2022 Q1 Form 10-Q Financial Statement

#000102599622000131 Filed on April 28, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $265.5M $235.6M
YoY Change 12.67% 6.47%
Cost Of Revenue $73.12M $66.00M
YoY Change 10.79% 3.94%
Gross Profit $192.4M $169.7M
YoY Change 13.37% 7.54%
Gross Profit Margin 72.46% 72.01%
Selling, General & Admin $23.79M $22.70M
YoY Change 4.82% 10.73%
% of Gross Profit 12.37% 13.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $87.00M $74.43M
YoY Change 16.89% 2.75%
% of Gross Profit 45.22% 43.86%
Operating Expenses $185.6M $164.6M
YoY Change 12.77% 3.93%
Operating Profit $6.807M $5.138M
YoY Change 32.48% -1055.02%
Interest Expense $20.63M $22.33M
YoY Change -7.65% 54.62%
% of Operating Profit 303.0% 434.68%
Other Income/Expense, Net -$20.54M $436.3M
YoY Change -104.71% -2583.08%
Pretax Income $59.38M $507.4M
YoY Change -88.3% 1017.62%
Income Tax
% Of Pretax Income
Net Earnings $59.38M $507.4M
YoY Change -88.3% 1174.36%
Net Earnings / Revenue 22.37% 215.33%
Basic Earnings Per Share $0.45 $4.27
Diluted Earnings Per Share $0.45 $4.26
COMMON SHARES
Basic Shares Outstanding 116.7M shares 116.3M shares
Diluted Shares Outstanding 117.1M shares 116.8M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $331.7M $658.0M
YoY Change -49.59% -13.65%
Cash & Equivalents $331.7M $657.8M
Short-Term Investments
Other Short-Term Assets $50.54M $10.00M
YoY Change 405.38% -68.75%
Inventory
Prepaid Expenses
Receivables $12.11M $383.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $815.2M $1.051B
YoY Change -22.43% -9.63%
LONG-TERM ASSETS
Property, Plant & Equipment $9.476B $8.090B
YoY Change 17.13% -2.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $25.83M $24.00M
YoY Change 7.62% 20.0%
Other Assets $248.2M $1.219B
YoY Change -79.64% 451.58%
Total Long-Term Assets $9.750B $9.333B
YoY Change 4.46% 8.88%
TOTAL ASSETS
Total Short-Term Assets $815.2M $1.051B
Total Long-Term Assets $9.750B $9.333B
Total Assets $10.56B $10.38B
YoY Change 1.74% 6.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $391.9M $409.0M
YoY Change -4.18% -2.15%
Accrued Expenses $125.4M $98.00M
YoY Change 27.97% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $579.3M $566.0M
YoY Change 2.35% -1.39%
LONG-TERM LIABILITIES
Long-Term Debt $4.068B $3.923B
YoY Change 3.71% 6.4%
Other Long-Term Liabilities $251.3M $192.0M
YoY Change 30.89% -2.54%
Total Long-Term Liabilities $4.320B $4.115B
YoY Change 4.98% 5.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $579.3M $566.0M
Total Long-Term Liabilities $4.320B $4.115B
Total Liabilities $4.899B $4.681B
YoY Change 4.65% 5.02%
SHAREHOLDERS EQUITY
Retained Earnings $274.2M $334.5M
YoY Change -18.03% -539.07%
Common Stock $1.167M $1.165M
YoY Change 0.17% 1.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.425B $5.458B
YoY Change
Total Liabilities & Shareholders Equity $10.56B $10.38B
YoY Change 1.74% 6.67%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $59.38M $507.4M
YoY Change -88.3% 1174.36%
Depreciation, Depletion And Amortization $87.00M $74.43M
YoY Change 16.89% 2.75%
Cash From Operating Activities $178.7M $144.2M
YoY Change 23.94% 17.25%
INVESTING ACTIVITIES
Capital Expenditures -$169.4M -$200.6M
YoY Change -15.57% -5.11%
Acquisitions
YoY Change
Other Investing Activities $0.00 $1.013B
YoY Change -100.0%
Cash From Investing Activities -$169.4M $812.3M
YoY Change -120.85% -484.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$91.68M -$92.95M
YoY Change -1.37% -111.76%
NET CHANGE
Cash From Operating Activities $178.7M $144.2M
Cash From Investing Activities -$169.4M $812.3M
Cash From Financing Activities -$91.68M -$92.95M
Net Change In Cash -$82.39M $863.4M
YoY Change -109.54% 22.98%
FREE CASH FLOW
Cash From Operating Activities $178.7M $144.2M
Capital Expenditures -$169.4M -$200.6M
Free Cash Flow $348.0M $344.8M
YoY Change 0.95% 3.11%

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CY2022Q1 us-gaap Amortization Of Financing Costs And Discounts
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CY2021Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
794000 USD
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AmortizationOfAboveAndBelowMarketLeases
-2892000 USD
CY2021Q1 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
-1181000 USD
CY2022Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
0 USD
CY2021Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
457288000 USD
CY2022Q1 krc Noncash Amortization Of Deferred Revenue Related To Tenant Funded Tenant Improvements
NoncashAmortizationOfDeferredRevenueRelatedToTenantFundedTenantImprovements
4261000 USD
CY2021Q1 krc Noncash Amortization Of Deferred Revenue Related To Tenant Funded Tenant Improvements
NoncashAmortizationOfDeferredRevenueRelatedToTenantFundedTenantImprovements
4204000 USD
CY2021Q1 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
172325000 USD
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StraightLineRent
13847000 USD
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StraightLineRent
17292000 USD
CY2022Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
356000 USD
CY2021Q1 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
211000 USD
CY2022Q1 us-gaap Increase Decrease In Operating Assets
IncreaseDecreaseInOperatingAssets
-2657000 USD
CY2021Q1 us-gaap Increase Decrease In Operating Assets
IncreaseDecreaseInOperatingAssets
-1710000 USD
CY2022Q1 us-gaap Increase Decrease In Operating Liabilities
IncreaseDecreaseInOperatingLiabilities
43837000 USD
CY2021Q1 us-gaap Increase Decrease In Operating Liabilities
IncreaseDecreaseInOperatingLiabilities
29147000 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
178659000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
144152000 USD
CY2022Q1 us-gaap Payments To Acquire Land
PaymentsToAcquireLand
40033000 USD
CY2021Q1 us-gaap Payments To Acquire Land
PaymentsToAcquireLand
0 USD
CY2022Q1 us-gaap Payments To Develop Real Estate Assets
PaymentsToDevelopRealEstateAssets
112314000 USD
CY2022Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
17027000 USD
CY2021Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
28242000 USD
CY2022Q1 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
0 USD
CY2021Q1 us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
1012817000 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-169374000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
812250000 USD
CY2022Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
318000 USD
CY2021Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
235000 USD
CY2022Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
13994000 USD
CY2021Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
21137000 USD
CY2022Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
14834000 USD
CY2021Q1 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
11672000 USD
CY2022Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
61161000 USD
CY2021Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
58594000 USD
CY2022Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
1369000 USD
CY2021Q1 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
1316000 USD
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-91676000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-92954000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-82391000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
863448000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
427083000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
823130000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
344692000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1686578000 USD
CY2022Q1 krc Lease Up Properties Maximum Stabilized Occupancy Percentage
LeaseUpPropertiesMaximumStabilizedOccupancyPercentage
0.95
CY2022Q1 krc Lease Up Properties Maximum Stabilized Occupancy Duration
LeaseUpPropertiesMaximumStabilizedOccupancyDuration
P1Y
CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2021 us-gaap Debt Instrument Convertible Threshold Trading Days
DebtInstrumentConvertibleThresholdTradingDays
10 trading_day
CY2022Q1 us-gaap Debt Instrument Convertible Threshold Trading Days
DebtInstrumentConvertibleThresholdTradingDays
10 trading_day
CY2022Q1 us-gaap Redeemable Noncontrolling Interest Equity Common Fair Value
RedeemableNoncontrollingInterestEquityCommonFairValue
87700000 USD
CY2021Q4 us-gaap Redeemable Noncontrolling Interest Equity Common Fair Value
RedeemableNoncontrollingInterestEquityCommonFairValue
76200000 USD
CY2022Q1 krc Sharebased Compensation Arrangementby Sharebased Payment Award Numberof Plans
SharebasedCompensationArrangementbySharebasedPaymentAwardNumberofPlans
1 compensation_plan
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
10700000 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1000000 shares
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6600000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9600000 USD
CY2022Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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1300000 USD
CY2021Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
1700000 USD
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
38200000 USD
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y1M6D
CY2022Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
224816000 USD
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OperatingLeaseLeaseIncomeLeasePayments
204216000 USD
CY2022Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
37081000 USD
CY2021Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
31475000 USD
CY2022Q1 krc Operating Lease Income Adjustments
OperatingLeaseIncomeAdjustments
1311000 USD
CY2021Q1 krc Operating Lease Income Adjustments
OperatingLeaseIncomeAdjustments
-1035000 USD
CY2022Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
263208000 USD
CY2021Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
234656000 USD
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
602820000 USD
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
814598000 USD
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
779984000 USD
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
741031000 USD
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
687467000 USD
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
626861000 USD
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
2291039000 USD
CY2022Q1 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
6543800000 USD
CY2022Q1 us-gaap Other Commitment
OtherCommitment
819000000 USD
CY2022Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
53128000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
497631000 USD
CY2022Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
413000 USD
CY2021Q1 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
365000 USD
CY2022Q1 krc Net Income Loss Availableto Common Stockholders Basicand Diluted
NetIncomeLossAvailabletoCommonStockholdersBasicandDiluted
52715000 USD
CY2021Q1 krc Net Income Loss Availableto Common Stockholders Basicand Diluted
NetIncomeLossAvailabletoCommonStockholdersBasicandDiluted
497266000 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
116650228 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
116344375 shares
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
409866 shares
CY2021Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
457009 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
117060094 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
116801384 shares
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.45
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.27
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.45
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.26
CY2022Q1 us-gaap Interest Paid Capitalized
InterestPaidCapitalized
18029000 USD
CY2021Q1 us-gaap Interest Paid Capitalized
InterestPaidCapitalized
16131000 USD
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
4736000 USD
CY2021Q1 us-gaap Interest Paid Net
InterestPaidNet
12387000 USD
CY2022Q1 krc Payments For Ground Leases
PaymentsForGroundLeases
1532000 USD
CY2021Q1 krc Payments For Ground Leases
PaymentsForGroundLeases
1455000 USD
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
47101000 USD
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
57675000 USD
CY2022Q1 krc Tenant Improvements Funded Directly By Tenants To Third Parties
TenantImprovementsFundedDirectlyByTenantsToThirdParties
1908000 USD
CY2021Q1 krc Tenant Improvements Funded Directly By Tenants To Third Parties
TenantImprovementsFundedDirectlyByTenantsToThirdParties
2570000 USD
CY2022Q1 krc Common Stockholders And Unitholders Dividends And Distributions Declared But Not Paid
CommonStockholdersAndUnitholdersDividendsAndDistributionsDeclaredButNotPaid
61951000 USD
CY2021Q1 krc Common Stockholders And Unitholders Dividends And Distributions Declared But Not Paid
CommonStockholdersAndUnitholdersDividendsAndDistributionsDeclaredButNotPaid
59472000 USD
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
414077000 USD
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
731991000 USD
CY2021Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
13006000 USD
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
91139000 USD
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
427083000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
823130000 USD
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
331685000 USD
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
657819000 USD
CY2022Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
13007000 USD
CY2021Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1028759000 USD
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
344692000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1686578000 USD

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