XML 59 R32.htm IDEA: XBRL DOCUMENT v3.6.0.2
Condensed Consolidating Financial Statements
12 Months Ended
Dec. 31, 2016
Condensed Financial Information Of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Financial Statements

23.

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS

Our 5.375% Notes issued by P. H. Glatfelter Company (the “Parent”) are fully and unconditionally guaranteed, on a joint and several basis, by certain of our 100%-owned domestic subsidiaries, PHG Tea Leaves, Inc., Mollanvick, Inc., Glatfelter Composite Fibers N. A., Inc., Glatfelter Advance Materials N.A., Inc., and Glatfelter Holdings, LLC. The guarantees are subject to certain customary release provisions including i) the designation of such subsidiary as an unrestricted or excluded subsidiary; (ii) in connection with any sale or disposition of the capital stock of the subsidiary guarantor; and (iii) upon our exercise of our legal defeasance option or our covenant defeasance option, all of which are more fully described in the Indenture dated as of October 3, 2012 and the First Supplemental Indenture dated as of October 27, 2015, among us, the Guarantors and US Bank National Association, as Trustee, relating to the 5.375% Notes.

The following presents our condensed consolidating statements of income, including comprehensive income and cash flows for the years ended December 31, 2016, 2015 and 2014 and our condensed consolidating balance sheets as of December 31, 2016 and 2015.

Condensed Consolidating Statement of Income for the

year ended December 31, 2016

 

In thousands

Parent

Company

 

 

Guarantors

 

 

Non

Guarantors

 

 

Adjustments/

Eliminations

 

 

Consolidated

 

 

Net sales

$

843,582

 

 

$

75,000

 

 

$

755,860

 

 

$

(69,645

)

 

$

1,604,797

 

 

Energy and related sales, net

 

6,141

 

 

 

 

 

 

 

 

 

 

 

 

6,141

 

 

Total revenues

 

849,723

 

 

 

75,000

 

 

 

755,860

 

 

 

(69,645

)

 

 

1,610,938

 

 

Costs of products sold

 

763,109

 

 

 

70,991

 

 

 

627,880

 

 

 

(69,645

)

 

 

1,392,335

 

 

Gross profit

 

86,614

 

 

 

4,009

 

 

 

127,980

 

 

 

 

 

 

218,603

 

 

Selling, general and administrative

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

expenses

 

133,387

 

 

 

(156

)

 

 

57,463

 

 

 

 

 

 

190,694

 

 

Loss on dispositions of plant

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

equipment and timberlands, net

 

177

 

 

 

 

 

 

39

 

 

 

 

 

 

216

 

 

Operating income (loss)

 

(46,950

)

 

 

4,165

 

 

 

70,478

 

 

 

 

 

 

27,693

 

 

Other non-operating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

(17,436

)

 

 

(41

)

 

 

(3,060

)

 

 

4,715

 

 

 

(15,822

)

 

Interest income

 

687

 

 

 

4,177

 

 

 

57

 

 

 

(4,715

)

 

 

206

 

 

Equity in earnings of subsidiaries

 

61,007

 

 

 

58,347

 

 

 

 

 

 

(119,354

)

 

 

 

 

Other, net

 

(2,312

)

 

 

(3,966

)

 

 

5,007

 

 

 

 

 

 

(1,271

)

 

Total other non-operating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   income (expense)

 

41,946

 

 

 

58,517

 

 

 

2,004

 

 

 

(119,354

)

 

 

(16,887

)

 

Income (loss) before income taxes

 

(5,004

)

 

 

62,682

 

 

 

72,482

 

 

 

(119,354

)

 

 

10,806

 

 

Income tax provision (benefit)

 

(26,558

)

 

 

1,675

 

 

 

14,135

 

 

 

 

 

 

(10,748

)

 

Net income

 

21,554

 

 

 

61,007

 

 

 

58,347

 

 

 

(119,354

)

 

 

21,554

 

 

Other comprehensive loss

 

(14,120

)

 

 

(25,916

)

 

 

(25,176

)

 

 

51,092

 

 

 

(14,120

)

 

Comprehensive income

$

7,434

 

 

$

35,091

 

 

$

33,171

 

 

$

(68,262

)

 

$

7,434

 

 

 

Condensed Consolidating Statement of Income for the

year ended December 31, 2015

 

In thousands

Parent

Company

 

 

Guarantors

 

 

Non

Guarantors

 

 

Adjustments/

Eliminations

 

 

Consolidated

 

 

Net sales

$

875,026

 

 

$

84,704

 

 

$

779,380

 

 

$

(78,026

)

 

$

1,661,084

 

 

Energy and related sales, net

 

5,664

 

 

 

 

 

 

 

 

 

 

 

 

5,664

 

 

Total revenues

 

880,690

 

 

 

84,704

 

 

 

779,380

 

 

 

(78,026

)

 

 

1,666,748

 

 

Costs of products sold

 

811,329

 

 

 

80,455

 

 

 

650,025

 

 

 

(78,026

)

 

 

1,463,783

 

 

Gross profit

 

69,361

 

 

 

4,249

 

 

 

129,355

 

 

 

 

 

 

202,965

 

 

Selling, general and administrative

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

expenses

 

71,751

 

 

 

821

 

 

 

55,134

 

 

 

 

 

 

127,706

 

 

Gain on dispositions of plant

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

equipment and timberlands, net

 

(19,720

)

 

 

(1,183

)

 

 

(210

)

 

 

 

 

 

(21,113

)

 

Operating income

 

17,330

 

 

 

4,611

 

 

 

74,431

 

 

 

 

 

 

96,372

 

 

Other non-operating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

(18,147

)

 

 

 

 

 

(36,859

)

 

 

37,542

 

 

 

(17,464

)

 

Interest income

 

673

 

 

 

37,127

 

 

 

26

 

 

 

(37,543

)

 

 

283

 

 

Equity in earnings of subsidiaries

 

61,946

 

 

 

24,737

 

 

 

 

 

 

(86,683

)

 

 

 

 

Other, net

 

(3,389

)

 

 

(1,471

)

 

 

4,245

 

 

 

 

 

 

(615

)

 

Total other non-operating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   income (expense)

 

41,083

 

 

 

60,393

 

 

 

(32,588

)

 

 

(86,684

)

 

 

(17,796

)

 

Income before income taxes

 

58,413

 

 

 

65,004

 

 

 

41,843

 

 

 

(86,684

)

 

 

78,576

 

 

Income tax provision (benefit)

 

(6,162

)

 

 

2,922

 

 

 

17,241

 

 

 

 

 

 

14,001

 

 

Net income

 

64,575

 

 

 

62,082

 

 

 

24,602

 

 

 

(86,684

)

 

 

64,575

 

 

Other comprehensive income (loss)

 

(35,616

)

 

 

(41,010

)

 

 

29,680

 

 

 

11,330

 

 

 

(35,616

)

 

Comprehensive income

$

28,959

 

 

$

21,072

 

 

$

54,282

 

 

$

(75,354

)

 

$

28,959

 

 

 

Condensed Consolidating Statement of Income for the

year ended December 31, 2014

 

In thousands

Parent

Company

 

 

Guarantors

 

 

Non

Guarantors

 

 

Adjustments/

Eliminations

 

 

Consolidated

 

 

Net sales

$

902,892

 

 

$

78,077

 

 

$

897,363

 

 

$

(75,917

)

 

$

1,802,415

 

 

Energy and related sales, net

 

7,927

 

 

 

 

 

 

 

 

 

 

 

 

7,927

 

 

Total revenues

 

910,819

 

 

 

78,077

 

 

 

897,363

 

 

 

(75,917

)

 

 

1,810,342

 

 

Costs of products sold

 

830,710

 

 

 

74,414

 

 

 

745,981

 

 

 

(75,917

)

 

 

1,575,188

 

 

Gross profit

 

80,109

 

 

 

3,663

 

 

 

151,382

 

 

 

 

 

 

235,154

 

 

Selling, general and administrative

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   expenses

 

67,086

 

 

 

1,765

 

 

 

64,384

 

 

 

 

 

 

133,235

 

 

Gain on dispositions of plant

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   equipment and timberlands, net

 

(3,545

)

 

 

(1,316

)

 

 

 

 

 

 

 

 

(4,861

)

 

Operating income

 

16,568

 

 

 

3,214

 

 

 

86,998

 

 

 

 

 

 

106,780

 

 

Other non-operating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

(19,105

)

 

 

 

 

 

(102,571

)

 

 

102,755

 

 

 

(18,921

)

 

Interest income

 

638

 

 

 

102,241

 

 

 

36

 

 

 

(102,756

)

 

 

159

 

 

Equity in earnings of subsidiaries

 

67,590

 

 

 

(34,265

)

 

 

 

 

 

(33,325

)

 

 

 

 

Other, net

 

(1,366

)

 

 

317

 

 

 

414

 

 

 

 

 

 

(635

)

 

Total other non-operating

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   income (expense)

 

47,757

 

 

 

68,293

 

 

 

(102,121

)

 

 

(33,326

)

 

 

(19,397

)

 

Income (loss) before income taxes

 

64,325

 

 

 

71,507

 

 

 

(15,123

)

 

 

(33,326

)

 

 

87,383

 

 

Income tax provision (benefit)

 

(4,921

)

 

 

3,916

 

 

 

19,142

 

 

 

 

 

 

18,137

 

 

Net income (loss)

 

69,246

 

 

 

67,591

 

 

 

(34,265

)

 

 

(33,326

)

 

 

69,246

 

 

Other comprehensive income (loss)

 

(79,513

)

 

 

(40,704

)

 

 

28,840

 

 

 

11,864

 

 

 

(79,513

)

 

Comprehensive income (loss)

$

(10,267

)

 

$

26,887

 

 

$

(5,425

)

 

$

(21,462

)

 

$

(10,267

)

 

 

Condensed Consolidating Balance Sheet as of December 31, 2016

 

In thousands

 

Parent

Company

 

 

Guarantors

 

 

Non

Guarantors

 

 

Adjustments/

Eliminations

 

 

Consolidated

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

5,082

 

 

$

1,461

 

 

$

48,901

 

 

$

 

 

$

55,444

 

 

Other current assets

 

 

206,002

 

 

 

256,289

 

 

 

242,187

 

 

 

(265,663

)

 

 

438,815

 

 

Plant, equipment and timberlands, net

 

 

360,521

 

 

 

31,455

 

 

 

383,922

 

 

 

 

 

 

775,898

 

 

Investments in subsidiaries

 

 

789,565

 

 

 

540,029

 

 

 

 

 

 

(1,329,594

)

 

 

 

 

Other assets

 

 

123,010

 

 

 

 

 

 

128,092

 

 

 

 

 

 

251,102

 

 

Total assets

 

$

1,484,180

 

 

$

829,234

 

 

$

803,102

 

 

$

(1,595,257

)

 

$

1,521,259

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

$

426,628

 

 

$

26,085

 

 

$

135,961

 

 

$

(265,663

)

 

$

323,011

 

 

Long-term debt

 

 

283,686

 

 

 

14,000

 

 

 

65,961

 

 

 

 

 

 

363,647

 

 

Deferred income taxes

 

 

10,221

 

 

 

(729

)

 

 

45,503

 

 

 

 

 

 

54,995

 

 

Other long-term liabilities

 

 

109,819

 

 

 

313

 

 

 

15,648

 

 

 

 

 

 

125,780

 

 

Total liabilities

 

 

830,354

 

 

 

39,669

 

 

 

263,073

 

 

 

(265,663

)

 

 

867,433

 

 

Shareholders’ equity

 

 

653,826

 

 

 

789,565

 

 

 

540,029

 

 

 

(1,329,594

)

 

 

653,826

 

 

Total liabilities and shareholders’ equity

 

$

1,484,180

 

 

$

829,234

 

 

$

803,102

 

 

$

(1,595,257

)

 

$

1,521,259

 

 

 

Condensed Consolidating Balance Sheet as of December 31, 2015

 

In thousands

 

Parent

Company

 

 

Guarantors

 

 

Non

Guarantors

 

 

Adjustments/

Eliminations

 

 

Consolidated

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

59,130

 

 

$

465

 

 

$

45,709

 

 

$

 

 

$

105,304

 

 

Other current assets

 

 

199,690

 

 

 

238,515

 

 

 

239,367

 

 

 

(230,509

)

 

 

447,063

 

 

Plant, equipment and timberlands, net

 

 

286,334

 

 

 

1,114

 

 

 

411,416

 

 

 

 

 

 

698,864

 

 

Investments in subsidiaries

 

 

737,450

 

 

 

507,116

 

 

 

 

 

 

(1,244,566

)

 

 

 

 

Other assets

 

 

106,586

 

 

 

 

 

 

142,599

 

 

 

 

 

 

249,185

 

 

Total assets

 

$

1,389,190

 

 

$

747,210

 

 

$

839,091

 

 

$

(1,475,075

)

 

$

1,500,416

 

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

$

363,037

 

 

$

9,725

 

 

$

162,081

 

 

$

(230,523

)

 

$

304,320

 

 

Long-term debt

 

 

247,075

 

 

 

 

 

 

106,221

 

 

 

 

 

 

353,296

 

 

Deferred income taxes

 

 

28,561

 

 

 

(79

)

 

 

47,976

 

 

 

 

 

 

76,458

 

 

Other long-term liabilities

 

 

87,270

 

 

 

 

 

 

15,825

 

 

 

 

 

 

103,095

 

 

Total liabilities

 

 

725,943

 

 

 

9,646

 

 

 

332,103

 

 

 

(230,523

)

 

 

837,169

 

 

Shareholders’ equity

 

 

663,247

 

 

 

737,564

 

 

 

506,988

 

 

 

(1,244,552

)

 

 

663,247

 

 

Total liabilities and shareholders’ equity

 

$

1,389,190

 

 

$

747,210

 

 

$

839,091

 

 

$

(1,475,075

)

 

$

1,500,416

 

 

 

 

 

 

 

Condensed Consolidating Statement of Cash Flows for the year

ended December 31, 2016

 

In thousands

 

Parent

Company

 

 

Guarantors

 

 

Non

Guarantors

 

 

Adjustments/

Eliminations

 

 

Consolidated

 

 

Net cash provided (used) by

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating activities

 

$

33,109

 

 

$

1,275

 

 

$

81,726

 

 

$

 

 

$

116,110

 

 

Investing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenditures for purchases of plant, equipment and timberlands

 

 

(104,595

)

 

 

(30,682

)

 

 

(24,881

)

 

 

 

 

 

(160,158

)

 

Proceeds from disposals of plant, equipment and timberlands, net

 

 

41

 

 

 

 

 

 

29

 

 

 

 

 

 

70

 

 

Repayments from intercompany loans

 

 

 

 

 

15,601

 

 

 

 

 

 

(15,601

)

 

 

 

 

Advances of intercompany loans

 

 

 

 

 

(18,330

)

 

 

 

 

 

18,330

 

 

 

 

 

Intercompany capital contributed

 

 

(17,000

)

 

 

(500

)

 

 

 

 

 

17,500

 

 

 

 

 

Other

 

 

(800

)

 

 

 

 

 

 

 

 

 

 

 

(800

)

 

Total investing activities

 

 

(122,354

)

 

 

(33,911

)

 

 

(24,852

)

 

 

20,229

 

 

 

(160,888

)

 

Financing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net long-term borrowings

 

 

36,000

 

 

 

14,000

 

 

 

(35,886

)

 

 

 

 

 

14,114

 

 

Payments of borrowing costs

 

 

(136

)

 

 

 

 

 

 

 

 

 

 

 

(136

)

 

Payment of dividends to shareholders

 

 

(21,589

)

 

 

 

 

 

 

 

 

 

 

 

(21,589

)

 

Repayments of intercompany loans

 

 

 

 

 

 

 

 

(15,601

)

 

 

15,601

 

 

 

 

 

Borrowings of intercompany loans

 

 

18,330

 

 

 

 

 

 

 

 

 

(18,330

)

 

 

 

 

Intercompany capital (returned) received

 

 

 

 

 

17,000

 

 

 

500

 

 

 

(17,500

)

 

 

 

 

Payment of intercompany dividend

 

 

 

 

 

632

 

 

 

(632

)

 

 

-

 

 

 

 

 

Proceeds from government grants

 

 

3,582

 

 

 

2,000

 

 

 

 

 

 

 

 

 

5,582

 

 

Payments related to share-based compensation awards and other

 

 

(990

)

 

 

 

 

 

 

 

 

 

 

 

(990

)

 

Total financing activities

 

 

35,197

 

 

 

33,632

 

 

 

(51,619

)

 

 

(20,229

)

 

 

(3,019

)

 

Effect of exchange rate on cash

 

 

 

 

 

 

 

 

(2,063

)

 

 

 

 

 

(2,063

)

 

Net increase (decrease) in cash

 

 

(54,048

)

 

 

996

 

 

 

3,192

 

 

 

 

 

 

(49,860

)

 

Cash at the beginning of period

 

 

59,130

 

 

 

465

 

 

 

45,709

 

 

 

 

 

 

105,304

 

 

Cash at the end of period

 

$

5,082

 

 

$

1,461

 

 

$

48,901

 

 

$

 

 

$

55,444

 

 

 

Condensed Consolidating Statement of Cash Flows for the year

ended December 31, 2015

 

In thousands

 

Parent

Company

 

 

Guarantors

 

 

Non

Guarantors

 

 

Adjustments/

Eliminations

 

 

Consolidated

 

 

Net cash provided (used) by

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating activities

 

$

34,391

 

 

$

627

 

 

$

98,725

 

 

$

 

 

$

133,743

 

 

Investing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenditures for purchases of plant, equipment and timberlands

 

 

(65,265

)

 

 

(109

)

 

 

(34,515

)

 

 

 

 

 

(99,889

)

 

Proceeds from disposals of plant, equipment and timberlands, net

 

 

22,741

 

 

 

1,213

 

 

 

505

 

 

 

 

 

 

24,459

 

 

Repayments from intercompany loans

 

 

 

 

 

57,855

 

 

 

 

 

 

(57,855

)

 

 

 

 

Advances of intercompany loans

 

 

 

 

 

(49,230

)

 

 

 

 

 

49,230

 

 

 

 

 

Intercompany capital (contributed) returned

 

 

10,100

 

 

 

(300

)

 

 

 

 

 

(9,800

)

 

 

 

 

Acquisitions, net of cash acquired

 

 

 

 

 

 

 

 

(224

)

 

 

 

 

 

(224

)

 

Other

 

 

(1,600

)

 

 

 

 

 

 

 

 

 

 

 

(1,600

)

 

Total investing activities

 

 

(34,024

)

 

 

9,429

 

 

 

(34,234

)

 

 

(18,425

)

 

 

(77,254

)

 

Financing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net repayments of indebtedness

 

 

 

 

 

 

 

 

(24,650

)

 

 

 

 

 

(24,650

)

 

Payments of borrowing costs

 

 

(1,329

)

 

 

 

 

 

 

 

 

 

 

 

(1,329

)

 

Payment of dividends to shareholders

 

 

(20,443

)

 

 

 

 

 

 

 

 

 

 

 

(20,443

)

 

Repayments of intercompany loans

 

 

(9,158

)

 

 

 

 

 

(48,697

)

 

 

57,855

 

 

 

 

 

Borrowings of intercompany loans

 

 

49,230

 

 

 

 

 

 

 

 

 

(49,230

)

 

 

 

 

Intercompany capital (returned) received

 

 

 

 

 

(10,100

)

 

 

300

 

 

 

9,800

 

 

 

 

 

Proceeds from government grants

 

 

421

 

 

 

 

 

 

 

 

 

 

 

 

421

 

 

Payments related to share-based compensation awards and other

 

 

(2,166

)

 

 

 

 

 

151

 

 

 

 

 

 

(2,015

)

 

Total financing activities

 

 

16,555

 

 

 

(10,100

)

 

 

(72,896

)

 

 

18,425

 

 

 

(48,016

)

 

Effect of exchange rate on cash

 

 

 

 

 

 

 

 

(3,006

)

 

 

 

 

 

(3,006

)

 

Net decrease in cash

 

 

16,922

 

 

 

(44

)

 

 

(11,411

)

 

 

 

 

 

5,467

 

 

Cash at the beginning of period

 

 

42,208

 

 

 

509

 

 

 

57,120

 

 

 

 

 

 

99,837

 

 

Cash at the end of period

 

$

59,130

 

 

$

465

 

 

$

45,709

 

 

$

 

 

$

105,304

 

 

 

Condensed Consolidating Statement of Cash Flows for the year

ended December 31, 2014

 

In thousands

 

Parent

Company

 

 

Guarantors

 

 

Non

Guarantors

 

 

Adjustments/

Eliminations

 

 

Consolidated

 

Net cash provided (used) by

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating activities

 

$

36,240

 

 

$

4,159

 

 

$

59,178

 

 

$

 

 

$

99,577

 

Investing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenditures for plant, equipment and timberlands

 

 

(34,518

)

 

 

 

 

 

(31,528

)

 

 

 

 

 

(66,046

)

Proceeds from disposal plant, equipment and timberlands, net

 

 

3,707

 

 

 

1,355

 

 

 

10

 

 

 

 

 

 

5,072

 

Repayments from intercompany loans

 

 

 

 

 

20,840

 

 

 

 

 

 

(20,840

)

 

 

 

Advances of intercompany loans

 

 

(12,671

)

 

 

(26,340

)

 

 

 

 

 

39,011

 

 

 

 

Acquisitions, net of cash acquired

 

 

 

 

 

 

 

 

(8,015

)

 

 

 

 

 

(8,015

)

Other

 

 

(600

)

 

 

 

 

 

 

 

 

 

 

 

(600

)

Total investing activities

 

 

(44,082

)

 

 

(4,145

)

 

 

(39,533

)

 

 

18,171

 

 

 

(69,589

)

Financing activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net proceeds from indebtedness

 

 

 

 

 

 

 

 

(18,128

)

 

 

 

 

 

(18,128

)

Payments of note offering costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payment of dividends to shareholders

 

 

(18,696

)

 

 

 

 

 

 

 

 

 

 

 

(18,696

)

Repurchases of common stock

 

 

(12,180

)

 

 

 

 

 

 

 

 

 

 

 

(12,180

)

Repayments of intercompany loans

 

 

 

 

 

 

 

 

(20,840

)

 

 

20,840

 

 

 

 

Borrowings of intercompany loans

 

 

26,340

 

 

 

 

 

 

12,671

 

 

 

(39,011

)

 

 

 

Payments related to share-based compensation awards and other

 

 

(1,630

)

 

 

 

 

 

(247

)

 

 

 

 

 

(1,877

)

Total financing activities

 

 

(6,166

)

 

 

 

 

 

(26,544

)

 

 

(18,171

)

 

 

(50,881

)

Effect of exchange rate on cash

 

 

 

 

 

 

 

 

(2,152

)

 

 

 

 

 

(2,152

)

Net increase (decrease) in cash

 

 

(14,008

)

 

 

14

 

 

 

(9,051

)

 

 

 

 

 

(23,045

)

Cash at the beginning of period

 

 

56,216

 

 

 

495

 

 

 

66,171

 

 

 

 

 

 

122,882

 

Cash at the end of period

 

$

42,208

 

 

$

509

 

 

$

57,120

 

 

$

 

 

$

99,837