2017 Q4 Form 10-Q Financial Statement

#000082281817000031 Filed on November 01, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $747.4M $755.8M $729.5M
YoY Change 7.99% 3.61% -18.34%
Cost Of Revenue $526.7M $519.6M $491.9M
YoY Change 6.05% 5.63% -22.49%
Gross Profit $220.7M $236.3M $237.6M
YoY Change 12.92% -0.57% -8.16%
Gross Profit Margin 29.53% 31.26% 32.57%
Selling, General & Admin $118.9M $113.3M $111.0M
YoY Change 19.5% 2.07% 19.16%
% of Gross Profit 53.87% 47.94% 46.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $71.50M $72.99M $73.36M
YoY Change 0.28% -0.51% 6.23%
% of Gross Profit 32.4% 30.89% 30.87%
Operating Expenses $192.8M $113.3M $111.0M
YoY Change 11.12% 2.07% 19.16%
Operating Profit $27.94M $47.66M $16.80M
YoY Change 27.31% 183.67% -82.12%
Interest Expense -$20.10M -$20.68M -$21.57M
YoY Change -5.63% -4.13% 13.4%
% of Operating Profit -71.95% -43.38% -128.35%
Other Income/Expense, Net -$3.305M -$432.0K -$198.0K
YoY Change -147.68% 118.18% 42.45%
Pretax Income $3.700M $24.63M $11.47M
YoY Change -53.75% 114.76% -84.67%
Income Tax $12.50M $12.58M $21.73M
% Of Pretax Income 337.84% 51.05% 189.41%
Net Earnings $84.19M $12.06M -$10.26M
YoY Change -762.27% -217.58% -125.49%
Net Earnings / Revenue 11.26% 1.6% -1.41%
Basic Earnings Per Share $1.48 $0.21 -$0.18
Diluted Earnings Per Share $1.48 $0.21 -$0.18
COMMON SHARES
Basic Shares Outstanding 56.93M shares 57.03M shares 57.49M shares
Diluted Shares Outstanding 57.20M shares 57.49M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $357.6M $361.7M $257.9M
YoY Change 16.48% 40.25% 43.92%
Cash & Equivalents $319.4M $361.7M $257.9M
Short-Term Investments $38.20M
Other Short-Term Assets $267.6M $266.9M $279.7M
YoY Change -7.63% -4.57% -4.57%
Inventory $176.0M $173.1M $177.3M
Prepaid Expenses
Receivables $528.9M $531.7M $512.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.154B $1.160B $1.050B
YoY Change 5.6% 10.51% -2.11%
LONG-TERM ASSETS
Property, Plant & Equipment $1.587B $1.612B $1.649B
YoY Change -1.52% -2.22% 7.64%
Goodwill $478.5M $478.7M $470.6M
YoY Change 2.87% 1.72% 5.07%
Intangibles $469.1M $477.6M $507.3M
YoY Change -5.93% -5.85% -2.25%
Long-Term Investments
YoY Change
Other Assets $17.50M $19.76M $34.94M
YoY Change 31.1% -43.46% 154.62%
Total Long-Term Assets $2.553B $2.588B $2.663B
YoY Change -1.41% -2.8% 5.36%
TOTAL ASSETS
Total Short-Term Assets $1.154B $1.160B $1.050B
Total Long-Term Assets $2.553B $2.588B $2.663B
Total Assets $3.707B $3.748B $3.713B
YoY Change 0.67% 0.96% 3.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $224.2M $223.6M $226.8M
YoY Change -2.31% -1.4% -23.25%
Accrued Expenses $188.0M $213.2M $226.1M
YoY Change -1.44% -5.7% -7.64%
Deferred Revenue $67.82M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.000M $4.000M
YoY Change
Total Short-Term Liabilities $503.8M $529.5M $539.1M
YoY Change -0.17% -1.77% -13.75%
LONG-TERM LIABILITIES
Long-Term Debt $1.626B $1.626B $1.633B
YoY Change -0.47% -0.4% 17.03%
Other Long-Term Liabilities $165.7M $165.8M $171.4M
YoY Change -0.36% -3.27% -1.89%
Total Long-Term Liabilities $2.015B $2.090B $2.073B
YoY Change -3.75% 0.86% 11.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $503.8M $529.5M $539.1M
Total Long-Term Liabilities $2.015B $2.090B $2.073B
Total Liabilities $2.518B $2.620B $2.612B
YoY Change -3.05% 0.32% 5.43%
SHAREHOLDERS EQUITY
Retained Earnings $673.1M $588.9M $585.5M
YoY Change 17.51% 0.58% -4.34%
Common Stock $687.5M $708.9M $727.5M
YoY Change -5.33% -2.55% -1.78%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.188B $1.128B $1.101B
YoY Change
Total Liabilities & Shareholders Equity $3.707B $3.748B $3.713B
YoY Change 0.67% 0.96% 3.13%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $84.19M $12.06M -$10.26M
YoY Change -762.27% -217.58% -125.49%
Depreciation, Depletion And Amortization $71.50M $72.99M $73.36M
YoY Change 0.28% -0.51% 6.23%
Cash From Operating Activities $64.20M $104.6M $58.70M
YoY Change -20.54% 78.19% -49.31%
INVESTING ACTIVITIES
Capital Expenditures -$39.50M -$39.10M -$52.80M
YoY Change -12.03% -25.95% -21.66%
Acquisitions
YoY Change
Other Investing Activities -$42.30M -$31.90M -$99.70M
YoY Change -348.82% -68.0% -9163.64%
Cash From Investing Activities -$81.90M -$71.00M -$152.4M
YoY Change 192.5% -53.41% 129.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -23.60M -119.9M -2.400M
YoY Change 807.69% 4895.83% -93.5%
NET CHANGE
Cash From Operating Activities 64.20M 104.6M 58.70M
Cash From Investing Activities -81.90M -71.00M -152.4M
Cash From Financing Activities -23.60M -119.9M -2.400M
Net Change In Cash -41.30M -86.30M -96.10M
YoY Change -182.27% -10.2% -862.7%
FREE CASH FLOW
Cash From Operating Activities $64.20M $104.6M $58.70M
Capital Expenditures -$39.50M -$39.10M -$52.80M
Free Cash Flow $103.7M $143.7M $111.5M
YoY Change -17.5% 28.88% -39.14%

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21000 USD
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34463000 USD
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us-gaap Goodwill Impairment Loss
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1300000 USD
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11470000 USD
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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0 USD
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43348000 USD
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44858000 USD
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0 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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0 USD
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0 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
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0 USD
CY2017Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
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0 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
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79000 USD
us-gaap Other Comprehensive Income Loss Tax
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208000 USD
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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11000 USD
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170000 USD
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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7000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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129000 USD
us-gaap Other Increase Decrease In Environmental Liabilities
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us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
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us-gaap Payments For Environmental Liabilities
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10078000 USD
us-gaap Payments For Proceeds From Productive Assets
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us-gaap Payments For Proceeds From Productive Assets
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Of Debt Extinguishment Costs
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6028000 USD
us-gaap Payments Of Financing Costs
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us-gaap Payments Of Financing Costs
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5746000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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2500000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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2321000 USD
us-gaap Payments To Acquire Available For Sale Securities
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598000 USD
us-gaap Payments To Acquire Available For Sale Securities
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0 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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207089000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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44432000 USD
us-gaap Payments To Acquire Intangible Assets
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1920000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
1348000 USD
us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
0 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
175348000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
127736000 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
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56116000 USD
CY2017Q3 us-gaap Prepaid Expense And Other Assets Current
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47134000 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
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399000000 USD
us-gaap Proceeds From Divestiture Of Businesses
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46339000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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250625000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
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-10255000 USD
us-gaap Profit Loss
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-27160000 USD
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0 USD
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376000 USD
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12058000 USD
us-gaap Profit Loss
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16545000 USD
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2977904000 USD
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3162515000 USD
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1611827000 USD
CY2017Q3 us-gaap Property Plant And Equipment Net
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1611971000 USD
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6203000 USD
us-gaap Provision For Doubtful Accounts
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5635000 USD
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-222000 USD
us-gaap Repayments Of Unsecured Debt
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0 USD
us-gaap Repayments Of Unsecured Debt
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401000000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
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572793000 USD
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
588888000 USD
CY2016Q3 us-gaap Revenues
Revenues
729520000 USD
us-gaap Revenues
Revenues
2063113000 USD
CY2017Q3 us-gaap Revenues
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755846000 USD
us-gaap Revenues
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2197575000 USD
CY2016Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
135295000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
354095000 USD
CY2017Q3 us-gaap Sales Revenue Goods Net
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143494000 USD
us-gaap Sales Revenue Goods Net
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594225000 USD
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612352000 USD
us-gaap Sales Revenue Services Net
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CY2016Q3 us-gaap Selling General And Administrative Expense
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110954000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
322501000 USD
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
113252000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
337767000 USD
us-gaap Share Based Compensation
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7735000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
9212000 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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-2321000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
9212000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
46000 USD
CY2017Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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75700000 USD
us-gaap Stock Repurchased And Retired During Period Shares
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4300000 shares
CY2016Q3 us-gaap Stock Repurchased And Retired During Period Shares
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100000 shares
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CY2017Q3 us-gaap Stock Repurchased And Retired During Period Shares
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200000 shares
us-gaap Stock Repurchased And Retired During Period Shares
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500000 shares
us-gaap Stock Repurchased And Retired During Period Value
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CY2016Q3 us-gaap Stock Repurchased And Retired During Period Value
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16300000 USD
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24500000 USD
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24465000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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1084241000 USD
CY2017Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1128347000 USD
CY2016Q4 us-gaap Supplemental Unemployment Benefits Severance Benefits
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2900000 USD
CY2017Q3 us-gaap Supplemental Unemployment Benefits Severance Benefits
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1300000 USD
CY2016Q4 us-gaap Supplies
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178428000 USD
CY2017Q3 us-gaap Supplies
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35083000 USD
CY2017Q3 us-gaap Taxes Payable Current
TaxesPayableCurrent
49892000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits
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1700000 USD
CY2017Q3 us-gaap Unrecognized Tax Benefits
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1800000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
300000 USD
CY2017Q3 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
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400000 USD
us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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400000 USD
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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57487000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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57575000 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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57195000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
57280000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
57487000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
57575000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
57033000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
57149000 shares
us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As disclosed in the Company's Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2016</font><font style="font-family:inherit;font-size:10pt;">, in the fourth quarter of 2016 the Company changed the manner in which it manages its business, makes operating decisions and assesses the Company's performance. The Company's operations are now managed in&#160;</font><font style="font-family:inherit;font-size:10pt;">six</font><font style="font-family:inherit;font-size:10pt;">&#160;operating segments: Technical Services, Industrial Services, Field Services, Safety-Kleen, Oil and Gas Field Services and Lodging Services. For purposes of segment disclosure the Industrial Services and Field Services operating segments have been aggregated into a single reportable segment based upon their similar economic and other characteristics, and the Oil and Gas Field Services and Lodging Services operating segments have been combined as they do not meet the quantitative thresholds for separate presentation. The amounts presented for the three and nine months ended September 30, 2016 have been recast to reflect the impact of such changes. These reclassifications and adjustments had no effect on consolidated statements of operations, consolidated statements of comprehensive income (loss), consolidated statements of cash flows or consolidated statements of stockholders' equity for any of the periods presented.</font></div></div>

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