$LOPE
Grand Canyon Education, Inc.

2020 Q2 Form 10-Q Financial Statement

#000155837020009170 Filed on August 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $185.8M $174.8M
YoY Change 6.26% -26.18%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $50.61M $44.94M
YoY Change 12.6% 25.34%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.400M $6.900M
YoY Change 7.25% -51.06%
% of Gross Profit
Operating Expenses $50.61M $44.94M
YoY Change 12.6% 25.34%
Operating Profit $48.31M $50.99M
YoY Change -5.26% -12.81%
Interest Expense $1.073M $2.907M
YoY Change -63.09% 5000.0%
% of Operating Profit 2.22% 5.7%
Other Income/Expense, Net
YoY Change
Pretax Income $62.36M $65.24M
YoY Change -4.42% 8.73%
Income Tax $15.35M $14.13M
% Of Pretax Income 24.61% 21.65%
Net Earnings $47.01M $51.11M
YoY Change -8.03% 11.02%
Net Earnings / Revenue 25.31% 29.24%
Basic Earnings Per Share $1.00 $1.07
Diluted Earnings Per Share $1.00 $1.06
COMMON SHARES
Basic Shares Outstanding 46.89M 47.85M
Diluted Shares Outstanding 47.15M 48.31M

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $172.5M $80.00M
YoY Change 115.63% -73.17%
Cash & Equivalents $172.5M $65.80M
Short-Term Investments $14.20M
Other Short-Term Assets $13.15M $11.33M
YoY Change 16.04% 29.49%
Inventory
Prepaid Expenses
Receivables $20.55M $13.66M
Other Receivables $1.700M $3.400M
Total Short-Term Assets $222.6M $108.7M
YoY Change 104.77% -91.52%
LONG-TERM ASSETS
Property, Plant & Equipment $124.1M $116.8M
YoY Change 6.25% 4.09%
Goodwill $160.8M $160.9M
YoY Change -0.07% 5369.94%
Intangibles $197.8M $206.4M
YoY Change -4.15%
Long-Term Investments
YoY Change
Other Assets $1.794M $1.940M
YoY Change -7.53% 195.28%
Total Long-Term Assets $1.568B $1.569B
YoY Change -0.07% 1225.03%
TOTAL ASSETS
Total Short-Term Assets $222.6M $108.7M
Total Long-Term Assets $1.568B $1.569B
Total Assets $1.790B $1.678B
YoY Change 6.72% 19.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.90M $18.27M
YoY Change 8.91% -48.45%
Accrued Expenses $20.03M $16.93M
YoY Change 18.3% -10.85%
Deferred Revenue $7.709M $10.04M
YoY Change -23.23%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $33.10M $48.40M
YoY Change -31.61% 633.33%
Total Short-Term Liabilities $150.6M $113.3M
YoY Change 32.95% -49.4%
LONG-TERM LIABILITIES
Long-Term Debt $91.20M $207.9M
YoY Change -56.13% 267.31%
Other Long-Term Liabilities $8.000K $10.80M
YoY Change -99.93%
Total Long-Term Liabilities $8.000K $218.7M
YoY Change -100.0% 286.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $150.6M $113.3M
Total Long-Term Liabilities $8.000K $218.7M
Total Liabilities $300.9M $349.7M
YoY Change -13.96% 16.7%
SHAREHOLDERS EQUITY
Retained Earnings $1.456B $1.207B
YoY Change 20.67% 24.02%
Common Stock $276.9M $265.9M
YoY Change 4.11% 10.03%
Preferred Stock
YoY Change
Treasury Stock (at cost) $243.4M $143.9M
YoY Change 69.11% 26.51%
Treasury Stock Shares $5.919M $4.682M
Shareholders Equity $1.489B $1.328B
YoY Change
Total Liabilities & Shareholders Equity $1.790B $1.678B
YoY Change 6.72% 19.83%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $47.01M $51.11M
YoY Change -8.03% 11.02%
Depreciation, Depletion And Amortization $7.400M $6.900M
YoY Change 7.25% -51.06%
Cash From Operating Activities $135.4M $113.0M
YoY Change 19.82% -278.8%
INVESTING ACTIVITIES
Capital Expenditures -$81.30M -$145.1M
YoY Change -43.97% 230.52%
Acquisitions
YoY Change
Other Investing Activities $2.500M $100.0K
YoY Change 2400.0% -99.33%
Cash From Investing Activities -$78.70M -$144.9M
YoY Change -45.69% 401.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -16.60M 9.200M
YoY Change -280.43% -584.21%
NET CHANGE
Cash From Operating Activities 135.4M 113.0M
Cash From Investing Activities -78.70M -144.9M
Cash From Financing Activities -16.60M 9.200M
Net Change In Cash 40.10M -22.70M
YoY Change -276.65% -75.85%
FREE CASH FLOW
Cash From Operating Activities $135.4M $113.0M
Capital Expenditures -$81.30M -$145.1M
Free Cash Flow $216.7M $258.1M
YoY Change -16.04% -1437.31%

Facts In Submission

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lope Depreciation And Amortization Excluding Intangible Assets
DepreciationAndAmortizationExcludingIntangibleAssets
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us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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DeferredIncomeTaxesAndTaxCredits
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lope Gain Loss On Transaction Net Of Costs And Asset Impairment
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OtherNoncashIncomeExpense
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OtherNoncashIncomeExpense
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IncreaseDecreaseInAccountsReceivable
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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lope Increase Decrease In Operating Lease Liabilities Recognized In Exchange For Right Of Use Assets
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lope Increase Decrease In Operating Lease Liabilities Recognized In Exchange For Right Of Use Assets
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us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
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us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
9266000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1746000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
32206000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
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lope Increase Decrease In Contract With Customer Liability Excluding Student Deposits
IncreaseDecreaseInContractWithCustomerLiabilityExcludingStudentDeposits
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lope Increase Decrease In Contract With Customer Liability Excluding Student Deposits
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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lope Payments To Develop Education Resources
PaymentsToDevelopEducationResources
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lope Payments To Develop Education Resources
PaymentsToDevelopEducationResources
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us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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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 Investing Activities
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us-gaap Repayments Of Debt And Capital Lease Obligations
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us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
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us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
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us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
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us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Income Taxes Paid
IncomeTaxesPaid
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us-gaap Income Taxes Paid
IncomeTaxesPaid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2020Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
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CY2020Q1 us-gaap Income Tax Effects Allocated Directly To Equity Cumulative Effect Of Change In Accounting Principle
IncomeTaxEffectsAllocatedDirectlyToEquityCumulativeEffectOfChangeInAccountingPrinciple
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lope Gross Up Of Right Of Use Assets And Lease Liabilities Adoption Of Asu201602
GrossUpOfRightOfUseAssetsAndLeaseLiabilitiesAdoptionOfAsu201602
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
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us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1. Nature of Business</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Grand Canyon Education, <span style="white-space:pre-wrap;">Inc. (together with its subsidiaries, the “Company” or “GCE”) is a publicly traded education services company dedicated to serving colleges and universities. GCE has developed significant technological solutions, infrastructure and operational processes to provide services to these institutions on a large scale. GCE’s most significant university partner is Grand Canyon University (“GCU”), an Arizona non-profit corporation, a comprehensive regionally accredited university that offers graduate and undergraduate degree programs, emphases and certificates across </span>nine<span style="white-space:pre-wrap;"> colleges both online and on ground at its campus in Phoenix, Arizona. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">In January 2019, GCE began providing education services to numerous university partners across the United States, through our wholly owned subsidiary, Orbis Education, which we acquired, by merger on January 22, 2019 for $361,184<span style="white-space:pre-wrap;">, net of cash acquired (the “Acquisition”). Orbis Education works in partnership with a growing number of top universities and healthcare networks across the country to develop high-quality, career-ready graduates who enter the workforce and ease healthcare industry demands. Orbis Education offers </span>four<span style="white-space:pre-wrap;"> primary academic programs with site simulation and skill labs located near healthcare providers. Therefore, the results of operations for the six months ended June 30, 2019 include Orbis Education’s financial results for the period from January 22, 2019 to June 30, 2019. See Note 2 to our consolidated financial statements for a full description of the Acquisition. </span> </p>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
us-gaap Number Of Reporting Units
NumberOfReportingUnits
1
CY2019Q4 us-gaap Trading Securities Debt
TradingSecuritiesDebt
21601000
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0
CY2020Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2020Q2 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
7275000
us-gaap Financing Receivable Allowance For Credit Losses Policy For Uncollectible Amounts
FinancingReceivableAllowanceForCreditLossesPolicyForUncollectibleAmounts
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Allowance for Credit Losses</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;">The Company records our accounts receivable and Secured Note receivable at the net amount expected to be collected. Our accounts receivable are derived through education services provided to university partners. Our Secured Note receivable was derived through the sale of university related assets to our most significant university partner, GCU. The Company maintains an allowance for credit losses resulting from our university partners not making payments. The Company determines the adequacy of the allowance by periodically evaluating each university partners balance, considering their financial condition and credit history, and considering current and forecasted economic conditions. Since our transition to an education services company on July 1, 2018, and continued growth to </span>25 university partners, the Company has no credit losses with any of our university partners. In the first quarter of 2020, the Company adopted ASU 2016-13, <i style="font-style:italic;">Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments </i><span style="white-space:pre-wrap;">using a modified retrospective approach. This model requires consideration of a broader range of reasonable and supportable information and requires the Company to estimate expected credit losses including a measure of the expected risk of credit loss even if that risk is remote over the lifetime of the asset. Upon adoption, the Company recorded a reserve of </span>$5,000<span style="white-space:pre-wrap;"> on its long-term Secured Note receivable. The cumulative effect for the Company upon adoption of this new standard was </span>$3,832, net of taxes of $1,168<span style="white-space:pre-wrap;">. Bad debt expense is recorded as a technology and academic services expense in the consolidated income statement. The Company will continue to actively monitor the impact of the COVID-19 pandemic on expected credit losses.</span></p>
CY2020Q2 lope Number Of University Service Partners
NumberOfUniversityServicePartners
25
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentration of Credit Risk </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company believes the credit risk related to cash equivalents and investments is limited due to its adherence to an investment policy that requires investments to have a minimum BBB rating, depending on the type of security, by one major rating agency at the time of purchase. All of the Company’s cash equivalents and investments as of June 30, 2020 and December 31, 2019 consist of investments rated BBB or higher by at least one rating agency. Additionally, the Company utilizes more than one financial institution to conduct initial and ongoing credit analysis on its investment portfolio to monitor and lower the potential impact of market risk associated with its cash equivalents and investment portfolio. The Company is also subject to credit risk for its accounts receivable balance. The Company has not experienced any losses on receivables since July 1, 2018, the date the Company transitioned to an educational service provider. To manage accounts receivable risk, the Company maintains an allowance for doubtful accounts, if needed. Our dependence on our most significant university partner, with 87.0% and 89.7% of total service revenue for the six-month periods ended June 30, 2020 and 2019, respectively, subjects us to the risk that declines in our customer’s operations would result in a sustained reduction in service revenue and interest income on the Secured Note for the Company.</p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</p>
CY2020Q2 us-gaap Trading Securities Debt
TradingSecuritiesDebt
14691000
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46893000
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47851000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47174000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47788000
CY2020Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
258000
CY2019Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
462000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
283000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
519000
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47151000
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48313000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47457000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2020Q1 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
5000000
CY2020Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
5000000
us-gaap Operating Lease Cost
OperatingLeaseCost
1507000
CY2020Q2 lope Lessee Operating Lease Lease Not Yet Commenced Commitment Amount
LesseeOperatingLeaseLeaseNotYetCommencedCommitmentAmount
17416000
CY2020Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
229771000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
216767000
CY2020Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
105705000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
97033000
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
124066000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2020Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
210280000
CY2020Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
12433000
CY2020Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
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us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
false
us-gaap Operating Lease Cost
OperatingLeaseCost
3055000
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y9M29D
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0372
lope Number Of Financing Leases
NumberOfFinancingLeases
0
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2946000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
6499000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
6392000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
5817000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
5422000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
25971000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
53047000
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
7855000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
45192000
CY2019Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
59850000
CY2019Q1 lope Cash Collateral Released On Repayment Of Debt
CashCollateralReleasedOnRepaymentOfDebt
61667000
CY2019Q1 us-gaap Income Tax Examination Liability Refund Adjustment From Settlement With Taxing Authority
IncomeTaxExaminationLiabilityRefundAdjustmentFromSettlementWithTaxingAuthority
7500000
CY2019Q1 us-gaap Income Tax Reconciliation Tax Settlements
IncomeTaxReconciliationTaxSettlements
-5925000
CY2020Q2 us-gaap Share Price
SharePrice
90.53
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5185000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1334000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1296000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
4000000
us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
3889000

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