Note that this command takes a long time to run, as your Mac has to calculate a lot of information.
The tmutil command offers many other options, such as the ability to inherit destinations, perform detailed comparisons of backups, restore items and much more. See man tmutil to find out all that you can do.
If you love delving into the nitty-gritty, and especially if you manage remote Macs, you'll find this to be a very useful tool.
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