2015 Q1 Form 10-Q Financial Statement
#000140810015000088 Filed on May 11, 2015
Income Statement
Concept | 2015 Q1 | 2014 Q1 |
---|---|---|
Revenue | $137.7M | $51.40M |
YoY Change | 167.9% | 124.45% |
Cost Of Revenue | $1.500M | $9.700M |
YoY Change | -84.54% | 410.53% |
Gross Profit | $136.2M | $41.80M |
YoY Change | 225.84% | 100.0% |
Gross Profit Margin | 98.91% | 81.32% |
Selling, General & Admin | $10.90M | $9.200M |
YoY Change | 18.48% | 19.48% |
% of Gross Profit | 8.0% | 22.01% |
Research & Development | ||
YoY Change | ||
% of Gross Profit | ||
Depreciation & Amortization | $36.60M | $7.300M |
YoY Change | 401.37% | 284.21% |
% of Gross Profit | 26.87% | 17.46% |
Operating Expenses | $84.80M | $53.50M |
YoY Change | 58.5% | 118.37% |
Operating Profit | $27.50M | -$6.600M |
YoY Change | -516.67% | 144.44% |
Interest Expense | -$21.20M | -$13.00M |
YoY Change | 63.08% | -213.72% |
% of Operating Profit | -77.09% | |
Other Income/Expense, Net | -$39.90M | $65.20M |
YoY Change | -161.2% | -3935.29% |
Pretax Income | -$12.40M | $58.60M |
YoY Change | -121.16% | -1431.82% |
Income Tax | -$8.100M | $8.800M |
% Of Pretax Income | 15.02% | |
Net Earnings | -$1.500M | $12.50M |
YoY Change | -112.0% | -881.25% |
Net Earnings / Revenue | -1.09% | 24.32% |
Basic Earnings Per Share | -$0.05 | $0.12 |
Diluted Earnings Per Share | -$0.05 | $0.12 |
COMMON SHARES | ||
Basic Shares Outstanding | 91.55M shares | 88.14M shares |
Diluted Shares Outstanding | 91.55M shares | 89.42M shares |
Balance Sheet
Concept | 2015 Q1 | 2014 Q1 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $670.3M | $1.582B |
YoY Change | -57.62% | 697.18% |
Cash & Equivalents | $669.9M | $1.573B |
Short-Term Investments | $400.0K | $8.500M |
Other Short-Term Assets | $9.800M | $9.000M |
YoY Change | 8.89% | |
Inventory | ||
Prepaid Expenses | ||
Receivables | $57.60M | $28.20M |
Other Receivables | $0.00 | $0.00 |
Total Short-Term Assets | $262.4M | $311.6M |
YoY Change | -15.79% | -50.37% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $4.797B | $1.889B |
YoY Change | 154.02% | |
Goodwill | $23.90M | $23.90M |
YoY Change | 0.0% | -0.27% |
Intangibles | ||
YoY Change | ||
Long-Term Investments | $962.1M | $584.5M |
YoY Change | 64.6% | 1.61% |
Other Assets | ||
YoY Change | ||
Total Long-Term Assets | $6.418B | $4.096B |
YoY Change | 56.71% | 440.1% |
TOTAL ASSETS | ||
Total Short-Term Assets | $262.4M | $311.6M |
Total Long-Term Assets | $6.418B | $4.096B |
Total Assets | $6.681B | $4.407B |
YoY Change | 51.58% | 217.96% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $242.3M | $154.7M |
YoY Change | 56.63% | 13963.64% |
Accrued Expenses | ||
YoY Change | ||
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Long-Term Debt Due | ||
YoY Change | ||
Total Short-Term Liabilities | $242.3M | $154.7M |
YoY Change | 56.63% | 395.83% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $3.375B | $1.628B |
YoY Change | 107.28% | 132.42% |
Other Long-Term Liabilities | ||
YoY Change | ||
Total Long-Term Liabilities | $3.375B | $1.628B |
YoY Change | 107.28% | 132.42% |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $242.3M | $154.7M |
Total Long-Term Liabilities | $3.375B | $1.628B |
Total Liabilities | $3.617B | $1.783B |
YoY Change | 102.88% | 139.08% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$78.00M | -$39.90M |
YoY Change | 95.49% | 172.62% |
Common Stock | $0.00 | $0.00 |
YoY Change | -100.0% | |
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | $1.056B | $952.6M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $6.681B | $4.407B |
YoY Change | 51.58% | 217.96% |
Cashflow Statement
Concept | 2015 Q1 | 2014 Q1 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | -$1.500M | $12.50M |
YoY Change | -112.0% | -881.25% |
Depreciation, Depletion And Amortization | $36.60M | $7.300M |
YoY Change | 401.37% | 284.21% |
Cash From Operating Activities | -$16.60M | -$36.90M |
YoY Change | -55.01% | 33.7% |
INVESTING ACTIVITIES | ||
Capital Expenditures | -$757.1M | -$367.7M |
YoY Change | 105.9% | 2257.05% |
Acquisitions | ||
YoY Change | ||
Other Investing Activities | -$35.10M | -$209.0M |
YoY Change | -83.21% | 15976.92% |
Cash From Investing Activities | -$792.2M | -$576.7M |
YoY Change | 37.37% | 3292.35% |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | $10.70M | $7.800M |
YoY Change | 37.18% | 9.86% |
Common Stock Issuance & Retirement, Net | -$184.0M | -$188.3M |
YoY Change | -2.28% | 40.73% |
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | $569.8M | $2.009B |
YoY Change | -71.64% | 1492.08% |
NET CHANGE | ||
Cash From Operating Activities | -$16.60M | -$36.90M |
Cash From Investing Activities | -$792.2M | -$576.7M |
Cash From Financing Activities | $569.8M | $2.009B |
Net Change In Cash | -$239.0M | $1.396B |
YoY Change | -117.13% | 1610.29% |
FREE CASH FLOW | ||
Cash From Operating Activities | -$16.60M | -$36.90M |
Capital Expenditures | -$757.1M | -$367.7M |
Free Cash Flow | $740.5M | $330.8M |
YoY Change | 123.85% | -2856.67% |
Facts In Submission
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Amendment Flag
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false | |
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Current Fiscal Year End Date
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Q1 | |
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Document Fiscal Year Focus
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2015 | |
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Document Period End Date
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2015-03-31 | |
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Document Type
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10-Q | |
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Entity Registrant Name
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Kennedy-Wilson Holdings, Inc. | |
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Business Combination Equity Interestin Acquiree
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Consoldiated Entity Ownership Percentage
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Income Loss From Unconsolidated Investments
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Income Lossfrom Equity Method Investments Including Accretion
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Investment Buildings
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Investment In Loan Pool Portfolio Accretion To Date
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Net Income Loss Availableto Common Stockholders Basic Netof Participating Securities
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Numberof Acquisitions Partially Financedwith Mortgages
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Numberof Commercial Real Estate Properties Sold
NumberofCommercialRealEstatePropertiesSold
|
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Numberof Condominiums Sold
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Numberof Investments Partially Financed With Mortgages
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Numberof Investmentswith Existing Mortgages Refinanced
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Numberof Main Linesof Businesses
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Numberof Square Feetof Property Foreclosed
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Property Management Fee Revenues From Related Party
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Assets
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Assets
Assets
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Business Acquisition Pro Forma Earnings Per Share Basic
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Business Acquisition Pro Forma Earnings Per Share Diluted
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Business Acquisition Pro Forma Earnings Per Share Diluted
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Business Acquisitions Pro Forma Net Income Loss
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Business Combination Acquisition Of Less Than100 Percent Noncontrolling Interest Fair Value
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Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
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Business Combination Acquisition Related Costs
BusinessCombinationAcquisitionRelatedCosts
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Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Buildings
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Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Financial Liabilities
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Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangibles
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Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Land
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Business Combination Step Acquisition Equity Interest In Acquiree Remeasurement Gain
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|
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Business Combination Step Acquisition Equity Interest In Acquiree Remeasurement Gain
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Business Combination Step Acquisition Equity Interest In Acquiree Remeasurement Gain Or Loss
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Capital Expenditures Incurred But Not Yet Paid
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0 | USD |
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Capital Expenditures Incurred But Not Yet Paid
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Cash And Cash Equivalents At Carrying Value
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178200000 | USD |
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Cash And Cash Equivalents At Carrying Value
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Cash And Cash Equivalents At Carrying Value
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Cash And Cash Equivalents At Carrying Value
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669900000 | USD |
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Cash And Cash Equivalents Period Increase Decrease
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1394900000 | USD |
CY2015Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-267800000 | USD |
CY2014Q1 | us-gaap |
Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
|
0.09 | |
CY2015Q1 | us-gaap |
Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
|
0.12 | |
CY2015Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
CY2014Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
125000000 | shares |
CY2015Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
200000000 | shares |
CY2014Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
96091446 | shares |
CY2015Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
103510292 | shares |
CY2014Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
96091446 | shares |
CY2015Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
103510292 | shares |
CY2014Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
0 | USD |
CY2015Q1 | us-gaap |
Common Stock Value
CommonStockValue
|
0 | USD |
CY2014Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
11000000 | USD |
CY2015Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-21800000 | USD |
CY2014Q1 | us-gaap |
Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
|
37400000 | USD |
CY2015Q1 | us-gaap |
Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
|
-69300000 | USD |
CY2014Q1 | us-gaap |
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
|
48400000 | USD |
CY2015Q1 | us-gaap |
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
|
-91100000 | USD |
CY2014Q4 | us-gaap |
Convertible Preferred Stock Nonredeemable Or Redeemable Issuer Option Value
ConvertiblePreferredStockNonredeemableOrRedeemableIssuerOptionValue
|
0 | USD |
CY2015Q1 | us-gaap |
Convertible Preferred Stock Nonredeemable Or Redeemable Issuer Option Value
ConvertiblePreferredStockNonredeemableOrRedeemableIssuerOptionValue
|
0 | USD |
CY2014Q1 | us-gaap |
Cost Of Real Estate Sales
CostOfRealEstateSales
|
9700000 | USD |
CY2015Q1 | us-gaap |
Cost Of Real Estate Sales
CostOfRealEstateSales
|
1500000 | USD |
CY2014Q1 | us-gaap |
Costs And Expenses
CostsAndExpenses
|
60800000 | USD |
CY2015Q1 | us-gaap |
Costs And Expenses
CostsAndExpenses
|
121400000 | USD |
CY2014Q4 | us-gaap |
Deferred Costs And Other Assets
DeferredCostsAndOtherAssets
|
25800000 | USD |
CY2015Q1 | us-gaap |
Deferred Costs And Other Assets
DeferredCostsAndOtherAssets
|
27300000 | USD |
CY2014Q4 | us-gaap |
Deferred Finance Costs Net
DeferredFinanceCostsNet
|
36000000 | USD |
CY2015Q1 | us-gaap |
Deferred Finance Costs Net
DeferredFinanceCostsNet
|
41500000 | USD |
CY2014Q1 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
8800000 | USD |
CY2015Q1 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
-10200000 | USD |
CY2014Q4 | us-gaap |
Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
|
27600000 | USD |
CY2015Q1 | us-gaap |
Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
|
98500000 | USD |
CY2015Q1 | us-gaap |
Deferred Tax Liability Not Recognized Amount Of Unrecognized Deferred Tax Liability Undistributed Earnings Of Foreign Subsidiaries
DeferredTaxLiabilityNotRecognizedAmountOfUnrecognizedDeferredTaxLiabilityUndistributedEarningsOfForeignSubsidiaries
|
3400000 | USD |
CY2014Q4 | us-gaap |
Deposit Assets
DepositAssets
|
49900000 | USD |
CY2015Q1 | us-gaap |
Deposit Assets
DepositAssets
|
8900000 | USD |
CY2014Q4 | us-gaap |
Derivative Assets
DerivativeAssets
|
30600000 | USD |
CY2015Q1 | us-gaap |
Derivative Assets
DerivativeAssets
|
35200000 | USD |
CY2015Q1 | us-gaap |
Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
|
35100000 | USD |
CY2015Q1 | us-gaap |
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
|
-500000 | USD |
CY2014Q1 | us-gaap |
Direct Costs Of Hotels
DirectCostsOfHotels
|
8500000 | USD |
CY2015Q1 | us-gaap |
Direct Costs Of Hotels
DirectCostsOfHotels
|
21600000 | USD |
CY2014Q1 | us-gaap |
Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
|
5600000 | USD |
CY2015Q1 | us-gaap |
Direct Costs Of Leased And Rented Property Or Equipment
DirectCostsOfLeasedAndRentedPropertyOrEquipment
|
24600000 | USD |
CY2014Q1 | us-gaap |
Distributed Earnings
DistributedEarnings
|
8000000 | USD |
CY2015Q1 | us-gaap |
Distributed Earnings
DistributedEarnings
|
11800000 | USD |
CY2014Q1 | us-gaap |
Dividends
Dividends
|
10200000 | USD |
CY2015Q1 | us-gaap |
Dividends
Dividends
|
14500000 | USD |
CY2014Q1 | us-gaap |
Dividends Common Stock Cash
DividendsCommonStockCash
|
8200000 | USD |
CY2015Q1 | us-gaap |
Dividends Common Stock Cash
DividendsCommonStockCash
|
12500000 | USD |
CY2014Q1 | us-gaap |
Dividends Preferred Stock
DividendsPreferredStock
|
2000000 | USD |
CY2015Q1 | us-gaap |
Dividends Preferred Stock
DividendsPreferredStock
|
2000000 | USD |
CY2014Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
0.12 | |
CY2015Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.05 | |
CY2014Q1 | us-gaap |
Earnings Per Share Basic Distributed
EarningsPerShareBasicDistributed
|
0.09 | |
CY2015Q1 | us-gaap |
Earnings Per Share Basic Distributed
EarningsPerShareBasicDistributed
|
0.12 | |
CY2014Q1 | us-gaap |
Earnings Per Share Basic Undistributed
EarningsPerShareBasicUndistributed
|
0.03 | |
CY2015Q1 | us-gaap |
Earnings Per Share Basic Undistributed
EarningsPerShareBasicUndistributed
|
-0.17 | |
CY2014Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.12 | |
CY2015Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.05 | |
CY2014Q1 | us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
|
-700000 | USD |
CY2015Q1 | us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
|
-28800000 | USD |
CY2015Q1 | us-gaap |
Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
|
17000000 | USD |
CY2014Q4 | us-gaap |
Finite Lived Intangible Asset Acquired In Place Leases
FiniteLivedIntangibleAssetAcquiredInPlaceLeases
|
282600000 | USD |
CY2015Q1 | us-gaap |
Finite Lived Intangible Asset Acquired In Place Leases
FiniteLivedIntangibleAssetAcquiredInPlaceLeases
|
323000000 | USD |
CY2014Q1 | us-gaap |
Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
|
1600000 | USD |
CY2015Q1 | us-gaap |
Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
|
6200000 | USD |
CY2015Q1 | us-gaap |
Gain Loss On Sale Of Properties
GainLossOnSaleOfProperties
|
600000 | USD |
CY2014Q1 | us-gaap |
Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
|
0 | USD |
CY2015Q1 | us-gaap |
Gains Losses On Sales Of Investment Real Estate
GainsLossesOnSalesOfInvestmentRealEstate
|
5600000 | USD |
CY2014Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
8200000 | USD |
CY2015Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
9500000 | USD |
CY2014Q4 | us-gaap |
Goodwill
Goodwill
|
23900000 | USD |
CY2015Q1 | us-gaap |
Goodwill
Goodwill
|
23900000 | USD |
CY2014Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
58700000 | USD |
CY2015Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-12400000 | USD |
CY2014Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
8800000 | USD |
CY2015Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
-8100000 | USD |
CY2014Q1 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
0 | USD |
CY2015Q1 | us-gaap |
Income Taxes Paid
IncomeTaxesPaid
|
400000 | USD |
CY2014Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
7500000 | USD |
CY2015Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
1900000 | USD |
CY2014Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-18600000 | USD |
CY2015Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-36800000 | USD |
CY2014Q1 | us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
600000 | USD |
CY2015Q1 | us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
-700000 | USD |
CY2014Q1 | us-gaap |
Interest And Fee Income Loans And Leases Held In Portfolio
InterestAndFeeIncomeLoansAndLeasesHeldInPortfolio
|
1700000 | USD |
CY2015Q1 | us-gaap |
Interest And Fee Income Loans And Leases Held In Portfolio
InterestAndFeeIncomeLoansAndLeasesHeldInPortfolio
|
5400000 | USD |
CY2014Q1 | us-gaap |
Interest Expense Debt
InterestExpenseDebt
|
10500000 | USD |
CY2015Q1 | us-gaap |
Interest Expense Debt
InterestExpenseDebt
|
13000000 | USD |
CY2014Q1 | us-gaap |
Interest Paid
InterestPaid
|
23500000 | USD |
CY2015Q1 | us-gaap |
Interest Paid
InterestPaid
|
37300000 | USD |
CY2014Q1 | us-gaap |
Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
|
5300000 | USD |
CY2015Q1 | us-gaap |
Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
|
19400000 | USD |
CY2014Q4 | us-gaap |
Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
|
492200000 | USD |
CY2015Q1 | us-gaap |
Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
|
486800000 | USD |
CY2014Q1 | us-gaap |
Labor And Related Expense
LaborAndRelatedExpense
|
20500000 | USD |
CY2015Q1 | us-gaap |
Labor And Related Expense
LaborAndRelatedExpense
|
26200000 | USD |
CY2014Q4 | us-gaap |
Land
Land
|
1046900000 | USD |
CY2015Q1 | us-gaap |
Land
Land
|
1269600000 | USD |
CY2014Q4 | us-gaap |
Liabilities
Liabilities
|
3288200000 | USD |
CY2015Q1 | us-gaap |
Liabilities
Liabilities
|
3617400000 | USD |
CY2014Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
6332100000 | USD |
CY2015Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
6680600000 | USD |
CY2014Q4 | us-gaap |
Line Of Credit
LineOfCredit
|
125000000 | USD |
CY2015Q1 | us-gaap |
Line Of Credit
LineOfCredit
|
0 | USD |
CY2014Q4 | us-gaap |
Long Term Debt
LongTermDebt
|
3023300000 | USD |
CY2015Q1 | us-gaap |
Long Term Debt
LongTermDebt
|
3375100000 | USD |
CY2014Q4 | us-gaap |
Long Term Debt Fair Value
LongTermDebtFairValue
|
3044800000 | USD |
CY2015Q1 | us-gaap |
Long Term Debt Fair Value
LongTermDebtFairValue
|
3386700000 | USD |
CY2014Q4 | us-gaap |
Marketable Securities
MarketableSecurities
|
6500000 | USD |
CY2015Q1 | us-gaap |
Marketable Securities
MarketableSecurities
|
400000 | USD |
CY2014Q4 | us-gaap |
Minority Interest
MinorityInterest
|
2142800000 | USD |
CY2015Q1 | us-gaap |
Minority Interest
MinorityInterest
|
2007200000 | USD |
CY2015Q1 | us-gaap |
Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
|
47900000 | USD |
CY2015Q1 | us-gaap |
Minority Interest Decrease From Redemptions
MinorityInterestDecreaseFromRedemptions
|
22500000 | USD |
CY2014Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
2009200000 | USD |
CY2015Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
569800000 | USD |
CY2014Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-576700000 | USD |
CY2015Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-792200000 | USD |
CY2014Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-36900000 | USD |
CY2015Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-16600000 | USD |
CY2014Q1 | us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
37400000 | USD |
CY2015Q1 | us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
-2800000 | USD |
CY2014Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
10500000 | USD |
CY2015Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-3500000 | USD |
CY2015Q1 | us-gaap |
Noncontrolling Interest Increase From Subsidiary Equity Issuance
NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance
|
4100000 | USD |
CY2014Q4 | us-gaap |
Notes Receivable Net
NotesReceivableNet
|
313400000 | USD |
CY2015Q1 | us-gaap |
Notes Receivable Net
NotesReceivableNet
|
336000000 | USD |
CY2015Q1 | us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
2 | segment |
CY2014Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
53500000 | USD |
CY2015Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
84800000 | USD |
CY2014Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-6500000 | USD |
CY2015Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
27500000 | USD |
CY2014Q1 | us-gaap |
Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
|
16000000 | USD |
CY2015Q1 | us-gaap |
Operating Leases Income Statement Lease Revenue
OperatingLeasesIncomeStatementLeaseRevenue
|
90400000 | USD |
CY2014Q4 | us-gaap |
Other Assets
OtherAssets
|
305100000 | USD |
CY2015Q1 | us-gaap |
Other Assets
OtherAssets
|
353900000 | USD |
CY2014Q1 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
|
-1200000 | USD |
CY2015Q1 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
|
-104900000 | USD |
CY2015Q1 | us-gaap |
Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
|
-144400000 | USD |
CY2015Q1 | us-gaap |
Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
|
18400000 | USD |
CY2014Q1 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
|
200000 | USD |
CY2015Q1 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
|
-2600000 | USD |
CY2015Q1 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
-105200000 | USD |
CY2014Q1 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax
|
-1200000 | USD |
CY2015Q1 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Reclassification Adjustment From Aoci Realized Upon Sale Or Liquidation Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax
|
300000 | USD |
CY2014Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-1500000 | USD |
CY2015Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-86800000 | USD |
CY2015Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
|
-66500000 | USD |
CY2015Q1 | us-gaap |
Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
|
-58000000 | USD |
CY2014Q1 | us-gaap |
Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
|
-1500000 | USD |
CY2015Q1 | us-gaap |
Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
|
18400000 | USD |
CY2014Q1 | us-gaap |
Other Depreciation And Amortization
OtherDepreciationAndAmortization
|
7300000 | USD |
CY2015Q1 | us-gaap |
Other Depreciation And Amortization
OtherDepreciationAndAmortization
|
36600000 | USD |
CY2014Q1 | us-gaap |
Other Nonoperating Income
OtherNonoperatingIncome
|
800000 | USD |
CY2015Q1 | us-gaap |
Other Nonoperating Income
OtherNonoperatingIncome
|
800000 | USD |
CY2014Q1 | us-gaap |
Payments For Deposits On Real Estate Acquisitions
PaymentsForDepositsOnRealEstateAcquisitions
|
0 | USD |
CY2015Q1 | us-gaap |
Payments For Deposits On Real Estate Acquisitions
PaymentsForDepositsOnRealEstateAcquisitions
|
7500000 | USD |
CY2014Q1 | us-gaap |
Payments For Derivative Instrument Investing Activities
PaymentsForDerivativeInstrumentInvestingActivities
|
0 | USD |
CY2015Q1 | us-gaap |
Payments For Derivative Instrument Investing Activities
PaymentsForDerivativeInstrumentInvestingActivities
|
3600000 | USD |
CY2014Q1 | us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
2500000 | USD |
CY2015Q1 | us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
3100000 | USD |
CY2014Q1 | us-gaap |
Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
|
9600000 | USD |
CY2015Q1 | us-gaap |
Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
|
9200000 | USD |
CY2014Q1 | us-gaap |
Payments Of Dividends
PaymentsOfDividends
|
7800000 | USD |
CY2015Q1 | us-gaap |
Payments Of Dividends
PaymentsOfDividends
|
10700000 | USD |
CY2014Q1 | us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
5800000 | USD |
CY2015Q1 | us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
8700000 | USD |
CY2014Q1 | us-gaap |
Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
|
2800000 | USD |
CY2015Q1 | us-gaap |
Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
|
47900000 | USD |
CY2014Q1 | us-gaap |
Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
|
2000000 | USD |
CY2015Q1 | us-gaap |
Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
|
2000000 | USD |
CY2014Q1 | us-gaap |
Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
|
67100000 | USD |
CY2015Q1 | us-gaap |
Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
|
15200000 | USD |
CY2014Q1 | us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
4500000 | USD |
CY2015Q1 | us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
0 | USD |
CY2014Q1 | us-gaap |
Payments To Acquire Mortgage Notes Receivable
PaymentsToAcquireMortgageNotesReceivable
|
158600000 | USD |
CY2015Q1 | us-gaap |
Payments To Acquire Mortgage Notes Receivable
PaymentsToAcquireMortgageNotesReceivable
|
87500000 | USD |
CY2014Q1 | us-gaap |
Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
|
367700000 | USD |
CY2015Q1 | us-gaap |
Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
|
757100000 | USD |
CY2014Q1 | us-gaap |
Payments To Minority Shareholders
PaymentsToMinorityShareholders
|
0 | USD |
CY2015Q1 | us-gaap |
Payments To Minority Shareholders
PaymentsToMinorityShareholders
|
22500000 | USD |
CY2014Q1 | us-gaap |
Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
|
2000000 | USD |
CY2015Q1 | us-gaap |
Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
|
2000000 | USD |
CY2014Q4 | us-gaap |
Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
|
11200000 | USD |
CY2015Q1 | us-gaap |
Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
|
9800000 | USD |
CY2014Q1 | us-gaap |
Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
|
200000 | USD |
CY2015Q1 | us-gaap |
Proceeds From Collection Of Notes Receivable
ProceedsFromCollectionOfNotesReceivable
|
0 | USD |
CY2014Q1 | us-gaap |
Proceeds From Derivative Instrument Investing Activities
ProceedsFromDerivativeInstrumentInvestingActivities
|
0 | USD |
CY2015Q1 | us-gaap |
Proceeds From Derivative Instrument Investing Activities
ProceedsFromDerivativeInstrumentInvestingActivities
|
30100000 | USD |
CY2014Q1 | us-gaap |
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
|
11000000 | USD |
CY2015Q1 | us-gaap |
Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
|
8000000 | USD |
CY2015Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
187200000 | USD |
CY2014Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
190800000 | USD |
CY2015Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
187100000 | USD |
CY2014Q1 | us-gaap |
Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
|
195800000 | USD |
CY2015Q1 | us-gaap |
Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
|
843600000 | USD |
CY2014Q1 | us-gaap |
Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
|
297200000 | USD |
CY2015Q1 | us-gaap |
Proceeds From Issuance Of Senior Long Term Debt
ProceedsFromIssuanceOfSeniorLongTermDebt
|
0 | USD |
CY2014Q1 | us-gaap |
Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
|
90000000 | USD |
CY2015Q1 | us-gaap |
Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
|
25000000 | USD |
CY2014Q1 | us-gaap |
Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
|
2900000 | USD |
CY2015Q1 | us-gaap |
Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
|
4100000 | USD |
CY2014Q1 | us-gaap |
Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
|
0 | USD |
CY2015Q1 | us-gaap |
Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
|
6200000 | USD |
CY2014Q1 | us-gaap |
Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
|
10000000 | USD |
CY2015Q1 | us-gaap |
Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
|
34400000 | USD |
CY2014Q1 | us-gaap |
Profit Loss
ProfitLoss
|
49900000 | USD |
CY2015Q1 | us-gaap |
Profit Loss
ProfitLoss
|
-4300000 | USD |
CY2014Q1 | us-gaap |
Property Management Fee Revenue
PropertyManagementFeeRevenue
|
13200000 | USD |
CY2015Q1 | us-gaap |
Property Management Fee Revenue
PropertyManagementFeeRevenue
|
16400000 | USD |
CY2014Q4 | us-gaap |
Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
|
121600000 | USD |
CY2015Q1 | us-gaap |
Real Estate Investment Property Accumulated Depreciation
RealEstateInvestmentPropertyAccumulatedDepreciation
|
150800000 | USD |
CY2014Q4 | us-gaap |
Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
|
4349700000 | USD |
CY2015Q1 | us-gaap |
Real Estate Investment Property At Cost
RealEstateInvestmentPropertyAtCost
|
4927200000 | USD |
CY2014Q4 | us-gaap |
Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
|
4228100000 | USD |
CY2015Q1 | us-gaap |
Real Estate Investment Property Net
RealEstateInvestmentPropertyNet
|
4776400000 | USD |
CY2014Q1 | us-gaap |
Real Estate Revenue Net
RealEstateRevenueNet
|
51500000 | USD |
CY2015Q1 | us-gaap |
Real Estate Revenue Net
RealEstateRevenueNet
|
137700000 | USD |
CY2015Q1 | us-gaap |
Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
|
400000 | USD |
CY2014Q1 | us-gaap |
Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
|
90000000 | USD |
CY2015Q1 | us-gaap |
Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
|
150000000 | USD |
CY2014Q1 | us-gaap |
Repayments Of Secured Debt
RepaymentsOfSecuredDebt
|
5500000 | USD |
CY2015Q1 | us-gaap |
Repayments Of Secured Debt
RepaymentsOfSecuredDebt
|
246600000 | USD |
CY2014Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-62000000 | USD |
CY2015Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-78000000 | USD |
CY2014Q1 | us-gaap |
Revenue From Owned Hotels
RevenueFromOwnedHotels
|
9300000 | USD |
CY2015Q1 | us-gaap |
Revenue From Owned Hotels
RevenueFromOwnedHotels
|
23400000 | USD |
CY2014Q1 | us-gaap |
Revenue From Related Parties
RevenueFromRelatedParties
|
7300000 | USD |
CY2015Q1 | us-gaap |
Revenue From Related Parties
RevenueFromRelatedParties
|
9500000 | USD |
CY2014Q1 | us-gaap |
Sales Of Real Estate
SalesOfRealEstate
|
11300000 | USD |
CY2015Q1 | us-gaap |
Sales Of Real Estate
SalesOfRealEstate
|
2100000 | USD |
CY2014Q4 | us-gaap |
Secured Debt
SecuredDebt
|
2195900000 | USD |
CY2015Q1 | us-gaap |
Secured Debt
SecuredDebt
|
2672700000 | USD |
CY2014Q1 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
1000000 | USD |
CY2015Q1 | us-gaap |
Selling And Marketing Expense
SellingAndMarketingExpense
|
1400000 | USD |
CY2014Q4 | us-gaap |
Senior Notes
SeniorNotes
|
702400000 | USD |
CY2015Q1 | us-gaap |
Senior Notes
SeniorNotes
|
702400000 | USD |
CY2014Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1700000 | USD |
CY2015Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
7300000 | USD |
CY2015Q1 | us-gaap |
Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
|
7500000 | shares |
CY2015Q1 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
187100000 | USD |
CY2015Q1 | us-gaap |
Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
|
3200000 | USD |
CY2014Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
901100000 | USD |
CY2015Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
1056000000 | USD |
CY2014Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
3043900000 | USD |
CY2015Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
3063200000 | USD |
CY2014Q1 | us-gaap |
Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
|
200000 | USD |
CY2015Q1 | us-gaap |
Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
|
600000 | USD |
CY2014Q1 | us-gaap |
Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
|
0 | USD |
CY2015Q1 | us-gaap |
Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
|
-400000 | USD |
CY2014Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
89422885 | shares |
CY2015Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
91547838 | shares |
CY2014Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
88142576 | shares |
CY2015Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
91547838 | shares |
CY2015Q1 | 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;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">RECLASSIFICATIONS—Certain balances included in prior year's financial statements have been reclassified to conform to the current year's presentation.</font></div></div> |