2020 Q4 Form 10-K Financial Statement

#000004846520000043 Filed on December 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2019 Q4 2019 Q3
Revenue $2.420B $2.502B $2.291B
YoY Change -3.25% -0.92% -2.9%
Cost Of Revenue $1.962B $2.008B $1.857B
YoY Change -2.27% 0.82% -2.46%
Gross Profit $457.8M $493.7M $433.4M
YoY Change -7.28% -7.43% -4.75%
Gross Profit Margin 18.92% 19.74% 18.92%
Selling, General & Admin $190.8M $183.8M $180.2M
YoY Change 3.81% -10.47% -14.81%
% of Gross Profit 41.68% 37.23% 41.57%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $56.00M $43.00M $41.40M
YoY Change 30.23% 5.39% 1.47%
% of Gross Profit 12.23% 8.71% 9.55%
Operating Expenses $190.8M $183.8M $180.2M
YoY Change 3.81% -10.43% -14.81%
Operating Profit $267.0M $309.9M $256.7M
YoY Change -13.86% -5.55% -0.01%
Interest Expense $11.70M $13.80M $3.213M
YoY Change -15.22% 28.97% -61.91%
% of Operating Profit 4.38% 4.45% 1.25%
Other Income/Expense, Net $7.556M
YoY Change -20.27%
Pretax Income $278.7M $323.7M $261.0M
YoY Change -13.9% 0.68% 1.27%
Income Tax $44.20M $68.10M $61.57M
% Of Pretax Income 15.86% 21.04% 23.59%
Net Earnings $234.4M $255.5M $199.4M
YoY Change -8.28% -2.26% -5.13%
Net Earnings / Revenue 9.68% 10.21% 8.71%
Basic Earnings Per Share $0.43 $0.48 $0.37
Diluted Earnings Per Share $0.43 $0.47 $0.37
COMMON SHARES
Basic Shares Outstanding 534.2M shares
Diluted Shares Outstanding 543.7M shares

Balance Sheet

Concept 2020 Q4 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.732B $687.6M $574.3M
YoY Change 151.83% 49.77% 113.49%
Cash & Equivalents $1.714B $672.9M $560.2M
Short-Term Investments $17.30M $14.70M $14.10M
Other Short-Term Assets $12.44M $14.46M $11.34M
YoY Change -13.97% 117.01% 91.47%
Inventory $1.073B $1.042B $1.109B
Prepaid Expenses $18.35M $22.64M $22.61M
Receivables $702.4M $574.4M $528.6M
Other Receivables $41.50M $19.90M $700.0K
Total Short-Term Assets $3.579B $2.361B $2.246B
YoY Change 51.56% 15.19% 21.12%
LONG-TERM ASSETS
Property, Plant & Equipment $1.951B $1.629B $1.516B
YoY Change 19.78% 7.7% 7.52%
Goodwill $2.613B $2.482B $2.487B
YoY Change 5.28% -8.57% -9.04%
Intangibles $1.076B $1.034B $1.038B
YoY Change 4.1% -14.36% -16.07%
Long-Term Investments $308.4M $289.2M $279.3M
YoY Change 6.64% 5.86% 1.01%
Other Assets $250.4M $177.9M $177.5M
YoY Change 40.74% -6.34% -7.91%
Total Long-Term Assets $6.329B $5.748B $5.709B
YoY Change 10.12% -5.66% -5.5%
TOTAL ASSETS
Total Short-Term Assets $3.579B $2.361B $2.246B
Total Long-Term Assets $6.329B $5.748B $5.709B
Total Assets $9.908B $8.109B $7.955B
YoY Change 22.19% -0.41% 0.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $644.6M $590.0M $513.4M
YoY Change 9.25% -4.65% 4.99%
Accrued Expenses $59.14M $62.03M $56.38M
YoY Change -4.67% 28.43% -3.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $258.7M $0.00
YoY Change
Total Short-Term Liabilities $1.504B $1.105B $1.073B
YoY Change 36.1% -2.97% -2.16%
LONG-TERM LIABILITIES
Long-Term Debt $1.045B $250.0M $250.0M
YoY Change 317.97% -59.99% -59.99%
Other Long-Term Liabilities $157.4M $115.4M $102.1M
YoY Change 36.45% 16.44% -1.87%
Total Long-Term Liabilities $1.202B $365.4M $352.1M
YoY Change 229.09% -49.53% -51.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.504B $1.105B $1.073B
Total Long-Term Liabilities $1.202B $365.4M $352.1M
Total Liabilities $2.706B $1.470B $1.425B
YoY Change 84.05% -21.07% -21.94%
SHAREHOLDERS EQUITY
Retained Earnings $6.523B $6.128B $5.984B
YoY Change 6.45% 6.95% 6.58%
Common Stock $7.909M $7.830M $7.818M
YoY Change 1.01% 0.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.426B $5.921B $5.887B
YoY Change
Total Liabilities & Shareholders Equity $9.908B $8.109B $7.955B
YoY Change 22.19% -0.41% 0.75%

Cashflow Statement

Concept 2020 Q4 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income $234.4M $255.5M $199.4M
YoY Change -8.28% -2.26% -5.13%
Depreciation, Depletion And Amortization $56.00M $43.00M $41.40M
YoY Change 30.23% 5.39% 1.47%
Cash From Operating Activities $249.9M $350.1M $207.3M
YoY Change -28.62% -29.77% -30.88%
INVESTING ACTIVITIES
Capital Expenditures -$140.7M -$139.6M -$66.60M
YoY Change 0.79% -4.12% -35.21%
Acquisitions
YoY Change
Other Investing Activities -$9.600M $4.800M -$3.200M
YoY Change -300.0% -22.58% -52.24%
Cash From Investing Activities -$150.3M -$134.7M -$69.90M
YoY Change 11.58% -3.37% -36.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -117.8M -100.2M -215.5M
YoY Change 17.56% -39.53% 20.66%
NET CHANGE
Cash From Operating Activities 249.9M 350.1M 207.3M
Cash From Investing Activities -150.3M -134.7M -69.90M
Cash From Financing Activities -117.8M -100.2M -215.5M
Net Change In Cash -18.20M 115.2M -78.10M
YoY Change -115.8% -40.43% -761.86%
FREE CASH FLOW
Cash From Operating Activities $249.9M $350.1M $207.3M
Capital Expenditures -$140.7M -$139.6M -$66.60M
Free Cash Flow $390.6M $489.7M $273.9M
YoY Change -20.24% -23.97% -31.98%

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CY2019 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2019 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2018 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2019 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2018 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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CY2020 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
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CY2019 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
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CY2018 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
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CY2019 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2019 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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CY2019 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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CY2018 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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CY2020 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2019 us-gaap Gain Loss On Sale Of Business
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CY2020 hrl Noncash Investment Activities
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CY2018 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2018 us-gaap Payments To Acquire Marketable Securities
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CY2019 us-gaap Proceeds From Divestiture Of Businesses
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479806000 USD
CY2018 us-gaap Proceeds From Divestiture Of Businesses
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0 USD
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270789000 USD
CY2019 us-gaap Payments To Acquire Businesses Gross
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CY2018 us-gaap Proceeds From Sale Of Productive Assets
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CY2020 hrl Decrease Increase In Investments Equity In Affiliates And Other Assets
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CY2019 hrl Decrease Increase In Investments Equity In Affiliates And Other Assets
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CY2018 hrl Decrease Increase In Investments Equity In Affiliates And Other Assets
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CY2019 us-gaap Net Cash Provided By Used In Investing Activities
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CY2019 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2018 us-gaap Proceeds From Issuance Of Long Term Debt
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CY2019 hrl Repayments Of Long Term Debt And Long Term Lease Obligation
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CY2018 hrl Repayments Of Long Term Debt And Long Term Lease Obligation
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CY2019 us-gaap Net Cash Provided By Used In Financing Activities
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CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2018 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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15014000 USD
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<span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:120%">Fiscal Year:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> The Company’s fiscal year ends on the last Sunday in October. Fiscal years 2020, 2019, and 2018 consisted of 52 weeks. Fiscal 2021 will consist of 53 weeks.</span>
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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459136000 USD
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459136000 USD
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Use of Estimates: The preparation of financial statements in conformity with U.S. generally accepted accounting principles (U.S. GAAP) requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. These estimates and assumptions take into account historical and forward looking factors, including but not limited to the potential impacts arising from COVID-19 and related public and private sector policies and initiatives.
CY2019 us-gaap Impairment Of Long Lived Assets Held For Use
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0 USD
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0 USD
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0 USD
CY2019 us-gaap Impairment Of Intangible Assets Finitelived
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0 USD
CY2019Q4 us-gaap Inventory Net
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0 USD
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CY2019 hrl Impairment Of Intangible Assets Indefinitelived Excluding Goodwill Quantitative Assessment Number Of Additional Assets Require Review
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2 intangible_asset
CY2019 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
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0 USD
CY2020 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
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0 USD
CY2018 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
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32500000 USD
CY2018 us-gaap Research And Development Expense
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33800000 USD
CY2020 us-gaap Prior Period Reclassification Adjustment Description
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Reclassifications: Certain reclassifications of previously reported amounts have been made to conform to the current year presentation.
CY2018 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
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-0.034
CY2020Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2020Q4 us-gaap Inventory Work In Process And Raw Materials Net Of Reserves
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CY2019Q4 us-gaap Inventory Work In Process And Raw Materials Net Of Reserves
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CY2020Q4 us-gaap Inventory Supplies Net Of Reserves
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CY2019Q4 us-gaap Goodwill
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CY2020Q4 us-gaap Goodwill
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58572000 USD
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P12Y3M18D
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CY2019 us-gaap Finite Lived Intangible Asset Useful Life
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P12Y2M12D
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14251000 USD
CY2019 us-gaap Amortization Of Intangible Assets
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11586000 USD
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12653000 USD
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16477000 USD
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15132000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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13048000 USD
CY2020Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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11432000 USD
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0 USD
CY2019 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
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0 USD
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0 USD
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3206000 USD
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1303627000 USD
CY2019Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
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250000000 USD
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258691000 USD
CY2019Q4 us-gaap Long Term Debt Current
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CY2020Q4 us-gaap Long Term Debt And Capital Lease Obligations
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1044936000 USD
CY2019Q4 us-gaap Long Term Debt And Capital Lease Obligations
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250000000 USD
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CY2019 us-gaap Interest Paid Net
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19000000.0 USD
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25600000 USD
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44500000 USD
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43000000.0 USD
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44200000 USD
CY2020 us-gaap Current State And Local Tax Expense Benefit
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CY2020 us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
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2800000 USD
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7612669000 USD
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1007000 USD
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308372000 USD
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289157000 USD
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35572000 USD
CY2019 us-gaap Income Loss From Equity Method Investments
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39201000 USD
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37500000 USD
CY2019 us-gaap Investments In And Advances To Affiliates Dividends Or Interest
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22500000 USD
CY2018 us-gaap Investments In And Advances To Affiliates Dividends Or Interest
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30000000.0 USD
CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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81200000 USD
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8300000 USD
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32039000 USD
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269218000 USD
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240935000 USD
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164911000 USD
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24316000 USD
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105948000 USD
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20783000 USD
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15581000 USD
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62302000 USD
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41893000 USD
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176574000 USD
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0.210
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0.210
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0.016
CY2019 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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0
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0
CY2019 us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
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0
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2997000 USD
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9585000 USD
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927000 USD
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2549000 USD
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1107000 USD
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2404000 USD
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33242000 USD
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29100000 USD
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22500000 USD
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1900000 USD
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100000 USD
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7200000 USD
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6200000 USD
CY2020 us-gaap Allocated Share Based Compensation Expense
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22500000 USD
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19700000 USD
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20600000 USD
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23800000 USD
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P2Y
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59900000 USD
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71800000 USD
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13700000 shares
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14900000 shares
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16100000 shares
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9306000 USD
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25500000 USD
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13200000 USD
CY2019Q4 us-gaap Derivative Collateral Right To Reclaim Cash
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6500000 USD
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47500000 USD
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CY2020 hrl Lessee Operating Lease Number Of Leases With Residual Value Guarantee
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CY2020Q4 us-gaap Finance Lease Right Of Use Asset
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CY2020Q4 hrl Lease Right Of Use Asset
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CY2020Q4 us-gaap Operating Lease Liability Current
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CY2020Q4 us-gaap Finance Lease Liability Current
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43126000 USD
CY2020Q4 us-gaap Finance Lease Liability Noncurrent
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52722000 USD
CY2020Q4 hrl Lease Liability
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116182000 USD
CY2020 us-gaap Operating Lease Cost
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19602000 USD
CY2020 us-gaap Finance Lease Interest Expense
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2304000 USD
CY2020 us-gaap Variable Lease Cost
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424955000 USD
CY2020 us-gaap Lease Cost
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454846000 USD
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P7Y3M21D
CY2020Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
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P8Y1M20D
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CY2020 us-gaap Finance Lease Interest Payment On Liability
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79000 USD
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43000 USD
CY2018Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
4051000 USD

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