2018 Q4 Form 10-Q Financial Statement

#000103797618000050 Filed on November 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $4.890B $3.970B $3.522B
YoY Change 12.59% 12.71% 106.56%
Cost Of Revenue $2.068B $1.756B $1.542B
YoY Change 11.98% 13.92%
Gross Profit $2.821B $2.214B $1.981B
YoY Change 13.04% 11.76%
Gross Profit Margin 57.7% 55.76% 56.23%
Selling, General & Admin $2.409B $1.976B $1.798B
YoY Change 10.9% 9.94% 13.76%
% of Gross Profit 85.37% 89.28% 90.76%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $55.00M $42.70M $41.80M
YoY Change 22.49% 2.15% 16.43%
% of Gross Profit 1.95% 1.93% 2.11%
Operating Expenses $4.577B $3.779B $3.384B
YoY Change 12.16% 11.66% 107.1%
Operating Profit $312.4M $190.9M $137.8M
YoY Change 19.28% 38.53% 94.08%
Interest Expense -$5.100M -$8.900M -$2.300M
YoY Change 155.0% 286.96% -66.67%
% of Operating Profit -1.63% -4.66% -1.67%
Other Income/Expense, Net $13.50M -$300.0K -$300.0K
YoY Change 1250.0% 0.0%
Pretax Income $320.8M $181.7M $135.2M
YoY Change 22.96% 34.39% 110.92%
Income Tax $70.60M $45.60M $36.00M
% Of Pretax Income 22.01% 25.1% 26.63%
Net Earnings $201.3M $134.9M $98.30M
YoY Change 163.48% 37.23% 104.79%
Net Earnings / Revenue 4.12% 3.4% 2.79%
Basic Earnings Per Share $4.41 $2.96 $2.17
Diluted Earnings Per Share $4.37 $2.93 $2.15
COMMON SHARES
Basic Shares Outstanding 45.57M shares 45.55M shares 45.35M shares
Diluted Shares Outstanding 45.97M shares 45.81M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $481.0M $327.0M $278.0M
YoY Change 79.48% 17.63% 21.93%
Cash & Equivalents $480.9M $327.0M $277.9M
Short-Term Investments
Other Short-Term Assets $1.863B $1.716B $149.0M
YoY Change 378.8% 1051.68% -2.23%
Inventory
Prepaid Expenses $96.10M
Receivables $1.854B $1.610B $1.779B
Other Receivables $694.0M $915.0M $684.0M
Total Short-Term Assets $5.206B $4.861B $2.986B
YoY Change 14.64% 62.79% 5.96%
LONG-TERM ASSETS
Property, Plant & Equipment $567.9M $540.8M $516.6M
YoY Change 4.41% 4.68% 10.22%
Goodwill $2.698B $2.690B $2.701B
YoY Change -0.42% -0.43% 6.07%
Intangibles $336.9M $291.5M $307.4M
YoY Change 10.46% -5.17% 2.64%
Long-Term Investments $357.0M $372.0M $373.0M
YoY Change -5.05% -0.27% 3.61%
Other Assets $192.7M $164.4M $92.20M
YoY Change 23.92% 78.31% 3.36%
Total Long-Term Assets $4.820B $4.758B $4.568B
YoY Change 2.25% 4.15% 6.27%
TOTAL ASSETS
Total Short-Term Assets $5.206B $4.861B $2.986B
Total Long-Term Assets $4.820B $4.758B $4.568B
Total Assets $10.03B $9.619B $7.554B
YoY Change 8.33% 27.33% 6.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.261B $995.0M $794.0M
YoY Change 26.99% 25.31% 3.93%
Accrued Expenses $1.605B $1.206B $931.0M
YoY Change 13.11% 29.54% 20.13%
Deferred Revenue
YoY Change
Short-Term Debt $32.70M $83.70M $64.20M
YoY Change -57.75% 30.37% 15.26%
Long-Term Debt Due $33.00M $84.00M $64.00M
YoY Change -57.14% 31.25% 14.29%
Total Short-Term Liabilities $4.762B $4.335B $2.582B
YoY Change 10.39% 67.86% 12.43%
LONG-TERM LIABILITIES
Long-Term Debt $656.0M $901.0M $1.118B
YoY Change -5.07% -19.41% -17.61%
Other Long-Term Liabilities $387.3M $328.3M $177.5M
YoY Change 16.55% 84.96% -42.67%
Total Long-Term Liabilities $387.3M $328.3M $177.5M
YoY Change 16.55% 84.96% -42.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.762B $4.335B $2.582B
Total Long-Term Liabilities $387.3M $328.3M $177.5M
Total Liabilities $6.291B $6.046B $4.379B
YoY Change 7.13% 38.07% 2.75%
SHAREHOLDERS EQUITY
Retained Earnings $3.096B $2.913B $2.491B
YoY Change 16.86% 16.93% 14.14%
Common Stock $1.058B $1.050B $1.033B
YoY Change 1.9% 1.69% 2.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.692B $3.532B $3.144B
YoY Change
Total Liabilities & Shareholders Equity $10.03B $9.619B $7.554B
YoY Change 8.33% 27.33% 6.15%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $201.3M $134.9M $98.30M
YoY Change 163.48% 37.23% 104.79%
Depreciation, Depletion And Amortization $55.00M $42.70M $41.80M
YoY Change 22.49% 2.15% 16.43%
Cash From Operating Activities $604.4M $267.6M $316.3M
YoY Change 16.01% -15.4% 141.63%
INVESTING ACTIVITIES
Capital Expenditures -$64.00M -$39.10M -$34.90M
YoY Change 15.11% 12.03% -60.74%
Acquisitions
YoY Change
Other Investing Activities -$69.20M -$24.40M -$3.200M
YoY Change -1117.65% 662.5% -99.03%
Cash From Investing Activities -$133.2M -$63.50M -$38.10M
YoY Change 172.95% 66.67% -90.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -313.8M -210.7M -249.7M
YoY Change -31.5% -15.62% -182.74%
NET CHANGE
Cash From Operating Activities 604.4M 267.6M 316.3M
Cash From Investing Activities -133.2M -63.50M -38.10M
Cash From Financing Activities -313.8M -210.7M -249.7M
Net Change In Cash 157.4M -6.600M 28.50M
YoY Change 1016.31% -123.16% 97.92%
FREE CASH FLOW
Cash From Operating Activities $604.4M $267.6M $316.3M
Capital Expenditures -$64.00M -$39.10M -$34.90M
Free Cash Flow $668.4M $306.7M $351.2M
YoY Change 15.92% -12.67% 59.78%

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229100000 USD
CY2018Q3 us-gaap Deferred Tax Assets Net Noncurrent
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CY2017Q4 us-gaap Deferred Tax Liabilities Noncurrent
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63200000 USD
CY2018Q3 us-gaap Deferred Tax Liabilities Noncurrent
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41800000 USD
us-gaap Depreciation And Amortization
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CY2018Q3 us-gaap Depreciation And Amortization
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42700000 USD
us-gaap Depreciation And Amortization
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us-gaap Dividends Common Stock Cash
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us-gaap Dividends Share Based Compensation
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200000 USD
CY2018Q3 us-gaap Dividends Share Based Compensation
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us-gaap Dividends Share Based Compensation
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us-gaap Earnings Per Share Basic
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CY2018Q3 us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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2.15
us-gaap Earnings Per Share Diluted
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2.93
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6.16
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1205700000 USD
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24200000 USD
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30200000 USD
CY2017Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
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0 USD
CY2018Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
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0 USD
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0 USD
CY2018Q3 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
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0 USD
CY2016Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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180600000 USD
CY2017Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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159000000 USD
CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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165900000 USD
CY2018Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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161100000 USD
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74500000 USD
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54000000 USD
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16400000 USD
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23400000 USD
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29000000 USD
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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37800000 USD
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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47600000 USD
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5700000 USD
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CY2017Q3 us-gaap Goodwill
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CY2017Q4 us-gaap Goodwill
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92400000 USD
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135200000 USD
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274900000 USD
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181700000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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385200000 USD
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12600000 USD
us-gaap Income Loss From Equity Method Investments
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32700000 USD
CY2018Q3 us-gaap Income Loss From Equity Method Investments
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3400000 USD
us-gaap Income Loss From Equity Method Investments
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27200000 USD
CY2017Q3 us-gaap Income Tax Expense Benefit
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36000000 USD
us-gaap Income Tax Expense Benefit
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73100000 USD
CY2018Q3 us-gaap Income Tax Expense Benefit
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45600000 USD
us-gaap Income Tax Expense Benefit
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96700000 USD
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112600000 USD
us-gaap Income Taxes Paid Net
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108000000 USD
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70700000 USD
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433300000 USD
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8800000 USD
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466400000 USD
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452600000 USD
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307400000 USD
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305000000 USD
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291500000 USD
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33600000 USD
us-gaap Interest Paid
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33100000 USD
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CY2017Q3 us-gaap Investments Fair Value Disclosure
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234200000 USD
CY2017Q4 us-gaap Investments Fair Value Disclosure
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242300000 USD
CY2018Q3 us-gaap Investments Fair Value Disclosure
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246000000 USD
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376200000 USD
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371500000 USD
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us-gaap Labor And Related Expense
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us-gaap Labor And Related Expense
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3624700000 USD
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9000000 USD
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8600000 USD
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CY2018Q3 us-gaap Liabilities
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9254400000 USD
CY2018Q3 us-gaap Liabilities And Stockholders Equity
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9619100000 USD
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4313700000 USD
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4334700000 USD
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61500000 USD
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317500000 USD
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617700000 USD
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164700000 USD
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179600000 USD
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32100000 USD
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40800000 USD
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3800000 USD
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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172500000 USD
us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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277700000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Income Loss
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CY2018Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss Available To Common Stockholders Basic
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199800000 USD
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us-gaap Net Income Loss Available To Common Stockholders Basic
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283000000 USD
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288500000 USD
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385300000 USD
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297600000 USD
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3384400000 USD
us-gaap Operating Expenses
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CY2018Q3 us-gaap Operating Expenses
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us-gaap Operating Expenses
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us-gaap Operating Income Loss
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284000000 USD
CY2018Q3 us-gaap Operating Income Loss
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190900000 USD
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164400000 USD
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us-gaap Other Comprehensive Income Defined Benefit Plans Adjustment Net Of Tax Portion Attributable To Parent
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46000000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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175500000 USD
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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us-gaap Other General And Administrative Expense
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us-gaap Other Nonoperating Income Expense
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122400000 USD
us-gaap Other Operating Activities Cash Flow Statement
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32000000 USD
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48300000 USD
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41200000 USD
us-gaap Payment For Contingent Consideration Liability Financing Activities
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47800000 USD
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98100000 USD
us-gaap Payments For Proceeds From Productive Assets
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110100000 USD
us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
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us-gaap Payments For Restructuring
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26100000 USD
us-gaap Payments For Restructuring
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18900000 USD
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31700000 USD
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18700000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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31700000 USD
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27000000 USD
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38300000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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0 USD
us-gaap Payments To Acquire Property Plant And Equipment
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34900000 USD
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us-gaap Proceeds From Issuance Of Senior Long Term Debt
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us-gaap Proceeds From Issuance Of Senior Long Term Debt
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us-gaap Proceeds From Real Estate And Real Estate Joint Ventures
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24900000 USD
us-gaap Proceeds From Real Estate And Real Estate Joint Ventures
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40400000 USD
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99200000 USD
us-gaap Profit Loss
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201800000 USD
CY2018Q3 us-gaap Profit Loss
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136100000 USD
us-gaap Profit Loss
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543900000 USD
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3800000 USD
CY2018Q3 us-gaap Redeemable Noncontrolling Interest Equity Carrying Amount
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0 USD
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2300000 USD
us-gaap Repayments Of Lines Of Credit
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us-gaap Repayments Of Lines Of Credit
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CY2018Q3 us-gaap Restricted Cash
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148800000 USD
us-gaap Restructuring Charges
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us-gaap Restructuring Charges
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10800000 USD
CY2017Q3 us-gaap Restructuring Costs And Asset Impairment Charges
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3400000 USD
us-gaap Restructuring Costs And Asset Impairment Charges
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13300000 USD
CY2018Q3 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
3700000 USD
us-gaap Restructuring Costs And Asset Impairment Charges
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CY2016Q4 us-gaap Restructuring Reserve
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31000000 USD
CY2017Q3 us-gaap Restructuring Reserve
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20900000 USD
CY2017Q4 us-gaap Restructuring Reserve
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21300000 USD
CY2018Q3 us-gaap Restructuring Reserve
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13300000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
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2649000000 USD
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
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2913300000 USD
CY2017Q3 us-gaap Revenues
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us-gaap Revenues
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10110200000 USD
CY2018Q3 us-gaap Revenues
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3969800000 USD
us-gaap Revenues
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CY2017Q4 us-gaap Senior Long Term Notes
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690600000 USD
CY2018Q3 us-gaap Senior Long Term Notes
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677300000 USD
us-gaap Servicing Asset At Amortized Cost Other Than Temporary Impairments
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7700000 USD
us-gaap Servicing Asset At Amortized Cost Other Than Temporary Impairments
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8700000 USD
CY2017Q4 us-gaap Short Term Borrowings
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77400000 USD
CY2018Q3 us-gaap Short Term Borrowings
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83700000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
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CY2017Q4 us-gaap Stockholders Equity
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CY2018Q3 us-gaap Stockholders Equity
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CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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3378200000 USD
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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3572800000 USD
us-gaap Unrealized Gain Loss On Investments
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17900000 USD
us-gaap Unrealized Gain Loss On Investments
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8200000 USD
CY2017Q4 us-gaap Warehouse Agreement Borrowings
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309200000 USD
CY2018Q3 us-gaap Warehouse Agreement Borrowings
WarehouseAgreementBorrowings
611900000 USD
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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45814000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45729000 shares
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45965000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45930000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45349000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45299000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45549000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45495000 shares
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;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Generally, we are either entitled to the full consideration upon lease execution or in part upon lease execution with the remainder upon the occurrence of a future event outside of our control (e.g. tenant occupancy, lease commencement, or rent commencement). The majority of the events that preclude our entitlement to the full consideration upon lease execution are considered to be &#8220;normal course of business&#8221; and, as a result, do not result in a constraint upon the recognition of revenue. In the infrequent instance our fee entitlement in a contract with a customer is predicated on the occurrence of future events that are uncertain of occurring, we constrain the recognition of revenue until the uncertainty is resolved or the future event occurs. Generally, less than </font><font style="font-family:inherit;font-size:10pt;">5%</font><font style="font-family:inherit;font-size:10pt;"> of our Leasing revenue recognized in a period had previously been constrained.</font></div></div>
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;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Property Management provides on-site day-to-day real estate management services for owners of office, industrial, retail, multifamily residential and various other types of properties, representing a series of daily performance obligations delivered over time. Pricing is generally in the form of a monthly management fee based upon property-level cash receipts, square footage under management or some other variable metric.</font></div><div style="line-height:130%;padding-bottom:8px;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Although we are principal in limited situations, we generally act as agent on behalf of our Property Management clients in relation to third-party vendors and subcontractors engaged to deliver operational services to our clients' properties. In these situations, we arrange, but do not control, the services provided by third-party vendors and subcontractors prior to the transfer of the services to the client. As a result, the costs incurred on behalf of clients, along with the corresponding revenue, are presented net on our Condensed Consolidated Statements of Comprehensive Income.</font></div><div style="line-height:130%;padding-bottom:8px;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Facilities Management primarily provides comprehensive, on-site day-to-day real estate management services to corporations and institutions across a broad range of industries that outsource the management of the real estate they occupy, representing a series of daily performance obligations delivered over time. Pricing generally includes a management fee and, in many instances, an incentive fee or other form of variable consideration.</font></div><div style="line-height:130%;padding-bottom:8px;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Although we may act as agent on behalf of our clients with respect to certain mandates, we generally act as principal for our Facilities Management contracts with respect to third-party vendors and subcontractors engaged to deliver operational services to our clients' facilities. In these situations, we control the services provided by such third-party vendors and subcontractors prior to the transfer of the services to the client. As a result, the costs incurred on behalf of our clients, along with the corresponding reimbursement revenue, are presented gross on our Condensed Consolidated Statements of Comprehensive Income.</font></div></div>

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