2017 Form 10-K Financial Statement

#000007086618000010 Filed on February 26, 2018

View on sec.gov

Income Statement

Concept 2017 2016 Q4 2016 Q3
Revenue $6.516B $1.802B $1.677B
YoY Change -0.41% 7.26% 3.97%
Cost Of Revenue $2.626B $1.287B $672.0M
YoY Change -1.24% 6.89% 4.35%
Gross Profit $3.890B $479.0M $477.0M
YoY Change 0.15% 0.63% 4.38%
Gross Profit Margin 59.7% 26.58% 28.44%
Selling, General & Admin $923.0M $208.0M $225.0M
YoY Change 2.1% -6.73% 0.45%
% of Gross Profit 23.73% 43.42% 47.17%
Research & Development $241.0M $66.00M $56.00M
YoY Change 7.11% 20.0% 5.66%
% of Gross Profit 6.2% 13.78% 11.74%
Depreciation & Amortization $354.0M $85.00M $84.00M
YoY Change 2.91% 7.59% 9.09%
% of Gross Profit 9.1% 17.75% 17.61%
Operating Expenses $1.164B $289.0M $281.0M
YoY Change 3.1% 0.7% 1.44%
Operating Profit $691.0M $146.0M $189.0M
YoY Change 2.52% 5.8% 12.5%
Interest Expense $163.0M -$40.00M $41.00M
YoY Change -4.12% -4.76% -2.38%
% of Operating Profit 23.59% -27.4% 21.69%
Other Income/Expense, Net -$46.00M -$92.00M -$8.000M
YoY Change -63.2% 113.95% 14.29%
Pretax Income $149.0M $89.00M $140.0M
YoY Change 325.71% 67.92% 17.65%
Income Tax $242.0M $17.00M $31.00M
% Of Pretax Income 162.42% 19.1% 22.14%
Net Earnings $232.0M $45.00M $92.00M
YoY Change -14.07% 87.5% -6.12%
Net Earnings / Revenue 3.56% 2.5% 5.49%
Basic Earnings Per Share $1.01 $0.36 $0.74
Diluted Earnings Per Share $0.97 $0.35 $0.68
COMMON SHARES
Basic Shares Outstanding 121.9M shares 124.1M shares 123.9M shares
Diluted Shares Outstanding 127.0M shares 155.4M shares

Balance Sheet

Concept 2017 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $537.0M $498.0M $318.0M
YoY Change 7.83% 51.83% 4.95%
Cash & Equivalents $447.0M $498.0M $318.0M
Short-Term Investments $90.00M
Other Short-Term Assets $243.0M $278.0M $270.0M
YoY Change -12.59% -14.98% -40.4%
Inventory $780.0M $699.0M $776.0M
Prepaid Expenses
Receivables $1.233B $1.282B $1.387B
Other Receivables $37.00M $57.00M $56.00M
Total Short-Term Assets $2.830B $2.757B $2.751B
YoY Change 2.65% 8.16% -5.07%
LONG-TERM ASSETS
Property, Plant & Equipment $341.0M $287.0M $289.0M
YoY Change 18.82% -10.87% -14.5%
Goodwill $2.727B $2.737B
YoY Change -0.22% -0.47%
Intangibles $672.0M $704.0M
YoY Change -15.79% -15.18%
Long-Term Investments
YoY Change
Other Assets $1.164B $561.0M $552.0M
YoY Change -5.37% 7.68% 0.18%
Total Long-Term Assets $4.824B $4.916B $4.960B
YoY Change -1.87% -3.34% -0.58%
TOTAL ASSETS
Total Short-Term Assets $2.830B $2.757B $2.751B
Total Long-Term Assets $4.824B $4.916B $4.960B
Total Assets $7.654B $7.673B $7.711B
YoY Change -0.25% 0.5% -2.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $762.0M $781.0M $718.0M
YoY Change -2.43% 18.87% 3.91%
Accrued Expenses $219.0M $234.0M $212.0M
YoY Change -6.41% 23.81% 0.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $50.00M $256.0M
YoY Change 284.62% 5020.0%
Long-Term Debt Due $52.00M $50.00M $256.0M
YoY Change 4.0% 284.62% 5020.0%
Total Short-Term Liabilities $1.889B $1.965B $2.002B
YoY Change -3.87% 10.33% 9.1%
LONG-TERM LIABILITIES
Long-Term Debt $2.939B $3.001B $3.033B
YoY Change -2.07% -7.35% -6.48%
Other Long-Term Liabilities $1.279B $138.0M $151.0M
YoY Change 11.61% 74.68% 84.15%
Total Long-Term Liabilities $4.218B $3.139B $3.184B
YoY Change 1.71% -5.39% -4.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.889B $1.965B $2.002B
Total Long-Term Liabilities $4.218B $3.139B $3.184B
Total Liabilities $6.125B $6.112B $6.191B
YoY Change -0.1% 0.28% -0.15%
SHAREHOLDERS EQUITY
Retained Earnings $867.0M $822.0M
YoY Change -0.23% -39.43%
Common Stock $33.00M $22.00M
YoY Change 3200.0% -95.48%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.529B $695.0M $672.0M
YoY Change
Total Liabilities & Shareholders Equity $7.654B $7.673B $7.711B
YoY Change -0.25% 0.5% -2.23%

Cashflow Statement

Concept 2017 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income $232.0M $45.00M $92.00M
YoY Change -14.07% 87.5% -6.12%
Depreciation, Depletion And Amortization $354.0M $85.00M $84.00M
YoY Change 2.91% 7.59% 9.09%
Cash From Operating Activities $752.0M $516.0M $215.0M
YoY Change -15.88% 107.23% 34.38%
INVESTING ACTIVITIES
Capital Expenditures $128.0M -$67.00M -$62.00M
YoY Change 75.34% 3.08% 14.81%
Acquisitions $8.000M
YoY Change
Other Investing Activities -$6.000M -$1.000M $0.00
YoY Change -166.67% -105.0% -100.0%
Cash From Investing Activities -$290.0M -$68.00M -$62.00M
YoY Change 53.44% 51.11% 21.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $350.0M
YoY Change 40.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$434.0M -244.0M -167.0M
YoY Change -7.07% 37.85% -25.11%
NET CHANGE
Cash From Operating Activities $752.0M 516.0M 215.0M
Cash From Investing Activities -$290.0M -68.00M -62.00M
Cash From Financing Activities -$434.0M -244.0M -167.0M
Net Change In Cash $36.00M 204.0M -14.00M
YoY Change -79.07% 655.56% -87.72%
FREE CASH FLOW
Cash From Operating Activities $752.0M $516.0M $215.0M
Capital Expenditures $128.0M -$67.00M -$62.00M
Free Cash Flow $624.0M $583.0M $277.0M
YoY Change -24.0% 85.67% 29.44%

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CY2017 us-gaap Other Comprehensive Income Defined Benefit Plan Net Prior Service Cost Credit Arising During Period Before Tax
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CY2017 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
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43000000 USD
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5000000 USD
CY2017 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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5000000 USD
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7000000 USD
CY2016 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
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1000000 USD
CY2017 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
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1000000 USD
CY2015 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
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CY2016 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
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2000000 USD
CY2017 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
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2000000 USD
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10000000 USD
CY2016 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
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19000000 USD
CY2017 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
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1000000 USD
CY2016 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
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4000000 USD
CY2017 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
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CY2017Q4 us-gaap Other Liabilities Noncurrent
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200000000 USD
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OtherNonoperatingExpense
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OtherNonoperatingExpense
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OtherNonoperatingIncomeExpense
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CY2017 us-gaap Other Nonoperating Income Expense
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CY2015 us-gaap Other Preferred Stock Dividends And Adjustments
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0 USD
CY2016 us-gaap Other Preferred Stock Dividends And Adjustments
OtherPreferredStockDividendsAndAdjustments
0 USD
CY2017 us-gaap Other Preferred Stock Dividends And Adjustments
OtherPreferredStockDividendsAndAdjustments
4000000 USD
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61000000 USD
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42000000 USD
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61000000 USD
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77000000 USD
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.339
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0121
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
14.93
CY2016Q4 us-gaap Short Term Borrowings
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50000000 USD
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52000000 USD
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22000000 USD
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27000000 USD
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26000000 USD
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39000000 USD
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39000000 USD
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44000000 USD
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41000000 USD
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42000000 USD
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43000000 USD
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800000 shares
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900000 shares
CY2017Q4 us-gaap Temporary Equity Shares Outstanding
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800000 shares
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29000000 USD
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23000000 USD
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2500000000 USD
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248000000 USD
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209000000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits
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183000000 USD
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1011000000 USD
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1055000000 USD
CY2016Q4 us-gaap Temporary Equity Aggregate Amount Of Redemption Requirement
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870000000 USD
CY2017Q4 us-gaap Temporary Equity Aggregate Amount Of Redemption Requirement
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825000000 USD
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810000000 USD
CY2016Q4 us-gaap Temporary Equity Liquidation Preference
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CY2017Q4 us-gaap Temporary Equity Par Or Stated Value Per Share
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CY2017Q4 us-gaap Unrecognized Tax Benefits
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196000000 USD
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37000000 USD
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34000000 USD
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CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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33000000 USD
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6000000 USD
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4000000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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41000000 USD
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45000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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4000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0 USD
CY2017 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
2000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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35000000 USD
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23000000 USD
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23000000 USD
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17000000 USD
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UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
3000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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3000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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21000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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12000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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8000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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97000000 USD
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
129200000 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
127000000 shares
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
167600000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
125600000 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
121900000 shares
CY2017 us-gaap Advertising Cost Policy Expensed Advertising Cost
AdvertisingCostPolicyExpensedAdvertisingCost
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Advertising</font><font style="font-family:inherit;font-size:10pt;"> Advertising costs are recognized in selling, general and administrative expenses when incurred. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></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%;text-align:justify;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 preparation of financial statements in accordance with generally accepted accounting principles in the United States ( U.S. GAAP) requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and revenue and expenses during the periods reported. Actual results could differ from those estimates.</font></div></div>

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0000070866-18-000010-index-headers.html Edgar Link pending
0000070866-18-000010-index.html Edgar Link pending
0000070866-18-000010.txt Edgar Link pending
0000070866-18-000010-xbrl.zip Edgar Link pending
exhibit10112secondamendmen.htm Edgar Link pending
exhibit10211firstamendment.htm Edgar Link pending
exhibit121ratioofearningst.htm Edgar Link pending
exhibit21subsidiariesofncr.htm Edgar Link pending
exhibit231consentofindepen.htm Edgar Link pending
exhibit311section302ceocer.htm Edgar Link pending
exhibit312section302cfocer.htm Edgar Link pending
exhibit32section906ceoandc.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
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