2020 Q2 Form 10-Q Financial Statement

#000167398520000129 Filed on July 31, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $233.0M $345.2M
YoY Change -32.5% -13.8%
Cost Of Revenue $198.7M $303.1M
YoY Change -34.44% -11.61%
Gross Profit $34.28M $42.09M
YoY Change -18.54% -26.81%
Gross Profit Margin 14.71% 12.19%
Selling, General & Admin $17.91M $20.01M
YoY Change -10.49% 11.66%
% of Gross Profit 52.24% 47.54%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.20M $14.00M
YoY Change 8.57% 4.48%
% of Gross Profit 44.34% 33.26%
Operating Expenses $17.91M $20.01M
YoY Change -10.49% 11.66%
Operating Profit $16.37M $22.08M
YoY Change -25.84% -44.22%
Interest Expense -$1.900M
YoY Change
% of Operating Profit -11.61%
Other Income/Expense, Net -$783.0K -$124.0K
YoY Change 531.45% -92.16%
Pretax Income $13.70M $20.63M
YoY Change -33.57% -45.72%
Income Tax $2.300M $5.300M
% Of Pretax Income 16.79% 25.7%
Net Earnings $11.43M $15.35M
YoY Change -25.52% -45.98%
Net Earnings / Revenue 4.9% 4.45%
Basic Earnings Per Share $0.41 $0.54
Diluted Earnings Per Share $0.41 $0.53
COMMON SHARES
Basic Shares Outstanding 28.01M shares 28.16M shares
Diluted Shares Outstanding 28.07M shares 29.14M shares

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $72.70M $17.10M
YoY Change 325.15% 2.4%
Cash & Equivalents $72.66M $17.06M
Short-Term Investments
Other Short-Term Assets $8.633M $10.50M
YoY Change -17.75% 78.84%
Inventory $183.7M $138.2M
Prepaid Expenses
Receivables $72.40M $123.6M
Other Receivables $12.50M $3.900M
Total Short-Term Assets $349.9M $293.3M
YoY Change 19.3% -2.37%
LONG-TERM ASSETS
Property, Plant & Equipment $883.8M $701.1M
YoY Change 26.06% 13.22%
Goodwill $15.01M $15.01M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $37.25M $38.16M
YoY Change -2.39% 4.72%
Total Long-Term Assets $936.1M $869.6M
YoY Change 7.65% 29.65%
TOTAL ASSETS
Total Short-Term Assets $349.9M $293.3M
Total Long-Term Assets $936.1M $869.6M
Total Assets $1.286B $1.163B
YoY Change 10.59% 19.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $151.8M $192.6M
YoY Change -21.2% 9.07%
Accrued Expenses $34.17M $31.91M
YoY Change 7.09% 13.11%
Deferred Revenue $5.263M $3.184M
YoY Change 65.3% 31.3%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $600.0K $600.0K
YoY Change 0.0% -96.72%
Total Short-Term Liabilities $226.3M $253.7M
YoY Change -10.8% 10.9%
LONG-TERM LIABILITIES
Long-Term Debt $388.4M $255.7M
YoY Change 51.9% 33.39%
Other Long-Term Liabilities $130.5M $119.2M
YoY Change 9.48% 255.82%
Total Long-Term Liabilities $518.9M $374.9M
YoY Change 38.41% 95.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $226.3M $253.7M
Total Long-Term Liabilities $518.9M $374.9M
Total Liabilities $865.2M $742.3M
YoY Change 16.55% 34.22%
SHAREHOLDERS EQUITY
Retained Earnings $249.2M $223.3M
YoY Change 11.57% 38.22%
Common Stock $183.1M $200.3M
YoY Change -8.62% -24.44%
Preferred Stock
YoY Change
Treasury Stock (at cost) $36.00K $26.00K
YoY Change 38.46% 2500.0%
Treasury Stock Shares
Shareholders Equity $420.8M $420.6M
YoY Change
Total Liabilities & Shareholders Equity $1.286B $1.163B
YoY Change 10.59% 19.74%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $11.43M $15.35M
YoY Change -25.52% -45.98%
Depreciation, Depletion And Amortization $15.20M $14.00M
YoY Change 8.57% 4.48%
Cash From Operating Activities $8.900M $25.30M
YoY Change -64.82% -23.56%
INVESTING ACTIVITIES
Capital Expenditures -$17.50M -$31.70M
YoY Change -44.79% 39.65%
Acquisitions
YoY Change
Other Investing Activities -$100.0K -$700.0K
YoY Change -85.71% 133.33%
Cash From Investing Activities -$17.60M -$32.40M
YoY Change -45.68% 40.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 50.70M 16.40M
YoY Change 209.15% -171.62%
NET CHANGE
Cash From Operating Activities 8.900M 25.30M
Cash From Investing Activities -17.60M -32.40M
Cash From Financing Activities 50.70M 16.40M
Net Change In Cash 42.00M 9.300M
YoY Change 351.61% -172.66%
FREE CASH FLOW
Cash From Operating Activities $8.900M $25.30M
Capital Expenditures -$17.50M -$31.70M
Free Cash Flow $26.40M $57.00M
YoY Change -53.68% 2.15%

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us-gaap Increase Decrease In Inventories
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2494000 USD
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8126000 USD
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2028000 USD
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5936000 USD
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4970000 USD
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28553000 USD
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Lines Of Credit
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Repayments Of Long Term Capital Lease Obligations
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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1198000 USD
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us-gaap Treasury Stock Shares Acquired
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asix Numberof Customers
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4000 USD
CY2020Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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59600000 USD
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2812000 USD
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420563000 USD
CY2020Q2 asix Liabilities To Creditors Payments Issued But Outstanding
LiabilitiesToCreditorsPaymentsIssuedButOutstanding
2100000 USD
CY2019Q4 asix Liabilities To Creditors Payments Issued But Outstanding
LiabilitiesToCreditorsPaymentsIssuedButOutstanding
1700000 USD
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75000000 USD
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75000000 USD
us-gaap Treasury Stock Acquired Average Cost Per Share
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28.31
asix Numberof Countriesin Which Customersare Located
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40 country
us-gaap Revenue Performance Obligation Description Of Timing
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We typically sell to customers under master service agreements, with primarily one-year terms, or by purchase orders.
CY2020Q2 asix Percentage Of Total Sales
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1
CY2019Q2 asix Percentage Of Total Sales
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1
asix Percentage Of Total Sales
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1
asix Percentage Of Total Sales
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1
CY2020Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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660110000 USD
CY2019Q4 us-gaap Contract With Customer Liability
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asix Contract With Customer Liability Deferred Income And Customer Advances
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4220000 USD
us-gaap Contract With Customer Liability Revenue Recognized
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18653000 USD
CY2020Q2 us-gaap Contract With Customer Liability
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us-gaap Net Income Loss
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20005000 USD
us-gaap Net Income Loss
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35520000 USD
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28012883 shares
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28162007 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27977684 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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28489486 shares
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0.41
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0.54
us-gaap Earnings Per Share Basic
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0.72
us-gaap Earnings Per Share Basic
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1.25
CY2020Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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60765 shares
CY2019Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
974972 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
84617 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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970663 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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28073648 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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29136979 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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28062301 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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29460149 shares
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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1.21
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CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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539054 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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1152462 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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434939 shares
CY2020Q2 us-gaap Accounts Receivable Gross
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73724000 USD
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CY2020Q2 us-gaap Other Receivables
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2376000 USD
CY2019Q4 us-gaap Other Receivables
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1661000 USD
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76100000 USD
CY2019Q4 asix Accountsand Other Receivables Gross
AccountsandOtherReceivablesGross
106936000 USD
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AccountsAndFinancingReceivableAllowanceForCreditLossCurrent
1374000 USD
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AccountsAndFinancingReceivableAllowanceForCreditLossCurrent
2323000 USD
CY2020Q2 us-gaap Accounts Notes And Loans Receivable Net Current
AccountsNotesAndLoansReceivableNetCurrent
74726000 USD
CY2019Q4 us-gaap Accounts Notes And Loans Receivable Net Current
AccountsNotesAndLoansReceivableNetCurrent
104613000 USD
CY2020Q2 us-gaap Inventory Raw Materials Net Of Reserves
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63612000 USD
CY2019Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
63644000 USD
CY2020Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
70590000 USD
CY2019Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
56065000 USD
CY2020Q2 us-gaap Inventory Finished Goods Net Of Reserves
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58318000 USD
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58527000 USD
CY2020Q2 us-gaap Other Inventory
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26613000 USD
CY2019Q4 us-gaap Other Inventory
OtherInventory
25035000 USD
CY2020Q2 us-gaap Inventory Gross
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CY2019Q4 us-gaap Inventory Gross
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203271000 USD
CY2020Q2 us-gaap Inventory Lifo Reserve
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35409000 USD
CY2019Q4 us-gaap Inventory Lifo Reserve
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31561000 USD
CY2020Q2 us-gaap Inventory Net
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183724000 USD
CY2019Q4 us-gaap Inventory Net
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171710000 USD
CY2020Q2 us-gaap Defined Benefit Plan Service Cost
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2005000 USD
CY2019Q2 us-gaap Defined Benefit Plan Service Cost
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1714000 USD
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
4010000 USD
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
3427000 USD
CY2020Q2 us-gaap Defined Benefit Plan Interest Cost
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544000 USD
CY2019Q2 us-gaap Defined Benefit Plan Interest Cost
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521000 USD
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
1088000 USD
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
1042000 USD
CY2020Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
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524000 USD
CY2019Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
334000 USD
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
1049000 USD
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
668000 USD
CY2020Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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2025000 USD
CY2019Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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1901000 USD
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
4049000 USD
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
1700000 USD
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
3801000 USD
CY2020Q1 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
1700000 USD
CY2020Q2 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
0 USD
CY2020Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
174000 USD
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
355000 USD
CY2020Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
13000 USD
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
28000 USD
CY2020Q2 asix Finance Lease Cost
FinanceLeaseCost
187000 USD
asix Finance Lease Cost
FinanceLeaseCost
383000 USD
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
11026000 USD
us-gaap Operating Lease Cost
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22070000 USD
CY2020Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1848000 USD
us-gaap Short Term Lease Cost
ShortTermLeaseCost
3720000 USD
CY2020Q2 us-gaap Variable Lease Cost
VariableLeaseCost
0 USD
us-gaap Variable Lease Cost
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0 USD
CY2020Q2 us-gaap Lease Cost
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13061000 USD
us-gaap Lease Cost
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26173000 USD
us-gaap Operating Lease Payments
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21930000 USD
us-gaap Finance Lease Interest Payment On Liability
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30000 USD
us-gaap Finance Lease Principal Payments
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358000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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2708000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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6000 USD
CY2020Q2 us-gaap Operating Lease Right Of Use Asset
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119795000 USD
CY2020Q2 us-gaap Operating Lease Liability Current
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35105000 USD
CY2020Q2 us-gaap Operating Lease Liability Noncurrent
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85176000 USD
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
120281000 USD
CY2020Q2 asix Finance Lease Right Of Use Asset Gross
FinanceLeaseRightOfUseAssetGross
2063000 USD
CY2020Q2 asix Finance Lease Right Of Use Asset Accumulated Depreciation
FinanceLeaseRightOfUseAssetAccumulatedDepreciation
1010000 USD
CY2020Q2 us-gaap Finance Lease Right Of Use Asset
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1053000 USD
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646000 USD
CY2020Q2 us-gaap Finance Lease Liability Noncurrent
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421000 USD
CY2020Q2 us-gaap Finance Lease Liability
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1067000 USD
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P9Y6M
CY2020Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y9M18D
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0583
CY2020Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0474
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
22186000 USD
CY2020Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
372000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
33126000 USD
CY2020Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
528000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
23029000 USD
CY2020Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
195000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
13550000 USD
CY2020Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
11000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
11684000 USD
CY2020Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
8000 USD
CY2020Q2 asix Lessee Operating Lease Liability To Be Paid Due After Year Four
LesseeOperatingLeaseLiabilityToBePaidDueAfterYearFour
62144000 USD
CY2020Q2 asix Finance Lease Liability To Be Paid After Year Four
FinanceLeaseLiabilityToBePaidAfterYearFour
0 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
165719000 USD
CY2020Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
1114000 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
45438000 USD
CY2020Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
47000 USD
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
120281000 USD
CY2020Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
1067000 USD
asix Numberof Manufacturing Locations
NumberofManufacturingLocations
3 customer
CY2020Q1 asix Cares Act Reclassification From Deferred Income Taxes To Taxes Receivable
CARESActReclassificationFromDeferredIncomeTaxesToTaxesReceivable
8000000.0 USD
CY2019Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5300000 USD
CY2020Q2 asix Cares Act Expected Proceeds From Income Tax Refunds
CARESActExpectedProceedsFromIncomeTaxRefunds
12200000 USD
CY2020Q2 asix Cares Act Reclassification From Deferred Income Taxes To Taxes Receivable
CARESActReclassificationFromDeferredIncomeTaxesToTaxesReceivable
4200000 USD
CY2020Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
3800000 USD
CY2020Q2 asix Effective Income Tax Rate Reconciliation Discrete Items
EffectiveIncomeTaxRateReconciliationDiscreteItems
1100000 USD
asix Effective Income Tax Rate Reconciliation Discrete Items
EffectiveIncomeTaxRateReconciliationDiscreteItems
600000 USD
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2300000 USD
CY2020Q1 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
0 USD
CY2020Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
us-gaap Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimated Net Amount To Be Transferred
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOCIToIncomeEstimatedNetAmountToBeTransferred
2300000 USD
CY2019Q2 us-gaap Restructuring Charges
RestructuringCharges
12600000 USD
CY2019Q4 us-gaap Restructuring Charges
RestructuringCharges
11000000.0 USD
CY2019Q4 us-gaap Restructuring Reserve
RestructuringReserve
537000 USD
us-gaap Restructuring Charges
RestructuringCharges
0 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
537000 USD
CY2020Q2 us-gaap Restructuring Reserve
RestructuringReserve
0 USD

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