2017 Form 10-K Financial Statement

#000143774917021249 Filed on December 28, 2017

View on sec.gov

Income Statement

Concept 2017 2016 Q4 2016 Q3
Revenue $2.452B $805.1M $716.9M
YoY Change -10.92% 16.14% 32.6%
Cost Of Revenue $2.068B $682.6M $613.8M
YoY Change -12.22% 18.34% 36.4%
Gross Profit $383.5M $122.5M $103.1M
YoY Change -3.16% 5.24% 13.8%
Gross Profit Margin 15.64% 15.22% 14.38%
Selling, General & Admin $255.7M $53.70M $66.60M
YoY Change 1.03% 8.7% -1.91%
% of Gross Profit 66.68% 43.84% 64.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.249M $1.000M $900.0K
YoY Change 19.19% 25.0% 0.0%
% of Gross Profit 1.11% 0.82% 0.87%
Operating Expenses $257.1M $55.10M $67.50M
YoY Change -0.35% 8.89% -2.74%
Operating Profit $126.4M $67.40M $35.60M
YoY Change -8.41% 2.43% 67.92%
Interest Expense $185.2M -$32.00M -$34.50M
YoY Change 1.43% 12.68% 10.58%
% of Operating Profit 146.53% -47.48% -96.91%
Other Income/Expense, Net -$1.518M -$957.0K
YoY Change -68.86% -37.53%
Pretax Income -$45.24M $32.14M $1.093M
YoY Change -1957.31% -14.05% -110.93%
Income Tax $286.9M $9.852M $1.567M
% Of Pretax Income 30.65% 143.37%
Net Earnings -$332.2M $22.29M -$474.0K
YoY Change 11684.07% -12.66% -93.83%
Net Earnings / Revenue -13.55% 2.77% -0.07%
Basic Earnings Per Share -$56.23 $0.14 $0.00
Diluted Earnings Per Share -$56.23 $0.14 $0.00
COMMON SHARES
Basic Shares Outstanding 5.908M 147.5M 147.4M
Diluted Shares Outstanding 5.908M 160.6M 147.4M

Balance Sheet

Concept 2017 2016 Q4 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $463.7M $339.8M $190.0M
YoY Change 36.46% 33.94% -11.17%
Cash & Equivalents $463.7M $346.8M $190.0M
Short-Term Investments
Other Short-Term Assets $37.00M $46.80M $74.70M
YoY Change -20.94% -39.77% -7.2%
Inventory $1.010B $1.283B $1.467B
Prepaid Expenses
Receivables $58.10M $49.70M $66.20M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.569B $1.719B $1.798B
YoY Change -8.77% -15.98% -9.84%
LONG-TERM ASSETS
Property, Plant & Equipment $52.90M $50.33M $48.40M
YoY Change 5.17% 10.54% 5.68%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $115.1M $100.5M $88.00M
YoY Change 14.53% 64.22% 32.33%
Other Assets $2.100M $3.900M $21.20M
YoY Change -46.15% -85.28% -19.7%
Total Long-Term Assets $332.3M $635.6M $591.1M
YoY Change -47.72% 14.31% 6.45%
TOTAL ASSETS
Total Short-Term Assets $1.569B $1.719B $1.798B
Total Long-Term Assets $332.3M $635.6M $591.1M
Total Assets $1.901B $2.355B $2.389B
YoY Change -19.28% -9.5% -6.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $128.8M $160.9M $196.2M
YoY Change -19.95% -6.78% 28.99%
Accrued Expenses $60.10M $62.60M $85.90M
YoY Change -3.99% -34.79% 3.12%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $224.9M $260.9M $327.6M
YoY Change -13.8% -16.59% 15.88%
LONG-TERM LIABILITIES
Long-Term Debt $1.757B $1.754B $1.862B
YoY Change 0.17% -18.92% -13.21%
Other Long-Term Liabilities $379.1M $468.3M $351.3M
YoY Change -19.05% 84.37% 28.82%
Total Long-Term Liabilities $2.136B $2.223B $2.213B
YoY Change -3.88% -8.07% -8.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $224.9M $260.9M $327.6M
Total Long-Term Liabilities $2.136B $2.223B $2.213B
Total Liabilities $2.361B $2.483B $2.541B
YoY Change -4.92% -9.04% -5.93%
SHAREHOLDERS EQUITY
Retained Earnings -$856.2M -$878.5M
YoY Change 0.33%
Common Stock $706.1M $705.0M
YoY Change 0.34%
Preferred Stock
YoY Change
Treasury Stock (at cost) $115.4M $115.4M
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity -$460.4M -$128.5M -$151.9M
YoY Change
Total Liabilities & Shareholders Equity $1.901B $2.355B $2.389B
YoY Change -19.28% -9.5% -6.29%

Cashflow Statement

Concept 2017 2016 Q4 2016 Q3
OPERATING ACTIVITIES
Net Income -$332.2M $22.29M -$474.0K
YoY Change 11684.07% -12.66% -93.83%
Depreciation, Depletion And Amortization $4.249M $1.000M $900.0K
YoY Change 19.19% 25.0% 0.0%
Cash From Operating Activities $301.6M $192.4M $225.8M
YoY Change -22.07% 1477.05% -394.78%
INVESTING ACTIVITIES
Capital Expenditures $6.478M -$2.900M -$3.400M
YoY Change -19.1% 625.0% 580.0%
Acquisitions
YoY Change
Other Investing Activities -$23.20M -$12.80M -$19.70M
YoY Change -47.15% -256.1% -1136.84%
Cash From Investing Activities -$29.71M -$15.70M -$23.10M
YoY Change -42.74% -301.28% -1750.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -147.8M -23.60M -142.3M
YoY Change -39.82% -218.59% -617.45%
NET CHANGE
Cash From Operating Activities 301.6M 192.4M 225.8M
Cash From Investing Activities -29.71M -15.70M -23.10M
Cash From Financing Activities -147.8M -23.60M -142.3M
Net Change In Cash 124.0M 153.1M 60.40M
YoY Change 38.66% 283.71% -226.62%
FREE CASH FLOW
Cash From Operating Activities $301.6M $192.4M $225.8M
Capital Expenditures $6.478M -$2.900M -$3.400M
Free Cash Flow $295.1M $195.3M $229.2M
YoY Change -22.13% 1450.0% -401.18%

Facts In Submission

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CY2017Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2016Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2016 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
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CY2017 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2016 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2016Q4 us-gaap Assets
Assets
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CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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122555000
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CY2017Q4 us-gaap Cash Equivalents At Carrying Value
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13300000
CY2016Q4 us-gaap Cash Equivalents At Carrying Value
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9400000
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591872000
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CostsAndExpenses
760171000
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711791000
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575638000
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2455008000
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1371000
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1371000
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1200000
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523000
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2341000
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30465000
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60901000
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6800000
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6600000
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4420000
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8829000
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20678000
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22862000
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246000
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5766000
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6802000
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8763000
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13238000
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3565000
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CY2017 us-gaap Depreciation Depletion And Amortization
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4249000
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3565000
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166000
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632000
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CY2015 us-gaap Gains Losses On Extinguishment Of Debt
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2436000
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9249000
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9412000
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8166000
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182595000
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89836000
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85719000
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41800000
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32400000
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23600000
CY2016Q4 us-gaap Inventory Land Held For Sale
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48700000
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CY2017 us-gaap Nature Of Operations
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div> Business</div></div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; text-indent: 42.9pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">Our operations consist of homebuilding, financial services and corporate. Our homebuilding operations are made up of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> reportable segments defined as Northeast, Mid-Atlantic, Midwest, Southeast, Southwest and West. Homebuilding operations comprise the substantial part of our business, representing approximately <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">98%</div> of consolidated revenues for the year ended <div style="display: inline; font-style: italic; font-style: normal; font-weight: inherit;"> October 31, 2017 </div>and approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">97%</div></div> for the years ended <div style="display: inline; font-style: italic; font-style: normal; font-weight: inherit;"> October 31, 2016 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015.</div> We are a Delaware corporation, building and selling homes at <div style="display: inline; font-style: italic; font-style: normal; font-weight: inherit;"> October 31, 2017 </div>in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">130</div> consolidated new home communities in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia. We offer a wide variety of homes that are designed to appeal to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div>-time buyers, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div>-time move-up buyers, luxury buyers, active lifestyle buyers and empty nesters. Our financial services operations, which are a reportable segment, provide mortgage banking and title services to the homebuilding operations&#x2019; customers. We do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> typically retain or service the mortgages that we originate but rather sell the mortgages and related servicing rights to investors. Corporate primarily includes the operations of our corporate office whose primary purpose is to provide executive services, accounting, information services, human resources, management reporting, training, cash management, internal audit, risk management, and administration of process redesign, quality, and safety.</div></div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; text-indent: 39.6pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">During fiscal <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> we exit<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">ed the Minneapolis, Minnesota and Raleigh, North Carolina markets and in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> quarter of fiscal <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> we completed the sale of our portfolios in those markets. We are in the process of&nbsp;completing a wind down of our operations in the San Francisco Bay area in Northern California and in Tampa, Florida by building and delivering homes to sell through our existing land position.</div></div> <div style=" margin: 0pt; text-align: left; text-indent: 42.9pt; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> &#x201c;Operating and Reporting Segments&#x201d; for further disclosure of our reportable segments.</div></div>
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4.78
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.23
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.40
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
2.60
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
2.55
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
2.78
CY2017 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.07
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
CY2015 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.48
CY2017 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
16.68
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
25.05
CY2015 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
15.04
CY2017 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
5.85
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.73
CY2015 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
3.78
CY2017 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.34
CY2016 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.95
CY2015 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.47
CY2017 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Lower Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit
1.54
CY2017Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
5259011
CY2017Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
6860701
CY2017 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit
6.46
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2017Q4 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
3.69
CY2017 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P2Y350D
CY2017Q4 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
3.41
CY2017 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P4Y80D
CY2017Q4 us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
-4600000
CY2017 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
48250
CY2016 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
CY2015 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
18125
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
-117799000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
-128084000
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
-128510000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
-460371000
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
115360000
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
115360000
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1100000
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1100000
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1100000
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
CY2017Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
300000
CY2016Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
300000
CY2017 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
-45000
CY2016 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
-2000
CY2015 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
-91000
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
200000
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
200000
CY2017 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
-200000
CY2017 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
200000
CY2016 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
200000
CY2016Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
1100000
CY2017Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
1100000
CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:42.9pt;"><div style="display: inline; font-style: italic;">Use of Estimates</div><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> - The preparation of financial statements in conformity with US GAAP 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and these differences could have a significant impact on the financial statements.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
160548000
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
147748000
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
147558000
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
147535000
CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
160590000
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
147412000
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
147334000
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
147139000
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
147703000
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
147451000
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
146899000
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
147905000
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
147748000
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
147558000
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
147535000
CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
147521000
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
147412000
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
147334000
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
147139000
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
147703000
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
147451000
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
146899000

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