10-Q 1 ufpi-20180929x10q.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 September 29, 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 every Interactive Data File required to be submitted 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 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 September 29, 2018

 

 

Common stock, $1 par value

 

61,656,181

 

 

 

 

 

 

 


 

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 September 29, 2018, December 30, 2017 and September 30, 2017

3

 

 

 

 

 

 

Consolidated Condensed Statements of Earnings and Comprehensive Income for the Three Months Ended and Nine Months Ended September 29, 2018 and September 30, 2017

4

 

 

 

 

 

 

Consolidated Condensed Statements of Shareholders’ Equity for the Three Months Ended and Nine Months Ended September 29, 2018 and September 30, 2017

5

 

 

 

 

 

 

Consolidated Condensed Statements of Cash Flows for the Nine Months Ended September 29, 2018 and September 30, 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

30

 

 

 

 

 

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)

 

 

 

 

 

 

 

 

 

September 29,

 

December 30,

 

September 30,

 

 

    

2018

    

2017

    

2017

 

ASSETS

 

 

 

  

 

 

  

 

 

 

CURRENT ASSETS:

 

 

 

  

 

 

  

 

 

 

Cash and cash equivalents

 

$

26,327

    

$

28,339

  

$

22,044

 

Restricted cash

 

 

1,024

 

 

477

  

 

905

 

Investments

 

 

15,809

 

 

11,269

  

 

10,781

 

Accounts receivable, net

 

 

454,935

 

 

327,751

  

 

419,183

 

Inventories:

 

 

 

  

 

 

  

 

 

 

Raw materials

 

 

257,983

 

 

234,354

  

 

203,930

 

Finished goods

 

 

252,074

 

 

225,954

  

 

208,556

 

Total inventories

 

 

510,057

 

 

460,308

  

 

412,486

 

Refundable income taxes

 

 

9,124

 

 

7,228

  

 

763

 

Other current assets

 

 

29,575

 

 

28,115

  

 

22,438

 

TOTAL CURRENT ASSETS

 

 

1,046,851

 

 

863,487

 

 

888,600

 

DEFERRED INCOME TAXES

 

 

2,176

 

 

1,865

  

 

1,899

 

RESTRICTED INVESTMENTS

 

 

13,117

 

 

8,359

  

 

7,982

 

OTHER ASSETS

 

 

7,052

 

 

7,368

  

 

7,634

 

GOODWILL

 

 

218,631

 

 

212,644

  

 

212,029

 

INDEFINITE-LIVED INTANGIBLE ASSETS

 

 

7,373

 

 

7,415

  

 

7,580

 

OTHER INTANGIBLE ASSETS, NET

 

 

35,662

 

 

34,910

  

 

36,093

 

PROPERTY, PLANT AND EQUIPMENT:

 

 

 

  

 

 

  

 

 

 

  Property, plant and equipment

 

 

807,023

 

 

763,101

 

 

754,175

 

Less accumulated depreciation and amortization

 

 

(460,714)

 

 

(434,472)

  

 

(429,066)

 

       PROPERTY, PLANT AND EQUIPMENT, NET

 

 

346,309

 

 

328,629

 

 

325,109

 

TOTAL ASSETS

 

$

1,677,171

 

$

1,464,677

 

$

1,486,926

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

  

 

 

  

 

 

 

CURRENT LIABILITIES:

 

 

 

  

 

 

  

 

 

 

Cash overdraft

 

$

31,115

 

$

25,851

  

$

26,617

 

Accounts payable

 

 

175,912

 

 

140,106

  

 

171,774

 

Accrued liabilities:

 

 

 

  

 

 

  

 

 

 

Compensation and benefits

 

 

99,786

 

 

97,556

  

 

88,185

 

Other

 

 

51,316

 

 

38,404

  

 

50,179

 

Current portion of long-term debt

 

 

149

 

 

1,329

  

 

2,197

 

TOTAL CURRENT LIABILITIES

 

 

358,278

 

 

303,246

  

 

338,952

 

LONG-TERM DEBT

 

 

186,539

 

 

144,674

  

 

145,884

 

DEFERRED INCOME TAXES

 

 

13,701

 

 

14,079

  

 

22,806

 

OTHER LIABILITIES

 

 

26,929

 

 

28,655

  

 

29,204

 

TOTAL LIABILITIES

 

 

585,447

 

 

490,654

  

 

536,846

 

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, 61,656,181, 61,191,888 and 61,174,197

 

 

61,656

 

 

61,192

  

 

61,174

 

Additional paid-in capital

 

 

176,671

 

 

161,928

  

 

159,995

 

Retained earnings

 

 

841,431

 

 

736,212

  

 

715,497

 

Accumulated other comprehensive income

 

 

(3,638)

 

 

144

  

 

(871)

 

Total controlling interest shareholders’ equity

 

 

1,076,120

 

 

959,476

  

 

935,795

 

Noncontrolling interest

 

 

15,604

 

 

14,547

  

 

14,285

 

TOTAL SHAREHOLDERS’ EQUITY

 

 

1,091,724

 

 

974,023

  

 

950,080

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$

1,677,171

 

$

1,464,677

  

$

1,486,926

 

 

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

 

Nine Months Ended

 

 

 

September 29,

 

September 30,

 

September 29,

 

September 30,

 

 

    

2018

    

2017

    

2018

    

2017

    

NET SALES

 

$

1,212,702

    

$

1,056,586

  

$

3,500,999

    

$

2,975,091

    

COST OF GOODS SOLD

 

 

1,054,029

 

 

911,899

  

 

3,045,748

 

 

2,561,424

 

GROSS PROFIT

 

 

158,673

 

 

144,687

  

 

455,251

 

 

413,667

 

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

 

 

102,292

 

 

92,389

  

 

300,292

 

 

272,956

 

FOREIGN CURRENCY EXCHANGE LOSS

 

 

412

 

 

301

 

 

213

 

 

1,157

 

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

 

 

(1,022)

 

 

(274)

 

 

(7,079)

 

 

(437)

 

EARNINGS FROM OPERATIONS

 

 

56,991

 

 

52,271

  

 

161,825

 

 

139,991

 

INTEREST EXPENSE

 

 

1,945

 

 

1,481

  

 

5,971

 

 

4,825

 

INTEREST AND INVESTMENT INCOME

 

 

(211)

 

 

(130)

  

 

(1,109)

 

 

(541)

 

EQUITY IN EARNINGS OF INVESTEE

 

 

 —

 

 

 1

  

 

 —

 

 

(25)

 

 

 

 

1,734

 

 

1,352

  

 

4,862

 

 

4,259

 

EARNINGS BEFORE INCOME TAXES

 

 

55,257

 

 

50,919

  

 

156,963

 

 

135,732

 

INCOME TAXES

 

 

13,189

 

 

16,250

  

 

36,183

 

 

44,855

 

NET EARNINGS

 

 

42,068

 

 

34,669

  

 

120,780

 

 

90,877

 

LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST

 

 

(849)

 

 

(976)

  

 

(2,684)

 

 

(2,480)

 

NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST

 

$

41,219

 

$

33,693

  

$

118,096

 

$

88,397

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE - BASIC

 

$

0.67

 

$

0.55

  

$

1.91

 

$

1.44

 

EARNINGS PER SHARE - DILUTED

 

$

0.66

 

$

0.55

  

$

1.91

 

$

1.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER COMPREHENSIVE INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

 

NET EARNINGS

 

 

42,068

 

 

34,669

  

 

120,780

 

 

90,877

 

OTHER COMPREHENSIVE GAIN (LOSS)

 

 

1,174

 

 

1,719

  

 

(3,170)

 

 

6,141

 

COMPREHENSIVE INCOME

 

 

43,242

 

 

36,388

  

 

117,610

 

 

97,018

 

LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST

 

 

(1,583)

 

 

(975)

  

 

(3,296)

 

 

(3,862)

 

COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST

 

$

41,659

 

$

35,413

  

$

114,314

 

$

93,156

 

 

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

 

 

 

  

 

 

  

 

88,397

 

 

  

 

 

2,480

  

 

90,877

Foreign currency translation adjustment

 

 

 

  

 

 

  

 

 

  

 

4,325

 

 

1,382

  

 

5,707

Unrealized gain (loss) on investment & foreign currency

 

 

 

  

 

 

  

 

 

  

 

434

 

 

  

 

 

434

Distributions to noncontrolling interest

 

 

 

  

 

 

  

 

 

  

 

 

  

 

(3,272)

 

 

(3,272)

Additional purchases of noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,409

 

 

2,409

Cash dividends - $0.150 per share

 

 

 

 

 

 

 

 

(9,208)

 

 

 

 

 

 

 

 

(9,208)

Issuance of 17,925 shares under employee stock plans

 

 

18

 

 

458

  

 

 

  

 

 

  

 

 

  

 

476

Issuance of 428,325 shares under stock grant programs

 

 

428

 

 

6,752

  

 

 

  

 

 

  

 

 

  

 

7,180

Issuance of 147,480 shares under deferred compensation plans

 

 

148

 

 

(148)

  

 

 

  

 

 

  

 

 

  

 

 —

Repurchase of 445,740 shares

 

 

(446)

 

 

297

 

 

(12,827)

  

 

 

  

 

  

 

 

(12,976)

Expense associated with share-based compensation arrangements

 

 

 

  

 

1,978

 

 

  

 

 

  

 

 

  

 

 

1,978

Accrued expense under deferred compensation plans

 

 

 

  

 

6,009

 

  

  

 

  

  

 

  

  

 

  

6,009

Balance at September 30, 2017

 

$

61,174

 

$

159,995

  

$

715,497

 

$

(871)

  

$

14,285

  

$

950,080

Balance at December 30, 2017

 

 

61,192

 

 

161,928

 

 

736,212

 

 

144

 

 

14,547

 

 

974,023

Net earnings

 

 

 

  

 

 

  

 

118,096

 

 

  

 

 

2,684

  

 

120,780

Foreign currency translation adjustment

 

 

 

  

 

 

  

 

 

  

 

(3,562)

 

 

612

  

 

(2,950)

Unrealized gain (loss) on investment & foreign currency

 

 

 

  

 

 

  

 

 

  

 

(220)

 

 

  

 

 

(220)

Distributions to noncontrolling interest

 

 

 

  

 

 

  

 

 

  

 

 

  

 

(2,239)

 

 

(2,239)

Cash dividends - $0.180 per share

 

 

 

  

 

 

  

 

(11,090)

 

 

  

 

 

  

 

 

(11,090)

Issuance of 25,449 shares under employee stock plans

 

 

25

 

 

731

  

 

 

  

 

 

  

 

 

  

 

756

Issuance of 348,140 shares under stock grant programs

 

 

348

 

 

4,911

  

 

 

  

 

 

  

 

 

  

 

5,259

Issuance of 147,188 shares under deferred compensation plans

 

 

147

 

 

(147)

  

 

 

  

 

 

  

 

 

  

 

 —

Repurchase of 56,484 shares

 

 

(56)

 

 

 

 

 

(1,787)

 

 

 

 

 

 

 

 

(1,843)

Expense associated with share-based compensation arrangements

 

 

 

 

 

2,613

 

 

 

 

 

 

 

 

 

 

 

2,613

Accrued expense under deferred compensation plans

 

 

 

 

 

6,635

 

 

 

 

 

 

 

 

 

 

 

6,635

Balance at September 29, 2018

 

$

61,656

 

$

176,671

  

$

841,431

 

$

(3,638)

  

$

15,604

  

$

1,091,724

 

See notes to consolidated condensed financial statements.

5


 

Table of Contents

UNIVERSAL FOREST PRODUCTS, INC.

 

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

 

 

 

 

 

(in thousands)

 

Nine Months Ended

 

 

 

September 29,

 

September 30,

 

 

    

2018

    

2017

    

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

  

 

 

 

Net earnings

 

$

120,780

    

$

90,877

 

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

 

 

 

  

 

 

 

Depreciation

 

 

40,490

 

 

36,010

 

Amortization of intangibles

 

 

4,274

 

 

3,549

 

Expense associated with share-based and grant compensation arrangements

 

 

2,762

 

 

2,122

 

Deferred income taxes (credits)

 

 

(583)

 

 

117

 

Equity in earnings of investee

 

 

 —

 

 

(25)

 

Net (gain) on disposition of assets and impairment of assets

 

 

(7,079)

 

 

(437)

 

Changes in:

 

 

 

  

 

 

 

Accounts receivable

 

 

(121,067)

 

 

(121,688)

 

Inventories

 

 

(39,448)

 

 

(820)

 

Accounts payable and cash overdraft

 

 

38,611

 

 

53,424

 

Accrued liabilities and other

 

 

21,361

 

 

34,221

 

NET CASH FROM OPERATING ACTIVITIES

 

 

60,101

 

 

97,350

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

  

 

 

 

Purchases of property, plant and equipment

 

 

(74,541)

 

 

(57,189)

 

Proceeds from sale of property, plant and equipment

 

 

37,612

 

 

2,121

 

Acquisitions, net of cash received

 

 

(38,963)

 

 

(59,859)

 

Purchases of investments

 

 

(12,401)

 

 

(12,155)

 

Proceeds from sale of investments

 

 

3,298

 

 

4,227

 

Other

 

 

(620)

 

 

1,480

 

NET CASH FROM (USED IN) INVESTING ACTIVITIES

 

 

(85,615)

 

 

(121,375)

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

  

 

 

 

Borrowings under revolving credit facilities

 

 

636,798

 

 

610,038

 

Repayments under revolving credit facilities

 

 

(668,941)

 

 

(573,829)

 

Borrowings of debt

 

 

927

 

 

 —

 

Repayment of debt

 

 

(5,511)

 

 

 —

 

Issuance of long-term debt

 

 

75,000

 

 

 —

 

Proceeds from issuance of common stock

 

 

756

 

 

476

 

Dividends paid to shareholders

 

 

(11,090)

 

 

(9,207)

 

Distributions to noncontrolling interest

 

 

(2,239)

 

 

(3,272)

 

Repurchase of common stock

 

 

(1,843)

 

 

(12,976)

 

Other

 

 

(55)

 

 

 —

 

NET CASH FROM FINANCING ACTIVITIES

 

 

23,802

 

 

11,230

 

Effect of exchange rate changes on cash

 

 

247

 

 

1,255

 

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

 

(1,465)

 

 

(11,540)

 

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

 

 

28,816

 

 

34,489

 

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

 

$

27,351

 

$

22,949

 

 

 

 

 

 

 

 

 

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

 

$

26,327

 

$

22,044

 

Restricted cash, end of period

 

 

1,024

 

 

905

 

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

 

$

27,351

 

$

22,949

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL INFORMATION:

 

 

 

  

 

 

 

Interest paid

 

$

4,955

 

$

3,910

 

Income taxes paid

 

 

38,675

 

 

34,108

 

NON-CASH FINANCING ACTIVITIES:

 

 

 

 

 

 

 

Common stock issued under deferred compensation plans

 

 

5,312

 

 

4,673

 

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 September 30, 2017 balances in the accompanying unaudited consolidated condensed balance sheets.

 

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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 29, 2018

 

September 30, 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

    

$

1,381

 

$

 —

    

$

1,437

    

$

64

    

$

413

    

$

477

Fixed income funds

 

 

2,846

 

 

9,484

 

 

 —

 

 

12,330

 

 

1,299

 

 

6,905

 

 

8,204

Equity securities

 

 

8,203

 

 

 —

 

 

 —

 

 

8,203

 

 

10,194

 

 

 —

 

 

10,194

Hedge funds

 

 

 —

 

 

 —

 

 

1,725

 

 

1,725

 

 

 

 

 

 

 

 

 

Mutual funds:

 

 

 

  

 

 

 

 

 

 

 

 

  

 

 

 

 

 

  

 

 

Domestic stock funds

 

 

2,970

 

 

 —

 

 

 —

 

 

2,970