2018 Form 10-K Financial Statement

#000172894918000095 Filed on November 07, 2018

View on sec.gov

Income Statement

Concept 2018 2017 Q3 2017 Q2
Revenue $22.61B $5.888B $5.356B
YoY Change 1.59% -4.79% -11.38%
Cost Of Revenue $10.24B $2.652B $2.488B
YoY Change 4.62% 8.24% -1.82%
Gross Profit $12.37B $3.219B $2.868B
YoY Change -0.79% -13.79% -18.29%
Gross Profit Margin 54.69% 54.67% 53.55%
Selling, General & Admin $2.986B $741.0M $710.0M
YoY Change 12.34% 40.61% 14.52%
% of Gross Profit 24.14% 23.02% 24.76%
Research & Development $5.625B $1.398B $1.391B
YoY Change 2.55% 14.03% 9.7%
% of Gross Profit 45.48% 43.43% 48.5%
Depreciation & Amortization $1.561B $397.0M $393.0M
YoY Change 6.84% 18.15% 10.39%
% of Gross Profit 12.62% 12.33% 13.7%
Operating Expenses $8.611B $2.139B $2.101B
YoY Change 5.75% -0.83% 11.28%
Operating Profit $621.0M $316.0M $758.0M
YoY Change -75.94% -82.48% -52.39%
Interest Expense $768.0M $115.0M $133.0M
YoY Change 55.47% -41.92% 77.33%
% of Operating Profit 123.67% 36.39% 17.55%
Other Income/Expense, Net
YoY Change
Pretax Income $392.0M $417.0M $843.0M
YoY Change -86.88% -78.72% -50.21%
Income Tax $5.356B $260.0M -$12.00M
% Of Pretax Income 1366.33% 62.35% -1.42%
Net Earnings -$4.964B $157.0M $856.0M
YoY Change -303.03% -90.18% -40.72%
Net Earnings / Revenue -21.95% 2.67% 15.98%
Basic Earnings Per Share -$3.39 $0.11 $0.58
Diluted Earnings Per Share -$3.39 $0.11 $0.57
COMMON SHARES
Basic Shares Outstanding 1.463B shares 1.476B shares 1.478B shares
Diluted Shares Outstanding 1.463B shares 1.491B shares

Balance Sheet

Concept 2018 2017 Q3 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.09B $37.31B $20.86B
YoY Change -67.6% 100.06% 21.93%
Cash & Equivalents $11.78B $35.03B $14.91B
Short-Term Investments $311.0M $2.279B $5.954B
Other Short-Term Assets $699.0M $618.0M $624.0M
YoY Change 13.11% 10.75% 5.41%
Inventory $1.693B $2.035B $2.002B
Prepaid Expenses
Receivables $2.667B $3.576B $3.500B
Other Receivables $237.0M $56.00M $32.00M
Total Short-Term Assets $17.38B $43.59B $27.02B
YoY Change -60.12% 89.69% 28.8%
LONG-TERM ASSETS
Property, Plant & Equipment $2.975B $3.216B $3.164B
YoY Change -7.49% 39.46% 35.16%
Goodwill $6.623B $6.523B
YoY Change 16.62% 15.31%
Intangibles $3.737B $3.880B
YoY Change 6.77% 5.75%
Long-Term Investments $1.052B $379.0M $16.89B
YoY Change -53.29% 16.98% 21.31%
Other Assets $1.854B $4.147B $4.155B
YoY Change -69.43% 91.9% 93.89%
Total Long-Term Assets $15.33B $21.91B $37.36B
YoY Change -29.96% -25.44% 25.33%
TOTAL ASSETS
Total Short-Term Assets $17.38B $43.59B $27.02B
Total Long-Term Assets $15.33B $21.91B $37.36B
Total Assets $32.72B $65.50B $64.38B
YoY Change -50.04% 25.09% 26.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.825B $1.971B $1.508B
YoY Change -7.41% 6.08% -4.07%
Accrued Expenses $2.248B $1.183B $1.089B
YoY Change 90.03% 26.66% 24.6%
Deferred Revenue
YoY Change
Short-Term Debt $1.005B $0.00 $0.00
YoY Change 0.6% -100.0%
Long-Term Debt Due $14.00M $1.496B $1.496B
YoY Change -99.06%
Total Short-Term Liabilities $11.39B $10.94B $9.163B
YoY Change 4.42% 49.64% 33.9%
LONG-TERM LIABILITIES
Long-Term Debt $15.38B $19.40B $19.40B
YoY Change -20.88% 93.82% 93.57%
Other Long-Term Liabilities $4.849B $2.432B $2.419B
YoY Change 10.43% 171.73% 182.92%
Total Long-Term Liabilities $20.23B $2.432B $2.419B
YoY Change -15.11% 171.73% 182.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.39B $10.94B $9.163B
Total Long-Term Liabilities $20.23B $2.432B $2.419B
Total Liabilities $31.91B $34.77B $33.10B
YoY Change -8.14% 68.87% 64.26%
SHAREHOLDERS EQUITY
Retained Earnings $30.07B $30.78B
YoY Change -2.81% 2.14%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $807.0M $30.73B $31.29B
YoY Change
Total Liabilities & Shareholders Equity $32.72B $65.50B $64.38B
YoY Change -50.04% 25.09% 26.77%

Cashflow Statement

Concept 2018 2017 Q3 2017 Q2
OPERATING ACTIVITIES
Net Income -$4.964B $157.0M $856.0M
YoY Change -303.03% -90.18% -40.72%
Depreciation, Depletion And Amortization $1.561B $397.0M $393.0M
YoY Change 6.84% 18.15% 10.39%
Cash From Operating Activities $3.908B $2.725B $82.00M
YoY Change -21.86% 17.66% -95.54%
INVESTING ACTIVITIES
Capital Expenditures -$784.0M -$262.0M -$177.0M
YoY Change 13.62% 74.67% 30.15%
Acquisitions
YoY Change
Other Investing Activities -$17.00M $21.07B -$925.0M
YoY Change -32.0% -1999.64% 40.58%
Cash From Investing Activities $2.381B $20.81B -$1.102B
YoY Change -88.36% -1752.5% 38.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $21.98B
YoY Change 2500.83%
Debt Paid & Issued, Net $5.513B
YoY Change
Cash From Financing Activities -$31.50B -1.430B 8.771B
YoY Change -665.43% 44.59% -1030.12%
NET CHANGE
Cash From Operating Activities $3.908B 2.725B 82.00M
Cash From Investing Activities $2.381B 20.81B -1.102B
Cash From Financing Activities -$31.50B -1.430B 8.771B
Net Change In Cash -$25.25B 22.10B 7.751B
YoY Change -181.37% 32400.0% 7425.24%
FREE CASH FLOW
Cash From Operating Activities $3.908B $2.725B $82.00M
Capital Expenditures -$784.0M -$262.0M -$177.0M
Free Cash Flow $4.692B $2.987B $259.0M
YoY Change -17.55% 21.13% -86.89%

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0 USD
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us-gaap Profit Loss
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CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2018Q3 us-gaap Purchase Obligation
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1458000000 USD
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8200000000 USD
CY2017 us-gaap Repayments Of Commercial Paper
RepaymentsOfCommercialPaper
9309000000 USD
CY2017 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
CY2018 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
5500000000 USD
CY2016 us-gaap Research And Development Expense
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5151000000 USD
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ResearchAndDevelopmentExpense
5485000000 USD
CY2018 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5625000000 USD
CY2018 us-gaap Restructuring And Related Activities Initiation Date
RestructuringAndRelatedActivitiesInitiationDate
2018-01-16
CY2016 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
202000000 USD
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
928000000 USD
CY2017 us-gaap Stockholders Equity Other
StockholdersEquityOther
-7000000 USD
CY2018Q3 us-gaap Undistributed Earnings Of Foreign Subsidiaries
UndistributedEarningsOfForeignSubsidiaries
137000000 USD
CY2017 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
37000000 USD
CY2018 us-gaap Restructuring Charges
RestructuringCharges
360000000 USD
CY2017Q3 us-gaap Restructuring Reserve
RestructuringReserve
0 USD
CY2018Q3 us-gaap Restructuring Reserve
RestructuringReserve
83000000 USD
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RestructuringReserveAccrualAdjustment1
-7000000 USD
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
30088000000 USD
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
663000000 USD
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Revenues
23554000000 USD
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Revenues
5999000000 USD
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Revenues
5016000000 USD
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Revenues
5371000000 USD
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Revenues
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Revenues
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Revenues
6068000000 USD
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Revenues
5261000000 USD
CY2018Q2 us-gaap Revenues
Revenues
5599000000 USD
us-gaap Revenues
Revenues
5803000000 USD
CY2018 us-gaap Revenues
Revenues
22732000000 USD
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2385000000 USD
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SellingGeneralAndAdministrativeExpense
2658000000 USD
CY2018 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2986000000 USD
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943000000 USD
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ShareBasedCompensation
914000000 USD
CY2018 us-gaap Share Based Compensation
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883000000 USD
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ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
30000000 shares
CY2016 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
5000000 shares
CY2017 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
4000000 shares
CY2018 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
5000000 shares
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30000000 shares
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StockIssuedDuringPeriodSharesNewIssues
25000000 shares
CY2018 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
29000000 shares
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StockIssuedDuringPeriodValueNewIssues
615000000 USD
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StockIssuedDuringPeriodValueNewIssues
499000000 USD
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StockIssuedDuringPeriodValueNewIssues
612000000 USD
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30000000000 USD
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8900000000 USD
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73000000 shares
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StockRepurchasedAndRetiredDuringPeriodShares
23000000 shares
CY2018 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
279000000 shares
CY2016 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
3923000000 USD
CY2017 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
1342000000 USD
CY2018 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
22580000000 USD
CY2015Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
31414000000 USD
CY2016Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
31768000000 USD
CY2017Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
30746000000 USD
CY2018 us-gaap Treasury Stock Acquired Repurchase Authorization
TreasuryStockAcquiredRepurchaseAuthorization
To reflect share repurchases in the consolidated balance sheet, we (i) reduce common stock for the par value of the shares, (ii) reduce paid-in capital for the amount in excess of par to zero during the quarter in which the shares are repurchased and (iii) record the residual amount to retained earnings
CY2017Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
372000000 USD
CY2018Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
217000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
6000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
11000000 USD
CY2018 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
11000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
1000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
3000000 USD
CY2018 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
169000000 USD
CY2015Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
40000000 USD
CY2016Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
271000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
218000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
23000000 USD
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
18000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
20000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
92000000 USD
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
7000000 USD
CY2018Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
92000000 USD
CY2018Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fifth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFifthAnniversary
5000000 USD
CY2018Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance On First Anniversary
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1026000000 USD
CY2018Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fourth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary
16000000 USD
CY2018Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Second Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary
308000000 USD
CY2018Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Third Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary
102000000 USD
CY2018Q3 us-gaap Unrecorded Unconditional Purchase Obligation Due After Five Years
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1000000 USD
CY2015Q3 us-gaap Valuation Allowances And Reserves Balance
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641000000 USD
CY2016Q3 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
755000000 USD
CY2017Q3 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
874000000 USD
CY2018Q3 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
1585000000 USD
CY2016 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
114000000 USD
CY2017 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
119000000 USD
CY2018 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
711000000 USD
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1498000000 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1490000000 shares
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1463000000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1484000000 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1477000000 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1463000000 shares
CY2018 us-gaap Fiscal Period
FiscalPeriod
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Fiscal Year.</font><font style="font-family:inherit;font-size:10pt;"> We operate and report using a 52-53 week fiscal year ending on the last Sunday in September. The fiscal year ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, included 53 weeks. The fiscal years ended </font><font style="font-family:inherit;font-size:10pt;">September&#160;24, 2017</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">September&#160;25, 2016</font><font style="font-family:inherit;font-size:10pt;"> included 52 weeks.</font></div></div>
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Financial Statement Preparation.</font><font style="font-family:inherit;font-size:10pt;"> The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our consolidated financial statements and the accompanying notes. Examples of our significant accounting estimates that may involve a higher degree of judgment and complexity than others include: the determination of other-than-temporary impairments of other investments; the valuation of inventories; the valuation and assessment of the recoverability of goodwill and other indefinite-lived and long-lived assets; the recognition, measurement and disclosure of loss contingencies related to legal and regulatory proceedings; and the calculation of tax liabilities, including the recognition and measurement of uncertain tax positions. Actual results could differ from those estimates. Certain prior year amounts have been reclassified to conform to the current year presentation.</font></div></div>

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