2017 Form 10-K Financial Statement

#000109714918000010 Filed on February 28, 2018

View on sec.gov

Income Statement

Concept 2017 2016 Q4 2016
Revenue $1.473B $293.2M $1.080B
YoY Change 36.44% 27.31% 27.72%
Cost Of Revenue $356.5M $73.00M $264.6M
YoY Change 34.73% 26.96% 28.83%
Gross Profit $1.117B $220.2M $815.3M
YoY Change 37.0% 27.43% 27.37%
Gross Profit Margin 75.81% 75.1% 75.5%
Selling, General & Admin $665.8M $130.3M $490.7M
YoY Change 35.68% 30.82% 25.74%
% of Gross Profit 59.61% 59.17% 60.19%
Research & Development $97.56M $21.60M $75.72M
YoY Change 28.84% 55.4% 23.65%
% of Gross Profit 8.73% 9.81% 9.29%
Depreciation & Amortization $37.74M $7.200M $24.00M
YoY Change 57.23% 46.94% 33.31%
% of Gross Profit 3.38% 3.27% 2.94%
Operating Expenses $763.3M $151.8M $566.4M
YoY Change 34.78% 33.86% 25.45%
Operating Profit $353.6M $68.40M $248.9M
YoY Change 42.06% 15.15% 31.96%
Interest Expense $11.20M -$7.500M -$6.400M
YoY Change -275.0% -2600.0% 156.0%
% of Operating Profit 3.17% -10.96% -2.57%
Other Income/Expense, Net $4.240M -$10.57M
YoY Change -140.12% 317.21%
Pretax Income $123.7M $60.90M $118.9M
YoY Change 4.06% 2.01% 35.38%
Income Tax $130.2M $12.00M $51.20M
% Of Pretax Income 105.23% 19.7% 43.07%
Net Earnings $231.4M $47.60M $189.7M
YoY Change 22.0% -2.66% 31.71%
Net Earnings / Revenue 15.71% 16.23% 17.57%
Basic Earnings Per Share $2.89 $2.38
Diluted Earnings Per Share $2.83 $584.8K $2.33
COMMON SHARES
Basic Shares Outstanding 80.09M shares 79.69M shares 79.86M shares
Diluted Shares Outstanding 81.83M shares 81.48M shares

Balance Sheet

Concept 2017 2016 Q4 2016
SHORT-TERM ASSETS
Cash & Short-Term Investments $721.5M $640.3M $640.3M
YoY Change 12.68% 21.42% 21.43%
Cash & Equivalents $449.5M $389.3M $389.3M
Short-Term Investments $272.0M $251.0M $251.0M
Other Short-Term Assets $80.90M $38.20M $38.20M
YoY Change 111.78% 43.07% 43.07%
Inventory $31.70M $27.13M $27.10M
Prepaid Expenses
Receivables $324.2M $247.4M $247.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.158B $953.0M $953.0M
YoY Change 21.55% 30.19% 30.19%
LONG-TERM ASSETS
Property, Plant & Equipment $348.8M $175.2M $175.2M
YoY Change 99.09% 28.35% 28.35%
Goodwill $61.04M
YoY Change -0.05%
Intangibles
YoY Change
Long-Term Investments $94.60M $45.06M $104.8M
YoY Change -9.73% -30.78%
Other Assets $93.20M $13.32M $81.20M
YoY Change 14.78% 62.4% 36.24%
Total Long-Term Assets $625.6M $443.2M $443.2M
YoY Change 41.16% 3.88% 3.89%
TOTAL ASSETS
Total Short-Term Assets $1.158B $953.0M $953.0M
Total Long-Term Assets $625.6M $443.2M $443.2M
Total Assets $1.784B $1.396B $1.396B
YoY Change 27.78% 20.5% 20.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $36.80M $28.60M $28.60M
YoY Change 28.67% -16.76% -16.86%
Accrued Expenses $183.2M $134.3M $130.1M
YoY Change 40.81% 24.65% 23.79%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $500.1M $354.3M $354.3M
YoY Change 41.15% 30.43% 30.4%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $129.7M $1.294M $46.40M
YoY Change 179.53% -15.04% 18.97%
Total Long-Term Liabilities $129.7M $1.294M $46.40M
YoY Change 179.53% -15.04% 18.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $500.1M $354.3M $354.3M
Total Long-Term Liabilities $129.7M $1.294M $46.40M
Total Liabilities $629.7M $400.8M $400.8M
YoY Change 57.11% 28.98% 29.0%
SHAREHOLDERS EQUITY
Retained Earnings $131.4M
YoY Change 379.89%
Common Stock $8.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.154B $999.3M $995.4M
YoY Change
Total Liabilities & Shareholders Equity $1.784B $1.396B $1.396B
YoY Change 27.78% 20.5% 20.51%

Cashflow Statement

Concept 2017 2016 Q4 2016
OPERATING ACTIVITIES
Net Income $231.4M $47.60M $189.7M
YoY Change 22.0% -2.66% 31.71%
Depreciation, Depletion And Amortization $37.74M $7.200M $24.00M
YoY Change 57.23% 46.94% 33.31%
Cash From Operating Activities $438.5M $81.00M $247.7M
YoY Change 77.08% 2.02% 4.06%
INVESTING ACTIVITIES
Capital Expenditures $195.7M -$14.20M $70.58M
YoY Change 177.28% -15.48% 32.04%
Acquisitions $8.953M $0.00
YoY Change
Other Investing Activities $2.597M -$55.60M $8.031M
YoY Change -67.66% -2.28% -17558.7%
Cash From Investing Activities -$251.5M -$69.90M $73.03M
YoY Change -444.36% -5.28% -143.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $89.33M $82.44M
YoY Change 8.36% -8.87%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$135.5M -37.90M -$95.52M
YoY Change 41.85% 221.19% -5.22%
NET CHANGE
Cash From Operating Activities $438.5M 81.00M $247.7M
Cash From Investing Activities -$251.5M -69.90M $73.03M
Cash From Financing Activities -$135.5M -37.90M -$95.52M
Net Change In Cash $57.11M -26.80M $221.8M
YoY Change -74.25% 332.26% -860.84%
FREE CASH FLOW
Cash From Operating Activities $438.5M $81.00M $247.7M
Capital Expenditures $195.7M -$14.20M $70.58M
Free Cash Flow $242.8M $95.20M $177.1M
YoY Change 37.14% -1.04% -4.05%

Facts In Submission

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CY2016Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
256000 USD
CY2017Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
10074000 USD
CY2016Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
22954000 USD
CY2017Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
12547000 USD
CY2016Q4 us-gaap Deferred Tax Assets Unrealized Currency Losses
DeferredTaxAssetsUnrealizedCurrencyLosses
1634000 USD
CY2017Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
278000 USD
CY2016Q4 us-gaap Deferred Tax Liabilities Prepaid Expenses
DeferredTaxLiabilitiesPrepaidExpenses
969000 USD
CY2017Q4 us-gaap Deferred Tax Liabilities Prepaid Expenses
DeferredTaxLiabilitiesPrepaidExpenses
751000 USD
CY2016Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
12034000 USD
CY2017Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
7522000 USD
CY2016Q4 us-gaap Deferred Tax Liabilities Undistributed Foreign Earnings
DeferredTaxLiabilitiesUndistributedForeignEarnings
0 USD
CY2017Q4 us-gaap Deferred Tax Liabilities Undistributed Foreign Earnings
DeferredTaxLiabilitiesUndistributedForeignEarnings
3305000 USD
CY2017Q4 us-gaap Deferred Tax Liability Not Recognized Amount Of Unrecognized Deferred Tax Liability Undistributed Earnings Of Foreign Subsidiaries
DeferredTaxLiabilityNotRecognizedAmountOfUnrecognizedDeferredTaxLiabilityUndistributedEarningsOfForeignSubsidiaries
14700000 USD
CY2017 us-gaap Deferred Tax Liability Not Recognized Events That Would Cause Temporary Difference To Be Taxable Undistributed Earnings Of Foreign Subsidiaries
DeferredTaxLiabilityNotRecognizedEventsThatWouldCauseTemporaryDifferenceToBeTaxableUndistributedEarningsOfForeignSubsidiaries
3.3
CY2015 us-gaap Depreciation And Amortization
DepreciationAndAmortization
18000000 USD
CY2016 us-gaap Depreciation And Amortization
DepreciationAndAmortization
24000000 USD
CY2017 us-gaap Depreciation And Amortization
DepreciationAndAmortization
37700000 USD
CY2015 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
18004000 USD
CY2016 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
24002000 USD
CY2017 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
37739000 USD
CY2015 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.80
CY2016 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.38
CY2017 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.89
CY2015 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.77
CY2016 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.33
CY2017 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.83
CY2015 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-3007000 USD
CY2016 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-3417000 USD
CY2017 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
5510000 USD
CY2015 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.226
CY2016 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.211
CY2017 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.357
CY2015 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2016 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2015 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.162
CY2016 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.063
CY2017 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.180
CY2015 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.016
CY2016 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.012
CY2017 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
-0.063
CY2015 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.007
CY2016 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.020
CY2017 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.005
CY2015 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.015
CY2016 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.021
CY2017 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.014
CY2016Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
79214000 USD
CY2017Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
103004000 USD
CY2015 us-gaap Employee Stock Ownership Plan Esop Weighted Average Purchase Price Of Shares Purchased
EmployeeStockOwnershipPlanESOPWeightedAveragePurchasePriceOfSharesPurchased
36.66
CY2016 us-gaap Employee Stock Ownership Plan Esop Weighted Average Purchase Price Of Shares Purchased
EmployeeStockOwnershipPlanESOPWeightedAveragePurchasePriceOfSharesPurchased
48.65
CY2017 us-gaap Employee Stock Ownership Plan Esop Weighted Average Purchase Price Of Shares Purchased
EmployeeStockOwnershipPlanESOPWeightedAveragePurchasePriceOfSharesPurchased
59.93
CY2016Q3 us-gaap Equity Method Investment Ownership Percentage
EquityMethodInvestmentOwnershipPercentage
0.17
CY2016Q4 us-gaap Equity Method Investments
EquityMethodInvestments
45061000 USD
CY2017Q4 us-gaap Equity Method Investments
EquityMethodInvestments
54606000 USD
CY2015 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
10396000 USD
CY2016 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
16773000 USD
CY2017 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
0 USD
CY2015 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
-10224000 USD
CY2016 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
-15888000 USD
CY2017 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
0 USD
CY2017 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
350 USD
CY2017 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues
2000 USD
CY2016Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
2047 USD
CY2017Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
4476 USD
CY2015 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
35275000 USD
CY2016 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
65029000 USD
CY2017 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
106938000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
19304000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
24404000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
2436000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
6379000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
2116000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
3389000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
3869000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
6265000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
59516000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
68116000 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
20954000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
24454000 USD
CY2015 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-4000000 USD
CY2016 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-8000000 USD
CY2017 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
9000000 USD
CY2015 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
4238000 USD
CY2016 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
-19068000 USD
CY2017 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
17967000 USD
CY2017Q4 us-gaap Gain Contingency Patents Allegedly Infringed Upon Number
GainContingencyPatentsAllegedlyInfringedUponNumber
26 Lawsuit
CY2015Q4 us-gaap Goodwill
Goodwill
61074000 USD
CY2016Q4 us-gaap Goodwill
Goodwill
61044000 USD
CY2017Q4 us-gaap Goodwill
Goodwill
64614000 USD
CY2017 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
3247000 USD
CY2016 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-30000 USD
CY2017 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
323000 USD
CY2015 us-gaap Gross Profit
GrossProfit
640110000 USD
CY2016 us-gaap Gross Profit
GrossProfit
815294000 USD
CY2017 us-gaap Gross Profit
GrossProfit
1116947000 USD
CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
87803000 USD
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
118871000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
123696000 USD
CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
98298000 USD
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
123695000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
241103000 USD
CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
186101000 USD
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
242566000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
364799000 USD
CY2015 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
0 USD
CY2016 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-1684000 USD
CY2017 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-3219000 USD
CY2016 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
1400000 USD
CY2017 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
800000 USD
CY2015 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
42081000 USD
CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
51200000 USD
CY2017 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
130162000 USD
CY2016 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
34300000 USD
CY2015 us-gaap Income Taxes Paid
IncomeTaxesPaid
40621000 USD
CY2016 us-gaap Income Taxes Paid
IncomeTaxesPaid
47289000 USD
CY2017 us-gaap Income Taxes Paid
IncomeTaxesPaid
51231000 USD
CY2015 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
7575000 USD
CY2016 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-3395000 USD
CY2017 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
8175000 USD
CY2015 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
40775000 USD
CY2016 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
94444000 USD
CY2017 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
90990000 USD
CY2015 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
6930000 USD
CY2016 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
7622000 USD
CY2017 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
68958000 USD
CY2015 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
12532000 USD
CY2016 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
30007000 USD
CY2017 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
24235000 USD
CY2015 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
41854000 USD
CY2016 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
60656000 USD
CY2017 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
79662000 USD
CY2015 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
3563000 USD
CY2016 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
7663000 USD
CY2017 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
5481000 USD
CY2015 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
3726000 USD
CY2016 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
9390000 USD
CY2017 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
8669000 USD
CY2016Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
81998000 USD
CY2017Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
89068000 USD
CY2016Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
6565000 USD
CY2017Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
6810000 USD
CY2016Q4 us-gaap Inventory Net
InventoryNet
27131000 USD
CY2017Q4 us-gaap Inventory Net
InventoryNet
31688000 USD
CY2016Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
9793000 USD
CY2017Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
12721000 USD
CY2016Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
10773000 USD
CY2017Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
12157000 USD
CY2016Q4 us-gaap Liabilities
Liabilities
400762000 USD
CY2017Q4 us-gaap Liabilities
Liabilities
627486000 USD
CY2016Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1396151000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
1777856000 USD
CY2016Q4 us-gaap Liabilities Current
LiabilitiesCurrent
354335000 USD
CY2017Q4 us-gaap Liabilities Current
LiabilitiesCurrent
497816000 USD
CY2017Q4 us-gaap Line Of Credit
LineOfCredit
0 USD
CY2013Q1 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
10000000 USD
CY2013Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
50000000 USD
CY2016Q4 us-gaap Marketable Securities
MarketableSecurities
310764000 USD
CY2017Q4 us-gaap Marketable Securities
MarketableSecurities
311979000 USD
CY2016Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
250981000 USD
CY2017Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
272031000 USD
CY2016Q4 us-gaap Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
59783000 USD
CY2017Q4 us-gaap Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
39948000 USD
CY2015 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-100786000 USD
CY2016 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-95524000 USD
CY2017 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-135500000 USD
CY2015 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-166361000 USD
CY2016 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
72848000 USD
CY2017 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-248313000 USD
CY2015 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
237997000 USD
CY2016 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
247654000 USD
CY2017 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
438539000 USD
CY2015 us-gaap Net Income Loss
NetIncomeLoss
144020000 USD
CY2016 us-gaap Net Income Loss
NetIncomeLoss
189682000 USD
CY2017 us-gaap Net Income Loss
NetIncomeLoss
231418000 USD
CY2016Q4 us-gaap Noncurrent Assets
NoncurrentAssets
175167000 USD
CY2017Q4 us-gaap Noncurrent Assets
NoncurrentAssets
348793000 USD
CY2017 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 Segment
CY2017 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
CY2015 us-gaap Operating Expenses
OperatingExpenses
451476000 USD
CY2016 us-gaap Operating Expenses
OperatingExpenses
566373000 USD
CY2017 us-gaap Operating Expenses
OperatingExpenses
763336000 USD
CY2015 us-gaap Operating Income Loss
OperatingIncomeLoss
188634000 USD
CY2016 us-gaap Operating Income Loss
OperatingIncomeLoss
248921000 USD
CY2017 us-gaap Operating Income Loss
OperatingIncomeLoss
353611000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
61555000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
14799000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
6027000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
8137000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
9759000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
13260000 USD
CY2017Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
9573000 USD
CY2015 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
8200000 USD
CY2016 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
9900000 USD
CY2017 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
13800000 USD
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
6278000 USD
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
22514000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
13320000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
38379000 USD
CY2015 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-686000 USD
CY2016 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
712000 USD
CY2017 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-232000 USD
CY2015 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-154000 USD
CY2016 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-670000 USD
CY2017 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
1741000 USD
CY2015 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-164000 USD
CY2016 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-670000 USD
CY2017 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
1741000 USD
CY2015 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-840000 USD
CY2016 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
42000 USD
CY2017 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
1509000 USD
CY2015 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-686000 USD
CY2016 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
712000 USD
CY2017 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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0.00
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P11M5D
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P11M5D
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3841000 USD
CY2017Q4 us-gaap Standard Product Warranty Accrual
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3841000 USD
CY2017Q4 us-gaap Standard Product Warranty Accrual Current
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7195000 USD
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2568000 USD
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5239000 USD
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5257000 USD
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2100000 USD
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2900000 USD
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3000 USD
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CY2016 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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81484000 shares
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CY2017 us-gaap Concentration Risk Credit Risk
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Certain Risks and Uncertainties</font></div><div style="line-height:120%;text-align:justify;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our operating results depend to a significant extent on our ability to market and develop our products. The life cycles of our products are difficult to estimate due, in part, to the effect of future product enhancements and competition.&#160;Our inability to successfully develop and market our products as a result of competition or other factors would have a material adverse effect on our business, financial condition and results of operations.</font></div><div style="line-height:120%;text-align:justify;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our cash and investments are held primarily by </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> financial institutions. Financial instruments which potentially expose us to concentrations of credit risk consist primarily of cash equivalents and marketable securities.&#160;We invest excess cash primarily in money market funds, commercial paper, corporate bonds, U.S. government agency bonds, municipal securities, U.S. government treasury bonds, certificates of deposits and asset-backed securities. If the carrying value of our investments exceeds the fair value, and the decline in fair value is deemed to be other-than-temporary, we will be required to write down the value of our investments, which could adversely affect our results of operations and financial condition.&#160;Moreover, the performance of certain securities in our investment portfolio correlates with the credit condition of the U.S. economy.&#160;</font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We provide credit to customers in the normal course of business.&#160;Collateral is not required for accounts receivable, but ongoing evaluations of customers&#8217; credit worthiness are performed.&#160;We maintain reserves for potential credit losses and such losses have been within management&#8217;s expectations.&#160;No individual customer accounted for 10% or more of our accounts receivable at </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;"> or </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;">, or net revenues for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">2016</font><font style="font-family:inherit;font-size:10pt;"> or </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the U.S., the Food and Drug Administration (&#8220;FDA&#8221;) regulates the design, manufacture, distribution, pre-clinical and clinical study, clearance and approval of medical devices.&#160;&#160;Products developed by us may require approvals or clearances from the FDA or other international regulatory agencies prior to commercialized sales.&#160;&#160;There can be no assurance that our products will receive any of the required approvals or clearances.&#160;&#160;If we were denied approval or clearance or such approval was delayed, it may have a material adverse impact on us.</font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We have manufacturing facilities located outside the U.S. In Juarez, Mexico, we manufacture our clear aligners, distribute and repair our scanners and perform our CAD/CAM services. In Or Yehuda, Israel, we produce our handheld intraoral scanner wand and perform the final assembly of our iTero scanner.&#160;Our digital treatment plans using a sophisticated, internally developed computer-modeling program are located in Costa Rica, China and Germany. Our reliance on international operations exposes us to related risks and uncertainties, including difficulties in staffing and managing international operations such as hiring and retaining qualified personnel; controlling production volume and quality of manufacture; political, social and economic instability, particularly as a result of increased levels of violence in Juarez, Mexico and Or Yehuda, Israel; interruptions and limitations in telecommunication services; product and material transportation delays or disruption; trade restrictions and changes in tariffs; import and export license requirements and restrictions; fluctuations in foreign currency exchange rates; and potential adverse tax consequences.&#160;If any of these risks materialize, our international manufacturing operations, as well as our operating results, may be harmed.</font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We purchase certain inventory from sole suppliers.&#160;Additionally, we rely on a limited number of hardware manufacturers.&#160;The inability of any supplier or manufacturer to fulfill our supply requirements could materially and adversely impact our future operating results.</font></div></div>
CY2017 us-gaap Prior Period Reclassification Adjustment Description
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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;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with generally accepted accounting principles ("GAAP") in the United States of America (&#8220;U.S.&#8221;) requires our management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes.&#160;Actual results could differ materially from those estimates.&#160;On an ongoing basis, we evaluate our estimates, including those related to the fair values of financial instruments, long-lived assets and goodwill, equity method investments, useful lives of intangible assets and property and equipment, revenue recognition, stock-based compensation, income taxes and contingent liabilities, among others.&#160;We base our estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.</font></div></div>

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