2023 Q4 Form 10-K Financial Statement

#000154638023000037 Filed on November 22, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2023
Revenue $410.4M $1.119B $3.551B
YoY Change -22.07% -5.68% -9.5%
Cost Of Revenue $354.0M $880.1M $2.708B
YoY Change -15.83% -0.41% -6.32%
Gross Profit $62.20M $238.6M $657.3M
YoY Change -41.32% 0.85% -36.37%
Gross Profit Margin 15.16% 21.33% 18.51%
Selling, General & Admin $114.8M $128.5M $551.3M
YoY Change -10.66% -5.38% -10.07%
% of Gross Profit 184.57% 53.86% 83.87%
Research & Development $8.400M $9.000M $35.70M
YoY Change -5.62% -13.46% -21.19%
% of Gross Profit 13.5% 3.77% 5.43%
Depreciation & Amortization $16.10M $22.70M $67.30M
YoY Change -8.0% -16.24% -36.03%
% of Gross Profit 25.88% 9.51% 10.24%
Operating Expenses $114.8M $126.9M $587.0M
YoY Change -11.01% -6.55% -4.37%
Operating Profit -$47.30M $111.7M -$174.4M
YoY Change 105.65% -119.86% -141.6%
Interest Expense $42.80M -$24.90M $178.1M
YoY Change -179.11% -180.32% -235.95%
% of Operating Profit -22.29%
Other Income/Expense, Net -$1.600M -$400.0K $300.0K
YoY Change -200.0% -123.53% -95.65%
Pretax Income -$114.2M $52.00M -$453.3M
YoY Change 21.1% -109.02% -18.78%
Income Tax -$33.70M $8.300M -$73.20M
% Of Pretax Income 15.96%
Net Earnings -$80.50M $43.70M -$380.1M
YoY Change 24.42% -109.84% -13.12%
Net Earnings / Revenue -19.62% 3.91% -10.7%
Basic Earnings Per Share -$1.42 $0.78 -$6.79
Diluted Earnings Per Share -$1.42 $0.77 -$6.79
COMMON SHARES
Basic Shares Outstanding 56.55M shares 56.20M shares 56.00M shares
Diluted Shares Outstanding 56.70M shares 56.60M shares 56.00M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.40M $27.40M $31.90M
YoY Change -59.38% -1.44% -63.25%
Cash & Equivalents $10.40M $27.40M $31.90M
Short-Term Investments
Other Short-Term Assets $213.8M $178.8M $181.4M
YoY Change -16.97% -10.96% 4.98%
Inventory $1.170B $884.9M $880.3M
Prepaid Expenses
Receivables $287.6M $1.160B $304.2M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.681B $2.251B $1.398B
YoY Change -26.87% -13.05% -29.47%
LONG-TERM ASSETS
Property, Plant & Equipment $610.4M $590.3M $872.9M
YoY Change 2.97% -5.58% 44.04%
Goodwill $243.9M $254.5M
YoY Change -4.09% -0.08%
Intangibles $433.2M $560.2M
YoY Change -24.79% -10.67%
Long-Term Investments $90.80M $196.5M $91.90M
YoY Change -49.97% -5.66% -52.58%
Other Assets $656.4M $601.9M $370.5M
YoY Change 4.17% -12.73% -45.59%
Total Long-Term Assets $2.035B $2.203B $2.016B
YoY Change -8.95% -8.38% -12.92%
TOTAL ASSETS
Total Short-Term Assets $1.681B $2.251B $1.398B
Total Long-Term Assets $2.035B $2.203B $2.016B
Total Assets $3.716B $4.454B $3.414B
YoY Change -18.04% -10.8% -20.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $332.5M $365.7M $271.2M
YoY Change -9.35% 25.67% -35.83%
Accrued Expenses $77.20M $77.70M $302.5M
YoY Change 0.92% 8.22% 34.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $54.50M $450.7M $52.30M
YoY Change -74.86% 39.97% -63.76%
Total Short-Term Liabilities $764.1M $1.329B $773.7M
YoY Change -17.99% 23.99% -19.73%
LONG-TERM LIABILITIES
Long-Term Debt $2.969B $2.629B $2.557B
YoY Change -6.92% -16.69% -9.51%
Other Long-Term Liabilities $368.4M $361.7M $538.6M
YoY Change 4.3% 3.91% 50.03%
Total Long-Term Liabilities $3.337B $2.991B $3.096B
YoY Change -5.8% -14.65% -2.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $764.1M $1.329B $773.7M
Total Long-Term Liabilities $3.337B $2.991B $3.096B
Total Liabilities $4.102B $4.320B $3.681B
YoY Change -8.34% -5.59% -11.28%
SHAREHOLDERS EQUITY
Retained Earnings $372.4M $996.8M
YoY Change -59.43% -21.94%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $985.7M $1.032B
YoY Change -6.72% -5.85%
Treasury Stock Shares
Shareholders Equity -$385.4M $134.8M -$267.3M
YoY Change
Total Liabilities & Shareholders Equity $3.716B $4.454B $3.414B
YoY Change -18.04% -10.8% -20.55%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2023
OPERATING ACTIVITIES
Net Income -$80.50M $43.70M -$380.1M
YoY Change 24.42% -109.84% -13.12%
Depreciation, Depletion And Amortization $16.10M $22.70M $67.30M
YoY Change -8.0% -16.24% -36.03%
Cash From Operating Activities -$343.2M $562.6M $531.0M
YoY Change -20.48% 21.51% -511.63%
INVESTING ACTIVITIES
Capital Expenditures $37.90M $22.00M $92.80M
YoY Change 28.04% -166.67% -181.76%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities -$6.100M -$2.000M $12.40M
YoY Change -195.31% -95.62% -107.31%
Cash From Investing Activities -$53.20M -$24.00M -$65.70M
YoY Change 47.78% -69.5% -76.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $9.300M
YoY Change -103.65%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $374.2M -536.3M -$520.1M
YoY Change -7.88% 43.63% -303.72%
NET CHANGE
Cash From Operating Activities -$343.2M 562.6M $531.0M
Cash From Investing Activities -$53.20M -24.00M -$65.70M
Cash From Financing Activities $374.2M -536.3M -$520.1M
Net Change In Cash -$21.50M 2.300M -$54.90M
YoY Change -64.87% -78.9% -65.01%
FREE CASH FLOW
Cash From Operating Activities -$343.2M $562.6M $531.0M
Capital Expenditures $37.90M $22.00M $92.80M
Free Cash Flow -$381.1M $540.6M $438.2M
YoY Change -17.37% 8.99% -2927.1%

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<div style="margin-top:9pt;text-indent:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;text-decoration:underline">Use of Estimates</span></div><div style="margin-top:5pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes and related disclosures. Although these estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future, actual results ultimately may differ from the estimates.</span></div>
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CY2021 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2021 smg Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Share Based Awards And Vesting Of Restricted Stock
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CY2021 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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CY2023 us-gaap Operating Lease Payments
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OperatingLeasePayments
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CY2021 us-gaap Operating Lease Payments
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CY2023 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
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CY2022 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
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CY2021 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
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CY2023 us-gaap Finance Lease Principal Payments
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2700000 usd
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FinanceLeasePrincipalPayments
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CY2021 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
5300000 usd
CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
71900000 usd
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
200000000.0 usd
CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
2600000 usd
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2023Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
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0.044
CY2022Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.043
CY2023Q3 us-gaap Accrual For Environmental Loss Contingencies Gross
AccrualForEnvironmentalLossContingenciesGross
2700000 usd
CY2023 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3 segment
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3551300000 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4925000000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
88900000 usd
CY2023Q3 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
2600000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
73800000 usd
CY2023Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
55100000 usd
CY2023Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
31400000 usd
CY2023Q3 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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CY2023Q3 us-gaap Finance Lease Liability Payments Due Year Five
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2023Q3 us-gaap Finance Lease Liability Payments Due After Year Five
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CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
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CY2023Q3 us-gaap Operating Lease Liability
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CY2023Q3 us-gaap Finance Lease Liability
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16900000 usd
CY2022Q3 us-gaap Sale Leaseback Transaction Net Proceeds Financing Activities
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44700000 usd
CY2022Q3 us-gaap Sale Leaseback Transaction Net Book Value
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36700000 usd
CY2022Q3 us-gaap Sale And Leaseback Transaction Gain Loss Net
SaleAndLeasebackTransactionGainLossNet
8000000.0 usd
CY2022Q3 smg Sale Leaseback Transaction Term
SaleLeasebackTransactionTerm
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CY2023Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance On First Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary
349800000 usd
CY2023Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Second Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary
185700000 usd
CY2023Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Third Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary
136200000 usd
CY2023Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fourth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary
52100000 usd
CY2023Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance On Fifth Anniversary
UnrecordedUnconditionalPurchaseObligationBalanceOnFifthAnniversary
24500000 usd
CY2023Q3 us-gaap Unrecorded Unconditional Purchase Obligation Due After Five Years
UnrecordedUnconditionalPurchaseObligationDueAfterFiveYears
51100000 usd
CY2023Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
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CY2023 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
CONTINGENCIES<div style="margin-top:5pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Management regularly evaluates the Company’s contingencies, including various judicial and administrative proceedings and claims arising in the ordinary course of business, including product and general liabilities, workers’ compensation, property losses and other liabilities for which the Company is self-insured or retains a high exposure limit. Self-insurance accruals are established based on actuarial loss estimates for specific individual claims plus actuarially estimated amounts for incurred but not reported claims and adverse development factors applied to existing claims. Legal costs incurred in connection with the resolution of claims, lawsuits and other contingencies generally are expensed as incurred. In the opinion of management, the assessment of contingencies is reasonable and related accruals, in the aggregate, are adequate; however, there can be no assurance that final resolution of these matters will not have a material effect on the Company’s financial condition, results of operations or cash flows.</span></div><div style="margin-top:9pt;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;text-decoration:underline">Regulatory Matters</span></div><div style="margin-top:8pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At September 30, 2023, the Company had recorded liabilities of $2.7 for environmental actions, the majority of which are for site remediation. The Company believes that the amounts accrued are adequate to cover such known environmental exposures based on current facts and estimates of likely outcomes. Although it is reasonably possible that the costs to resolve such known environmental exposures will exceed the amounts accrued, any variation from accrued amounts is not expected to be material.</span></div><div style="margin-top:9pt;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;text-decoration:underline">Other</span></div><div style="margin-top:5pt;text-align:justify;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has been named as a defendant in a number of cases alleging injuries that the lawsuits claim resulted from exposure to asbestos-containing products, apparently based on the Company’s historic use of vermiculite in certain of its products. In many of these cases, the complaints are not specific about the plaintiffs’ contacts with the Company or its products. The cases vary, but complaints in these cases generally seek unspecified monetary damages (actual, compensatory, consequential and punitive) from multiple defendants. The Company believes that the claims against it are without merit and is vigorously defending against them. No accruals have been recorded in the Company’s consolidated financial statements as the likelihood of a loss is not probable at this time; and the Company does not believe a reasonably possible loss would be material to, nor does it expect the ultimate resolution of these cases will have a material adverse effect on, the Company’s financial condition, results of operations or cash flows. There can be no assurance that future developments related to pending claims or claims filed in the future, whether as a result of adverse outcomes or as a result of significant defense costs, will not have a material effect on the Company’s financial condition, results of operations or cash flows.</span></div>The Company is involved in other lawsuits and claims which arise in the normal course of business. These claims individually and in the aggregate are not expected to result in a material effect on the Company’s financial condition, results of operations or cash flows.
CY2023 us-gaap Depreciation And Amortization
DepreciationAndAmortization
92500000 usd
CY2022 us-gaap Depreciation And Amortization
DepreciationAndAmortization
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CY2021 us-gaap Depreciation And Amortization
DepreciationAndAmortization
93800000 usd
CY2023 smg Paymentsto Acquire Property Plantand Equipment Excluding Discontinued Operations
PaymentstoAcquirePropertyPlantandEquipmentExcludingDiscontinuedOperations
92800000 usd
CY2022 smg Paymentsto Acquire Property Plantand Equipment Excluding Discontinued Operations
PaymentstoAcquirePropertyPlantandEquipmentExcludingDiscontinuedOperations
113500000 usd
CY2021 smg Paymentsto Acquire Property Plantand Equipment Excluding Discontinued Operations
PaymentstoAcquirePropertyPlantandEquipmentExcludingDiscontinuedOperations
106900000 usd
CY2023Q3 us-gaap Assets
Assets
3413700000 usd
CY2022Q3 us-gaap Assets
Assets
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CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4925000000 usd
CY2023Q3 us-gaap Noncurrent Assets
NoncurrentAssets
723100000 usd
CY2022Q3 us-gaap Noncurrent Assets
NoncurrentAssets
862300000 usd

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