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New words:
absent, accuracy, accurately, affiliate, affirmative, AG, Aktiengesellschaft, announcement, Antitrust, appraisal, April, assumption, attached, attention, attract, automatically, borne, cancelled, Committee, competent, competing, consent, consummated, consummation, contemplated, contractual, correct, court, DDTC, Defense, delay, deter, Directorate, discourage, discretion, divert, drop, earlier, Elephant, enjoining, entity, ETR, Exhibit, expiration, expired, extent, forward, German, governmental, Holdco, HSR, impairment, implicit, indirect, initial, injunction, intensifying, jurisdiction, lost, margin, monetary, motivate, negative, negotiate, notice, notified, ordnance, outlined, paid, par, Parent, passage, pendency, pending, plant, prevent, proper, properly, proposed, proposing, pursue, readily, receipt, registration, regular, renegotiate, renewal, renewed, residual, restraining, revoked, satisfaction, seasonal, seek, seeking, sixty, space, spend, stockholder, sublease, surviving, technology, terminate, terminating, termination, thereon, Traffic, transaction, transparency, treasury, true, unable, uncertainty, vote, voted, waiting, warehouse, wholly, Wieland, withdrawn
Removed:
accelerated, accept, account, advance, Alumet, analyzed, anticipate, apply, Atlanta, began, bill, Bulletin, captive, carrier, category, charge, charging, Chicago, claim, Clarifying, classifying, closely, coating, code, collected, complex, concentrated, concurrence, covered, cut, deductible, deduction, deferred, dual, duration, earn, Enterprise, equivalent, ERP, expensing, experience, extend, fact, favorably, finalize, FOB, forma, forthcoming, fulfillment, full, fully, gather, geographic, group, grouped, grow, Headquartered, health, hedged, HSA, impacting, improvement, input, insured, intangible, integrated, intermediate, interruption, IRS, Jersey, leasehold, length, lessee, life, limitation, long, lowering, medical, mentioned, method, OCI, outage, output, Parsippany, passed, payroll, permanently, Planning, point, policy, predominantly, presence, principle, pro, procure, procuring, profitably, provisional, qualifying, reassessment, received, recover, reflect, reflected, reform, reinvested, requirement, resumed, roofing, SAB, secured, securing, separately, shipment, shipping, shown, significantly, single, South, Southeast, straight, substantive, sustained, system, targeted, temporarily, temporary, territorial, title, transferred, transitioning, unlimited, unrepatriated, unusual
Financial report summary
?Management Discussion
- Consolidated Results of Operations for the three months ended March 31, 2019, Compared to the three months ended March 31, 2018.
- Interest expense, net decreased by $0.3 million primarily due to increased interest income and a lower principal balance in 2019 partially offset by an increase in our average interest rate on our debt principal which increased from 4.9% to 5.1%.
- The provision for income taxes increased by $1.4 million. The effective income tax rate ("ETR"), which is the provision for income taxes as a percentage of income before provision for income taxes, was 27.1% and 25.0% for the three months ended March 31, 2019 and 2018 respectively. The ETR increase was mainly driven by increased tax expense on stock compensation due to a reduction of shares vesting in 2019 and a reduction of the difference between the stock price at grant date and vesting date. The ETR differs from the statutory rate of 21% for the three months ended March 31, 2019 and 2018 primarily due to state income taxes, stock compensation, and utilization of tax credits.