2012 Q1 Form 10-Q Financial Statement

#000103129612000021 Filed on May 01, 2012

View on sec.gov

Income Statement

Concept 2012 Q1 2011 Q1
Revenue $3.990B $3.576B
YoY Change 11.58% 8.4%
Cost Of Revenue $1.259B $1.186B
YoY Change 6.16% -4.2%
Gross Profit $2.731B $2.390B
YoY Change 14.27% 15.96%
Gross Profit Margin 68.45% 66.83%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $278.0M $220.0M
YoY Change 26.36% 13.99%
% of Gross Profit 10.18% 9.21%
Operating Expenses $1.985B $2.040B
YoY Change -2.7% 24.01%
Operating Profit $740.0M $350.0M
YoY Change 111.43% -15.87%
Interest Expense $246.0M -$192.0M
YoY Change -228.13% 23.08%
% of Operating Profit 33.24% -54.86%
Other Income/Expense, Net -$218.0M -$192.0M
YoY Change 13.54%
Pretax Income $528.0M $158.0M
YoY Change 234.18% -39.23%
Income Tax $220.0M $111.0M
% Of Pretax Income 41.67% 70.25%
Net Earnings $306.0M $52.00M
YoY Change 488.46% -66.45%
Net Earnings / Revenue 7.67% 1.45%
Basic Earnings Per Share $0.73 $0.15
Diluted Earnings Per Share $0.73 $0.15
COMMON SHARES
Basic Shares Outstanding 418.0M shares 342.0M shares
Diluted Shares Outstanding 420.0M shares 343.0M shares

Balance Sheet

Concept 2012 Q1 2011 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $74.00M $1.101B
YoY Change -93.28% 255.16%
Cash & Equivalents $74.00M $1.101B
Short-Term Investments
Other Short-Term Assets $182.0M $828.0M
YoY Change -78.02% 84.0%
Inventory $927.0M $852.0M
Prepaid Expenses
Receivables $1.449B $1.636B
Other Receivables $286.0M $229.0M
Total Short-Term Assets $3.477B $4.646B
YoY Change -25.16% 62.79%
LONG-TERM ASSETS
Property, Plant & Equipment $30.57B $29.15B
YoY Change 4.88% 50.57%
Goodwill $6.444B $6.507B
YoY Change -0.97%
Intangibles
YoY Change
Long-Term Investments $1.347B $1.063B
YoY Change 26.72% -3.71%
Other Assets $1.716B $5.410B
YoY Change -68.28% 7.34%
Total Long-Term Assets $10.17B $43.92B
YoY Change -76.85% 40.66%
TOTAL ASSETS
Total Short-Term Assets $3.477B $4.646B
Total Long-Term Assets $10.17B $43.92B
Total Assets $47.69B $48.57B
YoY Change -1.8% 42.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $918.0M $1.080B
YoY Change -15.0% 39.9%
Accrued Expenses $258.0M $312.0M
YoY Change -17.31%
Deferred Revenue
YoY Change
Short-Term Debt $1.075B $486.0M
YoY Change 121.19% -45.15%
Long-Term Debt Due $1.772B $1.385B
YoY Change 27.94% -22.32%
Total Short-Term Liabilities $5.773B $5.162B
YoY Change 11.84% 5.65%
LONG-TERM LIABILITIES
Long-Term Debt $15.53B $17.54B
YoY Change -11.45% 48.01%
Other Long-Term Liabilities $2.011B $7.648B
YoY Change -73.71% 23.2%
Total Long-Term Liabilities $13.05B $25.18B
YoY Change -48.17% 39.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.773B $5.162B
Total Long-Term Liabilities $13.05B $25.18B
Total Liabilities $18.83B $35.14B
YoY Change -46.42% 37.62%
SHAREHOLDERS EQUITY
Retained Earnings $3.122B
YoY Change
Common Stock $9.754B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.32B $12.73B
YoY Change
Total Liabilities & Shareholders Equity $47.69B $47.87B
YoY Change -0.37% 40.46%

Cashflow Statement

Concept 2012 Q1 2011 Q1
OPERATING ACTIVITIES
Net Income $306.0M $52.00M
YoY Change 488.46% -66.45%
Depreciation, Depletion And Amortization $278.0M $220.0M
YoY Change 26.36% 13.99%
Cash From Operating Activities -$413.0M $491.0M
YoY Change -184.11% -2.96%
INVESTING ACTIVITIES
Capital Expenditures -$589.0M -$449.0M
YoY Change 31.18% -26.27%
Acquisitions
YoY Change
Other Investing Activities $8.000M $23.00M
YoY Change -65.22% -82.71%
Cash From Investing Activities -$534.0M $141.0M
YoY Change -478.72% -129.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $16.00M $359.0M
YoY Change -95.54%
Cash From Financing Activities $819.0M -$550.0M
YoY Change -248.91% -7.41%
NET CHANGE
Cash From Operating Activities -$413.0M $491.0M
Cash From Investing Activities -$534.0M $141.0M
Cash From Financing Activities $819.0M -$550.0M
Net Change In Cash -$128.0M $82.00M
YoY Change -256.1% -114.54%
FREE CASH FLOW
Cash From Operating Activities -$413.0M $491.0M
Capital Expenditures -$589.0M -$449.0M
Free Cash Flow $176.0M $940.0M
YoY Change -81.28% -15.7%

Facts In Submission

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CY2011Q1 us-gaap Payments Of Dividends Common Stock
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PaymentsToAcquireAvailableForSaleSecurities
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CY2012Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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CY2011Q1 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent
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CY2012Q1 us-gaap Pension Contributions
PensionContributions
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CY2011Q1 us-gaap Pension Contributions
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CY2011Q4 us-gaap Prepaid Taxes
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CY2012Q1 us-gaap Prepaid Taxes
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CY2012Q1 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2011Q1 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
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CY2011Q1 us-gaap Proceeds From Payments For Other Financing Activities
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CY2012Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
251000000 USD
CY2011Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
969000000 USD
CY2011Q1 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
0 USD
CY2012Q1 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
1075000000 USD
CY2011Q1 us-gaap Profit Loss
ProfitLoss
47000000 USD
CY2012Q1 us-gaap Profit Loss
ProfitLoss
306000000 USD
CY2011Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2012Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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PropertyPlantAndEquipmentNet
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PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
18000000 USD
CY2012Q1 us-gaap Public Utilities Allowance For Funds Used During Construction Additions
PublicUtilitiesAllowanceForFundsUsedDuringConstructionAdditions
17000000 USD
CY2012Q1 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
2006000000 USD
CY2011Q4 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
2030000000 USD
CY2012Q1 us-gaap Repayments Of Long Term Debt
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CY2011Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
359000000 USD
CY2011Q1 us-gaap Repayments Of Short Term Debt
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214000000 USD
CY2012Q1 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
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CY2011Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
3047000000 USD
CY2012Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2012Q1 us-gaap Revenues From External Customers
RevenuesFromExternalCustomers
4076000000 USD
CY2011Q1 us-gaap Revenues From External Customers
RevenuesFromExternalCustomers
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CY2011Q1 us-gaap Revenues From Transactions With Other Operating Segments Of Same Entity
RevenuesFromTransactionsWithOtherOperatingSegmentsOfSameEntity
32000000 USD
CY2012Q1 us-gaap Revenues From Transactions With Other Operating Segments Of Same Entity
RevenuesFromTransactionsWithOtherOperatingSegmentsOfSameEntity
2000000 USD
CY2012Q1 us-gaap Sale Leaseback Transaction Deferred Gain Net
SaleLeasebackTransactionDeferredGainNet
917000000 USD
CY2011Q4 us-gaap Sale Leaseback Transaction Deferred Gain Net
SaleLeasebackTransactionDeferredGainNet
925000000 USD
CY2011Q1 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2012Q1 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2012Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
1075000000 USD
CY2011Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
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CY2012Q1 us-gaap Stock Issued1
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CY2011Q1 us-gaap Stock Issued1
StockIssued1
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CY2011Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2012Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2012Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
13339000000 USD
CY2011Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2011Q1 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
237000000 USD
CY2012Q1 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
272000000 USD
CY2011Q1 us-gaap Unrealized Gain Loss On Commodity Contracts
UnrealizedGainLossOnCommodityContracts
25000000 USD
CY2012Q1 us-gaap Unrealized Gain Loss On Commodity Contracts
UnrealizedGainLossOnCommodityContracts
64000000 USD
CY2012Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
45000000 USD
CY2012Q1 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
12000000 USD
CY2011Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
11000000 USD
CY2012Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
10000000 USD
CY2011Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
343000000 shares
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
420000000 shares
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
418000000 shares
CY2011Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
342000000 shares
CY2011Q4 fe Adverse Power Contract Liability
AdversePowerContractLiability
469000000 USD
CY2012Q1 fe Adverse Power Contract Liability
AdversePowerContractLiability
458000000 USD
CY2011Q4 fe Cash Receivables Payables Deferred Taxes Accrued Income Balance Excluded From Available For Sale Securities
CashReceivablesPayablesDeferredTaxesAccruedIncomeBalanceExcludedFromAvailableForSaleSecurities
164000000 USD
CY2012Q1 fe Cash Receivables Payables Deferred Taxes Accrued Income Balance Excluded From Available For Sale Securities
CashReceivablesPayablesDeferredTaxesAccruedIncomeBalanceExcludedFromAvailableForSaleSecurities
160000000 USD
CY2012Q1 fe Change In Effective Tax Rate As Result Of Non Deductible Portion Of Merger Transaction And Integration Costs
ChangeInEffectiveTaxRateAsResultOfNonDeductiblePortionOfMergerTransactionAndIntegrationCosts
30000000 USD
CY2012Q1 fe Commitment Period By Developed Countries To Provide Funds Years
CommitmentPeriodByDevelopedCountriesToProvideFundsYears
P3Y
CY2009Q4 fe Customer Power Loss Period
CustomerPowerLossPeriod
P11H
CY2012Q1 fe Decrease Net Income Due To Adverse Change In Commodity Prices
DecreaseNetIncomeDueToAdverseChangeInCommodityPrices
2000000 USD
CY2011Q1 fe Deferred Rents And Lease Market Valuation Liability
DeferredRentsAndLeaseMarketValuationLiability
15000000 USD
CY2012Q1 fe Deferred Rents And Lease Market Valuation Liability
DeferredRentsAndLeaseMarketValuationLiability
23000000 USD
CY2011Q1 fe Derivative Instruments Not Designated As Hedging Instruments Additions Or Change In Value Of Existing Contracts
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CY2012Q1 fe Derivative Instruments Not Designated As Hedging Instruments Additions Or Change In Value Of Existing Contracts
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAdditionsOrChangeInValueOfExistingContracts
-80000000 USD
CY2012Q1 fe Derivative Instruments Not Designated As Hedging Instruments Settled Contracts
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsSettledContracts
76000000 USD
CY2011Q1 fe Derivative Instruments Not Designated As Hedging Instruments Settled Contracts
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsSettledContracts
62000000 USD
CY2010Q4 fe Derivatives Not Designated As Hedging Instruments At Fair Value Net
DerivativesNotDesignatedAsHedgingInstrumentsAtFairValueNet
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CY2011Q1 fe Derivatives Not Designated As Hedging Instruments At Fair Value Net
DerivativesNotDesignatedAsHedgingInstrumentsAtFairValueNet
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CY2012Q1 fe Derivatives Not Designated As Hedging Instruments At Fair Value Net
DerivativesNotDesignatedAsHedgingInstrumentsAtFairValueNet
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CY2011Q4 fe Derivatives Not Designated As Hedging Instruments At Fair Value Net
DerivativesNotDesignatedAsHedgingInstrumentsAtFairValueNet
-301000000 USD
CY2012Q1 fe Expected Adverse Change In Quoted Market Prices Derivative Instruments
ExpectedAdverseChangeInQuotedMarketPricesDerivativeInstruments
0.10
CY2012Q1 fe Grace Period
GracePeriod
P30M
CY2012Q1 fe Income Tax Expense Benefit Purchase Accounting Adjustment
IncomeTaxExpenseBenefitPurchaseAccountingAdjustment
20000000 USD
CY2012Q1 fe Investment In Variable Interest Entities
InvestmentInVariableInterestEntities
0 USD
CY2011Q1 fe Investment Income From Trusts
InvestmentIncomeFromTrusts
24000000 USD
CY2012Q1 fe Investment Income From Trusts
InvestmentIncomeFromTrusts
15000000 USD
CY2012Q1 fe Investments Excludes Receivables Payables Deferred Taxes And Accrued Income
InvestmentsExcludesReceivablesPayablesDeferredTaxesAndAccruedIncome
2000000 USD
CY2011Q4 fe Investments Excludes Receivables Payables Deferred Taxes And Accrued Income
InvestmentsExcludesReceivablesPayablesDeferredTaxesAndAccruedIncome
-52000000 USD
CY2012Q1 fe Investments Not Required To Be Disclosed
InvestmentsNotRequiredToBeDisclosed
689000000 USD
CY2011Q4 fe Investments Not Required To Be Disclosed
InvestmentsNotRequiredToBeDisclosed
693000000 USD
CY2012Q1 fe Losses To Be Amortized To Interest Expenses During Next Twelve Months
LossesToBeAmortizedToInterestExpensesDuringNextTwelveMonths
7000000 USD
CY2012Q1 fe Net Plant Excluding Construction Work In Progress
NetPlantExcludingConstructionWorkInProgress
28501000000 USD
CY2011Q4 fe Net Plant Excluding Construction Work In Progress
NetPlantExcludingConstructionWorkInProgress
28283000000 USD
CY2012Q1 fe Number Of Existing Utility Operating Companies
NumberOfExistingUtilityOperatingCompanies
10 Companies
CY2012Q1 fe Number Of Variable Interest Contracts
NumberOfVariableInterestContracts
3 contracts
CY2012Q1 fe Number Of Variable Interest Contracts
NumberOfVariableInterestContracts
3 entities
CY2012Q1 fe Operating Lease Commitments Net Present Value
OperatingLeaseCommitmentsNetPresentValue
1600000000 USD
CY2012Q1 fe Period In Which Lses May Request Direct Allocation Of Ftrs
PeriodInWhichLsesMayRequestDirectAllocationOfFtrs
P2Y
CY2012Q1 fe Reclassifications From Accumulated Other Comprehensive Loss Into Other Operating Expense
ReclassificationsFromAccumulatedOtherComprehensiveLossIntoOtherOperatingExpense
5000000 USD
CY2011Q1 fe Reclassifications From Accumulated Other Comprehensive Loss Into Other Operating Expense
ReclassificationsFromAccumulatedOtherComprehensiveLossIntoOtherOperatingExpense
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CY2012Q1 fe Regional Enforcement Entities
RegionalEnforcementEntities
8 entities
CY2012Q1 fe Reportable Operating Segments
ReportableOperatingSegments
3 Segments
CY2007Q3 fe Sale And Leaseback Transactions Of Undivided Interest
SaleAndLeasebackTransactionsOfUndividedInterest
0.93825
CY2012Q1 fe Surety Bonds And Related Guarantees
SuretyBondsAndRelatedGuarantees
151000000 USD
CY2012Q1 fe Unamortized Gains Included In Long Term Debt Associated With Prior Fixed For Floating Interest Rate Swap Agreements
UnamortizedGainsIncludedInLongTermDebtAssociatedWithPriorFixedForFloatingInterestRateSwapAgreements
96000000 USD
CY2012Q1 fe Unamortized Gains Or Losses Associated With Designated Cash Flow Hedges
UnamortizedGainsOrLossesAssociatedWithDesignatedCashFlowHedges
14000000 USD
CY2011Q4 fe Unamortized Gains Or Losses Associated With Designated Cash Flow Hedges
UnamortizedGainsOrLossesAssociatedWithDesignatedCashFlowHedges
19000000 USD
CY2012Q1 fe Unamortized Losses Associated With Prior Interest Rate Hedges
UnamortizedLossesAssociatedWithPriorInterestRateHedges
77000000 USD
CY2012Q1 dei Amendment Flag
AmendmentFlag
false
CY2012Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2012Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2012Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
CY2012Q1 dei Document Period End Date
DocumentPeriodEndDate
2012-03-31
CY2012Q1 dei Document Type
DocumentType
10-Q
CY2012Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001031296
CY2012Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
418216437 shares
CY2012Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2012Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2012Q1 dei Entity Registrant Name
EntityRegistrantName
FIRSTENERGY CORP
CY2012Q1 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2012Q1 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes

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