2022 Q3 Form 10-K Financial Statement

#000001784322000019 Filed on August 15, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022
Revenue $522.9M $563.7M $1.836B
YoY Change 34.91% 33.7% 24.44%
Cost Of Revenue $468.1M $491.7M $1.687B
YoY Change 29.17% 11.42% 14.7%
Gross Profit $54.80M $72.00M $149.8M
YoY Change 117.46% -465.48% 14880.0%
Gross Profit Margin 10.48% 12.77% 8.16%
Selling, General & Admin $46.50M $47.40M $174.7M
YoY Change 4.97% -1.04% -3.05%
% of Gross Profit 84.85% 65.83% 116.62%
Research & Development $20.40M
YoY Change 3.55%
% of Gross Profit 13.62%
Depreciation & Amortization $32.30M $32.90M $131.4M
YoY Change -0.62% 2.81% 6.31%
% of Gross Profit 58.94% 45.69% 87.72%
Operating Expenses $46.50M $47.40M $195.1M
YoY Change 4.97% -1.04% -2.4%
Operating Profit $8.300M $24.60M -$24.90M
YoY Change -143.46% -136.39% -89.98%
Interest Expense $12.60M -$18.10M $44.90M
YoY Change 23.53% 158.57% 37.31%
% of Operating Profit 151.81% -73.58%
Other Income/Expense, Net -$3.500M $4.900M $12.70M
YoY Change -185.37% -508.33% -251.19%
Pretax Income -$7.800M $5.400M -$63.10M
YoY Change -69.05% -106.84% -78.82%
Income Tax -$900.0K $2.800M -$14.00M
% Of Pretax Income 51.85%
Net Earnings -$6.900M $2.600M -$49.10M
YoY Change -53.38% -104.55% -78.61%
Net Earnings / Revenue -1.32% 0.46% -2.67%
Basic Earnings Per Share -$0.14 -$1.01
Diluted Earnings Per Share -$0.14 $53.61K -$1.01
COMMON SHARES
Basic Shares Outstanding 48.30M shares 48.28M shares 48.50M shares
Diluted Shares Outstanding 48.70M shares 48.50M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $52.60M $154.2M $154.2M
YoY Change -75.33% -46.35% -46.35%
Cash & Equivalents $52.60M $154.2M $154.2M
Short-Term Investments
Other Short-Term Assets $92.60M $86.80M $86.80M
YoY Change -16.35% -9.21% -9.21%
Inventory $616.1M $496.1M $496.1M
Prepaid Expenses
Receivables $390.2M $382.3M $382.3M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.152B $1.119B $1.119B
YoY Change 2.18% 0.18% 0.18%
LONG-TERM ASSETS
Property, Plant & Equipment $1.402B $1.421B $1.464B
YoY Change -2.7% -2.52% -1.88%
Goodwill $241.4M $241.4M
YoY Change 0.0% 0.0%
Intangibles $32.80M $35.20M
YoY Change -20.19% -18.33%
Long-Term Investments
YoY Change
Other Assets $107.1M $109.8M $72.60M
YoY Change 3.58% 3.1% -6.32%
Total Long-Term Assets $1.788B $1.813B $1.813B
YoY Change -2.43% -2.21% -2.21%
TOTAL ASSETS
Total Short-Term Assets $1.152B $1.119B $1.119B
Total Long-Term Assets $1.788B $1.813B $1.813B
Total Assets $2.940B $2.932B $2.932B
YoY Change -0.68% -1.31% -1.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $288.0M $242.1M $242.1M
YoY Change 35.85% 70.01% 70.01%
Accrued Expenses $122.9M $133.5M $118.4M
YoY Change 2.08% -18.55% -21.38%
Deferred Revenue $15.40M $14.40M
YoY Change 29.41% 67.44%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $410.9M $375.6M $375.6M
YoY Change 23.62% 22.62% 22.62%
LONG-TERM LIABILITIES
Long-Term Debt $692.1M $691.8M $691.8M
YoY Change -0.39% -0.39% -0.39%
Other Long-Term Liabilities $95.50M $98.00M $372.0M
YoY Change -2.75% -2.0% -11.68%
Total Long-Term Liabilities $787.6M $789.8M $1.064B
YoY Change -0.68% -0.59% -4.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $410.9M $375.6M $375.6M
Total Long-Term Liabilities $787.6M $789.8M $1.064B
Total Liabilities $1.633B $1.602B $1.602B
YoY Change 2.56% 1.45% 1.45%
SHAREHOLDERS EQUITY
Retained Earnings $1.194B $1.211B
YoY Change -6.31% -6.8%
Common Stock $594.4M $600.4M
YoY Change -0.34% -0.38%
Preferred Stock
YoY Change
Treasury Stock (at cost) $300.8M $307.4M
YoY Change -3.37% -3.15%
Treasury Stock Shares 7.581M shares 7.739M shares
Shareholders Equity $1.307B $1.331B $1.331B
YoY Change
Total Liabilities & Shareholders Equity $2.940B $2.932B $2.932B
YoY Change -0.68% -1.31% -1.31%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022
OPERATING ACTIVITIES
Net Income -$6.900M $2.600M -$49.10M
YoY Change -53.38% -104.55% -78.61%
Depreciation, Depletion And Amortization $32.30M $32.90M $131.4M
YoY Change -0.62% 2.81% 6.31%
Cash From Operating Activities -$78.00M $107.0M $6.000M
YoY Change 65.96% 43.43% -97.6%
INVESTING ACTIVITIES
Capital Expenditures -$13.50M -$32.80M -$91.30M
YoY Change -6.25% 49.09% -9.15%
Acquisitions
YoY Change
Other Investing Activities $400.0K $2.200M
YoY Change -89.81%
Cash From Investing Activities -$13.50M -$32.40M -$89.10M
YoY Change -6.25% 47.27% 12.93%
FINANCING ACTIVITIES
Cash Dividend Paid $9.800M $39.20M
YoY Change 0.0% 0.26%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $300.0M
YoY Change 20.0%
Cash From Financing Activities -$13.00M -315.7M -$52.80M
YoY Change 1.56% 3223.16% -30.62%
NET CHANGE
Cash From Operating Activities -$78.00M 107.0M $6.000M
Cash From Investing Activities -$13.50M -32.40M -$89.10M
Cash From Financing Activities -$13.00M -315.7M -$52.80M
Net Change In Cash -$101.6M -241.1M -$133.2M
YoY Change 36.93% -659.4% -241.25%
FREE CASH FLOW
Cash From Operating Activities -$78.00M $107.0M $6.000M
Capital Expenditures -$13.50M -$32.80M -$91.30M
Free Cash Flow -$64.50M $139.8M $97.30M
YoY Change 97.85% 44.72% -72.24%

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CY2022 us-gaap Concentration Risk Credit Risk
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<div style="text-indent:54pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div>Financial instruments that are potentially subject to concentrations of credit risk consist primarily of cash and cash equivalents, investments in marketable securities and trade receivables. Investment and cash management policies have been implemented that limit deposit concentrations and limit investments to investment grade securities. The risk with respect to trade receivables is mitigated by monitoring payment terms and periodic credit evaluations we perform on our customers, the short duration of our payment terms and by the diversification of our customer base.
CY2022 us-gaap Use Of Estimates
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<div style="text-indent:54pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-indent:72pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></div><div style="text-indent:72pt"><span><br/></span></div><div style="text-indent:72pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has assessed various accounting estimates and other matters, including those that require consideration of forecasted financial information, in context with the unknown future impacts of COVID-19 using information that is reasonably available to the Company at this time. As additional information becomes available, the future assessment of these estimates, including expectations at the time regarding the duration, scope and severity of the pandemic, as well as other factors, could materially adversely affect the consolidated financial statements in future reporting periods.</span></div>
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CY2022Q2 us-gaap Restructuring Reserve
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CY2021Q2 us-gaap Restructuring Reserve
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CY2021Q2 us-gaap Contract With Customer Liability Current
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CY2022 us-gaap Number Of Reportable Segments
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CY2022 us-gaap Number Of Reportable Segments
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CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022 us-gaap Net Income Loss
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CY2021 us-gaap Net Income Loss
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CY2020 us-gaap Net Income Loss
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CY2022 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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CY2021 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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CY2020 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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CY2022 us-gaap Undistributed Earnings
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CY2021 us-gaap Undistributed Earnings
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CY2020 us-gaap Undistributed Earnings
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CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021 us-gaap Net Income Loss
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CY2020 us-gaap Net Income Loss
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CY2022 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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CY2021 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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CY2020 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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CY2022 us-gaap Undistributed Earnings Diluted
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CY2021 us-gaap Undistributed Earnings Diluted
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CY2020 us-gaap Undistributed Earnings Diluted
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CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
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48500000 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2021 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2020 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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48500000 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022 us-gaap Earnings Per Share Diluted
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127800000 usd
CY2021Q2 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
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115000000.0 usd
CY2022Q2 us-gaap Inventory Work In Process Net Of Reserves
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261200000 usd
CY2021Q2 us-gaap Inventory Work In Process Net Of Reserves
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206200000 usd
CY2022Q2 crs Inventory Finished Goods And Purchased Parts Net Of Reserves
InventoryFinishedGoodsAndPurchasedPartsNetOfReserves
107100000 usd
CY2021Q2 crs Inventory Finished Goods And Purchased Parts Net Of Reserves
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104500000 usd
CY2022Q2 us-gaap Inventory Net
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CY2021Q2 us-gaap Inventory Net
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CY2022Q2 us-gaap Inventory Lifo Reserve
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CY2021Q2 us-gaap Inventory Lifo Reserve
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CY2021Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q2 us-gaap Goodwill Gross
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CY2021 us-gaap Goodwill Impairment Loss
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CY2022Q2 us-gaap Goodwill
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CY2020Q2 us-gaap Goodwill
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CY2021 us-gaap Amortization Of Intangible Assets
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CY2022Q2 us-gaap Contract With Customer Liability Current
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CY2021Q2 us-gaap Contract With Customer Liability Current
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CY2022Q2 us-gaap Defined Benefit Pension Plan Liabilities Current
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CY2022 us-gaap Interest Costs Incurred
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CY2022Q2 us-gaap Defined Benefit Plan Expected Amortization Next Fiscal Year
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CY2022Q2 us-gaap Defined Benefit Plan Plan Assets Target Allocation Percentage
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CY2021Q2 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
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CY2022Q2 crs Percentage Reimbursable For Settling Work
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CY2022 crs Maximum Environmental Loss Contingencies
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CY2022Q2 us-gaap Accrued Environmental Loss Contingencies Current
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CY2022 us-gaap Accrual For Environmental Loss Contingencies Increase Decrease For Revision In Estimates
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CY2021 us-gaap Accrual For Environmental Loss Contingencies Increase Decrease For Revision In Estimates
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CY2022Q2 us-gaap Purchase Obligation Due In Second Year
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CY2022Q2 us-gaap Purchase Obligation Due In Third Year
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CY2022Q2 us-gaap Purchase Obligation Due In Fourth Year
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CY2022Q2 us-gaap Purchase Obligation Due In Fifth Year
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CY2022 us-gaap Lease Cost
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CY2021 us-gaap Lease Cost
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CY2022 us-gaap Operating Lease Cost
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CY2022 us-gaap Short Term Lease Cost
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CY2021 us-gaap Short Term Lease Cost
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CY2022 us-gaap Variable Lease Cost
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CY2021 us-gaap Variable Lease Cost
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CY2022 us-gaap Sublease Income
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CY2022 us-gaap Lease Cost
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CY2022 us-gaap Operating Lease Payments
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CY2021Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2021Q2 us-gaap Operating Lease Right Of Use Asset
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CY2022Q2 us-gaap Operating Lease Liability
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CY2021Q2 us-gaap Operating Lease Liability
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CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
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62100000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2022Q2 us-gaap Operating Lease Liability
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52600000 usd
CY2022Q2 us-gaap Derivative Assets
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CY2022Q2 us-gaap Derivative Liabilities
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CY2021Q2 us-gaap Derivative Assets
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CY2021Q2 us-gaap Derivative Liabilities
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CY2022Q2 crs Share Based Compensation Arrangement By Share Based Payment Award Number Of Plans
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CY2022 us-gaap Allocated Share Based Compensation Expense
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CY2022 us-gaap Other Cost Of Operating Revenue
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CY2022 us-gaap Interest Expense
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CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2022Q2 crs Derivative Contracts Asset Valueif Presentedon Gross Basis
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CY2022Q2 crs Derivative Contracts Liability Valueif Presentedon Gross Basis
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CY2022Q2 us-gaap Derivative Collateral Right To Reclaim Cash
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CY2022 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
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CY2021 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
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30700000 usd
CY2020 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
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CY2022 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
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