2021 Q4 Form 10-K Financial Statement

#000079395222000014 Filed on February 25, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $1.016B $5.336B $725.2M
YoY Change 40.16% 31.62% -32.37%
Cost Of Revenue $700.9M $3.243B $480.7M
YoY Change 45.8% 33.15% -31.86%
Gross Profit $315.6M $2.093B $244.5M
YoY Change 29.07% 29.31% -33.34%
Gross Profit Margin 31.05% 39.22% 33.71%
Selling, General & Admin $300.5M $1.048B $316.6M
YoY Change -5.08% -0.23% 0.89%
% of Gross Profit 95.23% 50.08% 129.49%
Research & Development $175.1M
YoY Change -13.49%
% of Gross Profit 8.37%
Depreciation & Amortization $42.70M $165.2M $45.60M
YoY Change -6.36% -11.05% -21.24%
% of Gross Profit 13.53% 7.89% 18.65%
Operating Expenses $320.6M $1.223B $320.0M
YoY Change 0.19% -2.37% -9.53%
Operating Profit -$5.059M $823.4M -$75.50M
YoY Change -93.3% 8407.48% -676.34%
Interest Expense -$5.400M $30.97M -$3.300M
YoY Change 63.64% -0.48% -2.94%
% of Operating Profit 3.76%
Other Income/Expense, Net $18.25M $20.08M -$2.300M
YoY Change -893.52% -1186.36% -148.94%
Pretax Income $5.544M $819.2M -$125.3M
YoY Change -104.42% -5308.12% -1014.6%
Income Tax -$16.02M $169.2M -$28.90M
% Of Pretax Income -289.02% 20.65%
Net Earnings $21.57M $650.0M -$96.40M
YoY Change -122.37% 49978.89% -814.07%
Net Earnings / Revenue 2.12% 12.18% -13.29%
Basic Earnings Per Share $4.23
Diluted Earnings Per Share $139.0K $4.19 -$628.8K
COMMON SHARES
Basic Shares Outstanding 153.9M shares 153.7M shares 153.3M shares
Diluted Shares Outstanding 155.0M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.875B $1.875B $3.257B
YoY Change -42.44% -42.44% 267.42%
Cash & Equivalents $1.875B $1.875B $3.257B
Short-Term Investments
Other Short-Term Assets $185.8M $314.7M $280.5M
YoY Change -33.76% -23.61% 65.98%
Inventory $712.9M $712.9M $523.5M
Prepaid Expenses
Receivables $182.1M $1.648B $143.1M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.550B $4.550B $5.845B
YoY Change -22.16% -22.15% 39.08%
LONG-TERM ASSETS
Property, Plant & Equipment $684.0M $733.6M $743.8M
YoY Change -8.04% -7.02% -12.23%
Goodwill $63.18M $65.98M
YoY Change -4.24% 2.83%
Intangibles
YoY Change
Long-Term Investments $49.65M $49.65M $52.00M
YoY Change -4.52% -4.52% -1.89%
Other Assets $128.7M $540.6M $122.5M
YoY Change 5.09% 71.63% 31.55%
Total Long-Term Assets $6.501B $6.501B $6.165B
YoY Change 5.45% 5.43% -2.53%
TOTAL ASSETS
Total Short-Term Assets $4.550B $4.550B $5.845B
Total Long-Term Assets $6.501B $6.501B $6.165B
Total Assets $11.05B $11.05B $12.01B
YoY Change -7.99% -7.99% 14.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $375.0M $375.0M $290.9M
YoY Change 28.9% 28.86% -1.18%
Accrued Expenses $602.0M $547.0M $557.2M
YoY Change 8.03% 7.9% -4.31%
Deferred Revenue $18.29M $18.07M
YoY Change 1.23%
Short-Term Debt $751.3M $751.3M $1.014B
YoY Change -25.93% -25.91% 77.32%
Long-Term Debt Due $1.542B $1.542B $2.040B
YoY Change -24.37% -24.39% 16.67%
Total Short-Term Liabilities $3.343B $3.343B $3.982B
YoY Change -16.05% -16.05% 24.56%
LONG-TERM LIABILITIES
Long-Term Debt $4.596B $4.596B $5.933B
YoY Change -22.54% -22.54% 15.77%
Other Long-Term Liabilities $206.7M $550.0M $220.0M
YoY Change -6.06% 51.11% -0.6%
Total Long-Term Liabilities $4.802B $5.146B $6.153B
YoY Change -21.95% -18.28% 15.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.343B $3.343B $3.982B
Total Long-Term Liabilities $4.802B $5.146B $6.153B
Total Liabilities $8.145B $8.498B $10.13B
YoY Change -19.63% -17.4% 18.63%
SHAREHOLDERS EQUITY
Retained Earnings $1.842B $1.285B
YoY Change 43.4% -41.44%
Common Stock $1.694M $1.685M
YoY Change 0.53% -7.82%
Preferred Stock
YoY Change
Treasury Stock (at cost) $597.0M $588.0M
YoY Change 1.52% -56.31%
Treasury Stock Shares 15.80M shares 15.57M shares
Shareholders Equity $2.553B $2.553B $1.723B
YoY Change
Total Liabilities & Shareholders Equity $11.05B $11.05B $12.01B
YoY Change -7.99% -7.99% 14.08%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $21.57M $650.0M -$96.40M
YoY Change -122.37% 49978.89% -814.07%
Depreciation, Depletion And Amortization $42.70M $165.2M $45.60M
YoY Change -6.36% -11.05% -21.24%
Cash From Operating Activities $50.15M $975.7M $42.80M
YoY Change 17.17% -17.17% 117.26%
INVESTING ACTIVITIES
Capital Expenditures -$58.71M $120.2M -$38.80M
YoY Change 51.3% -8.29% -35.55%
Acquisitions
YoY Change
Other Investing Activities $134.8M -$2.140M $207.1M
YoY Change -34.91% -90.03% 99.9%
Cash From Investing Activities $76.10M -$459.4M $168.3M
YoY Change -54.78% 587.97% 287.79%
FINANCING ACTIVITIES
Cash Dividend Paid $92.43M
YoY Change 35.75%
Common Stock Issuance & Retirement, Net $11.62M
YoY Change 45.18%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -333.4M -$1.885B -556.7M
YoY Change -40.11% -237.19% 413.09%
NET CHANGE
Cash From Operating Activities 50.15M $975.7M 42.80M
Cash From Investing Activities 76.10M -$459.4M 168.3M
Cash From Financing Activities -333.4M -$1.885B -556.7M
Net Change In Cash -207.1M -$1.384B -345.6M
YoY Change -40.07% -155.27% 661.23%
FREE CASH FLOW
Cash From Operating Activities $50.15M $975.7M $42.80M
Capital Expenditures -$58.71M $120.2M -$38.80M
Free Cash Flow $108.9M $855.5M $81.60M
YoY Change 33.4% -18.28% 2.13%

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The preparation of financial statements in conformity with U.S. generally accepted accounting principles (U.S. GAAP) requires the Company's management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates.
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2620000 USD
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43800000 USD
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2100000 USD
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CY2019Q4 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest
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CY2019Q4 us-gaap Notes Receivable Net
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CY2018Q4 us-gaap Notes Receivable Net
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CY2019Q4 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest
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CY2020 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
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CY2020 us-gaap Financing Receivable Allowance For Credit Losses Recovery
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CY2020Q4 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest
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CY2018Q4 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest
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CY2019 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
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CY2019 us-gaap Financing Receivable Allowance For Credit Losses Recovery
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CY2019Q4 us-gaap Financing Receivable Allowance For Credit Loss Excluding Accrued Interest
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42336000 USD
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P5Y
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CY2020 us-gaap Operating Lease Cost
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CY2020 us-gaap Variable Lease Cost
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5043000 USD
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CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
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CY2020Q4 us-gaap Long Term Debt Noncurrent
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CY2021Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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80804000 USD
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300000000 USD
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CY2020 us-gaap Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
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100000 USD
CY2020Q4 us-gaap Standard Product Warranty Accrual
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CY2018Q4 us-gaap Standard Product Warranty Accrual
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CY2020 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
32042000 USD
CY2019 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
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CY2020 us-gaap Standard Product Warranty Accrual Payments
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CY2020 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
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CY2019 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
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CY2021Q4 us-gaap Standard Product Warranty Accrual
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61621000 USD
CY2020Q4 us-gaap Standard Product Warranty Accrual
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69208000 USD
CY2019Q4 us-gaap Standard Product Warranty Accrual
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CY2021 hog Defined Benefit Plan Retirement Age Threshold
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CY2020 us-gaap Defined Contribution Plan Cost Recognized
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CY2019 us-gaap Defined Contribution Plan Cost Recognized
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21900000 USD
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CY2019 us-gaap Allocated Share Based Compensation Expense
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CY2020 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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CY2019 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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56
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CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
37
CY2021 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
44
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67000 shares
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
47
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
48
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
59
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CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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21000 USD
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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2614000 USD
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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530000 USD
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 USD
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
52000 USD
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0 USD
CY2020Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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0 USD
CY2019Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
52000 USD
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993000 shares
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SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
48
CY2021 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
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P1Y6M
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ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
493000 shares
CY2021Q4 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
59
CY2021 us-gaap Oci Before Reclassifications Before Tax Attributable To Parent
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242498000 USD
CY2020 us-gaap Oci Before Reclassifications Before Tax Attributable To Parent
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146462000 USD
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28005000 USD
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118457000 USD
CY2020 us-gaap Reclassification From Aoci Current Period Before Tax Attributable To Parent
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82555000 USD
CY2020 us-gaap Reclassification From Aoci Current Period Tax
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17630000 USD
CY2020 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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64925000 USD
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53532000 USD
CY2019 us-gaap Oci Before Reclassifications Before Tax Attributable To Parent
OciBeforeReclassificationsBeforeTaxAttributableToParent
105777000 USD
CY2019 us-gaap Other Comprehensive Income Loss Before Reclassifications Tax
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23124000 USD
CY2019 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
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82653000 USD
CY2019 us-gaap Reclassification From Aoci Current Period Before Tax Attributable To Parent
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CY2019 us-gaap Reclassification From Aoci Current Period Tax
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CY2019 us-gaap Reclassification From Aoci Current Period Net Of Tax Attributable To Parent
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92735000 USD
CY2021 us-gaap Number Of Reportable Segments
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823439000 USD
CY2020 us-gaap Operating Income Loss
OperatingIncomeLoss
9679000 USD
CY2019 us-gaap Operating Income Loss
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555608000 USD
CY2021Q4 us-gaap Assets
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CY2021 us-gaap Depreciation Depletion And Amortization
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165185000 USD
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
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120181000 USD
CY2020Q4 us-gaap Assets
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12010601000 USD
CY2020 us-gaap Depreciation Depletion And Amortization
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185715000 USD
CY2020 us-gaap Payments To Acquire Property Plant And Equipment
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131050000 USD
CY2019Q4 us-gaap Assets
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10528159000 USD
CY2019 us-gaap Depreciation Depletion And Amortization
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232537000 USD
CY2019 us-gaap Payments To Acquire Property Plant And Equipment
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181440000 USD
CY2021Q4 us-gaap Noncurrent Assets
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683984000 USD
CY2020Q4 us-gaap Noncurrent Assets
NoncurrentAssets
743784000 USD
CY2019Q4 us-gaap Noncurrent Assets
NoncurrentAssets
847382000 USD
CY2021 us-gaap Revenues
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5336308000 USD
CY2021 us-gaap Cost Of Goods And Services Sold
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3243287000 USD
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192944000 USD
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25049000 USD
CY2021 us-gaap Selling General And Administrative Expense
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1048174000 USD
CY2021 us-gaap Restructuring Charges
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3415000 USD
CY2021 us-gaap Costs And Expenses
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4512869000 USD
CY2021 us-gaap Operating Income Loss
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823439000 USD
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20076000 USD
CY2021 us-gaap Investment Income Net
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6694000 USD
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30972000 USD
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819237000 USD
CY2021 us-gaap Income Tax Expense Benefit
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169213000 USD
CY2021 us-gaap Net Income Loss
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