2020 Q4 Form 10-Q Financial Statement

#000000894721000015 Filed on January 11, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2019 Q4 2019 Q3
Revenue $226.6M $291.1M $236.2M
YoY Change -22.16% 21.55% 6.02%
Cost Of Revenue $171.9M $223.8M $183.5M
YoY Change -23.17% 17.94% 4.33%
Gross Profit $54.68M $67.33M $52.69M
YoY Change -18.8% 35.33% 12.33%
Gross Profit Margin 24.13% 23.13% 22.31%
Selling, General & Admin $25.23M $33.90M $30.48M
YoY Change -25.59% 25.63% 2.28%
% of Gross Profit 46.14% 50.35% 57.85%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.10M $12.60M $12.30M
YoY Change -11.9% 1.61% -2.38%
% of Gross Profit 20.3% 18.71% 23.35%
Operating Expenses $25.23M $33.90M $30.48M
YoY Change -25.59% 25.63% 2.28%
Operating Profit $27.87M $33.43M $22.21M
YoY Change -16.62% 46.81% 29.83%
Interest Expense $2.272M $3.301M $3.548M
YoY Change -31.17% -11.33% -10.85%
% of Operating Profit 8.15% 9.87% 15.98%
Other Income/Expense, Net $724.0K $743.0K -$686.0K
YoY Change -2.56% -340.45% -180.05%
Pretax Income $26.32M $30.87M $17.97M
YoY Change -14.73% 64.75% 28.54%
Income Tax $6.620M $8.835M $2.415M
% Of Pretax Income 25.15% 28.62% 13.44%
Net Earnings $19.70M $22.04M $15.56M
YoY Change -10.58% 43.13% 38.37%
Net Earnings / Revenue 8.69% 7.57% 6.59%
Basic Earnings Per Share $0.76 $0.84 $0.59
Diluted Earnings Per Share $0.76 $0.84 $0.59
COMMON SHARES
Basic Shares Outstanding 25.94M shares 26.23M shares 26.20M shares
Diluted Shares Outstanding 26.05M shares 26.26M shares 26.27M shares

Balance Sheet

Concept 2020 Q4 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.20M $14.30M $13.60M
YoY Change 34.27% -17.82% 47.83%
Cash & Equivalents $19.20M $14.29M $13.58M
Short-Term Investments
Other Short-Term Assets $9.600M $7.500M $10.90M
YoY Change 28.0% 44.23% 62.69%
Inventory $93.80M $119.4M $110.3M
Prepaid Expenses
Receivables $127.5M $174.6M $154.5M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $324.7M $414.6M $380.0M
YoY Change -21.69% 12.86% 7.83%
LONG-TERM ASSETS
Property, Plant & Equipment $201.2M $211.7M $214.1M
YoY Change -4.97% 2.22% 2.24%
Goodwill $351.8M $361.3M $353.5M
YoY Change -2.63% 11.68% 9.08%
Intangibles $93.68M $136.2M $126.8M
YoY Change -31.22% 1.36% -16.66%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $685.2M $757.9M $740.1M
YoY Change -9.6% 13.98% 7.95%
TOTAL ASSETS
Total Short-Term Assets $324.7M $414.6M $380.0M
Total Long-Term Assets $685.2M $757.9M $740.1M
Total Assets $1.010B $1.173B $1.120B
YoY Change -13.88% 13.58% 7.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $53.72M $71.84M $65.75M
YoY Change -25.23% 59.39% 52.02%
Accrued Expenses $57.80M $70.50M $52.70M
YoY Change -18.01% 52.93% 26.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $123.5M $182.4M $149.2M
YoY Change -32.31% 42.69% 32.94%
LONG-TERM LIABILITIES
Long-Term Debt $182.0M $254.8M $255.8M
YoY Change -28.59% -6.55% -13.48%
Other Long-Term Liabilities $13.96M $3.578M $5.335M
YoY Change 290.22% 128.77% -50.41%
Total Long-Term Liabilities $195.9M $258.4M $261.1M
YoY Change -24.18% -5.78% -14.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $123.5M $182.4M $149.2M
Total Long-Term Liabilities $195.9M $258.4M $261.1M
Total Liabilities $385.8M $519.3M $485.5M
YoY Change -25.71% 18.97% 7.39%
SHAREHOLDERS EQUITY
Retained Earnings $552.4M $605.7M $588.2M
YoY Change -8.8% 9.12% 8.09%
Common Stock $98.82M $77.72M $76.43M
YoY Change 27.14% 10.99% 11.03%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $624.1M $653.2M $634.6M
YoY Change
Total Liabilities & Shareholders Equity $1.010B $1.173B $1.120B
YoY Change -13.88% 13.58% 7.91%

Cashflow Statement

Concept 2020 Q4 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income $19.70M $22.04M $15.56M
YoY Change -10.58% 43.13% 38.37%
Depreciation, Depletion And Amortization $11.10M $12.60M $12.30M
YoY Change -11.9% 1.61% -2.38%
Cash From Operating Activities $27.20M $33.90M $56.10M
YoY Change -19.76% -18.12% 92.78%
INVESTING ACTIVITIES
Capital Expenditures -$8.600M -$6.000M -$11.80M
YoY Change 43.33% -7.69% 168.18%
Acquisitions
YoY Change
Other Investing Activities $4.200M -$20.70M -$800.0K
YoY Change -120.29% -20800.0% -366.67%
Cash From Investing Activities -$4.500M -$26.70M -$12.60M
YoY Change -83.15% 310.77% 215.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -19.10M -6.000M -43.70M
YoY Change 218.33% -76.83% 44.7%
NET CHANGE
Cash From Operating Activities 27.20M 33.90M 56.10M
Cash From Investing Activities -4.500M -26.70M -12.60M
Cash From Financing Activities -19.10M -6.000M -43.70M
Net Change In Cash 3.600M 1.200M -200.0K
YoY Change 200.0% -86.67% -96.08%
FREE CASH FLOW
Cash From Operating Activities $27.20M $33.90M $56.10M
Capital Expenditures -$8.600M -$6.000M -$11.80M
Free Cash Flow $35.80M $39.90M $67.90M
YoY Change -10.28% -16.7% 102.69%

Facts In Submission

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us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
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us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
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241000 USD
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OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
3714000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Comprehensive Income Net Of Tax
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27168000 USD
us-gaap Comprehensive Income Net Of Tax
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57402000 USD
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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58877000 USD
us-gaap Provision For Doubtful Accounts
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233000 USD
us-gaap Provision For Doubtful Accounts
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us-gaap Depreciation And Amortization
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us-gaap Depreciation And Amortization
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Deferred Income Tax Expense Benefit
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0 USD
us-gaap Gain Loss On Disposition Of Intangible Assets
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us-gaap Gain Loss On Disposition Of Intangible Assets
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0 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
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0 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
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305000 USD
us-gaap Amortization Of Financing Costs
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503000 USD
us-gaap Amortization Of Financing Costs
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404000 USD
us-gaap Share Based Compensation
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5773000 USD
us-gaap Share Based Compensation
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us-gaap Increase Decrease In Accounts Receivable
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28088000 USD
us-gaap Increase Decrease In Inventories
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1763000 USD
us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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-2327000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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-1491000 USD
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-226000 USD
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15297000 USD
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54149000 USD
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18386000 USD
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28965000 USD
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59394000 USD
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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337000 USD
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us-gaap Payments To Acquire Property Plant And Equipment
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22543000 USD
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0 USD
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60628000 USD
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Common Stock
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1694000 USD
us-gaap Proceeds From Issuance Of Common Stock
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1781000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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us-gaap Proceeds From Lines Of Credit
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320500000 USD
us-gaap Repayments Of Lines Of Credit
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182000000 USD
us-gaap Repayments Of Lines Of Credit
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306500000 USD
us-gaap Payments For Repurchase Of Common Stock
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30953000 USD
us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Of Dividends
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us-gaap Payments Of Dividends
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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1209000 USD
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2330000 USD
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CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Interest Paid Net
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us-gaap Income Taxes Paid
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4540000 USD
CY2020Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
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CY2020Q3 us-gaap Stockholders Equity
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CY2020Q4 us-gaap Stock Issued During Period Value Share Based Compensation
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CY2020Q4 us-gaap Stock Repurchased And Retired During Period Value
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CY2020Q4 us-gaap Dividends Cash
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CY2020Q4 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
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CY2020Q4 us-gaap Stockholders Equity
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CY2019Q1 us-gaap Stockholders Equity
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CY2019Q2 us-gaap Dividends Cash
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CY2019Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
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CY2019Q2 us-gaap Stockholders Equity
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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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CY2019Q3 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
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CY2019Q3 us-gaap Stockholders Equity
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CY2019Q4 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
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CY2019Q4 us-gaap Dividends Cash
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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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CY2019Q4 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax
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CY2019Q4 us-gaap Stockholders Equity
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us-gaap Number Of Operating Segments
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CY2020Q4 us-gaap Net Income Loss
NetIncomeLoss
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CY2019Q4 us-gaap Net Income Loss
NetIncomeLoss
22035000 USD
us-gaap Net Income Loss
NetIncomeLoss
23454000 USD
us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2020Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26090000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26090000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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26185000 shares
CY2020Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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115000 shares
CY2019Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
87000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
87000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
61000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
61000 shares
CY2020Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26051000 shares
CY2019Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26263000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26177000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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26246000 shares
CY2020Q4 us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.90
us-gaap Earnings Per Share Basic
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2.25
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0.76
CY2019Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.84
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.90
us-gaap Earnings Per Share Diluted
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2.24
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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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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CY2020Q1 us-gaap Contract With Customer Liability
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us-gaap Increase Decrease In Contract With Customer Liability
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us-gaap Contract With Customer Liability Revenue Recognized
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CY2020Q4 us-gaap Contract With Customer Liability
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26867000 USD
CY2020Q4 us-gaap Contract With Customer Liability
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11500000 USD
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2200000 USD
CY2020Q4 us-gaap Revenue Remaining Performance Obligation
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CY2020Q4 us-gaap Revenue Remaining Performance Obligation
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
643287000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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816452000 USD
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us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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226623000 USD
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291139000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
643287000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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816452000 USD
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1073000 USD
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478000 USD
CY2020Q4 us-gaap Product Warranty Accrual
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3046000 USD
CY2020Q4 us-gaap Debt Instrument Carrying Amount
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182000000 USD
CY2020Q1 us-gaap Debt Instrument Carrying Amount
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203000000 USD
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CY2020Q4 us-gaap Long Term Debt
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CY2020Q1 us-gaap Long Term Debt
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CY2020Q4 us-gaap Long Term Debt Current
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CY2020Q1 us-gaap Long Term Debt Current
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CY2020Q1 us-gaap Long Term Debt Noncurrent
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77878000 USD
CY2020Q4 us-gaap Operating Lease Cost
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3545000 USD
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us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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2234000 USD
us-gaap Operating Lease Payments
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us-gaap Operating Lease Payments
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6640000 USD
CY2020Q4 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2019Q4 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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1529000 USD
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P7Y11M8D
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7534000 USD
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P7Y1M17D
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0489
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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2055000 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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7998000 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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7495000 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
6620000 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
5766000 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
17424000 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
47358000 USD
CY2020Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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7774000 USD
CY2020Q4 us-gaap Operating Lease Liability
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39584000 USD
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0.251
CY2019Q4 us-gaap Effective Income Tax Rate Continuing Operations
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0.286
us-gaap Effective Income Tax Rate Continuing Operations
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0.323
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.223
azz Number Of Share Based Compensation Plans
NumberOfShareBasedCompensationPlans
2 share_based_compensation_plan
CY2020Q1 us-gaap Goodwill
Goodwill
356225000 USD
us-gaap Goodwill Other Increase Decrease
GoodwillOtherIncreaseDecrease
1693000 USD
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
692000 USD
CY2020Q4 us-gaap Goodwill
Goodwill
351830000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
5773000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
4904000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
525000 USD
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
1030000 USD
CY2020Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
10100000 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y10M28D
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0 USD
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
7030000 USD
us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
6922000 USD
us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
-3050000 USD
us-gaap Inventory Write Down
InventoryWriteDown
2511000 USD
azz Costs Associated With Assets Held For Sale
CostsAssociatedWithAssetsHeldForSale
756000 USD
us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
20269000 USD
dei Document Period End Date
DocumentPeriodEndDate
2020-11-30
dei Document Period End Date
DocumentPeriodEndDate
2020-11-30

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