2022 Q4 Form 10-Q Financial Statement

#000188953922000005 Filed on November 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q4
Revenue $3.645B $7.141B $6.551B
YoY Change -44.36% 29.34%
Cost Of Revenue $1.810B
YoY Change 19.55%
Gross Profit $5.331B
YoY Change 33.04%
Gross Profit Margin 74.65%
Selling, General & Admin $971.0M $578.0M $888.0M
YoY Change 9.35% 10.94%
% of Gross Profit 10.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization -$34.00M $227.0M -$9.000M
YoY Change 277.78% 21.39%
% of Gross Profit 4.26%
Operating Expenses $4.247B $578.0M $4.822B
YoY Change -11.92% 10.94%
Operating Profit $4.753B
YoY Change 36.35%
Interest Expense -$177.0M $149.0M -$94.00M
YoY Change 88.3% 79.52%
% of Operating Profit 3.13%
Other Income/Expense, Net
YoY Change
Pretax Income -$779.0M $3.102B $4.623B
YoY Change -116.85% 58.83%
Income Tax -$252.0M $625.0M $884.0M
% Of Pretax Income 20.15% 19.12%
Net Earnings -$566.0M $2.351B $3.122B
YoY Change -118.13% 65.56%
Net Earnings / Revenue -15.53% 32.92% 47.66%
Basic Earnings Per Share $3.64
Diluted Earnings Per Share -$0.88 $3.63 $4.84
COMMON SHARES
Basic Shares Outstanding 645.0M shares 645.7M shares
Diluted Shares Outstanding 646.4M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $633.0M $444.0M $601.0M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $440.0M $323.0M
YoY Change 36.22% -19.85%
Goodwill $175.0M $192.0M
YoY Change -8.85% -11.93%
Intangibles $12.00M $18.00M
YoY Change -33.33% -41.94%
Long-Term Investments $3.185B $3.239B $2.797B
YoY Change 13.87% -98.73%
Other Assets $9.162B $9.715B $4.837B
YoY Change 89.41% 116.9%
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets $364.2B $354.6B $416.2B
YoY Change -12.49% -14.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $1.500B $1.500B $8.317B
YoY Change -81.96%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.500B $1.500B $8.317B
YoY Change -81.96%
LONG-TERM LIABILITIES
Long-Term Debt $13.83B $13.86B $7.363B
YoY Change 87.78% 78.6%
Other Long-Term Liabilities $8.775B $6.512B $9.903B
YoY Change -11.39% -44.53%
Total Long-Term Liabilities $22.60B $20.38B $17.27B
YoY Change 30.9% 4.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.500B $1.500B $8.317B
Total Long-Term Liabilities $22.60B $20.38B $17.27B
Total Liabilities $355.1B $346.2B $387.3B
YoY Change -8.32% -8.34%
SHAREHOLDERS EQUITY
Retained Earnings $16.12B $16.78B $8.859B
YoY Change 81.97%
Common Stock $8.036B $8.036B $8.054B
YoY Change -0.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.210B $7.529B $27.09B
YoY Change
Total Liabilities & Shareholders Equity $364.2B $354.6B $416.2B
YoY Change -12.49% -14.4%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q4
OPERATING ACTIVITIES
Net Income -$566.0M $2.351B $3.122B
YoY Change -118.13% 65.56%
Depreciation, Depletion And Amortization -$34.00M $227.0M -$9.000M
YoY Change 277.78% 21.39%
Cash From Operating Activities $493.0M $1.633B $865.0M
YoY Change -43.01% 877.84%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$3.923B -$875.0M $1.077B
YoY Change -464.25% -42.66%
Cash From Investing Activities -$3.923B -$875.0M $1.077B
YoY Change -464.25% -42.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.620B -838.0M -1.906B
YoY Change -289.93% -190.11%
NET CHANGE
Cash From Operating Activities 493.0M 1.633B 865.0M
Cash From Investing Activities -3.923B -875.0M 1.077B
Cash From Financing Activities 3.620B -838.0M -1.906B
Net Change In Cash 190.0M -80.00M 36.00M
YoY Change 427.78% -81.35%
FREE CASH FLOW
Cash From Operating Activities $493.0M $1.633B $865.0M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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dei Entity File Number
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dei Entity Registrant Name
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Corebridge Financial, Inc.
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CY2021Q3 crbg Asset Management Number Of Mutual Funds Reorganized
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<div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#c053ef;font-family:'Arial',sans-serif;font-size:11pt;font-weight:700;line-height:133%">USE OF ESTIMATES</span></div><div style="margin-bottom:6pt;margin-top:6pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:133%">The preparation of financial statements in accordance with U.S. GAAP requires the application of accounting policies that often involve a significant degree of judgment. Accounting policies that we believe are most dependent on the application of estimates and assumptions are considered our critical accounting estimates and are related to the determination of:</span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:133%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:133%;padding-left:14.85pt">fair value measurements of certain financial assets and liabilities; </span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:133%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:133%;padding-left:14.85pt">valuation of liabilities for guaranteed benefit features of variable annuity products, fixed annuity products and fixed index annuity products, including the valuation of embedded derivatives;</span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:133%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:133%;padding-left:14.85pt">estimated gross profits (“EGPs”) to value deferred policy acquisition costs (“DAC”) and unearned revenue (“URR”) for investment-oriented products, such as universal life insurance, variable and fixed annuities, and fixed index annuities;</span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:133%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:133%;padding-left:14.85pt">valuation of future policy benefit liabilities and timing and extent of loss recognition;</span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:133%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:133%;padding-left:14.85pt">valuation of embedded derivatives for fixed index annuity and life products;</span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:133%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:133%;padding-left:14.85pt">reinsurance assets, including the allowance for credit losses;</span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:133%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:133%;padding-left:14.85pt">allowance for credit losses primarily on loans and available-for-sale fixed maturity securities;</span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:133%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:133%;padding-left:14.85pt">goodwill impairment;</span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:133%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:133%;padding-left:14.85pt">liability for legal contingencies; </span></div><div style="margin-bottom:3pt;margin-top:3pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:133%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:133%;padding-left:14.85pt">income tax assets and liabilities, including recoverability of our net deferred tax asset and the predictability of future tax operating profitability of the character necessary to realize the net deferred tax asset. </span></div>These accounting estimates require the use of assumptions about matters, some of which are highly uncertain at the time of estimation. To the extent actual experience differs from the assumptions used, our consolidated financial condition, results of operations and cash flows could be materially affected.
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CY2021Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
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CY2021Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Other Comprehensive Income
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CY2021Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases Sales Issuances Settlements
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CY2021Q3 us-gaap Fair Value Liabilities Measured On Recurring Basis Change In Unrealized Gain Loss
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CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Other Comprehensive Income Loss
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases Sales Issuances Settlements
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CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases Sales Issuances Settlements
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CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
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us-gaap Fair Value Assets Measured On Recurring Basis Change In Unrealized Gain Loss
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
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CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
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CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases Sales Issuances Settlements
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CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
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CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Sales
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CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
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CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases Sales Issuances Settlements
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CY2021Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
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CY2021Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
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CY2021Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
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CY2021Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
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CY2021Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases Sales Issuances Settlements
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSales
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases Sales Issuances Settlements
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Sales
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases Sales Issuances Settlements
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Sales
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetSettlements
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Sales
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
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CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Issues
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
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CY2021Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
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CY2022Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Issues
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CY2021Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetIssues
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Issues
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FairValueOptionChangesInFairValueGainLoss1
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FairValueOptionChangesInFairValueGainLoss1
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us-gaap Fair Value Option Changes In Fair Value Gain Loss1
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CY2022Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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CY2022Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
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CY2022Q3 us-gaap Available For Sale Securities Debt Maturities Without Single Maturity Date Fair Value
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CY2022Q3 crbg Other Comprehensive Income Deferred Acquisition Cost And Other Adjustments Before Tax Period Increase Decrease
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CY2022Q3 us-gaap Stock Issued During Period Shares Stock Splits
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CY2022Q3 us-gaap Profit Loss
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us-gaap Profit Loss
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CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022Q3 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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CY2022Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
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CY2022Q3 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q3 us-gaap Tax Credit Carryforward Valuation Allowance
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CY2022Q3 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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