2011 Q4 Form 10-K Financial Statement

#000104746913000888 Filed on February 12, 2013

View on sec.gov

Income Statement

Concept 2011 Q4 2011 Q3 2011 Q2
Revenue $2.632B $2.976B $2.934B
YoY Change 9.12% 23.95% 25.22%
Cost Of Revenue $2.243B $2.486B $2.433B
YoY Change 10.38% 25.18% 24.26%
Gross Profit $389.0M $490.0M $501.0M
YoY Change 2.37% 18.07% 30.13%
Gross Profit Margin 14.78% 16.47% 17.08%
Selling, General & Admin $230.0M $217.0M $256.0M
YoY Change -1.29% 7.43% 23.08%
% of Gross Profit 59.13% 44.29% 51.1%
Research & Development $43.00M $42.00M $42.00M
YoY Change 7.5% 7.69% 16.67%
% of Gross Profit 11.05% 8.57% 8.38%
Depreciation & Amortization $112.0M $113.0M $111.0M
YoY Change 1.82% 14.14% 13.27%
% of Gross Profit 28.79% 23.06% 22.16%
Operating Expenses $246.0M $413.0M $272.0M
YoY Change -12.46% 69.26% 12.86%
Operating Profit $143.0M $77.00M $229.0M
YoY Change 44.44% -54.97% 59.03%
Interest Expense -$60.00M -$61.00M -$63.00M
YoY Change 5.26% 0.0% 133.33%
% of Operating Profit -41.96% -79.22% -27.51%
Other Income/Expense, Net $2.000M -$1.000M $1.000M
YoY Change -33.33% -150.0% 0.0%
Pretax Income $87.00M $13.00M $158.0M
YoY Change 295.45% -86.73% 69.89%
Income Tax -$2.000M $55.00M $34.00M
% Of Pretax Income -2.3% 423.08% 21.52%
Net Earnings $105.0M -$34.00M $114.0M
YoY Change 250.0% -161.82% 0.0%
Net Earnings / Revenue 3.99% -1.14% 3.89%
Basic Earnings Per Share $0.45 -$0.14 $0.48
Diluted Earnings Per Share $0.44 -$0.14 $0.47
COMMON SHARES
Basic Shares Outstanding 237.6M shares
Diluted Shares Outstanding 237.6M shares

Balance Sheet

Concept 2011 Q4 2011 Q3 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $554.0M $453.0M $683.0M
YoY Change -42.65% -54.84% -10.84%
Cash & Equivalents $554.0M $453.0M $683.0M
Short-Term Investments
Other Short-Term Assets $245.0M $292.0M $271.0M
YoY Change 49.39% 100.0% 35.5%
Inventory $1.539B $1.687B $1.746B
Prepaid Expenses $46.00M
Receivables $1.529B $1.762B $1.836B
Other Receivables $5.000M $14.00M $1.000M
Total Short-Term Assets $3.946B $4.274B $4.580B
YoY Change -1.55% 0.68% 21.39%
LONG-TERM ASSETS
Property, Plant & Equipment $3.622B $3.659B $3.825B
YoY Change 0.47% 1.81% 18.02%
Goodwill $114.0M
YoY Change
Intangibles $91.00M $99.00M $109.0M
YoY Change -13.33% -11.61%
Long-Term Investments $197.0M $206.0M $192.0M
YoY Change -15.81% -11.97% -28.09%
Other Assets $482.0M $469.0M $465.0M
YoY Change -2.63% -0.64% -19.27%
Total Long-Term Assets $4.711B $4.734B $4.896B
YoY Change 0.11% 2.45% 14.07%
TOTAL ASSETS
Total Short-Term Assets $3.946B $4.274B $4.580B
Total Long-Term Assets $4.711B $4.734B $4.896B
Total Assets $8.657B $9.008B $9.476B
YoY Change -0.65% 1.6% 17.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $862.0M $941.0M $1.110B
YoY Change 2.38% 15.18% 31.05%
Accrued Expenses $695.0M $732.0M $758.0M
YoY Change 10.67% 16.93% 33.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $212.0M $230.0M $289.0M
YoY Change -59.15% -40.1% 72.02%
Total Short-Term Liabilities $1.826B $1.958B $2.199B
YoY Change -11.06% 5.44% 38.74%
LONG-TERM LIABILITIES
Long-Term Debt $3.730B $3.847B $3.886B
YoY Change 2.84% -2.68% 4.94%
Other Long-Term Liabilities $1.012B $941.0M $844.0M
YoY Change 16.86% 13.65% 6.16%
Total Long-Term Liabilities $4.742B $4.788B $4.730B
YoY Change 5.54% 0.15% 5.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.826B $1.958B $2.199B
Total Long-Term Liabilities $4.742B $4.788B $4.730B
Total Liabilities $6.881B $7.208B $7.377B
YoY Change -0.62% 2.43% 14.94%
SHAREHOLDERS EQUITY
Retained Earnings -$947.0M
YoY Change
Common Stock $2.000M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $50.00M
YoY Change
Treasury Stock Shares 4.044M shares
Shareholders Equity $1.662B $1.800B $2.099B
YoY Change
Total Liabilities & Shareholders Equity $8.657B $9.008B $9.476B
YoY Change -0.65% 1.6% 17.5%

Cashflow Statement

Concept 2011 Q4 2011 Q3 2011 Q2
OPERATING ACTIVITIES
Net Income $105.0M -$34.00M $114.0M
YoY Change 250.0% -161.82% 0.0%
Depreciation, Depletion And Amortization $112.0M $113.0M $111.0M
YoY Change 1.82% 14.14% 13.27%
Cash From Operating Activities $340.0M $24.00M $125.0M
YoY Change 16.44% -73.91% -467.65%
INVESTING ACTIVITIES
Capital Expenditures -$113.0M -$93.00M -$64.00M
YoY Change 8.65% 72.22% 56.1%
Acquisitions
YoY Change
Other Investing Activities $33.00M $4.000M $10.00M
YoY Change 371.43% -77.78% -71.43%
Cash From Investing Activities -$80.00M -$89.00M -$54.00M
YoY Change -17.53% 147.22% 800.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -155.0M -157.0M -22.00M
YoY Change -32.31% -194.58% -92.57%
NET CHANGE
Cash From Operating Activities 340.0M 24.00M 125.0M
Cash From Investing Activities -80.00M -89.00M -54.00M
Cash From Financing Activities -155.0M -157.0M -22.00M
Net Change In Cash 105.0M -222.0M 49.00M
YoY Change -408.82% -200.0% -114.58%
FREE CASH FLOW
Cash From Operating Activities $340.0M $24.00M $125.0M
Capital Expenditures -$113.0M -$93.00M -$64.00M
Free Cash Flow $453.0M $117.0M $189.0M
YoY Change 14.39% -19.86% 2600.0%

Facts In Submission

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<p style="FONT-FAMILY: times"><font size="2"><b>1. GENERAL</b></font></p> <p style="FONT-FAMILY: times"><font size="2"><b>DEFINITIONS</b></font></p> <p style="FONT-FAMILY: times"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For convenience in this report, the terms "Company," "our" or "we" may be used to refer to Huntsman Corporation and, unless the context otherwise requires, its subsidiaries and predecessors. Any references to our "Company" "we" "us" or "our" as of a date prior to October&#160;19, 2004 (the date of our Company's formation) are to Huntsman Holdings,&#160;LLC and its subsidiaries (including their respective predecessors). In this report, "Huntsman International" refers to Huntsman International&#160;LLC (our 100% owned subsidiary) and, unless the context otherwise requires, its subsidiaries; "HPS" refers to Huntsman Polyurethanes Shanghai&#160;Ltd. (our consolidated splitting joint venture with Shanghai Chlor-Alkali Chemical Company,&#160;Ltd); and "SLIC" refers to Shanghai Liengheng Isocyanate Company (our unconsolidated manufacturing joint venture with BASF and three Chinese chemical companies).</font></p> <p style="FONT-FAMILY: times"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;In this report, we may use, without definition, the common names of competitors or other industry participants. We may also use the common names or abbreviations for certain chemicals or products.</font></p> <p style="FONT-FAMILY: times"><font size="2"><b>DESCRIPTION OF BUSINESS</b></font></p> <p style="FONT-FAMILY: times"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;We are a global manufacturer of differentiated organic chemical products and of inorganic chemical products. Our products comprise a broad range of chemicals and formulations, which we market globally to a diversified group of consumer and industrial customers. Our products are used in a wide range of applications, including those in the adhesives, aerospace, automotive, construction products, personal care and hygiene, durable and non-durable consumer products, electronics, medical, packaging, paints and coatings, power generation, refining, synthetic fiber, textile chemicals and dye industries. We are a leading global producer in many of our key product lines, including MDI, amines, surfactants, maleic anhydride, epoxy-based polymer formulations, textile chemicals, dyes and titanium dioxide.</font></p> <p style="FONT-FAMILY: times"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;We operate in five segments: Polyurethanes, Performance Products, Advanced Materials, Textile Effects and Pigments. Our Polyurethanes, Performance Products, Advanced Materials and Textile Effects segments produce differentiated organic chemical products and our Pigments segment produces inorganic chemical products. In a series of transactions beginning in 2006, we sold or shutdown substantially all of our Australian styrenics operations and our North American polymers and base chemicals operations. We report the results of these businesses as discontinued operations. See "Note&#160;25. Discontinued Operations."</font></p> <p style="FONT-FAMILY: times"><font size="2"><b>COMPANY</b></font></p> <p style="FONT-FAMILY: times"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Our Company, a Delaware corporation, was formed in 2004 to hold the Huntsman businesses. Jon&#160;M. Huntsman founded the predecessor to our Company in 1970 as a small packaging company. Since then, we have grown through a series of acquisitions and now own a global portfolio of businesses.</font></p> <p style="FONT-FAMILY: times"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Currently, we operate all of our businesses through Huntsman International, our 100% owned subsidiary. Huntsman International is a Delaware limited liability company and was formed in 1999.</font></p> <p style="FONT-FAMILY: times"><font size="2"><b>HUNTSMAN CORPORATION AND HUNTSMAN INTERNATIONAL FINANCIAL STATEMENTS</b></font></p> <p style="FONT-FAMILY: times"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Except where otherwise indicated, these notes relate to the consolidated financial statements for both our Company and Huntsman International. The differences between our consolidated financial statements and Huntsman International's consolidated financial statements relate primarily to the following:</font></p> <ul> <li style="list-style: none"> <dl compact="compact"> <dt style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"><font size="2">&#8226;</font></dt> <dd style="FONT-FAMILY: times"><font size="2">purchase accounting recorded at our Company for the 2003 step-acquisition of Huntsman International Holdings&#160;LLC, the former parent company of Huntsman International that was merged into Huntsman International in 2005;</font> <font size="2"><br /> <br /></font></dd> <dt style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"><font size="2">&#8226;</font></dt> <dd style="FONT-FAMILY: times"><font size="2">the different capital structures;</font> <font size="2"><br /> <br /></font></dd> <dt style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"><font size="2">&#8226;</font></dt> <dd style="FONT-FAMILY: times"><font size="2">a note payable from Huntsman International to us;</font> <font size="2"><br /> <br /></font></dd> <dt style="MARGIN-BOTTOM: -11pt; FONT-FAMILY: times"><font size="2">&#8226;</font></dt> <dd style="FONT-FAMILY: times"><font size="2">expenses associated with the Terminated Merger and related litigation;</font></dd></dl></li></ul>
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CY2011Q4 us-gaap Pledged Assets Not Separately Reported Finance Receivables
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CY2011Q4 us-gaap Common Stock Shares Authorized
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CY2010 us-gaap Gross Profit
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CY2010 us-gaap Research And Development Expense
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CY2010 us-gaap Operating Income Loss
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CY2010 us-gaap Income Loss From Discontinued Operations Net Of Tax
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CY2011 us-gaap Income Loss Before Extraordinary Items And Cumulative Effect Of Change In Accounting Principle
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CY2010 us-gaap Income Loss Before Extraordinary Items And Cumulative Effect Of Change In Accounting Principle
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CY2010 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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CY2010 us-gaap Earnings Per Share Basic
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CY2011 us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2010 us-gaap Income Loss From Continuing Operations Per Diluted Share
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CY2011 us-gaap Income Loss From Extraordinary Items Net Of Tax Per Diluted Share
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CY2011 us-gaap Earnings Per Share Diluted
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CY2010 us-gaap Earnings Per Share Diluted
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0.11
CY2012 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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CY2011 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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CY2010 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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CY2010 us-gaap Increase Decrease In Prepaid Expense
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CY2012 hun Repurchase And Cancellation Of Stock Awards
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CY2011 us-gaap Proceeds From Issuance Of Common Stock
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CY2010 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2010 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
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4000000 USD
CY2010 us-gaap Dividends Common Stock Cash
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96000000 USD
CY2010Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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1850000000 USD
CY2011 us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
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9000000 USD
CY2011 hun Minority Interest Increase From Consolidation Of Variable Interest Entities
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61000000 USD
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13000000 USD
CY2011 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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15000000 USD
CY2011 us-gaap Treasury Stock Value Acquired Cost Method
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50000000 USD
CY2011 us-gaap Stock Repurchased And Retired During Period Value
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8000000 USD
CY2011 us-gaap Stock Issued During Period Value Stock Options Exercised
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3000000 USD
CY2011 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
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10000000 USD
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CY2012 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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9000000 USD
CY2012 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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3000000 USD
CY2012 us-gaap Environmental Costs Recognized Capitalized In Period
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105000000 USD
CY2011 us-gaap Environmental Costs Recognized Capitalized In Period
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92000000 USD
CY2010 us-gaap Environmental Costs Recognized Capitalized In Period
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85000000 USD
CY2012Q4 hun Site Contingency Number Of Former Facility Or Third Party Sites With Claims Against Entity For Cleanup Liabilities
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10 item
CY2011 hun Releases Of Valuation Allowances In Various Jurisdictions
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CY2010 hun Releases Of Valuation Allowances In Various Jurisdictions
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CY2012 hun Releases Of Valuation Allowances In Various Jurisdictions
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4000000 USD
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24000000 USD
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CY2012 hun Number Of Chinese Chemical Companies
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1.51
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CY2012 us-gaap Tax Effect Of Extraordinary Item
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CY2011 us-gaap Tax Effect Of Extraordinary Item
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CY2010 us-gaap Tax Effect Of Extraordinary Item
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34000000 USD
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37000000 USD
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CY2012 hun Schedule Of Finite Lived Intangible Assets Table Text Block1
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16000000 USD
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5000000 USD
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11000000 USD
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-5000000 USD
CY2010 hun Income Tax Reconciliation Unrealized Currency Exchange Gains And Losses
IncomeTaxReconciliationUnrealizedCurrencyExchangeGainsAndLosses
-6000000 USD
CY2012 us-gaap Income Tax Reconciliation Tax Holidays
IncomeTaxReconciliationTaxHolidays
12000000 USD
CY2011 us-gaap Income Tax Reconciliation Tax Holidays
IncomeTaxReconciliationTaxHolidays
1000000 USD
CY2010 us-gaap Income Tax Reconciliation Tax Holidays
IncomeTaxReconciliationTaxHolidays
-2000000 USD
CY2012 us-gaap Income Tax Reconciliation Tax Credits Foreign
IncomeTaxReconciliationTaxCreditsForeign
21000000 USD
CY2011 us-gaap Income Tax Reconciliation Tax Credits Foreign
IncomeTaxReconciliationTaxCreditsForeign
4000000 USD
CY2012Q4 hun Deferred Tax Assets Operating Loss And Amt Credit Carryforwards
DeferredTaxAssetsOperatingLossAndAMTCreditCarryforwards
819000000 USD
CY2011Q4 hun Deferred Tax Assets Operating Loss And Amt Credit Carryforwards
DeferredTaxAssetsOperatingLossAndAMTCreditCarryforwards
783000000 USD
CY2012Q4 hun Additional Foreign Tax Credits Claimed
AdditionalForeignTaxCreditsClaimed
31000000 USD
CY2012Q4 us-gaap Tax Credit Carryforward Valuation Allowance
TaxCreditCarryforwardValuationAllowance
21000000 USD
CY2012 us-gaap Adjustments To Additional Paid In Capital Reallocation Of Minority Interest
AdjustmentsToAdditionalPaidInCapitalReallocationOfMinorityInterest
-2000000 USD
CY2012 us-gaap Extraordinary Item Net Of Tax
ExtraordinaryItemNetOfTax
2000000 USD
CY2012 hun Income Tax Number Of Tax Jurisdictions
IncomeTaxNumberOfTaxJurisdictions
42 item
CY2012 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
7000000 USD

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