2020 Q3 Form 10-Q Financial Statement

#000156276220000367 Filed on November 03, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3
Revenue $4.380B $10.09B
YoY Change -56.6% -0.71%
Cost Of Revenue $1.839B $2.710B
YoY Change -32.14% -23.23%
Gross Profit $2.541B $7.383B
YoY Change -65.58% 11.27%
Gross Profit Margin 58.01% 73.15%
Selling, General & Admin $96.00M $87.00M
YoY Change 10.34% -26.89%
% of Gross Profit 3.78% 1.18%
Research & Development $125.0M $219.0M
YoY Change -42.92% 112.62%
% of Gross Profit 4.92% 2.97%
Depreciation & Amortization $1.411B $1.566B
YoY Change -9.9% 4.82%
% of Gross Profit 55.53% 21.21%
Operating Expenses $96.00M $87.00M
YoY Change 10.34% -26.89%
Operating Profit $2.445B $7.296B
YoY Change -66.49% 11.97%
Interest Expense -$322.0M $314.0M
YoY Change -202.55% 230.53%
% of Operating Profit -13.17% 4.3%
Other Income/Expense, Net -$20.00M $262.0M
YoY Change -107.63% -15.21%
Pretax Income -$512.0M $3.493B
YoY Change -114.66% 20.2%
Income Tax -$62.00M $422.0M
% Of Pretax Income 12.08%
Net Earnings -$450.0M $3.056B
YoY Change -114.73% 64.21%
Net Earnings / Revenue -10.27% 30.28%
Basic Earnings Per Share -$0.42 $2.76
Diluted Earnings Per Share -$0.42 $2.74
COMMON SHARES
Basic Shares Outstanding 1.077B shares 1.109B shares
Diluted Shares Outstanding 1.077B shares 1.113B shares

Balance Sheet

Concept 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.522B $8.101B
YoY Change -19.49% 76.45%
Cash & Equivalents $2.490B $7.193B
Short-Term Investments $4.032B $908.0M
Other Short-Term Assets $1.384B $2.545B
YoY Change -45.62% -42.08%
Inventory $1.034B $955.0M
Prepaid Expenses
Receivables $2.119B $3.616B
Other Receivables $0.00 $0.00
Total Short-Term Assets $11.06B $15.22B
YoY Change -27.32% 3.36%
LONG-TERM ASSETS
Property, Plant & Equipment $41.27B $43.81B
YoY Change -5.81% -2.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $8.295B $8.916B
YoY Change -6.97% -6.67%
Other Assets $2.420B $2.174B
YoY Change 11.32% 79.82%
Total Long-Term Assets $52.10B $55.12B
YoY Change -5.49% -1.27%
TOTAL ASSETS
Total Short-Term Assets $11.06B $15.22B
Total Long-Term Assets $52.10B $55.12B
Total Assets $63.16B $70.34B
YoY Change -10.21% -0.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.217B $3.148B
YoY Change -29.57% -19.01%
Accrued Expenses $1.580B $1.333B
YoY Change 18.53% -12.36%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $482.0M $121.0M
YoY Change 298.35% 27.37%
Total Short-Term Liabilities $4.640B $5.942B
YoY Change -21.91% -19.71%
LONG-TERM LIABILITIES
Long-Term Debt $14.91B $14.80B
YoY Change 0.72% -0.69%
Other Long-Term Liabilities $8.975B $9.667B
YoY Change -7.16% -9.14%
Total Long-Term Liabilities $23.88B $24.47B
YoY Change -2.4% -4.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.640B $5.942B
Total Long-Term Liabilities $23.88B $24.47B
Total Liabilities $32.37B $35.10B
YoY Change -7.77% -8.77%
SHAREHOLDERS EQUITY
Retained Earnings $39.48B
YoY Change 21.51%
Common Stock $47.13B $46.97B
YoY Change 0.34% 0.2%
Preferred Stock
YoY Change
Treasury Stock (at cost) $47.13B $45.66B
YoY Change 3.23% 8.76%
Treasury Stock Shares 726.0M shares 698.0M shares
Shareholders Equity $30.78B $35.15B
YoY Change
Total Liabilities & Shareholders Equity $63.16B $70.34B
YoY Change -10.21% -0.31%

Cashflow Statement

Concept 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$450.0M $3.056B
YoY Change -114.73% 64.21%
Depreciation, Depletion And Amortization $1.411B $1.566B
YoY Change -9.9% 4.82%
Cash From Operating Activities $868.0M $2.337B
YoY Change -62.86% -31.47%
INVESTING ACTIVITIES
Capital Expenditures -$1.132B -$1.675B
YoY Change -32.42% 4.75%
Acquisitions
YoY Change
Other Investing Activities $16.00M $1.825B
YoY Change -99.12% -4779.49%
Cash From Investing Activities -$1.116B $150.0M
YoY Change -844.0% -109.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -177.0M -1.132B
YoY Change -84.36% -10.37%
NET CHANGE
Cash From Operating Activities 868.0M 2.337B
Cash From Investing Activities -1.116B 150.0M
Cash From Financing Activities -177.0M -1.132B
Net Change In Cash -425.0M 1.355B
YoY Change -131.37% 166.21%
FREE CASH FLOW
Cash From Operating Activities $868.0M $2.337B
Capital Expenditures -$1.132B -$1.675B
Free Cash Flow $2.000B $4.012B
YoY Change -50.15% -19.9%

Facts In Submission

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CY2019Q4 us-gaap Derivative Asset Fair Value Gross Liability
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CY2019Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
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CY2019Q4 us-gaap Derivative Asset Collateral Obligation To Return Cash Offset
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CY2019Q4 us-gaap Derivative Asset Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
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122000000 USD
CY2019Q4 us-gaap Derivative Liability Fair Value Gross Liability Including Not Subject To Master Netting Arrangement
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311000000 USD
CY2019Q4 us-gaap Derivative Liability Not Subject To Master Netting Arrangement
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193000000 USD
CY2019Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Not Offset Against Collateral
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114000000 USD
CY2019Q4 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
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12000000 USD
CY2019Q4 us-gaap Derivative Liability Fair Value Offset Against Collateral Net Of Not Subject To Master Netting Arrangement Policy Election
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102000000 USD
CY2020Q3 us-gaap Equity Securities Fv Ni
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809000000 USD
CY2019Q4 us-gaap Equity Securities Fv Ni
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CY2020Q3 us-gaap Available For Sale Securities Debt Securities
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482000000 USD
CY2019Q4 us-gaap Available For Sale Securities Debt Securities
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CY2020Q3 us-gaap Due From Related Parties
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219000000 USD
CY2019Q4 us-gaap Due From Related Parties
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339000000 USD
CY2020Q3 us-gaap Long Term Debt
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CY2019Q4 us-gaap Long Term Debt
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CY2019Q4 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
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CY2019Q4 us-gaap Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
0 USD
CY2019Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
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-5007000000 USD
CY2019Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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13000000 USD
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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2000000 USD
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 Net Of Tax
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CY2020Q3 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
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CY2020Q3 us-gaap Accumulated Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
2000000 USD
CY2020Q3 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
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CY2020Q3 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2020Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
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CY2019Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansNetOfTax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Net Of Tax
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OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax
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CY2019Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansTax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
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us-gaap Interest Paid Net
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us-gaap Interest Paid Net
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614000000 USD
us-gaap Income Taxes Paid Net
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803000000 USD
us-gaap Income Taxes Paid Net
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2210000000 USD
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
9662000000 USD
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
1894000000 USD
us-gaap Proceeds From Sale Of Short Term Investments
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8776000000 USD
us-gaap Proceeds From Sale Of Short Term Investments
ProceedsFromSaleOfShortTermInvestments
1229000000 USD
us-gaap Payments To Acquire Longterm Investments
PaymentsToAcquireLongtermInvestments
271000000 USD
us-gaap Payments To Acquire Longterm Investments
PaymentsToAcquireLongtermInvestments
0 USD
us-gaap Proceeds From Sale Of Longterm Investments
ProceedsFromSaleOfLongtermInvestments
68000000 USD
us-gaap Proceeds From Sale Of Longterm Investments
ProceedsFromSaleOfLongtermInvestments
0 USD
us-gaap Payments For Proceeds From Investments
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1089000000 USD
us-gaap Payments For Proceeds From Investments
PaymentsForProceedsFromInvestments
665000000 USD
us-gaap Revenue Practical Expedient Remaining Performance Obligation Description
RevenuePracticalExpedientRemainingPerformanceObligationDescription
We have long-term commodity sales contracts which use prevailing market prices at the time of delivery, and under these contracts, the market-based variable consideration for each performance obligation (i.e., delivery of commodity) is allocated to each wholly unsatisfied performance obligation within the contract.
us-gaap Revenue Practical Expedient Initial Application And Transition Nondisclosure Of Transaction Price Allocation To Remaining Performance Obligation
RevenuePracticalExpedientInitialApplicationAndTransitionNondisclosureOfTransactionPriceAllocationToRemainingPerformanceObligation
true
CY2020Q3 us-gaap Accounts Receivable Net
AccountsReceivableNet
1338000000 USD
CY2019Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
2372000000 USD
CY2020Q3 cop Related Party Revenue
RelatedPartyRevenue
21000000 USD
cop Related Party Revenue
RelatedPartyRevenue
59000000 USD
cop Related Party Revenue
RelatedPartyRevenue
70000000 USD
CY2020Q3 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
0 USD
CY2019Q3 us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
0 USD
us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
0 USD
us-gaap Related Party Transaction Purchases From Related Party
RelatedPartyTransactionPurchasesFromRelatedParty
38000000 USD
CY2020Q3 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
16000000 USD
CY2019Q3 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
19000000 USD
us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
43000000 USD
us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
47000000 USD
CY2020Q3 us-gaap Interest Income Related Party
InterestIncomeRelatedParty
1000000 USD
CY2019Q3 us-gaap Interest Income Related Party
InterestIncomeRelatedParty
3000000 USD
us-gaap Interest Income Related Party
InterestIncomeRelatedParty
5000000 USD
us-gaap Interest Income Related Party
InterestIncomeRelatedParty
10000000 USD
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4386000000 USD
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7756000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
13293000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
24859000000 USD
us-gaap Revenue Performance Obligation Description Of Timing
RevenuePerformanceObligationDescriptionOfTiming
We typically receive payment within 30 days or less (depending on the terms of the invoice) once delivery is made.
us-gaap Revenue Performance Obligation Description Of Payment Terms
RevenuePerformanceObligationDescriptionOfPaymentTerms
The payments are not directly related to our performance under the contract and are recorded as deferred revenue to be recognized as revenue when the customer can utilize and benefit from their right to use the license.
us-gaap Contract With Customer Timing Of Satisfaction Of Performance Obligation And Payment
ContractWithCustomerTimingOfSatisfactionOfPerformanceObligationAndPayment
Payments are received in installments over the construction period.
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
80000000 USD
us-gaap Proceeds From Customers
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8000000 USD
CY2020Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
88000000 USD
CY2020Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
88000000 USD
us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionExplanation
We expect to recognize the contract liabilities as of September 30, 2020, as revenue during 2021 and 2022.
CY2020Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
0 USD
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
0 USD
us-gaap Number Of Operating Segments
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6 pure
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4386000000 USD
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
13293000000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-450000000 USD
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
3056000000 USD
us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
6469000000 USD
CY2020Q3 us-gaap Assets
Assets
63157000000 USD
CY2019Q4 us-gaap Assets
Assets
70514000000 USD
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.12 pure
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.12 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.08 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21 pure
CY2020Q3 us-gaap Income Tax Examination Liability Refund Adjustment From Settlement With Taxing Authority
IncomeTaxExaminationLiabilityRefundAdjustmentFromSettlementWithTaxingAuthority
-48000000 USD
CY2020Q2 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
120000000 USD
CY2020Q2 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-124000000 USD
CY2020Q3 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
33000000 USD
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
264000000 USD
CY2020Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Liabilities Long Term Debt
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesLongTermDebt
3900000000 USD

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