2021 Q4 Form 10-K Financial Statement

#000162836922000011 Filed on February 25, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $2.884B $9.389B $2.273B
YoY Change 26.86% 19.7% -12.82%
Cost Of Revenue $2.226B $7.448B $1.803B
YoY Change 23.48% 15.38% -11.51%
Gross Profit $657.4M $1.940B $470.1M
YoY Change 39.84% 39.75% -17.51%
Gross Profit Margin 22.8% 20.67% 20.68%
Selling, General & Admin $1.227B
YoY Change 9.45%
% of Gross Profit 63.22%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $43.80M $172.1M $52.10M
YoY Change -15.93% -34.71% -29.5%
% of Gross Profit 6.66% 8.87% 11.08%
Operating Expenses $403.0M $1.227B $362.5M
YoY Change 11.17% 9.45% -17.31%
Operating Profit $254.4M $497.0M $107.6M
YoY Change 136.43% -1035.97% -18.17%
Interest Expense -$37.20M $179.5M -$41.10M
YoY Change -9.49% 9.58% 10.48%
% of Operating Profit -14.62% 36.12% -38.2%
Other Income/Expense, Net -$14.60M $1.200M $1.000M
YoY Change -1560.0% -96.25% 233.33%
Pretax Income $197.6M $339.9M $55.40M
YoY Change 256.68% -292.47% -35.73%
Income Tax $51.80M $89.90M $82.70M
% Of Pretax Income 26.21% 26.45% 149.28%
Net Earnings $145.8M $250.0M -$27.30M
YoY Change -634.07% -213.38% -980.65%
Net Earnings / Revenue 5.06% 2.66% -1.2%
Basic Earnings Per Share $1.12 -$0.12
Diluted Earnings Per Share $637.8K $1.10 -$0.12
COMMON SHARES
Basic Shares Outstanding 223.5M shares 223.0M shares 221.6M shares
Diluted Shares Outstanding 226.5M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $770.7M $770.7M $1.075B
YoY Change -28.29% -28.29% 32.17%
Cash & Equivalents $770.7M $770.7M $1.075B
Short-Term Investments
Other Short-Term Assets $222.2M $222.2M -$24.40M
YoY Change -1010.66% -477.89% -105.9%
Inventory
Prepaid Expenses $264.7M $223.2M
Receivables $1.765B $1.765B $1.797B
Other Receivables $72.50M $72.50M $43.50M
Total Short-Term Assets $2.830B $2.830B $2.891B
YoY Change -2.09% -2.09% 1.05%
LONG-TERM ASSETS
Property, Plant & Equipment $194.6M $608.1M $235.9M
YoY Change -17.51% -9.79% -21.21%
Goodwill $2.082B $2.098B
YoY Change -0.77% 6.55%
Intangibles $922.2M $991.2M
YoY Change -6.96% -6.72%
Long-Term Investments $641.3M $641.3M $114.9M
YoY Change 458.14% 319.7% 1354.43%
Other Assets $741.1M $529.6M $507.6M
YoY Change 46.0% 73.58% 31.4%
Total Long-Term Assets $5.060B $5.060B $4.447B
YoY Change 13.78% 13.78% 3.36%
TOTAL ASSETS
Total Short-Term Assets $2.830B $2.830B $2.891B
Total Long-Term Assets $5.060B $5.060B $4.447B
Total Assets $7.890B $7.890B $7.338B
YoY Change 7.53% 7.53% 2.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.043B $1.043B $1.012B
YoY Change 3.14% 3.14% -7.27%
Accrued Expenses $976.3M $1.084B $835.0M
YoY Change 16.92% 29.76% -17.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $37.50M $42.40M $36.70M
YoY Change 2.18% 6.8% -2.91%
Total Short-Term Liabilities $2.435B $2.435B $2.066B
YoY Change 17.86% 17.86% -11.07%
LONG-TERM LIABILITIES
Long-Term Debt $3.221B $3.221B $3.236B
YoY Change -0.47% -0.47% 23.49%
Other Long-Term Liabilities $343.5M $738.1M $433.3M
YoY Change -20.72% -12.02% 23.06%
Total Long-Term Liabilities $3.564B $3.959B $3.669B
YoY Change -2.86% -2.85% 23.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.435B $2.435B $2.066B
Total Long-Term Liabilities $3.564B $3.959B $3.669B
Total Liabilities $6.442B $6.443B $6.242B
YoY Change 3.2% 3.19% 6.49%
SHAREHOLDERS EQUITY
Retained Earnings -$1.278B -$1.528B
YoY Change -16.36% 17.83%
Common Stock $22.40M $22.20M
YoY Change 0.9% 0.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.448B $1.448B $1.095B
YoY Change
Total Liabilities & Shareholders Equity $7.890B $7.890B $7.338B
YoY Change 7.53% 7.53% 2.44%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $145.8M $250.0M -$27.30M
YoY Change -634.07% -213.38% -980.65%
Depreciation, Depletion And Amortization $43.80M $172.1M $52.10M
YoY Change -15.93% -34.71% -29.5%
Cash From Operating Activities $299.2M $549.5M $184.3M
YoY Change 62.34% -1538.48% -50.18%
INVESTING ACTIVITIES
Capital Expenditures -$22.00M $53.80M -$14.10M
YoY Change 56.03% 31.22% -57.14%
Acquisitions $7.000M
YoY Change -93.56%
Other Investing Activities -$669.7M -$200.0K -$6.900M
YoY Change 9605.8% -102.35% -108.91%
Cash From Investing Activities -$691.7M -$749.5M -$21.00M
YoY Change 3193.81% 190.73% -147.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net $26.70M
YoY Change 33.5%
Cash From Financing Activities -28.70M -$65.80M -9.600M
YoY Change 198.96% -111.51% -48.66%
NET CHANGE
Cash From Operating Activities 299.2M $549.5M 184.3M
Cash From Investing Activities -691.7M -$749.5M -21.00M
Cash From Financing Activities -28.70M -$65.80M -9.600M
Net Change In Cash -421.2M -$265.8M 153.7M
YoY Change -374.04% -196.34% -61.16%
FREE CASH FLOW
Cash From Operating Activities $299.2M $549.5M $184.3M
Capital Expenditures -$22.00M $53.80M -$14.10M
Free Cash Flow $321.2M $495.7M $198.4M
YoY Change 61.9% -725.88% -50.74%

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CY2019 us-gaap Proceeds From Collection Of Retained Interest In Securitized Receivables
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Use of Estimates<div style="margin-bottom:8pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant items subject to estimates and assumptions include, but are not limited to, the valuation of assets acquired and liabilities assumed in business combinations, including earn-out consideration; the fair value of derivative instruments; the fair value of the Company’s defined benefit plan assets and obligations; the fair value of awards granted under stock-based compensation plans; valuation allowances for income taxes; self-insurance program liabilities; uncertain tax positions; probability of meeting performance conditions in share-based awards; impairment assessments related to goodwill, intangible assets and other long-lived assets and variable consideration subject to accelerated revenue recognition.</span></div><div style="margin-bottom:8pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Although these estimates and assumptions are based on management’s judgment and best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from these estimates. Estimates and underlying assumptions are evaluated on an ongoing basis and adjusted, as needed, using historical experience and other factors, including the current economic environment. Market factors, such as illiquid credit markets, volatile equity markets and foreign currency fluctuations can increase the uncertainty in such estimates and assumptions. The effects of such adjustments are reflected in the Consolidated Financial Statements in the periods in which they are determined.</span></div>
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CY2020 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
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CY2019 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
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CY2020 cwk Other Comprehensive Income Loss Defined Benefit Plan Foreign Currency Translation Gain Loss After Tax
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CY2019 cwk Other Comprehensive Income Loss Defined Benefit Plan Foreign Currency Translation Gain Loss After Tax
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CY2021Q4 us-gaap Defined Benefit Plan Accumulated Other Comprehensive Income Net Gains Losses After Tax
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CY2020Q4 us-gaap Defined Benefit Plan Accumulated Other Comprehensive Income Net Gains Losses After Tax
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CY2019Q4 us-gaap Defined Benefit Plan Accumulated Other Comprehensive Income Net Gains Losses After Tax
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600000 USD
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CY2020 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
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CY2019 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
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0.034
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8700000 USD
CY2021Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Three
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8900000 USD
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8800000 USD
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8900000 USD
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45700000 USD
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42800000 USD
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CY2019 us-gaap Deferred State And Local Income Tax Expense Benefit
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60500000 USD
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54800000 USD
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43200000 USD
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CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2021Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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CY2020Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P3Y8M12D
CY2021Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.045
CY2020Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.048
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.049
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.058
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
130400000 USD
CY2021Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
11000000.0 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
115300000 USD
CY2021Q4 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
8500000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
103300000 USD
CY2021Q4 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
4200000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
71600000 USD
CY2021Q4 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
800000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
55600000 USD
CY2021Q4 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
100000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
96800000 USD
CY2021Q4 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
0 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
573000000.0 USD
CY2021Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
24600000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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71200000 USD
CY2021Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
1400000 USD
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
501800000 USD
CY2021Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
23200000 USD
CY2021Q4 cwk Lessee Operating Lease Lease Not Yet Commenced Liability
LesseeOperatingLeaseLeaseNotYetCommencedLiability
12300000 USD
CY2021 cwk Guarantor Obligations Close Ended Term
GuarantorObligationsCloseEndedTerm
P7Y
CY2021Q4 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
45000000 USD
CY2021Q4 us-gaap Loss Contingency Accrual Carrying Value Current
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106500000 USD
CY2020Q4 us-gaap Loss Contingency Accrual Carrying Value Current
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91700000 USD
CY2021Q4 us-gaap Loss Contingency Accrual Carrying Value Noncurrent
LossContingencyAccrualCarryingValueNoncurrent
19500000 USD
CY2020Q4 us-gaap Loss Contingency Accrual Carrying Value Noncurrent
LossContingencyAccrualCarryingValueNoncurrent
21000000 USD
CY2021Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
3300000000 USD
CY2020Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
3300000000 USD
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3300000000 USD
CY2020Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3300000000 USD
CY2021 cwk Business Combination Contingent Consideration Arrangements Earn Out Payment
BusinessCombinationContingentConsiderationArrangementsEarnOutPayment
P5Y
CY2021Q4 cwk Transferors Interests In Transferred Financial Assets Amount Drawn On Investment Limit
TransferorsInterestsInTransferredFinancialAssetsAmountDrawnOnInvestmentLimit
0 USD
CY2020Q4 cwk Transferors Interests In Transferred Financial Assets Amount Drawn On Investment Limit
TransferorsInterestsInTransferredFinancialAssetsAmountDrawnOnInvestmentLimit
0 USD
CY2021 us-gaap Proceeds From Accounts Receivable Securitization
ProceedsFromAccountsReceivableSecuritization
1300000000 USD
CY2020 us-gaap Proceeds From Accounts Receivable Securitization
ProceedsFromAccountsReceivableSecuritization
1200000000 USD
CY2021 cwk Proceeds From Accounts Receivable Securitization Received From Trade Accounts Receivable Sold To Third Party
ProceedsFromAccountsReceivableSecuritizationReceivedFromTradeAccountsReceivableSoldToThirdParty
1300000000 USD
CY2020 cwk Proceeds From Accounts Receivable Securitization Received From Trade Accounts Receivable Sold To Third Party
ProceedsFromAccountsReceivableSecuritizationReceivedFromTradeAccountsReceivableSoldToThirdParty
1200000000 USD
CY2021Q4 us-gaap Accounts Receivable From Securitization
AccountsReceivableFromSecuritization
158700000 USD
CY2020Q4 us-gaap Accounts Receivable From Securitization
AccountsReceivableFromSecuritization
179400000 USD
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
770700000 USD
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1074800000 USD
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
119600000 USD
CY2019 us-gaap Interest Paid Net
InterestPaidNet
161600000 USD
CY2021 us-gaap Income Taxes Paid
IncomeTaxesPaid
46500000 USD
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
89300000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
890300000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1164100000 USD
CY2021 us-gaap Interest Paid Net
InterestPaidNet
166400000 USD
CY2020 us-gaap Interest Paid Net
InterestPaidNet
158500000 USD
CY2020 us-gaap Income Taxes Paid
IncomeTaxesPaid
51200000 USD
CY2019 us-gaap Income Taxes Paid
IncomeTaxesPaid
58700000 USD
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
137800000 USD
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
156300000 USD
CY2019 us-gaap Operating Lease Payments
OperatingLeasePayments
158800000 USD
CY2021 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
17100000 USD
CY2020 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
11800000 USD
CY2019 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
12300000 USD
CY2021 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
4000000.0 USD
CY2020 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
40000000.0 USD
CY2019 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
22600000 USD
CY2021 cwk Increase Decrease In Beneficial Interest In Securitization Noncash
IncreaseDecreaseInBeneficialInterestInSecuritizationNoncash
-24000000.0 USD
CY2020 cwk Increase Decrease In Beneficial Interest In Securitization Noncash
IncreaseDecreaseInBeneficialInterestInSecuritizationNoncash
14400000 USD
CY2019 cwk Increase Decrease In Beneficial Interest In Securitization Noncash
IncreaseDecreaseInBeneficialInterestInSecuritizationNoncash
11800000 USD
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
119200000 USD
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
65000000.0 USD
CY2019 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
49900000 USD
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.10
CY2020Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.10
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
800000000 shares
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
800000000 shares
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
223709308 shares
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
223709308 shares
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
221960472 shares
CY2020Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
221960472 shares
CY2018Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2021 cwk Excessof Consolidated Net Assets
ExcessofConsolidatedNetAssets
0.25
CY2021Q4 us-gaap Amount Of Restricted Net Assets For Consolidated And Unconsolidated Subsidiaries
AmountOfRestrictedNetAssetsForConsolidatedAndUnconsolidatedSubsidiaries
1200000000 USD
CY2019 us-gaap Dividends Cash
DividendsCash
0 USD
CY2021 us-gaap Dividends Cash
DividendsCash
0 USD
CY2020 us-gaap Dividends Cash
DividendsCash
0 USD
CY2018Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
49400000 USD
CY2019 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
22000000.0 USD
CY2019 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
13000000.0 USD
CY2019Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
58400000 USD
CY2020 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
47700000 USD
CY2020 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
35200000 USD
CY2020Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
70900000 USD
CY2021 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
21600000 USD
CY2021 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
20300000 USD
CY2021Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
72200000 USD

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