Separate Financial Information Of Subsidiary Guarantor Of Indebtedness | 9 Months Ended |
Mar. 29, 2015 |
Separate Financial Information Of Subsidiary Guarantors Of Indebtedness | |
Separate Financial Information Of Subsidiary Guarantor Of Indebtedness | Separate Financial Information of Subsidiary Guarantor of Indebtedness |
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Under the terms of the Company’s Senior Notes and the Revolver (collectively, the “Domestic Indebtedness”), Briggs & Stratton Power Products Group, LLC, a 100% owned subsidiary of the Company, was the sole joint and several guarantor of the Domestic Indebtedness (the “Guarantor”) as of March 29, 2015 and June 29, 2014. The Guarantor provides a full and unconditional guarantee of the Domestic Indebtedness, except for certain customary limitations. These customary limitations, which are described in detail in the First Supplemental Indenture (Indenture) dated December 20, 2010, include (i) the sale of the guarantor or substantially all of the guarantor’s assets, (ii) the designation of the guarantor as an unrestricted subsidiary for covenant purposes, (iii) the guarantor ceasing to guarantee certain other indebtedness, if the guarantor is also not a significant subsidiary within the meaning of Article 1, Rule 1-02 of Regulation S-X, and (iv) achieving the Indenture’s requirements for legal defeasance, covenant defeasance or discharge. Additionally, if at any time a domestic subsidiary of the Company constitutes a significant domestic subsidiary, then such domestic subsidiary will also become a guarantor of the Domestic Indebtedness. Currently, all of the Domestic Indebtedness is unsecured. If the Company were to fail to make a payment of interest or principal on its due date, the Guarantor is obligated to pay the outstanding Domestic Indebtedness. The Company had the following outstanding amounts related to the guaranteed debt (in thousands): |
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| | March 29, 2015 Carrying Amount | | Maximum | | | | | | | | | | | | |
Guarantee | | | | | | | | | | | | |
Senior Notes | | $ | 225,000 | | | $ | 225,000 | | | | | | | | | | | | | |
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Multicurrency Credit Agreement | | $ | 60,100 | | | $ | 500,000 | | | | | | | | | | | | | |
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The following condensed supplemental consolidating financial information reflects the summarized financial information of Briggs & Stratton, its Guarantor Subsidiary and its Non-Guarantor Subsidiaries (in thousands): |
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CONSOLIDATING BALANCE SHEET |
As of March 29, 2015 |
(Unaudited) |
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| | Briggs & Stratton | | Guarantor | | Non-Guarantor | | Eliminations | | Consolidated |
Corporation | Subsidiary | Subsidiaries |
CURRENT ASSETS: | | | | | | | | | | |
Cash and Cash Equivalents | | $ | 5,946 | | | $ | 455 | | | $ | 43,293 | | | $ | — | | | $ | 49,694 | |
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Accounts Receivable, Net | | 164,675 | | | 95,655 | | | 55,395 | | | — | | | 315,725 | |
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Intercompany Accounts Receivable | | 19,650 | | | 6,690 | | | 38,401 | | | (64,741 | ) | | — | |
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Inventories, Net | | 209,572 | | | 160,022 | | | 77,302 | | | — | | | 446,896 | |
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Deferred Income Tax Asset | | 31,697 | | | 15,414 | | | 1,847 | | | — | | | 48,958 | |
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Prepaid Expenses and Other Current Assets | | 26,630 | | | 1,768 | | | 7,065 | | | — | | | 35,463 | |
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Total Current Assets | | $ | 458,170 | | | $ | 280,004 | | | $ | 223,303 | | | $ | (64,741 | ) | | $ | 896,736 | |
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OTHER ASSETS: | | | | | | | | | | |
Goodwill | | $ | 128,300 | | | $ | — | | | $ | 27,978 | | | $ | — | | | $ | 156,278 | |
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Investments | | 29,354 | | | — | | | — | | | — | | | 29,354 | |
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Investments in Subsidiaries | | 504,606 | | | — | | | — | | | (504,606 | ) | | — | |
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Intercompany Note Receivable | | 37,667 | | | 72,354 | | | 22,918 | | | (132,939 | ) | | — | |
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Debt Issuance Costs | | 3,950 | | | — | | | — | | | — | | | 3,950 | |
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Other Intangible Assets, Net | | — | | | 55,007 | | | 40,398 | | | — | | | 95,405 | |
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Long-Term Deferred Income Tax Asset | | 23,271 | | | — | | | 129 | | | (23,271 | ) | | 129 | |
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Other Long-Term Assets, Net | | 7,783 | | | 3,262 | | | 1,400 | | | — | | | 12,445 | |
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Total Other Assets | | $ | 734,931 | | | $ | 130,623 | | | $ | 92,823 | | | $ | (660,816 | ) | | $ | 297,561 | |
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PLANT AND EQUIPMENT, NET | | 246,041 | | | 27,931 | | | 26,260 | | | — | | | 300,232 | |
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TOTAL ASSETS | | $ | 1,439,142 | | | $ | 438,558 | | | $ | 342,386 | | | $ | (725,557 | ) | | $ | 1,494,529 | |
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CURRENT LIABILITIES: | | | | | | | | | | |
Accounts Payable | | $ | 115,794 | | | $ | 55,909 | | | $ | 25,773 | | | $ | — | | | $ | 197,476 | |
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Intercompany Accounts Payable | | 30,074 | | | 7,511 | | | 27,156 | | | (64,741 | ) | | — | |
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Short-Term Debt | | 60,100 | | | — | | | — | | | — | | | 60,100 | |
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Accrued Liabilities | | 96,202 | | | 42,053 | | | 20,389 | | | — | | | 158,644 | |
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Total Current Liabilities | | $ | 302,170 | | | $ | 105,473 | | | $ | 73,318 | | | $ | (64,741 | ) | | $ | 416,220 | |
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OTHER LIABILITIES: | | | | | | | | | | |
Accrued Pension Cost | | $ | 107,115 | | | $ | 381 | | | $ | 496 | | | $ | — | | | $ | 107,992 | |
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Accrued Employee Benefits | | 24,487 | | | — | | | — | | | — | | | 24,487 | |
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Accrued Postretirement Health Care Obligation | | 37,529 | | | 14,221 | | | — | | | — | | | 51,750 | |
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Intercompany Note Payable | | 86,864 | | | — | | | 46,075 | | | (132,939 | ) | | — | |
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Deferred Income Tax Liabilities | | — | | | 15,781 | | | 10,904 | | | (23,271 | ) | | 3,414 | |
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Other Long-Term Liabilities | | 31,133 | | | 8,824 | | | 865 | | | — | | | 40,822 | |
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Long-Term Debt | | 225,000 | | | — | | | — | | | — | | | 225,000 | |
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Total Other Liabilities | | $ | 512,128 | | | $ | 39,207 | | | $ | 58,340 | | | $ | (156,210 | ) | | $ | 453,465 | |
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TOTAL SHAREHOLDERS’ INVESTMENT | | 624,844 | | | 293,878 | | | 210,728 | | | (504,606 | ) | | 624,844 | |
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TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT | | $ | 1,439,142 | | | $ | 438,558 | | | $ | 342,386 | | | $ | (725,557 | ) | | $ | 1,494,529 | |
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CONSOLIDATING BALANCE SHEET |
As of June 29, 2014 |
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| | Briggs & Stratton | | Guarantor | | Non-Guarantor | | Eliminations | | Consolidated |
Corporation | Subsidiary | Subsidiaries |
CURRENT ASSETS: | | | | | | | | | | |
Cash and Cash Equivalents | | $ | 138,926 | | | $ | 2,680 | | | $ | 53,062 | | | $ | — | | | $ | 194,668 | |
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Accounts Receivable, Net | | 86,099 | | | 100,062 | | | 34,429 | | | — | | | 220,590 | |
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Intercompany Accounts Receivable | | 15,987 | | | 3,492 | | | 32,826 | | | (52,305 | ) | | — | |
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Inventories, Net | | 165,159 | | | 146,749 | | | 64,195 | | | — | | | 376,103 | |
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Deferred Income Tax Asset | | 33,343 | | | 13,904 | | | 1,711 | | | — | | | 48,958 | |
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Prepaid Expenses and Other Current Assets | | 17,436 | | | 3,508 | | | 9,072 | | | — | | | 30,016 | |
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Total Current Assets | | $ | 456,950 | | | $ | 270,395 | | | $ | 195,295 | | | $ | (52,305 | ) | | $ | 870,335 | |
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OTHER ASSETS: | | | | | | | | | | |
Goodwill | | $ | 128,300 | | | $ | — | | | $ | 16,222 | | | $ | — | | | $ | 144,522 | |
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Investments | | 27,137 | | | — | | | — | | | — | | | 27,137 | |
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Investments in Subsidiaries | | 470,391 | | | — | | | — | | | (470,391 | ) | | — | |
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Intercompany Note Receivable | | 49,293 | | | 84,567 | | | 13,876 | | | (147,736 | ) | | — | |
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Debt Issuance Costs | | 4,671 | | | — | | | — | | | — | | | 4,671 | |
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Other Intangible Assets, Net | | — | | | 55,909 | | | 24,408 | | | — | | | 80,317 | |
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Long-Term Deferred Income Tax Asset | | 32,507 | | | — | | | 677 | | | (18,006 | ) | | 15,178 | |
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Other Long-Term Assets, Net | | 7,120 | | | 2,088 | | | 1,331 | | | — | | | 10,539 | |
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Total Other Assets | | $ | 719,419 | | | $ | 142,564 | | | $ | 56,514 | | | $ | (636,133 | ) | | $ | 282,364 | |
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PLANT AND EQUIPMENT, NET | | 241,166 | | | 39,863 | | | 15,978 | | | — | | | 297,007 | |
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TOTAL ASSETS | | $ | 1,417,535 | | | $ | 452,822 | | | $ | 267,787 | | | $ | (688,438 | ) | | $ | 1,449,706 | |
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CURRENT LIABILITIES: | | | | | | | | | | |
Accounts Payable | | $ | 105,532 | | | $ | 45,171 | | | $ | 18,568 | | | $ | — | | | $ | 169,271 | |
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Intercompany Accounts Payable | | 21,859 | | | 6,002 | | | 24,444 | | | (52,305 | ) | | — | |
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Accrued Liabilities | | 85,735 | | | 31,863 | | | 16,318 | | | — | | | 133,916 | |
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Total Current Liabilities | | $ | 213,126 | | | $ | 83,036 | | | $ | 59,330 | | | $ | (52,305 | ) | | $ | 303,187 | |
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OTHER LIABILITIES: | | | | | | | | | | |
Accrued Pension Cost | | $ | 125,481 | | | $ | 421 | | | $ | 627 | | | $ | — | | | $ | 126,529 | |
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Accrued Employee Benefits | | 24,491 | | | — | | | — | | | — | | | 24,491 | |
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Accrued Postretirement Health Care Obligation | | 44,928 | | | 14,362 | | | — | | | — | | | 59,290 | |
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Intercompany Note Payable | | 85,343 | | | — | | | 62,393 | | | (147,736 | ) | | — | |
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Deferred Income Tax Liabilities | | — | | | 18,006 | | | — | | | (18,006 | ) | | — | |
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Other Long-Term Liabilities | | 26,732 | | | 11,037 | | | 1,006 | | | — | | | 38,775 | |
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Long-Term Debt | | 225,000 | | | — | | | — | | | — | | | 225,000 | |
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Total Other Liabilities | | $ | 531,975 | | | $ | 43,826 | | | $ | 64,026 | | | $ | (165,742 | ) | | $ | 474,085 | |
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TOTAL SHAREHOLDERS’ INVESTMENT | | 672,434 | | | 325,960 | | | 144,431 | | | (470,391 | ) | | 672,434 | |
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TOTAL LIABILITIES AND SHAREHOLDERS’ INVESTMENT | | $ | 1,417,535 | | | $ | 452,822 | | | $ | 267,787 | | | $ | (688,438 | ) | | $ | 1,449,706 | |
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CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
For the Three Months Ended March 29, 2015 |
(Unaudited) |
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| | Briggs & Stratton | | Guarantor | | Non-Guarantor | | Eliminations | | Consolidated |
Corporation | Subsidiary | Subsidiaries |
Net Sales | | $ | 408,530 | | | $ | 165,804 | | | $ | 95,155 | | | $ | (50,474 | ) | | $ | 619,015 | |
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Cost of Goods Sold | | 321,429 | | | 150,392 | | | 71,500 | | | (50,474 | ) | | 492,847 | |
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Restructuring Charges | | — | | | 7,088 | | | — | | | — | | | 7,088 | |
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Gross Profit | | 87,101 | | | 8,324 | | | 23,655 | | | — | | | 119,080 | |
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Engineering, Selling, General and Administrative Expenses | | 43,252 | | | 19,504 | | | 9,958 | | | — | | | 72,714 | |
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Restructuring Charges | | — | | | 943 | | | — | | | — | | | 943 | |
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Equity in Earnings from Subsidiaries | | (5,072 | ) | | — | | | — | | | 5,072 | | | — | |
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Income (Loss) from Operations | | 48,921 | | | (12,123 | ) | | 13,697 | | | (5,072 | ) | | 45,423 | |
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Interest Expense | | (5,159 | ) | | (72 | ) | | (2 | ) | | — | | | (5,233 | ) |
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Other Income, Net | | 1,375 | | | 293 | | | 655 | | | — | | | 2,323 | |
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Income (Loss) before Income Taxes | | 45,137 | | | (11,902 | ) | | 14,350 | | | (5,072 | ) | | 42,513 | |
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Provision (Credit) for Income Taxes | | 11,216 | | | (4,448 | ) | | 1,824 | | | — | | | 8,592 | |
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Net Income (Loss) | | $ | 33,921 | | | $ | (7,454 | ) | | $ | 12,526 | | | $ | (5,072 | ) | | $ | 33,921 | |
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Comprehensive Income (Loss) | | $ | 23,200 | | | $ | (8,010 | ) | | $ | 4,740 | | | $ | 3,270 | | | $ | 23,200 | |
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CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
For the Three Months Ended March 30, 2014 |
(Unaudited) |
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| | Briggs & Stratton | | Guarantor | | Non-Guarantor | | Eliminations | | Consolidated |
Corporation | Subsidiary | Subsidiaries |
Net Sales | | $ | 429,788 | | | $ | 172,493 | | | $ | 78,767 | | | $ | (52,645 | ) | | $ | 628,403 | |
|
Cost of Goods Sold | | 334,097 | | | 158,623 | | | 58,852 | | | (52,645 | ) | | 498,927 | |
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Restructuring Charges | | (774 | ) | | — | | | — | | | — | | | (774 | ) |
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Gross Profit | | 96,465 | | | 13,870 | | | 19,915 | | | — | | | 130,250 | |
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Engineering, Selling, General and Administrative Expenses | | 43,267 | | | 20,938 | | | 10,658 | | | — | | | 74,863 | |
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Equity in Earnings from Subsidiaries | | (3,658 | ) | | — | | | — | | | 3,658 | | | — | |
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Income (Loss) from Operations | | 56,856 | | | (7,068 | ) | | 9,257 | | | (3,658 | ) | | 55,387 | |
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Interest Expense | | (4,720 | ) | | — | | | — | | | — | | | (4,720 | ) |
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Other Income, Net | | 2,078 | | | 15 | | | 202 | | | — | | | 2,295 | |
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Income (Loss) before Income Taxes | | 54,214 | | | (7,053 | ) | | 9,459 | | | (3,658 | ) | | 52,962 | |
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Provision (Credit) for Income Taxes | | 15,061 | | | (2,598 | ) | | 1,346 | | | — | | | 13,809 | |
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Net Income (Loss) | | $ | 39,153 | | | $ | (4,455 | ) | | $ | 8,113 | | | $ | (3,658 | ) | | $ | 39,153 | |
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Comprehensive Income (Loss) | | $ | 47,127 | | | $ | (4,542 | ) | | $ | 9,276 | | | $ | (4,734 | ) | | $ | 47,127 | |
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CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
For the Nine Months Ended March 29, 2015 |
(Unaudited) |
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| | Briggs & Stratton | | Guarantor | | Non-Guarantor | | Eliminations | | Consolidated |
Corporation | Subsidiary | Subsidiaries |
Net Sales | | $ | 816,386 | | | $ | 413,772 | | | $ | 295,066 | | | $ | (169,293 | ) | | $ | 1,355,931 | |
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Cost of Goods Sold | | 650,398 | | | 372,129 | | | 227,649 | | | (169,293 | ) | | 1,080,883 | |
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Restructuring Charges | | — | | | 20,780 | | | — | | | — | | | 20,780 | |
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Gross Profit | | 165,988 | | | 20,863 | | | 67,417 | | | — | | | 254,268 | |
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Engineering, Selling, General and Administrative Expenses | | 120,553 | | | 55,248 | | | 40,966 | | | — | | | 216,767 | |
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Restructuring Charges | | — | | | 2,481 | | | — | | | — | | | 2,481 | |
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Equity in Loss from Subsidiaries | | 930 | | | — | | | — | | | (930 | ) | | — | |
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Income (Loss) from Operations | | 44,505 | | | (36,866 | ) | | 26,451 | | | 930 | | | 35,020 | |
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Interest Expense | | (14,460 | ) | | (178 | ) | | (3 | ) | | — | | | (14,641 | ) |
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Other Income, Net | | 4,690 | | | 1,069 | | | 990 | | | — | | | 6,749 | |
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Income (Loss) before Income Taxes | | 34,735 | | | (35,975 | ) | | 27,438 | | | 930 | | | 27,128 | |
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Provision (Credit) for Income Taxes | | 9,149 | | | (13,426 | ) | | 5,819 | | | — | | | 1,542 | |
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Net Income (Loss) | | $ | 25,586 | | | $ | (22,549 | ) | | $ | 21,619 | | | $ | 930 | | | $ | 25,586 | |
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Comprehensive Income (Loss) | | $ | 2,003 | | | $ | (23,041 | ) | | $ | 2,677 | | | $ | 20,364 | | | $ | 2,003 | |
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CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
For the Nine Months Ended March 30, 2014 |
(Unaudited) |
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| | Briggs & Stratton | | Guarantor | | Non-Guarantor | | Eliminations | | Consolidated |
Corporation | Subsidiary | Subsidiaries |
Net Sales | | $ | 855,142 | | | $ | 425,041 | | | $ | 229,465 | | | $ | (147,349 | ) | | $ | 1,362,299 | |
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Cost of Goods Sold | | 688,280 | | | 388,123 | | | 177,094 | | | (147,349 | ) | | 1,106,148 | |
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Restructuring Charges | | 2,693 | | | 228 | | | 1,783 | | | — | | | 4,704 | |
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Gross Profit | | 164,169 | | | 36,690 | | | 50,588 | | | — | | | 251,447 | |
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Engineering, Selling, General and Administrative Expenses | | 123,019 | | | 56,628 | | | 35,755 | | | — | | | 215,402 | |
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Restructuring Charges | | 77 | | | — | | | 348 | | | — | | | 425 | |
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Equity in Loss from Subsidiaries | | 1,459 | | | — | | | — | | | (1,459 | ) | | — | |
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Income (Loss) from Operations | | 39,614 | | | (19,938 | ) | | 14,485 | | | 1,459 | | | 35,620 | |
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Interest Expense | | (13,796 | ) | | — | | | (27 | ) | | — | | | (13,823 | ) |
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Other Income, Net | | 5,882 | | | 199 | | | 57 | | | — | | | 6,138 | |
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Income (Loss) before Income Taxes | | 31,700 | | | (19,739 | ) | | 14,515 | | | 1,459 | | | 27,935 | |
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Provision (Credit) for Income Taxes | | 11,194 | | | (7,275 | ) | | 3,510 | | | — | | | 7,429 | |
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Net Income (Loss) | | $ | 20,506 | | | $ | (12,464 | ) | | $ | 11,005 | | | $ | 1,459 | | | $ | 20,506 | |
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Comprehensive Income (Loss) | | $ | 35,082 | | | $ | (12,747 | ) | | $ | 11,785 | | | $ | 962 | | | $ | 35,082 | |
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CONSOLIDATING STATEMENT OF CASH FLOWS |
For the Nine Months Ended March 29, 2015 |
(Unaudited) |
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| | Briggs & Stratton | | Guarantor | | Non-Guarantor | | Eliminations | | Consolidated |
Corporation | Subsidiary | Subsidiaries |
Net Cash Provided by (Used in) Operating Activities | | $ | (44,164 | ) | | $ | (9,889 | ) | | $ | 3,398 | | | $ | (1,480 | ) | | $ | (52,135 | ) |
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Cash Flows from Investing Activities: | | | | | | | | | | |
Additions to Plant and Equipment | | (34,008 | ) | | (4,680 | ) | | (5,469 | ) | | — | | | (44,157 | ) |
|
Proceeds Received on Disposition of Plant and Equipment | | 90 | | | 156 | | | 72 | | | — | | | 318 | |
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Cash Investment in Subsidiary | | (6,880 | ) | | — | | | — | | | 6,880 | | | — | |
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Cash Paid for Acquisition, Net of Cash Acquired | | (59,855 | ) | | — | | | — | | | — | | | (59,855 | ) |
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Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt | | (1,000 | ) | | — | | | — | | | 1,000 | | | — | |
|
Other, Net | | (250 | ) | | — | | | — | | | — | | | (250 | ) |
|
Net Cash Provided by (Used in) Investing Activities | | (101,903 | ) | | (4,524 | ) | | (5,397 | ) | | 7,880 | | | (103,944 | ) |
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Cash Flows from Financing Activities: | | | | | | | | | | |
Net Borrowings (Repayments) on Loans, Revolver, Notes Payable and Long-Term Debt | | 60,100 | | | 12,188 | | | (11,188 | ) | | (1,000 | ) | | 60,100 | |
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Treasury Stock Purchases | | (39,560 | ) | | — | | | — | | | — | | | (39,560 | ) |
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Stock Option Exercise Proceeds and Tax Benefits | | 3,921 | | | — | | | — | | | — | | | 3,921 | |
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Cash Dividends Paid | | (11,374 | ) | | — | | | — | | | — | | | (11,374 | ) |
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Cash Investment in Subsidiary | | — | | | — | | | 5,400 | | | (5,400 | ) | | — | |
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Net Cash Provided by (Used in) Financing Activities | | 13,087 | | | 12,188 | | | (5,788 | ) | | (6,400 | ) | | 13,087 | |
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Effect of Foreign Currency Exchange Rate Changes on Cash and Cash Equivalents | | — | | | — | | | (1,982 | ) | | — | | | (1,982 | ) |
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Net Increase (Decrease) in Cash and Cash Equivalents | | (132,980 | ) | | (2,225 | ) | | (9,769 | ) | | — | | | (144,974 | ) |
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Cash and Cash Equivalents, Beginning | | 138,926 | | | 2,680 | | | 53,062 | | | — | | | 194,668 | |
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Cash and Cash Equivalents, Ending | | $ | 5,946 | | | $ | 455 | | | $ | 43,293 | | | $ | — | | | $ | 49,694 | |
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CONSOLIDATING STATEMENT OF CASH FLOWS |
For the Nine Months Ended March 30, 2014 |
(Unaudited) |
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| | Briggs & Stratton | | Guarantor | | Non-Guarantor | | Eliminations | | Consolidated |
Corporation | Subsidiary | Subsidiaries |
Net Cash Provided by (Used in) Operating Activities | | $ | (48,051 | ) | | $ | 1,925 | | | $ | 32,093 | | | $ | — | | | $ | (14,033 | ) |
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Cash Flows from Investing Activities: | | | | | | | | | | |
Additions to Plant and Equipment | | (26,474 | ) | | (1,932 | ) | | (1,065 | ) | | — | | | (29,471 | ) |
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Proceeds Received on Disposition of Plant and Equipment | | 57 | | | 33 | | | 19 | | | — | | | 109 | |
|
Cash Investment in Subsidiary | | 8,107 | | | — | | | (8,107 | ) | | — | | | — | |
|
Net Cash Provided by (Used in) Investing Activities | | (18,310 | ) | | (1,899 | ) | | (9,153 | ) | | — | | | (29,362 | ) |
|
Cash Flows from Financing Activities: | | | | | | | | | | |
Repayments on Short-Term Debt | | — | | | — | | | (300 | ) | | — | | | (300 | ) |
|
Net Borrowings (Repayments) on Loans, Notes Payable and Long-Term Debt | | (668 | ) | | 668 | | | — | | | — | | | — | |
|
Debt Issuance Costs | | (949 | ) | | — | | | — | | | — | | | (949 | ) |
|
Treasury Stock Purchases | | (30,066 | ) | | — | | | — | | | — | | | (30,066 | ) |
|
Stock Option Exercise Proceeds and Tax Benefits | | 4,361 | | | — | | | — | | | — | | | 4,361 | |
|
Cash Dividends Paid | | (11,387 | ) | | — | | | — | | | — | | | (11,387 | ) |
|
Net Cash Provided by (Used in) Financing Activities | | (38,709 | ) | | 668 | | | (300 | ) | | — | | | (38,341 | ) |
|
Effect of Foreign Currency Exchange Rate Changes on Cash and Cash Equivalents | | — | | | — | | | 529 | | | — | | | 529 | |
|
Net Increase (Decrease) in Cash and Cash Equivalents | | (105,070 | ) | | 694 | | | 23,169 | | | — | | | (81,207 | ) |
|
Cash and Cash Equivalents, Beginning | | 162,628 | | | 1,275 | | | 24,542 | | | — | | | 188,445 | |
|
Cash and Cash Equivalents, Ending | | $ | 57,558 | | | $ | 1,969 | | | $ | 47,711 | | | $ | — | | | $ | 107,238 | |
|
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