SCHEDULE I - FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2019

SCHEDULE I - FINANCIAL STATEMENTS [Abstract]

SCHEDULE I - FINANCIAL STATEMENTS

SCHEDULE 1 – GARDNER DENVER HOLDINGS, INC

(PARENT COMPANY ONLY)

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Dollars in millions)

	For the Years Ended December 31,
	2019			2018			2017
Revenues	$	—		$	—		$	—
Cost of sales		0.6			—			—
Gross Profit		(0.6	)		—			—
Operating costs		10.4			(1.2	)		19.5
Other operating (income) expense, net		(47.0	)		(22.4	)		175.0
Operating Income (Loss)		36.0			23.6			(194.5	)
Interest income		42.3			41.8			20.7
Income (Loss) Before Income Taxes		78.3			65.4			(173.8	)
Income tax (benefit) provision		(5.1	)		3.4			(16.1	)
Income (Loss) of Parent Company		83.4			62.0			(157.7	)
Equity in undistributed income of subsidiaries		75.7			207.4			176.1
Net Income		159.1			269.4			18.4
Other comprehensive (loss) income		(0.8	)		(47.5	)		142.6
Comprehensive Income	$	158.3		$	221.9		$	161.0

SCHEDULE 1 – GARDNER DENVER HOLDINGS, INC

(PARENT COMPANY ONLY)

BALANCE SHEETS

(Dollars in millions)

	As of December 31,
	2019			2018
Assets
Current assets:
Cash and cash equivalents	$	—		$	1.0
Other current assets		1.0			—
Total current assets		1.0			1.0
Equity in net assets of subsidiaries		848.5			781.9
Intercompany receivables		1,019.9			885.7
Deferred tax assets		8.3			15.5
Total assets	$	1,877.7		$	1,684.1
Liabilities and Stockholders' Equity
Other liabilities	$	7.8		$	8.1
Total liabilities		7.8			8.1
Stockholders' equity:
Common stock, $0.01 par value; 1,000,000,000 shares authorized; 206,767,529 and 201,051,291 shares issued at December 31, 2019 and December 31, 2018, respectively		2.1			2.0
Capital in excess of par value		2,302.0			2,282.7
Accumulated deficit		(141.4	)		(308.7	)
Treasury stock at cost; 1,701,785 and 2,881,436 shares at
December 31, 2019 and 2018, respectively		(36.8	)		(53.0	)
Accumulated other comprehensive loss		(256.0	)		(247.0	)
Total Gardner Denver Holdings, Inc. stockholders' equity		1,869.9			1,676.0
Total liabilities and stockholders' equity	$	1,877.7		$	1,684.1

SCHEDULE 1 – GARDNER DENVER HOLDINGS, INC

(PARENT COMPANY ONLY)

CONDENSED STATEMENTS OF CASH FLOWS

(Dollars in millions)

	For the Years Ended December 31,
	2019			2018			2017
Cash Flows From Operating Activities:
Net cash (used in) provided by operating activities	$	(15.1	)	$	55.0		$	9.2
Cash Flows From Investing Activities:
Advances to subsidiaries		(10.1	)		(20.3	)		(899.3	)
Net cash used in investing activities		(10.1	)		(20.3	)		(899.3	)
Cash Flows From Financing Activities:
Proceeds from stock option exercises		42.8			6.8			—
Purchases of treasury stock		(18.6	)		(40.7	)		(3.6	)
Proceeds from the issuance of common stock		—			—			893.6
Net cash provided by (used in) financing activities		24.2			(33.9	)		890.0
(Decrease) increase in cash and cash equivalents		(1.0	)		0.8			(0.1	)
Cash and cash equivalents, beginning of year		1.0			0.2			0.3
Cash and cash equivalents, end of year	$	—		$	1.0		$	0.2

SCHEDULE I - GARDNER DENVER HOLDINGS, INC.

(PARENT COMPANY ONLY)

NOTES TO CONDENSED FINANCIAL STATEMENTS

1. Overview and Basis of Presentation

On July 30, 2013, Gardner Denver, Inc. was acquired by an affiliate of Kohlberg Kravis Roberts & Co. L.P. (“KKR”). The acquisition (also referred to as the “Merger”) was effected by the merger of Renaissance Acquisition Corp. with and into Gardner Denver, Inc., with Gardner Denver, Inc. being the surviving corporation. As a result of the Merger, Gardner Denver, Inc. became a wholly-owned subsidiary of Gardner Denver Holdings, Inc. (formerly Renaissance Parent Corp.)

Gardner Denver Holdings, Inc. Parent Company only financial information has been derived from its consolidated financial statements and should be read in conjunction with the consolidated financial statements included in this report. The accounting policies for the registrant are the same as those described in Note 1 “Summary of Significant Accounting Policies” to our audited consolidated financial statements included elsewhere in this Form 10-K.

2. Subsidiary Transactions

Investment in Subsidiaries

Gardner Denver Holdings, Inc.’s investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries.

Dividends and Capital Distributions

There were no dividends received from subsidiaries during the years ended December 31, 2019, 2018 and 2017.

3. Debt

A discussion of long-term debt, including the five-year debt maturity schedule, can be found in Note 10 “Debt” to our audited consolidated financial statements included elsewhere in this Form 10-K. Gardner Denver Holdings, Inc. had no long-term debt obligations as of December 31, 2019 and 2018.

4. Contingencies

For a summary of contingencies, see Note 20 “Contingencies” to our audited consolidated financial statements included elsewhere in this Form 10-K.