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Supplemental Financial Information | 12 Months Ended
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Dec. 31, 2017
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 100% owned domestic 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 STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2017 (in thousands)
| Gibraltar Industries, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
Net sales | $ | — |  |  | $ | 947,604 |  |  | $ | 52,738 |  |  | $ | (13,424 | ) |  | $ | 986,918 |
Cost of sales | — |  |  | 719,587 |  |  | 43,187 |  |  | (12,400 | ) |  | 750,374 |
Gross profit | — |  |  | 228,017 |  |  | 9,551 |  |  | (1,024 | ) |  | 236,544 |
Selling, general, and administrative expense | 147 |  |  | 133,409 |  |  | 9,892 |  |  | — |  |  | 143,448 |
Intangible asset impairment | — |  |  | 200 |  |  | 47 |  |  | — |  |  | 247 |
(Loss) income from operations | (147 | ) |  | 94,408 |  |  | (388 | ) |  | (1,024 | ) |  | 92,849 |
Interest expense (income) | 13,609 |  |  | 512 |  |  | (89 | ) |  | — |  |  | 14,032 |
Other expense | — |  |  | 500 |  |  | 409 |  |  | — |  |  | 909 |
(Loss) income before taxes | (13,756 | ) |  | 93,396 |  |  | (708 | ) |  | (1,024 | ) |  | 77,908 |
(Benefit of) provision for income taxes | (5,079 | ) |  | 19,787 |  |  | 235 |  |  | — |  |  | 14,943 |
(Loss) income from continuing operations | (8,677 | ) |  | 73,609 |  |  | (943 | ) |  | (1,024 | ) |  | 62,965 |
Discontinued operations: |  |  |  |  |  |  |  |  |
Loss before taxes | — |  |  | (644 | ) |  | — |  |  | — |  |  | (644 | )
Benefit of income taxes | — |  |  | (239 | ) |  | — |  |  | — |  |  | (239 | )
Loss from discontinued operations | — |  |  | (405 | ) |  | — |  |  | — |  |  | (405 | )
Equity in earnings from subsidiaries | 72,261 |  |  | (943 | ) |  | — |  |  | (71,318 | ) |  | — |
Net income (loss) | $ | 63,584 |  |  | $ | 72,261 |  |  | $ | (943 | ) |  | $ | (72,342 | ) |  | $ | 62,560 |
GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2016 (in thousands)
| Gibraltar Industries, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
Net sales | $ | — |  |  | $ | 950,945 |  |  | $ | 78,184 |  |  | $ | (21,148 | ) |  | $ | 1,007,981 |
Cost of sales | — |  |  | 722,315 |  |  | 62,729 |  |  | (21,825 | ) |  | 763,219 |
Gross profit | — |  |  | 228,630 |  |  | 15,455 |  |  | 677 |  |  | 244,762 |
Selling, general, and administrative expense | 14,302 |  |  | 137,343 |  |  | 9,454 |  |  | — |  |  | 161,099 |
Intangible asset impairment | — |  |  | 7,980 |  |  | 2,195 |  |  | — |  |  | 10,175 |
(Loss) income from operations | (14,302 | ) |  | 83,307 |  |  | 3,806 |  |  | 677 |  |  | 73,488 |
Interest expense (income) | 13,609 |  |  | 1,042 |  |  | (74 | ) |  | — |  |  | 14,577 |
Other expense (income) | 8,716 |  |  | 512 |  |  | (300 | ) |  | — |  |  | 8,928 |
(Loss) income before taxes | (36,627 | ) |  | 81,753 |  |  | 4,180 |  |  | 677 |  |  | 49,983 |
(Benefit of) provision for income taxes | (11,768 | ) |  | 27,551 |  |  | 481 |  |  | — |  |  | 16,264 |
(Loss) income from continuing operations | (24,859 | ) |  | 54,202 |  |  | 3,699 |  |  | 677 |  |  | 33,719 |
Discontinued operations: |  |  |  |  |  |  |  |  |
Loss before taxes | — |  |  | (70 | ) |  | — |  |  | — |  |  | (70 | )
Benefit of income taxes | — |  |  | (26 | ) |  | — |  |  | — |  |  | (26 | )
Loss from discontinued operations | — |  |  | (44 | ) |  | — |  |  | — |  |  | (44 | )
Equity in earnings from subsidiaries | 57,857 |  |  | 3,699 |  |  | — |  |  | (61,556 | ) |  | — |
Net income | $ | 32,998 |  |  | $ | 57,857 |  |  | $ | 3,699 |  |  | $ | (60,879 | ) |  | $ | 33,675 |
GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENT OF OPERATIONS YEAR ENDED DECEMBER 31, 2015 (in thousands)
| Gibraltar Industries, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
Net sales | $ | — |  |  | $ | 960,614 |  |  | $ | 109,984 |  |  | $ | (29,725 | ) |  | $ | 1,040,873 |
Cost of sales | — |  |  | 785,085 |  |  | 94,949 |  |  | (26,137 | ) |  | 853,897 |
Gross profit | — |  |  | 175,529 |  |  | 15,035 |  |  | (3,588 | ) |  | 186,976 |
Selling, general, and administrative expense | 133 |  |  | 115,882 |  |  | 17,366 |  |  | — |  |  | 133,381 |
Intangible asset impairment | — |  |  | 4,863 |  |  | — |  |  | — |  |  | 4,863 |
(Loss) income from operations | (133 | ) |  | 54,784 |  |  | (2,331 | ) |  | (3,588 | ) |  | 48,732 |
Interest expense (income) | 13,609 |  |  | 1,469 |  |  | (75 | ) |  | — |  |  | 15,003 |
Other expense (income) | 50 |  |  | (3,154 | ) |  | (267 | ) |  | — |  |  | (3,371 | )
(Loss) income before taxes | (13,792 | ) |  | 56,469 |  |  | (1,989 | ) |  | (3,588 | ) |  | 37,100 |
(Benefit of) provision for income taxes | (4,427 | ) |  | 18,827 |  |  | (776 | ) |  | — |  |  | 13,624 |
(Loss) income from continuing operations | (9,365 | ) |  | 37,642 |  |  | (1,213 | ) |  | (3,588 | ) |  | 23,476 |
Discontinued operations: |  |  |  |  |  |  |  |  |
Loss before taxes | — |  |  | (44 | ) |  | — |  |  | — |  |  | (44 | )
Benefit of income taxes | — |  |  | (16 | ) |  | — |  |  | — |  |  | (16 | )
Loss from discontinued operations | — |  |  | (28 | ) |  | — |  |  | — |  |  | (28 | )
Equity in earnings from subsidiaries | 36,401 |  |  | (1,213 | ) |  | — |  |  | (35,188 | ) |  | — |
Net income (loss) | $ | 27,036 |  |  | $ | 36,401 |  |  | $ | (1,213 | ) |  | $ | (38,776 | ) |  | $ | 23,448 |
GIBRALTAR INDUSTRIES, INC. CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (in thousands)
| Gibraltar Industries, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
Year ended December 31, 2017 |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 63,584 |  |  | $ | 72,261 |  |  | $ | (943 | ) |  | $ | (72,342 | ) |  | $ | 62,560 |
Other comprehensive income: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | — |  |  | — |  |  | 3,150 |  |  | — |  |  | 3,150 |
Adjustment to retirement benefit liability, net of tax | — |  |  | (9 | ) |  | — |  |  | — |  |  | (9 | )
Adjustment to post-retirement healthcare benefit liability, net of tax | — |  |  | 214 |  |  | — |  |  | — |  |  | 214 |
Other comprehensive income | — |  |  | 205 |  |  | 3,150 |  |  | — |  |  | 3,355 |
Total comprehensive income | $ | 63,584 |  |  | $ | 72,466 |  |  | $ | 2,207 |  |  | $ | (72,342 | ) |  | $ | 65,915 |
| Gibraltar Industries, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
Year ended December 31, 2016 |  |  |  |  |  |  |  |  |
Net income | $ | 32,998 |  |  | $ | 57,857 |  |  | $ | 3,699 |  |  | $ | (60,879 | ) |  | $ | 33,675 |
Other comprehensive income: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | — |  |  | — |  |  | 6,945 |  |  | — |  |  | 6,945 |
Adjustment to retirement benefit liability, net of tax | — |  |  | 55 |  |  | — |  |  | — |  |  | 55 |
Adjustment to post-retirement healthcare benefit liability, net of tax | — |  |  | 695 |  |  | — |  |  | — |  |  | 695 |
Other comprehensive income | — |  |  | 750 |  |  | 6,945 |  |  | — |  |  | 7,695 |
Total comprehensive income | $ | 32,998 |  |  | $ | 58,607 |  |  | $ | 10,644 |  |  | $ | (60,879 | ) |  | $ | 41,370 |
| Gibraltar Industries, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
Year ended December 31, 2015 |  |  |  |  |  |  |  |  |
Net income (loss) | $ | 27,036 |  |  | $ | 36,401 |  |  | $ | (1,213 | ) |  | $ | (38,776 | ) |  | $ | 23,448 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment | — |  |  | — |  |  | (6,228 | ) |  | — |  |  | (6,228 | )
Adjustment to retirement benefit liability, net of tax | — |  |  | 34 |  |  | 15 |  |  | — |  |  | 49 |
Adjustment to post-retirement healthcare benefit liability, net of tax | — |  |  | 171 |  |  | — |  |  | — |  |  | 171 |
Unrealized loss on cash flow hedges, net of tax | — |  |  | 143 |  |  | — |  |  | — |  |  | 143 |
Other comprehensive income (loss) | — |  |  | 348 |  |  | (6,213 | ) |  | — |  |  | (5,865 | )
Total comprehensive income (loss) | $ | 27,036 |  |  | $ | 36,749 |  |  | $ | (7,426 | ) |  | $ | (38,776 | ) |  | $ | 17,583 |
GIBRALTAR INDUSTRIES, INC. CONSOLIDATING BALANCE SHEET DECEMBER 31, 2017 (in thousands)
| Gibraltar Industries, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
Assets |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 192,604 |  |  | $ | 29,676 |  |  | $ | — |  |  | $ | 222,280 |
Accounts receivable, net | — |  |  | 138,903 |  |  | 6,482 |  |  | — |  |  | 145,385 |
Intercompany balances | 324 |  |  | 4,166 |  |  | (4,490 | ) |  | — |  |  | — |
Inventories | — |  |  | 82,457 |  |  | 3,915 |  |  | — |  |  | 86,372 |
Other current assets | 5,415 |  |  | (368 | ) |  | 3,680 |  |  | — |  |  | 8,727 |
Total current assets | 5,739 |  |  | 417,762 |  |  | 39,263 |  |  | — |  |  | 462,764 |
Property, plant, and equipment, net | — |  |  | 93,906 |  |  | 3,192 |  |  | — |  |  | 97,098 |
Goodwill | — |  |  | 298,258 |  |  | 22,816 |  |  | — |  |  | 321,074 |
Acquired intangibles | — |  |  | 97,171 |  |  | 8,597 |  |  | — |  |  | 105,768 |
Other assets | — |  |  | 4,681 |  |  | — |  |  | — |  |  | 4,681 |
Investment in subsidiaries | 739,970 |  |  | 61,746 |  |  | — |  |  | (801,716 | ) |  | — |
| $ | 745,709 |  |  | $ | 973,524 |  |  | $ | 73,868 |  |  | $ | (801,716 | ) |  | $ | 991,385 |
Liabilities and Shareholders’ Equity |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 77,786 |  |  | $ | 4,601 |  |  | $ | — |  |  | $ | 82,387 |
Accrued expenses | 5,469 |  |  | 67,746 |  |  | 2,252 |  |  | — |  |  | 75,467 |
Billings in excess of cost | — |  |  | 9,840 |  |  | 2,939 |  |  | — |  |  | 12,779 |
Current maturities of long-term debt | — |  |  | 400 |  |  | — |  |  | — |  |  | 400 |
Total current liabilities | 5,469 |  |  | 155,772 |  |  | 9,792 |  |  | — |  |  | 171,033 |
Long-term debt | 208,521 |  |  | 1,100 |  |  | — |  |  | — |  |  | 209,621 |
Deferred income taxes | — |  |  | 28,907 |  |  | 2,330 |  |  | — |  |  | 31,237 |
Other non-current liabilities | — |  |  | 47,775 |  |  | — |  |  | — |  |  | 47,775 |
Shareholders’ equity | 531,719 |  |  | 739,970 |  |  | 61,746 |  |  | (801,716 | ) |  | 531,719 |
| $ | 745,709 |  |  | $ | 973,524 |  |  | $ | 73,868 |  |  | $ | (801,716 | ) |  | $ | 991,385 |
GIBRALTAR INDUSTRIES, INC. CONSOLIDATING BALANCE SHEET DECEMBER 31, 2016 (in thousands)
| Gibraltar Industries, Inc. |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total
Assets |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 143,826 |  |  | $ | 26,351 |  |  | $ | — |  |  | $ | 170,177 |
Accounts receivable, net | — |  |  | 117,526 |  |  | 6,546 |  |  | — |  |  | 124,072 |
Intercompany balances | (615 | ) |  | 6,152 |  |  | (5,537 | ) |  | — |  |  | — |
Inventories | — |  |  | 85,483 |  |  | 4,129 |  |  | — |  |  | 89,612 |
Other current assets | 13,783 |  |  | (10,070 | ) |  | 3,623 |  |  | — |  |  | 7,336 |
Total current assets | 13,168 |  |  | 342,917 |  |  | 35,112 |  |  | — |  |  | 391,197 |
Property, plant, and equipment, net | — |  |  | 104,642 |  |  | 3,662 |  |  | — |  |  | 108,304 |
Goodwill | — |  |  | 282,300 |  |  | 21,732 |  |  | — |  |  | 304,032 |
Acquired intangibles | — |  |  | 101,520 |  |  | 9,270 |  |  | — |  |  | 110,790 |
Other assets | — |  |  | 3,922 |  |  | — |  |  | — |  |  | 3,922 |
Investment in subsidiaries | 663,118 |  |  | 58,477 |  |  | — |  |  | (721,595 | ) |  | — |
| $ | 676,286 |  |  | $ | 893,778 |  |  | $ | 69,776 |  |  | $ | (721,595 | ) |  | $ | 918,245 |
Liabilities and Shareholders’ Equity |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable | $ | — |  |  | $ | 66,363 |  |  | $ | 3,581 |  |  | $ | — |  |  | $ | 69,944 |
Accrued expenses | 7,369 |  |  | 60,004 |  |  | 3,019 |  |  | — |  |  | 70,392 |
Billings in excess of cost | — |  |  | 9,301 |  |  | 2,051 |  |  | — |  |  | 11,352 |
Current maturities of long-term debt | — |  |  | 400 |  |  | — |  |  | — |  |  | 400 |
Total current liabilities | 7,369 |  |  | 136,068 |  |  | 8,651 |  |  | — |  |  | 152,088 |
Long-term debt | 208,037 |  |  | 1,200 |  |  | — |  |  | — |  |  | 209,237 |
Deferred income taxes | — |  |  | 35,354 |  |  | 2,648 |  |  | — |  |  | 38,002 |
Other non-current liabilities | — |  |  | 58,038 |  |  | — |  |  | — |  |  | 58,038 |
Shareholders’ equity | 460,880 |  |  | 663,118 |  |  | 58,477 |  |  | (721,595 | ) |  | 460,880 |
| $ | 676,286 |  |  | $ | 893,778 |  |  | $ | 69,776 |  |  | $ | (721,595 | ) |  | $ | 918,245 |
GIBRALTAR INDUSTRIES, INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS DECEMBER 31, 2017 (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 | $ | (15,172 | ) |  | $ | 83,114 |  |  | $ | 2,128 |  |  | $ | — |  |  | $ | 70,070 |
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |
Purchases of property, plant, and equipment | — |  |  | (11,026 | ) |  | (373 | ) |  | — |  |  | (11,399 | )
Acquisitions, net of cash acquired | — |  |  | (18,494 | ) |  | — |  |  | — |  |  | (18,494 | )
Net proceeds from sale of property and equipment | — |  |  | 12,905 |  |  | 191 |  |  | — |  |  | 13,096 |
Net cash used in investing activities | — |  |  | (16,615 | ) |  | (182 | ) |  | — |  |  | (16,797 | )
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |
Long-term debt payments | — |  |  | (400 | ) |  | — |  |  | — |  |  | (400 | )
Purchase of treasury stock at market prices | (2,872 | ) |  | — |  |  | — |  |  | — |  |  | (2,872 | )
Intercompany financing | 17,370 |  |  | (17,321 | ) |  | (49 | ) |  | — |  |  | — |
Net proceeds from issuance of common stock | 674 |  |  | — |  |  | — |  |  | — |  |  | 674 |
Net cash provided by (used in) financing activities | 15,172 |  |  | (17,721 | ) |  | (49 | ) |  | — |  |  | (2,598 | )
Effect of exchange rate changes on cash | — |  |  | — |  |  | 1,428 |  |  | — |  |  | 1,428 |
Net increase in cash and cash equivalents | — |  |  | 48,778 |  |  | 3,325 |  |  | — |  |  | 52,103 |
Cash and cash equivalents at beginning of year | — |  |  | 143,826 |  |  | 26,351 |  |  | — |  |  | 170,177 |
Cash and cash equivalents at end of year | $ | — |  |  | $ | 192,604 |  |  | $ | 29,676 |  |  | $ | — |  |  | $ | 222,280 |
GIBRALTAR INDUSTRIES, INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS DECEMBER 31, 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 | $ | (34,243 | ) |  | $ | 140,890 |  |  | $ | 17,340 |  |  | $ | — |  |  | $ | 123,987 |
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |
Purchases of property, plant, and equipment | — |  |  | (10,321 | ) |  | (458 | ) |  | — |  |  | (10,779 | )
Acquisitions, net of cash acquired | — |  |  | (23,412 | ) |  | — |  |  | — |  |  | (23,412 | )
Net proceeds from sale of property and equipment | — |  |  | 230 |  |  | 723 |  |  | — |  |  | 953 |
Net proceeds from sale of business | — |  |  | — |  |  | 8,250 |  |  | — |  |  | 8,250 |
Other, net | — |  |  | 1,118 |  |  | — |  |  | — |  |  | 1,118 |
Net cash (used in) provided by investing activities | — |  |  | (32,385 | ) |  | 8,515 |  |  | — |  |  | (23,870 | )
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 | (1,539 | ) |  | — |  |  | — |  |  | — |  |  | (1,539 | )
Intercompany financing | 32,441 |  |  | (3,822 | ) |  | (28,619 | ) |  | — |  |  | — |
Net proceeds from issuance of common stock | 3,341 |  |  | — |  |  | — |  |  | — |  |  | 3,341 |
Net cash provided by (used in) financing activities | 34,243 |  |  | (4,276 | ) |  | (28,619 | ) |  | — |  |  | 1,348 |
Effect of exchange rate changes on cash | — |  |  | — |  |  | (146 | ) |  | — |  |  | (146 | )
Net increase (decrease) in cash and cash equivalents | — |  |  | 104,229 |  |  | (2,910 | ) |  | — |  |  | 101,319 |
Cash and cash equivalents at beginning of year | — |  |  | 39,597 |  |  | 29,261 |  |  | — |  |  | 68,858 |
Cash and cash equivalents at end of year | $ | — |  |  | $ | 143,826 |  |  | $ | 26,351 |  |  | $ | — |  |  | $ | 170,177 |
GIBRALTAR INDUSTRIES, INC. CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS DECEMBER 31, 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 | $ | (13,309 | ) |  | $ | 94,977 |  |  | $ | 5,553 |  |  | $ | — |  |  | $ | 87,221 |
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |
Purchases of property, plant, and equipment | — |  |  | (11,754 | ) |  | (619 | ) |  | — |  |  | (12,373 | )
Acquisitions, net of cash acquired | — |  |  | (114,145 | ) |  | (26,476 | ) |  | — |  |  | (140,621 | )
Net proceeds from sale of property and equipment | — |  |  | 26,500 |  |  | — |  |  | — |  |  | 26,500 |
Other, net | — |  |  | 1,154 |  |  |  |  |  |  | 1,154 |
Net cash used in investing activities | — |  |  | (98,245 | ) |  | (27,095 | ) |  | — |  |  | (125,340 | )
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |
Long-term debt payments | — |  |  | (73,642 | ) |  | — |  |  | — |  |  | (73,642 | )
Proceeds from long-term debt | — |  |  | 73,242 |  |  |  |  |  |  | 73,242 |
Payment of debt issuance costs | — |  |  | (1,166 | ) |  | — |  |  | — |  |  | (1,166 | )
Purchase of treasury stock at market prices | (956 | ) |  | — |  |  | — |  |  | — |  |  | (956 | )
Intercompany financing | 12,464 |  |  | (47,035 | ) |  | 34,571 |  |  | — |  |  | — |
Net proceeds from issuance of common stock | 1,801 |  |  | — |  |  | — |  |  | — |  |  | 1,801 |
Net cash provided by (used in) financing activities | 13,309 |  |  | (48,601 | ) |  | 34,571 |  |  | — |  |  | (721 | )
Effect of exchange rate changes on cash | — |  |  | — |  |  | (2,912 | ) |  | — |  |  | (2,912 | )
Net (decrease) increase in cash and cash equivalents | — |  |  | (51,869 | ) |  | 10,117 |  |  | — |  |  | (41,752 | )
Cash and cash equivalents at beginning of year | — |  |  | 91,466 |  |  | 19,144 |  |  | — |  |  | 110,610 |
Cash and cash equivalents at end of year | $ | — |  |  | $ | 39,597 |  |  | $ | 29,261 |  |  | $ | — |  |  | $ | 68,858 |

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