2014 Q4 Form 8-K Financial Statement

#000119312515393949 Filed on December 03, 2015

View on sec.gov

Income Statement

Concept 2014 Q4 2014 2013 Q4
Revenue $417.8M $1.199B $265.2M
YoY Change 57.54% 4.58%
Cost Of Revenue $108.7M $156.4M
YoY Change -19.92%
Gross Profit $309.1M $826.5M
YoY Change 11.22%
Gross Profit Margin 73.98% 68.94%
Selling, General & Admin $111.4M $345.4M
YoY Change 42.49%
% of Gross Profit 36.04% 41.79%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $20.10M $51.20M
YoY Change 3.02%
% of Gross Profit 6.5% 6.19%
Operating Expenses $113.1M $345.4M
YoY Change 42.49%
Operating Profit -$102.6M $181.1M $141.1M
YoY Change -172.71% -65.32%
Interest Expense -$292.1M -$279.7M
YoY Change 39.85%
% of Operating Profit -154.45%
Other Income/Expense, Net $0.00 -$900.0K
YoY Change -47.06%
Pretax Income -$385.8M -$261.7M
YoY Change -305.42%
Income Tax -$4.500M $15.30M
% Of Pretax Income
Net Earnings -$381.3M $161.4M $66.80M
YoY Change -670.81% -30.94%
Net Earnings / Revenue -91.26% 13.46% 25.19%
Basic Earnings Per Share -$1.60 -$1.16 $0.19
Diluted Earnings Per Share -$2.50 -$2.32 $0.19
COMMON SHARES
Basic Shares Outstanding 343.7M shares
Diluted Shares Outstanding 358.2M shares

Balance Sheet

Concept 2014 Q4 2014 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.803B $1.803B
YoY Change 129.1%
Cash & Equivalents $1.803B $1.803B $786.9M
Short-Term Investments
Other Short-Term Assets $280.0M $280.0M
YoY Change 245.68%
Inventory $97.80M $98.00M $1.200M
Prepaid Expenses
Receivables $441.0M $428.0M
Other Receivables $19.00M $32.00M
Total Short-Term Assets $2.641B $2.641B $1.065B
YoY Change 147.89% 145.9%
LONG-TERM ASSETS
Property, Plant & Equipment $2.437B $2.437B $801.5M
YoY Change 203.99% 203.87%
Goodwill $5.236B $630.0M
YoY Change 731.06% 1.74%
Intangibles $10.45B $2.796B
YoY Change 273.57%
Long-Term Investments $169.7M $141.0M $102.0M
YoY Change 66.37% -13.5%
Other Assets $444.4M $444.0M $329.6M
YoY Change 34.83% 21.98%
Total Long-Term Assets $18.70B $18.70B $4.720B
YoY Change 296.22% 293.31%
TOTAL ASSETS
Total Short-Term Assets $2.641B $2.641B $1.065B
Total Long-Term Assets $18.70B $18.70B $4.720B
Total Assets $21.34B $21.34B $5.786B
YoY Change 268.91% 266.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $223.0M $223.0M $31.10M
YoY Change 617.04% 619.35%
Accrued Expenses $335.6M $283.0M $155.0M
YoY Change 116.52% 67.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.109B $1.129B $70.90M
YoY Change 1464.03% 1293.83%
Total Short-Term Liabilities $1.946B $1.946B $346.0M
YoY Change 462.37% 462.43%
LONG-TERM LIABILITIES
Long-Term Debt $8.827B $9.070B $2.837B
YoY Change 211.1% 206.83%
Other Long-Term Liabilities $707.8M $708.0M $317.9M
YoY Change 122.65% 122.64%
Total Long-Term Liabilities $9.534B $9.778B $3.155B
YoY Change 202.19% 198.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.946B $1.946B $346.0M
Total Long-Term Liabilities $9.534B $9.778B $3.155B
Total Liabilities $13.71B $16.17B $4.269B
YoY Change 221.05% 274.95%
SHAREHOLDERS EQUITY
Retained Earnings $231.0M $225.5M
YoY Change 2.44%
Common Stock $1.755B $1.243B
YoY Change 41.15%
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.300M
YoY Change
Treasury Stock Shares 0.000 shares 345.3K shares
Shareholders Equity $1.878B $5.175B $1.516B
YoY Change
Total Liabilities & Shareholders Equity $21.34B $21.34B $5.786B
YoY Change 268.91% 266.15%

Cashflow Statement

Concept 2014 Q4 2014 2013 Q4
OPERATING ACTIVITIES
Net Income -$381.3M $161.4M $66.80M
YoY Change -670.81% -30.94%
Depreciation, Depletion And Amortization $20.10M $51.20M
YoY Change 3.02%
Cash From Operating Activities -$116.3M $259.3M
YoY Change -20.26%
INVESTING ACTIVITIES
Capital Expenditures -$21.40M $30.90M
YoY Change 21.18%
Acquisitions $3.900M
YoY Change -67.23%
Other Investing Activities -$7.760B $4.000M
YoY Change -2100.0%
Cash From Investing Activities -$7.781B -$7.791B
YoY Change -18218.14%
FINANCING ACTIVITIES
Cash Dividend Paid $105.6M
YoY Change 25.27%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $3.102B
YoY Change 5323.08%
Cash From Financing Activities 8.700B 8.566B
YoY Change -6554.86%
NET CHANGE
Cash From Operating Activities -116.3M 259.3M
Cash From Investing Activities -7.781B -7.791B
Cash From Financing Activities 8.700B 8.566B
Net Change In Cash 802.7M 1.034B
YoY Change 339.11%
FREE CASH FLOW
Cash From Operating Activities -$116.3M $259.3M
Capital Expenditures -$21.40M $30.90M
Free Cash Flow -$94.90M $228.4M
YoY Change -23.79%

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CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
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343700000 shares
CY2014 us-gaap Preferred Stock Voting Rights
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Holders of the Preferred Shares have voting rights equal to one vote per each Preferred Share.
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.17
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
0
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
38.99
CY2014 us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of financial statements in conformity with accounting principles generally accepted in the United States (&#x201C;GAAP&#x201D;) requires management to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. Management adjusts such estimates and assumptions when facts and circumstances dictate. Volatile credit, equity, foreign currency and energy markets and declines in consumer spending may continue to affect the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates.</p> </div>
CY2014 us-gaap Stock Issued During Period Shares Stock Options Exercised
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161000 shares
CY2014 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
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2400000
CY2014 us-gaap Fair Value Inputs Prepayment Rate
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0.50 pure
CY2014 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
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0.50 pure
CY2014 us-gaap Earnings Per Share Basic
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-1.16
CY2014 us-gaap Effective Income Tax Rate Continuing Operations
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-0.060 pure
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P1Y8M12D
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
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P7Y1M6D
CY2014 us-gaap Payments To Acquire Property Plant And Equipment
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30900000
CY2014 us-gaap Net Income Loss
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161400000
CY2014 us-gaap Franchise Revenue
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701100000
CY2014 us-gaap Translation Adjustment Functional To Reporting Currency Tax Benefit Expense
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-2100000
CY2014 us-gaap Stock And Warrants Issued During Period Value Preferred Stock And Warrants
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247600000
CY2014 us-gaap Business Acquisitions Pro Forma Net Income Loss
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281000000
CY2014 us-gaap Stock Issued During Period Value Stock Options Exercised
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400000
CY2014 us-gaap Other Comprehensive Income Loss Net Of Tax
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-308100000
CY2014 us-gaap Net Income Loss Available To Common Stockholders Basic
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-398800000
CY2014 us-gaap Derivative Instruments Gain Reclassified From Accumulated Oci Into Income Effective Portion
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13400000
CY2014 us-gaap Revenues
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1198800000
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CY2014 us-gaap Interest Paid
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199900000
CY2014 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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25800000
CY2014 us-gaap Profit Loss
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-269300000
CY2014 us-gaap Payments Of Dividends Common Stock
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105600000
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242700000
CY2014 us-gaap Increase Decrease In Accounts And Notes Receivable
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24500000
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13400000
CY2014 us-gaap Stock Issued During Period Value New Issues
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3300000
CY2014 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Tax
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0
CY2014 us-gaap Increase Decrease In Inventories And Other Operating Assets
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24100000
CY2014 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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3900000
CY2014 us-gaap Operating Income Loss
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181100000
CY2014 us-gaap Business Combination Consideration Transferred1
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11294900000
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3700000
CY2014 us-gaap Income Taxes Paid
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35200000
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388900000
CY2014 us-gaap Gain Loss On Sales Of Assets And Asset Impairment Charges
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-25400000
CY2014 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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-98700000
CY2014 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
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-297500000
CY2014 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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6700000
CY2014 us-gaap Increase Decrease In Restricted Cash For Operating Activities
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36400000
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3783100000
CY2014 us-gaap Payments To Acquire Businesses Gross
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7374700000
CY2014 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Tax
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2700000
CY2014 us-gaap New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Quantification
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150100000
CY2014 us-gaap Gain Loss On Disposition Of Assets
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-17600000
CY2014 us-gaap Translation Adjustment For Net Investment Hedge Increase Decrease Net Of Tax
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45400000
CY2014 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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3800000
CY2014 us-gaap Repayments Of Long Term Debt
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3102000000
CY2014 us-gaap Defined Benefit Plan Future Amortization Of Gain Loss
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2700000
CY2014 us-gaap Valuation Allowances And Reserves Reserves Of Businesses Acquired
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19500000
CY2014 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
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-14900000
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-155400000
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-115300000
CY2014 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-224100000
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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2500000
CY2014 us-gaap Payments Of Financing Costs
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158000000
CY2014 us-gaap Noncontrolling Interest Increase From Business Combination
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1100000
CY2014 us-gaap Sales Revenue Goods Net
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167400000
CY2014 us-gaap Payments For Proceeds From Other Investing Activities
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100000
CY2014 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Net Of Tax
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-1800000
CY2014 us-gaap Net Income Loss Available To Common Stockholders Diluted
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829500000
CY2014 us-gaap Business Acquisitions Pro Forma Revenue
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4221600000
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7800000
CY2014 us-gaap Other Operating Income Expense Net
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-327400000
CY2014 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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12300000
CY2014 us-gaap Fair Value Option Changes In Fair Value Gain Loss1
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-34500000
CY2014 us-gaap Undistributed Earnings
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958000000
CY2014 us-gaap Increase Decrease In Other Operating Capital Net
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21400000
CY2014 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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-577400000
CY2014 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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2700000
CY2014 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
6200000
CY2014 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-9500000
CY2014 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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-254000000
CY2014 us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
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3778200000
CY2014 us-gaap Income Tax Expense Benefit
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15300000
CY2014 us-gaap Preferred Stock Dividends Income Statement Impact
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13800000
CY2014 us-gaap Share Based Compensation
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57900000
CY2014 us-gaap Dividends Preferred Stock
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13800000
CY2014 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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3600000
CY2014 us-gaap Preferred Stock Dividends And Other Adjustments
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546400000
CY2014 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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300000
CY2014 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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500000
CY2014 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
317.6
CY2014 us-gaap Amortization Of Financing Costs And Discounts
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60200000
CY2014 us-gaap Increase Decrease In Other Accrued Liabilities
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123100000
CY2014 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
120600000
CY2014 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
4000000
CY2014 us-gaap Operating Leases Rent Expense Contingent Rentals
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8000000
CY2014 us-gaap Proceeds From Repayments Of Debt
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6682500000
CY2014 us-gaap Cash And Cash Equivalents Period Increase Decrease
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1016300000
CY2014 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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6700000
CY2014 us-gaap Operating Leases Rent Expense Minimum Rentals
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109100000
CY2014 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
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20900000
CY2014 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2014 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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23800000
CY2014 us-gaap Preferred Stock Redemption Premium
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546400000
CY2014 us-gaap Goodwill Translation Adjustments
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-39900000
CY2014 us-gaap Proceeds From Issuance Of Redeemable Preferred Stock
ProceedsFromIssuanceOfRedeemablePreferredStock
2998200000
CY2014 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
6900000
CY2014 us-gaap Costs And Expenses
CostsAndExpenses
1017700000
CY2014 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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8565600000
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Accelerated Compensation Cost
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9800000
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CY2014 us-gaap Deferred Income Tax Expense Benefit
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-61900000
CY2014 us-gaap Defined Benefit Plan Contributions By Employer
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6100000
CY2014 us-gaap Interest Expense Other
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900000
CY2014 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
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-3900000
CY2014 us-gaap Preferred Stock Accretion Of Redemption Discount
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546400000
CY2014 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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300000
CY2014 us-gaap Proceeds From Stock Options Exercised
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500000
CY2014 us-gaap Stock Option Plan Expense
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43100000
CY2014 us-gaap Allocated Share Based Compensation Expense
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43100000
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57600000
CY2014 us-gaap Derivative Loss On Derivative
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133000000
CY2014 us-gaap Employee Service Share Based Compensation Cash Flow Effect Cash Used To Settle Awards
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0
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11800000
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1100000
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9700000
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5700000
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1000000
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345400000
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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4900000
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35900000
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156400000
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16300000
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10400000
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105600000
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68800000
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10900000
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15500000
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0
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2250000000
CY2014 us-gaap Depreciation
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51200000
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800000
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14800000
CY2014 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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4100000
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-1900000
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4640000000
CY2014 us-gaap Income Tax Reconciliation State And Local Income Taxes
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3000000
CY2014 qsr Stock Issued During Period Value Warrants Exercised
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100000
CY2014 qsr Amortization Of Financing Costs And Discounts And Other
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11700000
CY2014 qsr Preferred Stock Voting Rights Per Share
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1
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1900000
CY2014 qsr Postretirement Medical Benefits Net Periodic Benefit Cost Reductions Next Twelve Months
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1800000
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1300000
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-0.037 pure
CY2014 qsr Number Of Programs
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5 Program
CY2014 qsr Number Of Shares Issued Under Bonus Program
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100000 shares
CY2014 qsr Percentage Of Redemption Price Of Principal Amount Of Senior Notes
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1.09174 pure
CY2014 qsr Franchise And Property Costs
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179000000
CY2014 qsr Term Of Completion
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P1Y
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-127300000
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3300000
CY2014 qsr Increase And Decrease Of Common Stock
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193565794 shares
CY2014 qsr Share Based Compensation Arrangement By Share Based Payment Award Options Assumed In Period Gross
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2426000 shares
CY2014 qsr Franchise And Property Revenues
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1031400000
CY2014 qsr Expiration Date For Net Operating Loss And Tax Credit Carry Forwards
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various
CY2014 qsr Restaurant Business Disposal Period
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P6M
CY2014 qsr Minimum Lease Term For Assets Given On Lease
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P10Y
CY2014 qsr Maximum Lease Term For Assets Given On Lease
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P20Y
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CY2014 qsr Business Combination Cash Consideration Transferred
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7516700000
CY2014 qsr Effect Of Favorable And Unfavorable Lease Amortization On Franchise And Property Expenses
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3800000
CY2014 qsr Exchange Of Noncontrolling Interests For Common Shares
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14500000 shares
CY2014 qsr Projected Utilization Of Deferred Tax Assets Currency Fluctuations And Sale Of Foreign Subsidiaries Change In Valuation Allowance
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249900000
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103300000
CY2014 qsr Effective Income Tax Rate Reconciliation Costs Benefits Taxes Foreign Operations
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-0.098 pure
CY2014 qsr Average Lease Guarantees Expiration Period
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P7Y
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11000000
CY2014 qsr Effective Income Tax Rate Reconciliation Capital Gain Loss Rate Differential
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CY2014 qsr Maximum Lease Term For Assets Taken On Lease
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P30Y
CY2014 qsr Deferred Income Tax Benefit Before Changes
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301700000
CY2014 qsr Net Transfers To Noncontrolling Interest
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113500000
CY2014 qsr Business Acquisitions Pro Forma Net Income Loss Attributable To Non Controlling Interest
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20700000
CY2014 qsr Other Comprehensive Income Loss Cash Flow Hedges Adjustment Tax
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60300000
CY2014 qsr Effective Income Tax Rate Reconciliation Effect Of Acquisitions And Reorganizations
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0.145 pure
CY2014 qsr Effect Of Favorable And Unfavorable Lease Amortization On Cost Of Sales
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300000
CY2014 qsr Franchise Fees And Other Revenue
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87600000
CY2014 qsr Adjusted Earnings Before Interest Tax Depreciation And Amortization
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760900000
CY2014 qsr Share Based Compensation Arrangements By Share Based Payment Award Options Assumed In Period Weighted Average Exercise Price
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20.71
CY2014 qsr Non Restaurant Properties To Third Parties Under Capital And Operating Leases
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92 Restaurants
CY2014 qsr Increase Decrease In Accrued Advertising And Advertising Funds Liabilities
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-35900000
CY2014 qsr Preferred Shares Liquidation Percentage
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1.099 pure
CY2014 qsr Number Of Forward Starting Interest Rate Swaps
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3 Contract
CY2014 qsr Restaurant Properties To Franchisees Leased Or Subleased
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5409 Lease
CY2014 qsr Business Acquisitions Pro Forma Preferred Stock Dividends And Other Adjustments
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270000000
CY2014 qsr Number Of Distributors
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