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10-Q Filing

CDW Corp CIK: 1402057 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0001402057-23-000091
Period End Date 20230331
Filing Date 20230503
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance cdw-20230331_htm.xml
Balance Sheet 86 line items
Line Item Tag Value Unit Period
Allowance for credit loss, current AllowanceForDoubtfulAccountsReceivableCurrent $25.70M USD Point-in-time
Allowance for credit loss, current AllowanceForDoubtfulAccountsReceivableCurrent $27.40M USD Point-in-time
Preferred stock, par value (in dollars per share) PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Preferred stock, par value (in dollars per share) PreferredStockParOrStatedValuePerShare $0.01 USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $279.40M USD Point-in-time
Preferred stock, authorized (in shares) PreferredStockSharesAuthorized 100.00M shares Point-in-time
Preferred stock, authorized (in shares) PreferredStockSharesAuthorized 100.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $315.20M USD Point-in-time
Preferred stock, issued (in shares) PreferredStockSharesIssued 0.00 shares Point-in-time
Accounts receivable, net of allowance for credit losses of $27.4 and $25.7, respectively AccountsReceivableNetCurrent $4.46B USD Point-in-time
Accounts receivable, net of allowance for credit losses of $27.4 and $25.7, respectively AccountsReceivableNetCurrent $4.26B USD Point-in-time
Preferred stock, issued (in shares) PreferredStockSharesIssued 0.00 shares Point-in-time
Merchandise inventory InventoryNet $800.20M USD Point-in-time
Merchandise inventory InventoryNet $781.10M USD Point-in-time
Preferred stock, outstanding (in shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Preferred stock, outstanding (in shares) PreferredStockSharesOutstanding 0.00 shares Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Miscellaneous receivables OtherReceivablesNetCurrent $489.10M USD Point-in-time
Miscellaneous receivables OtherReceivablesNetCurrent $469.40M USD Point-in-time
Common stock, par value (in dollars per share) CommonStockParOrStatedValuePerShare $0.01 USD Point-in-time
Prepaid expenses and other PrepaidExpenseAndOtherAssetsCurrent $487.70M USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 1.00B shares Point-in-time
Prepaid expenses and other PrepaidExpenseAndOtherAssetsCurrent $498.20M USD Point-in-time
Common stock, shares authorized (in shares) CommonStockSharesAuthorized 1.00B shares Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 135.00M shares Point-in-time
Total current assets AssetsCurrent $6.28B USD Point-in-time
Total current assets AssetsCurrent $6.56B USD Point-in-time
Common stock, shares outstanding (in shares) CommonStockSharesOutstanding 135.50M shares Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $145.70M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $149.20M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $188.80M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $187.40M USD Point-in-time
Goodwill Goodwill $4.34B USD Point-in-time
Goodwill Goodwill $4.37B USD Point-in-time
Other intangible assets, net IntangibleAssetsNetExcludingGoodwill $1.49B USD Point-in-time
Other intangible assets, net IntangibleAssetsNetExcludingGoodwill $1.46B USD Point-in-time
Other assets OtherAssetsNoncurrent $396.10M USD Point-in-time
Other assets OtherAssetsNoncurrent $334.60M USD Point-in-time
Total Assets Assets $12.77B USD Point-in-time
Total Assets Assets $13.13B USD Point-in-time
Accounts payable-trade AccountsPayableTradeCurrent $2.82B USD Point-in-time
Accounts payable-trade AccountsPayableTradeCurrent $2.64B USD Point-in-time
Accounts payable-inventory financing AccountsPayableInventoryFinancing $532.20M USD Point-in-time
Accounts payable-inventory financing AccountsPayableInventoryFinancing $519.00M USD Point-in-time
Current maturities of long-term debt LongTermDebtCurrent $45.70M USD Point-in-time
Current maturities of long-term debt LongTermDebtCurrent $56.30M USD Point-in-time
Contract liabilities ContractWithCustomerLiabilityCurrent $495.70M USD Point-in-time
Contract liabilities ContractWithCustomerLiabilityCurrent $485.50M USD Point-in-time
Compensation EmployeeRelatedLiabilitiesCurrent $287.80M USD Point-in-time
Compensation EmployeeRelatedLiabilitiesCurrent $377.80M USD Point-in-time
Advertising AccruedAdvertisingCurrent $126.20M USD Point-in-time
Advertising AccruedAdvertisingCurrent $130.50M USD Point-in-time
Sales and income taxes SalesAndExciseTaxPayableCurrent $130.10M USD Point-in-time
Sales and income taxes SalesAndExciseTaxPayableCurrent $73.50M USD Point-in-time
Other OtherAccruedLiabilitiesCurrent $516.20M USD Point-in-time
Other OtherAccruedLiabilitiesCurrent $483.20M USD Point-in-time
Total current liabilities LiabilitiesCurrent $4.95B USD Point-in-time
Total current liabilities LiabilitiesCurrent $4.78B USD Point-in-time
Debt LongTermDebtNoncurrent $5.87B USD Point-in-time
Debt LongTermDebtNoncurrent $5.75B USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $203.40M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $193.00M USD Point-in-time
Operating lease liabilities OperatingLeaseLiabilityNoncurrent $171.00M USD Point-in-time
Operating lease liabilities OperatingLeaseLiabilityNoncurrent $175.20M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $336.10M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $307.40M USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $6.58B USD Point-in-time
Total long-term liabilities LiabilitiesNoncurrent $6.42B USD Point-in-time
Commitments and contingencies (Note 8) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 8) CommitmentsAndContingencies - USD Point-in-time
Preferred stock, $0.01 par value, 100.0 shares authorized; no shares issued or outstanding for both periods PreferredStockValue - USD Point-in-time
Preferred stock, $0.01 par value, 100.0 shares authorized; no shares issued or outstanding for both periods PreferredStockValue - USD Point-in-time
Common stock, $0.01 par value, 1,000.0 shares authorized; 135.0 and 135.5 shares outstanding, respectively CommonStockValue $1.40M USD Point-in-time
Common stock, $0.01 par value, 1,000.0 shares authorized; 135.0 and 135.5 shares outstanding, respectively CommonStockValue $1.40M USD Point-in-time
Paid-in capital AdditionalPaidInCapitalCommonStock $3.52B USD Point-in-time
Paid-in capital AdditionalPaidInCapitalCommonStock $3.56B USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-1.76B USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-1.85B USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-152.40M USD Point-in-time
Accumulated other comprehensive loss AccumulatedOtherComprehensiveIncomeLossNetOfTax $-142.80M USD Point-in-time
Total stockholders equity StockholdersEquity $1.60B USD Point-in-time
Total stockholders equity StockholdersEquity $705.70M USD Point-in-time
Total stockholders equity StockholdersEquity $1.57B USD Point-in-time
Total stockholders equity StockholdersEquity $893.10M USD Point-in-time
Total Liabilities and Stockholders Equity LiabilitiesAndStockholdersEquity $12.77B USD Point-in-time
Total Liabilities and Stockholders Equity LiabilitiesAndStockholdersEquity $13.13B USD Point-in-time
Income Statement 28 line items
Line Item Tag Value Unit Period
Net sales RevenueFromContractWithCustomerExcludingAssessedTax $5.10B USD 1 Quarter
Net sales RevenueFromContractWithCustomerExcludingAssessedTax $5.95B USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $4.84B USD 1 Quarter
Cost of sales CostOfGoodsAndServicesSold $4.01B USD 1 Quarter
Gross profit GrossProfit $1.09B USD 1 Quarter
Gross profit GrossProfit $1.10B USD 1 Quarter
Selling and administrative expenses SellingGeneralAndAdministrativeExpense $734.10M USD 1 Quarter
Selling and administrative expenses SellingGeneralAndAdministrativeExpense $717.20M USD 1 Quarter
Operating income OperatingIncomeLoss $386.90M USD 1 Quarter
Operating income OperatingIncomeLoss $355.30M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-57.70M USD 1 Quarter
Interest expense, net InterestIncomeExpenseNet $-56.00M USD 1 Quarter
Other expense, net OtherNonoperatingIncomeExpense $-500.00K USD 1 Quarter
Other expense, net OtherNonoperatingIncomeExpense $-1.30M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $330.40M USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $296.30M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $66.20M USD 1 Quarter
Income tax expense IncomeTaxExpenseBenefit $80.20M USD 1 Quarter
Net income NetIncomeLoss $230.10M USD 1 Quarter
Net income NetIncomeLoss $250.20M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $1.85 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $1.70 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $1.68 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $1.83 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 134.90M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 135.60M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 136.70M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 137.30M shares 1 Quarter
Cash Flow Statement 68 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $230.10M USD 1 Quarter
Net income NetIncomeLoss $250.20M USD 1 Quarter
Depreciation and amortization DepreciationAmortizationAndAccretionNet $70.70M USD 1 Quarter
Depreciation and amortization DepreciationAmortizationAndAccretionNet $71.40M USD 1 Quarter
Equity-based compensation expense AllocatedShareBasedCompensationExpense $21.10M USD 1 Quarter
Equity-based compensation expense AllocatedShareBasedCompensationExpense $20.80M USD 1 Quarter
Deferred income taxes IncreaseDecreaseInDeferredIncomeTaxes $10.90M USD 1 Quarter
Deferred income taxes IncreaseDecreaseInDeferredIncomeTaxes $5.00M USD 1 Quarter
Provision for credit losses ProvisionForDoubtfulAccounts $6.20M USD 1 Quarter
Provision for credit losses ProvisionForDoubtfulAccounts $1.70M USD 1 Quarter
Other OtherOperatingActivitiesCashFlowStatement $4.80M USD 1 Quarter
Other OtherOperatingActivitiesCashFlowStatement $3.40M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $125.00M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-208.90M USD 1 Quarter
Merchandise inventory IncreaseDecreaseInInventories $-22.00M USD 1 Quarter
Merchandise inventory IncreaseDecreaseInInventories $130.30M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-102.50M USD 1 Quarter
Other assets IncreaseDecreaseInOtherOperatingAssets $-24.30M USD 1 Quarter
Accounts payable-trade IncreaseDecreaseInAccountsPayableTrade $-248.70M USD 1 Quarter
Accounts payable-trade IncreaseDecreaseInAccountsPayableTrade $87.80M USD 1 Quarter
Other liabilities IncreaseDecreaseInOtherOperatingLiabilities $179.80M USD 1 Quarter
Other liabilities IncreaseDecreaseInOtherOperatingLiabilities $-39.60M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $380.80M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $365.40M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $41.30M USD 1 Quarter
Capital expenditures PaymentsToAcquirePropertyPlantAndEquipment $31.70M USD 1 Quarter
Acquisitions of businesses, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired - USD 1 Quarter
Acquisitions of businesses, net of cash acquired PaymentsToAcquireBusinessesNetOfCashAcquired $22.50M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-54.20M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-41.30M USD 1 Quarter
Proceeds from borrowings under revolving credit facility ProceedsFromLinesOfCredit $702.30M USD 1 Quarter
Proceeds from borrowings under revolving credit facility ProceedsFromLinesOfCredit - USD 1 Quarter
Repayments of borrowings under revolving credit facility RepaymentsOfLinesOfCredit $895.20M USD 1 Quarter
Repayments of borrowings under revolving credit facility RepaymentsOfLinesOfCredit $49.10M USD 1 Quarter
Repayments of long-term debt RepaymentsOfLongTermDebt $50.00M USD 1 Quarter
Repayments of long-term debt RepaymentsOfLongTermDebt $35.50M USD 1 Quarter
Repayments of receivable financing liability RepaymentsOfReceivableFinancingLiability $31.50M USD 1 Quarter
Repayments of receivable financing liability RepaymentsOfReceivableFinancingLiability $28.70M USD 1 Quarter
Net change in accounts payable-inventory financing NetChangeInAccountsPayableInventoryFinancing $126.70M USD 1 Quarter
Net change in accounts payable-inventory financing NetChangeInAccountsPayableInventoryFinancing $77.60M USD 1 Quarter
Repurchases of common stock PaymentsForRepurchaseOfCommonStock $200.00M USD 1 Quarter
Repurchases of common stock PaymentsForRepurchaseOfCommonStock - USD 1 Quarter
Proceeds from stock option exercises ProceedsFromStockOptionsExercised $8.30M USD 1 Quarter
Proceeds from stock option exercises ProceedsFromStockOptionsExercised $12.80M USD 1 Quarter
Payment of incentive compensation plan withholding taxes PaymentsRelatedToTaxWithholdingForShareBasedCompensation $31.60M USD 1 Quarter
Payment of incentive compensation plan withholding taxes PaymentsRelatedToTaxWithholdingForShareBasedCompensation $20.40M USD 1 Quarter
Dividend payments PaymentsOfDividendsCommonStock $67.50M USD 1 Quarter
Dividend payments PaymentsOfDividendsCommonStock $79.90M USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $3.50M USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $1.90M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-208.10M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-348.20M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $-2.60M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $1.20M USD 1 Quarter
Net (decrease) increase in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $128.80M USD 1 Quarter
Net (decrease) increase in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-35.80M USD 1 Quarter
Cash and cash equivalentsbeginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $279.40M USD Point-in-time
Cash and cash equivalentsbeginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $258.10M USD Point-in-time
Cash and cash equivalentsbeginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $315.20M USD Point-in-time
Cash and cash equivalentsbeginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $386.90M USD Point-in-time
Cash and cash equivalentsend of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $279.40M USD Point-in-time
Cash and cash equivalentsend of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $258.10M USD Point-in-time
Cash and cash equivalentsend of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $315.20M USD Point-in-time
Cash and cash equivalentsend of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $386.90M USD Point-in-time
Interest paid InterestPaidNet $17.50M USD 1 Quarter
Interest paid InterestPaidNet $24.90M USD 1 Quarter
Income taxes paid, net IncomeTaxesPaidNet $-21.50M USD 1 Quarter
Income taxes paid, net IncomeTaxesPaidNet $11.50M USD 1 Quarter
Stockholders Equity 29 line items
Line Item Tag Value Unit Period
Dividends (in dollars per share) CommonStockDividendsPerShareCashPaid $0.59 USD 1 Quarter
Dividends (in dollars per share) CommonStockDividendsPerShareCashPaid $0.50 USD 1 Quarter
Beginning balance StockholdersEquity $1.60B USD Point-in-time
Beginning balance StockholdersEquity $705.70M USD Point-in-time
Beginning balance StockholdersEquity $1.57B USD Point-in-time
Beginning balance StockholdersEquity $893.10M USD Point-in-time
Net income NetIncomeLoss $230.10M USD 1 Quarter
Net income NetIncomeLoss $250.20M USD 1 Quarter
Equity-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $20.80M USD 1 Quarter
Equity-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $21.10M USD 1 Quarter
Stock option exercises StockIssuedDuringPeriodValueStockOptionsExercised $8.30M USD 1 Quarter
Stock option exercises StockIssuedDuringPeriodValueStockOptionsExercised $12.80M USD 1 Quarter
Coworker Stock Purchase Plan StockIssuedDuringPeriodValueEmployeeStockPurchasePlan $5.00M USD 1 Quarter
Coworker Stock Purchase Plan StockIssuedDuringPeriodValueEmployeeStockPurchasePlan $4.40M USD 1 Quarter
Repurchases of common stock StockRepurchasedAndRetiredDuringPeriodValue $200.00M USD 1 Quarter
Dividends paid DividendsCommonStock $79.90M USD 1 Quarter
Dividends paid DividendsCommonStock $67.50M USD 1 Quarter
Incentive compensation plan stock withheld for taxes AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $20.40M USD 1 Quarter
Incentive compensation plan stock withheld for taxes AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation $31.60M USD 1 Quarter
Unrealized gain from hedge accounting OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax $400.00K USD 1 Quarter
Unrealized gain from hedge accounting OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax - USD 1 Quarter
Reclassification of cash flow hedge to net income OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax - USD 1 Quarter
Reclassification of cash flow hedge to net income OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax $-800.00K USD 1 Quarter
Foreign currency translation and other OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $-9.90M USD 1 Quarter
Foreign currency translation and other OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent $8.40M USD 1 Quarter
Ending balance StockholdersEquity $1.60B USD Point-in-time
Ending balance StockholdersEquity $705.70M USD Point-in-time
Ending balance StockholdersEquity $1.57B USD Point-in-time
Ending balance StockholdersEquity $893.10M USD Point-in-time
Comprehensive Income 12 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $230.10M USD 1 Quarter
Net income NetIncomeLoss $250.20M USD 1 Quarter
Unrealized gain from cash flow hedge, net of tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax $400.00K USD 1 Quarter
Unrealized gain from cash flow hedge, net of tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax - USD 1 Quarter
Reclassification of cash flow hedge to net income, net of tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax - USD 1 Quarter
Reclassification of cash flow hedge to net income, net of tax OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax $-800.00K USD 1 Quarter
Foreign currency translation, net of tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent1 $9.60M USD 1 Quarter
Foreign currency translation, net of tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent1 $-9.90M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-8.70M USD 1 Quarter
Other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $9.60M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $241.50M USD 1 Quarter
Comprehensive income ComprehensiveIncomeNetOfTax $239.70M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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