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Separate Financial Information of Guarantor Subsidiaries (Tables) | 12 Months Ended
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Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Income Statement | The following condensed consolidated financial information presents the Condensed Consolidated Statements of Earnings, Comprehensive Income and Cash Flows for each of the years in the three year period ended December 31, 2018, and the related Condensed Consolidated Balance Sheets as of December 31, 2018 and 2017, of Tennant Company ("Parent"), the Guarantor Subsidiaries on a combined basis, the Non-Guarantor Subsidiaries on a combined basis and elimination entries necessary to consolidate the Parent with the Guarantor and Non-Guarantor Subsidiaries. The following condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the company and notes thereto of which this note is an integral part.
Condensed Consolidated Statement of Earnings
For the year ended December 31, 2018
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
Net Sales | $ | 494,341 |  |  | $ | 634,341 |  |  | $ | 570,627 |  |  | $ | (575,798 | ) |  | $ | 1,123,511 |
Cost of Sales | 336,398 |  |  | 533,800 |  |  | 383,010 |  |  | (574,730 | ) |  | 678,478 |
Gross Profit | 157,943 |  |  | 100,541 |  |  | 187,617 |  |  | (1,068 | ) |  | 445,033 |
Operating Expense: |  |  |  |  |  |  |  |  |  |  |  |
Research and Development Expense | 24,455 |  |  | 1,090 |  |  | 5,194 |  |  | — |  |  | 30,739 |
Selling and Administrative Expense | 116,528 |  |  | 76,623 |  |  | 161,911 |  |  | 1,254 |  |  | 356,316 |
Total Operating Expense | 140,983 |  |  | 77,713 |  |  | 167,105 |  |  | 1,254 |  |  | 387,055 |
Profit (Loss) from Operations | 16,960 |  |  | 22,828 |  |  | 20,512 |  |  | (2,322 | ) |  | 57,978 |
Other Income (Expense): |  |  |  |  |  |  |  |  |  |  |  |
Equity in Earnings of Affiliates | 27,409 |  |  | 2,249 |  |  | 5,374 |  |  | (35,032 | ) |  | — |
Interest (Expense) Income, Net | (20,466 | ) |  | — |  |  | 196 |  |  | (37 | ) |  | (20,307 | )
Intercompany Interest Income (Expense) | 14,597 |  |  | (5,760 | ) |  | (8,837 | ) |  | — |  |  | — |
Net Foreign Currency Transaction Losses | (370 | ) |  | (21 | ) |  | (709 | ) |  | — |  |  | (1,100 | )
Other (Expense) Income, Net | (2,288 | ) |  | (2,434 | ) |  | 2,862 |  |  | 1,131 |  |  | (729 | )
Total Other Income (Expense), Net | 18,882 |  |  | (5,966 | ) |  | (1,114 | ) |  | (33,938 | ) |  | (22,136 | )
Profit (Loss) Before Income Taxes | 35,842 |  |  | 16,862 |  |  | 19,398 |  |  | (36,260 | ) |  | 35,842 |
Income Tax Expense (Benefit) | 2,304 |  |  | 4,022 |  |  | 388 |  |  | (4,410 | ) |  | 2,304 |
Net Earnings (Loss) Including Noncontrolling Interest | 33,538 |  |  | 12,840 |  |  | 19,010 |  |  | (31,850 | ) |  | 33,538 |
Net Earnings Attributable to Noncontrolling Interest | 126 |  |  | — |  |  | 126 |  |  | (126 | ) |  | 126 |
Net Earnings (Loss) Attributable to Tennant Company | $ | 33,412 |  |  | $ | 12,840 |  |  | $ | 18,884 |  |  | $ | (31,724 | ) |  | $ | 33,412 |
Condensed Consolidated Statement of Earnings
For the year ended December 31, 2017
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
Net Sales | $ | 454,703 |  |  | $ | 594,405 |  |  | $ | 471,559 |  |  | $ | (517,601 | ) |  | $ | 1,003,066 |
Cost of Sales | 311,897 |  |  | 488,972 |  |  | 321,759 |  |  | (519,375 | ) |  | 603,253 |
Gross Profit | 142,806 |  |  | 105,433 |  |  | 149,800 |  |  | 1,774 |  |  | 399,813 |
Operating Expense: |  |  |  |  |  |  |  |  |  |  |  |
Research and Development Expense | 27,219 |  |  | 315 |  |  | 4,479 |  |  | — |  |  | 32,013 |
Selling and Administrative Expense | 110,414 |  |  | 78,516 |  |  | 145,852 |  |  | — |  |  | 334,782 |
Total Operating Expense | 137,633 |  |  | 78,831 |  |  | 150,331 |  |  | — |  |  | 366,795 |
Profit (Loss) from Operations | 5,173 |  |  | 26,602 |  |  | (531 | ) |  | 1,774 |  |  | 33,018 |
Other Income (Expense): |  |  |  |  |  |  |  |  |  |  |  |
Equity in Earnings of Affiliates | 12,754 |  |  | 2,004 |  |  | 28,855 |  |  | (43,613 | ) |  | — |
Interest Expense, Net | (22,659 | ) |  | — |  |  | (299 | ) |  | (31 | ) |  | (22,989 | )
Intercompany Interest Income (Expense) | 12,519 |  |  | (5,776 | ) |  | (6,743 | ) |  | — |  |  | — |
Net Foreign Currency Transaction Gains (Losses) | 857 |  |  | — |  |  | (4,244 | ) |  | — |  |  | (3,387 | )
Other (Expense) Income, Net | (9,936 | ) |  | (736 | ) |  | 2,841 |  |  | (103 | ) |  | (7,934 | )
Total Other (Expense) Income, Net | (6,465 | ) |  | (4,508 | ) |  | 20,410 |  |  | (43,747 | ) |  | (34,310 | )
(Loss) Profit Before Income Taxes | (1,292 | ) |  | 22,094 |  |  | 19,879 |  |  | (41,973 | ) |  | (1,292 | )
Income Tax Expense (Benefit) | 4,913 |  |  | 8,070 |  |  | (98 | ) |  | (7,972 | ) |  | 4,913 |
Net (Loss) Earnings Including Noncontrolling Interest | $ | (6,205 | ) |  | $ | 14,024 |  |  | $ | 19,977 |  |  | $ | (34,001 | ) |  | $ | (6,205 | )
Net Loss Attributable to Noncontrolling Interest | $ | (10 | ) |  | $ | — |  |  | $ | (10 | ) |  | $ | 10 |  |  | $ | (10 | )
Net (Loss) Earnings Attributable to Tennant Company | $ | (6,195 | ) |  | $ | 14,024 |  |  | $ | 19,987 |  |  | $ | (34,011 | ) |  | $ | (6,195 | )
Condensed Consolidated Statement of Earnings
For the year ended December 31, 2016
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
Net Sales | $ | 455,375 |  |  | $ | 587,815 |  |  | $ | 290,349 |  |  | $ | (524,967 | ) |  | $ | 808,572 |
Cost of Sales | 299,459 |  |  | 483,075 |  |  | 199,336 |  |  | (524,893 | ) |  | 456,977 |
Gross Profit | 155,916 |  |  | 104,740 |  |  | 91,013 |  |  | (74 | ) |  | 351,595 |
Operating Expense: |  |  |  |  |  |  |  |  |  |  |  |
Research and Development Expense | 32,378 |  |  | 429 |  |  | 1,931 |  |  | — |  |  | 34,738 |
Selling and Administrative Expense | 95,340 |  |  | 74,643 |  |  | 78,609 |  |  | — |  |  | 248,592 |
Total Operating Expense | 127,718 |  |  | 75,072 |  |  | 80,540 |  |  | — |  |  | 283,330 |
Profit from Operations | 28,198 |  |  | 29,668 |  |  | 10,473 |  |  | (74 | ) |  | 68,265 |
Other Income (Expense): |  |  |  |  |  |  |  |  |  |  |  |
Equity in Earnings of Affiliates | 34,068 |  |  | 2,192 |  |  | — |  |  | (36,260 | ) |  | — |
Interest (Expense) Income, Net | (1,204 | ) |  | — |  |  | 255 |  |  | — |  |  | (949 | )
Intercompany Interest Income (Expense) | 7,157 |  |  | (5,570 | ) |  | (1,587 | ) |  | — |  |  | — |
Net Foreign Currency Transaction Gains (Losses) | 648 |  |  | (652 | ) |  | (388 | ) |  | — |  |  | (392 | )
Other (Expense) Income, Net | (2,376 | ) |  | (573 | ) |  | 2,516 |  |  | — |  |  | (433 | )
Total Other Income (Expense), Net | 38,293 |  |  | (4,603 | ) |  | 796 |  |  | (36,260 | ) |  | (1,774 | )
Profit Before Income Taxes | 66,491 |  |  | 25,065 |  |  | 11,269 |  |  | (36,334 | ) |  | 66,491 |
Income Tax Expense | 19,877 |  |  | 9,443 |  |  | 2,427 |  |  | (11,870 | ) |  | 19,877 |
Net Earnings (Loss) Attributable to Tennant Company | $ | 46,614 |  |  | $ | 15,622 |  |  | $ | 8,842 |  |  | $ | (24,464 | ) |  | $ | 46,614 |
Condensed Statement of Comprehensive Income |
Condensed Consolidated Statement of Comprehensive Income
For the year ended December 31, 2018
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
Net Earnings (Loss) Including Noncontrolling Interest | $ | 33,538 |  |  | $ | 12,840 |  |  | $ | 19,010 |  |  | $ | (31,850 | ) |  | $ | 33,538 |
Other Comprehensive Income (Loss): |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | (16,221 | ) |  | (961 | ) |  | (21,422 | ) |  | 22,383 |  |  | (16,221 | )
Pension and retiree medical benefits | 1,745 |  |  | — |  |  | 1,197 |  |  | (1,197 | ) |  | 1,745 |
Cash flow hedge | 1,341 |  |  | — |  |  | — |  |  | — |  |  | 1,341 |
Income Taxes: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | 168 |  |  | — |  |  | 168 |  |  | (168 | ) |  | 168 |
Pension and retiree medical benefits | (467 | ) |  | — |  |  | (205 | ) |  | 205 |  |  | (467 | )
Cash flow hedge | (1,437 | ) |  | — |  |  | — |  |  | — |  |  | (1,437 | )
Total Other Comprehensive (Loss) Income, net of tax | (14,871 | ) |  | (961 | ) |  | (20,262 | ) |  | 21,223 |  |  | (14,871 | )
Total Comprehensive Income (Loss) Including Noncontrolling Interest | 18,667 |  |  | 11,879 |  |  | (1,252 | ) |  | (10,627 | ) |  | 18,667 |
Comprehensive Income Attributable to Noncontrolling Interest | 126 |  |  | — |  |  | 126 |  |  | (126 | ) |  | 126 |
Comprehensive Income (Loss) Attributable to Tennant Company | $ | 18,541 |  |  | $ | 11,879 |  |  | $ | (1,378 | ) |  | $ | (10,501 | ) |  | $ | 18,541 |
Condensed Consolidated Statement of Comprehensive Income
For the year ended December 31, 2017
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
Net (Loss) Earnings | $ | (6,205 | ) |  | $ | 14,024 |  |  | $ | 19,977 |  |  | $ | (34,001 | ) |  | $ | (6,205 | )
Other Comprehensive Income (Loss): |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | 28,356 |  |  | 1,215 |  |  | 2,960 |  |  | (4,175 | ) |  | 28,356 |
Pension and retiree medical benefits | 5,868 |  |  | — |  |  | 538 |  |  | (538 | ) |  | 5,868 |
Cash flow hedge | (7,731 | ) |  | — |  |  | — |  |  | — |  |  | (7,731 | )
Income Taxes: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | 310 |  |  | — |  |  | 310 |  |  | (310 | ) |  | 310 |
Pension and retiree medical benefits | (2,087 | ) |  | — |  |  | (99 | ) |  | 99 |  |  | (2,087 | )
Cash flow hedge | 2,884 |  |  | — |  |  | — |  |  | — |  |  | 2,884 |
Total Other Comprehensive Income (Loss), net of tax | 27,600 |  |  | 1,215 |  |  | 3,709 |  |  | (4,924 | ) |  | 27,600 |
Total Comprehensive Income Including Noncontrolling Interest | 21,395 |  |  | 15,239 |  |  | 23,686 |  |  | (38,925 | ) |  | 21,395 |
Comprehensive Loss Attributable to Noncontrolling Interest | (10 | ) |  | — |  |  | (10 | ) |  | 10 |  |  | (10 | )
Comprehensive Income | $ | 21,405 |  |  | $ | 15,239 |  |  | $ | 23,696 |  |  | $ | (38,935 | ) |  | $ | 21,405 |
Condensed Consolidated Statement of Comprehensive Income
For the year ended December 31, 2016
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
Net Earnings | $ | 46,614 |  |  | $ | 15,622 |  |  | $ | 8,842 |  |  | $ | (24,464 | ) |  | $ | 46,614 |
Other Comprehensive (Loss) Income: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | 109 |  |  | 270 |  |  | 3,534 |  |  | (3,804 | ) |  | 109 |
Pension and retiree medical benefits | (2,248 | ) |  | — |  |  | (1,691 | ) |  | 1,691 |  |  | (2,248 | )
Cash flow hedge | (305 | ) |  | — |  |  | — |  |  | — |  |  | (305 | )
Income Taxes: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | 32 |  |  | — |  |  | 32 |  |  | (32 | ) |  | 32 |
Pension and retiree medical benefits | 504 |  |  | — |  |  | 296 |  |  | (296 | ) |  | 504 |
Cash flow hedge | 114 |  |  | — |  |  | — |  |  | — |  |  | 114 |
Total Other Comprehensive (Loss) Earnings, net of tax | (1,794 | ) |  | 270 |  |  | 2,171 |  |  | (2,441 | ) |  | (1,794 | )
Comprehensive Income (Loss) | $ | 44,820 |  |  | $ | 15,892 |  |  | $ | 11,013 |  |  | $ | (26,905 | ) |  | $ | 44,820 |
Condensed Balance Sheet |
Condensed Consolidated Balance Sheet
As of December 31, 2018
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
ASSETS |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |
Cash and Cash Equivalents | $ | 24,779 |  |  | $ | 1,610 |  |  | $ | 59,220 |  |  | $ | — |  |  | $ | 85,609 |
Restricted Cash | — |  |  | — |  |  | 525 |  |  | — |  |  | 525 |
Net Receivables | 866 |  |  | 94,763 |  |  | 120,541 |  |  | — |  |  | 216,170 |
Intercompany Receivables | 29,976 |  |  | 148,961 |  |  | — |  |  | (178,937 | ) |  | — |
Inventories | 37,154 |  |  | 13,381 |  |  | 94,680 |  |  | (10,082 | ) |  | 135,133 |
Prepaid Expenses | 12,565 |  |  | 782 |  |  | 9,282 |  |  | (488 | ) |  | 22,141 |
Other Current Assets | 4,935 |  |  | 396 |  |  | 3,735 |  |  | — |  |  | 9,066 |
Total Current Assets | 110,275 |  |  | 259,893 |  |  | 287,983 |  |  | (189,507 | ) |  | 468,644 |
Property, Plant and Equipment | 229,826 |  |  | 12,677 |  |  | 144,138 |  |  | — |  |  | 386,641 |
Accumulated Depreciation | (159,344 | ) |  | (6,913 | ) |  | (56,937 | ) |  | — |  |  | (223,194 | )
Property, Plant and Equipment, Net | 70,482 |  |  | 5,764 |  |  | 87,201 |  |  | — |  |  | 163,447 |
Deferred Income Taxes | 4,035 |  |  | 3,072 |  |  | 8,382 |  |  | — |  |  | 15,489 |
Investment in Affiliates | 420,897 |  |  | 12,142 |  |  | 20,768 |  |  | (453,807 | ) |  | — |
Intercompany Loans | 301,555 |  |  | — |  |  | 3,205 |  |  | (304,760 | ) |  | — |
Goodwill | 12,870 |  |  | 1,726 |  |  | 168,075 |  |  | — |  |  | 182,671 |
Intangible Assets, Net | 4,012 |  |  | 2,684 |  |  | 139,850 |  |  | — |  |  | 146,546 |
Other Assets | 6,987 |  |  | (2 | ) |  | 8,762 |  |  | — |  |  | 15,747 |
Total Assets | $ | 931,113 |  |  | $ | 285,279 |  |  | $ | 724,226 |  |  | $ | (948,074 | ) |  | $ | 992,544 |
LIABILITIES AND TOTAL EQUITY |  |  |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |  |  |
Current Portion of Long-Term Debt | $ | 21,816 |  |  | $ | — |  |  | $ | 5,189 |  |  | $ | — |  |  | $ | 27,005 |
Accounts Payable | 40,991 |  |  | 4,982 |  |  | 52,425 |  |  | — |  |  | 98,398 |
Intercompany Payables | 149,460 |  |  | — |  |  | 29,477 |  |  | (178,937 | ) |  | — |
Employee Compensation and Benefits | 13,947 |  |  | 16,890 |  |  | 18,616 |  |  | — |  |  | 49,453 |
Income Taxes Payable | 806 |  |  | — |  |  | 1,984 |  |  | (667 | ) |  | 2,123 |
Other Current Liabilities | 22,387 |  |  | 17,939 |  |  | 31,390 |  |  | 179 |  |  | 71,895 |
Total Current Liabilities | 249,407 |  |  | 39,811 |  |  | 139,081 |  |  | (179,425 | ) |  | 248,874 |
Long-Term Liabilities: |  |  |  |  |  |  |  |  |  |  |
Long-Term Debt | 326,460 |  |  | — |  |  | 1,600 |  |  | — |  |  | 328,060 |
Intercompany Loans | 3,205 |  |  | 128,000 |  |  | 173,555 |  |  | (304,760 | ) |  | — |
Employee-Related Benefits | 11,041 |  |  | 2,015 |  |  | 8,054 |  |  | — |  |  | 21,110 |
Deferred Income Taxes | — |  |  | — |  |  | 46,018 |  |  | — |  |  | 46,018 |
Other Liabilities | 24,648 |  |  | 2,899 |  |  | 4,583 |  |  | — |  |  | 32,130 |
Total Long-Term Liabilities | 365,354 |  |  | 132,914 |  |  | 233,810 |  |  | (304,760 | ) |  | 427,318 |
Total Liabilities | 614,761 |  |  | 172,725 |  |  | 372,891 |  |  | (484,185 | ) |  | 676,192 |
Equity: |  |  |  |  |  |  |  |  |  |  |
Common Stock | 6,797 |  |  | — |  |  | 11,131 |  |  | (11,131 | ) |  | 6,797 |
Additional Paid-In Capital | 28,550 |  |  | 77,551 |  |  | 399,459 |  |  | (477,010 | ) |  | 28,550 |
Retained Earnings | 316,269 |  |  | 36,633 |  |  | (2,532 | ) |  | (34,101 | ) |  | 316,269 |
Accumulated Other Comprehensive Loss | (37,194 | ) |  | (1,630 | ) |  | (58,653 | ) |  | 60,283 |  |  | (37,194 | )
Total Tennant Company Shareholders’ Equity | 314,422 |  |  | 112,554 |  |  | 349,405 |  |  | (461,959 | ) |  | 314,422 |
Noncontrolling Interest | 1,930 |  |  | — |  |  | 1,930 |  |  | (1,930 | ) |  | 1,930 |
Total Equity | 316,352 |  |  | 112,554 |  |  | 351,335 |  |  | (463,889 | ) |  | 316,352 |
Total Liabilities and Total Equity | $ | 931,113 |  |  | $ | 285,279 |  |  | $ | 724,226 |  |  | $ | (948,074 | ) |  | $ | 992,544 |
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 SHAREHOLDERS' 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 |
Shareholders' 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 Cash Flow Statement |
Condensed Consolidated Statement of Cash Flows
For the year ended December 31, 2018
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |
Net Cash Provided by Operating Activities | $ | 68,082 |  |  | $ | 1,202 |  |  | $ | 10,888 |  |  | $ | (202 | ) |  | $ | 79,970 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Purchases of Property, Plant and Equipment | (6,832 | ) |  | (99 | ) |  | (11,849 | ) |  | — |  |  | (18,780 | )
Proceeds from Disposals of Property, Plant and Equipment | 21 |  |  | — |  |  | 91 |  |  | — |  |  | 112 |
Proceeds from Principal Payments Received on Long-Term Note Receivable | — |  |  | — |  |  | 1,416 |  |  | — |  |  | 1,416 |
Proceeds from Sale of Business | — |  |  | — |  |  | 4,000 |  |  | — |  |  | 4,000 |
Purchases of Intangible Asset | (2,500 | ) |  | — |  |  | (275 | ) |  | — |  |  | (2,775 | )
Change in Investments in Subsidiaries | (15,622 | ) |  | — |  |  | — |  |  | 15,622 |  |  | — |
Loan Payments Received by Parent from Subsidiary | 1,218 |  |  | — |  |  | — |  |  | (1,218 | ) |  | — |
Loan Payments Received by Subsidiary from Parent | — |  |  | — |  |  | 1,778 |  |  | (1,778 | ) |  | — |
Net Cash Used in Investing Activities | (23,715 | ) |  | (99 | ) |  | (4,839 | ) |  | 12,626 |  |  | (16,027 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Proceeds from Short-Term Debt | — |  |  | — |  |  | 3,926 |  |  | — |  |  | 3,926 |
Loan Repayments made to Parent from Subsidiary | — |  |  | — |  |  | (1,218 | ) |  | 1,218 |  |  | — |
Loan Repayments made to Subsidiary from Parent | (1,778 | ) |  | — |  |  | — |  |  | 1,778 |  |  | — |
Change in Subsidiary Equity | — |  |  | — |  |  | 15,622 |  |  | (15,622 | ) |  | — |
Proceeds from Issuance of Long-Term Debt | 11,000 |  |  | — |  |  | — |  |  | — |  |  | 11,000 |
Payments of Long-Term Debt | (38,000 | ) |  | — |  |  | (255 | ) |  | — |  |  | (38,255 | )
Change in Capital Lease Obligations | — |  |  | — |  |  | 14 |  |  | — |  |  | 14 |
Proceeds from Issuances of Common Stock | 5,880 |  |  | — |  |  | — |  |  | — |  |  | 5,880 |
Dividends Paid | (15,343 | ) |  | — |  |  | (202 | ) |  | 202 |  |  | (15,343 | )
Net Cash (Used in) Provided by Financing Activities | (38,241 | ) |  | — |  |  | 17,887 |  |  | (12,424 | ) |  | (32,778 | )
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | 184 |  |  | — |  |  | (4,266 | ) |  | — |  |  | (4,082 | )
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 6,310 |  |  | 1,103 |  |  | 19,670 |  |  | — |  |  | 27,083 |
Cash, Cash Equivalents and Restricted Cash at Beginning of Year | 18,469 |  |  | 507 |  |  | 40,075 |  |  | — |  |  | 59,051 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR | $ | 24,779 |  |  | $ | 1,610 |  |  | $ | 59,745 |  |  | $ | — |  |  | $ | 86,134 |
Condensed Consolidated Statement of Cash Flows
For the year ended December 31, 2017
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |
Net Cash Provided by Operating Activities | $ | 26,992 |  |  | $ | 280 |  |  | $ | 27,711 |  |  | $ | (809 | ) |  | $ | 54,174 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |
Purchases of Property, Plant and Equipment | (9,558 | ) |  | — |  |  | (10,879 | ) |  | — |  |  | (20,437 | )
Proceeds from Disposals of Property, Plant and Equipment | 23 |  |  | 1 |  |  | 2,487 |  |  | — |  |  | 2,511 |
Proceeds from Principal Payments received on Long-Term Note Receivable | — |  |  | — |  |  | 667 |  |  | — |  |  | 667 |
Acquisition of Businesses, Net of Cash Acquired | (304 | ) |  | — |  |  | (353,769 | ) |  | — |  |  | (354,073 | )
Issuance of Long-Term Note Receivable | — |  |  | — |  |  | (1,500 | ) |  | — |  |  | (1,500 | )
Purchase of Intangible Asset | (2,500 | ) |  | — |  |  | — |  |  | — |  |  | (2,500 | )
Change in Investments in Subsidiaries | (199,028 | ) |  | — |  |  | — |  |  | 199,028 |  |  | — |
Loan Borrowings (Payments) from Subsidiaries | (159,780 | ) |  | — |  |  | (4,983 | ) |  | 164,763 |  |  | — |
Net Cash (Used in) Provided by Investing Activities | (371,147 | ) |  | 1 |  |  | (367,977 | ) |  | 363,791 |  |  | (375,332 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Proceeds from Short-Term Debt | 303,000 |  |  | — |  |  | — |  |  | — |  |  | 303,000 |
Repayments of Short-Term Debt | (303,000 | ) |  | — |  |  | — |  |  | — |  |  | (303,000 | )
Loan Borrowings (Payments) from Parent | 4,983 |  |  | — |  |  | 159,780 |  |  | (164,763 | ) |  | — |
Change in Subsidiary Equity | — |  |  | — |  |  | 199,028 |  |  | (199,028 | ) |  | — |
Payments of Long-Term Debt | (96,142 | ) |  | — |  |  | (106 | ) |  | — |  |  | (96,248 | )
Proceeds from Issuance of Long-Term Debt | 440,000 |  |  | — |  |  | — |  |  | — |  |  | 440,000 |
Payments of Debt Issuance Costs | (16,482 | ) |  | — |  |  | — |  |  | — |  |  | (16,482 | )
Change in Capital Lease Obligations | — |  |  | — |  |  | 311 |  |  | — |  |  | 311 |
Proceeds from Issuances of Common Stock | 6,875 |  |  | — |  |  | — |  |  | — |  |  | 6,875 |
Purchase of Noncontrolling Owner Interest | — |  |  | — |  |  | (30 | ) |  | — |  |  | (30 | )
Dividends Paid | (14,953 | ) |  | — |  |  | (809 | ) |  | 809 |  |  | (14,953 | )
Net Cash Provided by Financing Activities | 324,281 |  |  | — |  |  | 358,174 |  |  | (362,982 | ) |  | 319,473 |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (141 | ) |  | — |  |  | 2,327 |  |  | — |  |  | 2,186 |
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (20,015 | ) |  | 281 |  |  | 20,235 |  |  | — |  |  | 501 |
Cash, Cash Equivalents and Restricted Cash at Beginning of Year | 38,484 |  |  | 226 |  |  | 19,840 |  |  | — |  |  | 58,550 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR | $ | 18,469 |  |  | $ | 507 |  |  | $ | 40,075 |  |  | $ | — |  |  | $ | 59,051 |
Condensed Consolidated Statement of Cash Flows
For the year ended December 31, 2016
(in thousands) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |
Net Cash Provided by Operating Activities | $ | 44,147 |  |  | $ | 239 |  |  | $ | 14,090 |  |  | $ | (598 | ) |  | $ | 57,878 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Purchases of Property, Plant and Equipment | (21,507 | ) |  | (13 | ) |  | (5,006 | ) |  | — |  |  | (26,526 | )
Proceeds from Disposals of Property, Plant and Equipment | 377 |  |  | — |  |  | 238 |  |  | — |  |  | 615 |
Acquisition of Businesses, Net of Cash Acquired | — |  |  | (11,539 | ) |  | (1,394 | ) |  | — |  |  | (12,933 | )
Issuance of Long-Term Note Receivable | — |  |  | — |  |  | (2,000 | ) |  | — |  |  | (2,000 | )
Loan Borrowings (Payments) from Subsidiaries | 8,690 |  |  | — |  |  | — |  |  | (8,690 | ) |  | — |
Proceeds from Sale of Business | — |  |  | — |  |  | 285 |  |  | — |  |  | 285 |
Change in Investments in Subsidiaries | (19,594 | ) |  | — |  |  | — |  |  | 19,594 |  |  | — |
Net Cash Used in Investing Activities | (32,034 | ) |  | (11,552 | ) |  | (7,877 | ) |  | 10,904 |  |  | (40,559 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Loan (Payments) Borrowings from Parent | — |  |  | 7,969 |  |  | (16,659 | ) |  | 8,690 |  |  | — |
Change in Subsidiary Entity | — |  |  | 3,570 |  |  | 16,024 |  |  | (19,594 | ) |  | — |
Payments of Long-Term Debt | (3,429 | ) |  | — |  |  | (31 | ) |  | — |  |  | (3,460 | )
Proceeds from Issuance of Long-Term Debt | 15,000 |  |  | — |  |  | — |  |  | — |  |  | 15,000 |
Purchases of Common Stock | (12,762 | ) |  | — |  |  | — |  |  | — |  |  | (12,762 | )
Proceeds from Issuances of Common Stock | 5,271 |  |  | — |  |  | — |  |  | — |  |  | 5,271 |
Excess Tax Benefit on Stock Plans | 686 |  |  | — |  |  | — |  |  | — |  |  | 686 |
Dividends Paid | (14,293 | ) |  | — |  |  | (598 | ) |  | 598 |  |  | (14,293 | )
Net Cash (Used in) Provided by Financing Activities | (9,527 | ) |  | 11,539 |  |  | (1,264 | ) |  | (10,306 | ) |  | (9,558 | )
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 63 |  |  | — |  |  | (1,213 | ) |  | — |  |  | (1,150 | )
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 2,649 |  |  | 226 |  |  | 3,736 |  |  | — |  |  | 6,611 |
Cash, Cash Equivalents and Restricted Cash at Beginning of Year | 35,835 |  |  | — |  |  | 16,104 |  |  | — |  |  | 51,939 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR | $ | 38,484 |  |  | $ | 226 |  |  | $ | 19,840 |  |  | $ | — |  |  | $ | 58,550 |

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