Pennsylvania | 25-0644320 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer | |||||||
Identification No.) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Class A Common Stock, $1.00 par value | MATW | Nasdaq Global Select Market |
Large accelerated filer | ý | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||
Emerging growth company | ☐ | |||||||||||||
March 31, 2024 | September 30, 2023 | ||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 45,497 | $ | 42,101 | |||||||||||||||||||
Accounts receivable, net | 192,735 | 207,526 | |||||||||||||||||||||
Inventories, net | 253,301 | 260,409 | |||||||||||||||||||||
Contract assets | 90,835 | 74,646 | |||||||||||||||||||||
Other current assets | 71,681 | 63,575 | |||||||||||||||||||||
Total current assets | 654,049 | 648,257 | |||||||||||||||||||||
Investments | 26,780 | 24,988 | |||||||||||||||||||||
Property, plant and equipment, net | 277,903 | 270,326 | |||||||||||||||||||||
Operating lease right-of-use assets | 65,779 | 71,629 | |||||||||||||||||||||
Deferred income taxes | 2,316 | 2,269 | |||||||||||||||||||||
Goodwill | 707,881 | 698,109 | |||||||||||||||||||||
Other intangible assets, net | 143,884 | 160,478 | |||||||||||||||||||||
Other assets | 11,885 | 11,325 | |||||||||||||||||||||
Total assets | $ | 1,890,477 | $ | 1,887,381 | |||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Long-term debt, current maturities | $ | 5,419 | $ | 3,696 | |||||||||||||||||||
Current portion of operating lease liabilities | 23,442 | 23,983 | |||||||||||||||||||||
Trade accounts payable | 107,147 | 114,316 | |||||||||||||||||||||
Accrued compensation | 44,525 | 58,872 | |||||||||||||||||||||
Accrued income taxes | 4,035 | 12,561 | |||||||||||||||||||||
Contract liabilities | 35,613 | 36,935 | |||||||||||||||||||||
Other current liabilities | 138,571 | 144,237 | |||||||||||||||||||||
Total current liabilities | 358,752 | 394,600 | |||||||||||||||||||||
Long-term debt | 837,357 | 786,484 | |||||||||||||||||||||
Operating lease liabilities | 44,658 | 50,189 | |||||||||||||||||||||
Deferred income taxes | 69,672 | 71,255 | |||||||||||||||||||||
Other liabilities | 70,691 | 59,572 | |||||||||||||||||||||
Total liabilities | 1,381,130 | 1,362,100 | |||||||||||||||||||||
SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
Shareholders' equity-Matthews: | |||||||||||||||||||||||
Common stock | $ | 36,334 | $ | 36,334 | |||||||||||||||||||
Additional paid-in capital | 150,344 | 168,211 | |||||||||||||||||||||
Retained earnings | 705,113 | 714,727 | |||||||||||||||||||||
Accumulated other comprehensive loss | (172,504) | (174,404) | |||||||||||||||||||||
Treasury stock, at cost | (209,987) | (219,200) | |||||||||||||||||||||
Total shareholders' equity-Matthews | 509,300 | 525,668 | |||||||||||||||||||||
Noncontrolling interests | 47 | (387) | |||||||||||||||||||||
Total shareholders' equity | 509,347 | 525,281 | |||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 1,890,477 | $ | 1,887,381 |
December 31, 2017 | September 30, 2017 | ||||||||||||||
ASSETS | |||||||||||||||
Current assets: | |||||||||||||||
Cash and cash equivalents | $ | 60,142 | �� | $ | 57,515 | ||||||||||
Accounts receivable, net | 320,115 | 319,566 | |||||||||||||
Inventories | 179,336 | 171,445 | |||||||||||||
Other current assets | 53,784 | 46,533 | |||||||||||||
Total current assets | 613,377 | 595,059 | |||||||||||||
Investments | 49,946 | 37,667 | |||||||||||||
Property, plant and equipment: Cost | $ | 596,107 | $ | 570,879 | |||||||||||
Less accumulated depreciation | (342,263 | ) | (335,346 | ) | |||||||||||
253,844 | 235,533 | ||||||||||||||
Deferred income taxes | 1,890 | 2,456 | |||||||||||||
Other assets | 58,887 | 51,758 | |||||||||||||
Goodwill | 948,687 | 897,794 | |||||||||||||
Other intangible assets, net | 455,744 | 424,382 | |||||||||||||
Total assets | $ | 2,382,375 | $ | 2,244,649 | |||||||||||
LIABILITIES | |||||||||||||||
Current liabilities: | |||||||||||||||
Long-term debt, current maturities | $ | 31,390 | $ | 29,528 | |||||||||||
Trade accounts payable | 57,267 | 66,607 | |||||||||||||
Accrued compensation | 45,471 | 62,210 | |||||||||||||
Accrued income taxes | 31,211 | 21,386 | |||||||||||||
Other current liabilities | 127,332 | 105,401 | |||||||||||||
Total current liabilities | 292,671 | 285,132 | |||||||||||||
Long-term debt | 994,255 | 881,602 | |||||||||||||
Accrued pension | 104,341 | 103,273 | |||||||||||||
Postretirement benefits | 19,366 | 19,273 | |||||||||||||
Deferred income taxes | 101,449 | 139,430 | |||||||||||||
Other liabilities | 39,664 | 25,680 | |||||||||||||
Total liabilities | 1,551,746 | 1,454,390 | |||||||||||||
SHAREHOLDERS' EQUITY | |||||||||||||||
Shareholders' equity-Matthews: | |||||||||||||||
Common stock | $ | 36,334 | $ | 36,334 | |||||||||||
Additional paid-in capital | 120,294 | 123,432 | |||||||||||||
Retained earnings | 977,939 | 948,830 | |||||||||||||
Accumulated other comprehensive loss | (143,904 | ) | (154,115 | ) | |||||||||||
Treasury stock, at cost | (160,577 | ) | (164,774 | ) | |||||||||||
Total shareholders' equity-Matthews | 830,086 | 789,707 | |||||||||||||
Noncontrolling interests | 543 | 552 | |||||||||||||
Total shareholders' equity | 830,629 | 790,259 | |||||||||||||
Total liabilities and shareholders' equity | $ | 2,382,375 | $ | 2,244,649 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Sales | $ | 471,223 | $ | 479,580 | $ | 921,209 | $ | 928,820 | |||||||||||||||
Cost of sales | (323,041) | (329,957) | (640,674) | (640,267) | |||||||||||||||||||
Gross profit | 148,182 | 149,623 | 280,535 | 288,553 | |||||||||||||||||||
Selling expense | (36,004) | (34,539) | (70,448) | (67,978) | |||||||||||||||||||
Administrative expense | (81,891) | (81,516) | (160,578) | (159,437) | |||||||||||||||||||
Intangible amortization | (8,959) | (10,517) | (18,754) | (20,859) | |||||||||||||||||||
Operating profit | 21,328 | 23,051 | 30,755 | 40,279 | |||||||||||||||||||
Interest expense | (12,545) | (12,047) | (24,121) | (22,262) | |||||||||||||||||||
Other income (deductions), net | (878) | 1,503 | (1,758) | (551) | |||||||||||||||||||
Income before income taxes | 7,905 | 12,507 | 4,876 | 17,466 | |||||||||||||||||||
Income tax benefit (provision) | 1,122 | (3,382) | 1,848 | (4,694) | |||||||||||||||||||
Net income | 9,027 | 9,125 | 6,724 | 12,772 | |||||||||||||||||||
Net loss attributable to noncontrolling interests | — | 2 | — | 58 | |||||||||||||||||||
Net income attributable to Matthews shareholders | $ | 9,027 | $ | 9,127 | $ | 6,724 | $ | 12,830 | |||||||||||||||
Earnings per share attributable to Matthews shareholders: | |||||||||||||||||||||||
Basic | $ | 0.29 | $ | 0.30 | $ | 0.22 | $ | 0.42 | |||||||||||||||
Diluted | $ | 0.29 | $ | 0.29 | $ | 0.22 | $ | 0.41 |
Three Months Ended December 31, | |||||||
2017 | 2016 | ||||||
Sales | $ | 369,454 | $ | 348,998 | |||
Cost of sales | (238,755 | ) | (221,731 | ) | |||
Gross profit | 130,699 | 127,267 | |||||
Selling and administrative expenses | (112,775 | ) | (108,204 | ) | |||
Operating profit | 17,924 | 19,063 | |||||
Investment income | 467 | 337 | |||||
Interest expense | (7,801 | ) | (6,148 | ) | |||
Other income (deductions), net | (659 | ) | (555 | ) | |||
Income before income taxes | 9,931 | 12,697 | |||||
Income tax benefit (provision) | 25,227 | (2,489 | ) | ||||
Net income | 35,158 | 10,208 | |||||
Net loss attributable to noncontrolling interests | 22 | 114 | |||||
Net income attributable to Matthews shareholders | $ | 35,180 | $ | 10,322 | |||
Earnings per share attributable to Matthews shareholders: | |||||||
Basic | $ | 1.11 | $ | 0.32 | |||
Diluted | $ | 1.10 | $ | 0.32 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
Matthews | Noncontrolling Interest | Total | |||||||||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||||
Net income (loss): | $ | 9,027 | $ | 9,127 | $ | — | $ | (2) | $ | 9,027 | $ | 9,125 | |||||||||||||||||||||||
Other comprehensive (loss) income ("OCI"), net of tax: | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | (6,026) | 4,432 | — | (5) | (6,026) | 4,427 | |||||||||||||||||||||||||||||
Pension plans and other postretirement benefits | (282) | (176) | — | — | (282) | (176) | |||||||||||||||||||||||||||||
Unrecognized gain (loss) on cash flow hedges: | |||||||||||||||||||||||||||||||||||
Net change from periodic revaluation | 1,983 | (1,471) | — | — | 1,983 | (1,471) | |||||||||||||||||||||||||||||
Net amount reclassified to earnings | (499) | (771) | — | — | (499) | (771) | |||||||||||||||||||||||||||||
Net change in unrecognized gain (loss) on cash flow hedges | 1,484 | (2,242) | — | — | 1,484 | (2,242) | |||||||||||||||||||||||||||||
OCI, net of tax | (4,824) | 2,014 | — | (5) | (4,824) | 2,009 | |||||||||||||||||||||||||||||
Comprehensive income (loss) | $ | 4,203 | $ | 11,141 | $ | — | $ | (7) | $ | 4,203 | $ | 11,134 |
Three Months Ended December 31, | Six Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Matthews | Noncontrolling Interest | Total | Matthews | Noncontrolling Interest | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss): | $ | 35,180 | $ | 10,322 | $ | (22 | ) | $ | (114 | ) | $ | 35,158 | $ | 10,208 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) ("OCI"), net of tax: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OCI, net of tax: | OCI, net of tax: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | 7,598 | (31,342 | ) | 13 | 59 | 7,611 | (31,283 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension plans and other postretirement benefits | 1,018 | 1,536 | — | — | 1,018 | 1,536 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrecognized gain on derivatives: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrecognized loss on cash flow hedges: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrecognized loss on cash flow hedges: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Unrecognized loss on cash flow hedges: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change from periodic revaluation | 1,633 | 5,100 | — | — | 1,633 | 5,100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net amount reclassified to earnings | (38 | ) | 493 | — | — | (38 | ) | 493 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change in unrecognized gain on derivatives | 1,595 | 5,593 | — | — | 1,595 | 5,593 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net change in unrecognized loss on cash flow hedges | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OCI, net of tax | 10,211 | (24,213 | ) | 13 | 59 | 10,224 | (24,154 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income (loss) | $ | 45,391 | $ | (13,891 | ) | $ | (9 | ) | $ | (55 | ) | $ | 45,382 | $ | (13,946 | ) |
Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Non- controlling Interests | Total | |||||||||||||||||||||||||||||||||||
Balance, September 30, 2023 | $ | 36,334 | $ | 168,211 | $ | 714,727 | $ | (174,404) | $ | (219,200) | $ | (387) | $ | 525,281 | |||||||||||||||||||||||||||
Net loss | — | — | (2,303) | — | — | — | (2,303) | ||||||||||||||||||||||||||||||||||
Minimum pension liability | — | — | — | (80) | — | — | (80) | ||||||||||||||||||||||||||||||||||
Translation adjustment | — | — | — | 11,685 | — | 22 | 11,707 | ||||||||||||||||||||||||||||||||||
Fair value of cash flow hedges | — | — | — | (4,881) | — | — | (4,881) | ||||||||||||||||||||||||||||||||||
Total comprehensive income | 4,443 | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | 4,651 | — | — | — | — | 4,651 | ||||||||||||||||||||||||||||||||||
Purchase of 465,953 shares of treasury stock | — | — | — | — | (17,185) | — | (17,185) | ||||||||||||||||||||||||||||||||||
Issuance of 678,750 shares of treasury stock | — | (25,356) | — | — | 25,356 | — | — | ||||||||||||||||||||||||||||||||||
Dividends | — | — | (8,381) | — | — | — | (8,381) | ||||||||||||||||||||||||||||||||||
Transactions with non-controlling interest | — | (412) | — | — | — | 412 | — | ||||||||||||||||||||||||||||||||||
Balance, December 31, 2023 | $ | 36,334 | $ | 147,094 | $ | 704,043 | $ | (167,680) | $ | (211,029) | $ | 47 | $ | 508,809 | |||||||||||||||||||||||||||
Net income | — | — | 9,027 | — | — | — | 9,027 | ||||||||||||||||||||||||||||||||||
Minimum pension liability | — | — | — | (282) | — | — | (282) | ||||||||||||||||||||||||||||||||||
Translation adjustment | — | — | — | (6,026) | — | — | (6,026) | ||||||||||||||||||||||||||||||||||
Fair value of cash flow hedges | — | — | — | 1,484 | — | — | 1,484 | ||||||||||||||||||||||||||||||||||
Total comprehensive income | 4,203 | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | 4,327 | — | — | — | — | 4,327 | ||||||||||||||||||||||||||||||||||
Purchase of 1,029 shares of treasury stock | — | — | — | — | (35) | — | (35) | ||||||||||||||||||||||||||||||||||
Issuance of 28,878 shares of treasury stock | — | (1,077) | — | — | 1,077 | — | — | ||||||||||||||||||||||||||||||||||
Dividends | — | — | (7,957) | — | — | — | (7,957) | ||||||||||||||||||||||||||||||||||
Balance, March 31, 2024 | $ | 36,334 | $ | 150,344 | $ | 705,113 | $ | (172,504) | $ | (209,987) | $ | 47 | $ | 509,347 | |||||||||||||||||||||||||||
Shareholders' Equity | |||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Non- controlling interests | Total | |||||||||||||||||||||
Balance, September 30, 2017 | $ | 36,334 | $ | 123,432 | $ | 948,830 | $ | (154,115 | ) | $ | (164,774 | ) | $ | 552 | $ | 790,259 | |||||||||||
Net income (loss) | — | — | 35,180 | — | — | (22 | ) | 35,158 | |||||||||||||||||||
Minimum pension liability | — | — | — | 1,018 | — | — | 1,018 | ||||||||||||||||||||
Translation adjustment | — | — | — | 7,598 | — | 13 | 7,611 | ||||||||||||||||||||
Fair value of derivatives | — | — | — | 1,595 | — | — | 1,595 | ||||||||||||||||||||
Total comprehensive income | 45,382 | ||||||||||||||||||||||||||
Stock-based compensation | — | 5,474 | — | — | — | — | 5,474 | ||||||||||||||||||||
Purchase of 75,765 shares of treasury stock | — | — | — | — | (4,415 | ) | — | (4,415 | ) | ||||||||||||||||||
Issuance of 223,971 shares of treasury stock | — | (8,922 | ) | — | — | 8,922 | — | — | |||||||||||||||||||
Cancellations of 5,214 shares of treasury stock | — | 310 | — | — | (310 | ) | — | — | |||||||||||||||||||
Dividends, $0.19 per share | — | — | (6,071 | ) | — | — | — | (6,071 | ) | ||||||||||||||||||
Balance, December 31, 2017 | $ | 36,334 | $ | 120,294 | $ | 977,939 | $ | (143,904 | ) | $ | (160,577 | ) | $ | 543 | $ | 830,629 |
Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Non- controlling Interests | Total | |||||||||||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | 36,334 | $ | 160,255 | $ | 706,749 | $ | (190,191) | $ | (225,795) | $ | (276) | $ | 487,076 | |||||||||||||||||||||||||||
Net income (loss) | — | — | 3,703 | — | — | (56) | 3,647 | ||||||||||||||||||||||||||||||||||
Minimum pension liability | — | — | — | 945 | — | — | 945 | ||||||||||||||||||||||||||||||||||
Translation adjustment | — | — | — | 20,560 | — | 4 | 20,564 | ||||||||||||||||||||||||||||||||||
Fair value of cash flow hedges | — | — | — | (404) | — | — | (404) | ||||||||||||||||||||||||||||||||||
Total comprehensive income | 24,752 | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | 4,334 | — | — | — | — | 4,334 | ||||||||||||||||||||||||||||||||||
Purchase of 89,025 shares of treasury stock | — | — | — | — | (2,451) | — | (2,451) | ||||||||||||||||||||||||||||||||||
Issuance of 245,006 shares of treasury stock | — | (9,154) | — | — | 9,154 | — | — | ||||||||||||||||||||||||||||||||||
Cancellations of 34,327 shares of treasury stock | — | 1,958 | — | — | (1,958) | — | — | ||||||||||||||||||||||||||||||||||
Dividends | — | — | (8,794) | — | — | — | (8,794) | ||||||||||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | 36,334 | $ | 157,393 | $ | 701,658 | $ | (169,090) | $ | (221,050) | $ | (328) | $ | 504,917 | |||||||||||||||||||||||||||
Net income (loss) | — | — | 9,127 | — | — | (2) | 9,125 | ||||||||||||||||||||||||||||||||||
Minimum pension liability | — | — | — | (176) | — | — | (176) | ||||||||||||||||||||||||||||||||||
Translation adjustment | — | — | — | 4,432 | — | (5) | 4,427 | ||||||||||||||||||||||||||||||||||
Fair value of cash flow hedges | — | — | — | (2,242) | — | — | (2,242) | ||||||||||||||||||||||||||||||||||
Total comprehensive income | 11,134 | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | 4,278 | — | — | — | — | 4,278 | ||||||||||||||||||||||||||||||||||
Purchase of 7,606 shares of treasury stock | — | — | — | — | (288) | — | (288) | ||||||||||||||||||||||||||||||||||
Issuance of 46,069 shares of treasury stock | — | (1,723) | — | — | 1,723 | — | — | ||||||||||||||||||||||||||||||||||
Dividends | — | — | (7,683) | — | — | — | (7,683) | ||||||||||||||||||||||||||||||||||
Transactions with noncontrolling interests | — | — | — | — | — | 33 | 33 | ||||||||||||||||||||||||||||||||||
Balance, March 31, 2023 | $ | 36,334 | $ | 159,948 | $ | 703,102 | $ | (167,076) | $ | (219,615) | $ | (302) | $ | 512,391 | |||||||||||||||||||||||||||
Shareholders' Equity | |||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Non- controlling interests | Total | |||||||||||||||||||||
Balance, September 30, 2016 | $ | 36,334 | $ | 117,088 | $ | 896,224 | $ | (181,868 | ) | $ | (159,113 | ) | $ | 669 | $ | 709,334 | |||||||||||
Net income (loss) | — | — | 10,322 | — | — | (114 | ) | 10,208 | |||||||||||||||||||
Minimum pension liability | — | — | — | 1,536 | — | — | 1,536 | ||||||||||||||||||||
Translation adjustment | — | — | — | (31,342 | ) | — | 59 | (31,283 | ) | ||||||||||||||||||
Fair value of derivatives | — | — | — | 5,593 | — | — | 5,593 | ||||||||||||||||||||
Total comprehensive loss | (13,946 | ) | |||||||||||||||||||||||||
Stock-based compensation | — | 6,097 | — | — | — | — | 6,097 | ||||||||||||||||||||
Purchase of 95,229 shares of treasury stock | — | — | — | — | (6,499 | ) | — | (6,499 | ) | ||||||||||||||||||
Issuance of 205,623 shares of treasury stock | — | (7,893 | ) | — | — | 7,907 | — | 14 | |||||||||||||||||||
Dividends, $0.17 per share | — | — | (5,389 | ) | — | — | — | (5,389 | ) | ||||||||||||||||||
Balance, December 31, 2016 | $ | 36,334 | $ | 115,292 | $ | 901,157 | $ | (206,081 | ) | $ | (157,705 | ) | $ | 614 | $ | 689,611 |
Six Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 6,724 | $ | 12,772 | |||||||
Adjustments to reconcile net income to net cash flows from operating activities: | |||||||||||
Depreciation and amortization | 46,784 | 47,877 | |||||||||
Stock-based compensation expense | 8,978 | 8,612 | |||||||||
Deferred tax provision | 29 | 268 | |||||||||
Gain on sale of assets, net | (316) | — | |||||||||
Defined benefit plan settlement losses | — | 1,271 | |||||||||
Defined benefit plan settlement payments | — | (24,242) | |||||||||
Proceeds from the settlement of cash flow hedges | — | 10,474 | |||||||||
Changes in working capital items | (35,609) | (10,885) | |||||||||
Decrease in other assets | 11,724 | 3,298 | |||||||||
Decrease in other liabilities | (7,782) | (2,083) | |||||||||
Other operating activities, net | (691) | (2,651) | |||||||||
Net cash provided by operating activities | 29,841 | 44,711 | |||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | (24,033) | (23,772) | |||||||||
Acquisitions, net of cash acquired | (5,825) | (7,586) | |||||||||
Other investing activities, net | 95 | 155 | |||||||||
Net cash used in investing activities | (29,763) | (31,203) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from long-term debt | 491,142 | 414,843 | |||||||||
Payments on long-term debt | (449,509) | (441,963) | |||||||||
Purchases of treasury stock | (17,220) | (2,739) | |||||||||
Dividends | (16,691) | (14,126) | |||||||||
Payments of debt issuance costs | (4,704) | — | |||||||||
Other financing activities | — | (914) | |||||||||
Net cash provided by (used in) financing activities | 3,018 | (44,899) | |||||||||
Effect of exchange rate changes on cash | 300 | 1,893 | |||||||||
Net change in cash and cash equivalents | 3,396 | (29,498) | |||||||||
Cash and cash equivalents at beginning of year | 42,101 | 71,414 | |||||||||
Cash and cash equivalents at end of period | $ | 45,497 | $ | 41,916 | |||||||
Three Months Ended December 31, | |||||||
2017 | 2016 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 35,158 | $ | 10,208 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 17,238 | 15,159 | |||||
Stock-based compensation expense | 5,474 | 6,097 | |||||
Deferred tax benefit | (38,052 | ) | (1,861 | ) | |||
(Gain) loss on sale of assets | (576 | ) | 55 | ||||
Unrealized gain on investments | (489 | ) | (809 | ) | |||
Changes in working capital items | (9,999 | ) | (12,808 | ) | |||
Increase in other assets | (5,336 | ) | (1,177 | ) | |||
Decrease in other liabilities | (1,931 | ) | (928 | ) | |||
Increase in pension and postretirement benefits | 2,833 | 3,318 | |||||
Other operating activities, net | 3,317 | (1,208 | ) | ||||
Net cash provided by operating activities | 7,637 | 16,046 | |||||
Cash flows from investing activities: | |||||||
Capital expenditures | (11,647 | ) | (5,069 | ) | |||
Acquisitions, net of cash acquired | (85,964 | ) | (10,733 | ) | |||
Proceeds from sale of assets | 1,163 | 7 | |||||
Purchases of investments | (11,730 | ) | — | ||||
Net cash used in investing activities | (108,178 | ) | (15,795 | ) | |||
Cash flows from financing activities: | |||||||
Proceeds from long-term debt | 509,622 | 133,454 | |||||
Payments on long-term debt | (396,321 | ) | (67,533 | ) | |||
Proceeds from the exercise of stock options | — | 14 | |||||
Purchases of treasury stock | (4,415 | ) | (6,499 | ) | |||
Dividends | (6,071 | ) | (5,389 | ) | |||
Net cash provided by financing activities | 102,815 | 54,047 | |||||
Effect of exchange rate changes on cash | 353 | (3,602 | ) | ||||
Net change in cash and cash equivalents | $ | 2,627 | $ | 50,696 | |||
Non-cash investing and financing activities: | |||||||
Acquisition of long-term asset under financing arrangement | $ | 14,544 | $ | — |
Memorialization | Industrial Technologies | SGK Brand Solutions | Consolidated | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||||||
North America | $ | 212,053 | $ | 211,878 | $ | 32,817 | $ | 41,835 | $ | 63,152 | $ | 62,324 | $ | 308,022 | $ | 316,037 | ||||||||||||||||||||||
Central and South America | — | — | — | — | 1,308 | 995 | 1,308 | 995 | ||||||||||||||||||||||||||||||
Europe | 7,907 | 8,462 | 81,579 | 81,970 | 52,731 | 52,941 | 142,217 | 143,373 | ||||||||||||||||||||||||||||||
Australia | 2,196 | 2,549 | — | — | 2,153 | 2,216 | 4,349 | 4,765 | ||||||||||||||||||||||||||||||
Asia | — | — | 1,740 | 1,709 | 13,587 | 12,701 | 15,327 | 14,410 | ||||||||||||||||||||||||||||||
Total Sales | $ | 222,156 | $ | 222,889 | $ | 116,136 | $ | 125,514 | $ | 132,931 | $ | 131,177 | $ | 471,223 | $ | 479,580 |
Memorialization | Industrial Technologies | SGK Brand Solutions | Consolidated | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, | Six Months Ended March 31, | Six Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||||||||||
North America | $ | 409,218 | $ | 407,077 | $ | 65,956 | $ | 77,975 | $ | 125,872 | $ | 129,904 | $ | 601,046 | $ | 614,956 | ||||||||||||||||||||||
Central and South America | — | — | — | — | 2,562 | 2,332 | 2,562 | 2,332 | ||||||||||||||||||||||||||||||
Europe | 15,878 | 16,825 | 158,355 | 153,271 | 102,863 | 101,458 | 277,096 | 271,554 | ||||||||||||||||||||||||||||||
Australia | 5,131 | 5,489 | — | — | 4,324 | 4,515 | 9,455 | 10,004 | ||||||||||||||||||||||||||||||
Asia | — | — | 3,199 | 3,411 | 27,851 | 26,563 | 31,050 | 29,974 | ||||||||||||||||||||||||||||||
Total Sales | $ | 430,227 | $ | 429,391 | $ | 227,510 | $ | 234,657 | $ | 263,472 | $ | 264,772 | $ | 921,209 | $ | 928,820 |
Level 1: | Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets. | |||||||
Level 2: | Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. | |||||||
Level 3: | Unobservable inputs for the asset or liability. |
March 31, 2024 | September 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Derivatives (1) | $ | — | $ | 1,889 | $ | — | $ | 1,889 | $ | — | $ | 4,006 | $ | — | $ | 4,006 | |||||||||||||||||||||||||||||||
Equity and fixed income mutual funds | — | 1,466 | — | 1,466 | — | 699 | — | 699 | |||||||||||||||||||||||||||||||||||||||
Life insurance policies | — | 4,825 | — | 4,825 | — | 4,926 | — | 4,926 | |||||||||||||||||||||||||||||||||||||||
Total assets at fair value | $ | — | $ | 8,180 | $ | — | $ | 8,180 | $ | — | $ | 9,631 | $ | — | $ | 9,631 | |||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Derivatives (1) | $ | — | $ | 5,198 | $ | — | $ | 5,198 | $ | — | $ | 2,766 | $ | — | $ | 2,766 | |||||||||||||||||||||||||||||||
Total liabilities at fair value | $ | — | $ | 5,198 | $ | — | $ | 5,198 | $ | — | $ | 2,766 | $ | — | $ | 2,766 | |||||||||||||||||||||||||||||||
March 31, 2024 | September 30, 2023 | ||||||||||
Raw materials | $ | 71,068 | $ | 70,451 | |||||||
Work in process | 103,060 | 108,400 | |||||||||
Finished goods | 79,173 | 81,558 | |||||||||
$ | 253,301 | $ | 260,409 |
March 31, 2024 | September 30, 2023 | ||||||||||
Equity and fixed income mutual funds | $ | 1,466 | $ | 699 | |||||||
Life insurance policies | 4,825 | 4,926 | |||||||||
Equity-method investments | 332 | 323 | |||||||||
Other (primarily cost-method) investments | 20,157 | 19,040 | |||||||||
$ | 26,780 | $ | 24,988 |
December 31, 2017 | September 30, 2017 | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||
Derivatives (1) | $ | — | $ | 6,573 | $ | — | $ | 6,573 | $ | — | $ | 3,990 | $ | — | $ | 3,990 | |||||||||||||||
Equity and fixed income mutual funds | — | 22,029 | — | 22,029 | — | 21,649 | — | 21,649 | |||||||||||||||||||||||
Other investments | — | 5,895 | — | 5,895 | — | 5,810 | — | 5,810 | |||||||||||||||||||||||
Total assets at fair value | $ | — | $ | 34,497 | $ | — | $ | 34,497 | $ | — | $ | 31,449 | $ | — | $ | 31,449 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||
Derivatives (1) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 31 | $ | — | $ | 31 | |||||||||||||||
Total liabilities at fair value | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 31 | $ | — | $ | 31 | |||||||||||||||
(1) Interest rate swaps are valued based on observable market swap rates and are classified within Level 2 of the fair value hierarchy. |
March 31, 2024 | September 30, 2023 | ||||||||||
Revolving credit facilities | $ | 511,057 | $ | 463,168 | |||||||
2025 Senior Notes | 298,362 | 298,500 | |||||||||
Other borrowings | 17,200 | 19,241 | |||||||||
Finance lease obligations | 16,157 | 9,271 | |||||||||
Total debt | 842,776 | 790,180 | |||||||||
Less current maturities | (5,419) | (3,696) | |||||||||
Long-term debt | $ | 837,357 | $ | 786,484 |
December 31, 2017 | September 30, 2017 | ||||||
Raw materials | $ | 30,622 | $ | 29,396 | |||
Work in process | 64,645 | 61,917 | |||||
Finished goods | 84,069 | 80,132 | |||||
$ | 179,336 | $ | 171,445 |
Six Months Ended March 31, 2024 | Six Months Ended March 31, 2023 | |||||||||||||
Gross receivables sold | $ | 194,116 | $ | 201,115 | ||||||||||
Cash collections reinvested | (186,016) | (189,105) | ||||||||||||
Net cash proceeds received | $ | 8,100 | $ | 12,010 |
Derivatives: | March 31, 2024 | September 30, 2023 | ||||||||||||||||||
Interest Rate Swaps | Cross- Currency Swaps | Interest Rate Swaps | Cross- Currency Swaps | |||||||||||||||||
Current assets: | ||||||||||||||||||||
Other current assets | $ | 472 | $ | — | $ | 920 | $ | — | ||||||||||||
Long-term assets: | ||||||||||||||||||||
Other assets | 1,417 | — | 3,086 | — | ||||||||||||||||
Current liabilities: | ||||||||||||||||||||
Other current liabilities | (31) | — | — | — | ||||||||||||||||
Long-term liabilities: | ||||||||||||||||||||
Other liabilities | (91) | (5,076) | — | (2,766) | ||||||||||||||||
Total derivatives | $ | 1,767 | $ | (5,076) | $ | 4,006 | $ | (2,766) |
March 31, 2024 | September 30, 2023 | |||||||||||||
Notional amount | $ | 175,000 | $ | 175,000 | ||||||||||
Weighted-average maturity period (years) | 3.6 | 4.1 | ||||||||||||
Weighted-average received rate | 5.33 | % | 5.32 | % | ||||||||||
Weighted-average pay rate | 3.83 | % | 3.83 | % |
December 31, 2017 | September 30, 2017 | |||||||
Pay fixed swaps - notional amount | $ | 409,375 | $ | 414,063 | ||||
Net unrealized gain (loss) | $ | 6,573 | $ | 3,959 | ||||
Weighted-average maturity period (years) | 3.1 | 3.3 | ||||||
Weighted-average received rate | 1.56 | % | 1.23 | % | ||||
Weighted-average pay rate | 1.34 | % | 1.34 | % |
Derivatives | December 31, 2017 | September 30, 2017 | ||||||
Current assets: | ||||||||
Other current assets | $ | 1,931 | $ | 1,098 | ||||
Long-term assets: | ||||||||
Other assets | 4,642 | 2,892 | ||||||
Current liabilities: | ||||||||
Other current liabilities | — | (7 | ) | |||||
Long-term liabilities: | ||||||||
Other liabilities | — | (24 | ) | |||||
Total derivatives | $ | 6,573 | $ | 3,959 |
Derivatives in Cash Flow Hedging Relationships | Location of Gain Recognized in Income on Derivative | Amount of Gain Recognized in Income on Derivatives | |||||||||
Three Months Ended December 31, | |||||||||||
2017 | 2016 | ||||||||||
Interest rate swaps | Interest expense | $ | 63 | $ | 807 |
Derivatives in Cash Flow Hedging Relationships | Amount of Gain Recognized in AOCI on Derivatives | Location of Gain (Loss) Reclassified From AOCI into Income (Effective Portion*) | Amount of Gain (Loss) Reclassified from AOCI into Income (Effective Portion*) | |||||||||||||||
December 31, 2017 | December 31, 2016 | December 31, 2017 | December 31, 2016 | |||||||||||||||
Interest rate swaps | $ | 1,633 | $ | 5,100 | Interest expense | $ | 38 | $ | (493 | ) | ||||||||
*There is no ineffective portion or amount excluded from effectiveness testing. |
RSUs | Weighted- average Grant-date Fair Value | ||||||||||
Non-vested at September 30, 2023 | 1,728,697 | $ | 30.90 | ||||||||
Granted | 458,320 | 40.39 | |||||||||
Vested | (449,775) | 30.07 | |||||||||
Expired or forfeited | (16,350) | 35.22 | |||||||||
Non-vested at March 31, 2024 | 1,720,892 | $ | 33.60 |
Shares | Weighted- average Grant-date Fair Value | |||||
Non-vested at September 30, 2017 | 501,184 | $ | 53.65 | |||
Granted | 234,100 | 57.05 | ||||
Vested | (168,280 | ) | 51.54 | |||
Expired or forfeited | (5,214 | ) | 59.51 | |||
Non-vested at December 31, 2017 | 561,790 | $ | 55.64 |
Three Months Ended December 31, | |||||
2017 | 2016 | ||||
Expected volatility | 20.5 | % | 20.2 | % | |
Dividend yield | 1.0 | % | 1.1 | % | |
Average risk-free interest rate | 2.0 | % | 1.7 | % | |
Average expected term (years) | 2.1 | 2.1 |
Six Months Ended March 31, 2024 | |||||||||||
Expected volatility | 31.8 | % | |||||||||
Dividend yield | 2.4 | % | |||||||||
Average risk-free interest rate | 4.7 | % | |||||||||
Average expected term (years) | 3.0 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Net income attributable to Matthews shareholders | $ | 9,027 | $ | 9,127 | $ | 6,724 | $ | 12,830 | |||||||||||||||
Weighted-average shares outstanding (in thousands): | |||||||||||||||||||||||
Basic shares | 30,926 | 30,778 | 30,921 | 30,741 | |||||||||||||||||||
Effect of dilutive securities | 293 | 401 | 292 | 330 | |||||||||||||||||||
Diluted shares | 31,219 | 31,179 | 31,213 | 31,071 | |||||||||||||||||||
Dividends declared per common share | $ | 0.24 | $ | 0.23 | $ | 0.48 | $ | 0.46 |
Three Months Ended December 31, | |||||||
2017 | 2016 | ||||||
Net income attributable to Matthews shareholders | $ | 35,180 | $ | 10,322 | |||
Weighted-average shares outstanding (in thousands): | |||||||
Basic shares | 31,738 | 32,250 | |||||
Effect of dilutive securities | 132 | 198 | |||||
Diluted shares | 31,870 | 32,448 | |||||
Three months ended March 31, | |||||||||||||||||||||||
Pension | Other Postretirement | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Service cost | $ | 31 | $ | 31 | $ | 13 | $ | 19 | |||||||||||||||
Interest cost * | 129 | 105 | 171 | 161 | |||||||||||||||||||
Amortization: | |||||||||||||||||||||||
Prior service credit | — | — | (91) | (91) | |||||||||||||||||||
Net actuarial gains * | (9) | (6) | (181) | (177) | |||||||||||||||||||
Net benefit cost | $ | 151 | $ | 130 | $ | (88) | $ | (88) |
Six months ended March 31, | |||||||||||||||||||||||
Pension | Other Postretirement | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Service cost | $ | 61 | $ | 88 | $ | 27 | $ | 38 | |||||||||||||||
Interest cost * | 258 | 248 | 342 | 322 | |||||||||||||||||||
Amortization: | |||||||||||||||||||||||
Prior service credit | — | — | (182) | (182) | |||||||||||||||||||
Net actuarial gains * | (20) | (16) | (361) | (354) | |||||||||||||||||||
Settlement losses * | — | 1,271 | — | — | |||||||||||||||||||
Net benefit cost | $ | 299 | $ | 1,591 | $ | (174) | $ | (176) | |||||||||||||||
* Non-service components of pension and postretirement expense are included in other income (deductions), net. |
Three months ended December 31, | |||||||||||||||
Pension | Other Postretirement | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Service cost | $ | 2,039 | $ | 2,138 | $ | 84 | $ | 98 | |||||||
Interest cost | 2,049 | 1,841 | 158 | 157 | |||||||||||
Expected return on plan assets | (2,534 | ) | (2,312 | ) | — | — | |||||||||
Amortization: | |||||||||||||||
Prior service cost | (35 | ) | (45 | ) | (49 | ) | (49 | ) | |||||||
Net actuarial loss | 1,752 | 2,509 | — | — | |||||||||||
Net benefit cost | $ | 3,271 | $ | 4,131 | $ | 193 | $ | 206 |
Contributions | Pension | Other Postretirement | ||||||
Contributions during the three months ended December 31, 2017: | ||||||||
Supplemental retirement plan | $ | 184 | $ | — | ||||
Other postretirement plan | — | 437 | ||||||
Additional contributions expected in fiscal 2018: | ||||||||
Supplemental retirement plan | $ | 582 | $ | — | ||||
Other postretirement plan | — | 607 |
Post-retirement benefit plans | Currency translation adjustment | Derivatives | Total | |||||||||||||
Attributable to Matthews: | ||||||||||||||||
Balance, September 30, 2017 | $ | (43,623 | ) | $ | (112,907 | ) | $ | 2,415 | $ | (154,115 | ) | |||||
OCI before reclassification | — | 7,598 | 1,633 | 9,231 | ||||||||||||
Amounts reclassified from AOCI | (a) | 1,018 | — | (b) | (38 | ) | 980 | |||||||||
Net current-period OCI | 1,018 | 7,598 | 1,595 | 10,211 | ||||||||||||
Balance, December 31, 2017 | $ | (42,605 | ) | $ | (105,309 | ) | $ | 4,010 | $ | (143,904 | ) | |||||
Attributable to noncontrolling interest: | ||||||||||||||||
Balance, September 30, 2017 | — | $ | 396 | — | $ | 396 | ||||||||||
OCI before reclassification | — | 13 | — | 13 | ||||||||||||
Net current-period OCI | — | 13 | — | 13 | ||||||||||||
Balance, December 31, 2017 | — | $ | 409 | — | $ | 409 |
Post-retirement benefit plans | Currency translation adjustment | Derivatives | Total | |||||||||||||
Attributable to Matthews: | ||||||||||||||||
Balance, September 30, 2016 | $ | (56,050 | ) | $ | (122,259 | ) | $ | (3,559 | ) | $ | (181,868 | ) | ||||
OCI before reclassification | — | (31,342 | ) | 5,100 | (26,242 | ) | ||||||||||
Amounts reclassified from AOCI | (a) | 1,536 | — | (b) | 493 | 2,029 | ||||||||||
Net current-period OCI | 1,536 | (31,342 | ) | 5,593 | (24,213 | ) | ||||||||||
Balance, December 31, 2016 | $ | (54,514 | ) | $ | (153,601 | ) | $ | 2,034 | $ | (206,081 | ) | |||||
Attributable to noncontrolling interest: | ||||||||||||||||
Balance, September 30, 2016 | — | $ | 277 | — | $ | 277 | ||||||||||
OCI before reclassification | — | 59 | — | 59 | ||||||||||||
Net current-period OCI | — | 59 | — | 59 | ||||||||||||
Balance, December 31, 2016 | — | $ | 336 | — | $ | 336 |
Post-retirement benefit plans | Currency translation adjustment | Cash Flow Hedges | Total | |||||||||||||||||||||||
Attributable to Matthews: | ||||||||||||||||||||||||||
Balance, December 31, 2023 | $ | 6,680 | $ | (178,511) | $ | 4,151 | $ | (167,680) | ||||||||||||||||||
OCI before reclassification | (72) | (5,779) | 1,983 | (3,868) | ||||||||||||||||||||||
Amounts reclassified from AOCI | (210) | (a) | (247) | (499) | (b) | (956) | ||||||||||||||||||||
Net current-period OCI | (282) | (6,026) | 1,484 | (4,824) | ||||||||||||||||||||||
Balance, March 31, 2024 | $ | 6,398 | $ | (184,537) | $ | 5,635 | $ | (172,504) | ||||||||||||||||||
Attributable to noncontrolling interest: | ||||||||||||||||||||||||||
Balance, December 31, 2023 | $ | — | $ | 288 | $ | — | $ | 288 | ||||||||||||||||||
OCI before reclassification | — | — | — | — | ||||||||||||||||||||||
Net current-period OCI | — | — | — | — | ||||||||||||||||||||||
Balance, March 31, 2024 | $ | — | $ | 288 | $ | — | $ | 288 |
Post-retirement benefit plans | Currency translation adjustment | Cash Flow Hedges | Total | |||||||||||||||||||||||
Attributable to Matthews: | ||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | 6,127 | $ | (182,750) | $ | 7,533 | $ | (169,090) | ||||||||||||||||||
OCI before reclassification | 29 | 4,663 | (1,471) | 3,221 | ||||||||||||||||||||||
Amounts reclassified from AOCI | (205) | (a) | (231) | (771) | (b) | (1,207) | ||||||||||||||||||||
Net current-period OCI | (176) | 4,432 | (2,242) | 2,014 | ||||||||||||||||||||||
Balance, March 31, 2023 | $ | 5,951 | $ | (178,318) | $ | 5,291 | $ | (167,076) | ||||||||||||||||||
Attributable to noncontrolling interest: | ||||||||||||||||||||||||||
Balance, December 31, 2022 | $ | — | $ | 259 | $ | — | $ | 259 | ||||||||||||||||||
OCI before reclassification | — | (5) | — | (5) | ||||||||||||||||||||||
Net current-period OCI | — | (5) | — | (5) | ||||||||||||||||||||||
Balance, March 31, 2023 | $ | — | $ | 254 | $ | — | $ | 254 |
Post-retirement benefit plans | Currency translation adjustment | Cash Flow Hedges | Total | |||||||||||||||||||||||
Attributable to Matthews: | ||||||||||||||||||||||||||
Balance, September 30, 2023 | $ | 6,760 | $ | (190,196) | $ | 9,032 | $ | (174,404) | ||||||||||||||||||
OCI before reclassification | 59 | 6,102 | (2,406) | 3,755 | ||||||||||||||||||||||
Amounts reclassified from AOCI | (421) | (a) | (443) | (991) | (b) | (1,855) | ||||||||||||||||||||
Net current-period OCI | (362) | 5,659 | (3,397) | 1,900 | ||||||||||||||||||||||
Balance, March 31, 2024 | $ | 6,398 | $ | (184,537) | $ | 5,635 | $ | (172,504) | ||||||||||||||||||
Attributable to noncontrolling interest: | ||||||||||||||||||||||||||
Balance, September 30, 2023 | $ | — | $ | 266 | $ | — | $ | 266 | ||||||||||||||||||
OCI before reclassification | — | 22 | — | 22 | ||||||||||||||||||||||
Net current-period OCI | — | 22 | — | 22 | ||||||||||||||||||||||
Balance, March 31, 2024 | $ | — | $ | 288 | $ | — | $ | 288 |
Post-retirement benefit plans | Currency translation adjustment | Cash Flow Hedges | Total | |||||||||||||||||||||||
Attributable to Matthews: | ||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | 5,182 | $ | (203,310) | $ | 7,937 | $ | (190,191) | ||||||||||||||||||
OCI before reclassification | 232 | 25,426 | (1,378) | 24,280 | ||||||||||||||||||||||
Amounts reclassified from AOCI | 537 | (a) | (434) | (1,268) | (b) | (1,165) | ||||||||||||||||||||
Net current-period OCI | 769 | 24,992 | (2,646) | 23,115 | ||||||||||||||||||||||
Balance, March 31, 2023 | $ | 5,951 | $ | (178,318) | $ | 5,291 | $ | (167,076) | ||||||||||||||||||
Attributable to noncontrolling interest: | ||||||||||||||||||||||||||
Balance, September 30, 2022 | $ | — | $ | 255 | $ | — | $ | 255 | ||||||||||||||||||
OCI before reclassification | — | (1) | — | (1) | ||||||||||||||||||||||
Net current-period OCI | — | (1) | — | (1) | ||||||||||||||||||||||
Balance, March 31, 2023 | $ | — | $ | 254 | $ | — | $ | 254 |
Amount reclassified from AOCI | ||||||||||||||||||||
Details about AOCI Components | Three Months Ended March 31, 2024 | Six Months Ended March 31, 2024 | Affected line item in the Statement of income | |||||||||||||||||
Postretirement benefit plans | ||||||||||||||||||||
Prior service credit (a) | $ | 91 | $ | 182 | ||||||||||||||||
Actuarial losses | 190 | 381 | Other income (deductions), net | |||||||||||||||||
281 | 563 | Income before income tax (b) | ||||||||||||||||||
(71) | (142) | Income taxes | ||||||||||||||||||
$ | 210 | $ | 421 | Net income | ||||||||||||||||
Derivatives | ||||||||||||||||||||
Cash flow hedges | $ | 668 | $ | 1,327 | Interest expense | |||||||||||||||
Net investment hedges | 327 | 586 | Interest expense | |||||||||||||||||
995 | 1,913 | Income before income tax (b) | ||||||||||||||||||
(249) | (479) | Income taxes | ||||||||||||||||||
$ | 746 | $ | 1,434 | Net income |
Amount reclassified from AOCI | ||||||||||||||||||||||||||||||||||||||||||||||||||
Details about AOCI Components | Three Months Ended December 31, 2017 | Three Months Ended December 31, 2016 | Affected line item in the Statement of income | |||||||||||||||||||||||||||||||||||||||||||||||
Details about AOCI Components | ||||||||||||||||||||||||||||||||||||||||||||||||||
Details about AOCI Components | Three Months Ended March 31, 2023 | Six Months Ended March 31, 2023 | Affected line item in the Statement of income | |||||||||||||||||||||||||||||||||||||||||||||||
Postretirement benefit plans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Prior service (cost) credit | $ | 84 | (a) | $ | 94 | |||||||||||||||||||||||||||||||||||||||||||||
Postretirement benefit plans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Postretirement benefit plans | ||||||||||||||||||||||||||||||||||||||||||||||||||
Prior service credit (a) | Prior service credit (a) | $ | 91 | $ | 182 | |||||||||||||||||||||||||||||||||||||||||||||
Actuarial losses | (1,752 | ) | (a) | (2,509 | ) | Actuarial losses | 183 | 370 | 370 | Other income (deductions), net | Other income (deductions), net | |||||||||||||||||||||||||||||||||||||||
Settlement losses | Settlement losses | — | (1,271) | Other income (deductions), net | ||||||||||||||||||||||||||||||||||||||||||||||
274 | (719) | Income before income tax (b) | ||||||||||||||||||||||||||||||||||||||||||||||||
(69) | (69) | 182 | Income taxes | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 205 | $ | (537) | Net income | ||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | Derivatives | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash flow hedges | Cash flow hedges | $ | 1,032 | $ | 1,697 | Interest expense | ||||||||||||||||||||||||||||||||||||||||||||
Net investment hedges | Net investment hedges | 309 | 581 | Interest expense | ||||||||||||||||||||||||||||||||||||||||||||||
(1,668 | ) | (b) | (2,415 | ) | Income before income tax | 1,341 | 2,278 | 2,278 | Income before income tax (b) | Income before income tax (b) | ||||||||||||||||||||||||||||||||||||||||
(650 | ) | (879 | ) | Income taxes | (339) | (576) | Income taxes | Income taxes | ||||||||||||||||||||||||||||||||||||||||||
$ | (1,018 | ) | $ | (1,536 | ) | Net income | $ | 1,002 | $ | 1,702 | Net income | Net income | ||||||||||||||||||||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate swap contracts | $ | 63 | $ | (807 | ) | Interest expense | ||||||||||||||||||||||||||||||||||||||||||||
63 | (b) | (807 | ) | Income before income tax | ||||||||||||||||||||||||||||||||||||||||||||||
25 | (314 | ) | Income taxes | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 38 | $ | (493 | ) | Net income |
(a) |
11. | |||
(b) | For pre-tax items, positive amounts represent income and negative amounts represent expense. |
United States – Federal | |||||
United States – State | |||||
Canada | |||||
Germany | |||||
United Kingdom | |||||
Three Months Ended December 31, | |||||||
2017 | 2016 | ||||||
Sales: | |||||||
SGK Brand Solutions | $ | 191,766 | $ | 175,801 | |||
Memorialization | 144,889 | 145,622 | |||||
Industrial Technologies | 32,799 | 27,575 | |||||
$ | 369,454 | $ | 348,998 |
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
Sales: | ||||||||||||||||||||||||||
Memorialization | $ | 222,156 | $ | 222,889 | $ | 430,227 | $ | 429,391 | ||||||||||||||||||
Industrial Technologies | 116,136 | 125,514 | 227,510 | 234,657 | ||||||||||||||||||||||
SGK Brand Solutions | 132,931 | 131,177 | 263,472 | 264,772 | ||||||||||||||||||||||
Consolidated Sales | $ | 471,223 | $ | 479,580 | $ | 921,209 | $ | 928,820 |
Adjusted EBITDA: | ||||||||||||||||||||||||||
Memorialization | $ | 46,614 | $ | 48,030 | $ | 83,314 | $ | 87,167 | ||||||||||||||||||
Industrial Technologies | 10,028 | 15,565 | 19,650 | 27,767 | ||||||||||||||||||||||
SGK Brand Solutions | 15,370 | 11,020 | 28,263 | 23,252 | ||||||||||||||||||||||
Corporate and Non-Operating | (15,212) | (16,168) | (28,945) | (30,448) | ||||||||||||||||||||||
Total Adjusted EBITDA | $ | 56,800 | $ | 58,447 | $ | 102,282 | $ | 107,738 | ||||||||||||||||||
Acquisition and divestiture related items (1)** | (2,062) | (2,852) | (3,299) | (4,137) | ||||||||||||||||||||||
Strategic initiatives and other charges (2)** | (4,962) | (1,280) | (10,882) | (3,061) | ||||||||||||||||||||||
Highly inflationary accounting losses (primarily non-cash) (3) | (390) | (160) | (710) | (1,248) | ||||||||||||||||||||||
Stock-based compensation | (4,327) | (4,278) | (8,978) | (8,612) | ||||||||||||||||||||||
Non-service pension and postretirement expense (4) | (110) | (83) | (219) | (1,471) | ||||||||||||||||||||||
Depreciation and amortization * | (23,261) | (24,148) | (46,784) | (47,877) | ||||||||||||||||||||||
Interest expense, including RPA and factoring financing fees (5) | (13,783) | (13,137) | (26,534) | (23,808) | ||||||||||||||||||||||
Net loss attributable to noncontrolling interests | — | (2) | — | (58) | ||||||||||||||||||||||
Income before income taxes | 7,905 | 12,507 | 4,876 | 17,466 | ||||||||||||||||||||||
Income tax benefit (provision) | 1,122 | (3,382) | 1,848 | (4,694) | ||||||||||||||||||||||
Net income | $ | 9,027 | $ | 9,125 | $ | 6,724 | $ | 12,772 |
Operating profit: | |||||||
SGK Brand Solutions | $ | 3,152 | $ | 4,190 | |||
Memorialization | 14,454 | 14,367 | |||||
Industrial Technologies | 318 | 506 | |||||
$ | 17,924 | $ | 19,063 |
(1) Includes certain non-recurring items associated with recent acquisition and divestiture activities. | ||
(2) Includes certain non-recurring costs associated with commercial, operational and cost-reduction initiatives, and costs associated with global ERP system integration efforts. Fiscal 2024 also includes costs related to an ongoing contractual dispute which totaled $4,972 for the six months ended March 31, 2024. Fiscal 2023 includes loss recoveries totaling $2,154 for the six months ended March 31, 2023, which were related to a previously disclosed theft of funds by a former employee initially identified in fiscal 2015. | ||
(3) Represents exchange losses associated with highly inflationary accounting related to | ||
(4) Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, curtailment gains and losses, and settlement gains and losses. These benefit cost components are excluded from adjusted EBITDA since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. Curtailment gains and losses and settlement gains and losses are excluded from adjusted EBITDA since they generally result from certain non-recurring events, such as plan amendments to modify future benefits or settlements of plan obligations. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted EBITDA, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans. | ||
(5) Includes fees for receivables sold under the RPA and factoring arrangements totaling $1,238 and $1,090 for the three months ended March 31, 2024 and 2023, respectively, and $2,413 and $1,546 for the six months ended March 31, 2024 and 2023, respectively. |
Memorialization | Industrial Technologies | SGK Brand Solutions | Consolidated | ||||||||||||||||||||
Net goodwill at September 30, 2023 | $ | 366,015 | $ | 115,073 | $ | 217,021 | $ | 698,109 | |||||||||||||||
Additions during period | 2,551 | — | — | 2,551 | |||||||||||||||||||
Translation and other adjustments | 3,397 | 620 | 3,204 | 7,221 | |||||||||||||||||||
Net goodwill at March 31, 2024 | $ | 371,963 | $ | 115,693 | $ | 220,225 | $ | 707,881 |
SGK Brand Solutions | Memorialization | Industrial Technologies | Consolidated | ||||||||||||
Goodwill | $ | 491,895 | $ | 347,507 | $ | 69,144 | $ | 908,546 | |||||||
Accumulated impairment losses | (5,752 | ) | (5,000 | ) | — | (10,752 | ) | ||||||||
Balance at September 30, 2017 | 486,143 | 342,507 | 69,144 | 897,794 | |||||||||||
Additions during period | 8,603 | 17,152 | 21,112 | 46,867 | |||||||||||
Translation and other adjustments | 2,795 | 1,055 | 176 | 4,026 | |||||||||||
Goodwill | 503,293 | 365,714 | 90,432 | 959,439 | |||||||||||
Accumulated impairment losses | (5,752 | ) | (5,000 | ) | — | (10,752 | ) | ||||||||
Balance at December 31, 2017 | $ | 497,541 | $ | 360,714 | $ | 90,432 | $ | 948,687 |
Carrying Amount | Accumulated Amortization | Net | |||||||||
December 31, 2017: | |||||||||||
Trade names | $ | 168,467 | $ | — | * | $ | 168,467 | ||||
Trade names | 8,504 | (2,284 | ) | 6,220 | |||||||
Customer relationships | 364,554 | (90,611 | ) | 273,943 | |||||||
Copyrights/patents/other | 19,092 | (11,978 | ) | 7,114 | |||||||
$ | 560,617 | $ | (104,873 | ) | $ | 455,744 | |||||
September 30, 2017: | |||||||||||
Trade names | $ | 168,467 | $ | — | * | $ | 168,467 | ||||
Trade names | 5,522 | (2,030 | ) | 3,492 | |||||||
Customer relationships | 333,632 | (84,560 | ) | 249,072 | |||||||
Copyrights/patents/other | 14,787 | (11,436 | ) | 3,351 | |||||||
*Not subject to amortization | $ | 522,408 | $ | (98,026 | ) | $ | 424,382 |
Carrying Amount | Accumulated Amortization | Net | |||||||||||||||
March 31, 2024: | |||||||||||||||||
Indefinite-lived trade names | $ | 30,540 | $ | — | $ | 30,540 | |||||||||||
Definite-lived trade names | 151,338 | (124,986) | 26,352 | ||||||||||||||
Customer relationships | 379,416 | (295,742) | 83,674 | ||||||||||||||
Copyrights/patents/other | 19,268 | (15,950) | 3,318 | ||||||||||||||
$ | 580,562 | $ | (436,678) | $ | 143,884 | ||||||||||||
September 30, 2023: | |||||||||||||||||
Indefinite-lived trade names | $ | 30,540 | $ | — | $ | 30,540 | |||||||||||
Definite-lived trade names | 151,185 | (122,474) | 28,711 | ||||||||||||||
Customer relationships | 378,161 | (280,910) | 97,251 | ||||||||||||||
Copyrights/patents/other | 19,375 | (15,399) | 3,976 | ||||||||||||||
$ | 579,261 | $ | (418,783) | $ | 160,478 |
Three Months Ended December 31, | |||||||
2017 | 2016 | ||||||
Sales: | (Dollar amounts in thousands) | ||||||
SGK Brand Solutions | $ | 191,766 | $ | 175,801 | |||
Memorialization | 144,889 | 145,622 | |||||
Industrial Technologies | 32,799 | 27,575 | |||||
$ | 369,454 | $ | 348,998 |
Operating profit: | |||||||
SGK Brand Solutions | $ | 3,152 | $ | 4,190 | |||
Memorialization | 14,454 | 14,367 | |||||
Industrial Technologies | 318 | 506 | |||||
$ | 17,924 | $ | 19,063 |
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
Sales: | (Dollar amounts in thousands) | |||||||||||||||||||||||||
Memorialization | $ | 222,156 | $ | 222,889 | $ | 430,227 | $ | 429,391 | ||||||||||||||||||
Industrial Technologies | 116,136 | 125,514 | 227,510 | 234,657 | ||||||||||||||||||||||
SGK Brand Solutions | 132,931 | 131,177 | 263,472 | 264,772 | ||||||||||||||||||||||
Consolidated Sales | $ | 471,223 | $ | 479,580 | $ | 921,209 | $ | 928,820 |
Adjusted EBITDA: | ||||||||||||||||||||||||||
Memorialization | $ | 46,614 | $ | 48,030 | $ | 83,314 | $ | 87,167 | ||||||||||||||||||
Industrial Technologies | 10,028 | 15,565 | 19,650 | 27,767 | ||||||||||||||||||||||
SGK Brand Solutions | 15,370 | 11,020 | 28,263 | 23,252 | ||||||||||||||||||||||
Corporate and Non-Operating | (15,212) | (16,168) | (28,945) | (30,448) | ||||||||||||||||||||||
Total Adjusted EBITDA (1) | $ | 56,800 | $ | 58,447 | $ | 102,282 | $ | 107,738 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||
Net income | $ | 9,027 | $ | 9,125 | $ | 6,724 | $ | 12,772 | |||||||||||||||
Income tax (benefit) provision | (1,122) | 3,382 | (1,848) | 4,694 | |||||||||||||||||||
Income before income taxes | 7,905 | 12,507 | 4,876 | 17,466 | |||||||||||||||||||
Net loss attributable to noncontrolling interests | — | 2 | — | 58 | |||||||||||||||||||
Interest expense, including RPA and factoring financing fees (1) | 13,783 | 13,137 | 26,534 | 23,808 | |||||||||||||||||||
Depreciation and amortization * | 23,261 | 24,148 | 46,784 | 47,877 | |||||||||||||||||||
Acquisition and divestiture related items (2)** | 2,062 | 2,852 | 3,299 | 4,137 | |||||||||||||||||||
Strategic initiatives and other charges (3)** | 4,962 | 1,280 | 10,882 | 3,061 | |||||||||||||||||||
Highly inflationary accounting losses (primarily non-cash) (4) | 390 | 160 | 710 | 1,248 | |||||||||||||||||||
Stock-based compensation | 4,327 | 4,278 | 8,978 | 8,612 | |||||||||||||||||||
Non-service pension and postretirement expense (5) | 110 | 83 | 219 | 1,471 | |||||||||||||||||||
Total Adjusted EBITDA | $ | 56,800 | $ | 58,447 | $ | 102,282 | $ | 107,738 |
(1) Includes fees for receivables sold under the RPA and factoring arrangements totaling $1.2 millionand $1.1 million for the three months ended March 31, 2024 and 2023, respectively, and $2.4 million and $1.5 million for the six months ended March 31, 2024 and 2023, respectively. | ||
(2) Includes certain non-recurring items associated with recent acquisition and divestiture activities. | ||
(3) Includes certain non-recurring costs associated with commercial, operational and cost-reduction initiatives, and costs associated with global ERP system integration efforts. Fiscal 2024 also includes costs related to an ongoing contractual dispute which totaled $5.0 million for the six months ended March 31, 2024. Fiscal 2023 includes loss recoveries totaling $2.2 million for the six months ended March 31, 2023, which were related to a previously disclosed theft of funds by a former employee initially identified in fiscal 2015. | ||
(4) Represents exchange losses associated with highly inflationary accounting related to the Company's Turkish subsidiaries (see Note 2, "Basis of Presentation" in Item 1 - "Financial Statements and Supplementary Data"). | ||
(5) Non-service pension and postretirement expense includes interest cost, expected return on plan assets, amortization of actuarial gains and losses, curtailment gains and losses, and settlement gains and losses. These benefit cost components are excluded from adjusted EBITDA since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. Curtailment gains and losses and settlement gains and losses are excluded from adjusted EBITDA since they generally result from certain non-recurring events, such as plan amendments to modify future benefits or settlements of plan obligations. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted EBITDA, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans. |
Six Months Ended March 31, 2024 | Six Months Ended March 31, 2023 | |||||||||||||
(Dollar amounts in thousands) | ||||||||||||||
Gross receivables sold | $ | 194,116 | $ | 201,115 | ||||||||||
Cash collections reinvested | (186,016) | (189,105) | ||||||||||||
Net cash proceeds received | $ | 8,100 | $ | 12,010 |
March 31, 2024 | September 30, 2023 | |||||||||||||
(Dollar amounts in thousands) | ||||||||||||||
Notional amount | $ | 175,000 | $ | 175,000 | ||||||||||
Weighted-average maturity period (years) | 3.6 | 4.1 | ||||||||||||
Weighted-average received rate | 5.33 | % | 5.32 | % | ||||||||||
Weighted-average pay rate | 3.83 | % | 3.83 | % |
December 31, 2017 | September 30, 2017 | |||||||
Pay fixed swaps - notional amount | $ | 409,375 | $ | 414,063 | ||||
Net unrealized gain (loss) | $ | 6,573 | $ | 3,959 | ||||
Weighted-average maturity period (years) | 3.1 | 3.3 | ||||||
Weighted-average received rate | 1.56 | % | 1.23 | % | ||||
Weighted-average pay rate | 1.34 | % | 1.34 | % |
Payments due in fiscal year: | |||||||||||||||||||||||||||||
Total | 2024 Remainder | 2025 to 2026 | 2027 to 2028 | After 2028 | |||||||||||||||||||||||||
Contractual Cash Obligations: | (Dollar amounts in thousands) | ||||||||||||||||||||||||||||
Revolving credit facilities | $ | 511,057 | $ | — | $ | 3,738 | $ | — | $ | 507,319 | |||||||||||||||||||
2025 Senior Notes | 329,862 | 7,875 | 321,987 | — | — | ||||||||||||||||||||||||
Finance lease obligations (1) | 17,890 | 2,779 | 8,811 | 5,029 | 1,271 | ||||||||||||||||||||||||
Non-cancelable operating leases (1) | 73,193 | 13,533 | 40,402 | 14,671 | 4,587 | ||||||||||||||||||||||||
Other | 32,540 | 509 | 18,289 | 6,135 | 7,607 | ||||||||||||||||||||||||
Total contractual cash obligations | $ | 964,542 | $ | 24,696 | $ | 393,227 | $ | 25,835 | $ | 520,784 |
Payments due in fiscal year: | |||||||||||||||||||
Total | 2018 Remainder | 2019 to 2020 | 2021 to 2022 | After 2022 | |||||||||||||||
Contractual Cash Obligations: | (Dollar amounts in thousands) | ||||||||||||||||||
Revolving credit facilities | $ | 368,416 | $ | — | $ | 31,416 | $ | 337,000 | $ | — | |||||||||
Securitization Facility | 101,400 | — | 101,400 | — | — | ||||||||||||||
Senior secured term loan | 227,591 | 15,625 | 50,000 | 161,966 | — | ||||||||||||||
2025 Senior Notes | 421,974 | 13,125 | 31,500 | 31,500 | 345,849 | ||||||||||||||
Notes payable to banks | 22,052 | 3,304 | 18,748 | — | — | ||||||||||||||
Short-term borrowings | 4,885 | 4,885 | — | — | — | ||||||||||||||
Capital lease obligations | 6,706 | 897 | 1,746 | 1,237 | 2,826 | ||||||||||||||
Non-cancelable operating leases | 77,594 | 17,308 | 32,021 | 15,576 | 12,689 | ||||||||||||||
Other | 14,976 | 2,995 | 5,990 | 5,991 | — | ||||||||||||||
Total contractual cash obligations | $ | 1,245,594 | $ | 58,139 | $ | 272,821 | $ | 553,270 | $ | 361,364 |
Period | Total number of shares purchased | Weighted-average price paid per share | Total number of shares purchased as part of a publicly announced plan | Maximum number of shares that may yet be purchased under the plan | ||||||||||||||||||||||
January 2024 | 1,029 | $ | 35.15 | 1,029 | 728,031 | |||||||||||||||||||||
February 2024 | — | — | — | 728,031 | ||||||||||||||||||||||
March 2024 | — | — | — | 728,031 | ||||||||||||||||||||||
Total | 466,982 | $ | 36.88 | 466,982 |
Period | Total number of shares purchased | Weighted-average price paid per share | Total number of shares purchased as part of a publicly announced plan | Maximum number of shares that may yet be purchased under the plan | |||||||||
October 2017 | — | $ | — | — | 1,816,146 | ||||||||
November 2017 | 75,078 | 58.27 | 75,078 | 1,741,068 | |||||||||
December 2017 | 687 | 58.64 | 687 | 1,740,381 | |||||||||
Total | 75,765 | $ | 58.27 | �� | 75,765 |
(a) | Exhibits | |||||||||||
Exhibit No. | Description | Method of Filing | ||||||||||
3.1 | Exhibit Number | |||||||||||
Exhibit Number | ||||||||||||
10.1 | Exhibit Number 10.1 to the Current Report on Form 8-K filed on | |||||||||||
Filed herewith | ||||||||||||
31.2 | Filed herewith | |||||||||||
32.1 | Furnished herewith | |||||||||||
32.2 | Furnished herewith | |||||||||||
101.INS | XBRL Instance | Filed herewith | ||||||||||
101.SCH | XBRL Taxonomy Extension Schema | Filed herewith | ||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | Filed herewith | ||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase | Filed herewith | ||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase | Filed herewith | ||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase | Filed herewith | ||||||||||
104 | Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit 101) | Filed herewith |
MATTHEWS INTERNATIONAL CORPORATION | ||||||||||||
(Registrant) | ||||||||||||
Date: | By: /s/ Joseph C. Bartolacci | |||||||||||
Joseph C. Bartolacci, President | ||||||||||||
and Chief Executive Officer | ||||||||||||
Date: | By: /s/ Steven F. Nicola | |||||||||||
Steven F. Nicola, Chief Financial Officer | ||||||||||||
and Secretary | ||||||||||||