2019 Q2 Form 10-K Financial Statement

#000001784319000058 Filed on August 29, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 2018 Q2
Revenue $641.4M $2.380B $618.0M
YoY Change 3.79% 10.31% 21.73%
Cost Of Revenue $518.5M $1.935B $503.1M
YoY Change 3.06% 9.01% 21.23%
Gross Profit $122.9M $444.8M $114.9M
YoY Change 6.96% 16.35% 23.95%
Gross Profit Margin 19.16% 18.69% 18.59%
Selling, General & Admin $55.10M $203.4M $55.50M
YoY Change -0.72% 5.39% 23.61%
% of Gross Profit 44.83% 45.73% 48.3%
Research & Development $23.30M
YoY Change 20.73%
% of Gross Profit 5.24%
Depreciation & Amortization $30.60M $121.5M $29.40M
YoY Change 4.08% 4.2% 1.38%
% of Gross Profit 24.9% 27.32% 25.59%
Operating Expenses $55.10M $226.7M $55.50M
YoY Change -0.72% 6.78% 23.61%
Operating Profit $67.90M $241.4M $60.00M
YoY Change 13.17% 27.52% 34.53%
Interest Expense -$5.300M $26.00M -$5.700M
YoY Change -7.02% -8.13% -5.0%
% of Operating Profit -7.81% 10.77% -9.5%
Other Income/Expense, Net $100.0K $600.0K -$100.0K
YoY Change -200.0% -175.0% -80.0%
Pretax Income $62.60M $216.0M $53.60M
YoY Change 16.79% 34.83% 40.68%
Income Tax $13.70M $49.00M $11.50M
% Of Pretax Income 21.88% 22.69% 21.46%
Net Earnings $48.90M $167.0M $42.80M
YoY Change 14.25% -11.41% 67.84%
Net Earnings / Revenue 7.62% 7.02% 6.93%
Basic Earnings Per Share $1.01 $3.46 $0.90
Diluted Earnings Per Share $1.00 $3.43 $0.88
COMMON SHARES
Basic Shares Outstanding 47.70M shares 47.70M shares 47.70M shares
Diluted Shares Outstanding 48.10M shares 48.10M shares 48.10M shares

Balance Sheet

Concept 2019 Q2 2019 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.00M $27.00M $56.20M
YoY Change -51.96% -51.96% -15.23%
Cash & Equivalents $27.00M $27.00M $56.20M
Short-Term Investments
Other Short-Term Assets $37.40M $37.40M $54.90M
YoY Change -31.88% -31.88% 18.06%
Inventory $787.7M $787.7M $689.2M
Prepaid Expenses
Receivables $384.1M $384.1M $378.5M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.236B $1.236B $1.179B
YoY Change 4.87% 4.87% 7.79%
LONG-TERM ASSETS
Property, Plant & Equipment $1.366B $1.366B $1.313B
YoY Change 4.02% 4.02% -0.26%
Goodwill $326.4M $268.7M
YoY Change 21.47% 2.01%
Intangibles $67.20M $63.30M
YoY Change 6.16% -2.47%
Long-Term Investments
YoY Change
Other Assets $187.6M $191.8M $178.5M
YoY Change 5.1% 4.92% 35.43%
Total Long-Term Assets $1.952B $1.952B $1.828B
YoY Change 6.75% 6.75% 2.45%
TOTAL ASSETS
Total Short-Term Assets $1.236B $1.236B $1.179B
Total Long-Term Assets $1.952B $1.952B $1.828B
Total Assets $3.188B $3.188B $3.007B
YoY Change 6.01% 6.01% 4.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $238.7M $238.7M $214.7M
YoY Change 11.18% 11.18% 6.76%
Accrued Expenses $157.6M $109.5M $148.6M
YoY Change 6.06% -19.9% 6.22%
Deferred Revenue $10.50M $10.40M
YoY Change 0.96%
Short-Term Debt $19.70M $19.70M $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $416.0M $416.0M $363.3M
YoY Change 14.51% 14.51% -8.26%
LONG-TERM LIABILITIES
Long-Term Debt $550.6M $550.6M $545.7M
YoY Change 0.9% 0.9% -0.78%
Other Long-Term Liabilities $65.10M $558.4M $53.50M
YoY Change 21.68% 23.95% 11.92%
Total Long-Term Liabilities $615.7M $1.109B $599.2M
YoY Change 2.75% 11.32% 0.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $416.0M $416.0M $363.3M
Total Long-Term Liabilities $615.7M $1.109B $599.2M
Total Liabilities $1.668B $1.668B $1.521B
YoY Change 9.64% 9.64% -9.43%
SHAREHOLDERS EQUITY
Retained Earnings $1.605B $1.476B
YoY Change 8.77% 11.66%
Common Stock $599.4M $588.6M
YoY Change 1.83% 4.83%
Preferred Stock
YoY Change
Treasury Stock (at cost) $332.8M $338.8M
YoY Change -1.77% -0.82%
Treasury Stock Shares 8.338M shares 8.520M shares
Shareholders Equity $1.520B $1.520B $1.486B
YoY Change
Total Liabilities & Shareholders Equity $3.188B $3.188B $3.007B
YoY Change 6.01% 6.01% 4.48%

Cashflow Statement

Concept 2019 Q2 2019 2018 Q2
OPERATING ACTIVITIES
Net Income $48.90M $167.0M $42.80M
YoY Change 14.25% -11.41% 67.84%
Depreciation, Depletion And Amortization $30.60M $121.5M $29.40M
YoY Change 4.08% 4.2% 1.38%
Cash From Operating Activities $175.2M $232.4M $118.5M
YoY Change 47.85% 11.09% 26.33%
INVESTING ACTIVITIES
Capital Expenditures -$49.60M -$180.3M -$54.10M
YoY Change -8.32% 33.56% 52.82%
Acquisitions $79.00M
YoY Change 493.98%
Other Investing Activities $100.0K -$64.30M $600.0K
YoY Change -83.33% -96.1%
Cash From Investing Activities -$49.50M -$244.6M -$53.50M
YoY Change -7.48% 75.47% 167.5%
FINANCING ACTIVITIES
Cash Dividend Paid $38.60M
YoY Change 12.21%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities -116.8M -$19.40M -56.70M
YoY Change 106.0% -75.41% 150.88%
NET CHANGE
Cash From Operating Activities 175.2M $232.4M 118.5M
Cash From Investing Activities -49.50M -$244.6M -53.50M
Cash From Financing Activities -116.8M -$19.40M -56.70M
Net Change In Cash 8.900M -$29.20M 8.300M
YoY Change 7.23% 189.11% -83.79%
FREE CASH FLOW
Cash From Operating Activities $175.2M $232.4M $118.5M
Capital Expenditures -$49.60M -$180.3M -$54.10M
Free Cash Flow $224.8M $412.7M $172.6M
YoY Change 30.24% 19.9% 33.59%

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163000000 USD
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32100000 USD
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CY2019Q2 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Pensions
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33700000 USD
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35700000 USD
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30500000 USD
CY2019Q2 us-gaap Deferred Tax Liabilities Deferred Expense Capitalized Inventory Costs
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36100000 USD
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300000 USD
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11900000 USD
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11300000 USD
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3500000 USD
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4300000 USD
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3400000 USD
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CY2019Q2 us-gaap Defined Benefit Pension Plan Liabilities Noncurrent
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0.0344
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CY2018 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Rate Of Compensation Increase
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CY2019 us-gaap Defined Benefit Plan Assumptions Used Calculating Net Periodic Benefit Cost Rate Of Compensation Increase
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0.0625
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35200000 USD
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12500000 USD
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3400000 USD
CY2019Q2 us-gaap Derivative Liabilities
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28000000 USD
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CY2019Q2 us-gaap Derivative Liabilities Current
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34100000 USD
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0.63
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0.88
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3.92
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0.65
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1.05
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1.00
CY2019 us-gaap Earnings Per Share Diluted
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3.43
CY2017 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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-100000 USD
CY2018 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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2400000 USD
CY2017 us-gaap Effect Of Lifo Inventory Liquidation On Income
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0 USD
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CY2017 us-gaap Effective Income Tax Rate Continuing Operations
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0.330
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0.227
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0.000
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0.030
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0.015
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CY2017 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
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CY2017 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
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CY2019 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
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500000 USD
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0 USD
CY2019 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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16500000 USD
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16100000 USD
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54600000 USD
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62100000 USD
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7600000 USD
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7600000 USD
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7600000 USD
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7600000 USD
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7600000 USD
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0 USD
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0 USD
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CY2018 us-gaap Gain Loss On Sale Of Property Plant Equipment
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CY2019 us-gaap Gain Loss On Sale Of Property Plant Equipment
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5300000 USD
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57700000 USD
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47200000 USD
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47200000 USD
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47200000 USD
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0 USD
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0 USD
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151600000 USD
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1600000 USD
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56000000 USD
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140300000 USD
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204200000 USD
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70200000 USD
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160200000 USD
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216000000 USD
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14200000 USD
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19900000 USD
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11800000 USD
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23200000 USD
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49000000 USD
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33700000 USD
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27500000 USD
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42500000 USD
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10700000 USD
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20100000 USD
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34600000 USD
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86800000 USD
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5300000 USD
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26600000 USD
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28700000 USD
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74600000 USD
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94000000 USD
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-2800000 USD
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9600000 USD
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2700000 USD
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2400000 USD
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5700000 USD
CY2017 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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100000 shares
CY2018 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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400000 shares
CY2019 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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400000 shares
CY2017 us-gaap Interest Costs Capitalized
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1300000 USD
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2800000 USD
CY2019 us-gaap Interest Costs Capitalized
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5100000 USD
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31100000 USD
CY2018 us-gaap Interest Costs Incurred
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31100000 USD
CY2019 us-gaap Interest Costs Incurred
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31100000 USD
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29800000 USD
CY2018 us-gaap Interest Expense
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28300000 USD
CY2019 us-gaap Interest Expense
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26000000 USD
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300000 USD
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300000 USD
CY2019 us-gaap Interest Income Operating
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100000 USD
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27700000 USD
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29500000 USD
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27600000 USD
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10400000 USD
CY2019Q2 us-gaap Interest Payable Current
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10400000 USD
CY2018Q2 us-gaap Inventory Lifo Reserve
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210300000 USD
CY2019Q2 us-gaap Inventory Lifo Reserve
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178400000 USD
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689200000 USD
CY2019Q2 us-gaap Inventory Net
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787700000 USD
CY2018Q2 us-gaap Long Term Debt Noncurrent
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545700000 USD
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0 USD
CY2019Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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0 USD
CY2019Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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300000000 USD
CY2019Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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250000000 USD
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5000000 USD
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300000 USD
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77800000 USD
CY2017Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47700000 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47200000 shares
CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47700000 shares
CY2018Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2019Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0 USD
CY2019 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
700000 USD
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47300000 shares
CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47600000 shares
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47700000 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48000000 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47100000 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48200000 shares
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48000000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48100000 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48100000 shares
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47600000 shares
CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48100000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47100000 shares
CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47200000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47200000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47400000 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47000000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47600000 shares
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47700000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47700000 shares
CY2019 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:72px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Concentration of Credit Risk</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments that are potentially subject to concentrations of credit risk consist primarily of cash and cash equivalents, investments in marketable securities and trade receivables. Investment and cash management policies have been implemented that limit deposit concentrations and limit investments to investment grade securities. The risk with respect to trade receivables is mitigated by monitoring payment terms and periodic credit evaluations we perform on our customers, the short duration of our payment terms and by the diversification of our customer base.</font></div></div>
CY2019 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:72px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain amounts in the consolidated financial statement for prior years have been reclassified to conform to the fiscal year 2019 presentation. </font></div></div>
CY2019 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-indent:72px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:96px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>

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