2019 Q2 Form 10-K Financial Statement

#000143774919017513 Filed on August 27, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 2018 Q3
Revenue $209.2M $639.9M $217.5M
YoY Change 2.82% 7.46% 15.01%
Cost Of Revenue $108.5M $405.3M $123.8M
YoY Change -4620.83% 9.67% 0.29%
Gross Profit $70.08M $234.7M $77.05M
YoY Change -5.93% 3.84% 17.33%
Gross Profit Margin 33.5% 36.67% 35.42%
Selling, General & Admin $39.10M $150.3M $45.47M
YoY Change 339.33% 6.86% 5.61%
% of Gross Profit 55.79% 64.06% 59.02%
Research & Development $6.300M
YoY Change 61.54%
% of Gross Profit 2.68%
Depreciation & Amortization $8.090M $29.29M $6.655M
YoY Change 14.43% 16.99% 6.12%
% of Gross Profit 11.54% 12.48% 8.64%
Operating Expenses $39.60M $150.3M $46.61M
YoY Change 344.94% 6.86% -0.88%
Operating Profit $30.48M $79.48M $22.65M
YoY Change -53.54% 1.71% 21.41%
Interest Expense -$2.200M $10.76M $2.244M
YoY Change 0.0% 34.01% 30.39%
% of Operating Profit -7.22% 13.54% 9.91%
Other Income/Expense, Net $0.00 -$12.50M -$201.0K
YoY Change -100.0% 28.24% -793.1%
Pretax Income $17.20M $6.794M $20.20M
YoY Change -18.1% -609.3% 19.11%
Income Tax $2.500M $18.69M $5.842M
% Of Pretax Income 14.53% 275.07% 28.92%
Net Earnings $12.39M $67.91M $15.86M
YoY Change -1.76% 85.54% 13.28%
Net Earnings / Revenue 5.92% 10.61% 7.29%
Basic Earnings Per Share $1.00 $5.40 $1.25
Diluted Earnings Per Share $0.99 $5.38 $1.24
COMMON SHARES
Basic Shares Outstanding 12.57M 12.72M
Diluted Shares Outstanding 12.63M 12.81M

Balance Sheet

Concept 2019 Q2 2019 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $93.10M $93.10M $109.3M
YoY Change -15.05% -15.05% 45.15%
Cash & Equivalents $93.15M $93.10M $109.3M
Short-Term Investments
Other Short-Term Assets $30.90M $30.90M $51.40M
YoY Change -35.63% -35.63% 452.69%
Inventory $76.30M $88.60M $126.6M
Prepaid Expenses
Receivables $103.4M $119.6M $134.9M
Other Receivables $1.600M $1.600M $600.0K
Total Short-Term Assets $333.9M $333.9M $396.8M
YoY Change -13.04% -13.05% 15.11%
LONG-TERM ASSETS
Property, Plant & Equipment $134.2M $148.0M $139.7M
YoY Change -1.97% 8.11% -2.32%
Goodwill $273.8M $263.0M
YoY Change 34.18% 5.82%
Intangibles $118.7M $110.4M
YoY Change 39.7% 5.76%
Long-Term Investments
YoY Change
Other Assets $25.11M $39.80M $31.09M
YoY Change -15.61% -59.96% 17.62%
Total Long-Term Assets $588.0M $588.0M $612.8M
YoY Change 10.33% 10.34% 14.5%
TOTAL ASSETS
Total Short-Term Assets $333.9M $333.9M $396.8M
Total Long-Term Assets $588.0M $588.0M $612.8M
Total Assets $921.9M $921.9M $1.010B
YoY Change 0.54% 0.55% 14.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $54.20M $72.60M $63.16M
YoY Change -31.35% -7.98% -20.57%
Accrued Expenses $50.18M $58.20M $67.08M
YoY Change -13.01% 8.79% 13.02%
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 $141.6M $141.6M $144.8M
YoY Change -12.23% -12.21% 0.57%
LONG-TERM LIABILITIES
Long-Term Debt $197.6M $197.6M $299.4M
YoY Change 1.98% 1.96% 45.43%
Other Long-Term Liabilities $20.38M $95.50M $105.4M
YoY Change -22.62% 13.42% 1.64%
Total Long-Term Liabilities $316.0M $293.1M $404.8M
YoY Change 3.66% 5.43% 30.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $141.6M $141.6M $144.8M
Total Long-Term Liabilities $316.0M $293.1M $404.8M
Total Liabilities $457.6M $457.6M $549.6M
YoY Change -1.84% -1.82% 21.18%
SHAREHOLDERS EQUITY
Retained Earnings $818.3M $760.4M
YoY Change 7.47% 4.37%
Common Stock $41.98M $41.98M
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $324.2M $292.1M
YoY Change 10.99% 0.36%
Treasury Stock Shares $15.65M $15.24M
Shareholders Equity $464.3M $464.3M $460.0M
YoY Change
Total Liabilities & Shareholders Equity $921.9M $921.9M $1.010B
YoY Change 0.54% 0.55% 14.74%

Cashflow Statement

Concept 2019 Q2 2019 2018 Q3
OPERATING ACTIVITIES
Net Income $12.39M $67.91M $15.86M
YoY Change -1.76% 85.54% 13.28%
Depreciation, Depletion And Amortization $8.090M $29.29M $6.655M
YoY Change 14.43% 16.99% 6.12%
Cash From Operating Activities $47.77M $73.35M $989.0K
YoY Change 31.92% 12.97% -118.0%
INVESTING ACTIVITIES
Capital Expenditures -$16.53M -$34.37M -$7.470M
YoY Change 226.04% 35.96% -15.69%
Acquisitions $127.9M $96.83M
YoY Change 1130.39% 831.31%
Other Investing Activities $76.02M $0.00 -$2.332M
YoY Change 9170.73% -100.0% -3089.74%
Cash From Investing Activities $59.50M -$49.67M -$102.2M
YoY Change -1500.0% 53.95% 497.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $33.39M $837.0K
YoY Change 1159.2% -34.46%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -110.7M -$38.20M $103.0M
YoY Change 702.54% 220.67% 1195.79%
NET CHANGE
Cash From Operating Activities 47.77M $73.35M $989.0K
Cash From Investing Activities 59.50M -$49.67M -$102.2M
Cash From Financing Activities -110.7M -$38.20M $103.0M
Net Change In Cash -3.400M -$16.46M $1.824M
YoY Change -118.71% -178.23% -112.44%
FREE CASH FLOW
Cash From Operating Activities $47.77M $73.35M $989.0K
Capital Expenditures -$16.53M -$34.37M -$7.470M
Free Cash Flow $64.30M $107.7M $8.459M
YoY Change 55.77% 19.41% 151.31%

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"><div style="display: inline; background-color:null;">Concentration of Credit Risk</div></div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; background-color:null;">The Company is subject to credit risk through trade receivables. Concentration of risk with respect to trade receivables is minimized because of the diversification of our operations, as well as our large customer base and our geographical dispersion. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div> individual customer accounts for more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5%</div> of revenues or accounts receivable in the periods presented.</div></div></div></div></div></div></div></div></div></div></div></div></div>
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CY2019 us-gaap Loss Contingency Disclosures
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-transform:uppercase;"><div style="display: inline; font-weight: bold;"><div style="display: inline; background-color:null;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.</div> Contingencies</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; background-color:null;">From time to time, the Company is subject to various claims and legal proceedings, including claims related to environmental remediation, either asserted or unasserted, that arise in the ordinary course of business. While the outcome of these proceedings and claims cannot be predicted with certainty, the Company&#x2019;s management does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> believe that the outcome of any of the currently existing legal matters will have a material impact on the Company&#x2019;s consolidated financial position, results of operations or cash flow. The Company accrues for losses related to a claim or litigation when the Company&#x2019;s management considers a potential loss probable and can reasonably estimate such potential loss.</div></div></div>
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CY2019 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Before Reclassification Adjustments Tax
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CY2018 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Before Reclassification Adjustments Tax
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CY2017 us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Before Reclassification Adjustments Tax
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CY2019 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Before Tax
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CY2019 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
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CY2018 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
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CY2017 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans Tax
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2012000
CY2019 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
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CY2018 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
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419000
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339000
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30872000
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1129000
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915000
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25603000
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23890000
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306274000
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279925000
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PropertyPlantAndEquipmentNet
148024000
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-267000
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783000
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316000
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237150000
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CY2019 us-gaap Restructuring Charges
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1635000
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6964000
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5761000
CY2019 us-gaap Restructuring Costs
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1635000
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RestructuringCosts
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CY2017 us-gaap Restructuring Costs
RestructuringCosts
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CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
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760397000
CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
818282000
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2019 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
791579000
CY2018 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
770452000
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RevenueFromContractWithCustomerIncludingAssessedTax
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CY2019 us-gaap Revenues
Revenues
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Revenues
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Revenues
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Revenues
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Revenues
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Revenues
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Revenues
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Revenues
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5052000
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SellingExpense
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P3Y
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.251
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility 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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0.257
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0263
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.0155
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0071
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P3Y
CY2018Q2 us-gaap Standard Product Warranty Accrual
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4966000
CY2017Q2 us-gaap Standard Product Warranty Accrual
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4667000
CY2016Q2 us-gaap Standard Product Warranty Accrual
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CY2018Q2 us-gaap Stockholders Equity
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CY2016Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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450795000
CY2019Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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464313000
CY2019Q2 us-gaap Treasury Stock Shares
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1564967
CY2018Q2 us-gaap Treasury Stock Shares
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324182000
CY2018Q2 us-gaap Treasury Stock Value
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CY2018 us-gaap Treasury Stock Value Acquired Cost Method
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2652000
CY2019 us-gaap Treasury Stock Value Acquired Cost Method
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33394000
CY2018Q2 us-gaap Unrecognized Tax Benefits
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3003000
CY2017Q2 us-gaap Unrecognized Tax Benefits
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2991000
CY2016Q2 us-gaap Unrecognized Tax Benefits
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2978000
CY2019Q2 us-gaap Unrecognized Tax Benefits
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11251000
CY2019 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
37000
CY2018 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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0
CY2017 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
CY2019 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
4000
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
12000
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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12000
CY2019 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
8281000
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
1000
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100000
CY2018Q2 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
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100000
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10400000
CY2019 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;"><div style="display: inline; background-color:null;">Accounting Estimates</div></div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><div style="display: inline; background-color:null;">The preparation of consolidated financial statements in conformity with GAAP requires the use of estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities at the date of the financial statements and for the period then ended. Estimates are based on historical experience, actuarial estimates, current conditions and various other assumptions that are believed to be reasonable under the circumstances. These estimates form the basis for making judgments about the carrying values of assets and liabilities when they are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> readily apparent from other sources. These estimates assist in the identification and assessment of the accounting treatment necessary with respect to commitments and contingencies. Actual results <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>differ from these estimates under different assumptions or conditions.</div></div></div></div></div></div></div></div></div></div></div></div></div>
CY2019 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
59000
CY2018 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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CY2017 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12633000
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12788000
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12574000
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12698000
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12666000
CY2019Q2 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
2858000
CY2018Q2 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
2715000

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