2017 Form 10-K Financial Statement

#000151730218000018 Filed on February 21, 2018

View on sec.gov

Income Statement

Concept 2017 2016 Q4 2016 Q3
Revenue $795.6M $181.5M $184.1M
YoY Change 10.37% -5.48% -7.18%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $509.2M $122.9M $122.2M
YoY Change 4.64% -2.69% -4.38%
% of Gross Profit
Research & Development $34.07M $8.230M
YoY Change 6.06% 29.83%
% of Gross Profit
Depreciation & Amortization $5.297M $1.500M $1.400M
YoY Change 0.47% 15.38% 27.27%
% of Gross Profit
Operating Expenses $509.2M $122.9M $122.2M
YoY Change 4.64% -2.69% -4.37%
Operating Profit $286.4M $58.59M $61.91M
YoY Change 22.28% -10.81% -12.25%
Interest Expense $11.45M -$2.500M $2.924M
YoY Change -1.75% -13.79% -1.58%
% of Operating Profit 4.0% -4.27% 4.72%
Other Income/Expense, Net $284.8M $0.00 -$1.412M
YoY Change -3021.37% -83.91%
Pretax Income $571.2M $56.00M $60.50M
YoY Change 154.47% -10.83% -2.07%
Income Tax $420.5M $12.20M $15.11M
% Of Pretax Income 73.61% 21.79% 24.98%
Net Earnings $49.60M $19.30M $19.09M
YoY Change -32.08% -3.88% 3.31%
Net Earnings / Revenue 6.23% 10.63% 10.37%
Basic Earnings Per Share $0.42 $0.41
Diluted Earnings Per Share $1.112M $496.1K $494.8K
COMMON SHARES
Basic Shares Outstanding 38.65M shares
Diluted Shares Outstanding 0.000 shares

Balance Sheet

Concept 2017 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $159.2M $156.8M $212.6M
YoY Change 1.53% -5.66% -2.34%
Cash & Equivalents $159.2M $156.8M $212.6M
Short-Term Investments
Other Short-Term Assets $9.000M $8.700M $12.70M
YoY Change 3.45% 16.0% -3.05%
Inventory
Prepaid Expenses
Receivables $93.50M $59.70M $67.10M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $261.7M $225.2M $292.4M
YoY Change 16.21% -3.68% -2.01%
LONG-TERM ASSETS
Property, Plant & Equipment $21.00M $20.02M $22.42M
YoY Change 5.0% 11.24% 43.76%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $120.3M $6.300M $7.500M
YoY Change 1809.52% -38.83% -23.47%
Other Assets $429.8M $679.1M $684.6M
YoY Change -36.71% -0.04% -0.36%
Total Long-Term Assets $575.5M $711.0M $714.6M
YoY Change -19.06% -0.15% 0.3%
TOTAL ASSETS
Total Short-Term Assets $261.7M $225.2M $292.4M
Total Long-Term Assets $575.5M $711.0M $714.6M
Total Assets $837.2M $936.2M $1.007B
YoY Change -10.57% -1.02% -0.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.80M $15.60M $24.30M
YoY Change 58.97% -13.81% -13.21%
Accrued Expenses $2.900M $12.60M $71.30M
YoY Change -76.98% -8.03% -5.94%
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 $413.1M $615.0M $687.6M
YoY Change -32.83% -1.84% -0.71%
LONG-TERM LIABILITIES
Long-Term Debt $199.1M $199.5M $199.4M
YoY Change -0.2% 0.1% -0.3%
Other Long-Term Liabilities $54.20M $4.000M
YoY Change 1255.0% 14.29%
Total Long-Term Liabilities $253.3M $203.5M $199.4M
YoY Change 24.47% 0.35% -0.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $413.1M $615.0M $687.6M
Total Long-Term Liabilities $253.3M $203.5M $199.4M
Total Liabilities $727.2M $818.5M $887.0M
YoY Change -9.61% -1.31% -0.62%
SHAREHOLDERS EQUITY
Retained Earnings $13.40M $12.59M
YoY Change 1.19% 17.29%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $109.9M $131.7M $126.5M
YoY Change
Total Liabilities & Shareholders Equity $837.2M $936.2M $1.007B
YoY Change -10.57% -1.02% -0.38%

Cashflow Statement

Concept 2017 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income $49.60M $19.30M $19.09M
YoY Change -32.08% -3.88% 3.31%
Depreciation, Depletion And Amortization $5.297M $1.500M $1.400M
YoY Change 0.47% 15.38% 27.27%
Cash From Operating Activities $226.0M $12.10M $74.20M
YoY Change -16.42% -46.46% -11.98%
INVESTING ACTIVITIES
Capital Expenditures $1.578M -$700.0K -$2.700M
YoY Change -46.2% -81.08% 237.5%
Acquisitions
YoY Change
Other Investing Activities $1.100M $2.900M $2.000M
YoY Change -77.55% 11.11%
Cash From Investing Activities -$4.703M $2.300M -$700.0K
YoY Change 101.93% -162.16% -170.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$218.9M -70.40M -58.70M
YoY Change -21.19% 0.0% -29.28%
NET CHANGE
Cash From Operating Activities $226.0M 12.10M 74.20M
Cash From Investing Activities -$4.703M 2.300M -700.0K
Cash From Financing Activities -$218.9M -70.40M -58.70M
Net Change In Cash $2.390M -56.00M 14.80M
YoY Change -124.7% 8.74% 543.48%
FREE CASH FLOW
Cash From Operating Activities $226.0M $12.10M $74.20M
Capital Expenditures $1.578M -$700.0K -$2.700M
Free Cash Flow $224.4M $12.80M $76.90M
YoY Change -16.1% -51.33% -9.64%

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0 USD
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6297000 USD
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4978000 USD
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445000 USD
CY2016 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
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1253000 USD
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1123000 USD
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0 USD
CY2017Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
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0 USD
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CY2017Q4 us-gaap Common Stock Shares Outstanding
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25487000 USD
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32125000 USD
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34073000 USD
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81221000 USD
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71757000 USD
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ComprehensiveIncomeNetOfTax
50375000 USD
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99015000 USD
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99922000 USD
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210795000 USD
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170772000 USD
CY2017 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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152397000 USD
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35000 USD
CY2016 us-gaap Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Changes Additional Interest Issued To Parent
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5000 USD
CY2017 us-gaap Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Changes Additional Interest Issued To Parent
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5000 USD
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0 USD
CY2017 us-gaap Conversion Of Stock Amount Converted1
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0 USD
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26090000 USD
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14704000 USD
CY2017 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
21960000 USD
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CurrentForeignTaxExpenseBenefit
600000 USD
CY2016 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
639000 USD
CY2017 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
469000 USD
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CurrentIncomeTaxExpenseBenefit
30250000 USD
CY2016 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
17523000 USD
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CurrentIncomeTaxExpenseBenefit
25092000 USD
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3560000 USD
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2180000 USD
CY2017 us-gaap Current State And Local Tax Expense Benefit
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2663000 USD
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200000000 USD
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200000000 USD
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1200000 USD
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199477000 USD
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199129000 USD
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22916000 USD
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32124000 USD
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500000 USD
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16521000 USD
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DeferredIncomeTaxExpenseBenefit
33960000 USD
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395416000 USD
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3972000 USD
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6363000 USD
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429212000 USD
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678518000 USD
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429212000 USD
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24576000 USD
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18522000 USD
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0 USD
CY2017Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2015 us-gaap Defined Benefit Plan Contributions By Employer
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5500000 USD
CY2016 us-gaap Defined Benefit Plan Contributions By Employer
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6000000 USD
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6400000 USD
CY2015 us-gaap Depreciation
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4500000 USD
CY2016 us-gaap Depreciation
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5200000 USD
CY2017 us-gaap Depreciation
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5300000 USD
CY2015 us-gaap Depreciation Depletion And Amortization
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4519000 USD
CY2016 us-gaap Depreciation Depletion And Amortization
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5272000 USD
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5297000 USD
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123948000 USD
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131021000 USD
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0.41
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0.42
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0.37
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0.45
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0.61
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1.86
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1.57
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0.75
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0.181
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0.229
CY2017 us-gaap Effective Income Tax Rate Continuing Operations
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0.736
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0.350
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0.350
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.350
CY2015 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.030
CY2016 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.000
CY2017 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.000
CY2015 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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0.029
CY2016 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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0.024
CY2017 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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0.005
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0.009
CY2016 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.012
CY2017 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.004
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EmployeeBenefitsAndShareBasedCompensation
200000 USD
CY2016 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
100000 USD
CY2017 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
600000 USD
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12642000 USD
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2911000 USD
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ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
1300000 USD
CY2016 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
0 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
1300000 USD
CY2016 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
0 USD
CY2017 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
0 USD
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424000 USD
CY2016 us-gaap Gain Loss On Investments
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1073000 USD
CY2017 us-gaap Gain Loss On Investments
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519000 USD
CY2015 us-gaap Gain Loss On Sale Of Investments
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400000 USD
CY2016 us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
1100000 USD
CY2017 us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
100000 USD
CY2015 us-gaap Gain Loss On Sale Of Property Plant Equipment
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-40000 USD
CY2016 us-gaap Gain Loss On Sale Of Property Plant Equipment
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-108000 USD
CY2017 us-gaap Gain Loss On Sale Of Property Plant Equipment
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-69000 USD
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258877000 USD
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224484000 USD
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18621000 USD
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25296000 USD
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571245000 USD
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IncomeTaxExpenseBenefit
46771000 USD
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IncomeTaxExpenseBenefit
51483000 USD
CY2017 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
420508000 USD
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29316000 USD
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-316000 USD
CY2016 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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-3520000 USD
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-9303000 USD
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-318000 USD
CY2017 us-gaap Increase Decrease In Accounts Receivable
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16955000 USD
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-8682000 USD
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-5096000 USD
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-506000 USD
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-129000 USD
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494000 USD
CY2017 us-gaap Increase Decrease In Other Deferred Liability
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2391000 USD
CY2015 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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2614000 USD
CY2016 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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4898000 USD
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-36000 USD
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CY2017 us-gaap Increase Decrease In Restricted Cash
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0 USD
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11706000 USD
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InterestExpense
11653000 USD
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InterestExpense
11449000 USD
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11100000 USD
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InterestExpenseDebt
11100000 USD
CY2017 us-gaap Interest Expense Debt
InterestExpenseDebt
10900000 USD
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InterestPaid
127000 USD
CY2017 us-gaap Interest Paid
InterestPaid
85000 USD
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11019000 USD
CY2016 us-gaap Interest Paid Net
InterestPaidNet
11108000 USD
CY2017 us-gaap Interest Paid Net
InterestPaidNet
11019000 USD
CY2015 us-gaap Labor And Related Expense
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414238000 USD
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383915000 USD
CY2017 us-gaap Labor And Related Expense
LaborAndRelatedExpense
402880000 USD
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818452000 USD
CY2017Q4 us-gaap Liabilities
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936166000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
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837155000 USD
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100000000 USD
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60000000 USD
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0 USD
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90000000 USD
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115804000 USD
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0.47
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0.54
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0.57
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0.67
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0 USD
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0 USD
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50000000 USD
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0 USD
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182175000 USD
CY2016 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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133876000 USD
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CY2017 us-gaap Net Cash Provided By Used In Investing Activities
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-4703000 USD
CY2015 us-gaap Net Cash Provided By Used In Operating Activities
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321239000 USD
CY2016 us-gaap Net Cash Provided By Used In Operating Activities
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270360000 USD
CY2017 us-gaap Net Cash Provided By Used In Operating Activities
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204073000 USD
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81801000 USD
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16261000 USD
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18384000 USD
CY2016Q3 us-gaap Net Income Loss
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19086000 USD
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19299000 USD
CY2016 us-gaap Net Income Loss
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73030000 USD
CY2017Q1 us-gaap Net Income Loss
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19795000 USD
CY2017Q2 us-gaap Net Income Loss
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26632000 USD
CY2017Q3 us-gaap Net Income Loss
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30665000 USD
CY2017Q4 us-gaap Net Income Loss
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CY2017 us-gaap Net Income Loss
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49599000 USD
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130305000 USD
CY2016Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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24057000 USD
CY2016Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
25092000 USD
CY2016Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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26301000 USD
CY2016Q4 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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24521000 USD
CY2016 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
99971000 USD
CY2017Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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22760000 USD
CY2017Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
22197000 USD
CY2017Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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27234000 USD
CY2017Q4 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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26847000 USD
CY2017 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
99038000 USD
CY2015 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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0 USD
CY2016 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;font-weight:bold;">Basis of presentation</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;">The accompanying consolidated financial statements were prepared in accordance with U.S. generally accepted accounting principles (&#8220;U.S. GAAP&#8221;) and related rules and regulations of the SEC. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates or assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates or assumptions.</font></div></div>

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