$CTS
CTS CORP

2020 Q2 Form 10-Q Financial Statement

#000002605820000051 Filed on July 31, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $84.20M $120.7M
YoY Change -30.23% 2.26%
Cost Of Revenue $57.63M $79.48M
YoY Change -27.49% 4.29%
Gross Profit $26.57M $41.20M
YoY Change -35.52% -1.46%
Gross Profit Margin 31.55% 34.14%
Selling, General & Admin $14.67M $17.04M
YoY Change -13.9% -13.17%
% of Gross Profit 55.21% 41.35%
Research & Development $5.522M $6.257M
YoY Change -11.75% -3.38%
% of Gross Profit 20.79% 15.19%
Depreciation & Amortization $6.600M $6.000M
YoY Change 10.0% 58.98%
% of Gross Profit 24.84% 14.56%
Operating Expenses $20.19M $23.29M
YoY Change -13.32% -10.74%
Operating Profit $6.242M $17.08M
YoY Change -63.46% 17.46%
Interest Expense $909.0K $467.0K
YoY Change 94.65% -18.21%
% of Operating Profit 14.56% 2.73%
Other Income/Expense, Net -$349.0K -$1.134M
YoY Change -69.22% -61.86%
Pretax Income $5.893M $15.95M
YoY Change -63.05% 37.84%
Income Tax $1.036M $4.006M
% Of Pretax Income 17.58% 25.12%
Net Earnings $4.857M $11.94M
YoY Change -59.33% 65.67%
Net Earnings / Revenue 5.77% 9.9%
Basic Earnings Per Share $0.15 $0.36
Diluted Earnings Per Share $0.15 $0.36
COMMON SHARES
Basic Shares Outstanding 32.26M 32.80M shares
Diluted Shares Outstanding 32.50M 33.21M shares

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $146.0M $105.8M
YoY Change 38.0% 2.32%
Cash & Equivalents $146.0M $105.6M
Short-Term Investments $200.0K
Other Short-Term Assets $14.75M $16.81M
YoY Change -12.26% 40.9%
Inventory $44.27M $43.15M
Prepaid Expenses
Receivables $59.80M $84.88M
Other Receivables $0.00 $0.00
Total Short-Term Assets $264.8M $250.4M
YoY Change 5.74% 7.91%
LONG-TERM ASSETS
Property, Plant & Equipment $99.35M $99.88M
YoY Change -0.53% 6.67%
Goodwill $106.1M $71.06M
YoY Change 49.25% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.816M $2.769M
YoY Change 1.7% 30.43%
Total Long-Term Assets $398.6M $330.3M
YoY Change 20.68% 6.37%
TOTAL ASSETS
Total Short-Term Assets $264.8M $250.4M
Total Long-Term Assets $398.6M $330.3M
Total Assets $663.4M $580.7M
YoY Change 14.24% 7.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $32.82M $50.94M
YoY Change -35.57% -1.37%
Accrued Expenses $33.18M $33.40M
YoY Change -0.66% -23.76%
Deferred Revenue $2.263M
YoY Change -15.05%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $77.77M $96.32M
YoY Change -19.25% -8.4%
LONG-TERM LIABILITIES
Long-Term Debt $141.3M $50.00M
YoY Change 182.6% -12.28%
Other Long-Term Liabilities $6.146M $3.953M
YoY Change 55.48% -34.95%
Total Long-Term Liabilities $6.146M $3.953M
YoY Change 55.48% -34.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $77.77M $96.32M
Total Long-Term Liabilities $6.146M $3.953M
Total Liabilities $262.5M $185.2M
YoY Change 41.77% 3.56%
SHAREHOLDERS EQUITY
Retained Earnings $515.8M $499.6M
YoY Change 3.25% 14.51%
Common Stock $350.7M $349.6M
YoY Change 0.33% 0.85%
Preferred Stock
YoY Change
Treasury Stock (at cost) $372.5M $357.7M
YoY Change 4.14% 4.21%
Treasury Stock Shares 24.80M shares 24.22M shares
Shareholders Equity $400.9M $395.5M
YoY Change
Total Liabilities & Shareholders Equity $663.4M $580.7M
YoY Change 14.24% 7.03%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $4.857M $11.94M
YoY Change -59.33% 65.67%
Depreciation, Depletion And Amortization $6.600M $6.000M
YoY Change 10.0% 58.98%
Cash From Operating Activities $11.80M $14.60M
YoY Change -19.18% 94.67%
INVESTING ACTIVITIES
Capital Expenditures -$2.600M -$4.100M
YoY Change -36.59% -48.75%
Acquisitions $73.91M
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$2.600M -$4.000M
YoY Change -35.0% -50.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.00M -5.500M
YoY Change 154.55% -70.11%
NET CHANGE
Cash From Operating Activities 11.80M 14.60M
Cash From Investing Activities -2.600M -4.000M
Cash From Financing Activities -14.00M -5.500M
Net Change In Cash -4.800M 5.100M
YoY Change -194.12% -126.98%
FREE CASH FLOW
Cash From Operating Activities $11.80M $14.60M
Capital Expenditures -$2.600M -$4.100M
Free Cash Flow $14.40M $18.70M
YoY Change -22.99% 20.65%

Facts In Submission

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CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2019Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2019Q4 us-gaap Stockholders Equity Before Treasury Stock
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CY2020Q2 us-gaap Treasury Stock Value
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CY2019Q4 us-gaap Treasury Stock Value
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CY2019Q4 us-gaap Stockholders Equity
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663389000 USD
CY2019Q4 us-gaap Liabilities And Stockholders Equity
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us-gaap Net Income Loss
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8665000 USD
us-gaap Net Income Loss
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us-gaap Depreciation Depletion And Amortization
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13143000 USD
us-gaap Depreciation Depletion And Amortization
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11919000 USD
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1348000 USD
cts Pensionand Other Postretirement Expense Income
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502000 USD
us-gaap Restricted Stock Expense
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1045000 USD
us-gaap Restricted Stock Expense
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2793000 USD
us-gaap Asset Impairment Charges
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1016000 USD
us-gaap Asset Impairment Charges
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892000 USD
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us-gaap Deferred Income Tax Expense Benefit
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1937000 USD
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0 USD
us-gaap Gain Loss On Disposition Of Assets1
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122000 USD
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133000 USD
us-gaap Gain Loss On Foreign Currency Cash Flow Hedge Ineffectiveness
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5394000 USD
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2328000 USD
us-gaap Increase Decrease In Inventories
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-360000 USD
cts Increase Decrease In Operating Rightof Use Asset
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cts Increase Decrease In Operating Rightof Use Asset
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1780000 USD
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-1460000 USD
us-gaap Increase Decrease In Other Operating Assets
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2370000 USD
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accrued Salaries
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-512000 USD
us-gaap Increase Decrease In Accrued Salaries
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-4026000 USD
us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Increase Decrease In Accrued Income Taxes Payable
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-974000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
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-588000 USD
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-189000 USD
cts Increase Decrease In Operating Lease Liability
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1986000 USD
us-gaap Increase Decrease In Other Operating Liabilities
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us-gaap Increase Decrease In Other Operating Liabilities
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660000 USD
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-130000 USD
us-gaap Increase Decrease In Pension And Postretirement Obligations
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23724000 USD
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24184000 USD
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7245000 USD
us-gaap Payments To Acquire Productive Assets
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9430000 USD
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0 USD
us-gaap Proceeds From Sale Of Productive Assets
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122000 USD
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us-gaap Net Cash Provided By Used In Investing Activities
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309100000 USD
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2249050000 USD
us-gaap Proceeds From Long Term Lines Of Credit
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309100000 USD
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2598000 USD
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2625000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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1903000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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2637000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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29019000 USD
us-gaap Net Cash Provided By Used In Financing Activities
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242000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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33000 USD
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45740000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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4645000 USD
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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100241000 USD
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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100933000 USD
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CY2019Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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us-gaap Interest Paid
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574000 USD
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5448000 USD
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1158000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
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4807000 USD
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405219000 USD
CY2020Q1 us-gaap Net Income Loss
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212000 USD
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397466000 USD
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644000 USD
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798000 USD
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1154000 USD
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1309000 USD
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4153000 USD
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0 USD
CY2019Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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1526000 USD
CY2019Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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395545000 USD
CY2020Q2 us-gaap Revenues
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CY2019Q2 us-gaap Revenues
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120684000 USD
us-gaap Revenues
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187272000 USD
us-gaap Revenues
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238308000 USD
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1692000 USD
us-gaap Amortization Of Intangible Assets
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3382000 USD
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60425000 USD
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627000 USD
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261000 USD
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15754000 USD
CY2019Q4 us-gaap Inventory Work In Process
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14954000 USD
CY2020Q2 us-gaap Inventory Raw Materials
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CY2019Q4 us-gaap Inventory Raw Materials
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CY2019Q4 us-gaap Inventory Valuation Reserves
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5527000 USD
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4459000 USD
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CY2020Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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188719000 USD
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us-gaap Depreciation
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us-gaap Depreciation
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61697000 USD
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80622000 USD
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2268000 USD
us-gaap Amortization Of Intangible Assets
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4563000 USD
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57104000 USD
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8657000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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6651000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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6489000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
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45473000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Net
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80622000 USD
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3090000 USD
CY2019Q4 us-gaap Product Warranty Accrual Classified Current
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2950000 USD
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6921000 USD
CY2019Q4 us-gaap Accrued Income Taxes Current
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7903000 USD
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1948000 USD
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1574000 USD
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903000 USD
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1599000 USD
CY2020Q2 us-gaap Contract With Customer Liability
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3673000 USD
CY2019Q4 us-gaap Contract With Customer Liability
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4391000 USD
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1291000 USD
CY2019Q4 us-gaap Dividends Payable Current
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1299000 USD
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9300000 USD
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11444000 USD
CY2020Q2 us-gaap Derivative Liabilities
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2220000 USD
CY2019Q4 us-gaap Derivative Liabilities
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3829000 USD
CY2019Q4 us-gaap Other Accrued Liabilities Current
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5218000 USD
CY2020Q2 us-gaap Accrued Liabilities Current
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33175000 USD
CY2019Q4 us-gaap Accrued Liabilities Current
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36378000 USD
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11274000 USD
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791000 USD
CY2019 us-gaap Accrual For Environmental Loss Contingencies Charges To Expense For New Losses
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2602000 USD
cts Accrualfor Environmental Loss Contingencies Payments Netof Reimbursements
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2956000 USD
CY2019 cts Accrualfor Environmental Loss Contingencies Payments Netof Reimbursements
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2455000 USD
us-gaap Accrual For Environmental Loss Contingencies Foreign Currency Translation Gain Loss
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21000 USD
CY2019 us-gaap Accrual For Environmental Loss Contingencies Foreign Currency Translation Gain Loss
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23000 USD
CY2020Q2 us-gaap Accrued Environmental Loss Contingencies Current
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9300000 USD
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11444000 USD
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300000000 USD
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1740000 USD
CY2019Q4 us-gaap Letters Of Credit Outstanding Amount
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1800000 USD
CY2020Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
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157000000 USD
CY2019Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
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198500000 USD
CY2020Q2 us-gaap Amortization Of Financing Costs
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42000 USD
CY2019Q2 us-gaap Amortization Of Financing Costs
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41000 USD
us-gaap Amortization Of Financing Costs
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84000 USD
us-gaap Amortization Of Financing Costs
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77000 USD
us-gaap Unrealized Gain Loss On Foreign Currency Derivatives Net Before Tax
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1247000 USD
us-gaap Unrealized Gain Loss On Foreign Currency Derivatives Net Before Tax
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784000 USD
CY2020Q2 us-gaap Derivative Gain Loss On Derivative Net
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CY2019Q2 us-gaap Derivative Gain Loss On Derivative Net
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412000 USD
us-gaap Derivative Gain Loss On Derivative Net
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us-gaap Derivative Gain Loss On Derivative Net
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628000 USD
CY2020Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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379000 USD
CY2019Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2020Q2 us-gaap Preferred Stock Shares Authorized
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CY2019Q4 us-gaap Preferred Stock Shares Outstanding
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75000000 shares
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CY2019Q4 us-gaap Common Stock Shares Issued
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CY2020Q2 us-gaap Common Stock Shares Outstanding
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CY2019Q4 us-gaap Common Stock Shares Outstanding
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CY2020Q2 us-gaap Treasury Stock Shares
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24799623 shares
CY2019Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
24456892 shares
CY2019Q1 cts Treasury Shares Authorizedtobe Purchased
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0.227
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29000 USD
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32800000 USD
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2710000 USD
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">NOTE 20 — Recent Accounting Pronouncements</span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Accounting Pronouncements Recently Adopted</span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">ASU No. 2018-13 </span><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">"Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement"</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2018-13 "</span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement</span><span style="font-family:inherit;font-size:10pt;">". This ASU modified the disclosures related to recurring and nonrecurring fair value measurements. Disclosures related to the transfer of assets between Level 1 and Level 2 hierarchies have been eliminated and various additional disclosures related to Level 3 fair value measurements have been added, modified or removed. This ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those fiscal years. We adopted this ASU on January 1, 2020 and it did not have a material impact on our financial statements.</span></div><div style="line-height:174%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">ASU No. 2016-16 </span><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">"Income Taxes (Topic 740) Intra-Entity Transfers of Assets Other Than Inventory"</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In October 2016, the FASB issued ASU No. 2016-16, "</span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Intra-Entity Transfers of Assets Other Than Inventory</span><span style="font-family:inherit;font-size:10pt;">". This ASU is meant to improve the accounting for the income tax effect of intra-entity transfers of assets other than inventory. Currently, U.S. GAAP prohibits the recognition of current and deferred income taxes for intra-entity asset transfers until the asset is sold to a third party. This ASU will now require companies to recognize the income tax effect of an intra-entity asset transfer (other than inventory) when the transaction occurs. This ASU is effective for public companies, for fiscal years beginning after December 15, 2019 and interim periods within those annual reporting periods and is to be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. We adopted this ASU on January 1, 2020 and it did not have a material impact on our financial statements.</span></div><div style="line-height:174%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">ASU 2016-13 "</span><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</span><span style="font-family:inherit;font-size:10pt;font-weight:bold;">"</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In June 2016, the FASB issued ASU 2016-13,</span><span style="font-family:inherit;font-size:10pt;font-style:italic;"> Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</span><span style="font-family:inherit;font-size:10pt;">, which amends the current accounting guidance and requires the measurement of all expected losses based on historical experience, current conditions and reasonable and supportable forecasts. For trade receivables, loans, and other financial instruments, we will be required to use a forward-looking expected loss model that reflects losses that are probable rather than the incurred loss model for recognizing credit losses. The standard became effective for interim and annual periods beginning after December 15, 2019. Application of the amendments is through a cumulative-effect adjustment to retained earnings as of the effective date. We adopted this ASU on January 1, 2020 and it did not have a material impact on our financial statements.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Recently Issued Accounting Pronouncements</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">ASU No. 2020-04 </span><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">"Reference Rate Reform"</span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In March 2020, the FASB issued ASU 2020-04, “</span><span style="font-family:inherit;font-size:10pt;font-style:italic;"> Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting</span><span style="font-family:inherit;font-size:10pt;">”, which provides temporary optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting as it relates to our LIBOR indexed instruments. ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022, and an entity may elect to apply ASU 2020-04 for contract modifications by Topic or Industry Subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements.</span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">ASU No. 2019-12 </span><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">"Simplifying the Accounting for Income Taxes"</span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In December 2019, the FASB issued ASU 2019-12, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Simplifying the Accounting for Income Taxes</span><span style="font-family:inherit;font-size:10pt;">, as part of its simplification initiative to reduce the cost and complexity in accounting for income taxes. ASU 2019-12 removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amends other aspects of the guidance to help simplify and promote consistent application of GAAP. The guidance is effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. We are currently evaluating the impact of this ASU on our financial statements.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">ASU No. 2018-14 </span><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">"Compensation - Retirement Benefits - Defined Benefit Plans - General"</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In August 2018, the FASB issued ASU No. 2018-14, "</span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation - Retirement Benefits - Defined Benefit Plans - General</span><span style="font-family:inherit;font-size:10pt;">." This ASU modifies the disclosure requirements for defined benefit and other postretirement plans. This ASU eliminates certain disclosures associated with accumulated other comprehensive income, plan assets, related parties, and the effects of interest rate basis point changes on assumed health care costs; while other disclosures have been added to address significant gains and losses related to changes in benefit obligations. This ASU also clarifies disclosure requirements for projected benefit and accumulated benefit obligations. The amendments in this ASU are effective for fiscal years ending after December 15, 2020 and for interim periods therein with early adoption permitted. Adoption on a retrospective basis for all periods presented is required. This ASU will impact our annual financial statement disclosures but will not impact our interim financial statements and does not have an impact on our consolidated financial position, results of operations, or cash flows.</span></div>
CY2020Q2 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
73906000 USD
CY2020Q2 us-gaap Business Combination Consideration Transferred Liabilities Incurred
BusinessCombinationConsiderationTransferredLiabilitiesIncurred
1056000 USD

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