2021 Q4 Form 10-K Financial Statement

#000136764422000024 Filed on February 25, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $723.2M $1.793B $583.0M
YoY Change 24.05% 15.26% 61.76%
Cost Of Revenue $212.9M $716.0M $164.8M
YoY Change 29.19% 36.64% 24.1%
Gross Profit $510.3M $1.077B $418.2M
YoY Change 22.02% 4.39% 437.53%
Gross Profit Margin 70.56% 60.06% 71.73%
Selling, General & Admin $94.20M $348.4M $82.10M
YoY Change 14.74% 14.87% 13.71%
% of Gross Profit 18.46% 32.36% 19.63%
Research & Development $83.00M $234.0M $59.50M
YoY Change 39.5% -0.21% -5.25%
% of Gross Profit 16.26% 21.73% 14.23%
Depreciation & Amortization $29.20M $62.20M $28.90M
YoY Change 1.04% 24.15% 3.58%
% of Gross Profit 5.72% 5.78% 6.91%
Operating Expenses $191.2M $582.4M $156.6M
YoY Change 22.09% 8.29% 4.54%
Operating Profit $319.1M $352.6M $258.1M
YoY Change 23.63% -18.72% 231.75%
Interest Expense -$9.000M $34.50M -$8.700M
YoY Change 3.45% 10.22% -4.4%
% of Operating Profit -2.82% 9.78% -3.37%
Other Income/Expense, Net -$900.0K -$38.20M $3.400M
YoY Change -126.47% 43.61% 17.24%
Pretax Income $267.5M $314.4M $252.8M
YoY Change 5.81% -22.79% 253.57%
Income Tax $78.20M $83.50M $67.40M
% Of Pretax Income 29.23% 26.56% 26.66%
Net Earnings $189.3M $230.9M $185.4M
YoY Change 2.1% -24.32% 295.31%
Net Earnings / Revenue 26.18% 12.88% 31.8%
Basic Earnings Per Share $4.32 $3.51
Diluted Earnings Per Share $3.538M $4.27 $3.44
COMMON SHARES
Basic Shares Outstanding 53.80M shares 53.50M shares 53.00M shares
Diluted Shares Outstanding 54.10M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $576.1M $576.1M $621.3M
YoY Change -7.28% -7.28% 270.26%
Cash & Equivalents $576.1M $576.1M $621.3M
Short-Term Investments
Other Short-Term Assets $70.50M $70.50M -$4.400M
YoY Change -1702.27% -1702.27% -121.36%
Inventory $350.8M $350.8M $307.0M
Prepaid Expenses
Receivables $274.7M $274.7M $230.9M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.272B $1.272B $1.196B
YoY Change 6.37% 6.37% 74.28%
LONG-TERM ASSETS
Property, Plant & Equipment $800.1M $828.4M $644.1M
YoY Change 24.22% 22.71% 18.77%
Goodwill $224.9M $266.7M
YoY Change -15.67% 0.04%
Intangibles $604.6M $663.1M
YoY Change -8.82% -6.99%
Long-Term Investments
YoY Change
Other Assets $57.30M $29.00M $113.4M
YoY Change -49.47% -64.81% 25.58%
Total Long-Term Assets $1.687B $1.687B $1.687B
YoY Change -0.02% -0.02% 2.82%
TOTAL ASSETS
Total Short-Term Assets $1.272B $1.272B $1.196B
Total Long-Term Assets $1.687B $1.687B $1.687B
Total Assets $2.959B $2.959B $2.883B
YoY Change 2.63% 2.63% 23.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $128.9M $128.9M $136.1M
YoY Change -5.29% -5.29% 43.57%
Accrued Expenses $51.70M $146.2M $46.90M
YoY Change 10.23% 6.79% 18.73%
Deferred Revenue $11.70M $44.60M
YoY Change -73.77% 1251.52%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $31.60M $31.60M $33.80M
YoY Change -6.51% -6.51% 162.02%
Total Short-Term Liabilities $373.8M $373.8M $384.5M
YoY Change -2.78% -2.78% 77.76%
LONG-TERM LIABILITIES
Long-Term Debt $809.4M $809.4M $841.0M
YoY Change -3.76% -3.76% 5.34%
Other Long-Term Liabilities $61.90M $61.90M $67.80M
YoY Change -8.7% -60.7% 39.51%
Total Long-Term Liabilities $871.3M $871.3M $908.8M
YoY Change -4.13% -12.74% 7.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $373.8M $373.8M $384.5M
Total Long-Term Liabilities $871.3M $871.3M $908.8M
Total Liabilities $1.340B $1.340B $1.436B
YoY Change -6.7% -6.7% 15.93%
SHAREHOLDERS EQUITY
Retained Earnings $957.8M $726.9M
YoY Change 31.77% 72.33%
Common Stock $100.0K $100.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $152.2M $39.60M
YoY Change 284.34% 0.0%
Treasury Stock Shares 3.800M shares 1.200M shares
Shareholders Equity $1.619B $1.619B $1.447B
YoY Change
Total Liabilities & Shareholders Equity $2.959B $2.959B $2.883B
YoY Change 2.63% 2.63% 23.89%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $189.3M $230.9M $185.4M
YoY Change 2.1% -24.32% 295.31%
Depreciation, Depletion And Amortization $29.20M $62.20M $28.90M
YoY Change 1.04% 24.15% 3.58%
Cash From Operating Activities $329.0M $321.1M $245.1M
YoY Change 34.23% -40.09% 100.74%
INVESTING ACTIVITIES
Capital Expenditures -$46.70M $225.0M -$36.00M
YoY Change 29.72% 59.57% -0.28%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$46.70M -$225.0M -$36.00M
YoY Change 29.72% 49.01% -0.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $106.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -110.0M -$141.0M -2.300M
YoY Change 4682.61% -302.88% -96.03%
NET CHANGE
Cash From Operating Activities 329.0M $321.1M 245.1M
Cash From Investing Activities -46.70M -$225.0M -36.00M
Cash From Financing Activities -110.0M -$141.0M -2.300M
Net Change In Cash 172.3M -$45.20M 206.8M
YoY Change -16.68% -109.97% 635.94%
FREE CASH FLOW
Cash From Operating Activities $329.0M $321.1M $245.1M
Capital Expenditures -$46.70M $225.0M -$36.00M
Free Cash Flow $375.7M $96.10M $281.1M
YoY Change 33.65% -75.67% 77.69%

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Nature of the business and organization <div style="margin-bottom:9pt"><span style="color:#19415e;font-family:'Franklin Gothic Demi',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Organization and business</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Emergent BioSolutions Inc. (the "Company" or "Emergent") is a global life sciences company focused on providing innovative preparedness and response solutions addressing accidental, deliberate, and naturally occurring Public Health Threats (PHTs). The Company's solutions include a product portfolio, a product development portfolio, and a contract development and manufacturing (CDMO) services portfolio. </span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is focused on the following five PHT categories: chemical, biological, radiological, nuclear and explosives (CBRNE); emerging infectious diseases (EID); travel health; emerging health crises; and acute/emergency care. The Company has a product portfolio of eleven products (vaccines, therapeutics, and drug-device combination products) that contribute a substantial portion of its revenue. The Company has one product candidate that is procured under special circumstances by the U.S. government (USG), although it is not approved by the U.S. Food and Drug Administration (FDA). The Company recently reorganized the structure of its business with a focus on markets and customers. As such, the key components of the business structure include a Government - Medical Countermeasures (MCM) business line, a Commercial business line and a Services line focused on CDMO. </span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#19415e;font-family:'Franklin Gothic Demi',sans-serif;font-size:10pt;font-weight:700;line-height:120%">The Company's products and services include:</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#19415e;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Government - MCM Products</span></div><div style="margin-bottom:4pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">▪</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:15.08pt">AV7909</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, is a procured product candidate being developed as a next generation anthrax vaccine for post-exposure prophylaxis of disease resulting from suspected or confirmed Bacillus anthracis exposure. The USG has largely switched from procuring BioThrax to AV7909 for the Strategic National Stockpile (SNS) prior to its approval by the FDA; and </span></div><div style="margin-bottom:4pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">▪</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:15.08pt">BioThrax</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, the only vaccine licensed by the FDA, for the general use prophylaxis and post-exposure prophylaxis of anthrax disease;</span></div><div style="margin-bottom:4pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">▪</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:15.08pt">ACAM2000</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, the only single-dose smallpox vaccine licensed by the FDA for active immunization against smallpox disease for persons determined to be at high risk for smallpox infection;</span></div><div style="margin-bottom:4pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">▪</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:15.08pt">BAT</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, the only heptavalent antitoxin licensed by the FDA and Health Canada for the treatment of botulism; and; </span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">▪</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:15.08pt">CNJ-016</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, the only polyclonal antibody therapeutic licensed by the FDA and Health Canada to address certain complications from smallpox vaccination.</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">▪</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:15.08pt">Raxibacumab injection, a fully human monoclonal antibody therapeutic licensed by the FDA for the treatment and prophylaxis of inhalational anthrax;</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">▪</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:15.08pt">Anthrasil</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, the only polyclonal antibody therapeutic licensed by the FDA and Health Canada for the treatment of inhalational anthrax;</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">▪</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:15.08pt">RSDL</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, the only medical device cleared by the FDA to remove or neutralize the following chemical warfare agents from the skin: tabun, sarin, soman, cyclohexyl sarin, VR, VX, mustard gas, and T-2 toxin.</span></div><div style="margin-bottom:9pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">▪</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:15.08pt">Trobigard</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">® </span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">atropine sulfate, obidoxime chloride AUTO-INJECTOR, is a combination drug-device auto-injector procured product candidate that contains atropine sulfate and obidoxime chloride. It has not been approved by the FDA, but it is procured by certain authorized government buyers under special circumstances for potential use as a nerve agent countermeasure. </span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#19415e;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Commercial Products</span></div><div style="margin-bottom:4pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">▪</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:15.08pt">NARCAN® (naloxone HCl) Nasal Spray, the first needle-free formulation of naloxone approved by the FDA and Health Canada, for the emergency treatment of known or suspected opioid overdose as manifested by respiratory and/or central nervous system depression; Recently, the Company licensed an authorized generic of naloxone nasal spray to Sandoz; and</span></div><div style="margin-bottom:4pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">▪</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:15.08pt">Vaxchora</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (Cholera Vaccine, Live, Oral), the only single-dose oral vaccine licensed by the FDA and the European Medicines Agency (EMA) for the prevention of cholera; and</span></div><div style="margin-bottom:4pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">▪</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:15.08pt">Vivotif</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:6.5pt;font-weight:400;line-height:120%;position:relative;top:-3.5pt;vertical-align:baseline">®</span><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> (Typhoid Vaccine Live Oral Ty21a), the only oral vaccine licensed by the FDA for the prevention of typhoid fever.</span></div><div style="margin-bottom:9pt;padding-left:18pt;text-align:justify"><span style="color:#19415e;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Services - Contract Development and Manufacturing </span></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company's services line focused on CDMO offerings cover development services, drug substance manufacturing, drug product manufacturing, and when necessary, suite reservations, which depending on facts and circumstances could be considered a lease. These services are provided across the pharmaceutical and biotechnology industries as well as the USG and non-governmental organizations. The Company's technology platforms include mammalian, microbial, viral, plasma and advanced therapies utilizing the Company's core capabilities for manufacturing to third parties on a clinical and commercial (small and large) scale. Additional services include fill/finish formulation and analytical development services for injectable and other sterile products, inclusive of process design, technical transfer, manufacturing validations, aseptic filling, lyophilization, final packaging and stability studies, as well as manufacturing of vial and pre-filled syringe formats on multiple platforms. </span></div><div style="margin-bottom:9pt;margin-top:5pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company operates as one operating segment.</span></div>
CY2021 ebs Number Of Categories Of Public Health Threats
NumberOfCategoriesOfPublicHealthThreats
5 category
CY2021 ebs Number Of Revenue Generating Products
NumberOfRevenueGeneratingProducts
11 product
CY2021 ebs Number Of Product Candidates
NumberOfProductCandidates
1 productCandidate
CY2021 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2021 us-gaap Use Of Estimates
UseOfEstimates
The preparation of financial statements requires management to make estimates, judgments and assumptions that affect reported amounts and disclosures for asset impairments, revenue recognition, allowances for doubtful accounts, inventory, depreciation and amortization, business combinations, contingent consideration, stock-based compensation, income taxes, and other contingencies. Management continually re-evaluates its estimates, judgments and assumptions. These estimates are sometimes complex, sensitive to changes in assumptions and require fair value determinations using Level 3 fair value measurements. Actual results may differ materially from those estimates.
CY2021 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-bottom:9pt;padding-left:18pt"><span style="color:#19415e;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Customers</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Company has long-term contracts with the USG that expire at various times from 2022 through 2029. The Company has derived a significant portion of its revenue from sales of ACAM2000 and Anthrax Vaccines under contracts with the USG. The Company's current USG contracts do not necessarily increase the likelihood that it will secure future comparable contracts with the USG. The Company expects that a significant portion of the business will continue to be under government contracts that present a number of risks that are not typically present in the commercial contracting process. USG contracts for ACAM2000 and Anthrax Vaccines are subject to unilateral termination or modification by the government. The Company may fail to achieve significant sales of ACAM2000 and Anthrax Vaccines to customers in addition to the USG, which would harm their growth opportunities. The Company's other product sales, largely Nasal Naloxone Products, are largely sold commercially through physician-directed or standing order prescriptions at retail pharmacies, as well as to state health departments, local law enforcement agencies, community-based organizations, substance abuse centers and other federal agencies. Our CDMO customers are generally third-party pharmaceutical companies.</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Although the Company seeks to expand its customer base and to renew its agreements with its customers prior to expiration of a contract, a delay in securing a renewal or a failure to secure a renewal or securing a renewal on less favorable terms may have a material adverse effect on the Company’s financial condition and results of operations.</span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Company’s accounts receivable do not represent a significant concentration of credit risk. The USG accounted for approximately 50%, 64% and 61% of total revenues for 2021, 2020 and 2019, respectively. The Company’s accounts receivable as of December 31, 2021 and 2020, consist primarily of amounts due from the USG or other large multi-national highly reputable customers for product sales, CDMO services or from government agencies under government grants. Management does not deem credit risk to be significant.</span></div><div><span><br/></span></div><div style="margin-bottom:9pt;padding-left:18pt"><span style="color:#19415e;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Financial Institutions</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cash and cash equivalents are maintained with several financial institutions. The Company has deposits held with banks that exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and, therefore, bear minimal credit risk.</span></div><div style="margin-bottom:9pt;padding-left:18pt"><span style="color:#19415e;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Lender Counterparties</span></div><div style="margin-bottom:9pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Franklin Gothic Book',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There is lender counterparty risk associated with the Company's revolving credit facility and derivatives instruments. There is risk that the Company’s revolving credit facility investors and derivative counterparties will not be available to fund as obligated. If funding under the revolving credit facility is unavailable, the Company may have to acquire a replacement credit facility from different counterparties at a higher cost or may be unable to find a suitable replacement. The Company seeks to manage risks from its revolving credit facility and derivative </span></div>instruments by contracting with experienced large financial institutions and monitoring the credit quality of its lenders. As of December 31, 2021, the Company does not anticipate nonperformance by any of its counterparties.
CY2021Q4 ebs Number Of Stock Based Employee Compensation Plans
NumberOfStockBasedEmployeeCompensationPlans
1 plan
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P7Y
CY2021 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
In addition, during the year ended December 31, 2021, the Company revised its presentation on the consolidated statement of operations to separately present (i) lease revenue as opposed to combining with CDMO services revenues and (ii) cost of CDMO services as opposed to combining with cost of product sales. As the Company's lease revenue is solely associated with CDMO services and is substantially related to one arrangement which ended in 2021, the Company has combined the costs of CDMO services and leases on the consolidated statement of operations. All associated prior period amounts have been reclassified to conform to the current period presentation.
CY2021 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2021 us-gaap Revenues
Revenues
1792700000 USD
CY2020 us-gaap Revenues
Revenues
1555400000 USD
CY2019 us-gaap Revenues
Revenues
1106000000 USD
CY2021 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
62100000 USD
CY2021Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1300000000 USD
CY2021Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1300000000 USD
CY2021Q4 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P24M
CY2021Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
21500000 USD
CY2020Q4 us-gaap Contract With Customer Asset Net Noncurrent
ContractWithCustomerAssetNetNoncurrent
41100000 USD
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
88900000 USD
CY2020 ebs Contract With Customer Liability Additions
ContractWithCustomerLiabilityAdditions
146200000 USD
CY2020 ebs Contract With Customer Liability Deductions
ContractWithCustomerLiabilityDeductions
135000000.0 USD
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
100100000 USD
CY2021 ebs Contract With Customer Liability Additions
ContractWithCustomerLiabilityAdditions
279700000 USD
CY2021 ebs Contract With Customer Liability Deductions
ContractWithCustomerLiabilityDeductions
363400000 USD
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
16400000 USD
CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
11700000 USD
CY2020Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
44600000 USD
CY2020Q4 us-gaap Billed Contract Receivables
BilledContractReceivables
172700000 USD
CY2021Q4 us-gaap Billed Contract Receivables
BilledContractReceivables
224900000 USD
CY2021Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
49800000 USD
CY2020Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
58200000 USD
CY2021Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
274700000 USD
CY2020Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
230900000 USD
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
3200000 USD
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
3100000 USD
CY2021Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
352400000 USD
CY2020Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
352200000 USD
CY2021Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
37200000 USD
CY2020Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
58100000 USD
CY2021Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
6100000 USD
CY2020Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
15000000.0 USD
CY2021Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
43300000 USD
CY2020Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
73100000 USD
CY2019Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
29200000 USD
CY2020 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
31700000 USD
CY2020 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
2800000 USD
CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
58100000 USD
CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
2900000 USD
CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Settlements
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySettlements
23800000 USD
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
37200000 USD
CY2021Q4 us-gaap Business Combination Contingent Consideration Liability Current
BusinessCombinationContingentConsiderationLiabilityCurrent
32700000 USD
CY2020Q4 us-gaap Business Combination Contingent Consideration Liability Current
BusinessCombinationContingentConsiderationLiabilityCurrent
23900000 USD
CY2021Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
217500000 USD
CY2020Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
160600000 USD
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
95800000 USD
CY2020Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
102500000 USD
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
37500000 USD
CY2020Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
43900000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
832100000 USD
CY2021Q4 us-gaap Inventory Net
InventoryNet
350800000 USD
CY2020Q4 us-gaap Inventory Net
InventoryNet
307000000.0 USD
CY2021 us-gaap Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
41500000 USD
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1119200000 USD
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
903200000 USD
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
319100000 USD
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
259100000 USD
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
800100000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
644100000 USD
CY2021 us-gaap Depreciation
Depreciation
62200000 USD
CY2020 us-gaap Depreciation
Depreciation
50100000 USD
CY2019 us-gaap Depreciation
Depreciation
49500000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
227500000 USD
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
604600000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
832100000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
169000000.0 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
663100000 USD
CY2021 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
58500000 USD
CY2020 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
59800000 USD
CY2019 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
58700000 USD
CY2021 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P11Y10M24D
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55900000 USD
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55800000 USD
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55800000 USD
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55800000 USD
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381300000 USD
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29000000 USD
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41700000 USD
CY2020 us-gaap Goodwill Impairment Loss
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CY2020 us-gaap Goodwill Foreign Currency Translation Gain Loss
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100000 USD
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CY2020Q4 us-gaap Goodwill Gross
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41700000 USD
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CY2021 us-gaap Goodwill Impairment Loss
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41700000 USD
CY2020 us-gaap Goodwill Impairment Loss
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31600000 USD
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33800000 USD
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8500000 USD
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10700000 USD
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809400000 USD
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841000000.0 USD
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2000000 USD
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1600000 USD
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2000000 USD
CY2020Q4 us-gaap Deferred Finance Costs Net
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3500000 USD
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P4Y3M18D
CY2020Q3 ebs Debt Instrument Covenant Net Leverage Ratio Rolling Period
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P12M
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33800000 USD
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363600000 USD
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200000 USD
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0 USD
CY2021Q4 ebs Long Term Debt Maturities Repayments Of Principal In Year Five And Thereafter
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452000000.0 USD
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CY2021Q4 us-gaap Preferred Stock Shares Authorized
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15000000 shares
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0.001
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0.001
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200000000 shares
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1 vote
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250000000 USD
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P4Y3M18D
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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P3Y2M12D
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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CY2021 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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35.16
CY2020 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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21.69
CY2019 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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21.13
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15700000 USD
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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38200000 USD
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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5300000 USD
CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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60700000 USD
CY2021 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P1Y7M6D
CY2021 us-gaap Allocated Share Based Compensation Expense
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42400000 USD
CY2020 us-gaap Allocated Share Based Compensation Expense
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51000000.0 USD
CY2019 us-gaap Allocated Share Based Compensation Expense
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26700000 USD
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CY2021 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
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4000000.0 USD
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9200000 USD
CY2021 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
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12000000.0 USD
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2800000 USD
CY2020 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
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CY2020 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2021 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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9200000 USD
CY2020 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
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CY2019 us-gaap Other Comprehensive Income Loss Before Tax Portion Attributable To Parent
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CY2019 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
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-900000 USD
CY2019 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2020Q4 us-gaap Deferred Tax Liabilities Undistributed Foreign Earnings
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0 USD
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CY2020 us-gaap Current Income Tax Expense Benefit
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4300000 USD
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3300000 USD
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2100000 USD
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8400000 USD
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8900000 USD
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8600000 USD
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6500000 USD
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8200000 USD
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3900000 USD
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5600000 USD
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40900000 USD
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54600000 USD
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47600000 USD
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50400000 USD
CY2021Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
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7700000 USD
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4500000 USD
CY2021Q4 us-gaap Deferred Income Tax Liabilities
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CY2020Q4 us-gaap Deferred Income Tax Liabilities
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CY2021Q4 us-gaap Deferred Tax Liabilities
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CY2020Q4 us-gaap Deferred Tax Liabilities
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43800000 USD
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63900000 USD
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45200000 USD
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CY2019 us-gaap Income Loss Attributable To Parent
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CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2019 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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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
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CY2021 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2020 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2019 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2020 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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1500000 USD
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CY2020 us-gaap Income Tax Reconciliation Tax Credits
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CY2019 us-gaap Income Tax Reconciliation Tax Credits
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3600000 USD
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8300000 USD
CY2020 us-gaap Income Tax Reconciliation Nondeductible Expense Impairment Losses
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CY2019 us-gaap Income Tax Reconciliation Nondeductible Expense Impairment Losses
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CY2021 us-gaap Income Tax Reconciliation Prior Year Income Taxes
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300000 USD
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4700000 USD
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2900000 USD
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2200000 USD
CY2019 ebs Effective Income Tax Rate Reconciliation Compensation Limitation Amount
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1300000 USD
CY2021 us-gaap Income Tax Reconciliation Tax Contingencies
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CY2020 us-gaap Income Tax Reconciliation Tax Contingencies
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11400000 USD
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Amount
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5400000 USD
CY2019 us-gaap Effective Income Tax Rate Reconciliation Tax Cuts And Jobs Act Of2017 Amount
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3600000 USD
CY2021 ebs Effective Income Tax Rate Reconciliation Permanent Difference
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300000 USD
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CY2019 ebs Effective Income Tax Rate Reconciliation Permanent Difference
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CY2021 us-gaap Income Tax Expense Benefit
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CY2020 us-gaap Income Tax Expense Benefit
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102100000 USD
CY2019 us-gaap Income Tax Expense Benefit
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22900000 USD
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CY2020 us-gaap Effective Income Tax Rate Continuing Operations
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9800000 USD
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9200000 USD
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8800000 USD
CY2019 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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500000 USD
CY2019 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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1500000 USD
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