2015 Q4 Form 10-K Financial Statement

#000103500217000009 Filed on February 23, 2017

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2015 Q2
Revenue $18.78B $22.58B $25.12B
YoY Change -32.6% -34.38% -28.06%
Cost Of Revenue $17.69B $18.99B $21.86B
YoY Change -28.53% -39.61% -32.9%
Gross Profit $1.092B $3.586B $3.258B
YoY Change -64.92% 21.27% 39.47%
Gross Profit Margin 5.82% 15.88% 12.97%
Selling, General & Admin $206.0M $179.0M $178.0M
YoY Change -3.74% -0.56% 4.71%
% of Gross Profit 18.86% 4.99% 5.46%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $494.0M $482.0M $425.0M
YoY Change 16.24% 12.09% 2.66%
% of Gross Profit 45.24% 13.44% 13.04%
Operating Expenses $206.0M $1.281B $1.221B
YoY Change -84.36% 611.67% 618.24%
Operating Profit $646.0M $2.139B $2.078B
YoY Change -64.03% 28.08% 91.52%
Interest Expense -$347.0M $112.0M $113.0M
YoY Change 243.56% 14.29% 15.31%
% of Operating Profit -53.72% 5.24% 5.44%
Other Income/Expense, Net $11.00M $3.000M $8.000M
YoY Change 22.22% -72.73% -33.33%
Pretax Income $550.0M $2.030B $1.973B
YoY Change -67.72% 28.24% 97.5%
Income Tax $155.0M $657.0M $608.0M
% Of Pretax Income 28.18% 32.36% 30.82%
Net Earnings $298.0M $1.377B $1.351B
YoY Change -74.2% 30.03% 129.76%
Net Earnings / Revenue 1.59% 6.1% 5.38%
Basic Earnings Per Share $0.62 $2.79 $2.67
Diluted Earnings Per Share $0.62 $2.79 $2.66
COMMON SHARES
Basic Shares Outstanding 481.5M shares 491.0M shares 505.0M shares
Diluted Shares Outstanding 494.0M shares 508.0M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.114B $5.301B $5.764B
YoY Change 11.52% 26.49% 65.63%
Cash & Equivalents $4.114B $5.301B $5.764B
Short-Term Investments
Other Short-Term Assets $204.0M $271.0M $298.0M
YoY Change -37.42% -84.46% -25.31%
Inventory $5.898B $6.557B $6.618B
Prepaid Expenses
Receivables $4.464B $4.691B $5.799B
Other Receivables $218.0M $7.000M $13.00M
Total Short-Term Assets $14.90B $16.83B $18.49B
YoY Change -10.33% -14.44% 0.23%
LONG-TERM ASSETS
Property, Plant & Equipment $26.70B $26.69B $26.73B
YoY Change -0.12% 0.9% 2.34%
Goodwill
YoY Change
Intangibles $156.0M
YoY Change 1.3%
Long-Term Investments $201.0M
YoY Change 157.69%
Other Assets $2.626B $2.310B $2.373B
YoY Change 19.31% -1.28% -2.79%
Total Long-Term Assets $29.33B $29.00B $29.11B
YoY Change 1.36% 0.73% 1.9%
TOTAL ASSETS
Total Short-Term Assets $14.90B $16.83B $18.49B
Total Long-Term Assets $29.33B $29.00B $29.11B
Total Assets $44.23B $45.83B $47.60B
YoY Change -2.9% -5.43% 1.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.907B $5.679B $7.315B
YoY Change -27.41% -42.86% -21.81%
Accrued Expenses $554.0M $595.0M $529.0M
YoY Change -7.05% -5.56% -9.42%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $127.0M $129.0M $150.0M
YoY Change -79.04% -78.5% -75.04%
Total Short-Term Liabilities $6.994B $8.289B $9.865B
YoY Change -29.92% -38.42% -21.22%
LONG-TERM LIABILITIES
Long-Term Debt $7.208B $7.252B $7.199B
YoY Change 24.71% 25.4% 24.46%
Other Long-Term Liabilities $1.611B $1.760B $1.889B
YoY Change -16.92% 13.62% 42.35%
Total Long-Term Liabilities $1.611B $1.760B $1.889B
YoY Change -16.92% 13.62% 42.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.994B $8.289B $9.865B
Total Long-Term Liabilities $1.611B $1.760B $1.889B
Total Liabilities $8.605B $10.05B $11.75B
YoY Change -27.8% -33.05% -15.13%
SHAREHOLDERS EQUITY
Retained Earnings $25.19B $25.13B $23.95B
YoY Change 14.25% 19.47% 19.05%
Common Stock $7.071B $7.081B $7.083B
YoY Change -0.73% -0.88% -0.78%
Preferred Stock
YoY Change
Treasury Stock (at cost) $10.80B $10.10B $9.054B
YoY Change 32.91% 29.87% 21.14%
Treasury Stock Shares 200.5M shares 190.5M shares 173.8M shares
Shareholders Equity $20.53B $21.32B $21.45B
YoY Change
Total Liabilities & Shareholders Equity $44.23B $45.83B $47.60B
YoY Change -2.9% -5.43% 1.25%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2015 Q2
OPERATING ACTIVITIES
Net Income $298.0M $1.377B $1.351B
YoY Change -74.2% 30.03% 129.76%
Depreciation, Depletion And Amortization $494.0M $482.0M $425.0M
YoY Change 16.24% 12.09% 2.66%
Cash From Operating Activities $487.0M $1.362B $2.329B
YoY Change -51.15% -27.01% 105.38%
INVESTING ACTIVITIES
Capital Expenditures -$432.0M -$358.0M -$370.0M
YoY Change -38.29% -28.26% -34.63%
Acquisitions
YoY Change
Other Investing Activities -$376.0M -$107.0M -$131.0M
YoY Change 137.97% -11.57% -45.87%
Cash From Investing Activities -$808.0M -$465.0M -$501.0M
YoY Change -5.83% -25.0% -38.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -818.0M -1.295B -958.0M
YoY Change 33.22% 164.83% 86.02%
NET CHANGE
Cash From Operating Activities 487.0M 1.362B 2.329B
Cash From Investing Activities -808.0M -465.0M -501.0M
Cash From Financing Activities -818.0M -1.295B -958.0M
Net Change In Cash -1.139B -398.0M 870.0M
YoY Change 139.79% -152.58% -560.32%
FREE CASH FLOW
Cash From Operating Activities $487.0M $1.362B $2.329B
Capital Expenditures -$432.0M -$358.0M -$370.0M
Free Cash Flow $919.0M $1.720B $2.699B
YoY Change -45.85% -27.27% 58.76%

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0.0729
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0.0500
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2026
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1.05
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44000000 USD
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4820000000 USD
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3630000000 USD
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26000000 USD
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31000000 USD
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105000000 USD
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70000000 USD
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91000000 USD
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90000000 USD
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489000000 USD
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542000000 USD
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575000000 USD
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519000000 USD
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2901000000 USD
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1000000 USD
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CY2016 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
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475000000 USD
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98000000 USD
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17000000 USD
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25000000 USD
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554000000 USD
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12000000 USD
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20000000 USD
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30000000 USD
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2802000000 USD
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2350000000 USD
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1996000000 USD
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742000000 USD
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204000000 USD
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189000000 USD
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28000000 USD
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47000000 USD
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34000000 USD
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6000000 USD
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12000000 USD
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204000000 USD
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513000000 USD
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60000000 USD
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67000000 USD
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82000000 USD
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46000000 USD
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46000000 USD
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59000000 USD
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237000000 USD
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35000000 USD
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36000000 USD
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36000000 USD
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118000000 USD
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11000000 USD
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CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Settlements With Taxing Authorities
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211000000 USD
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1000000 USD
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3000000 USD
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3000000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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757000000 USD
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756000000 USD
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668000000 USD
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641000000 USD
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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530000000 shares
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
500000000 shares
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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464000000 shares
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
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526000000 shares
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
497000000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
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461000000 shares
CY2016Q4 vlo Combined Capacity Of Ethanol
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1400000000
CY2016Q4 vlo Combined Total Throughput Capacity Of Petroleum Refining
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3100000
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1484000000 USD
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1614000000 USD
CY2015Q4 vlo Environmental Credit Obligations Current
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8000000 USD
CY2016Q4 vlo Environmental Credit Obligations Current
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214000000 USD
CY2015Q4 vlo Ethanol Feedstocks And Products
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242000000 USD
CY2016Q4 vlo Ethanol Feedstocks And Products
EthanolFeedstocksAndProducts
238000000 USD
CY2015Q4 vlo Inventory Before Valuation Reserve
InventoryBeforeValuationReserve
6664000000 USD
CY2016Q4 vlo Inventory Before Valuation Reserve
InventoryBeforeValuationReserve
5709000000 USD
CY2015Q4 vlo Liabilityfor Uncertain Tax Positions Currentand Noncurrent
LiabilityforUncertainTaxPositionsCurrentandNoncurrent
419000000 USD
CY2016Q4 vlo Liabilityfor Uncertain Tax Positions Currentand Noncurrent
LiabilityforUncertainTaxPositionsCurrentandNoncurrent
498000000 USD
CY2016Q4 vlo Number Of Branded Wholesale Sites
NumberOfBrandedWholesaleSites
7400 branded_wholesale_sites
CY2016Q4 vlo Number Of Ethanol Plants Owned By Company
NumberOfEthanolPlantsOwnedByCompany
11 plants
CY2016Q4 vlo Number Of Refineries Owned By Company
NumberOfRefineriesOwnedByCompany
15 refineries
CY2016Q4 vlo Numberof Refineries Impactedby Vlp Operations
NumberofRefineriesImpactedbyVLPOperations
10 refineries
CY2015Q4 vlo Other Liabilities Noncurrent Other
OtherLiabilitiesNoncurrentOther
413000000 USD
CY2016Q4 vlo Other Liabilities Noncurrent Other
OtherLiabilitiesNoncurrentOther
211000000 USD
CY2016Q4 vlo Percentage Excess Of Unrecognized Loss Over Higher Of Projected Benefit Obligation Or Market Related Value Of Plan Assets Of Which Losses Are Amortized Percentage
PercentageExcessOfUnrecognizedLossOverHigherOfProjectedBenefitObligationOrMarketRelatedValueOfPlanAssetsOfWhichLossesAreAmortizedPercentage
0.10
CY2015Q4 vlo Receivables Gross
ReceivablesGross
4499000000 USD
CY2016Q4 vlo Receivables Gross
ReceivablesGross
5933000000 USD
CY2015Q4 vlo Unrecognized Tax Benefits Other
UnrecognizedTaxBenefitsOther
-25000000 USD
CY2016Q4 vlo Unrecognized Tax Benefits Other
UnrecognizedTaxBenefitsOther
5000000 USD
CY2015Q4 vlo Unrecognized Tax Benefits Tax Refund Claims
UnrecognizedTaxBenefitsTaxRefundClaims
570000000 USD
CY2016Q4 vlo Unrecognized Tax Benefits Tax Refund Claims
UnrecognizedTaxBenefitsTaxRefundClaims
433000000 USD
CY2016 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Accounting Pronouncements Not Yet Adopted</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In May&#160;2014, the Financial Accounting Standards Board (FASB) issued ASU No.&#160;2014-09, &#8220;Revenue from Contracts with Customers (Topic&#160;606),&#8221; to clarify the principles for recognizing revenue. The ASU is effective for annual reporting periods beginning after December&#160;15, 2017, including interim reporting periods within those annual periods. We recently completed our evaluation of the provisions of this ASU and concluded that our adoption of the ASU will not materially change the amount or timing of revenues recognized by us, nor will it materially affect our financial position. The majority of our revenues are generated from the sale of refined petroleum products and ethanol. These revenues are largely based on the current spot (market) prices of the products sold, which represents consideration specifically allocable to the products being sold on a given day, and we recognize those revenues upon delivery and transfer of title to the products to our customers. The time at which delivery and transfer of title occurs is the point when our control of the products is transferred to our customers and when our performance obligation to our customers is fulfilled. We will adopt this ASU effective January&#160;1, 2018, and we expect to use the modified retrospective method of adoption as permitted by the ASU. Under that method, the cumulative effect of initially applying the standard is recognized as an adjustment to the opening balance of retained earnings, and revenues reported in the periods prior to the date of adoption are not changed. During 2017, we will develop our revenue disclosures and enhance our accounting systems.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In July&#160;2015, the FASB issued ASU No.&#160;2015-11, &#8220;Inventory (Topic&#160;330),&#8221; to simplify the measurement of inventory measured using the first-in, first-out or average cost methods. The provisions of this ASU require the inventory to be measured at the lower of cost and net realizable value rather than the lower of cost or market. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predicable costs of completion, disposal, and transportation. The provisions of this ASU are to be applied prospectively and are effective for annual reporting periods beginning after December&#160;15, 2016, and interim reporting periods within those annual periods, with early adoption permitted. The adoption of this ASU effective January&#160;1, 2017 will not affect our financial position or results of operations since the majority of our inventory is stated at LIFO.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In January&#160;2016, the FASB issued ASU No.&#160;2016-01, &#8220;Financial Instruments&#8211;Overall (Subtopic&#160;825-10),&#8221; to enhance the reporting model for financial instruments regarding certain aspects of recognition, measurement, presentation, and disclosure. These provisions are effective for annual reporting periods beginning after December&#160;15, 2017, and interim reporting periods within those annual periods. This ASU is to be applied using a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. The adoption of this ASU effective January&#160;1, 2018 will not affect our financial position or results of operations, but will result in revised disclosures.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In February&#160;2016, the FASB issued a new accounting standard under ASU No.&#160;2016-02, &#8220;Leases (Topic&#160;842),&#8221; to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. The new standard is effective for annual reporting periods beginning after December&#160;15, 2018, and interim reporting periods within those annual periods, with early adoption permitted. We anticipate adopting the new standard on January&#160;1, 2019. We recently completed our evaluation of the provisions of this standard, and a multi-disciplined implementation team has gained an understanding of the standard&#8217;s accounting and disclosure provisions. This team is developing enhanced contracting and lease evaluation processes and information systems to support such processes, as well as new and enhanced accounting systems to account for our leases and support the required disclosures. We continue to evaluate the effect that adopting this standard will have on our financial statements and related disclosures.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In October&#160;2016, the FASB issued ASU No.&#160;2016-16, &#8220;Income Taxes (Topic&#160;740),&#8221; to improve the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. The provisions of this ASU require an entity to recognize the income tax consequences of intra-entity transfers of assets other than inventory immediately when the transfer occurs. These provisions are effective for annual reporting periods beginning after December&#160;15, 2017, and interim reporting periods within those annual periods, with early adoption permitted. The provisions should be applied on a modified retrospective basis with a cumulative-effect adjustment to the opening balance of retained earnings as of the beginning of the period of adoption to recognize the income tax consequences of intra-entity transfers of assets that occurred before the adoption date. We adopted this ASU effective January&#160;1, 2017 and it did not materially affect our financial position or results of operations; however, certain deferred charges associated with intra-entity transfers of assets other than inventory will be reported in our balance sheet primarily as a reduction to our deferred income tax liabilities.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In October&#160;2016, the FASB issued ASU No.&#160;2016-17, &#8220;Consolidation (Topic&#160;810),&#8221; to provide guidance on how a reporting entity that is a single decision maker of a VIE should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary. The provisions of this ASU are effective for annual reporting periods beginning after December&#160;15, 2016, and interim reporting periods within those annual periods, with early adoption permitted. The provisions should be applied on a retrospective basis to all relevant prior periods beginning with the fiscal year in which the VIE guidance was adopted with a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The adoption of this ASU effective January&#160;1, 2017 will not affect our financial position or results of operations.</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">In January 2017, the FASB issued ASU No.&#160;2017-01, &#8220;Business Combinations (Topic 805),&#8221; to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The provisions of this ASU provide a more robust framework to use in determining when a set of assets and activities is a business by clarifying the requirements related to inputs, processes, and outputs. These provisions are to be applied prospectively and are effective for annual reporting periods beginning after December&#160;15, 2017, and interim reporting periods within those annual periods. Due to its application to future acquisitions and disposals, the adoption of this ASU effective January&#160;1, 2018 will not have any immediate effect on our financial position or results of operations.</font></div></div>
CY2016 us-gaap Reclassifications
Reclassifications
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Certain amounts reported as of </font><font style="font-family:inherit;font-size:11pt;">December&#160;31, 2015</font><font style="font-family:inherit;font-size:11pt;"> have been reclassified to conform to the 2016 presentation, including the retrospective adoption of certain amendments to the Accounting Standards Codification (ASC) effective January&#160;1, 2016. The adoption of Accounting Standards Update (ASU) No.&#160;2015-15, &#8220;Interest&#8211;Imputation of Interest (Subtopic&#160;835-30),&#8221; resulted in the reclassification of certain debt issuance costs from &#8220;deferred charges and other assets, net&#8221; to &#8220;debt and capital lease obligations, less current portion.&#8221; The adoption of ASU&#160;2015-17, &#8220;Income Taxes (Topic&#160;740)&#8221; resulted in the reclassification of current deferred income tax assets and current deferred income tax liabilities to noncurrent deferred income tax liabilities. The following table presents our previously reported balance sheet line items retrospectively adjusted for the adoption of these pronouncements (in&#160;millions):</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:554px;border-collapse:collapse;text-align:left;"><tr><td colspan="12" rowspan="1"></td></tr><tr><td style="width:285px;" rowspan="1" colspan="1"></td><td style="width:8px;" rowspan="1" colspan="1"></td><td style="width:61px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:8px;" rowspan="1" colspan="1"></td><td style="width:100px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td><td style="width:5px;" rowspan="1" colspan="1"></td><td style="width:8px;" rowspan="1" colspan="1"></td><td style="width:57px;" rowspan="1" colspan="1"></td><td style="width:4px;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">December 31, 2015</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Previously</font></div><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reported</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Reclassifications</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Currently Reported</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Assets</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Current deferred income taxes</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">74</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(74</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Deferred charges and other assets, net</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">2,668</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(42</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">2,626</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Liabilities</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Current deferred income taxes</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">366</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(366</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Debt and capital lease obligations,</font></div><div style="text-align:justify;padding-left:12px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">less current portion</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">7,250</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">(42</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">7,208</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Deferred income taxes</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">6,768</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">292</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">7,060</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;"></font></div></div>
CY2016 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;text-indent:24px;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-align:justify;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, we review our estimates based on currently available information. Changes in facts and circumstances may result in revised estimates.</font></div></div>

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