☒
|
Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|
☐
|
Transition Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934
|
Large accelerated filer
|
☒
|
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☐
|
|
|
|
Smaller reporting company
|
☐
|
|
Emerging growth company
|
☐
|
|
Years Ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
(Amounts in thousands)
|
||||||||||
Sales to unaffiliated customers:
|
|
|
|
|
|
||||||
SGK Brand Solutions
|
$
|
805,274
|
|
|
$
|
770,181
|
|
|
$
|
755,975
|
|
Memorialization
|
631,392
|
|
|
615,882
|
|
|
610,142
|
|
|||
Industrial Technologies
|
165,914
|
|
|
129,545
|
|
|
114,347
|
|
|||
Consolidated
|
$
|
1,602,580
|
|
|
$
|
1,515,608
|
|
|
$
|
1,480,464
|
|
Operating profit:
|
|
|
|
|
|
||||||
SGK Brand Solutions
|
$
|
35,443
|
|
|
$
|
24,919
|
|
|
$
|
42,909
|
|
Memorialization
|
86,370
|
|
|
80,652
|
|
|
68,252
|
|
|||
Industrial Technologies
|
11,021
|
|
|
7,032
|
|
|
7,654
|
|
|||
Consolidated
|
$
|
132,834
|
|
|
$
|
112,603
|
|
|
$
|
118,815
|
|
Location
|
|
Description of Property
|
|
|
|
|
|
SGK Brand Solutions:
|
|
|
|
Antwerp, Belgium
|
|
Manufacturing
|
|
Battle Creek, MI
|
|
Operating facility
|
(1)
|
Chennai, India
|
|
Operating facility
|
(1)
|
Chicago, IL
|
|
Operating facilities
|
(1)
|
Cincinnati, OH
|
|
Operating facility
|
(1)
|
Cleckheaton, England
|
|
Operating facility
|
(1)
|
Des Plaines, IL
|
|
Operating facility
|
(1)
|
Dachnow, Poland
|
|
Manufacturing
|
|
Gateshead, England
|
|
Operating facility
|
(1)
|
East Butler, PA
|
|
Manufacturing
|
|
Goslar, Germany
|
|
Manufacturing
|
(1)
|
Grenzach-Wyhlen, Germany
|
|
Manufacturing
|
|
Istanbul, Turkey
|
|
Manufacturing
|
(1)
|
Izmir, Turkey
|
|
Manufacturing
|
|
Jülich, Germany
|
|
Manufacturing
|
|
Kempen, Germany
|
|
Manufacturing
|
(1)
|
Manchester, England
|
|
Manufacturing
|
(1)
|
Marietta, GA
|
|
Manufacturing
|
|
Minneapolis, MN
|
|
Operating facility
|
|
Mississauga, Canada
|
|
Operating facility
|
(1)
|
Mönchengladbach, Germany
|
|
Manufacturing
|
|
Mönchengladbach, Germany
|
|
Manufacturing
|
(1)
|
Munich, Germany
|
|
Manufacturing
|
(1)
|
New Berlin, WI
|
|
Manufacturing
|
(1)
|
Novgorod, Russia
|
|
Manufacturing
|
|
Nuremberg, Germany
|
|
Manufacturing
|
(1)
|
Penang, Malaysia
|
|
Operating facility
|
|
Portland, OR
|
|
Operating facility
|
(1)
|
Queretaro, Mexico
|
|
Operating facility
|
|
Redmond, WA
|
|
Operating facility
|
(1)
|
St. Louis, MO
|
|
Manufacturing
|
|
San Francisco, CA
|
|
Operating facility
|
(1)
|
Shanghai, China
|
|
Operating facilities
|
(1)
|
Shenzhen, China
|
|
Operating facility
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Location
|
|
Description of Property
|
|
|
|
|
|
SGK Brand Solutions, (continued):
|
|
|
|
Tarnowo Podgorne, Poland
|
|
Manufacturing
|
(1)
|
Tualatin, OR
|
|
Manufacturing
|
(1)
|
Vreden, Germany
|
|
Manufacturing
|
|
Vreden, Germany
|
|
Manufacturing
|
|
Vreden, Germany
|
|
Operating facility
|
|
Wilsonville, OR
|
|
Operating facility
|
(1)
|
|
|
|
|
Memorialization (2):
|
|
|
|
Pittsburgh, PA
|
|
Manufacturing / Division Offices
|
|
Pittsburgh, PA
|
|
Division Offices
|
(1)
|
Apopka, FL
|
|
Manufacturing / Division Offices
|
|
Apopka, FL
|
|
Operating facility
|
|
Aurora, IN
|
|
Manufacturing
|
|
Bristol, TN
|
|
Distribution
|
|
Colorno, Italy
|
|
Manufacturing
|
(1)
|
Dallas, TX
|
|
Distribution Hub
|
(1)
|
Dandenong, Australia
|
|
Manufacturing
|
(1)
|
Dewy Rose, GA
|
|
Manufacturing
|
|
Edmunston, Canada
|
|
Manufacturing
|
|
Elberton, GA
|
|
Manufacturing
|
(1)
|
Elberton, GA
|
|
Manufacturing
|
|
Fontana, CA
|
|
Distribution Hub
|
(1)
|
Harrisburg, PA
|
|
Distribution Hub
|
(1)
|
Hyde, England
|
|
Manufacturing
|
(1)
|
Indianapolis, IN
|
|
Distribution Hub
|
(1)
|
Kingwood, WV
|
|
Manufacturing
|
|
Monterrey, Mexico
|
|
Manufacturing
|
(1)
|
Richmond, IN
|
|
Manufacturing
|
(1)
|
Richmond, IN
|
|
Manufacturing
|
|
Searcy, AR
|
|
Manufacturing
|
|
Stone Mountain, GA
|
|
Distribution Hub
|
(1)
|
Udine, Italy
|
|
Manufacturing
|
(1)
|
Vestone, Italy
|
|
Manufacturing
|
(1)
|
West Point, MS
|
|
Distribution
|
|
Whittier, CA
|
|
Manufacturing
|
(1)
|
York, PA
|
|
Manufacturing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Location
|
|
Description of Property
|
|
|
|
|
|
|
|
|
|
Industrial Technologies:
|
|
|
|
Pittsburgh, PA
|
|
Manufacturing / Division Offices
|
|
Cincinnati, OH
|
|
Manufacturing
|
(1)
|
Cincinnati, OH
|
|
Manufacturing
|
|
Gothenburg, Sweden
|
|
Manufacturing / Distribution
|
(1)
|
Lima, Costa Rica
|
|
Manufacturing
|
(1)
|
Pewaukee, WI
|
|
Manufacturing
|
(1)
|
Tianjin City, China
|
|
Manufacturing
|
(1)
|
Wilsonville, OR
|
|
Manufacturing
|
|
|
|
|
|
Corporate and Administrative Offices:
|
|
|
|
Pittsburgh, PA
|
|
General Offices
|
|
Pittsburgh, PA
|
|
General Offices
|
|
Des Plaines, IL
|
|
General Offices
|
|
(1)
|
These properties are leased by the Company under operating lease arrangements.
|
(2)
|
In addition to the properties listed, the Memorialization segment leases warehouse facilities totaling approximately 1.0 million square feet in 37 states under operating leases.
|
Name
|
|
Age
|
|
Positions with Registrant
|
Joseph C. Bartolacci
|
|
58
|
|
President and Chief Executive Officer
|
Gregory S. Babe
|
|
61
|
|
Chief Technology Officer
|
Edward M. Brady
|
|
60
|
|
Chief Information Officer
|
Marcy L. Campbell
|
|
55
|
|
Senior Vice President, Human Resources
|
Brian J. Dunn
|
|
61
|
|
Executive Vice President, Strategy and Corporate Development
|
Steven D. Gackenbach
|
|
55
|
|
Group President, Memorialization
|
Paul C. Jensen
|
|
60
|
|
Division President, Industrial Technologies
|
Gary R. Kohl
|
|
55
|
|
President, SGK Brand Solutions
|
Robert M. Marsh
|
|
50
|
|
Vice President and Treasurer
|
Steven F. Nicola
|
|
58
|
|
Chief Financial Officer and Secretary
|
Paul F. Rahill
|
|
61
|
|
President, Environmental Solutions Division
|
David A. Schawk
|
|
62
|
|
Group President, SGK Brand Solutions
|
Brian D. Walters
|
|
49
|
|
Senior Vice President and General Counsel
|
|
High
|
|
Low
|
|
Close
|
||||||
Fiscal 2018:
|
|
|
|
|
|
||||||
Quarter ended: September 30, 2018
|
$
|
61.25
|
|
|
$
|
48.76
|
|
|
$
|
50.15
|
|
June 30, 2018
|
60.75
|
|
|
47.70
|
|
|
58.80
|
|
|||
March 31, 2018
|
59.85
|
|
|
49.60
|
|
|
50.60
|
|
|||
December 31, 2017
|
65.10
|
|
|
52.60
|
|
|
52.80
|
|
|||
Fiscal 2017:
|
|
|
|
|
|
||||||
Quarter ended: September 30, 2017
|
$
|
66.65
|
|
|
$
|
57.40
|
|
|
$
|
62.25
|
|
June 30, 2017
|
72.60
|
|
|
60.40
|
|
|
61.25
|
|
|||
March 31, 2017
|
77.85
|
|
|
64.45
|
|
|
67.65
|
|
|||
December 31, 2016
|
77.10
|
|
|
57.65
|
|
|
76.85
|
|
Period
|
|
Total number of shares purchased
|
|
Weighted-average price paid per share
|
|
Total number of shares purchased as part of a publicly announced plan
|
|
Maximum number of shares that may yet be purchased under the plan
|
|||||
October 2017
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
1,816,146
|
|
November 2017
|
|
75,078
|
|
|
58.27
|
|
|
75,078
|
|
|
1,741,068
|
|
|
December 2017
|
|
687
|
|
|
58.64
|
|
|
687
|
|
|
1,740,381
|
|
|
January 2018
|
|
61,406
|
|
|
56.29
|
|
|
61,406
|
|
|
1,678,975
|
|
|
February 2018
|
|
130,000
|
|
|
52.97
|
|
|
130,000
|
|
|
1,548,975
|
|
|
March 2018
|
|
69,215
|
|
|
51.25
|
|
|
69,215
|
|
|
1,479,760
|
|
|
April 2018
|
|
25,000
|
|
|
48.61
|
|
|
25,000
|
|
|
1,454,760
|
|
|
May 2018
|
|
10,452
|
|
|
53.30
|
|
|
10,452
|
|
|
1,444,308
|
|
|
June 2018
|
|
282
|
|
|
48.78
|
|
|
282
|
|
|
1,444,026
|
|
|
July 2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,444,026
|
|
|
August 2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,444,026
|
|
|
September 2018
|
|
21,744
|
|
|
50.11
|
|
|
21,744
|
|
|
1,422,282
|
|
|
Total
|
|
393,864
|
|
|
$
|
53.78
|
|
|
393,864
|
|
|
|
|
|
Years Ended September 30,
|
||||||||||||||||||
|
2018(1)
|
|
2017(2)
|
|
2016(3)
|
|
2015(4)
|
|
2014(5)
|
||||||||||
|
(Amounts in thousands, except per share data)
(Unaudited)
|
||||||||||||||||||
Net sales
|
$
|
1,602,580
|
|
|
$
|
1,515,608
|
|
|
$
|
1,480,464
|
|
|
$
|
1,426,068
|
|
|
$
|
1,106,597
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating profit
|
132,834
|
|
|
112,603
|
|
|
118,815
|
|
|
105,023
|
|
|
81,522
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
37,427
|
|
|
26,371
|
|
|
24,344
|
|
|
20,610
|
|
|
12,628
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income attributable to
Matthews shareholders
|
$
|
107,371
|
|
|
$
|
74,368
|
|
|
$
|
66,749
|
|
|
$
|
63,449
|
|
|
$
|
42,625
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per common share:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
$
|
3.39
|
|
|
$
|
2.31
|
|
|
$
|
2.04
|
|
|
$
|
1.93
|
|
|
$
|
1.51
|
|
Diluted
|
3.37
|
|
|
2.28
|
|
|
2.03
|
|
|
1.91
|
|
|
1.49
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Weighted-average common
|
|
|
|
|
|
|
|
|
|
||||||||||
shares outstanding:
|
|
|
|
|
|
|
|
|
|
||||||||||
Basic
|
31,674
|
|
|
32,240
|
|
|
32,642
|
|
|
32,939
|
|
|
28,209
|
|
|||||
Diluted
|
31,861
|
|
|
32,570
|
|
|
32,904
|
|
|
33,196
|
|
|
28,483
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash dividends per share
|
$
|
0.76
|
|
|
$
|
0.68
|
|
|
$
|
0.60
|
|
|
$
|
0.54
|
|
|
$
|
0.46
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
2,375,485
|
|
|
$
|
2,244,649
|
|
|
$
|
2,091,041
|
|
|
$
|
2,143,611
|
|
|
$
|
2,008,026
|
|
Long-term debt, non-current
|
929,342
|
|
|
881,602
|
|
|
844,807
|
|
|
891,217
|
|
|
714,027
|
|
(1)
|
Fiscal 2018 included net pre-tax charges of
$27,115
and income of
$3,771
, which impacted operating profit and other deductions, respectively. These pre-tax charges primarily consisted of acquisition-related costs, and strategic cost-reduction initiatives. The pre-tax income primarily consisted of gains recognized on the disposition of certain cost-method investments.
|
(2)
|
Fiscal 2017 included net pre-tax charges of $38,458 and income of $10,483, which impacted operating profit and other deductions, respectively. These pre-tax charges primarily consisted of acquisition-related costs, and strategic cost-reduction initiatives. The pre-tax income primarily consisted of loss recoveries, net of related costs, related to the previously disclosed theft of funds by a former employee.
|
(3)
|
Fiscal 2016 included net pre-tax charges of $36,057 and income of $78, which impacted operating profit and other deductions, respectively. These amounts primarily consisted of acquisition-related costs and strategic cost-reduction initiatives.
|
(4)
|
Fiscal 2015 included pre-tax charges of $36,883 and income of $8,726, which impacted operating profit and other deductions, respectively, and also included the unfavorable effect of related adjustments of $1,334 to income tax expense. These amounts primarily consisted of acquisition-related costs, trade name write-offs, strategic cost-reduction initiatives, and losses related to a theft of funds, partially offset by a gain on the settlement of a multi-employer pension plan obligation, and the impact of the favorable settlement of litigation, net of related expenses.
|
(5)
|
Fiscal 2014 included net pre-tax charges of approximately $41,289, primarily related to acquisition-related costs, strategic cost-reduction initiatives, and litigation expenses related to a legal dispute in the Memorialization segment. Charges of $38,598 and $2,691 impacted operating profit and other deductions, respectively. In addition, fiscal 2014 included the unfavorable effect of adjustments of $1,347 to income tax expense related to non-deductible expenses related to acquisition activities.
|
|
Years Ended September 30,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
(Dollars in thousands)
|
||||||||||
Sales to unaffiliated customers:
|
|
|
|
|
|
||||||
SGK Brand Solutions
|
$
|
805,274
|
|
|
$
|
770,181
|
|
|
$
|
755,975
|
|
Memorialization
|
631,392
|
|
|
615,882
|
|
|
610,142
|
|
|||
Industrial Technologies
|
165,914
|
|
|
129,545
|
|
|
114,347
|
|
|||
Consolidated
|
$
|
1,602,580
|
|
|
$
|
1,515,608
|
|
|
$
|
1,480,464
|
|
|
|
|
|
|
|
||||||
Operating Profit:
|
|
|
|
|
|
||||||
SGK Brand Solutions
|
$
|
35,443
|
|
|
$
|
24,919
|
|
|
$
|
42,909
|
|
Memorialization
|
86,370
|
|
|
80,652
|
|
|
68,252
|
|
|||
Industrial Technologies
|
11,021
|
|
|
7,032
|
|
|
7,654
|
|
|||
Consolidated
|
$
|
132,834
|
|
|
$
|
112,603
|
|
|
$
|
118,815
|
|
|
|
September 30, 2018
|
|
September 30, 2017
|
||||
|
|
(Dollars in thousands)
|
||||||
Pay fixed swaps - notional amount
|
|
$
|
343,750
|
|
|
$
|
414,063
|
|
Net unrealized gain (loss)
|
|
$
|
11,309
|
|
|
$
|
3,959
|
|
Weighted-average maturity period (years)
|
|
2.7
|
|
|
3.3
|
|
||
Weighted-average received rate
|
|
2.26
|
%
|
|
1.23
|
%
|
||
Weighted-average pay rate
|
|
1.37
|
%
|
|
1.34
|
%
|
|
|
|
Payments due in fiscal year:
|
||||||||||||||||
|
Total
|
|
2019
|
|
2020 to 2021
|
|
2022 to 2023
|
|
After
2023
|
||||||||||
Contractual Cash Obligations:
|
(Dollar amounts in thousands)
|
||||||||||||||||||
Revolving credit facilities
|
$
|
322,711
|
|
|
$
|
3,211
|
|
|
$
|
319,500
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Securitization facility
|
102,250
|
|
|
—
|
|
|
102,250
|
|
|
—
|
|
|
—
|
|
|||||
Senior secured term loan
|
212,086
|
|
|
25,000
|
|
|
187,086
|
|
|
—
|
|
|
—
|
|
|||||
2025 Senior Notes
|
414,301
|
|
|
15,750
|
|
|
31,500
|
|
|
31,500
|
|
|
335,551
|
|
|||||
Notes payable to banks
|
17,895
|
|
|
484
|
|
|
17,411
|
|
|
—
|
|
|
—
|
|
|||||
Short-term borrowings
|
4,915
|
|
|
4,915
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Capital lease obligations
|
6,140
|
|
|
1,225
|
|
|
1,608
|
|
|
863
|
|
|
2,444
|
|
|||||
Non-cancelable operating leases
|
79,441
|
|
|
23,183
|
|
|
32,631
|
|
|
14,280
|
|
|
9,347
|
|
|||||
Other
|
16,476
|
|
|
3,355
|
|
|
6,709
|
|
|
3,714
|
|
|
2,698
|
|
|||||
Total contractual cash obligations
|
$
|
1,176,215
|
|
|
$
|
77,123
|
|
|
$
|
698,695
|
|
|
$
|
50,357
|
|
|
$
|
350,040
|
|
|
|
September 30, 2018
|
|
September 30, 2017
|
||||
|
|
(Dollars in thousands)
|
||||||
Pay fixed swaps - notional amount
|
|
$
|
343,750
|
|
|
$
|
414,063
|
|
Net unrealized gain (loss)
|
|
$
|
11,309
|
|
|
$
|
3,959
|
|
Weighted-average maturity period (years)
|
|
2.7
|
|
|
3.3
|
|
||
Weighted-average received rate
|
|
2.26
|
%
|
|
1.23
|
%
|
||
Weighted-average pay rate
|
|
1.37
|
%
|
|
1.34
|
%
|
|
Impact of Changes in Actuarial Assumptions
|
||||||||||||||||||||||
|
Change in Discount Rates
|
|
Change in Expected Return
|
|
Change in Market Value of Assets
|
||||||||||||||||||
|
+1%
|
|
-1%
|
|
+1%
|
|
-1%
|
|
+5%
|
|
-5%
|
||||||||||||
|
(Dollar amounts in thousands)
|
||||||||||||||||||||||
(Decrease) increase in net benefit cost
|
$
|
(3,682
|
)
|
|
$
|
4,494
|
|
|
$
|
(1,527
|
)
|
|
$
|
1,527
|
|
|
$
|
(1,546
|
)
|
|
$
|
1,546
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
(Decrease) increase in projected benefit obligation
|
(28,936
|
)
|
|
35,945
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Increase (decrease) in funded status
|
28,936
|
|
|
(35,945
|
)
|
|
—
|
|
|
—
|
|
|
7,933
|
|
|
(7,933
|
)
|
Description
|
|
Pages
|
|
|
|
Management's Report to Shareholders
|
|
|
|
|
|
Report of Independent Registered Public Accounting Firm
|
|
|
|
|
|
Report of Independent Registered Public Accounting Firm
|
|
|
|
|
|
Financial Statements:
|
|
|
|
|
|
Consolidated Balance Sheets as of September 30, 2018 and 2017
|
|
|
|
|
|
Consolidated Statements of Income for the years ended September 30, 2018, 2017 and 2016
|
|
|
|
|
|
Consolidated Statements of Comprehensive Income for the years ended September 30, 2018, 2017 and 2016
|
|
|
|
|
|
Consolidated Statements of Shareholders' Equity for the years ended September 30, 2018, 2017 and 2016
|
|
|
|
|
|
Consolidated Statements of Cash Flows for the years ended September 30, 2018, 2017 and 2016
|
|
|
|
|
|
Notes to Consolidated Financial Statements
|
|
|
|
|
|
Supplementary Financial Information (unaudited)
|
|
|
|
|
|
Financial Statement Schedule – Schedule II-Valuation and Qualifying
|
|
|
Accounts for the years ended September 30, 2018, 2017 and 2016
|
|
ASSETS
|
2018
|
|
2017
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
41,572
|
|
|
$
|
57,515
|
|
Accounts receivable, net of allowance for doubtful
accounts of $11,158 and $11,622, respectively
|
331,463
|
|
|
319,566
|
|
||
Inventories
|
180,451
|
|
|
171,445
|
|
||
Other current assets
|
62,937
|
|
|
46,533
|
|
||
|
|
|
|
||||
Total current assets
|
616,423
|
|
|
595,059
|
|
||
|
|
|
|
||||
Investments
|
45,430
|
|
|
37,667
|
|
||
|
|
|
|
||||
Property, plant and equipment, net
|
252,775
|
|
|
235,533
|
|
||
|
|
|
|
||||
Deferred income taxes
|
1,837
|
|
|
2,456
|
|
||
|
|
|
|
||||
Other assets
|
66,216
|
|
|
51,758
|
|
||
|
|
|
|
||||
Goodwill
|
948,894
|
|
|
897,794
|
|
||
|
|
|
|
||||
Other intangible assets, net
|
443,910
|
|
|
424,382
|
|
||
|
|
|
|
||||
Total assets
|
$
|
2,375,485
|
|
|
$
|
2,244,649
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
2018
|
|
2017
|
||||
Current liabilities:
|
|
|
|
||||
Long-term debt, current maturities
|
$
|
31,260
|
|
|
$
|
29,528
|
|
Trade accounts payable
|
70,044
|
|
|
66,607
|
|
||
Accrued compensation
|
51,490
|
|
|
62,210
|
|
||
Accrued income taxes
|
11,413
|
|
|
21,386
|
|
||
Other current liabilities
|
139,936
|
|
|
105,401
|
|
||
Total current liabilities
|
304,143
|
|
|
285,132
|
|
||
|
|
|
|
||||
Long-term debt
|
929,342
|
|
|
881,602
|
|
||
|
|
|
|
||||
Accrued pension
|
82,035
|
|
|
103,273
|
|
||
|
|
|
|
||||
Postretirement benefits
|
17,753
|
|
|
19,273
|
|
||
|
|
|
|
||||
Deferred income taxes
|
121,519
|
|
|
139,430
|
|
||
|
|
|
|
||||
Other liabilities
|
51,979
|
|
|
25,680
|
|
||
Total liabilities
|
1,506,771
|
|
|
1,454,390
|
|
||
|
|
|
|
||||
Shareholders' equity-Matthews:
|
|
|
|
|
|
||
Class A common stock, $1.00 par value; authorized
70,000,000 shares; 36,333,992 shares issued
|
36,334
|
|
|
36,334
|
|
||
Preferred stock, $100 par value, authorized 10,000 shares, none issued
|
—
|
|
|
—
|
|
||
Additional paid-in capital
|
129,252
|
|
|
123,432
|
|
||
Retained earnings
|
1,040,378
|
|
|
948,830
|
|
||
Accumulated other comprehensive loss
|
(164,298
|
)
|
|
(154,115
|
)
|
||
Treasury stock, 4,259,206 and 4,185,413 shares, respectively, at cost
|
(173,315
|
)
|
|
(164,774
|
)
|
||
Total shareholders' equity-Matthews
|
868,351
|
|
|
789,707
|
|
||
Noncontrolling interests
|
363
|
|
|
552
|
|
||
Total shareholders' equity
|
868,714
|
|
|
790,259
|
|
||
|
|
|
|
||||
Total liabilities and shareholders' equity
|
$
|
2,375,485
|
|
|
$
|
2,244,649
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
Sales
|
$
|
1,602,580
|
|
|
$
|
1,515,608
|
|
|
$
|
1,480,464
|
|
Cost of sales
|
(1,021,230
|
)
|
|
(952,221
|
)
|
|
(924,010
|
)
|
|||
|
|
|
|
|
|
||||||
Gross profit
|
581,350
|
|
|
563,387
|
|
|
556,454
|
|
|||
|
|
|
|
|
|
||||||
Selling expense
|
(142,477
|
)
|
|
(144,174
|
)
|
|
(140,924
|
)
|
|||
Administrative expense
|
(274,477
|
)
|
|
(283,297
|
)
|
|
(275,894
|
)
|
|||
Intangible amortization
|
(31,562
|
)
|
|
(23,313
|
)
|
|
(20,821
|
)
|
|||
|
|
|
|
|
|
||||||
Operating profit
|
132,834
|
|
|
112,603
|
|
|
118,815
|
|
|||
|
|
|
|
|
|
||||||
Investment income
|
1,570
|
|
|
2,468
|
|
|
2,061
|
|
|||
Interest expense
|
(37,427
|
)
|
|
(26,371
|
)
|
|
(24,344
|
)
|
|||
Other income (deductions), net
|
1,016
|
|
|
7,587
|
|
|
(1,298
|
)
|
|||
|
|
|
|
|
|
||||||
Income before income taxes
|
97,993
|
|
|
96,287
|
|
|
95,234
|
|
|||
|
|
|
|
|
|
||||||
Income tax benefit (provision)
|
9,118
|
|
|
(22,354
|
)
|
|
(29,073
|
)
|
|||
|
|
|
|
|
|
||||||
Net income
|
107,111
|
|
|
73,933
|
|
|
66,161
|
|
|||
|
|
|
|
|
|
||||||
Net loss attributable to noncontrolling interests
|
260
|
|
|
435
|
|
|
588
|
|
|||
|
|
|
|
|
|
||||||
Net income attributable to Matthews shareholders
|
$
|
107,371
|
|
|
$
|
74,368
|
|
|
$
|
66,749
|
|
|
|
|
|
|
|
||||||
Earnings per share attributable to Matthews shareholders:
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
||||||
Basic
|
$
|
3.39
|
|
|
$
|
2.31
|
|
|
$
|
2.04
|
|
|
|
|
|
|
|
||||||
Diluted
|
$
|
3.37
|
|
|
$
|
2.28
|
|
|
$
|
2.03
|
|
|
Year Ended September 30, 2018
|
||||||||||
|
Matthews
|
|
Noncontrolling Interest
|
|
Total
|
||||||
Net income (loss)
|
$
|
107,371
|
|
|
$
|
(260
|
)
|
|
$
|
107,111
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
|||
Foreign currency translation adjustment
|
(22,053
|
)
|
|
71
|
|
|
(21,982
|
)
|
|||
Pension plans and other postretirement benefits
|
15,631
|
|
|
—
|
|
|
15,631
|
|
|||
Unrecognized gain (loss) on derivatives:
|
|
|
|
|
|
|
|
|
|||
Net change from periodic revaluation
|
6,095
|
|
|
—
|
|
|
6,095
|
|
|||
Net amount reclassified to earnings
|
(1,042
|
)
|
|
—
|
|
|
(1,042
|
)
|
|||
Net change in unrecognized gain (loss) on
derivatives
|
5,053
|
|
|
—
|
|
|
5,053
|
|
|||
Other comprehensive income (loss), net of tax
|
(1,369
|
)
|
|
71
|
|
|
(1,298
|
)
|
|||
Comprehensive income (loss)
|
$
|
106,002
|
|
|
$
|
(189
|
)
|
|
$
|
105,813
|
|
|
|
|
|
|
|
||||||
|
Year Ended September 30, 2017
|
||||||||||
|
Matthews
|
|
Noncontrolling Interest
|
|
Total
|
||||||
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
74,368
|
|
|
$
|
(435
|
)
|
|
$
|
73,933
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
|
|||
Foreign currency translation adjustment
|
9,352
|
|
|
119
|
|
|
9,471
|
|
|||
Pension plans and other postretirement benefits
|
12,427
|
|
|
—
|
|
|
12,427
|
|
|||
Unrecognized gain (loss) on derivatives:
|
|
|
|
|
|
|
|
|
|||
Net change from periodic revaluation
|
7,043
|
|
|
—
|
|
|
7,043
|
|
|||
Net amount reclassified to earnings
|
(1,069
|
)
|
|
—
|
|
|
(1,069
|
)
|
|||
Net change in unrecognized gain (loss) on
derivatives
|
5,974
|
|
|
—
|
|
|
5,974
|
|
|||
Other comprehensive income, net of tax
|
27,753
|
|
|
119
|
|
|
27,872
|
|
|||
Comprehensive income (loss)
|
$
|
102,121
|
|
|
$
|
(316
|
)
|
|
$
|
101,805
|
|
|
|
|
|
|
|
||||||
|
Year Ended September 30, 2016
|
||||||||||
|
Matthews
|
|
Noncontrolling Interest
|
|
Total
|
||||||
|
|
|
|
|
|
||||||
Net income (loss)
|
$
|
66,749
|
|
|
$
|
(588
|
)
|
|
$
|
66,161
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
|
|||
Foreign currency translation adjustment
|
(17,655
|
)
|
|
(89
|
)
|
|
(17,744
|
)
|
|||
Pension plans and other postretirement benefits
|
(12,576
|
)
|
|
—
|
|
|
(12,576
|
)
|
|||
Unrecognized gain (loss) on derivatives:
|
|
|
|
|
|
|
|
|
|||
Net change from periodic revaluation
|
(3,230
|
)
|
|
—
|
|
|
(3,230
|
)
|
|||
Net amount reclassified to earnings
|
1,919
|
|
|
—
|
|
|
1,919
|
|
|||
Net change in unrecognized gain (loss) on
derivatives
|
(1,311
|
)
|
|
—
|
|
|
(1,311
|
)
|
|||
Other comprehensive loss, net of tax
|
(31,542
|
)
|
|
(89
|
)
|
|
(31,631
|
)
|
|||
Comprehensive income (loss)
|
$
|
35,207
|
|
|
$
|
(677
|
)
|
|
$
|
34,530
|
|
|
|
|
|
|
|
|
Common
Stock
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
(Loss) Income
(net of tax)
|
|
Treasury
Stock
|
|
Non-
controlling
Interests
|
|
Total
|
||||||||||||||
Balance, September 30, 2015
|
$
|
36,334
|
|
|
$
|
115,890
|
|
|
$
|
843,955
|
|
|
$
|
(150,326
|
)
|
|
$
|
(115,033
|
)
|
|
$
|
3,226
|
|
|
$
|
734,046
|
|
Net income
|
—
|
|
|
—
|
|
|
66,749
|
|
|
—
|
|
|
—
|
|
|
(588
|
)
|
|
66,161
|
|
|||||||
Pension plans and other postretirement benefits
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,576
|
)
|
|
—
|
|
|
—
|
|
|
(12,576
|
)
|
|||||||
Translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
(17,655
|
)
|
|
—
|
|
|
(89
|
)
|
|
(17,744
|
)
|
|||||||
Fair value of derivatives
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,311
|
)
|
|
—
|
|
|
—
|
|
|
(1,311
|
)
|
|||||||
Total comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,530
|
|
|||||||
Stock-based compensation
|
—
|
|
|
10,612
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,612
|
|
|||||||
Purchase of 1,132,452 shares
of treasury stock |
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(57,998
|
)
|
|
—
|
|
|
(57,998
|
)
|
|||||||
Issuance of 404,307 shares
of treasury stock |
—
|
|
|
(5,972
|
)
|
|
—
|
|
|
—
|
|
|
14,162
|
|
|
—
|
|
|
8,190
|
|
|||||||
Cancellation of 5,237 shares of
treasury stock |
—
|
|
|
244
|
|
|
—
|
|
|
—
|
|
|
(244
|
)
|
|
—
|
|
|
—
|
|
|||||||
Dividends
|
—
|
|
|
—
|
|
|
(14,480
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,480
|
)
|
|||||||
Transactions with
noncontrolling interests
|
—
|
|
|
(3,686
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,880
|
)
|
|
(5,566
|
)
|
|||||||
Balance, September 30, 2016
|
$
|
36,334
|
|
|
$
|
117,088
|
|
|
$
|
896,224
|
|
|
$
|
(181,868
|
)
|
|
$
|
(159,113
|
)
|
|
$
|
669
|
|
|
$
|
709,334
|
|
Net income
|
—
|
|
|
—
|
|
|
74,368
|
|
|
—
|
|
|
—
|
|
|
(435
|
)
|
|
73,933
|
|
|||||||
Pension plans and other postretirement benefits
|
—
|
|
|
—
|
|
|
—
|
|
|
12,427
|
|
|
—
|
|
|
—
|
|
|
12,427
|
|
|||||||
Translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
9,352
|
|
|
—
|
|
|
119
|
|
|
9,471
|
|
|||||||
Fair value of derivatives
|
—
|
|
|
—
|
|
|
—
|
|
|
5,974
|
|
|
—
|
|
|
—
|
|
|
5,974
|
|
|||||||
Total comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101,805
|
|
|||||||
Stock-based compensation
|
—
|
|
|
14,562
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,562
|
|
|||||||
Purchase of 212,424 shares
of treasury stock |
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,025
|
)
|
|
—
|
|
|
(14,025
|
)
|
|||||||
Issuance of 221,958 shares
of treasury stock |
—
|
|
|
(8,397
|
)
|
|
—
|
|
|
—
|
|
|
8,543
|
|
|
—
|
|
|
146
|
|
|||||||
Cancellation of 2,640 shares of
treasury stock |
—
|
|
|
179
|
|
|
—
|
|
|
—
|
|
|
(179
|
)
|
|
—
|
|
|
—
|
|
|||||||
Dividends
|
—
|
|
|
—
|
|
|
(21,762
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21,762
|
)
|
|||||||
Transactions with
noncontrolling interests
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
199
|
|
|
199
|
|
|||||||
Balance, September 30, 2017
|
$
|
36,334
|
|
|
$
|
123,432
|
|
|
$
|
948,830
|
|
|
$
|
(154,115
|
)
|
|
$
|
(164,774
|
)
|
|
$
|
552
|
|
|
$
|
790,259
|
|
Net income
|
—
|
|
|
—
|
|
|
107,371
|
|
|
—
|
|
|
—
|
|
|
(260
|
)
|
|
107,111
|
|
|||||||
Pension plans and other postretirement benefits
|
—
|
|
|
—
|
|
|
—
|
|
|
15,631
|
|
|
—
|
|
|
—
|
|
|
15,631
|
|
|||||||
Translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
(22,053
|
)
|
|
—
|
|
|
71
|
|
|
(21,982
|
)
|
|||||||
Fair value of derivatives
|
—
|
|
|
—
|
|
|
—
|
|
|
5,053
|
|
|
—
|
|
|
—
|
|
|
5,053
|
|
|||||||
Total comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
105,813
|
|
|||||||
Stock-based compensation
|
—
|
|
|
13,460
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,460
|
|
|||||||
Purchase of 393,864 shares
of treasury stock |
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21,181
|
)
|
|
—
|
|
|
(21,181
|
)
|
|||||||
Issuance of 326,827 shares
of treasury stock |
—
|
|
|
(8,040
|
)
|
|
—
|
|
|
—
|
|
|
13,040
|
|
|
—
|
|
|
5,000
|
|
|||||||
Cancellation of 6,756 shares of
treasury stock |
—
|
|
|
400
|
|
|
—
|
|
|
—
|
|
|
(400
|
)
|
|
—
|
|
|
—
|
|
|||||||
Dividends
|
—
|
|
|
—
|
|
|
(24,637
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(24,637
|
)
|
|||||||
Reclassification of accumulated other comprehensive (loss)
income ("AOCI") tax effects
|
—
|
|
|
—
|
|
|
8,814
|
|
|
(8,814
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Balance, September 30, 2018
|
$
|
36,334
|
|
|
$
|
129,252
|
|
|
$
|
1,040,378
|
|
|
$
|
(164,298
|
)
|
|
$
|
(173,315
|
)
|
|
$
|
363
|
|
|
$
|
868,714
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
107,111
|
|
|
$
|
73,933
|
|
|
$
|
66,161
|
|
Adjustments to reconcile net income to net cash
provided by operating activities:
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization
|
76,974
|
|
|
67,981
|
|
|
65,480
|
|
|||
Stock-based compensation expense
|
13,460
|
|
|
14,562
|
|
|
10,612
|
|
|||
Deferred tax (benefit) provision
|
(23,125
|
)
|
|
9,725
|
|
|
(3,971
|
)
|
|||
Gain on sale of assets
|
(2,190
|
)
|
|
(776
|
)
|
|
(73
|
)
|
|||
Gain on sale of investments
|
(3,771
|
)
|
|
—
|
|
|
—
|
|
|||
Unrealized gain on investments
|
(1,304
|
)
|
|
(2,660
|
)
|
|
(1,426
|
)
|
|||
Changes in working capital items
|
(9,934
|
)
|
|
5,784
|
|
|
13,715
|
|
|||
Increase in other assets
|
(9,872
|
)
|
|
(17,256
|
)
|
|
(5,591
|
)
|
|||
Increase (decrease) in other liabilities
|
6,510
|
|
|
(7,150
|
)
|
|
5,397
|
|
|||
(Decrease) increase in pension and postretirement benefit obligations
|
(1,104
|
)
|
|
9,689
|
|
|
(2,465
|
)
|
|||
Other operating activities, net
|
(5,181
|
)
|
|
(4,533
|
)
|
|
(7,565
|
)
|
|||
Net cash provided by operating activities
|
147,574
|
|
|
149,299
|
|
|
140,274
|
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|||
Capital expenditures
|
(43,200
|
)
|
|
(44,935
|
)
|
|
(41,682
|
)
|
|||
Acquisitions, net of cash acquired
|
(121,065
|
)
|
|
(98,235
|
)
|
|
(6,937
|
)
|
|||
Proceeds from sale of assets
|
4,705
|
|
|
3,764
|
|
|
1,478
|
|
|||
Proceeds from sale of investments
|
9,158
|
|
|
—
|
|
|
—
|
|
|||
Purchases of investments
|
(11,934
|
)
|
|
(2,211
|
)
|
|
—
|
|
|||
Net cash used in investing activities
|
(162,336
|
)
|
|
(141,617
|
)
|
|
(47,141
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|||
Proceeds from long-term debt
|
704,188
|
|
|
417,043
|
|
|
90,421
|
|
|||
Payments on long-term debt
|
(651,166
|
)
|
|
(388,447
|
)
|
|
(120,380
|
)
|
|||
Purchases of treasury stock
|
(21,181
|
)
|
|
(14,025
|
)
|
|
(57,998
|
)
|
|||
Proceeds from the exercise of stock options
|
—
|
|
|
14
|
|
|
6,406
|
|
|||
Dividends
|
(24,637
|
)
|
|
(21,762
|
)
|
|
(19,413
|
)
|
|||
Transactions with noncontrolling interests
|
—
|
|
|
—
|
|
|
(5,566
|
)
|
|||
Other financing activities
|
(6,303
|
)
|
|
—
|
|
|
(2,318
|
)
|
|||
Net cash provided by (used in) financing activities
|
901
|
|
|
(7,177
|
)
|
|
(108,848
|
)
|
|||
Effect of exchange rate changes on cash
|
(2,082
|
)
|
|
1,299
|
|
|
(770
|
)
|
|||
Net change in cash and cash equivalents
|
(15,943
|
)
|
|
1,804
|
|
|
(16,485
|
)
|
|||
Cash and cash equivalents at beginning of year
|
57,515
|
|
|
55,711
|
|
|
72,196
|
|
|||
Cash and cash equivalents at end of year
|
$
|
41,572
|
|
|
$
|
57,515
|
|
|
$
|
55,711
|
|
|
|
|
|
|
|
||||||
Cash paid during the year for:
|
|
|
|
|
|
|
|
|
|||
Interest
|
$
|
37,232
|
|
|
$
|
26,271
|
|
|
$
|
24,133
|
|
Income taxes
|
11,014
|
|
|
8,472
|
|
|
11,855
|
|
|||
Non-cash investing and financing activities:
|
|
|
|
|
|
|
|
|
|||
Acquisition of long-term asset under financing arrangement
|
$
|
14,544
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
2018
|
|
2017
|
||||
Raw materials
|
$
|
34,880
|
|
|
$
|
29,396
|
|
Work in process
|
67,827
|
|
|
61,917
|
|
||
Finished goods
|
77,744
|
|
|
80,132
|
|
||
|
$
|
180,451
|
|
|
$
|
171,445
|
|
|
2018
|
|
2017
|
||||
Equity and fixed income mutual funds
|
$
|
22,758
|
|
|
$
|
21,649
|
|
Life insurance policies
|
5,894
|
|
|
5,810
|
|
||
Other investments
|
16,778
|
|
|
10,208
|
|
||
|
$
|
45,430
|
|
|
$
|
37,667
|
|
|
2018
|
|
2017
|
||||
Buildings
|
$
|
113,027
|
|
|
$
|
104,604
|
|
Machinery, equipment and other
|
452,846
|
|
|
412,980
|
|
||
|
565,873
|
|
|
517,584
|
|
||
Less accumulated depreciation
|
(357,827
|
)
|
|
(335,346
|
)
|
||
|
208,046
|
|
|
182,238
|
|
||
Land
|
18,017
|
|
|
16,845
|
|
||
Construction in progress
|
26,712
|
|
|
36,450
|
|
||
|
$
|
252,775
|
|
|
$
|
235,533
|
|
|
2018
|
|
2017
|
||||
Revolving credit facilities
|
$
|
322,711
|
|
|
$
|
551,126
|
|
Securitization facility
|
102,250
|
|
|
95,825
|
|
||
Senior secured term loan
|
212,086
|
|
|
232,479
|
|
||
2025 Senior Notes
|
296,176
|
|
|
—
|
|
||
Notes payable to banks
|
17,895
|
|
|
21,831
|
|
||
Short-term borrowings
|
4,915
|
|
|
4,735
|
|
||
Capital lease obligations
|
4,569
|
|
|
5,134
|
|
||
|
960,602
|
|
|
911,130
|
|
||
Less current maturities
|
(31,260
|
)
|
|
(29,528
|
)
|
||
|
$
|
929,342
|
|
|
$
|
881,602
|
|
|
|
September 30, 2018
|
|
September 30, 2017
|
||||
Pay fixed swaps - notional amount
|
|
$
|
343,750
|
|
|
$
|
414,063
|
|
Net unrealized gain (loss)
|
|
$
|
11,309
|
|
|
$
|
3,959
|
|
Weighted-average maturity period (years)
|
|
2.7
|
|
|
3.3
|
|
||
Weighted-average received rate
|
|
2.26
|
%
|
|
1.23
|
%
|
||
Weighted-average pay rate
|
|
1.37
|
%
|
|
1.34
|
%
|
Derivatives:
|
2018
|
|
2017
|
||||
Current assets:
|
|
|
|
||||
Other current assets
|
$
|
3,867
|
|
|
$
|
1,098
|
|
Long-term assets:
|
|
|
|
|
|
||
Other assets
|
7,442
|
|
|
2,892
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Other current liabilities
|
—
|
|
|
(7
|
)
|
||
Long-term liabilities:
|
|
|
|
|
|
||
Other liabilities
|
—
|
|
|
(24
|
)
|
||
Total derivatives
|
$
|
11,309
|
|
|
$
|
3,959
|
|
Derivatives in Cash Flow Hedging Relationships
|
|
Location of Gain (Loss) Recognized in Income on Derivatives
|
|
Amount of Gain (Loss) Recognized in Income on Derivatives
|
||||
|
|
|
|
2018
|
|
2017
|
|
2016
|
Interest rate swaps
|
|
Interest expense
|
|
$1,380
|
|
$1,752
|
|
$(3,146)
|
2019
|
$
|
34,471
|
|
2020
|
145,176
|
|
|
2021
|
482,102
|
|
|
2022
|
325
|
|
|
2023
|
247
|
|
|
Thereafter
|
298,281
|
|
|
|
$
|
960,602
|
|
|
Shares
|
|
Weighted-
average
Grant-date
Fair Value
|
|||
Non-vested at September 30, 2017
|
501,184
|
|
|
$
|
53.65
|
|
Granted
|
234,100
|
|
|
57.05
|
|
|
Vested
|
(174,295
|
)
|
|
51.41
|
|
|
Expired or forfeited
|
(6,756
|
)
|
|
59.72
|
|
|
Non-vested at September 30, 2018
|
554,233
|
|
|
$
|
55.71
|
|
|
2018
|
|
2017
|
|
2016
|
|||
Expected volatility
|
20.5
|
%
|
|
20.2
|
%
|
|
20.7
|
%
|
Dividend yield
|
1.0
|
%
|
|
1.1
|
%
|
|
1.0
|
%
|
Average risk-free interest rate
|
2.0
|
%
|
|
1.7
|
%
|
|
1.7
|
%
|
Average expected term (years)
|
2.1
|
|
|
2.1
|
|
|
2.1
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
Net income available to Matthews shareholders
|
$
|
107,371
|
|
|
$
|
74,368
|
|
|
$
|
66,749
|
|
|
|
|
|
|
|
||||||
Weighted-average shares outstanding (in thousands):
|
|
|
|
|
|
|
|
|
|||
Basic shares
|
31,674
|
|
|
32,240
|
|
|
32,642
|
|
|||
Effect of dilutive securities
|
187
|
|
|
330
|
|
|
262
|
|
|||
Diluted shares
|
31,861
|
|
|
32,570
|
|
|
32,904
|
|
|||
|
|
|
|
|
|
|
Pension
|
|
Other Postretirement
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Change in benefit obligation:
|
|
|
|
|
|
|
|
||||||||
Benefit obligation, beginning of year
|
$
|
259,672
|
|
|
$
|
263,566
|
|
|
$
|
20,316
|
|
|
$
|
23,290
|
|
Service cost
|
8,159
|
|
|
8,553
|
|
|
335
|
|
|
392
|
|
||||
Interest cost
|
8,210
|
|
|
7,362
|
|
|
631
|
|
|
626
|
|
||||
Actuarial gain
|
(15,229
|
)
|
|
(4,264
|
)
|
|
(907
|
)
|
|
(2,600
|
)
|
||||
Exchange (gain) loss
|
(180
|
)
|
|
589
|
|
|
—
|
|
|
—
|
|
||||
Benefit payments
|
(19,079
|
)
|
|
(16,134
|
)
|
|
(1,549
|
)
|
|
(1,392
|
)
|
||||
Benefit obligation, end of year
|
241,553
|
|
|
259,672
|
|
|
18,826
|
|
|
20,316
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Change in plan assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fair value, beginning of year
|
155,634
|
|
|
151,864
|
|
|
—
|
|
|
—
|
|
||||
Actual return
|
10,914
|
|
|
12,586
|
|
|
—
|
|
|
—
|
|
||||
Benefit payments (1)
|
(19,079
|
)
|
|
(16,134
|
)
|
|
(1,549
|
)
|
|
(1,392
|
)
|
||||
Employer contributions
|
11,193
|
|
|
7,318
|
|
|
1,549
|
|
|
1,392
|
|
||||
Fair value, end of year
|
158,662
|
|
|
155,634
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Funded status
|
(82,892
|
)
|
|
(104,039
|
)
|
|
(18,828
|
)
|
|
(20,317
|
)
|
||||
Unrecognized actuarial loss (gain)
|
53,405
|
|
|
73,616
|
|
|
(2,376
|
)
|
|
(1,469
|
)
|
||||
Unrecognized prior service cost
|
(552
|
)
|
|
(690
|
)
|
|
(525
|
)
|
|
(720
|
)
|
||||
Net amount recognized
|
$
|
(30,039
|
)
|
|
$
|
(31,113
|
)
|
|
$
|
(21,729
|
)
|
|
$
|
(22,506
|
)
|
|
|
|
|
|
|
|
|
||||||||
Amounts recognized in the consolidated balance sheet:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Current liability
|
$
|
(857
|
)
|
|
$
|
(766
|
)
|
|
$
|
(1,075
|
)
|
|
$
|
(1,044
|
)
|
Noncurrent benefit liability
|
(82,035
|
)
|
|
(103,273
|
)
|
|
(17,753
|
)
|
|
(19,273
|
)
|
||||
Accumulated other comprehensive loss (income)
|
52,853
|
|
|
72,926
|
|
|
(2,901
|
)
|
|
(2,189
|
)
|
||||
Net amount recognized
|
$
|
(30,039
|
)
|
|
$
|
(31,113
|
)
|
|
$
|
(21,729
|
)
|
|
$
|
(22,506
|
)
|
|
|
|
|
|
|
|
|
||||||||
Amounts recognized in accumulated
|
|
|
|
|
|
|
|
|
|
|
|
||||
other comprehensive loss (income):
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net actuarial loss (income)
|
$
|
53,405
|
|
|
$
|
73,616
|
|
|
$
|
(2,376
|
)
|
|
$
|
(1,469
|
)
|
Prior service cost
|
(552
|
)
|
|
(690
|
)
|
|
(525
|
)
|
|
(720
|
)
|
||||
Net amount recognized
|
$
|
52,853
|
|
|
$
|
72,926
|
|
|
$
|
(2,901
|
)
|
|
$
|
(2,189
|
)
|
|
Pension
|
|
Other Postretirement
|
||||||||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2018
|
|
2017
|
|
2016
|
||||||||||||
Service cost
|
$
|
8,159
|
|
|
$
|
8,553
|
|
|
$
|
7,446
|
|
|
$
|
335
|
|
|
$
|
392
|
|
|
$
|
402
|
|
Interest cost
|
8,210
|
|
|
7,362
|
|
|
9,725
|
|
|
631
|
|
|
626
|
|
|
845
|
|
||||||
Expected return on plan assets
|
(10,136
|
)
|
|
(9,249
|
)
|
|
(9,625
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Amortization:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Prior service cost
|
(138
|
)
|
|
(181
|
)
|
|
(183
|
)
|
|
(195
|
)
|
|
(195
|
)
|
|
(195
|
)
|
||||||
Net actuarial loss
|
7,018
|
|
|
10,034
|
|
|
7,468
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Net benefit cost
|
$
|
13,113
|
|
|
$
|
16,519
|
|
|
$
|
14,831
|
|
|
$
|
771
|
|
|
$
|
823
|
|
|
$
|
1,052
|
|
Contributions
|
Pension
|
|
Other Postretirement
|
||||
Principal retirement plan
|
$
|
10,000
|
|
|
$
|
—
|
|
Supplemental retirement plan
|
749
|
|
|
—
|
|
||
Other retirement plans
|
444
|
|
|
—
|
|
||
Other postretirement plan
|
—
|
|
|
1,549
|
|
|
Pension
Benefits
|
|
Other
Postretirement
Benefits
|
||||
Net actuarial loss
|
$
|
4,246
|
|
|
$
|
(59
|
)
|
Prior service cost
|
(186
|
)
|
|
(195
|
)
|
|
Pension
|
|
Other Postretirement
|
||||||||||||||
|
2018
|
|
2017
|
|
2016
|
|
2018
|
|
2017
|
|
2016
|
||||||
Discount rate
|
4.21
|
%
|
|
3.76
|
%
|
|
3.51
|
%
|
|
4.19
|
%
|
|
3.72
|
%
|
|
3.42
|
%
|
Return on plan assets
|
6.75
|
%
|
|
6.75
|
%
|
|
7.25
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
Compensation increase
|
3.50
|
%
|
|
3.50
|
%
|
|
3.50
|
%
|
|
—
|
|
|
—
|
|
|
—
|
|
|
September 30, 2018
|
||||||||||||||
Asset Category
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Equity securities - stocks
|
$
|
46,628
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
46,628
|
|
Equity securities - mutual funds
|
46,117
|
|
|
—
|
|
|
—
|
|
|
46,117
|
|
||||
Fixed income securities
|
26,789
|
|
|
14,785
|
|
|
—
|
|
|
41,574
|
|
||||
Cash and cash equivalents
|
2,676
|
|
|
—
|
|
|
—
|
|
|
2,676
|
|
||||
Other investments
|
11,552
|
|
|
—
|
|
|
10,115
|
|
|
21,667
|
|
||||
Total
|
$
|
133,762
|
|
|
$
|
14,785
|
|
|
$
|
10,115
|
|
|
$
|
158,662
|
|
|
September 30, 2017
|
||||||||||||||
Asset Category
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
||||||||
Equity securities - stocks
|
$
|
42,731
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
42,731
|
|
Equity securities - mutual funds
|
34,514
|
|
|
—
|
|
|
—
|
|
|
34,514
|
|
||||
Fixed income securities
|
30,032
|
|
|
14,870
|
|
|
—
|
|
|
44,902
|
|
||||
Cash and cash equivalents
|
4,106
|
|
|
—
|
|
|
—
|
|
|
4,106
|
|
||||
Other investments
|
19,901
|
|
|
—
|
|
|
9,480
|
|
|
29,381
|
|
||||
Total
|
$
|
131,284
|
|
|
$
|
14,870
|
|
|
$
|
9,480
|
|
|
$
|
155,634
|
|
Asset Category
|
Fair Value, Beginning of Period
|
|
Acquisitions
|
|
Dispositions
|
|
Realized Gains
|
|
Unrealized Gains (Losses)
|
|
Fair Value, End of Period
|
||||||||||||
Other investments:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Fiscal Year Ended:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
September 30, 2018
|
$
|
9,480
|
|
|
$
|
—
|
|
|
$
|
(149
|
)
|
|
$
|
261
|
|
|
$
|
523
|
|
|
$
|
10,115
|
|
September 30, 2017
|
12,816
|
|
|
—
|
|
|
(3,286
|
)
|
|
418
|
|
|
(468
|
)
|
|
9,480
|
|
Years ending September 30:
|
Pension Benefits
|
|
Other Postretirement Benefits
|
||||
|
|
|
|
||||
2019
|
$
|
10,348
|
|
|
$
|
1,075
|
|
2020
|
10,602
|
|
|
1,036
|
|
||
2021
|
11,141
|
|
|
1,062
|
|
||
2022
|
12,408
|
|
|
1,098
|
|
||
2023
|
12,772
|
|
|
1,117
|
|
||
2024-2028
|
72,916
|
|
|
6,062
|
|
||
|
$
|
130,187
|
|
|
$
|
11,450
|
|
|
|
Postretirement Benefit Plans
|
|
Currency Translation Adjustment
|
|
Derivatives
|
|
Total
|
||||||||
Attributable to Matthews:
|
|
|
|
|
|
|
|
|
||||||||
Balance, September 30, 2015
|
|
$
|
(43,474
|
)
|
|
$
|
(104,604
|
)
|
|
$
|
(2,248
|
)
|
|
$
|
(150,326
|
)
|
OCI before reclassification
|
|
(16,901
|
)
|
|
(17,655
|
)
|
|
(3,230
|
)
|
|
(37,786
|
)
|
||||
Amounts reclassified from AOCI
|
(a)
|
4,325
|
|
|
—
|
|
(b)
|
1,919
|
|
|
6,244
|
|
||||
Net current-period OCI
|
|
(12,576
|
)
|
|
(17,655
|
)
|
|
(1,311
|
)
|
|
(31,542
|
)
|
||||
Balance, September 30, 2016
|
|
$
|
(56,050
|
)
|
|
$
|
(122,259
|
)
|
|
$
|
(3,559
|
)
|
|
$
|
(181,868
|
)
|
OCI before reclassification
|
|
6,536
|
|
|
9,352
|
|
|
7,043
|
|
|
22,931
|
|
||||
Amounts reclassified from AOCI
|
(a)
|
5,891
|
|
|
—
|
|
(b)
|
(1,069
|
)
|
|
4,822
|
|
||||
Net current-period OCI
|
|
12,427
|
|
|
9,352
|
|
|
5,974
|
|
|
27,753
|
|
||||
Balance, September 30, 2017
|
|
$
|
(43,623
|
)
|
|
$
|
(112,907
|
)
|
|
$
|
2,415
|
|
|
$
|
(154,115
|
)
|
OCI before reclassification
|
|
10,584
|
|
|
(22,053
|
)
|
|
6,095
|
|
|
(5,374
|
)
|
||||
Amounts reclassified from AOCI
|
(a)
|
5,047
|
|
|
—
|
|
(b)
|
(1,042
|
)
|
|
4,005
|
|
||||
Net current-period OCI
|
|
15,631
|
|
|
(22,053
|
)
|
|
5,053
|
|
|
(1,369
|
)
|
||||
Reclassification of AOCI tax effects
|
(c)
|
(9,884
|
)
|
|
—
|
|
(c)
|
1,070
|
|
|
(8,814
|
)
|
||||
Balance, September 30, 2018
|
|
$
|
(37,876
|
)
|
|
$
|
(134,960
|
)
|
|
$
|
8,538
|
|
|
$
|
(164,298
|
)
|
|
|
|
|
|
|
|
|
|
||||||||
Attributable to noncontrolling interest:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Balance, September 30, 2015
|
|
$
|
—
|
|
|
$
|
366
|
|
|
$
|
—
|
|
|
$
|
366
|
|
OCI before reclassification
|
|
—
|
|
|
(89
|
)
|
|
—
|
|
|
(89
|
)
|
||||
Net current-period OCI
|
|
—
|
|
|
(89
|
)
|
|
—
|
|
|
(89
|
)
|
||||
Balance, September 30, 2016
|
|
$
|
—
|
|
|
$
|
277
|
|
|
$
|
—
|
|
|
$
|
277
|
|
OCI before reclassification
|
|
—
|
|
|
119
|
|
|
—
|
|
|
119
|
|
||||
Net current-period OCI
|
|
—
|
|
|
119
|
|
|
—
|
|
|
119
|
|
||||
Balance, September 30, 2017
|
|
$
|
—
|
|
|
$
|
396
|
|
|
$
|
—
|
|
|
$
|
277
|
|
OCI before reclassification
|
|
—
|
|
|
71
|
|
|
—
|
|
|
71
|
|
||||
Net current-period OCI
|
|
—
|
|
|
71
|
|
|
—
|
|
|
71
|
|
||||
Balance, September 30, 2018
|
|
$
|
—
|
|
|
$
|
467
|
|
|
$
|
—
|
|
|
$
|
348
|
|
(a)
|
Amounts were included in net periodic benefit cost for pension and other postretirement benefit plans (see Note 12).
|
(b)
|
Amounts were included in interest expense in the periods the hedged item affected earnings (see Note 8).
|
(c)
|
Amounts were reclassified from AOCI to retained earnings through adoption of ASU 2018-02 (see Note 3).
|
|
2018
|
|
2017
|
||||
Cumulative foreign currency translation
|
$
|
(134,960
|
)
|
|
$
|
(112,907
|
)
|
Fair value of derivatives, net of tax of $2,771 and $1,544, respectively
|
8,538
|
|
|
2,415
|
|
||
Minimum pension liabilities, net of tax of $12,076 and $27,114, respectively
|
(37,876
|
)
|
|
(43,623
|
)
|
||
|
$
|
(164,298
|
)
|
|
$
|
(154,115
|
)
|
Details about AOCI Components
|
|
September 30, 2018
|
|
September 30, 2017
|
|
September 30, 2016
|
|
Affected line item in the Statement of Income
|
||||||
Postretirement benefit plans
|
|
|
|
|
|
|
|
|
||||||
Prior service (cost) credit
|
(a)
|
$
|
333
|
|
|
$
|
376
|
|
|
$
|
378
|
|
|
|
Actuarial losses
|
(a)
|
(7,018
|
)
|
|
(10,034
|
)
|
|
(7,468
|
)
|
|
|
|||
|
(b)
|
(6,685
|
)
|
|
(9,658
|
)
|
|
(7,090
|
)
|
|
Income before income tax
|
|||
|
|
(1,638
|
)
|
|
(3,767
|
)
|
|
(2,765
|
)
|
|
Income taxes
|
|||
|
|
$
|
(5,047
|
)
|
|
$
|
(5,891
|
)
|
|
$
|
(4,325
|
)
|
|
Net income
|
Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|||
Interest rate swap contracts
|
|
$
|
1,380
|
|
|
$
|
1,752
|
|
|
$
|
(3,146
|
)
|
|
Interest expense
|
|
(b)
|
1,380
|
|
|
1,752
|
|
|
(3,146
|
)
|
|
Income before income tax
|
|||
|
|
338
|
|
|
683
|
|
|
(1,227
|
)
|
|
Income taxes
|
|||
|
|
$
|
1,042
|
|
|
$
|
1,069
|
|
|
$
|
(1,919
|
)
|
|
Net income
|
(a)
|
Amounts are included in the computation of pension and other postretirement benefit expense, which is reported in both cost of goods sold and selling and administrative expenses. For additional information, see Note 12.
|
|
2018
|
|
2017
|
|
2016
|
||||||
Current:
|
|
|
|
|
|
||||||
Federal
|
$
|
(2,577
|
)
|
|
$
|
1,542
|
|
|
$
|
18,733
|
|
State
|
1,051
|
|
|
628
|
|
|
1,829
|
|
|||
Foreign
|
15,533
|
|
|
10,459
|
|
|
12,482
|
|
|||
|
14,007
|
|
|
12,629
|
|
|
33,044
|
|
|||
Deferred:
|
|
|
|
|
|
||||||
Federal
|
(24,094
|
)
|
|
11,887
|
|
|
(3,066
|
)
|
|||
State
|
1,315
|
|
|
905
|
|
|
(2,412
|
)
|
|||
Foreign
|
(346
|
)
|
|
(3,067
|
)
|
|
1,507
|
|
|||
|
(23,125
|
)
|
|
9,725
|
|
|
(3,971
|
)
|
|||
Total
|
$
|
(9,118
|
)
|
|
$
|
22,354
|
|
|
$
|
29,073
|
|
|
2018
|
|
2017
|
|
2016
|
|||
Federal statutory tax rate
|
24.5
|
%
|
|
35.0
|
%
|
|
35.0
|
%
|
Effect of state income taxes, net of federal deduction
|
2.2
|
%
|
|
1.4
|
%
|
|
(0.6
|
)%
|
Foreign taxes greater (less) than federal statutory rate
|
1.4
|
%
|
|
(7.2
|
)%
|
|
(3.5
|
)%
|
Share-based compensation
|
(0.6
|
)%
|
|
(1.2
|
)%
|
|
—
|
%
|
U.S. manufacturing incentive
|
(1.3
|
)%
|
|
(1.8
|
)%
|
|
(0.9
|
)%
|
Tax credits
|
(2.7
|
)%
|
|
(2.6
|
)%
|
|
0.9
|
%
|
Tax deductible basis difference
|
(1.5
|
)%
|
|
—
|
%
|
|
—
|
%
|
Transition tax
|
9.0
|
%
|
|
—
|
%
|
|
—
|
%
|
U.S. statutory tax rate change on temporary differences
|
(38.7
|
)%
|
|
—
|
%
|
|
—
|
%
|
Other
|
(1.6
|
)%
|
|
(0.4
|
)%
|
|
(0.4
|
)%
|
Effective tax rate
|
(9.3
|
)%
|
|
23.2
|
%
|
|
30.5
|
%
|
|
2018
|
|
2017
|
||||
Deferred tax assets:
|
|
|
|
||||
Pension and postretirement benefits
|
$
|
24,597
|
|
|
$
|
45,654
|
|
Accruals and reserves not currently deductible
|
9,596
|
|
|
20,579
|
|
||
Income tax credit carryforward
|
3,216
|
|
|
3,313
|
|
||
Operating and capital loss carryforwards
|
20,807
|
|
|
23,610
|
|
||
Stock options
|
5,157
|
|
|
8,614
|
|
||
Other
|
3,963
|
|
|
2,782
|
|
||
Total deferred tax assets
|
67,336
|
|
|
104,552
|
|
||
Valuation allowances
|
(14,137
|
)
|
|
(20,866
|
)
|
||
Net deferred tax assets
|
53,199
|
|
|
83,686
|
|
||
|
|
|
|
||||
Deferred tax liabilities:
|
|
|
|
|
|
||
Depreciation
|
(16,156
|
)
|
|
(4,763
|
)
|
||
Unrealized gains and losses
|
(8,637
|
)
|
|
(10,446
|
)
|
||
Goodwill and intangible assets
|
(147,571
|
)
|
|
(203,957
|
)
|
||
Other
|
(517
|
)
|
|
(1,494
|
)
|
||
|
(172,881
|
)
|
|
(220,660
|
)
|
||
|
|
|
|
||||
Net deferred tax liability
|
$
|
(119,682
|
)
|
|
$
|
(136,974
|
)
|
|
2018
|
|
2017
|
|
2016
|
||||||
Balance, beginning of year
|
$
|
7,968
|
|
|
$
|
13,820
|
|
|
$
|
4,086
|
|
Increases for tax positions of prior years
|
7,886
|
|
|
839
|
|
|
5,762
|
|
|||
Decreases for tax positions of prior years
|
—
|
|
|
(5,890
|
)
|
|
(166
|
)
|
|||
Increases based on tax positions related to the current year
|
882
|
|
|
378
|
|
|
5,456
|
|
|||
Decreases due to lapse of statute of limitation
|
(1,909
|
)
|
|
(1,179
|
)
|
|
(1,318
|
)
|
|||
Balance, end of year
|
$
|
14,827
|
|
|
$
|
7,968
|
|
|
$
|
13,820
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
Current assets:
|
|
|
|
|
|
||||||
Accounts receivable
|
$
|
(790
|
)
|
|
$
|
(7,045
|
)
|
|
$
|
(10,632
|
)
|
Inventories
|
(2,869
|
)
|
|
(2,289
|
)
|
|
10,453
|
|
|||
Other current assets
|
(16,293
|
)
|
|
4,447
|
|
|
12,434
|
|
|||
|
(19,952
|
)
|
|
(4,887
|
)
|
|
12,255
|
|
|||
Current liabilities:
|
|
|
|
|
|
|
|
|
|||
Trade accounts payable
|
2,516
|
|
|
5,672
|
|
|
(11,083
|
)
|
|||
Accrued compensation
|
(10,940
|
)
|
|
(2,469
|
)
|
|
147
|
|
|||
Accrued income taxes
|
(9,973
|
)
|
|
5,054
|
|
|
4,079
|
|
|||
Other current liabilities
|
28,415
|
|
|
2,414
|
|
|
8,317
|
|
|||
|
10,018
|
|
|
10,671
|
|
|
1,460
|
|
|||
Net change
|
$
|
(9,934
|
)
|
|
$
|
5,784
|
|
|
$
|
13,715
|
|
|
SGK Brand Solutions
|
|
Memorialization
|
|
Industrial Technologies
|
|
Other
|
|
Consolidated
|
||||||||||
Sales to external customers:
|
|||||||||||||||||||
2018
|
$
|
805,274
|
|
|
$
|
631,392
|
|
|
$
|
165,914
|
|
|
$
|
—
|
|
|
$
|
1,602,580
|
|
2017
|
770,181
|
|
|
615,882
|
|
|
129,545
|
|
|
—
|
|
|
1,515,608
|
|
|||||
2016
|
755,975
|
|
|
610,142
|
|
|
114,347
|
|
|
—
|
|
|
1,480,464
|
|
|||||
Intersegment sales:
|
|||||||||||||||||||
2018
|
310
|
|
|
2
|
|
|
9
|
|
|
—
|
|
|
321
|
|
|||||
2017
|
356
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
358
|
|
|||||
2016
|
346
|
|
|
43
|
|
|
99
|
|
|
—
|
|
|
488
|
|
|||||
Depreciation and amortization:
|
|||||||||||||||||||
2018
|
47,055
|
|
|
20,005
|
|
|
5,796
|
|
|
4,118
|
|
|
76,974
|
|
|||||
2017
|
41,941
|
|
|
19,808
|
|
|
2,863
|
|
|
3,369
|
|
|
67,981
|
|
|||||
2016
|
41,238
|
|
|
19,223
|
|
|
2,503
|
|
|
2,516
|
|
|
65,480
|
|
|||||
Operating profit:
|
|||||||||||||||||||
2018
|
35,443
|
|
|
86,370
|
|
|
11,021
|
|
|
—
|
|
|
132,834
|
|
|||||
2017
|
24,919
|
|
|
80,652
|
|
|
7,032
|
|
|
—
|
|
|
112,603
|
|
|||||
2016
|
42,909
|
|
|
68,252
|
|
|
7,654
|
|
|
—
|
|
|
118,815
|
|
|||||
Total assets:
|
|||||||||||||||||||
2018
|
1,300,785
|
|
|
814,800
|
|
|
198,864
|
|
|
61,036
|
|
|
2,375,485
|
|
|||||
2017
|
1,276,295
|
|
|
741,148
|
|
|
161,472
|
|
|
65,734
|
|
|
2,244,649
|
|
|||||
2016
|
1,177,816
|
|
|
735,985
|
|
|
122,179
|
|
|
55,061
|
|
|
2,091,041
|
|
|||||
Capital expenditures:
|
|||||||||||||||||||
2018
|
22,133
|
|
|
15,513
|
|
|
2,577
|
|
|
2,977
|
|
|
43,200
|
|
|||||
2017
|
22,941
|
|
|
8,078
|
|
|
4,622
|
|
|
9,294
|
|
|
44,935
|
|
|||||
2016
|
22,043
|
|
|
11,870
|
|
|
3,461
|
|
|
4,308
|
|
|
41,682
|
|
|
SGK Brand Solutions
|
|
Memorialization
|
|
Industrial Technologies
|
|
Consolidated
|
||||||||
Goodwill
|
$
|
458,510
|
|
|
$
|
347,116
|
|
|
$
|
56,615
|
|
|
$
|
862,241
|
|
Accumulated impairment losses
|
(5,752
|
)
|
|
(5,000
|
)
|
|
—
|
|
|
(10,752
|
)
|
||||
Balance at September 30, 2016
|
452,758
|
|
|
342,116
|
|
|
56,615
|
|
|
851,489
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Additions during period
|
21,361
|
|
|
158
|
|
|
11,694
|
|
|
33,213
|
|
||||
Translation and other adjustments
|
12,024
|
|
|
233
|
|
|
835
|
|
|
13,092
|
|
||||
Goodwill
|
491,895
|
|
|
347,507
|
|
|
69,144
|
|
|
908,546
|
|
||||
Accumulated impairment losses
|
(5,752
|
)
|
|
(5,000
|
)
|
|
—
|
|
|
(10,752
|
)
|
||||
Balance at September 30, 2017
|
486,143
|
|
|
342,507
|
|
|
69,144
|
|
|
897,794
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Additions during period
|
8,743
|
|
|
29,059
|
|
|
22,877
|
|
|
60,679
|
|
||||
Translation and other adjustments
|
(9,568
|
)
|
|
(16
|
)
|
|
5
|
|
|
(9,579
|
)
|
||||
Goodwill
|
491,070
|
|
|
376,550
|
|
|
92,026
|
|
|
959,646
|
|
||||
Accumulated impairment losses
|
(5,752
|
)
|
|
(5,000
|
)
|
|
—
|
|
|
(10,752
|
)
|
||||
Balance at September 30, 2018
|
$
|
485,318
|
|
|
$
|
371,550
|
|
|
$
|
92,026
|
|
|
$
|
948,894
|
|
|
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
|
||||||
September 30, 2018
|
|
|
|
|
|
||||||
Trade names
|
$
|
126,047
|
|
|
$
|
—
|
|
*
|
$
|
126,047
|
|
Trade names
|
53,523
|
|
|
(5,444
|
)
|
|
48,079
|
|
|||
Customer relationships
|
372,382
|
|
|
(110,760
|
)
|
|
261,622
|
|
|||
Copyrights/patents/other
|
20,848
|
|
|
(12,686
|
)
|
|
8,162
|
|
|||
|
$
|
572,800
|
|
|
$
|
(128,890
|
)
|
|
$
|
443,910
|
|
|
|
|
|
|
|
||||||
September 30, 2017
|
|
|
|
|
|
|
|
|
|||
Trade names
|
$
|
168,467
|
|
|
$
|
—
|
|
*
|
$
|
168,467
|
|
Trade names
|
5,522
|
|
|
(2,030
|
)
|
|
3,492
|
|
|||
Customer relationships
|
333,632
|
|
|
(84,560
|
)
|
|
249,072
|
|
|||
Copyrights/patents/other
|
14,787
|
|
|
(11,436
|
)
|
|
3,351
|
|
|||
|
$
|
522,408
|
|
|
$
|
(98,026
|
)
|
|
$
|
424,382
|
|
*Not subject to amortization
|
|
|
|
|
|
|
|
|
|
|
|
Additions
|
|
|
|
|
||||||||||||
Description
|
Balance at Beginning of Period
|
|
Charged to Expense
|
|
Charged to other Accounts(1)
|
|
Deductions(2)
|
|
Balance at End of Period
|
||||||||||
|
(Dollar amounts in thousands)
|
|
|
||||||||||||||||
Allowance for Doubtful Accounts:
|
|
|
|
|
|
|
|
|
|
||||||||||
Fiscal Year Ended:
|
|
|
|
|
|
|
|
|
|
||||||||||
September 30, 2018
|
$
|
11,622
|
|
|
$
|
855
|
|
|
$
|
762
|
|
|
$
|
(2,081
|
)
|
|
$
|
11,158
|
|
September 30, 2017
|
11,516
|
|
|
1,733
|
|
|
642
|
|
|
(2,269
|
)
|
|
11,622
|
|
|||||
September 30, 2016
|
10,015
|
|
|
3,055
|
|
|
435
|
|
|
(1,989
|
)
|
|
11,516
|
|
(1)
|
Amount comprised principally of acquisitions and purchase accounting adjustments in connection with acquisitions, and amounts reclassified to other accounts.
|
(2)
|
Amounts determined not to be collectible (including direct write-offs), net of recoveries.
|
Description
|
Balance at Beginning of Period
|
|
Provision Charged (Credited) To Expense(1)
|
|
Allowance Changes(2)
|
|
Other Deductions(3)
|
|
Balance at End of Period
|
||||||||||
|
(Dollar amounts in thousands)
|
|
|
||||||||||||||||
Deferred Tax Asset Valuation Allowance:
|
|
|
|
|
|
|
|
|
|
||||||||||
Fiscal Year Ended:
|
|
|
|
|
|
|
|
|
|
||||||||||
September 30, 2018
|
$
|
20,866
|
|
|
$
|
2,482
|
|
|
$
|
(8,510
|
)
|
|
$
|
(701
|
)
|
|
$
|
14,137
|
|
September 30, 2017
|
22,412
|
|
|
(1,279
|
)
|
|
—
|
|
|
(267
|
)
|
|
20,866
|
|
|||||
September 30, 2016
|
20,977
|
|
|
2,438
|
|
|
—
|
|
|
(1,003
|
)
|
|
22,412
|
|
(1)
|
Amounts relate primarily to adjustments in net operating loss carryforwards which are precluded from use.
|
(2)
|
Fiscal 2018 amounts primarily reflect the release of valuation allowances due to the termination of net operating loss carryforwards upon the liquidation of non-U.S. holding companies as part of an entity reduction plan.
|
(3)
|
Consists principally of adjustments related to foreign exchange.
|
|
Equity Compensation Plan Information
|
|
|
|
||||||
Plan category
|
Number of securities
to be issued upon
exercise of
outstanding options,
warrants and rights
|
|
Weighted-average
exercise price
of outstanding
options, warrants
and rights
|
|
Number of securities
remaining available
for future issuance
under equity
compensation plans
(excluding
securities reflected
in column (a))
|
|
||||
|
(a)
|
|
(b)
|
|
(c)
|
|
||||
Equity compensation plans approved by security holders:
|
|
|
|
|
|
|
||||
1992 Stock Incentive Plan
|
—
|
|
|
$
|
—
|
|
|
—
|
|
(1)
|
2007 Equity Incentive Plan
|
—
|
|
|
—
|
|
|
—
|
|
(2)
|
|
2012 Equity Incentive Plan
|
—
|
|
|
—
|
|
|
—
|
|
(3)
|
|
2017 Equity Incentive Plan
|
—
|
|
|
—
|
|
|
1,700,000
|
|
(4)
|
|
Employee Stock Purchase Plan
|
—
|
|
|
—
|
|
|
1,508,610
|
|
(5)
|
|
1994 Director Fee Plan
|
10,105
|
|
|
—
|
|
|
—
|
|
(6)
|
|
Amended and Restated 2014 Director Fee Plan
|
12,640
|
|
|
—
|
|
|
67,281
|
|
(7)
|
|
Equity compensation plans not approved by security holders
|
None
|
|
|
None
|
|
|
None
|
|
|
|
Total
|
22,745
|
|
|
$
|
—
|
|
|
3,275,891
|
|
|
(1)
|
As a result of the approval of the 2007 Equity Incentive Plan, no further grants or awards will be made under the 1992 Incentive Stock Plan.
|
(2)
|
As a result of the approval of the 2012 Equity Incentive Plan, no further grants or awards will be made under the 2007 Incentive Stock Plan.
|
(3)
|
As a result of the approval of the 2017 Equity Incentive Plan, no further grants or awards will be made under the 2012 Incentive Stock Plan.
|
(4)
|
The 2017 Equity Incentive Plan was approved in February 2018. The Plan provides for the grant or award of stock options, restricted shares, stock-based performance units and certain other types of stock based awards, with a maximum of
1,700,000
shares available for grants or awards.
|
(5)
|
Shares under the Employee Stock Purchase Plan (the "Plan") are purchased in the open market by employees at the fair market value of the Company's stock. The Company provides a matching contribution of 10% of such purchases subject to certain limitations under the Plan. As the Plan is an open market purchase plan, it does not have a dilutive effect.
|
(6)
|
As a result of the approval of the Amended and Restated 2014 Director Fee Plan, no further grants or awards will be made under the 1994 Director Fee Plan.
|
(7)
|
Shares of restricted stock may be issued under the Amended and Restated 2014 Director Fee Plan. The maximum number of shares authorized to be issued under this plan is
150,000
shares.
|
|
Pages
|
Management's Report to Shareholders
|
|
|
|
Report of Independent Registered Public Accounting Firm
|
|
|
|
Report of Independent Registered Public Accounting Firm
|
|
|
|
Consolidated Balance Sheets as of September 30, 2018 and 2017
|
|
|
|
Consolidated Statements of Income for the years ended September 30, 2018, 2017 and 2016
|
|
|
|
Consolidated Statements of Comprehensive Income for the years ended September 30, 2018, 2017
and 2016
|
|
|
|
Consolidated Statements of Shareholders' Equity for the years ended September 30, 2018, 2017 and 2016
|
|
|
|
Consolidated Statements of Cash Flows for the years ended September 30, 2018, 2017 and 2016
|
|
|
|
Notes to Consolidated Financial Statements
|
|
|
|
Supplementary Financial Information (unaudited)
|
|
|
Schedule II - Valuation and Qualifying Accounts
|
|
|
Exhibits Index
|
Exhibit No.
|
|
Description
|
|
Prior Filing or Sequential Page Numbers Herein
|
|
|
|
|
|
2.1
|
|
|
Exhibit Number 2.1 to the Current Report on Form 8-K filed on June 11, 2015
|
|
|
|
|
|
|
3.1
|
|
Restated Articles of Incorporation*
|
|
Exhibit Number 3.1 to the Annual Report on Form 10-K for the year ended September 30, 1994
|
|
|
|
|
|
3.2
|
|
|
Exhibit Number 3.1 to the Current Report on Form 8-K filed on July 26, 2017
|
|
|
|
|
|
|
4.1 a
|
|
Form of Revised Option Agreement of Repurchase (effective October 1, 1993)*
|
|
Exhibit Number 4.5 to the Annual Report on Form 10-K for the year ended September 30, 1993
|
|
|
|
|
|
4.2
|
|
Form of Share Certificate for Class A Common Stock*
|
|
Exhibit Number 4.9 to the Annual Report on Form 10-K for the year ended September 30, 1994
|
|
|
|
|
|
4.3
|
|
|
Exhibit Number 4.1 to the Current Report on Form 8-K filed on December 7, 2017
|
|
|
|
|
|
|
4.4
|
|
|
Exhibit Number 4.2 to the Current Report on Form 8-K filed on December 7, 2017
|
|
|
|
|
|
|
10.1
|
|
|
Exhibit Number 10.1 to the Current Report on Form 8-K filed on April 28, 2016
|
|
|
|
|
|
|
10.2
|
|
|
Exhibit Number 10.1 to the Current Report on Form 8-K filed on November 22, 2017
|
|
|
|
|
|
|
10.3
|
|
|
Exhibit Number 10.1 to the Current Report on Form 8-K filed on December 7, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit No.
|
|
Description
|
|
Prior Filing or Sequential Page Numbers Herein
|
|
|
|
|
|
10.4
|
|
|
Exhibit Number 10.2 to the Current Report on Form 8-K filed on March 19, 2014
|
|
|
|
|
|
|
10.5 a
|
|
|
Exhibit A to the Definitive Proxy Statement on Schedule 14A filed on January 20, 2015
|
|
|
|
|
|
|
10.6 a
|
|
|
Exhibit Number 10.1 to the Current Report on Form 8-K filed on May 16, 2016
|
|
|
|
|
|
|
10.7 a
|
|
|
Exhibit Number 10.5 to the Annual Report on Form 10-K for the year ended September 30, 2010
|
|
|
|
|
|
|
10.8 a
|
|
|
Exhibit Number 10.6 to the Annual Report on Form 10-K for the year ended September 30, 2009
|
|
|
|
|
|
|
10.9 a
|
|
|
Exhibit Number 10.1 to the Quarterly Report on Form 10-Q for the quarter ended March 31, 2006
|
|
|
|
|
|
|
10.10 a
|
|
|
Exhibit Number 10.7 to the Annual Report on Form 10-K for the year ended September 30, 2008
|
|
|
|
|
|
|
10.11 a
|
|
|
Exhibit Number 10.8 to the Annual Report on Form 10-K for the year ended September 30, 2008
|
|
|
|
|
|
|
10.12 a
|
|
|
Exhibit Number 10.7 to the Annual Report on Form 10-K for the year ended September 30, 2013
|
|
|
|
|
|
|
10.13 a
|
|
|
Exhibit Number 10.1 to the Quarterly Report on Form 10-Q for the quarter ended March 31, 2017
|
|
|
|
|
|
|
10.14 a
|
|
|
Exhibit Number 10.2 to the Quarterly Report on Form 10-Q for the quarter ended March 31, 1995
|
|
|
|
|
|
|
10.15 a
|
|
|
Exhibit Number 10.11 to the Annual Report on Form 10-K for the year ended September 30, 2008
|
|
|
|
|
|
|
10.16 a
|
|
|
Exhibit A to the Definitive Proxy Statement on Schedule 14A filed on January 22, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit No.
|
|
Description
|
|
Prior Filing or Sequential Page Numbers Herein
|
|
|
|
|
|
10.17 a
|
|
|
Exhibit A to the Definitive Proxy Statement on Schedule 14A filed on January 19, 2016
|
|
|
|
|
|
|
10.18 a
|
|
|
Exhibit A to the Definitive Proxy Statement on Schedule 14A filed on January 16, 2018
|
|
|
|
|
|
|
14.1
|
|
|
Exhibit Number 14.1 to the Annual Report on Form 10-K for the year ended September 30, 2004
|
|
|
|
|
|
|
21
|
|
|
Filed Herewith
|
|
|
|
|
|
|
23.1
|
|
|
Filed Herewith
|
|
|
|
|
|
|
31.1
|
|
|
Filed Herewith
|
|
|
|
|
|
|
31.2
|
|
|
Filed Herewith
|
|
|
|
|
|
|
32.1
|
|
|
Furnished Herewith
|
|
|
|
|
|
|
32.2
|
|
|
Furnished Herewith
|
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
Filed Herewith
|
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema
|
|
Filed Herewith
|
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
Filed Herewith
|
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase
|
|
Filed Herewith
|
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase
|
|
Filed Herewith
|
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
|
Filed Herewith
|
|
|
MATTHEWS INTERNATIONAL CORPORATION
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
By
|
/s/ Joseph C. Bartolacci
|
|
|
Joseph C. Bartolacci
|
|
|
President and Chief Executive Officer
|
|
|
|
/s/ Joseph C. Bartolacci
|
|
/s/ Steven F. Nicola
|
Joseph C. Bartolacci
|
|
Steven F. Nicola
|
President and Chief Executive Officer
|
|
Chief Financial Officer and Secretary
|
(Principal Executive Officer)
|
|
(Principal Financial and Accounting Officer)
|
|
|
|
|
|
|
|
|
|
/s/ John D. Turner
|
|
/s/ Morgan K. O'Brien
|
John D. Turner, Chairman of the Board
|
|
Morgan K. O'Brien, Director
|
|
|
|
|
|
|
|
|
|
/s/ Gregory S. Babe
|
|
/s/ Don W. Quigley, Jr.
|
Gregory S. Babe, Director
|
|
Don W. Quigley, Jr., Director
|
|
|
|
|
|
|
|
|
|
/s/ Katherine E. Dietze
|
|
/s/ David A. Schawk
|
Katherine E. Dietze, Director
|
|
David A. Schawk, Director
|
|
|
|
|
|
|
|
|
|
/s/ Terry L. Dunlap
|
|
/s/ Jerry R. Whitaker
|
Terry L. Dunlap, Director
|
|
Jerry R. Whitaker, Director
|
|
|
|
|
|
|
|
|
|
/s/ Alvaro Garcia-Tunon
|
|
|
Alvaro Garcia-Tunon, Director
|
|
|
|
|
|
Name
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage Ownership
|
||||||
IDL Worldwide, Inc.
|
|
100
|
|
||||||||||||||||
Matthews Development, LLC
|
|
100
|
|
||||||||||||||||
Matthews International Latam Holding Company, LLC
|
|
100
|
|
||||||||||||||||
The SLN Group, Inc.
|
|
100
|
|
||||||||||||||||
Equator Design, Inc.
|
|
100
|
|
||||||||||||||||
Faithful Forever Pet Loss Services LLC
|
|
100
|
|
||||||||||||||||
Pet Loss Services North America, LLC
|
|
100
|
|
||||||||||||||||
|
Greenbrier Pet Loss Services, LLC
|
|
100
|
|
|||||||||||||||
Kenuohua Matthews Electronic (Beijing) Company, Ltd.
|
|
60
|
|
||||||||||||||||
|
Kenuohua Matthews Marking Products (Tianjin) Co., Ltd.
|
|
100
|
|
|||||||||||||||
Matthews Canada Ltd.
|
|
100
|
|
||||||||||||||||
Matthews Industries, Inc.
|
|
100
|
|
||||||||||||||||
|
Matthews Bronze Pty. Ltd.
|
|
100
|
|
|||||||||||||||
|
C. Morello (Australia) Pty Ltd.
|
|
100
|
|
|||||||||||||||
Matthews International S.p.A.
|
|
100
|
|
||||||||||||||||
|
Caggiati Espana S.A.
|
|
100
|
|
|||||||||||||||
|
Caggiati France SARL
|
|
100
|
|
|||||||||||||||
|
Gem Matthews International s.r.l.
|
|
95
|
|
|||||||||||||||
|
Rottenecker-Caggiati GmbH
|
|
82
|
|
|||||||||||||||
Matthews Resources, Inc.
|
|
100
|
|
||||||||||||||||
Compass Engineering, Inc.
|
|
100
|
|
||||||||||||||||
Matthews Swedot AB
|
|
100
|
|
||||||||||||||||
|
Matthews Kodiersysteme GmbH
|
|
100
|
|
|||||||||||||||
Innovative Branding Technology Solutions, LLC
|
|
100
|
|
||||||||||||||||
The York Group, Inc.
|
|
100
|
|
||||||||||||||||
|
York Agency, Inc.
|
|
100
|
|
|||||||||||||||
|
Melton Company, Inc.
|
|
100
|
|
|||||||||||||||
|
Milso Industries Corporation
|
|
100
|
|
|||||||||||||||
|
New Liberty Casket Company LLC
|
|
50
|
|
|||||||||||||||
|
York Casket Development Company, Inc.
|
|
100
|
|
|||||||||||||||
|
Matthews Granite Company
|
|
100
|
|
|||||||||||||||
|
Matthews Aurora, LLC
|
|
100
|
|
|||||||||||||||
|
|
Aurora Products Group LLC
|
|
100
|
|
||||||||||||||
|
|
|
Aurora Casket Company, LLC
|
|
100
|
|
|||||||||||||
|
|
|
|
Aurora Logistics, Inc.
|
|
100
|
|
||||||||||||
|
|
|
|
Aurora Southern, LLC
|
|
100
|
|
||||||||||||
|
|
|
|
Aurora E-Business Services, LLC
|
|
100
|
|
||||||||||||
|
|
|
|
Remembrance Products Group, LLC
|
|
100
|
|
||||||||||||
|
|
|
|
Aurora Essentials, LLC
|
|
100
|
|
||||||||||||
|
|
|
|
Aurora Cremation Solutions, LLC
|
|
100
|
|
Name
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage Ownership
|
||||||
|
|
|
|
Aurora Casket de Mexico S. de R.L. de C.V.
|
|
100
|
|
||||||||||||
|
|
|
|
Aurora St. Laurent, Inc.
|
|
100
|
|
||||||||||||
|
|
|
|
|
Alliance St.-Laurent Corporation
|
|
100
|
|
|||||||||||
Venetian Investment Corporation
|
|
100
|
|
||||||||||||||||
SGK LLC
|
|
100
|
|
||||||||||||||||
|
Schawk Japan Ltd.
|
|
100
|
|
|||||||||||||||
|
Schawk Thailand Ltd.
|
|
100
|
|
|||||||||||||||
|
Schawk Worldwide Holdings, Inc.
|
|
100
|
|
|||||||||||||||
|
|
Schawk Holdings Inc.
|
|
100
|
|
||||||||||||||
|
|
|
Miramar Equipment, Inc.
|
|
100
|
|
|||||||||||||
|
|
|
Schawk USA Inc.
|
|
100
|
|
|||||||||||||
|
|
|
|
Kedzie Aircraft, LLC
|
|
100
|
|
||||||||||||
|
|
|
|
Schawk LLC
|
|
100
|
|
||||||||||||
|
|
|
|
|
Schawk de Mexico SRL de CV
|
|
100
|
|
|||||||||||
|
|
|
|
|
|
Schawk Servicios Administrativos, S. de R.L. de CV
|
|
100
|
|
||||||||||
|
|
|
|
Schawk Latin America Holdings, LLC
|
|
100
|
|
||||||||||||
|
|
|
|
|
Schawk do Brasil Gestao de Marcas Ltda.
|
|
100
|
|
|||||||||||
|
|
|
|
|
Schawk Panama Services, S de RL
|
|
100
|
|
|||||||||||
|
|
|
Schawk Digital Solutions, Inc.
|
|
100
|
|
|||||||||||||
|
|
|
Seven Worldwide (UK) Limited
|
|
100
|
|
|||||||||||||
|
|
|
Seven Seattle, Inc.
|
|
100
|
|
|||||||||||||
|
|
|
MATW North America Holding LLC
|
|
100
|
|
|||||||||||||
|
|
|
MATW UK Holding LLP
|
|
100
|
|
|||||||||||||
|
|
|
|
MATW U.S. Holding LLC
|
|
100
|
|
||||||||||||
|
|
|
|
Schawk Wace Group
|
|
100
|
|
||||||||||||
|
|
|
|
|
The InTouch Group Limited
|
|
100
|
|
|||||||||||
|
|
|
|
|
Guidance Automation Limited
|
|
100
|
|
|||||||||||
|
|
|
|
|
GJ Creative Limited
|
|
100
|
|
|||||||||||
|
|
|
|
|
|
Absolute 2 Design Limited
|
|
100
|
|
||||||||||
|
|
|
|
|
|
Equator (GJ) Limited
|
|
100
|
|
||||||||||
|
|
|
|
|
|
Equator (SA) Limited
|
|
100
|
|
||||||||||
|
|
|
|
|
|
Equator SA Limited
|
|
100
|
|
||||||||||
|
|
|
|
|
|
Equator Design Agency Australia PTY LIMITED
|
|
100
|
|
||||||||||
|
|
|
|
|
MATW Holding LLC
|
|
100
|
|
|||||||||||
|
|
|
|
|
|
Matthews Corporation Holding Company (UK) Limited
|
|
100
|
|
||||||||||
|
|
|
|
|
|
Furnace Construction Cremators Limited
|
|
100
|
|
||||||||||
|
|
|
|
|
|
Matthews Environmental Solutions Limited
|
|
100
|
|
||||||||||
|
|
|
|
|
Schawk Canada Inc.
|
|
100
|
|
|||||||||||
|
|
|
|
|
|
Protopak Innovations, Inc.
|
|
100
|
|
||||||||||
|
|
|
|
|
Schawk Germany GmbH
|
|
100
|
|
|||||||||||
|
|
|
|
|
Desgrippes Gobe Group (Yuan Hosea)
|
|
100
|
|
|||||||||||
|
|
|
|
|
Schawk UK Ltd.
|
|
100
|
|
|||||||||||
|
|
|
|
|
|
M3dia Limited
|
|
100
|
|
||||||||||
|
|
|
|
|
|
Matthews Brands Solutions (UK) Limited
|
|
100
|
|
||||||||||
|
|
|
|
|
|
PM Colour Limited
|
|
100
|
|
Name
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage Ownership
|
||||||
|
|
|
|
|
|
InTouch Reprographic Limited
|
|
100
|
|
||||||||||
|
|
|
|
|
|
M3dia Projects Limited
|
|
51
|
|
||||||||||
|
|
|
|
|
|
VCG (Holdings) Limited
|
|
100
|
|
||||||||||
|
|
|
|
|
|
|
VCG Colourlink Limited
|
|
100
|
|
|||||||||
|
|
|
|
|
|
|
VCG Connect Limited
|
|
100
|
|
|||||||||
|
|
|
|
|
|
|
VCG Catapult Ltd.
|
|
100
|
|
|||||||||
|
|
|
|
|
|
|
VCG Kestrel Limited
|
|
100
|
|
|||||||||
|
|
|
|
|
|
|
VCG Oasis Ltd.
|
|
100
|
|
|||||||||
|
|
|
|
|
Schawk UK Corporate Packaging
|
|
100
|
|
|||||||||||
|
|
|
|
|
Schawk UK Holdings Ltd.
|
|
100
|
|
|||||||||||
|
|
|
|
|
Schawk Luxembourg SARL
|
|
100
|
|
|||||||||||
|
|
|
|
|
Brandimage Degrippes and LAGA SAS
|
|
100
|
|
|||||||||||
|
|
|
|
|
|
Brandimage Belgique Holding SA
|
|
100
|
|
||||||||||
|
|
|
|
|
|
|
Brandimage Desgrippes and LAGA SA
|
|
100
|
|
|||||||||
|
|
|
|
|
Brandmark International Holding B.V.
|
|
100
|
|
|||||||||||
|
|
|
|
|
|
Anthem NL BV
|
|
100
|
|
||||||||||
|
|
|
|
|
Schawk Imaging Sdn. Bhd.
|
|
100
|
|
|||||||||||
|
|
|
|
|
Schawk Spain S.L.
|
|
100
|
|
|||||||||||
|
|
|
|
|
Schawk Poland Sp z.o.o.
|
|
100
|
|
|||||||||||
|
|
|
|
|
Schawk Belgium BVBA
|
|
100
|
|
|||||||||||
|
|
|
|
|
Schawk Asia Pacific Pte Ltd.
|
|
100
|
|
|||||||||||
|
|
|
|
|
|
Schawk India Pvt Ltd.
|
|
100
|
|
||||||||||
|
|
|
|
|
|
Schawk Holdings Australia Pty Ltd.
|
|
100
|
|
||||||||||
|
|
|
|
|
|
|
Anthem! Design Pty. Limited
|
|
100
|
|
|||||||||
|
|
|
|
|
|
|
Marque Brand Consultants Pty Ltd.
|
|
100
|
|
|||||||||
|
|
|
|
|
|
|
Schawk Australia Pty. Limited
|
|
100
|
|
|||||||||
|
|
|
|
|
Schawk Hong Kong Ltd.
|
|
100
|
|
|||||||||||
|
|
|
|
|
|
Desgripes Gobe Group (HK) Ltd.
|
|
100
|
|
||||||||||
|
|
|
|
|
|
Desgrippes (Shanghai) Brand Consulting Co Ltd.
|
|
100
|
|
||||||||||
|
|
|
|
|
|
Schawk Anthem Shenzhen Co Ltd.
|
|
100
|
|
||||||||||
|
|
|
|
|
|
Schawk Imaging (Shanghai) Co.
|
|
100
|
|
||||||||||
|
|
|
|
|
Matthews International Corporation Costa Rica S.R.L.
|
|
100
|
|
|||||||||||
|
|
|
|
|
MATW Netherlands Holding B.V.
|
|
100
|
|
|||||||||||
|
|
|
|
|
|
Matthews International Holding (Europe) B.V.
|
|
100
|
|
||||||||||
|
|
|
|
|
|
Matthews International Netherlands B.V.
|
|
100
|
|
||||||||||
|
|
|
|
|
|
|
Matthews Brand Solutions, S. de R.L. de CV
|
|
100
|
|
|||||||||
|
|
|
|
|
|
|
Saueressig Baski Oncesi Hazirlik Sistemier Sanaji ve Tricarct Amonin Sirketi
|
100
|
|
||||||||||
|
|
|
|
|
|
|
Matthews International Brasil Servicos de Marketing e Branding Ltda.
|
|
100
|
|
|||||||||
|
|
|
|
|
|
|
Matthews Europe GmbH & Co. KG
|
|
100
|
|
|||||||||
|
|
|
|
|
|
|
|
5flow GmbH
|
|
100
|
|
||||||||
|
|
|
|
|
|
|
|
Matthews Europe Verwaltungs GmbH
|
|
100
|
|
||||||||
|
|
|
|
|
|
|
|
S+T Reprotechnick GmbH
|
|
100
|
|
||||||||
|
|
|
|
|
|
|
|
|
Reproservice Eurodigital GmbH
|
|
100
|
|
|||||||
|
|
|
|
|
|
|
|
|
Repro Busek Druckvorstufentechnick GmbH
|
|
100
|
|
|||||||
|
|
|
|
|
|
|
|
|
Repro Busek Druckvorstufentechnick GmbH & Co. KG
|
|
100
|
|
Name
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage Ownership
|
||||||
|
|
|
|
|
|
|
|
|
Rudolf Reproflex GmbH
|
|
100
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Reproflex GmbH Leipzig
|
|
100
|
|
||||||
|
|
|
|
|
|
|
|
|
|
IDL Crack Europe GmbH
|
|
100
|
|
||||||
|
|
|
|
|
|
|
|
|
Klischeewerkstatt Scholler GmbH
|
|
100
|
|
|||||||
|
|
|
|
|
|
|
|
|
Tact Group Ltd.
|
|
100
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Shenzen Jun Ye Design & Production Ltd.
|
|
100
|
|
||||||
|
|
|
|
|
|
|
|
|
Reproflex Vietnam Limited Company
|
|
60
|
|
|||||||
|
|
|
|
|
|
|
|
|
TWL Nyomdaipari es Kereskedeimi Koriatolt Felelossegu Tarsasag
|
100
|
|
||||||||
|
|
|
|
|
|
|
|
Matthews International Holding GmbH
|
|
100
|
|
||||||||
|
|
|
|
|
|
|
|
|
Matthews Verwaltungs GmbH
|
|
100
|
|
|||||||
|
|
|
|
|
|
|
|
|
A. + E. Ungricht GmbH + Co KG
|
|
100
|
|
|||||||
|
|
|
|
|
|
|
|
|
Dornbusch Engraving GmbH
|
|
100
|
|
|||||||
|
|
|
|
|
|
|
|
|
Saueressig Polska Sp. z.o.o.
|
|
67
|
|
|||||||
|
|
|
|
|
|
|
|
|
Saueressig Geschaftsfuhrungs mbH
|
|
100
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Saueressig GmbH & Co. KG
|
|
100
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
Saueressig 000
|
|
100
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
Saueressig Design Studio GmbH
|
|
70
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
Saueressig Flexo GmbH & Co KG
|
|
100
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
Saueressig Flexo Geschaftsfuhrungs GmbH
|
|
100
|
|
|||||
|
|
|
|
|
|
|
Wetzel Holding AG
|
|
100
|
|
|||||||||
|
|
|
|
|
|
|
|
Wetzel Service AG
|
|
100
|
|
||||||||
|
|
|
|
|
|
|
|
|
Wetzel GmbH
|
|
100
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
Saueressig Polska Sp. z.o.o.
|
|
33
|
|