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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
FORM 10-Q
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934

For the transition period from to
Commission File Number 0-16211
DENTSPLY SIRONA Inc.
(Exact name of registrant as specified in its charter)
Delaware
39-1434669
(State or other jurisdiction of
(I.R.S. Employer
incorporation or organization)
Identification No.)
13320 Ballantyne Corporate Place, Charlotte, North Carolina
28277-3607
(Address of principal executive offices)
(Zip Code)
(844) 848-0137
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $.01 per shareXRAYThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  x  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer  x
Accelerated filer  

Non-accelerated filer  

Smaller reporting company  

Emerging growth company  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   
Yes   No   x

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: At October 30, 2023, DENTSPLY SIRONA Inc. had 211,860,391 shares of common stock outstanding.



DENTSPLY SIRONA Inc.

TABLE OF CONTENTS











2


General

Unless otherwise stated herein or the context otherwise indicates, reference throughout this Form 10-Q to “Dentsply Sirona,” or the “Company,” “we,” “us” or “our” refers to financial information and transactions of DENTSPLY SIRONA Inc., together with its subsidiaries on a consolidated basis.

Forward-Looking Statements and Associated Risks

All statements in this Form 10-Q that do not directly and exclusively relate to historical facts constitute “forward-looking statements” and include statements related to our ability to successfully remediate the material weaknesses in our internal control over financial reporting disclosed in this Form 10-Q in the manner currently anticipated. These statements represent current expectations and beliefs, and no assurance can be given that the results described in such statements will be achieved. Such statements are subject to numerous assumptions, risks, uncertainties and other factors that could cause actual results to differ materially from those described in such statements, many of which are outside of our control, including those described in Part I, Item 1A, “Risk Factors” of the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, as amended (the "2022 Form 10-K"), and other factors which may be described in the Company’s other filings with the Securities and Exchange Commission (the “SEC”). No assurance can be given that any expectation, belief, goal or plan set forth in any forward-looking statement can or will be achieved, and readers are cautioned not to place undue reliance on such statements which speak only as of the date they are made. We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date of this Form 10-Q or to reflect the occurrence of unanticipated events.

Investors should understand it is not possible to predict or identify all such factors or risks. As such, you should not consider the risks identified in the Company’s SEC filings to be a complete discussion of all potential risks or uncertainties associated with an investment in the Company.

Disclosure Regarding Trademarks

This report includes trademarks, tradenames and service marks that are our property or the property of other third parties. Solely for convenience, such trademarks and tradenames sometimes appear without any “™” or “®” symbol. Failure to include such symbols is not intended to suggest, in any way, that we will not assert our rights or the rights of any applicable licensor, to these trademarks and tradenames.


3


PART I – FINANCIAL INFORMATION

Item 1 – Financial Statements

DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share amounts)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Net sales$947 $947 $2,953 $2,939 
Cost of products sold452 439 1,389 1,329 
Gross profit495 508 1,564 1,610 
Selling, general, and administrative expenses372 401 1,204 1,187 
Research and development expenses
46 41 141 131 
Goodwill and intangible asset impairments307 1,281 307 1,281 
Restructuring and other costs6 3 70 13 
Operating loss(236)(1,218)(158)(1,002)
Other income and expenses:
Interest expense, net18 14 58 41 
Other (income) expense, net(4)9 16 20 
Loss before income taxes(250)(1,241)(232)(1,063)
Provision (benefit) for income taxes16 (164)(28)(128)
Net loss(266)(1,077)(204)(935)
Less: Net loss attributable to noncontrolling interest  (5) 
Net loss attributable to Dentsply Sirona$(266)$(1,077)$(199)$(935)
Net loss per common share attributable to Dentsply Sirona:
Basic$(1.25)$(5.01)$(0.94)$(4.34)
Diluted$(1.25)$(5.01)$(0.94)$(4.34)
Weighted average common shares outstanding:
Basic211.8 214.9 212.7 215.6 
Diluted211.8 214.9 212.7 215.6 

See accompanying Notes to Unaudited Interim Consolidated Financial Statements.
4


DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in millions)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Net loss$(266)$(1,077)$(204)$(935)
Other comprehensive loss, net of tax:
 Foreign currency translation loss(64)(148)(49)(310)
 Net gain on derivative financial instruments27 22 20 54 
 Pension liability gain 1  4 
Total other comprehensive loss, net of tax(37)(125)(29)(252)
Total comprehensive loss(303)(1,202)(233)(1,187)
Less: Comprehensive loss attributable to noncontrolling interests  (5) 
Total comprehensive loss attributable to Dentsply Sirona$(303)$(1,202)$(228)$(1,187)
See accompanying Notes to Unaudited Interim Consolidated Financial Statements.
5


DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share amounts)
(unaudited)
September 30, 2023December 31, 2022
Assets
Current Assets:
Cash and cash equivalents$309 $365 
Accounts and notes receivables-trade, net649 632 
Inventories, net651 627 
Prepaid expenses and other current assets304 269 
Total Current Assets1,913 1,893 
Property, plant, and equipment, net753 761 
Operating lease right-of-use assets, net182 200 
Identifiable intangible assets, net1,711 1,903 
Goodwill2,374 2,688 
Other noncurrent assets268 198 
Total Assets$7,201 $7,643 
Liabilities and Equity
Current Liabilities:
Accounts payable$262 $279 
Accrued liabilities732 727 
Income taxes payable37 46 
Notes payable and current portion of long-term debt187 118 
Total Current Liabilities1,218 1,170 
Long-term debt1,803 1,826 
Operating lease liabilities133 149 
Deferred income taxes249 287 
Other noncurrent liabilities427 399 
Total Liabilities3,830 3,831 
Commitments and contingencies (Note 14)
Equity:
Preferred stock, $1.00 par value; 0.25 million shares authorized; no shares issued
  
Common stock, $0.01 par value;
3 3 
400.0 million shares authorized, and 264.5 million shares issued at September 30, 2023 and December 31, 2022
211.8 million and 215.3 million shares outstanding at September 30, 2023 and December 31, 2022
Capital in excess of par value6,645 6,629 
Retained earnings167 456 
Accumulated other comprehensive loss(657)(628)
Treasury stock, at cost, 52.7 million and 49.3 million shares at September 30, 2023 and December 31, 2022, respectively
(2,783)(2,649)
Total Dentsply Sirona Equity3,375 3,811 
Noncontrolling interests(4)1 
Total Equity3,371 3,812 
Total Liabilities and Equity$7,201 $7,643 
See accompanying Notes to Unaudited Interim Consolidated Financial Statements.
6


DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(in millions, except per share amounts)
(unaudited)
Common
Stock
Capital in
Excess of
Par Value
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Total Dentsply Sirona
Equity
Noncontrolling
Interests
Total
Equity
Balance at December 31, 2022$3 $6,629 $456 $(628)$(2,649)$3,811 $1 $3,812 
Net loss— — (19)— — (19)(4)(23)
Other comprehensive income— — — 14 — 14 — 14 
Stock based compensation expense— 17 — — — 17 — 17 
Funding of employee stock purchase plan— — — — 3 3 — 3 
Accelerated share repurchase — (30)— — (121)(151)— (151)
Restricted stock unit distributions— (12)— — 8 (4)— (4)
Cash dividends declared ($0.14 per share)
— — (30)— — (30)— (30)
Balance at March 31, 2023$3 $6,604 $407 $(614)$(2,759)$3,641 $(3)$3,638 
Net income (loss)— — 86 — — 86 (1)85 
Other comprehensive loss— — — (6)— (6)— (6)
Exercise of stock options— — — — 1 1 — 1 
Stock based compensation expense— 14 — — — 14 — 14 
Accelerated share repurchase— 30 — — (30) —  
Restricted stock unit dividends— — (1)— (1)— (1)
Cash dividends declared ($0.14 per share)
— — (29)— — (29)— (29)
Balance at June 30, 2023$3 $6,648 $463 $(620)$(2,788)$3,706 $(4)$3,702 
Net loss— — (266)— — (266)— (266)
Other comprehensive loss— — — (37)— (37)— (37)
Stock based compensation expense— 2 — — — 2 — 2 
Funding of employee stock purchase plan— (1)— — 3 2 — 2 
Restricted stock unit distributions— (4)— — 2 (2)— (2)
Cash dividends ($0.14 per share)
— — (30)— — (30)— (30)
Balance at September 30, 2023$3 $6,645 $167 $(657)$(2,783)$3,375 $(4)$3,371 


7


Common
Stock
Capital in
Excess of
Par Value
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Treasury
Stock
Total Dentsply Sirona
Equity
Noncontrolling
Interests
Total
Equity
Balance at December 31, 2021$3 $6,606 $1,514 $(592)$(2,535)$4,996 $1 $4,997 
Net income— — 69 — — 69 — 69 
Other comprehensive loss— — — (37)— (37)— (37)
Exercise of stock options— 1 — — 4 5 — 5 
Stock based compensation expense— 11 — — — 11 — 11 
Funding of employee stock purchase plan — 1 — — 1 2 — 2 
Accelerated share repurchase— (30)— — (120)(150)— (150)
Restricted stock unit distributions— (16)— — 10 (6)— (6)
Cash dividends declared ($0.125 per share)
— — (27)— — (27)— (27)
Balance at March 31, 2022$3 $6,573 $1,556 $(629)$(2,640)$4,863 $1 $4,864 
Net income— — 73 — — 73 — 73 
Other comprehensive loss— — — (90)— (90)— (90)
Exercise of stock options— — — — 2 2 — 2 
Stock based compensation expense— 16 — — — 16 — 16 
Accelerated share repurchase— 30 — — (30) —  
Funding of employee stock purchase plan— — — — 1 1 — 1 
Restricted stock unit distributions— (3)— — 1 (2)— (2)
Restricted stock unit dividends— 1 (1)— — — —  
Cash dividends declared ($0.125 per share)
— — (26)— — (26)— (26)
Balance at June 30, 2022$3 $6,617 $1,602 $(719)$(2,666)$4,837 $1 $4,838 
Net loss— — (1,077)— — (1,077)— (1,077)
Other comprehensive loss— — — (125)— (125)— (125)
Stock based compensation expense— 3 — — — 3 — 3 
Funding of employee stock purchase plan— — — — 3 3 — 3 
Restricted stock unit distributions— (1)— — — (1)— (1)
Cash dividends ($0.125 per share)
— — (27)— — (27)— (27)
Balance at September 30, 2022$3 $6,619 $498 $(844)$(2,663)$3,613 $1 $3,614 

See accompanying Notes to Unaudited Interim Consolidated Financial Statements.
8



DENTSPLY SIRONA INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
(unaudited)
Nine Months Ended September 30,
20232022
Cash flows from operating activities:
Net loss$(204)$(935)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation99 90 
Amortization of intangible assets159 159 
Goodwill impairment291 1,187 
Indefinite-lived intangible asset impairment16 94 
Deferred income taxes(107)(220)
Stock based compensation expense33 47 
Restructuring and other costs39 (5)
Other non-cash expense29 38 
Changes in operating assets and liabilities, net of acquisitions:
Accounts and notes receivable-trade, net(31)43 
Inventories, net(45)(140)
Prepaid expenses and other current assets(52)(46)
Other noncurrent assets(4)(13)
Accounts payable(10)40 
Accrued liabilities(23)3 
Income taxes(6)41 
Other noncurrent liabilities33 (8)
Net cash provided by operating activities217 375 
Cash flows from investing activities:
Capital expenditures(109)(117)
Cash received on derivative contracts39 10 
Other investing activities1 (2)
Net cash used in investing activities(69)(109)
Cash flows from financing activities:
Cash paid for treasury stock(150)(150)
Proceeds on short-term borrowings68 64 
Cash dividends paid(86)(78)
Proceeds from long-term borrowings, net of deferred financing costs2 7 
Repayments on long-term borrowings(6)(2)
Proceeds from exercised stock options 6 
Other financing activities, net(7)(15)
Net cash used in financing activities(179)(168)
Effect of exchange rate changes on cash and cash equivalents(25)(19)
Net (decrease) increase in cash and cash equivalents(56)79 
Cash and cash equivalents at beginning of period365 339 
Cash and cash equivalents at end of period$309 $418 
See accompanying Notes to Unaudited Interim Consolidated Financial Statements.
9


DENTSPLY SIRONA Inc. and Subsidiaries

NOTES TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – BUSINESS AND BASIS OF PRESENTATION

Basis of Presentation

The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and the rules of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of the results for interim periods have been included. Results for interim periods should not be considered indicative of results for a full year. These financial statements and related notes contain the accounts of DENTSPLY SIRONA Inc. and subsidiaries (“Dentsply Sirona” or the “Company”) on a consolidated basis and should be read in conjunction with the consolidated financial statements and notes included in the Company’s most recent Form 10-K/A for the year ended December 31, 2022, filed with the Securities and Exchange Commission on August 7, 2023 (the "2022 Form 10-K/A").

Effective April 1, 2023 the Company realigned its reporting structure due to certain organizational changes. As a result, the Company's reportable segments changed from Technology & Equipment and Consumables to (i) Connected Technology Solutions, (ii) Essential Dental Solutions, (iii) Orthodontic and Implant Solutions, and (iv) Wellspect Healthcare. All comparative segment information and disaggregated revenue information has been recast to reflect the Company's new segment structure and current period presentation. Refer to Note 6, Segment Information, for further discussion on this change.

Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of Net sales and expense during the reporting period. Actual results could differ materially from those estimates.

Recently Adopted Accounting Pronouncements

In October 2021, the Financial Accounting Standards Board ("FASB") issued ASU No. 2021-08, “Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers,” which requires contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers, as if it had originated the contracts. The new standard requirement to measure contract assets and contract liabilities acquired in a business combination at fair value differs from the current approach. The amendments in this update were effective for the fiscal years and interim periods ending after December 31, 2022. The Company adopted this accounting standard on January 1, 2023. The adoption of this standard did not materially impact the Company's consolidated financial statements or related disclosures.

In March 2020, the FASB issued ASU No. 2020-04 “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which was subsequently amended by ASU No. 2021-01 “Reference Rate Reform (Topic 848): Scope” in January 2021 and by ASU No. 2022-06 “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848” in December 2022. The new standard provides optional expedients and exceptions to contracts, hedging relationships, and other transactions that reference the London Interbank Offer Rate or another rate expected to be discontinued due to the reference rate reform. This standard was effective upon issuance. The adoption of this standard did not materially impact the Company's consolidated financial statements or related disclosures.


10


Seasonality

Our business is subject to quarterly fluctuations in demand due to price changes, marketing and promotional programs, management of inventory levels by distributors and other customers, and implementation of strategic initiatives which may impact sales levels in any given period. Demand can also fluctuate based on the timing of dental tradeshows, new product introductions, and variability in dental patient traffic, which can be exacerbated by seasonal or severe weather patterns, other demographic disruptions, or macroeconomic conditions. Some dental practices in certain countries may also delay purchasing equipment and restocking consumables until year-end due to tax or other financial planning reasons which can impact the timing of our consolidated net sales, net income and cash flows. Sales for the industry and the Company are generally strongest in the second and fourth quarters and weaker in the first and third quarters, due to the effects of the items noted above and due to the impact of holidays and vacations, particularly throughout Europe. Because of the seasonal nature of our business, the results of operations for any fiscal quarter will not necessarily be indicative of results to be expected for other quarters or a full fiscal year.

11


NOTE 2 - REVENUE

Revenues are derived primarily from the sale of dental equipment and dental and healthcare consumable products. Revenues are measured as the amount of consideration the Company expects to receive in exchange for transferring goods or providing services.

Net sales disaggregated by product category for the three and nine months ended September 30, 2023 and 2022 were as follows:
Three Months EndedNine Months Ended
(in millions)2023202220232022
Equipment & Instruments$148 $163 $480 $498 
CAD/CAM128 123 370 377 
Connected Technology Solutions$276 $286 $850 $875 
Essential Dental Solutions$347 $348 $1,110 $1,084 
Orthodontics$83 $76 $255 $220 
Implants & Prosthetics169 171 526 552 
Orthodontic and Implant Solutions$252 $247 $781 $772 
Wellspect Healthcare$72 $66 $212 $208 
Total net sales$947 $947 $2,953 $2,939 

Net sales disaggregated by geographic region for the three and nine months ended September 30, 2023 and 2022 were as follows:
Three Months EndedNine Months Ended
(in millions)2023202220232022
United States$356 $357 $1,069 $1,023 
Europe354 358 1,153 1,183 
Rest of World237 232 731 733 
Total net sales$947 $947 $2,953 $2,939 

Contract Assets and Liabilities

The Company does not typically have contract assets in the normal course of its business. Contract liabilities, which represent billings in excess of revenue recognized, are primarily related to advanced billings for customer aligner treatment where the performance obligation has not yet been fulfilled. The Company had deferred revenue of $87 million and $54 million recorded in Accrued liabilities and Other noncurrent liabilities, respectively, in the Consolidated Balance Sheets at September 30, 2023. The Company had deferred revenue of $91 million and $27 million recorded in Accrued liabilities and Other noncurrent liabilities, respectively, in the Consolidated Balance Sheets at December 31, 2022. The Company recognized approximately $59 million of revenue during the current year which was previously deferred as of December 31, 2022. The Company expects to recognize a majority of the remaining deferred revenue within the next twelve months.

12


Allowance for Doubtful Accounts

Accounts and notes receivables-trade, net are stated net of allowances for doubtful accounts and trade discounts, which were $13 million at September 30, 2023 and $14 million at December 31, 2022. For the three and nine months ended September 30, 2023 and 2022, changes to the provision for doubtful accounts including write-offs of accounts receivable that were previously reserved were insignificant. Changes to this provision are included in Selling, general, and administrative expenses in the Consolidated Statements of Operations.

13


NOTE 3 – STOCK COMPENSATION

The amounts of stock compensation expense recorded in the Company's Consolidated Statements of Operations for the three and nine months ended September 30, 2023 and 2022 were as follows:
Three Months EndedNine Months Ended
(in millions)2023202220232022
Cost of products sold
$1 $1 $3 $2 
Selling, general, and administrative expense1 12 25 43 
Research and development expense1 1 3 2 
Restructuring and other costs(1) 2  
Total stock based compensation expense$2 $14 $33 $47 
Related deferred income tax benefit$2 $1 $5 $4 

14


NOTE 4 – COMPREHENSIVE INCOME (LOSS)

Changes in Accumulated other comprehensive income (loss) ("AOCI"), net of tax, by component for the nine months ended September 30, 2023 and 2022 were as follows:
(in millions)Foreign Currency Translation Gain (Loss)Gain (Loss) on Cash Flow HedgesGain (Loss) on Net Investment and Fair Value HedgesPension
Liability Gain (Loss)
Total
Balance, net of tax, at December 31, 2022$(522)$(17)$(73)$(16)$(628)
Other comprehensive income (loss) before reclassifications and tax impact6 (1)  5 
Tax benefit9    9 
Other comprehensive income (loss), net of tax, before reclassifications15 (1)  14 
Amounts reclassified from accumulated other comprehensive income (loss), net of tax     
Net increase (decrease) in other comprehensive income15 (1)  14 
Balance, net of tax, at March 31, 2023$(507)$(18)$(73)$(16)$(614)
Other comprehensive loss before reclassifications and tax impact(3) (11) (14)
Tax benefit3  3  6 
Other comprehensive loss, net of tax, before reclassifications  (8) (8)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax 2   2 
Net increase (decrease) in other comprehensive income 2 (8) (6)
Balance, net of tax, at June 30, 2023$(507)$(16)$(81)$(16)$(620)
Other comprehensive (loss) income before reclassifications and tax impact(60)1 33  (26)
Tax expense(4) (8) (12)
Other comprehensive (loss) benefit, net of tax, before reclassifications(64)1 25  (38)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax 1   1 
Net (decrease) increase in other comprehensive income(64)2 25  (37)
Balance, net of tax, at September 30, 2023$(571)$(14)$(56)$(16)$(657)
15


(in millions)Foreign Currency Translation Gain (Loss)Gain (Loss) on Cash Flow HedgesGain (Loss) on Net Investment and Fair Value HedgesPension
Liability Gain (Loss)
Total
Balance, net of tax, at December 31, 2021$(366)$(16)$(103)$(107)$(592)
Other comprehensive (loss) income before reclassifications and tax impact(37)3 9  (25)
Tax expense(11) (1) (12)
Other comprehensive (loss) income, net of tax, before reclassifications(48)3 8  (37)
Amounts reclassified from accumulated other comprehensive income (loss), net of tax (1) 1  
Net (decrease) increase in other comprehensive income(48)2 8 1 (37)
Balance, net of tax, at March 31, 2022$(414)$(14)$(95)$(106)$(629)