2018 Q1 Form 10-Q Financial Statement

#000010653518000029 Filed on April 27, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $1.865B $1.693B
YoY Change 10.16% 20.5%
Cost Of Revenue $1.348B $1.272B
YoY Change 5.97% 15.32%
Gross Profit $517.0M $421.0M
YoY Change 22.8% 39.4%
Gross Profit Margin 27.72% 24.87%
Selling, General & Admin $101.0M $109.0M
YoY Change -7.34% 6.86%
% of Gross Profit 19.54% 25.89%
Research & Development $2.000M $4.000M
YoY Change -50.0% -20.0%
% of Gross Profit 0.39% 0.95%
Depreciation & Amortization $120.0M $133.0M
YoY Change -9.77% -6.34%
% of Gross Profit 23.21% 31.59%
Operating Expenses $103.0M $113.0M
YoY Change -8.85% 5.61%
Operating Profit $404.0M $293.0M
YoY Change 37.88% 110.79%
Interest Expense $93.00M $99.00M
YoY Change -6.06% 4.21%
% of Operating Profit 23.02% 33.79%
Other Income/Expense, Net -$24.00M -$22.00M
YoY Change 9.09% -74.12%
Pretax Income $299.0M $181.0M
YoY Change 65.19% 151.39%
Income Tax $30.00M $24.00M
% Of Pretax Income 10.03% 13.26%
Net Earnings $269.0M $157.0M
YoY Change 71.34% 93.83%
Net Earnings / Revenue 14.42% 9.27%
Basic Earnings Per Share $0.35 $0.21
Diluted Earnings Per Share $354.2K $0.21
COMMON SHARES
Basic Shares Outstanding 756.8M shares 750.7M shares
Diluted Shares Outstanding 759.5M shares 754.7M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $598.0M $455.0M
YoY Change 31.43% 9.64%
Cash & Equivalents $598.0M $455.0M
Short-Term Investments
Other Short-Term Assets $371.0M $142.0M
YoY Change 161.27% -89.96%
Inventory $445.0M $386.0M
Prepaid Expenses $118.0M $142.0M
Receivables $481.0M $472.0M
Other Receivables $24.00M $10.00M
Total Short-Term Assets $1.919B $1.465B
YoY Change 30.99% -19.95%
LONG-TERM ASSETS
Property, Plant & Equipment $1.573B $1.544B
YoY Change 1.88% -44.12%
Goodwill $40.00M $40.00M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $56.00M
YoY Change -94.46%
Other Assets $278.0M $229.0M
YoY Change 21.4% -44.01%
Total Long-Term Assets $15.97B $17.54B
YoY Change -8.95% -12.1%
TOTAL ASSETS
Total Short-Term Assets $1.919B $1.465B
Total Long-Term Assets $15.97B $17.54B
Total Assets $17.89B $19.00B
YoY Change -5.87% -12.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $245.0M $227.0M
YoY Change 7.93% -41.04%
Accrued Expenses $457.0M $452.0M
YoY Change 1.11% -24.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $343.0M
YoY Change -100.0% 8475.0%
Total Short-Term Liabilities $911.0M $1.022B
YoY Change -10.86% 3.86%
LONG-TERM LIABILITIES
Long-Term Debt $5.928B $6.263B
YoY Change -5.35% -19.74%
Other Long-Term Liabilities $299.0M $281.0M
YoY Change 6.41% -9.65%
Total Long-Term Liabilities $6.227B $6.544B
YoY Change -4.84% -19.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $911.0M $1.022B
Total Long-Term Liabilities $6.227B $6.544B
Total Liabilities $8.894B $9.786B
YoY Change -9.12% -14.89%
SHAREHOLDERS EQUITY
Retained Earnings $1.365B $1.364B
YoY Change 0.07% 15.89%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.991B $9.215B
YoY Change
Total Liabilities & Shareholders Equity $17.89B $19.00B
YoY Change -5.87% -12.76%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $269.0M $157.0M
YoY Change 71.34% 93.83%
Depreciation, Depletion And Amortization $120.0M $133.0M
YoY Change -9.77% -6.34%
Cash From Operating Activities $136.0M $35.00M
YoY Change 288.57% -25.53%
INVESTING ACTIVITIES
Capital Expenditures $61.00M $52.00M
YoY Change 17.31% -8.77%
Acquisitions
YoY Change
Other Investing Activities -$5.000M $1.000M
YoY Change -600.0%
Cash From Investing Activities -$76.00M -$68.00M
YoY Change 11.76% -383.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $62.00M $0.00
YoY Change -100.0%
Cash From Financing Activities -$286.0M -$188.0M
YoY Change 52.13% -71.86%
NET CHANGE
Cash From Operating Activities $136.0M $35.00M
Cash From Investing Activities -$76.00M -$68.00M
Cash From Financing Activities -$286.0M -$188.0M
Net Change In Cash -$226.0M -$221.0M
YoY Change 2.26% -62.98%
FREE CASH FLOW
Cash From Operating Activities $136.0M $35.00M
Capital Expenditures $61.00M $52.00M
Free Cash Flow $75.00M -$17.00M
YoY Change -541.18% 70.0%

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PensionAndOtherPostretirementBenefitContributions
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CY2018Q1 us-gaap Pension And Other Postretirement Benefit Contributions
PensionAndOtherPostretirementBenefitContributions
16000000 USD
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PensionAndOtherPostretirementBenefitExpense
32000000 USD
CY2018Q1 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
34000000 USD
CY2017Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Current Liabilities
PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities
40000000 USD
CY2018Q1 us-gaap Pension And Other Postretirement Defined Benefit Plans Current Liabilities
PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities
40000000 USD
CY2017Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
98000000 USD
CY2018Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
118000000 USD
CY2017Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-10000000 USD
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ProceedsFromPaymentsForOtherFinancingActivities
-7000000 USD
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ProceedsFromSaleOfProductiveAssets
8000000 USD
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ProceedsFromSaleOfProductiveAssets
2000000 USD
CY2017Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
55000000 USD
CY2018Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
25000000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1618000000 USD
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1573000000 USD
CY2017Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
396000000 USD
CY2018Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
481000000 USD
CY2018Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
-62000000 USD
CY2018Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
45000000 USD
CY2018Q1 us-gaap Reclassification From Aoci Current Period Tax
ReclassificationFromAociCurrentPeriodTax
-17000000 USD
CY2017Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
CY2018Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
62000000 USD
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4000000 USD
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2000000 USD
CY2017Q4 us-gaap Restricted Investments Current
RestrictedInvestmentsCurrent
0 USD
CY2018Q1 us-gaap Restricted Investments Current
RestrictedInvestmentsCurrent
253000000 USD
CY2017Q4 us-gaap Restricted Investments Noncurrent
RestrictedInvestmentsNoncurrent
615000000 USD
CY2018Q1 us-gaap Restricted Investments Noncurrent
RestrictedInvestmentsNoncurrent
362000000 USD
CY2017Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
13000000 USD
CY2018Q1 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
2000000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1078000000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
1365000000 USD
CY2017Q1 us-gaap Sales Revenue Net
SalesRevenueNet
1693000000 USD
CY2018Q1 us-gaap Sales Revenue Net
SalesRevenueNet
1865000000 USD
CY2017Q1 us-gaap Selling Expense
SellingExpense
22000000 USD
CY2018Q1 us-gaap Selling Expense
SellingExpense
23000000 USD
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
10000000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
9000000 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
1500000.00 shares
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
8899000000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
8991000000 USD
CY2017Q4 us-gaap Timber And Timberlands
TimberAndTimberlands
12954000000 USD
CY2018Q1 us-gaap Timber And Timberlands
TimberAndTimberlands
12888000000 USD
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
754747000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
759462000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
750665000 shares
CY2018Q1 wy Othercomprehensiveincomelosspensionandotherpostretirementbenefitplansnetunamortizedgainlossarisingduringperiodandreclassificationofnetgainlossrecognizedinnetperiodperiodicbenefitcostnetoftax
Othercomprehensiveincomelosspensionandotherpostretirementbenefitplansnetunamortizedgainlossarisingduringperiodandreclassificationofnetgainlossrecognizedinnetperiodperiodicbenefitcostnetoftax
54000000 USD
CY2018Q1 wy Reclassificationfrom Accumulated Other Comprehensive Incometoretainedearningsadoptionofaccountingstandard
ReclassificationfromAccumulatedOtherComprehensiveIncometoretainedearningsadoptionofaccountingstandard
-253000000 USD
CY2018Q1 wy Reclassificationfromaccumulatedothercomprehensiveincomelosstoretainedearnings
Reclassificationfromaccumulatedothercomprehensiveincomelosstoretainedearnings
262000000 USD
CY2018Q1 wy Reclassificationofaccumulatedunrealizedgainsonavailableforsalesecurities Adoptionof Accounting Standard
ReclassificationofaccumulatedunrealizedgainsonavailableforsalesecuritiesAdoptionofAccountingStandard
-9000000 USD
CY2018Q1 wy Tax Liabilityfrom Potential Adjustment
TaxLiabilityfromPotentialAdjustment
100000000 USD
CY2017 wy Taxaffectof U.S.Corporateratechange
TaxaffectofU.S.Corporateratechange
74000000 USD
CY2017Q1 wy Thirdpartyandintersegmentrevenuenet
Thirdpartyandintersegmentrevenuenet
1895000000 USD
CY2018Q1 wy Thirdpartyandintersegmentrevenuenet
Thirdpartyandintersegmentrevenuenet
2093000000 USD
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
756815000 shares
CY2017Q1 wy Basisof Land Sold
BasisofLandSold
14000000 USD
CY2018Q1 wy Basisof Land Sold
BasisofLandSold
12000000 USD
CY2017Q1 wy Changes In Unamortized Net Pension And Other Postretirement Benefit Loss Tax Expense Benefit
ChangesInUnamortizedNetPensionAndOtherPostretirementBenefitLossTaxExpenseBenefit
26000000 USD
CY2018Q1 wy Changes In Unamortized Net Pension And Other Postretirement Benefit Loss Tax Expense Benefit
ChangesInUnamortizedNetPensionAndOtherPostretirementBenefitLossTaxExpenseBenefit
19000000 USD
CY2017Q1 wy Changes In Unamortized Prior Service Credit Tax Expense Benefit
ChangesInUnamortizedPriorServiceCreditTaxExpenseBenefit
0 USD
CY2018Q1 wy Changes In Unamortized Prior Service Credit Tax Expense Benefit
ChangesInUnamortizedPriorServiceCreditTaxExpenseBenefit
0 USD
CY2018Q1 wy Gainfrom Potential Tax Adjustment
GainfromPotentialTaxAdjustment
600000000 USD
CY2017Q1 wy Income Loss Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
181000000 USD
CY2018Q1 wy Income Loss Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
299000000 USD
CY2018Q1 wy Lineofcreditexpirationdate
Lineofcreditexpirationdate
2022-03-31
CY2017Q4 wy Mineralsand Mineral Rights
MineralsandMineralRights
308000000 USD
CY2018Q1 wy Mineralsand Mineral Rights
MineralsandMineralRights
306000000 USD
CY2017Q1 wy Net Contribution To Earnings
NetContributionToEarnings
280000000 USD
CY2018Q1 wy Net Contribution To Earnings
NetContributionToEarnings
392000000 USD
CY2017Q1 wy Non Operatingpensionandotherpostretirementbenefitcostscredits
NonOperatingpensionandotherpostretirementbenefitcostscredits
-22000000 USD
CY2018Q1 wy Non Operatingpensionandotherpostretirementbenefitcostscredits
NonOperatingpensionandotherpostretirementbenefitcostscredits
-24000000 USD
CY2017Q4 wy Nonrecoursedebtcurrent
Nonrecoursedebtcurrent
209000000 USD
CY2018Q1 wy Nonrecoursedebtcurrent
Nonrecoursedebtcurrent
209000000 USD
CY2017Q1 wy Othercomprehensiveincomelosspensionandotherpostretirementbenefitplansnetpriorservicecreditcostarisingduringperiodandamortizationofnetpriorservicecostrecognizedinnetperiodicpensioncostnetoftax
Othercomprehensiveincomelosspensionandotherpostretirementbenefitplansnetpriorservicecreditcostarisingduringperiodandamortizationofnetpriorservicecostrecognizedinnetperiodicpensioncostnetoftax
-1000000 USD
CY2018Q1 wy Othercomprehensiveincomelosspensionandotherpostretirementbenefitplansnetpriorservicecreditcostarisingduringperiodandamortizationofnetpriorservicecostrecognizedinnetperiodicpensioncostnetoftax
Othercomprehensiveincomelosspensionandotherpostretirementbenefitplansnetpriorservicecreditcostarisingduringperiodandamortizationofnetpriorservicecostrecognizedinnetperiodicpensioncostnetoftax
-1000000 USD
CY2017Q1 wy Othercomprehensiveincomelosspensionandotherpostretirementbenefitplansnetunamortizedgainlossarisingduringperiodandreclassificationofnetgainlossrecognizedinnetperiodperiodicbenefitcostnetoftax
Othercomprehensiveincomelosspensionandotherpostretirementbenefitplansnetunamortizedgainlossarisingduringperiodandreclassificationofnetgainlossrecognizedinnetperiodperiodicbenefitcostnetoftax
29000000 USD
CY2018Q1 wy Weighted Average Assumptions Used In Estimating Value Of Performance Share Units Granted
WeightedAverageAssumptionsUsedInEstimatingValueOfPerformanceShareUnitsGranted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-left:4px;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;font-weight:bold;">Weighted Average Assumptions Used in Estimating the Value of Performance Share Units Granted in </font><font style="font-family:Arial;font-size:8pt;font-weight:bold;">2018</font><font style="font-family:Arial;font-size:8pt;font-weight:bold;"> </font></div><div style="line-height:120%;font-size:10pt;"><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;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="5" rowspan="1"></td></tr><tr><td style="width:77%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:3%;" rowspan="1" colspan="1"></td><td style="width:10%;" 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="text-align:left;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;">&#160;</font></div></td><td colspan="4" 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:8pt;"><font style="font-family:Arial;font-size:8pt;font-weight:bold;">Performance Share Units</font></div></td></tr><tr><td style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Performance period</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">1/1/2018</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" 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;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#8211;</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">12/31/2020</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Valuation date average stock price</font><font style="font-family:Arial;font-size:8pt;"><sup style="vertical-align:top;line-height:120%;font-size:5pt">(1)</sup></font></div></td><td colspan="2" 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 style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">$34.14</font></div></td></tr><tr><td style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Expected dividends</font></div></td><td colspan="2" 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 style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">3.81%</font></div></td></tr><tr><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Risk-free rate</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">1.75</font></div></td><td style="vertical-align:middle;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">%</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">&#8211;</font></div></td><td style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">2.34%</font></div></td></tr><tr><td style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Expected volatility</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">17.30</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">%</font></div></td><td style="vertical-align:middle;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:8pt;"><font style="font-family:Arial;font-size:8pt;">&#8211;</font></div></td><td style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">21.52%</font></div></td></tr></table></div></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">(1) Calculated as an average of the high and low prices on grant date.</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br clear="none"/></font></div></div>

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