2023 Q3 Form 10-Q Financial Statement

#000071251523000037 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $1.914B $1.924B $1.767B
YoY Change 0.53% 8.89% 13.93%
Cost Of Revenue $456.0M $368.0M $314.0M
YoY Change -1.3% 17.2% -0.32%
Gross Profit $1.458B $1.556B $1.453B
YoY Change 1.11% 7.09% 17.56%
Gross Profit Margin 76.18% 80.87% 82.23%
Selling, General & Admin $453.0M $392.0M $401.0M
YoY Change 11.3% -2.24% 11.7%
% of Gross Profit 31.07% 25.19% 27.6%
Research & Development $602.0M $596.0M $572.0M
YoY Change 6.55% 4.2% 11.07%
% of Gross Profit 41.29% 38.3% 39.37%
Depreciation & Amortization $49.00M $49.00M $114.0M
YoY Change -61.42% -57.02% 185.0%
% of Gross Profit 3.36% 3.15% 7.85%
Operating Expenses $1.081B $1.014B $1.012B
YoY Change 6.5% 0.2% 10.72%
Operating Profit $377.0M $542.0M $441.0M
YoY Change -11.71% 22.9% 36.96%
Interest Expense $14.00M $15.00M -$5.000M
YoY Change -400.0% -135.71%
% of Operating Profit 3.71% 2.77% -1.13%
Other Income/Expense, Net $14.00M $14.00M -$5.000M
YoY Change -380.0% -64.29%
Pretax Income $391.0M $556.0M $436.0M
YoY Change -8.43% 27.52% 41.56%
Income Tax -$8.000M $154.0M $125.0M
% Of Pretax Income -2.05% 27.7% 28.67%
Net Earnings $399.0M $402.0M $311.0M
YoY Change 33.44% 29.26% 52.45%
Net Earnings / Revenue 20.85% 20.89% 17.6%
Basic Earnings Per Share $1.47 $1.48 $1.11
Diluted Earnings Per Share $1.47 $1.47 $1.107M
COMMON SHARES
Basic Shares Outstanding 270.9M shares 272.7M shares 279.9M shares
Diluted Shares Outstanding 272.0M shares 274.0M shares 281.0M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.305B $2.602B $2.416B
YoY Change 23.0% 7.7% -35.04%
Cash & Equivalents $1.946B $2.259B $2.082B
Short-Term Investments $359.0M $343.0M $334.0M
Other Short-Term Assets $492.0M $455.0M $522.0M
YoY Change -24.19% -12.84% 30.17%
Inventory
Prepaid Expenses
Receivables $1.047B $517.0M $579.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.844B $3.574B $3.517B
YoY Change 11.68% 1.62% -24.8%
LONG-TERM ASSETS
Property, Plant & Equipment $542.0M $545.0M $545.0M
YoY Change 2.07% 0.0% 6.86%
Goodwill $5.378B $5.381B
YoY Change 0.06%
Intangibles $538.0M $577.0M
YoY Change -33.66%
Long-Term Investments
YoY Change
Other Assets $484.0M $451.0M $2.855B
YoY Change -83.42% -84.2% 576.54%
Total Long-Term Assets $9.295B $9.509B $9.675B
YoY Change -3.55% -1.72% 20.08%
TOTAL ASSETS
Total Short-Term Assets $3.844B $3.574B $3.517B
Total Long-Term Assets $9.295B $9.509B $9.675B
Total Assets $13.14B $13.08B $13.19B
YoY Change 0.46% -0.83% 3.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $152.0M $75.00M $70.00M
YoY Change 11.76% 7.14% -4.11%
Accrued Expenses $1.138B $1.145B $936.0M
YoY Change 10.06% 22.33% -14.36%
Deferred Revenue $70.00M $68.00M
YoY Change 2.94%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.788B $2.800B $2.833B
YoY Change 8.86% -1.16% 14.65%
LONG-TERM LIABILITIES
Long-Term Debt $1.881B $1.880B $1.878B
YoY Change 0.11% 0.11% 0.05%
Other Long-Term Liabilities $436.0M $387.0M $839.0M
YoY Change -48.1% -53.87% 168.05%
Total Long-Term Liabilities $436.0M $387.0M $2.717B
YoY Change -83.96% -85.76% 768.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.788B $2.800B $2.833B
Total Long-Term Liabilities $436.0M $387.0M $2.717B
Total Liabilities $5.564B $5.749B $5.551B
YoY Change 5.36% 3.57% 10.89%
SHAREHOLDERS EQUITY
Retained Earnings $7.606B $7.406B
YoY Change -0.68%
Common Stock $3.000M $3.000M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.575B $7.334B $7.641B
YoY Change
Total Liabilities & Shareholders Equity $13.14B $13.08B $13.19B
YoY Change 0.46% -0.83% 3.6%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $399.0M $402.0M $311.0M
YoY Change 33.44% 29.26% 52.45%
Depreciation, Depletion And Amortization $49.00M $49.00M $114.0M
YoY Change -61.42% -57.02% 185.0%
Cash From Operating Activities $112.0M $359.0M -$78.00M
YoY Change -200.0% -560.26% -45.45%
INVESTING ACTIVITIES
Capital Expenditures $51.00M $45.00M -$59.00M
YoY Change -196.23% -176.27% 34.09%
Acquisitions
YoY Change
Other Investing Activities -$12.00M $1.000M -$6.000M
YoY Change 1100.0% -116.67% -99.66%
Cash From Investing Activities -$63.00M -$44.00M -$65.00M
YoY Change 16.67% -32.31% -96.41%
FINANCING ACTIVITIES
Cash Dividend Paid $52.00M $53.00M
YoY Change -1.89% 8.16%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -351.0M -$482.0M -476.0M
YoY Change 0.86% 1.26% -0.63%
NET CHANGE
Cash From Operating Activities 112.0M $359.0M -78.00M
Cash From Investing Activities -63.00M -$44.00M -65.00M
Cash From Financing Activities -351.0M -$482.0M -476.0M
Net Change In Cash -302.0M -$165.0M -619.0M
YoY Change -41.25% -73.34% -74.56%
FREE CASH FLOW
Cash From Operating Activities $112.0M $359.0M -$78.00M
Capital Expenditures $51.00M $45.00M -$59.00M
Free Cash Flow $61.00M $314.0M -$19.00M
YoY Change -203.39% -1752.63% -80.81%

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FiniteLivedIntangibleAssetsAccumulatedAmortization
1130000000 usd
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CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
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CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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1130000000 usd
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99000000 usd
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CY2023Q2 us-gaap Payments For Restructuring
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CY2023Q2 us-gaap Restructuring Reserve Settled Without Cash2
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CY2023Q2 us-gaap Restructuring Reserve
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CY2023Q2 us-gaap Restructuring Reserve
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CY2023Q2 us-gaap Other Commitment
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CY2023Q2 us-gaap Property Plant And Equipment Gross
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CY2023Q1 us-gaap Property Plant And Equipment Gross
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1106000000 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2023Q2 us-gaap Property Plant And Equipment Net
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545000000 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
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549000000 usd
CY2023Q2 us-gaap Depreciation
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CY2022Q2 us-gaap Depreciation
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CY2023Q2 us-gaap Other Accrued Liabilities Current
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CY2023Q1 us-gaap Other Accrued Liabilities Current
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P12M
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CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
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CY2023Q2 us-gaap Senior Notes
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CY2023Q1 us-gaap Senior Notes
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CY2022Q2 us-gaap Amortization Of Financing Costs
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CY2022Q2 us-gaap Interest Expense Debt
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CY2022Q2 us-gaap Interest Expense
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722000000 usd
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1010000000 usd
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1042000000 usd
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446000000 usd
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365000000 usd
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1068000000 usd
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CY2023Q2 us-gaap Recorded Unconditional Purchase Obligation Due In Remainder Of Fiscal Year
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75000000 usd
CY2023Q2 us-gaap Recorded Unconditional Purchase Obligation Due In Next Rolling Twelve Months
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68000000 usd
CY2023Q2 us-gaap Recorded Unconditional Purchase Obligation Due In Rolling Year Two
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458000000 usd
CY2023Q2 us-gaap Recorded Unconditional Purchase Obligation Due In Rolling Year Three
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37000000 usd
CY2023Q2 us-gaap Recorded Unconditional Purchase Obligation Due In Rolling Year Four
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29000000 usd
CY2023Q2 us-gaap Recorded Unconditional Purchase Obligation Due In Rolling Year Five
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19000000 usd
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1588000000 usd
CY2023Q2 ea Totalunconditionalpurchaseobligationbalancesheetamount
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CY2023Q2 ea Total Unconditional Purchaseobligationbalancesheetamountoneyearafterfiscalyearend
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1078000000 usd
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1500000000 usd
CY2023Q2 ea Totalunconditionalpurchaseobligationbalancesheetamountthreeyearsafterfiscalyearend
Totalunconditionalpurchaseobligationbalancesheetamountthreeyearsafterfiscalyearend
861000000 usd
CY2023Q2 ea Totalunconditionalpurchaseobligationbalancesheetamountfouryearsafterfiscalyearend
Totalunconditionalpurchaseobligationbalancesheetamountfouryearsafterfiscalyearend
475000000 usd
CY2023Q2 ea Total Unconditional Purchase Obligation Balance Sheet Amount Five Years After Fiscal Year End
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384000000 usd
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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121000 shares
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40.43
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1000 shares
CY2023Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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127.42
CY2023Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
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2000 shares
CY2023Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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90.77
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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11000000 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
120000 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
40.21
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
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11000000 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
120000 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
40.21
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P1Y7M17D
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
11000000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
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130000000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
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125000000 usd
CY2023Q2 us-gaap Schedule Of Repurchase Agreements
ScheduleOfRepurchaseAgreements
<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The following table summarizes total shares repurchased during the three months ended June 30, 2023 and 2022:</span><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:99.561%"><tr><td style="width:1.0%"></td><td style="width:42.952%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.710%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.534%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.710%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.387%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.710%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.387%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.710%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.387%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.710%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.387%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:7.716%"></td><td style="width:0.1%"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">November 2020 Program</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">August 2022 Program</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Total</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">(In millions)</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Shares</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amount</span></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Shares</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amount</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:700;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(a)</span></div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Shares</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"></td><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Amount</span></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Three months ended June 30, 2023</span></div></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.6 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">325 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.6 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">325 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Three months ended June 30, 2022</span></div></td><td colspan="3" style="padding:2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.5</span></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">320 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">— </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.5 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">320 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="36" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:5.2pt;font-weight:400;line-height:100%;position:relative;top:-2.8pt;vertical-align:baseline">(a)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:400;line-height:100%">Amount excludes excise taxes. Accrued excise taxes are included in accrued and other current liabilities and additional paid-in capital on the Condensed Consolidated Balance Sheets.</span></div></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr></table>
CY2023Q2 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
2600000 shares
CY2023Q2 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
325000000 usd
CY2022Q2 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
2500000 shares
CY2022Q2 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
320000000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
402000000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
311000000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
272000000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
279000000 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2000000 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2000000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
274000000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
281000000 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.48
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.11
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.47
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.11
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1000000 shares
CY2023Q2 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2023Q2 us-gaap Revenues
Revenues
1924000000 usd
CY2022Q2 us-gaap Revenues
Revenues
1767000000 usd
CY2023Q2 us-gaap Revenues
Revenues
1924000000 usd
CY2023Q2 us-gaap Revenues
Revenues
1924000000 usd
CY2022Q2 us-gaap Revenues
Revenues
1767000000 usd
CY2023Q2 us-gaap Revenues
Revenues
1924000000 usd
CY2022Q2 us-gaap Revenues
Revenues
1767000000 usd
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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