2022 Q4 Form 10-K Financial Statement

#000143774923007323 Filed on March 21, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022
Revenue $32.66M $127.8M
YoY Change 19.55% 22.65%
Cost Of Revenue $25.07M $100.7M
YoY Change 10.99% 22.46%
Gross Profit $7.588M $27.03M
YoY Change 73.58% 23.37%
Gross Profit Margin 23.23% 21.16%
Selling, General & Admin $4.827M $18.50M
YoY Change 19.03% 23.97%
% of Gross Profit 63.61% 68.43%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $950.5K $3.751M
YoY Change 26.18% 25.59%
% of Gross Profit 12.53% 13.88%
Operating Expenses $4.827M $18.50M
YoY Change 19.03% 23.97%
Operating Profit $2.761M $8.533M
YoY Change 308.29% 22.08%
Interest Expense -$1.252M $1.138M
YoY Change 459.69% 29.09%
% of Operating Profit -45.36% 13.34%
Other Income/Expense, Net $1.225M -$801.3K
YoY Change 686.68% -315.0%
Pretax Income $2.733M $7.732M
YoY Change 349.45% 5.02%
Income Tax -$336.5K $1.171M
% Of Pretax Income -12.31% 15.14%
Net Earnings $3.070M $6.561M
YoY Change 4644.69% 16.06%
Net Earnings / Revenue 9.4% 5.14%
Basic Earnings Per Share $0.88 $1.89
Diluted Earnings Per Share $0.88 $1.89
COMMON SHARES
Basic Shares Outstanding 3.463M
Diluted Shares Outstanding 3.463M

Balance Sheet

Concept 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.906M $1.906M
YoY Change -36.75% -36.75%
Cash & Equivalents $1.248M $1.248M
Short-Term Investments $658.0K $658.0K
Other Short-Term Assets $1.523M $1.523M
YoY Change 36.91% 36.91%
Inventory $20.18M $20.18M
Prepaid Expenses $1.523M
Receivables $21.88M $25.17M
Other Receivables $0.00 $0.00
Total Short-Term Assets $48.77M $48.77M
YoY Change 14.69% 14.69%
LONG-TERM ASSETS
Property, Plant & Equipment $15.21M $24.74M
YoY Change -2.54% 0.53%
Goodwill $16.23M
YoY Change 12.69%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $362.5K $362.5K
YoY Change 309.17% 309.18%
Total Long-Term Assets $50.82M $50.82M
YoY Change 4.93% 4.93%
TOTAL ASSETS
Total Short-Term Assets $48.77M $48.77M
Total Long-Term Assets $50.82M $50.82M
Total Assets $99.60M $99.60M
YoY Change 9.49% 9.49%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.02M $14.02M
YoY Change 22.32% 22.32%
Accrued Expenses $3.224M $4.929M
YoY Change 2.79% 12.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.526M $1.526M
YoY Change -65.25% -65.25%
Total Short-Term Liabilities $26.07M $26.07M
YoY Change 9.25% 9.25%
LONG-TERM LIABILITIES
Long-Term Debt $21.07M $21.07M
YoY Change 3.03% 3.03%
Other Long-Term Liabilities $8.060M $8.060M
YoY Change -7.73% -7.73%
Total Long-Term Liabilities $30.52M $29.13M
YoY Change -6.0% -0.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.07M $26.07M
Total Long-Term Liabilities $30.52M $29.13M
Total Liabilities $56.58M $56.58M
YoY Change 0.46% 0.46%
SHAREHOLDERS EQUITY
Retained Earnings $34.58M
YoY Change 23.42%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.125M
YoY Change 7.28%
Treasury Stock Shares
Shareholders Equity $43.01M $43.01M
YoY Change
Total Liabilities & Shareholders Equity $99.60M $99.60M
YoY Change 9.49% 9.49%

Cashflow Statement

Concept 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $3.070M $6.561M
YoY Change 4644.69% 16.06%
Depreciation, Depletion And Amortization $950.5K $3.751M
YoY Change 26.18% 25.59%
Cash From Operating Activities $1.876M $8.046M
YoY Change -190.11% 351.89%
INVESTING ACTIVITIES
Capital Expenditures $209.2K $742.8K
YoY Change -124.73% -123.62%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$4.332M
YoY Change -100.0% -31.36%
Cash From Investing Activities -$209.2K -$5.075M
YoY Change -316.12% -46.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $144.1K
YoY Change 234.73%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.577M -$3.219M
YoY Change -390.17% -208.2%
NET CHANGE
Cash From Operating Activities 1.876M $8.046M
Cash From Investing Activities -209.2K -$5.075M
Cash From Financing Activities -2.577M -$3.219M
Net Change In Cash -910.0K -$246.8K
YoY Change -17.07% -94.75%
FREE CASH FLOW
Cash From Operating Activities $1.876M $8.046M
Capital Expenditures $209.2K $742.8K
Free Cash Flow $1.667M $7.304M
YoY Change -234.89% 48.29%

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CY2022 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
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CY2021 us-gaap Payments For Proceeds From Productive Assets
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CY2022 us-gaap Payments For Proceeds From Investments
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CY2021 us-gaap Payments For Proceeds From Investments
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CY2022 crawa Proceeds From Sale Of Equity Securities
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CY2021 crawa Proceeds From Sale Of Equity Securities
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Repayments Of Related Party Debt
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CY2021 us-gaap Repayments Of Related Party Debt
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CY2022 us-gaap Proceeds From Related Party Debt
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CY2021 us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
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CY2022 us-gaap Proceeds From Bank Debt
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CY2021 us-gaap Proceeds From Bank Debt
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CY2022 us-gaap Repayments Of Bank Debt
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CY2021 us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
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CY2022 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
144139 usd
CY2021 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
43061 usd
CY2022 us-gaap Payment For Contingent Consideration Liability Financing Activities
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750000 usd
CY2021 us-gaap Payment For Contingent Consideration Liability Financing Activities
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CY2022 crawa Proceeds From Options And Warrants
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CY2021 crawa Proceeds From Options And Warrants
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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1494415 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
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CY2021 us-gaap Interest Paid Net
InterestPaidNet
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CY2022 us-gaap Income Taxes Paid
IncomeTaxesPaid
582883 usd
CY2021 us-gaap Income Taxes Paid
IncomeTaxesPaid
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CY2022 us-gaap Stock Issued1
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CY2021 us-gaap Stock Issued1
StockIssued1
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
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5431763 usd
CY2021Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
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CY2022 us-gaap Liabilities Assumed1
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4450000 usd
CY2021 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
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CY2022 us-gaap Basis Of Accounting
BasisOfAccounting
<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><b><em style="font: inherit;">1.</em></b>  <b> BASIS OF PRESENTATION</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) and with the instructions to Form <em style="font: inherit;">10</em>-K and Article <em style="font: inherit;">8</em> of Regulation S-<em style="font: inherit;">X.</em> The consolidated financial statements include the accounts of Crawford United Corporation and its wholly-owned subsidiaries (the “Company”). Significant intercompany transactions and balances have been eliminated in the financial statements.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">During the year ended <em style="font: inherit;"> December 31, 2022, </em>there have been <em style="font: inherit;">no</em> changes to the Company's significant accounting policies. </p>
CY2022 us-gaap Use Of Estimates
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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><b><i><span style="text-decoration: underline; ">Use of Estimates in the Preparation of Financial Statements</span></i></b></p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that <em style="font: inherit;"> may </em>affect the reported amounts of certain assets and liabilities and disclosure of contingencies at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><b><i><span style="text-decoration: underline; ">Concentration of Credit Risk</span></i></b><br/> The Company sells its products and services primarily to customers in the United States of America and to a lesser extent overseas. All sales are made in U.S. dollars. The Company extends normal credit terms to its customers. For the year ended <em style="font: inherit;"> December 31, 2022, </em>sales to <span style="-sec-ix-hidden:c95579341">nine</span> customers in the Commercial Air Handling Equipment segment were 17% of consolidated sales of the Company, while sales to nine customers in the Industrial and Transportation Products segment accounted for 23% of consolidated sales. For the year ended <em style="font: inherit;"> December 31, 2021, </em>sales to nine customers in the Commercial Air Handling Equipment segment were 14% of consolidated sales of the Company, while nine customers in the Industrial and Transportation Products segment accounted for 34% of consolidated sales.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
CY2022 crawa Variable Consideration Policy Policy Text Blcok
VariableConsiderationPolicyPolicyTextBlcok
<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><b><i><span style="text-decoration: underline; ">Variable Consideration</span></i></b></p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">The nature of the Company’s contracts can give rise to several types of variable consideration, including claims, unpriced change orders, and liquidated damages and penalties. The Company recognizes revenue for variable consideration when it is probable that a significant reversal in the amount of cumulative revenue recognized will <em style="font: inherit;">not</em> occur. The Company estimates the amount of revenue to be recognized on variable consideration using the expected value (i.e., the sum of a probability-weighted amount) or the most likely amount method, whichever is expected to better predict the amount.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on assessment of legal enforceability, past performance, and all information (historical, current, and forecasted) that is reasonably available to the Company.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
CY2022 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2021 us-gaap Revenue From Contract With Customer Including Assessed Tax
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21900000 usd
CY2021Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
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CY2022 us-gaap Prior Period Reclassification Adjustment Description
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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"><b><span style="text-decoration: underline; ">Reclassifications</span></b>: Certain <em style="font: inherit;">2021</em> financial information has been reclassified to conform to the <em style="font: inherit;">2022</em> presentation.</p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p>
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CY2021Q4 us-gaap Inventory Finished Goods
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CY2021Q4 us-gaap Inventory Gross
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1357947 usd
CY2021Q4 us-gaap Inventory Valuation Reserves
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452607 usd
CY2022Q4 us-gaap Inventory Net
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20176142 usd
CY2021Q4 us-gaap Inventory Net
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CY2021Q4 us-gaap Goodwill
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CY2020Q4 us-gaap Goodwill
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CY2021 us-gaap Goodwill Purchase Accounting Adjustments
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CY2022Q4 us-gaap Goodwill
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CY2021Q4 us-gaap Goodwill
Goodwill
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CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
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4469089 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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3203585 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
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CY2021Q4 us-gaap Finite Lived Intangible Assets Net
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CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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1261210 usd
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1193345 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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817298 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
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CY2021Q4 us-gaap Property Plant And Equipment Gross
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2021Q4 us-gaap Property Plant And Equipment Net
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CY2022 us-gaap Depreciation
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CY2021 us-gaap Depreciation
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CY2020Q4 us-gaap Equity Securities Fv Ni
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152761 usd
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1518244 usd
CY2021Q4 us-gaap Equity Securities Fv Ni
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CY2022 crawa Lessee Operating And Finance Lease Renewal Term
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CY2022 us-gaap Operating Lease Expense
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CY2021 us-gaap Operating Lease Expense
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1600000 usd
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CY2021Q4 us-gaap Operating Lease Right Of Use Asset
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2021 us-gaap Income Tax Reconciliation Prior Year Income Taxes
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CY2021 us-gaap Income Tax Expense Benefit
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CY2021Q4 us-gaap Deferred Tax Assets Inventory
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CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
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CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
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CY2021Q4 crawa Deferred Tax Assets Capitalized Cost
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CY2021Q4 crawa Deferred Tax Assets Right Of Use Assets
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