2022 Q4 Form 10-K Financial Statement

#000117351423000011 Filed on February 27, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 2021
Revenue $985.2M $3.548B $3.076B
YoY Change 18.74% 15.37% 9.37%
Cost Of Revenue $838.5M $3.114B $2.712B
YoY Change 9.44% 14.83% 15.58%
Gross Profit $146.7M $433.9M $363.4M
YoY Change 131.02% 19.4% -21.92%
Gross Profit Margin 14.89% 12.23% 11.82%
Selling, General & Admin $126.9M $473.0M $450.1M
YoY Change 20.97% 5.09% 8.33%
% of Gross Profit 86.5% 109.01% 123.86%
Research & Development $100.7M $108.3M
YoY Change -7.02% 7.76%
% of Gross Profit 23.21% 29.8%
Depreciation & Amortization $10.40M $43.40M $46.20M
YoY Change -9.57% -6.06% 7.69%
% of Gross Profit 7.09% 10.0% 12.71%
Operating Expenses $126.9M $473.0M $515.7M
YoY Change 20.97% -8.28% 24.12%
Operating Profit $19.80M -$39.10M -$152.3M
YoY Change -147.83% -74.33% -405.21%
Interest Expense -$8.200M $28.40M $15.50M
YoY Change 446.67% 83.23% 13.14%
% of Operating Profit -41.41%
Other Income/Expense, Net $1.500M -$23.30M -$2.600M
YoY Change 0.0% 796.15% -66.23%
Pretax Income $13.10M -$62.40M -$154.9M
YoY Change -112.24% -59.72% -467.06%
Income Tax $5.200M $9.200M $28.30M
% Of Pretax Income 39.69%
Net Earnings $7.600M -$74.10M -$173.0M
YoY Change -107.36% -57.17% -566.31%
Net Earnings / Revenue 0.77% -2.09% -5.62%
Basic Earnings Per Share -$4.38 -$10.29
Diluted Earnings Per Share $0.45 -$4.38 -$10.29
COMMON SHARES
Basic Shares Outstanding 16.90M shares 16.82M shares
Diluted Shares Outstanding 16.90M shares 16.82M shares

Balance Sheet

Concept 2022 Q4 2022 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $59.00M $59.00M $65.50M
YoY Change -9.92% -9.92% -56.74%
Cash & Equivalents $59.00M $59.00M $65.50M
Short-Term Investments
Other Short-Term Assets $76.60M $76.60M $46.10M
YoY Change 66.16% 66.16% -18.84%
Inventory $799.5M $799.5M $781.0M
Prepaid Expenses
Receivables $523.6M $523.6M $457.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.459B $1.459B $1.350B
YoY Change 8.05% 8.05% 19.5%
LONG-TERM ASSETS
Property, Plant & Equipment $310.0M $367.2M $399.3M
YoY Change -6.2% -8.04% -3.01%
Goodwill $51.30M
YoY Change -9.2%
Intangibles $42.70M
YoY Change -15.78%
Long-Term Investments $59.40M $59.40M $71.70M
YoY Change -17.15% -17.15% -10.6%
Other Assets $101.5M $46.90M $41.90M
YoY Change -5.14% 11.93% -35.24%
Total Long-Term Assets $567.5M $567.5M $620.1M
YoY Change -8.48% -8.48% -15.03%
TOTAL ASSETS
Total Short-Term Assets $1.459B $1.459B $1.350B
Total Long-Term Assets $567.5M $567.5M $620.1M
Total Assets $2.026B $2.026B $1.970B
YoY Change 2.85% 2.85% 5.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $585.8M $607.4M $541.4M
YoY Change 13.31% 12.19% 26.47%
Accrued Expenses $64.40M $78.80M $73.60M
YoY Change 12.78% 7.07% 15.54%
Deferred Revenue
YoY Change
Short-Term Debt $137.1M $137.1M $165.3M
YoY Change -17.06% -17.06% 23514.29%
Long-Term Debt Due $148.8M $148.8M $91.50M
YoY Change 62.62% 62.62% 11.04%
Total Short-Term Liabilities $1.343B $1.343B $1.105B
YoY Change 21.57% 21.57% 46.13%
LONG-TERM LIABILITIES
Long-Term Debt $267.0M $267.0M $261.7M
YoY Change 2.03% 2.03% 26.98%
Other Long-Term Liabilities $138.1M $177.8M $208.2M
YoY Change -18.04% -14.6% -10.06%
Total Long-Term Liabilities $138.1M $444.8M $469.9M
YoY Change -18.04% -5.34% 7.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.343B $1.343B $1.105B
Total Long-Term Liabilities $138.1M $444.8M $469.9M
Total Liabilities $1.801B $1.822B $1.613B
YoY Change 13.48% 12.94% 29.81%
SHAREHOLDERS EQUITY
Retained Earnings $152.7M
YoY Change -38.58%
Common Stock $297.7M
YoY Change -5.52%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change -100.0%
Treasury Stock Shares 0.000 shares
Shareholders Equity $204.4M $204.4M $357.1M
YoY Change
Total Liabilities & Shareholders Equity $2.026B $2.026B $1.970B
YoY Change 2.85% 2.85% 5.95%

Cashflow Statement

Concept 2022 Q4 2022 2021
OPERATING ACTIVITIES
Net Income $7.600M -$74.10M -$173.0M
YoY Change -107.36% -57.17% -566.31%
Depreciation, Depletion And Amortization $10.40M $43.40M $46.20M
YoY Change -9.57% -6.06% 7.69%
Cash From Operating Activities $6.300M $40.60M -$253.5M
YoY Change -110.21% -116.02% -251.89%
INVESTING ACTIVITIES
Capital Expenditures $9.100M $28.80M $44.30M
YoY Change -161.49% -34.99% -14.31%
Acquisitions $8.400M $0.00
YoY Change
Other Investing Activities $900.0K -$6.600M $19.80M
YoY Change 125.0% -133.33% 147.5%
Cash From Investing Activities -$8.200M -$35.40M -$24.50M
YoY Change -43.06% 44.49% -43.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $97.60M $62.00M
YoY Change 57.42% -25.93%
Cash From Financing Activities -9.000M -$10.90M $193.6M
YoY Change -111.41% -105.63% -576.85%
NET CHANGE
Cash From Operating Activities 6.300M $40.60M -$253.5M
Cash From Investing Activities -8.200M -$35.40M -$24.50M
Cash From Financing Activities -9.000M -$10.90M $193.6M
Net Change In Cash -10.90M -$6.500M -$85.90M
YoY Change -489.29% -92.43% -198.96%
FREE CASH FLOW
Cash From Operating Activities $6.300M $40.60M -$253.5M
Capital Expenditures $9.100M $28.80M $44.30M
Free Cash Flow -$2.800M $11.80M -$297.8M
YoY Change -94.03% -103.96% -358.51%

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CY2022 us-gaap Use Of Estimates
UseOfEstimates
<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates:</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">  The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and judgments. These estimates and judgments affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities (if any) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span>
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
10300000 usd
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
10400000 usd
CY2022 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
3100000 usd
CY2021 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
700000 usd
CY2022 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
500000 usd
CY2021 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
100000 usd
CY2022 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
1000000.0 usd
CY2021 us-gaap Allowance For Doubtful Accounts Receivable Recoveries
AllowanceForDoubtfulAccountsReceivableRecoveries
400000 usd
CY2022 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
-700000 usd
CY2021 us-gaap Allowance For Doubtful Accounts Receivable Period Increase Decrease
AllowanceForDoubtfulAccountsReceivablePeriodIncreaseDecrease
-300000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
11200000 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
10300000 usd
CY2022 us-gaap Advertising Expense
AdvertisingExpense
8600000 usd
CY2021 us-gaap Advertising Expense
AdvertisingExpense
9000000 usd
CY2020 us-gaap Advertising Expense
AdvertisingExpense
7600000 usd
CY2022 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
100700000 usd
CY2021 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
108300000 usd
CY2020 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
100500000 usd
CY2022 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 15 for further information on product warranties.
CY2022 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.
CY2022 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.
CY2022 us-gaap Revenues
Revenues
3548300000 usd
CY2021 us-gaap Revenues
Revenues
3075700000 usd
CY2020 us-gaap Revenues
Revenues
2812100000 usd
CY2022 us-gaap Revenue Performance Obligation Description Of Returns And Other Similar Obligations
RevenuePerformanceObligationDescriptionOfReturnsAndOtherSimilarObligations
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.
CY2022 hy Deferred Revenue Description606
DeferredRevenueDescription606
The Company defers revenue for transactions that have not met the criteria for recognition at the time payment is collected, including extended warranties and maintenance contracts. In addition, for certain products, services and customer types, the Company collects payment prior to the transfer of control to the customer. The increase in customer deposits and billings relates mainly to down payments on customer orders.
CY2021Q4 us-gaap Deferred Revenue
DeferredRevenue
76200000 usd
CY2020Q4 us-gaap Deferred Revenue
DeferredRevenue
70500000 usd
CY2022 us-gaap Deferred Revenue Additions
DeferredRevenueAdditions
158500000 usd
CY2021 us-gaap Deferred Revenue Additions
DeferredRevenueAdditions
38000000.0 usd
CY2022 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
80900000 usd
CY2021 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
32000000.0 usd
CY2022 us-gaap Deferred Revenue Period Increase Decrease
DeferredRevenuePeriodIncreaseDecrease
0 usd
CY2021 us-gaap Deferred Revenue Period Increase Decrease
DeferredRevenuePeriodIncreaseDecrease
-300000 usd
CY2022Q4 us-gaap Deferred Revenue
DeferredRevenue
153800000 usd
CY2021Q4 us-gaap Deferred Revenue
DeferredRevenue
76200000 usd
CY2022 us-gaap Revenues
Revenues
3548300000 usd
CY2021 us-gaap Revenues
Revenues
3075700000 usd
CY2020 us-gaap Revenues
Revenues
2812100000 usd
CY2022 us-gaap Operating Income Loss
OperatingIncomeLoss
-39100000 usd
CY2021 us-gaap Operating Income Loss
OperatingIncomeLoss
-152300000 usd
CY2020 us-gaap Operating Income Loss
OperatingIncomeLoss
49900000 usd
CY2022Q4 us-gaap Assets
Assets
2026200000 usd
CY2021Q4 us-gaap Assets
Assets
1970100000 usd
CY2020Q4 us-gaap Assets
Assets
1859500000 usd
CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
43400000 usd
CY2021 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
46200000 usd
CY2020 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
42900000 usd
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
28800000 usd
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
44300000 usd
CY2020 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
51700000 usd
CY2022 us-gaap Entity Wide Disclosure On Geographic Areas Description Of Revenue From External Customers
EntityWideDisclosureOnGeographicAreasDescriptionOfRevenueFromExternalCustomers
No single country outside of the United States comprised 10% or more of revenues from unaffiliated customers. The “Other” category below includes Canada, Mexico, South America and the Asia and Pacific regions.
CY2022 us-gaap Segment Reporting Disclosure Of Major Customers
SegmentReportingDisclosureOfMajorCustomers
In addition, no single customer comprised 10% or more of revenues from unaffiliated customers.
CY2022 us-gaap Revenues
Revenues
3548300000 usd
CY2022Q4 us-gaap Noncurrent Assets
NoncurrentAssets
369400000 usd
CY2021 us-gaap Revenues
Revenues
3075700000 usd
CY2021Q4 us-gaap Noncurrent Assets
NoncurrentAssets
402200000 usd
CY2020 us-gaap Revenues
Revenues
2812100000 usd
CY2020Q4 us-gaap Noncurrent Assets
NoncurrentAssets
420600000 usd
CY2022Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
0 shares
CY2021Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
61207 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16901000 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16818000 shares
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16775000 shares
CY2022 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2021 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2020 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
24000.000 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16901000 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16818000 shares
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16799000 shares
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-4.38
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-10.29
CY2020 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.21
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-4.38
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-10.29
CY2020 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.21
CY2022 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.2900
CY2021 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.2850
CY2020 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
1.2700
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
223000 shares
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
74000.000 shares
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-40100000 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-147900000 usd
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
-600000 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-22300000 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
-7000000.0 usd
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
42800000 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-62400000 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-154900000 usd
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
42200000 usd
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
600000 usd
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
-1200000 usd
CY2020 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
400000 usd
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
500000 usd
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
1100000 usd
CY2020 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
800000 usd
CY2022 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
8200000 usd
CY2021 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
8600000 usd
CY2020 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
5000000.0 usd
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
9300000 usd
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
8500000 usd
CY2020 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
6200000 usd
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
1900000 usd
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
14100000 usd
CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-2600000 usd
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
300000 usd
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
3800000 usd
CY2020 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-600000 usd
CY2022 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
-2300000 usd
CY2021 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
1900000 usd
CY2020 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
700000 usd
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-100000 usd
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
19800000 usd
CY2020 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-2500000 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9200000 usd
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
28300000 usd
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3700000 usd
CY2022 us-gaap Income Taxes Paid
IncomeTaxesPaid
13100000 usd
CY2021 us-gaap Income Taxes Paid
IncomeTaxesPaid
11700000 usd
CY2020 us-gaap Income Taxes Paid
IncomeTaxesPaid
15300000 usd
CY2022 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
2300000 usd
CY2021 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
300000 usd
CY2020 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
200000 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-62400000 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-154900000 usd
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
42200000 usd
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-13100000 usd
CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-32500000 usd
CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
8900000 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
27500000 usd
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
58600000 usd
CY2020 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
2900000 usd
CY2022 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
5400000 usd
CY2021 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
10000000.0 usd
CY2020 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-300000 usd
CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
1400000 usd
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
400000 usd
CY2020 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
0 usd
CY2022 hy Effective Income Tax Rate Reconciliation Beat
EffectiveIncomeTaxRateReconciliationBEAT
-1400000 usd
CY2021 hy Effective Income Tax Rate Reconciliation Beat
EffectiveIncomeTaxRateReconciliationBEAT
-800000 usd
CY2020 hy Effective Income Tax Rate Reconciliation Beat
EffectiveIncomeTaxRateReconciliationBEAT
-400000 usd
CY2022 hy Effective Income Tax Rate Reconciliation Unremitted Foreign Earnings Amount
EffectiveIncomeTaxRateReconciliationUnremittedForeignEarningsAmount
-100000 usd
CY2021 hy Effective Income Tax Rate Reconciliation Unremitted Foreign Earnings Amount
EffectiveIncomeTaxRateReconciliationUnremittedForeignEarningsAmount
-1200000 usd
CY2020 hy Effective Income Tax Rate Reconciliation Unremitted Foreign Earnings Amount
EffectiveIncomeTaxRateReconciliationUnremittedForeignEarningsAmount
700000 usd
CY2022 us-gaap Income Tax Reconciliation Tax Settlements
IncomeTaxReconciliationTaxSettlements
-4700000 usd
CY2021 us-gaap Income Tax Reconciliation Tax Settlements
IncomeTaxReconciliationTaxSettlements
-4500000 usd
CY2020 us-gaap Income Tax Reconciliation Tax Settlements
IncomeTaxReconciliationTaxSettlements
-5800000 usd
CY2022 hy Effective Income Tax Rate Reconciliation Gilti
EffectiveIncomeTaxRateReconciliationGILTI
-4600000 usd
CY2021 hy Effective Income Tax Rate Reconciliation Gilti
EffectiveIncomeTaxRateReconciliationGILTI
5000000.0 usd
CY2020 hy Effective Income Tax Rate Reconciliation Gilti
EffectiveIncomeTaxRateReconciliationGILTI
1800000 usd
CY2022 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
1400000 usd
CY2021 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
2600000 usd
CY2020 us-gaap Income Tax Reconciliation Tax Credits
IncomeTaxReconciliationTaxCredits
2600000 usd
CY2022 us-gaap Income Tax Reconciliation Equity In Earnings Losses Of Unconsolidated Subsidiary
IncomeTaxReconciliationEquityInEarningsLossesOfUnconsolidatedSubsidiary
-1400000 usd
CY2021 us-gaap Income Tax Reconciliation Equity In Earnings Losses Of Unconsolidated Subsidiary
IncomeTaxReconciliationEquityInEarningsLossesOfUnconsolidatedSubsidiary
-1800000 usd
CY2020 us-gaap Income Tax Reconciliation Equity In Earnings Losses Of Unconsolidated Subsidiary
IncomeTaxReconciliationEquityInEarningsLossesOfUnconsolidatedSubsidiary
-1000000.0 usd
CY2022 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-1300000 usd
CY2021 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-5300000 usd
CY2020 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
100000 usd
CY2022 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-100000 usd
CY2021 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
600000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Self Insurance
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsSelfInsurance
6700000 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Self Insurance
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsSelfInsurance
6700000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeBenefits
6500000 usd
CY2020 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
800000 usd
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
9200000 usd
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
28300000 usd
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3700000 usd
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.147
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.183
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.088
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
62500000 usd
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
53700000 usd
CY2022Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
32500000 usd
CY2021Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
7800000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
17300000 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
19900000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Warranty Reserves
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsWarrantyReserves
9700000 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Warranty Reserves
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsWarrantyReserves
12100000 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeBenefits
6100000 usd
CY2022Q4 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
1800000 usd
CY2021Q4 us-gaap Deferred Tax Assets Inventory
DeferredTaxAssetsInventory
5100000 usd
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
2200000 usd
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
2300000 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
139200000 usd
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
113700000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
121700000 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
94400000 usd
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
17500000 usd
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
19300000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
23800000 usd
CY2021Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
25400000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Undistributed Foreign Earnings
DeferredTaxLiabilitiesUndistributedForeignEarnings
2300000 usd
CY2021Q4 us-gaap Deferred Tax Liabilities Undistributed Foreign Earnings
DeferredTaxLiabilitiesUndistributedForeignEarnings
1200000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Deferred Expense Reserves And Accruals
DeferredTaxLiabilitiesDeferredExpenseReservesAndAccruals
2200000 usd
CY2021Q4 us-gaap Deferred Income Tax Liabilities
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CY2021Q4 us-gaap Deferred Tax Liabilities Deferred Expense Reserves And Accruals
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CY2022Q4 us-gaap Deferred Income Tax Liabilities
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CY2022Q4 us-gaap Deferred Tax Liabilities
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CY2021Q4 us-gaap Deferred Tax Liabilities
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CY2022Q4 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
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CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
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CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
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CY2021Q4 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
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2700000 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
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CY2021Q4 us-gaap Tax Credit Carryforward Valuation Allowance
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CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2022 hy Valuation Allowance Deferred Tax Asset Change In Amount Tax Expense
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CY2021 hy Valuation Allowance Deferred Tax Asset Change In Amount Tax Expense
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CY2021 hy Valuation Allowance Deferred Tax Asset Change In Amount Oci
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CY2022Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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CY2021Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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CY2020Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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CY2021Q4 us-gaap Unrecognized Tax Benefits
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CY2019Q4 us-gaap Unrecognized Tax Benefits
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CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
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CY2022 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
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3100000 usd
CY2021 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
4300000 usd
CY2020 us-gaap Unrecognized Tax Benefits Decreases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsDecreasesResultingFromSettlementsWithTaxingAuthorities
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CY2022 us-gaap Unrecognized Tax Benefits Decreases Resulting From Foreign Currency Translation
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CY2021 us-gaap Unrecognized Tax Benefits Decreases Resulting From Foreign Currency Translation
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CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Foreign Currency Translation
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CY2022Q4 us-gaap Unrecognized Tax Benefits
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CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
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CY2020Q4 us-gaap Unrecognized Tax Benefits
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CY2021 hy Interestand Penaltiesfor Unrecognized Tax Benefits Period Increase Decrease
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CY2020 hy Interestand Penaltiesfor Unrecognized Tax Benefits Period Increase Decrease
InterestandPenaltiesforUnrecognizedTaxBenefitsPeriodIncreaseDecrease
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CY2022 hy Interestand Penaltiesfor Unrecognized Tax Benefits Increase Decrease Resultingfrom Foreign Currency
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300000 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
2300000 usd
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
4800000 usd
CY2020Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
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CY2022Q4 us-gaap Long Term Debt
LongTermDebt
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CY2022Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
501100000 usd
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
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CY2021Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
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CY2022 us-gaap Discussion Of Objectives For Using Foreign Currency Derivative Instruments
DiscussionOfObjectivesForUsingForeignCurrencyDerivativeInstruments
The Company uses forward foreign currency exchange contracts to partially reduce risks related to transactions denominated in foreign currencies. These contracts hedge firm commitments and forecasted transactions relating to cash flows associated with sales and purchases denominated in non-functional currencies. The Company offsets fair value amounts related to foreign currency exchange contracts executed with the same counterparty. Changes in the fair value of forward foreign currency exchange contracts that are effective as hedges are recorded in OCI. Deferred gains or losses are reclassified from OCI to the Consolidated Statements of Operations in the same period as the gains or losses from the underlying transactions are recorded and are generally recognized in cost of sales.
CY2022 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
CY2022Q4 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
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5800000 usd
CY2022Q4 us-gaap Derivative Instruments In Hedges Assets At Fair Value
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CY2021Q4 us-gaap Derivative Instruments In Hedges Assets At Fair Value
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CY2022Q4 us-gaap Derivative Instruments In Hedges Liabilities At Fair Value
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CY2021Q4 us-gaap Derivative Instruments In Hedges Liabilities At Fair Value
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CY2022Q4 us-gaap Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value
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CY2021Q4 us-gaap Derivative Instruments Not Designated As Hedging Instruments Asset At Fair Value
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CY2022Q4 us-gaap Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value
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CY2021Q4 us-gaap Derivative Instruments Not Designated As Hedging Instruments Liability At Fair Value
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CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset
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CY2021Q4 us-gaap Derivative Fair Value Of Derivative Asset
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6700000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Liability
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CY2021Q4 us-gaap Derivative Fair Value Of Derivative Liability
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CY2021 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
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CY2021Q4 us-gaap Defined Benefit Plan Amounts Recognized In Balance Sheet
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CY2022 us-gaap Defined Contribution Plan Cost Recognized
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CY2021 us-gaap Defined Contribution Plan Cost Recognized
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CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2022Q4 us-gaap Inventory Raw Materials And Purchased Parts Net Of Reserves
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522100000 usd
CY2021Q4 us-gaap Inventory Raw Materials And Purchased Parts Net Of Reserves
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CY2022Q4 us-gaap Fifo Inventory Amount
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CY2021Q4 us-gaap Fifo Inventory Amount
FIFOInventoryAmount
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CY2022Q4 us-gaap Inventory Lifo Reserve
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CY2021Q4 us-gaap Inventory Lifo Reserve
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CY2022Q4 us-gaap Inventory Net
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CY2021Q4 us-gaap Inventory Net
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CY2022 us-gaap Property Plant And Equipment Depreciation Methods
PropertyPlantAndEquipmentDepreciationMethods
Buildings are generally depreciated using a 20, 40 or 50-year life, improvements to land and buildings are depreciated over estimated useful lives ranging up to 40 years and equipment is depreciated over estimated useful lives ranging from three to 15 years.
CY2022Q4 us-gaap Land And Land Improvements
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32200000 usd
CY2021Q4 us-gaap Land And Land Improvements
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33500000 usd
CY2022Q4 us-gaap Machinery And Equipment Gross
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858000000.0 usd
CY2021Q4 us-gaap Machinery And Equipment Gross
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CY2022Q4 us-gaap Property Plant And Equipment Gross
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CY2021Q4 us-gaap Property Plant And Equipment Gross
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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580200000 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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559700000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
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310000000.0 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
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330500000 usd
CY2022 us-gaap Depreciation
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CY2021 us-gaap Depreciation
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CY2020 us-gaap Depreciation
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CY2020Q4 us-gaap Goodwill
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CY2021 us-gaap Goodwill Impairment Loss
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CY2021 us-gaap Goodwill Foreign Currency Translation Gain Loss
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CY2021Q4 us-gaap Goodwill
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CY2022 us-gaap Goodwill Other Increase Decrease
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CY2022 us-gaap Goodwill Foreign Currency Translation Gain Loss
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CY2022Q4 us-gaap Goodwill
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CY2022 us-gaap Finitelived Intangible Assets Acquired1
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CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
34900000 usd
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42700000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
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FiniteLivedIntangibleAssetsAccumulatedAmortization
33100000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
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CY2022 us-gaap Amortization Of Intangible Assets
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CY2021 us-gaap Amortization Of Intangible Assets
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CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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3900000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
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CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
3900000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
3200000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
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CY2022Q4 us-gaap Line Of Credit
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137100000 usd
CY2021Q4 us-gaap Line Of Credit
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CY2022Q4 us-gaap Secured Debt
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217500000 usd
CY2021Q4 us-gaap Secured Debt
SecuredDebt
218600000 usd
CY2022Q4 us-gaap Unsecured Debt
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168700000 usd
CY2021Q4 us-gaap Unsecured Debt
UnsecuredDebt
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CY2022Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
29600000 usd
CY2021Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
28200000 usd
CY2022Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
552900000 usd
CY2021Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
518500000 usd
CY2021Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
5300000 usd
CY2022Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
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CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
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CY2022Q4 us-gaap Debt Current
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CY2021Q4 us-gaap Debt Current
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256800000 usd
CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
267000000.0 usd
CY2021Q4 us-gaap Long Term Debt And Capital Lease Obligations
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CY2022Q4 us-gaap Line Of Credit Facility Current Borrowing Capacity
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320000000.0 usd
CY2021Q4 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
330400000 usd
CY2022Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
182900000 usd
CY2021Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
165100000 usd
CY2022Q4 hy Weighted Average Effective Interest Rate On Total Borrowings Including Interest Rate Swap Agreements
WeightedAverageEffectiveInterestRateOnTotalBorrowingsIncludingInterestRateSwapAgreements
0.059
CY2021Q4 hy Weighted Average Effective Interest Rate On Total Borrowings Including Interest Rate Swap Agreements
WeightedAverageEffectiveInterestRateOnTotalBorrowingsIncludingInterestRateSwapAgreements
0.036
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
273900000 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
19200000 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
13100000 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
8600000 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
2200000 usd
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
210400000 usd
CY2022Q4 hy Totalprinciplepaymentsofdebtexcludingfinanceleases
Totalprinciplepaymentsofdebtexcludingfinanceleases
527400000 usd
CY2022 us-gaap Interest Paid
InterestPaid
26600000 usd
CY2021 us-gaap Interest Paid
InterestPaid
14500000 usd
CY2020 us-gaap Interest Paid
InterestPaid
13000000 usd
CY2022 us-gaap Line Of Credit Facility Borrowing Capacity Description
LineOfCreditFacilityBorrowingCapacityDescription
The Facility can be increased up to $400.0 million over the term of the Facility in minimum increments of $10.0 million, subject to approval by the lenders. The obligations under the Facility are generally secured by a first priority lien on working capital assets of the borrowers and guarantors in the Facility, which includes but is not limited to cash and cash equivalents, accounts receivable and inventory, and a second priority lien on the present and future shares of capital stock, fixtures and general intangibles consisting of intellectual property.
CY2021 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
7600000 usd
CY2022Q4 us-gaap Other Borrowings
OtherBorrowings
171200000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
57200000 usd
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
68800000 usd
CY2022Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
37000000.0 usd
CY2021Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
28200000 usd
CY2022Q4 hy Total Rightof Use Asset
TotalRightofUseAsset
94200000 usd
CY2021Q4 hy Total Rightof Use Asset
TotalRightofUseAsset
97000000.0 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
14400000 usd
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
16500000 usd
CY2022Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
12800000 usd
CY2021Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
10200000 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
45900000 usd
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
56300000 usd
CY2022Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
16800000 usd
CY2021Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
18000000.0 usd
CY2022Q4 hy Total Lease Liability
TotalLeaseLiability
89900000 usd
CY2021Q4 hy Total Lease Liability
TotalLeaseLiability
101000000.0 usd
CY2022Q4 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
22100000 usd
CY2021Q4 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
17600000 usd
CY2022 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
12100000 usd
CY2021 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
12400000 usd
CY2020 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
17000000 usd
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0494
CY2022Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0124
CY2022 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
6800000 usd
CY2021 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
7300000 usd
CY2022 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
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CY2021 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
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CY2022 us-gaap Sublease Income
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8700000 usd
CY2021 us-gaap Sublease Income
SubleaseIncome
9400000 usd
CY2022 us-gaap Lease Cost
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27700000 usd
CY2021 us-gaap Lease Cost
LeaseCost
27600000 usd
CY2022Q4 us-gaap Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals
OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals
28400000 usd
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
22800000 usd
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
23900000 usd
CY2022 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
600000 usd
CY2021 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
700000 usd
CY2022 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
7000000.0 usd
CY2021 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
7600000 usd
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
22300000 usd
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
21800000 usd
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
8400000 usd
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
9800000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
16200000 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
13400000 usd
CY2022Q4 hy Lease Liability Payments Duein Next Twelve Months
LeaseLiabilityPaymentsDueinNextTwelveMonths
29600000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
12300000 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
10200000 usd
CY2022Q4 hy Lease Liability Payments Due Year Two
LeaseLiabilityPaymentsDueYearTwo
22500000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
8900000 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
4900000 usd
CY2022Q4 hy Lease Liability Payments Due Year Three
LeaseLiabilityPaymentsDueYearThree
13800000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
7000000.0 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
800000 usd
CY2022Q4 hy Lease Liability Payments Due Year Four
LeaseLiabilityPaymentsDueYearFour
7800000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
6100000 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
700000 usd
CY2022Q4 hy Lease Liability Payments Due Year Five
LeaseLiabilityPaymentsDueYearFive
6800000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
19900000 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due After Year Five
FinanceLeaseLiabilityPaymentsDueAfterYearFive
0 usd
CY2022Q4 hy Lease Liability Payments Dueafter Year Five
LeaseLiabilityPaymentsDueafterYearFive
19900000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
70400000 usd
CY2022Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
30000000.0 usd
CY2022Q4 hy Lease Liability Payments Due
LeaseLiabilityPaymentsDue
100400000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
10100000 usd
CY2022Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
400000 usd
CY2022Q4 hy Lease Liability Undiscounted Excess Amount
LeaseLiabilityUndiscountedExcessAmount
10500000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
60300000 usd
CY2022Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
29600000 usd
CY2022Q4 hy Total Lease Liability
TotalLeaseLiability
89900000 usd
CY2022 us-gaap Standard Product Warranty Description
StandardProductWarrantyDescription
six to twelve months or 1,000 to 2,000 hours
CY2022 us-gaap Extended Product Warranty Description
ExtendedProductWarrantyDescription
two to five years or up to 2,400 to 10,000 hours
CY2021Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
64700000 usd
CY2020Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
64700000 usd
CY2022 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
28700000 usd
CY2021 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
26000000.0 usd
CY2022 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
-6100000 usd
CY2021 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
2700000 usd
CY2022 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
29700000 usd
CY2021 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
27600000 usd
CY2022 us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
900000 usd
CY2021 us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
1100000 usd
CY2022Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
56700000 usd
CY2021Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
64700000 usd
CY2022 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
Contingencies<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Various legal and regulatory proceedings and claims have been or may be asserted against the Company relating to the conduct of its businesses, including product liability, environmental and other claims. These proceedings and claims are incidental to the ordinary course of business. Management believes that it has meritorious defenses and will vigorously defend the Company in these actions. Any costs that management estimates will be paid as a result of these claims are accrued when the liability is considered probable and the amount can be reasonably estimated. Although the ultimate disposition of these proceedings is not presently determinable, management believes, after consultation with its legal counsel, that the likelihood is remote that costs will be incurred materially in excess of accruals already recognized.</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:112%">The Company previously filed lawsuits in Brazil to recover certain social integration and social contribution taxes paid on gross sales, including the ICMS, which is a form of state value added tax. During the course of the lawsuit, many other taxpayers filed lawsuits with the same objective. Due to the increasing number of lawsuits filed, the Federal Supreme Court ("STF") declared that all ongoing legal cases should have their decision suspended until the STF decides on the matter, a decision that was expected to apply to all cases on this topic. </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:112%">In 2019, the Company's legal advisors in Brazil notified the Company that they received judicial notification that the STF had issued a favorable decision in the case granting the Company the right to recover, by offsetting federal tax liabilities, amounts of overpayments collected by the government from 1999 to the present date. The judicial court decision was final and not subject to appeals. The estimate of the refund calculated on a gross basis was approximately 110 million Brazilian reais. </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:112%">Despite the favorable decision of the STF, the Brazilian tax authorities sought clarification in the same main lawsuit on certain issues, including the value of these credits (i.e., the gross rate or the net credit value), and certain other issues that could have affected the Brazilian taxpayers' rights with respect to these credits, all of which could have materially impacted the realization of the credits. During 2021, the STF ruled in favor of taxpayers that the refund should be calculated on a gross basis.</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 amount and ultimate timing of realization of these recoveries was dependent upon administrative approvals, generation of federal tax liabilities in Brazil eligible for offset and potential impacts of future legislative actions within Brazil, all of which were uncertain. During 2021, the Company sold these credits at a discount and recorded approximately $8.5 million of income related to these credits in “Cost of Sales” in the Consolidated Statements of Operations.</span></div>
CY2022 us-gaap Gain Contingency Description
GainContingencyDescription
The estimate of the refund calculated on a gross basis was approximately 110 million Brazilian reais.
CY2021 hy Former Gain Contingency Recognized
FormerGainContingencyRecognized
8500000 usd
CY2022Q4 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
133200000 usd
CY2021Q4 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
106800000 usd
CY2022 hy Guarantor Obligations Collateral
GuarantorObligationsCollateral
192200000 usd
CY2022 hy Percentage Of Loan Losses Guaranteed
PercentageOfLoanLossesGuaranteed
0.075
CY2022Q4 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
133200000 usd
CY2022Q4 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
133200000 usd
CY2022Q4 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
133200000 usd
CY2022 hy Netguaranteeofoutstandingdebt
Netguaranteeofoutstandingdebt
115400000 usd
CY2022Q4 us-gaap Guarantees Fair Value Disclosure
GuaranteesFairValueDisclosure
330800000 usd
CY2022Q4 us-gaap Notes Payable Current
NotesPayableCurrent
14300000 usd
CY2022Q4 hy Purchase Of Noncontrolling Interest Percentage
PurchaseOfNoncontrollingInterestPercentage
0.15
CY2022 hy Aggregate Payments To Acquire Additional Interest In Subsidiaries
AggregatePaymentsToAcquireAdditionalInterestInSubsidiaries
25200000 usd
CY2022 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
15600000 usd
CY2021 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
5500000 usd
CY2020 us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
7300000 usd
CY2021 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
15700000 usd
CY2021 us-gaap Gain On Sale Of Investments
GainOnSaleOfInvestments
4600000 usd
CY2020 us-gaap Investment Income Nonoperating
InvestmentIncomeNonoperating
1300000 usd
CY2022Q4 us-gaap Equity Securities Fvni Noncurrent
EquitySecuritiesFVNINoncurrent
500000 usd
CY2021Q4 us-gaap Equity Securities Fvni Noncurrent
EquitySecuritiesFVNINoncurrent
1700000 usd
CY2022 us-gaap Gain Loss On Investments
GainLossOnInvestments
-1000000.0 usd
CY2021 us-gaap Gain Loss On Investments
GainLossOnInvestments
-200000 usd
CY2020 us-gaap Gain Loss On Investments
GainLossOnInvestments
-500000 usd
CY2022 us-gaap Payments To Acquire Additional Interest In Subsidiaries
PaymentsToAcquireAdditionalInterestInSubsidiaries
8400000 usd
CY2022 hy Remaining Payments To Acquire Additional Interest In Subsidiaries
RemainingPaymentsToAcquireAdditionalInterestInSubsidiaries
16800000 usd
CY2022 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 Consolidated Balance Sheets. 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 $13.4 million as redeemable noncontrolling interest.

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