2016 Q1 Form 10-Q Financial Statement

#000103797616000096 Filed on May 05, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $1.337B $1.204B
YoY Change 11.08% 16.01%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.269B $1.125B
YoY Change 12.75% 13.15%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $31.20M $24.90M
YoY Change 25.3% 11.16%
% of Gross Profit
Operating Expenses $1.307B $1.151B
YoY Change 13.61% 9.32%
Operating Profit $29.40M $52.70M
YoY Change -44.21% -444.44%
Interest Expense $4.100M $6.038M
YoY Change -32.1% -9.03%
% of Operating Profit 13.95% 11.46%
Other Income/Expense, Net
YoY Change
Pretax Income $33.50M $58.00M
YoY Change -42.24% -546.15%
Income Tax $8.300M $14.70M
% Of Pretax Income 24.78% 25.34%
Net Earnings $25.70M $41.90M
YoY Change -38.66% 163.49%
Net Earnings / Revenue 1.92% 3.48%
Basic Earnings Per Share $0.57 $0.93
Diluted Earnings Per Share $0.56 $0.92
COMMON SHARES
Basic Shares Outstanding 45.10M shares 44.84M shares
Diluted Shares Outstanding 45.48M shares 45.37M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $240.0M $198.0M
YoY Change 21.21% 41.43%
Cash & Equivalents $240.4M $198.5M
Short-Term Investments
Other Short-Term Assets $143.4M $34.67M
YoY Change 313.67% 143.93%
Inventory
Prepaid Expenses $97.70M $84.23M
Receivables $1.422B $1.230B
Other Receivables $560.0M $380.0M
Total Short-Term Assets $2.463B $2.061B
YoY Change 19.5% 23.79%
LONG-TERM ASSETS
Property, Plant & Equipment $437.6M $353.8M
YoY Change 23.68% 11.7%
Goodwill $2.264B $1.871B
YoY Change 21.05% -1.73%
Intangibles $234.4M $36.00M
YoY Change 551.11% -17.46%
Long-Term Investments $360.0M $305.0M
YoY Change 18.03% 4.45%
Other Assets $80.20M $63.60M
YoY Change 26.09% -65.67%
Total Long-Term Assets $3.884B $2.935B
YoY Change 32.31% 1.55%
TOTAL ASSETS
Total Short-Term Assets $2.463B $2.061B
Total Long-Term Assets $3.884B $2.935B
Total Assets $6.347B $4.996B
YoY Change 27.03% 9.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $644.0M $548.0M
YoY Change 17.52% 11.61%
Accrued Expenses $684.0M $629.0M
YoY Change 8.74% 24.8%
Deferred Revenue
YoY Change
Short-Term Debt $23.60M $21.22M
YoY Change 11.24% 26.14%
Long-Term Debt Due $24.00M $21.00M
YoY Change 14.29% 23.53%
Total Short-Term Liabilities $2.026B $1.696B
YoY Change 19.51% 32.36%
LONG-TERM LIABILITIES
Long-Term Debt $1.058B $610.0M
YoY Change 73.44% -15.04%
Other Long-Term Liabilities $229.3M $112.5M
YoY Change 103.87% 17.28%
Total Long-Term Liabilities $229.3M $112.5M
YoY Change 103.87% 17.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.026B $1.696B
Total Long-Term Liabilities $229.3M $112.5M
Total Liabilities $3.545B $2.640B
YoY Change 34.3% 13.22%
SHAREHOLDERS EQUITY
Retained Earnings $2.070B $1.673B
YoY Change 23.72% 30.41%
Common Stock $995.4M $968.4M
YoY Change 2.78% 1.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.737B $2.327B
YoY Change
Total Liabilities & Shareholders Equity $6.347B $4.996B
YoY Change 27.03% 9.68%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $25.70M $41.90M
YoY Change -38.66% 163.49%
Depreciation, Depletion And Amortization $31.20M $24.90M
YoY Change 25.3% 11.16%
Cash From Operating Activities -$336.9M -$335.8M
YoY Change 0.33% 27.57%
INVESTING ACTIVITIES
Capital Expenditures $34.40M -$19.20M
YoY Change -279.17% -42.34%
Acquisitions $76.50M
YoY Change
Other Investing Activities $2.600M -$6.900M
YoY Change -137.68% 15.0%
Cash From Investing Activities -$184.3M -$21.00M
YoY Change 777.62% -46.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $540.3M $313.4M
YoY Change 72.4% 8.01%
NET CHANGE
Cash From Operating Activities -$336.9M -$335.8M
Cash From Investing Activities -$184.3M -$21.00M
Cash From Financing Activities $540.3M $313.4M
Net Change In Cash $19.10M -$43.40M
YoY Change -144.01% 250.88%
FREE CASH FLOW
Cash From Operating Activities -$336.9M -$335.8M
Capital Expenditures $34.40M -$19.20M
Free Cash Flow -$371.3M -$316.6M
YoY Change 17.28% 37.7%

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2498700000 USD
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CY2016Q1 us-gaap Liabilities
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3545000000 USD
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265200000 USD
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292500000 USD
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135200000 USD
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CY2015Q4 us-gaap Long Term Debt
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272400000 USD
CY2015Q4 us-gaap Long Term Debt Fair Value
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282000000 USD
CY2016Q1 us-gaap Long Term Debt Fair Value
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283300000 USD
CY2015Q4 us-gaap Long Term Line Of Credit
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239600000 USD
CY2016Q1 us-gaap Long Term Line Of Credit
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785500000 USD
CY2014Q4 us-gaap Loss Contingency Accrual At Carrying Value
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9200000 USD
CY2015Q1 us-gaap Loss Contingency Accrual At Carrying Value
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9400000 USD
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19200000 USD
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16600000 USD
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0 USD
CY2016Q1 us-gaap Loss Contingency Accrual Carrying Value Payments
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3000000 USD
CY2015Q1 us-gaap Loss Contingency Accrual Provision
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2200000 USD
CY2016Q1 us-gaap Loss Contingency Accrual Provision
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200000 USD
CY2015Q4 us-gaap Minority Interest
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CY2016Q1 us-gaap Minority Interest
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CY2016Q1 us-gaap Minority Interest Period Increase Decrease
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CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities
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-21000000 USD
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-184300000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities
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41900000 USD
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25700000 USD
CY2015Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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1400000 USD
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-500000 USD
CY2016Q1 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
-500000 USD
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
41900000 USD
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
25700000 USD
CY2016Q1 us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
25700000 USD
CY2015Q4 us-gaap Notes And Loans Receivable Net Current
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267300000 USD
CY2016Q1 us-gaap Notes And Loans Receivable Net Current
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266700000 USD
CY2016Q1 us-gaap Number Of Businesses Acquired
NumberOfBusinessesAcquired
10 acquisition
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
1150800000 USD
CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
1307400000 USD
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
52700000 USD
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
29400000 USD
CY2015Q4 us-gaap Other Assets Current
OtherAssetsCurrent
99300000 USD
CY2016Q1 us-gaap Other Assets Current
OtherAssetsCurrent
143400000 USD
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
76100000 USD
CY2016Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
80200000 USD
CY2015Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent
-900000 USD
CY2016Q1 us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent
0 USD
CY2016Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Before Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToNoncontrollingInterest
300000 USD
CY2015Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-109100000 USD
CY2016Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
13800000 USD
CY2015Q1 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
387200000 USD
CY2016Q1 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
458200000 USD
CY2015Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
200800000 USD
CY2016Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
207400000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
208500000 USD
CY2016Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
229300000 USD
CY2015Q1 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
-409800000 USD
CY2016Q1 us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
-406400000 USD
CY2015Q1 us-gaap Payments For Previous Acquisition
PaymentsForPreviousAcquisition
3900000 USD
CY2016Q1 us-gaap Payments For Previous Acquisition
PaymentsForPreviousAcquisition
2100000 USD
CY2015Q1 us-gaap Payments For Proceeds From Other Investing Activities
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-6900000 USD
CY2016Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
2600000 USD
CY2015Q1 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
19200000 USD
CY2016Q1 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
67700000 USD
CY2015Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
2200000 USD
CY2016Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
4500000 USD
CY2015Q1 us-gaap Payments To Acquire Businesses And Interest In Affiliates
PaymentsToAcquireBusinessesAndInterestInAffiliates
3700000 USD
CY2016Q1 us-gaap Payments To Acquire Businesses And Interest In Affiliates
PaymentsToAcquireBusinessesAndInterestInAffiliates
76500000 USD
CY2016Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
76500000 USD
CY2015Q1 us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
19200000 USD
CY2016Q1 us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
60300000 USD
CY2015Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
77800000 USD
CY2016Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
97700000 USD
CY2015Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
631000000 USD
CY2016Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
1064000000 USD
CY2015Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-15900000 USD
CY2016Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-2400000 USD
CY2015Q1 us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
-2900000 USD
CY2016Q1 us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
25600000 USD
CY2015Q1 us-gaap Proceeds From Real Estate And Real Estate Joint Ventures
ProceedsFromRealEstateAndRealEstateJointVentures
14200000 USD
CY2016Q1 us-gaap Proceeds From Real Estate And Real Estate Joint Ventures
ProceedsFromRealEstateAndRealEstateJointVentures
22800000 USD
CY2015Q1 us-gaap Profit Loss
ProfitLoss
43300000 USD
CY2016Q1 us-gaap Profit Loss
ProfitLoss
25200000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
423300000 USD
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
437600000 USD
CY2015Q4 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
11100000 USD
CY2016Q1 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
RedeemableNoncontrollingInterestEquityCarryingAmount
10900000 USD
CY2015Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
294900000 USD
CY2016Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
544800000 USD
CY2015Q1 us-gaap Restructuring Charges
RestructuringCharges
800000 USD
CY2016Q1 us-gaap Restructuring Charges
RestructuringCharges
7400000 USD
CY2015Q1 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
800000 USD
CY2016Q1 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
7600000 USD
CY2014Q4 us-gaap Restructuring Reserve
RestructuringReserve
7600000 USD
CY2015Q1 us-gaap Restructuring Reserve
RestructuringReserve
6200000 USD
CY2015Q4 us-gaap Restructuring Reserve
RestructuringReserve
8600000 USD
CY2016Q1 us-gaap Restructuring Reserve
RestructuringReserve
11500000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2044200000 USD
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
2069900000 USD
CY2015Q1 us-gaap Revenues
Revenues
1203500000 USD
CY2016Q1 us-gaap Revenues
Revenues
1336800000 USD
CY2015Q4 us-gaap Senior Long Term Notes
SeniorLongTermNotes
272300000 USD
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45483000 shares
CY2016Q1 us-gaap Senior Long Term Notes
SeniorLongTermNotes
272400000 USD
CY2015Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
49200000 USD
CY2016Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
23600000 USD
CY2016Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
600000 USD
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
2688800000 USD
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
2736600000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2718300000 USD
CY2016Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2790900000 USD
CY2015Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
18100000 USD
CY2015Q1 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
7100000 USD
CY2016Q1 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
10300000 USD
CY2015Q4 us-gaap Warehouse Agreement Borrowings
WarehouseAgreementBorrowings
263100000 USD
CY2016Q1 us-gaap Warehouse Agreement Borrowings
WarehouseAgreementBorrowings
290300000 USD
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45374000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44844000 shares
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45095000 shares
CY2016Q1 us-gaap Revenue Recognition Accounting Policy Gross And Net Revenue Disclosure
RevenueRecognitionAccountingPolicyGrossAndNetRevenueDisclosure
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:130%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font></div><div style="line-height:130%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We account for the majority of our service contracts on a net basis. The presentation of expenses pursuant to these arrangements under either a gross or net basis has no impact on operating income, net income or cash flows.</font></div><div style="line-height:130%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Contracts accounted for on a gross basis resulted in certain costs reflected in both revenue and operating expenses (gross contract costs) of </font><font style="font-family:inherit;font-size:10pt;">$219.3 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$174.4 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three months ended March 31, 2016</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2015</font><font style="font-family:inherit;font-size:10pt;">, respectively.</font></div></div>
CY2016Q1 us-gaap Revenue Recognition Percentage Of Completion Method
RevenueRecognitionPercentageOfCompletionMethod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:130%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We recognize project and development management and construction management fees by applying the percentage of completion method of accounting. We use the costs incurred to total estimated costs method to determine the extent of progress towards completion.</font></div></div>
CY2016Q1 us-gaap Revenue Recognition Services Commissions
RevenueRecognitionServicesCommissions
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:130%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We recognize transaction commissions related to leasing services and capital markets services as revenue when we provide the related services, unless future contingencies exist.</font></div></div>
CY2016Q1 us-gaap Revenue Recognition Services Management Fees
RevenueRecognitionServicesManagementFees
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:130%;padding-bottom:8px;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We recognize advisory and management fees related to property and facility management services, valuation services, corporate property services, consulting services and investment management in the period in which we perform the related services.</font></div></div>

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