2020 Q3 Form 10-Q Financial Statement

#000000806320000049 Filed on October 30, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q4 2019 Q3
Revenue $106.5M $198.4M $177.0M
YoY Change -39.83% -2.22% -16.77%
Cost Of Revenue $91.33M $171.5M $140.2M
YoY Change -34.87% 10.5% -15.73%
Gross Profit $15.17M $26.91M $36.79M
YoY Change -58.76% -43.56% -20.57%
Gross Profit Margin 14.25% 13.56% 20.79%
Selling, General & Admin $24.17M $52.70M $31.69M
YoY Change -23.73% 81.1% 13.28%
% of Gross Profit 159.3% 195.85% 86.13%
Research & Development $16.40M $25.60M
YoY Change -35.94% -17.95%
% of Gross Profit 108.09% 69.58%
Depreciation & Amortization $8.050M $8.870M $8.200M
YoY Change -1.83% 7.26% 0.24%
% of Gross Profit 53.05% 32.96% 22.29%
Operating Expenses $40.57M $52.70M $57.29M
YoY Change -29.19% 80.48% -3.19%
Operating Profit -$8.997M -$25.79M $5.103M
YoY Change -276.31% -239.63% -72.18%
Interest Expense -$1.800M -$1.600M -$1.500M
YoY Change 20.0% -33.33% -40.0%
% of Operating Profit -29.39%
Other Income/Expense, Net -$400.0K -$4.900M -$500.0K
YoY Change -20.0% 716.67% 66.67%
Pretax Income -$11.14M -$43.28M $1.760M
YoY Change -733.01% -377.56% -88.7%
Income Tax -$5.887M -$9.200M $550.0K
% Of Pretax Income 31.25%
Net Earnings -$5.254M -$34.07M $1.210M
YoY Change -534.21% -372.85% -92.88%
Net Earnings / Revenue -4.93% -17.17% 0.68%
Basic Earnings Per Share -$0.17 -$1.10 $0.04
Diluted Earnings Per Share -$0.17 -$1.10 $0.04
COMMON SHARES
Basic Shares Outstanding 30.77M shares 31.96M shares
Diluted Shares Outstanding 30.77M shares 32.58M shares

Balance Sheet

Concept 2020 Q3 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.90M $31.90M $22.80M
YoY Change 31.14% 92.17% 365.31%
Cash & Equivalents $29.90M $31.91M $22.80M
Short-Term Investments
Other Short-Term Assets $27.40M $17.40M $20.80M
YoY Change 31.73% -52.46% 20.93%
Inventory $163.5M $145.8M $149.6M
Prepaid Expenses
Receivables $92.95M $148.0M $159.7M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $313.7M $343.1M $352.9M
YoY Change -11.11% -8.31% -3.59%
LONG-TERM ASSETS
Property, Plant & Equipment $108.1M $112.5M $113.1M
YoY Change -4.44% -6.92% -9.24%
Goodwill $58.18M $145.0M $133.6M
YoY Change -56.45% 16.02% 6.76%
Intangibles $114.4M $127.3M $132.4M
YoY Change -13.65% -4.57% -4.27%
Long-Term Investments
YoY Change
Other Assets $23.34M $31.27M $45.91M
YoY Change -49.16% 47.01% 109.71%
Total Long-Term Assets $323.8M -$343.1M $425.1M
YoY Change -23.83% -185.67% 3.67%
TOTAL ASSETS
Total Short-Term Assets $313.7M $343.1M $352.9M
Total Long-Term Assets $323.8M -$343.1M $425.1M
Total Assets $637.5M $778.0M
YoY Change -18.06% 0.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.32M $35.84M $46.05M
YoY Change -42.84% -29.26% 9.16%
Accrued Expenses $45.80M $52.10M $49.30M
YoY Change -7.1% 9.68% 13.86%
Deferred Revenue $24.92M $31.36M $23.53M
YoY Change 5.91% 16.67% -22.07%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $232.0K $224.0K $191.0K
YoY Change 21.47% -88.02% -90.28%
Total Short-Term Liabilities $99.27M $120.6M $119.1M
YoY Change -16.64% -5.82% 1.2%
LONG-TERM LIABILITIES
Long-Term Debt $168.0M $188.0M $180.1M
YoY Change -6.7% -19.0% -30.12%
Other Long-Term Liabilities $62.77M $33.01M $53.04M
YoY Change 18.34% 1616.64% 69.68%
Total Long-Term Liabilities $230.8M $221.0M $233.1M
YoY Change -1.0% -5.56% -19.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $99.27M $120.6M $119.1M
Total Long-Term Liabilities $230.8M $221.0M $233.1M
Total Liabilities $347.6M $393.9M $352.2M
YoY Change -1.3% 1.51% -13.39%
SHAREHOLDERS EQUITY
Retained Earnings $428.6M
YoY Change 13.81%
Common Stock $346.0K $76.69M $344.0K
YoY Change 0.58% 4.49% 0.88%
Preferred Stock
YoY Change
Treasury Stock (at cost) $100.8M
YoY Change 101.57%
Treasury Stock Shares 3.526M shares
Shareholders Equity $289.8M $388.9M $425.8M
YoY Change
Total Liabilities & Shareholders Equity $637.5M $782.7M $778.0M
YoY Change -18.06% 1.04% 0.25%

Cashflow Statement

Concept 2020 Q3 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income -$5.254M -$34.07M $1.210M
YoY Change -534.21% -372.85% -92.88%
Depreciation, Depletion And Amortization $8.050M $8.870M $8.200M
YoY Change -1.83% 7.26% 0.24%
Cash From Operating Activities -$10.04M $12.45M $21.18M
YoY Change -147.4% -68.5% 192.14%
INVESTING ACTIVITIES
Capital Expenditures -$1.670M -$3.230M -$1.930M
YoY Change -13.47% -17.18% -50.77%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$6.300M -$20.78M
YoY Change -100.0% -21100.0% 514.79%
Cash From Investing Activities -$1.670M -$9.530M -$22.72M
YoY Change -92.65% 145.62% 211.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.480M 5.760M 7.530M
YoY Change -172.78% -124.2% -232.34%
NET CHANGE
Cash From Operating Activities -10.04M 12.45M 21.18M
Cash From Investing Activities -1.670M -9.530M -22.72M
Cash From Financing Activities -5.480M 5.760M 7.530M
Net Change In Cash -17.19M 8.680M 5.990M
YoY Change -386.98% -26.69% -204.54%
FREE CASH FLOW
Cash From Operating Activities -$10.04M $12.45M $21.18M
Capital Expenditures -$1.670M -$3.230M -$1.930M
Free Cash Flow -$8.370M $15.68M $23.11M
YoY Change -136.22% -63.89% 106.89%

Facts In Submission

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us-gaap Equity Method Investment Other Than Temporary Impairment
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224000 USD
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us-gaap Increase Decrease In Accrued Income Taxes Payable
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5581000 USD
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-2824000 USD
us-gaap Increase Decrease In Employee Related Liabilities
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us-gaap Increase Decrease In Employee Related Liabilities
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3940000 USD
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us-gaap Proceeds From Divestiture Of Businesses
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us-gaap Proceeds From Divestiture Of Businesses
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us-gaap Payments To Acquire Productive Assets
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8850000 USD
us-gaap Proceeds From Sale Of Productive Assets
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us-gaap Proceeds From Sale Of Productive Assets
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150000000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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99000000 USD
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us-gaap Repayments Of Long Term Debt
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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50000000 USD
us-gaap Proceeds From Stock Options Exercised
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us-gaap Proceeds From Stock Options Exercised
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423000 USD
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us-gaap Finance Lease Principal Payments
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1284000 USD
us-gaap Payments Of Financing Costs
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us-gaap Payments Of Financing Costs
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Provision For Doubtful Accounts
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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22795000 USD
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CY2020Q3 us-gaap Stockholders Equity
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<div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;text-decoration:underline">Operating Results</span></div><div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The results of operations for any interim period are not necessarily indicative of results for the full year. In addition, the COVID-19 pandemic has increased the volatility we experience in our financial results in recent periods and this could continue in future interim and annual periods. Operating results for the nine months ended September 26, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020.</span></div><div style="margin-bottom:9pt;margin-top:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The balance sheet at December 31, 2019 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements.</span></div>
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CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable
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us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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25600000 USD
us-gaap Research And Development Expense
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us-gaap Research And Development Expense
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3500000 USD
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us-gaap Contract With Customer Liability Revenue Recognized
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20100000 USD
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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25594000 USD
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15404000 USD
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CY2020Q3 atro Standard And Extended Product Warranty Accrual Additions From Business Acquisition Divestitures
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P6Y
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CY2020Q3 us-gaap Product Warranty Accrual Warranties Issued
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95000 USD
CY2019Q3 us-gaap Product Warranty Accrual Warranties Issued
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us-gaap Product Warranty Accrual Payments
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us-gaap Product Warranty Accrual Preexisting Increase Decrease
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138000 USD
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314000 USD
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301000 USD
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CY2020Q3 us-gaap Product Warranty Accrual
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CY2019Q4 atro Operating Lease Right Of Use Asset Accumulated Impairment
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1019000 USD
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4167000 USD
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CY2019Q4 us-gaap Operating Lease Right Of Use Asset
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CY2019Q4 us-gaap Operating Lease Liability Noncurrent
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21039000 USD
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22551000 USD
CY2019Q4 us-gaap Operating Lease Liability
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25556000 USD
CY2020Q3 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
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3484000 USD
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1784000 USD
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1020000 USD
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4737000 USD
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765000 USD
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765000 USD
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255000 USD
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255000 USD
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FinanceLeaseCost
935000 USD
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FinanceLeaseCost
1008000 USD
CY2020Q3 atro Finance Lease Cost
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305000 USD
CY2019Q3 atro Finance Lease Cost
FinanceLeaseCost
331000 USD
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3957000 USD
us-gaap Operating Lease Cost
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3622000 USD
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1314000 USD
CY2019Q3 us-gaap Operating Lease Cost
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1216000 USD
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691000 USD
us-gaap Operating Lease Impairment Loss
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0 USD
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CY2019Q3 us-gaap Operating Lease Impairment Loss
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us-gaap Variable Lease Cost
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1010000 USD
us-gaap Variable Lease Cost
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958000 USD
CY2020Q3 us-gaap Variable Lease Cost
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377000 USD
CY2019Q3 us-gaap Variable Lease Cost
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279000 USD
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301000 USD
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155000 USD
us-gaap Short Term Lease Cost
ShortTermLeaseCost
118000 USD
CY2020Q3 us-gaap Short Term Lease Cost
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41000 USD
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SubleaseIncomeExpense
1085000 USD
CY2020Q3 atro Sublease Income Expense
SubleaseIncomeExpense
348000 USD
CY2019Q3 atro Sublease Income Expense
SubleaseIncomeExpense
-216000 USD
atro Operating Lease Cost Net Of Sublease And Rental Income
OperatingLeaseCostNetOfSubleaseAndRentalIncome
4728000 USD
atro Operating Lease Cost Net Of Sublease And Rental Income
OperatingLeaseCostNetOfSubleaseAndRentalIncome
4397000 USD
CY2020Q3 atro Operating Lease Cost Net Of Sublease And Rental Income
OperatingLeaseCostNetOfSubleaseAndRentalIncome
1384000 USD
CY2019Q3 atro Operating Lease Cost Net Of Sublease And Rental Income
OperatingLeaseCostNetOfSubleaseAndRentalIncome
1744000 USD
us-gaap Lease Cost
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5663000 USD
us-gaap Lease Cost
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5405000 USD
CY2020Q3 us-gaap Lease Cost
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1689000 USD
CY2019Q3 us-gaap Lease Cost
LeaseCost
2075000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1490000 USD
CY2020Q3 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
537000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5373000 USD
CY2020Q3 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
2181000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5062000 USD
CY2020Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
743000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3692000 USD
CY2020Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
0 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2844000 USD
CY2020Q3 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
0 USD
CY2020Q3 atro Lessee Operating Lease Liability To Be Paid Due After Year Four
LesseeOperatingLeaseLiabilityToBePaidDueAfterYearFour
6297000 USD
CY2020Q3 atro Finance Lease Liability To Be Paid Due After Year Four
FinanceLeaseLiabilityToBePaidDueAfterYearFour
0 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
24758000 USD
CY2020Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
3461000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2207000 USD
CY2020Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
148000 USD
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
22551000 USD
CY2020Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
3313000 USD
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.087
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.229
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.528
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.313
us-gaap Income Tax Reconciliation Nondeductible Expense Impairment Losses
IncomeTaxReconciliationNondeductibleExpenseImpairmentLosses
60800000 USD
us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-3100000 USD
CY2020Q3 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-3100000 USD
us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-3100000 USD
CY2020Q3 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-3100000 USD
us-gaap Other Tax Expense Benefit
OtherTaxExpenseBenefit
-1500000 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30780000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32427000 shares
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30770000 shares
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31964000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
575000 shares
CY2020Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2019Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
619000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30780000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33002000 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30770000 shares
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32583000 shares
CY2019Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
560000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-281000 USD
CY2020Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
1624000 USD
CY2019Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-1189000 USD
atro Number Of Non Qualified Supplemental Retirement Defined Benefit Plans
NumberOfNonQualifiedSupplementalRetirementDefinedBenefitPlans
2 retirement_plan
CY2019Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-1547000 USD
atro Number Of Major Customers
NumberOfMajorCustomers
2 customer
atro Number Of Major Customers
NumberOfMajorCustomers
2 customer
atro Number Of Major Customers
NumberOfMajorCustomers
2 customer
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
387784000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
574290000 USD
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
106506000 USD
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
177018000 USD
us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
0 USD
us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
78801000 USD
CY2020Q3 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
0 USD
CY2019Q3 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
-1332000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-5091000 USD
us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-4576000 USD
CY2020Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-1775000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-104869000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
111585000 USD
CY2020Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-11141000 USD
CY2019Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1760000 USD
CY2020Q3 us-gaap Assets
Assets
637461000 USD
CY2019Q4 us-gaap Assets
Assets
782716000 USD
atro Number Of Reporting Units Impaired
NumberOfReportingUnitsImpaired
4 reporting_unit
us-gaap Equity Method Investment Other Than Temporary Impairment
EquityMethodInvestmentOtherThanTemporaryImpairment
3500000 USD
CY2020Q3 us-gaap Equity Method Investment Other Than Temporary Impairment
EquityMethodInvestmentOtherThanTemporaryImpairment
3500000 USD
atro Number Of Elements For Contingent Earnouts
NumberOfElementsForContingentEarnouts
2 element
CY2019Q4 us-gaap Restructuring Reserve
RestructuringReserve
5190000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
3133000 USD
CY2020Q3 us-gaap Restructuring Reserve
RestructuringReserve
7615000 USD

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