2020 Q3 Form 10-Q Financial Statement

#000085973720000028 Filed on July 29, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q2 2019 Q3
Revenue $1.347B $822.9M $865.8M
YoY Change 55.58% -3.46% 6.43%
Cost Of Revenue $415.1M $225.1M $412.3M
YoY Change 0.68% -4.54% 5.07%
Gross Profit $931.8M $466.1M $249.5M
YoY Change 273.47% 4.79% -40.75%
Gross Profit Margin 69.18% 56.64% 28.82%
Selling, General & Admin $221.3M $208.8M $225.6M
YoY Change -1.91% -6.58% -10.33%
% of Gross Profit 23.75% 44.8% 90.42%
Research & Development $57.00M $55.10M $60.40M
YoY Change -5.63% -10.26% 14.61%
% of Gross Profit 6.12% 11.82% 24.21%
Depreciation & Amortization $94.30M $93.60M $113.4M
YoY Change -16.84% -17.39% -4.79%
% of Gross Profit 10.12% 20.08% 45.45%
Operating Expenses $288.5M $275.1M $297.9M
YoY Change -3.16% -8.15% -6.67%
Operating Profit $643.3M $191.0M -$48.40M
YoY Change -1429.13% 31.45% -147.5%
Interest Expense -$24.70M $27.40M -$30.90M
YoY Change -20.06% -21.94% -4.63%
% of Operating Profit -3.84% 14.35%
Other Income/Expense, Net $9.000M $4.300M -$5.300M
YoY Change -269.81% 48.28% -212.77%
Pretax Income $617.1M $168.4M -$122.7M
YoY Change -602.93% 47.33% -272.09%
Income Tax $123.5M $32.00M $800.0K
% Of Pretax Income 20.01% 19.0%
Net Earnings $493.5M $136.4M -$123.5M
YoY Change -499.6% 45.26% -344.55%
Net Earnings / Revenue 36.64% 16.58% -14.26%
Basic Earnings Per Share $0.53
Diluted Earnings Per Share $1.88 $0.53 -$0.46
COMMON SHARES
Basic Shares Outstanding 259.0M shares 259.9M shares 267.3M shares
Diluted Shares Outstanding 261.0M shares

Balance Sheet

Concept 2020 Q3 2020 Q2 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $701.0M $744.0M $602.0M
YoY Change 16.45% 73.83% -9.75%
Cash & Equivalents $701.0M $744.2M $601.8M
Short-Term Investments
Other Short-Term Assets $97.00M $97.00M $98.00M
YoY Change -1.02% -11.01% 5.38%
Inventory $395.1M $413.6M $444.9M
Prepaid Expenses $58.50M $51.50M $62.80M
Receivables $1.029B $728.0M $648.7M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.222B $1.983B $1.793B
YoY Change 23.94% 24.56% 4.06%
LONG-TERM ASSETS
Property, Plant & Equipment $491.5M $456.2M $470.9M
YoY Change 4.37% -2.89% -1.53%
Goodwill $2.658B $2.593B $2.564B
YoY Change 3.67% 1.03% 1.2%
Intangibles $1.308B $1.253B $1.460B
YoY Change -10.43% -29.95% -39.14%
Long-Term Investments
YoY Change
Other Assets $516.6M $518.7M $154.6M
YoY Change 234.15% 387.04% 58.24%
Total Long-Term Assets $4.974B $4.820B $4.649B
YoY Change 6.98% -2.24% -15.59%
TOTAL ASSETS
Total Short-Term Assets $2.222B $1.983B $1.793B
Total Long-Term Assets $4.974B $4.820B $4.649B
Total Assets $7.196B $6.803B $6.442B
YoY Change 11.7% 4.3% -10.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $178.8M $127.3M $186.5M
YoY Change -4.13% -21.18% -2.97%
Accrued Expenses $547.6M $476.0M $430.9M
YoY Change 27.08% 13.52% -1.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $324.9M $565.5M $271.4M
YoY Change 19.71% 115.84% -54.74%
Total Short-Term Liabilities $1.239B $1.346B $1.070B
YoY Change 15.81% 32.56% -23.71%
LONG-TERM LIABILITIES
Long-Term Debt $2.714B $2.731B $2.784B
YoY Change -2.5% -2.16% 2.92%
Other Long-Term Liabilities $303.2M $222.9M $162.4M
YoY Change 86.7% 47.71% 3.05%
Total Long-Term Liabilities $3.017B $2.954B $2.946B
YoY Change 2.41% 0.4% 2.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.239B $1.346B $1.070B
Total Long-Term Liabilities $3.017B $2.954B $2.946B
Total Liabilities $4.256B $4.300B $4.016B
YoY Change 5.98% 8.65% -5.83%
SHAREHOLDERS EQUITY
Retained Earnings -$1.573B -$2.068B -$2.689B
YoY Change -41.49% -19.38% 7.81%
Common Stock $2.900M $2.900M $2.900M
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.580B $1.480B $926.0M
YoY Change 70.58% 59.77% 27.57%
Treasury Stock Shares 37.61M shares 35.94B shares 24.64M shares
Shareholders Equity $2.705B $2.255B $2.116B
YoY Change
Total Liabilities & Shareholders Equity $7.196B $6.803B $6.442B
YoY Change 11.7% 4.3% -10.91%

Cashflow Statement

Concept 2020 Q3 2020 Q2 2019 Q3
OPERATING ACTIVITIES
Net Income $493.5M $136.4M -$123.5M
YoY Change -499.6% 45.26% -344.55%
Depreciation, Depletion And Amortization $94.30M $93.60M $113.4M
YoY Change -16.84% -17.39% -4.79%
Cash From Operating Activities $442.0M $223.0M $247.7M
YoY Change 78.44% 36.22% 6.58%
INVESTING ACTIVITIES
Capital Expenditures -$58.30M -$35.00M -$31.40M
YoY Change 85.67% 15.51% -2.18%
Acquisitions
YoY Change
Other Investing Activities -$79.60M -$1.300M -$49.40M
YoY Change 61.13% -48.0% -34.48%
Cash From Investing Activities -$137.9M -$36.30M -$80.80M
YoY Change 70.67% 10.67% -24.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -350.9M -241.7M 9.200M
YoY Change -3914.13% 131.29% -132.97%
NET CHANGE
Cash From Operating Activities 442.0M 223.0M 247.7M
Cash From Investing Activities -137.9M -36.30M -80.80M
Cash From Financing Activities -350.9M -241.7M 9.200M
Net Change In Cash -46.80M -55.00M 176.1M
YoY Change -126.58% -308.33% 81.55%
FREE CASH FLOW
Cash From Operating Activities $442.0M $223.0M $247.7M
Capital Expenditures -$58.30M -$35.00M -$31.40M
Free Cash Flow $500.3M $258.0M $279.1M
YoY Change 79.25% 32.99% 5.52%

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CY2019Q4 holx Rightofuseassetrecognizedoperating
Rightofuseassetrecognizedoperating
91700000 USD
CY2019Q4 holx Rightofuseassetrecognized Finance Lease
RightofuseassetrecognizedFinanceLease
10200000 USD
CY2019Q4 holx Rightofuseliabilityrecognized Operatinglease
RightofuseliabilityrecognizedOperatinglease
96600000 USD
CY2019Q4 holx Rightofuseliabilityrecognized Financelease
RightofuseliabilityrecognizedFinancelease
21000000.0 USD
CY2019Q4 holx Derecognitionofpropertyplantandequipment
Derecognitionofpropertyplantandequipment
32600000 USD
CY2019Q4 holx Derecognitionoffinanceleases
Derecognitionoffinanceleases
35200000 USD
CY2020Q2 us-gaap Revenues
Revenues
822900000 USD
CY2019Q2 us-gaap Revenues
Revenues
852400000 USD
us-gaap Revenues
Revenues
2429500000 USD
us-gaap Revenues
Revenues
2501400000 USD
CY2020Q2 us-gaap Revenues
Revenues
822900000 USD
CY2019Q2 us-gaap Revenues
Revenues
852400000 USD
us-gaap Revenues
Revenues
2429500000 USD
us-gaap Revenues
Revenues
2501400000 USD
CY2020Q2 us-gaap Revenues
Revenues
822900000 USD
CY2019Q2 us-gaap Revenues
Revenues
852400000 USD
us-gaap Revenues
Revenues
2429500000 USD
us-gaap Revenues
Revenues
2501400000 USD
CY2020Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
588300000 USD
CY2020Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.12
CY2020Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.36
CY2020Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.26
CY2020Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.16
CY2020Q2 us-gaap Revenue Remaining Performance Obligation Percentage
RevenueRemainingPerformanceObligationPercentage
0.10
CY2020Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
18000000.0 USD
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
95500000 USD
holx Lessee Operating And Finance Lease Period With Option To Terminate
LesseeOperatingAndFinanceLeasePeriodWithOptionToTerminate
P1Y
holx Lessee Operating And Finance Leases Extension Period
LesseeOperatingAndFinanceLeasesExtensionPeriod
P20Y
dei Document Period End Date
DocumentPeriodEndDate
2020-06-27
holx Lessee Operating And Finance Leases Weighted Average Discount Rate Percent
LesseeOperatingAndFinanceLeasesWeightedAverageDiscountRatePercent
0.026
dei Document Period End Date
DocumentPeriodEndDate
2020-06-27
CY2019Q3 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
1800000 USD
CY2019Q3 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
19200000 USD
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y8M15D
CY2020Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P7Y10M20D
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.020
CY2020Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.051
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
6900 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
20800 USD
CY2020Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
0 USD
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
300 USD
CY2020Q2 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
300 USD
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
800 USD
CY2020Q2 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
300 USD
us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
800 USD
CY2020Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
6100 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
17800 USD
CY2020Q2 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
400 USD
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
1300 USD
CY2020Q2 holx Operating And Finance Lease Total Cash Paid For Amounts Included In Measurement Of Lease Liability
OperatingAndFinanceLeaseTotalCashPaidForAmountsIncludedInMeasurementOfLeaseLiability
6800 USD
holx Operating And Finance Lease Total Cash Paid For Amounts Included In Measurement Of Lease Liability
OperatingAndFinanceLeaseTotalCashPaidForAmountsIncludedInMeasurementOfLeaseLiability
19900 USD
CY2020Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
6000.0 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
10700 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
6000.0 USD
CY2020Q2 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
700 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
24200 USD
CY2020Q2 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
2900 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
19600 USD
CY2020Q2 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
3000.0 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
13000.0 USD
CY2020Q2 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
3000.0 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
10400 USD
CY2020Q2 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
3000.0 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
23900 USD
CY2020Q2 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
11400 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
97100 USD
CY2020Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
24000.0 USD
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5900 USD
CY2020Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
4300 USD
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
91200 USD
CY2020Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
19700 USD
CY2020Q2 holx Lease Revenue Percentage Of Total Revenue
LeaseRevenuePercentageOfTotalRevenue
0.04
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
10200000 USD
CY2020Q2 holx Lease Receivable
LeaseReceivable
19700000 USD
CY2020Q2 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
300000 USD
CY2020Q2 us-gaap Fair Value Liabilities Measured On Recurring Basis Obligations
FairValueLiabilitiesMeasuredOnRecurringBasisObligations
30000000.0 USD
CY2020Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
9800000 USD
CY2019Q4 holx Business Combination Ownership Percentage
BusinessCombinationOwnershipPercentage
0.78
CY2019Q4 us-gaap Business Combination Step Acquisition Equity Interest In Acquiree Remeasurement Gain
BusinessCombinationStepAcquisitionEquityInterestInAcquireeRemeasurementGain
3200000 USD
CY2019Q4 us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
69300000 USD
CY2019Q4 holx Business Combination Consideration Transferred Portion Allocable To Equity Method Investment
BusinessCombinationConsiderationTransferredPortionAllocableToEquityMethodInvestment
17900000 USD
us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
-503000.0 USD
CY2019Q4 holx Business Combination Consideration Transferred Portion Allocable To Newly Acquired Shares
BusinessCombinationConsiderationTransferredPortionAllocableToNewlyAcquiredShares
12600000 USD
CY2019Q4 holx Business Combination Consideration Transferred Portion Allocable To Loan Repayment
BusinessCombinationConsiderationTransferredPortionAllocableToLoanRepayment
30200000 USD
CY2019Q4 holx Business Combination Consideration Transferred Portion Allocable To Fair Value Of Noncontrolling Interest
BusinessCombinationConsiderationTransferredPortionAllocableToFairValueOfNoncontrollingInterest
8600000 USD
holx Fair Value Assumption Discount Rate
FairValueAssumptionDiscountRate
0.120
CY2019Q4 us-gaap Asset Impairment Charges
AssetImpairmentCharges
30200000 USD
CY2020Q1 holx Expensesfromdisposition
Expensesfromdisposition
2400000 USD
CY2020Q2 holx Expensesfromdisposition
Expensesfromdisposition
1000000.0 USD
CY2020Q2 us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
0 USD
CY2019Q2 us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
-14300 USD
us-gaap Disposal Group Including Discontinued Operation Operating Income Loss
DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss
-46500 USD
CY2020Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-300000 USD
CY2020Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
565500000 USD
CY2019Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
271400000 USD
CY2020Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2731300000 USD
CY2019Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
2783600000 USD
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
3296800000 USD
CY2019Q3 us-gaap Long Term Debt
LongTermDebt
3055000000.0 USD
CY2017Q4 us-gaap Senior Notes
SeniorNotes
350000000 USD
CY2018Q1 us-gaap Senior Notes
SeniorNotes
1000000000.0 USD
CY2020Q2 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
15700000 USD
CY2019Q2 us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
15700000 USD
us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
47100000 USD
us-gaap Interest Expense Borrowings
InterestExpenseBorrowings
47100000 USD
CY2018 holx Interest Rate Cap Agreements Aggregate Premium Payable
InterestRateCapAgreementsAggregatePremiumPayable
3700000 USD
CY2019 holx Interest Rate Cap Agreements Aggregate Premium Payable
InterestRateCapAgreementsAggregatePremiumPayable
1500000 USD
CY2020Q2 holx Principal Amount Of Borrowings
PrincipalAmountOfBorrowings
1000000000.0 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-2000000.0 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-800000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-2000000.0 USD
us-gaap Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimated Net Amount To Be Transferred
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOCIToIncomeEstimatedNetAmountToBeTransferred
-800000 USD
CY2020Q2 us-gaap Interest Rate Cash Flow Hedge Asset At Fair Value
InterestRateCashFlowHedgeAssetAtFairValue
0.0 USD
CY2019Q3 us-gaap Interest Rate Cash Flow Hedge Asset At Fair Value
InterestRateCashFlowHedgeAssetAtFairValue
100000 USD
CY2020Q2 holx Notional Amount
NotionalAmount
25900000 USD
CY2020Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
29000000.0 USD
CY2019Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
0 USD
CY2020Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
-4700000 USD
CY2019Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
-2100000 USD
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
-25900000 USD
CY2019Q3 us-gaap Land
Land
46300000 USD
CY2020Q2 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
15900000 USD
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
-7500000 USD
CY2020Q2 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-2100000 USD
CY2019Q2 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
900000 USD
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-1900000 USD
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
6300000 USD
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
259870000 shares
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
268932000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
263667000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
269586000 shares
CY2020Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1177000 shares
CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1857000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1425000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
261047000 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
270789000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
265092000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
269586000 shares
CY2020Q2 us-gaap Share Based Compensation
ShareBasedCompensation
19900000 USD
CY2019Q2 us-gaap Share Based Compensation
ShareBasedCompensation
13900000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
53700000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
48500000 USD
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.017
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.030
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.017
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.030
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.336
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.343
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.336
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate
0.343
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y9M18D
CY2019Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y9M18D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y9M18D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y9M18D
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Expected Dividend
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageExpectedDividend
0 USD
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Expected Dividend
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageExpectedDividend
0 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Expected Dividend
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageExpectedDividend
0 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Expected Dividend
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageExpectedDividend
0 USD
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
9.90
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
15.07
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
13.79
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
13.51
CY2020Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
165600000 USD
CY2019Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
166100000 USD
CY2020Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
56500000 USD
CY2019Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
54500000 USD
CY2020Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
191500000 USD
CY2019Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
224300000 USD
CY2020Q2 us-gaap Inventory Net
InventoryNet
413600000 USD
CY2019Q3 us-gaap Inventory Net
InventoryNet
444900000 USD
CY2020Q2 holx Manufacturing Equipment And Software
ManufacturingEquipmentAndSoftware
425600000 USD
CY2019Q3 holx Manufacturing Equipment And Software
ManufacturingEquipmentAndSoftware
379200000 USD
CY2020Q2 holx Equipment Under Customer Usage Agreements
EquipmentUnderCustomerUsageAgreements
458200000 USD
CY2019Q3 holx Equipment Under Customer Usage Agreements
EquipmentUnderCustomerUsageAgreements
435500000 USD
CY2020Q2 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
164600000 USD
CY2019Q3 us-gaap Buildings And Improvements Gross
BuildingsAndImprovementsGross
196700000 USD
CY2020Q2 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
43700000 USD
CY2019Q3 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
61700000 USD
CY2020Q2 us-gaap Land
Land
40600000 USD
CY2019Q3 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
17500000 USD
CY2020Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1148600000 USD
CY2019Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1136900000 USD
CY2020Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
692400000 USD
CY2019Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
666000000.0 USD
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
456200000 USD
CY2019Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
470900000 USD
CY2019Q4 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
5 Segment
CY2019 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
5 Segment
CY2020Q2 us-gaap Revenues
Revenues
822900000 USD
CY2019Q2 us-gaap Revenues
Revenues
852400000 USD
us-gaap Revenues
Revenues
2429500000 USD
us-gaap Revenues
Revenues
2501400000 USD
CY2020Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
191000000.0 USD
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
145300000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
472200000 USD
holx Percentage Of Revenues
PercentageOfRevenues
1.000
CY2020Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3546200000 USD
CY2019Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
4786600000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-37300000 USD
CY2020Q2 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
93600000 USD
CY2019Q2 us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
113300000 USD
us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
281700000 USD
us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
349700000 USD
CY2020Q2 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
35000000.0 USD
CY2019Q2 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
25800000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
98000000.0 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
77700000 USD
CY2020Q2 us-gaap Assets
Assets
6803100000 USD
CY2019Q3 us-gaap Assets
Assets
6442100000 USD
CY2020Q2 holx Percentage Of Revenues
PercentageOfRevenues
1.000
CY2019Q2 holx Percentage Of Revenues
PercentageOfRevenues
1.000
holx Percentage Of Revenues
PercentageOfRevenues
1.000
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.190
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.603
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.178
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.407
CY2019Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
101600000 USD
CY2020Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
200300000 USD
CY2019Q1 holx Increaseindeferredtaxassetsresultingfromadoptionof Ascu201616
IncreaseindeferredtaxassetsresultingfromadoptionofASCU201616
2900000 USD
CY2019Q1 holx Deceaseinaccumulateddeficitresultingfromadoptionof Ascu201616
DeceaseinaccumulateddeficitresultingfromadoptionofASCU201616
2500000 USD
CY2019Q1 holx Deceasetoprepaidtaxesresultingfromadoptionof Ascu201616
DeceasetoprepaidtaxesresultingfromadoptionofASCU201616
400000 USD
CY2019Q2 holx Increasetoincometaxexpenseadoptionof Asu201616
IncreasetoincometaxexpenseadoptionofASU201616
29500000 USD
CY2019Q2 holx Decreaseindeferredtaxliabilitiesdueto Asc201616
DecreaseindeferredtaxliabilitiesduetoASC201616
48700000 USD
CY2019Q2 holx Increaseto Net Incomeresultedfromadoptionof Asu201616
IncreasetoNetIncomeresultedfromadoptionofASU201616
19200000 USD
CY2019Q2 holx Increaseto Earningsper Shareresultedfromadoptionof Asc201616
IncreasetoEarningsperShareresultedfromadoptionofASC201616
0.07
CY2020Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
4798700000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
8000000.0 USD
CY2019Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3326800000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
72800000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
270200000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
259900000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
162500000 USD
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
151400000 USD
CY2019Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
13900000 USD
us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
500000 USD
us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
-6100000 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
7200000 USD
CY2020Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
9100000 USD
CY2018Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
15900000 USD
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
10100000 USD
us-gaap Product Warranty Accrual Additions From Business Acquisition
ProductWarrantyAccrualAdditionsFromBusinessAcquisition
0 USD
us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
0 USD
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
11100000 USD
CY2019Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
14900000 USD
CY2019Q4 holx Treasury Stock Authorized
TreasuryStockAuthorized
500000000.0 USD
CY2019Q4 holx Treasury Stock Authorized
TreasuryStockAuthorized
500000000.0 USD
CY2020Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
362600000 USD
CY2020Q2 holx Asr Authorized
ASRAuthorized
205000000 USD
CY2019Q4 holx Asr Authorized
ASRAuthorized
205000000 USD
CY2019Q4 holx Asr Shares Repurchasedduringtheperiod
ASRSharesRepurchasedduringtheperiod
3300000 USD
CY2019Q4 holx Amountpaidduringtheperiodunder Asr Agreement
AmountpaidduringtheperiodunderASRAgreement
164000000.0 USD
CY2019Q4 holx Asr Authorized
ASRAuthorized
205000000 USD
CY2020Q1 holx Asr Shares Repurchasedduringtheperiod
ASRSharesRepurchasedduringtheperiod
600000 USD
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
New Accounting Pronouncements<div style="text-indent:22.5pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">See Note 1 for Recently Adopted Accounting Pronouncements.</span></div><div style="text-indent:22.5pt;"><span><br/></span></div><div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">        In June 2016, the FASB issued ASU No. 2016-13, </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Financial Instruments - Credit Losses (Topic 326)</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;"> and subsequently a number of improvements. The guidance requires that financial assets measured at amortized cost be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis. The income statement reflects the measurement of credit losses for newly recognized financial assets, as well as the expected credit losses during the period. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. The updated guidance is effective for annual periods beginning after December 15, 2019, and is applicable to the Company in fiscal 2021. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2016-13, as well as all codification improvements in ASU 2019-04, ASU 2019-10, ASU 2019-11 and ASU 2020-03, on its consolidated financial position and results of operations.</span></div><div style="text-indent:22.5pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">        </span></div><div style="text-indent:22.5pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">In November 2019, the FASB issued ASU No. 2019-08, </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Compensation - Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606)</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">. The guidance identifies, evaluates, and improves areas of GAAP for which cost and complexity can be reduced while maintaining or improving the usefulness of the information provided. The amendments in that Update expanded the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. For entities that have adopted the amendments in Update 2018-07, the updated guidance is effective for annual periods beginning after December 15, 2019, and is applicable to the Company in fiscal 2021. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2019-08 on its consolidated financial position and results of operations.</span></div><div style="text-indent:22.5pt;"><span><br/></span></div><div style="text-indent:22.5pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">In December 2019, the FASB issued ASU No. 2019-12, </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Income Taxes (Topic 740) Simplifying the Accounting for Income Taxes.</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;"> The Board is issuing this Update as part of its initiative to reduce complexity in accounting standards (the Simplification Initiative). For public business entities, the amendments in this Update are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company is currently evaluating the impact of the adoption of ASU 2019-12 on its consolidated financial position and results of operations.</span></div><div style="text-indent:22.5pt;"><span><br/></span></div><div style="text-indent:22.5pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">In January 2020, FASB issued ASU No. 2020-01, </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">. The Board is issuing this Update to clarify certain interactions between the guidance to account for certain equity securities under Topic 321, the guidance to account for </span></div>investments under the equity method of accounting in Topic 323, and the guidance in Topic 815. This update could change how an entity accounts for an equity security under the measurement alternative or a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with Topic 825, Financial Instruments. For entities that have adopted the amendments in Update 2020-01, the updated guidance is effective for annual periods beginning after December 15, 2020, and is applicable to the Company in fiscal 2022. Early adoption is permitted. The Company is currently evaluating the impact of the adoption of ASU 2020-01 on its consolidated financial position and results of operations.

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