2015 Q3 Form 10-Q Financial Statement

#000079526615000056 Filed on October 09, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q3
Revenue $843.2M $589.2M
YoY Change 43.1% 7.33%
Cost Of Revenue $709.1M $479.4M
YoY Change 47.91% 7.39%
Gross Profit $133.1M $108.9M
YoY Change 22.19% 6.97%
Gross Profit Margin 15.79% 18.49%
Selling, General & Admin $95.07M $72.90M
YoY Change 30.42% 14.88%
% of Gross Profit 71.43% 66.92%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $900.0K $700.0K
YoY Change 28.57% 40.0%
% of Gross Profit 0.68% 0.64%
Operating Expenses $95.07M $72.90M
YoY Change 30.42% 14.88%
Operating Profit $35.98M $33.91M
YoY Change 6.11% -5.71%
Interest Expense $4.394M $6.455M
YoY Change -31.93% -43.01%
% of Operating Profit 12.21% 19.04%
Other Income/Expense, Net
YoY Change
Pretax Income $33.95M $28.66M
YoY Change 18.47% 7.84%
Income Tax $10.70M $300.0K
% Of Pretax Income 31.51% 1.05%
Net Earnings $23.25M $28.36M
YoY Change -18.01% 3.97%
Net Earnings / Revenue 2.76% 4.81%
Basic Earnings Per Share $0.25 $0.31
Diluted Earnings Per Share $0.23 $0.28
COMMON SHARES
Basic Shares Outstanding 92.07M shares 91.79M shares
Diluted Shares Outstanding 101.9M shares 102.1M shares

Balance Sheet

Concept 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $353.0M $297.1M
YoY Change 18.82% -22.49%
Cash & Equivalents $354.9M $299.0M
Short-Term Investments
Other Short-Term Assets $34.60M $36.50M
YoY Change -5.21% 33.21%
Inventory $3.402B $3.240B
Prepaid Expenses
Receivables $159.6M $117.4M
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.949B $3.691B
YoY Change 6.98% 36.07%
LONG-TERM ASSETS
Property, Plant & Equipment $12.43M $10.94M
YoY Change 13.62% 38.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $84.80M $82.00M
YoY Change 3.41% -39.97%
Other Assets $835.0M $32.50M
YoY Change 2469.23% -21.88%
Total Long-Term Assets $999.6M $196.1M
YoY Change 409.76% -22.23%
TOTAL ASSETS
Total Short-Term Assets $3.949B $3.691B
Total Long-Term Assets $999.6M $196.1M
Total Assets $4.948B $3.887B
YoY Change 27.3% 31.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $178.6M $168.0M
YoY Change 6.31% 14.99%
Accrued Expenses $470.9M $369.6M
YoY Change 27.41% 12.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $491.1M $537.6M
YoY Change -8.65% 13.13%
LONG-TERM LIABILITIES
Long-Term Debt $2.631B $2.581B
YoY Change 1.93% 33.23%
Other Long-Term Liabilities $7.800M $22.60M
YoY Change -65.49% -56.2%
Total Long-Term Liabilities $2.639B $2.603B
YoY Change 1.35% 30.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $491.1M $537.6M
Total Long-Term Liabilities $2.639B $2.603B
Total Liabilities $3.308B $3.143B
YoY Change 5.27% 27.4%
SHAREHOLDERS EQUITY
Retained Earnings $1.425B $540.8M
YoY Change 163.52% 18.62%
Common Stock $795.1M $781.2M
YoY Change 1.78% -13.46%
Preferred Stock
YoY Change
Treasury Stock (at cost) $446.8M $446.0M
YoY Change 0.18% -37.89%
Treasury Stock Shares
Shareholders Equity $1.640B $744.6M
YoY Change
Total Liabilities & Shareholders Equity $4.948B $3.887B
YoY Change 27.3% 31.12%

Cashflow Statement

Concept 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $23.25M $28.36M
YoY Change -18.01% 3.97%
Depreciation, Depletion And Amortization $900.0K $700.0K
YoY Change 28.57% 40.0%
Cash From Operating Activities $113.8M -$162.2M
YoY Change -170.16% 21.14%
INVESTING ACTIVITIES
Capital Expenditures -$500.0K -$1.200M
YoY Change -58.33% 100.0%
Acquisitions
YoY Change
Other Investing Activities $6.200M -$17.80M
YoY Change -134.83% 304.55%
Cash From Investing Activities $5.700M -$19.00M
YoY Change -130.0% 280.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -206.8M -7.200M
YoY Change 2772.22% -54.43%
NET CHANGE
Cash From Operating Activities 113.8M -162.2M
Cash From Investing Activities 5.700M -19.00M
Cash From Financing Activities -206.8M -7.200M
Net Change In Cash -87.30M -188.4M
YoY Change -53.66% 21.78%
FREE CASH FLOW
Cash From Operating Activities $113.8M -$162.2M
Capital Expenditures -$500.0K -$1.200M
Free Cash Flow $114.3M -$161.0M
YoY Change -170.99% 20.78%

Facts In Submission

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0 USD
CY2015Q3 us-gaap Due From Affiliates
DueFromAffiliates
0 USD
CY2014Q4 us-gaap Due To Affiliate Current And Noncurrent
DueToAffiliateCurrentAndNoncurrent
0 USD
CY2015Q3 us-gaap Due To Affiliate Current And Noncurrent
DueToAffiliateCurrentAndNoncurrent
0 USD
CY2014Q3 us-gaap Earnings Per Share Basic
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0.31
us-gaap Earnings Per Share Basic
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0.74
CY2015Q3 us-gaap Earnings Per Share Basic
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0.25
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.44
CY2014Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.28
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.68
CY2015Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.23
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.42
CY2015Q3 us-gaap Effective Income Tax Rate Continuing Operations
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0.315
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.289
CY2014Q4 us-gaap Equity Method Investment Summarized Financial Information Assets
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182232000 USD
CY2015Q3 us-gaap Equity Method Investment Summarized Financial Information Assets
EquityMethodInvestmentSummarizedFinancialInformationAssets
201214000 USD
CY2014Q3 us-gaap Equity Method Investment Summarized Financial Information Cost Of Sales
EquityMethodInvestmentSummarizedFinancialInformationCostOfSales
0 USD
us-gaap Equity Method Investment Summarized Financial Information Cost Of Sales
EquityMethodInvestmentSummarizedFinancialInformationCostOfSales
3523000 USD
CY2015Q3 us-gaap Equity Method Investment Summarized Financial Information Cost Of Sales
EquityMethodInvestmentSummarizedFinancialInformationCostOfSales
3381000 USD
us-gaap Equity Method Investment Summarized Financial Information Cost Of Sales
EquityMethodInvestmentSummarizedFinancialInformationCostOfSales
17373000 USD
CY2014Q4 us-gaap Equity Method Investment Summarized Financial Information Equity Or Capital
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171408000 USD
CY2015Q3 us-gaap Equity Method Investment Summarized Financial Information Equity Or Capital
EquityMethodInvestmentSummarizedFinancialInformationEquityOrCapital
152419000 USD
CY2014Q4 us-gaap Equity Method Investment Summarized Financial Information Liabilities And Equity
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182232000 USD
CY2015Q3 us-gaap Equity Method Investment Summarized Financial Information Liabilities And Equity
EquityMethodInvestmentSummarizedFinancialInformationLiabilitiesAndEquity
201214000 USD
CY2014Q3 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
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-1050000 USD
us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
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-493000 USD
CY2015Q3 us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
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-796000 USD
us-gaap Equity Method Investment Summarized Financial Information Net Income Loss
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-9779000 USD
CY2014Q3 us-gaap Equity Method Investment Summarized Financial Information Revenue
EquityMethodInvestmentSummarizedFinancialInformationRevenue
0 USD
us-gaap Equity Method Investment Summarized Financial Information Revenue
EquityMethodInvestmentSummarizedFinancialInformationRevenue
6118000 USD
CY2015Q3 us-gaap Equity Method Investment Summarized Financial Information Revenue
EquityMethodInvestmentSummarizedFinancialInformationRevenue
3338000 USD
us-gaap Equity Method Investment Summarized Financial Information Revenue
EquityMethodInvestmentSummarizedFinancialInformationRevenue
9758000 USD
CY2015Q3 us-gaap Fair Value Inputs Discount Rate
FairValueInputsDiscountRate
0.2 Rate
us-gaap Fair Value Inputs Discount Rate
FairValueInputsDiscountRate
0.2 Rate
CY2014Q3 us-gaap Financial Services Costs
FinancialServicesCosts
859000 USD
us-gaap Financial Services Costs
FinancialServicesCosts
2563000 USD
CY2015Q3 us-gaap Financial Services Costs
FinancialServicesCosts
910000 USD
us-gaap Financial Services Costs
FinancialServicesCosts
2802000 USD
CY2014Q4 us-gaap Financial Services Liabilities
FinancialServicesLiabilities
2517000 USD
CY2015Q3 us-gaap Financial Services Liabilities
FinancialServicesLiabilities
1776000 USD
CY2014Q3 us-gaap Financial Services Revenue
FinancialServicesRevenue
2983000 USD
us-gaap Financial Services Revenue
FinancialServicesRevenue
8014000 USD
CY2015Q3 us-gaap Financial Services Revenue
FinancialServicesRevenue
2953000 USD
us-gaap Financial Services Revenue
FinancialServicesRevenue
7351000 USD
CY2014Q3 us-gaap Home Building Revenue
HomeBuildingRevenue
586231000 USD
us-gaap Home Building Revenue
HomeBuildingRevenue
1596894000 USD
CY2015Q3 us-gaap Home Building Revenue
HomeBuildingRevenue
840204000 USD
us-gaap Home Building Revenue
HomeBuildingRevenue
2038896000 USD
CY2014Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
28661000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
66348000 USD
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
33954000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
57126000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
872000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1843000 USD
CY2014Q3 us-gaap Income Loss From Subsidiaries Net Of Tax
IncomeLossFromSubsidiariesNetOfTax
0 USD
us-gaap Income Loss From Subsidiaries Net Of Tax
IncomeLossFromSubsidiariesNetOfTax
0 USD
CY2015Q3 us-gaap Income Loss From Subsidiaries Net Of Tax
IncomeLossFromSubsidiariesNetOfTax
0 USD
us-gaap Income Loss From Subsidiaries Net Of Tax
IncomeLossFromSubsidiariesNetOfTax
0 USD
CY2015Q3 us-gaap Income Tax Credits And Adjustments
IncomeTaxCreditsAndAdjustments
-2500000 USD
us-gaap Income Tax Credits And Adjustments
IncomeTaxCreditsAndAdjustments
-5600000 USD
CY2014Q3 us-gaap Income Tax Expense Benefit
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300000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
800000 USD
CY2015Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10700000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
16500000 USD
us-gaap Income Taxes Paid
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1537000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
2915000 USD
us-gaap Increase Decrease In Accounts And Notes Receivable
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27754000 USD
us-gaap Increase Decrease In Accounts And Notes Receivable
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25032000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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20388000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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-1952000 USD
us-gaap Increase Decrease In Deferred Income Taxes
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0 USD
us-gaap Increase Decrease In Deferred Income Taxes
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-15216000 USD
us-gaap Increase Decrease In Inventories
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784457000 USD
us-gaap Increase Decrease In Inventories
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72509000 USD
us-gaap Increase Decrease In Other Operating Capital Net
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7608000 USD
us-gaap Increase Decrease In Other Operating Capital Net
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-37000 USD
CY2014Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
8402000 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
8402000 shares
CY2015Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
8402000 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
8402000 shares
CY2014Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1875000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1823000 shares
CY2015Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1407000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1198000 shares
CY2014Q3 us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
1832000 USD
us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
4364000 USD
CY2015Q3 us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
1857000 USD
us-gaap Insurance Commissions And Fees
InsuranceCommissionsAndFees
4581000 USD
CY2014Q3 us-gaap Interest And Other Income
InterestAndOtherIncome
0 USD
us-gaap Interest And Other Income
InterestAndOtherIncome
0 USD
CY2015Q3 us-gaap Interest And Other Income
InterestAndOtherIncome
0 USD
us-gaap Interest And Other Income
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1000 USD
CY2014Q3 us-gaap Interest Expense
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6455000 USD
us-gaap Interest Expense
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26289000 USD
CY2014Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
110000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
393000 USD
CY2015Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
87000 USD
us-gaap Investment Income Interest
InvestmentIncomeInterest
342000 USD
CY2014Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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79441000 USD
CY2015Q3 us-gaap Interest Expense
InterestExpense
4394000 USD
us-gaap Interest Expense
InterestExpense
17850000 USD
CY2014Q3 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
667000 USD
us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
2000000 USD
CY2015Q3 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
667000 USD
us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
2000000 USD
us-gaap Interest Paid Net
InterestPaidNet
312000 USD
us-gaap Interest Paid Net
InterestPaidNet
5017000 USD
CY2014Q4 us-gaap Interest Payable Current And Noncurrent
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63275000 USD
CY2015Q3 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
76108000 USD
CY2014Q4 us-gaap Inventory Homes Under Construction
InventoryHomesUnderConstruction
928272000 USD
CY2015Q3 us-gaap Inventory Homes Under Construction
InventoryHomesUnderConstruction
1187576000 USD
CY2014Q4 us-gaap Inventory Land Held For Development And Sale
InventoryLandHeldForDevelopmentAndSale
579966000 USD
CY2015Q3 us-gaap Inventory Land Held For Development And Sale
InventoryLandHeldForDevelopmentAndSale
527487000 USD
CY2014Q4 us-gaap Inventory Operative Builders
InventoryOperativeBuilders
3218387000 USD
CY2015Q3 us-gaap Inventory Operative Builders
InventoryOperativeBuilders
3401737000 USD
CY2014Q4 us-gaap Inventory Real Estate Land And Land Development Costs
InventoryRealEstateLandAndLandDevelopmentCosts
1710149000 USD
CY2015Q3 us-gaap Inventory Real Estate Land And Land Development Costs
InventoryRealEstateLandAndLandDevelopmentCosts
1686674000 USD
CY2015Q3 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
72800000 USD
CY2014Q4 us-gaap Investments In And Advances To Affiliates Amount Of Equity
InvestmentsInAndAdvancesToAffiliatesAmountOfEquity
0 USD
CY2015Q3 us-gaap Investments In And Advances To Affiliates Amount Of Equity
InvestmentsInAndAdvancesToAffiliatesAmountOfEquity
0 USD
CY2014Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
26700000 USD
CY2015Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
26400000 USD
CY2014Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
4757550000 USD
CY2015Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
4948496000 USD
CY2015Q2 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
200000000 USD
CY2015Q3 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
275000000 USD
CY2015Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
1400000000 USD
CY2015Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
15800000 USD
CY2015Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
630000000 USD
CY2015Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
300000000 USD
CY2015Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
265000000 USD
CY2015Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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25400000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
511229000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
27250000 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
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
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CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
28361000 USD
us-gaap Net Income Loss
NetIncomeLoss
65548000 USD
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
23254000 USD
us-gaap Net Income Loss
NetIncomeLoss
40626000 USD
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
28282000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
65371000 USD
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
23184000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
40487000 USD
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
28956000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
67388000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 USD
us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
4158000 USD
us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
2100000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
46000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
300000 USD
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
23857000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
42498000 USD
us-gaap Noncash Or Part Noncash Acquisition Inventory Acquired1
NoncashOrPartNoncashAcquisitionInventoryAcquired1
52561000 USD
us-gaap Noncash Or Part Noncash Acquisition Inventory Acquired1
NoncashOrPartNoncashAcquisitionInventoryAcquired1
16730000 USD
CY2014Q4 us-gaap Notes And Loans Payable
NotesAndLoansPayable
2576525000 USD
CY2015Q3 us-gaap Notes And Loans Payable
NotesAndLoansPayable
2630732000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
5 segment
CY2014Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
33910000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
85921000 USD
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
35982000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
68242000 USD
CY2014Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
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CY2015Q3 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
7799000 USD
CY2014Q4 us-gaap Other Assets
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114915000 USD
CY2015Q3 us-gaap Other Assets
OtherAssets
114352000 USD
CY2014Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
6000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
18000 USD
CY2015Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
7000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
24000 USD
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
0 USD
us-gaap Payments Of Debt Issuance Costs
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5448000 USD
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
4561000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
6682000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
6890000 USD
us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
34034000 USD
us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
20955000 USD
CY2015Q3 us-gaap Pledged Assets Not Separately Reported Real Estate
PledgedAssetsNotSeparatelyReportedRealEstate
145000000 USD
CY2014Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
5431000 USD
CY2015Q3 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
7674000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
0 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
14000000 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
400000000 USD
us-gaap Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
250000000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
202000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
436000 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
137045000 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
0 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
9450000 USD
us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
2207000 USD
us-gaap Proceeds From Repayments Of Secured Debt
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us-gaap Proceeds From Repayments Of Secured Debt
ProceedsFromRepaymentsOfSecuredDebt
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us-gaap Proceeds From Sale Of Equity Method Investments
ProceedsFromSaleOfEquityMethodInvestments
10110000 USD
us-gaap Proceeds From Sale Of Equity Method Investments
ProceedsFromSaleOfEquityMethodInvestments
0 USD
CY2014Q3 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
7546000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
12155000 USD
CY2015Q3 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
1130000 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
8164000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
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11831000 USD
CY2015Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12425000 USD
CY2013Q4 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
216681000 USD
CY2014Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
241583000 USD
CY2014Q3 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
257962000 USD
CY2015Q3 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
46587000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
140789000 USD
us-gaap Repayments Of Senior Debt
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0 USD
us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
199906000 USD
CY2014Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
27235000 USD
CY2015Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
25028000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
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1391256000 USD
CY2015Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1424992000 USD
CY2014Q4 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
266668000 USD
CY2015Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
299678000 USD
CY2015Q3 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
290119000 USD
CY2014Q3 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales
RealEstateInventoryCapitalizedInterestCostsCostOfSales
21769000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales
RealEstateInventoryCapitalizedInterestCostsCostOfSales
59471000 USD
CY2015Q3 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales
RealEstateInventoryCapitalizedInterestCostsCostOfSales
51752000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales
RealEstateInventoryCapitalizedInterestCostsCostOfSales
99488000 USD
CY2014Q3 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
44603000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
127041000 USD
CY2014Q3 us-gaap Revenue Other Financial Services
RevenueOtherFinancialServices
247000 USD
us-gaap Revenue Other Financial Services
RevenueOtherFinancialServices
1147000 USD
CY2015Q3 us-gaap Revenue Other Financial Services
RevenueOtherFinancialServices
0 USD
us-gaap Revenue Other Financial Services
RevenueOtherFinancialServices
0 USD
CY2014Q3 us-gaap Revenues
Revenues
589214000 USD
us-gaap Revenues
Revenues
1604908000 USD
CY2015Q3 us-gaap Revenues
Revenues
843157000 USD
us-gaap Revenues
Revenues
2046247000 USD
CY2013Q4 us-gaap Self Insurance Reserve
SelfInsuranceReserve
92214000 USD
CY2014Q2 us-gaap Self Insurance Reserve
SelfInsuranceReserve
90458000 USD
CY2014Q3 us-gaap Self Insurance Reserve
SelfInsuranceReserve
88309000 USD
CY2014Q4 us-gaap Self Insurance Reserve
SelfInsuranceReserve
86574000 USD
CY2015Q2 us-gaap Self Insurance Reserve
SelfInsuranceReserve
80136000 USD
CY2015Q3 us-gaap Self Insurance Reserve
SelfInsuranceReserve
80601000 USD
CY2014Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
72897000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
205715000 USD
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
95074000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
244678000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
5959000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
10444000 USD
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
9992609 shares
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
21.32
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
130384 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0 shares
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
18400000 USD
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
11735042 shares
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
11552658 shares
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
20.45
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
20.47
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
6455000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
0 USD
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
8.38
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
23.26
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.00
CY2015Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
18400000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y8M0D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y5M0D
CY2013Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
48704000 USD
CY2014Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
40937000 USD
CY2014Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
42396000 USD
CY2014Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
45196000 USD
CY2015Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
46472000 USD
CY2015Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
48642000 USD
CY2014Q3 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
10633000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
30795000 USD
CY2015Q3 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
5285000 USD
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
19927000 USD
CY2014Q3 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
4546000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
12332000 USD
CY2015Q3 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
6325000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
15209000 USD
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
52000 shares
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
436000 USD
CY2015Q3 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
4000000 shares
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
1595910000 USD
CY2015Q3 us-gaap Stockholders Equity
StockholdersEquity
1640226000 USD
CY2014Q4 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
13684000 USD
CY2015Q3 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
11935000 USD
CY2014Q4 us-gaap Treasury Stock Value
TreasuryStockValue
446476000 USD
CY2015Q3 us-gaap Treasury Stock Value
TreasuryStockValue
446776000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
300000 USD
CY2014Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
73000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
159000 USD
CY2015Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
63000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
115000 USD
CY2014Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
73000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
159000 USD
CY2015Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
63000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
115000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
100000 USD
CY2015Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
100000 USD
CY2014Q4 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
825200000 USD
CY2015Q3 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
0 USD
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
0 USD
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
102070000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
98614000 shares
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
101874000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
101605000 shares
CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
91793000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
88389000 shares
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
92065000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
92005000 shares
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update No. 2014-09, &#8220;Revenue from Contracts with Customers (Topic 606)&#8221; (&#8220;ASU 2014-09&#8221;). The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. In August 2015, the FASB issued Accounting Standards Update No. 2015-14, &#8220;Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,&#8221; which delayed the effective date of ASU 2014-09 by one year. ASU 2014-09, as amended, is effective for public companies for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2015, the FASB issued Accounting Standards Update No. 2015-01, &#8220;Income Statement &#8212; Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items&#8221;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">(&#8220;ASU 2015-01&#8221;). ASU 2015-01 eliminates the concept of extraordinary items from GAAP but retains the presentation and disclosure guidance for items that are unusual in nature or occur infrequently and expands the guidance to include items that are both unusual in nature and infrequently occurring. ASU 2015-01 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. A reporting entity may apply ASU 2015-01 prospectively. A reporting entity may also apply ASU 2015-01 retrospectively to all periods presented in the financial statements. We believe the adoption of ASU 2015-01 will not have a material effect on our consolidated financial statements.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2015, the FASB issued Accounting Standards Update No. 2015-02, &#8220;Consolidation (Topic 810): Amendments to the Consolidation Analysis&#8221;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">(&#8220;ASU 2015-02&#8221;). ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. ASU 2015-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. We believe the adoption of ASU 2015-02 will not have a material effect on our consolidated financial statements.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In April 2015, the FASB issued Accounting Standards Update No. 2015-03, &#8220;Interest &#8212; Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs&#8221;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">(&#8220;ASU 2015-03&#8221;). ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. For public entities, ASU 2015-03 is effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted for financial statements that have not been previously issued. ASU 2015-03 is to be applied on a retrospective basis and represents a change in accounting principle. We believe the adoption of ASU 2015-03 will not have a material effect on our consolidated financial statements.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2015, the FASB issued Accounting Standards Update No. 2015-15, &#8220;Interest &#8212; Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements &#8212; Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting&#8221;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> </font><font style="font-family:inherit;font-size:10pt;">(&#8220;ASU 2015-15&#8221;), which clarifies the treatment of debt issuance costs from line-of-credit arrangements after the adoption of ASU 2015-03. In particular, ASU 2015-15 clarifies that the SEC staff would not object to an entity deferring and presenting debt issuance costs related to a line-of-credit arrangement as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of such arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. We believe the adoption of ASU 2015-15 will not have a material effect on our consolidated financial statements.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;"></font><font style="font-family:inherit;font-size:10pt;">Certain amounts in our consolidated financial statements for prior years have been reclassified to conform to the current period presentation.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;"></font><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make informed estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</font></div></div>

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