2015 Form 10-K Financial Statement

#000100443416000035 Filed on February 25, 2016

View on sec.gov

Income Statement

Concept 2015 2014 Q4 2014 Q3
Revenue $2.485B $641.2M $640.3M
YoY Change -1.05% 7.95% 16.08%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $443.8M $390.0M $114.4M
YoY Change -8.59% -1.71% 7.52%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $134.2M $42.60M $33.20M
YoY Change -3.52% 26.04% -8.03%
% of Gross Profit
Operating Expenses $1.650B $442.6M $416.1M
YoY Change -2.72% 0.39% 8.78%
Operating Profit $1.124B $198.7M $224.2M
YoY Change 37.87% 29.78% 32.58%
Interest Expense $88.90M $110.8M $19.00M
YoY Change 16.06% -39.65% -4.52%
% of Operating Profit 7.91% 55.76% 8.47%
Other Income/Expense, Net -$33.30M -$19.20M
YoY Change -60.07% 21.52%
Pretax Income $1.091B $312.8M $253.4M
YoY Change 7.61% -7.07% 35.22%
Income Tax $263.4M $53.20M $63.50M
% Of Pretax Income 24.15% 17.01% 25.06%
Net Earnings $509.5M $172.6M $103.2M
YoY Change 17.42% 9.1% 37.23%
Net Earnings / Revenue 20.51% 26.92% 16.12%
Basic Earnings Per Share $9.37 $1.86
Diluted Earnings Per Share $9.17 $3.02 $1.82
COMMON SHARES
Basic Shares Outstanding 54.30M shares 55.57M shares 55.60M shares
Diluted Shares Outstanding 57.20M shares 58.80M shares

Balance Sheet

Concept 2015 2014 Q4 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $563.8M $723.2M $718.3M
YoY Change 2.4% 15.25% 37.5%
Cash & Equivalents $563.8M $550.6M $560.2M
Short-Term Investments $172.6M $158.1M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $391.2M $425.9M $524.9M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $955.0M $976.5M $1.085B
YoY Change -2.2% 9.97% -5.43%
LONG-TERM ASSETS
Property, Plant & Equipment $114.1M $95.40M $93.90M
YoY Change 19.6% 3.36% 6.58%
Goodwill $2.653B $2.475B
YoY Change 13.29% 5.49%
Intangibles $1.778B $1.567B
YoY Change 21.75% 5.47%
Long-Term Investments $2.286B $1.784B $1.587B
YoY Change 7.68% 58.77% 42.25%
Other Assets
YoY Change
Total Long-Term Assets $6.814B $6.707B $5.799B
YoY Change 1.38% 23.5% 13.4%
TOTAL ASSETS
Total Short-Term Assets $955.0M $976.5M $1.085B
Total Long-Term Assets $6.814B $6.707B $5.799B
Total Assets $7.769B $7.684B $6.884B
YoY Change 0.93% 21.6% 9.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $729.4M $735.3M
YoY Change 2134.95%
Accrued Expenses $670.2M
YoY Change 100.9%
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 $729.4M $808.3M $735.3M
YoY Change -9.76% 57.04% 26.17%
LONG-TERM LIABILITIES
Long-Term Debt $1.879B $1.895B $1.289B
YoY Change -0.82% 36.94% -10.02%
Other Long-Term Liabilities $213.3M $214.5M $201.4M
YoY Change -0.56% 21.19% 20.38%
Total Long-Term Liabilities $2.093B $2.109B $1.491B
YoY Change -0.79% 35.16% 791.03%
TOTAL LIABILITIES
Total Short-Term Liabilities $729.4M $808.3M $735.3M
Total Long-Term Liabilities $2.093B $2.109B $1.491B
Total Liabilities $4.932B $3.409B $2.667B
YoY Change -2.74% 34.64% 0.84%
SHAREHOLDERS EQUITY
Retained Earnings $2.163B $1.993B
YoY Change 26.42% 28.31%
Common Stock $672.8M $631.9M
YoY Change 40.05% 15.21%
Preferred Stock
YoY Change
Treasury Stock (at cost) $240.9M $81.80M
YoY Change 83.33% -38.31%
Treasury Stock Shares 1.200M shares
Shareholders Equity $2.837B $2.627B $2.596B
YoY Change
Total Liabilities & Shareholders Equity $7.769B $7.698B $6.884B
YoY Change 0.93% 21.83% 9.95%

Cashflow Statement

Concept 2015 2014 Q4 2014 Q3
OPERATING ACTIVITIES
Net Income $509.5M $172.6M $103.2M
YoY Change 17.42% 9.1% 37.23%
Depreciation, Depletion And Amortization $134.2M $42.60M $33.20M
YoY Change -3.52% 26.04% -8.03%
Cash From Operating Activities $1.213B $361.8M $404.5M
YoY Change -15.57% 72.7% 43.03%
INVESTING ACTIVITIES
Capital Expenditures $38.20M -$5.500M -$3.200M
YoY Change 98.96% -32.1% -145.07%
Acquisitions
YoY Change
Other Investing Activities -$286.3M -$711.6M -$2.300M
YoY Change -77.08% -44575.0% -91.48%
Cash From Investing Activities -$324.5M -$717.1M -$5.500M
YoY Change -74.41% 10932.31% -83.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $355.9M
YoY Change 138.22%
Debt Paid & Issued, Net $1.256B
YoY Change
Cash From Financing Activities -$857.7M 352.6M -206.5M
YoY Change 1005.28% -236.93% 41.83%
NET CHANGE
Cash From Operating Activities $1.213B 361.8M 404.5M
Cash From Investing Activities -$324.5M -717.1M -5.500M
Cash From Financing Activities -$857.7M 352.6M -206.5M
Net Change In Cash $31.00M -2.700M 192.5M
YoY Change -66.01% -95.05% 86.53%
FREE CASH FLOW
Cash From Operating Activities $1.213B $361.8M $404.5M
Capital Expenditures $38.20M -$5.500M -$3.200M
Free Cash Flow $1.175B $367.3M $407.7M
YoY Change -17.12% 68.8% 47.88%

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CY2014 us-gaap Amortization Of Intangible Assets
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122200000 USD
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8800000 USD
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44700000 USD
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662500000 USD
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303100000 USD
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104100000 USD
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41200000 USD
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44200000 USD
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37600000 USD
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165100000 USD
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27700000 USD
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62800000 USD
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8900000 USD
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17100000 USD
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1400000 USD
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270900000 USD
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320200000 USD
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56800000 USD
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70600000 USD
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P3Y
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10600000 USD
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11300000 USD
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13200000 USD
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60200000 USD
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44500000 USD
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226600000 USD
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366900000 USD
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346100000 USD
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1321900000 USD
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253800000 USD
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431500000 USD
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1589600000 USD
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1869300000 USD
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2217100000 USD
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1783500000 USD
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1937100000 USD
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17300000 USD
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61500000 USD
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44500000 USD
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67800000 USD
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76800000 USD
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37100000 USD
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37100000 USD
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37100000 USD
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37100000 USD
CY2015Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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37100000 USD
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344500000 USD
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64300000 USD
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604000000 USD
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784100000 USD
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827600000 USD
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863700000 USD
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208200000 USD
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239100000 USD
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253400000 USD
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312800000 USD
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1013500000 USD
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290300000 USD
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262000000 USD
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249100000 USD
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289200000 USD
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1090600000 USD
CY2013 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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259700000 USD
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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229500000 USD
CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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263000000 USD
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863700000 USD
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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1013600000 USD
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1090600000 USD
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307800000 USD
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281700000 USD
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288900000 USD
CY2013 us-gaap Income Tax Expense Benefit
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194100000 USD
CY2014 us-gaap Income Tax Expense Benefit
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227900000 USD
CY2015 us-gaap Income Tax Expense Benefit
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256900000 USD
CY2015 us-gaap Income Tax Reconciliation Repatriation Of Foreign Earnings
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5000000 USD
CY2013 us-gaap Income Taxes Paid Net
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82800000 USD
CY2014 us-gaap Income Taxes Paid Net
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110700000 USD
CY2015 us-gaap Income Taxes Paid Net
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89600000 USD
CY2013 us-gaap Increase Decrease In Operating Liabilities
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177600000 USD
CY2014 us-gaap Increase Decrease In Operating Liabilities
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144900000 USD
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-42000000 USD
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12800000 USD
CY2014 us-gaap Increase Decrease In Other Operating Assets
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7100000 USD
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-6200000 USD
CY2013 us-gaap Increase Decrease In Receivables
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101800000 USD
CY2014 us-gaap Increase Decrease In Receivables
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2000000 shares
CY2014 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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CY2015 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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2200000 shares
CY2013 us-gaap Incremental Common Shares Attributable To Equity Forward Agreements
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300000 shares
CY2014 us-gaap Incremental Common Shares Attributable To Equity Forward Agreements
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0 shares
CY2015 us-gaap Incremental Common Shares Attributable To Equity Forward Agreements
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0 shares
CY2013 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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1300000 shares
CY2014 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2015 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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10500000 USD
CY2014 us-gaap Interest On Convertible Debt Net Of Tax
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15200000 USD
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15300000 USD
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CY2014 us-gaap Interest Paid Net
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1783500000 USD
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1937100000 USD
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3403200000 USD
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CY2015Q4 us-gaap Liabilities And Stockholders Equity
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172600000 USD
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199900000 USD
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267100000 USD
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569400000 USD
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39200000 USD
CY2014 us-gaap Net Cash Provided By Used In Continuing Operations
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81000000 USD
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13200000 USD
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CY2014 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2014 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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1392200000 USD
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CY2014Q4 us-gaap Net Income Loss
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CY2014 us-gaap Net Income Loss
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371000000 USD
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309100000 USD
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333500000 USD
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317700000 USD
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10800000 USD
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1700000 USD
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19500000 USD
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5600000 USD
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34800000 USD
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11500000 USD
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3400000 USD
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29500000 USD
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22100000 USD
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300000 USD
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300000 USD
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400000 USD
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CY2014 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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2500000 USD
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5500000 USD
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4400000 USD
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45000000 USD
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15700000 USD
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CY2015 us-gaap Payments For Repurchase Of Common Stock
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61700000 USD
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CY2013 us-gaap Payments Of Dividends Minority Interest
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267100000 USD
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36900000 USD
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32600000 USD
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26300000 USD
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11400000 USD
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21200000 USD
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13500000 USD
CY2013 us-gaap Payments To Acquire Property Plant And Equipment
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24000000 USD
CY2014 us-gaap Payments To Acquire Property Plant And Equipment
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19200000 USD
CY2015 us-gaap Payments To Acquire Property Plant And Equipment
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38200000 USD
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2500000 USD
CY2014 us-gaap Proceeds From Divestiture Of Businesses And Interests In Affiliates
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11000000 USD
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6100000 USD
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20500000 USD
CY2013 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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11400000 USD
CY2014 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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17300000 USD
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24900000 USD
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41400000 USD
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57800000 USD
CY2013 us-gaap Profit Loss
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669600000 USD
CY2014 us-gaap Profit Loss
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785600000 USD
CY2015 us-gaap Profit Loss
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833700000 USD
CY2014Q4 us-gaap Property Plant And Equipment Gross
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199400000 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
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231000000 USD
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95400000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
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114100000 USD
CY2014 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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CY2015 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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CY2013Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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641900000 USD
CY2014Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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645500000 USD
CY2015Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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612500000 USD
CY2013 us-gaap Repayments Of Long Term Lines Of Credit
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1201300000 USD
CY2014 us-gaap Repayments Of Long Term Lines Of Credit
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1020600000 USD
CY2015 us-gaap Repayments Of Long Term Lines Of Credit
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1256000000 USD
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2163300000 USD
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2679300000 USD
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101500000 USD
CY2015Q4 us-gaap Senior Notes
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3041400000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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3144600000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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3643200000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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3769100000 USD
CY2013 us-gaap Treasury Stock Acquired Average Cost Per Share
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184.89
CY2014 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
204.72
CY2013 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
427200000 USD
CY2014 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
485500000 USD
CY2015 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
443800000 USD
CY2014Q4 us-gaap Senior Notes
SeniorNotes
736800000 USD
CY2013 us-gaap Share Based Compensation
ShareBasedCompensation
84100000 USD
CY2014 us-gaap Share Based Compensation
ShareBasedCompensation
113700000 USD
CY2015 us-gaap Share Based Compensation
ShareBasedCompensation
102700000 USD
CY2014 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
1900000 shares
CY2013 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
45700000 USD
CY2014 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-5300000 USD
CY2015 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
54000000 USD
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
2627000000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
2837100000 USD
CY2014Q4 us-gaap Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
2867900000 USD
CY2015 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
209.39
CY2014Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1200000 shares
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
2000000 shares
CY2013 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
100000 shares
CY2014 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1200000 shares
CY2015 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1700000 shares
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
240900000 USD
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
421900000 USD
CY2013 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
15700000 USD
CY2014 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
238600000 USD
CY2015 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
366000000 USD
CY2012Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
22600000 USD
CY2013Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
20400000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
28800000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
26900000 USD
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Foreign Currency Translation
UnrecognizedTaxBenefitsDecreasesResultingFromForeignCurrencyTranslation
1900000 USD
CY2013 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
100000 USD
CY2014 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
0 USD
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
0 USD
CY2013Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
1700000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
1600000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
1800000 USD
CY2013 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
4100000 USD
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
2600000 USD
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
2200000 USD
CY2013 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0 USD
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
10800000 USD
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
1600000 USD
CY2013 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
5400000 USD
CY2014 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
4100000 USD
CY2015 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
4300000 USD
CY2013Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
17200000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
26400000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
25300000 USD
CY2014 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-6500000 USD
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56700000 shares
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
58400000 shares
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57200000 shares
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53100000 shares
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
55000000 shares
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
54300000 shares
CY2015 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Concentration of Credit Risk</font></div><div style="line-height:120%;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash investments. The Company maintains cash and cash equivalents, investments and, at times, certain financial instruments with various high credit-quality financial institutions. These financial institutions are typically located in countries in which AMG and its Affiliates operate. For AMG and certain Affiliates, cash deposits at a financial institution may exceed Federal Deposit Insurance Corporation insurance limits.</font></div></div>
CY2015 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:24px;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 and disclosures in the financial statements. Actual results could differ from those estimates.</font></div></div>

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