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v3.19.3

Separate Financial Information of Guarantor Subsidiaries (Tables) | 9 Months Ended
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Sep. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Condensed Consolidated Statements of Operations |
Condensed Consolidated Statement of Earnings
For the three months ended September 30, 2019
(in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
Net Sales | $ | 136.0 |  |  | $ | 172.6 |  |  | $ | 127.3 |  |  | $ | (155.2 | ) |  | $ | 280.7 |
Cost of Sales | 88.0 |  |  | 147.2 |  |  | 86.6 |  |  | (155.1 | ) |  | 166.7 |
Gross Profit | 48.0 |  |  | 25.4 |  |  | 40.7 |  |  | (0.1 | ) |  | 114.0 |
Operating Expense: |  |  |  |  |  |  |  |  |
Research and Development Expense | 6.6 |  |  | 0.2 |  |  | 1.4 |  |  | — |  |  | 8.2 |
Selling and Administrative Expense | 30.8 |  |  | 18.3 |  |  | 35.2 |  |  | — |  |  | 84.3 |
Total Operating Expense | 37.4 |  |  | 18.5 |  |  | 36.6 |  |  | — |  |  | 92.5 |
Profit from Operations | 10.6 |  |  | 6.9 |  |  | 4.1 |  |  | (0.1 | ) |  | 21.5 |
Other Income (Expense): |  |  |  |  |  |  |  |  |
Equity in Earnings of Affiliates | 7.2 |  |  | 0.2 |  |  | 0.5 |  |  | (7.9 | ) |  | — |
Interest (Expense) Income, Net | (4.4 | ) |  | — |  |  | — |  |  | — |  |  | (4.4 | )
Intercompany Interest Income (Expense) | 3.6 |  |  | (1.5 | ) |  | (2.1 | ) |  | — |  |  | — |
Net Foreign Currency Transaction Losses | (0.2 | ) |  | — |  |  | (0.4 | ) |  | — |  |  | (0.6 | )
Other (Expense) Income, Net | (0.2 | ) |  | (0.3 | ) |  | 0.6 |  |  | — |  |  | 0.1 |
Total Other Expense, Net | 6.0 |  |  | (1.6 | ) |  | (1.4 | ) |  | (7.9 | ) |  | (4.9 | )
Profit Before Income Taxes | 16.6 |  |  | 5.3 |  |  | 2.7 |  |  | (8.0 | ) |  | 16.6 |
Income Tax Expense (Benefit) | 2.0 |  |  | 0.8 |  |  | (0.1 | ) |  | (0.7 | ) |  | 2.0 |
Net Earnings Including Noncontrolling Interest | 14.6 |  |  | 4.5 |  |  | 2.8 |  |  | (7.3 | ) |  | 14.6 |
Net Earnings Attributable to Tennant Company | $ | 14.6 |  |  | $ | 4.5 |  |  | $ | 2.8 |  |  | $ | (7.3 | ) |  | $ | 14.6 |
Condensed Consolidated Statement of Earnings
For the nine months ended September 30, 2019
(in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
Net Sales | $ | 393.5 |  |  | $ | 495.9 |  |  | $ | 408.4 |  |  | $ | (455.0 | ) |  | $ | 842.8 |
Cost of Sales | 256.9 |  |  | 418.2 |  |  | 276.4 |  |  | (451.7 | ) |  | 499.8 |
Gross Profit | 136.6 |  |  | 77.7 |  |  | 132.0 |  |  | (3.3 | ) |  | 343.0 |
Operating Expense: |  |  |  |  |  |  |  |  |
Research and Development Expense | 19.0 |  |  | 0.7 |  |  | 4.1 |  |  | — |  |  | 23.8 |
Selling and Administrative Expense | 85.7 |  |  | 56.9 |  |  | 124.4 |  |  | — |  |  | 267.0 |
Total Operating Expense | 104.7 |  |  | 57.6 |  |  | 128.5 |  |  | — |  |  | 290.8 |
Profit from Operations | 31.9 |  |  | 20.1 |  |  | 3.5 |  |  | (3.3 | ) |  | 52.2 |
Other Income (Expense): |  |  |  |  |  |  |  |  |
Equity in Earnings of Affiliates | 11.9 |  |  | 1.6 |  |  | 2.8 |  |  | (16.3 | ) |  | — |
Interest (Expense) Income, Net | (13.2 | ) |  | — |  |  | — |  |  | — |  |  | (13.2 | )
Intercompany Interest Income (Expense) | 10.5 |  |  | (4.3 | ) |  | (6.2 | ) |  | — |  |  | — |
Net Foreign Currency Transaction Losses | — |  |  | — |  |  | (0.6 | ) |  | — |  |  | (0.6 | )
Other (Expense) Income, Net | (1.3 | ) |  | (1.0 | ) |  | 3.8 |  |  | (0.1 | ) |  | 1.4 |
Total Other Expense, Net | 7.9 |  |  | (3.7 | ) |  | (0.2 | ) |  | (16.4 | ) |  | (12.4 | )
Profit Before Income Taxes | 39.8 |  |  | 16.4 |  |  | 3.3 |  |  | (19.7 | ) |  | 39.8 |
Income Tax Expense (Benefit) | 5.0 |  |  | 3.8 |  |  | (0.3 | ) |  | (3.5 | ) |  | 5.0 |
Net Earnings Including Noncontrolling Interest | 34.8 |  |  | 12.6 |  |  | 3.6 |  |  | (16.2 | ) |  | 34.8 |
Net Earnings Attributable to Tennant Company | $ | 34.8 |  |  | $ | 12.6 |  |  | $ | 3.6 |  |  | $ | (16.2 | ) |  | $ | 34.8 |
Condensed Consolidated Statement of Earnings
For the three months ended September 30, 2018
(in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
Net Sales | $ | 126.1 |  |  | $ | 160.2 |  |  | $ | 131.4 |  |  | $ | (144.4 | ) |  | $ | 273.3 |
Cost of Sales | 86.8 |  |  | 135.0 |  |  | 89.2 |  |  | (144.3 | ) |  | 166.7 |
Gross Profit | 39.3 |  |  | 25.2 |  |  | 42.2 |  |  | (0.1 | ) |  | 106.6 |
Operating Expense: |  |  |  |  |  |  |  |  |
Research and Development Expense | 6.1 |  |  | 0.3 |  |  | 1.1 |  |  | — |  |  | 7.5 |
Selling and Administrative Expense | 26.7 |  |  | 18.1 |  |  | 38.1 |  |  | 0.8 |  |  | 83.7 |
Total Operating Expense | 32.8 |  |  | 18.4 |  |  | 39.2 |  |  | 0.8 |  |  | 91.2 |
Profit from Operations | 6.5 |  |  | 6.8 |  |  | 3.0 |  |  | (0.9 | ) |  | 15.4 |
Other Income (Expense): |  |  |  |  |  |  |  |  |
Equity in Earnings of Affiliates | 5.3 |  |  | 0.2 |  |  | 0.2 |  |  | (5.7 | ) |  | — |
Interest (Expense) Income, Net | (5.3 | ) |  | — |  |  | 0.1 |  |  | — |  |  | (5.2 | )
Intercompany Interest Income (Expense) | 3.6 |  |  | (1.4 | ) |  | (2.2 | ) |  | — |  |  | — |
Net Foreign Currency Transaction Losses | (0.1 | ) |  | — |  |  | (0.2 | ) |  | — |  |  | (0.3 | )
Other (Expense) Income, Net | (0.1 | ) |  | (0.5 | ) |  | (0.2 | ) |  | 0.8 |  |  | — |
Total Other Income (Expense), Net | 3.4 |  |  | (1.7 | ) |  | (2.3 | ) |  | (4.9 | ) |  | (5.5 | )
Profit Before Income Taxes | 9.9 |  |  | 5.1 |  |  | 0.7 |  |  | (5.8 | ) |  | 9.9 |
Income Tax Expense (Benefit) | 0.2 |  |  | 1.2 |  |  | (0.9 | ) |  | (0.3 | ) |  | 0.2 |
Net Earnings Including Noncontrolling Interest | 9.7 |  |  | 3.9 |  |  | 1.6 |  |  | (5.5 | ) |  | 9.7 |
Net Earnings Attributable to Tennant Company | $ | 9.7 |  |  | $ | 3.9 |  |  | $ | 1.6 |  |  | $ | (5.5 | ) |  | $ | 9.7 |
Condensed Consolidated Statement of Earnings
For the nine months ended September 30, 2018
(in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
Net Sales | $ | 366.1 |  |  | $ | 472.5 |  |  | $ | 422.9 |  |  | $ | (423.2 | ) |  | $ | 838.3 |
Cost of Sales | 249.1 |  |  | 395.3 |  |  | 282.8 |  |  | (421.8 | ) |  | 505.4 |
Gross Profit | 117.0 |  |  | 77.2 |  |  | 140.1 |  |  | (1.4 | ) |  | 332.9 |
Operating Expense: |  |  |  |  |  |  |  |  |
Research and Development Expense | 18.6 |  |  | 0.8 |  |  | 4.0 |  |  | — |  |  | 23.4 |
Selling and Administrative Expense | 84.5 |  |  | 57.2 |  |  | 122.2 |  |  | 0.8 |  |  | 264.7 |
Total Operating Expense | 103.1 |  |  | 58.0 |  |  | 126.2 |  |  | 0.8 |  |  | 288.1 |
Profit from Operations | 13.9 |  |  | 19.2 |  |  | 13.9 |  |  | (2.2 | ) |  | 44.8 |
Other Income (Expense): |  |  |  |  |  |  |  |  |
Equity in Earnings of Affiliates | 19.7 |  |  | 1.3 |  |  | 4.2 |  |  | (25.2 | ) |  | — |
Interest (Expense) Income, Net | (15.7 | ) |  | — |  |  | 0.5 |  |  | — |  |  | (15.2 | )
Intercompany Interest Income (Expense) | 10.9 |  |  | (4.3 | ) |  | (6.6 | ) |  | — |  |  | — |
Net Foreign Currency Transaction Losses | (0.4 | ) |  | — |  |  | (1.0 | ) |  | — |  |  | (1.4 | )
Other (Expense) Income, Net | (1.0 | ) |  | (1.6 | ) |  | 1.1 |  |  | 0.7 |  |  | (0.8 | )
Total Other Income (Expense), Net | 13.5 |  |  | (4.6 | ) |  | (1.8 | ) |  | (24.5 | ) |  | (17.4 | )
Profit Before Income Taxes | 27.4 |  |  | 14.6 |  |  | 12.1 |  |  | (26.7 | ) |  | 27.4 |
Income Tax Expense | 1.6 |  |  | 3.5 |  |  | 0.7 |  |  | (4.2 | ) |  | 1.6 |
Net Earnings Including Noncontrolling Interest | 25.8 |  |  | 11.1 |  |  | 11.4 |  |  | (22.5 | ) |  | 25.8 |
Net Earnings Attributable to Noncontrolling Interest | 0.1 |  |  | — |  |  | 0.1 |  |  | (0.1 | ) |  | 0.1 |
Net Earnings Attributable to Tennant Company | $ | 25.7 |  |  | $ | 11.1 |  |  | $ | 11.3 |  |  | $ | (22.4 | ) |  | $ | 25.7 |
Condensed Consolidated Statements of Comprehensive Income |
Condensed Consolidated Statement of Comprehensive Income (Loss)
For the three months ended September 30, 2019
(in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
Net Earnings Including Noncontrolling Interest | $ | 14.6 |  |  | $ | 4.5 |  |  | $ | 2.8 |  |  | $ | (7.3 | ) |  | $ | 14.6 |
Other Comprehensive Loss: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | (12.6 | ) |  | (9.9 | ) |  | (13.9 | ) |  | 23.8 |  |  | (12.6 | )
Pension and retiree medical benefits | — |  |  | — |  |  | — |  |  | — |  |  | — |
Cash flow hedge | 1.7 |  |  | — |  |  | — |  |  | — |  |  | 1.7 |
Income Taxes: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | 0.1 |  |  | — |  |  | (1.1 | ) |  | 1.1 |  |  | 0.1 |
Pension and retiree medical benefits | — |  |  | — |  |  | — |  |  | — |  |  | — |
Cash flow hedge | (0.4 | ) |  | — |  |  | — |  |  | — |  |  | (0.4 | )
Total Other Comprehensive Loss, net of tax | (11.2 | ) |  | (9.9 | ) |  | (15.0 | ) |  | 24.9 |  |  | (11.2 | )
Total Comprehensive Income (Loss) Including Noncontrolling Interest | 3.4 |  |  | (5.4 | ) |  | (12.2 | ) |  | 17.6 |  |  | 3.4 |
Comprehensive Income (Loss) Attributable to Tennant Company | $ | 3.4 |  |  | $ | (5.4 | ) |  | $ | (12.2 | ) |  | $ | 17.6 |  |  | $ | 3.4 |
Condensed Consolidated Statement of Comprehensive Income (Loss)
For the nine months ended September 30, 2019
(in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
Net Earnings Including Noncontrolling Interest | $ | 34.8 |  |  | $ | 12.6 |  |  | $ | 3.6 |  |  | $ | (16.2 | ) |  | $ | 34.8 |
Other Comprehensive Loss: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | (13.5 | ) |  | (10.1 | ) |  | (14.6 | ) |  | 24.7 |  |  | (13.5 | )
Pension and retiree medical benefits | — |  |  | — |  |  | — |  |  | — |  |  | — |
Cash flow hedge | 4.3 |  |  | — |  |  | — |  |  | — |  |  | 4.3 |
Income Taxes: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | 0.1 |  |  | — |  |  | (0.1 | ) |  | 0.1 |  |  | 0.1 |
Pension and retiree medical benefits | — |  |  | — |  |  | — |  |  | — |  |  | — |
Cash flow hedge | (1.0 | ) |  | — |  |  | — |  |  | — |  |  | (1.0 | )
Total Other Comprehensive Loss, net of tax | (10.1 | ) |  | (10.1 | ) |  | (14.7 | ) |  | 24.8 |  |  | (10.1 | )
Total Comprehensive Income (Loss) Including Noncontrolling Interest | 24.7 |  |  | 2.5 |  |  | (11.1 | ) |  | 8.6 |  |  | 24.7 |
Comprehensive Income (Loss) Attributable to Tennant Company | $ | 24.7 |  |  | $ | 2.5 |  |  | $ | (11.1 | ) |  | $ | 8.6 |  |  | $ | 24.7 |
Condensed Consolidated Statement of Comprehensive Income (Loss)
For the three months ended September 30, 2018
(in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
Net Earnings Including Noncontrolling Interest | $ | 9.7 |  |  | $ | 3.9 |  |  | $ | 1.6 |  |  | $ | (5.5 | ) |  | $ | 9.7 |
Other Comprehensive Loss: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | (3.1 | ) |  | 0.2 |  |  | (3.7 | ) |  | 3.5 |  |  | (3.1 | )
Pension and retiree medical benefits | — |  |  | — |  |  | — |  |  | — |  |  | — |
Cash flow hedge | — |  |  | — |  |  | — |  |  | — |  |  | — |
Income Taxes: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | 0.3 |  |  | — |  |  | 0.3 |  |  | (0.3 | ) |  | 0.3 |
Pension and retiree medical benefits | — |  |  | — |  |  | — |  |  | — |  |  | — |
Cash flow hedge | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Other Comprehensive (Loss) Income, net of tax | (2.8 | ) |  | 0.2 |  |  | (3.4 | ) |  | 3.2 |  |  | (2.8 | )
Total Comprehensive Income (Loss) Including Noncontrolling Interest | 6.9 |  |  | 4.1 |  |  | (1.8 | ) |  | (2.3 | ) |  | 6.9 |
Comprehensive Income (Loss) Attributable to Tennant Company | $ | 6.9 |  |  | $ | 4.1 |  |  | $ | (1.8 | ) |  | $ | (2.3 | ) |  | $ | 6.9 |
Condensed Consolidated Statement of Comprehensive Income (Loss)
For the nine months ended September 30, 2018
(in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
Net Earnings Including Noncontrolling Interest | $ | 25.8 |  |  | $ | 11.1 |  |  | $ | 11.4 |  |  | $ | (22.5 | ) |  | $ | 25.8 |
Other Comprehensive Loss: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | (14.2 | ) |  | (0.3 | ) |  | (20.1 | ) |  | 20.4 |  |  | (14.2 | )
Pension and retiree medical benefits | 0.1 |  |  | — |  |  | — |  |  | — |  |  | 0.1 |
Cash flow hedge | (1.4 | ) |  | — |  |  | — |  |  | — |  |  | (1.4 | )
Income Taxes: |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments | 0.6 |  |  | — |  |  | 0.5 |  |  | (0.5 | ) |  | 0.6 |
Pension and retiree medical benefits | (0.2 | ) |  | — |  |  | — |  |  | — |  |  | (0.2 | )
Cash flow hedge | (0.8 | ) |  | — |  |  | — |  |  | — |  |  | (0.8 | )
Total Other Comprehensive Loss, net of tax | (15.9 | ) |  | (0.3 | ) |  | (19.6 | ) |  | 19.9 |  |  | (15.9 | )
Total Comprehensive Income (Loss) Including Noncontrolling Interest | 9.9 |  |  | 10.8 |  |  | (8.2 | ) |  | (2.6 | ) |  | 9.9 |
Comprehensive Income Attributable to Noncontrolling Interest | 0.1 |  |  | — |  |  | 0.1 |  |  | (0.1 | ) |  | 0.1 |
Comprehensive Income (Loss) Attributable to Tennant Company | $ | 9.8 |  |  | $ | 10.8 |  |  | $ | (8.3 | ) |  | $ | (2.5 | ) |  | $ | 9.8 |
Condensed Consolidated Balance Sheets |
Condensed Consolidated Balance Sheet
As of September 30, 2019
(in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
ASSETS |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |
Cash, Cash Equivalents, and Restricted Cash | $ | 30.2 |  |  | $ | 1.3 |  |  | $ | 40.2 |  |  | $ | — |  |  | $ | 71.7 |
Net Receivables | 1.0 |  |  | 104.7 |  |  | 107.0 |  |  | — |  |  | 212.7 |
Intercompany Receivables | 24.2 |  |  | 124.1 |  |  | — |  |  | (148.3 | ) |  | — |
Inventories | 44.1 |  |  | 19.5 |  |  | 110.8 |  |  | (13.5 | ) |  | 160.9 |
Prepaid and Other Current Assets | 19.8 |  |  | 1.0 |  |  | 12.7 |  |  | 0.7 |  |  | 34.2 |
Total Current Assets | 119.3 |  |  | 250.6 |  |  | 270.7 |  |  | (161.1 | ) |  | 479.5 |
Property, Plant and Equipment | 250.3 |  |  | 12.9 |  |  | 148.4 |  |  | — |  |  | 411.6 |
Accumulated Depreciation | (170.7 | ) |  | (7.2 | ) |  | (66.2 | ) |  | — |  |  | (244.1 | )
Property, Plant and Equipment, Net | 79.6 |  |  | 5.7 |  |  | 82.2 |  |  | — |  |  | 167.5 |
Operating Lease Assets | 5.4 |  |  | 9.9 |  |  | 30.9 |  |  | — |  |  | 46.2 |
Investment in Affiliates | 402.9 |  |  | 13.5 |  |  | 38.4 |  |  | (454.8 | ) |  | — |
Intercompany Loans | 293.5 |  |  | — |  |  | — |  |  | (293.5 | ) |  | — |
Goodwill | 12.9 |  |  | 1.7 |  |  | 170.8 |  |  | — |  |  | 185.4 |
Intangible Assets, Net | 3.4 |  |  | 2.5 |  |  | 133.6 |  |  | — |  |  | 139.5 |
Other Assets | 5.7 |  |  | 4.2 |  |  | 17.1 |  |  | — |  |  | 27.0 |
Total Assets | $ | 922.7 |  |  | $ | 288.1 |  |  | $ | 743.7 |  |  | $ | (909.4 | ) |  | $ | 1,045.1 |
LIABILITIES AND TOTAL EQUITY |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |
Current Portion of Long-Term Debt | $ | 19.0 |  |  | $ | — |  |  | $ | 1.2 |  |  | $ | — |  |  | $ | 20.2 |
Accounts Payable | 42.8 |  |  | 6.2 |  |  | 44.9 |  |  | — |  |  | 93.9 |
Intercompany Payables | 123.3 |  |  | — |  |  | 25.0 |  |  | (148.3 | ) |  | — |
Employee Compensation and Benefits | 15.4 |  |  | 13.1 |  |  | 24.4 |  |  | — |  |  | 52.9 |
Other Current Liabilities | 30.4 |  |  | 20.5 |  |  | 51.3 |  |  | 0.7 |  |  | 102.9 |
Total Current Liabilities | 230.9 |  |  | 39.8 |  |  | 146.8 |  |  | (147.6 | ) |  | 269.9 |
Long-Term Liabilities: |  |  |  |  |  |  |  |  |
Long-Term Debt | 321.0 |  |  | — |  |  | 1.2 |  |  | — |  |  | 322.2 |
Intercompany Loans | 3.8 |  |  | 128.0 |  |  | 161.7 |  |  | (293.5 | ) |  | — |
Long-Term Operating Lease Liabilities | 4.6 |  |  | 4.8 |  |  | 20.4 |  |  | — |  |  | 29.8 |
Employee-Related Benefits | 10.7 |  |  | 1.4 |  |  | 7.4 |  |  | — |  |  | 19.5 |
Deferred Income Taxes | — |  |  | — |  |  | 42.4 |  |  | — |  |  | 42.4 |
Other Liabilities | 11.9 |  |  | 2.9 |  |  | 6.7 |  |  | — |  |  | 21.5 |
Total Long-Term Liabilities | 352.0 |  |  | 137.1 |  |  | 239.8 |  |  | (293.5 | ) |  | 435.4 |
Total Liabilities | 582.9 |  |  | 176.9 |  |  | 386.6 |  |  | (441.1 | ) |  | 705.3 |
Equity: |  |  |  |  |  |  |  |  |
Common Stock | 6.8 |  |  | — |  |  | 11.1 |  |  | (11.1 | ) |  | 6.8 |
Additional Paid-In Capital | 39.7 |  |  | 77.5 |  |  | 417.4 |  |  | (494.9 | ) |  | 39.7 |
Retained Earnings | 339.1 |  |  | 35.3 |  |  | 1.0 |  |  | (36.3 | ) |  | 339.1 |
Accumulated Other Comprehensive Loss | (47.3 | ) |  | (1.6 | ) |  | (73.9 | ) |  | 75.5 |  |  | (47.3 | )
Total Tennant Company Shareholders' Equity | 338.3 |  |  | 111.2 |  |  | 355.6 |  |  | (466.8 | ) |  | 338.3 |
Noncontrolling Interest | 1.5 |  |  | — |  |  | 1.5 |  |  | (1.5 | ) |  | 1.5 |
Total Equity | 339.8 |  |  | 111.2 |  |  | 357.1 |  |  | (468.3 | ) |  | 339.8 |
Total Liabilities and Total Equity | $ | 922.7 |  |  | $ | 288.1 |  |  | $ | 743.7 |  |  | $ | (909.4 | ) |  | $ | 1,045.1 |
Condensed Consolidated Balance Sheet
As of December 31, 2018
(in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
ASSETS |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |
Cash, Cash Equivalents, and Restricted Cash | $ | 24.8 |  |  | $ | 1.6 |  |  | $ | 59.7 |  |  | $ | — |  |  | $ | 86.1 |
Net Receivables | 0.9 |  |  | 94.8 |  |  | 120.5 |  |  | — |  |  | 216.2 |
Intercompany Receivables | 30.0 |  |  | 148.9 |  |  | — |  |  | (178.9 | ) |  | — |
Inventories | 37.1 |  |  | 13.4 |  |  | 94.7 |  |  | (10.1 | ) |  | 135.1 |
Prepaid and Other Current Assets | 17.5 |  |  | 1.2 |  |  | 13.0 |  |  | (0.5 | ) |  | 31.2 |
Total Current Assets | 110.3 |  |  | 259.9 |  |  | 287.9 |  |  | (189.5 | ) |  | 468.6 |
Property, Plant and Equipment | 229.8 |  |  | 12.7 |  |  | 144.1 |  |  | — |  |  | 386.6 |
Accumulated Depreciation | (159.4 | ) |  | (6.9 | ) |  | (56.9 | ) |  | — |  |  | (223.2 | )
Property, Plant and Equipment, Net | 70.4 |  |  | 5.8 |  |  | 87.2 |  |  | — |  |  | 163.4 |
Operating Lease Assets | — |  |  | — |  |  | — |  |  | — |  |  | — |
Investment in Affiliates | 421.0 |  |  | 12.1 |  |  | 20.8 |  |  | (453.9 | ) |  | — |
Intercompany Loans | 301.6 |  |  | — |  |  | 3.2 |  |  | (304.8 | ) |  | — |
Goodwill | 12.9 |  |  | 1.7 |  |  | 168.1 |  |  | — |  |  | 182.7 |
Intangible Assets, Net | 4.0 |  |  | 2.7 |  |  | 139.8 |  |  | — |  |  | 146.5 |
Other Assets | 11.0 |  |  | 3.1 |  |  | 17.2 |  |  | — |  |  | 31.3 |
Total Assets | $ | 931.2 |  |  | $ | 285.3 |  |  | $ | 724.2 |  |  | $ | (948.2 | ) |  | $ | 992.5 |
LIABILITIES AND TOTAL EQUITY |  |  |  |  |  |  |  |  |
Current Liabilities: |  |  |  |  |  |  |  |  |
Current Portion of Long-Term Debt | $ | 21.8 |  |  | $ | — |  |  | $ | 5.2 |  |  | $ | — |  |  | $ | 27.0 |
Accounts Payable | 41.0 |  |  | 5.0 |  |  | 52.4 |  |  | — |  |  | 98.4 |
Intercompany Payables | 149.5 |  |  | — |  |  | 29.5 |  |  | (179.0 | ) |  | — |
Employee Compensation and Benefits | 14.4 |  |  | 17.2 |  |  | 24.5 |  |  | — |  |  | 56.1 |
Other Current Liabilities | 22.8 |  |  | 17.6 |  |  | 27.5 |  |  | (0.5 | ) |  | 67.4 |
Total Current Liabilities | 249.5 |  |  | 39.8 |  |  | 139.1 |  |  | (179.5 | ) |  | 248.9 |
Long-Term Liabilities: |  |  |  |  |  |  |  |  |
Long-Term Debt | 326.5 |  |  | — |  |  | 1.6 |  |  | — |  |  | 328.1 |
Intercompany Loans | 3.3 |  |  | 128.1 |  |  | 173.5 |  |  | (304.9 | ) |  | — |
Long-Term Operating Lease Liabilities | — |  |  | — |  |  | — |  |  | — |  |  | — |
Employee-Related Benefits | 11.0 |  |  | 2.0 |  |  | 8.1 |  |  | — |  |  | 21.1 |
Deferred Income Taxes | — |  |  | — |  |  | 46.0 |  |  | — |  |  | 46.0 |
Other Liabilities | 24.6 |  |  | 2.9 |  |  | 4.6 |  |  | — |  |  | 32.1 |
Total Long-Term Liabilities | 365.4 |  |  | 133.0 |  |  | 233.8 |  |  | (304.9 | ) |  | 427.3 |
Total Liabilities | 614.9 |  |  | 172.8 |  |  | 372.9 |  |  | (484.4 | ) |  | 676.2 |
Equity: |  |  |  |  |  |  |  |  |
Common Stock | 6.8 |  |  | — |  |  | 11.1 |  |  | (11.1 | ) |  | 6.8 |
Additional Paid-In Capital | 28.5 |  |  | 77.5 |  |  | 399.5 |  |  | (477.0 | ) |  | 28.5 |
Retained Earnings | 316.3 |  |  | 36.6 |  |  | (2.5 | ) |  | (34.1 | ) |  | 316.3 |
Accumulated Other Comprehensive Loss | (37.2 | ) |  | (1.6 | ) |  | (58.7 | ) |  | 60.3 |  |  | (37.2 | )
Total Tennant Company Shareholders' Equity | 314.4 |  |  | 112.5 |  |  | 349.4 |  |  | (461.9 | ) |  | 314.4 |
Noncontrolling Interest | 1.9 |  |  | — |  |  | 1.9 |  |  | (1.9 | ) |  | 1.9 |
Total Equity | 316.3 |  |  | 112.5 |  |  | 351.3 |  |  | (463.8 | ) |  | 316.3 |
Total Liabilities and Total Equity | $ | 931.2 |  |  | $ | 285.3 |  |  | $ | 724.2 |  |  | $ | (948.2 | ) |  | $ | 992.5 |
Condensed Consolidated Statement Cash Flows |
Condensed Consolidated Statement of Cash Flows
For the nine months ended September 30, 2019
(in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |
Net Cash Provided by (Used in) Operating Activities | $ | 43.2 |  |  | $ | (0.1 | ) |  | $ | 3.1 |  |  | $ | — |  |  | $ | 46.2 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Purchases of Property, Plant and Equipment | (20.5 | ) |  | (0.2 | ) |  | (7.6 | ) |  | — |  |  | (28.3 | )
Proceeds from Disposals of Property, Plant, and Equipment | 0.1 |  |  | — |  |  | — |  |  | — |  |  | 0.1 |
Proceeds from Principal Payments Received on Long-Term Note Receivable | — |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Acquisition of Business, Net of Cash Acquired | — |  |  | — |  |  | (8.9 | ) |  | — |  |  | (8.9 | )
Purchase of Intangible Assets | — |  |  | — |  |  | (0.5 | ) |  | — |  |  | (0.5 | )
Loan Payments from Parent | — |  |  | — |  |  | (0.6 | ) |  | 0.6 |  |  | — |
Net Cash Used in Investing Activities | (20.4 | ) |  | (0.2 | ) |  | (17.5 | ) |  | 0.6 |  |  | (37.5 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Proceeds from Credit Facility Borrowings | 25.0 |  |  | — |  |  | — |  |  | — |  |  | 25.0 |
Loan Payments to Subsidiaries | 0.6 |  |  | — |  |  | — |  |  | (0.6 | ) |  | — |
Repayments of Debt | (33.8 | ) |  | — |  |  | (4.1 | ) |  | — |  |  | (37.9 | )
Change in Finance Lease Obligations | — |  |  | — |  |  | (0.2 | ) |  | — |  |  | (0.2 | )
Proceeds from Issuances of Common Stock | 2.8 |  |  | — |  |  | — |  |  | — |  |  | 2.8 |
Purchase of Noncontrolling Owner Interest | — |  |  | — |  |  | (0.5 | ) |  | — |  |  | (0.5 | )
Dividends Paid | (12.0 | ) |  | — |  |  | — |  |  | — |  |  | (12.0 | )
Net Cash Used in Financing Activities | (17.4 | ) |  | — |  |  | (4.8 | ) |  | (0.6 | ) |  | (22.8 | )
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | — |  |  | — |  |  | (0.3 | ) |  | — |  |  | (0.3 | )
Net Decrease in Cash, Cash Equivalents and Restricted Cash | 5.4 |  |  | (0.3 | ) |  | (19.5 | ) |  | — |  |  | (14.4 | )
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 24.8 |  |  | 1.6 |  |  | 59.7 |  |  | — |  |  | 86.1 |
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 30.2 |  |  | $ | 1.3 |  |  | $ | 40.2 |  |  | $ | — |  |  | $ | 71.7 |
Condensed Consolidated Statement of Cash Flows
For the nine months ended September 30, 2018
(in millions) | Parent |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Total Tennant Company
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |
Net Cash Provided by (Used in) Operating Activities | $ | 43.7 |  |  | $ | 0.2 |  |  | $ | (0.3 | ) |  | $ | — |  |  | $ | 43.6 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |
Purchases of Property, Plant and Equipment | (4.5 | ) |  | — |  |  | (8.2 | ) |  | — |  |  | (12.7 | )
Proceeds from Disposal of Property, Plant and Equipment | — |  |  | — |  |  | 0.1 |  |  | — |  |  | 0.1 |
Proceeds from Principal Payments Received on Long-Term Note Receivable | — |  |  | — |  |  | 0.8 |  |  | — |  |  | 0.8 |
Proceeds from Sale of Business | — |  |  | — |  |  | 4.0 |  |  | — |  |  | 4.0 |
Purchase of Intangible Asset | (2.5 | ) |  | — |  |  | (0.1 | ) |  | — |  |  | (2.6 | )
Change in Investments in Subsidiaries | (1.8 | ) |  | — |  |  | — |  |  | 1.8 |  |  | — |
Loan Payments from Subsidiaries | 1.2 |  |  | — |  |  | — |  |  | (1.2 | ) |  | — |
Loan Payments from Parent | — |  |  | — |  |  | 1.0 |  |  | (1.0 | ) |  | — |
Net Cash Used in Investing Activities | (7.6 | ) |  | — |  |  | (2.4 | ) |  | (0.4 | ) |  | (10.4 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |
Loan Payments to Subsidiaries | (1.0 | ) |  | — |  |  | — |  |  | 1.0 |  |  | — |
Loan Payments to Parent | — |  |  | — |  |  | (1.2 | ) |  | 1.2 |  |  | — |
Change in Subsidiary Equity | — |  |  | — |  |  | 1.8 |  |  | (1.8 | ) |  | — |
Repayment of Debt | (30.0 | ) |  | — |  |  | (0.2 | ) |  | — |  |  | (30.2 | )
Proceeds from Issuance of Common Stock | 5.7 |  |  | — |  |  | — |  |  | — |  |  | 5.7 |
Dividends Paid | (11.3 | ) |  | — |  |  | — |  |  | — |  |  | (11.3 | )
Net Cash (Used in) Provided by Financing Activities | (36.6 | ) |  | — |  |  | 0.4 |  |  | 0.4 |  |  | (35.8 | )
Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | 0.1 |  |  | — |  |  | (2.4 | ) |  | — |  |  | (2.3 | )
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (0.4 | ) |  | 0.2 |  |  | (4.7 | ) |  | — |  |  | (4.9 | )
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 18.5 |  |  | 0.5 |  |  | 40.0 |  |  | — |  |  | 59.0 |
Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 18.1 |  |  | $ | 0.7 |  |  | $ | 35.3 |  |  | $ | — |  |  | $ | 54.1 |

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