2024 Q3 Form 10-K Financial Statement

#000072137124000056 Filed on August 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2024 Q1
Revenue $52.28B $59.71B $54.91B
YoY Change -4.54% 11.7% 8.76%
Cost Of Revenue $50.38B $57.86B $52.96B
YoY Change -4.94% 12.07% 8.75%
Gross Profit $1.902B $1.853B $1.947B
YoY Change 7.58% 1.42% 9.08%
Gross Profit Margin 3.64% 3.1% 3.55%
Selling, General & Admin $1.277B $1.238B $1.282B
YoY Change 6.68% -2.29% 8.74%
% of Gross Profit 67.14% 66.81% 65.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $182.0M $186.0M $177.0M
YoY Change 5.81% 5.68% 1.14%
% of Gross Profit 9.57% 10.04% 9.09%
Operating Expenses $1.277B $1.311B $1.282B
YoY Change 6.68% -1.94% 8.74%
Operating Profit $568.0M $542.0M $367.0M
YoY Change -4157.14% 10.61% -35.84%
Interest Expense $32.00M $0.00 $33.00M
YoY Change 128.57% -100.0% 17.86%
% of Operating Profit 5.63% 0.0% 8.99%
Other Income/Expense, Net $5.000M -$12.00M $7.000M
YoY Change 150.0% 1100.0%
Pretax Income $541.0M $396.0M $341.0M
YoY Change -2180.77% 227.27% -37.32%
Income Tax $124.0M $162.0M $82.00M
% Of Pretax Income 22.92% 40.91% 24.05%
Net Earnings $416.0M $236.0M $258.0M
YoY Change 8220.0% -468.75% -25.22%
Net Earnings / Revenue 0.8% 0.4% 0.47%
Basic Earnings Per Share $1.71 $1.07
Diluted Earnings Per Share $1.70 $0.96 $1.05
COMMON SHARES
Basic Shares Outstanding 243.8M shares 243.6M shares 243.2M shares
Diluted Shares Outstanding 245.0M shares 245.0M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.867B $5.133B $3.718B
YoY Change -25.61% 26.96% -6.82%
Cash & Equivalents $2.867B $5.133B $3.718B
Short-Term Investments
Other Short-Term Assets $2.591B $2.663B $3.161B
YoY Change 0.35% 12.74% 66.81%
Inventory $15.62B $14.96B $17.28B
Prepaid Expenses
Receivables $11.78B $12.08B $11.57B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $32.91B $34.88B $35.73B
YoY Change -5.14% 3.11% 6.68%
LONG-TERM ASSETS
Property, Plant & Equipment $2.535B $2.529B $2.470B
YoY Change 3.85% 2.72% 4.57%
Goodwill $4.725B $4.725B $4.788B
YoY Change 17.39% 2.52% -4.24%
Intangibles $1.663B $1.725B $1.719B
YoY Change 18.19% 17.19% 9.7%
Long-Term Investments
YoY Change
Other Assets $1.231B $1.258B $1.169B
YoY Change 7.14% 20.85% 22.92%
Total Long-Term Assets $10.15B $10.24B $10.15B
YoY Change 12.55% 6.81% 2.69%
TOTAL ASSETS
Total Short-Term Assets $32.91B $34.88B $35.73B
Total Long-Term Assets $10.15B $10.24B $10.15B
Total Assets $43.06B $45.12B $45.88B
YoY Change -1.49% 3.92% 5.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.37B $31.76B $32.09B
YoY Change -3.73% 6.53% 8.41%
Accrued Expenses $3.373B $3.447B $3.030B
YoY Change 23.24% 12.68% 5.35%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $940.0M $434.0M $1.187B
YoY Change 19.29% -45.2% 4465.38%
Total Short-Term Liabilities $34.68B $35.64B $36.31B
YoY Change -1.1% 5.74% 11.7%
LONG-TERM LIABILITIES
Long-Term Debt $4.224B $4.658B $4.667B
YoY Change 8.59% 19.16% -0.87%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $4.224B $4.658B $4.667B
YoY Change 8.59% 19.16% -0.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.68B $35.64B $36.31B
Total Long-Term Liabilities $4.224B $4.658B $4.667B
Total Liabilities $46.34B $48.33B $49.15B
YoY Change -1.83% 4.46% 7.78%
SHAREHOLDERS EQUITY
Retained Earnings $14.00M -$286.0M -$289.0M
YoY Change -102.14% -46.44% -15.5%
Common Stock $2.827B $2.917B $2.887B
YoY Change 3.63% 6.19% 2.45%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.963B $5.677B $5.703B
YoY Change 10.43% 15.53% 25.23%
Treasury Stock Shares
Shareholders Equity -$3.277B -$3.213B -$3.265B
YoY Change
Total Liabilities & Shareholders Equity $43.06B $45.12B $45.88B
YoY Change -1.49% 3.92% 5.77%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $416.0M $236.0M $258.0M
YoY Change 8220.0% -468.75% -25.22%
Depreciation, Depletion And Amortization $182.0M $186.0M $177.0M
YoY Change 5.81% 5.68% 1.14%
Cash From Operating Activities -$1.647B $2.077B -$49.00M
YoY Change -402.2% 142.07% -103.6%
INVESTING ACTIVITIES
Capital Expenditures $90.00M $193.0M $112.0M
YoY Change -2.17% -11.06% 2.75%
Acquisitions
YoY Change
Other Investing Activities $2.000M $359.0M -$1.735B
YoY Change -93.1% 3163.64% -9738.89%
Cash From Investing Activities -$88.00M $166.0M -$1.847B
YoY Change 39.68% -180.58% 1929.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $9.000M
YoY Change 28.57%
Cash From Financing Activities -$540.0M -859.0M 1.031B
YoY Change -18.92% 45.1% -210.39%
NET CHANGE
Cash From Operating Activities -$1.647B 2.077B -49.00M
Cash From Investing Activities -$88.00M 166.0M -1.847B
Cash From Financing Activities -$540.0M -859.0M 1.031B
Net Change In Cash -$2.266B 1.384B -865.0M
YoY Change 1098.94% 2206.67% -357.44%
FREE CASH FLOW
Cash From Operating Activities -$1.647B $2.077B -$49.00M
Capital Expenditures $90.00M $193.0M $112.0M
Free Cash Flow -$1.737B $1.884B -$161.0M
YoY Change -483.44% 193.92% -112.86%

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<div><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). The preparation of financial statements in conformity with GAAP requires us to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Estimates, judgments and assumptions are used in the accounting and disclosure related to, among other items, allowance for doubtful accounts, inventory valuation and reserves, goodwill and other intangible asset impairment, vendor reserves, loss contingencies (including product liability and self-insurance accruals) and income taxes. Actual amounts may differ from these estimated amounts.</span></div>
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<div><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Concentrations of Credit Risk</span></div><div style="margin-bottom:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We maintain cash depository accounts with major banks, and we invest in high quality, short-term liquid instruments, and in marketable securities. Our short-term liquid instruments mature within three months and we have not historically incurred any related losses.</span></div>Our trade receivables and finance notes and related accrued interest are exposed to a concentration of credit risk with certain large customers and with customers in the retail and healthcare sectors. Credit risk can be affected by changes in reimbursement and other economic pressures impacting the healthcare industry. With respect to customers in the retail and healthcare sectors, such credit risk is limited due to supporting collateral and the diversity of the customer base, including its wide geographic dispersion. We perform regular credit evaluations of our customers’ financial conditions and maintain reserves for losses through the established allowance for doubtful accounts. Historically, such losses have been within our expectations. Refer to the "Receivables and Allowance for Doubtful Accounts" section within this Note for additional information on the accounting treatment of reserves for allowance for doubtful accounts.
CY2024 cah Concentration Risk Largest Group Purchasing Organizations
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CY2024 cah Concentration Risk Largest Group Purchasing Organizations
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<div><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Concentrations of Credit Risk</span></div><div style="margin-bottom:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We maintain cash depository accounts with major banks, and we invest in high quality, short-term liquid instruments, and in marketable securities. Our short-term liquid instruments mature within three months and we have not historically incurred any related losses.</span></div>Our trade receivables and finance notes and related accrued interest are exposed to a concentration of credit risk with certain large customers and with customers in the retail and healthcare sectors. Credit risk can be affected by changes in reimbursement and other economic pressures impacting the healthcare industry. With respect to customers in the retail and healthcare sectors, such credit risk is limited due to supporting collateral and the diversity of the customer base, including its wide geographic dispersion. We perform regular credit evaluations of our customers’ financial conditions and maintain reserves for losses through the established allowance for doubtful accounts. Historically, such losses have been within our expectations. Refer to the "Receivables and Allowance for Doubtful Accounts" section within this Note for additional information on the accounting treatment of reserves for allowance for doubtful accounts.
CY2024 cah Concentration Risk Largest Group Purchasing Organizations
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CY2024 cah Concentration Risk Largest Group Purchasing Organizations
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CY2024 dei Auditor Firm
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CY2024 us-gaap Guarantees Indemnifications And Warranties Policies
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<div><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Guarantees</span></div><div style="margin-bottom:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the ordinary course of business, we agree to indemnify certain other parties under acquisition and disposition agreements, customer agreements, intellectual property licensing agreements and other agreements. Such indemnification obligations vary in scope and, when defined, in duration. In many cases, a maximum obligation is not explicitly stated, and therefore the overall maximum amount of the liability under such indemnification obligations cannot be reasonably estimated. Where appropriate, such indemnification obligations are recorded as a liability. Historically, we have not, individually or in the aggregate, made payments under these indemnification obligations in any material amounts. In certain circumstances, we believe that existing insurance arrangements, subject to the general deduction and exclusion provisions, would cover portions of the liability that may arise from these indemnification obligations. In addition, we believe that the likelihood of a material liability being triggered under these indemnification obligations is not probable.</span></div>From time to time we enter into agreements that obligate us to make fixed payments upon the occurrence of certain events. Such obligations primarily relate to obligations arising under acquisition transactions, where we have agreed to make payments based upon the achievement of certain financial performance measures by the acquired business. Generally, the obligation is capped at an explicit amount. There were no material obligations at June 30, 2024.
CY2024 us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<div><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Guarantees</span></div><div style="margin-bottom:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the ordinary course of business, we agree to indemnify certain other parties under acquisition and disposition agreements, customer agreements, intellectual property licensing agreements and other agreements. Such indemnification obligations vary in scope and, when defined, in duration. In many cases, a maximum obligation is not explicitly stated, and therefore the overall maximum amount of the liability under such indemnification obligations cannot be reasonably estimated. Where appropriate, such indemnification obligations are recorded as a liability. Historically, we have not, individually or in the aggregate, made payments under these indemnification obligations in any material amounts. In certain circumstances, we believe that existing insurance arrangements, subject to the general deduction and exclusion provisions, would cover portions of the liability that may arise from these indemnification obligations. In addition, we believe that the likelihood of a material liability being triggered under these indemnification obligations is not probable.</span></div>From time to time we enter into agreements that obligate us to make fixed payments upon the occurrence of certain events. Such obligations primarily relate to obligations arising under acquisition transactions, where we have agreed to make payments based upon the achievement of certain financial performance measures by the acquired business. Generally, the obligation is capped at an explicit amount. There were no material obligations at June 30, 2024.
CY2024 us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<div><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Guarantees</span></div><div style="margin-bottom:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the ordinary course of business, we agree to indemnify certain other parties under acquisition and disposition agreements, customer agreements, intellectual property licensing agreements and other agreements. Such indemnification obligations vary in scope and, when defined, in duration. In many cases, a maximum obligation is not explicitly stated, and therefore the overall maximum amount of the liability under such indemnification obligations cannot be reasonably estimated. Where appropriate, such indemnification obligations are recorded as a liability. Historically, we have not, individually or in the aggregate, made payments under these indemnification obligations in any material amounts. In certain circumstances, we believe that existing insurance arrangements, subject to the general deduction and exclusion provisions, would cover portions of the liability that may arise from these indemnification obligations. In addition, we believe that the likelihood of a material liability being triggered under these indemnification obligations is not probable.</span></div>From time to time we enter into agreements that obligate us to make fixed payments upon the occurrence of certain events. Such obligations primarily relate to obligations arising under acquisition transactions, where we have agreed to make payments based upon the achievement of certain financial performance measures by the acquired business. Generally, the obligation is capped at an explicit amount. There were no material obligations at June 30, 2024.
CY2024 us-gaap Common Stock Dividends Per Share Cash Paid
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CY2024 us-gaap Common Stock Dividends Per Share Cash Paid
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CY2023 us-gaap Common Stock Dividends Per Share Cash Paid
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CY2024 us-gaap Derivatives Methods Of Accounting Hedging Derivatives
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<div><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Interest Rate, Currency and Commodity Risk</span></div><div style="margin-bottom:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">All derivative instruments are recognized at fair value on the consolidated balance sheets and all changes in fair value are recognized in net earnings or shareholders’ equity through AOCI, net of tax.</span></div><div style="margin-bottom:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For contracts that qualify for hedge accounting treatment, the hedge contracts must be effective at reducing the risk associated with the exposure being hedged and must be designated as a hedge at the inception of the contract. Hedge effectiveness is assessed periodically. Any contract not designated as a hedge, or so designated but ineffective, is adjusted to fair value and recognized immediately in net earnings. If a fair value or cash flow hedge ceases to qualify for hedge accounting treatment, the contract continues to be carried on the balance sheet at fair value until settled and future adjustments to the contract’s fair value are recognized immediately in net earnings. If a forecasted transaction </span></div><div style="margin-bottom:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">is probable not to occur, amounts previously deferred in AOCI are recognized immediately in net earnings. Interest payments received from the cross-currency swap are excluded from the net investment hedge effectiveness assessment and are recorded in interest expense, net in the consolidated statements of earnings/(loss).</span></div><div style="margin-bottom:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">See </span><span style="color:#0000ff;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#i95bc939b69b548cdb7c138c74042c589_127" style="color:#0000ff;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Note 11</a></span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for additional information regarding our derivative instruments, including the accounting treatment for instruments designated as fair value, cash flow, net investment and economic hedges.</span></div>
CY2024 us-gaap Derivatives Methods Of Accounting Hedging Derivatives
DerivativesMethodsOfAccountingHedgingDerivatives
<div><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Interest Rate, Currency and Commodity Risk</span></div><div style="margin-bottom:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">All derivative instruments are recognized at fair value on the consolidated balance sheets and all changes in fair value are recognized in net earnings or shareholders’ equity through AOCI, net of tax.</span></div><div style="margin-bottom:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For contracts that qualify for hedge accounting treatment, the hedge contracts must be effective at reducing the risk associated with the exposure being hedged and must be designated as a hedge at the inception of the contract. Hedge effectiveness is assessed periodically. Any contract not designated as a hedge, or so designated but ineffective, is adjusted to fair value and recognized immediately in net earnings. If a fair value or cash flow hedge ceases to qualify for hedge accounting treatment, the contract continues to be carried on the balance sheet at fair value until settled and future adjustments to the contract’s fair value are recognized immediately in net earnings. If a forecasted transaction </span></div><div style="margin-bottom:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">is probable not to occur, amounts previously deferred in AOCI are recognized immediately in net earnings. Interest payments received from the cross-currency swap are excluded from the net investment hedge effectiveness assessment and are recorded in interest expense, net in the consolidated statements of earnings/(loss).</span></div><div style="margin-bottom:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">See </span><span style="color:#0000ff;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#i95bc939b69b548cdb7c138c74042c589_127" style="color:#0000ff;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Note 11</a></span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for additional information regarding our derivative instruments, including the accounting treatment for instruments designated as fair value, cash flow, net investment and economic hedges.</span></div>
CY2024 us-gaap Derivatives Methods Of Accounting Hedging Derivatives
DerivativesMethodsOfAccountingHedgingDerivatives
<div><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Interest Rate, Currency and Commodity Risk</span></div><div style="margin-bottom:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">All derivative instruments are recognized at fair value on the consolidated balance sheets and all changes in fair value are recognized in net earnings or shareholders’ equity through AOCI, net of tax.</span></div><div style="margin-bottom:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">For contracts that qualify for hedge accounting treatment, the hedge contracts must be effective at reducing the risk associated with the exposure being hedged and must be designated as a hedge at the inception of the contract. Hedge effectiveness is assessed periodically. Any contract not designated as a hedge, or so designated but ineffective, is adjusted to fair value and recognized immediately in net earnings. If a fair value or cash flow hedge ceases to qualify for hedge accounting treatment, the contract continues to be carried on the balance sheet at fair value until settled and future adjustments to the contract’s fair value are recognized immediately in net earnings. If a forecasted transaction </span></div><div style="margin-bottom:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">is probable not to occur, amounts previously deferred in AOCI are recognized immediately in net earnings. Interest payments received from the cross-currency swap are excluded from the net investment hedge effectiveness assessment and are recorded in interest expense, net in the consolidated statements of earnings/(loss).</span></div><div style="margin-bottom:3pt;text-align:justify"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%">See </span><span style="color:#0000ff;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#i95bc939b69b548cdb7c138c74042c589_127" style="color:#0000ff;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Note 11</a></span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for additional information regarding our derivative instruments, including the accounting treatment for instruments designated as fair value, cash flow, net investment and economic hedges.</span></div>
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CY2024 ecd Insider Trd Policies Proc Adopted Flag
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true
CY2024 dei Auditor Firm
AuditorFirmId
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