2020 Q1 Form 10-K Financial Statement

#000086637420000009 Filed on May 28, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2020 2019 Q1
Revenue $5.484B $24.21B $6.226B
YoY Change -11.91% -7.63% -2.88%
Cost Of Revenue $5.103B $22.68B $5.837B
YoY Change -12.57% -7.78% -2.64%
Gross Profit $365.6M $1.339B $380.3M
YoY Change -3.86% -11.79% 8.87%
Gross Profit Margin 6.67% 5.53% 6.11%
Selling, General & Admin $201.2M $834.0M $230.4M
YoY Change -12.67% -12.49% -6.76%
% of Gross Profit 55.03% 62.29% 60.58%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $222.5M $422.0M $257.8M
YoY Change -13.69% -2.63% 65.89%
% of Gross Profit 60.85% 31.52% 67.79%
Operating Expenses $183.6M $834.0M $252.6M
YoY Change -27.32% -12.49% -7.34%
Operating Profit $182.0M $415.0M $127.7M
YoY Change 42.55% -26.55% 66.49%
Interest Expense -$28.20M $7.200M -$33.60M
YoY Change -16.07% -105.45% 95.35%
% of Operating Profit -15.49% 1.73% -26.31%
Other Income/Expense, Net -$10.10M $43.00M -$4.500M
YoY Change 124.44% -6.52% -77.27%
Pretax Income $45.20M $159.0M -$36.50M
YoY Change -223.84% -12.64% -331.01%
Income Tax -$3.500M $71.00M $28.20M
% Of Pretax Income -7.74% 44.65%
Net Earnings $48.26M $88.00M -$64.35M
YoY Change -174.99% -5.38% 228.41%
Net Earnings / Revenue 0.88% 0.36% -1.03%
Basic Earnings Per Share $0.10 $0.17 -$0.12
Diluted Earnings Per Share $0.10 $0.17 -$0.12
COMMON SHARES
Basic Shares Outstanding 504.0M shares 509.0M shares 521.4M shares
Diluted Shares Outstanding 512.0M shares

Balance Sheet

Concept 2020 Q1 2020 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.923B $1.923B $1.697B
YoY Change 13.32% 13.32% 15.29%
Cash & Equivalents $1.923B $404.0M $1.697B
Short-Term Investments
Other Short-Term Assets $660.0M $660.0M $854.8M
YoY Change -22.79% -22.81% -38.08%
Inventory $3.785B $3.785B $3.723B
Prepaid Expenses
Receivables $2.436B $2.718B $2.613B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $9.086B $9.086B $9.103B
YoY Change -0.19% -0.19% -0.73%
LONG-TERM ASSETS
Property, Plant & Equipment $2.216B $2.821B $2.336B
YoY Change -5.15% 20.76% 4.32%
Goodwill $1.065B $1.073B
YoY Change -0.75% -4.3%
Intangibles $262.0M $331.0M
YoY Change -20.84% -22.01%
Long-Term Investments $128.1M $128.0M $294.1M
YoY Change -56.44% -56.46% -28.46%
Other Assets $456.0M $327.0M $655.7M
YoY Change -30.45% -9.67% -13.77%
Total Long-Term Assets $4.604B $4.604B $4.396B
YoY Change 4.73% 4.73% -3.29%
TOTAL ASSETS
Total Short-Term Assets $9.086B $9.086B $9.103B
Total Long-Term Assets $4.604B $4.604B $4.396B
Total Assets $13.69B $13.69B $13.50B
YoY Change 1.41% 1.41% -1.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.108B $5.108B $5.147B
YoY Change -0.76% -0.76% 0.49%
Accrued Expenses $478.0M $478.0M $392.0M
YoY Change 21.94% 21.94% 2.35%
Deferred Revenue $361.5M $271.8M
YoY Change 33.0% -17.39%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $149.0M $149.0M $632.6M
YoY Change -76.45% -76.46% 1370.81%
Total Short-Term Liabilities $7.211B $7.211B $7.598B
YoY Change -5.09% -5.09% 4.53%
LONG-TERM LIABILITIES
Long-Term Debt $2.689B $2.689B $2.422B
YoY Change 11.03% 11.02% -16.42%
Other Long-Term Liabilities $430.0M $958.0M $507.6M
YoY Change -15.29% 88.58% -4.51%
Total Long-Term Liabilities $3.119B $3.647B $2.929B
YoY Change 6.47% 24.47% -14.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.211B $7.211B $7.598B
Total Long-Term Liabilities $3.119B $3.647B $2.929B
Total Liabilities $10.33B $10.86B $10.53B
YoY Change -1.87% 3.14% -1.59%
SHAREHOLDERS EQUITY
Retained Earnings -$2.902B -$3.012B
YoY Change -3.65% -4.2%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $388.0M $388.2M
YoY Change -0.06% 0.0%
Treasury Stock Shares 50.24M shares 50.24M shares
Shareholders Equity $2.831B $2.831B $2.972B
YoY Change
Total Liabilities & Shareholders Equity $13.69B $13.69B $13.50B
YoY Change 1.41% 1.41% -1.58%

Cashflow Statement

Concept 2020 Q1 2020 2019 Q1
OPERATING ACTIVITIES
Net Income $48.26M $88.00M -$64.35M
YoY Change -174.99% -5.38% 228.41%
Depreciation, Depletion And Amortization $222.5M $422.0M $257.8M
YoY Change -13.69% -2.63% 65.89%
Cash From Operating Activities $166.0M -$1.533B -$642.4M
YoY Change -125.84% -48.4% -15.33%
INVESTING ACTIVITIES
Capital Expenditures -$85.90M $462.0M -$133.5M
YoY Change -35.66% -36.36% 3.41%
Acquisitions $1.000M
YoY Change -92.31%
Other Investing Activities $104.0M -$67.00M $915.2M
YoY Change -88.64% 48.89% -15.59%
Cash From Investing Activities $17.90M $2.279B $781.7M
YoY Change -97.71% -29.94% -18.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $260.0M
YoY Change 37.57%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -46.60M -$508.0M 50.90M
YoY Change -191.55% 1593.33% -453.47%
NET CHANGE
Cash From Operating Activities 166.0M -$1.533B -642.4M
Cash From Investing Activities 17.90M $2.279B 781.7M
Cash From Financing Activities -46.60M -$508.0M 50.90M
Net Change In Cash 137.3M $226.0M 190.2M
YoY Change -27.81% 0.44% 4.51%
FREE CASH FLOW
Cash From Operating Activities $166.0M -$1.533B -$642.4M
Capital Expenditures -$85.90M $462.0M -$133.5M
Free Cash Flow $251.9M -$1.995B -$508.9M
YoY Change -149.5% -46.04% -19.17%

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76032000 USD
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71546000 USD
CY2020 flex Cumulative Effectof New Accounting Principles And Other Effects On Opening Equity
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21583000 USD
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CY2020Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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87579000 USD
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93399000 USD
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428534000 USD
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CY2019 us-gaap Other Noncash Income Expense
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81346000 USD
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0 USD
CY2019 us-gaap Deconsolidation Gain Or Loss Amount
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86614000 USD
CY2018 us-gaap Deconsolidation Gain Or Loss Amount
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151574000 USD
CY2020 flex Cash Flow Impact Income Tax Expense Benefit
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6476000 USD
CY2019 flex Cash Flow Impact Income Tax Expense Benefit
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-13856000 USD
CY2018 flex Cash Flow Impact Income Tax Expense Benefit
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66462000 USD
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360152000 USD
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19345000 USD
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CY2020 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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1390000 USD
CY2020 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2019 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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CY2020 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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3402000 USD
CY2019 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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CY2020 flex Proceeds From Collection Of Deferred Purchase Price Receivables
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2565555000 USD
CY2019 flex Proceeds From Collection Of Deferred Purchase Price Receivables
ProceedsFromCollectionOfDeferredPurchasePriceReceivables
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CY2018 flex Proceeds From Collection Of Deferred Purchase Price Receivables
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CY2019 us-gaap Net Cash Provided By Used In Investing Activities
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3199460000 USD
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CY2019 us-gaap Proceeds From Payments For Other Financing Activities
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19643000 USD
CY2018 us-gaap Proceeds From Payments For Other Financing Activities
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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CY2019 us-gaap Net Cash Provided By Used In Financing Activities
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CY2018 us-gaap Net Cash Provided By Used In Financing Activities
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CY2019 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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226061000 USD
CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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224201000 USD
CY2018 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1696625000 USD
CY2018Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1472424000 USD
CY2017Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1830675000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1922686000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1696625000 USD
CY2018Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1472424000 USD
CY2020 us-gaap Use Of Estimates
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<div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP" or "GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Estimates are used in accounting for, among other things: allowances for doubtful accounts; inventory write-downs; valuation allowances for deferred tax assets; uncertain tax positions; valuation and useful lives of long-lived assets including property, equipment, intangible assets and goodwill; valuation of investments in privately held companies; asset impairments; fair values of financial instruments including highly liquid investments, notes receivable and derivative instruments; restructuring charges; contingencies; warranty provisions; incremental borrowing rate in determining the present value of lease payments; accruals for potential price adjustments arising from customer contracts; fair values of assets obtained and liabilities assumed in business combinations and the fair values of stock options and restricted share unit awards granted under the Company's stock-based compensation plans. Due to the COVID-19 pandemic, there has been and will continue to be uncertainty and disruption in the global economy and financial markets. The Company has made estimates and assumptions taking into consideration certain possible impacts due to COVID-19. These estimates may change, as new events occur, and additional information is obtained. Actual results may differ from previously estimated amounts, and such differences may be material to the consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period they occur.</span></div>
CY2020 us-gaap Provision For Doubtful Accounts
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23732000 USD
CY2020 us-gaap Concentration Risk Credit Risk
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<div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Concentration of Credit Risk</span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">Financial instruments which potentially subject the Company to concentrations of credit risk are primarily accounts receivable, derivative instruments, and cash and cash equivalents.</span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:26px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Customer Credit Risk</span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-indent:32px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Company has an established customer credit policy, through which it manages customer credit exposures through credit evaluations, credit limit setting, monitoring, and enforcement of credit limits for new and existing customers. The Company performs ongoing credit evaluations of its customers' financial condition and makes provisions for doubtful accounts based on the outcome of those credit evaluations. The Company evaluates the collectability of its accounts receivable based on specific customer circumstances, current economic trends, historical experience with collections and the age of past due receivables. To the extent the Company identifies exposures as a result of credit or customer evaluations, the Company also reviews other customer related exposures, including but not limited to inventory and related contractual obligations.</span></div>
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8225000 USD
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CY2018Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2019 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2019Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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3449377000 USD
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2215991000 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
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CY2020 us-gaap Depreciation
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422400000 USD
CY2019 us-gaap Depreciation
Depreciation
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4 segment
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0 USD
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59798000 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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CY2020Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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258177000 USD
CY2020Q1 us-gaap Finite Lived Intangible Assets Net
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262418000 USD
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240915000 USD
CY2019Q1 us-gaap Finite Lived Intangible Assets Net
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330995000 USD
CY2020 us-gaap Amortization Of Intangible Assets
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64100000 USD
CY2019 us-gaap Amortization Of Intangible Assets
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74400000 USD
CY2018 us-gaap Amortization Of Intangible Assets
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CY2020Q1 flex Finite Lived Intangible Assets Removed Due To Fully Amortized
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43400000 USD
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27796000 USD
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262418000 USD
CY2020Q1 flex Trade Receivables Deferred Purchase Price Heldforsale Amount
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0 USD
CY2020Q1 us-gaap Equity Method Investments
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CY2019Q1 us-gaap Equity Method Investments
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294100000 USD
CY2020 us-gaap Equity Method Investment Other Than Temporary Impairment
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98000000 USD
CY2019 us-gaap Restructuring Settlement And Impairment Provisions
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CY2020 flex Inventory Impairmentand Other
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84000000 USD
CY2020Q1 us-gaap Contract With Customer Liability
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361500000 USD
CY2019Q1 us-gaap Contract With Customer Liability
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CY2020Q1 us-gaap Operating Lease Liability Current
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CY2020 us-gaap Operating Lease Cost
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CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P7Y10M24D
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2020 us-gaap Operating Lease Payments
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CY2020 flex Sales Leaseback Transaction Net Proceeds
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CY2020 us-gaap Sale And Leaseback Transaction Gain Loss Net
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32700000 USD
CY2019 flex Sales Leaseback Transaction Net Proceeds
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67600000 USD
CY2019 us-gaap Sale And Leaseback Transaction Gain Loss Net
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22000000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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67772000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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253768000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
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756975000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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1
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22180000 USD
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4277000 USD
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0 USD
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2047000 USD
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1741000 USD
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7500000 USD
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49637000 USD
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57939000 USD
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7442000 USD
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4797000 USD
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207910000 USD
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2083082000 USD
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204120000 USD
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209881000 USD
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164611000 USD
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70861000 USD
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1400000000 USD
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24052000 USD
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5575000 USD
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3162000 USD
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15432000 USD
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18355000 USD
CY2019 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
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14786000 USD
CY2020 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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0 USD
CY2019 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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