2019 Q4 Form 10-Q Financial Statement

#000071600619000012 Filed on October 31, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q4
Revenue $1.160B $1.257B $1.247B
YoY Change -7.05% -3.59% 3.21%
Cost Of Revenue $1.015B $1.087B $1.123B
YoY Change -9.58% -6.28% 2.54%
Gross Profit $144.2M $169.7M $124.5M
YoY Change 15.82% 18.18% 9.69%
Gross Profit Margin 12.44% 13.5% 9.98%
Selling, General & Admin $46.80M $48.70M
YoY Change
% of Gross Profit 32.45% 28.7%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $36.70M $37.20M $37.50M
YoY Change -2.13% 6.59% 2.18%
% of Gross Profit 25.45% 21.92% 30.12%
Operating Expenses $144.5M $1.233B $97.50M
YoY Change 48.21% -2.33% 2.63%
Operating Profit -$300.0K $23.80M $27.00M
YoY Change -101.11% -42.23% 45.95%
Interest Expense -$28.10M $27.90M -$28.10M
YoY Change 0.0% 4.89% 8.91%
% of Operating Profit 117.23% -104.07%
Other Income/Expense, Net -$200.0K -$40.30M -$600.0K
YoY Change -66.67% 19.94% -94.78%
Pretax Income -$18.50M -$16.50M $26.40M
YoY Change -170.08% -317.11% -273.68%
Income Tax -$3.200M -$500.0K $8.900M
% Of Pretax Income 33.71%
Net Earnings -$15.30M -$16.00M $17.50M
YoY Change -187.43% -651.72% -333.33%
Net Earnings / Revenue -1.32% -1.27% 1.4%
Basic Earnings Per Share -$0.48
Diluted Earnings Per Share -$454.0K -$0.48 $511.7K
COMMON SHARES
Basic Shares Outstanding 36.25M shares 33.26M 33.85M shares
Diluted Shares Outstanding 33.26M

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $109.2M $121.3M $227.6M
YoY Change -52.02% -37.22% 148.47%
Cash & Equivalents $109.2M $121.3M $227.6M
Short-Term Investments
Other Short-Term Assets $44.60M $44.30M $58.70M
YoY Change -24.02% -28.43% -51.16%
Inventory
Prepaid Expenses
Receivables $464.4M $514.3M $470.3M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $618.2M $679.9M $756.6M
YoY Change -18.29% -15.2% 8.07%
LONG-TERM ASSETS
Property, Plant & Equipment $770.3M $782.4M $796.1M
YoY Change -3.24% -0.13% -2.04%
Goodwill
YoY Change
Intangibles $15.00M $25.20M
YoY Change -40.48% -9.35%
Long-Term Investments
YoY Change
Other Assets $50.40M $54.40M $64.40M
YoY Change -21.74% -24.86% -11.42%
Total Long-Term Assets $1.213B $1.237B $860.5M
YoY Change 41.01% 44.57% -2.81%
TOTAL ASSETS
Total Short-Term Assets $618.2M $679.9M $756.6M
Total Long-Term Assets $1.213B $1.237B $860.5M
Total Assets $1.832B $1.917B $1.617B
YoY Change 13.26% 15.66% 1.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $163.7M $176.5M $178.0M
YoY Change -8.03% -14.32% 3.49%
Accrued Expenses $437.1M $464.5M $336.4M
YoY Change 29.93% 33.71% 13.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.100M $4.300M $20.70M
YoY Change -80.19% -82.87% -32.35%
Total Short-Term Liabilities $652.0M $699.9M $592.4M
YoY Change 10.06% 11.56% 8.86%
LONG-TERM LIABILITIES
Long-Term Debt $858.1M $860.7M $854.2M
YoY Change 0.46% -0.27% -2.43%
Other Long-Term Liabilities $759.4M $733.6M $474.2M
YoY Change 60.14% 48.86% -8.14%
Total Long-Term Liabilities $858.1M $860.7M $854.2M
YoY Change 0.46% -0.27% -2.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $652.0M $699.9M $592.4M
Total Long-Term Liabilities $858.1M $860.7M $854.2M
Total Liabilities $1.510B $1.561B $1.447B
YoY Change 4.39% 4.71% 1.89%
SHAREHOLDERS EQUITY
Retained Earnings -$2.312B -$2.297B -$2.208B
YoY Change 4.71% 3.2% -0.91%
Common Stock $2.333B $300.0K $2.328B
YoY Change 0.23% 0.0% 775866.67%
Preferred Stock
YoY Change
Treasury Stock (at cost) $92.70M $92.70M $92.70M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares $410.00 410.0 shares $410.00
Shareholders Equity -$441.2M -$380.7M -$305.5M
YoY Change
Total Liabilities & Shareholders Equity $1.832B $1.917B $1.617B
YoY Change 13.26% 15.66% 1.99%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q4
OPERATING ACTIVITIES
Net Income -$15.30M -$16.00M $17.50M
YoY Change -187.43% -651.72% -333.33%
Depreciation, Depletion And Amortization $36.70M $37.20M $37.50M
YoY Change -2.13% 6.59% 2.18%
Cash From Operating Activities $8.100M $42.90M $66.90M
YoY Change -87.89% -50.35% -1233.9%
INVESTING ACTIVITIES
Capital Expenditures -$31.70M -$40.90M -$53.00M
YoY Change -40.19% -10.89% 63.08%
Acquisitions
YoY Change
Other Investing Activities $16.00M $1.600M $31.50M
YoY Change -49.21% 128.57% 5150.0%
Cash From Investing Activities -$15.70M -$39.30M -$21.50M
YoY Change -26.98% -13.05% -32.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.500M 200.0K -11.00M
YoY Change -59.09% -102.99% -64.86%
NET CHANGE
Cash From Operating Activities 8.100M 42.90M 66.90M
Cash From Investing Activities -15.70M -39.30M -21.50M
Cash From Financing Activities -4.500M 200.0K -11.00M
Net Change In Cash -12.10M 3.800M 34.40M
YoY Change -135.17% -88.99% -149.78%
FREE CASH FLOW
Cash From Operating Activities $8.100M $42.90M $66.90M
Capital Expenditures -$31.70M -$40.90M -$53.00M
Free Cash Flow $39.80M $83.80M $119.9M
YoY Change -66.81% -36.66% 350.75%

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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Operating Expenses
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us-gaap Operating Income Loss
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us-gaap Operating Lease Payments
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CY2019Q3 us-gaap Operating Lease Right Of Use Asset
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400400000 USD
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OperatingLeaseWeightedAverageDiscountRatePercent
0.110
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P3Y9M29D
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four And Five Years
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63300000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two And Three Years
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212000000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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15500000 USD
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
32600000 USD
CY2019Q3 us-gaap Other Accrued Liabilities Current
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26700000 USD
CY2018Q4 us-gaap Other Assets Noncurrent
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64400000 USD
CY2019Q3 us-gaap Other Assets Noncurrent
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54400000 USD
CY2018Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
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12200000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
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18500000 USD
CY2019Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
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3600000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
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9100000 USD
CY2018Q3 us-gaap Other Cost And Expense Operating
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65600000 USD
us-gaap Other Cost And Expense Operating
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188800000 USD
CY2019Q3 us-gaap Other Cost And Expense Operating
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59000000 USD
us-gaap Other Cost And Expense Operating
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180200000 USD
us-gaap Other Noncash Income Expense
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us-gaap Other Noncash Income Expense
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CY2018Q3 us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
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800000 USD
CY2019Q3 us-gaap Other Nonoperating Income Expense
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800000 USD
us-gaap Other Nonoperating Income Expense
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900000 USD
us-gaap Payments Of Debt Issuance Costs
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0 USD
us-gaap Payments Of Debt Issuance Costs
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11100000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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2000000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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800000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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92400000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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111500000 USD
CY2018Q4 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
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202900000 USD
CY2019Q3 us-gaap Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent
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189200000 USD
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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1
CY2019Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
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1
CY2018Q4 us-gaap Preferred Stock Value
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0 USD
CY2019Q3 us-gaap Preferred Stock Value
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CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
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58700000 USD
CY2019Q3 us-gaap Prepaid Expense And Other Assets Current
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44300000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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0 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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570000000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
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4900000 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
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9900000 USD
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CY2018Q2 us-gaap Profit Loss
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14400000 USD
CY2018Q3 us-gaap Profit Loss
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2900000 USD
us-gaap Profit Loss
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2700000 USD
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CY2019Q3 us-gaap Profit Loss
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us-gaap Profit Loss
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CY2019Q3 us-gaap Property Plant And Equipment Gross
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CY2019Q3 us-gaap Property Plant And Equipment Net
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us-gaap Repayments Of Long Term Debt
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20900000 USD
us-gaap Repayments Of Long Term Debt
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576200000 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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0 USD
CY2019Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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1256800000 USD
us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2019Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Share Based Compensation
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16200000 USD
us-gaap Share Based Compensation
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14400000 USD
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4500000 USD
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11400000 USD
CY2018Q4 us-gaap Stockholders Equity
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-305500000 USD
CY2019Q3 us-gaap Stockholders Equity
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CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2019Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-370100000 USD
CY2019Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-380700000 USD
CY2018Q4 us-gaap Treasury Stock Shares
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410 shares
CY2019Q3 us-gaap Treasury Stock Shares
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410 shares
CY2018Q4 us-gaap Treasury Stock Value
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92700000 USD
CY2019Q3 us-gaap Treasury Stock Value
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92700000 USD
CY2019Q3 us-gaap Variable Lease Cost
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1900000 USD
us-gaap Variable Lease Cost
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5200000 USD
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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33995000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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33755000 shares
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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33259000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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33098000 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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33051000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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32827000 shares
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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33259000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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33098000 shares
CY2018Q4 yrcw Claims And Insurance Accruals Current
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112800000 USD
CY2019Q3 yrcw Claims And Insurance Accruals Current
ClaimsAndInsuranceAccrualsCurrent
118400000 USD
CY2018Q4 yrcw Claims And Insurance Accruals Noncurrent
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271300000 USD
CY2019Q3 yrcw Claims And Insurance Accruals Noncurrent
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280700000 USD
CY2019Q3 yrcw Debt Instrument Face Amount Excluding Current Maturities
DebtInstrumentFaceAmountExcludingCurrentMaturities
902000000 USD
CY2019Q3 yrcw Debt Instrument Unamortized Discount Premium Net Noncurrent Maturities
DebtInstrumentUnamortizedDiscountPremiumNetNoncurrentMaturities
29700000 USD
yrcw Lease Amortization And Accretion Expense
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0 USD
yrcw Lease Amortization And Accretion Expense
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124700000 USD
CY2019Q3 yrcw Lease Liability
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386800000 USD
CY2018Q3 yrcw Non Union Pension And Postretirement Benefits
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6900000 USD
yrcw Non Union Pension And Postretirement Benefits
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6000000 USD
CY2019Q3 yrcw Non Union Pension And Postretirement Benefits
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2000000 USD
yrcw Non Union Pension And Postretirement Benefits
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2800000 USD
CY2019Q3 yrcw Operating And Finance Lease Liability Payments Due
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477000000 USD
CY2019Q3 yrcw Operating And Finance Lease Liability Payments Due After Year Five
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52100000 USD
CY2019Q3 yrcw Operating And Finance Lease Liability Payments Due Year Five
OperatingAndFinanceLeaseLiabilityPaymentsDueYearFive
37600000 USD
CY2019Q3 yrcw Operating And Finance Lease Liability Payments Due Year Four
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73400000 USD
CY2019Q3 yrcw Operating And Finance Lease Liability Payments Due Year Three
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124500000 USD
CY2019Q3 yrcw Operating And Finance Lease Liability Payments Due Year Two
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148400000 USD
CY2019Q3 yrcw Operating And Finance Lease Liability Payments Remainder Of Fiscal Year
OperatingAndFinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
41000000 USD
CY2019Q3 yrcw Operating And Finance Lease Liability Undiscounted Excess Amount
OperatingAndFinanceLeaseLiabilityUndiscountedExcessAmount
90200000 USD
yrcw Operating And Finance Lease Payments
OperatingAndFinanceLeasePayments
0 USD
yrcw Operating And Finance Lease Payments
OperatingAndFinanceLeasePayments
113400000 USD
yrcw Pension Settlement Charge
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7200000 USD
yrcw Pension Settlement Charge
PensionSettlementCharge
1700000 USD
CY2018Q3 yrcw Purchased Transportation
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183400000 USD
yrcw Purchased Transportation
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516000000 USD
CY2019Q3 yrcw Purchased Transportation
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160700000 USD
yrcw Purchased Transportation
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465000000 USD
CY2019Q3 yrcw Right Of Use Asset
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403000000 USD
us-gaap Basis Of Accounting
BasisOfAccounting
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying Consolidated Financial Statements include the accounts of YRC Worldwide and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. We report on a calendar year basis. The quarters of the Regional Transportation companies (with the exception of New Penn) consist of thirteen weeks that end on a Saturday either before or after the end of March, June and September, whereas all other operating segment quarters end on the natural calendar quarter end. For ease of reference, the calendar quarter end dates are used herein. </font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and notes. Actual results could differ from those estimates. We have prepared the Consolidated Financial Statements, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (&#8220;SEC&#8221;). In our opinion, we have made all normal recurring adjustments necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods included in these financial statements. Certain information and note disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (&#8220;GAAP&#8221;) have been condensed or omitted from these statements pursuant to SEC rules and regulations. Accordingly, the accompanying Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;">December 31, 2018</font><font style="font-family:inherit;font-size:10pt;">. </font></div></div>

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