2023 Q1 Form 10-K Financial Statement

#000000357023000042 Filed on February 23, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $7.310B $9.085B $33.43B
YoY Change -2.32% 38.55% 110.72%
Cost Of Revenue $231.0M $1.701B $26.49B
YoY Change -96.93% -69.47% 81.45%
Gross Profit $7.079B $7.384B $6.943B
YoY Change -18251.28% 649.64% 447.56%
Gross Profit Margin 96.84% 81.28% 20.77%
Selling, General & Admin $107.0M $375.0M $416.0M
YoY Change 11.46% 33.45% 28.0%
% of Gross Profit 1.51% 5.08% 5.99%
Research & Development $10.00M $16.00M
YoY Change 100.0% 128.57%
% of Gross Profit 0.14% 0.23%
Depreciation & Amortization $297.0M $292.0M $1.119B
YoY Change 9.59% 13.18% 10.68%
% of Gross Profit 4.2% 3.95% 16.12%
Operating Expenses $117.0M $671.0M $432.0M
YoY Change 15.84% 24.03% 30.12%
Operating Profit $7.991B $6.713B $4.559B
YoY Change -1403.59% 1411.94% -750.36%
Interest Expense $297.0M -$346.0M $1.406B
YoY Change -14.9% -0.57% -2.23%
% of Operating Profit 3.72% -5.15% 30.84%
Other Income/Expense, Net -$240.0M $26.00M -$1.465B
YoY Change -33.15% -425.0% -7.1%
Pretax Income $7.751B $6.368B $3.094B
YoY Change -897.43% 10170.97% -235.82%
Income Tax $1.300B $1.221B $459.0M
% Of Pretax Income 16.77% 19.17% 14.84%
Net Earnings $5.434B $3.937B $1.428B
YoY Change -728.21% -397.58% -160.95%
Net Earnings / Revenue 74.34% 43.34% 4.27%
Basic Earnings Per Share $22.28 $5.69
Diluted Earnings Per Share $22.10 $15.37 $5.64
COMMON SHARES
Basic Shares Outstanding 243.7M shares 248.7M shares 251.1M shares
Diluted Shares Outstanding 245.8M shares 253.4M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.948B $1.353B $1.353B
YoY Change 18.54% -3.63% -3.63%
Cash & Equivalents $2.948B $1.353B $1.353B
Short-Term Investments
Other Short-Term Assets $70.00M $97.00M $1.485B
YoY Change -27.08% -53.14% 3.13%
Inventory $465.0M $826.0M $826.0M
Prepaid Expenses
Receivables $391.0M $922.0M $922.0M
Other Receivables $538.0M $1.022B $1.022B
Total Short-Term Assets $5.048B $5.608B $5.608B
YoY Change -11.52% 10.92% 10.92%
LONG-TERM ASSETS
Property, Plant & Equipment $31.75B $31.53B $34.15B
YoY Change 4.73% 4.09% 5.44%
Goodwill $77.00M $77.00M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $16.00M $16.00M
YoY Change -71.43% -71.43%
Other Assets $605.0M $529.0M $1.221B
YoY Change 23.22% 14.5% -20.04%
Total Long-Term Assets $35.22B $35.66B $35.66B
YoY Change 2.52% 4.26% 4.26%
TOTAL ASSETS
Total Short-Term Assets $5.048B $5.608B $5.608B
Total Long-Term Assets $35.22B $35.66B $35.66B
Total Assets $40.27B $41.27B $41.27B
YoY Change 0.52% 5.11% 5.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $93.00M $124.0M $124.0M
YoY Change -44.31% -20.0% -20.0%
Accrued Expenses $1.328B $2.679B $3.288B
YoY Change -32.35% 16.53% 16.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $61.00M $813.0M $841.0M
YoY Change -1.61% 594.87% 128.53%
Total Short-Term Liabilities $3.526B $6.795B $6.795B
YoY Change -23.43% 44.79% 44.79%
LONG-TERM LIABILITIES
Long-Term Debt $23.93B $24.06B $24.55B
YoY Change -17.22% -18.32% -16.8%
Other Long-Term Liabilities $170.0M $175.0M $10.09B
YoY Change 157.58% 250.0% 98.21%
Total Long-Term Liabilities $24.10B $24.23B $34.64B
YoY Change -16.83% -17.86% 0.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.526B $6.795B $6.795B
Total Long-Term Liabilities $24.10B $24.23B $34.64B
Total Liabilities $27.62B $31.03B $44.24B
YoY Change -17.73% -9.26% 5.75%
SHAREHOLDERS EQUITY
Retained Earnings $394.0M -$4.942B
YoY Change -105.66% -17.92%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.821B $2.342B
YoY Change 185.53% 152.37%
Treasury Stock Shares
Shareholders Equity $1.902B -$2.969B -$2.969B
YoY Change
Total Liabilities & Shareholders Equity $40.27B $41.27B $41.27B
YoY Change 0.52% 5.11% 5.11%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $5.434B $3.937B $1.428B
YoY Change -728.21% -397.58% -160.95%
Depreciation, Depletion And Amortization $297.0M $292.0M $1.119B
YoY Change 9.59% 13.18% 10.68%
Cash From Operating Activities $3.421B $2.952B $10.52B
YoY Change 28.85% 616.5% 326.2%
INVESTING ACTIVITIES
Capital Expenditures $712.0M $491.0M $1.830B
YoY Change 300.0% -339.51% 89.44%
Acquisitions
YoY Change
Other Investing Activities $5.000M -$5.000M $0.00
YoY Change -100.0%
Cash From Investing Activities -$727.0M -$496.0M -$1.844B
YoY Change 308.43% 141.95% 102.19%
FINANCING ACTIVITIES
Cash Dividend Paid $99.00M $349.0M
YoY Change 15.12% 310.59%
Common Stock Issuance & Retirement, Net $1.373B
YoY Change 15155.56%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.740B -3.307B -$8.014B
YoY Change 25.36% 226.78% 341.06%
NET CHANGE
Cash From Operating Activities $3.421B 2.952B $10.52B
Cash From Investing Activities -$727.0M -496.0M -$1.844B
Cash From Financing Activities -$1.740B -3.307B -$8.014B
Net Change In Cash $956.0M -851.0M $670.0M
YoY Change -12.21% 5.71% -357.69%
FREE CASH FLOW
Cash From Operating Activities $3.421B $2.952B $10.52B
Capital Expenditures $712.0M $491.0M $1.830B
Free Cash Flow $2.709B $2.461B $8.693B
YoY Change 9.37% 298.87% 478.38%

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ORGANIZATION AND NATURE OF OPERATIONS<div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We operate two natural gas liquefaction and export facilities located in Cameron Parish, Louisiana at Sabine Pass and near Corpus Christi, Texas (respectively, the “Sabine Pass LNG Terminal” and “Corpus Christi LNG Terminal”). </span></div><div style="text-align:justify;text-indent:27pt"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">CQP owns the Sabine Pass LNG Terminal, which has natural gas liquefaction facilities consisting of six operational Trains, with Train 6 having achieved substantial completion on February 4, 2022, for a total operational production capacity of approximately 30 mtpa of LNG (the “SPL Project”). The Sabine Pass LNG Terminal also has operational regasification facilities that include five LNG storage tanks, vaporizers and three marine berths, with the third berth having achieved substantial completion on October 27, 2022. The Sabine Pass LNG Terminal also includes a 94-mile pipeline owned by CTPL, a subsidiary of CQP, that interconnects our facilities with a number of large interstate and intrastate pipelines. As of December 31, 2022, we owned 100% of the general partner interest and a 48.6% limited partner interest in CQP. </span></div><div style="text-align:justify;text-indent:27pt"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Corpus Christi LNG Terminal currently has three operational Trains for a total operational production capacity of approximately 15 mtpa of LNG, three LNG storage tanks and two marine berths. Additionally, we are constructing an expansion of the Corpus Christi LNG Terminal (the “Corpus Christi Stage 3 Project”) for up to seven midscale Trains with an expected total operational production capacity of over 10 mtpa of LNG. CCL Stage III, CCL and CCP received approval from FERC in November 2019 to site, construct and operate the Corpus Christi Stage 3 Project. In March 2022, CCL Stage III issued limited notice to proceed to Bechtel Energy Inc. (“Bechtel”) to commence early engineering, procurement and site works. In June 2022, our board of directors (our “Board”) made a positive FID with respect to the investment in the construction and operation of the Corpus Christi Stage 3 Project and issued a full notice to proceed with construction to Bechtel effective June 16, 2022. In connection with the positive FID, CCL Stage III, through which we were developing and constructing the Corpus Christi Stage 3 Project, was contributed to CCH and subsequently merged with and into CCL, the surviving entity of the merger and a wholly owned subsidiary of CCH. Through our subsidiary CCP, we also own a 21.5-mile natural gas supply pipeline that interconnects the Corpus Christi LNG Terminal with several interstate and intrastate natural gas pipelines (the “Corpus Christi Pipeline” and together with the existing operational Trains, midscale Trains, storage tanks and marine berths, the “CCL Project”).</span></div><div style="text-align:justify;text-indent:27pt"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">We have increased available liquefaction capacity at the SPL Project and the CCL Project (collectively, the “Liquefaction Projects”) as a result of debottlenecking and other optimization projects. We hold significant land positions at both the Sabine Pass LNG Terminal and the Corpus Christi LNG Terminal which provide opportunity for further liquefaction capacity expansion. In September 2022, certain of our subsidiaries entered the pre-filing review process with the FERC under the National Environmental Policy Act for an expansion adjacent to the CCL Project consisting of two midscale Trains with an expected total production capacity of approximately 3 mtpa of LNG. The development of these sites or other projects, including infrastructure projects in support of natural gas supply and LNG demand, will require, among other things, acceptable commercial and financing arrangements before we make a positive FID.</span></div>
CY2022 lng Number Of Natural Gas Liquefaction And Export Facilities
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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of our Consolidated Financial Statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and the accompanying notes. Management evaluates its estimates and related assumptions regularly, including those related to fair value measurements of derivatives and other instruments, useful lives of property, plant and equipment, certain valuations including leases, asset retirement obligations (“AROs”) and recoverability of deferred tax assets, each as further discussed under the respective sections within this note. Changes in facts and circumstances or additional information may result in revised estimates, and actual results may differ from these estimates.</span></div>
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CY2021Q4 us-gaap Cash Flow Hedges Derivative Instruments At Fair Value Net
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CY2022 us-gaap Concentration Risk Credit Risk
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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject us to a concentration of credit risk consist principally of derivative instruments and accounts receivable related to our long-term SPAs and regasification contracts, each discussed further below. Additionally, we maintain cash balances at financial institutions, which may at times be in excess of federally insured levels. We have not incurred credit losses related to these cash balances to date.</span></div><div style="text-align:justify;text-indent:27pt"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The use of derivative instruments exposes us to counterparty credit risk, or the risk that a counterparty will be unable to meet its commitments. Certain of our commodity derivative transactions are executed through over-the-counter contracts which are subject to nominal credit risk as these transactions are settled on a daily margin basis with investment grade financial institutions. Collateral deposited for such contracts is recorded within margin deposits. Our FX derivative instruments are placed with investment grade financial institutions whom we believe are acceptable credit risks. We monitor counterparty creditworthiness on an ongoing basis; however, we cannot predict sudden changes in counterparties’ creditworthiness. In addition, even if such changes are not sudden, we may be limited in our ability to mitigate an increase in counterparty credit risk. Should one of these counterparties not perform, we may not realize the benefit of some of our derivative instruments.</span></div><div style="text-align:justify;text-indent:27pt"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We have contracted our anticipated production capacity under SPAs and under IPM agreements. Substantially all of our contracted capacity is from contracts with terms exceeding 10 years. As of December 31, 2022, we had SPAs with terms of 10 or more years with a total of 28 different third party customers. Excluding contracts with terms less than 10 years, our SPAs and IPM agreements had approximately 17 years of weighted average remaining life as of December 31, 2022. We market and sell LNG produced by the Liquefaction Projects that is not contracted by CCL or SPLs through our integrated marketing function. We are dependent on the respective customers’ creditworthiness and their willingness to perform under their respective agreements. </span></div><div style="text-align:justify;text-indent:27pt"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">See </span><span style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline"><a href="#ic1131b9e5c5b41368c2dbfdabf35915e_136" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Note </a><a href="#ic1131b9e5c5b41368c2dbfdabf35915e_136" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">21</a><a href="#ic1131b9e5c5b41368c2dbfdabf35915e_136" style="color:#0000ff;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">—Customer Concentration</a></span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for additional details about our customer concentration.</span></div><div style="text-align:justify;text-indent:27pt"><span><br/></span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our arrangements with our customers incorporate certain provisions to mitigate our exposure to credit losses and include, under certain circumstances, customer collateral, netting of exposures through the use of industry standard commercial agreements and, as described above, margin deposits with certain counterparties in the over-the-counter derivative market, with such margin deposits primarily facilitated by independent system operators and by clearing brokers. Payments on margin deposits, either by us or by the counterparty depending on the position, are required when the value of a derivative exceeds our pre-established credit limit with the counterparty. Margin deposits are returned to us (or to the counterparty) on or near the settlement date for non-exchange traded derivatives, and we exchange margin calls on a daily basis for exchange traded transactions.</span></div>
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CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2021 us-gaap Current Federal Tax Expense Benefit
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CY2020 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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CY2021 us-gaap Current Foreign Tax Expense Benefit
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CY2022 us-gaap Current Income Tax Expense Benefit
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CY2021 us-gaap Current Income Tax Expense Benefit
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CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2020 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Other
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Other
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Restructuring Charges
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2022 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021 us-gaap Effective Income Tax Rate Continuing Operations
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CY2020 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
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CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
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CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Foreign
DeferredTaxAssetsOperatingLossCarryforwardsForeign
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CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
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CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
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CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
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CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
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CY2021Q4 us-gaap Deferred Tax Assets Other
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q4 us-gaap Deferred Tax Assets Net
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CY2021Q4 us-gaap Deferred Tax Assets Net
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CY2022Q4 us-gaap Deferred Tax Liabilities Investment In Noncontrolled Affiliates
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CY2021Q4 us-gaap Deferred Tax Liabilities Investment In Noncontrolled Affiliates
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CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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CY2021Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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CY2022Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
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CY2021Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
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CY2021Q4 us-gaap Deferred Tax Liabilities Other
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CY2022Q4 us-gaap Deferred Income Tax Liabilities
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CY2021Q4 us-gaap Deferred Income Tax Liabilities
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CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
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CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2022Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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CY2021Q4 us-gaap Unrecognized Tax Benefits
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CY2020Q4 us-gaap Unrecognized Tax Benefits
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CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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CY2022 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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CY2021 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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CY2022 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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CY2021 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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CY2022Q4 us-gaap Unrecognized Tax Benefits
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CY2021Q4 us-gaap Unrecognized Tax Benefits
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
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CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
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145000000 usd
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
116000000 usd
CY2022 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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CY2021 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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CY2020 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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CY2022 us-gaap Allocated Share Based Compensation Expense
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CY2021 us-gaap Allocated Share Based Compensation Expense
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CY2020 us-gaap Allocated Share Based Compensation Expense
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CY2022 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2021 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2020 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2022Q4 us-gaap Deferred Compensation Sharebased Arrangements Liability Current And Noncurrent
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CY2021Q4 us-gaap Deferred Compensation Sharebased Arrangements Liability Current And Noncurrent
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40000000 usd
CY2022 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
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0.75
CY2022 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
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CY2022 us-gaap Defined Contribution Plan Cost Recognized
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CY2021 us-gaap Defined Contribution Plan Cost Recognized
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CY2020 us-gaap Defined Contribution Plan Cost Recognized
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CY2022 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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CY2022 us-gaap Net Income Loss
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CY2021 us-gaap Net Income Loss
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CY2020 us-gaap Net Income Loss
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CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
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251100000 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
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253400000 shares
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
252400000 shares
CY2022 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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2300000 shares
CY2021 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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0 shares
CY2020 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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253400000 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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253400000 shares
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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252400000 shares
CY2022 us-gaap Earnings Per Share Basic
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CY2021 us-gaap Earnings Per Share Basic
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CY2020 us-gaap Earnings Per Share Basic
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CY2021 us-gaap Earnings Per Share Diluted
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CY2020 us-gaap Earnings Per Share Diluted
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CY2022 us-gaap Common Stock Dividends Per Share Declared
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CY2021 us-gaap Common Stock Dividends Per Share Declared
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CY2020 us-gaap Common Stock Dividends Per Share Declared
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CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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1800000 shares
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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7900000 shares
CY2021Q3 us-gaap Stock Repurchase Program Authorized Amount1
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us-gaap Stock Repurchase Program Period In Force1
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P3Y
CY2022 us-gaap Schedule Of Repurchase Agreements
ScheduleOfRepurchaseAgreements
The following table presents information with respect to repurchases of common stock (in millions, except per share data):<table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:61.034%"/><td style="width:0.1%"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="width:1.0%"/><td style="width:11.034%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.530%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.034%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.530%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:11.038%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="15" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Year Ended December 31,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2021</span></td><td colspan="3" style="border-top:1pt solid #000000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000000;padding:2px 1pt;text-align:center;vertical-align:middle"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2020</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Aggregate common stock repurchased</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9.35 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">0.10 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2.88 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Weighted average price paid per share</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">146.88 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">87.32 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#ffffff;padding:0 1pt"/><td style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#ffffff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">53.88 </span></td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Total amount paid</span></td><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1,373 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">9 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">$</span></td><td style="background-color:#cceeff;padding:2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">155 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"/></tr></table>
CY2022 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
9350000 shares
CY2021 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
100000 shares
CY2020 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
2880000 shares
CY2022 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
146.88
CY2021 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
87.32
CY2020 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
53.88
CY2022 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1373000000 usd
CY2021 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
9000000 usd
CY2020 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
155000000 usd
CY2022Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
3600000000 usd
CY2022 us-gaap Revenues
Revenues
33428000000 usd
CY2021 us-gaap Revenues
Revenues
15864000000 usd
CY2020 us-gaap Revenues
Revenues
9358000000 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
891000000 usd
CY2021 us-gaap Interest Paid Net
InterestPaidNet
1365000000 usd
CY2020 us-gaap Interest Paid Net
InterestPaidNet
1395000000 usd
CY2022 us-gaap Income Taxes Paid
IncomeTaxesPaid
30000000 usd
CY2021 us-gaap Income Taxes Paid
IncomeTaxesPaid
4000000 usd
CY2020 us-gaap Income Taxes Paid
IncomeTaxesPaid
2000000 usd
CY2022 lng Contributions Of Property In Exchange For Other Non Current Assets
ContributionsOfPropertyInExchangeForOtherNonCurrentAssets
17000000 usd
CY2021 lng Contributions Of Property In Exchange For Other Non Current Assets
ContributionsOfPropertyInExchangeForOtherNonCurrentAssets
0 usd
CY2020 lng Contributions Of Property In Exchange For Other Non Current Assets
ContributionsOfPropertyInExchangeForOtherNonCurrentAssets
0 usd
CY2022 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
346000000 usd
CY2021 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
339000000 usd
CY2020 us-gaap Construction In Progress Expenditures Incurred But Not Yet Paid
ConstructionInProgressExpendituresIncurredButNotYetPaid
282000000 usd
CY2022 dei Auditor Name
AuditorName
KPMG LLP
CY2022 dei Auditor Location
AuditorLocation
Houston, Texas
CY2022 dei Auditor Firm
AuditorFirmId
185
CY2021Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
1000000000 usd
us-gaap Stock Repurchase Program Period In Force1
StockRepurchaseProgramPeriodInForce1
P3Y

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