2021 Q4 Form 10-Q Financial Statement

#000109980021000027 Filed on October 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $1.330B $1.310B $1.141B
YoY Change 11.58% 14.84% 4.29%
Cost Of Revenue $309.5M $311.7M $281.0M
YoY Change 4.45% 10.93% -3.9%
Gross Profit $1.020B $998.5M $859.9M
YoY Change 13.94% 16.12% 7.27%
Gross Profit Margin 76.72% 76.21% 75.37%
Selling, General & Admin $424.0M $364.4M $307.2M
YoY Change 25.26% 18.62% 0.33%
% of Gross Profit 41.56% 36.49% 35.73%
Research & Development $232.8M $238.0M $195.5M
YoY Change 18.96% 21.74% 0.0%
% of Gross Profit 22.82% 23.84% 22.74%
Depreciation & Amortization $33.00M $33.60M $25.60M
YoY Change 1.23% 31.25% 10.82%
% of Gross Profit 3.23% 3.37% 2.98%
Operating Expenses $638.7M $602.4M $502.7M
YoY Change 18.41% 19.83% 0.2%
Operating Profit $381.5M $390.3M $357.8M
YoY Change 7.16% 9.08% 21.58%
Interest Expense $1.600M $400.0K $6.100M
YoY Change -68.0% -93.44% -42.99%
% of Operating Profit 0.42% 0.1% 1.7%
Other Income/Expense, Net $300.0K $1.400M $5.700M
YoY Change -200.0% -75.44% 23.91%
Pretax Income $376.3M $390.9M $364.3M
YoY Change 5.67% 7.3% 20.75%
Income Tax $41.00M $50.80M $39.10M
% Of Pretax Income 10.9% 13.0% 10.73%
Net Earnings $335.3M $340.1M $325.2M
YoY Change 8.34% 4.58% 18.38%
Net Earnings / Revenue 25.22% 25.96% 28.5%
Basic Earnings Per Share $0.55 $0.52
Diluted Earnings Per Share $530.7K $0.54 $0.52
COMMON SHARES
Basic Shares Outstanding 624.3M shares 623.6M shares 622.1M shares
Diluted Shares Outstanding 631.7M shares 631.0M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.467B $1.795B $1.295B
YoY Change 4.58% 38.55% -4.54%
Cash & Equivalents $862.8M $1.507B $1.024B
Short-Term Investments $604.0M $287.8M $271.3M
Other Short-Term Assets $237.1M $241.9M $171.5M
YoY Change 13.88% 41.05% 18.77%
Inventory $726.7M $737.8M $773.3M
Prepaid Expenses $85.20M $76.90M $68.60M
Receivables $582.2M $600.6M $549.7M
Other Receivables $82.70M $63.60M $122.0M
Total Short-Term Assets $3.181B $3.516B $2.980B
YoY Change 2.9% 17.95% 8.79%
LONG-TERM ASSETS
Property, Plant & Equipment $1.547B $1.465B $1.276B
YoY Change 10.85% 14.75% 31.09%
Goodwill $1.168B $1.170B $1.170B
YoY Change -0.45% 0.03% 1.16%
Intangibles $323.6M $325.3M $332.4M
YoY Change -2.35% -2.14% -12.78%
Long-Term Investments $8.400M $8.400M $5.500M
YoY Change 47.37% 52.73% -20.29%
Other Assets $110.8M $133.7M $138.0M
YoY Change -7.36% -3.12% 37.72%
Total Long-Term Assets $5.322B $4.645B $3.820B
YoY Change 28.36% 21.58% 18.4%
TOTAL ASSETS
Total Short-Term Assets $3.181B $3.516B $2.980B
Total Long-Term Assets $5.322B $4.645B $3.820B
Total Assets $8.503B $8.160B $6.801B
YoY Change 17.49% 19.99% 13.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $204.5M $139.5M $162.5M
YoY Change 4.07% -14.15% 19.57%
Accrued Expenses $714.2M $721.7M $573.8M
YoY Change 23.41% 25.78% -3.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.032B $966.5M $846.3M
YoY Change 15.48% 14.2% 9.09%
LONG-TERM LIABILITIES
Long-Term Debt $595.7M $595.5M $594.9M
YoY Change 0.12% 0.1% 0.12%
Other Long-Term Liabilities $267.3M $275.5M $484.0M
YoY Change 5.9% -43.08% 202.69%
Total Long-Term Liabilities $863.0M $871.0M $1.079B
YoY Change 1.84% -19.27% 43.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.032B $966.5M $846.3M
Total Long-Term Liabilities $863.0M $871.0M $1.079B
Total Liabilities $2.667B $2.619B $1.925B
YoY Change 0.15% 36.04% 25.84%
SHAREHOLDERS EQUITY
Retained Earnings $6.068B $5.733B $4.256B
YoY Change 32.93% 34.72% 22.94%
Common Stock $2.342B $2.284B $2.017B
YoY Change 12.91% 13.27% 12.79%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.417B $2.320B $1.904B
YoY Change 26.93% 21.88% 48.89%
Treasury Stock Shares 17.90M shares 17.00M shares 12.10M shares
Shareholders Equity $5.836B $5.541B $4.210B
YoY Change
Total Liabilities & Shareholders Equity $8.503B $8.160B $6.801B
YoY Change 17.49% 19.99% 13.99%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $335.3M $340.1M $325.2M
YoY Change 8.34% 4.58% 18.38%
Depreciation, Depletion And Amortization $33.00M $33.60M $25.60M
YoY Change 1.23% 31.25% 10.82%
Cash From Operating Activities $373.6M $531.9M $216.1M
YoY Change -6.6% 146.14% -50.58%
INVESTING ACTIVITIES
Capital Expenditures -$93.80M -$60.70M -$103.3M
YoY Change -17.36% -41.24% 35.74%
Acquisitions
YoY Change
Other Investing Activities -$872.1M -$316.7M -$23.00M
YoY Change 495.7% 1276.96% -136.28%
Cash From Investing Activities -$965.9M -$377.4M -$126.3M
YoY Change 271.64% 198.81% 894.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -62.00M 39.00M 34.00M
YoY Change -249.76% 14.71% -1.16%
NET CHANGE
Cash From Operating Activities 373.6M 531.9M 216.1M
Cash From Investing Activities -965.9M -377.4M -126.3M
Cash From Financing Activities -62.00M 39.00M 34.00M
Net Change In Cash -654.3M 193.5M 123.8M
YoY Change -460.5% 56.3% -73.03%
FREE CASH FLOW
Cash From Operating Activities $373.6M $531.9M $216.1M
Capital Expenditures -$93.80M -$60.70M -$103.3M
Free Cash Flow $467.4M $592.6M $319.4M
YoY Change -8.98% 85.54% -37.79%

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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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631000000.0 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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628800000 shares
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CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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325200000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2020Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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18300000 USD
CY2020Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
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us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
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45200000 USD
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
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100000 USD
CY2020Q3 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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0 USD
us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
100000 USD
CY2021Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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6300000 USD
CY2021Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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CY2020Q3 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
-100000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
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-200000 USD
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OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
4200000 USD
CY2020Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
5700000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2020Q3 us-gaap Comprehensive Income Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
1173500000 USD
us-gaap Comprehensive Income Net Of Tax
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512000000.0 USD
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1167800000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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513900000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
101800000 USD
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
74600000 USD
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OperatingLeaseRightOfUseAssetAmortization
21400000 USD
ew Operating Lease Right Of Use Asset Amortization
OperatingLeaseRightOfUseAssetAmortization
20700000 USD
us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
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us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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8400000 USD
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-20100000 USD
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
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us-gaap Other Noncash Income Expense
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us-gaap Other Noncash Income Expense
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us-gaap Increase Decrease In Accounts And Other Receivables
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Inventories
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118200000 USD
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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us-gaap Increase Decrease In Accrued Income Taxes Payable
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29000000.0 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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18500000 USD
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us-gaap Increase Decrease In Other Operating Capital Net
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18600000 USD
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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PaymentsToAcquireHeldToMaturitySecurities
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us-gaap Payments To Acquire Held To Maturity Securities
PaymentsToAcquireHeldToMaturitySecurities
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70000000.0 USD
us-gaap Proceeds From Sale And Maturity Of Held To Maturity Securities
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212200000 USD
us-gaap Payments To Acquire Available For Sale Securities Debt
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us-gaap Payments To Acquire Available For Sale Securities Debt
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us-gaap Other Payments To Acquire Businesses
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10000000.0 USD
us-gaap Increase Decrease In Notes Receivables
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3600000 USD
us-gaap Increase Decrease In Notes Receivables
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26500000 USD
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10000000.0 USD
us-gaap Proceeds From Collection Of Notes Receivable
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Proceeds From Issuance Of Long Term Debt
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12300000 USD
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us-gaap Repayments Of Long Term Debt And Capital Securities
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Proceeds From Stock Plans
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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28200000 USD
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26600000 USD
CY2021Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
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CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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24800000 USD
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CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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CY2020Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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CY2020Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
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CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain reclassifications have been made to the prior year's consolidated condensed financial statements to conform to the current year presentation.</span></div><div style="text-indent:22.5pt"><span><br/></span></div><div style="text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">There have been no material changes to the Company's significant accounting policies from those described in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.</span></div>
CY2021Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
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CY2020Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
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CY2021Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
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InventoryWorkInProcessNetOfReserves
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CY2020Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2020Q4 us-gaap Inventory Net
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66600000 USD
CY2020Q4 ew Accrual For Property Payroll And Other Taxes Other Than Income Taxes Current
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49700000 USD
CY2021Q3 ew Research And Development Accruals
ResearchAndDevelopmentAccruals
64800000 USD
CY2020Q4 ew Research And Development Accruals
ResearchAndDevelopmentAccruals
52300000 USD
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82600000 USD
CY2020Q4 ew Accrued Rebates
AccruedRebates
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CY2020Q4 ew Accrued Litigation And Insurance Reserves
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17100000 USD
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14300000 USD
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CY2020Q4 ew Accrued And Other Liabilities Current
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us-gaap Operating Lease Payments
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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30700000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
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20100000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
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NotesReceivableConvertedToEquityInvestment
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NotesReceivableConvertedToEquityInvestment
4500000 USD
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CashAndCashEquivalentsAtCarryingValue
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16600000 USD
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CY2020Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
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1519900000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1200200000 USD
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1400700000 USD
CY2021Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
6200000 USD
CY2021Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
2100000 USD
CY2021Q3 us-gaap Available For Sale Securities Debt Securities
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1404800000 USD
CY2020Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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924300000 USD
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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