10-Q 1 ufpi-20180630x10q.htm 10-Q ufpi_Current_Folio_10Q

 

 

 

 

 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10‑Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2018

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 0‑22684

UNIVERSAL FOREST PRODUCTS, INC.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

Michigan

    

38‑1465835

 

 

(State or other jurisdiction of incorporation or

 

(I.R.S. Employer Identification Number)

 

 

organization)

 

 

 

 

 

 

 

 

 

2801 East Beltline NE, Grand Rapids, Michigan

 

49525

 

 

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code (616) 364‑6161

 

 

 

 

NONE

 

 

(Former name or former address, if changed since last report.)

 

Indicate by checkmark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes  No

Indicate by checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b‑2 of the Exchange Act.

 

 

 

 

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller reporting company  

 

 

 

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with an new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by checkmark whether the registrant is a shell company (as defined by Rule 12b‑2 of the Exchange Act). Yes    No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

 

 

 

 

 

 

Class

    

Outstanding as of June 30, 2018

 

 

Common stock, $1 par value

 

61,632,401

 

 

 

 

 

 

 


 

Table of Contents

UNIVERSAL FOREST PRODUCTS, INC.

 

TABLE OF CONTENTS

PART I.

 

FINANCIAL INFORMATION.

Page No.

 

 

 

 

 

Item 1.

Financial Statements

 

 

 

 

 

 

 

Consolidated Condensed Balance Sheets at June 30, 2018, December 30, 2017 and July 1, 2017

3

 

 

 

 

 

 

Consolidated Condensed Statements of Earnings and Comprehensive Income for the Three Months Ended and Six Months Ended June 30, 2018 and July 1, 2017

4

 

 

 

 

 

 

Consolidated Condensed Statements of Shareholders’ Equity for the Three Months Ended and Six Months Ended June 30, 2018 and July 1, 2017

5

 

 

 

 

 

 

Consolidated Condensed Statements of Cash Flows for the Six Months Ended June 30, 2018 and July 1, 2017

6

 

 

 

 

 

 

Notes to Unaudited Consolidated Condensed Financial Statements

7

 

 

 

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

17

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

29

 

 

 

 

 

Item 4.

Controls and Procedures

30

 

 

 

 

PART II.

 

OTHER INFORMATION

 

 

 

 

 

 

Item 1.

Legal Proceedings – NONE

 

 

 

 

 

 

Item 1A.

Risk Factors 

31

 

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

31

 

 

 

 

 

Item 3.

Defaults upon Senior Securities – NONE

 

 

 

 

 

 

Item 4.

Mine Safety Disclosures – NONE

 

 

 

 

 

 

Item 5.

Other Information – NONE

31

 

 

 

 

 

Item 6.

Exhibits

32

 

 

 

2


 

Table of Contents

UNIVERSAL FOREST PRODUCTS, INC.

 

CONSOLIDATED CONDENSED BALANCE SHEETS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except share data)

 

 

 

 

 

 

 

 

 

June 30,

 

December 30,

 

July 1,

 

 

    

2018

    

2017

    

2017

 

ASSETS

 

 

 

  

 

 

  

 

 

 

CURRENT ASSETS:

 

 

 

  

 

 

  

 

 

 

Cash and cash equivalents

 

$

27,501

    

$

28,339

  

$

24,625

 

Restricted cash

 

 

16,758

 

 

477

  

 

905

 

Investments

 

 

14,493

 

 

11,269

  

 

10,401

 

Accounts receivable, net

 

 

489,145

 

 

327,751

  

 

398,529

 

Inventories:

 

 

 

  

 

 

  

 

 

 

Raw materials

 

 

272,765

 

 

234,354

  

 

218,356

 

Finished goods

 

 

259,109

 

 

225,954

  

 

220,079

 

Total inventories

 

 

531,874

 

 

460,308

  

 

438,435

 

Refundable income taxes

 

 

2,396

 

 

7,228

  

 

 —

 

Other current assets

 

 

30,464

 

 

28,115

  

 

21,970

 

TOTAL CURRENT ASSETS

 

 

1,112,631

 

 

863,487

 

 

894,865

 

DEFERRED INCOME TAXES

 

 

2,235

 

 

1,865

  

 

1,981

 

RESTRICTED INVESTMENTS

 

 

10,950

 

 

8,359

  

 

7,911

 

OTHER ASSETS

 

 

7,081

 

 

7,368

  

 

7,842

 

GOODWILL

 

 

219,595

 

 

212,644

  

 

213,597

 

INDEFINITE-LIVED INTANGIBLE ASSETS

 

 

7,384

 

 

7,415

  

 

2,340

 

OTHER INTANGIBLE ASSETS, NET

 

 

36,045

 

 

34,910

  

 

37,547

 

PROPERTY, PLANT AND EQUIPMENT:

 

 

 

  

 

 

  

 

 

 

  Property, plant and equipment

 

 

791,348

 

 

763,101

 

 

735,474

 

Less accumulated depreciation and amortization

 

 

(450,650)

 

 

(434,472)

  

 

(419,518)

 

       PROPERTY, PLANT AND EQUIPMENT, NET

 

 

340,698

 

 

328,629

 

 

315,956

 

TOTAL ASSETS

 

 

1,736,619

 

 

1,464,677

 

 

1,482,039

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

  

 

 

  

 

 

 

CURRENT LIABILITIES:

 

 

 

  

 

 

  

 

 

 

Cash overdraft

 

$

33,608

 

$

25,851

  

$

22,769

 

Accounts payable

 

 

197,408

 

 

140,106

  

 

160,250

 

Accrued liabilities:

 

 

 

  

 

 

  

 

 

 

Compensation and benefits

 

 

88,771

 

 

97,556

  

 

77,187

 

Income taxes

 

 

 —

 

 

 —

 

 

960

 

Other

 

 

50,038

 

 

38,404

  

 

48,063

 

Current portion of long-term debt

 

 

542

 

 

1,329

  

 

2,378

 

TOTAL CURRENT LIABILITIES

 

 

370,367

 

 

303,246

  

 

311,607

 

LONG-TERM DEBT

 

 

276,274

 

 

144,674

  

 

204,752

 

DEFERRED INCOME TAXES

 

 

13,856

 

 

14,079

  

 

20,360

 

OTHER LIABILITIES

 

 

28,399

 

 

28,655

  

 

28,959

 

TOTAL LIABILITIES

 

 

688,896

 

 

490,654

  

 

565,678

 

SHAREHOLDERS’ EQUITY:

 

 

 

  

 

 

  

 

 

 

Controlling interest shareholders’ equity:

 

 

 

  

 

 

  

 

 

 

Preferred stock, no par value; shares authorized 1,000,000; issued and outstanding, none

 

$

 —

 

$

 —

  

$

 —

 

Common stock, $1 par value; shares authorized 80,000,000; issued and outstanding, 61,632,401, 61,191,888 and 61,265,325

 

 

61,632

 

 

61,192

  

 

61,266

 

Additional paid-in capital

 

 

174,749

 

 

161,928

  

 

158,248

 

Retained earnings

 

 

800,237

 

 

736,212

  

 

684,808

 

Accumulated other comprehensive income

 

 

(4,077)

 

 

144

  

 

(2,590)

 

Total controlling interest shareholders’ equity

 

 

1,032,541

 

 

959,476

  

 

901,732

 

Noncontrolling interest

 

 

15,182

 

 

14,547

  

 

14,629

 

TOTAL SHAREHOLDERS’ EQUITY

 

 

1,047,723

 

 

974,023

  

 

916,361

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$

1,736,619

 

$

1,464,677

  

$

1,482,039

 

 

See notes to consolidated condensed financial statements.

3


 

Table of Contents

UNIVERSAL FOREST PRODUCTS, INC.

 

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS

AND COMPREHENSIVE INCOME

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

July 1,

 

June 30,

 

July 1,

 

 

    

2018

    

2017

    

2018

    

2017

    

NET SALES

 

$

1,294,440

    

$

1,072,375

  

$

2,288,297

    

$

1,918,505

    

COST OF GOODS SOLD

 

 

1,128,751

 

 

924,135

  

 

1,991,719

 

 

1,649,526

 

GROSS PROFIT

 

 

165,689

 

 

148,240

  

 

296,578

 

 

268,979

 

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

 

 

104,595

 

 

94,605

  

 

197,800

 

 

181,587

 

NET LOSS (GAIN) ON DISPOSITION OF ASSETS AND IMPAIRMENT OF ASSETS

 

 

477

 

 

(264)

 

 

(6,057)

 

 

(328)

 

EARNINGS FROM OPERATIONS

 

 

60,617

 

 

53,899

  

 

104,835

 

 

87,720

 

INTEREST EXPENSE

 

 

2,248

 

 

1,840

  

 

4,025

 

 

3,343

 

INTEREST AND INVESTMENT INCOME

 

 

(181)

 

 

(329)

  

 

(898)

 

 

(411)

 

EQUITY IN EARNINGS OF INVESTEE

 

 

 —

 

 

(21)

  

 

 —

 

 

(26)

 

 

 

 

2,067

 

 

1,490

  

 

3,127

 

 

2,906

 

EARNINGS BEFORE INCOME TAXES

 

 

58,550

 

 

52,409

  

 

101,708

 

 

84,814

 

INCOME TAXES

 

 

13,420

 

 

17,835

  

 

22,994

 

 

28,605

 

NET EARNINGS

 

 

45,130

 

 

34,574

  

 

78,714

 

 

56,209

 

LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST

 

 

(1,086)

 

 

(932)

  

 

(1,836)

 

 

(1,505)

 

NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST

 

$

44,044

 

$

33,642

  

$

76,878

 

$

54,704

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE - BASIC

 

$

0.71

 

$

0.55

  

$

1.24

 

$

0.89

 

EARNINGS PER SHARE - DILUTED

 

$

0.71

 

$

0.55

  

$

1.24

 

$

0.89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER COMPREHENSIVE INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

 

NET EARNINGS

 

 

45,130

 

 

34,574

  

 

78,714

 

 

56,209

 

OTHER COMPREHENSIVE GAIN (LOSS)

 

 

(3,905)

 

 

1,387

  

 

(4,344)

 

 

4,422

 

COMPREHENSIVE INCOME

 

 

41,225

 

 

35,961

  

 

74,370

 

 

60,631

 

LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST

 

 

(119)

 

 

(1,460)

  

 

(1,713)

 

 

(2,887)

 

COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST

 

$

41,106

 

$

34,501

  

$

72,657

 

$

57,744

 

 

See notes to consolidated condensed financial statements.

4


 

Table of Contents

UNIVERSAL FOREST PRODUCTS, INC.

 

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Controlling Interest Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

Other

 

 

 

 

 

 

 

 

Common

 

Paid-In

 

Retained

 

Comprehensive

 

Noncontrolling

 

 

 

 

    

Stock

    

Capital

    

Earnings

    

Earnings

    

Interest

    

Total

Balance at December 31, 2016

 

$

61,026

 

$

144,649

  

$

649,135

 

$

(5,630)

  

$

11,286

  

$

860,466

Net earnings

 

 

 

  

 

 

  

 

54,704

 

 

  

 

 

1,505

  

 

56,209

Foreign currency translation adjustment

 

 

 

  

 

 

  

 

 

  

 

2,817

 

 

1,382

  

 

4,199

Unrealized gain (loss) on investment & foreign currency

 

 

 

  

 

 

  

 

 

  

 

223

 

 

  

 

 

223

Distributions to noncontrolling interest

 

 

 

  

 

 

  

 

 

  

 

 

  

 

(1,953)

 

 

(1,953)

Additional purchases of noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,409

 

 

2,409

Cash dividends - $0.150 per share

 

 

 

 

 

 

 

 

(9,208)

 

 

 

 

 

 

 

 

(9,208)

Issuance of 12,699 shares under employee stock plans

 

 

13

 

 

319

  

 

 

  

 

 

  

 

 

  

 

332

Issuance of 426,435 shares under stock grant programs

 

 

426

 

 

6,784

  

 

 

  

 

 

  

 

 

  

 

7,210

Issuance of 132,624 shares under deferred compensation plans

 

 

133

 

 

(133)

  

 

 

  

 

 

  

 

 

  

 

 —

Repurchase of 332,640 shares

 

 

(332)

 

 

221

 

 

(9,823)

  

 

 

  

 

  

 

 

(9,934)

Tax benefits from non-qualified stock options exercised

 

 

 

  

 

 —

 

 

  

 

 

  

 

 

  

 

 

 —

Expense associated with share-based compensation arrangements

 

 

 

  

 

1,282

 

 

  

 

 

  

 

 

  

 

 

1,282

Accrued expense under deferred compensation plans

 

 

 

  

 

5,126

 

  

  

 

  

  

 

  

  

 

  

5,126

Balance at July 1, 2017

 

$

61,266

 

$

158,248

  

$

684,808

 

$

(2,590)

  

$

14,629

  

$

916,361

Balance at December 30, 2017

 

 

61,192

 

 

161,928

 

 

736,212

 

 

144

 

 

14,547

 

 

974,023

Net earnings

 

 

 

  

 

 

  

 

76,878

 

 

  

 

 

1,836

  

 

78,714

Foreign currency translation adjustment

 

 

 

  

 

 

  

 

 

  

 

(3,669)

 

 

(123)

  

 

(3,792)

Unrealized gain (loss) on investment & foreign currency

 

 

 

  

 

 

  

 

 

  

 

(552)

 

 

  

 

 

(552)

Distributions to noncontrolling interest

 

 

 

  

 

 

  

 

 

  

 

 

  

 

(1,078)

 

 

(1,078)

Cash dividends - $0.180 per share

 

 

 

  

 

 

  

 

(11,090)

 

 

  

 

 

  

 

 

(11,090)

Issuance of 16,917 shares under employee stock plans

 

 

17

 

 

483

  

 

 

  

 

 

  

 

 

  

 

500

Issuance of 346,777 shares under stock grant programs

 

 

347

 

 

4,990

  

 

 

  

 

 

  

 

 

  

 

5,337

Issuance of 132,603 shares under deferred compensation plans

 

 

132

 

 

(132)

  

 

 

  

 

 

  

 

 

  

 

 —

Repurchase of 55,784 shares

 

 

(56)

 

 

 

 

 

(1,763)

 

 

 

 

 

 

 

 

(1,819)

Expense associated with share-based compensation arrangements

 

 

 

  

 

1,817

 

 

  

 

 

  

 

 

  

 

 

1,817

Accrued expense under deferred compensation plans

 

 

 

  

 

5,663

 

 

  

 

 

  

 

 

  

 

 

5,663

Balance at June 30, 2018

 

$

61,632

 

$

174,749

  

$

800,237

 

$

(4,077)

  

$

15,182

  

$

1,047,723

 

See notes to consolidated condensed financial statements.

5


 

Table of Contents

UNIVERSAL FOREST PRODUCTS, INC.

 

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

 

 

 

 

 

(in thousands)

 

Six Months Ended

 

 

 

June 30,

 

July 1,

 

 

    

2018

    

2017

    

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

  

 

 

 

Net earnings

 

$

78,714

    

$

56,209

 

Adjustments to reconcile net earnings to net cash from operating activities:

 

 

 

  

 

 

 

Depreciation

 

 

26,144

 

 

23,248

 

Amortization of intangibles

 

 

2,702

 

 

2,377

 

Expense associated with share-based and grant compensation arrangements

 

 

1,924

 

 

1,381

 

Deferred income taxes (credits)

 

 

(565)

 

 

355

 

Equity in earnings of investee

 

 

 —

 

 

(26)

 

Net gain on disposition of assets

 

 

(6,057)

 

 

(328)

 

Changes in:

 

 

 

  

 

 

 

Accounts receivable

 

 

(155,666)

 

 

(101,239)

 

Inventories

 

 

(61,828)

 

 

(26,979)

 

Accounts payable and cash overdraft

 

 

62,665

 

 

38,146

 

Accrued liabilities and other

 

 

15,895

 

 

22,067

 

NET CASH USED IN OPERATING ACTIVITIES

 

 

(36,072)

 

 

15,211

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

  

 

 

 

Purchases of property, plant and equipment

 

 

(54,313)

 

 

(34,549)

 

Proceeds from sale of property, plant and equipment

 

 

36,724

 

 

1,039

 

Acquisitions, net of cash received

 

 

(37,960)

 

 

(59,658)

 

Purchases of investments

 

 

(9,348)

 

 

(15,118)

 

Proceeds from sale of investments

 

 

3,180

 

 

7,247

 

Other

 

 

(1,352)

 

 

1,152

 

NET CASH FROM (USED IN) INVESTING ACTIVITIES

 

 

(63,069)

 

 

(99,887)

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

  

 

 

 

Borrowings under revolving credit facilities

 

 

488,853

 

 

444,601

 

Repayments under revolving credit facilities

 

 

(431,657)

 

 

(349,311)

 

Borrowings of debt

 

 

1,639

 

 

 —

 

Repayment of debt

 

 

(5,437)

 

 

 —

 

Issuance of long-term debt

 

 

75,000

 

 

 —

 

Proceeds from issuance of common stock

 

 

500

 

 

331

 

Dividends paid to shareholders

 

 

(11,090)

 

 

(9,207)

 

Distributions to noncontrolling interest

 

 

(1,078)

 

 

(1,953)

 

Repurchase of common stock

 

 

(1,819)

 

 

(9,934)

 

Other

 

 

(71)

 

 

(6)

 

NET CASH FROM FINANCING ACTIVITIES

 

 

114,840

 

 

74,521

 

Effect of exchange rate changes on cash

 

 

(256)

 

 

1,196

 

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

 

15,443

 

 

(8,959)

 

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF YEAR

 

 

28,816

 

 

34,489

 

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD

 

$

44,259

 

$

25,530

 

 

 

 

 

 

 

 

 

RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:

 

 

 

 

 

 

 

Cash and cash equivalents, beginning of period

 

$

28,339

 

$

34,091

 

Restricted cash, beginning of period

 

 

477

 

 

398

 

Cash, cash equivalents, and restricted cash, beginning of period

 

$

28,816

 

$

34,489

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end of period

 

$

27,501

 

$

24,625

 

Restricted cash, end of period

 

 

16,758

 

 

905

 

Cash, cash equivalents, and restricted cash, end of period

 

$

44,259

 

$

25,530

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL INFORMATION:

 

 

 

  

 

 

 

Interest paid

 

$

3,889

 

$

3,049

 

Income taxes paid

 

 

18,745

 

 

15,895

 

NON-CASH FINANCING ACTIVITIES:

 

 

 

 

 

 

 

Common stock issued under deferred compensation plans

 

 

4,779

 

 

4,231

 

See notes to consolidated condensed financial statements.

6


 

Table of Contents

UNIVERSAL FOREST PRODUCTS, INC.

 

 

NOTES TO UNAUDITED

CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

A.       BASIS OF PRESENTATION

The accompanying unaudited interim consolidated condensed financial statements (the “Financial Statements”) include our accounts and those of our wholly-owned and majority-owned subsidiaries and partnerships, and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, the Financial Statements do not include all of the information and footnotes normally included in the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States. All intercompany transactions and balances have been eliminated.

In our opinion, the Financial Statements contain all material adjustments necessary to present fairly our consolidated financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. These Financial Statements should be read in conjunction with the annual consolidated financial statements, and footnotes thereto, included in our Annual Report to Shareholders on Form 10‑K for the fiscal year ended December 30, 2017.

Seasonality has a significant impact on our working capital from March to August which historically results in negative or modest cash flows from operations in our first and second quarters. Conversely, we experience a substantial decrease in working capital from September to February which typically results in significant cash flow from operations in our third and fourth quarters. For comparative purposes, we have included the July 1, 2017 balances in the accompanying unaudited consolidated condensed balance sheets.

7


 

Table of Contents

UNIVERSAL FOREST PRODUCTS, INC.

 

 

B.       FAIR VALUE

We apply the provisions of ASC 820, Fair Value Measurements and Disclosures, to assets and liabilities measured at fair value. Assets measured at fair value are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2018

 

July 1, 2017

 

 

Quoted

 

Prices with

 

 

 

 

 

 

Quoted

 

Prices with

 

 

 

 

 

Prices in

 

Other

 

Prices with

 

 

 

 

Prices in

 

Other

 

 

 

 

 

Active

 

Observable

 

Unobservable

 

 

 

 

Active

 

Observable

 

 

 

 

 

Markets

 

Inputs

 

Inputs

 

 

 

 

Markets

 

Inputs

 

 

 

(in thousands)

    

(Level 1)

    

(Level 2)

 

(Level 3)

    

Total

    

(Level 1)

    

(Level 2)

    

Total

Money market funds

 

$

56

    

$

1,513

 

$

 —

    

$

1,569

    

$

64

    

$

891

    

$

955

Fixed income funds

 

 

2,879

 

 

7,968

 

 

 —

 

 

10,847

 

 

1,495

 

 

6,451

 

 

7,946

Equity securities

 

 

7,892

 

 

 —

 

 

 —

 

 

7,892

 

 

9,822

 

 

 —

 

 

9,822

Hedge funds

 

 

 —

 

 

 —

 

 

1,689

 

 

1,689

 

 

 

 

 

 

 

 

 

Mutual funds:

 

 

 

  

 

 

 

 

 

 

 

 

  

 

<