2020 Q4 Form 10-K Financial Statement

#000156459021012521 Filed on March 11, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2020 Q1
Revenue $516.8M $458.6M $459.3M
YoY Change 24.8% -3.49% -4.23%
Cost Of Revenue $398.1M $368.9M $359.6M
YoY Change 23.29% -2.1% 0.5%
Gross Profit $118.7M $89.70M $99.70M
YoY Change 30.15% -8.84% -18.14%
Gross Profit Margin 22.97% 19.56% 21.71%
Selling, General & Admin $72.90M $70.20M $70.90M
YoY Change -0.27% -7.63% -0.7%
% of Gross Profit 61.42% 78.26% 71.11%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $17.60M $16.60M $17.00M
YoY Change 10.0% 18.57% 32.81%
% of Gross Profit 14.83% 18.51% 17.05%
Operating Expenses $72.90M $70.20M $70.90M
YoY Change -0.27% -7.63% -0.7%
Operating Profit $46.90M $28.90M $71.00M
YoY Change 87.6% -30.19% 17.55%
Interest Expense -$14.80M $8.900M $9.700M
YoY Change 28.7% -13.59% -5.83%
% of Operating Profit -31.56% 30.8% 13.66%
Other Income/Expense, Net -$5.000M -$4.100M -$100.0K
YoY Change 92.31% 46.43% -108.33%
Pretax Income $26.30M $8.000M $49.30M
YoY Change 189.01% -63.47% 15.73%
Income Tax -$5.300M -$11.40M $11.40M
% Of Pretax Income -20.15% -142.5% 23.12%
Net Earnings $24.50M $15.40M $24.40M
YoY Change 126.85% 17.56% 34.07%
Net Earnings / Revenue 4.74% 3.36% 5.31%
Basic Earnings Per Share
Diluted Earnings Per Share $859.6K $540.4K $856.1K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q4 2020 Q3 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $523.0M $499.2M $485.2M
YoY Change -0.55% -1.38% 4.16%
Cash & Equivalents $518.6M $546.7M $483.1M
Short-Term Investments $4.400M $1.400M $2.100M
Other Short-Term Assets $36.00M $70.90M $23.30M
YoY Change 69.81% 208.26% -29.39%
Inventory $538.2M $524.2M $499.2M
Prepaid Expenses
Receivables $304.9M $311.1M $324.4M
Other Receivables $37.40M $22.20M $26.60M
Total Short-Term Assets $1.453B $1.428B $1.371B
YoY Change 1.96% 4.45% -2.41%
LONG-TERM ASSETS
Property, Plant & Equipment $590.4M $674.6M $672.6M
YoY Change 4.87% -2.71% -6.24%
Goodwill $379.7M $379.7M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $106.2M $102.3M $97.90M
YoY Change 10.17% 14.17% 12.53%
Other Assets $231.0M $238.0M $233.8M
YoY Change 6.7% 76.3% 92.11%
Total Long-Term Assets $1.436B $1.379B $1.339B
YoY Change 4.89% 4.8% 1.5%
TOTAL ASSETS
Total Short-Term Assets $1.453B $1.428B $1.371B
Total Long-Term Assets $1.436B $1.379B $1.339B
Total Assets $2.889B $2.806B $2.711B
YoY Change 3.4% 4.62% -0.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $117.6M $123.9M $133.4M
YoY Change -18.73% -8.76% -1.91%
Accrued Expenses $143.0M $123.3M $108.5M
YoY Change 9.58% 0.57% -35.65%
Deferred Revenue $20.10M $28.20M $12.10M
YoY Change 95.15% 149.56% -35.98%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.400M $3.200M $3.800M
YoY Change -51.02% -25.58% 31.03%
Total Short-Term Liabilities $318.1M $307.4M $277.3M
YoY Change -1.36% 9.79% -20.25%
LONG-TERM LIABILITIES
Long-Term Debt $786.2M $796.2M $779.7M
YoY Change -0.41% 3.26% -0.84%
Other Long-Term Liabilities $174.5M $197.1M $193.5M
YoY Change 27.28% 14.06% 56.81%
Total Long-Term Liabilities $1.564B $197.1M $1.466B
YoY Change 4.86% -85.88% 6.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $318.1M $307.4M $277.3M
Total Long-Term Liabilities $1.564B $197.1M $1.466B
Total Liabilities $1.882B $2.150B $1.744B
YoY Change 3.75% 28.28% 1.46%
SHAREHOLDERS EQUITY
Retained Earnings $282.9M $260.7M $256.4M
YoY Change 18.17% 10.7% 10.66%
Common Stock $300.0K $3.600M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $49.60M $49.60M $49.60M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares $1.100M
Shareholders Equity $682.5M $656.8M $631.5M
YoY Change
Total Liabilities & Shareholders Equity $2.889B $2.806B $2.711B
YoY Change 3.4% 4.62% -0.52%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2020 Q1
OPERATING ACTIVITIES
Net Income $24.50M $15.40M $24.40M
YoY Change 126.85% 17.56% 34.07%
Depreciation, Depletion And Amortization $17.60M $16.60M $17.00M
YoY Change 10.0% 18.57% 32.81%
Cash From Operating Activities $107.0M $39.20M -$18.20M
YoY Change 66.67% -51.12% 727.27%
INVESTING ACTIVITIES
Capital Expenditures -$25.20M -$13.60M $16.00M
YoY Change 14.55% 41.67% -4.76%
Acquisitions
YoY Change
Other Investing Activities $4.800M $100.0K -$2.700M
YoY Change -4.0% -97.44% -485.71%
Cash From Investing Activities -$20.40M -$13.50M -$13.10M
YoY Change 20.0% 136.84% -18.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.000M
YoY Change
Debt Paid & Issued, Net $3.200M
YoY Change 52.38%
Cash From Financing Activities -70.90M -19.40M -19.60M
YoY Change 319.53% 50.39% 28.95%
NET CHANGE
Cash From Operating Activities 107.0M 39.20M -18.20M
Cash From Investing Activities -20.40M -13.50M -13.10M
Cash From Financing Activities -70.90M -19.40M -19.60M
Net Change In Cash 15.70M 6.300M -50.90M
YoY Change -48.18% -89.77% 51.94%
FREE CASH FLOW
Cash From Operating Activities $107.0M $39.20M -$18.20M
Capital Expenditures -$25.20M -$13.60M $16.00M
Free Cash Flow $132.2M $52.80M -$34.20M
YoY Change 53.36% -41.2% 80.0%

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<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:6.67%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Management’s estimates.<span style="font-weight:normal;font-style:normal;"> The preparation of our Consolidated Financial Statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”), requires us to make estimates and assumptions that affect the reported amounts of our assets and liabilities and disclosures of contingent assets and liabilities at each balance sheet date and the reported amounts of our revenues and expenses during each reporting period. Actual results may differ significantly from previously-estimated amounts under different assumptions or conditions. </span></p>
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CY2019Q4 us-gaap Assets
Assets
2794400000
CY2020Q4 us-gaap Assets
Assets
2889300000
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InsuranceRecoveries
7700000
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1600000
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12500000
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GainLossOnSaleOfProperties
4400000
CY2020 us-gaap Gain Loss On Sale Of Properties
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500000
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3000000.0
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14500000
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DefinedBenefitPlanOtherCosts
16500000
CY2020 us-gaap Defined Benefit Plan Other Costs
DefinedBenefitPlanOtherCosts
20100000
CY2018 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
62000000.0
CY2019 us-gaap Litigation Settlement Expense
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19300000
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-12200000
CY2019 vhi Changes In Market Value Of Common Stock Held By Subsidiaries
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-200000
CY2020 vhi Changes In Market Value Of Common Stock Held By Subsidiaries
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-1700000
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42400000
CY2019 us-gaap General And Administrative Expense
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37500000
CY2020 us-gaap General And Administrative Expense
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34300000
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55700000
CY2019 us-gaap Interest Expense
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40800000
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36200000
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236200000
CY2019 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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104700000
CY2020 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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100600000
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58400000
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2100000
CY2020Q4 us-gaap Marketable Securities Current
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4400000
CY2019Q4 us-gaap Marketable Securities Noncurrent
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6200000
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563500000
CY2019Q4 us-gaap Property Plant And Equipment Net
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563000000.0
CY2020Q4 us-gaap Property Plant And Equipment Net
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590400000
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31200000
CY2020Q4 us-gaap Other Receivables Gross Current
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27200000
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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1200000
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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1900000
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314000000.0
CY2020Q4 us-gaap Accounts And Other Receivables Net Current
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332100000
CY2019Q4 us-gaap Inventory Raw Materials Net Of Reserves
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127300000
CY2020Q4 us-gaap Inventory Raw Materials Net Of Reserves
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136400000
CY2019Q4 us-gaap Inventory Work In Process Net Of Reserves
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50800000
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48500000
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274300000
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273500000
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69700000
CY2020Q4 us-gaap Inventory Supplies Net Of Reserves
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79800000
CY2020Q4 us-gaap Marketable Securities Current
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4400000
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2900000
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6700000
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
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18800000
CY2020Q4 us-gaap Operating Lease Liability
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25500000
CY2020 us-gaap Lessee Operating Lease Lease Not Yet Commenced Description
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15000000
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125300000
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96000000.0
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
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29000000.0
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
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26100000
CY2019Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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33000000.0
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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37800000
CY2019Q4 us-gaap Reinsurance Receivables Incurred But Not Reported Claims
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8500000
CY2020Q4 us-gaap Reinsurance Receivables Incurred But Not Reported Claims
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37100000
CY2019Q4 us-gaap Notes And Loans Receivable Gross Noncurrent
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8800000
CY2020Q4 us-gaap Notes And Loans Receivable Gross Noncurrent
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25300000
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11900000
CY2020Q4 us-gaap Other Assets Miscellaneous Noncurrent
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8700000
CY2019Q4 us-gaap Other Assets Noncurrent
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216500000
CY2020Q4 us-gaap Other Assets Noncurrent
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231000000.0
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8200000
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7600000
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1600000
CY2019Q4 vhi New Operating Lease Right Of Use Liabilities
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1600000
CY2020Q4 vhi New Operating Lease Right Of Use Asset
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2500000
CY2020Q4 vhi New Operating Lease Right Of Use Liabilities
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2500000
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P14Y
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P15Y
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CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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7400000
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4100000
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2700000
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1800000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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1300000
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20100000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
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37400000
CY2020Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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11900000
CY2020Q4 us-gaap Operating Lease Liability
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CY2020Q4 us-gaap Goodwill
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CY2019Q4 us-gaap Goodwill
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CY2019 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2020 us-gaap Goodwill Impairment Loss
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0
CY2020Q4 us-gaap Goodwill Gross
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CY2019Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
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794300000
CY2020Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
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4900000
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0
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42300000
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2400000
CY2020Q4 vhi Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal Interest And Discount Year Two
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273200000
CY2020Q4 vhi Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal Interest And Discount Year Three
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2200000
CY2020Q4 vhi Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal Interest And Discount Year Four
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1900000
CY2020Q4 vhi Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal Interest And Discount Year Five
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492500000
CY2020Q4 vhi Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal Interest And Discount After Year Five
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInterestAndDiscountAfterYearFive
21900000
CY2020Q4 vhi Long Term Debt And Capital Lease Obligations Maturities Repayments Of Principal Interest And Discount
LongTermDebtAndCapitalLeaseObligationsMaturitiesRepaymentsOfPrincipalInterestAndDiscount
794100000
CY2020Q4 vhi Interest Portion Of Minimum Lease Payments And Discount Portion Of Long Term Debt
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CY2020Q4 vhi Long Term Debt And Capital Lease Obligations Current And Noncurrent
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788600000
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CY2020Q4 us-gaap Accounts Payable Current
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30600000
CY2020Q4 us-gaap Employee Related Liabilities Current
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37500000
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6200000
CY2020Q4 us-gaap Operating Lease Liability Current
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6700000
CY2019Q4 vhi Accrued Sales Discounts And Rebates
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33700000
CY2020Q4 vhi Accrued Sales Discounts And Rebates
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30200000
CY2019Q4 us-gaap Contract With Customer Liability Current
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10300000
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20100000
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4500000
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3400000
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1300000
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7700000
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1600000
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5700000
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40000000.0
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39400000
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130500000
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143000000.0
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10500000
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10800000
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22200000
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18800000
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13600000
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6800000
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47400000
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58900000
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6000000.0
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6200000
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11000000.0
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39300000
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9900000
CY2020Q4 vhi Deferred Payment Obligation Carrying Value
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CY2019Q4 vhi Accrued Development Costs Noncurrent
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8300000
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24600000
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8200000
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7800000
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137100000
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174500000
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6600000
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6500000
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6600000
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10900000
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4800000
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12400000
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300000
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38500000
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11200000
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4700000
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4400000
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4500000
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19700000
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3700000
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2100000
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40900000
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10100000
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-300000
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4300000
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11900000
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23500000
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81200000
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55400000
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236200000
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104700000
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100600000
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21100000
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20800000
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5200000
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CY2020 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Note 20—Recent accounting pronouncements: </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:9pt;"> </p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:6.67%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In December 2019, The Financial Accounting Standards Board issued ASU 2019-12, <span style="font-style:italic;">Simplifying the Accounting for Income Taxes</span>, which changes the accounting for certain income tax transactions and reduces complexity in accounting for income taxes in certain areas.  The ASU introduces new guidance including providing a policy election for an entity to not allocate consolidated current and deferred tax expense when a member of a consolidated tax return is not subject to income tax in its separate financial statements and is a disregarded entity by the taxing authority; and providing guidance to evaluate whether a step-up in tax basis of goodwill relates to a business combination in which book goodwill was recognized or a separate transaction.  The ASU also changes existing guidance in a number of areas, including: the method of making an intraperiod allocation of total income tax expense if there is a loss in continuing operations and gains outside of continuing operations; determining when a deferred tax liability is recognized after an investor in a non-U.S. entity transitions to or from the equity method of accounting; accounting for tax law changes and year-to-date losses in interim periods; and determining how to apply the income tax guidance to franchise taxes that are partially based on income. We adopted this ASU as of January 1, 2020. The adoption of this ASU did not have a material effect on our Consolidated Financial Statements.</p>
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4300000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
24400000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-9100000
CY2020Q4 us-gaap Net Income Loss
NetIncomeLoss
24500000
CY2020Q1 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
0.86
CY2020Q2 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
-0.32
CY2020Q3 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
0.54
CY2020Q4 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
IncomeLossFromContinuingOperationsPerBasicAndDilutedShare
0.71
CY2020Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic And Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicAndDilutedShare
0.15
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.86
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.32
CY2020Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.54
CY2020Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.86
CY2019Q2 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
19300000
CY2019Q2 vhi Infrastructure Development Cost Reimbursed
InfrastructureDevelopmentCostReimbursed
8800000
CY2019Q2 us-gaap Insurance Recoveries
InsuranceRecoveries
7700000
CY2019Q3 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
4400000
CY2019Q4 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
3000000.0
CY2020Q1 vhi Infrastructure Development Cost Reimbursed
InfrastructureDevelopmentCostReimbursed
19100000
CY2020Q3 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
4000000.0

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