2024 Q2 Form 10-Q Financial Statement

#000167398524000067 Filed on May 03, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $453.5M $336.8M
YoY Change 5.97% -15.91%
Cost Of Revenue $372.1M $333.9M
YoY Change 3.36% 1.16%
Gross Profit $81.37M $2.965M
YoY Change 19.79% -95.79%
Gross Profit Margin 17.94% 0.88%
Selling, General & Admin $24.43M $23.59M
YoY Change 1.75% -6.06%
% of Gross Profit 30.03% 795.72%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.16M $19.10M
YoY Change 5.79% 7.04%
% of Gross Profit 23.55% 644.25%
Operating Expenses $24.43M $23.59M
YoY Change 1.75% -6.06%
Operating Profit $56.94M -$20.63M
YoY Change 29.66% -145.45%
Interest Expense -$3.514M -$2.699M
YoY Change 79.84% 113.02%
% of Operating Profit -6.17%
Other Income/Expense, Net -$1.351M -$90.00K
YoY Change -201.96% -183.33%
Pretax Income $52.07M -$23.42M
YoY Change 20.31% -152.94%
Income Tax $13.10M -$6.000M
% Of Pretax Income 25.16%
Net Earnings $38.93M -$17.40M
YoY Change 18.94% -149.77%
Net Earnings / Revenue 8.58% -5.16%
Basic Earnings Per Share $1.45 -$0.65
Diluted Earnings Per Share $1.43 -$0.65
COMMON SHARES
Basic Shares Outstanding 26.82M shares 26.70M shares
Diluted Shares Outstanding 27.15M shares 26.88M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.11M $20.63M
YoY Change 14.89% 1029.96%
Cash & Equivalents $12.11M $20.63M
Short-Term Investments
Other Short-Term Assets $20.33M $8.549M
YoY Change 1.41% 35.81%
Inventory $175.8M $190.9M
Prepaid Expenses
Receivables $160.6M $160.4M
Other Receivables $9.733M $10.77M
Total Short-Term Assets $378.6M $391.3M
YoY Change -7.92% -0.98%
LONG-TERM ASSETS
Property, Plant & Equipment $970.4M $948.8M
YoY Change 4.71% 2.49%
Goodwill $56.19M $56.19M
YoY Change 0.0% 0.0%
Intangibles $44.67M $45.43M
YoY Change -6.39% -6.29%
Long-Term Investments
YoY Change
Other Assets $28.13M $26.24M
YoY Change 11.44% 12.93%
Total Long-Term Assets $1.099B $1.077B
YoY Change 4.12% 2.19%
TOTAL ASSETS
Total Short-Term Assets $378.6M $391.3M
Total Long-Term Assets $1.099B $1.077B
Total Assets $1.478B $1.468B
YoY Change 0.75% 1.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $189.3M $196.8M
YoY Change -14.0% -7.4%
Accrued Expenses $50.22M $46.77M
YoY Change 15.96% 15.17%
Deferred Revenue $1.148M $11.29M
YoY Change -50.79% -56.04%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $273.0M $284.1M
YoY Change -9.06% -9.79%
LONG-TERM LIABILITIES
Long-Term Debt $230.0M $245.0M
YoY Change 64.29% 92.91%
Other Long-Term Liabilities $76.60M $73.54M
YoY Change -13.21% -16.99%
Total Long-Term Liabilities $306.6M $318.5M
YoY Change 34.32% 47.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $273.0M $284.1M
Total Long-Term Liabilities $306.6M $318.5M
Total Liabilities $731.4M $754.8M
YoY Change 5.59% 9.28%
SHAREHOLDERS EQUITY
Retained Earnings $617.7M $583.2M
YoY Change -1.46% -2.53%
Common Stock $133.1M $134.2M
YoY Change -12.44% -18.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $746.6M $713.2M
YoY Change
Total Liabilities & Shareholders Equity $1.478B $1.468B
YoY Change 0.75% 1.32%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $38.93M -$17.40M
YoY Change 18.94% -149.77%
Depreciation, Depletion And Amortization $19.16M $19.10M
YoY Change 5.79% 7.04%
Cash From Operating Activities $50.20M -$36.20M
YoY Change 43.41% -2398.54%
INVESTING ACTIVITIES
Capital Expenditures $33.49M $35.39M
YoY Change 73.63% 43.84%
Acquisitions
YoY Change
Other Investing Activities -$2.317M $1.419M
YoY Change 124.73% 41.48%
Cash From Investing Activities -$35.81M -$36.81M
YoY Change 76.22% 43.74%
FINANCING ACTIVITIES
Cash Dividend Paid $4.290M
YoY Change 6.72%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -22.92M $63.87M
YoY Change 283.72% -1345.59%
NET CHANGE
Cash From Operating Activities 50.20M -$36.20M
Cash From Investing Activities -35.81M -$36.81M
Cash From Financing Activities -22.92M $63.87M
Net Change In Cash -8.528M -$9.135M
YoY Change -197.91% -68.67%
FREE CASH FLOW
Cash From Operating Activities $50.20M -$36.20M
Capital Expenditures $33.49M $35.39M
Free Cash Flow $16.71M -$71.59M
YoY Change 6.31% 210.88%

Facts In Submission

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CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1826000 usd
CY2024Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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13442000 usd
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
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CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
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CY2024Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
36000 usd
CY2023Q1 us-gaap Income Taxes Paid
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CY2023Q4 us-gaap Stockholders Equity
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CY2024Q1 us-gaap Net Income Loss
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CY2024Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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CY2024Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax Parent
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CY2024Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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CY2024Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
426000 usd
CY2024Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
260464 shares
CY2024Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
7023000 usd
CY2024Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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2211000 usd
CY2024Q1 us-gaap Dividends Common Stock Cash
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4290000 usd
CY2024Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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CY2023Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax Parent
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CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2023Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
622000 usd
CY2023Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
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CY2023Q1 us-gaap Treasury Stock Value Acquired Cost Method
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13499000 usd
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2023Q1 us-gaap Dividends Common Stock Cash
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4020000 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
758067000 usd
CY2024Q1 asix Number Of Manufacturing Sites
NumberOfManufacturingSites
5 manufacuringsite
CY2024Q1 asix Outstanding Checks
OutstandingChecks
5000000 usd
CY2023Q4 asix Outstanding Checks
OutstandingChecks
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CY2024Q1 us-gaap Stock Repurchase Program Authorized Amount1
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225000000.0 usd
CY2024Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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65200000 usd
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
6108939 shares
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
999111 shares
us-gaap Treasury Stock Value Acquired Par Value Method
TreasuryStockValueAcquiredParValueMethod
189000000 usd
us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
30.94
CY2024Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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65200000 usd
CY2024Q1 asix Numberof Customers
NumberofCustomers
400 customer
CY2024Q1 asix Numberof Countriesin Which Customersare Located
NumberofCountriesinWhichCustomersareLocated
45 country
CY2024Q1 us-gaap Revenue Performance Obligation Description Of Timing
RevenuePerformanceObligationDescriptionOfTiming
We typically sell to customers under master service agreements, with primarily one-year terms, or by purchase orders.
CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
336829000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
400544000 usd
CY2024Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
336829000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
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CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
15678000 usd
CY2024Q1 asix Contract With Customer Liability Additional Cash Advances
ContractWithCustomerLiabilityAdditionalCashAdvances
393000 usd
CY2024Q1 asix Contract With Customer Liability Revenue Recognized In Period
ContractWithCustomerLiabilityRevenueRecognizedInPeriod
4785000 usd
CY2024Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
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CY2024Q1 us-gaap Net Income Loss
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CY2023Q1 us-gaap Net Income Loss
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CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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26878660 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27601784 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.65
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.27
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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0 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
984779 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26878660 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28586563 shares
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.22
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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909231 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
266644 shares
CY2024Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.16
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.145
CY2024Q1 us-gaap Dividends Cash
DividendsCash
4290000 usd
CY2023Q1 us-gaap Dividends Cash
DividendsCash
4020000 usd
CY2024Q1 us-gaap Accounts Receivable Gross
AccountsReceivableGross
161189000 usd
CY2023Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
155267000 usd
CY2024Q1 us-gaap Other Receivables
OtherReceivables
10766000 usd
CY2023Q4 us-gaap Other Receivables
OtherReceivables
10959000 usd
CY2024Q1 asix Accountsand Other Receivables Gross
AccountsandOtherReceivablesGross
171955000 usd
CY2023Q4 asix Accountsand Other Receivables Gross
AccountsandOtherReceivablesGross
166226000 usd
CY2024Q1 asix Accounts And Financing Receivable Allowance For Credit Loss Current
AccountsAndFinancingReceivableAllowanceForCreditLossCurrent
759000 usd
CY2023Q4 asix Accounts And Financing Receivable Allowance For Credit Loss Current
AccountsAndFinancingReceivableAllowanceForCreditLossCurrent
833000 usd
CY2024Q1 us-gaap Accounts Notes And Loans Receivable Net Current
AccountsNotesAndLoansReceivableNetCurrent
171196000 usd
CY2023Q4 us-gaap Accounts Notes And Loans Receivable Net Current
AccountsNotesAndLoansReceivableNetCurrent
165393000 usd
CY2024Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
103227000 usd
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
159240000 usd
CY2024Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
58620000 usd
CY2023Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
54936000 usd
CY2024Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
60893000 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
61891000 usd
CY2024Q1 us-gaap Other Inventory
OtherInventory
32232000 usd
CY2023Q4 us-gaap Other Inventory
OtherInventory
30931000 usd
CY2024Q1 us-gaap Inventory Gross
InventoryGross
254972000 usd
CY2023Q4 us-gaap Inventory Gross
InventoryGross
306998000 usd
CY2024Q1 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
64051000 usd
CY2023Q4 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
95167000 usd
CY2024Q1 us-gaap Inventory Net
InventoryNet
190921000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
211831000 usd
CY2024Q1 us-gaap Percentage Of Fifo Inventory
PercentageOfFIFOInventory
0.08
CY2024Q1 us-gaap Excess Of Replacement Or Current Costs Over Stated Lifo Value
ExcessOfReplacementOrCurrentCostsOverStatedLIFOValue
62200000 usd
CY2023Q4 us-gaap Excess Of Replacement Or Current Costs Over Stated Lifo Value
ExcessOfReplacementOrCurrentCostsOverStatedLIFOValue
65300000 usd
CY2024Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
243000 usd
CY2023Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
221000 usd
CY2024Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
38000 usd
CY2023Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
18000 usd
CY2024Q1 asix Finance Lease Cost
FinanceLeaseCost
281000 usd
CY2023Q1 asix Finance Lease Cost
FinanceLeaseCost
239000 usd
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
12252000 usd
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
11356000 usd
CY2024Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1193000 usd
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1026000 usd
CY2024Q1 us-gaap Lease Cost
LeaseCost
13726000 usd
CY2023Q1 us-gaap Lease Cost
LeaseCost
12621000 usd
CY2024Q1 asix Operating Lease Lease Not Yet Commenced
OperatingLeaseLeaseNotYetCommenced
126700000 usd
CY2024Q1 asix Finance Lease Lease Not Yet Commenced
FinanceLeaseLeaseNotYetCommenced
400000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
56371000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
10940000 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
45431000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
56371000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
10178000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
46193000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
800000 usd
CY2024Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
800000 usd
CY2024Q1 asix Numberof Manufacturing Locations
NumberofManufacturingLocations
3 location
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-6000000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9300000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.257
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.21
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.023
CY2023Q4 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 usd
CY2024Q1 asix Supplier Finance Program Period Of Termination
SupplierFinanceProgramPeriodOfTermination
P30D
CY2024Q1 us-gaap Supplier Finance Program Obligation
SupplierFinanceProgramObligation
13000000 usd
CY2023Q4 us-gaap Supplier Finance Program Obligation
SupplierFinanceProgramObligation
17000000 usd
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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