2017 Q4 Form 10-Q Financial Statement

#000090634517000044 Filed on October 27, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $229.8M $228.2M $220.2M
YoY Change 5.84% 3.61% 3.59%
Cost Of Revenue $87.70M $95.50M $86.90M
YoY Change 8.81% 9.9% 1.52%
Gross Profit $142.1M $132.7M $133.4M
YoY Change 4.1% -0.52% 5.04%
Gross Profit Margin 61.83% 58.16% 60.57%
Selling, General & Admin $13.00M $12.30M $10.80M
YoY Change 3.17% 13.89% -8.47%
% of Gross Profit 9.15% 9.27% 8.1%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $68.20M $67.00M $62.90M
YoY Change 8.77% 6.52% 2.44%
% of Gross Profit 47.99% 50.49% 47.15%
Operating Expenses $78.80M $77.10M $72.00M
YoY Change 6.92% 7.08% 1.12%
Operating Profit $63.30M $55.60M $61.40M
YoY Change 0.8% -9.45% 10.04%
Interest Expense -$17.20M $21.21M $23.08M
YoY Change -15.27% -8.09% -2.53%
% of Operating Profit -27.17% 38.15% 37.58%
Other Income/Expense, Net
YoY Change
Pretax Income $89.30M $35.99M $303.8M
YoY Change 110.12% -88.16% 799.28%
Income Tax $200.0K $500.0K $400.0K
% Of Pretax Income 0.22% 1.39% 0.13%
Net Earnings $87.99M $34.38M $290.9M
YoY Change 115.17% -88.18% 685.28%
Net Earnings / Revenue 38.28% 15.07% 132.09%
Basic Earnings Per Share $0.92 $0.38 $3.23
Diluted Earnings Per Share $0.91 $0.38 $3.21
COMMON SHARES
Basic Shares Outstanding 92.68M shares 91.01M shares 89.67M shares
Diluted Shares Outstanding 92.03M shares 90.01M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $368.5M $350.3M $313.7M
YoY Change 55.22% 11.67% 2916.35%
Cash & Equivalents $368.5M $350.3M $313.7M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $24.00M $23.60M $24.00M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $392.5M $373.9M $337.7M
YoY Change 50.15% 10.72% 851.27%
LONG-TERM ASSETS
Property, Plant & Equipment $5.549B $5.568B $5.469B
YoY Change 1.15% 1.82% -5.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $27.20M $28.40M $130.0M
YoY Change -79.13% -78.15% 274.64%
Other Assets $14.50M $9.200M $8.700M
YoY Change 59.34% 5.75% -56.93%
Total Long-Term Assets $5.781B $5.795B $5.751B
YoY Change 0.25% 0.77% -4.13%
TOTAL ASSETS
Total Short-Term Assets $392.5M $373.9M $337.7M
Total Long-Term Assets $5.781B $5.795B $5.751B
Total Assets $6.174B $6.169B $6.088B
YoY Change 2.42% 1.32% 0.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $128.3M $127.6M $143.2M
YoY Change -6.89% -10.89% 8.9%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $252.6M $270.6M $292.1M
YoY Change -1.33% -7.36% 5.68%
LONG-TERM LIABILITIES
Long-Term Debt $2.205B $2.204B $2.481B
YoY Change -11.13% -11.14% -7.86%
Other Long-Term Liabilities $231.8M $227.5M $194.5M
YoY Change 18.27% 16.97% 15.09%
Total Long-Term Liabilities $2.436B $2.432B $2.675B
YoY Change -8.97% -9.09% -6.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $252.6M $270.6M $292.1M
Total Long-Term Liabilities $2.436B $2.432B $2.675B
Total Liabilities $2.612B $2.629B $2.895B
YoY Change -8.54% -9.18% -5.56%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $4.137B $4.134B $3.676B
YoY Change 12.48% 12.47% 0.42%
Preferred Stock
YoY Change
Treasury Stock (at cost) $364.1M $364.7M $373.6M
YoY Change -2.48% -2.37% -3.49%
Treasury Stock Shares 10.07M shares 10.09M shares 10.34M shares
Shareholders Equity $3.405B $3.387B $3.040B
YoY Change
Total Liabilities & Shareholders Equity $6.174B $6.169B $6.088B
YoY Change 2.42% 1.32% 0.9%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $87.99M $34.38M $290.9M
YoY Change 115.17% -88.18% 685.28%
Depreciation, Depletion And Amortization $68.20M $67.00M $62.90M
YoY Change 8.77% 6.52% 2.44%
Cash From Operating Activities $100.8M $130.5M $135.4M
YoY Change 17.76% -3.62% 9.99%
INVESTING ACTIVITIES
Capital Expenditures -$79.30M -$71.80M -$104.2M
YoY Change -1.25% -31.09% 9.11%
Acquisitions
YoY Change
Other Investing Activities $69.50M $800.0K $375.8M
YoY Change 4864.29% -99.79% -5319.44%
Cash From Investing Activities -$9.800M -$71.00M $271.7M
YoY Change -87.59% -126.13% -364.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -72.70M 275.4M -447.9M
YoY Change -12.62% -161.49% 1590.19%
NET CHANGE
Cash From Operating Activities 100.8M 130.5M 135.4M
Cash From Investing Activities -9.800M -71.00M 271.7M
Cash From Financing Activities -72.70M 275.4M -447.9M
Net Change In Cash 18.30M 334.9M -40.80M
YoY Change -123.89% -920.83% 568.85%
FREE CASH FLOW
Cash From Operating Activities $100.8M $130.5M $135.4M
Capital Expenditures -$79.30M -$71.80M -$104.2M
Free Cash Flow $180.1M $202.3M $239.6M
YoY Change 8.56% -15.57% 9.61%

Facts In Submission

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CY2016Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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303453000 USD
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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CY2017Q3 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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37263000 USD
us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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113634000 USD
CY2016Q3 us-gaap Cost Of Real Estate Revenue
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80374000 USD
us-gaap Cost Of Real Estate Revenue
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237679000 USD
CY2017Q3 us-gaap Cost Of Real Estate Revenue
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88283000 USD
us-gaap Cost Of Real Estate Revenue
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248104000 USD
CY2016Q3 us-gaap Current Income Tax Expense Benefit
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400000 USD
us-gaap Current Income Tax Expense Benefit
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1204000 USD
CY2017Q3 us-gaap Current Income Tax Expense Benefit
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512000 USD
us-gaap Current Income Tax Expense Benefit
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1008000 USD
CY2016Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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15700000 USD
CY2017Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
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13000000 USD
CY2017Q3 us-gaap Debt Weighted Average Interest Rate
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CY2016Q4 us-gaap Deferred Compensation Plan Assets
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80600000 USD
CY2017Q3 us-gaap Deferred Compensation Plan Assets
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116200000 USD
CY2017Q3 us-gaap Deferred Tax Liability Not Recognized Amount Of Unrecognized Deferred Tax Liability Undistributed Earnings Of Domestic Subsidiaries
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0 USD
CY2016Q3 us-gaap Depreciation And Amortization
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62832000 USD
us-gaap Depreciation And Amortization
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187379000 USD
CY2017Q3 us-gaap Depreciation And Amortization
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67014000 USD
us-gaap Depreciation And Amortization
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195781000 USD
us-gaap Depreciation And Amortization Discontinued Operations
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4327000 USD
us-gaap Depreciation Depletion And Amortization
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187379000 USD
us-gaap Depreciation Depletion And Amortization
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195781000 USD
CY2016Q3 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
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0 USD
us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
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0 USD
CY2017Q3 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
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294000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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133000 USD
CY2016Q3 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
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53679000 USD
us-gaap Direct Costs Of Leased And Rented Property Or Equipment
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156804000 USD
us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
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375237000 USD
CY2017Q3 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
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0 USD
CY2016 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
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375200000 USD
CY2017Q3 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
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0 USD
us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
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0 USD
CY2016Q3 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
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0 USD
us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
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0 USD
CY2016Q3 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
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0.00
CY2017Q3 us-gaap Direct Costs Of Leased And Rented Property Or Equipment
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60090000 USD
us-gaap Direct Costs Of Leased And Rented Property Or Equipment
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164188000 USD
CY2016Q3 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
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0 USD
CY2017Q3 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
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0.00
us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Basic Share
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CY2016Q3 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
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us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
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4.26
CY2017Q3 us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
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0.00
us-gaap Discontinued Operation Income Loss From Discontinued Operation Net Of Tax Per Diluted Share
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0.00
us-gaap Discontinued Operation Tax Effect Of Income Loss From Discontinued Operation During Phase Out Period
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us-gaap Disposal Group Including Discontinued Operation Operating Expense
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us-gaap Disposal Group Including Discontinued Operation Revenue
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19184000 USD
us-gaap Dividends Common Stock Cash
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us-gaap Dividends Common Stock Cash
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CY2016Q3 us-gaap Dividends Payable Current And Noncurrent
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CY2017Q3 us-gaap Dividends Payable Current And Noncurrent
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72962000 USD
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us-gaap Earnings Per Share Basic
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0.38
us-gaap Earnings Per Share Basic
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3.21
us-gaap Earnings Per Share Diluted
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8.60
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0.38
us-gaap Earnings Per Share Diluted
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1.20
CY2016Q3 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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2800000 USD
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1000000 USD
us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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2800000 USD
us-gaap Equity Method Investment Dividends Or Distributions
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5006000 USD
us-gaap Equity Method Investment Dividends Or Distributions
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4791000 USD
CY2017Q3 us-gaap Equity Method Investment Ownership Percentage
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CY2016Q4 us-gaap Equity Method Investment Summarized Financial Information Assets
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719400000 USD
CY2016Q4 us-gaap Equity Method Investment Summarized Financial Information Equity Or Capital
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184000000 USD
CY2017Q3 us-gaap Equity Method Investment Summarized Financial Information Equity Or Capital
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178000000 USD
CY2016Q4 us-gaap Equity Method Investment Summarized Financial Information Liabilities
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518700000 USD
CY2017Q3 us-gaap Equity Method Investment Summarized Financial Information Liabilities
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515600000 USD
us-gaap Payments For Proceeds From Other Investing Activities
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4813000 USD
us-gaap Payments For Proceeds From Other Investing Activities
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1946000 USD
us-gaap Gain Loss On Disposition Of Assets1
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0 USD
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3900000 USD
us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
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10200000 USD
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2000000 USD
us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
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9400000 USD
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30500000 USD
us-gaap Equity Method Investment Summarized Financial Information Revenue
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89900000 USD
CY2017Q3 us-gaap Equity Method Investment Summarized Financial Information Revenue
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30800000 USD
us-gaap Equity Method Investment Summarized Financial Information Revenue
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91200000 USD
CY2016Q3 us-gaap Gain Loss On Disposition Of Assets
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us-gaap Gain Loss On Disposition Of Assets
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295397000 USD
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0 USD
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
0 USD
us-gaap Gain Loss On Disposition Of Assets1
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295397000 USD
CY2016Q2 us-gaap Gain Loss On Sale Of Properties
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32200000 USD
CY2016Q3 us-gaap Gains Losses On Extinguishment Of Debt
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0 USD
CY2017Q3 us-gaap Gains Losses On Extinguishment Of Debt
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0 USD
us-gaap Gains Losses On Extinguishment Of Debt
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us-gaap General And Administrative Expense
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34836000 USD
CY2017Q3 us-gaap General And Administrative Expense
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us-gaap General And Administrative Expense
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37585000 USD
CY2017Q3 us-gaap Guarantee Obligations Maximum Exposure
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0 USD
CY2016Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
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us-gaap Income Loss From Continuing Operations
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CY2017Q3 us-gaap Income Loss From Continuing Operations
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us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
108433000 USD
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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303821000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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414508000 USD
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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35987000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
112786000 USD
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303421000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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413304000 USD
CY2017Q3 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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35475000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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111778000 USD
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us-gaap Income Loss From Continuing Operations Per Basic Share
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us-gaap Income Loss From Continuing Operations Per Basic Share
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1.20
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IncomeLossFromContinuingOperationsPerDilutedShare
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us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2017Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.38
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.20
CY2016Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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0 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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382842000 USD
CY2017Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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0 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
0 USD
CY2016Q3 us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
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1866000 USD
us-gaap Increase Decrease In Other Operating Assets
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3938000 USD
us-gaap Increase Decrease In Other Operating Assets
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10135000 USD
us-gaap Increase Decrease In Other Operating Liabilities
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3281000 USD
us-gaap Increase Decrease In Other Operating Liabilities
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1178000 USD
us-gaap Increase Decrease In Property And Other Taxes Payable
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22564000 USD
us-gaap Increase Decrease In Property And Other Taxes Payable
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20986000 USD
CY2016Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
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0 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
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0 shares
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805000 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
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805000 shares
CY2016Q3 us-gaap Interest And Other Income
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us-gaap Interest And Other Income
InterestAndOtherIncome
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CY2017Q3 us-gaap Interest And Other Income
InterestAndOtherIncome
385000 USD
us-gaap Interest And Other Income
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1579000 USD
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1255000 USD
us-gaap Income Loss From Equity Method Investments Net Of Dividends Or Distributions
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4857000 USD
us-gaap Income Taxes Paid
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2314000 USD
us-gaap Income Taxes Paid
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1528000 USD
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33000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Operating Capital
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us-gaap Increase Decrease In Operating Capital
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CY2016Q3 us-gaap Interest Costs Capitalized
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us-gaap Interest Costs Capitalized
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13800000 USD
CY2017Q3 us-gaap Interest Costs Capitalized
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3400000 USD
us-gaap Interest Costs Capitalized
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11600000 USD
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us-gaap Interest Expense
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69936000 USD
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21210000 USD
us-gaap Interest Expense
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66132000 USD
us-gaap Interest Paid Net
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62995000 USD
us-gaap Interest Paid Net
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64455000 USD
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InterestRateDerivativeAssetsAtFairValue
0 USD
CY2017Q3 us-gaap Interest Rate Derivative Assets At Fair Value
InterestRateDerivativeAssetsAtFairValue
1800000 USD
CY2016Q4 us-gaap Investment Building And Building Improvements
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CY2017Q3 us-gaap Investment Building And Building Improvements
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CY2016Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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30254000 USD
CY2017Q3 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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28420000 USD
CY2016Q4 us-gaap Land
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CY2017Q3 us-gaap Land
Land
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CY2016Q3 us-gaap Lease And Rental Expense
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1000000 USD
us-gaap Lease And Rental Expense
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3100000 USD
CY2017Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1000000 USD
us-gaap Lease And Rental Expense
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3000000 USD
CY2016Q4 us-gaap Liabilities
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CY2017Q3 us-gaap Liabilities
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us-gaap Management Fees Revenue
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5223000 USD
CY2016Q4 us-gaap Liabilities And Stockholders Equity
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CY2017Q3 us-gaap Liabilities And Stockholders Equity
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CY2016Q4 us-gaap Liabilities Fair Value Disclosure Nonrecurring
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0 USD
CY2017Q3 us-gaap Liabilities Fair Value Disclosure Nonrecurring
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0 USD
CY2017Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
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586600000 USD
us-gaap Loans And Leases Receivable Commitments Fixed Rates
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700000 USD
CY2017Q3 us-gaap Long Term Debt
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1139900000 USD
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249100000 USD
CY2017Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2017Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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643000000 USD
CY2017Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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173700000 USD
CY2016Q3 us-gaap Management Fees Revenue
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CY2017Q3 us-gaap Management Fees Revenue
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2116000 USD
us-gaap Management Fees Revenue
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5806000 USD
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CY2017Q3 us-gaap Minority Interest
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79670000 USD
CY2016Q4 us-gaap Mortgage Loans On Real Estate Carrying Amount Of Mortgages
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17200000 USD
CY2017Q3 us-gaap Mortgage Loans On Real Estate Carrying Amount Of Mortgages
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18300000 USD
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0.040
us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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148272000 USD
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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us-gaap Net Cash Provided By Used In Operating Activities
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357511000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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333871000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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344917000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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333871000 USD
CY2016Q3 us-gaap Net Income Loss
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290898000 USD
us-gaap Net Income Loss
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778930000 USD
CY2017Q3 us-gaap Net Income Loss
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34384000 USD
us-gaap Net Income Loss
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108433000 USD
CY2016Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
17216000 USD
CY2017Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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3345000 USD
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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289273000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
772788000 USD
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
34363000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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108300000 USD
CY2017Q3 us-gaap Number Of Real Estate Properties
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CY2016Q2 us-gaap Number Of Units In Real Estate Property
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CY2017Q2 us-gaap Number Of Units In Real Estate Property
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250
CY2017Q3 us-gaap Number Of Units In Real Estate Property
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1005
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due Current
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700000 USD
CY2017Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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<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-weight:bold;">1. Description of Business</font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Business</font><font style="font-family:inherit;font-size:10pt;">. Formed on May&#160;25, 1993, Camden Property Trust, a Texas real estate investment trust ("REIT"), is primarily engaged in the ownership, management, development, redevelopment, acquisition, and construction of multifamily apartment communities. Our multifamily apartment communities are referred to as "communities," "multifamily communities," "properties," or "multifamily properties" in the following discussion. As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;">, we owned interests in, operated, or were developing </font><font style="font-family:inherit;font-size:10pt;">162</font><font style="font-family:inherit;font-size:10pt;"> multifamily properties comprised of </font><font style="font-family:inherit;font-size:10pt;">55,877</font><font style="font-family:inherit;font-size:10pt;"> apartment homes across the United States. Of the </font><font style="font-family:inherit;font-size:10pt;">162</font><font style="font-family:inherit;font-size:10pt;"> properties, </font><font style="font-family:inherit;font-size:10pt;">six</font><font style="font-family:inherit;font-size:10pt;"> properties were under construction as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2017</font><font style="font-family:inherit;font-size:10pt;">, and will consist of a total of </font><font style="font-family:inherit;font-size:10pt;">1,839</font><font style="font-family:inherit;font-size:10pt;"> apartment homes when completed. We also own land holdings which we may develop into multifamily communities in the future.</font></div></div>

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