2022 Q2 Form 10-Q Financial Statement

#000117351422000058 Filed on August 02, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2021 Q4 2021 Q2
Revenue $895.4M $829.7M $765.6M
YoY Change 16.95% 15.3% 16.99%
Cost Of Revenue $796.3M $766.2M $649.2M
YoY Change 22.66% 28.15% 17.86%
Gross Profit $99.10M $63.50M $116.4M
YoY Change -14.86% -47.82% 12.36%
Gross Profit Margin 11.07% 7.65% 15.2%
Selling, General & Admin $114.8M $104.9M $110.5M
YoY Change 3.89% -2.87% 16.44%
% of Gross Profit 115.84% 165.2% 94.93%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.00M $11.50M $11.60M
YoY Change -5.17% 3.6% 11.54%
% of Gross Profit 11.1% 18.11% 9.97%
Operating Expenses $114.8M $104.9M $110.5M
YoY Change 3.89% -2.87% 16.44%
Operating Profit -$15.70M -$41.40M $5.900M
YoY Change -366.1% -402.19% -32.18%
Interest Expense $6.100M -$1.500M $3.800M
YoY Change 60.53% -1600.0% 15.15%
% of Operating Profit 64.41%
Other Income/Expense, Net -$6.100M $1.500M -$6.000M
YoY Change 1.67% 150.0% -14.29%
Pretax Income -$21.80M -$107.0M -$100.0K
YoY Change 21700.0% -843.06% -105.88%
Income Tax -$3.100M $7.800M -$2.400M
% Of Pretax Income
Net Earnings -$19.40M -$103.3M $1.900M
YoY Change -1121.05% -888.55% -47.22%
Net Earnings / Revenue -2.17% -12.45% 0.25%
Basic Earnings Per Share -$1.15 $0.11
Diluted Earnings Per Share -$1.15 -$6.139M $0.11
COMMON SHARES
Basic Shares Outstanding 16.91M shares 16.82M shares
Diluted Shares Outstanding 16.91M shares 16.86M shares

Balance Sheet

Concept 2022 Q2 2021 Q4 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $75.60M $65.50M $87.50M
YoY Change -13.6% -56.74% 44.63%
Cash & Equivalents $75.60M $65.50M $87.50M
Short-Term Investments
Other Short-Term Assets $72.80M $46.10M $54.10M
YoY Change 34.57% -18.84% -6.08%
Inventory $790.2M $781.0M $678.0M
Prepaid Expenses
Receivables $531.2M $457.4M $470.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.470B $1.350B $1.290B
YoY Change 13.94% 19.5% 23.13%
LONG-TERM ASSETS
Property, Plant & Equipment $319.0M $330.5M $337.8M
YoY Change -5.57% -2.91% 6.06%
Goodwill $52.10M $56.50M $113.7M
YoY Change -54.18% -50.74% 7.67%
Intangibles $45.80M $50.70M $54.50M
YoY Change -15.96% -13.33% -4.05%
Long-Term Investments $55.50M $71.70M $66.90M
YoY Change -17.04% -10.6% -7.85%
Other Assets $105.5M $107.0M $96.90M
YoY Change 8.88% -4.12% -7.8%
Total Long-Term Assets $583.0M $620.1M $701.2M
YoY Change -16.86% -15.03% 2.04%
TOTAL ASSETS
Total Short-Term Assets $1.470B $1.350B $1.290B
Total Long-Term Assets $583.0M $620.1M $701.2M
Total Assets $2.053B $1.970B $1.991B
YoY Change 3.09% 5.95% 14.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $539.5M $517.0M $486.8M
YoY Change 10.83% 25.49% 43.56%
Accrued Expenses $50.50M $57.10M $58.70M
YoY Change -13.97% -10.36% 42.48%
Deferred Revenue
YoY Change
Short-Term Debt $167.6M $165.3M $2.100M
YoY Change 7880.95% 23514.29% -95.43%
Long-Term Debt Due $132.6M $91.50M $76.30M
YoY Change 73.79% 11.04% -2.8%
Total Short-Term Liabilities $1.329B $1.105B $863.1M
YoY Change 54.03% 46.13% 19.38%
LONG-TERM LIABILITIES
Long-Term Debt $280.4M $261.7M $267.3M
YoY Change 4.9% 26.98% 25.38%
Other Long-Term Liabilities $168.4M $168.5M $170.3M
YoY Change -1.12% -7.16% -4.75%
Total Long-Term Liabilities $168.4M $168.5M $170.3M
YoY Change -1.12% -56.53% -4.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.329B $1.105B $863.1M
Total Long-Term Liabilities $168.4M $168.5M $170.3M
Total Liabilities $1.829B $1.587B $1.361B
YoY Change 34.4% 31.35% 16.22%
SHAREHOLDERS EQUITY
Retained Earnings $193.3M $248.6M $440.0M
YoY Change -56.07% -43.91% 0.99%
Common Stock $291.2M $315.1M $315.5M
YoY Change -7.7% 0.8% 0.77%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00 $4.500M $5.200M
YoY Change -100.0% -25.0% -27.78%
Treasury Stock Shares 61.21K shares
Shareholders Equity $199.6M $357.1M $595.2M
YoY Change
Total Liabilities & Shareholders Equity $2.053B $1.970B $1.991B
YoY Change 3.09% 5.95% 14.77%

Cashflow Statement

Concept 2022 Q2 2021 Q4 2021 Q2
OPERATING ACTIVITIES
Net Income -$19.40M -$103.3M $1.900M
YoY Change -1121.05% -888.55% -47.22%
Depreciation, Depletion And Amortization $11.00M $11.50M $11.60M
YoY Change -5.17% 3.6% 11.54%
Cash From Operating Activities -$58.90M -$61.70M -$53.60M
YoY Change 9.89% -167.95% -259.05%
INVESTING ACTIVITIES
Capital Expenditures -$5.600M -$14.80M -$10.40M
YoY Change -46.15% 2.07% -15.45%
Acquisitions
YoY Change
Other Investing Activities -$8.000M $400.0K $1.700M
YoY Change -570.59% -33.33% -73.44%
Cash From Investing Activities -$13.60M -$14.40M -$8.700M
YoY Change 56.32% 3.6% 47.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 84.40M 78.90M 45.50M
YoY Change 85.49% -466.98% -343.32%
NET CHANGE
Cash From Operating Activities -58.90M -61.70M -53.60M
Cash From Investing Activities -13.60M -14.40M -8.700M
Cash From Financing Activities 84.40M 78.90M 45.50M
Net Change In Cash 11.90M 2.800M -16.80M
YoY Change -170.83% -94.95% -284.62%
FREE CASH FLOW
Cash From Operating Activities -$58.90M -$61.70M -$53.60M
Capital Expenditures -$5.600M -$14.80M -$10.40M
Free Cash Flow -$53.30M -$46.90M -$43.20M
YoY Change 23.38% -144.54% -193.91%

Facts In Submission

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us-gaap Use Of Estimates
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">These financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position of the Company as of June 30, 2022 and the results of its operations and changes in equity for the three and six months ended June 30, 2022 and 2021, and the results of its cash flows for the six months ended June 30, 2022 and 2021 have been included. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited condensed consolidated balance sheet at December 31, 2021 has been derived from the audited financial statements at that date but does not include all of the information or notes required by GAAP for complete financial statements.</span></div>
us-gaap Revenue Performance Obligation Description Of Timing
RevenuePerformanceObligationDescriptionOfTiming
Revenue is recognized when obligations under the terms of a contract with the customer are satisfied, which occurs when control of the trucks, parts, or services are transferred to the customer. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. The satisfaction of performance obligations under the terms of a revenue contract generally gives rise for the right to payment from the customer. The Company's standard payment terms vary by the type and location of the customer and the products or services offered. Generally, the time between when revenue is recognized and when payment is due is not significant. Given the insignificant days between revenue recognition and receipt of payment, financing components do not exist between the Company and its customers. Taxes collected from customers are excluded from revenue. The estimated costs of product warranties are recognized as expense when the products are sold. See Note 10 for further information on product warranties.
us-gaap Revenue Performance Obligation Satisfied At Point In Time Transfer Of Control
RevenuePerformanceObligationSatisfiedAtPointInTimeTransferOfControl
The majority of the Company's sales contracts contain performance obligations satisfied at a point in time when title and risks and rewards of ownership have transferred to the customer. Revenues for service contracts are recognized as the services are provided
us-gaap Revenue Information Used To Assess Variable Consideration Constraint
RevenueInformationUsedToAssessVariableConsiderationConstraint
The Company also records variable consideration in the form of estimated reductions to revenues for customer programs and incentive offerings, including special pricing agreements, promotions and other volume-based incentives. Lift truck sales revenue is recorded net of estimated discounts. The estimated discount amount is based upon historical experience and trend analysis for each lift truck model. In addition to standard discounts, dealers can also request additional discounts that allow them to offer price concessions to customers. From time to time, the Company offers special incentives to increase market share or dealer stock and offers certain customers volume rebates if a specified cumulative level of purchases is obtained.
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenues
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenues
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us-gaap Revenue Performance Obligation Description Of Returns And Other Similar Obligations
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When customers are given the right to return eligible parts and accessories, the Company estimates the expected returns based on an analysis of historical experience. The Company adjusts estimated revenues at the earlier of when the most likely amount of consideration expected to be received changes or when the consideration becomes fixed.
us-gaap Revenue Performance Obligation Satisfied Over Time Method Used Description
RevenuePerformanceObligationSatisfiedOverTimeMethodUsedDescription
The Company recognizes revenue for extended warranty and maintenance agreements based on the standalone selling price over the life of the contract, which reflects the costs to perform under these contracts and corresponds with, and thereby depicts, the transfer of control to the customer.
CY2021Q4 us-gaap Deferred Revenue
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us-gaap Deferred Revenue Revenue Recognized1
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us-gaap Revenues
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us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
15900000 usd
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
500000 usd
CY2022Q2 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
100000 usd
CY2021Q2 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-900000 usd
us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-200000 usd
us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
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CY2022Q2 hy Effective Income Tax Rate Reconciliation Discrete Adjustments Amount
EffectiveIncomeTaxRateReconciliationDiscreteAdjustmentsAmount
-4500000 usd
CY2021Q2 hy Effective Income Tax Rate Reconciliation Discrete Adjustments Amount
EffectiveIncomeTaxRateReconciliationDiscreteAdjustmentsAmount
-2100000 usd
hy Effective Income Tax Rate Reconciliation Discrete Adjustments Amount
EffectiveIncomeTaxRateReconciliationDiscreteAdjustmentsAmount
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hy Effective Income Tax Rate Reconciliation Discrete Adjustments Amount
EffectiveIncomeTaxRateReconciliationDiscreteAdjustmentsAmount
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CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3100000 usd
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2400000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-200000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.142
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.005
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2021Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
486400000 usd
us-gaap Discussion Of Objectives For Using Interest Rate Derivative Instruments
DiscussionOfObjectivesForUsingInterestRateDerivativeInstruments
The Company uses interest rate swap agreements to partially reduce risks related to floating rate financing agreements that are subject to changes in the market rate of interest. Terms of the interest rate swap agreements require the Company to receive a variable interest rate and pay a fixed interest rate. The Company's interest rate swap agreements and the associated variable rate financings are predominately based upon the one-month LIBOR. Changes in the fair value of interest rate swap agreements that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the unaudited condensed consolidated statements of operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in interest expense.
CY2022Q2 us-gaap Interest Rate Derivatives At Fair Value Net
InterestRateDerivativesAtFairValueNet
-9900000 usd
CY2021Q4 us-gaap Interest Rate Derivatives At Fair Value Net
InterestRateDerivativesAtFairValueNet
-3200000 usd
CY2022Q2 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
1700000 usd
CY2022Q2 us-gaap Derivative Instruments In Hedges Assets At Fair Value
DerivativeInstrumentsInHedgesAssetsAtFairValue
13700000 usd
CY2021Q4 us-gaap Derivative Instruments In Hedges Assets At Fair Value
DerivativeInstrumentsInHedgesAssetsAtFairValue
5600000 usd
CY2022Q2 us-gaap Derivative Instruments In Hedges Liabilities At Fair Value
DerivativeInstrumentsInHedgesLiabilitiesAtFairValue
78200000 usd
CY2021Q4 us-gaap Derivative Instruments In Hedges Liabilities At Fair Value
DerivativeInstrumentsInHedgesLiabilitiesAtFairValue
34400000 usd
CY2022Q2 us-gaap Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue
5200000 usd
CY2021Q4 us-gaap Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsAssetAtFairValue
1100000 usd
CY2022Q2 us-gaap Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsLiabilityAtFairValue
8400000 usd
CY2021Q4 us-gaap Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsLiabilityAtFairValue
2200000 usd
CY2022Q2 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
18900000 usd
CY2021Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
6700000 usd
CY2022Q2 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
86600000 usd
CY2021Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
36600000 usd
CY2022Q2 hy Derivative Asset Fair Value Gross Asset By Counterparty
DerivativeAssetFairValueGrossAssetByCounterparty
12300000 usd
CY2022Q2 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
2400000 usd
CY2022Q2 us-gaap Derivative Assets
DerivativeAssets
9900000 usd
CY2022Q2 us-gaap Derivative Assets
DerivativeAssets
9900000 usd
CY2022Q2 hy Derivative Liability Fair Value Gross Liability By Counterparty
DerivativeLiabilityFairValueGrossLiabilityByCounterparty
80000000.0 usd
CY2022Q2 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral
2400000 usd
CY2022Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
77600000 usd
CY2022Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
77600000 usd
CY2021Q4 hy Derivative Asset Fair Value Gross Asset By Counterparty
DerivativeAssetFairValueGrossAssetByCounterparty
0 usd
CY2021Q4 us-gaap Derivative Fair Value Of Derivative Asset Amount Offset Against Collateral
DerivativeFairValueOfDerivativeAssetAmountOffsetAgainstCollateral
0 usd
CY2021Q4 us-gaap Derivative Assets
DerivativeAssets
0 usd
CY2021Q4 us-gaap Derivative Assets
DerivativeAssets
0 usd
CY2021Q4 hy Derivative Liability Fair Value Gross Liability By Counterparty
DerivativeLiabilityFairValueGrossLiabilityByCounterparty
29900000 usd
CY2021Q4 us-gaap Derivative Fair Value Of Derivative Liability Amount Offset Against Collateral
DerivativeFairValueOfDerivativeLiabilityAmountOffsetAgainstCollateral
0 usd
CY2021Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
29900000 usd
CY2021Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
29900000 usd
CY2022Q2 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-8400000 usd
CY2021Q2 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
-18000000.0 usd
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-6200000 usd
CY2022Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
325900000 usd
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
321600000 usd
CY2022Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
37200000 usd
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
32900000 usd
CY2022Q2 us-gaap Inventory Raw Materials And Purchased Parts Net Of Reserves
InventoryRawMaterialsAndPurchasedPartsNetOfReserves
521600000 usd
CY2021Q4 us-gaap Inventory Raw Materials And Purchased Parts Net Of Reserves
InventoryRawMaterialsAndPurchasedPartsNetOfReserves
509900000 usd
CY2022Q2 us-gaap Fifo Inventory Amount
FIFOInventoryAmount
884700000 usd
CY2021Q4 us-gaap Fifo Inventory Amount
FIFOInventoryAmount
864400000 usd
CY2022Q2 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
94500000 usd
CY2021Q4 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
83400000 usd
CY2022Q2 us-gaap Inventory Net
InventoryNet
790200000 usd
CY2021Q4 us-gaap Inventory Net
InventoryNet
781000000.0 usd
us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
-1100000 usd
CY2022Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
61000000.0 usd
CY2022Q2 us-gaap Percentage Of Lifo Inventory
PercentageOfLIFOInventory
0.48
CY2021Q4 us-gaap Percentage Of Lifo Inventory
PercentageOfLIFOInventory
0.51
CY2021Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
64700000 usd
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
14500000 usd
us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
3300000 usd
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
13800000 usd
CY2022Q2 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
130700000 usd
CY2021Q4 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
106800000 usd
hy Guarantor Obligations Collateral
GuarantorObligationsCollateral
194100000 usd
hy Percentage Of Loan Losses Guaranteed
PercentageOfLoanLossesGuaranteed
0.075
CY2022Q2 hy Loan Losses Guaranteed
LoanLossesGuaranteed
10900000 usd
CY2022Q2 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
130700000 usd
hy Guarantor Obligations Related Party Disclosures
GuarantorObligationsRelatedPartyDisclosures
108200000 usd
CY2022Q2 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
130700000 usd
hy Guarantor Obligations Related Party Disclosures
GuarantorObligationsRelatedPartyDisclosures
108200000 usd
hy Guarantor Obligations Related Party Disclosures
GuarantorObligationsRelatedPartyDisclosures
108200000 usd
CY2022Q2 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
130700000 usd
CY2022Q2 hy Loan Losses Guaranteed
LoanLossesGuaranteed
10900000 usd
CY2022Q2 hy Loan Losses Guaranteed
LoanLossesGuaranteed
10900000 usd
hy Netguaranteeofoutstandingdebt
Netguaranteeofoutstandingdebt
120100000 usd
CY2022Q2 us-gaap Guarantees Fair Value Disclosure
GuaranteesFairValueDisclosure
328100000 usd
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
15600000 usd
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
5500000 usd
CY2022Q2 us-gaap Minority Interest Ownership Percentage By Parent
MinorityInterestOwnershipPercentageByParent
0.90
CY2022Q2 hy Purchase Of Noncontrolling Interest Percentage
PurchaseOfNoncontrollingInterestPercentage
0.15
hy Aggregate Payments To Acquire Additional Interest In Subsidiaries
AggregatePaymentsToAcquireAdditionalInterestInSubsidiaries
25200000 usd
us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
8400000 usd
hy Remaining Payments To Acquire Additional Interest In Subsidiaries
RemainingPaymentsToAcquireAdditionalInterestInSubsidiaries
16800000 usd
us-gaap Business Combination Contingent Consideration Arrangements Change In The Range Of Outcomes Contingent Consideration Liability Reasons
BusinessCombinationContingentConsiderationArrangementsChangeInTheRangeOfOutcomesContingentConsiderationLiabilityReasons
In addition, under the provisions of the ETA, HK Holding Co maintains a put option by which the Company could be required to exercise its purchase option. As one of the factors that could trigger the put option is outside of the Company’s control, the remaining 10% purchase option is considered contingently redeemable. Accordingly, the redeemable noncontrolling interest is not considered to be a component of stockholders’ equity and instead is reported as temporary equity in the accompanying unaudited condensed consolidated balance sheet. Because the occurrence of the event that would trigger the put option is not probable of occurring, the Company will continue to attribute the 10% portion of earnings and losses, as well as any dividends declared, to the noncontrolling interest after the closing date of the ETA. As of the closing date of the ETA, the Company recorded the estimated fair value of the purchase option of $16.8 million as redeemable noncontrolling interest.
us-gaap Net Income Loss
NetIncomeLoss
-44400000 usd
us-gaap Net Income Loss
NetIncomeLoss
7500000 usd

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