Entergy 2004 Annual Report Download

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ENTERGY 2004
- Annual Report -
Wesee the
FOREST
and the
TREES
s

Table of contents

  • Page 1
    We see the F OREST and the T REES E N T E R G Y 2 0 0 4 - Annual Report -

  • Page 2
    ... operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, and it is the second-largest nuclear generator in the United States. Entergy delivers electricity to 2.7 million utility customers in Arkansas, Louisiana, Mississippi, and Texas...

  • Page 3
    ...by fundamental points of view of our competitive, regulatory, and financial markets. We believe keeping a clear focus on both the forest and the trees is the only way to earn our customers' business, attract and retain the best employees, generate strong cash flow, and deliver superior total returns...

  • Page 4
    ... sale of Entergy-Koch Trading - our trading joint venture with Koch Energy, Inc. - to Merrill Lynch. Our point of view on the trading business has changed dramatically since we created EKT in 2001. At that time, we faced impending deregulation and we were planning a large merchant generation build...

  • Page 5
    ...have incentive rate structures in place at Entergy Mississippi and Entergy New Orleans. In a pending rate case for Entergy Louisiana, we have filed testimony proposing a formula rate plan. And in a pending rate case for Entergy Gulf States - Louisiana, the LPSC has advanced a procedural schedule for...

  • Page 6
    ... standards. For the third year in a row, Entergy was named to the Dow Jones Sustainability Index. Entergy will be one of five or fewer key owner/operators in a highly consolidated nuclear industry - the best of the best - who operate safe, secure, low-cost plants, and we will be demonstrating new...

  • Page 7
    ... bidding process, fully execute our Generation Supply Plan, and ultimately deliver savings to our customers. We are on track to close on the purchase of the Cleco Corporation's Perryville plant in mid-2005 and, in the meantime, our customers continue to benefit from the power purchase agreement...

  • Page 8
    ...uprate projects at Waterford 3 and Indian Point 3 and we expect to obtain approval to place in service the 50 MW uprate that was completed at Vermont Yankee last year. In addition, we believe we have a longer-term opportunity to transform our Northeast asset portfolio into a more integrated business...

  • Page 9
    .... Entergy won the award due to its outstanding efforts in helping Florida utilities restore electric service in the wake of the destruction levied by four massive hurricanes over a five-week period in 2004. We'd also like to recognize a few individuals who tend to the big picture for our company...

  • Page 10
    ...a natural gas-fired power plant located in Crete, Illinois. We sold a portion of three other generating plants, resulting in lower operational spending for this business. In another point-of-view driven action, we initiated a $1.5 billion stock repurchase program and increased our annual dividend by...

  • Page 11

  • Page 12
    ... to adapt as market conditions change. And in our current point of view, we see exciting opportunities to grow in our utility and nuclear businesses. For example: • In the utility, our Generation Supply Plan enables us to purchase power and invest in more efficient Saving for the future - whether...

  • Page 13
    ... savings for our customers and earnings growth for our shareholders. • In nuclear, we will expand our efforts to execute transactions that have consistently driven growth for us in the past - including both plant acquisitions and management service agreements - or through other innovative ventures...

  • Page 14
    ... Louisiana, Entergy Gulf States - Louisiana, and Entergy Gulf States - Texas. BU I LDING EXP ERT ISE We operate our utility and nuclear businesses with an obsessive attention to detail. We stay on top of the basics - the customer call well-answered, fuel savings that drive lower retail energy...

  • Page 15

  • Page 16
    ... offset by estimated fuel savings that would result from securing capacity under our Generation Supply 98 04 Plan. Discussions include a formula rate plan and are ongoing with a potential decision expected around the end of first quarter 2005. • Entergy Gulf States - Louisiana requested a $22...

  • Page 17
    ... Supply Plan. We will also consider liquefied natural gas, or LNG, in addition to solid fuel generation such as coal and nuclear plants. Our ongoing evaluation of these alternatives is based on economics, environmental impacts, and other customer benefits. Our goal is to continue to be resourceful...

  • Page 18
    ... low-cost energy. The operational expertise of our nuclear team is well-recognized in the industry and has led to a new revenue stream from service contracts - including management services at the Cooper Nuclear Station, license renewal services, and nuclear decommissioning. In our nuclear business...

  • Page 19

  • Page 20
    ...L D several of our plants received for their safe and efficient operations. Our James A. FitzPatrick plant in New York received OSHA Voluntary Protection Program Star status recognition - OSHA's highest possible industrial safety rating for a work site. We now have six nuclear plant sites that have...

  • Page 21
    ...2005, we expect to complete uprates at Waterford 3 and Indian Point 3, and we will work to resolve regulatory hurdles to place in service the 50 MW uprate we completed at Vermont Yankee in 2004. We proactively engage in selling power generated by the Northeast fleet through forward contracts. At the...

  • Page 22
    ... rate structures and incentive regulation. • Acquire generating capacity under our Generation Supply Plan. THE F OREST AND THE TREES In every action we take - from the sale of Entergy-Koch Trading to the capital investment to upgrade a transmission line - we are guided by decisive points...

  • Page 23
    ...power agreements for those facilities, including the Non-Utility Nuclear plants, and the prices and availability of power Entergy must purchase for its utility customers Entergy's ability to develop and execute on a point of view regarding prices of electricity, natural gas, and other energy-related...

  • Page 24
    Entergy Corporation and Subsidiaries 2004 FIVE-YEAR SUMMARY OF SELECTED FINANCIAL and OPERATING DATA In thousands, except percentages and per share amounts 2004 2003 2002 2001 2000 SELECTED FINANCIAL DATA AS REPORTED: Operating revenues Income before cumulative effect of accounting changes ...

  • Page 25
    ... Entergy Corporation is an investor-owned public utility holding company that operates primarily through three business segments. • U. S. U t i l i t y generates, transmits, distributes, and sells electric power in a four-state service territory that includes portions of Arkansas, Mississippi...

  • Page 26
    ... abeyed River Bend plant costs; • $99.8 million ($70.1 million net-of-tax) of charges recorded in 2003 in connection with the voluntary severance program; and • the $21.3 million net-of-tax cumulative effect of a change in accounting principle that reduced earnings at Entergy Gulf States in...

  • Page 27
    ....8 million in benefit costs as a result of voluntary severance program accruals in 2003. Base rates increased net revenue due to base rate increases at Entergy Mississippi and Entergy New Orleans that became effective in January 2003 and June 2003, respectively. Entergy Gulf States implemented base...

  • Page 28
    ...of-tax gain when the remainder of the proceeds are received in 2006. In the purchase agreements for the energy trading and the pipeline business sales, Entergy-Koch has agreed to indemnify the respective purchasers for certain potential losses relating to any breaches of the sellers' representations...

  • Page 29
    ... principally in the United States and the United Kingdom. The net charges of $428.5 million ($238.3 million net-of-tax) consisted of the following: • The power development business obtained contracts in October 1999 to acquire 36 turbines from General Electric. Entergy's rights and obligations...

  • Page 30
    ... Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans each have 364-day credit facilities available as follows: Company Expiration Date Amount of Facility Amount Drawn as of Dec. 31, 2004 As of December 31, 2003 U.S. Utility $450 Non-Utility Nuclear 74 Energy Commodity Services...

  • Page 31
    ...continued commercial operation of Grand Gulf; • pay in full all System Energy indebtedness for borrowed money when due; and • enable System Energy to make payments on specific System Energy debt, under supplements to the agreement assigning System Energy's rights in the agreement as security for...

  • Page 32
    ...as a result of material changes in business results or capital spending, or as a result of material new investment opportunities. In 2004, Entergy repurchased 16,631,800 shares of common stock under both programs for a total purchase price of $1.018 billion. Public Utility Holding Company Act (PUHCA...

  • Page 33
    ...at least 30% and (b) the security to be issued (if rated) and all outstanding securities of Entergy Corporation that are rated, are rated investment grade. The long-term securities issuances of Entergy Gulf States, Entergy Louisiana, Entergy Mississippi, and System Energy also are limited to amounts...

  • Page 34
    ... intercompany income tax payments. As discussed in Note 3 to the consolidated financial statements, in 2003, the domestic utility companies and System Energy filed, with the Internal Revenue Service (IRS), a change in tax accounting method notification for their respective calculations of cost of...

  • Page 35
    ...million in the Non-Utility Nuclear business, and $42 million in the non-nuclear wholesale assets business. • Entergy received net returns of invested capital from EntergyKoch of $284 million in 2004 after the sale by Entergy-Koch of its trading and pipeline businesses. This activity is reported in...

  • Page 36
    ... Gulf States-Texas 10.95% Entergy Gulf States-Louisiana 11.1% Entergy Louisiana 9.7%-11.3%(1) Entergy Louisiana 9.7%-11.3%(1) Entergy Mississippi Entergy New Orleans 9.3%-12.2%(2) 10.25%-12.25%(3) System Energy 10.94% (1) Entergy Louisiana's formula rate plan expired with the 2001 test...

  • Page 37
    ...transmission of electricity, as well as rates for System Energy's sales of capacity and energy from Grand Gulf 1 to Entergy Arkansas, Entergy Louisiana, Entergy Mississippi, and Entergy New Orleans pursuant to the Unit Power Sales Agreement. System Agreement Litigation The domestic utility companies...

  • Page 38
    ...in May 2004 stating that Entergy will seek to reverse the production cost-related portions of the ALJ's Initial Decision in the System Agreement proceeding at FERC, that the Perryville acquisition is part of Entergy's request for proposal generation planning process, that Entergy Arkansas is not in...

  • Page 39
    ... native load customers from bearing the cost of transmission upgrades not required to reliably serve these customers' needs. Entergy intends for the ICT to determine whether transmission upgrades associated with new requests for service should be funded directly by the party requesting such service...

  • Page 40
    ... transmission credits, with interest, associated with a specific generator that asserted to FERC that it retained in its contract for interconnection a right to execute the latest form of Entergy's standard interconnection agreement in lieu of its existing contract, which thereby would apply FERC...

  • Page 41
    ... or agreement. Where it is a significant consideration, counterparty credit risk is addressed in the discussions that follow. Commodity Price Risk Power Generation The sale of electricity from the power generation plants owned by Entergy's Non-Utility Nuclear business and Energy Commodity Services...

  • Page 42
    ... ANO 1, ANO 2, River Bend, Waterford 3, Grand Gulf, Pilgrim, Indian Point 1 and 2, and Vermont Yankee (NYPA currently retains the decommissioning trusts and liabilities for Indian Point 3 and FitzPatrick). The funds are invested primarily in equity securities; fixed-rate, fixed-income securities...

  • Page 43
    ... it relates to the ANO 1 and 2, River Bend, Grand Gulf, and Waterford 3 trust funds because of the application of regulatory accounting principles. The Pilgrim, Indian Point 1 and 2, and Vermont Yankee trust funds collectively hold approximately $952 million of fixed-rate, fixed-income securities as...

  • Page 44
    ... States and Entergy's Non-Utility Nuclear business increased income by approximately $28.9 million net-of-tax for the excess of the reduction in the liability over the amount of undepreciated asset retirement cost at the time of adoption of SFAS 143. The changes in probability for ANO 1 and ANO...

  • Page 45
    ... are particularly important in Entergy's U.S. Utility and Energy Commodity Services segments. In the U.S. Utility segment, portions of River Bend and Grand Gulf are not included in rate base, which could reduce the revenue that would otherwise be recovered for the applicable portions of those units...

  • Page 46
    ...s Entergy sponsors defined benefit pension plans which cover substantially all employees. Additionally, Entergy currently provides postretirement health care and life insurance benefits for substantially all employees who reach retirement age while still working for Entergy. Entergy's reported costs...

  • Page 47
    ... in the health care cost trend rate used to calculate benefit obligations. O t h e r C on t i n g e n c i e s Entergy, as a company with multi-state domestic utility operations, and which also had investments in international projects, is subject to a number of federal, state, and international laws...

  • Page 48
    ...reporting and an unqualified opinion on the effectiveness of the Corporation's internal control over financial reporting. J. WAYNE LEONARD Chief Executive Officer LEO P. DENAULT Executive Vice President and Chief Financial Officer DELOITTE & TOUCHE LLP New Orleans, Louisiana March 8, 2005 - 46 -

  • Page 49
    ... effectiveness of the Corporation's internal control over financial reporting based on our audit. We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable...

  • Page 50
    ... gas purchased for resale Purchased power Nuclear refueling outage expenses Provision for turbine commitments, asset impairments, and restructuring charges Other operation and maintenance Decommissioning Taxes other than income taxes Depreciation and amortization Other regulatory credits - net Total...

  • Page 51
    Entergy Corporation and Subsidiaries 2004 CONSOLIDATED STATEMENTS OF RETAINED EARNINGS, COMPREHENSIVE INCOME, AND PAID-IN CAPITAL In thousands, for the years ended December 31, 2004 2003 2002 RE TAINED EARNINGS Retained Earnings - Beginning of period Add: Earnings applicable to common stock ...

  • Page 52
    ... Notes receivable Accounts receivable: Customer Allowance for doubtful accounts Other Accrued unbilled revenues Total receivables Deferred fuel costs Accumulated deferred income taxes Fuel inventory - at average cost Materials and supplies - at average cost Deferred nuclear refueling outage costs...

  • Page 53
    ... OLDERS' EQ UI T Y C u r re n t L i a b i l i t i e s : Currently maturing long-term debt Notes payable Accounts payable Customer deposits Taxes accrued Accumulated deferred income taxes Nuclear refueling outage costs Interest accrued Obligations under capital leases Other Total $ 492,564 193 896...

  • Page 54
    ... Deferred income taxes and investment tax credits Cumulative effect of accounting changes Equity in earnings (loss) of unconsolidated equity affiliates - net of dividends Provision for turbine commitments, asset impairments, and restructuring charges Changes in working capital: Receivables Fuel...

  • Page 55
    ... Cash paid (received) during the period for: Interest - net of amount capitalized Income taxes Noncash investing and financing activities: Debt assumed by the Damhead Creek purchaser Decommissioning trust funds acquired in nuclear power plant acquisitions Long-term debt refunded with proceeds from...

  • Page 56
    ... Fuel Costs The domestic utility companies generate, transmit, and distribute electric power primarily to retail customers in Arkansas, Louisiana, including the City of New Orleans, Mississippi, and Texas. Entergy Gulf States distributes gas to retail customers in and around Baton Rouge, Louisiana...

  • Page 57
    ...(1) Generating Stations Fuel-Type Ownership Investment Accumulated Depreciation U.S. Utility: Grand Gulf Unit 1 Independence Units 1 and 2 White Bluff Units 1 and 2 Roy S. Nelson Unit 6 Big Cajun 2 Unit 3 Energy Commodity Services: Harrison County Warren Nuclear Coal Coal Coal Coal Gas Gas...

  • Page 58
    ...principles of APB Opinion 25, "Accounting for Stock Issued to Employees," and related Interpretations in accounting for those plans. No stock-based employee compensation expense is reflected in 2002 net income as all options granted under the plans have an exercise price equal to the market value of...

  • Page 59
    ... effect on net income and earnings per share if Entergy would have historically applied the fair value based method of accounting to stock-based employee compensation (in thousands, except per share data): For the years ended December 31, 2004 2003 2002 Earnings applicable to common stock Add back...

  • Page 60
    ... credits on the balance sheet. R e ac q u i re d D e bt The premiums and costs associated with reacquired debt of the domestic utility companies and System Energy (except that portion allocable to the deregulated operations of Entergy Gulf States) are being amortized over the life of the related new...

  • Page 61
    ... Retail Electric Utility Operations in the Jurisdiction Arkansas Texas Retail open access was repealed in February 2003. 11.6% In July 2004, the Public Utility Commission of Texas (PUCT) effectively rejected Entergy Gulf States' proposal to implement retail open access in its service territory. In...

  • Page 62
    ... Gulf States is no longer subject to a rate freeze and specify that retail open access will not commence in Entergy Gulf States' Texas service territory until the PUCT certifies a power region. Louisiana In November 2001, the LPSC decided not to move forward with retail open access for any customers...

  • Page 63
    ... Entergy Arkansas Entergy Gulf States Entergy Louisiana Entergy Mississippi Entergy New Orleans $ 7.4 $ 90.1 $ 8.7 $(22.8) $ 2.6 $ 10.6 $118.4 $ 30.6 $ 89.1 $ (2.7) Entergy Arkansas Entergy Arkansas' rate schedules include an energy cost recovery rider to recover fuel and purchased energy costs...

  • Page 64
    ... New Orleans' electric rate schedules include a fuel adjustment tariff designed to reflect no more than targeted fuel and purchased power costs adjusted by a surcharge or credit for deferred fuel expense arising from monthly reconciliations, including carrying charges. Entergy New Orleans' gas rate...

  • Page 65
    ...Legislature that would clarify that Entergy Gulf States is no longer subject to a rate freeze and specify that retail open access will not commence in Entergy Gulf States' Texas service territory until the PUCT certifies a power region. Recovery of River Bend Costs In March 1998, the PUCT disallowed...

  • Page 66
    ... effective January 2003. Fuel Adjustment Clause Litigation In April 1999, a group of ratepayers filed a complaint against Entergy New Orleans, Entergy Corporation, Entergy Services, and Entergy Power in state court in Orleans Parish purportedly on behalf of all Entergy New Orleans ratepayers. The...

  • Page 67
    ...challenged by the IRS on audit. Deferred and Noncurrent Accrued Tax Liabilities: Net regulatory liabilities Plant-related basis differences Power purchase agreements Nuclear decommissioning Other Total Deferred Tax Assets: Accumulated deferred investment tax credit Capital losses Net operating loss...

  • Page 68
    ... state net operating loss carryforwards of $3.5 billion, primarily resulting from Entergy Louisiana's mark-to-market tax election and the change in method of accounting for tax purposes related to cost of goods sold, as discussed above. If the state net operating loss carryforwards are not utilized...

  • Page 69
    ...Gulf States Entergy Mississippi Entergy Arkansas Entergy New Orleans Entergy Gulf States Entergy Gulf States System Energy Entergy Gulf States Entergy Louisiana Entergy Mississippi Entergy Mississippi Entergy Gulf States Entergy New Orleans Entergy Gulf States Entergy Mississippi Entergy Gulf States...

  • Page 70
    ...- Louisiana Pope County - Arkansas (h) Jefferson County - Arkansas Jefferson County - Arkansas (h) Pope County - Arkansas Independence County - Arkansas (h) St. Charles Parish - Louisiana (h) Mississippi Business Finance Corp. Mississippi Business Finance Corp. Warren County - Mississippi Washington...

  • Page 71
    ... fuel disposal service. The contracts include a one-time fee for generation prior to April 7, 1983. Entergy Arkansas is the only Entergy company that generated electric power with nuclear fuel prior to that date and includes the one-time fee, plus accrued interest, in long-term debt. (g) The fair...

  • Page 72
    ... continued commercial operation of Grand Gulf 1; • pay in full all System Energy indebtedness for borrowed money when due; and • enable System Energy to make payments on specific System Energy debt, under supplements to the agreement assigning System Energy's rights in the agreement as security...

  • Page 73
    ...sinking fund: Entergy Arkansas, 4.32% - 7.88% Series Entergy Gulf States, 4.20% - 7.56% Series Entergy Louisiana, 4.16% - 8.00% Series Entergy Mississippi, 4.36% - 8.36% Series Entergy New Orleans, 4.36% - 5.56% Series Total U.S. Utility Preferred Stock without sinking fund Energy Commodity Services...

  • Page 74
    ... benefit plans in the form of performance units, which are equal to the cash value of shares of Entergy Corporation common stock at the time of payment. In addition to the potential for equivalent share appreciation or depreciation, performance units will earn the cash equivalent of the dividends...

  • Page 75
    ... the years 2006 through 2031. Entergy Louisiana currently recovers the costs of the purchased energy through its fuel adjustment clause. In an LPSC-approved settlement related to tax benefits from the tax treatment of the Vidalia contract, Entergy Louisiana agreed to credit rates by $11 million each...

  • Page 76
    ... STATEMENTS continued plants. These programs are underwritten by Nuclear Electric Insurance Limited (NEIL). As of December 31, 2004, Entergy was insured against such losses per the following structures: U.S. Utility Plants (ANO 1 and 2, Grand Gulf 1, River Bend, and Waterford 3) • Primary Layer...

  • Page 77
    ... million reduction in utility plant and an $88.2 million reduction in the related regulatory asset. In the third quarter of 2004, Entergy Gulf States recorded a revision to its estimated decommissioning cost liability in accordance with a new decommissioning cost study for River Bend that reflected...

  • Page 78
    ... Services, Entergy Arkansas, Entergy Gulf States, Entergy Louisiana, Entergy Mississippi, Entergy New Orleans, and System Energy Resources reflected changes in tax depreciation methods with respect to certain types of depreciable property (e.g. street lighting, billing meters, and various generation...

  • Page 79
    ...acquisition and ownership of nuclear fuel through loans made under revolving credit agreements, the issuance of commercial paper, and the issuance of intermediate-term notes. The credit agreements for Entergy Arkansas, Entergy Gulf States, Entergy Louisiana, and System Energy each have a termination...

  • Page 80
    ...non-regulated business. Entergy's domestic utility companies' and System Energy's pension costs are recovered from customers as a component of cost of service in each of its jurisdictions. Entergy uses a December 31 measurement date for its pension plans. Change in Projected Benefit Obligation (PBO...

  • Page 81
    ... Gulf States) and $128 million for Entergy Gulf States. Such obligations are being amortized over a 20-year period that began in 1993. For the most part, the domestic utilities and System Energy recover SFAS 106 costs from customers and are required to fund postretirement benefits collected in rates...

  • Page 82
    .... The assumed health care cost trend rate used in measuring the Net Other Postretirement Benefit Cost of Entergy was 10% for 2004, gradually decreasing each successive year until it reaches 4.5% in 2010 and beyond. A one percentage point change in the assumed health care cost trend rate for 2004...

  • Page 83
    ...Plan provided that the employing Entergy subsidiary: • make matching contributions to the System Savings Plan in an amount equal to 75% of the participants' basic contributions, up to 6% of their eligible earnings, in shares of Entergy Corporation common stock if the employees direct their company...

  • Page 84
    ... of Arkansas, Louisiana, Mississippi, and Texas, and provides natural gas utility service in portions of Louisiana. Non-Utility Nuclear owns and operates five nuclear power plants and is primarily focused on selling electric power produced by those plants to wholesale customers. Energy Commodity...

  • Page 85
    .... EntergyKoch sold both of these businesses in the fourth quarter of 2004, and Entergy-Koch is no longer an operating entity. Co-generation project that produces power and steam on an industrial and merchant basis in the Lake Charles, Louisiana area. Wind-powered electric generation joint venture...

  • Page 86
    ... on s Vermont Yankee In July 2002, Entergy's Non-Utility Nuclear business purchased the 510 MW Vermont Yankee nuclear power plant located in Vernon, Vermont, from Vermont Yankee Nuclear Power Corporation for $180 million. Entergy received the plant, nuclear fuel, inventories, and related real estate...

  • Page 87
    ... trust accounts. The securities held at December 31, 2004 and 2003 are summarized as follows (in millions): Total Unrealized Gains Total Unrealized Losses 2004 Fair Value Natural gas and electricity futures and forwards Foreign currency forwards Non-Utility Nuclear, Energy Commodity Services...

  • Page 88
    ... of decommissioning collections and trust fund earnings, Entergy Arkansas, Entergy Gulf States, Entergy Louisiana, and System Energy record regulatory assets or liabilities for unrealized gains and losses on trust investments. For the unregulated portion of River Bend, Entergy Gulf States has...

  • Page 89
    ... i on Mellon Investor Services, LLC is Entergy's transfer agent, registrar, dividend disbursing agent, and dividend reinvestment and stock purchase plan agent. Shareholders of record with questions about lost certificates, lost or missing dividend checks, or notifications of change of address should...

  • Page 90
    .... Age, 45 Richard J. Smith Former President, Entergy Corporation, Punta Gorda, Florida. Joined the Entergy Board in 2004. Age, 61 J. Wayne Leonard Group President, Utility Operations. Joined Entergy in 2000. Former President of Cinergy Resources, Inc. Age, 53 Curtis L. Hébert Entergy Chief...

  • Page 91
    ... business and affairs of Entergy Corporation are managed under the direction of the Board of Directors, acting either as a body or through its committees. In 2004, the Board met 11 times. The Board committees are as follows (number of meetings in 2004 indicated in parentheses): Audit (10), Corporate...

  • Page 92
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