2018 Q3 Form 10-Q Financial Statement

#000156459019000409 Filed on January 08, 2019

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q4
Revenue $1.460B $1.315B
YoY Change 8.52% 10.47%
Cost Of Revenue $910.6M $764.4M
YoY Change 17.75% 14.24%
Gross Profit $549.4M $551.0M
YoY Change -3.96% 5.62%
Gross Profit Margin 37.63% 41.89%
Selling, General & Admin $415.1M $419.6M
YoY Change 5.23% 1.65%
% of Gross Profit 75.55% 76.15%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $35.54M $32.20M
YoY Change 78.66% 11.42%
% of Gross Profit 6.47% 5.84%
Operating Expenses $415.1M $419.6M
YoY Change 5.23% 0.02%
Operating Profit $134.3M $131.4M
YoY Change -24.38% 28.61%
Interest Expense $24.41M $1.297M
YoY Change -8.84% 18.66%
% of Operating Profit 18.17% 0.99%
Other Income/Expense, Net -$313.0K $200.0K
YoY Change -6360.0% -133.33%
Pretax Income $91.94M $109.2M
YoY Change -40.79% -202.15%
Income Tax $21.75M $13.30M
% Of Pretax Income 23.66% 12.18%
Net Earnings $69.76M $95.46M
YoY Change -40.07% -234.6%
Net Earnings / Revenue 4.78% 7.26%
Basic Earnings Per Share $0.52 $0.72
Diluted Earnings Per Share $0.52 $0.70
COMMON SHARES
Basic Shares Outstanding 131.9M
Diluted Shares Outstanding 136.4M

Balance Sheet

Concept 2018 Q3 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $202.2M $267.9M
YoY Change -14.39% 30.11%
Cash & Equivalents $202.2M $267.9M
Short-Term Investments
Other Short-Term Assets $306.4M $283.0M
YoY Change 17.67% 21.88%
Inventory $853.6M $864.0M
Prepaid Expenses
Receivables $1.071B $980.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.433B $2.395B
YoY Change 2.95% 17.34%
LONG-TERM ASSETS
Property, Plant & Equipment $777.1M $760.4M
YoY Change 2.8% 19.02%
Goodwill $1.168B
YoY Change
Intangibles $579.9M
YoY Change
Long-Term Investments
YoY Change
Other Assets $240.9M $220.7M
YoY Change 3.08% -15.29%
Total Long-Term Assets $2.791B $2.750B
YoY Change 1.63% 9.7%
TOTAL ASSETS
Total Short-Term Assets $2.433B $2.395B
Total Long-Term Assets $2.791B $2.750B
Total Assets $5.223B $5.145B
YoY Change 2.24% 13.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $500.9M $447.1M
YoY Change 6.57% 3.99%
Accrued Expenses $373.5M $374.0M
YoY Change 0.65% -17.4%
Deferred Revenue $26.70M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.400M $253.7M
YoY Change -98.66% 6404.82%
Total Short-Term Liabilities $878.1M $1.075B
YoY Change -19.82% 21.25%
LONG-TERM LIABILITIES
Long-Term Debt $2.267B $1.883B
YoY Change 21.36% 15.19%
Other Long-Term Liabilities $360.1M $506.6M
YoY Change -26.76% -27.74%
Total Long-Term Liabilities $2.627B $2.460B
YoY Change 11.33% 5.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $878.1M $1.075B
Total Long-Term Liabilities $2.627B $2.460B
Total Liabilities $3.613B $3.535B
YoY Change 1.78% 8.24%
SHAREHOLDERS EQUITY
Retained Earnings $1.301B
YoY Change
Common Stock $970.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.610B $1.607B
YoY Change
Total Liabilities & Shareholders Equity $5.223B $5.145B
YoY Change 2.24% 13.13%

Cashflow Statement

Concept 2018 Q3 2017 Q4
OPERATING ACTIVITIES
Net Income $69.76M $95.46M
YoY Change -40.07% -234.6%
Depreciation, Depletion And Amortization $35.54M $32.20M
YoY Change 78.66% 11.42%
Cash From Operating Activities -$7.129M $141.3M
YoY Change -72.67% -7.16%
INVESTING ACTIVITIES
Capital Expenditures -$28.30M -$27.80M
YoY Change 61.71% -10.32%
Acquisitions
YoY Change
Other Investing Activities $2.881M -$40.40M
YoY Change -510.4% -14.59%
Cash From Investing Activities -$60.48M -$68.10M
YoY Change -11.69% -13.03%
FINANCING ACTIVITIES
Cash Dividend Paid $42.72M
YoY Change 6.55%
Common Stock Issuance & Retirement, Net $6.994M
YoY Change 30.83%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 31.68M -35.20M
YoY Change -201.94% -36.23%
NET CHANGE
Cash From Operating Activities -7.129M 141.3M
Cash From Investing Activities -60.48M -68.10M
Cash From Financing Activities 31.68M -35.20M
Net Change In Cash -42.24M 38.00M
YoY Change -66.38% 103.21%
FREE CASH FLOW
Cash From Operating Activities -$7.129M $141.3M
Capital Expenditures -$28.30M -$27.80M
Free Cash Flow $21.17M $169.1M
YoY Change -346.49% -7.7%

Facts In Submission

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DebtSecuritiesTradingUnrealizedLoss
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rpm Gross Realized Gains On Sales Of Marketable Securities
GrossRealizedGainsOnSalesOfMarketableSecurities
200000
rpm Gross Realized Losses On Sales Of Marketable Securities
GrossRealizedLossesOnSalesOfMarketableSecurities
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us-gaap Debt Securities Trading Unrealized Gain
DebtSecuritiesTradingUnrealizedGain
500000
us-gaap Debt Securities Trading Unrealized Loss
DebtSecuritiesTradingUnrealizedLoss
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CY2017Q4 rpm Gross Realized Gains On Sales Of Marketable Securities
GrossRealizedGainsOnSalesOfMarketableSecurities
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rpm Gross Realized Gains On Sales Of Marketable Securities
GrossRealizedGainsOnSalesOfMarketableSecurities
6100000
rpm Gross Realized Losses On Sales Of Marketable Securities
GrossRealizedLossesOnSalesOfMarketableSecurities
1200000
CY2018Q4 rpm Royalty Income Expense Nonoperating
RoyaltyIncomeExpenseNonoperating
-63000
CY2017Q4 rpm Royalty Income Expense Nonoperating
RoyaltyIncomeExpenseNonoperating
178000
rpm Royalty Income Expense Nonoperating
RoyaltyIncomeExpenseNonoperating
-66000
rpm Royalty Income Expense Nonoperating
RoyaltyIncomeExpenseNonoperating
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CY2018Q4 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
48000
CY2017Q4 rpm Corporate Income Tax Rate
CorporateIncomeTaxRate
0.21
CY2018Q1 rpm Corporate Tax Rate Reduction Effective Date
CorporateTaxRateReductionEffectiveDate
2018-01-01
CY2018Q1 rpm Percentage Of Blended Interest Rate
PercentageOfBlendedInterestRate
0.292
CY2018 rpm Tax Cuts And Jobs Act Of2017 Incomplete Accounting Provisional Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncompleteAccountingProvisionalIncomeTaxExpenseBenefit
7300000
CY2018 rpm Tax Cuts And Jobs Act Of2017 Incomplete Accounting Change In Tax Rate Provisional Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncompleteAccountingChangeInTaxRateProvisionalIncomeTaxExpenseBenefit
-15700000
CY2018Q2 rpm Tax Cuts And Jobs Act Of2017 Incomplete Accounting Undistributed Accumulated Earnings Of Foreign Subsidiary Existing Unrecognized Deferred Tax Liability
TaxCutsAndJobsActOf2017IncompleteAccountingUndistributedAccumulatedEarningsOfForeignSubsidiaryExistingUnrecognizedDeferredTaxLiability
44900000
CY2018 rpm Tax Cuts And Jobs Act Of2017 Incomplete Accounting Transition Tax For Accumulated Foreign Earnings Provisional Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncompleteAccountingTransitionTaxForAccumulatedForeignEarningsProvisionalIncomeTaxExpenseBenefit
67900000
rpm Tax Cuts And Jobs Act Of2017 Incomplete Accounting Change In Tax Rate Provisional Income Tax Expense Benefit
TaxCutsAndJobsActOf2017IncompleteAccountingChangeInTaxRateProvisionalIncomeTaxExpenseBenefit
0
CY2018Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.262
CY2017Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.122
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.247
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.196
rpm Corporate Income Tax Rate
CorporateIncomeTaxRate
0.21
CY2017Q4 rpm Corporate Income Tax Rate
CorporateIncomeTaxRate
0.35
rpm Corporate Income Tax Rate
CorporateIncomeTaxRate
0.35
CY2017Q4 rpm Discrete Tax Expense Benefit For Excess Tax Benefit Related To Equity Compensation
DiscreteTaxExpenseBenefitForExcessTaxBenefitRelatedToEquityCompensation
-2000000
rpm Discrete Tax Expense Benefit For Excess Tax Benefit Related To Equity Compensation
DiscreteTaxExpenseBenefitForExcessTaxBenefitRelatedToEquityCompensation
-3500000
CY2017Q4 rpm Discrete Tax Adjustments For Excess Tax Expense Benefits In Related To Foreign Legal Entity Restructuring
DiscreteTaxAdjustmentsForExcessTaxExpenseBenefitsInRelatedToForeignLegalEntityRestructuring
-18000000
rpm Discrete Tax Adjustments For Excess Tax Expense Benefits In Related To Foreign Legal Entity Restructuring
DiscreteTaxAdjustmentsForExcessTaxExpenseBenefitsInRelatedToForeignLegalEntityRestructuring
-18000000
rpm Discrete Tax Expense Benefit
DiscreteTaxExpenseBenefit
-9000000
CY2018Q2 us-gaap Deferred Tax Liabilities Undistributed Foreign Earnings
DeferredTaxLiabilitiesUndistributedForeignEarnings
19900000
CY2018Q4 us-gaap Deferred Tax Liabilities Undistributed Foreign Earnings
DeferredTaxLiabilitiesUndistributedForeignEarnings
19100000
CY2018Q2 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
549800000
CY2018Q4 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
419500000
CY2018Q4 us-gaap Deferred Tax Liability Not Recognized Amount Of Unrecognized Deferred Tax Liability Undistributed Earnings Of Foreign Subsidiaries
DeferredTaxLiabilityNotRecognizedAmountOfUnrecognizedDeferredTaxLiabilityUndistributedEarningsOfForeignSubsidiaries
0
CY2018Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
304108000
CY2018Q2 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
288201000
CY2018Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
575525000
CY2018Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
546260000
rpm Shares Repurchased Authorization Date
SharesRepurchasedAuthorizationDate
2008-01-08
CY2018Q4 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1144952
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
1248398
CY2017Q4 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0
CY2018Q4 rpm Repurchase Of Common Stock Price Per Share Range
RepurchaseOfCommonStockPricePerShareRange
65.50
CY2018Q4 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
74998000
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
81992000
rpm Incremental Common Shares Attributable To Average Diluted Options And Awards
IncrementalCommonSharesAttributableToAverageDilutedOptionsAndAwards
544000
CY2017Q4 us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
3915000
us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
3915000
rpm Repurchase Of Common Stock Price Per Share Range
RepurchaseOfCommonStockPricePerShareRange
65.68
CY2018Q4 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
460000
CY2017Q4 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
1313000
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
936000
CY2018Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
48764000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
209051000
us-gaap Undistributed Earnings
UndistributedEarnings
7000
rpm Reverse Participating Securities Distributed And Undistributed Earnings Loss Basic
ReverseParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
936000
CY2017Q4 rpm Effect Of Dilutive Securities On Net Income Loss
EffectOfDilutiveSecuritiesOnNetIncomeLoss
-1379000
rpm Effect Of Dilutive Securities On Net Income Loss
EffectOfDilutiveSecuritiesOnNetIncomeLoss
-2756000
CY2018Q4 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
48764000
CY2017Q4 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
95532000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
118988000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
211814000
CY2018Q4 rpm Incremental Common Shares Attributable To Average Diluted Options And Awards
IncrementalCommonSharesAttributableToAverageDilutedOptionsAndAwards
609000
CY2017Q4 rpm Incremental Common Shares Attributable To Average Diluted Options And Awards
IncrementalCommonSharesAttributableToAverageDilutedOptionsAndAwards
514000
rpm Incremental Common Shares Attributable To Average Diluted Options And Awards
IncrementalCommonSharesAttributableToAverageDilutedOptionsAndAwards
1811000
CY2018Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
10585000
CY2017Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
15771000
CY2018Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
11721000
CY2017Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
19149000
CY2018Q4 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
6660000
CY2017Q4 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
6030000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
13274000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
14671000
CY2018Q4 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
5938000
CY2017Q4 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
4716000
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
11416000
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
9979000
CY2018Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
9863000
CY2017Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
14457000
CY2018Q4 us-gaap Litigation Settlement Amount Awarded To Other Party
LitigationSettlementAmountAwardedToOtherParty
6500000
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1613379000
CY2018Q4 us-gaap Dividends Common Stock
DividendsCommonStock
46482000
CY2018Q4 us-gaap Stockholders Equity Other
StockholdersEquityOther
1364000
CY2018Q4 rpm Stock Repurchased During Period Value Held In Treasury
StockRepurchasedDuringPeriodValueHeldInTreasury
2879000
CY2018Q4 rpm Convertible Bond Redemption
ConvertibleBondRedemption
2808000
CY2017Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1562203000
CY2017Q4 us-gaap Dividends Common Stock
DividendsCommonStock
42789000
CY2017Q4 rpm Other Noncontrolling Interest Activity
OtherNoncontrollingInterestActivity
647000
CY2017Q4 rpm Stock Repurchased During Period Value Held In Treasury
StockRepurchasedDuringPeriodValueHeldInTreasury
6779000
CY2017Q4 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
6964000
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1609521000
us-gaap Dividends Common Stock
DividendsCommonStock
89196000
us-gaap Stockholders Equity Other
StockholdersEquityOther
-1467000
rpm Stock Repurchased During Period Value Held In Treasury
StockRepurchasedDuringPeriodValueHeldInTreasury
16466000
rpm Convertible Bond Redemption
ConvertibleBondRedemption
2808000
CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1438700000
us-gaap Dividends Common Stock
DividendsCommonStock
82878000
rpm Other Noncontrolling Interest Activity
OtherNoncontrollingInterestActivity
712000
rpm Stock Repurchased During Period Value Held In Treasury
StockRepurchasedDuringPeriodValueHeldInTreasury
12125000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
14429000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
us-gaap Revenue Performance Obligation Description Of Payment Terms
RevenuePerformanceObligationDescriptionOfPaymentTerms
Payment terms and conditions vary by contract type, although our customers’ payment terms generally include a requirement to pay within 30 to 60 days of fulfilling our performance obligations
us-gaap Revenue Practical Expedient Financing Component
RevenuePracticalExpedientFinancingComponent
false
CY2018Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
1070626000
CY2018Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
15955000
CY2018Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
23580000
CY2018Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
23454000
CY2018Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
26702000
CY2018Q4 rpm Contract With Customer Net Asset Liability
ContractWithCustomerNetAssetLiability
7499000
CY2018Q3 rpm Contract With Customer Net Asset Liability
ContractWithCustomerNetAssetLiability
3122000
CY2018Q2 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
18212000
CY2018Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
23335000
CY2018Q2 rpm Contract With Customer Net Asset Liability
ContractWithCustomerNetAssetLiability
5123000
CY2018Q4 us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
-57596000
CY2018Q4 us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
-7625000
CY2018Q4 rpm Change In Net Contract With Customer Asset Liability
ChangeInNetContractWithCustomerAssetLiability
-4377000
us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
-100788000
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
-2257000
rpm Change In Net Contract With Customer Asset Liability
ChangeInNetContractWithCustomerAssetLiability
-2376000
CY2018Q4 rpm Percentage Of Accounts Receivable Net
PercentageOfAccountsReceivableNet
-0.054
CY2018Q4 rpm Percentage Of Contract With Customer Asset Net
PercentageOfContractWithCustomerAssetNet
-0.323
CY2018Q4 rpm Percentage Of Contract With Customer Asset Liability
PercentageOfContractWithCustomerAssetLiability
1.402
rpm Percentage Of Accounts Receivable Net
PercentageOfAccountsReceivableNet
-0.090
rpm Percentage Of Contract With Customer Asset Net
PercentageOfContractWithCustomerAssetNet
-0.124
rpm Percentage Of Contract With Customer Asset Liability
PercentageOfContractWithCustomerAssetLiability
0.464
CY2018Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
65300000
CY2018Q2 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
64100000
CY2018Q3 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2018Q3 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
6

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