2018 Q4 Form 10-K Financial Statement

#000162828019001771 Filed on February 22, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2018 Q2
Revenue $1.310B $1.284B $1.262B
YoY Change 9.15% 11.41% 18.33%
Cost Of Revenue $670.9M $660.3M $651.8M
YoY Change 8.28% 13.39% 24.82%
Gross Profit $639.1M $623.4M $610.1M
YoY Change 10.08% 9.39% 12.11%
Gross Profit Margin 48.79% 48.56% 48.35%
Selling, General & Admin $368.0M $364.8M $364.7M
YoY Change 7.79% 6.38% 9.54%
% of Gross Profit 57.58% 58.52% 59.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $306.9M $305.7M $307.3M
YoY Change 4.99% 9.81% 20.62%
% of Gross Profit 48.02% 49.04% 50.37%
Operating Expenses $368.0M $364.8M $364.7M
YoY Change 7.79% 6.38% 9.54%
Operating Profit $271.1M $265.8M $215.0M
YoY Change 13.36% 18.18% 16.3%
Interest Expense -$127.0M $130.6M $134.7M
YoY Change 3.34% 7.17% 13.13%
% of Operating Profit -46.84% 49.13% 62.63%
Other Income/Expense, Net $4.500M $3.744M $8.866M
YoY Change -48.28% -447.96% 590.5%
Pretax Income $136.1M $143.3M $73.97M
YoY Change 44.48% 74.6% 34.18%
Income Tax $32.60M $18.51M $6.356M
% Of Pretax Income 23.95% 12.91% 8.59%
Net Earnings $110.0M $124.8M $67.62M
YoY Change 68.71% 56.23% 47.62%
Net Earnings / Revenue 8.4% 9.72% 5.36%
Basic Earnings Per Share $1.37 $1.56 $0.85
Diluted Earnings Per Share $1.36 $1.55 $0.85
COMMON SHARES
Basic Shares Outstanding 80.39M shares 79.87M shares 79.48M shares
Diluted Shares Outstanding 80.28M shares 79.75M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $611.0M $886.0M $985.0M
YoY Change -57.6% -45.64% -7.77%
Cash & Equivalents $606.2M $870.5M $966.3M
Short-Term Investments $5.000M $15.00M $18.00M
Other Short-Term Assets $274.9M $258.7M $249.8M
YoY Change 18.46% 19.21% 5.92%
Inventory
Prepaid Expenses $70.43M
Receivables $630.1M $662.4M $616.5M
Other Receivables $12.61M $0.00 $0.00
Total Short-Term Assets $1.516B $1.807B $1.851B
YoY Change -32.61% -26.06% 0.06%
LONG-TERM ASSETS
Property, Plant & Equipment $11.03B $10.68B $10.38B
YoY Change 17.37% 18.62% 18.66%
Goodwill $4.836B $4.853B $4.870B
YoY Change 9.62% 14.81% 15.26%
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00 $4.000M
YoY Change -100.0% -100.0% -33.33%
Other Assets $533.3M $562.3M $526.0M
YoY Change 120.58% 96.64% 99.57%
Total Long-Term Assets $18.73B $18.48B $18.22B
YoY Change 13.91% 16.49% 16.61%
TOTAL ASSETS
Total Short-Term Assets $1.516B $1.807B $1.851B
Total Long-Term Assets $18.73B $18.48B $18.22B
Total Assets $20.24B $20.29B $20.07B
YoY Change 8.31% 10.81% 14.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $96.98M $739.0M $711.0M
YoY Change -4.68% 12.48% 15.99%
Accrued Expenses $179.0M $276.0M $269.0M
YoY Change -18.64% 34.63% 40.1%
Deferred Revenue $73.14M $73.69M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $452.0M $322.0M $311.0M
YoY Change 216.08% 122.07% 113.01%
Total Short-Term Liabilities $1.515B $1.461B $1.434B
YoY Change 21.91% 26.34% 31.35%
LONG-TERM LIABILITIES
Long-Term Debt $10.88B $11.03B $11.08B
YoY Change 9.5% 11.66% 21.17%
Other Long-Term Liabilities $629.8M $634.1M $633.5M
YoY Change -4.83% -12.99% -11.49%
Total Long-Term Liabilities $629.8M $634.1M $633.5M
YoY Change -4.83% -12.99% -11.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.515B $1.461B $1.434B
Total Long-Term Liabilities $629.8M $634.1M $633.5M
Total Liabilities $13.03B $13.13B $13.15B
YoY Change 10.0% 11.57% 20.05%
SHAREHOLDERS EQUITY
Retained Earnings $889.9M $779.9M $655.1M
YoY Change 252.19% 316.02% 508.98%
Common Stock $10.75B $10.59B $10.25B
YoY Change 6.22% 9.0% 6.26%
Preferred Stock
YoY Change
Treasury Stock (at cost) $145.2M $145.2M $145.6M
YoY Change -0.79% -0.79% -0.92%
Treasury Stock Shares 396.9K shares 397.1K shares 399.1K shares
Shareholders Equity $7.219B $7.160B $6.925B
YoY Change
Total Liabilities & Shareholders Equity $20.24B $20.29B $20.07B
YoY Change 8.31% 10.81% 14.86%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2018 Q2
OPERATING ACTIVITIES
Net Income $110.0M $124.8M $67.62M
YoY Change 68.71% 56.23% 47.62%
Depreciation, Depletion And Amortization $306.9M $305.7M $307.3M
YoY Change 4.99% 9.81% 20.62%
Cash From Operating Activities $558.6M $417.2M $538.7M
YoY Change 12.89% 6.81% 75.82%
INVESTING ACTIVITIES
Capital Expenditures -$680.7M $545.5M $520.2M
YoY Change 57.31% 70.36% 49.25%
Acquisitions
YoY Change
Other Investing Activities -$45.00M -$74.40M -$844.8M
YoY Change -87.19% 71.03% -76.47%
Cash From Investing Activities -$725.5M -$620.0M -$1.365B
YoY Change -7.46% 70.47% -65.34%
FINANCING ACTIVITIES
Cash Dividend Paid $186.0M $181.8M
YoY Change 16.61% 16.31%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -100.9M 104.1M -206.3M
YoY Change -202.02% -79.04% -3.1%
NET CHANGE
Cash From Operating Activities 558.6M 417.2M 538.7M
Cash From Investing Activities -725.5M -620.0M -1.365B
Cash From Financing Activities -100.9M 104.1M -206.3M
Net Change In Cash -267.8M -98.70M -1.033B
YoY Change 40.73% -118.85% -73.14%
FREE CASH FLOW
Cash From Operating Activities $558.6M $417.2M $538.7M
Capital Expenditures -$680.7M $545.5M $520.2M
Free Cash Flow $1.239B -$128.3M $18.46M
YoY Change 33.62% -282.39% -143.78%

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50610000 USD
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48296000 USD
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Depreciation
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CY2018 us-gaap Depreciation
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DepreciationAmortizationAndAccretionNet
1028892000 USD
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DepreciationDepletionAndAmortization
1042480000 USD
CY2018 us-gaap Depreciation Depletion And Amortization
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1227489000 USD
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0 USD
CY2018Q4 us-gaap Derivative Asset Collateral Obligation To Return Cash Offset
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0 USD
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DerivativeAssets
73074000 USD
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4175000 USD
CY2018Q4 us-gaap Derivative Assets Current
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62170000 USD
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3209000 USD
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6517000 USD
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3209000 USD
CY2018Q4 us-gaap Derivative Collateral Right To Reclaim Cash
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6517000 USD
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8285000 USD
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73074000 USD
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5076000 USD
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66557000 USD
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40847000 USD
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9740000 USD
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37638000 USD
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
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3223000 USD
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4110000 USD
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10904000 USD
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3800000 USD
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16500000 USD
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19900000 USD
CY2018 us-gaap Derivative Instruments Loss Reclassified From Accumulated Oci Into Income Effective Portion
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30600000 USD
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DerivativeLiabilities
40847000 USD
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DerivativeLiabilities
9740000 USD
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34466000 USD
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8812000 USD
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38400000 USD
CY2017 us-gaap Derivative Instruments Gain Reclassified From Accumulated Oci Into Income Effective Portion
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20800000 USD
CY2018 us-gaap Derivative Instruments Gain Reclassified From Accumulated Oci Into Income Effective Portion
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15300000 USD
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11200000 USD
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6381000 USD
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928000 USD
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0 USD
CY2018Q4 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
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0 USD
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0 USD
CY2017 us-gaap Derivatives Used In Net Investment Hedge Tax Expense Benefit
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0 USD
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1358000 USD
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2351000 USD
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0 USD
CY2018 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
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0 USD
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14645000 USD
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0.18
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0.00
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0.00
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0.17
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0.00
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0.00
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4604000 USD
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24795000 USD
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7026000 USD
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32851000 USD
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15931000 USD
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71800000 USD
CY2016Q3 us-gaap Disposal Group Including Discontinued Operation Other Current Assets
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79500000 USD
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48782000 USD
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492403000 USD
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492400000 USD
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612100000 USD
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612085000 USD
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727400000 USD
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727448000 USD
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11181000 USD
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8795000 USD
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7770000 USD
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10172000 USD
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DividendsShareBasedCompensation
10084000 USD
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7270000 USD
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3390000 USD
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0.57
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1.56
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1.37
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4.58
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1.79
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0.58
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1.02
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0.82
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1443000 USD
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1.81
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0.58
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0.59
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1.02
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0.83
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EarningsPerShareBasic
3.03
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0.79
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0.85
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3.00
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EarningsPerShareDiluted
0.79
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0.85
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EarningsPerShareDiluted
1.55
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EarningsPerShareDiluted
1.36
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EarningsPerShareDiluted
4.56
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-21800000 USD
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31187000 USD
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-33907000 USD
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0.35
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0.35
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.21
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235697000 USD
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4200000 USD
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6200000 USD
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9100000 USD
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337800000 USD
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P2Y1M21D
CY2017Q4 us-gaap Equity Securities Fv Ni
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6163000 USD
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1717000 USD
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420145000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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551683000 USD
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1392935000 USD
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199862000 USD
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180883000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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181211000 USD
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185332000 USD
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193073000 USD
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85440000 USD
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-36929000 USD
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48680000 USD
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2884979000 USD
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FiniteLivedIntangibleAssetsNet
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2384972000 USD
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2333296000 USD
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32816000 USD
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0 USD
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6013000 USD
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-12300000 USD
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-65800000 USD
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-65772000 USD
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-51400000 USD
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745906000 USD
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GeneralAndAdministrativeExpense
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Goodwill
4411762000 USD
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Goodwill
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166443000 USD
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569901000 USD
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593447000 USD
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610142000 USD
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623442000 USD
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639148000 USD
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573000 USD
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ImpairmentOfIntangibleAssetsFinitelived
725000 USD
CY2018 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
1998000 USD
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0 USD
CY2017 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
0 USD
CY2018 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
0 USD
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7700000 USD
CY2016 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
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7698000 USD
CY2017 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0 USD
CY2018 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0 USD
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114408000 USD
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IncomeLossFromContinuingOperations
232982000 USD
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IncomeLossFromContinuingOperations
365359000 USD
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215010000 USD
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
148500000 USD
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
298009000 USD
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159859000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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286832000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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433038000 USD
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-55151000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
138332000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
135029000 USD
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IncomeLossFromContinuingOperationsPerBasicShare
1.63
CY2017 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
3.03
CY2018 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
4.58
CY2016 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
1.62
CY2017 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
3.00
CY2018 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
4.56
CY2016 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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12392000 USD
CY2017 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
0 USD
CY2018 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
0 USD
CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
45451000 USD
CY2017 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
53850000 USD
CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
67679000 USD
CY2017Q4 us-gaap Income Tax Receivable
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110961000 USD
CY2018Q4 us-gaap Income Tax Receivable
IncomeTaxReceivable
98245000 USD
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6246000 USD
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7643000 USD
CY2018 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
3777000 USD
CY2016 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
0 USD
CY2017 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
6513000 USD
CY2018 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
0 USD
CY2016 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-22016000 USD
CY2017 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-26151000 USD
CY2018 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
4072000 USD
CY2016 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
55951000 USD
CY2017 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
100391000 USD
CY2018 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
90938000 USD
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CY2018 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
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5890000 USD
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616000 USD
CY2018 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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2308000 USD
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173000 USD
CY2017 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
4115000 USD
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3616000 USD
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9371000 USD
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22625000 USD
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19880000 USD
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143000 USD
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8000 USD
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1113365000 USD
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1378725000 USD
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2096174000 USD
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28118000 USD
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95083000 USD
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182418000 USD
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0 shares
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0 shares
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0 shares
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0 shares
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0 USD
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125158000 USD
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0 USD
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2481421000 USD
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388172000 USD
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2056876000 USD
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424650000 USD
CY2016 us-gaap Proceeds From Issuance Of Senior Long Term Debt
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0 USD
CY2017 us-gaap Proceeds From Issuance Of Senior Long Term Debt
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3628701000 USD
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929850000 USD
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34179000 USD
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41696000 USD
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50136000 USD
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725000 USD
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53164000 USD
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Revenues
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Revenues
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SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
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CY2017 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
748942000 USD
CY2018 us-gaap Sec Schedule Iii Real Estate Accumulated Depreciation Depreciation Expense
SECScheduleIIIRealEstateAccumulatedDepreciationDepreciationExpense
882848000 USD
CY2018Q4 us-gaap Sec Schedule Iii Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Buildings And Improvements
SECScheduleIIIRealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionBuildingsAndImprovements
10714438000 USD
CY2018Q4 us-gaap Sec Schedule Iii Real Estate And Accumulated Depreciation Costs Capitalized Subsequent To Acquisition Land
SECScheduleIIIRealEstateAndAccumulatedDepreciationCostsCapitalizedSubsequentToAcquisitionLand
138101000 USD
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438742000 USD
CY2017 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
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CY2018 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
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P4Y
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372.10
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37514000 USD
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4540000 USD
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45505000 USD
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-235292000 USD
CY2018 us-gaap Translation Adjustment For Net Investment Hedge Increase Decrease Net Of Tax
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219628000 USD
CY2017Q4 us-gaap Treasury Stock Shares
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402342 shares
CY2018Q4 us-gaap Treasury Stock Shares
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146320000 USD
CY2018Q4 us-gaap Treasury Stock Value
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30845000 USD
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UnrecognizedTaxBenefits
82390000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits
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150930000 USD
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UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
374000 USD
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UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
314000 USD
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12305000 USD
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UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
2900000 USD
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UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
8400000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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41972000 USD
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UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
19832000 USD
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48685000 USD
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570000 USD
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6095000 USD
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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826000 USD
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15410000 USD
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28431000 USD
CY2018 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
77535000 shares
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
80197000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
70117000 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
76854000 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
79779000 shares
CY2018 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Financial Instruments and Concentration of Credit Risk</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:16px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments which potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents, short-term investments, long-term investments and accounts receivable. Risks associated with cash and cash equivalents, short-term investments and long-term investments are mitigated by the Company's investment policy, which limits the Company's investing to only those marketable securities rated at least A-1/P-1 Short Term Rating and A-/A3 Long Term Rating, as determined by independent credit rating agencies.</font></div><div style="line-height:120%;padding-bottom:4px;padding-top:12px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A significant portion of the Company's customer base is comprised of businesses throughout the Americas. However, a portion of the Company's revenues are derived from the Company's EMEA and Asia-Pacific operations. </font></div></div>
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:16px;padding-top:16px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:16px;padding-top:12px;text-align:justify;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States ("U.S.") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to the allowance for doubtful accounts, fair values of financial instruments, intangible assets and goodwill, useful lives of intangible assets and property, plant and equipment, assets acquired and liabilities assumed from acquisitions, asset retirement obligations and income taxes. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable.</font></div></div>

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