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Hedging Activities and Fair Value Measurements | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
HEDGING ACTIVITIES AND FAIR VALUE MEASUREMENTS | NOTE D – HEDGING ACTIVITIES AND FAIR VALUE MEASUREMENTS Derivative Instruments and Hedging Activities We address market risk from changes in foreign currency exchange rates and interest rates through risk management programs which include the use of derivative and nonderivative financial instruments. We manage concentration of counterparty credit risk by limiting acceptable counterparties to major financial institutions with investment grade credit ratings, limiting the amount of credit exposure to individual counterparties and actively monitoring counterparty credit ratings. We also employ master netting arrangements that limit the risk of counterparty non-payment on a particular settlement date to the net gain that would have otherwise been received from the counterparty. Although not completely eliminated, we do not consider the risk of counterparty default to be significant as a result of these protections. Further, none of our derivative instruments are subject to collateral or other security arrangements, nor do they contain provisions that are dependent on our credit ratings from any credit rating agency. Currency Hedging Instruments Our risk from changes in currency exchange rates consists primarily of monetary assets and liabilities, forecasted intercompany and third-party transactions, and net investments in certain subsidiaries. We manage currency exchange rate risk at a consolidated level to reduce the cost of hedging by taking advantage of offsetting transactions. We employ derivative and nonderivative instruments, primarily forward currency contracts, to reduce the risk to our earnings and cash flows associated with changes in currency exchange rates. The success of our currency risk management program depends, in part, on forecast transactions denominated primarily in euro, British pound sterling, Swiss franc, Japanese yen, Chinese renminbi and Australian dollar. We may experience unanticipated currency exchange gains or losses to the extent the actual activity is different than forecast. In addition, changes in currency exchange rates related to any unhedged transactions may impact our earnings and cash flows. Certain of our currency derivative instruments are designated as cash flow hedges under FASB ASC Topic 815, Derivatives and Hedging (FASB ASC Topic 815), and are intended to protect the U.S. dollar value of forecasted transactions. The gain or loss on a derivative instrument designated as a cash flow hedge is recorded in the Net change in derivative financial instruments component of Other comprehensive income (loss), net of tax (OCI) within our unaudited consolidated statements of comprehensive income (loss) until the underlying third-party transaction occurs. When the underlying third-party transaction occurs, we recognize the gain or loss in earnings within Cost of products sold in our unaudited consolidated statements of operations. In the event the hedging relationship is no longer effective, or if the occurrence of the hedged forecast transaction becomes no longer probable, we reclassify the gains or losses within Accumulated other comprehensive income (loss), net of tax (AOCI) to earnings at that time. The cash flows related to the derivative instruments designated as cash flow hedges are reported as operating activities in our consolidated statements of cash flows. We designate certain euro-denominated debt as net investment hedges to hedge a portion of our net investments in certain of our entities with functional currencies denominated in the euro. As of September 30, 2023 and December 31, 2022, we designated as a net investment hedge our €900 million in aggregate principal amount of 0.625% euro-denominated senior notes issued in November 2019 and due in 2027 (2027 Notes). For these nonderivative instruments, we defer recognition of the foreign currency remeasurement gains and losses within the Foreign currency translation adjustment (CTA) component of Other comprehensive income (loss), net of tax. We reclassify these gains and losses to current period earnings within Other, net in our accompanying unaudited consolidated statements of operations only when the hedged item affects earnings, which would occur upon disposal or substantial liquidation of the underlying foreign subsidiary. We also use forward currency contracts that are not part of designated hedging relationships as a part of our strategy to manage our exposure to currency exchange rate risk related to monetary assets and liabilities and related forecast transactions. These non-designated currency forward contracts have an original time to maturity consistent with the hedged currency transaction exposures, generally less than one year, and are marked-to-market with changes in fair value recorded to earnings within Other, net within our accompanying unaudited consolidated statements of operations. Interest Rate Hedging Instruments Our interest rate risk relates primarily to U.S. dollar and euro-denominated borrowings partially offset by U.S. dollar cash investments. We use interest rate derivative instruments to mitigate the risk to our earnings and cash flows associated with exposure to changes in interest rates. Under these agreements, we and the counterparty, at specified intervals, exchange the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount. We designate these derivative instruments either as fair value or cash flow hedges in accordance with FASB ASC Topic 815. We had no interest rate derivative instruments designated as cash flow hedges outstanding as of September 30, 2023 or December 31, 2022. In the event that we designate outstanding interest rate derivative instruments as cash flow hedges, we record the changes in the fair value of the derivatives within OCI until the underlying hedged transaction occurs. The following table presents the contractual amounts of our hedging instruments outstanding:
(in millions) |  | FASB ASC Topic 815 Designation |  | As of
| September 30, 2023 |  | December 31, 2022
Forward currency contracts |  | Cash flow hedge |  | $ | 2,343 |  |  | $ | 2,725 |
Forward currency contracts |  | Net investment hedge |  | 333 |  |  | 365 |
Foreign currency-denominated debt(1) |  | Net investment hedge |  | 997 |  |  | 997 |
Forward currency contracts |  | Non-designated |  | 3,328 |  |  | 4,235 |
Total Notional Outstanding |  |  |  | $ | 7,002 |  |  | $ | 8,321 |
(1) Foreign currency-denominated debt is the €900 million debt principal associated with our 2027 Notes designated as a net investment hedge. As of September 30, 2023, the remaining time to maturity is within 36 months for all forward currency contracts designated as cash flow hedges and generally less than one year for all non-designated forward currency contracts. The forward currency contracts designated as net investment hedges generally mature between one and three years. The euro-denominated debt principal designated as a net investment hedge has a contractual maturity of December 1, 2027. The following presents the effect of our derivative and nonderivative instruments designated as cash flow and net investment hedges under FASB ASC Topic 815 in our accompanying unaudited consolidated statements of operations. Refer to Note M – Changes in Other Comprehensive Income for the total amounts relating to derivative and nonderivative instruments presented within our accompanying unaudited consolidated statements of comprehensive income (loss).
| Effect of Hedging Relationships on Accumulated Other Comprehensive Income
| Amount Recognized in OCI on Hedges |  | Unaudited Consolidated Statements of Operations(1) |  | Amount Reclassified from AOCI into Earnings
(in millions) | Pre-Tax Gain (Loss) | Tax Benefit (Expense) | Gain (Loss) Net of Tax |  | Location of Amount Reclassified and Total Amount of Line Item |  | Pre-Tax (Gain) Loss | Tax (Benefit) Expense | (Gain) Loss Net of Tax
Three Months Ended September 30, 2023
Forward currency contracts |  |  |  |  |  |  |  |
Cash flow hedges | $ | 54 |  | $ | (12) |  | $ | 42 |  |  | Cost of products sold | $ | 1,101 |  |  | $ | (51) |  | $ | 11 |  | $ | (39) |
Net investment hedges(2) | 12 |  | (3) |  | 9 |  |  | Interest expense | 66 |  |  | (2) |  | 1 |  | (2) |
Foreign currency-denominated debt |  |  |  |  |  |  |  |
Net investment hedges(3) | 26 |  | (6) |  | 20 |  |  | Other, net | 18 |  |  | — |  | — |  | — |
Interest rate derivative contracts |  |  |  |  |  |  |  |
Cash flow hedges | — |  | — |  | — |  |  | Interest expense | 66 |  |  | 1 |  | (0) |  | 1 |
| Effect of Hedging Relationships on Accumulated Other Comprehensive Income
| Amount Recognized in OCI on Hedges |  | Unaudited Consolidated Statements of Operations(1) |  | Amount Reclassified from AOCI into Earnings
(in millions) | Pre-Tax Gain (Loss) | Tax Benefit (Expense) | Gain (Loss) Net of Tax |  | Location of Amount Reclassified and Total Amount of Line Item |  | Pre-Tax (Gain) Loss | Tax (Benefit) Expense | (Gain) Loss Net of Tax
Three Months Ended September 30, 2022
Forward currency contracts |  |  |  |  |  |  |  |
Cash flow hedges | $ | 153 |  | $ | (34) |  | $ | 119 |  |  | Cost of products sold | $ | 979 |  |  | $ | (61) |  | $ | 14 |  | $ | (47) |
Net investment hedges(2) | 14 |  | (16) |  | (2) |  |  | Interest expense | 63 |  |  | (3) |  | 1 |  | (2) |
Foreign currency-denominated debt |  |  |  |  |  |  |
Net investment hedges(3) | 56 |  | (13) |  | 43 |  |  | Other, net | 51 |  |  | — |  | — |  | — |
Interest rate derivative contracts |  |  |  |  |  |  |  |
Cash flow hedges | — |  | — |  | — |  |  | Interest Expense | 63 |  |  | 1 |  | — |  | 1 |
| Effect of Hedging Relationships on Accumulated Other Comprehensive Income
| Amount Recognized in OCI on Hedges |  | Unaudited Consolidated Statements of Operations(1) |  | Amount Reclassified from AOCI into Earnings
(in millions) | Pre-Tax Gain (Loss) | Tax Benefit (Expense) | Gain (Loss) Net of Tax |  | Location of Amount Reclassified and Total Amount of Line Item |  | Pre-Tax (Gain) Loss | Tax (Benefit) Expense | (Gain) Loss Net of Tax
Nine Months Ended September 30, 2023
Forward currency contracts |  |  |  |  |  |  |  |
Cash flow hedges | $ | 141 |  | $ | (32) |  | $ | 109 |  |  | Cost of products sold | $ | 3,198 |  |  | $ | (176) |  | $ | 40 |  | $ | (136) |
Net investment hedges (2) | 40 |  | (9) |  | 31 |  |  | Interest expense | 200 |  |  | (7) |  | 2 |  | (6) |
Foreign currency-denominated debt |  |  |  |  |  |  |  |
Net investment hedges (3) | 8 |  | (2) |  | 6 |  |  | Other, net | 78 |  |  | — |  | — |  | — |
Interest rate derivative contracts |  |  |  |  |  |  |  |
Cash flow hedges |  |  | — |  |  | Interest expense | 200 |  |  | 2 |  | (0) |  | 2 |
| Effect of Hedging Relationships on Accumulated Other Comprehensive Income
| Amount Recognized in OCI on Hedges |  | Unaudited Consolidated Statements of Operations(1) |  | Amount Reclassified from AOCI into Earnings
(in millions) | Pre-Tax Gain (Loss) | Tax Benefit (Expense) | Gain (Loss) Net of Tax |  | Location of Amount Reclassified and Total Amount of Line Item |  | Pre-Tax (Gain) Loss | Tax (Benefit) Expense | (Gain) Loss Net of Tax
Nine Months Ended September 30, 2022
Forward currency contracts |  |  |  |  |  |  |  |
Cash flow hedges | $ | 412 |  | $ | (93) |  | $ | 319 |  |  | Cost of products sold | $ | 2,945 |  |  | $ | (132) |  | $ | 30 |  | $ | (102) |
Net investment hedges (2) | 63 |  | (14) |  | 48 |  |  | Interest expense | 406 |  |  | (7) |  | 2 |  | (6) |
Foreign currency-denominated debt |  |  |  |  |  |  |
Net investment hedges (3) | 142 |  | (32) |  | 110 |  |  | Other, net | 96 |  |  | — |  | — |  | — |
Interest rate derivative contracts |  |  |  |  |  |  |  |
Cash flow hedges | — |  | — |  | — |  |  | Interest expense | 406 |  |  | 15 |  | (3) |  | 12 |
(1) In all periods presented in the table above, the pre-tax (gain) loss amounts reclassified from AOCI to earnings represent the effect of the hedging relationships on earnings. (2) For our outstanding forward currency contracts designated as net investment hedges, the net gain or loss reclassified from AOCI to earnings as a reduction of Interest expense represents the straight-line amortization of the excluded component as calculated at the date of designation. This initial value of the excluded component has been excluded from the assessment of effectiveness in accordance with FASB ASC Topic 815. In the current and prior period, we did not recognize any gains or losses on the components included in the assessment of hedge effectiveness in earnings. (3) For our outstanding euro-denominated debt principal designated as a net investment hedge, the change in fair value attributable to changes in the spot rate is recorded in the CTA component of OCI. No amounts were reclassified from AOCI to current period earnings. As of September 30, 2023, pre-tax net gains or losses for our derivative instruments designated, or previously designated, as cash flow and net investment hedges under FASB ASC Topic 815 that may be reclassified from AOCI to earnings within the next twelve months are presented below:
(in millions) |  | FASB ASC Topic 815 Designation |  | Location on Unaudited Consolidated Statements of Operations |  | Amount of Pre-Tax Gain (Loss) that may be Reclassified to Earnings
Designated Hedging Instrument |  |  |
Forward currency contracts |  | Cash flow hedge |  | Cost of products sold |  | $ | 221 |
Forward currency contracts |  | Net investment hedge |  | Interest expense |  | 9 |
Interest rate derivative contracts |  | Cash flow hedge |  | Interest expense |  | (2) |
Net gains and losses on currency hedge contracts not designated as hedging instruments offset by net gains and losses from currency transaction exposures are presented below:
|  | Location on Unaudited Consolidated Statements of Operations |  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions) |  |  | 2023 |  | 2022 |  | 2023 |  | 2022
Net gain (loss) on currency hedge contracts |  | Other, net |  | $ | 10 |  |  | $ | (29) |  |  | $ | 13 |  |  | $ | (93) |
Net gain (loss) on currency transaction exposures |  | Other, net |  | (16) |  |  | (8) |  |  | (42) |  |  | 48 |
Net currency exchange gain (loss) |  |  |  | $ | (6) |  |  | $ | (38) |  |  | $ | (30) |  |  | $ | (45) |
Fair Value Measurements FASB ASC Topic 815 requires all derivative and nonderivative instruments to be recognized at their fair values as either assets or liabilities on the balance sheet. We determine the fair value of our derivative and nonderivative instruments using the framework prescribed by FASB ASC Topic 820, Fair Value Measurements and Disclosures (FASB ASC Topic 820) and considering the estimated amount we would receive or pay to transfer these instruments at the reporting date with respect to current currency exchange rates, interest rates, the creditworthiness of the counterparty for unrealized gain positions and our own creditworthiness for unrealized loss positions. In certain instances, we may utilize financial models to measure fair value of our derivative and nonderivative instruments. In doing so, we use inputs that include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, other observable inputs for the asset or liability and inputs derived principally from, or corroborated by, observable market data by correlation or other means. The following are the balances of our derivative and nonderivative assets and liabilities:
|  | Location on Unaudited Consolidated Balance Sheets(1) |  | As of
(in millions) |  |  | September 30, 2023 |  | December 31, 2022
Derivative and Nonderivative Assets: |  |  |  |  |  |
Designated Hedging Instruments |  |  |  |  |  |
Forward currency contracts |  | Other current assets |  | $ | 198 |  |  | $ | 196 |
Forward currency contracts |  | Other long-term assets |  | 155 |  |  | 149 |
|  |  |  | 353 |  |  | 345 |
Non-Designated Hedging Instruments |  |  |  |  |  |
Forward currency contracts |  | Other current assets |  | 43 |  |  | 36 |
Total Derivative and Nonderivative Assets |  |  |  | $ | 396 |  |  | $ | 381 |
Derivative and Nonderivative Liabilities: |  |  |  |  |  |
Designated Hedging Instruments |  |  |  |  |  |
Forward currency contracts |  | Other current liabilities |  | $ | 1 |  |  | $ | — |
Forward currency contracts |  | Other long-term liabilities |  | 1 |  |  | 1 |
Foreign currency-denominated debt(2) |  | Long-term debt |  | 946 |  |  | 952 |
|  |  |  | 947 |  |  | 953 |
Non-Designated Hedging Instruments |  |  |  |  |  |
Forward currency contracts |  | Other current liabilities |  | 30 |  |  | 52 |
Total Derivative and Nonderivative Liabilities |  |  |  | $ | 977 |  |  | $ | 1,005 |
(1) We classify derivative and nonderivative assets and liabilities as current when the settlement date of the contract is one year or less. (2) Foreign currency-denominated debt is the €900 million debt principal associated with our 2027 Notes designated as a net investment hedge. A portion of this notional is subject to de-designation and re-designation based on changes in the underlying hedged item. Recurring Fair Value Measurements On a recurring basis, we measure certain financial assets and financial liabilities at fair value based upon quoted market prices. Where quoted market prices or other observable inputs are not available, we apply valuation techniques to estimate fair value. FASB ASC Topic 820 establishes a three-level valuation hierarchy for disclosure of fair value measurements. The category of a financial asset or a financial liability within the valuation hierarchy is based upon the lowest level of input that is significant to the measurement of fair value. The three levels of the hierarchy are defined as follows: •Level 1 – Inputs to the valuation methodology are quoted market prices for identical assets or liabilities. •Level 2 – Inputs to the valuation methodology are other observable inputs, including quoted market prices for similar assets or liabilities and market-corroborated inputs. •Level 3 – Inputs to the valuation methodology are unobservable inputs based on management’s best estimate of inputs market participants would use in pricing the asset or liability at the measurement date, including assumptions about risk. Assets and liabilities measured at fair value on a recurring basis consist of the following:
| As of
| September 30, 2023 |  | December 31, 2022
(in millions) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds and time deposits | $ | 569 |  |  | $ | — |  |  | $ | — |  |  | $ | 569 |  |  | $ | 673 |  |  | $ | — |  |  | $ | — |  |  | $ | 673 |
Publicly-held equity securities | 23 |  |  | — |  |  | — |  |  | 23 |  |  | 2 |  |  | — |  |  | — |  |  | 2 |
Hedging instruments | — |  |  | 396 |  |  | — |  |  | 396 |  |  | — |  |  | 381 |  |  | — |  |  | 381 |
Licensing arrangements | — |  |  | — |  |  | 89 |  |  | 89 |  |  | — |  |  | — |  |  | 127 |  |  | 127 |
| $ | 592 |  |  | $ | 396 |  |  | $ | 89 |  |  | $ | 1,078 |  |  | $ | 674 |  |  | $ | 381 |  |  | $ | 127 |  |  | $ | 1,182 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hedging instruments | $ | — |  |  | $ | 977 |  |  | $ | — |  |  | $ | 977 |  |  | $ | — |  |  | $ | 1,005 |  |  | $ | — |  |  | $ | 1,005 |
Contingent consideration liability | — |  |  | — |  |  | 119 |  |  | 119 |  |  | — |  |  | — |  |  | 149 |  |  | 149 |
Licensing arrangements | — |  |  | — |  |  | 95 |  |  | 95 |  |  | — |  |  | — |  |  | 159 |  |  | 159 |
| $ | — |  |  | $ | 977 |  |  | $ | 214 |  |  | $ | 1,191 |  |  | $ | — |  |  | $ | 1,005 |  |  | $ | 308 |  |  | $ | 1,313 |
Our investments in money market funds and time deposits are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. These investments are classified as Cash and cash equivalents within our accompanying unaudited consolidated balance sheets, in accordance with GAAP and our accounting policies. In addition to $569 million invested in money market funds and time deposits as of September 30, 2023 and $673 million as of December 31, 2022, we held $382 million in interest-bearing and non-interest-bearing bank accounts as of September 30, 2023 and $256 million as of December 31, 2022. Our recurring fair value measurements using Level 3 inputs include those related to our contingent consideration liability. Refer to Note B – Acquisitions, Divestitures and Strategic Investments for a discussion of the changes in the fair value of our contingent consideration liability. In addition, our recurring fair value measurements using Level 3 inputs related to our licensing arrangements, including the contractual right to receive future royalty payments related to the Zytiga™ Drug. We maintain a financial asset and associated liability for our licensing arrangements measured at fair value in our accompanying unaudited consolidated balance sheets in accordance with FASB ASC Topic 825, Financial Instruments. We elected the fair value option to measure the financial asset and associated liability as it provides for consistency and comparability of these financial instruments with others. Refer to Note D – Hedging Activities and Fair Value Measurements to our audited financial statements contained in Item 8. Financial Statements and Supplementary Data of our most recent Annual Report on Form 10-K for additional information. The recurring Level 3 fair value measurements of our licensing arrangements recognized in our accompanying unaudited consolidated balance sheets as of September 30, 2023 include the following significant unobservable inputs:
Licensing Arrangements | Fair Value as of September 30, 2023 | Valuation Technique | Unobservable Input | Range | Weighted Average (1)
Financial Asset | $89 million | Discounted Cash Flow | Discount Rate | 15% | 15%
Projected Year of Payment | 2023 | - | 2025 | 2024
Financial Liability | $95 million | Discounted Cash Flow | Discount Rate | 12 | % | - | 15% | 13%
Projected Year of Payment | 2023 | - | 2026 | 2024
(1) Unobservable inputs relate to a single financial asset and liability. As such, unobservable inputs were not weighted by the relative fair value of the instruments. For projected year of payment, the amount represents the median of the inputs and is not a weighted average. Changes in the fair value of our licensing arrangements' financial asset were as follows:
(in millions) |
Balance as of December 31, 2022 | $ | 127 |
Proceeds from royalty rights | (47) |
Fair value adjustment (expense) benefit | 9 |
Balance as of September 30, 2023 | $ | 89 |
Changes in the fair value of our licensing arrangements' financial liability were as follows:
(in millions) |
Balance as of December 31, 2022 | $ | 159 |
Payments for royalty rights | (73) |
Fair value adjustment expense (benefit) | 9 |
Balance as of September 30, 2023 | $ | 95 |
Non-Recurring Fair Value Measurements We hold certain assets and liabilities that are measured at fair value on a non-recurring basis in periods after initial recognition. The fair value of a measurement alternative investment is not estimated if there are no identified events or changes in circumstances that may have a significant adverse effect on the fair value of the investment. Refer to Note B – Acquisitions, Divestitures and Strategic Investments for a discussion of our strategic investments and Note C – Goodwill and Other Intangible Assets for a discussion of the fair values of our intangible assets including goodwill. The fair value of our outstanding debt obligations excluding finance leases was $8.067 billion as of September 30, 2023 and $8.203 billion as of December 31, 2022. We determined fair value by using quoted market prices for our publicly registered senior notes, classified as Level 1 within the fair value hierarchy, and face value for commercial paper, term loans and credit facility borrowings outstanding. Refer to Note E – Contractual Obligations and Commitments for a discussion of our debt obligations.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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