2023 Q3 Form 10-Q Financial Statement

#000004587623000050 Filed on August 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $524.6M $520.2M
YoY Change 7.74% 8.13%
Cost Of Revenue $408.7M $406.6M
YoY Change 4.06% 0.85%
Gross Profit $115.8M $113.5M
YoY Change 23.09% 45.84%
Gross Profit Margin 22.08% 21.83%
Selling, General & Admin $84.39M $76.85M
YoY Change 31.56% 13.12%
% of Gross Profit 72.85% 67.68%
Research & Development $271.0K $500.0K
YoY Change 40.41% 68.92%
% of Gross Profit 0.23% 0.44%
Depreciation & Amortization $35.40M $34.46M
YoY Change 10.99% 6.14%
% of Gross Profit 30.56% 30.35%
Operating Expenses $84.66M $77.35M
YoY Change 31.58% 13.36%
Operating Profit $29.78M $24.32M
YoY Change -1.16% -125.07%
Interest Expense $26.74M $25.72M
YoY Change 35.38% 54.11%
% of Operating Profit 89.8% 105.79%
Other Income/Expense, Net -$5.400M -$5.400M
YoY Change -354.96% -340.32%
Pretax Income -$3.527M -$7.979M
YoY Change -132.27% -92.65%
Income Tax $4.100M $10.30M
% Of Pretax Income
Net Earnings -$10.80M -$11.44M
YoY Change -619.58% -89.17%
Net Earnings / Revenue -2.06% -2.2%
Basic Earnings Per Share -$0.14 -$0.14
Diluted Earnings Per Share -$0.14 -$0.14
COMMON SHARES
Basic Shares Outstanding 79.76M shares 79.74M shares
Diluted Shares Outstanding 79.85M shares 79.82M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $95.60M $85.50M
YoY Change 16.96% -11.66%
Cash & Equivalents $95.59M $85.48M
Short-Term Investments
Other Short-Term Assets $27.62M $19.12M
YoY Change -30.28% -27.87%
Inventory $84.57M $84.64M
Prepaid Expenses $33.94M $22.14M
Receivables $288.0M $296.5M
Other Receivables $29.56M $41.94M
Total Short-Term Assets $831.4M $824.9M
YoY Change 4.31% 4.41%
LONG-TERM ASSETS
Property, Plant & Equipment $641.4M $649.7M
YoY Change 1.83% 1.91%
Goodwill $759.0M $764.9M
YoY Change 1.91% 0.73%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $70.94M $70.02M
YoY Change 65.35% 61.32%
Total Long-Term Assets $2.006B $2.028B
YoY Change 1.6% 0.94%
TOTAL ASSETS
Total Short-Term Assets $831.4M $824.9M
Total Long-Term Assets $2.006B $2.028B
Total Assets $2.837B $2.853B
YoY Change 2.38% 1.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $202.1M $212.6M
YoY Change -0.9% -0.22%
Accrued Expenses $84.70M $78.10M
YoY Change 32.28% 16.89%
Deferred Revenue
YoY Change
Short-Term Debt $14.01M $3.853M
YoY Change 48.01% 75.46%
Long-Term Debt Due $14.99M $14.60M
YoY Change -10.69% -18.7%
Total Short-Term Liabilities $592.9M $607.0M
YoY Change 0.2% 1.43%
LONG-TERM LIABILITIES
Long-Term Debt $1.400B $1.382B
YoY Change 6.5% 6.09%
Other Long-Term Liabilities $46.40M $47.80M
YoY Change 2.1% 2.56%
Total Long-Term Liabilities $1.447B $1.430B
YoY Change 6.36% 5.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $592.9M $607.0M
Total Long-Term Liabilities $1.447B $1.430B
Total Liabilities $2.224B $2.225B
YoY Change 3.66% 3.63%
SHAREHOLDERS EQUITY
Retained Earnings $1.583B $1.593B
YoY Change -4.15% -3.37%
Common Stock $381.3M $378.4M
YoY Change 3.46% 3.27%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $563.7M $577.5M
YoY Change
Total Liabilities & Shareholders Equity $2.837B $2.853B
YoY Change 2.38% 1.92%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$10.80M -$11.44M
YoY Change -619.58% -89.17%
Depreciation, Depletion And Amortization $35.40M $34.46M
YoY Change 10.99% 6.14%
Cash From Operating Activities $18.00M -$8.700M
YoY Change 34.11% -105.72%
INVESTING ACTIVITIES
Capital Expenditures $27.30M $44.60M
YoY Change -168.42% -254.44%
Acquisitions
YoY Change
Other Investing Activities $5.400M $10.80M
YoY Change -45.31% -10.94%
Cash From Investing Activities -$21.90M -$33.90M
YoY Change -27.07% 102.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 15.60M 36.50M
YoY Change 305.62% -130.97%
NET CHANGE
Cash From Operating Activities 18.00M -8.700M
Cash From Investing Activities -21.90M -33.90M
Cash From Financing Activities 15.60M 36.50M
Net Change In Cash 11.70M -6.100M
YoY Change -191.7% -134.94%
FREE CASH FLOW
Cash From Operating Activities $18.00M -$8.700M
Capital Expenditures $27.30M $44.60M
Free Cash Flow -$9.300M -$53.30M
YoY Change -117.44% -129.46%

Facts In Submission

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dei Document Fiscal Year Focus
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reclassifications</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%">Certain reclassifications have been made to prior year amounts to conform with current year classifications. These reclassifications did not have a material impact on the Company's condensed consolidated financial statements, including the notes thereto.</span></div>
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CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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DerivativeFairValueOfDerivativeLiability
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CY2023Q2 us-gaap Derivative Fair Value Amount Offset Against Collateral Net
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dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
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OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
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OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
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OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
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dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
2144000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAndTax
1966000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
412000 usd
us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationBeforeTax
525000 usd
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
CY2023Q2 hsc Discontinued Operation Loss From Disposal Of Discontinued Operation Before Income Tax
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DiscontinuedOperationLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax
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DocumentFiscalYearFocus
2023
hsc Discontinued Operation Loss From Disposal Of Discontinued Operation Before Income Tax
DiscontinuedOperationLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax
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hsc Discontinued Operation Loss From Disposal Of Discontinued Operation Before Income Tax
DiscontinuedOperationLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax
37218000 usd
CY2023Q2 us-gaap Translation Adjustment For Net Investment Hedge Increase Decrease Net Of Tax
TranslationAdjustmentForNetInvestmentHedgeIncreaseDecreaseNetOfTax
1100000 usd
us-gaap Translation Adjustment For Net Investment Hedge Increase Decrease Net Of Tax
TranslationAdjustmentForNetInvestmentHedgeIncreaseDecreaseNetOfTax
1500000 usd
CY2022Q2 us-gaap Translation Adjustment For Net Investment Hedge Increase Decrease Net Of Tax
TranslationAdjustmentForNetInvestmentHedgeIncreaseDecreaseNetOfTax
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us-gaap Translation Adjustment For Net Investment Hedge Increase Decrease Net Of Tax
TranslationAdjustmentForNetInvestmentHedgeIncreaseDecreaseNetOfTax
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CY2023Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
1337200000 usd
CY2022Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
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dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
CY2023Q2 us-gaap Revenues
Revenues
520168000 usd
CY2022Q2 us-gaap Revenues
Revenues
481052000 usd
us-gaap Revenues
Revenues
1015821000 usd
us-gaap Revenues
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CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
24315000 usd
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
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us-gaap Operating Income Loss
OperatingIncomeLoss
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us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2023Q2 us-gaap Depreciation
Depreciation
34457000 usd
CY2022Q2 hsc Depreciation Excluding Industrial Segment
DepreciationExcludingIndustrialSegment
32463000 usd
us-gaap Depreciation
Depreciation
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hsc Depreciation Excluding Industrial Segment
DepreciationExcludingIndustrialSegment
66067000 usd
CY2023Q2 us-gaap Adjustment For Amortization
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us-gaap Adjustment For Amortization
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hsc Amortization Excluding Discontinued Operations
AmortizationExcludingDiscontinuedOperations
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CY2023Q2 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
43624000 usd
CY2022Q2 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2023
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
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OperatingIncomeLoss
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OperatingIncomeLoss
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OperatingIncomeLoss
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InvestmentIncomeInterest
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InvestmentIncomeInterest
693000 usd
us-gaap Investment Income Interest
InvestmentIncomeInterest
3022000 usd
us-gaap Investment Income Interest
InvestmentIncomeInterest
1337000 usd
CY2023Q2 us-gaap Interest Expense
InterestExpense
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CY2022Q2 us-gaap Interest Expense
InterestExpense
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us-gaap Interest Expense
InterestExpense
50052000 usd
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InterestExpense
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CY2023Q2 hsc Facility Fees And Debt Related Income Expense
FacilityFeesAndDebtRelatedIncomeExpense
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CY2022Q2 hsc Facility Fees And Debt Related Income Expense
FacilityFeesAndDebtRelatedIncomeExpense
2149000 usd
hsc Facility Fees And Debt Related Income Expense
FacilityFeesAndDebtRelatedIncomeExpense
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hsc Facility Fees And Debt Related Income Expense
FacilityFeesAndDebtRelatedIncomeExpense
1617000 usd
CY2023Q2 us-gaap Pension Expense Reversal Of Expense Noncash
PensionExpenseReversalOfExpenseNoncash
5407000 usd
CY2022Q2 us-gaap Pension Expense Reversal Of Expense Noncash
PensionExpenseReversalOfExpenseNoncash
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us-gaap Pension Expense Reversal Of Expense Noncash
PensionExpenseReversalOfExpenseNoncash
10742000 usd
us-gaap Pension Expense Reversal Of Expense Noncash
PensionExpenseReversalOfExpenseNoncash
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CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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-7979000 usd
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
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us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
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CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
520168000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
520168000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
481052000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1015821000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2023Q2 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
5300000 usd
CY2023Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
5200000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
6800000 usd
CY2023Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2200000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
5500000 usd
CY2022Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
7700000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
10500000 usd
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DocumentFiscalYearFocus
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CY2023Q2 us-gaap Severance Costs1
SeveranceCosts1
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CY2022Q2 us-gaap Severance Costs1
SeveranceCosts1
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us-gaap Severance Costs1
SeveranceCosts1
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us-gaap Severance Costs1
SeveranceCosts1
297000 usd
CY2023Q2 hsc Business Exit Costs Excluding Severance
BusinessExitCostsExcludingSeverance
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BusinessExitCostsExcludingSeverance
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BusinessExitCostsExcludingSeverance
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BusinessExitCostsExcludingSeverance
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CY2023Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
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CY2022Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
296000 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
355000 usd
CY2023Q2 us-gaap Gain Loss On Disposition Of Assets
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GainLossOnDispositionOfAssets
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us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
230000 usd
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
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CY2023Q2 hsc Other Miscellaneous Income Expense
OtherMiscellaneousIncomeExpense
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OtherMiscellaneousIncomeExpense
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OtherMiscellaneousIncomeExpense
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OtherMiscellaneousIncomeExpense
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CY2023Q2 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
2223000 usd
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OtherOperatingIncomeExpenseNet
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us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
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us-gaap Other Operating Income Expense Net
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BusinessExitCostsExcludingSeveranceNetGain
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BusinessExitCostsExcludingSeveranceNetGain
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us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
23030000 usd

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