2021 Q4 Form 10-K Financial Statement

#000004846521000067 Filed on December 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $3.455B $11.39B $2.420B
YoY Change 42.75% 18.5% -3.25%
Cost Of Revenue $2.877B $9.458B $1.962B
YoY Change 46.6% 21.53% -2.27%
Gross Profit $578.1M $1.928B $457.8M
YoY Change 26.28% 5.58% -7.28%
Gross Profit Margin 16.73% 16.93% 18.92%
Selling, General & Admin $230.4M $853.1M $190.8M
YoY Change 20.78% 12.05% 3.81%
% of Gross Profit 39.86% 44.25% 41.68%
Research & Development $33.60M
YoY Change 5.33%
% of Gross Profit 1.74%
Depreciation & Amortization $65.92M $228.4M $56.00M
YoY Change 17.71% 10.99% 30.23%
% of Gross Profit 11.4% 11.85% 12.23%
Operating Expenses $230.4M $886.7M $190.8M
YoY Change 20.78% 11.78% 3.81%
Operating Profit $347.6M $1.123B $267.0M
YoY Change 30.22% 2.03% -13.86%
Interest Expense $4.590M $43.31M $11.70M
YoY Change -60.77% 105.55% -15.22%
% of Operating Profit 1.32% 3.86% 4.38%
Other Income/Expense, Net -$1.000K $46.88M
YoY Change 31.69%
Pretax Income $352.2M $1.126B $278.7M
YoY Change 26.38% 1.02% -13.9%
Income Tax $70.48M $217.0M $44.20M
% Of Pretax Income 20.01% 19.27% 15.86%
Net Earnings $281.7M $908.8M $234.4M
YoY Change 20.22% 0.08% -8.28%
Net Earnings / Revenue 8.16% 7.98% 9.68%
Basic Earnings Per Share $1.68 $0.43
Diluted Earnings Per Share $514.8K $1.66 $0.43
COMMON SHARES
Basic Shares Outstanding 541.1M shares
Diluted Shares Outstanding 547.6M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $634.7M $634.7M $1.732B
YoY Change -63.35% -63.35% 151.83%
Cash & Equivalents $613.5M $613.5M $1.714B
Short-Term Investments $21.16M $21.16M $17.30M
Other Short-Term Assets $14.94M $39.91M $12.44M
YoY Change 20.14% 30.01% -13.97%
Inventory $1.369B $1.369B $1.073B
Prepaid Expenses $24.97M $18.35M
Receivables $895.7M $895.7M $702.4M
Other Receivables $8.293M $8.293M $41.50M
Total Short-Term Assets $2.948B $2.948B $3.579B
YoY Change -17.64% -17.64% 51.56%
LONG-TERM ASSETS
Property, Plant & Equipment $2.181B $2.181B $1.951B
YoY Change 11.79% 11.79% 19.78%
Goodwill $4.929B $2.613B
YoY Change 88.66% 5.28%
Intangibles $1.822B $1.076B
YoY Change 69.31% 4.1%
Long-Term Investments $299.0M $299.0M $308.4M
YoY Change -3.04% -3.04% 6.64%
Other Assets $299.9M $516.7M $250.4M
YoY Change 19.78% 35.8% 40.74%
Total Long-Term Assets $9.749B $9.749B $6.329B
YoY Change 54.02% 54.02% 10.12%
TOTAL ASSETS
Total Short-Term Assets $2.948B $2.948B $3.579B
Total Long-Term Assets $9.749B $9.749B $6.329B
Total Assets $12.70B $12.70B $9.908B
YoY Change 28.14% 28.14% 22.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $793.3M $793.3M $644.6M
YoY Change 23.07% 23.07% 9.25%
Accrued Expenses $51.19M $590.1M $59.14M
YoY Change -13.43% 2.05% -4.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $8.756M $8.756M $258.7M
YoY Change -96.62% -96.62%
Total Short-Term Liabilities $1.416B $1.416B $1.504B
YoY Change -5.87% -5.87% 36.1%
LONG-TERM LIABILITIES
Long-Term Debt $3.315B $3.315B $1.045B
YoY Change 217.26% 217.27% 317.97%
Other Long-Term Liabilities $162.6M $709.0M $157.4M
YoY Change 3.32% -0.19% 36.45%
Total Long-Term Liabilities $3.478B $4.024B $1.202B
YoY Change 189.25% 129.27% 229.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.416B $1.416B $1.504B
Total Long-Term Liabilities $3.478B $4.024B $1.202B
Total Liabilities $4.893B $5.723B $2.706B
YoY Change 80.82% 64.34% 84.05%
SHAREHOLDERS EQUITY
Retained Earnings $6.882B $6.523B
YoY Change 5.5% 6.45%
Common Stock $7.946M $7.909M
YoY Change 0.47% 1.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.973B $6.973B $6.426B
YoY Change
Total Liabilities & Shareholders Equity $12.70B $12.70B $9.908B
YoY Change 28.14% 28.14% 22.19%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income $281.7M $908.8M $234.4M
YoY Change 20.22% 0.08% -8.28%
Depreciation, Depletion And Amortization $65.92M $228.4M $56.00M
YoY Change 17.71% 10.99% 30.23%
Cash From Operating Activities $564.1M $1.002B $249.9M
YoY Change 125.75% -11.18% -28.62%
INVESTING ACTIVITIES
Capital Expenditures -$93.06M $232.4M -$140.7M
YoY Change -33.86% -36.76% 0.79%
Acquisitions
YoY Change
Other Investing Activities -$2.463M -$3.393B -$9.600M
YoY Change -74.34% 1075.01% -300.0%
Cash From Investing Activities -$95.52M -$3.626B -$150.3M
YoY Change -36.45% 452.45% 11.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $19.96M
YoY Change 61.47%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -143.4M $1.521B -117.8M
YoY Change 21.72% 168.56% 17.56%
NET CHANGE
Cash From Operating Activities 564.1M $1.002B 249.9M
Cash From Investing Activities -95.52M -$3.626B -150.3M
Cash From Financing Activities -143.4M $1.521B -117.8M
Net Change In Cash 325.2M -$1.101B -18.20M
YoY Change -1887.07% -205.7% -115.8%
FREE CASH FLOW
Cash From Operating Activities $564.1M $1.002B $249.9M
Capital Expenditures -$93.06M $232.4M -$140.7M
Free Cash Flow $657.2M $769.5M $390.6M
YoY Change 68.25% 1.18% -20.24%

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CY2019 hrl Decrease Increase In Investments Equity In Affiliates And Other Assets
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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672901000 USD
CY2021 us-gaap Use Of Estimates
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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.
CY2021 us-gaap Fiscal Period
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<span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:700;line-height:125%">Fiscal Year:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:125%"> The Company’s fiscal year ends on the last Sunday in October. Fiscal 2021 consisted of 53 weeks. Fiscal years 2020 and 2019 consisted of 52 weeks. Fiscal 2022 will consist of 52 weeks.</span>
CY2021 hrl Lessee Finance Lease Number Of Renewal Or Termination Options
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CY2019 us-gaap Impairment Of Intangible Assets Finitelived
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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 intangibleAsset
CY2020 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
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0 USD
CY2019 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
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CY2019 us-gaap Equity Method Investment Other Than Temporary Impairment
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CY2020 us-gaap Equity Method Investment Other Than Temporary Impairment
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CY2021 us-gaap Equity Method Investment Other Than Temporary Impairment
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32500000 USD
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17232000 USD
CY2020Q4 us-gaap Goodwill
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CY2019Q4 us-gaap Goodwill
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75471000 USD
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17518000 USD
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14251000 USD
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11586000 USD
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0 USD
us-gaap Goodwill And Intangible Asset Impairment
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19244000 USD
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18351000 USD
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14627000 USD
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14170000 USD
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299019000 USD
CY2020Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
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308372000 USD
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47763000 USD
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35572000 USD
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45000000 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
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CY2020Q4 us-gaap Inventory Finished Goods Net Of Reserves
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46700000 USD
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44500000 USD
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43000000 USD
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8846000 USD
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10800000 USD
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45600000 USD
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34800000 USD
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12300000 USD
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25500000 USD
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3300000000 USD
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900000000 USD
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3100000 USD
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0.0348
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2019000 USD
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2304000 USD
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20062000 USD
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27161000 USD
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12548000 USD
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15540000 USD
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140738000 USD
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6762000 USD
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5868000 USD
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12630000 USD
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52999000 USD
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CY2021Q4 hrl Lessee Finance Lease Option To Purchase Underlying Asset Included In Lease Liability
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8700000 USD
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CY2021Q4 us-gaap Finance Lease Liability
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52999000 USD
CY2020Q4 us-gaap Finance Lease Liability
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61030000 USD
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2823000 USD
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23100000 USD
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23435000 USD
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3206000 USD
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3323903000 USD
CY2020Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
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1303627000 USD
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258691000 USD
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3315147000 USD
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1044936000 USD
CY2021 us-gaap Allocated Share Based Compensation Expense
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24700000 USD
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22500000 USD
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25100000 USD
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14500000 USD
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19000000.0 USD
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19700000 USD
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19300000 USD
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P1Y4M24D
CY2021 us-gaap Proceeds From Stock Options Exercised
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45900000 USD
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81800000 USD
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59900000 USD
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12500000 shares
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13700000 shares
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
14900000 shares
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Outstanding
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16277000 USD
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171732000 USD
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CY2019 us-gaap Current Federal Tax Expense Benefit
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CY2021 us-gaap Current State And Local Tax Expense Benefit
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7541000 USD
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13353000 USD
CY2019 us-gaap Current State And Local Tax Expense Benefit
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30774000 USD
CY2021 us-gaap Current Foreign Tax Expense Benefit
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9079000 USD
CY2020 us-gaap Current Foreign Tax Expense Benefit
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18293000 USD
CY2019 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
9919000 USD
CY2021 us-gaap Current Income Tax Expense Benefit
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188352000 USD
CY2020 us-gaap Current Income Tax Expense Benefit
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174354000 USD
CY2019 us-gaap Current Income Tax Expense Benefit
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201926000 USD
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
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23507000 USD
CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
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34408000 USD
CY2019 us-gaap Deferred Federal Income Tax Expense Benefit
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27817000 USD
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
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2220000 USD
CY2020 us-gaap Deferred State And Local Income Tax Expense Benefit
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4937000 USD
CY2019 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
1473000 USD
CY2021 us-gaap Deferred Foreign Income Tax Expense Benefit
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2950000 USD
CY2020 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2019 us-gaap Deferred Foreign Income Tax Expense Benefit
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CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
28677000 USD
CY2020 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
32039000 USD
CY2019 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
28641000 USD
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
217029000 USD
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
206393000 USD
CY2019 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
230567000 USD
CY2021Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets
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322822000 USD
CY2020Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets
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269218000 USD
CY2021Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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143891000 USD
CY2020Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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164911000 USD
CY2021Q4 us-gaap Deferred Tax Liabilities Other
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21967000 USD
CY2020Q4 us-gaap Deferred Tax Liabilities Other
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4012000 USD
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515000 USD
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4063000 USD

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