2022 Q2 Form 10-Q Financial Statement

#000002964422000064 Filed on June 06, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q3
Revenue $853.2M $802.5M $773.1M
YoY Change 11.53% 18.17% 25.22%
Cost Of Revenue $584.2M $552.7M $507.4M
YoY Change 15.23% 21.79% 23.91%
Gross Profit $269.0M $249.8M $265.7M
YoY Change 4.26% 10.87% 27.8%
Gross Profit Margin 31.53% 31.13% 34.37%
Selling, General & Admin $140.6M $137.5M
YoY Change
% of Gross Profit 52.27% 55.04%
Research & Development $17.40M $16.60M
YoY Change
% of Gross Profit 6.47% 6.65%
Depreciation & Amortization $23.50M $23.70M $24.90M
YoY Change -1.26% 1.72% 8.26%
% of Gross Profit 8.74% 9.49% 9.37%
Operating Expenses $158.0M $154.1M $153.7M
YoY Change 6.33% 3.28% 22.57%
Operating Profit $111.0M $95.70M $112.0M
YoY Change 1.46% 25.76% 35.76%
Interest Expense $3.800M $3.600M -$2.700M
YoY Change 18.75% 9.09% -30.77%
% of Operating Profit 3.42% 3.76% -2.41%
Other Income/Expense, Net $4.100M $2.400M $4.700M
YoY Change -12.77% 118.18% 74.07%
Pretax Income $111.3M $94.50M $114.0M
YoY Change 0.36% 27.88% 40.22%
Income Tax $28.30M $22.70M $29.70M
% Of Pretax Income 25.43% 24.02% 26.05%
Net Earnings $83.00M $71.80M $84.30M
YoY Change -1.66% 27.76% 31.31%
Net Earnings / Revenue 9.73% 8.95% 10.9%
Basic Earnings Per Share $0.67 $0.58
Diluted Earnings Per Share $0.67 $0.57 $657.6K
COMMON SHARES
Basic Shares Outstanding 123.4M shares 123.9M shares 124.0M shares
Diluted Shares Outstanding 124.6M shares 125.6M shares

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $168.7M $170.4M $222.8M
YoY Change -21.64% -17.8% -5.83%
Cash & Equivalents $168.7M $170.4M $222.8M
Short-Term Investments
Other Short-Term Assets $83.70M $92.20M $69.10M
YoY Change 20.43% 17.45% -15.83%
Inventory $510.7M $480.7M $384.5M
Prepaid Expenses
Receivables $585.5M $553.4M $552.7M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.367B $1.314B $1.244B
YoY Change 14.07% 16.68% 13.43%
LONG-TERM ASSETS
Property, Plant & Equipment $591.1M $601.0M $617.8M
YoY Change -5.62% -3.73% -2.18%
Goodwill $336.6M $344.3M $322.5M
YoY Change 4.24% 6.89% 1.8%
Intangibles $73.80M $79.40M $61.60M
YoY Change -8.47%
Long-Term Investments $25.60M $23.70M $24.20M
YoY Change 5.79%
Other Assets $150.4M $152.4M $154.3M
YoY Change -27.24% -23.19% 16.72%
Total Long-Term Assets $1.152B $1.177B $1.156B
YoY Change -0.35% 2.82% 0.72%
TOTAL ASSETS
Total Short-Term Assets $1.367B $1.314B $1.244B
Total Long-Term Assets $1.152B $1.177B $1.156B
Total Assets $2.519B $2.491B $2.400B
YoY Change 6.99% 9.7% 6.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $335.8M $324.5M $293.9M
YoY Change 25.25% 42.26% 56.58%
Accrued Expenses $106.7M $89.60M $144.9M
YoY Change -10.93% -9.86% 49.54%
Deferred Revenue
YoY Change
Short-Term Debt $31.30M $63.90M $48.50M
YoY Change 24.7% 282.63% 1176.32%
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $606.5M $638.5M $606.6M
YoY Change 10.51% 27.83% 49.12%
LONG-TERM LIABILITIES
Long-Term Debt $607.2M $553.9M $461.0M
YoY Change 33.57% 11.88% -25.33%
Other Long-Term Liabilities $76.30M $77.10M $88.20M
YoY Change -35.5% -61.85% -21.6%
Total Long-Term Liabilities $76.30M $77.10M $88.20M
YoY Change -35.5% -61.85% -21.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $606.5M $638.5M $606.6M
Total Long-Term Liabilities $76.30M $77.10M $88.20M
Total Liabilities $1.396B $1.375B $1.263B
YoY Change 16.18% 14.86% 1.8%
SHAREHOLDERS EQUITY
Retained Earnings $1.786B $1.703B $1.608B
YoY Change 13.08% 13.93% 12.48%
Common Stock $758.2M $758.2M $758.2M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.268B $1.231B $1.130B
YoY Change 17.63% 16.88% 9.38%
Treasury Stock Shares 28.79M shares 28.10M shares 26.62M shares
Shareholders Equity $1.124B $1.117B $1.137B
YoY Change
Total Liabilities & Shareholders Equity $2.519B $2.491B $2.400B
YoY Change 6.99% 9.7% 6.93%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q3
OPERATING ACTIVITIES
Net Income $83.00M $71.80M $84.30M
YoY Change -1.66% 27.76% 31.31%
Depreciation, Depletion And Amortization $23.50M $23.70M $24.90M
YoY Change -1.26% 1.72% 8.26%
Cash From Operating Activities $64.10M $36.90M $96.30M
YoY Change -37.95% -49.73% -20.94%
INVESTING ACTIVITIES
Capital Expenditures -$23.30M -$15.20M -$18.80M
YoY Change 137.76% 31.03% 3.3%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$49.00M $700.0K
YoY Change -115.56%
Cash From Investing Activities -$23.30M -$64.20M -$18.10M
YoY Change 137.76% 453.45% -20.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -37.10M -200.0K -67.80M
YoY Change -56.3% -99.85% -65.37%
NET CHANGE
Cash From Operating Activities 64.10M 36.90M 96.30M
Cash From Investing Activities -23.30M -64.20M -18.10M
Cash From Financing Activities -37.10M -200.0K -67.80M
Net Change In Cash 3.700M -27.50M 10.40M
YoY Change -56.98% -60.66% -110.75%
FREE CASH FLOW
Cash From Operating Activities $64.10M $36.90M $96.30M
Capital Expenditures -$23.30M -$15.20M -$18.80M
Free Cash Flow $87.40M $52.10M $115.1M
YoY Change -22.72% -38.71% -17.79%

Facts In Submission

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<div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify;text-indent:18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assu</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">mptions that affect the amount of assets and liabilities and the disclosures regarding contingent assets and liabilities at period end and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Operating Environment</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Russia and Ukraine</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Following the Russia and Ukraine conflict, the Company complied with all sanctions, including those from the European Union, Great Britain and the U.S. and ceased direct product shipments into Russia and Belarus. Total revenues associated with customers in these areas are less than 2% of the Company’s net sales in the Condensed Consolidated Statements of Earnings. As of April 30, 2022, the Company has related asset exposure in the form of accounts receivables and inventories of approximately $6.8 million. The Company is monitoring the regional and global ramifications of the events unfolding.</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Supply Chain Disruptions</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company continues to experience supply chain disruptions, including global logistics and labor challenges and constrained supplies of steel, petrochemical products and filter media. These disruptions have increased the Company’s input costs significantly and extended lead times. The Company has undertaken steps to mitigate these negative impacts, such as increasing prices, evaluating alternative supply chain options, qualifying additional suppliers and strategic raw material purchases. This dynamic impacted results through the third quarter of fiscal 2022 and is expected to continue into fiscal 2023.</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Inflation</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In connection with the supply chain disruptions described above, the Company has experienced the effects of inflation related to raw materials and operating expenses, including freight, labor and energy. These inflationary pressures have had an adverse impact on profit margins, particularly in recent months. The Company continues to negotiate price increases with its customers and is working with its suppliers to mitigate these cost increases. Inflation impacted results through the third quarter of fiscal 2022 and is expected to continue into fiscal 2023.</span></div>
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CY2021Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
OtherComprehensiveIncomeLossBeforeReclassificationsTax
5400000 USD
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17000000.0 USD
CY2021Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
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-3200000 USD
CY2021Q2 us-gaap Reclassification From Aoci Current Period Tax
ReclassificationFromAociCurrentPeriodTax
-800000 USD
CY2021Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-2400000 USD
CY2021Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
19400000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
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-74200000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
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us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
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-11600000 USD
us-gaap Reclassification From Aoci Current Period Tax
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-2700000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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-8900000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-64100000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
61500000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
OtherComprehensiveIncomeLossBeforeReclassificationsTax
6100000 USD
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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55400000 USD
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
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-6300000 USD
us-gaap Reclassification From Aoci Current Period Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
60400000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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44.05
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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59.18
us-gaap Stock Issued During Period Shares Stock Options Exercised
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308945 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
37.50
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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43560 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
53.07
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
46.23
CY2022Q2 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
1800000 USD
CY2021Q2 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
2000000.0 USD
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
5400000 USD
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
6100000 USD
CY2022Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
2400000 USD
CY2021Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
2500000 USD
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
7400000 USD
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
7400000 USD
CY2022Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
6200000 USD
CY2021Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
5900000 USD
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
18700000 USD
us-gaap Defined Benefit Plan Expected Return On Plan Assets
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17600000 USD
CY2022Q2 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
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100000 USD
CY2021Q2 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
100000 USD
us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
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200000 USD
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400000 USD
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DefinedBenefitPlanActuarialGainLoss
-1800000 USD
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DefinedBenefitPlanActuarialGainLoss
-2100000 USD
us-gaap Defined Benefit Plan Actuarial Gain Loss
DefinedBenefitPlanActuarialGainLoss
-5400000 USD
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DefinedBenefitPlanActuarialGainLoss
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CY2022Q2 dci Defined Benefit Plan Settlement Cost
DefinedBenefitPlanSettlementCost
1100000 USD
CY2021Q2 dci Defined Benefit Plan Settlement Cost
DefinedBenefitPlanSettlementCost
1100000 USD
dci Defined Benefit Plan Settlement Cost
DefinedBenefitPlanSettlementCost
2300000 USD
dci Defined Benefit Plan Settlement Cost
DefinedBenefitPlanSettlementCost
1100000 USD
CY2022Q2 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Curtailments
DefinedBenefitPlanRecognizedNetGainLossDueToCurtailments
0 USD
CY2021Q2 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Curtailments
DefinedBenefitPlanRecognizedNetGainLossDueToCurtailments
0 USD
us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Curtailments
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0 USD
us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Curtailments
DefinedBenefitPlanRecognizedNetGainLossDueToCurtailments
-800000 USD
CY2022Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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1000000.0 USD
CY2021Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
1900000 USD
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
2000000.0 USD
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
4400000 USD
CY2022Q1 us-gaap Defined Benefit Plan Other Costs
DefinedBenefitPlanOtherCosts
1200000 USD
CY2022Q2 us-gaap Defined Benefit Plan Other Costs
DefinedBenefitPlanOtherCosts
1100000 USD
CY2020Q4 us-gaap Defined Benefit Plan Other Costs
DefinedBenefitPlanOtherCosts
800000 USD
CY2021Q2 us-gaap Defined Benefit Plan Other Costs
DefinedBenefitPlanOtherCosts
1100000 USD
CY2022Q2 us-gaap Loss Contingency Accrual At Carrying Value
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7500000 USD
CY2021Q3 us-gaap Loss Contingency Accrual At Carrying Value
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7700000 USD
CY2022Q2 us-gaap Letters Of Credit Outstanding Amount
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0 USD
CY2021Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
0 USD
CY2022Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
3200000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
6600000 USD
CY2021Q2 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
2600000 USD
us-gaap Income Loss From Equity Method Investments
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6400000 USD
CY2022Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
853200000 USD
CY2021Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
765000000.0 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2416600000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2080800000 USD
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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111300000 USD
CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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110900000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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309800000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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267000000.0 USD
CY2022Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
853200000 USD
CY2021Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
765000000.0 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
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2416600000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
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2080800000 USD

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