2016 Q4 Form 10-Q Financial Statement

#000091061216000154 Filed on November 08, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q4
Revenue $258.5M $251.7M $277.6M
YoY Change -6.89% -4.16% -2.19%
Cost Of Revenue $68.70M $70.80M $67.70M
YoY Change 1.48% -1.53% -9.37%
Gross Profit $189.8M $180.9M $209.9M
YoY Change -9.58% -5.14% 0.33%
Gross Profit Margin 73.43% 71.87% 75.6%
Selling, General & Admin $16.50M $13.20M $15.70M
YoY Change 5.1% 1.54% 6.8%
% of Gross Profit 8.69% 7.3% 7.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $72.20M $71.79M $77.50M
YoY Change -6.84% -3.04% -2.02%
% of Gross Profit 38.04% 39.69% 36.92%
Operating Expenses $88.70M $215.0M $98.90M
YoY Change -10.31% 27.5% -5.54%
Operating Profit $101.0M $36.73M $8.687M
YoY Change 1062.83% -60.93% -91.67%
Interest Expense -$42.80M $54.29M -$48.80M
YoY Change -12.3% -3.82% 7.25%
% of Operating Profit -42.37% 147.83% -561.76%
Other Income/Expense, Net
YoY Change
Pretax Income $80.80M -$1.700M -$26.00M
YoY Change -410.77% -103.79% -129.68%
Income Tax $900.0K -$2.386M $900.0K
% Of Pretax Income 1.11%
Net Earnings $68.83M $1.059M -$22.26M
YoY Change -409.25% -97.18% -129.07%
Net Earnings / Revenue 26.63% 0.42% -8.02%
Basic Earnings Per Share $0.34 -$0.06 -$0.20
Diluted Earnings Per Share $0.34 -$0.06 -$0.20
COMMON SHARES
Basic Shares Outstanding 170.8M shares 170.8M shares 170.5M shares
Diluted Shares Outstanding 170.8M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.00M $24.50M $36.90M
YoY Change -48.51% -24.38% -2.64%
Cash & Equivalents $18.95M $24.47M $36.89M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $94.70M $95.50M $87.30M
Other Receivables $6.200M $14.10M $17.90M
Total Short-Term Assets $119.9M $134.1M $142.1M
YoY Change -15.62% -5.16% 0.21%
LONG-TERM ASSETS
Property, Plant & Equipment $5.515B $5.516B $5.858B
YoY Change -5.86% -8.73% -1.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $266.9M $287.8M $276.4M
YoY Change -3.44% 3.76% -1.8%
Other Assets $5.900M $32.30M
YoY Change
Total Long-Term Assets $5.985B $6.040B $6.338B
YoY Change -5.57% -7.84% -1.85%
TOTAL ASSETS
Total Short-Term Assets $119.9M $134.1M $142.1M
Total Long-Term Assets $5.985B $6.040B $6.338B
Total Assets $6.105B $6.174B $6.480B
YoY Change -5.79% -7.79% -1.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $280.5M $303.6M $344.4M
YoY Change -18.55% -14.53% 4.87%
Accrued Expenses
YoY Change
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 $280.5M $303.6M $344.4M
YoY Change -18.55% -14.53% 4.87%
LONG-TERM LIABILITIES
Long-Term Debt $4.465B $4.531B $4.711B
YoY Change -5.21% -6.02% 0.21%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $4.465B $4.531B $4.711B
YoY Change -5.21% -6.02% 0.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $280.5M $303.6M $344.4M
Total Long-Term Liabilities $4.465B $4.531B $4.711B
Total Liabilities $4.746B $4.835B $5.055B
YoY Change -6.12% -6.6% 0.52%
SHAREHOLDERS EQUITY
Retained Earnings -$742.1M -$754.4M -$689.0M
YoY Change 7.7% 23.6% 21.57%
Common Stock $1.708M $1.708M $1.705M
YoY Change 0.18% 0.18% 0.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.229B $1.206B $1.285B
YoY Change
Total Liabilities & Shareholders Equity $6.105B $6.174B $6.480B
YoY Change -5.79% -7.79% -2.06%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q4
OPERATING ACTIVITIES
Net Income $68.83M $1.059M -$22.26M
YoY Change -409.25% -97.18% -129.07%
Depreciation, Depletion And Amortization $72.20M $71.79M $77.50M
YoY Change -6.84% -3.04% -2.02%
Cash From Operating Activities $129.0M $125.4M $135.1M
YoY Change -4.52% -10.75% -2.67%
INVESTING ACTIVITIES
Capital Expenditures -$82.90M -$61.80M -$58.20M
YoY Change 42.44% -7.07% -29.2%
Acquisitions
YoY Change
Other Investing Activities $85.80M $29.10M $98.00M
YoY Change -12.45% 277.92% -1165.22%
Cash From Investing Activities $2.900M -$32.70M $39.80M
YoY Change -92.71% -44.39% -143.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -137.4M -89.40M -170.4M
YoY Change -19.37% 11.89% 213.24%
NET CHANGE
Cash From Operating Activities 129.0M 125.4M 135.1M
Cash From Investing Activities 2.900M -32.70M 39.80M
Cash From Financing Activities -137.4M -89.40M -170.4M
Net Change In Cash -5.500M 3.300M 4.500M
YoY Change -222.22% 83.33% -163.38%
FREE CASH FLOW
Cash From Operating Activities $129.0M $125.4M $135.1M
Capital Expenditures -$82.90M -$61.80M -$58.20M
Free Cash Flow $211.9M $187.2M $193.3M
YoY Change 9.62% -9.57% -12.53%

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670000 USD
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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CY2015Q3 us-gaap Cost Of Property Repairs And Maintenance
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us-gaap Cost Of Property Repairs And Maintenance
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39103000 USD
CY2016Q3 us-gaap Cost Of Property Repairs And Maintenance
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us-gaap Cost Of Property Repairs And Maintenance
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39574000 USD
CY2015Q3 us-gaap Current Federal Tax Expense Benefit
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us-gaap Current Federal Tax Expense Benefit
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700000 USD
us-gaap Current State And Local Tax Expense Benefit
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2724000 USD
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CY2016Q3 us-gaap Debt And Capital Lease Obligations
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CY2016Q3 us-gaap Debt Instrument Carrying Amount
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us-gaap Deferred Federal Income Tax Expense Benefit
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us-gaap Depreciation And Amortization
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221550000 USD
us-gaap Depreciation And Amortization
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220505000 USD
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74045000 USD
us-gaap Depreciation Depletion And Amortization
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221550000 USD
CY2016Q3 us-gaap Depreciation Depletion And Amortization
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71794000 USD
us-gaap Depreciation Depletion And Amortization
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220505000 USD
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us-gaap Direct Costs Of Leased And Rented Property Or Equipment
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107629000 USD
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us-gaap Direct Costs Of Leased And Rented Property Or Equipment
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CY2016Q3 us-gaap Dividends Payable Current And Noncurrent
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0.15
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us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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us-gaap Equity Method Investment Summarized Financial Information Revenue
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us-gaap Extinguishment Of Debt Gain Loss Net Of Tax
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256000 USD
us-gaap Extinguishment Of Debt Gain Loss Net Of Tax
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0 USD
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us-gaap Financing Receivable Allowance For Credit Losses Write Offs
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1846000 USD
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us-gaap Gain Loss On Investments
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16560000 USD
CY2016Q3 us-gaap Gain Loss On Investments
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us-gaap Gain Loss On Investments
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0 USD
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0 USD
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256000 USD
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us-gaap Gains Losses On Extinguishment Of Debt
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3237000 USD
us-gaap Gains Losses On Sales Of Investment Real Estate
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18167000 USD
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4926000 USD
us-gaap Gains Losses On Sales Of Investment Real Estate
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14503000 USD
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18167000 USD
us-gaap Gains Losses On Sales Of Other Real Estate
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12995000 USD
us-gaap General And Administrative Expense
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CY2016Q3 us-gaap General And Administrative Expense
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13222000 USD
us-gaap General And Administrative Expense
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46865000 USD
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1196000 USD
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412000 USD
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us-gaap Impairment Of Real Estate
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3665000 USD
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53558000 USD
us-gaap Impairment Of Real Estate
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us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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us-gaap Income Loss From Equity Method Investments
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12212000 USD
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10478000 USD
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us-gaap Income Tax Expense Benefit
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2004000 USD
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us-gaap Income Tax Expense Benefit
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6777000 USD
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7759000 USD
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21324000 USD
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6428000 USD
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5592000 USD
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10028000 USD
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10020000 USD
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0 shares
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IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
30000 shares
CY2016Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
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us-gaap Interest And Other Income
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6242000 USD
CY2016Q3 us-gaap Interest And Other Income
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451000 USD
us-gaap Interest And Other Income
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1062000 USD
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us-gaap Interest Expense
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174362000 USD
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54292000 USD
us-gaap Interest Expense
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162710000 USD
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us-gaap Interest Paid Net
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150512000 USD
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434000 USD
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InterestRateDerivativesAtFairValueNet
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CY2016Q3 us-gaap Interest Rate Derivatives At Fair Value Net
InterestRateDerivativesAtFairValueNet
0 USD
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CY2016Q3 us-gaap Liabilities
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CY2015Q4 us-gaap Liabilities And Stockholders Equity
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CY2015Q4 us-gaap Long Term Debt
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CY2016Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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CY2016Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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840726000 USD
CY2015Q4 us-gaap Longterm Debt Percentage Bearing Fixed Interest Amount
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3485308000 USD
CY2016Q3 us-gaap Longterm Debt Percentage Bearing Fixed Interest Amount
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3251443000 USD
CY2015Q4 us-gaap Longterm Debt Percentage Bearing Variable Interest Amount
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1241379000 USD
CY2016Q3 us-gaap Longterm Debt Percentage Bearing Variable Interest Amount
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1294531000 USD
CY2015Q4 us-gaap Longterm Debt Weighted Average Interest Rate
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0.0454
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0.0449
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3 claim
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16452000 USD
CY2016Q3 us-gaap Malpractice Loss Contingency Letters Of Credit And Surety Bonds
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14274000 USD
CY2015Q3 us-gaap Management Fees Revenue
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2754000 USD
us-gaap Management Fees Revenue
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8195000 USD
CY2016Q3 us-gaap Management Fees Revenue
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4177000 USD
us-gaap Management Fees Revenue
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10825000 USD
CY2015Q4 us-gaap Minority Interest
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CY2016Q3 us-gaap Minority Interest
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us-gaap Minority Interest Change In Redemption Value
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9516000 USD
us-gaap Minority Interest Change In Redemption Value
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28856000 USD
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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29712000 USD
us-gaap Minority Interest Decrease From Redemptions
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286000 USD
us-gaap Minority Interest Decrease From Redemptions
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;text-decoration:underline;">Accounting Guidance Adopted</font></div><div style="line-height:120%;padding-top:6px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") ASU 2015-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Amendments to the Consolidation Analysis</font><font style="font-family:inherit;font-size:10pt;"> ("ASU 2015-02"). The guidance modified the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, eliminated the presumption that a general partner should consolidate a limited partnership and affected the evaluation of fee arrangements and related party relationships in the primary beneficiary determination. For public companies, ASU 2015-02 was effective for annual periods beginning after December&#160;15, 2015 and interim periods within those years using either a retrospective or a modified retrospective approach. The adoption of ASU 2015-02 resulted in the identification of several VIEs as discussed in </font><a style="font-family:inherit;font-size:10pt;" href="#sE55C3975DFDD589289FB366056B40753"><font style="font-family:inherit;font-size:10pt;">Note 5</font></a><font style="font-family:inherit;font-size:10pt;"> but did not alter any of the Company's consolidation conclusions. The adoption of the guidance did not have an impact on the Company's consolidated financial statements other than the additional disclosures. &#160;&#160;&#160;&#160; </font></div><div style="line-height:120%;padding-top:6px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;text-decoration:underline;">Accounting Guidance Not Yet Effective</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB and the International Accounting Standards Board jointly issued ASU 2014-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers</font><font style="font-family:inherit;font-size:10pt;"> ("ASU 2014-09"). The objective of this converged standard is to enable financial statement users to better understand and analyze revenue by replacing current transaction and industry-specific guidance with a more principles-based approach to revenue recognition. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that the entity expects to be entitled to receive in exchange for those goods or services. The guidance also requires additional disclosure about the nature, timing and uncertainty of revenue and cash flows arising from customer contracts. ASU 2014-09 applies to all contracts with customers except those that are within the scope of other guidance such as lease and insurance contracts. In August 2015, the FASB issued ASU 2015-14, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers - Deferral of the Effective Date</font><font style="font-family:inherit;font-size:10pt;">, ("ASU 2015-14") which allows an additional one year deferral of ASU 2014-09. As a result, ASU&#160;2014-09 is effective for annual periods beginning after December 15, 2017 and interim periods within those years using one of two retrospective application methods. Early adoption would be permitted only for annual reporting periods beginning after December 15, 2016 and interim periods within those years. In March 2016, the FASB issued ASU 2016-08, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers - Principal versus Agent Considerations (Reporting Revenue Gross versus Net) </font><font style="font-family:inherit;font-size:10pt;">("ASU 2016-08")</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">. </font><font style="font-family:inherit;font-size:10pt;">The guidance in ASU 2016-08 clarifies the implementation of ASU 2014-09 on principal versus agent consideration</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">and has the same effective date as ASU 2014-09, as deferred by ASU 2015-14. During the quarter ended June 30, 2016, the FASB issued ASU 2016-10, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers - Identifying Performance Obligations and Licensing</font><font style="font-family:inherit;font-size:10pt;">, ASU 2016-11, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting, </font><font style="font-family:inherit;font-size:10pt;">and ASU 2016-12, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers - Narrow Scope Improvements and Practical Expedients. </font><font style="font-family:inherit;font-size:10pt;">These amendments are intended to improve and clarify the implementation guidance of ASU 2014-09 and have the same effective date as ASU 2014-09, as deferred by ASU 2015-14. The Company is evaluating the impact that these updates may have on its consolidated financial statements and related disclosures and expects to adopt the guidance as of January&#160;1,&#160;2018.&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU 2016-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">("</font><font style="font-family:inherit;font-size:10pt;">ASU 2016-02"). The objective of ASU 2016-02 is to increase transparency and comparability by recognizing lease assets and liabilities on the balance sheet and disclosing key information about leasing arrangements. Under ASU 2016-02, lessees will be required to recognize a right-of-use asset and corresponding lease liability on the balance sheet for all leases with terms greater than 12 months. The guidance applied by a lessor under ASU&#160;2016-02 is substantially similar to existing GAAP. For public companies, ASU 2016-02 is effective for annual periods beginning after December 15, 2018 and interim periods within those years. Early adoption is permitted. Lessees and lessors are required to use a modified retrospective transition method for all leases existing at, or entered into after, the date of initial application. Accordingly, they would apply the new accounting model for the earliest year presented in the financial statements. A number of practical expedients may also be elected. The Company is evaluating the impact that this update may have on its consolidated financial statements and related disclosures. It is considering the practicality of adopting ASU 2016-02 concurrently with the adoption of ASU 2014-09 as the standards overlap and concurrent adoption would align them if ASU 2016-02 was adopted as of January 1, 2018. If early adoption is not practicable, the Company would adopt ASU 2016-02 as of January 1, 2019.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued ASU 2016-09, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Improvements to Employee Share-Based Payment Accounting</font><font style="font-family:inherit;font-size:10pt;"> ("ASU&#160;2016-09"). ASU 2016-09 identifies areas for simplification of accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, an option to recognize gross stock compensation expense with actual forfeitures recognized as they occur, as well as certain classifications on the statement of cash flows. For public companies, ASU 2016-09 is effective for fiscal years beginning after December 15, 2016 including interim periods within that reporting period and may be applied on a modified retrospective basis as a cumulative-effect adjustment to retained earnings as of the date of adoption. Early adoption is permitted. The Company expects to adopt ASU 2016-09 as of January 1, 2017 and is currently assessing the potential impact of adopting the new guidance on its consolidated financial statements and related disclosures.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2016, the FASB issued ASU 2016-13, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Financial Instruments - Measurement of Credit Losses on Financial Instruments </font><font style="font-family:inherit;font-size:10pt;">("ASU 2016-13"). The objective of ASU 2016-13 is to provide financial statement users with information about expected credit losses on financial assets and other commitments to extend credit by a reporting entity. The guidance replaces the current incurred loss impairment model, which reflects credit events, with a current expected credit loss model, which recognizes an allowance for credit losses based on an entity's estimate of contractual cash flows not expected to be collected. For public companies that are SEC filers, ASU 2016-13 is effective for fiscal years beginning after December 15, 2019 including interim periods within those fiscal years. Early adoption is permitted. The guidance is to be applied on a modified retrospective basis. The Company expects to adopt ASU 2016-13 as of January 1, 2020 and is evaluating the impact that this update may have on its consolidated financial statements and related disclosures.</font></div><div style="line-height:120%;padding-top:8px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016, the FASB issued ASU 2016-15, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Classification of Certain Cash Receipts and Cash Payments </font><font style="font-family:inherit;font-size:10pt;">("ASU&#160;2016-15"). The objective of ASU 2016-15 is to reduce diversity in practice in the classification of certain items in the statement of cash flows, including the classification of distributions received from equity method investees. For public companies, ASU 2016-15 is effective for fiscal years beginning after December 15, 2017 including interim periods within those fiscal years. Early adoption is permitted. The guidance is to be applied on a retrospective basis. The Company expects to adopt ASU 2016-15 as of January 1, 2018 and does not expect the guidance to have a material impact on its consolidated financial statements.</font></div></div>
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
170792000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
170751000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
170494000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
170470000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
170792000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
170751000 shares

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