2019 Q1 Form 10-Q Financial Statement

#000010653519000026 Filed on April 26, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $1.643B $1.865B
YoY Change -11.9% 10.16%
Cost Of Revenue $1.322B $1.348B
YoY Change -1.93% 5.97%
Gross Profit $321.0M $517.0M
YoY Change -37.91% 22.8%
Gross Profit Margin 19.54% 27.72%
Selling, General & Admin $110.0M $101.0M
YoY Change 8.91% -7.34%
% of Gross Profit 34.27% 19.54%
Research & Development $1.000M $2.000M
YoY Change -50.0% -50.0%
% of Gross Profit 0.31% 0.39%
Depreciation & Amortization $123.0M $120.0M
YoY Change 2.5% -9.77%
% of Gross Profit 38.32% 23.21%
Operating Expenses $111.0M $103.0M
YoY Change 7.77% -8.85%
Operating Profit $174.0M $404.0M
YoY Change -56.93% 37.88%
Interest Expense $107.0M $93.00M
YoY Change 15.05% -6.06%
% of Operating Profit 61.49% 23.02%
Other Income/Expense, Net -$8.000M -$24.00M
YoY Change -66.67% 9.09%
Pretax Income -$393.0M $299.0M
YoY Change -231.44% 65.19%
Income Tax -$104.0M $30.00M
% Of Pretax Income 10.03%
Net Earnings -$289.0M $269.0M
YoY Change -207.43% 71.34%
Net Earnings / Revenue -17.59% 14.42%
Basic Earnings Per Share -$0.39 $0.35
Diluted Earnings Per Share -$387.1K $354.2K
COMMON SHARES
Basic Shares Outstanding 746.6M 756.8M shares
Diluted Shares Outstanding 746.6M 759.5M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $259.0M $598.0M
YoY Change -56.69% 31.43%
Cash & Equivalents $259.0M $598.0M
Short-Term Investments
Other Short-Term Assets $503.0M $371.0M
YoY Change 35.58% 161.27%
Inventory $451.0M $445.0M
Prepaid Expenses $141.0M $118.0M
Receivables $398.0M $481.0M
Other Receivables $163.0M $24.00M
Total Short-Term Assets $1.774B $1.919B
YoY Change -7.56% 30.99%
LONG-TERM ASSETS
Property, Plant & Equipment $1.917B $1.573B
YoY Change 21.87% 1.88%
Goodwill $40.00M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $444.0M $278.0M
YoY Change 59.71% 21.4%
Total Long-Term Assets $15.36B $15.97B
YoY Change -3.81% -8.95%
TOTAL ASSETS
Total Short-Term Assets $1.774B $1.919B
Total Long-Term Assets $15.36B $15.97B
Total Assets $17.13B $17.89B
YoY Change -4.21% -5.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $243.0M $245.0M
YoY Change -0.82% 7.93%
Accrued Expenses $411.0M $457.0M
YoY Change -10.07% 1.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $1.201B $911.0M
YoY Change 31.83% -10.86%
LONG-TERM LIABILITIES
Long-Term Debt $6.156B $5.928B
YoY Change 3.85% -5.35%
Other Long-Term Liabilities $398.0M $299.0M
YoY Change 33.11% 6.41%
Total Long-Term Liabilities $6.554B $6.227B
YoY Change 5.25% -4.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.201B $911.0M
Total Long-Term Liabilities $6.554B $6.227B
Total Liabilities $8.331B $8.894B
YoY Change -6.33% -9.12%
SHAREHOLDERS EQUITY
Retained Earnings $543.0M $1.365B
YoY Change -60.22% 0.07%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.801B $8.991B
YoY Change
Total Liabilities & Shareholders Equity $17.13B $17.89B
YoY Change -4.21% -5.87%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$289.0M $269.0M
YoY Change -207.43% 71.34%
Depreciation, Depletion And Amortization $123.0M $120.0M
YoY Change 2.5% -9.77%
Cash From Operating Activities -$14.00M $136.0M
YoY Change -110.29% 288.57%
INVESTING ACTIVITIES
Capital Expenditures $41.00M $61.00M
YoY Change -32.79% 17.31%
Acquisitions
YoY Change
Other Investing Activities -$18.00M -$5.000M
YoY Change 260.0% -600.0%
Cash From Investing Activities $212.0M -$76.00M
YoY Change -378.95% 11.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $60.00M $0.00
YoY Change
Debt Paid & Issued, Net $512.0M $62.00M
YoY Change 725.81%
Cash From Financing Activities -273.0M -$286.0M
YoY Change -4.55% 52.13%
NET CHANGE
Cash From Operating Activities -14.00M $136.0M
Cash From Investing Activities 212.0M -$76.00M
Cash From Financing Activities -273.0M -$286.0M
Net Change In Cash -75.00M -$226.0M
YoY Change -66.81% 2.26%
FREE CASH FLOW
Cash From Operating Activities -$14.00M $136.0M
Capital Expenditures $41.00M $61.00M
Free Cash Flow -$55.00M $75.00M
YoY Change -173.33% -541.18%

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CY2019Q1 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent
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PensionAndOtherPostretirementBenefitContributions
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PensionAndOtherPostretirementBenefitContributions
14000000 USD
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PensionAndOtherPostretirementBenefitExpense
34000000 USD
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ProceedsFromPaymentsForOtherFinancingActivities
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ProceedsFromRelatedPartyDebt
0 USD
CY2019Q1 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
253000000 USD
CY2018Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
25000000 USD
CY2019Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2000000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
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1857000000 USD
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PropertyPlantAndEquipmentNet
1917000000 USD
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23000000 USD
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RetainedEarningsAccumulatedDeficit
543000000 USD
CY2018Q1 us-gaap Revenues
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1865000000 USD
CY2019Q1 us-gaap Revenues
Revenues
1643000000 USD
CY2019Q1 us-gaap Selling Expense
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21000000 USD
CY2018Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
337000000 USD
CY2019Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
398000000 USD
CY2018Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
CY2019Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
425000000 USD
CY2018Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
62000000 USD
CY2019Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
512000000 USD
CY2018Q4 us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
209000000 USD
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2000000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
9000000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
9000000 USD
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
725000 shares
CY2019Q1 us-gaap Stock Repurchase Program Authorized Amount1
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500000000 USD
CY2019Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
440000000 USD
CY2019Q1 us-gaap Stock Repurchased During Period Shares
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CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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9046000000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
8801000000 USD
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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759462000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
746603000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
756815000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
746603000 shares
CY2018Q4 wy Accrued Taxes Payable
AccruedTaxesPayable
30000000 USD
CY2019Q1 wy Accrued Taxes Payable
AccruedTaxesPayable
28000000 USD
CY2019Q1 wy Amountrecordedtoretainedearningsrelatedtonewaccountingpronouncement
Amountrecordedtoretainedearningsrelatedtonewaccountingpronouncement
-7000000 USD
CY2018Q1 wy Basisof Land Sold
BasisofLandSold
12000000 USD
CY2019Q1 wy Basisof Land Sold
BasisofLandSold
48000000 USD
CY2018Q1 wy Changes In Unamortized Net Pension And Other Postretirement Benefit Loss Tax Expense Benefit
ChangesInUnamortizedNetPensionAndOtherPostretirementBenefitLossTaxExpenseBenefit
19000000 USD
CY2019Q1 wy Changes In Unamortized Net Pension And Other Postretirement Benefit Loss Tax Expense Benefit
ChangesInUnamortizedNetPensionAndOtherPostretirementBenefitLossTaxExpenseBenefit
111000000 USD
CY2018Q1 wy Changes In Unamortized Prior Service Credit Tax Expense Benefit
ChangesInUnamortizedPriorServiceCreditTaxExpenseBenefit
0 USD
CY2019Q1 wy Changes In Unamortized Prior Service Credit Tax Expense Benefit
ChangesInUnamortizedPriorServiceCreditTaxExpenseBenefit
0 USD
CY2018Q4 wy Currentportionofleaseliabilities
Currentportionofleaseliabilities
0 USD
CY2019Q1 wy Currentportionofleaseliabilities
Currentportionofleaseliabilities
28000000 USD
CY2018Q4 wy Customerrebatesvolumediscountsanddeferredincome
Customerrebatesvolumediscountsanddeferredincome
99000000 USD
CY2019Q1 wy Customerrebatesvolumediscountsanddeferredincome
Customerrebatesvolumediscountsanddeferredincome
65000000 USD
CY2018Q1 wy Income Loss Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
299000000 USD
CY2019Q1 wy Income Loss Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-393000000 USD
CY2019Q1 wy Lineofcreditexpirationdate
Lineofcreditexpirationdate
2022-03-31
CY2018Q4 wy Mineralsand Mineral Rights
MineralsandMineralRights
294000000 USD
CY2019Q1 wy Mineralsand Mineral Rights
MineralsandMineralRights
291000000 USD
CY2018Q1 wy Net Contribution To Earnings
NetContributionToEarnings
392000000 USD
CY2019Q1 wy Net Contribution To Earnings
NetContributionToEarnings
-286000000 USD
CY2018Q1 wy Non Operatingpensionandotherpostretirementbenefitcostscredits
NonOperatingpensionandotherpostretirementbenefitcostscredits
-24000000 USD
CY2019Q1 wy Non Operatingpensionandotherpostretirementbenefitcostscredits
NonOperatingpensionandotherpostretirementbenefitcostscredits
-470000000 USD
CY2018Q4 wy Nonrecoursedebtcurrent
Nonrecoursedebtcurrent
302000000 USD
CY2019Q1 wy Nonrecoursedebtcurrent
Nonrecoursedebtcurrent
302000000 USD
CY2018Q1 wy Othercomprehensiveincomelosspensionandotherpostretirementbenefitplansnetpriorservicecreditcostarisingduringperiodandamortizationofnetpriorservicecostrecognizedinnetperiodicpensioncostnetoftax
Othercomprehensiveincomelosspensionandotherpostretirementbenefitplansnetpriorservicecreditcostarisingduringperiodandamortizationofnetpriorservicecostrecognizedinnetperiodicpensioncostnetoftax
-1000000 USD
CY2019Q1 wy Othercomprehensiveincomelosspensionandotherpostretirementbenefitplansnetpriorservicecreditcostarisingduringperiodandamortizationofnetpriorservicecostrecognizedinnetperiodicpensioncostnetoftax
Othercomprehensiveincomelosspensionandotherpostretirementbenefitplansnetpriorservicecreditcostarisingduringperiodandamortizationofnetpriorservicecostrecognizedinnetperiodicpensioncostnetoftax
0 USD
CY2018Q1 wy Othercomprehensiveincomelosspensionandotherpostretirementbenefitplansnetunamortizedgainlossarisingduringperiodandreclassificationofnetgainlossrecognizedinnetperiodperiodicbenefitcostnetoftax
Othercomprehensiveincomelosspensionandotherpostretirementbenefitplansnetunamortizedgainlossarisingduringperiodandreclassificationofnetgainlossrecognizedinnetperiodperiodicbenefitcostnetoftax
54000000 USD
CY2019Q1 wy Othercomprehensiveincomelosspensionandotherpostretirementbenefitplansnetunamortizedgainlossarisingduringperiodandreclassificationofnetgainlossrecognizedinnetperiodperiodicbenefitcostnetoftax
Othercomprehensiveincomelosspensionandotherpostretirementbenefitplansnetunamortizedgainlossarisingduringperiodandreclassificationofnetgainlossrecognizedinnetperiodperiodicbenefitcostnetoftax
344000000 USD
CY2019Q1 wy Paymentsfor Repurchaseof Common Stockincludingunsettledrepurchases
PaymentsforRepurchaseofCommonStockincludingunsettledrepurchases
60000000 USD
CY2019Q1 wy Pretaxchargerelatedtoearlyextinguishmentofdebt
Pretaxchargerelatedtoearlyextinguishmentofdebt
12000000 USD
CY2018Q1 wy Reclassificationfrom Accumulated Other Comprehensive Incometoretainedearningsadoptionofaccountingstandard
ReclassificationfromAccumulatedOtherComprehensiveIncometoretainedearningsadoptionofaccountingstandard
253000000 USD
CY2018Q1 wy Reclassificationofaccumulatedunrealizedgainsonavailableforsalesecurities Adoptionof Accounting Standard
ReclassificationofaccumulatedunrealizedgainsonavailableforsalesecuritiesAdoptionofAccountingStandard
-9000000 USD
CY2019Q1 wy Taxbenefitrelatedtopensionsettlementactivity
Taxbenefitrelatedtopensionsettlementactivity
110000000 USD
CY2018Q1 wy Thirdpartyandintersegmentrevenuenet
Thirdpartyandintersegmentrevenuenet
2007000000 USD
CY2019Q1 wy Thirdpartyandintersegmentrevenuenet
Thirdpartyandintersegmentrevenuenet
1768000000 USD
CY2018Q4 wy Timberandtimberlandsatcostlessdepletion
Timberandtimberlandsatcostlessdepletion
12671000000 USD
CY2019Q1 wy Timberandtimberlandsatcostlessdepletion
Timberandtimberlandsatcostlessdepletion
12586000000 USD
CY2019Q1 wy Totalleasedassets
Totalleasedassets
159000000 USD
CY2019Q1 wy Totalleasedassets
Totalleasedassets
165000000 USD
CY2019Q1 wy Totalleaseliabilities
Totalleaseliabilities
165000000 USD
CY2019Q1 wy Totalleaseliabilities
Totalleaseliabilities
-172000000 USD
CY2019Q1 wy Unsettled Share Repurchases
UnsettledShareRepurchases
0 USD
CY2019Q1 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;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;">2019</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:74%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:2%;" rowspan="1" colspan="1"></td><td style="width:12%;" 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:bottom;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:bottom;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;">1/1/2019</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: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:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">12/31/2021</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="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="4" style="vertical-align:bottom;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;">$25.83</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:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Expected dividends</font></div></td><td colspan="4" style="vertical-align:bottom;background-color:#cceeff;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;">5.25%</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:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Risk-free rate</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:right;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">2.43</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:8pt;"><font style="font-family:Arial;font-size:8pt;">%</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="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#8211;</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="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">2.55%</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:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Expected volatility</font></div></td><td style="vertical-align:bottom;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;">22.50</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:8pt;"><font style="font-family:Arial;font-size:8pt;">%</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="text-align:center;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">&#8211;</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="text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">27.40%</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><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:24px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;padding-left:0px;"><font style="font-family:Arial;font-size:8pt;">(1)</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;">Calculated as an average of the high and low prices on grant date.</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:8pt;"><font style="font-family:Arial;font-size:8pt;"><br clear="none"/></font></div></div>

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