long-Term Liabilities $1.242B $1.306B $1.308B
YoY Change -4.75% 4.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.762B $2.713B $2.610B
Total Long-Term Liabilities $1.242B $1.306B $1.308B
Total Liabilities $4.004B $4.019B $3.918B
YoY Change -17.26% -25.85%
SHAREHOLDERS EQUITY
Retained Earnings $8.348B $8.010B $7.580B
YoY Change 22.53% 15.01%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.093B $2.515B $2.065B
YoY Change 123.97% 85.7%
Treasury Stock Shares 73.00M shares 67.00M shares 59.00M shares
Shareholders Equity $9.608B $9.791B $9.791B
YoY Change
Total Liabilities & Shareholders Equity $22.37B $22.41B $22.51B
YoY Change -2.59% -3.98%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2016 Q2
OPERATING ACTIVITIES
Net Income $593.0M $484.0M $432.0M
YoY Change 129.84% 25.95%
Depreciation, Depletion And Amortization $177.0M $178.0M $176.0M
YoY Change -5.35% -0.56%
Cash From Operating Activities $1.134B $768.0M $10.00M
YoY Change 26.28% -98.84%
INVESTING ACTIVITIES
Capital Expenditures $200.0M -$160.0M -$167.0M
YoY Change -191.74% -16.92%
Acquisitions $0.00
YoY Change
Other Investing Activities $12.00M $10.00M $6.000M
YoY Change -96.79% -90.91%
Cash From Investing Activities -$214.0M -$150.0M -$161.0M
YoY Change -237.18% 19.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $576.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$957.0M -678.0M -785.0M
YoY Change 15.02% 62.86%
NET CHANGE
Cash From Operating Activities $1.134B 768.0M 10.00M
Cash From Investing Activities -$214.0M -150.0M -161.0M
Cash From Financing Activities -$957.0M -678.0M -785.0M
Net Change In Cash -$37.00M -60.00M -936.0M
YoY Change -116.67% -478.95%
FREE CASH FLOW
Cash From Operating Activities $1.134B $768.0M $10.00M
Capital Expenditures $200.0M -$160.0M -$167.0M
Free Cash Flow $934.0M $928.0M $177.0M
YoY Change -16.31% -83.38%

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1000000 USD
CY2017 us-gaap Defined Benefit Plan Effect Of One Percentage Point Increase On Accumulated Postretirement Benefit Obligation
DefinedBenefitPlanEffectOfOnePercentagePointIncreaseOnAccumulatedPostretirementBenefitObligation
1000000 USD
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62000000 USD
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67000000 USD
CY2017 us-gaap Defined Contribution Plan Cost Recognized
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78000000 USD
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CY2016 us-gaap Depreciation
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617000000 USD
CY2017 us-gaap Depreciation
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642000000 USD
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701000000 USD
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697000000 USD
CY2017 us-gaap Depreciation Depletion And Amortization
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748000000 USD
CY2016Q4 us-gaap Derivative Collateral Obligation To Return Cash
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0 USD
CY2017Q3 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
0 USD
CY2016Q4 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
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8000000 USD
CY2017Q3 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
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22000000 USD
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2.95
CY2016Q1 us-gaap Earnings Per Share Diluted
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1.15
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EarningsPerShareDiluted
1.10
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.25
CY2016Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.03
CY2016 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.53
CY2016Q4 us-gaap Earnings Per Share Diluted
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1.59
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EarningsPerShareDiluted
0.92
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.21
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.07
CY2017 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.79
CY2015 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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6000000 USD
CY2017 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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4000000 USD
CY2015 us-gaap Effective Income Tax Rate Continuing Operations
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0.363
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0.318
CY2017 us-gaap Effective Income Tax Rate Continuing Operations
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0.323
CY2015 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
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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
CY2015 us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
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0.037
CY2016 us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
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0.026
CY2017 us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
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0.031
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-0.001
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-0.016
CY2017 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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-0.021
CY2015 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.031
CY2016 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.027
CY2017 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.023
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-0.018
CY2016 us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies
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CY2017 us-gaap Effective Income Tax Rate Reconciliation Tax Contingencies
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CY2016Q4 us-gaap Employee Related Liabilities Current
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673000000 USD
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0 USD
CY2017 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
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CY2016 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Other Comprehensive Income Loss
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0 USD
CY2017 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Other Comprehensive Income Loss
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CY2016 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Issues
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0 USD
CY2017 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues
0 USD
CY2016 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPeriodIncreaseDecrease
0 USD
CY2017 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPeriodIncreaseDecrease
0 USD
CY2016 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
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12000000 USD
CY2017 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
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13000000 USD
CY2016 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
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16000000 USD
CY2017 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
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18000000 USD
CY2015Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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61000000 USD
CY2016Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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57000000 USD
CY2017Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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51000000 USD
CY2015 us-gaap Federal Income Tax Expense Benefit Continuing Operations
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564000000 USD
CY2016 us-gaap Federal Income Tax Expense Benefit Continuing Operations
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710000000 USD
CY2017 us-gaap Federal Income Tax Expense Benefit Continuing Operations
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755000000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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271000000 USD
CY2017Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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335000000 USD
CY2017Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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194000000 USD
CY2017Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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160000000 USD
CY2017Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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170000000 USD
CY2017Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
185000000 USD
CY2017Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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189000000 USD
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2500000000 USD
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177000000 USD
CY2016 us-gaap Gain Loss On Sale Of Business
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0 USD
CY2017 us-gaap Gain Loss On Sale Of Business
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CY2015Q4 us-gaap Goodwill
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CY2016Q4 us-gaap Goodwill Gross
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617000000 USD
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617000000 USD
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617000000 USD
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2000000 USD
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3917000000 USD
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CY2016Q2 us-gaap Gross Profit
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CY2017Q3 us-gaap Gross Profit
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CY2017Q3 us-gaap Gross Profit
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CY2017 us-gaap Gross Profit
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1908000000 USD
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2543000000 USD
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2603000000 USD
CY2016Q4 us-gaap Guarantee Obligations Current Carrying Value
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CY2016 us-gaap Gross Profit
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CY2016Q4 us-gaap Gross Profit
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1047000000 USD
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1921000000 USD
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2598000000 USD
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2628000000 USD
CY2015 us-gaap Income Tax Expense Benefit
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697000000 USD
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826000000 USD
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IncomeTaxExpenseBenefit
850000000 USD
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72000000 USD
CY2016 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
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68000000 USD
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80000000 USD
CY2015 us-gaap Income Tax Reconciliation State And Local Income Taxes
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59000000 USD
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70000000 USD
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61000000 USD
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73000000 USD
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437000000 USD
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686000000 USD
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779000000 USD
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61000000 USD
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55000000 USD
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177000000 USD
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55000000 USD
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16000000 USD
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246000000 USD
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8000000 USD
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5000000 shares
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5000000 shares
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242000000 USD
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4000000 shares
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4078000000 USD
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293000000 USD
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249000000 USD
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279000000 USD
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249000000 USD
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1530000000 USD
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1947000000 USD
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2732000000 USD
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3239000000 USD
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430000000 USD
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172000000 USD
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186000000 USD
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4032000000 USD
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4000000 USD
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CY2017Q3 us-gaap Line Of Credit
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1250000000 USD
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1500000000 USD
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6200000000 USD
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906000000 USD
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1007000000 USD
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511000000 USD
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1537000000 USD
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1737000000 USD
CY2017Q3 us-gaap Loss Contingency Pending Claims Number
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6 Claims
CY2016Q4 us-gaap Minority Interest
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1530000000 USD
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340000000 USD
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447000000 USD
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2570000000 USD
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2716000000 USD
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2599000000 USD
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1220000000 USD
CY2016Q1 us-gaap Net Income Loss
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461000000 USD
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432000000 USD
CY2016Q3 us-gaap Net Income Loss
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484000000 USD
CY2016Q4 us-gaap Net Income Loss
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391000000 USD
CY2016 us-gaap Net Income Loss
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1768000000 USD
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593000000 USD
CY2017Q3 us-gaap Net Income Loss
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394000000 USD
CY2017 us-gaap Net Income Loss
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1774000000 USD
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4000000 USD
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4000000 USD
CY2017 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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4000000 USD
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CY2016 us-gaap Nonoperating Income Expense
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CY2017 us-gaap Nonoperating Income Expense
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CY2017 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4 Segments
CY2015 us-gaap Operating Income Loss
OperatingIncomeLoss
2169000000 USD
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
776000000 USD
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
704000000 USD
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
767000000 USD
CY2016Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
586000000 USD
CY2016 us-gaap Operating Income Loss
OperatingIncomeLoss
2833000000 USD
CY2016Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
982000000 USD
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
571000000 USD
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
697000000 USD
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
681000000 USD
CY2017 us-gaap Operating Income Loss
OperatingIncomeLoss
2931000000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
464000000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
137000000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
32000000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
48000000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
74000000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
100000000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
73000000 USD
CY2016Q4 us-gaap Other Assets Current
OtherAssetsCurrent
265000000 USD
CY2017Q3 us-gaap Other Assets Current
OtherAssetsCurrent
219000000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
562000000 USD
CY2017Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
673000000 USD
CY2015 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
147000000 USD
CY2016 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
216000000 USD
CY2017 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
319000000 USD
CY2015 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2016 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
4000000 USD
CY2017 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
6000000 USD
CY2015 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
57000000 USD
CY2016 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
45000000 USD
CY2015 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-1000000 USD
CY2016 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
0 USD
CY2017 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-1000000 USD
CY2015 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
64000000 USD
CY2016 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
69000000 USD
CY2017 us-gaap Other Comprehensive Income Loss Before Tax
OtherComprehensiveIncomeLossBeforeTax
97000000 USD
CY2015 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
2000000 USD
CY2016 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-1000000 USD
CY2017 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
0 USD
CY2015 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
36000000 USD
CY2017 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
61000000 USD
CY2015 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-20000000 USD
CY2016 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-42000000 USD
CY2017 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
-56000000 USD
CY2015 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
7000000 USD
CY2016 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
24000000 USD
CY2017 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
36000000 USD
CY2016Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1172000000 USD
CY2017Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1424000000 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1242000000 USD
CY2017Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1199000000 USD
CY2016Q4 us-gaap Other Long Term Debt
OtherLongTermDebt
58000000 USD
CY2017Q3 us-gaap Other Long Term Debt
OtherLongTermDebt
81000000 USD
CY2015 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-71000000 USD
CY2016 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
34000000 USD
CY2017 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
57000000 USD
CY2015 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
36000000 USD
CY2016 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
8000000 USD
CY2017 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-31000000 USD
CY2016Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
397000000 USD
CY2017Q3 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
605000000 USD
CY2016 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
0 USD
CY2017 us-gaap Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
0 USD
CY2016 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
0 USD
CY2017 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
0 USD
CY2015 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-31000000 USD
CY2016 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-20000000 USD
CY2017 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-4000000 USD
CY2015 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
495000000 USD
CY2016 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1944000000 USD
CY2017 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
860000000 USD
CY2016 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0 USD
CY2017 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
3081000000 USD
CY2015 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
38000000 USD
CY2016 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
46000000 USD
CY2017 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
79000000 USD
CY2015 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
854000000 USD
CY2016 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
695000000 USD
CY2017 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1069000000 USD
CY2016Q4 us-gaap Percentage Of Fifo Inventory
PercentageOfFIFOInventory
0.61
CY2017Q3 us-gaap Percentage Of Fifo Inventory
PercentageOfFIFOInventory
0.63
CY2017 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
ProceedsFromDivestitureOfBusinessesNetOfCashDivested
0 USD
CY2015 us-gaap Proceeds From Issuance Of Commercial Paper
ProceedsFromIssuanceOfCommercialPaper
0 USD
CY2016 us-gaap Proceeds From Issuance Of Commercial Paper
ProceedsFromIssuanceOfCommercialPaper
0 USD
CY2017 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
15000000 USD
CY2015 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
ProceedsFromDivestitureOfBusinessesNetOfCashDivested
539000000 USD
CY2016 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
ProceedsFromDivestitureOfBusinessesNetOfCashDivested
0 USD
CY2017 us-gaap Proceeds From Issuance Of Commercial Paper
ProceedsFromIssuanceOfCommercialPaper
8138000000 USD
CY2015 us-gaap Proceeds From Issuance Of Long Term Debt And Capital Securities Net
ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet
501000000 USD
CY2016 us-gaap Proceeds From Issuance Of Long Term Debt And Capital Securities Net
ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet
1000000 USD
CY2017 us-gaap Proceeds From Issuance Of Long Term Debt And Capital Securities Net
ProceedsFromIssuanceOfLongTermDebtAndCapitalSecuritiesNet
5444000000 USD
CY2015 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
1345000000 USD
CY2016 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
1065000000 USD
CY2017 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
1810000000 USD
CY2015 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
17000000 USD
CY2016 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
68000000 USD
CY2015 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
52000000 USD
CY2016 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
37000000 USD
CY2017 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
61000000 USD
CY2015 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
84000000 USD
CY2016 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
128000000 USD
CY2017 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
154000000 USD
CY2015 us-gaap Profit Loss
ProfitLoss
1224000000 USD
CY2016Q1 us-gaap Profit Loss
ProfitLoss
461000000 USD
CY2016Q2 us-gaap Profit Loss
ProfitLoss
434000000 USD
CY2016Q3 us-gaap Profit Loss
ProfitLoss
485000000 USD
CY2016Q4 us-gaap Profit Loss
ProfitLoss
392000000 USD
CY2016 us-gaap Profit Loss
ProfitLoss
1772000000 USD
CY2016Q4 us-gaap Profit Loss
ProfitLoss
594000000 USD
CY2017Q2 us-gaap Profit Loss
ProfitLoss
341000000 USD
CY2017Q3 us-gaap Profit Loss
ProfitLoss
448000000 USD
CY2017Q3 us-gaap Profit Loss
ProfitLoss
395000000 USD
CY2017 us-gaap Profit Loss
ProfitLoss
1778000000 USD
CY2015 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
854000000 USD
CY2016 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
695000000 USD
CY2017 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
1069000000 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11167000000 USD
CY2017Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11942000000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5170000000 USD
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5568000000 USD
CY2015 us-gaap Repayments Of Commercial Paper
RepaymentsOfCommercialPaper
0 USD
CY2016 us-gaap Repayments Of Commercial Paper
RepaymentsOfCommercialPaper
0 USD
CY2017 us-gaap Repayments Of Commercial Paper
RepaymentsOfCommercialPaper
7360000000 USD
CY2015 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
1995000000 USD
CY2016 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
714000000 USD
CY2017 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
3159000000 USD
CY2015 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
1345000000 USD
CY2016 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
765000000 USD
CY2016 us-gaap Sales Revenue Net
SalesRevenueNet
36881000000 USD
CY2016Q4 us-gaap Sales Revenue Net
SalesRevenueNet
9182000000 USD
CY2017Q2 us-gaap Sales Revenue Net
SalesRevenueNet
9083000000 USD
CY2016 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1864000000 USD
CY2017Q3 us-gaap Sales Revenue Net
SalesRevenueNet
9850000000 USD
CY2017Q3 us-gaap Sales Revenue Net
SalesRevenueNet
10145000000 USD
CY2017 us-gaap Sales Revenue Net
SalesRevenueNet
38260000000 USD
CY2015 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1748000000 USD
CY2017 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
2110000000 USD
CY2015 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 USD
CY2016 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 USD
CY2017 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
223000000 USD
CY2015 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
75000000 USD
CY2016 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
96000000 USD
CY2017 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
113000000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
8348000000 USD
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
9776000000 USD
CY2015 us-gaap Sales Revenue Net
SalesRevenueNet
41373000000 USD
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
9152000000 USD
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
9170000000 USD
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
9403000000 USD
CY2016Q4 us-gaap Sales Revenue Net
SalesRevenueNet
9156000000 USD
CY2017 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2152000000 USD
CY2015 us-gaap Share Based Compensation
ShareBasedCompensation
69000000 USD
CY2016 us-gaap Share Based Compensation
ShareBasedCompensation
81000000 USD
CY2017 us-gaap Share Based Compensation
ShareBasedCompensation
92000000 USD
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
18094438 shares
CY2015 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
89000000 USD
CY2016 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
118000000 USD
CY2017 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
81000000 USD
CY2017Q3 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
27800000 shares
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
9608000000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
10541000000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
9706000000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
9624000000 USD
CY2017Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
10559000000 USD
CY2017Q3 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
52000000 USD
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
73000000 shares
CY2017Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
80000000 shares
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
3093000000 USD
CY2017Q3 us-gaap Treasury Stock Value
TreasuryStockValue
3674000000 USD
CY2015 us-gaap Undistributed Earnings
UndistributedEarnings
1065000000 USD
CY2016 us-gaap Undistributed Earnings
UndistributedEarnings
1535000000 USD
CY2017 us-gaap Undistributed Earnings
UndistributedEarnings
1428000000 USD
CY2016Q4 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
219000000 USD
CY2017Q3 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
182000000 USD
CY2014Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
272000000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
306000000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
305000000 USD
CY2017Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
316000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
18000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
48000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
27000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
0 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
7000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
4000000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
52000000 USD
CY2017Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
63000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Acquisition
UnrecognizedTaxBenefitsIncreasesResultingFromAcquisition
0 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Acquisition
UnrecognizedTaxBenefitsIncreasesResultingFromAcquisition
0 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Acquisition
UnrecognizedTaxBenefitsIncreasesResultingFromAcquisition
9000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
78000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
35000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
38000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
11000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
31000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
5000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
37000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
12000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
10000000 USD
CY2017Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
205000000 USD
CY2017Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fifth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFifthAnniversary
77000000 USD
CY2017Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance On First Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary
1750000000 USD
CY2017Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fourth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary
118000000 USD
CY2017Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Second Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary
374000000 USD
CY2017Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Third Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary
272000000 USD
CY2017Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
2701000000 USD
CY2017Q3 us-gaap Unrecorded Unconditional Purchase Obligation Due After Five Years
UnrecordedUnconditionalPurchaseObligationDueAfterFiveYears
110000000 USD
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
413000000 shares
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
390000000 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
370000000 shares
CY2017 us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Fiscal Year:</font><font style="font-family:inherit;font-size:10pt;"> We utilize a 52- or 53-week accounting period ending on the Saturday closest to September&#160;30. The Company&#8217;s accounting cycle resulted in a 52-week year for fiscal </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2017</font><font style="font-family:inherit;font-size:10pt;"> and fiscal </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;"> and a 53-week year for fiscal </font><font style="font-family:inherit;font-size:10pt;">2015</font></div></div>
CY2017 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Description of Business:</font><font style="font-family:inherit;font-size:10pt;"> Tyson Foods, Inc. (collectively, &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us&#8221; or &#8220;our&#8221;), is one of the world's largest food companies and a recognized leader in protein. Founded in 1935 by John W. Tyson and grown under three generations of family leadership, the Company has a broad portfolio of products and brands like Tyson&#174;, Jimmy Dean&#174;, Hillshire Farm&#174;, Ball Park&#174;, Wright&#174;, Aidells&#174;, ibp&#174; and State Fair&#174;. We innovate continually to make protein more sustainable, tailor food for everywhere it&#8217;s available and raise the world&#8217;s expectations for how much good food can do</font></div></div>
CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates:</font><font style="font-family:inherit;font-size:10pt;"> The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, which require us to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</font></div></div>

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