2024 Q1 Form 10-K Financial Statement

#000027794824000010 Filed on February 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $3.681B $3.680B $14.66B
YoY Change -0.67% -1.34% -1.32%
Cost Of Revenue $1.036B $1.055B $4.141B
YoY Change -1.52% -4.95% -3.94%
Gross Profit $2.645B $2.625B $10.52B
YoY Change -0.34% 0.19% -0.25%
Gross Profit Margin 71.86% 71.33% 71.75%
Selling, General & Admin $882.0M $896.0M $3.378B
YoY Change 9.57% 8.87% 3.72%
% of Gross Profit 33.35% 34.13% 32.12%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $410.0M $417.0M $1.611B
YoY Change 4.33% 6.11% 7.4%
% of Gross Profit 15.5% 15.89% 15.32%
Operating Expenses $1.292B $1.313B $4.989B
YoY Change 7.85% 7.98% 4.88%
Operating Profit $1.353B $1.312B $5.527B
YoY Change -7.58% -6.55% -4.46%
Interest Expense -$210.0M -$204.0M -$809.0M
YoY Change 4.48% 2.51% 9.03%
% of Operating Profit -15.52% -15.55% -14.64%
Other Income/Expense, Net $41.00M $33.00M $139.0M
YoY Change 0.0% -25.0% 4.51%
Pretax Income $1.185B $1.149B $4.891B
YoY Change -9.13% -11.89% -9.66%
Income Tax $292.0M $263.0M $1.176B
% Of Pretax Income 24.64% 22.89% 24.04%
Net Earnings $893.0M $886.0M $3.715B
YoY Change -9.52% -12.97% -10.83%
Net Earnings / Revenue 24.26% 24.08% 25.35%
Basic Earnings Per Share $0.46 $0.45 $1.85
Diluted Earnings Per Share $0.46 $0.45 $1.85
COMMON SHARES
Basic Shares Outstanding 1.959B shares 2.008B shares
Diluted Shares Outstanding 1.962B shares 2.013B shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.485B $1.436B $1.436B
YoY Change 1.09% -31.19% -31.19%
Cash & Equivalents $1.483B $1.353B $1.353B
Short-Term Investments $2.000M $83.00M $83.00M
Other Short-Term Assets $136.0M $1.948B $1.948B
YoY Change 18.26% 10.56% 10.56%
Inventory $451.0M $446.0M $446.0M
Prepaid Expenses
Receivables $1.400B $1.393B $1.393B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.472B $3.384B $3.384B
YoY Change 3.49% -12.08% -12.08%
LONG-TERM ASSETS
Property, Plant & Equipment $35.56B $34.94B $34.94B
YoY Change 3.7% 2.02% 2.02%
Goodwill $325.0M
YoY Change 1.88%
Intangibles $181.0M
YoY Change -1.09%
Long-Term Investments $2.424B $2.397B $2.397B
YoY Change 4.8% 4.58% 4.58%
Other Assets $716.0M $1.692B $1.692B
YoY Change 35.61% 10.66% 10.66%
Total Long-Term Assets $39.22B $39.02B $39.02B
YoY Change 2.89% 2.52% 2.52%
TOTAL ASSETS
Total Short-Term Assets $3.472B $3.384B $3.384B
Total Long-Term Assets $39.22B $39.02B $39.02B
Total Assets $42.70B $42.41B $42.41B
YoY Change 2.93% 1.18% 1.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.306B $1.237B $1.237B
YoY Change 8.56% 9.47% 9.47%
Accrued Expenses $387.0M $517.0M $585.0M
YoY Change 5.45% -26.87% -24.61%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $557.0M $558.0M $558.0M
YoY Change 4963.64% 269.54% 269.54%
Total Short-Term Liabilities $3.024B $3.224B $3.224B
YoY Change 30.29% 30.47% 30.47%
LONG-TERM LIABILITIES
Long-Term Debt $17.94B $17.98B $17.98B
YoY Change 0.18% 0.44% 0.44%
Other Long-Term Liabilities $1.366B $1.330B $1.330B
YoY Change 152.03% -1.55% -1.55%
Total Long-Term Liabilities $19.31B $19.31B $19.31B
YoY Change 3462.73% 0.3% 0.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.024B $3.224B $3.224B
Total Long-Term Liabilities $19.31B $19.31B $19.31B
Total Liabilities $30.10B $30.28B $30.28B
YoY Change 3.27% 3.37% 3.37%
SHAREHOLDERS EQUITY
Retained Earnings $10.21B $9.790B
YoY Change 1.12% -5.53%
Common Stock $2.698B $2.650B
YoY Change 2.98% 0.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.60B $12.13B $12.13B
YoY Change
Total Liabilities & Shareholders Equity $42.70B $42.41B $42.41B
YoY Change 2.93% 1.18% 1.18%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $893.0M $886.0M $3.715B
YoY Change -9.52% -12.97% -10.83%
Depreciation, Depletion And Amortization $410.0M $417.0M $1.611B
YoY Change 4.33% 6.11% 7.4%
Cash From Operating Activities $1.084B $1.500B $5.549B
YoY Change -13.35% 9.97% -1.25%
INVESTING ACTIVITIES
Capital Expenditures $524.0M $691.0M $2.281B
YoY Change 18.28% -199.28% -206.94%
Acquisitions $26.00M $31.00M
YoY Change 1200.0% -86.34%
Other Investing Activities $20.00M -$41.00M -$6.000M
YoY Change -500.0% -119.62% -400.0%
Cash From Investing Activities -$504.0M -$732.0M -$2.287B
YoY Change 5.0% 50.31% 7.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$581.0M -$3.482B
YoY Change -43.1% -26.4%
Debt Paid & Issued, Net $2.000M $153.0M
YoY Change -98.59% -17.74%
Cash From Financing Activities -450.0M -775.0M -3.867B
YoY Change -68.71% -36.99% 2.6%
NET CHANGE
Cash From Operating Activities 1.084B 1.500B 5.549B
Cash From Investing Activities -504.0M -732.0M -2.287B
Cash From Financing Activities -450.0M -775.0M -3.867B
Net Change In Cash 130.0M -7.000M -605.0M
YoY Change -119.49% -98.02% 115.3%
FREE CASH FLOW
Cash From Operating Activities $1.084B $1.500B $5.549B
Capital Expenditures $524.0M $691.0M $2.281B
Free Cash Flow $560.0M $809.0M $3.268B
YoY Change -30.69% -60.73% -57.84%

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CY2021 us-gaap Increase Decrease In Other Current Liabilities
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CY2022 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2021 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2023 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2022 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2021 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2022 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2021 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2022 us-gaap Proceeds From Payments For Other Financing Activities
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CY2021 us-gaap Proceeds From Payments For Other Financing Activities
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CY2023 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021 us-gaap Net Income Loss
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CY2021 us-gaap Comprehensive Income Net Of Tax
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CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2022 us-gaap Comprehensive Income Net Of Tax
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CY2022 us-gaap Dividends Common Stock Cash
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CY2023 us-gaap Stockholders Equity Other
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CY2023Q4 csx Rail Route Network Distance
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20000 mi
CY2023Q4 us-gaap Number Of States In Which Entity Operates
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26 state
CY2023Q4 csx Number Of Ocean River And Lake Ports Serviced
NumberOfOceanRiverAndLakePortsServiced
70 port_terminal
CY2023Q4 csx Number Of Short Line And Regional Railroads Served
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CY2023 csx Number Of Primary Lines Of Business
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4 line_of_business
CY2023 us-gaap Number Of Operating Segments
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CY2023 us-gaap Number Of Reportable Segments
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CY2023Q4 dei Entity Number Of Employees
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23000 employee
CY2023 csx Number Of Union Employees
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CY2023 us-gaap Use Of Estimates
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<div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires that management make estimates in reporting the amounts of certain assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of certain revenues and expenses during the reporting period. Actual results may differ from those estimates. Critical accounting estimates using management judgment are made for the following areas:</span></div><div style="margin-top:3pt;padding-left:54pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">personal injury and environmental reserves (see Note 5, </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Casualty, Environmental and Other Reserves</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">);</span></div><div style="margin-top:3pt;padding-left:54pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">pension plan accounting (see Note 9, </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Employee Benefit Plans</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">); and</span></div><div style="margin-top:3pt;padding-left:54pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%;padding-left:14.15pt">depreciation policies for assets under the group-life method (see Note 6, </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:400;line-height:120%">Properties</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">)</span></div>
CY2023 us-gaap Fiscal Period
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<div style="text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-style:italic;font-weight:700;line-height:120%">Fiscal Year</span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:11pt;font-weight:400;line-height:120%">The Company's fiscal periods are based upon the calendar year. Except as otherwise specified, references to full years indicate CSX’s fiscal years ended on December 31, 2023, December 31, 2022, and December 31, 2021.</span></div>
CY2023 csx Cost Method Investment Maximum Percentage For Treatment
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CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
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2136000000 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
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2250000000 shares
CY2023 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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5000000 shares
CY2022 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
5000000 shares
CY2021 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
5000000 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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2141000000 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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2255000000 shares
CY2023 us-gaap Earnings Per Share Basic
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1.85
CY2022 us-gaap Earnings Per Share Basic
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1.95
CY2021 us-gaap Earnings Per Share Basic
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1.68
CY2023 us-gaap Earnings Per Share Diluted
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1.85
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.95
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.68
CY2023 us-gaap Stock Repurchased And Retired During Period Shares
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112000000 shares
CY2022 us-gaap Stock Repurchased And Retired During Period Shares
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151000000 shares
CY2021 us-gaap Stock Repurchased And Retired During Period Shares
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90000000 shares
CY2023 us-gaap Payments For Repurchase Of Common Stock
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CY2021 us-gaap Payments For Repurchase Of Common Stock
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CY2023 us-gaap Treasury Stock Acquired Average Cost Per Share
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30.95
CY2022 us-gaap Treasury Stock Acquired Average Cost Per Share
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31.25
CY2021 us-gaap Treasury Stock Acquired Average Cost Per Share
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31.91
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2023Q4 us-gaap Common Stock Shares Authorized
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CY2023Q4 us-gaap Common Stock Shares Outstanding
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CY2023Q4 us-gaap Preferred Stock Shares Authorized
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CY2023Q4 us-gaap Preferred Stock Shares Outstanding
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CY2023Q4 us-gaap Preferred Stock Shares Issued
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CY2023 csx Common Stock Votes Per Share
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1
CY2021Q2 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
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3
CY2021Q2 csx Stockholders Equity Note Stock Split Number Of Additional Shares
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2 shares
CY2021Q2 us-gaap Additional Paid In Capital Common Stock
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CY2023 us-gaap Allocated Share Based Compensation Expense
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CY2022 us-gaap Allocated Share Based Compensation Expense
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CY2021 us-gaap Allocated Share Based Compensation Expense
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107000000 usd
CY2023 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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14000000 usd
CY2022 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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17000000 usd
CY2021 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
23000000 usd
CY2023 csx Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Observed Historical Volatility Of Daily Stock Returns Period Prior To Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateObservedHistoricalVolatilityOfDailyStockReturnsPeriodPriorToGrant
P3Y
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
13400000 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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24.03
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1234000 shares
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
31.54
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares
189000 shares
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
32.68
CY2023 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
2351000 shares
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
22.06
CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
12094000 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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