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Separate Financial Information of Guarantor Subsidiaries (Tables) | 6 Months Ended
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Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Consolidated Statements of Operations |
Condensed Consolidated Statement of Operations
For the three months ended June 30, 2018
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
Net Sales | $ | 126,293 |  |  | $ | 163,865 |  |  | $ | 151,074 |  |  | $ | (149,035 | ) |  | $ | 292,197 |
Cost of Sales | 85,053 |  |  | 137,144 |  |  | 100,255 |  |  | (149,054 | ) |  | 173,398 |
Gross Profit | 41,240 |  |  | 26,721 |  |  | 50,819 |  |  | 19 |  |  | 118,799 |
Operating Expense: |  |  |  |  |  |  |  |  |
Research and Development Expense | 6,422 |  |  | 342 |  |  | 1,142 |  |  | — |  |  | 7,906 |
Selling and Administrative Expense | 28,625 |  |  | 19,343 |  |  | 43,896 |  |  | — |  |  | 91,864 |
Total Operating Expense | 35,047 |  |  | 19,685 |  |  | 45,038 |  |  | — |  |  | 99,770 |
Profit from Operations | 6,193 |  |  | 7,036 |  |  | 5,781 |  |  | 19 |  |  | 19,029 |
Other Income (Expense): |  |  |  |  |  |  |  |  |
Equity in Earnings of Affiliates | 10,026 |  |  | 588 |  |  | 1,382 |  |  | (11,996 | ) |  | — |
Interest (Expense) Income, Net | (5,388 | ) |  | — |  |  | 345 |  |  | (10 | ) |  | (5,053 | )
Intercompany Interest Income (Expense) | 3,643 |  |  | (1,436 | ) |  | (2,207 | ) |  | — |  |  | — |
Net Foreign Currency Transaction (Losses) Gains | (639 | ) |  | (5 | ) |  | 307 |  |  | — |  |  | (337 | )
Other (Expense) Income, Net | (706 | ) |  | (546 | ) |  | 778 |  |  | (36 | ) |  | (510 | )
Total Other Income (Expense), Net | 6,936 |  |  | (1,399 | ) |  | 605 |  |  | (12,042 | ) |  | (5,900 | )
Profit Before Income Taxes | 13,129 |  |  | 5,637 |  |  | 6,386 |  |  | (12,023 | ) |  | 13,129 |
Income Tax Expense (Benefit) | 363 |  |  | 1,391 |  |  | (19 | ) |  | (1,372 | ) |  | 363 |
Net Earnings Including Noncontrolling Interest | 12,766 |  |  | 4,246 |  |  | 6,405 |  |  | (10,651 | ) |  | 12,766 |
Net Earnings Attributable to Noncontrolling Interest | 22 |  |  | — |  |  | 22 |  |  | (22 | ) |  | 22 |
Net Earnings Attributable to Tennant Company | $ | 12,744 |  |  | $ | 4,246 |  |  | $ | 6,383 |  |  | $ | (10,629 | ) |  | $ | 12,744 |
Condensed Consolidated Statement of Operations
For the six months ended June 30, 2018
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
Net Sales | $ | 239,983 |  |  | $ | 312,298 |  |  | $ | 291,469 |  |  | $ | (278,706 | ) |  | $ | 565,044 |
Cost of Sales | 162,284 |  |  | 260,269 |  |  | 190,500 |  |  | (277,445 | ) |  | 335,608 |
Gross Profit | 77,699 |  |  | 52,029 |  |  | 100,969 |  |  | (1,261 | ) |  | 229,436 |
Operating Expense: |  |  |  |  |  |  |  |  |
Research and Development Expense | 12,529 |  |  | 546 |  |  | 2,827 |  |  | — |  |  | 15,902 |
Selling and Administrative Expense | 57,713 |  |  | 39,060 |  |  | 87,360 |  |  | — |  |  | 184,133 |
Total Operating Expense | 70,242 |  |  | 39,606 |  |  | 90,187 |  |  | — |  |  | 200,035 |
Profit from Operations | 7,457 |  |  | 12,423 |  |  | 10,782 |  |  | (1,261 | ) |  | 29,401 |
Other Income (Expense): |  |  |  |  |  |  |  |  |
Equity in Earnings of Affiliates | 14,401 |  |  | 1,094 |  |  | 4,029 |  |  | (19,524 | ) |  | — |
Interest (Expense) Income, Net | (10,496 | ) |  | — |  |  | 466 |  |  | (19 | ) |  | (10,049 | )
Intercompany Interest Income (Expense) | 7,368 |  |  | (2,858 | ) |  | (4,510 | ) |  | — |  |  | — |
Net Foreign Currency Transaction (Losses) Gains | (285 | ) |  | (6 | ) |  | (795 | ) |  | — |  |  | (1,086 | )
Other (Expense) Income, Net | (939 | ) |  | (1,137 | ) |  | 1,376 |  |  | (60 | ) |  | (760 | )
Total Other Income (Expense), Net | 10,049 |  |  | (2,907 | ) |  | 566 |  |  | (19,603 | ) |  | (11,895 | )
Profit Before Income Taxes | 17,506 |  |  | 9,516 |  |  | 11,348 |  |  | (20,864 | ) |  | 17,506 |
Income Tax Expense | 1,440 |  |  | 2,290 |  |  | 1,570 |  |  | (3,860 | ) |  | 1,440 |
Net Earnings Including Noncontrolling Interest | 16,066 |  |  | 7,226 |  |  | 9,778 |  |  | (17,004 | ) |  | 16,066 |
Net Earnings Attributable to Noncontrolling Interest | 48 |  |  | — |  |  | 48 |  |  | (48 | ) |  | 48 |
Net Earnings Attributable to Tennant Company | $ | 16,018 |  |  | $ | 7,226 |  |  | $ | 9,730 |  |  | $ | (16,956 | ) |  | $ | 16,018 |
Condensed Consolidated Statement of Operations
For the three months ended June 30, 2017
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
Net Sales | $ | 120,153 |  |  | $ | 156,515 |  |  | $ | 131,201 |  |  | $ | (137,078 | ) |  | $ | 270,791 |
Cost of Sales | 82,182 |  |  | 129,779 |  |  | 91,844 |  |  | (137,568 | ) |  | 166,237 |
Gross Profit | 37,971 |  |  | 26,736 |  |  | 39,357 |  |  | 490 |  |  | 104,554 |
Operating Expense: |  |  |  |  |  |  |  |  |
Research and Development Expense | 6,579 |  |  | 73 |  |  | 1,234 |  |  | — |  |  | 7,886 |
Selling and Administrative Expense | 30,135 |  |  | 19,734 |  |  | 37,457 |  |  | — |  |  | 87,326 |
Total Operating Expense | 36,714 |  |  | 19,807 |  |  | 38,691 |  |  | — |  |  | 95,212 |
Profit from Operations | 1,257 |  |  | 6,929 |  |  | 666 |  |  | 490 |  |  | 9,342 |
Other Income (Expense): |  |  |  |  |  |  |  |  |
Equity in Earnings of Affiliates | 3,145 |  |  | 796 |  |  | — |  |  | (3,941 | ) |  | — |
Interest (Expense) Income, Net | (10,827 | ) |  | — |  |  | (201 | ) |  | (12 | ) |  | (11,040 | )
Intercompany Interest Income (Expense) | 3,499 |  |  | (1,441 | ) |  | (2,058 | ) |  | — |  |  | — |
Net Foreign Currency Transaction Gains (Losses) | 1,033 |  |  | (4 | ) |  | (1,365 | ) |  | — |  |  | (336 | )
Other (Expense) Income, Net | (525 | ) |  | (150 | ) |  | 326 |  |  | (35 | ) |  | (384 | )
Total Other Expense, Net | (3,675 | ) |  | (799 | ) |  | (3,298 | ) |  | (3,988 | ) |  | (11,760 | )
(Loss) Profit Before Income Taxes | (2,418 | ) |  | 6,130 |  |  | (2,632 | ) |  | (3,498 | ) |  | (2,418 | )
Income Tax Expense | 238 |  |  | 1,898 |  |  | 3,622 |  |  | (5,520 | ) |  | 238 |
Net (Loss) Earnings Including Noncontrolling Interest | (2,656 | ) |  | 4,232 |  |  | (6,254 | ) |  | 2,022 |  |  | (2,656 | )
Net Loss Attributable to Noncontrolling Interest | (65 | ) |  | — |  |  | (65 | ) |  | 65 |  |  | (65 | )
Net (Loss) Earnings Attributable to Tennant Company | $ | (2,591 | ) |  | $ | 4,232 |  |  | $ | (6,189 | ) |  | $ | 1,957 |  |  | $ | (2,591 | )
Condensed Consolidated Statement of Operations
For the six months ended June 30, 2017
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
Net Sales | $ | 225,858 |  |  | $ | 295,595 |  |  | $ | 200,035 |  |  | $ | (259,638 | ) |  | $ | 461,850 |
Cost of Sales | 153,779 |  |  | 242,511 |  |  | 140,426 |  |  | (259,156 | ) |  | 277,560 |
Gross Profit | 72,079 |  |  | 53,084 |  |  | 59,609 |  |  | (482 | ) |  | 184,290 |
Operating Expense: |  |  |  |  |  |  |  |  |
Research and Development Expense | 14,525 |  |  | 160 |  |  | 1,647 |  |  | — |  |  | 16,332 |
Selling and Administrative Expense | 62,199 |  |  | 39,806 |  |  | 59,277 |  |  | — |  |  | 161,282 |
Total Operating Expense | 76,724 |  |  | 39,966 |  |  | 60,924 |  |  | — |  |  | 177,614 |
(Loss) Profit from Operations | (4,645 | ) |  | 13,118 |  |  | (1,315 | ) |  | (482 | ) |  | 6,676 |
Other Income (Expense): |  |  |  |  |  |  |  |  |
Equity in Earnings of Affiliates | 4,795 |  |  | 1,125 |  |  | — |  |  | (5,920 | ) |  | — |
Interest Expense, Net | (11,591 | ) |  | — |  |  | (147 | ) |  | (12 | ) |  | (11,750 | )
Intercompany Interest Income (Expense) | 4,968 |  |  | (2,869 | ) |  | (2,099 | ) |  | — |  |  | — |
Net Foreign Currency Transaction Gains (Losses) | 196 |  |  | (2 | ) |  | (1,727 | ) |  | — |  |  | (1,533 | )
Other (Expense) Income, Net | (682 | ) |  | (225 | ) |  | 590 |  |  | (35 | ) |  | (352 | )
Total Other Expense, Net | (2,314 | ) |  | (1,971 | ) |  | (3,383 | ) |  | (5,967 | ) |  | (13,635 | )
(Loss) Profit Before Income Taxes | (6,959 | ) |  | 11,147 |  |  | (4,698 | ) |  | (6,449 | ) |  | (6,959 | )
Income Tax (Benefit) Expense | (346 | ) |  | 3,469 |  |  | 2,598 |  |  | (6,067 | ) |  | (346 | )
Net (Loss) Earnings Including Noncontrolling Interest | (6,613 | ) |  | 7,678 |  |  | (7,296 | ) |  | (382 | ) |  | (6,613 | )
Net Loss Attributable to Noncontrolling Interest | (65 | ) |  | — |  |  | (65 | ) |  | 65 |  |  | (65 | )
Net (Loss) Earnings Attributable to Tennant Company | $ | (6,548 | ) |  | $ | 7,678 |  |  | $ | (7,231 | ) |  | $ | (447 | ) |  | $ | (6,548 | )
Condensed Consolidated Statements of Comprehensive (Loss) Income |
Condensed Consolidated Statement of Comprehensive (Loss) Income
For the three months ended June 30, 2018
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
Net Earnings Including Noncontrolling Interest | $ | 12,766 |  |  | $ | 4,246 |  |  | $ | 6,405 |  |  | $ | (10,651 | ) |  | $ | 12,766 |
Other Comprehensive Loss: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | (19,473 | ) |  | (326 | ) |  | (24,292 | ) |  | 24,618 |  |  | (19,473 | )
Pension and retiree medical benefits | 11 |  |  | — |  |  | — |  |  | — |  |  | 11 |
Cash flow hedge | 1,376 |  |  | — |  |  | — |  |  | — |  |  | 1,376 |
Income Taxes: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | 261 |  |  | — |  |  | 260 |  |  | (260 | ) |  | 261 |
Pension and retiree medical benefits | (3 | ) |  | — |  |  | — |  |  | — |  |  | (3 | )
Cash flow hedge | (319 | ) |  | — |  |  | — |  |  | — |  |  | (319 | )
Total Other Comprehensive Loss, net of tax | (18,147 | ) |  | (326 | ) |  | (24,032 | ) |  | 24,358 |  |  | (18,147 | )
Total Comprehensive (Loss) Income Including Noncontrolling Interest | (5,381 | ) |  | 3,920 |  |  | (17,627 | ) |  | 13,707 |  |  | (5,381 | )
Comprehensive Income Attributable to Noncontrolling Interest | 22 |  |  | — |  |  | 22 |  |  | (22 | ) |  | 22 |
Comprehensive (Loss) Income Attributable to Tennant Company | $ | (5,403 | ) |  | $ | 3,920 |  |  | $ | (17,649 | ) |  | $ | 13,729 |  |  | $ | (5,403 | )
Condensed Consolidated Statement of Comprehensive (Loss) Income
For the six months ended June 30, 2018
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
Net Earnings Including Noncontrolling Interest | $ | 16,066 |  |  | $ | 7,226 |  |  | $ | 9,778 |  |  | $ | (17,004 | ) |  | $ | 16,066 |
Other Comprehensive Loss: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | (11,092 | ) |  | (490 | ) |  | (16,439 | ) |  | 16,929 |  |  | (11,092 | )
Pension and retiree medical benefits | 93 |  |  | — |  |  | 19 |  |  | (19 | ) |  | 93 |
Cash flow hedge | (1,339 | ) |  | — |  |  | — |  |  | — |  |  | (1,339 | )
Income Taxes: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | 244 |  |  | — |  |  | 244 |  |  | (244 | ) |  | 244 |
Pension and retiree medical benefits | (154 | ) |  | — |  |  | — |  |  | — |  |  | (154 | )
Cash flow hedge | (820 | ) |  | — |  |  | — |  |  | — |  |  | (820 | )
Total Other Comprehensive Loss, net of tax | (13,068 | ) |  | (490 | ) |  | (16,176 | ) |  | 16,666 |  |  | (13,068 | )
Total Comprehensive Income (Loss) Including Noncontrolling Interest | 2,998 |  |  | 6,736 |  |  | (6,398 | ) |  | (338 | ) |  | 2,998 |
Comprehensive Income Attributable to Noncontrolling Interest | 48 |  |  | — |  |  | 48 |  |  | (48 | ) |  | 48 |
Comprehensive Income (Loss) Attributable to Tennant Company | $ | 2,950 |  |  | $ | 6,736 |  |  | $ | (6,446 | ) |  | $ | (290 | ) |  | $ | 2,950 |
Condensed Consolidated Statement of Comprehensive (Loss) Income
For the three months ended June 30, 2017
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
Net (Loss) Earnings Including Noncontrolling Interest | $ | (2,656 | ) |  | $ | 4,232 |  |  | $ | (6,254 | ) |  | $ | 2,022 |  |  | $ | (2,656 | )
Other Comprehensive Income (Loss): |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | 13,640 |  |  | 303 |  |  | 11,276 |  |  | (11,579 | ) |  | 13,640 |
Pension and retiree medical benefits | 152 |  |  | — |  |  | 141 |  |  | (141 | ) |  | 152 |
Cash flow hedge | (4,506 | ) |  | — |  |  | — |  |  | — |  |  | (4,506 | )
Income Taxes: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | — |  |  | — |  |  | — |  |  | — |  |  | — |
Pension and retiree medical benefits | (4 | ) |  | — |  |  | — |  |  | — |  |  | (4 | )
Cash flow hedge | 1,681 |  |  | — |  |  | — |  |  | — |  |  | 1,681 |
Total Other Comprehensive Income, net of tax | 10,963 |  |  | 303 |  |  | 11,417 |  |  | (11,720 | ) |  | 10,963 |
Total Comprehensive Income Including Noncontrolling Interest | 8,307 |  |  | 4,535 |  |  | 5,163 |  |  | (9,698 | ) |  | 8,307 |
Comprehensive (Loss) Income Attributable to Noncontrolling Interest | (65 | ) |  | — |  |  | 65 |  |  | (65 | ) |  | (65 | )
Comprehensive Income Attributable to Tennant Company | $ | 8,372 |  |  | $ | 4,535 |  |  | $ | 5,098 |  |  | $ | (9,633 | ) |  | $ | 8,372 |
Condensed Consolidated Statement of Comprehensive (Loss) Income
For the six months ended June 30, 2017
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
Net (Loss) Earnings Including Noncontrolling Interest | $ | (6,613 | ) |  | $ | 7,678 |  |  | $ | (7,296 | ) |  | $ | (382 | ) |  | $ | (6,613 | )
Other Comprehensive Income (Loss): |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | 16,040 |  |  | 404 |  |  | (9,421 | ) |  | 9,017 |  |  | 16,040 |
Pension and retiree medical benefits | 162 |  |  | — |  |  | 141 |  |  | (141 | ) |  | 162 |
Cash flow hedge | (4,579 | ) |  | — |  |  | — |  |  | — |  |  | (4,579 | )
Income Taxes: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | — |  |  | — |  |  | — |  |  | — |  |  | — |
Pension and retiree medical benefits | (22 | ) |  | — |  |  | (14 | ) |  | 14 |  |  | (22 | )
Cash flow hedge | 1,708 |  |  | — |  |  | — |  |  | — |  |  | 1,708 |
Total Other Comprehensive Income (Loss), net of tax | 13,309 |  |  | 404 |  |  | (9,294 | ) |  | 8,890 |  |  | 13,309 |
Total Comprehensive Income (Loss) Including Noncontrolling Interest | 6,696 |  |  | 8,082 |  |  | (16,590 | ) |  | 8,508 |  |  | 6,696 |
Comprehensive (Loss) Income Attributable to Noncontrolling Interest | (65 | ) |  | — |  |  | 65 |  |  | (65 | ) |  | (65 | )
Comprehensive Income (Loss) Attributable to Tennant Company | $ | 6,761 |  |  | $ | 8,082 |  |  | $ | (16,655 | ) |  | $ | 8,573 |  |  | $ | 6,761 |
Condensed Consolidated Balance Sheets |
Condensed Consolidated Balance Sheet
As of June 30, 2018
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
ASSETS |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents | $ | 18,998 |  |  | $ | 1,858 |  |  | $ | 33,045 |  |  | $ | — |  |  | $ | 53,901 |
Restricted Cash | — |  |  | — |  |  | 543 |  |  | — |  |  | 543 |
Net Receivables | 763 |  |  | 92,295 |  |  | 122,265 |  |  | — |  |  | 215,323 |
Intercompany Receivables | 38,717 |  |  | 134,113 |  |  | — |  |  | (172,830 | ) |  | — |
Inventories | 37,145 |  |  | 16,372 |  |  | 96,099 |  |  | (10,210 | ) |  | 139,406 |
Prepaid Expenses | 16,567 |  |  | 677 |  |  | 10,138 |  |  | — |  |  | 27,382 |
Other Current Assets | 4,790 |  |  | 333 |  |  | 3,584 |  |  | — |  |  | 8,707 |
Total Current Assets | 116,980 |  |  | 245,648 |  |  | 265,674 |  |  | (183,040 | ) |  | 445,262 |
Property, Plant and Equipment | 226,599 |  |  | 12,581 |  |  | 142,427 |  |  | — |  |  | 381,607 |
Accumulated Depreciation | (153,143 | ) |  | (6,280 | ) |  | (53,202 | ) |  | — |  |  | (212,625 | )
Property, Plant and Equipment, Net | 73,456 |  |  | 6,301 |  |  | 89,225 |  |  | — |  |  | 168,982 |
Deferred Income Taxes | 1,970 |  |  | 3,236 |  |  | 8,515 |  |  | — |  |  | 13,721 |
Investment in Affiliates | 398,205 |  |  | 11,674 |  |  | 18,732 |  |  | (428,611 | ) |  | — |
Intercompany Loans | 304,630 |  |  | — |  |  | 3,490 |  |  | (308,120 | ) |  | — |
Goodwill | 12,869 |  |  | 1,739 |  |  | 171,107 |  |  | — |  |  | 185,715 |
Intangible Assets, Net | 2,842 |  |  | 2,791 |  |  | 152,041 |  |  | — |  |  | 157,674 |
Other Assets | 4,872 |  |  | — |  |  | 9,858 |  |  | — |  |  | 14,730 |
Total Assets | $ | 915,824 |  |  | $ | 271,389 |  |  | $ | 718,642 |  |  | $ | (919,771 | ) |  | $ | 986,084 |
LIABILITIES AND TOTAL EQUITY |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |
Current Portion of Long-Term Debt | $ | 29,611 |  |  | $ | — |  |  | $ | 1,358 |  |  | $ | — |  |  | $ | 30,969 |
Accounts Payable | 43,558 |  |  | 4,248 |  |  | 55,796 |  |  | — |  |  | 103,602 |
Intercompany Payables | 134,113 |  |  | 2,311 |  |  | 36,406 |  |  | (172,830 | ) |  | — |
Employee Compensation and Benefits | 12,399 |  |  | 11,553 |  |  | 17,337 |  |  | — |  |  | 41,289 |
Income Taxes Payable | 347 |  |  | — |  |  | 2,462 |  |  | — |  |  | 2,809 |
Other Current Liabilities | 22,317 |  |  | 13,174 |  |  | 31,262 |  |  | — |  |  | 66,753 |
Total Current Liabilities | 242,345 |  |  | 31,286 |  |  | 144,621 |  |  | (172,830 | ) |  | 245,422 |
Long-Term Liabilities: |  |  |  |  |  |  |  |  |
Long-Term Debt | 326,948 |  |  | — |  |  | 1,751 |  |  | — |  |  | 328,699 |
Intercompany Loans | 3,490 |  |  | 128,000 |  |  | 176,630 |  |  | (308,120 | ) |  | — |
Employee-Related Benefits | 12,197 |  |  | 1,972 |  |  | 8,414 |  |  | — |  |  | 22,583 |
Deferred Income Taxes | — |  |  | — |  |  | 50,444 |  |  | — |  |  | 50,444 |
Other Liabilities | 28,647 |  |  | 2,715 |  |  | 5,377 |  |  | — |  |  | 36,739 |
Total Long-Term Liabilities | 371,282 |  |  | 132,687 |  |  | 242,616 |  |  | (308,120 | ) |  | 438,465 |
Total Liabilities | 613,627 |  |  | 163,973 |  |  | 387,237 |  |  | (480,950 | ) |  | 683,887 |
Equity: |  |  |  |  |  |  |  |  |
Common Stock | 6,778 |  |  | — |  |  | 11,131 |  |  | (11,131 | ) |  | 6,778 |
Additional Paid-In Capital | 22,273 |  |  | 77,551 |  |  | 384,460 |  |  | (462,011 | ) |  | 22,273 |
Retained Earnings | 306,667 |  |  | 31,024 |  |  | (11,489 | ) |  | (19,535 | ) |  | 306,667 |
Accumulated Other Comprehensive Loss | (35,391 | ) |  | (1,159 | ) |  | (54,567 | ) |  | 55,726 |  |  | (35,391 | )
Total Tennant Company Shareholders' Equity | 300,327 |  |  | 107,416 |  |  | 329,535 |  |  | (436,951 | ) |  | 300,327 |
Noncontrolling Interest | 1,870 |  |  | — |  |  | 1,870 |  |  | (1,870 | ) |  | 1,870 |
Total Equity | 302,197 |  |  | 107,416 |  |  | 331,405 |  |  | (438,821 | ) |  | 302,197 |
Total Liabilities and Total Equity | $ | 915,824 |  |  | $ | 271,389 |  |  | $ | 718,642 |  |  | $ | (919,771 | ) |  | $ | 986,084 |
Condensed Consolidated Balance Sheet
As of December 31, 2017
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
ASSETS |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents | $ | 18,469 |  |  | $ | 507 |  |  | $ | 39,422 |  |  | $ | — |  |  | $ | 58,398 |
Restricted Cash | — |  |  | — |  |  | 653 |  |  | — |  |  | 653 |
Net Receivables | 683 |  |  | 88,629 |  |  | 120,204 |  |  | — |  |  | 209,516 |
Intercompany Receivables | 53,444 |  |  | 133,778 |  |  | — |  |  | (187,222 | ) |  | — |
Inventories | 29,450 |  |  | 12,695 |  |  | 94,542 |  |  | (8,993 | ) |  | 127,694 |
Prepaid Expenses | 8,774 |  |  | 1,172 |  |  | 9,405 |  |  | — |  |  | 19,351 |
Other Current Assets | 4,030 |  |  | — |  |  | 3,473 |  |  | — |  |  | 7,503 |
Total Current Assets | 114,850 |  |  | 236,781 |  |  | 267,699 |  |  | (196,215 | ) |  | 423,115 |
Property, Plant and Equipment | 225,064 |  |  | 12,155 |  |  | 145,549 |  |  | — |  |  | 382,768 |
Accumulated Depreciation | (146,320 | ) |  | (6,333 | ) |  | (50,097 | ) |  | — |  |  | (202,750 | )
Property, Plant and Equipment, Net | 78,744 |  |  | 5,822 |  |  | 95,452 |  |  | — |  |  | 180,018 |
Deferred Income Taxes | 1,308 |  |  | 2,669 |  |  | 7,157 |  |  | — |  |  | 11,134 |
Investment in Affiliates | 392,486 |  |  | 11,273 |  |  | 20,811 |  |  | (424,570 | ) |  | — |
Intercompany Loans | 304,822 |  |  | — |  |  | 4,983 |  |  | (309,805 | ) |  | — |
Goodwill | 12,869 |  |  | 1,739 |  |  | 171,436 |  |  | — |  |  | 186,044 |
Intangible Assets, Net | 2,105 |  |  | 2,898 |  |  | 167,344 |  |  | — |  |  | 172,347 |
Other Assets | 10,363 |  |  | — |  |  | 10,956 |  |  | — |  |  | 21,319 |
Total Assets | $ | 917,547 |  |  | $ | 261,182 |  |  | $ | 745,838 |  |  | $ | (930,590 | ) |  | $ | 993,977 |
LIABILITIES AND TOTAL EQUITY |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |
Current Portion of Long-Term Debt | $ | 29,413 |  |  | $ | — |  |  | $ | 1,470 |  |  | $ | — |  |  | $ | 30,883 |
Accounts Payable | 39,927 |  |  | 3,018 |  |  | 53,137 |  |  | — |  |  | 96,082 |
Intercompany Payables | 133,778 |  |  | 1,963 |  |  | 51,481 |  |  | (187,222 | ) |  | — |
Employee Compensation and Benefits | 8,311 |  |  | 10,355 |  |  | 18,591 |  |  | — |  |  | 37,257 |
Income Taxes Payable | 366 |  |  | — |  |  | 2,472 |  |  | — |  |  | 2,838 |
Other Current Liabilities | 20,183 |  |  | 15,760 |  |  | 33,504 |  |  | — |  |  | 69,447 |
Total Current Liabilities | 231,978 |  |  | 31,096 |  |  | 160,655 |  |  | (187,222 | ) |  | 236,507 |
Long-Term Liabilities: |  |  |  |  |  |  |  |  |
Long-Term Debt | 344,147 |  |  | — |  |  | 1,809 |  |  | — |  |  | 345,956 |
Intercompany Loans | — |  |  | 128,000 |  |  | 181,805 |  |  | (309,805 | ) |  | — |
Employee-Related Benefits | 11,160 |  |  | 3,992 |  |  | 8,715 |  |  | — |  |  | 23,867 |
Deferred Income Taxes | — |  |  | — |  |  | 53,225 |  |  | — |  |  | 53,225 |
Other Liabilities | 31,788 |  |  | 2,483 |  |  | 1,677 |  |  | — |  |  | 35,948 |
Total Long-Term Liabilities | 387,095 |  |  | 134,475 |  |  | 247,231 |  |  | (309,805 | ) |  | 458,996 |
Total Liabilities | 619,073 |  |  | 165,571 |  |  | 407,886 |  |  | (497,027 | ) |  | 695,503 |
Equity: |  |  |  |  |  |  |  |  |
Common Stock | 6,705 |  |  | — |  |  | 11,131 |  |  | (11,131 | ) |  | 6,705 |
Additional Paid-In Capital | 15,089 |  |  | 72,483 |  |  | 384,460 |  |  | (456,943 | ) |  | 15,089 |
Retained Earnings | 297,032 |  |  | 23,797 |  |  | (21,219 | ) |  | (2,578 | ) |  | 297,032 |
Accumulated Other Comprehensive Loss | (22,323 | ) |  | (669 | ) |  | (38,391 | ) |  | 39,060 |  |  | (22,323 | )
Total Tennant Company Shareholders' Equity | 296,503 |  |  | 95,611 |  |  | 335,981 |  |  | (431,592 | ) |  | 296,503 |
Noncontrolling Interest | 1,971 |  |  | — |  |  | 1,971 |  |  | (1,971 | ) |  | 1,971 |
Total Equity | 298,474 |  |  | 95,611 |  |  | 337,952 |  |  | (433,563 | ) |  | 298,474 |
Total Liabilities and Total Equity | $ | 917,547 |  |  | $ | 261,182 |  |  | $ | 745,838 |  |  | $ | (930,590 | ) |  | $ | 993,977 |
Condensed Consolidated Statement Cash Flows |
Condensed Consolidated Statement of Cash Flows
For the six months ended June 30, 2018
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |
Net Cash Provided by (Used in) Operating Activities | $ | 26,960 |  |  | $ | 1,409 |  |  | $ | (2,405 | ) |  | $ | — |  |  | $ | 25,964 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Purchases of Property, Plant and Equipment | (2,288 | ) |  | (58 | ) |  | (5,380 | ) |  | — |  |  | (7,726 | )
Proceeds from Disposals of Property, Plant and Equipment | 17 |  |  | — |  |  | 85 |  |  | — |  |  | 102 |
Proceeds from Principal Payments Received on Long-Term Note Receivable | — |  |  | — |  |  | 706 |  |  | — |  |  | 706 |
Purchase of Intangible Assets | (1,000 | ) |  | — |  |  | (195 | ) |  | — |  |  | (1,195 | )
Loan Payments from Parent | — |  |  | — |  |  | 1,493 |  |  | (1,493 | ) |  | — |
Net Cash Used in Investing Activities | (3,271 | ) |  | (58 | ) |  | (3,291 | ) |  | (1,493 | ) |  | (8,113 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Loan Payments to Subsidiaries | (1,493 | ) |  | — |  |  | — |  |  | 1,493 |  |  | — |
Payments of Long-Term Debt | (18,000 | ) |  | — |  |  | (133 | ) |  | — |  |  | (18,133 | )
Change in Capital Lease Obligations | — |  |  | — |  |  | 59 |  |  | — |  |  | 59 |
Proceeds from Issuances of Common Stock | 3,724 |  |  | — |  |  | — |  |  | — |  |  | 3,724 |
Dividends Paid | (7,553 | ) |  | — |  |  | — |  |  | — |  |  | (7,553 | )
Net Cash (Used in) Provided by Financing Activities | (23,322 | ) |  | — |  |  | (74 | ) |  | 1,493 |  |  | (21,903 | )
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | 162 |  |  | — |  |  | (717 | ) |  | — |  |  | (555 | )
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 529 |  |  | 1,351 |  |  | (6,487 | ) |  | — |  |  | (4,607 | )
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 18,469 |  |  | 507 |  |  | 40,075 |  |  | — |  |  | 59,051 |
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 18,998 |  |  | $ | 1,858 |  |  | $ | 33,588 |  |  | $ | — |  |  | $ | 54,444 |
Condensed Consolidated Statement of Cash Flows
For the six months ended June 30, 2017
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |
Net Cash (Used in) Provided by Operating Activities | $ | (29,401 | ) |  | $ | 188 |  |  | $ | 26,718 |  |  | $ | — |  |  | $ | (2,495 | )
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Purchases of Property, Plant and Equipment | (4,639 | ) |  | — |  |  | (4,506 | ) |  | — |  |  | (9,145 | )
Proceeds from Disposals of Property, Plant and Equipment | 14 |  |  | — |  |  | 2,414 |  |  | — |  |  | 2,428 |
Issuance of Long-Term Note Receivable | — |  |  | — |  |  | (1,500 | ) |  | — |  |  | (1,500 | )
Acquisition of Businesses, Net of Cash Acquired | (304 | ) |  | — |  |  | (353,231 | ) |  | — |  |  | (353,535 | )
Purchase of Intangible Asset | (2,500 | ) |  | — |  |  | — |  |  | — |  |  | (2,500 | )
Change in Investments in Subsidiaries | (193,639 | ) |  | — |  |  | — |  |  | 193,639 |  |  | — |
Loan Payments to Subsidiaries and Parent | (159,780 | ) |  | — |  |  | (1,771 | ) |  | 161,551 |  |  | — |
Net Cash Used in Investing Activities | (360,848 | ) |  | — |  |  | (358,594 | ) |  | 355,190 |  |  | (364,252 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Proceeds from Short-Term Debt | 300,000 |  |  | — |  |  | — |  |  | — |  |  | 300,000 |
Repayments of Short-Term Debt | (300,000 | ) |  | — |  |  | — |  |  | — |  |  | (300,000 | )
Loan Borrowings from Subsidiaries and Parent | 1,771 |  |  | — |  |  | 159,780 |  |  | (161,551 | ) |  | — |
Change in Subsidiary Equity | — |  |  | — |  |  | 193,639 |  |  | (193,639 | ) |  | — |
Proceeds from Issuance of Long-Term Debt | 440,000 |  |  | — |  |  | — |  |  | — |  |  | 440,000 |
Payments of Long-Term Debt | (58,393 | ) |  | — |  |  | (78 | ) |  | — |  |  | (58,471 | )
Payments of Debt Issuance Costs | (16,039 | ) |  | — |  |  | — |  |  | — |  |  | (16,039 | )
Proceeds from Issuance of Common Stock | 3,843 |  |  | — |  |  | — |  |  | — |  |  | 3,843 |
Dividends Paid | (7,463 | ) |  | — |  |  | — |  |  | — |  |  | (7,463 | )
Net Cash Provided by Financing Activities | 363,719 |  |  | — |  |  | 353,341 |  |  | (355,190 | ) |  | 361,870 |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (176 | ) |  | — |  |  | 1,051 |  |  | — |  |  | 875 |
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | (26,706 | ) |  | 188 |  |  | 22,516 |  |  | — |  |  | (4,002 | )
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 38,484 |  |  | 226 |  |  | 19,840 |  |  | — |  |  | 58,550 |
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 11,778 |  |  | $ | 414 |  |  | $ | 42,356 |  |  | $ | — |  |  | $ | 54,548 |

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