2017 Q3 Form 10-K Financial Statement

#000167491017000042 Filed on November 17, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2017 Q2 2017 Q1
Revenue $547.0M $534.0M $514.0M
YoY Change 10.73% 7.01% 7.08%
Cost Of Revenue $349.0M $337.0M $316.0M
YoY Change 16.33% 12.33% 9.72%
Gross Profit $196.0M $197.0M $198.0M
YoY Change 1.03% -1.01% 3.13%
Gross Profit Margin 35.83% 36.89% 38.52%
Selling, General & Admin $7.000M $102.0M $97.00M
YoY Change -91.05% 9.68% 4.3%
% of Gross Profit 3.57% 51.78% 48.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.00M $12.00M $9.000M
YoY Change 27.66% 25.0% -10.0%
% of Gross Profit 6.12% 6.09% 4.55%
Operating Expenses $7.000M $102.0M $97.00M
YoY Change -91.05% 9.68% 4.3%
Operating Profit $113.0M $87.00M $100.0M
YoY Change -4.24% -23.01% -3.85%
Interest Expense -$9.000M -$10.00M -$8.000M
YoY Change 45.16% -281.82% -240.35%
% of Operating Profit -7.96% -11.49% -8.0%
Other Income/Expense, Net $22.00M $22.00M
YoY Change
Pretax Income $177.0M $94.00M $109.0M
YoY Change 62.68% -16.81% 5.83%
Income Tax $72.00M $38.00M $38.00M
% Of Pretax Income 40.68% 40.43% 34.86%
Net Earnings $105.0M $56.00M $71.00M
YoY Change 61.54% -25.33% 4.41%
Net Earnings / Revenue 19.2% 10.49% 13.81%
Basic Earnings Per Share $0.52 $0.27 $0.35
Diluted Earnings Per Share $0.52 $0.27 $0.35
COMMON SHARES
Basic Shares Outstanding 202.6M shares 204.0M shares 205.0M shares
Diluted Shares Outstanding 204.0M shares 205.0M shares

Balance Sheet

Concept 2017 Q3 2017 Q2 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $201.0M $132.0M $135.0M
YoY Change 16.86%
Cash & Equivalents $201.0M $132.0M $135.0M
Short-Term Investments
Other Short-Term Assets $29.00M $32.00M $36.00M
YoY Change -48.21% 48.15% 69.81%
Inventory $175.0M $181.0M $156.0M
Prepaid Expenses
Receivables $385.0M $403.0M $405.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $790.0M $748.0M $732.0M
YoY Change 8.22% 50.72% 42.3%
LONG-TERM ASSETS
Property, Plant & Equipment $391.0M $369.0M $349.0M
YoY Change 20.68% 31.74% 30.96%
Goodwill $330.0M $329.0M $312.0M
YoY Change 25.0%
Intangibles
YoY Change
Long-Term Investments $30.00M $29.00M $30.00M
YoY Change 15.38% -1.69% 6.38%
Other Assets $88.00M $86.00M $86.00M
YoY Change -1.12% 61.05% 66.02%
Total Long-Term Assets $1.125B $1.212B $1.175B
YoY Change 2.74% 94.95% 94.86%
TOTAL ASSETS
Total Short-Term Assets $790.0M $748.0M $732.0M
Total Long-Term Assets $1.125B $1.212B $1.175B
Total Assets $1.915B $1.960B $1.907B
YoY Change 4.93% 75.31% 70.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $192.0M $196.0M $170.0M
YoY Change 8.47% 35.17% 1.19%
Accrued Expenses $196.0M $235.0M $210.0M
YoY Change -3.92% 56.35% 58.37%
Deferred Revenue
YoY Change
Short-Term Debt $75.00M $75.00M $75.00M
YoY Change
Long-Term Debt Due $15.00M $15.00M $16.00M
YoY Change -21.05%
Total Short-Term Liabilities $478.0M $521.0M $471.0M
YoY Change 19.5% 76.43% 56.69%
LONG-TERM LIABILITIES
Long-Term Debt $1.034B $643.0M $646.0M
YoY Change 42.82%
Other Long-Term Liabilities $178.0M $186.0M $173.0M
YoY Change 24.48% 215.79% 223.97%
Total Long-Term Liabilities $1.554B $1.642B $1.654B
YoY Change -11.45% 2687.78% 2997.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $478.0M $521.0M $471.0M
Total Long-Term Liabilities $1.554B $1.642B $1.654B
Total Liabilities $2.032B $2.163B $2.125B
YoY Change -5.71% 472.22% 462.47%
SHAREHOLDERS EQUITY
Retained Earnings -$167.0M -$207.0M $123.0M
YoY Change
Common Stock $2.000M $2.000M $2.000M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$117.0M -$203.0M -$218.0M
YoY Change
Total Liabilities & Shareholders Equity $1.915B $1.960B $1.907B
YoY Change 4.93% 75.31% 70.66%

Cashflow Statement

Concept 2017 Q3 2017 Q2 2017 Q1
OPERATING ACTIVITIES
Net Income $105.0M $56.00M $71.00M
YoY Change 61.54% -25.33% 4.41%
Depreciation, Depletion And Amortization $12.00M $12.00M $9.000M
YoY Change 27.66% 25.0% -10.0%
Cash From Operating Activities -$287.0M $87.00M -$18.00M
YoY Change -329.05% -8.03% -135.23%
INVESTING ACTIVITIES
Capital Expenditures -$25.00M -$16.00M -$18.00M
YoY Change -47.37% -22.71% -74.93%
Acquisitions
YoY Change
Other Investing Activities -$1.000M -$17.00M -$48.00M
YoY Change -350.0% -4350.0% -24100.0%
Cash From Investing Activities -$26.00M -$33.00M -$66.00M
YoY Change -44.8% 62.56% -7.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 382.0M -57.00M -14.00M
YoY Change 302.95% -23.28% -168.29%
NET CHANGE
Cash From Operating Activities -287.0M 87.00M -18.00M
Cash From Investing Activities -26.00M -33.00M -66.00M
Cash From Financing Activities 382.0M -57.00M -14.00M
Net Change In Cash 69.00M -3.000M -98.00M
YoY Change -60.12% 26843545599999900.0% 1315333734400000000.0%
FREE CASH FLOW
Cash From Operating Activities -$287.0M $87.00M -$18.00M
Capital Expenditures -$25.00M -$16.00M -$18.00M
Free Cash Flow -$262.0M $103.0M $0.00
YoY Change -251.62% -10.67% -100.0%

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10000000 USD
CY2017Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
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6000000 USD
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CY2017Q3 us-gaap Deferred Tax Assets Valuation Allowance
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CY2017Q3 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssets
3000000 USD
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21000000 USD
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17000000 USD
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2072000000 USD
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2307000000 USD
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2081000000 USD
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1
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42000000 USD
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3125000000 USD
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2368000000 USD
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2298000000 USD
CY2016Q3 us-gaap Defined Benefit Plan Plans With Benefit Obligations In Excess Of Plan Assets Aggregate Benefit Obligation
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3138000000 USD
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2381000000 USD
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DefinedBenefitPlanWeightedAverageAssetAllocations
1
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11000000 USD
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11000000 USD
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14000000 USD
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38000000 USD
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10000000 USD
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10000000 USD
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10000000 USD
CY2017Q3 us-gaap Dividends Common Stock Cash
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10000000 USD
CY2017 us-gaap Dividends Common Stock Cash
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40000000 USD
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71000000 USD
CY2017Q3 us-gaap Due To Related Parties Noncurrent
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74000000 USD
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1.15
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1.60
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1.49
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1.02
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1.15
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1.60
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1.15
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0.38
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0.44
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0.38
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EarningsPerShareDiluted
1.60
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0.35
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0.35
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1.49
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0.27
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0.52
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0 USD
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0.35
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0.35
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4000000 USD
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18000000 USD
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16000000 USD
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8000000 USD
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14000000 USD
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CY2017 us-gaap Equity Method Investment Other Than Temporary Impairment
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86000000 USD
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105000000 USD
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55000000 USD
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69000000 USD
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48000000 USD
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46000000 USD
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53000000 USD
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24000000 USD
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23000000 USD
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25000000 USD
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24000000 USD
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25000000 USD
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2000000 USD
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1000000 USD
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275000000 USD
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255000000 USD
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289000000 USD
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29000000 USD
CY2016Q3 us-gaap Equity Method Investments
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26000000 USD
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30000000 USD
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2000000 USD
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3000000 USD
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685000000 USD
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35000000 USD
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4000000 USD
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7000000 USD
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433000000 USD
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297000000 USD
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0 USD
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761000000 USD
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778000000 USD
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245000000 USD
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382000000 USD
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421000000 USD
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490000000 USD
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52000000 USD
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39000000 USD
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57000000 USD
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297000000 USD
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421000000 USD
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490000000 USD
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12000000 USD
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12000000 USD
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12000000 USD
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101000000 USD
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148000000 USD
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186000000 USD
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6000000 USD
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104000000 USD
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147000000 USD
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171000000 USD
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2000000 USD
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1000000 USD
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9000000 USD
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16000000 USD
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17000000 USD
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1000000 USD
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3000000 USD
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2000000 USD
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17000000 USD
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17000000 USD
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180000000 USD
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29000000 USD
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33000000 USD
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175000000 USD
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2000000 USD
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3000000 USD
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21000000 USD
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1825000000 USD
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1915000000 USD
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400000000 USD
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478000000 USD
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776000000 USD
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90000000 USD
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30000000 USD
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5000000 USD
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724000000 USD
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22000000 USD
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9000000 USD
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6000000 USD
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4000000 USD
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35000000 USD
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64000000 USD
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0 shares
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0 shares
CY2017 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
CY2016Q3 us-gaap Intangible Assets Net Including Goodwill
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267000000 USD
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335000000 USD
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InterestAndDebtExpense
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9000000 USD
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CY2017Q3 us-gaap Off Market Lease Unfavorable
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323000000 USD
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42000000 USD
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CY2017Q3 us-gaap Long Term Debt Noncurrent
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1034000000 USD
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34000000 USD
CY2015 us-gaap Net Cash Provided By Used In Operating Activities
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330000000 USD
CY2016 us-gaap Net Cash Provided By Used In Operating Activities
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311000000 USD
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CY2017Q3 us-gaap Inventory Work In Process And Raw Materials
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P1Y
CY2016Q3 vvv Financing Obligations Noncurrent
FinancingObligationsNoncurrent
19000000 USD
CY2017Q3 vvv Financing Obligations Noncurrent
FinancingObligationsNoncurrent
33000000 USD
CY2015 vvv Gain Loss On Sale Of Business Business Combinations Costs To Complete Transaction
GainLossOnSaleOfBusinessBusinessCombinationsCostsToCompleteTransaction
26000000 USD
CY2016Q3 vvv Gross Profit As A Percentageof Sales
GrossProfitAsAPercentageofSales
0.393
CY2016Q4 vvv Gross Profit As A Percentageof Sales
GrossProfitAsAPercentageofSales
0.378
CY2017Q1 vvv Gross Profit As A Percentageof Sales
GrossProfitAsAPercentageofSales
0.385
CY2017Q2 vvv Gross Profit As A Percentageof Sales
GrossProfitAsAPercentageofSales
0.369
CY2017Q3 vvv Gross Profit As A Percentageof Sales
GrossProfitAsAPercentageofSales
0.362
CY2015 vvv Income Lossfrom Equity Method Investments Including Equity Method Investment Otherthan Temporary Impairment
IncomeLossfromEquityMethodInvestmentsIncludingEquityMethodInvestmentOtherthanTemporaryImpairment
-2000000 USD
CY2016 vvv Income Lossfrom Equity Method Investments Including Equity Method Investment Otherthan Temporary Impairment
IncomeLossfromEquityMethodInvestmentsIncludingEquityMethodInvestmentOtherthanTemporaryImpairment
12000000 USD
CY2017 vvv Income Lossfrom Equity Method Investments Including Equity Method Investment Otherthan Temporary Impairment
IncomeLossfromEquityMethodInvestmentsIncludingEquityMethodInvestmentOtherthanTemporaryImpairment
12000000 USD
CY2017 vvv Net Transfers From Former Parent
NetTransfersFromFormerParent
5000000 USD
CY2015 vvv Net Transfers Of Cash From To Former Parent
NetTransfersOfCashFromToFormerParent
304000000 USD
CY2016 vvv Net Transfers Of Cash From To Former Parent
NetTransfersOfCashFromToFormerParent
1504000000 USD
CY2017 vvv Net Transfers Of Cash From To Former Parent
NetTransfersOfCashFromToFormerParent
-5000000 USD
CY2015 vvv Net Transfers To Former Parent
NetTransfersToFormerParent
269000000 USD
CY2016 vvv Net Transfers To Former Parent
NetTransfersToFormerParent
1500000000 USD
CY2015 vvv Proceeds From Contributions From Former Parent
ProceedsFromContributionsFromFormerParent
0 USD
CY2016 vvv Proceeds From Contributions From Former Parent
ProceedsFromContributionsFromFormerParent
60000000 USD
CY2017 vvv Proceeds From Contributions From Former Parent
ProceedsFromContributionsFromFormerParent
0 USD
CY2015 vvv Proceedsfrom Paymentsfor Other Financing Activities Other Intercompany Activity
ProceedsfromPaymentsforOtherFinancingActivitiesOtherIntercompanyActivity
0 USD
CY2016 vvv Proceedsfrom Paymentsfor Other Financing Activities Other Intercompany Activity
ProceedsfromPaymentsforOtherFinancingActivitiesOtherIntercompanyActivity
0 USD
CY2017 vvv Proceedsfrom Paymentsfor Other Financing Activities Other Intercompany Activity
ProceedsfromPaymentsforOtherFinancingActivitiesOtherIntercompanyActivity
0 USD
CY2015 vvv Separation Costs
SeparationCosts
0 USD
CY2016 vvv Separation Costs
SeparationCosts
6000000 USD
CY2017 vvv Separation Costs
SeparationCosts
32000000 USD
CY2016Q3 vvv Stockholders Equity Prior Ownership Parent Investment
StockholdersEquityPriorOwnershipParentInvestment
-1039000000 USD
CY2017Q3 vvv Stockholders Equity Prior Ownership Parent Investment
StockholdersEquityPriorOwnershipParentInvestment
0 USD
CY2017Q3 vvv Utilization Of Accounts Receivable Factoring Under Arrangement
UtilizationOfAccountsReceivableFactoringUnderArrangement
50000000 USD
CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of estimates, risks and uncertainties</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosures of contingent assets and liabilities.&#160;Significant items that are subject to such estimates and assumptions include, but are not limited to, long-lived assets (including goodwill), sales deductions, employee benefit obligations and income taxes.&#160;Although management bases its estimates on historical experience and various other assumptions that are believed to be reasonable under the circumstances, actual results could differ significantly from the estimates under different assumptions or conditions.</font></div></div>

Files In Submission

Name View Source Status
0001674910-17-000042-index-headers.html Edgar Link pending
0001674910-17-000042-index.html Edgar Link pending
0001674910-17-000042.txt Edgar Link pending
0001674910-17-000042-xbrl.zip Edgar Link pending
exhibit1012-valvolinenonqu.htm Edgar Link pending
exhibit1015-valvolinesuppl.htm Edgar Link pending
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