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Supplemental Financial Information | 9 Months Ended
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Sep. 30, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
SUPPLEMENTAL FINANCIAL INFORMATION | SUPPLEMENTAL FINANCIAL INFORMATION The following information sets forth the consolidating summary financial statements of the issuer (Gibraltar Industries, Inc.) and guarantors, which guarantee the Senior Subordinated 6.25% Notes due February 1, 2021, and the non-guarantors. The guarantors are significant domestic 100% owned subsidiaries of the issuer and the guarantees are full, unconditional, joint and several. Investments in subsidiaries are accounted for by the parent using the equity method of accounting. The guarantor subsidiaries and non-guarantor subsidiaries are presented on a combined basis. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions. GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENTS OF OPERATIONS THREE MONTHS ENDED SEPTEMBER 30, 2016 (in thousands)
| Gibraltar Industries, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
Net sales | $ | — |  |  | $ | 265,657 |  |  | $ | 15,799 |  |  | $ | (8,722 | ) |  | $ | 272,734 |
Cost of sales | — |  |  | 202,199 |  |  | 11,721 |  |  | (9,073 | ) |  | 204,847 |
Gross profit | — |  |  | 63,458 |  |  | 4,078 |  |  | 351 |  |  | 67,887 |
Selling, general, and administrative expense | 94 |  |  | 38,664 |  |  | 2,766 |  |  | — |  |  | 41,524 |
(Loss) income from operations | (94 | ) |  | 24,794 |  |  | 1,312 |  |  | 351 |  |  | 26,363 |
Interest expense (income) | 3,403 |  |  | 241 |  |  | (19 | ) |  | — |  |  | 3,625 |
Other expense (income) | 230 |  |  | (135 | ) |  | (95 | ) |  | — |  |  | — |
(Loss) income before taxes | (3,727 | ) |  | 24,688 |  |  | 1,426 |  |  | 351 |  |  | 22,738 |
(Benefit of) provision for income taxes | (1,416 | ) |  | 10,804 |  |  | (436 | ) |  | — |  |  | 8,952 |
(Loss) income from continuing operations | (2,311 | ) |  | 13,884 |  |  | 1,862 |  |  | 351 |  |  | 13,786 |
Equity in earnings from subsidiaries | 15,746 |  |  | 1,862 |  |  | — |  |  | (17,608 | ) |  | — |
Net income | $ | 13,435 |  |  | $ | 15,746 |  |  | $ | 1,862 |  |  | $ | (17,257 | ) |  | $ | 13,786 |
GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENTS OF OPERATIONS THREE MONTHS ENDED SEPTEMBER 30, 2015 (in thousands)
| Gibraltar Industries, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
Net sales | $ | — |  |  | $ | 280,828 |  |  | $ | 34,565 |  |  | $ | (10,399 | ) |  | $ | 304,994 |
Cost of sales | — |  |  | 223,694 |  |  | 28,432 |  |  | (8,528 | ) |  | 243,598 |
Gross profit | — |  |  | 57,134 |  |  | 6,133 |  |  | (1,871 | ) |  | 61,396 |
Selling, general, and administrative expense | 30 |  |  | 33,392 |  |  | 4,580 |  |  | — |  |  | 38,002 |
(Loss) income from operations | (30 | ) |  | 23,742 |  |  | 1,553 |  |  | (1,871 | ) |  | 23,394 |
Interest expense (income) | 3,403 |  |  | 494 |  |  | (19 | ) |  | — |  |  | 3,878 |
Other expense (income) | 16 |  |  | (1,597 | ) |  | (199 | ) |  | — |  |  | (1,780 | )
(Loss) income before taxes | (3,449 | ) |  | 24,845 |  |  | 1,771 |  |  | (1,871 | ) |  | 21,296 |
(Benefit of) provision for income taxes | (1,210 | ) |  | 8,514 |  |  | 360 |  |  | — |  |  | 7,664 |
(Loss) income from continuing operations | (2,239 | ) |  | 16,331 |  |  | 1,411 |  |  | (1,871 | ) |  | 13,632 |
Equity in earnings from subsidiaries | 17,742 |  |  | 1,411 |  |  | — |  |  | (19,153 | ) |  | — |
Net income | $ | 15,503 |  |  | $ | 17,742 |  |  | $ | 1,411 |  |  | $ | (21,024 | ) |  | $ | 13,632 |
GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENTS OF OPERATIONS NINE MONTHS ENDED SEPTEMBER 30, 2016 (in thousands)
| Gibraltar Industries, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
Net sales | $ | — |  |  | $ | 728,782 |  |  | $ | 63,014 |  |  | $ | (15,653 | ) |  | $ | 776,143 |
Cost of sales | — |  |  | 551,195 |  |  | 49,436 |  |  | (15,368 | ) |  | 585,263 |
Gross profit | — |  |  | 177,587 |  |  | 13,578 |  |  | (285 | ) |  | 190,880 |
Selling, general, and administrative expense | 14,268 |  |  | 100,101 |  |  | 4,131 |  |  | — |  |  | 118,500 |
(Loss) income from operations | (14,268 | ) |  | 77,486 |  |  | 9,447 |  |  | (285 | ) |  | 72,380 |
Interest expense (income) | 10,207 |  |  | 836 |  |  | (61 | ) |  | — |  |  | 10,982 |
Other expense (income) | 8,717 |  |  | (14 | ) |  | (863 | ) |  | — |  |  | 7,840 |
(Loss) income before taxes | (33,192 | ) |  | 76,664 |  |  | 10,371 |  |  | (285 | ) |  | 53,558 |
(Benefit of) provision for income taxes | (10,898 | ) |  | 22,189 |  |  | 840 |  |  | — |  |  | 12,131 |
(Loss) income from continuing operations | (22,294 | ) |  | 54,475 |  |  | 9,531 |  |  | (285 | ) |  | 41,427 |
Equity in earnings from subsidiaries | 64,006 |  |  | 9,531 |  |  | — |  |  | (73,537 | ) |  | — |
Net income | $ | 41,712 |  |  | $ | 64,006 |  |  | $ | 9,531 |  |  | $ | (73,822 | ) |  | $ | 41,427 |
GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENTS OF OPERATIONS NINE MONTHS ENDED SEPTEMBER 30, 2015 (in thousands)
| Gibraltar Industries, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
Net sales | $ | — |  |  | $ | 700,646 |  |  | $ | 76,732 |  |  | $ | (18,598 | ) |  | $ | 758,780 |
Cost of sales | — |  |  | 574,112 |  |  | 65,511 |  |  | (16,273 | ) |  | 623,350 |
Gross profit | — |  |  | 126,534 |  |  | 11,221 |  |  | (2,325 | ) |  | 135,430 |
Selling, general, and administrative expense | 101 |  |  | 83,076 |  |  | 8,688 |  |  | — |  |  | 91,865 |
(Loss) income from operations | (101 | ) |  | 43,458 |  |  | 2,533 |  |  | (2,325 | ) |  | 43,565 |
Interest expense (income) | 10,207 |  |  | 1,254 |  |  | (72 | ) |  | — |  |  | 11,389 |
Other expense (income) | 4 |  |  | (4,062 | ) |  | (180 | ) |  | — |  |  | (4,238 | )
(Loss) income before taxes | (10,312 | ) |  | 46,266 |  |  | 2,785 |  |  | (2,325 | ) |  | 36,414 |
(Benefit of) provision for income taxes | (3,617 | ) |  | 15,949 |  |  | 826 |  |  | — |  |  | 13,158 |
(Loss) income from continuing operations | (6,695 | ) |  | 30,317 |  |  | 1,959 |  |  | (2,325 | ) |  | 23,256 |
Discontinued operations: |  |  |  |  |  |  |  |  |
Loss from discontinued operations before taxes | — |  |  | (44 | ) |  | — |  |  | — |  |  | (44 | )
Benefit of income taxes | — |  |  | (16 | ) |  | — |  |  | — |  |  | (16 | )
Loss from discontinued operations | — |  |  | (28 | ) |  | — |  |  | — |  |  | (28 | )
Equity in earnings from subsidiaries | 32,248 |  |  | 1,959 |  |  | — |  |  | (34,207 | ) |  | — |
Net income | $ | 25,553 |  |  | $ | 32,248 |  |  | $ | 1,959 |  |  | $ | (36,532 | ) |  | $ | 23,228 |
GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME THREE MONTHS ENDED SEPTEMBER 30, 2016 (in thousands)
| Gibraltar Industries, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
Net income | $ | 13,435 |  |  | $ | 15,746 |  |  | $ | 1,862 |  |  | $ | (17,257 | ) |  | $ | 13,786 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | — |  |  | — |  |  | (193 | ) |  | — |  |  | (193 | )
Adjustment to retirement benefit liability, net of tax | — |  |  | 61 |  |  | — |  |  | — |  |  | 61 |
Adjustment to post-retirement health care liability, net of tax | — |  |  | 38 |  |  | — |  |  | — |  |  | 38 |
Other comprehensive income (loss) | — |  |  | 99 |  |  | (193 | ) |  | — |  |  | (94 | )
Total comprehensive income | $ | 13,435 |  |  | $ | 15,845 |  |  | $ | 1,669 |  |  | $ | (17,257 | ) |  | $ | 13,692 |
GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME THREE MONTHS ENDED SEPTEMBER 30, 2015 (in thousands)
| Gibraltar Industries, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
Net income | $ | 15,503 |  |  | $ | 17,742 |  |  | $ | 1,411 |  |  | $ | (21,024 | ) |  | $ | 13,632 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | — |  |  | — |  |  | (3,005 | ) |  | — |  |  | (3,005 | )
Adjustment to retirement benefit liability, net of tax | — |  |  | 3 |  |  | — |  |  | — |  |  | 3 |
Adjustment to post-retirement health care liability, net of tax | — |  |  | 36 |  |  | — |  |  | — |  |  | 36 |
Other comprehensive income (loss) | — |  |  | 39 |  |  | (3,005 | ) |  | — |  |  | (2,966 | )
Total comprehensive income (loss) | $ | 15,503 |  |  | $ | 17,781 |  |  | $ | (1,594 | ) |  | $ | (21,024 | ) |  | $ | 10,666 |
GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME NINE MONTHS ENDED SEPTEMBER 30, 2016 (in thousands)
| Gibraltar Industries, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
Net income | $ | 41,712 |  |  | $ | 64,006 |  |  | $ | 9,531 |  |  | $ | (73,822 | ) |  | $ | 41,427 |
Other comprehensive income: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | — |  |  | — |  |  | 10,638 |  |  | — |  |  | 10,638 |
Adjustment to retirement benefit liability, net of tax | — |  |  | 59 |  |  | — |  |  | — |  |  | 59 |
Adjustment to post-retirement health care liability, net of tax | — |  |  | 114 |  |  | — |  |  | — |  |  | 114 |
Other comprehensive income | — |  |  | 173 |  |  | 10,638 |  |  | — |  |  | 10,811 |
Total comprehensive income | $ | 41,712 |  |  | $ | 64,179 |  |  | $ | 20,169 |  |  | $ | (73,822 | ) |  | $ | 52,238 |
GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME NINE MONTHS ENDED SEPTEMBER 30, 2015 (in thousands)
| Gibraltar Industries, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
Net income | $ | 25,553 |  |  | $ | 32,248 |  |  | $ | 1,959 |  |  | $ | (36,532 | ) |  | $ | 23,228 |
Other comprehensive (loss) income: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | — |  |  | — |  |  | (4,667 | ) |  | — |  |  | (4,667 | )
Reclassification of loss on cash flow hedges, net of tax | — |  |  | 143 |  |  | — |  |  | — |  |  | 143 |
Adjustment to retirement benefit liability, net of tax | — |  |  | 7 |  |  | — |  |  | — |  |  | 7 |
Adjustment to post-retirement health care liability, net of tax | — |  |  | 110 |  |  | — |  |  | — |  |  | 110 |
Other comprehensive income (loss) | — |  |  | 260 |  |  | (4,667 | ) |  | — |  |  | (4,407 | )
Total comprehensive income (loss) | $ | 25,553 |  |  | $ | 32,508 |  |  | $ | (2,708 | ) |  | $ | (36,532 | ) |  | $ | 18,821 |
GIBRALTAR INDUSTRIES, INC. CONSOLIDATING BALANCE SHEETS SEPTEMBER 30, 2016 (in thousands)
| Gibraltar Industries, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
Assets |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 149,784 |  |  | $ | 23,278 |  |  | $ | — |  |  | $ | 173,062 |
Accounts receivable, net | — |  |  | 146,258 |  |  | 9,176 |  |  | — |  |  | 155,434 |
Intercompany balances | 8,234 |  |  | (2,212 | ) |  | (6,022 | ) |  | — |  |  | — |
Inventories | — |  |  | 87,296 |  |  | 5,482 |  |  | — |  |  | 92,778 |
Other current assets | 12,808 |  |  | (8,672 | ) |  | 5,761 |  |  | — |  |  | 9,897 |
Total current assets | 21,042 |  |  | 372,454 |  |  | 37,675 |  |  | — |  |  | 431,171 |
Property, plant, and equipment, net | — |  |  | 100,968 |  |  | 5,347 |  |  | — |  |  | 106,315 |
Goodwill | — |  |  | 270,017 |  |  | 24,841 |  |  | — |  |  | 294,858 |
Acquired intangibles | — |  |  | 106,097 |  |  | 12,291 |  |  | — |  |  | 118,388 |
Other assets | — |  |  | 4,100 |  |  | — |  |  | — |  |  | 4,100 |
Investment in subsidiaries | 660,635 |  |  | 64,525 |  |  | — |  |  | (725,160 | ) |  | — |
| $ | 681,677 |  |  | $ | 918,161 |  |  | $ | 80,154 |  |  | $ | (725,160 | ) |  | $ | 954,832 |
Liabilities and Shareholders’ Equity |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 84,040 |  |  | $ | 3,455 |  |  | $ | — |  |  | $ | 87,495 |
Accrued expenses | 4,116 |  |  | 55,455 |  |  | 3,540 |  |  | — |  |  | 63,111 |
Billings in excess of cost | — |  |  | 21,758 |  |  | 4,268 |  |  |  |  | 26,026 |
Current maturities of long-term debt | — |  |  | 400 |  |  | — |  |  | — |  |  | 400 |
Total current liabilities | 4,116 |  |  | 161,653 |  |  | 11,263 |  |  | — |  |  | 177,032 |
Long-term debt | 207,916 |  |  | 1,125 |  |  | — |  |  | — |  |  | 209,041 |
Deferred income taxes | — |  |  | 39,000 |  |  | 4,366 |  |  | — |  |  | 43,366 |
Other non-current liabilities | — |  |  | 55,748 |  |  | — |  |  | — |  |  | 55,748 |
Shareholders’ equity | 469,645 |  |  | 660,635 |  |  | 64,525 |  |  | (725,160 | ) |  | 469,645 |
| $ | 681,677 |  |  | $ | 918,161 |  |  | $ | 80,154 |  |  | $ | (725,160 | ) |  | $ | 954,832 |
GIBRALTAR INDUSTRIES, INC. CONSOLIDATING BALANCE SHEETS DECEMBER 31, 2015 (in thousands)
| Gibraltar Industries, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
Assets |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 39,597 |  |  | $ | 29,261 |  |  | $ | — |  |  | $ | 68,858 |
Accounts receivable, net | — |  |  | 142,674 |  |  | 22,295 |  |  | — |  |  | 164,969 |
Intercompany balances | 15,023 |  |  | 12,033 |  |  | (27,056 | ) |  | — |  |  | — |
Inventories | — |  |  | 99,132 |  |  | 7,926 |  |  | — |  |  | 107,058 |
Other current assets | 4,535 |  |  | 2,957 |  |  | 3,045 |  |  | — |  |  | 10,537 |
Total current assets | 19,558 |  |  | 296,393 |  |  | 35,471 |  |  | — |  |  | 351,422 |
Property, plant, and equipment, net | — |  |  | 106,413 |  |  | 12,519 |  |  | — |  |  | 118,932 |
Goodwill | — |  |  | 270,017 |  |  | 22,373 |  |  | — |  |  | 292,390 |
Acquired intangibles | — |  |  | 111,734 |  |  | 11,279 |  |  | — |  |  | 123,013 |
Other assets | — |  |  | 4,015 |  |  | — |  |  | — |  |  | 4,015 |
Investment in subsidiaries | 603,208 |  |  | 54,792 |  |  | — |  |  | (658,000 | ) |  | — |
| $ | 622,766 |  |  | $ | 843,364 |  |  | $ | 81,642 |  |  | $ | (658,000 | ) |  | $ | 889,772 |
Liabilities and Shareholders’ Equity |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 81,551 |  |  | $ | 7,653 |  |  | $ | — |  |  | $ | 89,204 |
Accrued expenses | 5,127 |  |  | 55,363 |  |  | 7,115 |  |  | — |  |  | 67,605 |
Billings in excess of cost | — |  |  | 20,548 |  |  | 7,638 |  |  | — |  |  | 28,186 |
Current maturities of long-term debt | — |  |  | 400 |  |  | — |  |  | — |  |  | 400 |
Total current liabilities | 5,127 |  |  | 157,862 |  |  | 22,406 |  |  | — |  |  | 185,395 |
Long-term debt | 207,553 |  |  | 1,329 |  |  | — |  |  | — |  |  | 208,882 |
Deferred income taxes | — |  |  | 38,763 |  |  | 3,891 |  |  | — |  |  | 42,654 |
Other non-current liabilities | — |  |  | 42,202 |  |  | 553 |  |  | — |  |  | 42,755 |
Shareholders’ equity | 410,086 |  |  | 603,208 |  |  | 54,792 |  |  | (658,000 | ) |  | 410,086 |
| $ | 622,766 |  |  | $ | 843,364 |  |  | $ | 81,642 |  |  | $ | (658,000 | ) |  | $ | 889,772 |
GIBRALTAR INDUSTRIES, INC. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS NINE MONTHS ENDED SEPTEMBER 30, 2016 (in thousands)
| Gibraltar Industries, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |
Net cash (used in) provided by operating activities | $ | (34,186 | ) |  | $ | 118,849 |  |  | $ | 16,582 |  |  | $ | — |  |  | $ | 101,245 |
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |
Cash paid for acquisitions | — |  |  | (2,314 | ) |  | — |  |  | — |  |  | (2,314 | )
Net proceeds from sale of property and equipment | — |  |  | 220 |  |  | 29 |  |  | — |  |  | 249 |
Purchases of property, plant, and equipment | — |  |  | (7,177 | ) |  | (423 | ) |  | — |  |  | (7,600 | )
Net proceeds from sale of business | — |  |  | — |  |  | 8,250 |  |  | — |  |  | 8,250 |
Other, net | — |  |  | 1,118 |  |  | — |  |  | — |  |  | 1,118 |
Net cash (used in) provided by investing activities | — |  |  | (8,153 | ) |  | 7,856 |  |  | — |  |  | (297 | )
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |
Long-term debt payments | — |  |  | (400 | ) |  | — |  |  | — |  |  | (400 | )
Payment of debt issuance costs | — |  |  | (54 | ) |  | — |  |  | — |  |  | (54 | )
Purchase of treasury stock at market prices | (1,178 | ) |  | — |  |  | — |  |  | — |  |  | (1,178 | )
Net proceeds from issuance of common stock | 2,892 |  |  | — |  |  | — |  |  | — |  |  | 2,892 |
Intercompany financing | 31,531 |  |  | (55 | ) |  | (31,476 | ) |  | — |  |  | — |
Excess tax benefit from stock compensation | 941 |  |  | — |  |  | — |  |  | — |  |  | 941 |
Net cash provided by (used in) financing activities | 34,186 |  |  | (509 | ) |  | (31,476 | ) |  | — |  |  | 2,201 |
Effect of exchange rate changes on cash | — |  |  | — |  |  | 1,055 |  |  | — |  |  | 1,055 |
Net increase (decrease) in cash and cash equivalents | — |  |  | 110,187 |  |  | (5,983 | ) |  | — |  |  | 104,204 |
Cash and cash equivalents at beginning of year | — |  |  | 39,597 |  |  | 29,261 |  |  | — |  |  | 68,858 |
Cash and cash equivalents at end of period | $ | — |  |  | $ | 149,784 |  |  | $ | 23,278 |  |  | $ | — |  |  | $ | 173,062 |
GIBRALTAR INDUSTRIES, INC. CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS NINE MONTHS ENDED SEPTEMBER 30, 2015 (in thousands)
| Gibraltar Industries, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |
Net cash (used in) provided by operating activities | $ | (13,231 | ) |  | $ | 52,060 |  |  | $ | 5,659 |  |  | $ | — |  |  | $ | 44,488 |
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |
Purchases of property, plant, and equipment | — |  |  | (6,458 | ) |  | (364 | ) |  | — |  |  | (6,822 | )
Cash paid for acquisitions | — |  |  | (113,828 | ) |  | (26,792 | ) |  | — |  |  | (140,620 | )
Other, net | — |  |  | 1,154 |  |  | — |  |  | — |  |  | 1,154 |
Net proceeds from sale of property and equipment | — |  |  | 26,392 |  |  | — |  |  | — |  |  | 26,392 |
Net cash used in investing activities | — |  |  | (92,740 | ) |  | (27,156 | ) |  | — |  |  | (119,896 | )
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |
Long-term debt payments | — |  |  | (47,592 | ) |  | — |  |  | — |  |  | (47,592 | )
Proceeds from long-term debt | — |  |  | 58,192 |  |  | — |  |  | — |  |  | 58,192 |
Purchase of treasury stock at market prices | (568 | ) |  | — |  |  | — |  |  | — |  |  | (568 | )
Net proceeds from issuance of common stock | 237 |  |  | — |  |  | — |  |  | — |  |  | 237 |
Intercompany financing | 13,562 |  |  | (42,500 | ) |  | 28,938 |  |  | — |  |  | — |
Net cash provided by (used in) financing activities | 13,231 |  |  | (31,900 | ) |  | 28,938 |  |  | — |  |  | 10,269 |
Effect of exchange rate changes on cash | — |  |  | — |  |  | (2,140 | ) |  | — |  |  | (2,140 | )
Net (decrease) increase in cash and cash equivalents | — |  |  | (72,580 | ) |  | 5,301 |  |  | — |  |  | (67,279 | )
Cash and cash equivalents at beginning of year | — |  |  | 91,466 |  |  | 19,144 |  |  | — |  |  | 110,610 |
Cash and cash equivalents at end of period | $ | — |  |  | $ | 18,886 |  |  | $ | 24,445 |  |  | $ | — |  |  | $ | 43,331 |

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