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 30, 2019
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to .
Commission file number: 1-6615
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
(Exact Name of Registrant as Specified in Its Charter)
|
Delaware |
95-2594729 |
|
(State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification No.) |
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26600 Telegraph Road, Suite 400 |
|
|
Southfield, Michigan |
48033 |
|
(Address of Principal Executive Offices) |
(Zip Code) |
Registrant’s Telephone Number, Including Area Code: (248) 352-7300
Securities registered pursuant to Section 12(b) of the Act:
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Title of Each Class |
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Trading Symbol |
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Name of Each Exchange on Which Registered |
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Common Stock, $0.01 par value |
|
SUP |
|
New York Stock Exchange |
Indicate by check mark 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, if any, 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 check mark 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 any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Number of shares of common stock outstanding as of October 30, 2019: 25,128,158
TABLE OF CONTENTS
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PART I |
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Item 1 |
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1 |
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2 |
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4 |
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5 |
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7 |
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Item 2 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
29 |
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Item 3 |
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40 |
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Item 4 |
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40 |
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PART II |
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Item 1 |
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41 |
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Item 1A |
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41 |
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Item 2 |
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41 |
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Item 5 |
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41 |
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Item 6 |
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42 |
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43 |
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SUPERIOR INDUSTRIES INTERNATIONAL, INC.
CONDENSED CONSOLIDATED INCOME STATEMENTS
(Dollars in thousands, except per share data)
(Unaudited)
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Three Months Ended |
|
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Nine Months Ended |
|
||||||||||
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September 30, 2019 |
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September 30, 2018 |
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September 30, 2019 |
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September 30, 2018 |
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||||
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NET SALES |
|
$ |
352,014 |
|
|
$ |
347,612 |
|
|
$ |
1,062,206 |
|
|
$ |
1,123,004 |
|
|
Cost of sales |
|
|
335,967 |
|
|
|
323,939 |
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973,042 |
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|
995,781 |
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GROSS PROFIT |
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|
16,047 |
|
|
|
23,673 |
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|
|
89,164 |
|
|
|
127,223 |
|
|
Selling, general and administrative expenses |
|
|
16,290 |
|
|
|
15,985 |
|
|
|
46,737 |
|
|
|
60,631 |
|
|
INCOME (LOSS) FROM OPERATIONS |
|
|
(243 |
) |
|
|
7,688 |
|
|
|
42,427 |
|
|
|
66,592 |
|
|
Interest expense, net |
|
|
(11,807 |
) |
|
|
(12,378 |
) |
|
|
(35,532 |
) |
|
|
(37,417 |
) |
|
Other income (expense), net |
|
|
1,676 |
|
|
|
(3,238 |
) |
|
|
3,716 |
|
|
|
(6,796 |
) |
|
Change in fair value of redeemable preferred stock embedded derivative |
|
|
(1,042 |
) |
|
|
214 |
|
|
|
(323 |
) |
|
|
(3,476 |
) |
|
INCOME (LOSS) BEFORE INCOME TAXES |
|
|
(11,416 |
) |
|
|
(7,714 |
) |
|
|
10,288 |
|
|
|
18,903 |
|
|
Income tax (provision) benefit |
|
|
4,785 |
|
|
|
7,051 |
|
|
|
(7,699 |
) |
|
|
(1,114 |
) |
|
NET INCOME (LOSS) |
|
$ |
(6,631 |
) |
|
$ |
(663 |
) |
|
$ |
2,589 |
|
|
$ |
17,789 |
|
|
LOSS PER SHARE – BASIC |
|
$ |
(0.57 |
) |
|
$ |
(0.37 |
) |
|
$ |
(0.84 |
) |
|
$ |
(0.32 |
) |
|
LOSS PER SHARE – DILUTED |
|
$ |
(0.57 |
) |
|
$ |
(0.37 |
) |
|
$ |
(0.84 |
) |
|
$ |
(0.32 |
) |
The accompanying unaudited notes are an integral part of these condensed consolidated financial statements.
1
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in thousands)
(Unaudited)
|
|
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Three Months Ended |
|
|
Nine Months Ended |
|
||||||||||
|
|
|
September 30, 2019 |
|
|
September 30, 2018 |
|
|
September 30, 2019 |
|
|
September 30, 2018 |
|
||||
|
Net income (loss) |
|
$ |
(6,631 |
) |
|
$ |
(663) |
|
|
$ |
2,589 |
|
|
$ |
17,789 |
|
|
Other comprehensive income (loss), net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation gain (loss), net of tax |
|
|
(22,143 |
) |
|
|
4,313 |
|
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(21,459 |
) |
|
|
(10,016 |
) |
|
Change in unrecognized gains (losses) on derivative instruments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value of derivatives |
|
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(10,406 |
) |
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|
22,018 |
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|
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(1,862 |
) |
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|
17,124 |
|
|
Tax (provision) benefit |
|
|
2,104 |
|
|
|
(4,495 |
) |
|
|
342 |
|
|
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(3,680 |
) |
|
Change in unrecognized gains (losses) on derivative instruments, net of tax |
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|
(8,302 |
) |
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17,523 |
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(1,520 |
) |
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13,444 |
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Defined benefit pension plan: |
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Amortization of actuarial loss |
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50 |
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147 |
|
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|
155 |
|
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|
324 |
|
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Tax provision |
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(11 |
) |
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(23 |
) |
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(33 |
) |
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|
(69 |
) |
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Pension changes, net of tax |
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39 |
|
|
|
124 |
|
|
|
122 |
|
|
|
255 |
|
|
Other comprehensive income (loss), net of tax |
|
|
(30,406 |
) |
|
|
21,960 |
|
|
|
(22,857 |
) |
|
|
3,683 |
|
|
Comprehensive income (loss) |
|
$ |
(37,037 |
) |
|
$ |
21,297 |
|
|
$ |
(20,268 |
) |
|
$ |
21,472 |
|
The accompanying unaudited notes are an integral part of these condensed consolidated financial statements.
2
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
|
|
|
September 30, 2019 |
|
|
December 31, 2018 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
|
$ |
49,308 |
|
|
$ |
47,464 |
|
|
Short-term investments |
|
|
— |
|
|
|
750 |
|
|
Accounts receivable, net |
|
|
131,790 |
|
|
|
104,649 |
|
|
Inventories, net |
|
|
162,079 |
|
|
|
175,578 |
|
|
Income taxes receivable |
|
|
2,151 |
|
|
|
6,791 |
|
|
Other current assets |
|
|
20,832 |
|
|
|
35,189 |
|
|
Total current assets |
|
|
366,160 |
|
|
|
370,421 |
|
|
Property, plant and equipment, net |
|
|
516,892 |
|
|
|
532,767 |
|
|
Deferred income tax assets, net |
|
|
42,329 |
|
|
|
42,105 |
|
|
Goodwill |
|
|
278,543 |
|
|
|
291,434 |
|
|
Intangibles, net |
|
|
142,689 |
|
|
|
168,369 |
|
|
Other non-current assets |
|
|
56,749 |
|
|
|
46,520 |
|
|
Total assets |
|
$ |
1,403,362 |
|
|
$ |
1,451,616 |
|
|
LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
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|
|
Current liabilities: |
|
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
124,402 |
|
|
$ |
107,274 |
|
|
Short-term debt |
|
|
3,300 |
|
|
|
3,052 |
|
|
Accrued expenses |
|
|
71,230 |
|
|
|
65,662 |
|
|
Income taxes payable |
|
|
1,441 |
|
|
|
2,475 |
|
|
Total current liabilities |
|
|
200,373 |
|
|
|
178,463 |
|
|
Long-term debt (less current portion) |
|
|
614,682 |
|
|
|
661,426 |
|
|
Embedded derivative liability |
|
|
3,457 |
|
|
|
3,134 |
|
|
Non-current income tax liabilities |
|
|
9,583 |
|
|
|
9,046 |
|
|
Deferred income tax liabilities, net |
|
|
15,465 |
|
|
|
18,664 |
|
|
Other non-current liabilities |
|
|
65,768 |
|
|
|
49,306 |
|
|
Commitments and contingent liabilities (Note 18) |
|
|
— |
|
|
|
— |
|
|
Mezzanine equity: |
|
|
|
|
|
|
|
|
|
Preferred stock, $0.01 par value |
|
|
|
|
|
|
|
|
|
Authorized - 1,000,000 shares |
|
|
|
|
|
|
|
|
|
Issued and outstanding – 150,000 shares outstanding at September 30, 2019 and December 31, 2018 |
|
|
156,682 |
|
|
|
144,463 |
|
|
European non-controlling redeemable equity |
|
|
9,136 |
|
|
|
13,849 |
|
|
Shareholders’ equity: |
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par value |
|
|
|
|
|
|
|
|
|
Authorized - 100,000,000 shares |
|
|
|
|
|
|
|
|
|
Issued and outstanding – 25,128,158 and 25,019,237 shares at September 30, 2019 and December 31, 2018 |
|
|
91,310 |
|
|
|
87,723 |
|
|
Accumulated other comprehensive loss |
|
|
(128,352 |
) |
|
|
(105,495 |
) |
|
Retained earnings |
|
|
365,258 |
|
|
|
391,037 |
|
|
Total shareholders’ equity |
|
|
328,216 |
|
|
|
373,265 |
|
|
Total liabilities, mezzanine equity and shareholders’ equity |
|
$ |
1,403,362 |
|
|
$ |
1,451,616 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements.
3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
|
Nine Months Ended September 30, |
|
2019 |
|
|
2018 |
|
||
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
2,589 |
|
|
$ |
17,789 |
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
77,500 |
|
|
|
71,932 |
|
|
Income tax, non-cash changes |
|
|
(3,472 |
) |
|
|
4,422 |
|
|
Stock-based compensation |
|
|
3,695 |
|
|
|
2,960 |
|
|
Amortization of debt issuance costs |
|
|
3,681 |
|
|
|
2,899 |
|
|
Other non-cash items |
|
|
444 |
|
|
|
2,835 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(30,464 |
) |
|
|
2,755 |
|
|
Inventories |
|
|
9,028 |
|
|
|
(21,997 |
) |
|
Other assets and liabilities |
|
|
20,313 |
|
|
|
(11,462 |
) |
|
Accounts payable |
|
|
11,176 |
|
|
|
(8,575 |
) |
|
Income taxes |
|
|
7,861 |
|
|
|
782 |
|
|
NET CASH PROVIDED BY OPERATING ACTIVITIES |
|
|
102,351 |
|
|
|
64,340 |
|
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Additions to property, plant and equipment |
|
|
(47,584 |
) |
|
|
(55,466 |
) |
|
Other investing activities |
|
|
9,631 |
|
|
|
- |
|
|
NET CASH USED IN INVESTING ACTIVITIES |
|
|
(37,953 |
) |
|
|
(55,466 |
) |
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
Debt repayment |
|
|
(35,015 |
) |
|
|
(5,390 |
) |
|
Cash dividends paid |
|
|
(19,171 |
) |
|
|
(21,680 |
) |
|
Purchase of non-controlling redeemable shares |
|
|
(3,888 |
) |
|
|
(33,421 |
) |
|
Payments related to tax withholdings for stock-based compensation |
|
|
(108 |
) |
|
|
(606 |
) |
|
Proceeds from the exercise of stock options |
|
|
- |
|
|
|
68 |
|
|
Proceeds from borrowings on revolving credit facility |
|
|
69,600 |
|
|
|
234,700 |
|
|
Repayments of borrowings on revolving credit facility |
|
|
(69,600 |
) |
|
|
(216,100 |
) |
|
Other financing activities |
|
|
(1,035 |
) |
|
|
- |
|
|
NET CASH USED IN FINANCING ACTIVITIES |
|
|
(59,217 |
) |
|
|
(42,429 |
) |
|
Effect of exchange rate changes on cash |
|
|
(3,337 |
) |
|
|
(1,321 |
) |
|
Net increase (decrease) in cash and cash equivalents |
|
|
1,844 |
|
|
|
(34,876 |
) |
|
Cash and cash equivalents at the beginning of the period |
|
|
47,464 |
|
|
|
46,360 |
|
|
Cash and cash equivalents at the end of the period |
|
$ |
49,308 |
|
|
$ |
11,484 |
|
The accompanying unaudited notes are an integral part of these condensed consolidated financial statements.
4
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Dollars in thousands)
For the nine months ended September 30, 2018
|
(Unaudited) |
|
Common Stock |
|
|
Accumulated Other Comprehensive (Loss) Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
Number of Shares |
|
|
Amount |
|
|
Unrecognized Gains (Losses) on Derivative Instruments |
|
|
Pension Obligations |
|
|
Cumulative Translation Adjustment |
|
|
Retained Earnings |
|
|
Non-controlling Interest |
|
|
Total |
|
||||||||
|
BALANCE AT DECEMBER 31, 2017 |
|
|
24,917,025 |
|
|
$ |
89,755 |
|
|
$ |
(8,498 |
) |
|
$ |
(5,257 |
) |
|
$ |
(75,366 |
) |
|
$ |
393,146 |
|
|
$ |
51,943 |
|
|
$ |
445,723 |
|
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17,789 |
|
|
|
— |
|
|
|
17,789 |
|
|
Change in unrecognized gains (losses) on derivative instruments, net of tax |
|
|
— |
|
|
|
— |
|
|
|
13,444 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13,444 |
|
|
Change in employee benefit plans, net of taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
255 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
255 |
|
|
Net foreign currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,016 |
) |
|
|
— |
|
|
|
— |
|
|
|
(10,016 |
) |
|
Stock options exercised |
|
|
4,500 |
|
|
|
68 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
68 |
|
|
Common stock issued, net of shares withheld for employee taxes |
|
|
97,712 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Stock-based compensation |
|
|
— |
|
|
|
2,355 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,355 |
|
|
Cash dividends declared ($0.09 per common share) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,101 |
) |
|
|
— |
|
|
|
(7,101 |
) |
|
Redeemable preferred dividend (9% per preferred share and $0.09 per common share equivalent) and accretion |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(24,499 |
) |
|
|
— |
|
|
|
(24,499 |
) |
|
Reclassification to European non-controlling redeemable equity |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(51,943 |
) |
|
|
(51,943 |
) |
|
Adjust European non-controlling redeemable equity to redemption value |
|
|
— |
|
|
|
(3,625 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,625 |
) |
|
European non-controlling redeemable equity dividend |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,342 |
) |
|
|
— |
|
|
|
(1,342 |
) |
|
BALANCE AT SEPTEMBER 30, 2018 |
|
|
25,019,237 |
|
|
$ |
88,553 |
|
|
$ |
4,946 |
|
|
$ |
(5,002 |
) |
|
$ |
(85,382 |
) |
|
$ |
377,993 |
|
|
$ |
— |
|
|
$ |
381,108 |
|
For the three months ended September 30, 2018
|
(Unaudited) |
|
Common Stock |
|
|
Accumulated Other Comprehensive (Loss) Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
Number of Shares |
|
|
Amount |
|
|
Unrecognized Gains (Losses) on Derivative Instruments |
|
|
Pension Obligations |
|
|
Cumulative Translation Adjustment |
|
|
Retained Earnings |
|
|
Non-controlling Interest |
|
|
Total |
|
||||||||
|
BALANCE AT JUNE 30, 2018 |
|
|
25,011,730 |
|
|
$ |
87,305 |
|
|
$ |
(12,577 |
) |
|
$ |
(5,126 |
) |
|
$ |
(89,695 |
) |
|
$ |
389,465 |
|
|
$ |
— |
|
|
$ |
369,372 |
|
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(663 |
) |
|
|
— |
|
|
|
(663 |
) |
|
Change in unrecognized gains (losses) on derivative instruments, net of tax |
|
|
— |
|
|
|
— |
|
|
|
17,523 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17,523 |
|
|
Change in employee benefit plans, net of taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
124 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
124 |
|
|
Net foreign currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
4,313 |
|
|
|
— |
|
|
|
— |
|
|
|
4,313 |
|
|
Stock options exercised |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Common stock issued, net of shares withheld for employee taxes |
|
|
7,507 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Stock-based compensation |
|
|
— |
|
|
|
1,248 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,248 |
|
|
Cash dividends declared ($0.09 per common share) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,256 |
) |
|
|
— |
|
|
|
(2,256 |
) |
|
Redeemable preferred dividend (9% per preferred share and $0.09 per common share equivalent) and accretion |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8,295 |
) |
|
|
— |
|
|
|
(8,295 |
) |
|
European non-controlling redeemable equity dividend |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(258 |
) |
|
|
— |
|
|
|
(258 |
) |
|
BALANCE AT SEPTEMBER 30, 2018 |
|
|
25,019,237 |
|
|
$ |
88,553 |
|
|
$ |
4,946 |
|
|
$ |
(5,002 |
) |
|
$ |
(85,382 |
) |
|
$ |
377,993 |
|
|
$ |
— |
|
|
$ |
381,108 |
|
5
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(Dollars in thousands)
For the nine months ended September 30, 2019
|
(Unaudited) |
|
Common Stock |
|
|
Accumulated Other Comprehensive (Loss) Income |
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
Number of Shares |
|
|
Amount |
|
|
Unrecognized Gains (Losses) on Derivative Instruments |
|
|
Pension Obligations |
|
|
Cumulative Translation Adjustment |
|
|
Retained Earnings |
|
|
Total |
|
|||||||
|
BALANCE AT DECEMBER 31, 2018 |
|
|
25,019,237 |
|
|
$ |
87,723 |
|
|
$ |
(3,205 |
) |
|
$ |
(3,000 |
) |
|
$ |
(99,290 |
) |
|
$ |
391,037 |
|
|
$ |
373,265 |
|
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,589 |
|
|
|
2,589 |
|
|
Change in unrecognized gains (losses) on derivative instruments, net of tax |
|
|
— |
|
|
|
— |
|
|
|
(1,520 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,520 |
) |
|
Change in employee benefit plans, net of taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
122 |
|
|
|
— |
|
|
|
— |
|
|
|
122 |
|
|
Net foreign currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(21,459 |
) |
|
|
— |
|
|
|
(21,459 |
) |
|
Common stock issued, net of shares withheld for employee taxes |
|
|
108,921 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Stock-based compensation |
|
|
— |
|
|
|
3,587 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,587 |
|
|
Cash dividends declared ($0.09 per common share) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,597 |
) |
|
|
(4,597 |
) |
|
Redeemable preferred dividend (9% per | ||||||||||||||||||||||||||||