2023 Q2 Form 10-Q Financial Statement

#000143928823000077 Filed on April 25, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $403.2M $372.1M
YoY Change 41.87% 55.3%
Cost Of Revenue $229.7M $223.3M
YoY Change 34.8% 62.16%
Gross Profit $173.5M $148.8M
YoY Change 52.46% 46.03%
Gross Profit Margin 43.03% 39.99%
Selling, General & Admin $96.30M $88.50M
YoY Change 64.9% 64.19%
% of Gross Profit 55.5% 59.48%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $21.80M $8.100M
YoY Change 445.0% 252.17%
% of Gross Profit 12.56% 5.44%
Operating Expenses $110.9M $88.50M
YoY Change 89.9% 64.19%
Operating Profit $62.60M $43.70M
YoY Change 17.01% -0.46%
Interest Expense -$10.30M $9.600M
YoY Change -298.08% 100.0%
% of Operating Profit -16.45% 21.97%
Other Income/Expense, Net $1.600M -$2.400M
YoY Change -366.67% -900.0%
Pretax Income $46.10M $31.70M
YoY Change -3.35% -19.54%
Income Tax $13.20M $9.100M
% Of Pretax Income 28.63% 28.71%
Net Earnings $34.60M $22.80M
YoY Change -4.95% -24.5%
Net Earnings / Revenue 8.58% 6.13%
Basic Earnings Per Share $0.20 $0.13
Diluted Earnings Per Share $0.19 $0.13
COMMON SHARES
Basic Shares Outstanding 174.5M shares 176.1M shares
Diluted Shares Outstanding 176.5M shares 178.4M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $103.0M $74.80M
YoY Change -6.7% 2.19%
Cash & Equivalents $103.0M $74.80M
Short-Term Investments
Other Short-Term Assets $25.30M $24.70M
YoY Change -1.17% 6.93%
Inventory $313.8M $349.1M
Prepaid Expenses
Receivables $242.6M $223.0M
Other Receivables $4.200M $10.20M
Total Short-Term Assets $688.9M $681.8M
YoY Change 17.08% 31.09%
LONG-TERM ASSETS
Property, Plant & Equipment $192.6M $201.5M
YoY Change 212.66% 219.33%
Goodwill $795.9M $790.7M
YoY Change 215.08% 210.08%
Intangibles $981.3M $995.0M
YoY Change 461.38% 462.46%
Long-Term Investments
YoY Change
Other Assets $143.3M $68.90M
YoY Change 335.56% 83.73%
Total Long-Term Assets $2.113B $2.128B
YoY Change 259.43% 255.59%
TOTAL ASSETS
Total Short-Term Assets $688.9M $681.8M
Total Long-Term Assets $2.113B $2.128B
Total Assets $2.802B $2.810B
YoY Change 138.2% 151.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $66.70M $84.00M
YoY Change -47.11% -26.12%
Accrued Expenses $63.00M $51.10M
YoY Change 31.25% 14.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.300M $6.300M
YoY Change 12.5% 12.5%
Total Short-Term Liabilities $231.5M $229.6M
YoY Change -4.02% 7.04%
LONG-TERM LIABILITIES
Long-Term Debt $549.1M $550.3M
YoY Change 3.23% 3.27%
Other Long-Term Liabilities $221.8M $44.90M
YoY Change 514.4% 13.1%
Total Long-Term Liabilities $770.9M $595.2M
YoY Change 35.72% 3.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $231.5M $229.6M
Total Long-Term Liabilities $770.9M $595.2M
Total Liabilities $1.213B $1.211B
YoY Change 28.14% 30.88%
SHAREHOLDERS EQUITY
Retained Earnings -$1.195B -$1.179B
YoY Change 5.28% 0.31%
Common Stock $1.700M $1.800M
YoY Change 30.77% 38.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.589B $1.600B
YoY Change
Total Liabilities & Shareholders Equity $2.802B $2.810B
YoY Change 138.2% 151.21%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $34.60M $22.80M
YoY Change -4.95% -24.5%
Depreciation, Depletion And Amortization $21.80M $8.100M
YoY Change 445.0% 252.17%
Cash From Operating Activities $87.20M $5.000M
YoY Change 108.11% -109.28%
INVESTING ACTIVITIES
Capital Expenditures $5.900M $5.200M
YoY Change -591.67% 550.0%
Acquisitions
YoY Change
Other Investing Activities $9.300M $0.00
YoY Change 745.45% -100.0%
Cash From Investing Activities $3.400M -$5.200M
YoY Change -3500.0% -114.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $14.60M
YoY Change 28.07%
Cash From Financing Activities -63.20M -$50.30M
YoY Change 1441.46% 867.31%
NET CHANGE
Cash From Operating Activities 87.20M $5.000M
Cash From Investing Activities 3.400M -$5.200M
Cash From Financing Activities -63.20M -$50.30M
Net Change In Cash 27.40M -$50.00M
YoY Change -27.32% 113.68%
FREE CASH FLOW
Cash From Operating Activities $87.20M $5.000M
Capital Expenditures $5.900M $5.200M
Free Cash Flow $81.30M -$200.0K
YoY Change 88.63% -99.63%

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600000 usd
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500000 usd
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0 usd
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500000 usd
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37000000.0 usd
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0 usd
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3800000 usd
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500000 usd
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200000 usd
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73200000 usd
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<div style="margin-bottom:6pt;padding-left:9pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-bottom:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior year amounts have been reclassified to conform to the presentation used for the three months ended March 31, 2023.</span></div>
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1100000 usd
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4900000 usd
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0.287
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
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0.254
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5300000 usd
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5500000 usd
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700000 usd
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700000 usd
CY2023Q1 zws Unrecognized Tax Expense Benefit Income Tax Penalties And Interest Expense
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100000 usd
CY2022Q1 zws Unrecognized Tax Expense Benefit Income Tax Penalties And Interest Expense
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1200000 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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200000 shares
CY2021Q4 us-gaap Stockholders Equity
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126400000 usd
CY2022Q1 us-gaap Comprehensive Income Net Of Tax
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32200000 usd
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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3900000 usd
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500000 usd
CY2022Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
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500000 usd
CY2022Q1 zws Disposal Group Including Discontinued Operation Consideration Working Capital
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35000000.0 usd
CY2022Q1 us-gaap Common Stock Dividends Per Share Cash Paid
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0.03
CY2022Q1 us-gaap Dividends Common Stock
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3800000 usd
CY2022Q1 us-gaap Stockholders Equity
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193700000 usd
CY2022Q4 us-gaap Stockholders Equity
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1615000000 usd
CY2023Q1 us-gaap Comprehensive Income Net Of Tax
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22700000 usd
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11200000 usd
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600000 usd
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5100000 usd
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800000 usd
CY2023Q1 us-gaap Stock Repurchased During Period Value
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37000000.0 usd
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0.07
CY2023Q1 us-gaap Dividends Common Stock
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8700000 usd
CY2023Q1 us-gaap Stockholders Equity
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1599500000 usd
CY2023Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
156319 shares
CY2022Q1 us-gaap Stock Issued During Period Shares New Issues
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1682756 shares
CY2023Q1 us-gaap Stock Repurchased And Retired During Period Value
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37000000 usd
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StockRepurchasedAndRetiredDuringPeriodWeightedAveragePricePerShare
21.99
CY2022Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
0 shares
CY2022Q4 us-gaap Inventory Work In Process
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19100000 usd
CY2023Q1 us-gaap Inventory Raw Materials
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63700000 usd
CY2023Q1 us-gaap Oci Before Reclassifications Net Of Tax Attributable To Parent
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-100000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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-100000 usd
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0 usd
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0 usd
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273900000 usd
CY2022Q4 us-gaap Inventory Finished Goods
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285900000 usd
CY2023Q1 us-gaap Inventory Work In Process
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19200000 usd
CY2022Q4 us-gaap Inventory Raw Materials
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75700000 usd
CY2023Q1 us-gaap Inventory Gross
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356800000 usd
CY2022Q4 us-gaap Inventory Gross
InventoryGross
380700000 usd
CY2023Q1 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
7700000 usd
CY2022Q4 us-gaap Inventory Lifo Reserve
InventoryLIFOReserve
14000000.0 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
349100000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
366700000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
777000000.0 usd
CY2023Q1 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-700000 usd
CY2023Q1 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
14400000 usd
CY2023Q1 us-gaap Goodwill
Goodwill
790700000 usd
CY2023Q1 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P16Y
CY2023Q1 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
1339100000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
344100000 usd
CY2023Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
995000000.0 usd
CY2022 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P16Y
CY2022Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
1338900000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
329200000 usd
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
1009700000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
14700000 usd
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3000000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
58700000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
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14700000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
58700000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
58700000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
58500000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
58500000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
58500000 usd
CY2023Q1 us-gaap Accrued Sales Commission Current
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11000000.0 usd
CY2022Q4 us-gaap Accrued Sales Commission Current
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9000000.0 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
9600000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
9400000 usd
CY2023Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
2100000 usd
CY2022Q4 us-gaap Accrued Income Taxes Current
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2300000 usd
CY2023Q1 us-gaap Accrued Environmental Loss Contingencies Current
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1400000 usd
CY2022Q4 us-gaap Accrued Environmental Loss Contingencies Current
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2300000 usd
CY2023Q1 us-gaap Product Warranty Accrual Classified Current
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4000000.0 usd
CY2022Q4 us-gaap Product Warranty Accrual Classified Current
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4200000 usd
CY2023Q1 us-gaap Restructuring Reserve Current
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5900000 usd
CY2022Q4 us-gaap Restructuring Reserve Current
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8400000 usd
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16400000 usd
CY2022Q4 zws Accrued Risk Management Current
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16300000 usd
CY2023Q1 zws Accrued Sales Rebate Current
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45600000 usd
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56000000.0 usd
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19200000 usd
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19000000.0 usd
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1900000 usd
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2500000 usd
CY2023Q1 us-gaap Other Accrued Liabilities Current
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11200000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
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16500000 usd
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128300000 usd
CY2022Q4 us-gaap Other Liabilities Current
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145900000 usd
CY2023Q1 us-gaap Long Term Debt
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556600000 usd
CY2022Q4 us-gaap Long Term Debt
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535900000 usd
CY2023Q1 us-gaap Long Term Debt Current
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6300000 usd
CY2022Q4 us-gaap Long Term Debt Current
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5700000 usd
CY2023Q1 us-gaap Long Term Debt Noncurrent
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550300000 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
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530200000 usd
CY2023Q1 us-gaap Long Term Debt Fair Value
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564000000 usd
CY2022Q4 us-gaap Long Term Debt Fair Value
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543100000 usd
CY2023Q1 us-gaap Defined Benefit Plan Contributions By Employer
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100000 usd
CY2022Q4 us-gaap Standard Product Warranty Accrual
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4200000 usd
CY2021Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
1300000 usd
CY2023Q1 us-gaap Product Warranty Expense
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500000 usd
CY2022Q1 us-gaap Product Warranty Expense
ProductWarrantyExpense
200000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
700000 usd
CY2022Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
200000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
4000000.0 usd
CY2022Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
1300000 usd
CY2023Q1 zws Number Of Carriers If Insolvent Could Impact Coverage
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1 carrier
CY2022Q1 us-gaap Defined Benefit Plan Contributions By Employer
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200000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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10300000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3900000 usd

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