2017 Q4 Form 10-K Financial Statement

#000081555619000015 Filed on February 06, 2019

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2017 Q2
Revenue $1.089B $1.133B $1.122B
YoY Change 14.83% 11.82% 10.57%
Cost Of Revenue $557.3M $576.9M $563.0M
YoY Change 17.06% 12.39% 9.81%
Gross Profit $531.2M $555.9M $558.5M
YoY Change 12.57% 11.22% 11.34%
Gross Profit Margin 48.8% 49.07% 49.8%
Selling, General & Admin $327.8M $327.5M $321.6M
YoY Change 13.19% 10.23% 9.91%
% of Gross Profit 61.71% 58.91% 57.58%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $32.30M $32.50M $31.90M
YoY Change 11.0% 21.72% 28.63%
% of Gross Profit 6.08% 5.85% 5.71%
Operating Expenses $327.8M $327.5M $321.6M
YoY Change 13.19% 10.23% 9.91%
Operating Profit $203.4M $228.5M $237.5M
YoY Change 11.57% 12.62% 13.53%
Interest Expense -$2.500M $2.600M $2.200M
YoY Change 47.06% 44.44% 46.67%
% of Operating Profit -1.23% 1.14% 0.93%
Other Income/Expense, Net
YoY Change
Pretax Income $200.8M $226.0M $235.4M
YoY Change 11.06% 12.33% 13.28%
Income Tax $72.70M $82.90M $86.50M
% Of Pretax Income 36.21% 36.68% 36.75%
Net Earnings $152.4M $143.1M $148.9M
YoY Change 32.75% 12.77% 13.23%
Net Earnings / Revenue 14.0% 12.63% 13.28%
Basic Earnings Per Share $0.53 $0.50 $0.52
Diluted Earnings Per Share $0.53 $0.50 $0.52
COMMON SHARES
Basic Shares Outstanding 287.4M shares 287.5M shares 288.7M shares
Diluted Shares Outstanding 287.6M shares 288.8M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $116.9M $133.4M $115.1M
YoY Change 3.73% -9.25% -25.98%
Cash & Equivalents $116.9M $133.4M $115.1M
Short-Term Investments
Other Short-Term Assets $118.1M $117.7M $100.0M
YoY Change 15.22% -1.92% -11.52%
Inventory $1.093B $1.047B $1.044B
Prepaid Expenses
Receivables $607.8M $632.1M $613.5M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.936B $1.930B $1.873B
YoY Change 12.49% 8.58% 4.58%
LONG-TERM ASSETS
Property, Plant & Equipment $893.6M $889.3M $895.2M
YoY Change -0.68% -1.65% 4.15%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $81.20M $82.10M $83.30M
YoY Change 67.77% 68.91% 70.91%
Total Long-Term Assets $974.8M $971.4M $978.5M
YoY Change 2.82% 1.95% 7.74%
TOTAL ASSETS
Total Short-Term Assets $1.936B $1.930B $1.873B
Total Long-Term Assets $974.8M $971.4M $978.5M
Total Assets $2.911B $2.902B $2.851B
YoY Change 9.05% 6.27% 5.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $147.5M $147.1M $141.2M
YoY Change 35.57% 24.91% -11.03%
Accrued Expenses $194.0M $198.7M $180.4M
YoY Change 24.04% 5.13% 2.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.000M $8.000M $8.800M
YoY Change -71.43% -36.56% -86.98%
Total Short-Term Liabilities $351.0M $360.4M $342.3M
YoY Change 27.31% 8.86% -16.75%
LONG-TERM LIABILITIES
Long-Term Debt $412.0M $432.0M $436.2M
YoY Change 8.56% -0.09% 20.37%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $412.0M $432.0M $436.2M
YoY Change 8.56% -0.09% 20.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $351.0M $360.4M $342.3M
Total Long-Term Liabilities $412.0M $432.0M $436.2M
Total Liabilities $763.0M $792.4M $778.5M
YoY Change 16.45% 3.79% 0.64%
SHAREHOLDERS EQUITY
Retained Earnings $2.111B $2.050B $2.024B
YoY Change 8.79% 7.23% 8.11%
Common Stock $11.40M $4.200M $4.100M
YoY Change -71.71% -87.79% -86.6%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.097B $2.026B $1.992B
YoY Change
Total Liabilities & Shareholders Equity $2.911B $2.902B $2.851B
YoY Change 9.05% 6.27% 5.64%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2017 Q2
OPERATING ACTIVITIES
Net Income $152.4M $143.1M $148.9M
YoY Change 32.75% 12.77% 13.23%
Depreciation, Depletion And Amortization $32.30M $32.50M $31.90M
YoY Change 11.0% 21.72% 28.63%
Cash From Operating Activities $129.3M $162.6M $82.90M
YoY Change -2.78% 21.89% -4.71%
INVESTING ACTIVITIES
Capital Expenditures -$37.20M -$25.30M -$36.20M
YoY Change 35.27% -65.48% -38.64%
Acquisitions
YoY Change
Other Investing Activities -$3.900M -$3.200M $1.600M
YoY Change 30.0% -300.0% -20.0%
Cash From Investing Activities -$41.10M -$28.50M -$34.60M
YoY Change 34.75% -60.25% -39.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -106.0M -117.7M -68.80M
YoY Change -19.94% 70.33% 177.42%
NET CHANGE
Cash From Operating Activities 129.3M 162.6M 82.90M
Cash From Investing Activities -41.10M -28.50M -34.60M
Cash From Financing Activities -106.0M -117.7M -68.80M
Net Change In Cash -17.80M 16.40M -20.50M
YoY Change -40.47% -321.62% -494.23%
FREE CASH FLOW
Cash From Operating Activities $129.3M $162.6M $82.90M
Capital Expenditures -$37.20M -$25.30M -$36.20M
Free Cash Flow $166.5M $187.9M $119.1M
YoY Change 3.74% -9.1% -18.42%

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3200000 USD
CY2017Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Self Insurance
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8400000 USD
CY2018Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Self Insurance
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsSelfInsurance
8100000 USD
CY2017Q4 us-gaap Deferred Tax Liabilities
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50600000 USD
CY2018Q4 us-gaap Deferred Tax Liabilities
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79100000 USD
CY2017Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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75200000 USD
CY2018Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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104700000 USD
CY2016 us-gaap Defined Contribution Plan Cost Recognized
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8700000 USD
CY2017 us-gaap Defined Contribution Plan Cost Recognized
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10600000 USD
CY2018 us-gaap Defined Contribution Plan Cost Recognized
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13000000 USD
CY2016 us-gaap Depreciation
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103500000 USD
CY2017 us-gaap Depreciation
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123600000 USD
CY2018 us-gaap Depreciation
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134100000 USD
CY2016 us-gaap Dividends Cash
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346600000 USD
CY2017 us-gaap Dividends Cash
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369100000 USD
CY2018 us-gaap Dividends Cash
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441900000 USD
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1.73
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0.46
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0.52
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0.50
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0.53
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2.01
CY2018Q1 us-gaap Earnings Per Share Basic
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0.61
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0.74
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0.69
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0.59
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2.62
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1.73
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0.46
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0.52
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0.50
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0.53
CY2017 us-gaap Earnings Per Share Diluted
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2.01
CY2018Q1 us-gaap Earnings Per Share Diluted
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0.61
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0.74
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0.69
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0.59
CY2018 us-gaap Earnings Per Share Diluted
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2.62
CY2016 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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-1300000 USD
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5500000 USD
CY2018 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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-3500000 USD
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0.368
CY2017 us-gaap Effective Income Tax Rate Continuing Operations
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0.337
CY2018 us-gaap Effective Income Tax Rate Continuing Operations
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0.238
CY2016 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.35
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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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
CY2017Q4 us-gaap Employee Related Liabilities Current
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26000000 USD
CY2018Q4 us-gaap Employee Related Liabilities Current
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27600000 USD
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13700000 USD
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P3Y10M20D
CY2016 us-gaap Federal Income Tax Expense Benefit Continuing Operations
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247100000 USD
CY2017 us-gaap Federal Income Tax Expense Benefit Continuing Operations
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237500000 USD
CY2018 us-gaap Federal Income Tax Expense Benefit Continuing Operations
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171200000 USD
CY2017 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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305600000 USD
CY2016 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
13800000 USD
CY2017 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
20500000 USD
CY2018 us-gaap Foreign Income Tax Expense Benefit Continuing Operations
ForeignIncomeTaxExpenseBenefitContinuingOperations
24900000 USD
CY2016 us-gaap Gain Loss On Sale Of Property Plant Equipment
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500000 USD
CY2017 us-gaap Gain Loss On Sale Of Property Plant Equipment
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1000000 USD
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500000 USD
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1964800000 USD
CY2017Q1 us-gaap Gross Profit
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518000000 USD
CY2017Q2 us-gaap Gross Profit
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558500000 USD
CY2017Q3 us-gaap Gross Profit
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555900000 USD
CY2017Q4 us-gaap Gross Profit
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531200000 USD
CY2017 us-gaap Gross Profit
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2163600000 USD
CY2018Q1 us-gaap Gross Profit
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577600000 USD
CY2018Q2 us-gaap Gross Profit
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617700000 USD
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615800000 USD
CY2018Q4 us-gaap Gross Profit
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587800000 USD
CY2018 us-gaap Gross Profit
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2398900000 USD
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0 USD
CY2017 us-gaap Impairment Of Long Lived Assets Held For Use
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0 USD
CY2018 us-gaap Impairment Of Long Lived Assets Held For Use
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0 USD
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739400000 USD
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809400000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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905000000 USD
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50300000 USD
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63700000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
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82000000 USD
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789700000 USD
CY2017Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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210900000 USD
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235400000 USD
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226000000 USD
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200800000 USD
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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873100000 USD
CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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231900000 USD
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265900000 USD
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259400000 USD
CY2018Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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229800000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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987000000 USD
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290300000 USD
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294500000 USD
CY2018 us-gaap Income Tax Expense Benefit
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235100000 USD
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-30800000 USD
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276400000 USD
CY2018 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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207300000 USD
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-6100000 USD
CY2017 us-gaap Income Tax Reconciliation Other Adjustments
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-8300000 USD
CY2018 us-gaap Income Tax Reconciliation Other Adjustments
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7900000 USD
CY2016 us-gaap Income Tax Reconciliation Repatriation Of Foreign Earnings
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0 USD
CY2017 us-gaap Income Tax Reconciliation Repatriation Of Foreign Earnings
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6500000 USD
CY2018 us-gaap Income Tax Reconciliation Repatriation Of Foreign Earnings
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1200000 USD
CY2016 us-gaap Income Tax Reconciliation State And Local Income Taxes
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20000000 USD
CY2017 us-gaap Income Tax Reconciliation State And Local Income Taxes
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21500000 USD
CY2018 us-gaap Income Tax Reconciliation State And Local Income Taxes
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30200000 USD
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248300000 USD
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304100000 USD
CY2018 us-gaap Income Taxes Paid Net
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215300000 USD
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-17200000 USD
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36300000 USD
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46100000 USD
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40500000 USD
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103700000 USD
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120300000 USD
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15500000 USD
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19400000 USD
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-15500000 USD
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-28600000 USD
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37600000 USD
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46800000 USD
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80900000 USD
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76300000 USD
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193300000 USD
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-29100000 USD
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15600000 USD
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28900000 USD
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-1300000 USD
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900000 USD
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207998 shares
CY2017 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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134298 shares
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195847 shares
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400000 USD
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400000 USD
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400000 USD
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6500000 USD
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9100000 USD
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12600000 USD
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6200000 USD
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8700000 USD
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12600000 USD
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2910500000 USD
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3321500000 USD
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152800000 USD
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155300000 USD
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158200000 USD
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351000000 USD
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437400000 USD
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415000000 USD
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500000000 USD
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3000000 USD
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3000000 USD
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412000000 USD
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497000000 USD
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519900000 USD
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585200000 USD
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674200000 USD
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499400000 USD
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134200000 USD
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148900000 USD
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143100000 USD
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152400000 USD
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578600000 USD
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174300000 USD
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211200000 USD
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197600000 USD
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751900000 USD
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974800000 USD
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1005300000 USD
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795800000 USD
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881800000 USD
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999200000 USD
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309500000 USD
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124100000 USD
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9700000 USD
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23700000 USD
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53700000 USD
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94600000 USD
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3700000 USD
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2800000 USD
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2700000 USD
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10900000 USD
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25300000 USD
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118100000 USD
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147000000 USD
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81200000 USD
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80500000 USD
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22200000 USD
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0 USD
CY2017 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
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0 USD
CY2018 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
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0 USD
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-900000 USD
CY2017 us-gaap Other Comprehensive Income Loss Net Of Tax
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22200000 USD
CY2018 us-gaap Other Comprehensive Income Loss Net Of Tax
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-19700000 USD
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5100000 USD
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8100000 USD
CY2018 us-gaap Payments For Proceeds From Other Investing Activities
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3400000 USD
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59500000 USD
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82600000 USD
CY2018 us-gaap Payments For Repurchase Of Common Stock
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103000000 USD
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346600000 USD
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369100000 USD
CY2018 us-gaap Payments Of Dividends
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441900000 USD
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0 USD
CY2017 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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58700000 USD
CY2018 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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3700000 USD
CY2016 us-gaap Payments To Acquire Property Plant And Equipment
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189500000 USD
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119900000 USD
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176300000 USD
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2017Q4 us-gaap Preferred Stock Shares Authorized
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5000000 shares
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2017Q4 us-gaap Preferred Stock Shares Issued
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0 shares
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2017Q4 us-gaap Preferred Stock Value
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0 USD
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q4 us-gaap Prepaid Taxes
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0 USD
CY2018Q4 us-gaap Prepaid Taxes
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9000000 USD
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1015000000 USD
CY2018 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
980000000 USD
CY2016 us-gaap Proceeds From Sale Of Property Plant And Equipment
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6500000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
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2110600000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2016 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2017Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2017Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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7400000 USD
CY2018 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
9500000 USD
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29300000 USD
CY2017 us-gaap Proceeds From Stock Options Exercised
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9500000 USD
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13400000 USD
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2300000 USD
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8600000 USD
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CY2018 us-gaap Provision For Doubtful Accounts
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8100000 USD
CY2016 us-gaap Repayments Of Long Term Debt
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920000000 USD
CY2017 us-gaap Repayments Of Long Term Debt
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980000000 USD
CY2018 us-gaap Repayments Of Long Term Debt
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895000000 USD
CY2016 us-gaap Selling General And Administrative Expense
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CY2018 us-gaap Selling General And Administrative Expense
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CY2016 us-gaap Share Based Compensation
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4100000 USD
CY2017 us-gaap Share Based Compensation
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5200000 USD
CY2018 us-gaap Share Based Compensation
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5100000 USD
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6900000 USD
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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4200000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
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CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
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P9Y
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
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7100000 USD
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
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4200000 USD
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
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5300000 USD
CY2016 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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29400000 USD
CY2017 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
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36500000 USD
CY2018 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
39000000 USD
CY2016 us-gaap Stock Issued During Period Value Stock Options Exercised
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29300000 USD
CY2017 us-gaap Stock Issued During Period Value Stock Options Exercised
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9500000 USD
CY2018 us-gaap Stock Issued During Period Value Stock Options Exercised
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13400000 USD
CY2016 us-gaap Stock Repurchased During Period Value
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59500000 USD
CY2017 us-gaap Stock Repurchased During Period Value
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82600000 USD
CY2018 us-gaap Stock Repurchased During Period Value
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103000000 USD
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1801400000 USD
CY2016Q4 us-gaap Stockholders Equity
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1933100000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
2096900000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
2302700000 USD
CY2018Q4 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
248000000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
5400000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
4400000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
5300000 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
500000 USD
CY2018 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
600000 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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500000 USD
CY2018 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
100000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
700000 USD
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
700000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
400000 USD
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
1800000 USD
CY2017 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
1100000 USD
CY2018 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
900000 USD
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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289157523 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
288342733 shares
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
287162764 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
288949525 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
288208435 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
286966917 shares
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:6px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses, and the disclosure of contingent liabilities. Actual results could differ from those estimates.</font></div></div>

Files In Submission

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0000815556-19-000015-index-headers.html Edgar Link pending
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0000815556-19-000015.txt Edgar Link pending
0000815556-19-000015-xbrl.zip Edgar Link pending
a2018finalannualreport.htm Edgar Link pending
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