2018 Q4 Form 10-K Financial Statement

#000074925119000005 Filed on February 22, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2017 Q4 2016 Q4
Revenue $1.089B $1.015B $703.2M
YoY Change 7.33% 44.27% 9.23%
Cost Of Revenue $407.8M $398.4M $279.1M
YoY Change 2.36% 42.74% 8.51%
Gross Profit $681.0M $616.1M $424.2M
YoY Change 10.53% 45.24% 9.73%
Gross Profit Margin 62.54% 60.73% 60.32%
Selling, General & Admin $488.1M $467.3M $289.9M
YoY Change 4.45% 61.19% 12.02%
% of Gross Profit 71.67% 75.85% 68.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $52.50M $71.50M $16.00M
YoY Change -26.57% 346.88% 5.26%
% of Gross Profit 7.71% 11.61% 3.77%
Operating Expenses $540.6M $538.8M $305.8M
YoY Change 0.33% 76.19% 11.61%
Operating Profit $140.4M $77.30M $118.4M
YoY Change 81.63% -34.71% 5.15%
Interest Expense -$32.10M -$38.10M -$12.00M
YoY Change -15.75% 217.5% 96.72%
% of Operating Profit -22.86% -49.29% -10.14%
Other Income/Expense, Net $6.600M $3.600M $9.500M
YoY Change 83.33% -62.11% 763.64%
Pretax Income $111.0M $28.40M $106.2M
YoY Change 290.85% -73.26% 9.82%
Income Tax $33.00M -$19.30M $39.70M
% Of Pretax Income 29.73% -67.96% 37.38%
Net Earnings $84.00M $107.3M $66.50M
YoY Change -21.71% 61.35% 1.06%
Net Earnings / Revenue 7.71% 10.58% 9.46%
Basic Earnings Per Share
Diluted Earnings Per Share $915.0K $1.113M $791.7K
COMMON SHARES
Basic Shares Outstanding 90.89M shares 90.65M shares 82.61M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2017 Q4 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $156.4M $538.9M $474.2M
YoY Change -70.98% 13.64% 27.13%
Cash & Equivalents $156.4M $538.9M $474.2M
Short-Term Investments
Other Short-Term Assets $400.2M $872.8M $225.9M
YoY Change -54.15% 286.37% 20.67%
Inventory
Prepaid Expenses
Receivables $1.255B $1.177B $643.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.812B $2.589B $1.343B
YoY Change -30.01% 92.72% 17.72%
LONG-TERM ASSETS
Property, Plant & Equipment $267.7M $221.5M $121.6M
YoY Change 20.84% 82.15% 11.84%
Goodwill $2.923B $2.987B $738.5M
YoY Change -2.15% 304.53% 3.23%
Intangibles $1.043B $1.292B $76.80M
YoY Change -19.31% 1582.3% -20.45%
Long-Term Investments
YoY Change
Other Assets $156.4M $193.7M $87.28M
YoY Change -19.29% 121.98% -18.34%
Total Long-Term Assets $424.0M $415.2M $210.9M
YoY Change 2.12% 96.92% -0.11%
TOTAL ASSETS
Total Short-Term Assets $1.812B $2.589B $1.343B
Total Long-Term Assets $424.0M $415.2M $210.9M
Total Assets $6.201B $7.283B $2.367B
YoY Change -14.85% 207.65% 9.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $37.51M $49.00M $41.01M
YoY Change -23.45% 19.49% 29.9%
Accrued Expenses
YoY Change
Deferred Revenue $1.745B $1.630B
YoY Change 7.06%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $165.6M $379.7M $30.00M
YoY Change -56.39% 1165.74% -14.29%
Total Short-Term Liabilities $2.621B $2.823B $1.460B
YoY Change -7.14% 93.29% 10.33%
LONG-TERM LIABILITIES
Long-Term Debt $2.116B $2.899B $664.4M
YoY Change -27.01% 336.36% -15.24%
Other Long-Term Liabilities $613.7M $578.0M $181.8M
YoY Change 6.17% 217.9% -6.08%
Total Long-Term Liabilities $2.730B $3.477B $846.2M
YoY Change -21.49% 310.91% -13.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.621B $2.823B $1.460B
Total Long-Term Liabilities $2.730B $3.477B $846.2M
Total Liabilities $5.351B $6.300B $2.306B
YoY Change -15.06% 173.13% 0.24%
SHAREHOLDERS EQUITY
Retained Earnings $1.755B $1.647B $1.644B
YoY Change 6.57% 0.2% 13.33%
Common Stock $82.00K $82.00K $78.00K
YoY Change 0.0% 5.13% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.689B $2.427B $2.397B
YoY Change 10.79% 1.26% 1.67%
Treasury Stock Shares 73.90M shares 72.78M shares 73.58M shares
Shareholders Equity $850.8M $983.5M $60.88M
YoY Change
Total Liabilities & Shareholders Equity $6.201B $7.283B $2.367B
YoY Change -14.85% 207.65% 9.17%

Cashflow Statement

Concept 2018 Q4 2017 Q4 2016 Q4
OPERATING ACTIVITIES
Net Income $84.00M $107.3M $66.50M
YoY Change -21.71% 61.35% 1.06%
Depreciation, Depletion And Amortization $52.50M $71.50M $16.00M
YoY Change -26.57% 346.88% 5.26%
Cash From Operating Activities $45.20M $22.20M $83.30M
YoY Change 103.6% -73.35% 5.04%
INVESTING ACTIVITIES
Capital Expenditures -$62.30M -$35.20M -$13.00M
YoY Change 76.99% 170.77% 30.0%
Acquisitions $2.640B
YoY Change
Other Investing Activities $6.000M $0.00 -$18.80M
YoY Change -100.0% 2585.71%
Cash From Investing Activities -$56.10M -$35.10M -$31.90M
YoY Change 59.83% 10.03% 192.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -43.50M -65.80M -43.80M
YoY Change -33.89% 50.23% -34.14%
NET CHANGE
Cash From Operating Activities 45.20M 22.20M 83.30M
Cash From Investing Activities -56.10M -35.10M -31.90M
Cash From Financing Activities -43.50M -65.80M -43.80M
Net Change In Cash -54.40M -78.70M 7.600M
YoY Change -30.88% -1135.53% 300.0%
FREE CASH FLOW
Cash From Operating Activities $45.20M $22.20M $83.30M
Capital Expenditures -$62.30M -$35.20M -$13.00M
Free Cash Flow $107.5M $57.40M $96.30M
YoY Change 87.28% -40.39% 7.84%

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CY2017Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
250000000 shares
CY2018Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
250000000 shares
CY2017Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
156234415 shares
CY2018Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
163602067 shares
CY2017Q4 us-gaap Common Stock Value
CommonStockValue
82000 USD
CY2018Q4 us-gaap Common Stock Value
CommonStockValue
82000 USD
CY2016 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
188301000 USD
CY2017 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
54470000 USD
CY2018 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
80490000 USD
CY2017Q4 us-gaap Contract With Customer Asset Accumulated Allowance For Credit Loss
ContractWithCustomerAssetAccumulatedAllowanceForCreditLoss
26672000 USD
CY2018Q4 us-gaap Contract With Customer Asset Accumulated Allowance For Credit Loss
ContractWithCustomerAssetAccumulatedAllowanceForCreditLoss
26119000 USD
CY2017Q4 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
1162871000 USD
CY2018Q4 us-gaap Contract With Customer Asset Gross
ContractWithCustomerAssetGross
1262818000 USD
CY2017Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1646403000 USD
CY2018Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
1766438000 USD
CY2017Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1630198000 USD
CY2018Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1745244000 USD
CY2017Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
16205000 USD
CY2018Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
21194000 USD
CY2018 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1287800000 USD
CY2016 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
945648000 USD
CY2017 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
1320198000 USD
CY2018 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
1468800000 USD
CY2016 us-gaap Costs And Expenses
CostsAndExpenses
2139399000 USD
CY2017 us-gaap Costs And Expenses
CostsAndExpenses
3317823000 USD
CY2018 us-gaap Costs And Expenses
CostsAndExpenses
3715739000 USD
CY2016 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
58616000 USD
CY2017 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
48339000 USD
CY2018 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
2817000 USD
CY2016 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
27536000 USD
CY2017 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
38602000 USD
CY2018 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
45042000 USD
CY2016 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
97444000 USD
CY2017 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
87375000 USD
CY2018 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
54828000 USD
CY2016 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
11292000 USD
CY2017 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
434000 USD
CY2018 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
6969000 USD
CY2017Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
3323062000 USD
CY2018Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
2312092000 USD
CY2018Q4 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.0417
CY2017Q4 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
44217000 USD
CY2018Q4 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
30405000 USD
CY2017Q4 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
3278845000 USD
CY2018Q4 us-gaap Debt Longterm And Shortterm Combined Amount
DebtLongtermAndShorttermCombinedAmount
2281687000 USD
CY2016 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
100000 USD
CY2017 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
400000 USD
CY2018 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
DeferredCompensationArrangementWithIndividualCompensationExpense
1700000 USD
CY2016 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-61000 USD
CY2017 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-176046000 USD
CY2018 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
12462000 USD
CY2016 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-1626000 USD
CY2017 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-25898000 USD
CY2018 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-13795000 USD
CY2017Q4 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
31067000 USD
CY2018Q4 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
34494000 USD
CY2016 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-2036000 USD
CY2017 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-216307000 USD
CY2018 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-75000 USD
CY2017Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
415214000 USD
CY2018Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
320995000 USD
CY2017Q4 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
206338000 USD
CY2018Q4 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
214687000 USD
CY2016 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-2648000 USD
CY2017 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-217414000 USD
CY2018 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
1524000 USD
CY2017Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
1630198000 USD
CY2018Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
1745244000 USD
CY2017Q4 us-gaap Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
16205000 USD
CY2018Q4 us-gaap Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
21194000 USD
CY2016 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-349000 USD
CY2017 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-14363000 USD
CY2018 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
1258000 USD
CY2017Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
195169000 USD
CY2018Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
144867000 USD
CY2017Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
30236000 USD
CY2018Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
14092000 USD
CY2017Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
24874000 USD
CY2018Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
19653000 USD
CY2017Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3200000 USD
CY2017Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3192000 USD
CY2018Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
4100000 USD
CY2018Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
4066000 USD
CY2017Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
223237000 USD
CY2018Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
180194000 USD
CY2017Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssets
372542000 USD
CY2018Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets
DeferredTaxLiabilitiesGoodwillAndIntangibleAssets
214580000 USD
CY2017Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
6584000 USD
CY2018Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
61068000 USD
CY2017Q4 us-gaap Deferred Tax Liabilities Prepaid Expenses
DeferredTaxLiabilitiesPrepaidExpenses
35126000 USD
CY2018Q4 us-gaap Deferred Tax Liabilities Prepaid Expenses
DeferredTaxLiabilitiesPrepaidExpenses
41926000 USD
CY2017Q4 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
118868000 USD
CY2018Q4 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
DefinedBenefitPensionPlanLiabilitiesNoncurrent
96033000 USD
CY2016Q4 us-gaap Defined Benefit Plan Accumulated Other Comprehensive Income Net Gains Losses After Tax
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesAfterTax
-5797000 USD
CY2017Q4 us-gaap Defined Benefit Plan Accumulated Other Comprehensive Income Net Gains Losses After Tax
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesAfterTax
-5861000 USD
CY2018Q4 us-gaap Defined Benefit Plan Accumulated Other Comprehensive Income Net Gains Losses After Tax
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesAfterTax
-5738000 USD
CY2016 us-gaap Defined Benefit Plan Actuarial Gain Loss
DefinedBenefitPlanActuarialGainLoss
-200000 USD
CY2017 us-gaap Defined Benefit Plan Actuarial Gain Loss
DefinedBenefitPlanActuarialGainLoss
-350000 USD
CY2018 us-gaap Defined Benefit Plan Actuarial Gain Loss
DefinedBenefitPlanActuarialGainLoss
-340000 USD
CY2017Q4 us-gaap Defined Benefit Plan Assets For Plan Benefits Noncurrent
DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent
97525000 USD
CY2018Q4 us-gaap Defined Benefit Plan Assets For Plan Benefits Noncurrent
DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent
75653000 USD
CY2016 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate
0.0178
CY2017 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate
0.0178
CY2018 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Discount Rate
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate
0.0181
CY2018 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Expected Long Term Return On Assets
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets
0.0245
CY2016 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Rate Of Compensation Increase
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease
0.0267
CY2017 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Rate Of Compensation Increase
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease
0.0266
CY2018 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Rate Of Compensation Increase
DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease
0.0258
CY2015Q4 us-gaap Defined Benefit Plan Benefit Obligation
DefinedBenefitPlanBenefitObligation
35870000 USD
CY2016Q4 us-gaap Defined Benefit Plan Benefit Obligation
DefinedBenefitPlanBenefitObligation
38400000 USD
CY2017Q4 us-gaap Defined Benefit Plan Benefit Obligation
DefinedBenefitPlanBenefitObligation
45450000 USD
CY2018Q4 us-gaap Defined Benefit Plan Benefit Obligation
DefinedBenefitPlanBenefitObligation
44890000 USD
CY2016 us-gaap Defined Benefit Plan Benefit Obligation Benefits Paid
DefinedBenefitPlanBenefitObligationBenefitsPaid
1640000 USD
CY2017 us-gaap Defined Benefit Plan Benefit Obligation Benefits Paid
DefinedBenefitPlanBenefitObligationBenefitsPaid
920000 USD
CY2018 us-gaap Defined Benefit Plan Benefit Obligation Benefits Paid
DefinedBenefitPlanBenefitObligationBenefitsPaid
1400000 USD
CY2018 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
3000000 USD
CY2018Q4 us-gaap Defined Benefit Plan Expected Amortization Of Gain Loss Next Fiscal Year
DefinedBenefitPlanExpectedAmortizationOfGainLossNextFiscalYear
200000 USD
CY2018Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Five Fiscal Years Thereafter
DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter
12100000 USD
CY2018Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Next Twelve Months
DefinedBenefitPlanExpectedFutureBenefitPaymentsNextTwelveMonths
1200000 USD
CY2018Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Five
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive
2100000 USD
CY2018Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Four
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour
1700000 USD
CY2018Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Three
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree
1600000 USD
CY2018Q4 us-gaap Defined Benefit Plan Expected Future Benefit Payments Year Two
DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo
1500000 USD
CY2016 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
375000 USD
CY2017 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
360000 USD
CY2018 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
475000 USD
CY2016Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
DefinedBenefitPlanFairValueOfPlanAssets
14465000 USD
CY2017Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
DefinedBenefitPlanFairValueOfPlanAssets
18475000 USD
CY2018Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
DefinedBenefitPlanFairValueOfPlanAssets
19460000 USD
CY2016 us-gaap Defined Benefit Plan Foreign Currency Exchange Rate Changes Benefit Obligation
DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation
-940000 USD
CY2017 us-gaap Defined Benefit Plan Foreign Currency Exchange Rate Changes Benefit Obligation
DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation
4555000 USD
CY2018 us-gaap Defined Benefit Plan Foreign Currency Exchange Rate Changes Benefit Obligation
DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation
-1765000 USD
CY2016Q4 us-gaap Defined Benefit Plan Funded Status Of Plan
DefinedBenefitPlanFundedStatusOfPlan
-23935000 USD
CY2017Q4 us-gaap Defined Benefit Plan Funded Status Of Plan
DefinedBenefitPlanFundedStatusOfPlan
-26975000 USD
CY2018Q4 us-gaap Defined Benefit Plan Funded Status Of Plan
DefinedBenefitPlanFundedStatusOfPlan
-25430000 USD
CY2016 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
850000 USD
CY2017 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
765000 USD
CY2018 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
840000 USD
CY2016 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
3455000 USD
CY2017 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
3575000 USD
CY2018 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
3850000 USD
CY2018 us-gaap Defined Benefit Plan Plan Assets Benefits Paid
DefinedBenefitPlanPlanAssetsBenefitsPaid
1400000 USD
CY2016 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
2780000 USD
CY2017 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
2820000 USD
CY2018 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
3145000 USD
CY2016 us-gaap Defined Benefit Plan Special Termination Benefits
DefinedBenefitPlanSpecialTerminationBenefits
0 USD
CY2017 us-gaap Defined Benefit Plan Special Termination Benefits
DefinedBenefitPlanSpecialTerminationBenefits
-860000 USD
CY2018 us-gaap Defined Benefit Plan Special Termination Benefits
DefinedBenefitPlanSpecialTerminationBenefits
-950000 USD
CY2016 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
22900000 USD
CY2017 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
29800000 USD
CY2018 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
36700000 USD
CY2018 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.04
CY2018 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Amount
DefinedContributionPlanMaximumAnnualContributionsPerEmployeeAmount
7200 USD
CY2016 us-gaap Depreciation
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37172000 USD
CY2017 us-gaap Depreciation
Depreciation
63897000 USD
CY2018 us-gaap Depreciation
Depreciation
68592000 USD
CY2018 us-gaap Depreciation
Depreciation
68600000 USD
CY2016 us-gaap Depreciation And Amortization
DepreciationAndAmortization
61969000 USD
CY2017 us-gaap Depreciation And Amortization
DepreciationAndAmortization
240171000 USD
CY2018 us-gaap Depreciation And Amortization
DepreciationAndAmortization
255601000 USD
CY2017Q4 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
3860000 USD
CY2018Q4 us-gaap Derivative Assets Liabilities At Fair Value Net
DerivativeAssetsLiabilitiesAtFairValueNet
-12623000 USD
CY2016 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
7900000 USD
CY2017 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
7100000 USD
CY2018 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
8500000 USD
CY2017Q4 us-gaap Derivative Number Of Instruments Held
DerivativeNumberOfInstrumentsHeld
142 outstanding_contract
CY2018Q4 us-gaap Derivative Number Of Instruments Held
DerivativeNumberOfInstrumentsHeld
142 outstanding_contract
CY2016 us-gaap Discontinued Operation Gain Loss From Disposal Of Discontinued Operation Before Income Tax
DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax
0 USD
CY2017 us-gaap Discontinued Operation Gain Loss From Disposal Of Discontinued Operation Before Income Tax
DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax
0 USD
CY2018 us-gaap Discontinued Operation Gain Loss From Disposal Of Discontinued Operation Before Income Tax
DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax
45447000 USD
CY2015Q4 us-gaap Disposal Group Including Discontinued Operation Cash And Cash Equivalents
DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents
0 USD
CY2016Q4 us-gaap Disposal Group Including Discontinued Operation Cash And Cash Equivalents
DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents
0 USD
CY2017Q4 us-gaap Disposal Group Including Discontinued Operation Cash And Cash Equivalents
DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents
10000000 USD
CY2018Q4 us-gaap Disposal Group Including Discontinued Operation Cash And Cash Equivalents
DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents
0 USD
CY2016 us-gaap Earnings Per Share Basic
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2.34
CY2017 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2018 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.35
CY2016 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.31
CY2017 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
CY2018 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.33
CY2016 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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-5640000 USD
CY2017 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
25902000 USD
CY2018 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-6489000 USD
CY2016 us-gaap Effective Income Tax Rate Continuing Operations
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0.329
CY2017 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.026
CY2018 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.324
CY2016 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2017 us-gaap Effective Income Tax Rate Reconciliation Disposition Of Business
EffectiveIncomeTaxRateReconciliationDispositionOfBusiness
0.131
CY2018 us-gaap Effective Income Tax Rate Reconciliation Disposition Of Business
EffectiveIncomeTaxRateReconciliationDispositionOfBusiness
0.122
CY2016 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.061
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2016 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.002
CY2017 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.030
CY2018 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.005
CY2016 us-gaap Effective Income Tax Rate Reconciliation Deductions Other
EffectiveIncomeTaxRateReconciliationDeductionsOther
0.000
CY2017 us-gaap Effective Income Tax Rate Reconciliation Deductions Other
EffectiveIncomeTaxRateReconciliationDeductionsOther
0.000
CY2018 us-gaap Effective Income Tax Rate Reconciliation Deductions Other
EffectiveIncomeTaxRateReconciliationDeductionsOther
0.038
CY2016 us-gaap Effective Income Tax Rate Reconciliation Disposition Of Business
EffectiveIncomeTaxRateReconciliationDispositionOfBusiness
0.000
CY2017 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.059
CY2018 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.106
CY2016 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.026
CY2017 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.079
CY2018 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.009
CY2016 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Meals And Entertainment
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseMealsAndEntertainment
0.011
CY2017 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Meals And Entertainment
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseMealsAndEntertainment
-0.035
CY2018 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Meals And Entertainment
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseMealsAndEntertainment
0.027
CY2016 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.012
CY2017 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.035
CY2018 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.003
CY2016 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
0.038
CY2017 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
-0.110
CY2018 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
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0.053
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0.023
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0.036
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0.000
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0.032
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143803000 USD
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79100000 USD
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350296000 USD
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0 USD
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0 USD
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45447000 USD
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2500000 USD
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4044000 USD
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28420000 USD
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182178000 USD
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7940000 USD
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288431000 USD
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181121000 USD
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900000 USD
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700000 USD
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76100000 USD
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95800000 USD
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186811000 USD
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18673000 USD
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51191000 USD
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41300000 USD
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260832000 USD
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51200000 USD
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2640000000 USD
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15855000 USD
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26975000 USD
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25430000 USD
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0 shares
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0 shares
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
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0 shares
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0 USD
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0 USD
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165237000 USD
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0 USD
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0 USD
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526779000 USD
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715000000 USD
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3025000000 USD
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0 USD
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9250000 USD
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11711000 USD
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14689000 USD
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432019000 USD
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514362000 USD
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221507000 USD
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267665000 USD
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61585000 USD
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835000000 USD
CY2017 us-gaap Repayments Of Long Term Debt
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CY2018Q4 us-gaap Restricted Cash Current
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0 USD
CY2017Q4 us-gaap Restricted Cash Noncurrent
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3002000 USD
CY2018Q4 us-gaap Restricted Cash Noncurrent
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0 USD
CY2016 us-gaap Results Of Operations Income Before Income Taxes
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288431000 USD
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-127817000 USD
CY2018 us-gaap Results Of Operations Income Before Income Taxes
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181121000 USD
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1647284000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
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2444540000 USD
CY2017 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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3311494000 USD
CY2018 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2018Q4 us-gaap Revenue Remaining Performance Obligation
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2700000000 USD
CY2018Q4 us-gaap Revenue Remaining Performance Obligation
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1620400000 USD
CY2018Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
874500000 USD
CY2018Q4 us-gaap Revenue Remaining Performance Obligation
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186500000 USD
CY2016 us-gaap Selling General And Administrative Expense
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1089184000 USD
CY2017 us-gaap Selling General And Administrative Expense
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1599004000 USD
CY2018 us-gaap Selling General And Administrative Expense
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CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
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P1Y1M
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
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4900000 shares
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CY2018Q4 us-gaap Treasury Stock Shares
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2426792000 USD
CY2018Q4 us-gaap Treasury Stock Value
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171000000 USD
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37099000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
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CY2017Q4 us-gaap Unrecognized Tax Benefits
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CY2018Q4 us-gaap Unrecognized Tax Benefits
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90300000 USD
CY2018 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
3939000 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
1769000 USD
CY2018 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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472000 USD
CY2017 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
6400000 USD
CY2018 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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6700000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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10883000 USD
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Foreign Currency Translation
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1738000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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24299000 USD
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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14691000 USD
CY2017 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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1368000 USD
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6293000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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86200000 USD
CY2018 us-gaap Valuation Allowances And Reserves Adjustments
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-6200000 USD
CY2015Q4 us-gaap Valuation Allowances And Reserves Balance
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6900000 USD
CY2016Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
7400000 USD
CY2017Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
12700000 USD
CY2018Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
7700000 USD
CY2016 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
4750000 USD
CY2017 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
16600000 USD
CY2018 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
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12500000 USD
CY2016 us-gaap Valuation Allowances And Reserves Charged To Other Accounts
ValuationAllowancesAndReservesChargedToOtherAccounts
4850000 USD
CY2017 us-gaap Valuation Allowances And Reserves Charged To Other Accounts
ValuationAllowancesAndReservesChargedToOtherAccounts
5500000 USD
CY2018 us-gaap Valuation Allowances And Reserves Charged To Other Accounts
ValuationAllowancesAndReservesChargedToOtherAccounts
0 USD
CY2016 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
9100000 USD
CY2017 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
16800000 USD
CY2018 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
11300000 USD
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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83820000 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
89790000 shares
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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92122000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
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82571000 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
88466000 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
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90827000 shares
CY2017 us-gaap Write Off Of Deferred Debt Issuance Cost
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6100000 USD
CY2018 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Assets that may subject the Company to concentration of credit risk consist primarily of short-term, highly liquid investments classified as cash equivalents, fees receivable, contract assets, interest rate swaps and a pension reinsurance asset. The majority of the Company&#8217;s cash equivalent investments and its interest rate swap contracts are with investment grade commercial banks. Fees receivable and contract asset balances deemed to be collectible from customers have limited concentration of credit risk due to our diverse customer base and geographic dispersion. The Company&#8217;s pension reinsurance asset (see Note 13 &#8212; Employee Benefits) is maintained with a large international insurance company that was rated investment grade as of December 31, </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;"> and 2017.</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%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the accompanying consolidated financial statements requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the valuation of fees receivable, goodwill, intangible assets and other long-lived assets, as well as tax accruals and other liabilities. In addition, estimates are used in revenue recognition, income tax expense or benefit, performance-based compensation charges, depreciation and amortization. Management believes its use of estimates in the accompanying consolidated financial statements to be reasonable.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Management continually evaluates and revises its estimates using historical experience and other factors, including the general economic environment and actions it may take in the future. Management adjusts these estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management&#8217;s best judgment at a point in time. As a result, differences between our estimates and actual results could be material and would be reflected in the Company&#8217;s consolidated financial statements in future periods.</font></div></div>

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