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Separate Financial Information of Guarantor Subsidiaries (Tables) | 9 Months Ended
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Sep. 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 September 30, 2018
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
Net Sales | $ | 126,110 |  |  | $ | 160,226 |  |  | $ | 131,418 |  |  | $ | (144,499 | ) |  | $ | 273,255 |
Cost of Sales | 86,781 |  |  | 135,058 |  |  | 87,707 |  |  | (144,376 | ) |  | 165,170 |
Gross Profit | 39,329 |  |  | 25,168 |  |  | 43,711 |  |  | (123 | ) |  | 108,085 |
Operating Expense: |  |  |  |  |  |  |  |  |
Research and Development Expense | 6,096 |  |  | 279 |  |  | 1,131 |  |  | — |  |  | 7,506 |
Selling and Administrative Expense | 26,765 |  |  | 18,091 |  |  | 39,473 |  |  | 811 |  |  | 85,140 |
Total Operating Expense | 32,861 |  |  | 18,370 |  |  | 40,604 |  |  | 811 |  |  | 92,646 |
Profit from Operations | 6,468 |  |  | 6,798 |  |  | 3,107 |  |  | (934 | ) |  | 15,439 |
Other Income (Expense): |  |  |  |  |  |  |  |  |
Equity in Earnings of Affiliates | 5,256 |  |  | 262 |  |  | 205 |  |  | (5,723 | ) |  | — |
Interest (Expense) Income, Net | (5,230 | ) |  | — |  |  | 92 |  |  | (9 | ) |  | (5,147 | )
Intercompany Interest Income (Expense) | 3,621 |  |  | (1,450 | ) |  | (2,171 | ) |  | — |  |  | — |
Net Foreign Currency Transaction (Losses) Gains | (69 | ) |  | 4 |  |  | (230 | ) |  | — |  |  | (295 | )
Other Expense, Net | (179 | ) |  | (473 | ) |  | (263 | ) |  | 785 |  |  | (130 | )
Total Other Income (Expense), Net | 3,399 |  |  | (1,657 | ) |  | (2,367 | ) |  | (4,947 | ) |  | (5,572 | )
Profit Before Income Taxes | 9,867 |  |  | 5,141 |  |  | 740 |  |  | (5,881 | ) |  | 9,867 |
Income Tax Expense (Benefit) | 158 |  |  | 1,230 |  |  | (865 | ) |  | (365 | ) |  | 158 |
Net Earnings Including Noncontrolling Interest | 9,709 |  |  | 3,911 |  |  | 1,605 |  |  | (5,516 | ) |  | 9,709 |
Net Earnings Attributable to Noncontrolling Interest | 33 |  |  | — |  |  | 33 |  |  | (33 | ) |  | 33 |
Net Earnings Attributable to Tennant Company | $ | 9,676 |  |  | $ | 3,911 |  |  | $ | 1,572 |  |  | $ | (5,483 | ) |  | $ | 9,676 |
Condensed Consolidated Statement of Operations
For the nine months ended September 30, 2018
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
Net Sales | $ | 366,093 |  |  | $ | 472,524 |  |  | $ | 422,887 |  |  | $ | (423,205 | ) |  | $ | 838,299 |
Cost of Sales | 249,065 |  |  | 395,327 |  |  | 278,207 |  |  | (421,821 | ) |  | 500,778 |
Gross Profit | 117,028 |  |  | 77,197 |  |  | 144,680 |  |  | (1,384 | ) |  | 337,521 |
Operating Expense: |  |  |  |  |  |  |  |  |
Research and Development Expense | 18,625 |  |  | 825 |  |  | 3,958 |  |  | — |  |  | 23,408 |
Selling and Administrative Expense | 84,478 |  |  | 57,151 |  |  | 126,833 |  |  | 811 |  |  | 269,273 |
Total Operating Expense | 103,103 |  |  | 57,976 |  |  | 130,791 |  |  | 811 |  |  | 292,681 |
Profit from Operations | 13,925 |  |  | 19,221 |  |  | 13,889 |  |  | (2,195 | ) |  | 44,840 |
Other Income (Expense): |  |  |  |  |  |  |  |  |
Equity in Earnings of Affiliates | 19,657 |  |  | 1,356 |  |  | 4,234 |  |  | (25,247 | ) |  | — |
Interest (Expense) Income, Net | (15,726 | ) |  | — |  |  | 558 |  |  | (28 | ) |  | (15,196 | )
Intercompany Interest Income (Expense) | 10,989 |  |  | (4,308 | ) |  | (6,681 | ) |  | — |  |  | — |
Net Foreign Currency Transaction Losses | (354 | ) |  | (2 | ) |  | (1,025 | ) |  | — |  |  | (1,381 | )
Other (Expense) Income, Net | (1,118 | ) |  | (1,610 | ) |  | 1,113 |  |  | 725 |  |  | (890 | )
Total Other Income (Expense), Net | 13,448 |  |  | (4,564 | ) |  | (1,801 | ) |  | (24,550 | ) |  | (17,467 | )
Profit Before Income Taxes | 27,373 |  |  | 14,657 |  |  | 12,088 |  |  | (26,745 | ) |  | 27,373 |
Income Tax Expense | 1,598 |  |  | 3,520 |  |  | 705 |  |  | (4,225 | ) |  | 1,598 |
Net Earnings Including Noncontrolling Interest | 25,775 |  |  | 11,137 |  |  | 11,383 |  |  | (22,520 | ) |  | 25,775 |
Net Earnings Attributable to Noncontrolling Interest | 81 |  |  | — |  |  | 81 |  |  | (81 | ) |  | 81 |
Net Earnings Attributable to Tennant Company | $ | 25,694 |  |  | $ | 11,137 |  |  | $ | 11,302 |  |  | $ | (22,439 | ) |  | $ | 25,694 |
Condensed Consolidated Statement of Operations
For the three months ended September 30, 2017
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
Net Sales | $ | 111,835 |  |  | $ | 146,495 |  |  | $ | 131,457 |  |  | $ | (127,866 | ) |  | $ | 261,921 |
Cost of Sales | 76,974 |  |  | 120,523 |  |  | 88,411 |  |  | (128,591 | ) |  | 157,317 |
Gross Profit | 34,861 |  |  | 25,972 |  |  | 43,046 |  |  | 725 |  |  | 104,604 |
Operating Expense: |  |  |  |  |  |  |  |  |
Research and Development Expense | 6,312 |  |  | 86 |  |  | 1,509 |  |  | — |  |  | 7,907 |
Selling and Administrative Expense | 23,498 |  |  | 19,074 |  |  | 43,139 |  |  | — |  |  | 85,711 |
Total Operating Expense | 29,810 |  |  | 19,160 |  |  | 44,648 |  |  | — |  |  | 93,618 |
Profit (Loss) from Operations | 5,051 |  |  | 6,812 |  |  | (1,602 | ) |  | 725 |  |  | 10,986 |
Other Income (Expense): |  |  |  |  |  |  |  |  |
Equity in Earnings of Affiliates | 2,039 |  |  | 376 |  |  | — |  |  | (2,415 | ) |  | — |
Interest Expense, Net | (5,275 | ) |  | — |  |  | (111 | ) |  | (9 | ) |  | (5,395 | )
Intercompany Interest Income (Expense) | 3,774 |  |  | (1,455 | ) |  | (2,319 | ) |  | — |  |  | — |
Net Foreign Currency Transaction Gains (Losses) | 357 |  |  | 2 |  |  | (1,201 | ) |  | — |  |  | (842 | )
Other (Expense) Income, Net | (1,619 | ) |  | (204 | ) |  | 1,424 |  |  | (23 | ) |  | (422 | )
Total Other Expense, Net | (724 | ) |  | (1,281 | ) |  | (2,207 | ) |  | (2,447 | ) |  | (6,659 | )
Profit (Loss) Before Income Taxes | 4,327 |  |  | 5,531 |  |  | (3,809 | ) |  | (1,722 | ) |  | 4,327 |
Income Tax Expense | 731 |  |  | 2,034 |  |  | 2,819 |  |  | (4,853 | ) |  | 731 |
Net Earnings (Loss) Including Noncontrolling Interest | 3,596 |  |  | 3,497 |  |  | (6,628 | ) |  | 3,131 |  |  | 3,596 |
Net Earnings Attributable to Noncontrolling Interest | 37 |  |  | — |  |  | 37 |  |  | (37 | ) |  | 37 |
Net Earnings (Loss) Attributable to Tennant Company | $ | 3,559 |  |  | $ | 3,497 |  |  | $ | (6,665 | ) |  | $ | 3,168 |  |  | $ | 3,559 |
Condensed Consolidated Statement of Operations
For the nine months ended September 30, 2017
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
Net Sales | $ | 337,034 |  |  | $ | 442,090 |  |  | $ | 331,491 |  |  | $ | (386,844 | ) |  | $ | 723,771 |
Cost of Sales | 230,753 |  |  | 363,034 |  |  | 228,838 |  |  | (387,748 | ) |  | 434,877 |
Gross Profit | 106,281 |  |  | 79,056 |  |  | 102,653 |  |  | 904 |  |  | 288,894 |
Operating Expense: |  |  |  |  |  |  |  |  |
Research and Development Expense | 20,838 |  |  | 245 |  |  | 3,156 |  |  | — |  |  | 24,239 |
Selling and Administrative Expense | 85,697 |  |  | 58,881 |  |  | 102,415 |  |  | — |  |  | 246,993 |
Total Operating Expense | 106,535 |  |  | 59,126 |  |  | 105,571 |  |  | — |  |  | 271,232 |
(Loss) Profit from Operations | (254 | ) |  | 19,930 |  |  | (2,918 | ) |  | 904 |  |  | 17,662 |
Other Income (Expense): |  |  |  |  |  |  |  |  |
Equity in Earnings of Affiliates | 7,493 |  |  | 1,500 |  |  | — |  |  | (8,993 | ) |  | — |
Interest Expense, Net | (16,866 | ) |  | — |  |  | (257 | ) |  | (22 | ) |  | (17,145 | )
Intercompany Interest Income (Expense) | 8,742 |  |  | (4,323 | ) |  | (4,419 | ) |  | — |  |  | — |
Net Foreign Currency Transaction Gains (Losses) | 553 |  |  | — |  |  | (2,928 | ) |  | — |  |  | (2,375 | )
Other (Expense) Income, Net | (2,300 | ) |  | (430 | ) |  | 2,014 |  |  | (58 | ) |  | (774 | )
Total Other Expense, Net | (2,378 | ) |  | (3,253 | ) |  | (5,590 | ) |  | (9,073 | ) |  | (20,294 | )
(Loss) Profit Before Income Taxes | (2,632 | ) |  | 16,677 |  |  | (8,508 | ) |  | (8,169 | ) |  | (2,632 | )
Income Tax Expense | 385 |  |  | 5,993 |  |  | 5,481 |  |  | (11,474 | ) |  | 385 |
Net (Loss) Earnings Including Noncontrolling Interest | (3,017 | ) |  | 10,684 |  |  | (13,989 | ) |  | 3,305 |  |  | (3,017 | )
Net Loss Attributable to Noncontrolling Interest | (28 | ) |  | — |  |  | (28 | ) |  | 28 |  |  | (28 | )
Net (Loss) Earnings Attributable to Tennant Company | $ | (2,989 | ) |  | $ | 10,684 |  |  | $ | (13,961 | ) |  | $ | 3,277 |  |  | $ | (2,989 | )
Condensed Consolidated Statements of Comprehensive Income |
Condensed Consolidated Statement of Comprehensive Income
For the three months ended September 30, 2018
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
Net Earnings Including Noncontrolling Interest | $ | 9,709 |  |  | $ | 3,911 |  |  | $ | 1,605 |  |  | $ | (5,516 | ) |  | $ | 9,709 |
Other Comprehensive Loss: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | (3,110 | ) |  | 228 |  |  | (3,664 | ) |  | 3,436 |  |  | (3,110 | )
Pension and retiree medical benefits | 12 |  |  | — |  |  | — |  |  | — |  |  | 12 |
Cash flow hedge | (28 | ) |  | — |  |  | — |  |  | — |  |  | (28 | )
Income Taxes: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | 280 |  |  | — |  |  | 280 |  |  | (280 | ) |  | 280 |
Pension and retiree medical benefits | (2 | ) |  | — |  |  | — |  |  | — |  |  | (2 | )
Cash flow hedge | 6 |  |  | — |  |  | — |  |  | — |  |  | 6 |
Total Other Comprehensive Loss, net of tax | (2,842 | ) |  | 228 |  |  | (3,384 | ) |  | 3,156 |  |  | (2,842 | )
Total Comprehensive Income (Loss) Including Noncontrolling Interest | 6,867 |  |  | 4,139 |  |  | (1,779 | ) |  | (2,360 | ) |  | 6,867 |
Comprehensive Income Attributable to Noncontrolling Interest | 33 |  |  | — |  |  | 33 |  |  | (33 | ) |  | 33 |
Comprehensive Income (Loss) Attributable to Tennant Company | $ | 6,834 |  |  | $ | 4,139 |  |  | $ | (1,812 | ) |  | $ | (2,327 | ) |  | $ | 6,834 |
Condensed Consolidated Statement of Comprehensive Income
For the nine months ended September 30, 2018
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
Net Earnings Including Noncontrolling Interest | $ | 25,775 |  |  | $ | 11,137 |  |  | $ | 11,383 |  |  | $ | (22,520 | ) |  | $ | 25,775 |
Other Comprehensive Loss: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | (14,202 | ) |  | (262 | ) |  | (20,103 | ) |  | 20,365 |  |  | (14,202 | )
Pension and retiree medical benefits | 105 |  |  | — |  |  | 19 |  |  | (19 | ) |  | 105 |
Cash flow hedge | (1,367 | ) |  | — |  |  | — |  |  | — |  |  | (1,367 | )
Income Taxes: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | 524 |  |  | — |  |  | 524 |  |  | (524 | ) |  | 524 |
Pension and retiree medical benefits | (156 | ) |  | — |  |  | — |  |  | — |  |  | (156 | )
Cash flow hedge | (814 | ) |  | — |  |  | — |  |  | — |  |  | (814 | )
Total Other Comprehensive Loss, net of tax | (15,910 | ) |  | (262 | ) |  | (19,560 | ) |  | 19,822 |  |  | (15,910 | )
Total Comprehensive Income (Loss) Including Noncontrolling Interest | 9,865 |  |  | 10,875 |  |  | (8,177 | ) |  | (2,698 | ) |  | 9,865 |
Comprehensive Income Attributable to Noncontrolling Interest | 81 |  |  | — |  |  | 81 |  |  | (81 | ) |  | 81 |
Comprehensive Income (Loss) Attributable to Tennant Company | $ | 9,784 |  |  | $ | 10,875 |  |  | $ | (8,258 | ) |  | $ | (2,617 | ) |  | $ | 9,784 |
Condensed Consolidated Statement of Comprehensive Income
For the three months ended September 30, 2017
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
Net Earnings (Loss) Including Noncontrolling Interest | $ | 3,596 |  |  | $ | 3,497 |  |  | $ | (6,628 | ) |  | $ | 3,131 |  |  | $ | 3,596 |
Other Comprehensive Income (Loss): |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | 9,033 |  |  | 289 |  |  | 9,221 |  |  | (9,510 | ) |  | 9,033 |
Pension and retiree medical benefits | 379 |  |  | — |  |  | 10 |  |  | (10 | ) |  | 379 |
Cash flow hedge | (1,732 | ) |  | — |  |  | — |  |  | — |  |  | (1,732 | )
Income Taxes: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | — |  |  | — |  |  | — |  |  | — |  |  | — |
Pension and retiree medical benefits | (138 | ) |  | — |  |  | — |  |  | — |  |  | (138 | )
Cash flow hedge | 646 |  |  | — |  |  | — |  |  | — |  |  | 646 |
Total Other Comprehensive Income, net of tax | 8,188 |  |  | 289 |  |  | 9,231 |  |  | (9,520 | ) |  | 8,188 |
Total Comprehensive Income Including Noncontrolling Interest | 11,784 |  |  | 3,786 |  |  | 2,603 |  |  | (6,389 | ) |  | 11,784 |
Comprehensive Income Attributable to Noncontrolling Interest | 37 |  |  | — |  |  | 37 |  |  | (37 | ) |  | 37 |
Comprehensive Income Attributable to Tennant Company | $ | 11,747 |  |  | $ | 3,786 |  |  | $ | 2,566 |  |  | $ | (6,352 | ) |  | $ | 11,747 |
Condensed Consolidated Statement of Comprehensive Income
For the nine months ended September 30, 2017
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
Net (Loss) Earnings Including Noncontrolling Interest | $ | (3,017 | ) |  | $ | 10,684 |  |  | $ | (13,989 | ) |  | $ | 3,305 |  |  | $ | (3,017 | )
Other Comprehensive Income (Loss): |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | 25,073 |  |  | 693 |  |  | 1,330 |  |  | (2,023 | ) |  | 25,073 |
Pension and retiree medical benefits | 541 |  |  | — |  |  | 151 |  |  | (151 | ) |  | 541 |
Cash flow hedge | (6,311 | ) |  | — |  |  | — |  |  | — |  |  | (6,311 | )
Income Taxes: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | — |  |  | — |  |  | — |  |  | — |  |  | — |
Pension and retiree medical benefits | (160 | ) |  | — |  |  | (15 | ) |  | 15 |  |  | (160 | )
Cash flow hedge | 2,354 |  |  | — |  |  | — |  |  | — |  |  | 2,354 |
Total Other Comprehensive Income, net of tax | 21,497 |  |  | 693 |  |  | 1,466 |  |  | (2,159 | ) |  | 21,497 |
Total Comprehensive Income (Loss) Including Noncontrolling Interest | 18,480 |  |  | 11,377 |  |  | (12,523 | ) |  | 1,146 |  |  | 18,480 |
Comprehensive (Loss) Income Attributable to Noncontrolling Interest | (28 | ) |  | — |  |  | (28 | ) |  | 28 |  |  | (28 | )
Comprehensive Income (Loss) Attributable to Tennant Company | $ | 18,508 |  |  | $ | 11,377 |  |  | $ | (12,495 | ) |  | $ | 1,118 |  |  | $ | 18,508 |
Condensed Consolidated Balance Sheets |
Condensed Consolidated Balance Sheet
As of September 30, 2018
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
ASSETS |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents | $ | 18,082 |  |  | $ | 668 |  |  | $ | 34,723 |  |  | $ | — |  |  | $ | 53,473 |
Restricted Cash | — |  |  | — |  |  | 534 |  |  | — |  |  | 534 |
Net Receivables | 494 |  |  | 93,464 |  |  | 114,161 |  |  | — |  |  | 208,119 |
Intercompany Receivables | 31,488 |  |  | 142,708 |  |  | — |  |  | (174,196 | ) |  | — |
Inventories | 35,858 |  |  | 15,118 |  |  | 99,220 |  |  | (10,403 | ) |  | 139,793 |
Prepaid Expenses | 17,673 |  |  | 705 |  |  | 9,978 |  |  | — |  |  | 28,356 |
Other Current Assets | 4,691 |  |  | 340 |  |  | 3,834 |  |  | — |  |  | 8,865 |
Total Current Assets | 108,286 |  |  | 253,003 |  |  | 262,450 |  |  | (184,599 | ) |  | 439,140 |
Property, Plant and Equipment | 228,237 |  |  | 12,533 |  |  | 140,673 |  |  | — |  |  | 381,443 |
Accumulated Depreciation | (156,476 | ) |  | (6,459 | ) |  | (54,690 | ) |  | — |  |  | (217,625 | )
Property, Plant and Equipment, Net | 71,761 |  |  | 6,074 |  |  | 85,983 |  |  | — |  |  | 163,818 |
Deferred Income Taxes | 3,127 |  |  | 3,078 |  |  | 8,857 |  |  | — |  |  | 15,062 |
Investment in Affiliates | 403,903 |  |  | 12,133 |  |  | 18,487 |  |  | (434,523 | ) |  | — |
Intercompany Loans | 303,670 |  |  | — |  |  | 3,997 |  |  | (307,667 | ) |  | — |
Goodwill | 12,870 |  |  | 1,726 |  |  | 170,023 |  |  | — |  |  | 184,619 |
Intangible Assets, Net | 4,210 |  |  | 2,738 |  |  | 146,026 |  |  | — |  |  | 152,974 |
Other Assets | 6,057 |  |  | — |  |  | 8,896 |  |  | — |  |  | 14,953 |
Total Assets | $ | 913,884 |  |  | $ | 278,752 |  |  | $ | 704,719 |  |  | $ | (926,789 | ) |  | $ | 970,566 |
LIABILITIES AND TOTAL EQUITY |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |
Current Portion of Long-Term Debt | $ | 29,705 |  |  | $ | — |  |  | $ | 1,294 |  |  | $ | — |  |  | $ | 30,999 |
Accounts Payable | 34,447 |  |  | 6,727 |  |  | 49,604 |  |  | — |  |  | 90,778 |
Intercompany Payables | 143,095 |  |  | — |  |  | 31,101 |  |  | (174,196 | ) |  | — |
Employee Compensation and Benefits | 10,588 |  |  | 12,873 |  |  | 18,696 |  |  | — |  |  | 42,157 |
Income Taxes Payable | 469 |  |  | — |  |  | 2,801 |  |  | (298 | ) |  | 2,972 |
Other Current Liabilities | 28,216 |  |  | 14,348 |  |  | 28,980 |  |  | 298 |  |  | 71,842 |
Total Current Liabilities | 246,520 |  |  | 33,948 |  |  | 132,476 |  |  | (174,196 | ) |  | 238,748 |
Long-Term Liabilities: |  |  |  |  |  |  |  |  |
Long-Term Debt | 315,277 |  |  | — |  |  | 1,660 |  |  | — |  |  | 316,937 |
Intercompany Loans | 3,997 |  |  | 128,000 |  |  | 175,670 |  |  | (307,667 | ) |  | — |
Employee-Related Benefits | 11,519 |  |  | 1,916 |  |  | 8,393 |  |  | — |  |  | 21,828 |
Deferred Income Taxes | — |  |  | — |  |  | 48,491 |  |  | — |  |  | 48,491 |
Other Liabilities | 27,488 |  |  | 3,336 |  |  | 4,655 |  |  | — |  |  | 35,479 |
Total Long-Term Liabilities | 358,281 |  |  | 133,252 |  |  | 238,869 |  |  | (307,667 | ) |  | 422,735 |
Total Liabilities | 604,801 |  |  | 167,200 |  |  | 371,345 |  |  | (481,863 | ) |  | 661,483 |
Equity: |  |  |  |  |  |  |  |  |
Common Stock | 6,796 |  |  | — |  |  | 11,131 |  |  | (11,131 | ) |  | 6,796 |
Additional Paid-In Capital | 26,087 |  |  | 77,551 |  |  | 388,216 |  |  | (465,767 | ) |  | 26,087 |
Retained Earnings | 312,539 |  |  | 34,932 |  |  | (9,916 | ) |  | (25,016 | ) |  | 312,539 |
Accumulated Other Comprehensive Loss | (38,233 | ) |  | (931 | ) |  | (57,951 | ) |  | 58,882 |  |  | (38,233 | )
Total Tennant Company Shareholders' Equity | 307,189 |  |  | 111,552 |  |  | 331,480 |  |  | (443,032 | ) |  | 307,189 |
Noncontrolling Interest | 1,894 |  |  | — |  |  | 1,894 |  |  | (1,894 | ) |  | 1,894 |
Total Equity | 309,083 |  |  | 111,552 |  |  | 333,374 |  |  | (444,926 | ) |  | 309,083 |
Total Liabilities and Total Equity | $ | 913,884 |  |  | $ | 278,752 |  |  | $ | 704,719 |  |  | $ | (926,789 | ) |  | $ | 970,566 |
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 nine months ended September 30, 2018
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |
Net Cash Provided by (Used in) Operating Activities | $ | 43,661 |  |  | $ | 219 |  |  | $ | (411 | ) |  | $ | — |  |  | $ | 43,469 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Purchases of Property, Plant and Equipment | (4,505 | ) |  | (58 | ) |  | (8,205 | ) |  | — |  |  | (12,768 | )
Proceeds from Disposals of Property, Plant and Equipment | 20 |  |  | — |  |  | 88 |  |  | — |  |  | 108 |
Proceeds from Principal Payments Received on Long-Term Note Receivable | — |  |  | — |  |  | 828 |  |  | — |  |  | 828 |
Proceeds from Sale of Business | — |  |  | — |  |  | 4,000 |  |  | — |  |  | 4,000 |
Purchase of Intangible Assets | (2,500 | ) |  | — |  |  | (107 | ) |  | — |  |  | (2,607 | )
Change in Investments in Subsidiaries | (1,817 | ) |  | — |  |  | — |  |  | 1,817 |  |  | — |
Loan Payments from Subsidiaries | 1,218 |  |  | — |  |  | — |  |  | (1,218 | ) |  | — |
Loan Payments from Parent | — |  |  | — |  |  | 986 |  |  | (986 | ) |  | — |
Net Cash Used in Investing Activities | (7,584 | ) |  | (58 | ) |  | (2,410 | ) |  | (387 | ) |  | (10,439 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Payments of Long-Term Debt | (30,000 | ) |  | — |  |  | (216 | ) |  | — |  |  | (30,216 | )
Change in Capital Lease Obligations | — |  |  | — |  |  | 7 |  |  | — |  |  | 7 |
Change in Subsidiary Equity | — |  |  | — |  |  | 1,817 |  |  | (1,817 | ) |  | — |
Loan Payments to Parent | — |  |  | — |  |  | (1,218 | ) |  | 1,218 |  |  | — |
Loan Payments to Subsidiaries | (986 | ) |  | — |  |  | — |  |  | 986 |  |  | — |
Proceeds from Issuances of Common Stock | 5,735 |  |  | — |  |  | — |  |  | — |  |  | 5,735 |
Dividends Paid | (11,356 | ) |  | — |  |  | — |  |  | — |  |  | (11,356 | )
Net Cash (Used in) Provided by Financing Activities | (36,607 | ) |  | — |  |  | 390 |  |  | 387 |  |  | (35,830 | )
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | 143 |  |  | — |  |  | (2,387 | ) |  | — |  |  | (2,244 | )
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | (387 | ) |  | 161 |  |  | (4,818 | ) |  | — |  |  | (5,044 | )
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 | $ | 18,082 |  |  | $ | 668 |  |  | $ | 35,257 |  |  | $ | — |  |  | $ | 54,007 |
Condensed Consolidated Statement of Cash Flows
For the nine months ended September 30, 2017
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |
Net Cash (Used in) Provided by Operating Activities | $ | (555 | ) |  | $ | 798 |  |  | $ | 31,880 |  |  | $ | — |  |  | $ | 32,123 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Purchases of Property, Plant and Equipment | (7,400 | ) |  | — |  |  | (8,839 | ) |  | — |  |  | (16,239 | )
Proceeds from Disposals of Property, Plant and Equipment | 17 |  |  | — |  |  | 2,439 |  |  | — |  |  | 2,456 |
Proceeds from Principal Payments Received on Long-Term Note Receivable | — |  |  | — |  |  | 500 |  |  | — |  |  | 500 |
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) Borrowings from Subsidiaries | (159,780 | ) |  | — |  |  | — |  |  | 159,780 |  |  | — |
Net Cash Used in Investing Activities | (363,606 | ) |  | — |  |  | (360,631 | ) |  | 353,419 |  |  | (370,818 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Proceeds from Short-Term Debt | 300,000 |  |  | — |  |  | — |  |  | — |  |  | 300,000 |
Repayments of Short-Term Debt | (300,000 | ) |  | — |  |  | — |  |  | — |  |  | (300,000 | )
Loan Borrowings (Payments) from Parent | — |  |  | — |  |  | 159,780 |  |  | (159,780 | ) |  | — |
Change in Subsidiary Equity | — |  |  | — |  |  | 193,639 |  |  | (193,639 | ) |  | — |
Proceeds from Issuance of Long-Term Debt | 440,000 |  |  | — |  |  | — |  |  | — |  |  | 440,000 |
Payments of Long-Term Debt | (81,143 | ) |  | — |  |  | (119 | ) |  | — |  |  | (81,262 | )
Payments of Debt Issuance Costs | (16,465 | ) |  | — |  |  | — |  |  | — |  |  | (16,465 | )
Proceeds from Issuance of Common Stock | 4,728 |  |  | — |  |  | — |  |  | — |  |  | 4,728 |
Dividends Paid | (11,204 | ) |  | — |  |  | — |  |  | — |  |  | (11,204 | )
Net Cash Provided by Financing Activities | 335,916 |  |  | — |  |  | 353,300 |  |  | (353,419 | ) |  | 335,797 |
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (68 | ) |  | — |  |  | 1,655 |  |  | — |  |  | 1,587 |
Net (Decrease) Increase in Cash, Cash Equivalents and Restricted Cash | (28,313 | ) |  | 798 |  |  | 26,204 |  |  | — |  |  | (1,311 | )
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 | $ | 10,171 |  |  | $ | 1,024 |  |  | $ | 46,044 |  |  | $ | — |  |  | $ | 57,239 |

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