2016 Q2 Form 10-Q Financial Statement

#000151499116000061 Filed on August 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $684.8M $601.1M
YoY Change 13.92% 15.14%
Cost Of Revenue $305.5M $259.7M
YoY Change 17.62% 11.93%
Gross Profit $379.3M $341.4M
YoY Change 11.11% 17.71%
Gross Profit Margin 55.39% 56.79%
Selling, General & Admin $179.4M $158.9M
YoY Change 12.89% 11.97%
% of Gross Profit 47.28% 46.54%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $21.60M $21.10M
YoY Change 2.37% 20.57%
% of Gross Profit 5.69% 6.18%
Operating Expenses $179.4M $158.9M
YoY Change 12.89% 11.97%
Operating Profit $178.0M $158.8M
YoY Change 12.09% 22.68%
Interest Expense $32.01M $32.57M
YoY Change -1.73% -3.99%
% of Operating Profit 17.98% 20.51%
Other Income/Expense, Net -$55.26M -$20.40M
YoY Change 170.92% -37.7%
Pretax Income $122.8M $138.4M
YoY Change -11.31% 43.11%
Income Tax $39.39M $51.00M
% Of Pretax Income 32.08% 36.84%
Net Earnings $77.18M $83.01M
YoY Change -7.03% 41.52%
Net Earnings / Revenue 11.27% 13.81%
Basic Earnings Per Share $1.06 $1.15
Diluted Earnings Per Share $1.05 $1.14
COMMON SHARES
Basic Shares Outstanding 72.73M shares 72.45M shares
Diluted Shares Outstanding 73.30M shares 73.13M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $643.5M $241.1M
YoY Change 166.9% -15.11%
Cash & Equivalents $643.5M $241.1M
Short-Term Investments
Other Short-Term Assets $507.6M $534.4M
YoY Change -5.01% 5.93%
Inventory
Prepaid Expenses
Receivables $726.5M $607.0M
Other Receivables $400.0K $4.000M
Total Short-Term Assets $1.878B $1.386B
YoY Change 35.45% 5.79%
LONG-TERM ASSETS
Property, Plant & Equipment $171.1M $140.3M
YoY Change 21.93% 7.91%
Goodwill $708.1M $727.2M
YoY Change -2.63% 20.81%
Intangibles $552.2M $582.4M
YoY Change -5.17% 12.37%
Long-Term Investments
YoY Change
Other Assets $200.4M $208.6M
YoY Change -3.96% 74.22%
Total Long-Term Assets $2.787B $2.723B
YoY Change 2.36% 14.65%
TOTAL ASSETS
Total Short-Term Assets $1.878B $1.386B
Total Long-Term Assets $2.787B $2.723B
Total Assets $4.665B $4.110B
YoY Change 13.52% 11.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $89.06M $146.3M
YoY Change -39.11% 10.86%
Accrued Expenses $235.4M $154.1M
YoY Change 52.77% 20.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $235.0M $114.1M
YoY Change 105.96% 186.68%
Total Short-Term Liabilities $944.0M $765.7M
YoY Change 23.28% 23.24%
LONG-TERM LIABILITIES
Long-Term Debt $2.703B $2.613B
YoY Change 3.45% -3.99%
Other Long-Term Liabilities $104.3M $74.70M
YoY Change 39.59% -21.77%
Total Long-Term Liabilities $2.807B $2.688B
YoY Change 4.46% -4.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $944.0M $765.7M
Total Long-Term Liabilities $2.807B $2.688B
Total Liabilities $4.335B $4.070B
YoY Change 6.53% -0.3%
SHAREHOLDERS EQUITY
Retained Earnings $215.5M -$138.0M
YoY Change -256.22% -70.81%
Common Stock $120.8M $107.5M
YoY Change 12.4% 27.69%
Preferred Stock
YoY Change
Treasury Stock (at cost) $100.2M $51.99M
YoY Change 92.76% 9.22%
Treasury Stock Shares
Shareholders Equity $85.23M -$192.7M
YoY Change
Total Liabilities & Shareholders Equity $4.665B $4.110B
YoY Change 13.52% 11.5%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $77.18M $83.01M
YoY Change -7.03% 41.52%
Depreciation, Depletion And Amortization $21.60M $21.10M
YoY Change 2.37% 20.57%
Cash From Operating Activities $62.20M $110.0M
YoY Change -43.45% 9.34%
INVESTING ACTIVITIES
Capital Expenditures -$11.80M -$14.90M
YoY Change -20.81% 18.25%
Acquisitions
YoY Change
Other Investing Activities -$400.0K $1.000M
YoY Change -140.0%
Cash From Investing Activities -$12.10M -$13.90M
YoY Change -12.95% 10.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -86.70M -60.50M
YoY Change 43.31%
NET CHANGE
Cash From Operating Activities 62.20M 110.0M
Cash From Investing Activities -12.10M -13.90M
Cash From Financing Activities -86.70M -60.50M
Net Change In Cash -36.60M 35.60M
YoY Change -202.81% -59.55%
FREE CASH FLOW
Cash From Operating Activities $62.20M $110.0M
Capital Expenditures -$11.80M -$14.90M
Free Cash Flow $74.00M $124.9M
YoY Change -40.75% 10.34%

Facts In Submission

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Goodwill
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1262000 USD
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138439000 USD
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-19696000 USD
us-gaap Goodwill Purchase Accounting Adjustments
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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326369000 USD
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122777000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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301385000 USD
CY2015Q2 us-gaap Income Loss From Equity Method Investments
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0 USD
us-gaap Income Loss From Equity Method Investments
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0 USD
CY2016Q2 us-gaap Income Loss From Equity Method Investments
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0 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
0 USD
CY2015Q2 us-gaap Income Tax Expense Benefit
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50997000 USD
us-gaap Income Tax Expense Benefit
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112251000 USD
CY2016Q2 us-gaap Income Tax Expense Benefit
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39390000 USD
us-gaap Income Tax Expense Benefit
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97933000 USD
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3957000 USD
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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6788000 USD
CY2016Q2 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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2701000 USD
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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4701000 USD
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5015000 USD
us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
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10183000 USD
CY2016Q2 us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
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4413000 USD
us-gaap Income Tax Reconciliation Deductions Qualified Production Activities
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9735000 USD
CY2015Q2 us-gaap Income Tax Reconciliation State And Local Income Taxes
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2726000 USD
us-gaap Income Tax Reconciliation State And Local Income Taxes
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6560000 USD
CY2016Q2 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
2120000 USD
us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
5335000 USD
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99177000 USD
us-gaap Income Taxes Paid Net
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75450000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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-10356000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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-5733000 USD
us-gaap Increase Decrease In Accounts Receivable
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18055000 USD
us-gaap Increase Decrease In Accounts Receivable
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45536000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
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2696000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
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13636000 USD
us-gaap Increase Decrease In Deferred Charges
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17138000 USD
us-gaap Increase Decrease In Deferred Charges
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9910000 USD
us-gaap Increase Decrease In Deferred Revenue
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33779000 USD
us-gaap Increase Decrease In Deferred Revenue
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29308000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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15359000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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17090000 USD
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19900000 USD
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19966000 USD
CY2015Q4 us-gaap Intangible Assets Gross Excluding Goodwill
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670290000 USD
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549180000 USD
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32571000 USD
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us-gaap Interest Expense
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63757000 USD
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61223000 USD
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28246000 USD
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17613000 USD
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792000 USD
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1671000 USD
us-gaap Investment Income Interest
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2393000 USD
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4335485000 USD
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4264915000 USD
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4665403000 USD
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830921000 USD
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2708475000 USD
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2519808000 USD
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30639000 USD
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30837000 USD
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8977000 USD
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36841000 USD
us-gaap Net Cash Provided By Used In Continuing Operations
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us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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-89481000 USD
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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144677000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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-24540000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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190241000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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229564000 USD
CY2015Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
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77175000 USD
us-gaap Net Income Loss
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CY2015Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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10189000 USD
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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12832000 USD
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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11161000 USD
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us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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us-gaap Number Of Operating Segments
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2 segment
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158834000 USD
us-gaap Operating Income Loss
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389581000 USD
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us-gaap Operating Income Loss
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436691000 USD
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8009000 USD
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24119000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
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CY2016Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax
-18389000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
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us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
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us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
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us-gaap Other Comprehensive Income Loss Before Tax
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us-gaap Other Comprehensive Income Loss Before Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Before Tax
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us-gaap Other Comprehensive Income Loss Tax
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us-gaap Other Comprehensive Income Loss Tax
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674000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
1370000 USD
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
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51689000 USD
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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393648000 USD
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OtherNonoperatingIncomeExpense
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us-gaap Other Operating Activities Cash Flow Statement
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87373000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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0 USD
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0 USD
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us-gaap Other Sales Revenue Net
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us-gaap Payments For Repurchase Of Common Stock
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48227000 USD
us-gaap Payments For Repurchase Of Other Equity
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14320000 USD
us-gaap Payments For Repurchase Of Other Equity
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us-gaap Payments For Restructuring
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us-gaap Payments Of Debt Extinguishment Costs
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0 USD
us-gaap Payments Of Debt Extinguishment Costs
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39188000 USD
us-gaap Payments Of Financing Costs
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0 USD
us-gaap Payments Of Financing Costs
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2070000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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6545000 USD
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354000 USD
us-gaap Payments To Acquire Investments
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24250000 USD
us-gaap Payments To Acquire Investments
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0 USD
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33124000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
24186000 USD
us-gaap Payments To Minority Shareholders
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3154000 USD
us-gaap Payments To Minority Shareholders
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8977000 USD
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PreferredStockParOrStatedValuePerShare
0.01
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PreferredStockParOrStatedValuePerShare
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CY2016Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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PreferredStockSharesIssued
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CY2016Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2016Q2 us-gaap Preferred Stock Value
PreferredStockValue
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72989000 USD
CY2015Q2 us-gaap Profit Loss
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us-gaap Profit Loss
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214118000 USD
CY2016Q2 us-gaap Profit Loss
ProfitLoss
83387000 USD
us-gaap Profit Loss
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385445000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
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CY2016Q2 us-gaap Property Plant And Equipment Net
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171092000 USD
us-gaap Provision For Doubtful Accounts
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1228000 USD
us-gaap Provision For Doubtful Accounts
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1449000 USD
CY2015Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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CY2016Q2 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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213856000 USD
CY2015Q4 us-gaap Redeemable Noncontrolling Interest Equity Common Carrying Amount
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211691000 USD
CY2016Q2 us-gaap Redeemable Noncontrolling Interest Equity Common Carrying Amount
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213856000 USD
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1269000 USD
us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
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2218000 USD
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us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
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1890000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
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1449000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
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2075000 USD
us-gaap Repayments Of Long Term Debt
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37000000 USD
us-gaap Repayments Of Long Term Debt
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728449000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
40000000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0 USD
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2654000 USD
us-gaap Restructuring Charges
RestructuringCharges
3310000 USD
CY2016Q2 us-gaap Restructuring Charges
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389000 USD
us-gaap Restructuring Charges
RestructuringCharges
354000 USD
CY2015Q4 us-gaap Restructuring Reserve
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10010000 USD
CY2016Q2 us-gaap Restructuring Reserve
RestructuringReserve
1262000 USD
us-gaap Restructuring Reserve Translation Adjustment
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84000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
24880000 USD
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
215519000 USD
CY2015Q2 us-gaap Revenue From Related Parties
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us-gaap Revenue From Related Parties
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CY2016Q2 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
6200000 USD
us-gaap Revenue From Related Parties
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601138000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
1269820000 USD
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
684832000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
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us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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CY2016Q2 us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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CY2016Q1 us-gaap Stock Repurchase Program Authorized Amount1
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500000000 USD
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CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
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2112000 USD
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14138000 USD
us-gaap Treasury Stock Acquired Average Cost Per Share
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59.44
us-gaap Treasury Stock Shares Acquired
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811385 shares
CY2015Q4 us-gaap Treasury Stock Value
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51993000 USD
CY2016Q2 us-gaap Treasury Stock Value
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100220000 USD
CY2015Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
20281000 USD
CY2016Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
18194000 USD
us-gaap Unrealized Gain Loss On Securities
UnrealizedGainLossOnSecurities
-791000 USD
us-gaap Unrealized Gain Loss On Securities
UnrealizedGainLossOnSecurities
-1064000 USD
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73128000 shares
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73128000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72685000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72685000 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73300000 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73300000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73287000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
73287000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
72447000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
72447000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
72327000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
72327000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
72729000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
72729000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
72654000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
72654000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements; and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Significant estimates and judgments inherent in the preparation of the consolidated financial statements include the valuation of acquisition-related assets and liabilities, the useful lives and methodologies used to amortize and assess recoverability of program rights, the estimated useful lives of intangible assets, valuation and recoverability of goodwill and intangible assets and income tax assets and liabilities.</font></div></div>

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