| Guarantor Subsidiaries |
Guarantor Subsidiaries
As discussed in Note 8, “Debt” on April 16, 2012, Actuant Corporation (the “Parent”) issued $300.0 million of 5.625% Senior Notes, of which $287.6 million remains outstanding as of May 31, 2017. All of our material, domestic wholly owned subsidiaries (the “Guarantors”) fully and unconditionally guarantee the 5.625% Senior Notes on a joint and several basis. There are no significant restrictions on the ability of the Guarantors to make distributions to the Parent. The following tables present the results of operations, financial position and cash flows of Actuant Corporation and its subsidiaries, the Guarantor and non-Guarantor entities, and the eliminations necessary to arrive at the information for the Company on a consolidated basis.
Certain assets, liabilities and expenses have not been allocated to the Guarantors and non-Guarantors and therefore are included in the Parent column in the accompanying condensed consolidating financial statements. These items are of a corporate or consolidated nature and include, but are not limited to, tax provisions and related assets and liabilities, certain employee benefit obligations, prepaid and accrued insurance and corporate indebtedness. Intercompany activity primarily includes loan activity, purchases and sales of goods or services, investments and dividends. Intercompany balances also reflect certain non-cash transactions including transfers of assets and liabilities between the Parent, Guarantor and non-Guarantor, allocation of non-cash expenses from the Parent to the Guarantors and non-Guarantors, non-cash intercompany dividends and the impact of foreign currency rate changes.
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended May 31, 2017 |
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Net sales |
$ |
39,753 |
|
|
$ |
98,391 |
|
|
$ |
157,283 |
|
|
$ |
— |
|
|
$ |
295,427 |
|
Cost of products sold |
9,944 |
|
|
71,565 |
|
|
111,114 |
|
|
— |
|
|
192,623 |
|
Gross profit |
29,809 |
|
|
26,826 |
|
|
46,169 |
|
|
— |
|
|
102,804 |
|
Selling, administrative and engineering expenses |
18,113 |
|
|
18,060 |
|
|
33,878 |
|
|
— |
|
|
70,051 |
|
Amortization of intangible assets |
318 |
|
|
2,865 |
|
|
1,854 |
|
|
— |
|
|
5,037 |
|
Restructuring charges |
99 |
|
|
153 |
|
|
132 |
|
|
— |
|
|
384 |
|
Operating profit |
11,279 |
|
|
5,748 |
|
|
10,305 |
|
|
— |
|
|
27,332 |
|
Financing costs, net |
7,558 |
|
|
— |
|
|
(5 |
) |
|
— |
|
|
7,553 |
|
Intercompany (income) expense, net |
(3,941 |
) |
|
3,958 |
|
|
(17 |
) |
|
— |
|
|
— |
|
Intercompany dividends |
5,353 |
|
|
— |
|
|
(5,353 |
) |
|
— |
|
|
— |
|
Other (income) expense, net |
(159 |
) |
|
98 |
|
|
1,358 |
|
|
— |
|
|
1,297 |
|
Earnings before income taxes |
2,468 |
|
|
1,692 |
|
|
14,322 |
|
|
— |
|
|
18,482 |
|
Income tax benefit |
(3,521 |
) |
|
(168 |
) |
|
(340 |
) |
|
— |
|
|
(4,029 |
) |
Net earnings before equity in earnings of subsidiaries |
5,989 |
|
|
1,860 |
|
|
14,662 |
|
|
— |
|
|
22,511 |
|
Equity in earnings of subsidiaries |
16,523 |
|
|
15,475 |
|
|
1,754 |
|
|
(33,752 |
) |
|
— |
|
Net earnings |
22,511 |
|
|
17,335 |
|
|
16,416 |
|
|
(33,752 |
) |
|
22,511 |
|
Comprehensive income |
$ |
42,835 |
|
|
$ |
24,376 |
|
|
$ |
28,358 |
|
|
$ |
(52,734 |
) |
|
$ |
42,835 |
|
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended May 31, 2016 |
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Net sales |
$ |
33,610 |
|
|
$ |
94,095 |
|
|
$ |
177,636 |
|
|
$ |
— |
|
|
$ |
305,341 |
|
Cost of products sold |
6,603 |
|
|
67,079 |
|
|
124,133 |
|
|
— |
|
|
197,815 |
|
Gross profit |
27,007 |
|
|
27,016 |
|
|
53,503 |
|
|
— |
|
|
107,526 |
|
Selling, administrative and engineering expenses |
17,172 |
|
|
17,805 |
|
|
35,143 |
|
|
— |
|
|
70,120 |
|
Amortization of intangible assets |
318 |
|
|
3,322 |
|
|
1,927 |
|
|
— |
|
|
5,567 |
|
Restructuring charges |
100 |
|
|
443 |
|
|
2,953 |
|
|
— |
|
|
3,496 |
|
Operating profit |
9,417 |
|
|
5,446 |
|
|
13,480 |
|
|
— |
|
|
28,343 |
|
Financing costs (income), net |
7,601 |
|
|
— |
|
|
(348 |
) |
|
— |
|
|
7,253 |
|
Intercompany (income) expense, net |
(4,990 |
) |
|
(933 |
) |
|
5,923 |
|
|
— |
|
|
— |
|
Other expense, net |
199 |
|
|
13 |
|
|
539 |
|
|
— |
|
|
751 |
|
Earnings before income taxes |
6,607 |
|
|
6,366 |
|
|
7,366 |
|
|
— |
|
|
20,339 |
|
Income tax (benefit) expense |
(929 |
) |
|
287 |
|
|
(185 |
) |
|
— |
|
|
(827 |
) |
Net earnings before equity in earnings of subsidiaries |
7,536 |
|
|
6,079 |
|
|
7,551 |
|
|
— |
|
|
21,166 |
|
Equity in earnings of subsidiaries |
13,630 |
|
|
7,715 |
|
|
1,769 |
|
|
(23,114 |
) |
|
— |
|
Net earnings |
21,166 |
|
|
13,794 |
|
|
9,320 |
|
|
(23,114 |
) |
|
21,166 |
|
Comprehensive income |
$ |
36,488 |
|
|
$ |
27,280 |
|
|
$ |
10,936 |
|
|
$ |
(38,216 |
) |
|
$ |
36,488 |
|
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended May 31, 2017 |
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Net sales |
$ |
106,435 |
|
|
$ |
263,640 |
|
|
$ |
450,014 |
|
|
$ |
— |
|
|
$ |
820,089 |
|
Cost of products sold |
27,087 |
|
|
194,802 |
|
|
315,003 |
|
|
— |
|
|
536,892 |
|
Gross profit |
79,348 |
|
|
68,838 |
|
|
135,011 |
|
|
— |
|
|
283,197 |
|
Selling, administrative and engineering expenses |
54,633 |
|
|
51,245 |
|
|
99,731 |
|
|
— |
|
|
205,609 |
|
Amortization of intangible assets |
954 |
|
|
8,859 |
|
|
5,555 |
|
|
— |
|
|
15,368 |
|
Restructuring charges |
826 |
|
|
1,317 |
|
|
3,290 |
|
|
— |
|
|
5,433 |
|
Director & officer transition charges |
7,784 |
|
|
— |
|
|
— |
|
|
— |
|
|
7,784 |
|
Operating profit |
15,151 |
|
|
7,417 |
|
— |
|
26,435 |
|
|
— |
|
|
49,003 |
|
Financing costs (income), net |
22,314 |
|
|
— |
|
|
(295 |
) |
|
— |
|
|
22,019 |
|
Intercompany (income) expense, net |
(16,891 |
) |
|
14,114 |
|
|
2,777 |
|
|
— |
|
|
— |
|
Intercompany dividends |
5,353 |
|
|
(59,401 |
) |
|
(5,353 |
) |
|
59,401 |
|
|
— |
|
Other expense (income), net |
1,878 |
|
|
24 |
|
|
(642 |
) |
|
— |
|
|
1,260 |
|
Earnings before income taxes |
2,497 |
|
|
52,680 |
|
|
29,948 |
|
|
(59,401 |
) |
|
25,724 |
|
Income tax (benefit) expense |
(6,084 |
) |
|
(865 |
) |
|
122 |
|
|
— |
|
|
(6,827 |
) |
Net earnings before equity in earnings of subsidiaries |
8,581 |
|
|
53,545 |
|
|
29,826 |
|
|
(59,401 |
) |
|
32,551 |
|
Equity in earnings of subsidiaries |
23,970 |
|
|
29,157 |
|
|
4,616 |
|
|
(57,743 |
) |
|
— |
|
Net earnings |
32,551 |
|
|
82,702 |
|
|
34,442 |
|
|
(117,144 |
) |
|
32,551 |
|
Comprehensive income |
$ |
29,864 |
|
|
$ |
71,992 |
|
|
$ |
41,817 |
|
|
$ |
(113,809 |
) |
|
$ |
29,864 |
|
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended May 31, 2016 |
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Net sales |
$ |
100,699 |
|
|
$ |
279,135 |
|
|
$ |
493,807 |
|
|
$ |
— |
|
|
$ |
873,641 |
|
Cost of products sold |
25,851 |
|
|
201,232 |
|
|
339,441 |
|
|
— |
|
|
566,524 |
|
Gross profit |
74,848 |
|
|
77,903 |
|
|
154,366 |
|
|
— |
|
|
307,117 |
|
Selling, administrative and engineering expenses |
54,049 |
|
|
53,644 |
|
|
102,509 |
|
|
— |
|
|
210,202 |
|
Amortization of intangible assets |
954 |
|
|
9,966 |
|
|
6,427 |
|
|
— |
|
|
17,347 |
|
Restructuring charges |
1,057 |
|
|
3,011 |
|
|
7,390 |
|
|
— |
|
|
11,458 |
|
Impairment charges |
— |
|
|
49,012 |
|
|
137,499 |
|
|
— |
|
|
186,511 |
|
Operating profit (loss) |
18,788 |
|
|
(37,730 |
) |
|
(99,459 |
) |
|
— |
|
|
(118,401 |
) |
Financing costs (income), net |
22,364 |
|
|
— |
|
|
(1,128 |
) |
|
— |
|
|
21,236 |
|
Intercompany (income) expense, net |
(16,284 |
) |
|
(7,830 |
) |
|
24,114 |
|
|
— |
|
|
— |
|
Intercompany dividends |
— |
|
|
— |
|
|
(5,338 |
) |
|
5,338 |
|
|
— |
|
Other expense, net |
802 |
|
|
44 |
|
|
759 |
|
|
— |
|
|
1,605 |
|
Earnings (loss) before income tax expense |
11,906 |
|
|
(29,944 |
) |
|
(117,866 |
) |
|
(5,338 |
) |
|
(141,242 |
) |
Income tax (benefit) expense |
(1,986 |
) |
|
944 |
|
|
(17,624 |
) |
|
— |
|
|
(18,666 |
) |
Net earnings (loss) before equity in (loss) earnings of subsidiaries |
13,892 |
|
|
(30,888 |
) |
|
(100,242 |
) |
|
(5,338 |
) |
|
(122,576 |
) |
Equity in (loss) earnings of subsidiaries |
(136,468 |
) |
|
(87,354 |
) |
|
3,856 |
|
|
219,966 |
|
|
— |
|
Net loss |
(122,576 |
) |
|
(118,242 |
) |
|
(96,386 |
) |
|
214,628 |
|
|
(122,576 |
) |
Comprehensive loss |
$ |
(142,339 |
) |
|
$ |
(133,602 |
) |
|
$ |
(101,219 |
) |
|
$ |
234,821 |
|
|
$ |
(142,339 |
) |
CONDENSED CONSOLIDATING BALANCE SHEETS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
May 31, 2017 |
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
26,554 |
|
|
$ |
— |
|
|
$ |
172,400 |
|
|
$ |
— |
|
|
$ |
198,954 |
|
Accounts receivable, net |
16,860 |
|
|
54,887 |
|
|
136,017 |
|
|
— |
|
|
207,764 |
|
Inventories, net |
20,114 |
|
|
44,605 |
|
|
65,536 |
|
|
— |
|
|
130,255 |
|
Other current assets |
14,276 |
|
|
2,695 |
|
|
51,507 |
|
|
— |
|
|
68,478 |
|
Total current assets |
77,804 |
|
|
102,187 |
|
|
425,460 |
|
|
— |
|
|
605,451 |
|
Property, plant and equipment, net |
6,879 |
|
|
26,667 |
|
|
83,831 |
|
|
— |
|
|
117,377 |
|
Goodwill |
38,847 |
|
|
200,499 |
|
|
280,447 |
|
|
— |
|
|
519,793 |
|
Other intangibles, net |
8,475 |
|
|
140,902 |
|
|
73,909 |
|
|
— |
|
|
223,286 |
|
Investment in subsidiaries |
1,916,360 |
|
|
1,134,186 |
|
|
755,620 |
|
|
(3,806,166 |
) |
|
— |
|
Intercompany receivable |
— |
|
|
708,400 |
|
|
193,397 |
|
|
(901,797 |
) |
|
— |
|
Other long-term assets |
4,944 |
|
|
812 |
|
|
16,376 |
|
|
— |
|
|
22,132 |
|
Total assets |
$ |
2,053,309 |
|
|
$ |
2,313,653 |
|
|
$ |
1,829,040 |
|
|
$ |
(4,707,963 |
) |
|
$ |
1,488,039 |
|
LIABILITIES & SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
Trade accounts payable |
$ |
11,278 |
|
|
$ |
27,522 |
|
|
$ |
88,836 |
|
|
$ |
— |
|
|
$ |
127,636 |
|
Accrued compensation and benefits |
17,249 |
|
|
7,843 |
|
|
25,269 |
|
|
— |
|
|
50,361 |
|
Current maturities of debt and short-term borrowings |
30,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
30,000 |
|
Income taxes payable |
— |
|
|
— |
|
|
8,785 |
|
|
— |
|
|
8,785 |
|
Other current liabilities |
17,887 |
|
|
6,525 |
|
|
27,512 |
|
|
— |
|
|
51,924 |
|
Total current liabilities |
76,414 |
|
|
41,890 |
|
|
150,402 |
|
|
— |
|
|
268,706 |
|
Long-term debt, net |
539,252 |
|
|
— |
|
|
— |
|
|
— |
|
|
539,252 |
|
Deferred income taxes |
23,899 |
|
|
— |
|
|
8,416 |
|
|
— |
|
|
32,315 |
|
Pension and postretirement benefit liabilities |
15,632 |
|
|
— |
|
|
8,830 |
|
|
— |
|
|
24,462 |
|
Other long-term liabilities |
44,621 |
|
|
371 |
|
|
6,752 |
|
|
— |
|
|
51,744 |
|
Intercompany payable |
781,931 |
|
|
— |
|
|
119,866 |
|
|
(901,797 |
) |
|
— |
|
Shareholders’ equity |
571,560 |
|
|
2,271,392 |
|
|
1,534,774 |
|
|
(3,806,166 |
) |
|
571,560 |
|
Total liabilities and shareholders’ equity |
$ |
2,053,309 |
|
|
$ |
2,313,653 |
|
|
$ |
1,829,040 |
|
|
$ |
(4,707,963 |
) |
|
$ |
1,488,039 |
|
CONDENSED CONSOLIDATING BALANCE SHEETS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 31, 2016 |
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
ASSETS |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
7,953 |
|
|
$ |
71 |
|
|
$ |
171,580 |
|
|
$ |
— |
|
|
$ |
179,604 |
|
Accounts receivable, net |
13,692 |
|
|
41,715 |
|
|
131,422 |
|
|
— |
|
|
186,829 |
|
Inventories, net |
19,897 |
|
|
44,283 |
|
|
66,576 |
|
|
— |
|
|
130,756 |
|
Other current assets |
7,754 |
|
|
3,858 |
|
|
33,851 |
|
|
— |
|
|
45,463 |
|
Total current assets |
49,296 |
|
|
89,927 |
|
|
403,429 |
|
|
— |
|
|
542,652 |
|
Property, plant and equipment, net |
5,927 |
|
|
23,511 |
|
|
84,577 |
|
|
— |
|
|
114,015 |
|
Goodwill |
38,847 |
|
|
200,499 |
|
|
279,930 |
|
|
— |
|
|
519,276 |
|
Other intangibles, net |
9,429 |
|
|
149,757 |
|
|
80,289 |
|
|
— |
|
|
239,475 |
|
Investment in subsidiaries |
1,915,367 |
|
|
578,423 |
|
|
465,736 |
|
|
(2,959,526 |
) |
|
— |
|
Intercompany receivable |
— |
|
|
1,159,672 |
|
|
— |
|
|
(1,159,672 |
) |
|
— |
|
Other long-term assets |
5,702 |
|
|
10 |
|
|
17,530 |
|
|
— |
|
|
23,242 |
|
Total assets |
$ |
2,024,568 |
|
|
$ |
2,201,799 |
|
|
$ |
1,331,491 |
|
|
$ |
(4,119,198 |
) |
|
$ |
1,438,660 |
|
LIABILITIES & SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
|
Trade accounts payable |
$ |
11,529 |
|
|
$ |
20,669 |
|
|
$ |
82,853 |
|
|
$ |
— |
|
|
$ |
115,051 |
|
Accrued compensation and benefits |
17,506 |
|
|
5,754 |
|
|
23,641 |
|
|
— |
|
|
46,901 |
|
Current maturities of debt and short-term borrowings |
18,750 |
|
|
— |
|
|
— |
|
|
— |
|
|
18,750 |
|
Income taxes payable |
1,886 |
|
|
— |
|
|
7,368 |
|
|
— |
|
|
9,254 |
|
Other current liabilities |
20,459 |
|
|
6,989 |
|
|
24,508 |
|
|
— |
|
|
51,956 |
|
Total current liabilities |
70,130 |
|
|
33,412 |
|
|
138,370 |
|
|
— |
|
|
241,912 |
|
Long-term debt, net |
561,681 |
|
|
— |
|
|
— |
|
|
— |
|
|
561,681 |
|
Deferred income taxes |
30,666 |
|
|
— |
|
|
690 |
|
|
— |
|
|
31,356 |
|
Pension and postretirement benefit liabilities |
16,803 |
|
|
— |
|
|
8,864 |
|
|
— |
|
|
25,667 |
|
Other long-term liabilities |
47,739 |
|
|
588 |
|
|
8,767 |
|
|
— |
|
|
57,094 |
|
Intercompany payable |
776,599 |
|
|
— |
|
|
383,073 |
|
|
(1,159,672 |
) |
|
— |
|
Shareholders’ equity |
520,950 |
|
|
2,167,799 |
|
|
791,727 |
|
|
(2,959,526 |
) |
|
520,950 |
|
Total liabilities and shareholders’ equity |
$ |
2,024,568 |
|
|
$ |
2,201,799 |
|
|
$ |
1,331,491 |
|
|
$ |
(4,119,198 |
) |
|
$ |
1,438,660 |
|
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended May 31, 2017 |
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Operating Activities |
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
$ |
82,185 |
|
|
$ |
13,184 |
|
|
$ |
20,798 |
|
|
$ |
(64,754 |
) |
|
$ |
51,413 |
|
Investing Activities |
|
|
|
|
|
|
|
|
|
Capital expenditures |
(2,706 |
) |
|
(8,037 |
) |
|
(12,176 |
) |
|
— |
|
|
(22,919 |
) |
Proceeds from sale of property, plant and equipment |
— |
|
|
135 |
|
|
109 |
|
|
— |
|
|
244 |
|
Cash used in investing activities |
(2,706 |
) |
|
(7,902 |
) |
|
(12,067 |
) |
|
— |
|
|
(22,675 |
) |
Financing Activities |
|
|
|
|
|
|
|
|
|
Principal repayments on term loan |
(11,250 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(11,250 |
) |
Taxes paid related to the net share settlement of equity awards |
(999 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(999 |
) |
Redemption of 5.625% Senior Notes |
(500 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(500 |
) |
Stock option exercises, related tax benefits and other |
7,963 |
|
|
— |
|
|
— |
|
|
— |
|
|
7,963 |
|
Payment of deferred acquisition consideration |
— |
|
|
— |
|
|
(742 |
) |
|
— |
|
|
(742 |
) |
Cash dividend |
(2,358 |
) |
|
(5,353 |
) |
|
(59,401 |
) |
|
64,754 |
|
|
(2,358 |
) |
Intercompany loan activity |
(53,734 |
) |
|
— |
|
|
53,734 |
|
|
— |
|
|
— |
|
Cash used in financing activities |
(60,878 |
) |
|
(5,353 |
) |
|
(6,409 |
) |
|
64,754 |
|
|
(7,886 |
) |
Effect of exchange rate changes on cash |
— |
|
|
— |
|
|
(1,502 |
) |
|
— |
|
|
(1,502 |
) |
Net increase (decrease) in cash and cash equivalents |
18,601 |
|
|
(71 |
) |
|
820 |
|
|
— |
|
|
19,350 |
|
Cash and cash equivalents—beginning of period |
7,953 |
|
|
71 |
|
|
171,580 |
|
|
— |
|
|
179,604 |
|
Cash and cash equivalents—end of period |
$ |
26,554 |
|
|
$ |
— |
|
|
$ |
172,400 |
|
|
$ |
— |
|
|
$ |
198,954 |
|
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended May 31, 2016 |
|
Parent |
|
Guarantors |
|
Non-Guarantors |
|
Eliminations |
|
Consolidated |
Operating Activities |
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities |
$ |
15,256 |
|
|
$ |
8,657 |
|
|
$ |
56,416 |
|
|
$ |
(5,338 |
) |
|
$ |
74,991 |
|
Investing Activities |
|
|
|
|
|
|
|
|
|
Capital expenditures |
(1,237 |
) |
|
(4,656 |
) |
|
(9,730 |
) |
|
— |
|
|
(15,623 |
) |
Proceeds from sale of property, plant and equipment |
13 |
|
|
6,637 |
|
|
1,985 |
|
|
— |
|
|
8,635 |
|
Intercompany investment |
(339 |
) |
|
(6,125 |
) |
|
— |
|
|
6,464 |
|
|
— |
|
Business acquisitions, net of cash acquired |
— |
|
|
— |
|
|
(80,674 |
) |
|
— |
|
|
(80,674 |
) |
Cash used in investing activities |
(1,563 |
) |
|
(4,144 |
) |
|
(88,419 |
) |
|
6,464 |
|
|
(87,662 |
) |
Financing Activities |
|
|
|
|
|
|
|
|
|
Net repayments on revolver and other debt |
— |
|
|
— |
|
|
(210 |
) |
|
— |
|
|
(210 |
) |
Purchase of treasury shares |
(14,125 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(14,125 |
) |
Taxes paid related to the net share settlement of equity awards |
(1,344 |
) |
|
— |
|
|
— |
|
|
— |
|
|
(1,344 |
) |
Stock option exercises, related tax benefits and other |
5,729 |
|
|
— |
|
|
— |
|
|
— |
|
|
5,729 |
|
Cash dividend |
(2,376 |
) |
|
(5,338 |
) |
|
— |
|
|
5,338 |
|
|
(2,376 |
) |
Intercompany loan activity |
(12,139 |
) |
|
— |
|
|
12,139 |
|
|
— |
|
|
— |
|
Intercompany capital contribution |
— |
|
|
339 |
|
|
6,125 |
|
|
(6,464 |
) |
|
— |
|
Cash (used in) provided by financing activities |
(24,255 |
) |
|
(4,999 |
) |
|
18,054 |
|
|
(1,126 |
) |
|
(12,326 |
) |
Effect of exchange rate changes on cash |
— |
|
|
— |
|
|
(6,760 |
) |
|
— |
|
|
(6,760 |
) |
Net decrease in cash and cash equivalents |
(10,562 |
) |
|
(486 |
) |
|
(20,709 |
) |
|
— |
|
|
(31,757 |
) |
Cash and cash equivalents—beginning of period |
18,688 |
|
|
567 |
|
|
149,591 |
|
|
— |
|
|
168,846 |
|
Cash and cash equivalents—end of period |
$ |
8,126 |
|
|
$ |
81 |
|
|
$ |
128,882 |
|
|
$ |
— |
|
|
$ |
137,089 |
|
|