2012 Q1 Form 10-Q Financial Statement

#000104360412000010 Filed on May 09, 2012

View on sec.gov

Income Statement

Concept 2012 Q1 2011 Q1
Revenue $1.033B $1.102B
YoY Change -6.27% 20.71%
Cost Of Revenue $398.4M $365.7M
YoY Change 8.94% 21.66%
Gross Profit $634.1M $735.9M
YoY Change -13.83% 20.25%
Gross Profit Margin 61.41% 66.8%
Selling, General & Admin $314.8M $291.2M
YoY Change 8.1% 23.65%
% of Gross Profit 49.65% 39.57%
Research & Development $269.6M $262.0M
YoY Change 2.9% 26.57%
% of Gross Profit 42.52% 35.6%
Depreciation & Amortization $43.40M $40.76M
YoY Change 6.48% 15.56%
% of Gross Profit 6.84% 5.54%
Operating Expenses $586.4M $558.5M
YoY Change 5.0% 23.64%
Operating Profit $47.70M $177.4M
YoY Change -73.11% 10.67%
Interest Expense $14.20M $6.500M
YoY Change 118.46% 306.25%
% of Operating Profit 29.77% 3.66%
Other Income/Expense, Net -$24.40M -$6.500M
YoY Change 275.38% -564.29%
Pretax Income $23.30M $170.9M
YoY Change -86.37% 5.69%
Income Tax $7.000M $41.30M
% Of Pretax Income 30.04% 24.17%
Net Earnings $16.30M $129.7M
YoY Change -87.43% -20.48%
Net Earnings / Revenue 1.58% 11.77%
Basic Earnings Per Share $0.03 $0.24
Diluted Earnings Per Share $0.03 $0.24
COMMON SHARES
Basic Shares Outstanding 527.2M shares 530.8M shares
Diluted Shares Outstanding 533.7M shares 548.8M shares

Balance Sheet

Concept 2012 Q1 2011 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $2.913B $2.944B
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $92.00M
Prepaid Expenses
Receivables $451.0M $471.0M
Other Receivables
Total Short-Term Assets $4.231B $4.304B
YoY Change -1.71%
LONG-TERM ASSETS
Property, Plant & Equipment $647.4M $516.4M
YoY Change 25.36%
Goodwill $3.988B $3.927B
YoY Change 1.54%
Intangibles $152.5M $143.5M
YoY Change 6.3%
Long-Term Investments
YoY Change
Other Assets $58.55M $54.31M
YoY Change 7.82%
Total Long-Term Assets $5.714B $5.389B
YoY Change 6.03%
TOTAL ASSETS
Total Short-Term Assets $4.231B $4.304B
Total Long-Term Assets $5.714B $5.389B
Total Assets $9.945B $9.694B
YoY Change 2.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $195.4M $228.3M
YoY Change -14.39%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.361B $1.404B
YoY Change -3.06%
LONG-TERM LIABILITIES
Long-Term Debt $999.1M $998.9M
YoY Change 0.01%
Other Long-Term Liabilities $61.91M $75.53M
YoY Change -18.04%
Total Long-Term Liabilities $1.061B $1.074B
YoY Change -1.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.361B $1.404B
Total Long-Term Liabilities $1.061B $1.074B
Total Liabilities $2.422B $2.478B
YoY Change -2.28%
SHAREHOLDERS EQUITY
Retained Earnings -$2.975B -$3.112B
YoY Change -4.4%
Common Stock $9.998B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.172B $6.896B
YoY Change
Total Liabilities & Shareholders Equity $9.945B $9.694B
YoY Change 2.59%

Cashflow Statement

Concept 2012 Q1 2011 Q1
OPERATING ACTIVITIES
Net Income $16.30M $129.7M
YoY Change -87.43% -20.48%
Depreciation, Depletion And Amortization $43.40M $40.76M
YoY Change 6.48% 15.56%
Cash From Operating Activities $102.3M $239.7M
YoY Change -57.31% 170.65%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions $90.50M $28.57M
YoY Change 216.73%
Other Investing Activities
YoY Change
Cash From Investing Activities -$93.30M -$209.2M
YoY Change -55.41% 541.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $18.30M -$58.94M
YoY Change -131.05% 38.05%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$6.300M $1.102B
YoY Change -100.57% 1641.11%
NET CHANGE
Cash From Operating Activities $102.3M $239.7M
Cash From Investing Activities -$93.30M -$209.2M
Cash From Financing Activities -$6.300M $1.102B
Net Change In Cash $2.700M $1.132B
YoY Change -99.76% 849.87%
FREE CASH FLOW
Cash From Operating Activities $102.3M $239.7M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2011Q1 us-gaap Interest Expense
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CY2012Q1 us-gaap Inventory Net
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CY2011Q1 us-gaap Investment Income Interest
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CY2012Q1 us-gaap Investment Income Interest
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In September 2011, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2011-08, Topic 350 -&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Intangibles - Goodwill and Other</font><font style="font-family:inherit;font-size:10pt;">&#160;("ASU 2011-08"), which amends Topic 350 and provides entities an option to&#160;perform a qualitative assessment to determine whether further impairment testing on goodwill is&#160;necessary. Specifically, an entity has the option to first assess qualitative factors to determine whether it is&#160;necessary to perform the current two-step test.&#160;If an entity believes, as a result of its&#160;qualitative assessment, that it is more-likely-than-not that the fair value of a reporting&#160;unit is less than its carrying amount, the quantitative&#160;impairment test is required.&#160;Otherwise, no further testing is required. The Company adopted this standard in the first quarter of 2012. The Company&#8217;s adoption of the standard during the first quarter of 2012 did not impact its consolidated results of operations or financial condition.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In June 2011, the FASB issued ASU No.&#160;2011-05, Topic 220 -&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Presentation of Comprehensive&#160;Income&#160;</font><font style="font-family:inherit;font-size:10pt;">(&#8220;ASU 2011-05&#8221;), which&#160;requires companies to present net income and other comprehensive income in one continuous statement or in two separate, but consecutive, statements.&#160;In addition, in December 2011, the FASB issued Accounting Standards Update ("ASU") No. 2011-12, Topic 220 -&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Comprehensive Income</font><font style="font-family:inherit;font-size:10pt;">&#160;("ASU 2011-12"), which defers the requirement to present components of reclassifications of other comprehensive income on the face of the income statement.&#160;The Company adopted both standards in the first quarter of 2012. The Company&#8217;s adoption of the standard during the first quarter of 2012 did not impact its consolidated results of operations or financial condition.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2011, the FASB issued ASU No.&#160;2011-04, Topic 820 -&#160;</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs&#160;</font><font style="font-family:inherit;font-size:10pt;">(&#8220;ASU 2011-04&#8221;), which amends the fair value measurement guidance and includes some enhanced disclosure requirements. The most significant change in disclosures is an expansion of the information required for Level 3 measurements based on unobservable inputs.&#160;The Company adopted this standard in the first quarter of 2012. The Company&#8217;s adoption of the standard during the first quarter of 2012 did not impact its consolidated results of operations or financial condition.</font></div></div>
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7172483000 USD
CY2011Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
7089658000 USD
CY2012Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
7172959000 USD
CY2012Q1 us-gaap Trading Securities Cost
TradingSecuritiesCost
11900000 USD
CY2011Q4 us-gaap Trading Securities Cost
TradingSecuritiesCost
9300000 USD
CY2012Q1 us-gaap Trading Securities Fair Value Disclosure
TradingSecuritiesFairValueDisclosure
11900000 USD
CY2011Q4 us-gaap Trading Securities Fair Value Disclosure
TradingSecuritiesFairValueDisclosure
9300000 USD
CY2012Q1 us-gaap Trading Securities Unrealized Holding Gain
TradingSecuritiesUnrealizedHoldingGain
0 USD
CY2011 us-gaap Trading Securities Unrealized Holding Gain
TradingSecuritiesUnrealizedHoldingGain
0 USD
CY2012Q1 us-gaap Trading Securities Unrealized Holding Loss
TradingSecuritiesUnrealizedHoldingLoss
0 USD
CY2011Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
530789000 shares
CY2011 us-gaap Trading Securities Unrealized Holding Loss
TradingSecuritiesUnrealizedHoldingLoss
0 USD
CY2012Q1 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
3400000 USD
CY2011Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
548825000 shares
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
533683000 shares
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
527186000 shares
CY2012Q1 jnpr Accrued Estimate Carrying Charges Or Obsolete Materials Charges
AccruedEstimateCarryingChargesOrObsoleteMaterialsCharges
15600000 USD
CY2012Q1 jnpr Acquired Finite And Indefinite Lived Intangible Assets Amount
AcquiredFiniteAndIndefiniteLivedIntangibleAssetsAmount
36700000 USD
CY2012Q1 jnpr Amortization Of Purchased Intangible Assets
AmortizationOfPurchasedIntangibleAssets
7300000 USD
CY2011Q1 jnpr Amortization Of Purchased Intangible Assets
AmortizationOfPurchasedIntangibleAssets
6700000 USD
CY2012Q1 jnpr Amount Of Restricted Investments Measured At Fair Value Included In Balance Of Corporate Debt Securities
AmountOfRestrictedInvestmentsMeasuredAtFairValueIncludedInBalanceOfCorporateDebtSecurities
1700000 USD
CY2011Q4 jnpr Amount Of Restricted Investments Measured At Fair Value Included In Balance Of Corporate Debt Securities
AmountOfRestrictedInvestmentsMeasuredAtFairValueIncludedInBalanceOfCorporateDebtSecurities
1600000 USD
CY2012Q1 jnpr Amount Of Restricted Investments Measured At Fair Value Included In Balance Of Money Market Funds
AmountOfRestrictedInvestmentsMeasuredAtFairValueIncludedInBalanceOfMoneyMarketFunds
79200000 USD
CY2011Q4 jnpr Amount Of Restricted Investments Measured At Fair Value Included In Balance Of Money Market Funds
AmountOfRestrictedInvestmentsMeasuredAtFairValueIncludedInBalanceOfMoneyMarketFunds
75100000 USD
CY2011Q4 jnpr Amount Of Restricted Investments Measured At Fair Value Included In Balance Of Mutual Funds
AmountOfRestrictedInvestmentsMeasuredAtFairValueIncludedInBalanceOfMutualFunds
1000000 USD
CY2012Q1 jnpr Available For Sale Investments And Publicly Traded Securities Unrealized Gain
AvailableForSaleInvestmentsAndPubliclyTradedSecuritiesUnrealizedGain
3700000 USD
CY2011 jnpr Available For Sale Investments And Publicly Traded Securities Unrealized Gain
AvailableForSaleInvestmentsAndPubliclyTradedSecuritiesUnrealizedGain
1400000 USD
CY2012Q1 jnpr Available For Sale Investments And Publicly Traded Securities Unrealized Loss
AvailableForSaleInvestmentsAndPubliclyTradedSecuritiesUnrealizedLoss
400000 USD
CY2011 jnpr Available For Sale Investments And Publicly Traded Securities Unrealized Loss
AvailableForSaleInvestmentsAndPubliclyTradedSecuritiesUnrealizedLoss
800000 USD
CY2012Q1 jnpr Available For Sale Investments And Trading Securities Amortized Cost
AvailableForSaleInvestmentsAndTradingSecuritiesAmortizedCost
2646000000 USD
CY2011Q4 jnpr Available For Sale Investments And Trading Securities Amortized Cost
AvailableForSaleInvestmentsAndTradingSecuritiesAmortizedCost
2732100000 USD
CY2012Q1 jnpr Available For Sale Investments And Trading Securities Fair Value
AvailableForSaleInvestmentsAndTradingSecuritiesFairValue
2649300000 USD
CY2011Q4 jnpr Available For Sale Investments And Trading Securities Fair Value
AvailableForSaleInvestmentsAndTradingSecuritiesFairValue
2732700000 USD
CY2010Q2 jnpr Business Acquisition Cash Value Of Unvested Restricted Shares
BusinessAcquisitionCashValueOfUnvestedRestrictedShares
10700000 USD
CY2012Q1 jnpr Campus Build Out Commitments
CampusBuildOutCommitments
47600000 USD
CY2012Q1 jnpr Cash Received From Financing Provider That Has Not Been Recognized As Revenue
CashReceivedFromFinancingProviderThatHasNotBeenRecognizedAsRevenue
40900000 USD
CY2011Q4 jnpr Cash Received From Financing Provider That Has Not Been Recognized As Revenue
CashReceivedFromFinancingProviderThatHasNotBeenRecognizedAsRevenue
33300000 USD
CY2012Q1 jnpr Closing Stock Price At Plan Period End
ClosingStockPriceAtPlanPeriodEnd
22.88
CY2011Q1 jnpr Common Stock Repurchased Under Stock Repurchase Program Average Purchase Price
CommonStockRepurchasedUnderStockRepurchaseProgramAveragePurchasePrice
42.14
CY2012Q1 jnpr Common Stock Repurchased Under Stock Repurchase Program Average Purchase Price
CommonStockRepurchasedUnderStockRepurchaseProgramAveragePurchasePrice
21.75
CY2011Q1 jnpr Corporate Unallocated Expenses
CorporateUnallocatedExpenses
252400000 USD
CY2012Q1 jnpr Corporate Unallocated Expenses
CorporateUnallocatedExpenses
263100000 USD
CY2012Q1 jnpr Decrease In Restricted Cash
DecreaseInRestrictedCash
79000000 USD
CY2012Q1 jnpr Deferred Incometax Expense Benefit Net
DeferredIncometaxExpenseBenefitNet
-13904000 USD
CY2011Q1 jnpr Deferred Incometax Expense Benefit Net
DeferredIncometaxExpenseBenefitNet
1503000 USD
CY2012Q1 jnpr Employee Contribution Matched In Percent
EmployeeContributionMatchedInPercent
0.25 pure
CY2012Q1 jnpr Estimated Incremental Tax Liability Excluding Interest And Penalties Related To Nopa
EstimatedIncrementalTaxLiabilityExcludingInterestAndPenaltiesRelatedToNopa
807000000 USD
CY2012Q1 jnpr Estimated Incremental Tax Liability Excluding Interest And Penalties Related To Pnod
EstimatedIncrementalTaxLiabilityExcludingInterestAndPenaltiesRelatedToPnod
92000000 USD
CY2012Q1 jnpr Share Based Compensation Arrangement By Share Based Payment Award Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedInPeriodTotalFairValue
27900000 USD
CY2012Q1 jnpr Share Based Compensation Arrangement Vesting Period Psa In Years
ShareBasedCompensationArrangementVestingPeriodPsaInYears
3 Y
CY2012Q1 jnpr Gross Unrealized Gains Due Between One And Five Years
GrossUnrealizedGainsDueBetweenOneAndFiveYears
2100000 USD
CY2012Q1 jnpr Gross Unrealized Gains Due Within One Year
GrossUnrealizedGainsDueWithinOneYear
300000 USD
CY2012Q1 jnpr Gross Unrealized Gains No Contractual Maturity
GrossUnrealizedGainsNoContractualMaturity
1300000 USD
CY2012Q1 jnpr Gross Unrealized Losses Due Between One And Five Year
GrossUnrealizedLossesDueBetweenOneAndFiveYear
400000 USD
CY2012Q1 jnpr Gross Unrealized Losses Due Within One Year
GrossUnrealizedLossesDueWithinOneYear
0 USD
CY2012Q1 jnpr Gross Unrealized Losses No Contractual Maturity
GrossUnrealizedLossesNoContractualMaturity
0 USD
CY2012Q1 jnpr Indemnity Related Escrow Amount
IndemnityRelatedEscrowAmount
29200000 USD
CY2011Q4 jnpr Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
593800000 USD
CY2012Q1 jnpr Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
630500000 USD
CY2012Q1 jnpr Maximum Additional Shares Expire Unexercised Under1996 And2000 Plan
MaximumAdditionalSharesExpireUnexercisedUnder1996And2000Plan
75000000 shares
CY2012Q1 jnpr Number Of Days Due From Receivable
NumberOfDaysDueFromReceivable
30 D
CY2012Q1 jnpr Other Contractual Obligations
OtherContractualObligations
90800000 USD
CY2012Q1 jnpr Outstanding Stock Options And Restricted Stock Units Covering Shares Of Common Stock
OutstandingStockOptionsAndRestrictedStockUnitsCoveringSharesOfCommonStock
1600000 shares
CY2012Q1 jnpr Principal Contractual Obligations Total
PrincipalContractualObligationsTotal
2481600000 USD
CY2011Q4 jnpr Purchased Intangible Assets Accumulated Amortization
PurchasedIntangibleAssetsAccumulatedAmortization
470700000 USD
CY2012Q1 jnpr Purchased Intangible Assets Accumulated Amortization
PurchasedIntangibleAssetsAccumulatedAmortization
478000000 USD
CY2012Q1 jnpr Receivables From Sale Of Receivables
ReceivablesFromSaleOfReceivables
101300000 USD
CY2011Q4 jnpr Receivables From Sale Of Receivables
ReceivablesFromSaleOfReceivables
162900000 USD
CY2012Q1 jnpr Restricted Stock Units And Performance Share Awards Aggregate Intrinsic Value
RestrictedStockUnitsAndPerformanceShareAwardsAggregateIntrinsicValue
558300000 USD
CY2012Q1 jnpr Restricted Stock Units And Performance Share Awards Weighted Average Remaining Contractual Term
RestrictedStockUnitsAndPerformanceShareAwardsWeightedAverageRemainingContractualTerm
1.6 Y
CY2012Q1 jnpr Restructuring Net
RestructuringNet
2039000 USD
CY2011Q1 jnpr Restructuring Net
RestructuringNet
-347000 USD
CY2012Q1 jnpr Sale Of Receivable
SaleOfReceivable
120600000 USD
CY2011Q1 jnpr Sale Of Receivable
SaleOfReceivable
174800000 USD
CY2012Q1 jnpr Share Based Payroll Tax Expense
ShareBasedPayrollTaxExpense
400000 USD
CY2011Q1 jnpr Share Based Payroll Tax Expense
ShareBasedPayrollTaxExpense
8000000 USD
CY2011Q1 jnpr Total Segment Operating Income
TotalSegmentOperatingIncome
498200000 USD
CY2012Q1 jnpr Total Segment Operating Income
TotalSegmentOperatingIncome
386600000 USD
CY2012Q1 jnpr Vested And Expected To Vest Restricted Stock Units And Performance Share Awards Aggregate Intrinsic Value
VestedAndExpectedToVestRestrictedStockUnitsAndPerformanceShareAwardsAggregateIntrinsicValue
456500000 USD
CY2012Q1 jnpr Vested And Expected To Vest Restricted Stock Units And Performance Share Awards Number Of Shares
VestedAndExpectedToVestRestrictedStockUnitsAndPerformanceShareAwardsNumberOfShares
28800000 shares
CY2012Q1 jnpr Vested And Expected To Vest Restricted Stock Units And Performance Share Awards Weighted Average Grant Date Fair Value
VestedAndExpectedToVestRestrictedStockUnitsAndPerformanceShareAwardsWeightedAverageGrantDateFairValue
0.00
CY2012Q1 jnpr Vested And Expected To Vest Restricted Stock Units And Performance Share Awards Weighted Average Remaining Contractual Term
VestedAndExpectedToVestRestrictedStockUnitsAndPerformanceShareAwardsWeightedAverageRemainingContractualTerm
1.4 Y
CY2012Q1 dei Amendment Flag
AmendmentFlag
false
CY2012Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2012Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2012Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
CY2012Q1 dei Document Period End Date
DocumentPeriodEndDate
2012-03-31
CY2012Q1 dei Document Type
DocumentType
10-Q
CY2012Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001043604
CY2012Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
529548000 shares
CY2012Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2012Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2012Q1 dei Entity Registrant Name
EntityRegistrantName
JUNIPER NETWORKS INC
CY2012Q1 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2012Q1 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
Yes

Files In Submission

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