2020 Q1 Form 10-K Financial Statement

#000002891720000041 Filed on March 31, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2020 2019 Q4
Revenue $1.963B $6.343B $1.424B
YoY Change -2.38% -2.46% -2.15%
Cost Of Revenue $1.349B $4.236B $926.8M
YoY Change -4.68% -1.29% -2.95%
Gross Profit $573.5M $1.968B $461.5M
YoY Change -3.61% -4.7% -0.59%
Gross Profit Margin 29.22% 31.02% 32.42%
Selling, General & Admin $466.7M $1.691B $418.1M
YoY Change -0.06% -0.01% -0.18%
% of Gross Profit 81.38% 85.95% 90.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $59.90M $224.3M $56.70M
YoY Change 6.21% -0.66% 0.89%
% of Gross Profit 10.44% 11.4% 12.29%
Operating Expenses $528.1M $1.691B $418.1M
YoY Change 0.65% -0.01% -0.18%
Operating Profit $45.39M $276.5M $43.38M
YoY Change -35.38% -25.95% -4.41%
Interest Expense -$11.20M $46.23M $11.54M
YoY Change -7.44% -11.98% -4.69%
% of Operating Profit -24.67% 16.72% 26.59%
Other Income/Expense, Net
YoY Change
Pretax Income $82.40M $133.9M $2.902M
YoY Change -20.62% -35.62% -39.23%
Income Tax $14.70M $22.81M -$2.560M
% Of Pretax Income 17.84% 17.04% -88.22%
Net Earnings $67.69M $111.1M $5.462M
YoY Change -20.51% -34.76% -26.44%
Net Earnings / Revenue 3.45% 1.75% 0.38%
Basic Earnings Per Share $4.38
Diluted Earnings Per Share $2.75 $4.38 $0.22
COMMON SHARES
Basic Shares Outstanding 25.36M shares
Diluted Shares Outstanding 25.36M shares

Balance Sheet

Concept 2020 Q1 2020 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $277.1M $277.1M $79.10M
YoY Change 124.37% 124.37% 1.15%
Cash & Equivalents $277.1M $277.1M $79.07M
Short-Term Investments
Other Short-Term Assets $59.84M $59.80M $74.23M
YoY Change -12.97% -13.08% -2.16%
Inventory $1.465B $1.465B $1.970B
Prepaid Expenses
Receivables $46.16M $46.20M $48.20M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.848B $1.848B $2.180B
YoY Change 4.38% 4.38% -4.72%
LONG-TERM ASSETS
Property, Plant & Equipment $1.458B $1.506B $1.494B
YoY Change -8.1% -5.08% -7.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $76.08M $76.10M $77.03M
YoY Change 2.66% 2.7% -0.34%
Total Long-Term Assets $1.582B $1.582B $1.620B
YoY Change -4.74% -4.74% -4.62%
TOTAL ASSETS
Total Short-Term Assets $1.848B $1.848B $2.180B
Total Long-Term Assets $1.582B $1.582B $1.620B
Total Assets $3.430B $3.430B $3.800B
YoY Change -0.03% -0.03% -4.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $892.8M $713.5M $1.211B
YoY Change 20.11% -4.01% -9.65%
Accrued Expenses $14.70M $194.0M $15.30M
YoY Change -91.74% 9.05%
Deferred Revenue $55.09M
YoY Change
Short-Term Debt $0.00 $0.00 $98.60M
YoY Change -48.4%
Long-Term Debt Due $1.200M $1.200M $1.100M
YoY Change 0.0%
Total Short-Term Liabilities $930.8M $930.8M $1.331B
YoY Change -0.29% -0.29% -13.18%
LONG-TERM LIABILITIES
Long-Term Debt $365.7M $566.4M $365.7M
YoY Change 0.04% -0.14% 0.04%
Other Long-Term Liabilities $273.6M $306.3M $243.3M
YoY Change 14.61% 28.32% 0.65%
Total Long-Term Liabilities $639.3M $872.7M $608.9M
YoY Change 5.79% 8.29% 0.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $930.8M $930.8M $1.331B
Total Long-Term Liabilities $639.3M $872.7M $608.9M
Total Liabilities $1.570B $1.807B $1.940B
YoY Change 2.1% 3.08% -9.36%
SHAREHOLDERS EQUITY
Retained Earnings $4.556B $4.493B
YoY Change 2.21% 2.67%
Common Stock $953.0M $951.1M
YoY Change 0.3% 0.29%
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.855B $3.818B
YoY Change 3.72% 3.74%
Treasury Stock Shares 99.76M shares
Shareholders Equity $1.623B $1.623B $1.612B
YoY Change
Total Liabilities & Shareholders Equity $3.430B $3.430B $3.800B
YoY Change -0.03% -0.03% -4.68%

Cashflow Statement

Concept 2020 Q1 2020 2019 Q4
OPERATING ACTIVITIES
Net Income $67.69M $111.1M $5.462M
YoY Change -20.51% -34.76% -26.44%
Depreciation, Depletion And Amortization $59.90M $224.3M $56.70M
YoY Change 6.21% -0.66% 0.89%
Cash From Operating Activities $342.1M $365.1M $41.60M
YoY Change 14.95% -0.6% -51.12%
INVESTING ACTIVITIES
Capital Expenditures -$32.50M $103.4M -$32.90M
YoY Change 41.92% -24.57% 16.67%
Acquisitions
YoY Change
Other Investing Activities $11.90M $35.30M $900.0K
YoY Change 340.74% 279.57% -64.0%
Cash From Investing Activities -$20.60M -$68.09M -$32.00M
YoY Change 2.49% -46.7% 24.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $130.9M
YoY Change 0.8%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -132.0M -$143.4M -57.30M
YoY Change -43.15% -52.68% -41.35%
NET CHANGE
Cash From Operating Activities 342.1M $365.1M 41.60M
Cash From Investing Activities -20.60M -$68.09M -32.00M
Cash From Financing Activities -132.0M -$143.4M -57.30M
Net Change In Cash 189.5M $153.6M -47.70M
YoY Change 318.32% -341.77% 24.54%
FREE CASH FLOW
Cash From Operating Activities $342.1M $365.1M $41.60M
Capital Expenditures -$32.50M $103.4M -$32.90M
Free Cash Flow $374.6M $261.7M $74.50M
YoY Change 16.88% 13.67% -34.25%

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2891000 USD
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0 USD
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0 USD
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CY2019 us-gaap Write Off Of Deferred Debt Issuance Cost
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0 USD
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CY2019 us-gaap Increase Decrease In Retail Related Inventories
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64856000 USD
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17416000 USD
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1902000 USD
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1220000 USD
CY2019 us-gaap Increase Decrease In Other Operating Assets
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10419000 USD
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CY2019 us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
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CY2019 us-gaap Proceeds From Sales Of Assets Investing Activities
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2295000 USD
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3835000 USD
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3460000 USD
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153568000 USD
CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2018Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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187028000 USD
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<div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</span><span style="font-family:inherit;font-size:10pt;">—The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported 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. Significant estimates include inventories, sales return, self-insured accruals, future cash flows and real estate values for impairment analysis, pension discount rate and taxes. Actual results could differ from those estimates.</span></div>
CY2020 dds Cash Equivalents Original Maturity Period Maximum
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P3M
CY2020 dds Cash Equivalents Receivables Settlement Period Minimum
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P2D
CY2020 dds Cash Equivalents Receivables Settlement Period Maximum
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P3D
CY2020 dds Proceedsfromassetsheldforsale
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30600000 USD
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1900000 USD
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0.97
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P30D
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400000 USD
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222000000 USD
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224000000 USD
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DepreciationAndAmortization
232000000 USD
CY2020 dds Originaltermof Wells Fargo Alliance
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CY2020 dds Private Label Card Revenue
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91000000 USD
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94000000 USD
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101000000 USD
CY2020 dds Revenue Recognition Gift Cards Breakage Period
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P60M
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<div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">Reclassifications</span><span style="font-family:inherit;font-size:10pt;">—Certain items have been reclassified from their prior year classifications to conform to the current year presentation. These reclassifications had no effect on net income or stockholders' equity as previously reported.</span></div>
CY2019Q1 dds Deferred Charge Related To Reit Transaction
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69100000 USD
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212689000 USD
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1
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1
CY2018 us-gaap Concentration Risk Percentage1
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1
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9500000 USD
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0 USD
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CY2019 us-gaap Interest Expense Other
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CY2018 us-gaap Interest Expense Other
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46688000 USD
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47646000 USD
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CY2019Q1 us-gaap Accounts Payable And Accrued Liabilities Current
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541000 USD
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CY2020 us-gaap Current Income Tax Expense Benefit
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CY2019 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
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CY2018 us-gaap Current Income Tax Expense Benefit
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DeferredStateAndLocalIncomeTaxExpenseBenefit
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CY2019 us-gaap Deferred State And Local Income Tax Expense Benefit
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CY2018 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
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DeferredIncomeTaxExpenseBenefit
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DeferredIncomeTaxExpenseBenefit
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CY2018 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
22810000 USD
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
37730000 USD
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IncomeTaxExpenseBenefit
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us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2020 dds Tax Benefits Relatedto State Income Tax Returns
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2800000 USD
CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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28117000 USD
CY2019 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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43679000 USD
CY2018 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
72000000 USD
CY2020 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2019 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
2538000 USD
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CY2020 dds Income Tax Reconciliation Change In Unrecognized Tax Benefits Interest Penalties And Reserves
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1017000 USD
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CY2020 us-gaap Income Tax Reconciliation Tax Credits
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5094000 USD
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4563000 USD
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4440000 USD
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-404000 USD
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-410000 USD
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2017000 USD
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222000 USD
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684000 USD
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621000 USD
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810000 USD
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EstimatedAdjustmentstonetdeferredtaxliabilitiesforenactedchangesintaxlawsandrates
0 USD
CY2019 dds Estimated Adjustmentstonetdeferredtaxliabilitiesforenactedchangesintaxlawsandrates
EstimatedAdjustmentstonetdeferredtaxliabilitiesforenactedchangesintaxlawsandrates
1521000 USD
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EstimatedAdjustmentstonetdeferredtaxliabilitiesforenactedchangesintaxlawsandrates
74216000 USD
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IncomeTaxReconciliationOtherAdjustments
623000 USD
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IncomeTaxReconciliationOtherAdjustments
1088000 USD
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IncomeTaxReconciliationOtherAdjustments
355000 USD
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IncomeTaxExpenseBenefit
22810000 USD
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IncomeTaxExpenseBenefit
37730000 USD
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IncomeTaxExpenseBenefit
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14985000 USD
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22705000 USD
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18770000 USD
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DeferredTaxLiabilities
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UnrecognizedTaxBenefits
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UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
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CY2019Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
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UnrecognizedTaxBenefits
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UnrecognizedTaxBenefits
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UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
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UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
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0 USD
CY2019 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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0 USD
CY2018 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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CY2019 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
415000 USD
CY2018 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
452000 USD
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UnrecognizedTaxBenefits
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0 USD
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41017000 USD
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0.040
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0.020
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3621000 USD
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3687000 USD
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3494000 USD
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7667000 USD
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7131000 USD
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7229000 USD
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0 USD
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0 USD
CY2020 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
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CY2019 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
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0 USD
CY2018 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
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0 USD
CY2020 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Curtailments
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0 USD
CY2019 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Curtailments
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0 USD
CY2018 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Curtailments
DefinedBenefitPlanRecognizedNetGainLossDueToCurtailments
0 USD
CY2020 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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11288000 USD
CY2019 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
11347000 USD
CY2018 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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