2017 Q2 Form 10-Q Financial Statement

#000008820517000013 Filed on May 05, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $340.6M $360.6M
YoY Change -5.55% -12.18%
Cost Of Revenue $252.5M $270.7M
YoY Change -6.72% -25.51%
Gross Profit $88.10M $89.90M
YoY Change -2.0% 3.69%
Gross Profit Margin 25.87% 24.93%
Selling, General & Admin $68.30M $74.30M
YoY Change -8.08% -26.22%
% of Gross Profit 77.53% 82.65%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.300M $6.700M
YoY Change -5.97% -36.79%
% of Gross Profit 7.15% 7.45%
Operating Expenses $68.30M $74.30M
YoY Change -8.08% -26.22%
Operating Profit $19.10M $28.10M
YoY Change -32.03% -422.99%
Interest Expense $4.000M $3.500M
YoY Change 14.29% -46.15%
% of Operating Profit 20.94% 12.46%
Other Income/Expense, Net -$2.000M $1.200M
YoY Change -266.67% -29.41%
Pretax Income $13.50M $26.00M
YoY Change -48.08% -306.35%
Income Tax $3.200M $5.800M
% Of Pretax Income 23.7% 22.31%
Net Earnings $17.40M $13.00M
YoY Change 33.85% -66.67%
Net Earnings / Revenue 5.11% 3.61%
Basic Earnings Per Share $0.41 $0.31
Diluted Earnings Per Share $0.40 $0.31
COMMON SHARES
Basic Shares Outstanding 42.11M shares 41.29M shares
Diluted Shares Outstanding 43.45M shares 41.55M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $92.70M $97.90M
YoY Change -5.31% -70.23%
Cash & Equivalents $92.70M $97.90M
Short-Term Investments
Other Short-Term Assets $26.50M $39.00M
YoY Change -32.05% -86.82%
Inventory $159.2M $189.3M
Prepaid Expenses
Receivables $232.7M $339.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $511.1M $665.7M
YoY Change -23.22% -70.46%
LONG-TERM ASSETS
Property, Plant & Equipment $193.6M $217.0M
YoY Change -10.78% -67.31%
Goodwill $341.9M $344.9M
YoY Change -0.87%
Intangibles $118.0M $147.8M
YoY Change -20.16%
Long-Term Investments
YoY Change
Other Assets $671.0M $625.0M
YoY Change 7.36% -17.43%
Total Long-Term Assets $1.387B $1.387B
YoY Change 0.06% -61.87%
TOTAL ASSETS
Total Short-Term Assets $511.1M $665.7M
Total Long-Term Assets $1.387B $1.387B
Total Assets $1.898B $2.052B
YoY Change -7.49% -65.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $133.1M $147.6M
YoY Change -9.82% -68.03%
Accrued Expenses $276.7M $367.0M
YoY Change -24.6% -56.93%
Deferred Revenue
YoY Change
Short-Term Debt $17.10M $38.40M
YoY Change -55.47% -86.94%
Long-Term Debt Due $18.00M $13.50M
YoY Change 33.33% -64.0%
Total Short-Term Liabilities $450.9M $569.2M
YoY Change -20.78% -66.27%
LONG-TERM LIABILITIES
Long-Term Debt $319.4M $337.6M
YoY Change -5.39% -70.47%
Other Long-Term Liabilities $874.1M $810.3M
YoY Change 7.87% -19.54%
Total Long-Term Liabilities $1.237B $1.198B
YoY Change 3.24% -44.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $450.9M $569.2M
Total Long-Term Liabilities $1.237B $1.198B
Total Liabilities $1.687B $1.767B
YoY Change -4.5% -57.2%
SHAREHOLDERS EQUITY
Retained Earnings -$814.2M $910.8M
YoY Change -189.39%
Common Stock $1.295B $2.634B
YoY Change -50.83%
Preferred Stock
YoY Change
Treasury Stock (at cost) $504.4M $3.469B
YoY Change -85.46%
Treasury Stock Shares 8.552M shares 58.81M shares
Shareholders Equity $211.0M $322.8M
YoY Change
Total Liabilities & Shareholders Equity $1.898B $2.052B
YoY Change -7.49% -65.15%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $17.40M $13.00M
YoY Change 33.85% -66.67%
Depreciation, Depletion And Amortization $6.300M $6.700M
YoY Change -5.97% -36.79%
Cash From Operating Activities $1.700M -$62.20M
YoY Change -102.73% -776.09%
INVESTING ACTIVITIES
Capital Expenditures -$2.200M -$1.700M
YoY Change 29.41% -57.5%
Acquisitions $0.00
YoY Change
Other Investing Activities $0.00 $45.60M
YoY Change -100.0% -716.22%
Cash From Investing Activities -$2.200M $43.90M
YoY Change -105.01% -485.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$5.100M $14.40M
YoY Change -135.42% -152.75%
NET CHANGE
Cash From Operating Activities $1.700M -$62.20M
Cash From Investing Activities -$2.200M $43.90M
Cash From Financing Activities -$5.100M $14.40M
Net Change In Cash -$5.600M -$3.900M
YoY Change 43.59% -86.78%
FREE CASH FLOW
Cash From Operating Activities $1.700M -$62.20M
Capital Expenditures -$2.200M -$1.700M
Free Cash Flow $3.900M -$60.50M
YoY Change -106.45% -558.33%

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1346000 shares
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131600000 USD
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131900000 USD
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117900000 USD
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IntangibleAssetsNetExcludingGoodwill
118000000 USD
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3500000 USD
CY2017Q2 us-gaap Interest Expense
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4000000 USD
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43000000 USD
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47900000 USD
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InventoryLIFOReserve
12100000 USD
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CY2017Q2 us-gaap Inventory Net
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159200000 USD
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64900000 USD
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InventoryRawMaterialsAndPurchasedPartsNetOfReserves
68000000 USD
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50000000 USD
CY2017Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
55400000 USD
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200000 USD
CY2017Q2 us-gaap Investment Income Interest
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400000 USD
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15400000 USD
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1898400000 USD
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450900000 USD
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1236500000 USD
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605600000 USD
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LiabilityForAsbestosAndEnvironmentalClaimsGross
604100000 USD
CY2016Q2 us-gaap Liability For Asbestos And Environmental Claims Net Payment For Claims
LiabilityForAsbestosAndEnvironmentalClaimsNetPaymentForClaims
1300000 USD
CY2016Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
323500000 USD
CY2017Q2 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
319400000 USD
CY2016Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
17900000 USD
CY2017Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
18000000 USD
CY2016Q4 us-gaap Loss Contingency Accrual At Carrying Value
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653500000 USD
CY2017Q2 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
651700000 USD
CY2016Q4 us-gaap Machinery And Equipment Gross
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329800000 USD
CY2017Q2 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
331400000 USD
CY2016Q2 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
14400000 USD
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NetCashProvidedByUsedInFinancingActivities
-5100000 USD
CY2016Q2 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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14400000 USD
CY2017Q2 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-5100000 USD
CY2016Q2 us-gaap Net Cash Provided By Used In Investing Activities
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43900000 USD
CY2017Q2 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2200000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
400000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-39700000 USD
CY2016Q2 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
44200000 USD
CY2017Q2 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-2200000 USD
CY2016Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-62200000 USD
CY2017Q2 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1700000 USD
CY2016Q2 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-50600000 USD
CY2017Q2 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
5400000 USD
CY2016Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
600000 USD
CY2017Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0 USD
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
13000000 USD
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
17400000 USD
CY2017Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
28100000 USD
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
17800000 USD
CY2016Q4 us-gaap Other Assets Current
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30600000 USD
CY2017Q2 us-gaap Other Assets Current
OtherAssetsCurrent
26500000 USD
CY2016Q4 us-gaap Other Assets Noncurrent
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680500000 USD
CY2017Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
671000000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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1200000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
700000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
400000 USD
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-1500000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
200000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
200000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansTax
0 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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0 USD
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878700000 USD
CY2017Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
874100000 USD
CY2016Q2 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-1800000 USD
CY2017Q2 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-1600000 USD
CY2016Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1200000 USD
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-700000 USD
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400000 USD
CY2017Q2 us-gaap Payments For Restructuring
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600000 USD
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1700000 USD
CY2017Q2 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
2500000 USD
CY2016Q2 us-gaap Payments To Acquire Productive Assets
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1700000 USD
CY2017Q2 us-gaap Payments To Acquire Productive Assets
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2200000 USD
CY2016Q2 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
3900000 USD
CY2017Q2 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
4200000 USD
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0.51
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0.54
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45900000 USD
CY2017Q2 us-gaap Proceeds From Issuance Of Debt
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6100000 USD
CY2016Q2 us-gaap Proceeds From Payments For Other Financing Activities
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6400000 USD
CY2017Q2 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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0 USD
CY2017Q2 us-gaap Proceeds From Payments For Other Financing Activities
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1700000 USD
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36300000 USD
CY2016Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
34100000 USD
CY2016Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
35800000 USD
CY2017Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
33500000 USD
CY2016Q2 us-gaap Product Warranty Accrual Classified Current
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15700000 USD
CY2017Q2 us-gaap Product Warranty Accrual Classified Current
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13900000 USD
CY2016Q2 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
18400000 USD
CY2017Q2 us-gaap Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
19600000 USD
CY2016Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
4600000 USD
CY2017Q2 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
4700000 USD
CY2016Q2 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
2900000 USD
CY2017Q2 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
2200000 USD
CY2016Q2 us-gaap Profit Loss
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13600000 USD
CY2017Q2 us-gaap Profit Loss
ProfitLoss
17400000 USD
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
462500000 USD
CY2017Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
465300000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
195500000 USD
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
193600000 USD
CY2017Q2 us-gaap Repayments Of Debt
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8700000 USD
CY2016Q2 us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
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-3300000 USD
CY2017Q2 us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
RestrictedStockValueSharesIssuedNetOfTaxWithholdings
-3600000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-831600000 USD
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-814200000 USD
CY2016Q2 us-gaap Sales Revenue Net
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360600000 USD
CY2017Q2 us-gaap Sales Revenue Net
SalesRevenueNet
340600000 USD
CY2016Q2 us-gaap Selling General And Administrative Expense
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74300000 USD
CY2017Q2 us-gaap Selling General And Administrative Expense
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69600000 USD
CY2016Q2 us-gaap Share Based Compensation
ShareBasedCompensation
2700000 USD
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
3200000 USD
CY2016Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
14800000 USD
CY2017Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
17100000 USD
CY2016Q2 us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
500000 USD
CY2017Q2 us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-200000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
308300000 USD
CY2016Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
285300000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
191600000 USD
CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
211000000 USD
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
8814690 shares
CY2017Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
8551998 shares
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
520300000 USD
CY2017Q2 us-gaap Treasury Stock Value
TreasuryStockValue
504400000 USD
CY2017Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
38000000 USD
CY2017Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
0 USD
CY2017Q2 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
4100000 USD
CY2017Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
20400000 USD
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
41553000 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43454000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
41293000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42108000 shares
CY2017Q2 us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We establish actual interim closing dates using a fiscal calendar, which requires our businesses to close their books on the Saturday closest to the end of the first calendar quarter, with the second and third quarters being </font><font style="font-family:inherit;font-size:10pt;">91</font><font style="font-family:inherit;font-size:10pt;"> days in length. Our fourth quarter ends on December&#160;31. The interim closing dates for the first, second and third quarters of 2017 are April&#160;1, July&#160;1 and September&#160;30, compared to the respective April&#160;2, July&#160;2 and October 1, 2016 dates. We had two fewer days in the first quarter of 2017 and will have one more day in the fourth quarter of 2017 than in the respective 2016 periods. We do not believe the two fewer days during the first quarter of 2017 had a material impact on our consolidated operating results, when compared to the consolidated operating results for the respective 2016 period.</font></div></div>
CY2017Q2 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Preparing financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Actual results could differ from these estimates. The unaudited information included in this Quarterly Report on Form&#160;10-Q should be read in conjunction with the consolidated financial statements contained in our Annual Report on Form&#160;10-K for the year ended December 31, 2016. Interim results are not necessarily indicative of full year results. We have reclassified certain prior year amounts, including the results of discontinued operations, to conform to the current year presentation. Unless otherwise indicated, amounts provided in these Notes pertain to continuing operations only. See Note 3 for information on discontinued operations.</font></div></div>

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