2014 Q4 Form 10-Q Financial Statement

#000110465914074851 Filed on October 29, 2014

View on sec.gov

Income Statement

Concept 2014 Q4 2014 Q3 2013 Q4
Revenue $555.6M $489.6M $1.319B
YoY Change -57.88% -57.27% -3.44%
Cost Of Revenue $245.2M $377.1M $927.7M
YoY Change -73.57% -53.39% -4.85%
Gross Profit $111.9M $112.5M $397.6M
YoY Change -71.86% -66.6% 4.08%
Gross Profit Margin 20.14% 22.98% 30.14%
Selling, General & Admin $144.4M $111.9M $247.2M
YoY Change -41.59% -50.22% -35.0%
% of Gross Profit 129.04% 99.47% 62.17%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $7.500M -$24.20M $30.60M
YoY Change -75.49% -181.48% 36.61%
% of Gross Profit 6.7% -21.51% 7.7%
Operating Expenses $145.8M $111.9M $255.8M
YoY Change -43.0% -50.22% -34.07%
Operating Profit -$33.90M -$2.100M $141.8M
YoY Change -123.91% -102.17% -2463.33%
Interest Expense -$6.000M $5.000M -$15.60M
YoY Change -61.54% -81.55% 11.43%
% of Operating Profit -11.0%
Other Income/Expense, Net $1.500M -$900.0K -$7.100M
YoY Change -121.13% -78.05% 42.0%
Pretax Income -$127.3M -$6.600M $110.8M
YoY Change -214.89% -108.28% -135.96%
Income Tax -$24.40M $5.600M $25.70M
% Of Pretax Income 23.19%
Net Earnings -$44.80M $63.60M $86.90M
YoY Change -151.55% -7.15% -38.15%
Net Earnings / Revenue -8.06% 12.99% 6.59%
Basic Earnings Per Share -$0.90 $1.51 $1.94
Diluted Earnings Per Share -$0.90 $1.51 $1.91
COMMON SHARES
Basic Shares Outstanding 41.07M shares 41.80M shares 45.35M shares
Diluted Shares Outstanding 41.80M shares

Balance Sheet

Concept 2014 Q4 2014 Q3 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $237.2M $501.9M $691.8M
YoY Change -65.71% 2.28% -29.7%
Cash & Equivalents $231.8M $501.9M $575.4M
Short-Term Investments
Other Short-Term Assets $55.60M $103.0M $104.3M
YoY Change -46.69% -28.02% -29.86%
Inventory $167.4M $563.6M $502.2M
Prepaid Expenses
Receivables $473.5M $1.152B $1.207B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.215B $2.492B $2.773B
YoY Change -20.12% -5.47% -13.41%
LONG-TERM ASSETS
Property, Plant & Equipment $237.9M $671.4M $692.3M
YoY Change -65.64% -4.29% -5.01%
Goodwill $359.2M $1.471B $384.1M
YoY Change -6.48% -2.71% -74.56%
Intangibles $169.2M $880.9M $924.7M
YoY Change -81.7% -4.99% -3.2%
Long-Term Investments $81.80M
YoY Change
Other Assets $623.0M $820.1M $949.3M
YoY Change -34.37% 6.27% 29.39%
Total Long-Term Assets $3.679B $3.843B $4.079B
YoY Change -9.8% -1.76% 3.85%
TOTAL ASSETS
Total Short-Term Assets $2.215B $2.492B $2.773B
Total Long-Term Assets $3.679B $3.843B $4.079B
Total Assets $5.894B $6.336B $6.852B
YoY Change -13.97% -3.25% -3.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $210.0M $488.4M $494.6M
YoY Change -57.54% 1.26% -10.58%
Accrued Expenses $440.2M $898.2M $989.2M
YoY Change -55.5% -3.95% 0.94%
Deferred Revenue
YoY Change
Short-Term Debt $156.5M $264.2M $26.90M
YoY Change 481.78% 789.56% -19.46%
Long-Term Debt Due $29.10M $16.50M $558.7M
YoY Change -94.79% -83.23% 6321.84%
Total Short-Term Liabilities $1.610B $1.757B $2.174B
YoY Change -25.96% 10.38% 21.96%
LONG-TERM LIABILITIES
Long-Term Debt $547.5M $1.173B $1.090B
YoY Change -49.77% -24.74% -33.94%
Other Long-Term Liabilities $823.7M $979.4M $992.6M
YoY Change -17.02% 4.97% -18.14%
Total Long-Term Liabilities $2.473B $2.523B $2.510B
YoY Change -1.49% -10.38% -19.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.610B $1.757B $2.174B
Total Long-Term Liabilities $2.473B $2.523B $2.510B
Total Liabilities $4.082B $4.281B $4.684B
YoY Change -12.85% -2.88% -4.3%
SHAREHOLDERS EQUITY
Retained Earnings $2.629B $2.688B $2.303B
YoY Change 14.13% -2.84% 7.7%
Common Stock $2.608B $1.596B $1.572B
YoY Change 65.96% 1.81% 1.15%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.492B $3.417B $3.009B
YoY Change 16.05% 14.0% 9.34%
Treasury Stock Shares 59.21M shares 58.39M shares 54.52M shares
Shareholders Equity $1.809B $2.043B $2.158B
YoY Change
Total Liabilities & Shareholders Equity $5.894B $6.336B $6.856B
YoY Change -14.03% -3.25% -3.84%

Cashflow Statement

Concept 2014 Q4 2014 Q3 2013 Q4
OPERATING ACTIVITIES
Net Income -$44.80M $63.60M $86.90M
YoY Change -151.55% -7.15% -38.15%
Depreciation, Depletion And Amortization $7.500M -$24.20M $30.60M
YoY Change -75.49% -181.48% 36.61%
Cash From Operating Activities $139.4M $39.00M $262.8M
YoY Change -46.96% -74.44% 17.85%
INVESTING ACTIVITIES
Capital Expenditures -$4.300M $8.600M -$12.60M
YoY Change -65.87% -228.36% -44.98%
Acquisitions
YoY Change
Other Investing Activities -$15.20M -$19.10M -$2.800M
YoY Change 442.86% -211.05% -100.25%
Cash From Investing Activities -$19.50M -$10.50M -$15.40M
YoY Change 26.62% -200.0% -101.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -173.1M 32.10M -38.60M
YoY Change 348.45% -281.36% -94.53%
NET CHANGE
Cash From Operating Activities 139.4M 39.00M 262.8M
Cash From Investing Activities -19.50M -10.50M -15.40M
Cash From Financing Activities -173.1M 32.10M -38.60M
Net Change In Cash -53.20M 60.60M 208.8M
YoY Change -125.48% -58.32% -66.77%
FREE CASH FLOW
Cash From Operating Activities $139.4M $39.00M $262.8M
Capital Expenditures -$4.300M $8.600M -$12.60M
Free Cash Flow $143.7M $30.40M $275.4M
YoY Change -47.82% -80.92% 12.0%

Facts In Submission

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us-gaap Share Based Compensation
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us-gaap Impairment Of Intangible Assets Excluding Goodwill
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spw Revenue Under Percentage Of Completion Method
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spw Revenue Under Percentage Of Completion Method
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CY2013Q4 us-gaap Costs In Excess Of Billings On Uncompleted Contracts Or Programs
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
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4700000 USD
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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CY2014Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2013Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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CY2013Q3 us-gaap Dividends Common Stock Cash
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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29300000 USD
us-gaap Dividends Common Stock Cash
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us-gaap Dividends Common Stock Cash
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3800000 USD
CY2013Q3 spw Stock Issued During Period Value Share Based Compensation Plans Net Of Tax
StockIssuedDuringPeriodValueShareBasedCompensationPlansNetOfTax
3700000 USD
spw Stock Issued During Period Value Share Based Compensation Plans Net Of Tax
StockIssuedDuringPeriodValueShareBasedCompensationPlansNetOfTax
21900000 USD
spw Stock Issued During Period Value Share Based Compensation Plans Net Of Tax
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18100000 USD
CY2014Q3 us-gaap Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
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300000 USD
CY2013Q3 us-gaap Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
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0 USD
us-gaap Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
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us-gaap Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options
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CY2014Q3 us-gaap Interest Expense
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us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
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us-gaap Treasury Stock Value Acquired Cost Method
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spw Other Changes In Noncontrolling Interests
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us-gaap Selling General And Administrative Expense
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us-gaap Amortization Of Intangible Assets
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us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
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us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
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us-gaap Income Loss From Discontinued Operations Net Of Tax
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us-gaap Disposal Group Including Discontinued Operation Revenue
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us-gaap Disposal Group Including Discontinued Operation Revenue
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CY2013Q3 us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax
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us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax
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us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Before Income Tax
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Tax Expense Benefit
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CY2014Q3 us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
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us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
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us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
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us-gaap Discontinued Operation Income Loss From Discontinued Operation During Phase Out Period Net Of Tax
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us-gaap Discontinued Operation Gain Loss On Disposal Of Discontinued Operation Net Of Tax
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CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2013Q3 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2014Q3 us-gaap Income Loss From Continuing Operations
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CY2013Q3 us-gaap Income Loss From Continuing Operations
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CY2013Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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CY2013Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Income Loss From Continuing Operations
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Income Loss From Continuing Operations
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us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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8600000 USD
CY2014Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
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CY2014Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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CY2013Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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us-gaap Income Loss From Continuing Operations Per Basic Share
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us-gaap Earnings Per Share Basic
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CY2014Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2014Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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CY2013Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
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us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
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us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2013Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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us-gaap Comprehensive Income Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
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CY2014Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2014Q3 us-gaap Deferred Tax Assets Net Current
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CY2014Q3 us-gaap Assets Of Disposal Group Including Discontinued Operation Current
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CY2014Q3 us-gaap Assets Current
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CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2013Q4 us-gaap Deferred Tax Assets Net Current
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CY2013Q4 us-gaap Assets Current
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CY2014Q3 us-gaap Land
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CY2014Q3 us-gaap Machinery And Equipment Gross
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CY2014Q3 us-gaap Property Plant And Equipment Gross
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581100000 USD
CY2014Q3 us-gaap Property Plant And Equipment Net
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CY2013Q4 us-gaap Land
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CY2013Q4 us-gaap Machinery And Equipment Gross
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CY2013Q4 us-gaap Property Plant And Equipment Gross
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CY2013Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2013Q4 us-gaap Property Plant And Equipment Net
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CY2014Q3 us-gaap Other Assets Noncurrent
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CY2014Q3 us-gaap Assets
Assets
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CY2013Q4 us-gaap Other Assets Noncurrent
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CY2013Q4 us-gaap Assets
Assets
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CY2014Q3 us-gaap Accrued Liabilities Current
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CY2014Q3 us-gaap Accrued Income Taxes Current
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83200000 USD
CY2014Q3 us-gaap Liabilities Of Disposal Group Including Discontinued Operation Current
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CY2014Q3 us-gaap Liabilities Current
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CY2014Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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43024000 shares
us-gaap Increase Decrease In Inventories
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72800000 USD
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2014Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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568000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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748000 shares
CY2013Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
328000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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548000 shares
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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