| Pre-tax and After-tax Components of Other Comprehensive Income (Loss) |
The following tables present the tax effects of each component of other comprehensive (loss) income for the three and nine months ended September 30, 2025 and 2024, respectively:
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Three months ended September 30, |
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2025 |
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2024 |
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Pre-tax amount |
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Tax benefit/(expense) |
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After-tax amount |
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Pre-tax amount |
|
Tax benefit/(expense) |
|
After-tax amount |
| Defined benefit and other postretirement plans: |
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| Net (loss) gain |
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$ |
(1) |
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|
$ |
— |
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$ |
(1) |
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$ |
11 |
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$ |
(3) |
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$ |
8 |
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| Net prior service cost |
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— |
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|
— |
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— |
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(7) |
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2 |
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(5) |
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| Benefit plans, net |
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(1) |
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— |
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(1) |
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4 |
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(1) |
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3 |
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| Net loss from hedging activities |
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(1,817) |
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454 |
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(1,363) |
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(15,539) |
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3,885 |
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(11,654) |
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| Foreign currency translation |
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(1,669) |
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— |
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(1,669) |
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6,403 |
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— |
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6,403 |
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| Other comprehensive loss |
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$ |
(3,487) |
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$ |
454 |
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$ |
(3,033) |
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$ |
(9,132) |
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$ |
3,884 |
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$ |
(5,248) |
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Nine months ended September 30, |
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2025 |
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2024 |
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|
Pre-tax
amount |
|
Tax benefit/
(expense) |
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After-tax amount |
|
Pre-tax
amount |
|
Tax benefit/
(expense) |
|
After-tax amount |
| Defined benefit and other postretirement plans: |
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| Net gain |
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$ |
224 |
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|
$ |
(55) |
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$ |
169 |
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|
$ |
724 |
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$ |
(181) |
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$ |
543 |
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| Net prior service cost |
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— |
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— |
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— |
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(22) |
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|
6 |
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(16) |
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| Benefit plans, net |
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224 |
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(55) |
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169 |
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|
702 |
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(175) |
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|
527 |
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| Net loss from hedging activities |
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(10,769) |
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|
2,692 |
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(8,077) |
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(11,820) |
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2,955 |
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(8,865) |
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| Foreign currency translation |
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11,444 |
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— |
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11,444 |
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4,040 |
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— |
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|
4,040 |
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| Other comprehensive income (loss) |
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$ |
899 |
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$ |
2,637 |
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$ |
3,536 |
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$ |
(7,078) |
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$ |
2,780 |
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$ |
(4,298) |
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The following tables present the changes in accumulated other comprehensive loss (“AOCI”), net of tax, by component for the nine months ended September 30, 2025 and 2024, respectively:
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Defined benefit
and other
postretirement
plans |
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Net gain (loss) from hedging activities |
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Foreign
currency
translation |
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Total |
| December 31, 2024 |
|
$ |
1,467 |
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$ |
9,902 |
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|
$ |
(18,776) |
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$ |
(7,407) |
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| Other comprehensive income (loss) before reclassifications |
|
172 |
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(3,378) |
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11,444 |
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|
8,238 |
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Amounts reclassified from AOCI(1)
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(3) |
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(4,699) |
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— |
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(4,702) |
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| Net current period other comprehensive income (loss) |
|
169 |
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(8,077) |
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|
11,444 |
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|
3,536 |
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| September 30, 2025 |
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$ |
1,636 |
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$ |
1,825 |
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$ |
(7,332) |
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$ |
(3,871) |
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| December 31, 2023 |
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$ |
612 |
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$ |
12,546 |
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$ |
(14,116) |
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$ |
(958) |
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| Other comprehensive income before reclassifications |
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549 |
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1,657 |
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|
4,040 |
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|
6,246 |
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Amounts reclassified from AOCI(1)
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(22) |
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(10,522) |
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— |
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|
(10,544) |
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| Net current period other comprehensive income (loss) |
|
527 |
|
|
(8,865) |
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|
4,040 |
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(4,298) |
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| September 30, 2024 |
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$ |
1,139 |
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$ |
3,681 |
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|
$ |
(10,076) |
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$ |
(5,256) |
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(1)See the following table for details about these reclassifications. Amounts in parentheses indicate debits.
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| Reclassifications out of Accumulated Other Comprehensive Income |
The following table presents the reclassifications out of AOCI for the three and nine months ended September 30, 2025 and 2024, respectively:
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| Details about AOCI Components |
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Amounts reclassified from AOCI(1)
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Affected line item where
income is presented |
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Three months ended
September 30, |
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Nine months ended
September 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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| Amortization of defined benefit and other postretirement items: |
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| Net loss |
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$ |
1 |
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|
$ |
— |
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$ |
4 |
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$ |
7 |
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Other expense(2)
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| Net prior service cost |
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— |
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|
7 |
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— |
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|
22 |
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Other expense(2)
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1 |
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|
7 |
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4 |
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29 |
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Total before tax |
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— |
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(2) |
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|
(1) |
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|
(7) |
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Tax benefit |
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$ |
1 |
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$ |
5 |
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$ |
3 |
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$ |
22 |
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Net of tax |
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| Gains and losses on cash flow hedges: |
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| Interest rate caps |
|
$ |
2,041 |
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$ |
4,711 |
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$ |
6,266 |
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$ |
14,029 |
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Interest expense |
|
|
(510) |
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|
(1,177) |
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|
(1,567) |
|
|
(3,507) |
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Tax benefit |
|
|
$ |
1,531 |
|
|
$ |
3,534 |
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$ |
4,699 |
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$ |
10,522 |
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Net of tax |
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| Total reclassifications for the period |
|
$ |
1,532 |
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$ |
3,539 |
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|
$ |
4,702 |
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|
$ |
10,544 |
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Net of tax |
(1)Amounts in parentheses indicate debits to profit/loss.
(2)These AOCI components are components of net periodic pension and other postretirement cost (see Note 14 to these condensed consolidated financial statements for additional details).
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