2018 Q4 Form 10-K Financial Statement

#000159842819000018 Filed on February 20, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q1 2018
Revenue $406.4M $380.8M $1.611B
YoY Change 19.04% 23.08% 21.17%
Cost Of Revenue $357.6M $359.7M $1.484B
YoY Change 7.42% 23.02% 18.82%
Gross Profit $37.30M $22.40M $126.6M
YoY Change 338.82% 31.76% 57.66%
Gross Profit Margin 9.18% 5.88% 7.86%
Selling, General & Admin $24.60M $24.70M $98.20M
YoY Change 7.89% 7.86% 8.51%
% of Gross Profit 65.95% 110.27% 77.57%
Research & Development $8.100M
YoY Change 1.25%
% of Gross Profit 6.4%
Depreciation & Amortization $18.00M $18.50M $73.00M
YoY Change -2.7% -2.12% -2.54%
% of Gross Profit 48.26% 82.59% 57.66%
Operating Expenses $24.60M $24.70M $106.3M
YoY Change 7.89% 7.86% 7.92%
Operating Profit $12.70M -$3.600M $5.800M
YoY Change -188.81% -38.98% -124.79%
Interest Expense -$4.200M $4.600M $17.10M
YoY Change 10.53% 27.78% 15.54%
% of Operating Profit -33.07% 294.83%
Other Income/Expense, Net -$37.30M $6.400M -$18.60M
YoY Change 152.03% 42.22% 353.66%
Pretax Income -$17.30M -$1.800M -$8.200M
YoY Change -48.51% -64.0% -77.84%
Income Tax $600.0K $100.0K $1.800M
% Of Pretax Income
Net Earnings -$29.40M -$600.0K -$10.00M
YoY Change -13.27% -88.68% -68.05%
Net Earnings / Revenue -7.23% -0.16% -0.62%
Basic Earnings Per Share -$0.66 -$0.01 -$0.22
Diluted Earnings Per Share -$0.66 -$0.01 -$0.22
COMMON SHARES
Basic Shares Outstanding 44.58M shares 44.50M shares 44.60M
Diluted Shares Outstanding 44.50M shares 44.60M

Balance Sheet

Concept 2018 Q4 2018 Q1 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.60M $35.40M $21.60M
YoY Change -11.84% 71.84% -11.84%
Cash & Equivalents $21.60M $35.40M $21.60M
Short-Term Investments
Other Short-Term Assets $6.100M $7.600M $9.600M
YoY Change -23.75% 0.0% -19.33%
Inventory $374.5M $220.7M $374.5M
Prepaid Expenses
Receivables $163.4M $181.1M $163.4M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $569.1M $480.4M $569.1M
YoY Change 38.74% 29.8% 38.74%
LONG-TERM ASSETS
Property, Plant & Equipment $674.4M $691.9M $674.4M
YoY Change -4.57% -4.87% -4.57%
Goodwill
YoY Change
Intangibles $17.80M $18.80M
YoY Change -10.55% -20.34%
Long-Term Investments
YoY Change
Other Assets $3.500M $5.900M $14.00M
YoY Change -32.69% -3.28% -29.29%
Total Long-Term Assets $31.80M $42.10M $706.2M
YoY Change -19.9% 10.5% -5.39%
TOTAL ASSETS
Total Short-Term Assets $569.1M $480.4M $569.1M
Total Long-Term Assets $31.80M $42.10M $706.2M
Total Assets $1.275B $1.214B $1.275B
YoY Change 10.26% 6.95% 10.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $160.6M $171.0M $160.6M
YoY Change 18.7% 35.28% 18.7%
Accrued Expenses $39.80M $40.60M $39.80M
YoY Change -9.34% 38.1% -9.34%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $220.8M $231.0M $220.8M
YoY Change 6.77% 32.99% 6.77%
LONG-TERM LIABILITIES
Long-Term Debt $189.1M $201.1M $189.1M
YoY Change 14.4% 23.75% 14.4%
Other Long-Term Liabilities $11.70M $11.10M $251.7M
YoY Change -7.87% -11.9% 12.62%
Total Long-Term Liabilities $441.6M $421.4M $440.8M
YoY Change 13.49% 14.32% 13.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $220.8M $231.0M $220.8M
Total Long-Term Liabilities $441.6M $421.4M $440.8M
Total Liabilities $662.4M $652.4M $662.4M
YoY Change 11.16% 20.3% 11.16%
SHAREHOLDERS EQUITY
Retained Earnings -$191.5M -$237.3M
YoY Change -19.54% -257.78%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $33.00M $34.60M
YoY Change -11.76% -13.07%
Treasury Stock Shares 1.100M shares 1.200M shares
Shareholders Equity $612.9M $562.0M $612.9M
YoY Change
Total Liabilities & Shareholders Equity $1.275B $1.214B $1.275B
YoY Change 10.26% 6.95% 10.26%

Cashflow Statement

Concept 2018 Q4 2018 Q1 2018
OPERATING ACTIVITIES
Net Income -$29.40M -$600.0K -$10.00M
YoY Change -13.27% -88.68% -68.05%
Depreciation, Depletion And Amortization $18.00M $18.50M $73.00M
YoY Change -2.7% -2.12% -2.54%
Cash From Operating Activities $46.90M -$19.40M $18.50M
YoY Change 136.87% -26.24% 128.4%
INVESTING ACTIVITIES
Capital Expenditures -$22.30M -$2.200M -$40.00M
YoY Change 5.69% -18.52% 21.21%
Acquisitions
YoY Change
Other Investing Activities $0.00 $1.000M
YoY Change
Cash From Investing Activities -$22.30M -$2.200M -$39.00M
YoY Change 5.69% -18.52% 18.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -30.00M $32.50M 17.60M
YoY Change 35.42% -26.05%
NET CHANGE
Cash From Operating Activities 46.90M -$19.40M 18.50M
Cash From Investing Activities -22.30M -$2.200M -39.00M
Cash From Financing Activities -30.00M $32.50M 17.60M
Net Change In Cash -5.400M $10.90M -2.900M
YoY Change 315.38% -318.0% 163.64%
FREE CASH FLOW
Cash From Operating Activities $46.90M -$19.40M $18.50M
Capital Expenditures -$22.30M -$2.200M -$40.00M
Free Cash Flow $69.20M -$17.20M $58.50M
YoY Change 69.19% -27.12% 42.34%

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2600000 USD
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5400000 USD
CY2018Q4 us-gaap Deferred Tax Assets State Taxes
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5100000 USD
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600000 USD
CY2018Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Foreign
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0 USD
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6600000 USD
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7100000 USD
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50600000 USD
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55200000 USD
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36600000 USD
CY2018Q4 us-gaap Deferred Tax Assets Valuation Allowance
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43700000 USD
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800000 USD
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5400000 USD
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9900000 USD
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3500000 USD
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2600000 USD
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300000 USD
CY2018Q4 us-gaap Deferred Tax Liabilities Other
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700000 USD
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103400000 USD
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101400000 USD
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300000 USD
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600000 USD
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14600000 USD
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10500000 USD
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4600000 USD
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5400000 USD
CY2018 us-gaap Defined Contribution Plan Cost Recognized
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6300000 USD
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68000000 USD
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CY2018 us-gaap Depreciation
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67500000 USD
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74900000 USD
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74900000 USD
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73000000 USD
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0.19
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0.03
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0 USD
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0 USD
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0.257
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-0.037
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32400000 USD
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36800000 USD
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100000 USD
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P8Y
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54500000 USD
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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59100000 USD
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4.7 USD
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1.2 USD
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2.1 USD
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2.6 USD
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3.5 USD
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74400000 USD
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76900000 USD
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19900000 USD
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17800000 USD
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-800000 USD
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-200000 USD
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-1100000 USD
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0 USD
CY2018 us-gaap Gain Loss On Sale Of Property Plant Equipment
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0 USD
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-1200000 USD
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-1600000 USD
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27900000 USD
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23800000 USD
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18500000 USD
CY2017Q4 us-gaap Gross Profit
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8500000 USD
CY2017 us-gaap Gross Profit
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32100000 USD
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24600000 USD
CY2018Q4 us-gaap Gross Profit
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CY2018 us-gaap Gross Profit
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104900000 USD
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-5800000 USD
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7200000 USD
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1900000 USD
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-142000000 USD
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-42300000 USD
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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-29900000 USD
CY2016 us-gaap Income Tax Expense Benefit
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1500000 USD
CY2018 us-gaap Income Tax Expense Benefit
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1800000 USD
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15600000 USD
CY2017 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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6300000 USD
CY2018 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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7500000 USD
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-100000 USD
CY2017 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
-200000 USD
CY2018 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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200000 USD
CY2016 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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-49700000 USD
CY2017 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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-14800000 USD
CY2018 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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-6300000 USD
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800000 USD
CY2017 us-gaap Income Tax Reconciliation Other Adjustments
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600000 USD
CY2018 us-gaap Income Tax Reconciliation Other Adjustments
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-200000 USD
CY2016 us-gaap Income Tax Reconciliation State And Local Income Taxes
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-3500000 USD
CY2017 us-gaap Income Tax Reconciliation State And Local Income Taxes
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-700000 USD
CY2018 us-gaap Income Tax Reconciliation State And Local Income Taxes
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-500000 USD
CY2016 us-gaap Income Tax Reconciliation Tax Credits Research
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400000 USD
CY2017 us-gaap Increase Decrease In Inventories
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59800000 USD
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72800000 USD
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-2600000 USD
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700000 USD
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200000 USD
CY2018 us-gaap Income Tax Reconciliation Tax Credits Research
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200000 USD
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37500000 USD
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45700000 USD
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24400000 USD
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10700000 USD
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58200000 USD
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13600000 USD
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18300000 USD
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36800000 USD
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300000 USD
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500000 USD
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19900000 USD
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17800000 USD
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700000 USD
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600000 USD
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100000 USD
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14800000 USD
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17100000 USD
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57100000 USD
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78700000 USD
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12500000 USD
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21600000 USD
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296800000 USD
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31900000 USD
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35200000 USD
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7800000 USD
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5100000 USD
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137800000 USD
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155700000 USD
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8600000 USD
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9000000 USD
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11000000 USD
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206800000 USD
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220800000 USD
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441600000 USD
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900000 USD
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700000 USD
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200000 USD
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500000 USD
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1404200000 USD
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23800000 USD
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17600000 USD
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74400000 USD
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8100000 USD
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18500000 USD
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1300000 USD
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8400000 USD
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1400000 USD
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1100000 USD
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-1900000 USD
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5800000 USD
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16400000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
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6300000 USD
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1000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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3300000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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5200000 USD
CY2018Q4 us-gaap Operating Loss Carryforwards
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347600000 USD
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43700000 USD
CY2017Q4 us-gaap Other Accrued Liabilities Current
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27600000 USD
CY2018Q4 us-gaap Other Accrued Liabilities Current
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20400000 USD
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23600000 USD
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8000000 USD
CY2018Q4 us-gaap Other Assets Current
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6100000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
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5200000 USD
CY2018Q4 us-gaap Other Assets Noncurrent
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3500000 USD
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1100000 USD
CY2018 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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-1400000 USD
CY2016 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1500000 USD
CY2017 us-gaap Other Comprehensive Income Loss Net Of Tax
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1800000 USD
CY2018 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1300000 USD
CY2017 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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1800000 USD
CY2018 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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-1300000 USD
CY2016 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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-500000 USD
CY2017 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax
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0
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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100000 USD
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21.16
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700000 USD
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CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
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400000 USD
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9.74
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
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CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P6Y
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P4Y7M10D
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3.32
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P8Y1M13D
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535200000 USD
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1300000 shares
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1100000 shares
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33000000 USD
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2900000 USD
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5500000 USD
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0 USD
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0 USD
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0 USD
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0 USD
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0 USD
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0 USD
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CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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44400000 shares
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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44600000 shares
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44200000 shares
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44400000 shares
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44600000 shares
CY2018 us-gaap Guarantees Indemnifications And Warranties Policies
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:0px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Product Warranties:</font></div><div style="line-height:120%;padding-bottom:13px;text-align:justify;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">TimkenSteel accrues liabilities for warranties based upon specific claim incidents in accordance with accounting rules relating to contingent liabilities. Should TimkenSteel become aware of a specific potential warranty claim for which liability is probable and reasonably estimable, a specific charge is recorded and accounted for accordingly.</font></div></div>

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