$WFRD
Weatherford International plc

2019 Q2 Form 10-Q Financial Statement

#000160392319000063 Filed on May 10, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q1
Revenue $1.309B $1.346B $1.423B
YoY Change -9.6% -5.41% 2.67%
Cost Of Revenue $1.019B $1.082B $680.0M
YoY Change 39.78% 59.12% -5.56%
Gross Profit $290.0M $264.0M $278.0M
YoY Change -4.92% -5.04% 54.44%
Gross Profit Margin 22.15% 19.61% 19.54%
Selling, General & Admin $247.0M $231.0M $200.0M
YoY Change 24.12% 15.5% -23.95%
% of Gross Profit 85.17% 87.5% 71.94%
Research & Development $36.00M $36.00M $38.00M
YoY Change -2.7% -5.26% -2.56%
% of Gross Profit 12.41% 13.64% 13.67%
Depreciation & Amortization $116.0M $123.0M $147.0M
YoY Change -19.44% -16.33% -29.33%
% of Gross Profit 40.0% 46.59% 52.88%
Operating Expenses $283.0M $267.0M $238.0M
YoY Change 19.92% 12.18% 510.26%
Operating Profit -$118.0M -$301.0M -$39.00M
YoY Change 61.64% 671.79% -81.78%
Interest Expense -$160.0M -$155.0M -$149.0M
YoY Change 5.26% 4.03% 5.67%
% of Operating Profit
Other Income/Expense, Net -$1.000M -$9.000M -$8.000M
YoY Change -85.71% 12.5% -214.29%
Pretax Income -$279.0M -$465.0M -$210.0M
YoY Change 19.74% 121.43% -48.78%
Income Tax $33.00M $12.00M $32.00M
% Of Pretax Income
Net Earnings -$316.0M -$481.0M -$245.0M
YoY Change 19.7% 96.33% -45.31%
Net Earnings / Revenue -24.14% -35.74% -17.22%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.31 -$0.48 -$0.25
COMMON SHARES
Basic Shares Outstanding 1.004B shares 1.003B shares 993.6M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $618.0M $598.0M $459.0M
YoY Change 48.92% 30.28% -15.93%
Cash & Equivalents $618.0M $598.0M $459.0M
Short-Term Investments
Other Short-Term Assets $476.0M $434.0M $579.0M
YoY Change 39.18% -25.04% 25.6%
Inventory $1.081B $1.050B $1.225B
Prepaid Expenses $127.0M
Receivables $1.114B $1.067B $1.051B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.406B $3.406B $3.615B
YoY Change -7.77% -5.78% -29.2%
LONG-TERM ASSETS
Property, Plant & Equipment $1.984B $1.994B $2.580B
YoY Change -12.71% -22.71% -39.51%
Goodwill $403.0M $504.0M $2.740B
YoY Change -84.62% -81.61% 15.95%
Intangibles $228.0M
YoY Change -4.6%
Long-Term Investments $26.00M
YoY Change -60.0%
Other Assets $588.0M $615.0M $145.0M
YoY Change 234.09% 324.14% 16.94%
Total Long-Term Assets $2.975B $3.113B $5.719B
YoY Change -43.72% -45.57% -18.95%
TOTAL ASSETS
Total Short-Term Assets $3.406B $3.406B $3.615B
Total Long-Term Assets $2.975B $3.113B $5.719B
Total Assets $6.381B $6.519B $9.334B
YoY Change -28.93% -30.16% -23.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $735.0M $746.0M $809.0M
YoY Change -2.52% -7.79% 0.75%
Accrued Expenses $358.0M $326.0M $311.0M
YoY Change 31.62% 4.82% 7.99%
Deferred Revenue
YoY Change
Short-Term Debt $622.0M $554.0M $29.00M
YoY Change 168.1% 1810.34% 1350.0%
Long-Term Debt Due $308.0M $58.00M $124.0M
YoY Change 388.89% -53.23% -47.9%
Total Short-Term Liabilities $2.889B $2.504B $2.092B
YoY Change 31.32% 19.69% -14.51%
LONG-TERM LIABILITIES
Long-Term Debt $7.366B $7.606B $7.639B
YoY Change -3.51% -0.43% 4.66%
Other Long-Term Liabilities $515.0M $515.0M $501.0M
YoY Change 12.69% 2.79% -30.9%
Total Long-Term Liabilities $515.0M $515.0M $501.0M
YoY Change 12.69% 2.79% -30.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.889B $2.504B $2.092B
Total Long-Term Liabilities $515.0M $515.0M $501.0M
Total Liabilities $10.77B $10.63B $10.23B
YoY Change 4.65% 3.84% -2.28%
SHAREHOLDERS EQUITY
Retained Earnings -$9.468B -$9.152B -$5.755B
YoY Change 48.66% 59.03% 69.36%
Common Stock $6.725B $6.720B $6.677B
YoY Change 0.54% 0.64% 1.17%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 0.000 shares
Shareholders Equity -$4.426B -$4.145B -$942.0M
YoY Change
Total Liabilities & Shareholders Equity $6.381B $6.519B $9.334B
YoY Change -28.93% -30.16% -23.25%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$316.0M -$481.0M -$245.0M
YoY Change 19.7% 96.33% -45.31%
Depreciation, Depletion And Amortization $116.0M $123.0M $147.0M
YoY Change -19.44% -16.33% -29.33%
Cash From Operating Activities -$229.0M -$249.0M -$185.0M
YoY Change 76.15% 34.59% 3.35%
INVESTING ACTIVITIES
Capital Expenditures $59.00M $59.00M $29.00M
YoY Change 13.46% 103.45% -27.5%
Acquisitions $0.00 -$4.000M
YoY Change -100.0%
Other Investing Activities $246.0M $100.0M $41.00M
YoY Change 547.37% 143.9% -4200.0%
Cash From Investing Activities $187.0M $36.00M $0.00
YoY Change -1435.71% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 61.00M $208.0M $54.00M
YoY Change -48.31% 285.19% -250.0%
NET CHANGE
Cash From Operating Activities -229.0M -$249.0M -$185.0M
Cash From Investing Activities 187.0M $36.00M $0.00
Cash From Financing Activities 61.00M $208.0M $54.00M
Net Change In Cash 19.00M -$4.000M -$131.0M
YoY Change -173.08% -96.95% -73.48%
FREE CASH FLOW
Cash From Operating Activities -$229.0M -$249.0M -$185.0M
Capital Expenditures $59.00M $59.00M $29.00M
Free Cash Flow -$288.0M -$308.0M -$214.0M
YoY Change 58.24% 43.93% -2.28%

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CY2019Q1 us-gaap Liabilities
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LiabilitiesAndStockholdersEquity
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CY2019Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
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CY2019Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
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CY2018Q4 us-gaap Litigation Reserve
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CY2019Q1 us-gaap Litigation Reserve
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CY2018Q4 us-gaap Long Term Debt And Capital Lease Obligations
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CY2019Q1 us-gaap Long Term Debt And Capital Lease Obligations
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CY2018Q4 us-gaap Minority Interest
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CY2019Q1 us-gaap Minority Interest
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CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
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20000000 USD
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281000000 USD
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0.131
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P6Y8M
CY2018Q1 us-gaap Operating Leases Income Statement Lease Revenue
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CY2018Q4 us-gaap Other Assets Noncurrent
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CY2019Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
615000000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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5000000 USD
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33000000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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5000000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
33000000 USD
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
5000000 USD
CY2019Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
33000000 USD
CY2018Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
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CY2019Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
712000000 USD
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
362000000 USD
CY2019Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
515000000 USD
CY2018Q1 us-gaap Other Noncash Income Expense
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CY2019Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
12000000 USD
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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CY2019Q1 us-gaap Other Nonoperating Income Expense
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CY2018Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2019Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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0 USD
CY2018Q1 us-gaap Payments To Acquire Intangible Assets
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CY2019Q1 us-gaap Payments To Acquire Intangible Assets
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5000000 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
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29000000 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
58000000 USD
CY2018Q1 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
25000000 USD
CY2019Q1 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
74000000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
588000000 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
CY2018Q1 us-gaap Proceeds From Payments For Other Financing Activities
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-10000000 USD
CY2019Q1 us-gaap Proceeds From Payments For Other Financing Activities
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CY2018Q1 us-gaap Proceeds From Repayments Of Long Term Debt And Capital Securities
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148000000 USD
CY2019Q1 us-gaap Proceeds From Repayments Of Long Term Debt And Capital Securities
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CY2018Q1 us-gaap Proceeds From Repayments Of Short Term Debt
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CY2019Q1 us-gaap Proceeds From Repayments Of Short Term Debt
ProceedsFromRepaymentsOfShortTermDebt
228000000 USD
CY2018Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
12000000 USD
CY2019Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
26000000 USD
CY2018Q1 us-gaap Profit Loss
ProfitLoss
-242000000 USD
CY2019Q1 us-gaap Profit Loss
ProfitLoss
-477000000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2086000000 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1994000000 USD
CY2018Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
1130000000 USD
CY2019Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
1154000000 USD
CY2018Q4 us-gaap Recorded Unconditional Purchase Obligation
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46000000 USD
CY2018Q1 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
440000000 USD
CY2019Q1 us-gaap Repayments Of Long Term Debt And Capital Securities
RepaymentsOfLongTermDebtAndCapitalSecurities
15000000 USD
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
38000000 USD
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
36000000 USD
CY2018Q1 us-gaap Restructuring Charges
RestructuringCharges
25000000 USD
CY2019Q1 us-gaap Restructuring Charges
RestructuringCharges
20000000 USD
CY2018Q1 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
29000000 USD
CY2019Q1 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
19000000 USD
CY2019Q1 us-gaap Restructuring Reserve Translation And Other Adjustment
RestructuringReserveTranslationAndOtherAdjustment
12000000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-8671000000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-9152000000 USD
CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1341000000 USD
CY2018Q1 us-gaap Revenues
Revenues
1423000000 USD
CY2019Q1 us-gaap Revenues
Revenues
1346000000 USD
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
19000000 USD
CY2019Q1 us-gaap Sale And Leaseback Transaction Gain Loss Net
SaleAndLeasebackTransactionGainLossNet
36000000 USD
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
200000000 USD
CY2019Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
199000000 USD
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
20000000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
17000000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
8000000 USD
CY2018Q4 us-gaap Stockholders Equity
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-3705000000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
-4145000000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-571000000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-898000000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-3666000000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-4106000000 USD
CY2018Q1 us-gaap Stockholders Equity Other
StockholdersEquityOther
6000000 USD
CY2019Q1 us-gaap Stockholders Equity Other
StockholdersEquityOther
-1000000 USD
CY2019Q1 us-gaap Sublease Income
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2000000 USD
CY2018Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
214000000 USD
CY2019Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
198000000 USD
CY2018Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
0 shares
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
0 shares
CY2019Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
0 USD
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
994000000 shares
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
1003000000 shares
CY2018Q4 wft Accounts Payableand Other Liabilities Current
AccountsPayableandOtherLiabilitiesCurrent
1917000000 USD
CY2019Q1 wft Accounts Payableand Other Liabilities Current
AccountsPayableandOtherLiabilitiesCurrent
1892000000 USD
CY2018Q1 wft Adjustments Noncash Items Intercompany Charges To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsNoncashItemsIntercompanyChargesToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
0 USD
CY2019Q1 wft Adjustments Noncash Items Intercompany Charges To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsNoncashItemsIntercompanyChargesToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
0 USD
CY2018Q1 wft Antidilutive Securities Excludedfrom Computationof Earningsper Share Dueto Net Loss Amount
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250000000 shares
CY2019Q1 wft Antidilutive Securities Excludedfrom Computationof Earningsper Share Dueto Net Loss Amount
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250000000 shares
CY2018Q1 wft Asset Write Downand Other
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18000000 USD
CY2019Q1 wft Asset Write Downand Other
AssetWriteDownandOther
49000000 USD
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-34000000 USD
CY2019Q1 wft Bond Tender Premium Net
BondTenderPremiumNet
0 USD
CY2018Q2 wft Common Shares Shares Conditionally Authorized
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0 shares
CY2018Q4 wft Common Shares Shares Conditionally Authorized
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0 shares
CY2019Q1 wft Debt Instrument Covenant Asset Coverage Ratio
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4.0
CY2019Q1 wft Debt Instrument Covenant Initial Current Asset Coverage Ratio
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1.5
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DebtInstrumentCovenantSecondaryCurrentAssetCoverageRatio
2.1
CY2019Q1 wft Debt Instrument Covenant Senior Leverage Ratio Period Two
DebtInstrumentCovenantSeniorLeverageRatioPeriodTwo
2.5
CY2019Q1 wft Debt Instrument Covenant Specified Leverageand Letterof Credit Ratio Period Two
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3.5
CY2018Q4 wft Equity Method Investments In Affiliates
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0 USD
CY2019Q1 wft Equity Method Investments In Affiliates
EquityMethodInvestmentsInAffiliates
0 USD
CY2018Q1 wft Foreign Currency Devaluation Lossbefore Tax
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26000000 USD
CY2019Q1 wft Foreign Currency Devaluation Lossbefore Tax
ForeignCurrencyDevaluationLossbeforeTax
0 USD
CY2019Q1 wft Goodwill Reclassificationto Assets Heldfor Sale
GoodwillReclassificationtoAssetsHeldforSale
4000000 USD
CY2018Q1 wft Income Lossfrom Subsidiary
IncomeLossfromSubsidiary
0 USD
CY2019Q1 wft Income Lossfrom Subsidiary
IncomeLossfromSubsidiary
0 USD
CY2018Q1 wft Increase Decreasein Accrued Litigationand Settlements
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-8000000 USD
CY2019Q1 wft Increase Decreasein Accrued Litigationand Settlements
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-3000000 USD
CY2018Q1 wft Intercompany Charges Net
IntercompanyChargesNet
0 USD
CY2019Q1 wft Intercompany Charges Net
IntercompanyChargesNet
0 USD
CY2018Q4 wft Intercompany Payables Net
IntercompanyPayablesNet
0 USD
CY2019Q1 wft Intercompany Payables Net
IntercompanyPayablesNet
0 USD
CY2018Q4 wft Intercompany Receivables Net
IntercompanyReceivablesNet
0 USD
CY2019Q1 wft Intercompany Receivables Net
IntercompanyReceivablesNet
0 USD
CY2019Q1 wft Lease Liabilities
LeaseLiabilities
375000000 USD
CY2019Q1 wft Lease Rightof Use Assets
LeaseRightofUseAssets
338000000 USD
CY2018Q4 wft Other Assets Current Consolidating
OtherAssetsCurrentConsolidating
2848000000 USD
CY2019Q1 wft Other Assets Current Consolidating
OtherAssetsCurrentConsolidating
2808000000 USD
CY2018Q4 wft Other Assets Noncurrent Consolidating
OtherAssetsNoncurrentConsolidating
3151000000 USD
CY2019Q1 wft Other Assets Noncurrent Consolidating
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3113000000 USD
CY2018Q1 wft Other Nonoperating Income Expense Including Foreign Currency Devaluation
OtherNonoperatingIncomeExpenseIncludingForeignCurrencyDevaluation
-22000000 USD
CY2019Q1 wft Other Nonoperating Income Expense Including Foreign Currency Devaluation
OtherNonoperatingIncomeExpenseIncludingForeignCurrencyDevaluation
-9000000 USD
CY2018Q1 wft Paymentsfor Bond Tender Premium
PaymentsforBondTenderPremium
30000000 USD
CY2019Q1 wft Paymentsfor Bond Tender Premium
PaymentsforBondTenderPremium
0 USD
CY2018Q1 wft Proceedsfrom Paymentsfor Other Financing Activities Consolidating
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-40000000 USD
CY2019Q1 wft Proceedsfrom Paymentsfor Other Financing Activities Consolidating
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-5000000 USD
CY2018Q1 wft Proceedsfrom Paymentsfor Other Operating Activities Consolidating
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57000000 USD
CY2019Q1 wft Proceedsfrom Paymentsfor Other Operating Activities Consolidating
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228000000 USD
CY2018Q1 wft Proceedsfrom Repaymentsof Debtfrom Subsidiaries Net
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0 USD
CY2019Q1 wft Proceedsfrom Repaymentsof Debtfrom Subsidiaries Net
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0 USD
CY2017 wft Proceedsfrom Saleof Accounts Receivable
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93000000 USD
CY2019Q1 wft Proceedsfrom Saleof Accounts Receivable
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81000000 USD
CY2018Q4 wft Transferof Accounts Receivable Accountedforas Sales Carrying Value
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96000000 USD
CY2019Q1 wft Transferof Accounts Receivable Accountedforas Sales Carrying Value
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84000000 USD
CY2019Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">Certain reclassifications of the financial statements and accompanying footnotes for the </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">three</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> months ended </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">March&#160;31, 2018</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> have been made to conform to the presentation for the </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">three</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> months ended </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">March&#160;31, 2019</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">. See &#8220;</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">Note 2 &#8211; New Accounting Pronouncements</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">&#8221; for additional details regarding accounting changes impacting the </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">Condensed Consolidated Financial Statements</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">.</font></div><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;"><br clear="none"/></font></div></div>
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-align:justify;text-indent:25px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:25px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements, the reported amounts of revenues and expenses during the reporting period, and disclosure of contingent assets and liabilities. </font></div><div style="line-height:120%;text-align:justify;text-indent:25px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:25px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">On an on-going basis, we evaluate our estimates and assumptions, including those related to uncollectible accounts receivable, lower of cost or net realizable value of inventories, assets and liabilities held for sale, derivative financial instruments, intangible assets and goodwill, property, plant and equipment (&#8220;PP&amp;E&#8221;), right-of-use (&#8220;ROU&#8221;) lease assets, income taxes, accounting for long-term contracts, self-insurance, foreign currency exchange rates, lease liabilities, pension and post-retirement benefit plans, disputes, litigation, contingencies and share-based compensation. We base our estimates on historical experience, adjusted for current conditions if necessary, and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.</font></div></div>

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