2022 Q1 Form 10-K Financial Statement

#000011047122000008 Filed on February 24, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2022 2021 Q1
Revenue $635.6M $2.415B $509.6M
YoY Change 24.73% 34.83% 16.0%
Cost Of Revenue $373.2M $1.385B $305.0M
YoY Change 22.36% 31.22% 18.45%
Gross Profit $262.4M $1.030B $204.6M
YoY Change 28.25% 40.01% 12.54%
Gross Profit Margin 41.28% 42.65% 40.15%
Selling, General & Admin $226.6M $817.8M $182.2M
YoY Change 24.37% 27.9% 16.72%
% of Gross Profit 86.36% 79.41% 89.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.10M $33.20M $9.000M
YoY Change 12.22% 1.22% 15.38%
% of Gross Profit 3.85% 3.22% 4.4%
Operating Expenses $271.1M $817.8M $186.5M
YoY Change 45.36% 27.9% 19.47%
Operating Profit -$8.700M $155.7M $18.10M
YoY Change -148.07% -213.57% 7.1%
Interest Expense -$8.500M -$37.40M -$12.50M
YoY Change -32.0% -14.22% 60.26%
% of Operating Profit -24.02% -69.06%
Other Income/Expense, Net -$1.200M -$75.40M -$800.0K
YoY Change 50.0% 60.43% -88.89%
Pretax Income -$18.70M $80.30M -$222.7M
YoY Change -91.6% -143.62% -2395.88%
Income Tax -$3.700M $13.30M -$51.50M
% Of Pretax Income 16.56%
Net Earnings -$14.60M $68.60M -$170.7M
YoY Change -91.45% -150.11% -1413.08%
Net Earnings / Revenue -2.3% 2.84% -33.5%
Basic Earnings Per Share $0.82
Diluted Earnings Per Share -$178.0K $0.81 -$2.107M
COMMON SHARES
Basic Shares Outstanding 81.69M shares 82.30M shares 82.48M shares
Diluted Shares Outstanding 83.30M shares

Balance Sheet

Concept 2022 Q1 2022 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $161.7M $161.7M $347.4M
YoY Change -53.45% -53.45% -26.49%
Cash & Equivalents $161.7M $161.7M $347.4M
Short-Term Investments
Other Short-Term Assets $56.90M $56.90M $45.40M
YoY Change 25.33% 25.33% -9.92%
Inventory $365.5M $365.5M $243.1M
Prepaid Expenses
Receivables $319.6M $319.6M $268.3M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $903.7M $903.7M $904.2M
YoY Change -0.06% -0.06% -27.76%
LONG-TERM ASSETS
Property, Plant & Equipment $129.0M $267.2M $124.6M
YoY Change 3.53% 0.04% -9.91%
Goodwill $556.6M $442.4M
YoY Change 25.81% 1.77%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $64.40M $66.20M $65.20M
YoY Change -1.23% -3.22% -25.57%
Total Long-Term Assets $1.683B $1.683B $1.233B
YoY Change 36.45% 36.45% -17.9%
TOTAL ASSETS
Total Short-Term Assets $903.7M $903.7M $904.2M
Total Long-Term Assets $1.683B $1.683B $1.233B
Total Assets $2.586B $2.586B $2.137B
YoY Change 21.01% 21.01% -22.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $222.1M $222.1M $185.0M
YoY Change 20.05% 20.05% 34.45%
Accrued Expenses $302.5M $302.5M $211.0M
YoY Change 43.36% 43.36% 17.48%
Deferred Revenue
YoY Change
Short-Term Debt $225.0M $225.0M $0.00
YoY Change -100.0%
Long-Term Debt Due $10.00M $10.00M $10.00M
YoY Change 0.0% 0.0% -20.0%
Total Short-Term Liabilities $759.6M $759.6M $406.0M
YoY Change 87.09% 87.09% -63.74%
LONG-TERM LIABILITIES
Long-Term Debt $731.8M $731.8M $712.5M
YoY Change 2.71% 2.71% 68.2%
Other Long-Term Liabilities $106.1M $331.7M $133.1M
YoY Change -20.29% -19.18% -0.3%
Total Long-Term Liabilities $837.9M $1.064B $845.6M
YoY Change -0.91% -5.29% 51.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $759.6M $759.6M $406.0M
Total Long-Term Liabilities $837.9M $1.064B $845.6M
Total Liabilities $1.598B $1.957B $1.252B
YoY Change 27.64% 24.16% -25.36%
SHAREHOLDERS EQUITY
Retained Earnings $1.128B $1.093B
YoY Change 3.19% -13.78%
Common Stock $410.5M $363.0M
YoY Change 13.09% 10.33%
Preferred Stock
YoY Change
Treasury Stock (at cost) $810.2M $764.3M
YoY Change 6.01% 0.57%
Treasury Stock Shares 29.60M shares 28.29M shares
Shareholders Equity $629.6M $629.6M $561.4M
YoY Change
Total Liabilities & Shareholders Equity $2.586B $2.586B $2.137B
YoY Change 21.01% 21.01% -22.38%

Cashflow Statement

Concept 2022 Q1 2022 2021 Q1
OPERATING ACTIVITIES
Net Income -$14.60M $68.60M -$170.7M
YoY Change -91.45% -150.11% -1413.08%
Depreciation, Depletion And Amortization $10.10M $33.20M $9.000M
YoY Change 12.22% 1.22% 15.38%
Cash From Operating Activities $69.80M $86.80M $173.6M
YoY Change -59.79% -71.92% -326.63%
INVESTING ACTIVITIES
Capital Expenditures -$7.600M $17.60M -$4.300M
YoY Change 76.74% 70.87% -219.44%
Acquisitions $417.4M
YoY Change 7489.09%
Other Investing Activities $0.00 $2.300M $800.0K
YoY Change -100.0% 64.29% 300.0%
Cash From Investing Activities -$7.600M -$437.3M -$3.500M
YoY Change 117.14% -7268.85% -62.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $39.60M
YoY Change 88.57%
Debt Paid & Issued, Net $730.0M
YoY Change 297.82%
Cash From Financing Activities -80.40M $169.3M -169.4M
YoY Change -52.54% -209.94% -144.66%
NET CHANGE
Cash From Operating Activities 69.80M $86.80M 173.6M
Cash From Investing Activities -7.600M -$437.3M -3.500M
Cash From Financing Activities -80.40M $169.3M -169.4M
Net Change In Cash -18.20M -$185.7M 700.0K
YoY Change -2700.0% -211.33% -99.76%
FREE CASH FLOW
Cash From Operating Activities $69.80M $86.80M $173.6M
Capital Expenditures -$7.600M $17.60M -$4.300M
Free Cash Flow $77.40M $69.20M $177.9M
YoY Change -56.49% -76.84% -321.82%

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CY2021Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2022 us-gaap Profit Loss
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CY2022 us-gaap Other Comprehensive Income Loss Net Of Tax
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31700000 USD
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CY2022 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2022 www Shares Issued For Stock Options Exercised Net
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CY2022 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2022 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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38100000 USD
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CY2022 www Purchaseof Common Stockfor Treasury
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CY2022 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
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52
CY2022 us-gaap Noncontrolling Interest Increase From Subsidiary Equity Issuance
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4800000 USD
CY2022Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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<div style="margin-bottom:5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Fiscal Year</span></div><div style="margin-bottom:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s fiscal year is the 52- or 53-week period that ends on the Saturday nearest to December 31. Fiscal years 2021 and 2019 each had 52 weeks, and fiscal year 2020 had 53 weeks.</span></div>
CY2021 www Fiscal Year Period
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53
CY2022 us-gaap Use Of Estimates
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CY2021Q1 us-gaap Prepaid Advertising
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CY2022Q1 us-gaap Prepaid Advertising
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3600000 USD
CY2022 us-gaap Derivatives Methods Of Accounting Hedging Derivatives
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<div style="margin-bottom:5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Derivatives</span></div><div style="margin-bottom:9pt;margin-top:5pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company follows FASB ASC Topic 815, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Derivatives and Hedging</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> ("ASC 815"), which requires that all derivative instruments be recorded on the consolidated balance sheets at fair value by establishing criteria for designation and effectiveness of hedging relationships. The Company does not hold or issue financial instruments for trading purposes. Refer to Note 11 for further discussion regarding the Company's derivative arrangements and derivative accounting.</span></div>
CY2022 us-gaap Net Income Loss
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1100000 USD
CY2021 www Adjustment For Earnings Allocated To Nonvested Restricted Common Stock
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800000 USD
CY2019 www Adjustment For Earnings Allocated To Nonvested Restricted Common Stock
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2600000 USD
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CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022 us-gaap Earnings Per Share Diluted
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CY2021 us-gaap Earnings Per Share Diluted
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CY2019 us-gaap Earnings Per Share Diluted
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CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2021 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2021 us-gaap Goodwill Foreign Currency Translation Gain Loss
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CY2022Q1 us-gaap Goodwill
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CY2021Q1 us-gaap Goodwill
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CY2021 us-gaap Amortization Of Intangible Assets
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CY2019 us-gaap Amortization Of Intangible Assets
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CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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7100000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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6700000 USD
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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6400000 USD
CY2022Q1 www Sale Of Accounts Receivable Maximum Amount Under Agreement
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17400000 USD
CY2022Q1 www Sale Of Accounts Receivable Percent Paid At Sale
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0.90
CY2022 www Accounts Receivable Sold
AccountsReceivableSold
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CY2021 www Accounts Receivable Sold
AccountsReceivableSold
14100000 USD
CY2019 www Accounts Receivable Sold
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42700000 USD
CY2022 us-gaap Contractually Specified Servicing Fees Amount
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CY2021 us-gaap Contractually Specified Servicing Fees Amount
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CY2019 us-gaap Contractually Specified Servicing Fees Amount
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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
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CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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2273700000 USD
CY2022Q1 www Revenue Remaining Performance Obligation Amount
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19300000 USD
CY2022Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Year1
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2026
CY2022Q1 www Product Returns Reserve
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CY2021Q1 www Product Returns Reserve
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15600000 USD
CY2022Q1 www Customer Markdowns Reserve
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2300000 USD
CY2021Q1 www Customer Markdowns Reserve
CustomerMarkdownsReserve
3700000 USD
CY2022Q1 www Sales Incentives Reserve
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3400000 USD
CY2021Q1 www Sales Incentives Reserve
SalesIncentivesReserve
6000000.0 USD
CY2022Q1 www Customer Rebates Liability
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17000000.0 USD
CY2021Q1 www Customer Rebates Liability
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13400000 USD
CY2022Q1 us-gaap Contract With Customer Liability
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6800000 USD
CY2021Q1 us-gaap Contract With Customer Liability
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CY2021 us-gaap Effect Of Lifo Inventory Liquidation On Income
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3900000 USD
CY2022Q1 us-gaap Lifo Inventory Amount
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CY2021Q1 us-gaap Lifo Inventory Amount
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35600000 USD
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CY2021Q1 us-gaap Excess Of Replacement Or Current Costs Over Stated Lifo Value
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CY2021Q1 us-gaap Deferred Finance Costs Noncurrent Net
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CY2021Q1 us-gaap Debt And Capital Lease Obligations
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CY2022Q1 us-gaap Long Term Debt Current
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2300000 USD
CY2021 us-gaap Amortization Of Financing Costs
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2700000 USD
CY2019 us-gaap Amortization Of Financing Costs
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10000000.0 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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160000000.0 USD
CY2022Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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550000000.0 USD
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CY2021Q1 us-gaap Land
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3900000 USD
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122200000 USD
CY2021Q1 us-gaap Buildings And Improvements Gross
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119600000 USD
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CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022 us-gaap Depreciation
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CY2019 us-gaap Depreciation
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CY2022 us-gaap Variable Lease Cost
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24700000 USD
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
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193200000 USD
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4800000 USD
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P10Y
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P3Y
CY2022 www Lapsing Period Of Restrictions Related To Restricted Stock Issued
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8.20
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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9.07
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CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P5Y2M12D
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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54500000 USD
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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25471 shares
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34.81
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CY2019 www Foreign Derived Intangible Income Tax Credit
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