2021 Q4 Form 10-K Financial Statement

#000155837022002516 Filed on March 01, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2021 Q2
Revenue $487.4M $153.1M $4.368M
YoY Change 4988.6% 2248.59% -74.2%
Cost Of Revenue $717.7M $439.8M $249.7M
YoY Change 246.71% 131.26% -17.23%
Gross Profit -$230.3M -$286.7M -$245.4M
YoY Change 16.65% 56.11% -13.82%
Gross Profit Margin -47.24% -187.27% -5617.19%
Selling, General & Admin $273.6M $229.1M $185.5M
YoY Change 46.64% 46.27% 41.12%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $197.6M $188.5M $188.6M
YoY Change 13.32% 1.47% 2.41%
% of Gross Profit
Operating Expenses $456.6M $402.4M $359.7M
YoY Change 30.68% 20.44% 15.79%
Operating Profit -$686.9M -$689.1M -$605.1M
YoY Change 25.6% 33.09% 1.63%
Interest Expense -$178.4M $21.58M $21.30M
YoY Change 72.23% -26.91% -118.6%
% of Operating Profit
Other Income/Expense, Net $66.49M -$156.5M -$111.8M
YoY Change -5214.54% -4.2% -13.34%
Pretax Income -$1.570B -$845.6M -$716.9M
YoY Change 122.0% 24.15% -1.04%
Income Tax $2.318M $294.0K $927.0K
% Of Pretax Income
Net Earnings -$1.573B -$845.9M -$717.8M
YoY Change 112.84% 24.88% 0.36%
Net Earnings / Revenue -322.65% -552.57% -16432.9%
Basic Earnings Per Share -$4.01 -$2.29 -$1.94
Diluted Earnings Per Share -$4.01 -$2.29 -$1.94
COMMON SHARES
Basic Shares Outstanding 370.0M 370.0M 369.9M
Diluted Shares Outstanding 370.0M 369.9M

Balance Sheet

Concept 2021 Q4 2021 Q3 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.747B $1.935B $2.750B
YoY Change -47.07% -17.88% 21.69%
Cash & Equivalents $1.507B $1.370B $2.365B
Short-Term Investments $240.0M
Other Short-Term Assets $269.2M $247.8M $200.7M
YoY Change 74.83% 80.89% -39.92%
Inventory $118.2M $108.2M $92.04M
Prepaid Expenses
Receivables $1.167B $990.4M $422.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.302B $3.281B $3.465B
YoY Change -7.2% 23.7% 25.99%
LONG-TERM ASSETS
Property, Plant & Equipment $13.53B $13.48B $13.43B
YoY Change 0.88% 0.2% -0.42%
Goodwill $98.13M $98.13M $98.13M
YoY Change 0.0% 0.0% 0.0%
Intangibles $500.5M $500.5M $500.5M
YoY Change 0.0% 0.0% 0.0%
Long-Term Investments
YoY Change
Other Assets $1.301B $1.370B $1.031B
YoY Change 56.37% 96.44% 49.31%
Total Long-Term Assets $15.43B $15.45B $15.06B
YoY Change 3.95% 4.74% 1.92%
TOTAL ASSETS
Total Short-Term Assets $3.302B $3.281B $3.465B
Total Long-Term Assets $15.43B $15.45B $15.06B
Total Assets $18.73B $18.73B $18.53B
YoY Change 1.8% 7.63% 5.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $233.2M $94.95M $110.6M
YoY Change 180.47% -18.47% -77.19%
Accrued Expenses $1.059B $860.9M $631.9M
YoY Change 77.69% 36.65% -2.49%
Deferred Revenue $1.561B $1.440B $1.077B
YoY Change 40.68% 29.1% -3.28%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $876.9M $543.7M $361.2M
YoY Change 601.51% 15.2% 7.19%
Total Short-Term Liabilities $3.730B $2.940B $2.181B
YoY Change 94.91% 25.94% -15.61%
LONG-TERM LIABILITIES
Long-Term Debt $11.57B $11.86B $11.92B
YoY Change -0.95% 13.38% 19.1%
Other Long-Term Liabilities $997.1M $1.042B $702.1M
YoY Change 121.53% 102.39% 17.94%
Total Long-Term Liabilities $997.1M $1.042B $702.1M
YoY Change 121.53% 102.39% 17.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.730B $2.940B $2.181B
Total Long-Term Liabilities $997.1M $1.042B $702.1M
Total Liabilities $16.30B $15.85B $14.81B
YoY Change 16.03% 19.02% 12.25%
SHAREHOLDERS EQUITY
Retained Earnings -$4.796B -$3.224B -$2.378B
YoY Change 1523.43% -678.33% -292.57%
Common Stock $7.514B $6.372B $6.330B
YoY Change 53.67% 23.58% 30.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.433B $2.883B $3.719B
YoY Change
Total Liabilities & Shareholders Equity $18.73B $18.73B $18.53B
YoY Change 1.8% 7.63% 5.7%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2021 Q2
OPERATING ACTIVITIES
Net Income -$1.573B -$845.9M -$717.8M
YoY Change 112.84% 24.88% 0.36%
Depreciation, Depletion And Amortization $197.6M $188.5M $188.6M
YoY Change 13.32% 1.47% 2.41%
Cash From Operating Activities -$315.7M -$670.3M -$630.1M
YoY Change -50.49% 13.57% -50.61%
INVESTING ACTIVITIES
Capital Expenditures -$213.3M -$230.0M -$173.1M
YoY Change 190.62% 55.86% 50.11%
Acquisitions
YoY Change
Other Investing Activities -$247.8M $387.3M -$388.8M
YoY Change 82486.67% -16237.21% -24402.13%
Cash From Investing Activities -$461.1M $157.2M -$561.9M
YoY Change 524.76% -204.83% 394.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.100B
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 348.6M 82.73M 49.13M
YoY Change -78.91% -90.1% -97.85%
NET CHANGE
Cash From Operating Activities -315.7M -670.3M -630.1M
Cash From Investing Activities -461.1M 157.2M -561.9M
Cash From Financing Activities 348.6M 82.73M 49.13M
Net Change In Cash -428.2M -430.3M -1.143B
YoY Change -145.5% -550.13% -227.11%
FREE CASH FLOW
Cash From Operating Activities -$315.7M -$670.3M -$630.1M
Capital Expenditures -$213.3M -$230.0M -$173.1M
Free Cash Flow -$102.3M -$440.2M -$457.0M
YoY Change -81.86% -0.53% -60.62%

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CY2021 nclh Gain Loss On Involuntary Conversion
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CY2019 nclh Gain Loss On Involuntary Conversion
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CY2020 us-gaap Foreign Currency Transaction Gain Loss Unrealized
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CY2019 us-gaap Foreign Currency Transaction Gain Loss Unrealized
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CY2019 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2020 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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CY2019 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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CY2019 us-gaap Increase Decrease In Contract With Customer Liability
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CY2019 us-gaap Net Cash Provided By Used In Operating Activities
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CY2020 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
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CY2019 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
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CY2019 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2019Q4 us-gaap Stockholders Equity
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111297000
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CY2020 us-gaap Payments Of Debt Extinguishment Costs
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CY2020 us-gaap Payments Of Debt Issuance Costs
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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CY2019 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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20939000
CY2019 us-gaap Net Income Loss
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CY2020 nclh Adjustments To Additional Paid In Capital Payments Related To Tax With Holding For Share Based Compensation
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15407000
CY2020 us-gaap Adjustments To Additional Paid In Capital Convertible Debt With Conversion Feature
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131240000
CY2020 nclh Adjustments To Additional Paid In Capital Share Based Compensation Payment In Kind Premium Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationPaymentInKindPremiumRequisiteServicePeriodRecognition
19349000
CY2020 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2020 us-gaap Net Income Loss
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CY2021 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2021 us-gaap Net Income Loss
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CY2021Q4 nclh Number Of Cruise Ships
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59150
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3
CY2021Q4 nclh Number Of Cruise Ships
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28
CY2022Q1 nclh Number Of Ships Operating
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16
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CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2019 us-gaap Advertising Expense
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CY2021Q4 us-gaap Property Plant And Equipment Salvage Value Percentage
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CY2020 us-gaap Net Income Loss
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CY2019 us-gaap Net Income Loss
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CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
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254728932
CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
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214929977
CY2019 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1545099
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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365449967
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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254728932
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021 us-gaap Earnings Per Share Basic
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-12.33
CY2020 us-gaap Earnings Per Share Basic
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-15.75
CY2019 us-gaap Earnings Per Share Basic
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4.33
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-12.33
CY2020 us-gaap Earnings Per Share Diluted
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-15.75
CY2019 us-gaap Earnings Per Share Diluted
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4.30
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102100000
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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80000000.0
CY2019 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2021 us-gaap Number Of Reporting Units
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3
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CY2020 us-gaap Revenue From Contract With Customer Including Assessed Tax
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1279908000
CY2019 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2021 us-gaap Number Of Reportable Segments
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1
CY2020 us-gaap Paid In Kind Interest
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20600000
CY2020 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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-15900000
CY2019 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
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CY2021 nclh Period For Cancellation Prior To Departure
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P15D
CY2021 nclh Minimum Number Of Hours For Cancellation Prior To Departure
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48
CY2021 nclh Contract Liabilities Recognition In Earnings Period
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P180D
CY2021 nclh Costs To Obtain Contract
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36300000
CY2021 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentrations of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">We monitor concentrations of credit risk associated with financial and other institutions with which we conduct significant business. Credit risk, including but not limited to counterparty non-performance under derivative instruments, our undrawn commitment and new ship progress payment guarantees, is not considered significant, as we primarily conduct business with large, well-established financial institutions and insurance companies that we have well-established relationships with and that have credit risks acceptable to us or the credit risk is spread out among a large number of creditors. We do not anticipate non-performance by any of our significant counterparties.</p>
CY2021Q4 us-gaap Contract With Customer Liability
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161800000
CY2020Q4 us-gaap Contract With Customer Liability
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23100000000
CY2020 us-gaap Contract With Customer Liability Revenue Recognized
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2200000000
CY2019 us-gaap Contract With Customer Liability Revenue Recognized
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900000000
CY2018 us-gaap Contract With Customer Liability Revenue Recognized
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1200000000
CY2021Q4 nclh Costs To Obtain Customers
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97800000
CY2020Q4 nclh Costs To Obtain Customers
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41300000
CY2021Q4 nclh Costs To Fulfill Contracts With Customers
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17400000
CY2020Q4 nclh Costs To Fulfill Contracts With Customers
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5500000
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P120D
CY2021Q4 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
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P180D
CY2021 nclh Period For Payment Prior To Embarkation
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P60D
CY2020 nclh Costs To Obtain Contract
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171500000
CY2020Q4 us-gaap Goodwill
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98100000
CY2021Q4 us-gaap Goodwill
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98100000
CY2020Q4 us-gaap Intangible Assets Net Excluding Goodwill
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500500000
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
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500500000
CY2020 us-gaap Goodwill Impairment Loss
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1290797000
CY2020Q4 us-gaap Goodwill
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98134000
CY2021Q4 us-gaap Goodwill
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98134000
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17534000
CY2020 us-gaap Operating Lease Cost
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19406000
CY2019 us-gaap Operating Lease Cost
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31596000
CY2021 us-gaap Variable Lease Cost
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12414000
CY2020 us-gaap Variable Lease Cost
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9705000
CY2019 us-gaap Variable Lease Cost
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14284000
CY2021 us-gaap Short Term Lease Cost
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6421000
CY2020 us-gaap Short Term Lease Cost
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11076000
CY2019 us-gaap Short Term Lease Cost
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50832000
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1428000
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1924000
CY2019 us-gaap Finance Lease Right Of Use Asset Amortization
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1765000
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1072000
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1239000
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31385000
CY2020 us-gaap Operating Lease Payments
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70555000
CY2019 us-gaap Operating Lease Payments
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75539000
CY2021 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
579000
CY2020 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
898000
CY2019 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
1051000
CY2021 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
4315000
CY2020 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
4078000
CY2019 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
2826000
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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506761000
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
823000
CY2019 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
24834000
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
265000
CY2019 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
705000
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P24Y3M10D
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y4M9D
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y3M18D
CY2021Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
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