Pennsylvania | 25-0644320 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Class A Common Stock, $1.00 par value | MATW | Nasdaq Global Select Market | ||||||||||||
Securities registered pursuant to Section 12(g) of the Act: None |
Large accelerated filer | ☒ | Accelerated filer | ☐ | |||||||||||
Non-accelerated filer | ☐ | |||||||||||||
Smaller reporting company | ☐ | Emerging growth company | ☐ |
Years Ended September 30, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
Sales to external customers: | (Dollar amounts in thousands) | ||||||||||||||||
SGK Brand Solutions | $ | 693,093 | $ | 743,869 | $ | 805,274 | |||||||||||
Memorialization | 656,035 | 636,892 | 631,392 | ||||||||||||||
Industrial Technologies | 149,178 | 156,515 | 165,914 | ||||||||||||||
Consolidated Sales | $ | 1,498,306 | $ | 1,537,276 | $ | 1,602,580 | |||||||||||
Location | Description of Property | ||||||||||
SGK Brand Solutions: | |||||||||||
Chennai, India | Operating facility |
(1)
|
|||||||||
Cleckheaton, England | Operating facility |
(1)
|
|||||||||
Dachnow, Poland | Manufacturing |
(1)
|
|||||||||
East Butler, PA | Manufacturing |
(1)
|
|||||||||
Goslar, Germany | Manufacturing |
(1)
|
|||||||||
Grenzach-Wyhlen, Germany | Manufacturing | ||||||||||
Izmir, Turkey | Manufacturing | ||||||||||
Manchester, England | Manufacturing |
(1)
|
|||||||||
Minneapolis, MN | Operating facility | ||||||||||
Mississauga, Canada | Operating facility |
(1)
|
|||||||||
Mönchengladbach, Germany | Manufacturing |
(1)
|
|||||||||
Novgorod, Russia | Manufacturing | ||||||||||
Penang, Malaysia | Operating facility | ||||||||||
Vreden, Germany | Manufacturing and Operating facilities | ||||||||||
Memorialization: | |||||||||||
Pittsburgh, PA | Manufacturing / Division Offices | ||||||||||
Apopka, FL | Manufacturing / Division Offices | ||||||||||
Aurora, IN | Manufacturing | ||||||||||
Colorno, Italy | Manufacturing |
(1)
|
|||||||||
Dallas, TX | Distribution Hub |
(1)
|
|||||||||
Dandenong, Australia | Manufacturing |
(1)
|
|||||||||
Elberton, GA | Manufacturing | ||||||||||
Fontana, CA | Distribution Hub |
(1)
|
|||||||||
Harrisburg, PA | Distribution Hub |
(1)
|
|||||||||
Hyde, England | Manufacturing |
(1)
|
|||||||||
Indianapolis, IN | Distribution Hub |
(1)
|
|||||||||
Monterrey, Mexico | Manufacturing |
(1)
|
|||||||||
Richmond, IN | Manufacturing | ||||||||||
Searcy, AR | Manufacturing | ||||||||||
Stone Mountain, GA | Distribution Hub |
(1)
|
|||||||||
Whittier, CA | Manufacturing |
(1)
|
|||||||||
York, PA | Manufacturing | ||||||||||
Industrial Technologies: | |||||||||||
Pittsburgh, PA | Manufacturing / Division Offices | ||||||||||
Cincinnati, OH | Manufacturing / Distribution | ||||||||||
Gothenburg, Sweden | Manufacturing / Distribution |
(1)
|
|||||||||
Lima, Costa Rica | Manufacturing |
(1)
|
|||||||||
Pewaukee, WI | Manufacturing |
(1)
|
|||||||||
Wilsonville, OR | Manufacturing | ||||||||||
Corporate and Administrative Offices: | |||||||||||
Pittsburgh, PA | General Offices | ||||||||||
Des Plaines, IL | General Offices |
Name | Age | Positions with Registrant | ||||||||||||
Joseph C. Bartolacci | 60 | President and Chief Executive Officer | ||||||||||||
Gregory S. Babe | 63 | Chief Technology Officer | ||||||||||||
Davor Brkovich | 52 | Head of IT and Chief Information Officer | ||||||||||||
Marcy L. Campbell | 57 | Senior Vice President, Human Resources | ||||||||||||
Brian J. Dunn | 63 | Executive Vice President, Strategy and Corporate Development | ||||||||||||
Steven D. Gackenbach | 57 | Group President, Memorialization | ||||||||||||
Gary R. Kohl | 57 | President, SGK Brand Solutions | ||||||||||||
Robert M. Marsh | 52 | Vice President and Treasurer | ||||||||||||
Steven F. Nicola | 60 | Chief Financial Officer and Secretary | ||||||||||||
Brian D. Walters | 51 | Senior Vice President and General Counsel |
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 2019 | 9,800 | $ | 35.87 | 9,800 | 702,512 | |||||||||||||||||||||
November 2019 | 38,425 | 35.02 | 38,425 | 664,087 | ||||||||||||||||||||||
December 2019 | 3,879 | 38.10 | 3,879 | 660,208 | ||||||||||||||||||||||
January 2020 | 750 | 37.04 | 750 | 659,458 | ||||||||||||||||||||||
February 2020 | — | — | — | 659,458 | ||||||||||||||||||||||
March 2020 | 20,000 | 23.91 | 20,000 | 639,458 | ||||||||||||||||||||||
April 2020 | — | — | — | 639,458 | ||||||||||||||||||||||
May 2020 | 486 | 34.02 | 486 | 638,972 | ||||||||||||||||||||||
June 2020 | 236 | 20.93 | 236 | 638,736 | ||||||||||||||||||||||
July 2020 | 45,000 | 18.80 | 45,000 | 593,736 | ||||||||||||||||||||||
August 2020 | — | — | — | 593,736 | ||||||||||||||||||||||
September 2020 | 55,000 | 22.00 | 55,000 | 538,736 | ||||||||||||||||||||||
Total | 173,576 | $ | 25.51 | 173,576 |
Years Ended September 30, | |||||||||||||||||||||||||||||
2020(1)
|
2019(2)
|
2018(3)
|
2017(4)
|
2016(5)
|
|||||||||||||||||||||||||
(Amounts in thousands, except per share data)
(Unaudited) |
|||||||||||||||||||||||||||||
Net sales | $ | 1,498,306 | $ | 1,537,276 | $ | 1,602,580 | $ | 1,515,608 | $ | 1,480,464 | |||||||||||||||||||
Operating (loss) profit | (64,193) | 10,303 | 138,557 | 121,376 | 127,228 | ||||||||||||||||||||||||
Interest expense | 34,885 | 40,962 | 37,427 | 26,371 | 24,344 | ||||||||||||||||||||||||
Net (loss) income attributable to
Matthews shareholders |
$ | (87,155) | $ | (37,988) | $ | 107,371 | $ | 74,368 | $ | 66,749 | |||||||||||||||||||
(Loss) earnings per common share: | |||||||||||||||||||||||||||||
Basic | $ | (2.79) | $ | (1.21) | $ | 3.39 | $ | 2.31 | $ | 2.04 | |||||||||||||||||||
Diluted | (2.79) | (1.21) | 3.37 | 2.28 | 2.03 | ||||||||||||||||||||||||
Weighted-average common shares outstanding: | |||||||||||||||||||||||||||||
Basic | 31,190 | 31,416 | 31,674 | 32,240 | 32,642 | ||||||||||||||||||||||||
Diluted | 31,190 | 31,416 | 31,861 | 32,570 | 32,904 | ||||||||||||||||||||||||
Cash dividends per share | $ | 0.84 | $ | 0.80 | $ | 0.76 | $ | 0.68 | $ | 0.60 | |||||||||||||||||||
Total assets (6)
|
$ | 2,072,633 | $ | 2,190,603 | $ | 2,357,744 | $ | 2,244,649 | $ | 2,091,041 | |||||||||||||||||||
Long-term debt, non-current (6)
|
807,710 | 898,194 | 929,342 | 881,602 | 844,807 |
Years Ended September 30, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||
Sales to external customers: | |||||||||||||||||
SGK Brand Solutions | $ | 693,093 | $ | 743,869 | $ | 805,274 | |||||||||||
Memorialization | 656,035 | 636,892 | 631,392 | ||||||||||||||
Industrial Technologies | 149,178 | 156,515 | 165,914 | ||||||||||||||
Consolidated Sales | $ | 1,498,306 | $ | 1,537,276 | $ | 1,602,580 | |||||||||||
Adjusted EBITDA: | |||||||||||||||||
SGK Brand Solutions | $ | 90,644 | $ | 119,493 | $ | 150,233 | |||||||||||
Memorialization | 146,285 | 134,286 | 145,487 | ||||||||||||||
Industrial Technologies | 22,753 | 24,082 | 25,864 | ||||||||||||||
Corporate and Non-Operating | (56,602) | (56,989) | (66,470) | ||||||||||||||
Total Adjusted EBITDA(1)
|
$ | 203,080 | $ | 220,872 | $ | 255,114 |
Years Ended September 30, | |||||||||||||||||
2020 | 2019 | 2018 | |||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||
Net (loss) income | $ | (87,652) | $ | (38,889) | $ | 107,111 | |||||||||||
Income tax (benefit) provision | (18,685) | 806 | (9,118) | ||||||||||||||
(Loss) income before income taxes | (106,337) | (38,083) | 97,993 | ||||||||||||||
Net loss attributable to noncontrolling interests | 497 | 901 | 260 | ||||||||||||||
Interest expense | 34,885 | 40,962 | 37,427 | ||||||||||||||
Depreciation and amortization *
|
119,058 | 90,793 | 76,974 | ||||||||||||||
Acquisition costs (1)**
|
3,844 | 10,872 | 10,918 | ||||||||||||||
ERP integration costs (2)**
|
2,296 | 7,508 | 10,864 | ||||||||||||||
Strategic initiatives and other charges (3)**
|
33,799 | 13,449 | 5,266 | ||||||||||||||
Legal matter reserve (4)
|
10,566 | — | — | ||||||||||||||
Non-recurring / incremental COVID-19 costs (5)
|
4,655 | — | — | ||||||||||||||
Goodwill write-downs (6)
|
90,408 | 77,572 | — | ||||||||||||||
Net realized (gains) losses on divestitures and asset dispositions: | |||||||||||||||||
(Gain) loss on sale of ownership interests in subsidiaries (7)
|
(11,208) | 6,469 | — | ||||||||||||||
Realized loss (gain) on cost-method investments (8)
|
— | 4,731 | (3,771) | ||||||||||||||
Net gains from the sale of buildings and vacant properties (9)
|
— | (7,347) | — | ||||||||||||||
Joint Venture depreciation, amortization, interest expense and other charges (10)
|
4,732 | 1,514 | — | ||||||||||||||
Stock-based compensation | 8,096 | 7,729 | 13,460 | ||||||||||||||
Non-service pension and postretirement expense (11)
|
7,789 | 3,802 | 5,723 | ||||||||||||||
Total Adjusted EBITDA | $ | 203,080 | $ | 220,872 | $ | 255,114 |
(1) Includes certain non-recurring costs associated with recent acquisition activities.
|
||
(2) Represents costs associated with global ERP system integration efforts.
|
||
(3) Includes certain non-recurring costs primarily associated with productivity and cost-reduction initiatives intended to result in improved operating performance, profitability and working capital levels.
|
||
(4) Represents a reserve established for a legal matter involving a letter of credit for a customer in Saudi Arabia within the Memorialization segment (see Note 9, "Long Term Debt" in Item 8 - “Financial Statements and Supplementary Data”).
|
||
(5) Includes certain non-recurring direct incremental costs (such as costs for purchases of computer peripherals and devices to facilitate working-from-home, additional personal protective equipment and cleaning supplies and services, etc.) incurred in response to COVID-19. This amount does not include the impact of any lost sales or underutilization due to COVID-19.
|
||
(6) Represents goodwill write-downs within the SGK Brand Solutions segment (see Note 21, "Goodwill and Other Intangible Assets" in Item 8 - “Financial Statements and Supplementary Data”).
|
||
(7) Represents the (gain) loss on the sale of ownership interests in subsidiaries within the Memorialization segment.
|
||
(8) Includes gains/losses related to cost-method investments, and related assets, within the SGK Brand Solutions and Memorialization segments.
|
||
(9) Includes significant building and vacant property transactions resulting in a gain of $8.7 million within the Industrial Technologies segment and losses of $0.9 million and $0.4 million within the SGK Brand Solutions and Memorialization segments, respectively.
|
||
(10) Represents the Company's portion of depreciation, intangible amortization, interest expense, and other non-recurring charges incurred by non-consolidated subsidiaries accounted for as equity-method investments within the Memorialization segment.
|
||
(11) Non-service pension and postretirement expense includes interest cost, expected return on plan assets and amortization of actuarial gains and losses. These benefit cost components are excluded from adjusted EBITDA since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted EBITDA, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans.
|
September 30, 2020 | September 30, 2019 | |||||||||||||
(Dollar amounts in thousands)
|
||||||||||||||
Pay fixed swaps - notional amount | $ | 312,500 | $ | 293,750 | ||||||||||
Net unrealized loss | $ | (7,792) | $ | (534) | ||||||||||
Weighted-average maturity period (years) | 2.6 | 1.9 | ||||||||||||
Weighted-average received rate | 0.15 | % | 2.02 | % | ||||||||||
Weighted-average pay rate | 1.34 | % | 1.41 | % |
Payments due in fiscal year: | |||||||||||||||||||||||||||||
Total |
2021(1)
|
2022 to 2023 | 2024 to 2025 |
After
2025 |
|||||||||||||||||||||||||
Contractual Cash Obligations: | (Dollar amounts in thousands) | ||||||||||||||||||||||||||||
Revolving credit facilities | $ | 416,793 | $ | 22,166 | $ | — | $ | 394,627 | $ | — | |||||||||||||||||||
Securitization facility | 67,700 | — | 67,700 | — | — | ||||||||||||||||||||||||
Senior secured term loan | 22,359 | 22,359 | — | — | — | ||||||||||||||||||||||||
2025 Senior Notes | 383,881 | 15,750 | 31,500 | 31,500 | 305,131 | ||||||||||||||||||||||||
Finance lease obligations (2)
|
10,514 | 3,847 | 4,045 | 869 | 1,753 | ||||||||||||||||||||||||
Non-cancelable operating leases (2)
|
77,161 | 25,804 | 31,912 | 14,221 | 5,224 | ||||||||||||||||||||||||
Other | 27,338 | 13,970 | 5,594 | 2,168 | 5,606 | ||||||||||||||||||||||||
Total contractual cash obligations | $ | 1,005,746 | $ | 103,896 | $ | 140,751 | $ | 443,385 | $ | 317,714 |
September 30, 2020 | September 30, 2019 | |||||||||||||
(Dollar amounts in thousands) | ||||||||||||||
Pay fixed swaps - notional amount | $ | 312,500 | $ | 293,750 | ||||||||||
Net unrealized loss | $ | (7,792) | $ | (534) | ||||||||||
Weighted-average maturity period (years) | 2.6 | 1.9 | ||||||||||||
Weighted-average received rate | 0.15 | % | 2.02 | % | ||||||||||
Weighted-average pay rate | 1.34 | % | 1.41 | % |
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 | $ | (5,098) | $ | 6,250 | $ | (1,638) | $ | 1,638 | $ | (1,717) | $ | 1,717 | |||||||||||||||||||||||
(Decrease) increase in projected benefit obligation | (40,284) | 50,506 | — | — | — | — | |||||||||||||||||||||||||||||
Increase (decrease) in funded status | 40,284 | (50,506) | — | — | 8,407 | (8,407) |
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, 2020 and 2019 | ||||||||
Consolidated Statements of Income for the years ended September 30, 2020, 2019 and 2018 | ||||||||
Consolidated Statements of Comprehensive Income for the years ended September 30, 2020, 2019 and 2018 | ||||||||
Consolidated Statements of Shareholders' Equity for the years ended September 30, 2020, 2019 and 2018 | ||||||||
Consolidated Statements of Cash Flows for the years ended September 30, 2020, 2019 and 2018 | ||||||||
Notes to Consolidated Financial Statements | ||||||||
Supplementary Financial Information (unaudited) | ||||||||
Financial Statement Schedule – Schedule II-Valuation and Qualifying | ||||||||
Accounts for the years ended September 30, 2020, 2019 and 2018 |
Valuation of Graphics Imaging Reporting Unit Goodwill | ||||||||
Description of the Matter |
As more fully described in Note 21 to the consolidated financial statements, during 2020, the Company recorded a $29.9 million goodwill impairment charge attributable to its Graphics Imaging (Graphics) reporting unit within the Company’s SGK Brand Solutions segment. The continuation of challenging market conditions affecting Graphics, combined with the impact of the COVID-19 pandemic and adverse foreign currency trends, unfavorably impacted the financial results and forecasts for this reporting unit. Because of these challenging market conditions, as of March 31, 2020, the Company evaluated the goodwill attributable to this reporting unit, determining that the reporting unit’s carrying value exceeded its estimated fair value and, therefore, goodwill was impaired. Significant assumptions used in the Company’s fair value estimate included revenue growth, operating profit margin, market participant assumptions, and the discount rate.
Auditing the goodwill impairment charge was complex, as it included estimating the fair value of the reporting unit. In particular, the fair value estimates are sensitive to the significant assumptions named above, which are affected by expected future market or economic conditions.
|
|||||||
How We Addressed the Matter in Our Audit |
We obtained an understanding, evaluated the design, and tested the operating effectiveness of internal controls over the Company’s goodwill impairment review process. These controls include management’s assessment of indicators of impairment, management's review of the assumptions utilized to develop the estimate, and management’s verification of the completeness and accuracy of the underlying data utilized to project future operating results for the reporting unit.
To test the fair value of the reporting unit, our audit procedures included, among others, involving our valuation specialists to assist in assessing the valuation methodologies utilized by the Company and its valuation expert and testing the significant assumptions and underlying data used by the Company. We compared the significant assumptions used by management to current industry and economic trends, changes in the Company’s business model, and other relevant factors. We also assessed the historical accuracy of management’s estimates. We performed sensitivity analyses of significant assumptions to evaluate the sensitivity of the fair value of the reporting unit resulting from changes in key assumptions. We reviewed the reconciliation of the fair value of the reporting units to the market capitalization of the Company and assessed the resulting control premium.
|
ASSETS | 2020 | 2019 | |||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 41,334 | $ | 35,302 | |||||||
Accounts receivable, net of allowance for doubtful
accounts of $9,618 and $10,846, respectively
|
295,185 | 318,756 | |||||||||
Inventories | 175,100 | 180,274 | |||||||||
Other current assets | 63,954 | 49,384 | |||||||||
Total current assets | 575,573 | 583,716 | |||||||||
Investments | 63,250 | 85,501 | |||||||||
Property, plant and equipment, net | 236,788 | 237,442 | |||||||||
Deferred income taxes | 3,757 | 5,032 | |||||||||
Other assets | 94,379 | 31,455 | |||||||||
Goodwill | 765,388 | 846,807 | |||||||||
Other intangible assets, net | 333,498 | 400,650 | |||||||||
Total assets | $ | 2,072,633 | $ | 2,190,603 |
LIABILITIES AND SHAREHOLDERS' EQUITY | 2020 | 2019 | |||||||||
Current liabilities: | |||||||||||
Long-term debt, current maturities | $ | 26,824 | $ | 42,503 | |||||||
Trade accounts payable | 82,921 | 74,558 | |||||||||
Accrued compensation | 58,058 | 42,545 | |||||||||
Accrued income taxes | 3,612 | 5,997 | |||||||||
Other current liabilities | 145,453 | 114,276 | |||||||||
Total current liabilities | 316,868 | 279,879 | |||||||||
Long-term debt | 807,710 | 898,194 | |||||||||
Accrued pension | 149,848 | 133,762 | |||||||||
Postretirement benefits | 18,600 | 19,963 | |||||||||
Deferred income taxes | 78,911 | 102,482 | |||||||||
Other liabilities | 89,263 | 37,087 | |||||||||
Total liabilities | 1,461,200 | 1,471,367 | |||||||||
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 | 135,187 | 137,774 | |||||||||
Retained earnings | 859,002 | 972,594 | |||||||||
Accumulated other comprehensive loss | (240,719) | (228,361) | |||||||||
Treasury stock, 4,502,420 and 4,985,508 shares, respectively, at cost
|
(178,997) | (200,235) | |||||||||
Total shareholders' equity-Matthews | 610,807 | 718,106 | |||||||||
Noncontrolling interests | 626 | 1,130 | |||||||||
Total shareholders' equity | 611,433 | 719,236 | |||||||||
Total liabilities and shareholders' equity | $ | 2,072,633 | $ | 2,190,603 |
2020 | 2019 | 2018 | |||||||||||||||
Sales | $ | 1,498,306 | $ | 1,537,276 | $ | 1,602,580 | |||||||||||
Cost of sales | (1,000,537) | (994,810) | (1,018,359) | ||||||||||||||
Gross profit | 497,769 | 542,466 | 584,221 | ||||||||||||||
Selling expense | (125,117) | (133,368) | (141,570) | ||||||||||||||
Administrative expense | (274,923) | (275,467) | (272,532) | ||||||||||||||
Intangible amortization | (71,514) | (45,756) | (31,562) | ||||||||||||||
Goodwill write-downs | (90,408) | (77,572) | — | ||||||||||||||
Operating (loss) profit | (64,193) | 10,303 | 138,557 | ||||||||||||||
Investment income | 1,962 | 1,494 | 1,570 | ||||||||||||||
Interest expense | (34,885) | (40,962) | (37,427) | ||||||||||||||
Other income (deductions), net | (9,221) | (8,918) | (4,707) | ||||||||||||||
(Loss) income before income taxes | (106,337) | (38,083) | 97,993 | ||||||||||||||
Income tax benefit (provision) | 18,685 | (806) | 9,118 | ||||||||||||||
Net (loss) income | (87,652) | (38,889) | 107,111 | ||||||||||||||
Net loss attributable to noncontrolling interests | 497 | 901 | 260 | ||||||||||||||
Net (loss) income attributable to Matthews shareholders | $ | (87,155) | $ | (37,988) | $ | 107,371 | |||||||||||
(Loss) earnings per share attributable to Matthews shareholders: | |||||||||||||||||
Basic | $ | (2.79) | $ | (1.21) | $ | 3.39 | |||||||||||
Diluted | $ | (2.79) | $ | (1.21) | $ | 3.37 |
Year Ended September 30, 2020 | |||||||||||||||||
Matthews | Noncontrolling Interest | Total | |||||||||||||||
Net loss | $ | (87,155) | $ | (497) | $ | (87,652) | |||||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||
Foreign currency translation adjustment | 4,333 | (7) | 4,326 | ||||||||||||||
Pension plans and other postretirement benefits | (11,211) | — | (11,211) | ||||||||||||||
Unrecognized (loss) gain on derivatives: | |||||||||||||||||
Net change from periodic revaluation | (6,130) | — | (6,130) | ||||||||||||||
Net amount reclassified to earnings | 650 | — | 650 | ||||||||||||||
Net change in unrecognized loss on derivatives | (5,480) | — | (5,480) | ||||||||||||||
Other comprehensive loss, net of tax | (12,358) | (7) | (12,365) | ||||||||||||||
Comprehensive loss | $ | (99,513) | $ | (504) | $ | (100,017) | |||||||||||
Year Ended September 30, 2019 | |||||||||||||||||
Matthews | Noncontrolling Interest | Total | |||||||||||||||
Net loss | $ | (37,988) | $ | (901) | $ | (38,889) | |||||||||||
Other comprehensive loss, net of tax: | |||||||||||||||||
Foreign currency translation adjustment | (21,254) | (92) | (21,346) | ||||||||||||||
Pension plans and other postretirement benefits | (33,867) | — | (33,867) | ||||||||||||||
Unrecognized loss on derivatives: | |||||||||||||||||
Net change from periodic revaluation | (6,540) | — | (6,540) | ||||||||||||||
Net amount reclassified to earnings | (2,402) | — | (2,402) | ||||||||||||||
Net change in unrecognized loss on derivatives | (8,942) | — | (8,942) | ||||||||||||||
Other comprehensive loss, net of tax | (64,063) | (92) | (64,155) | ||||||||||||||
Comprehensive loss | $ | (102,051) | $ | (993) | $ | (103,044) | |||||||||||
Year Ended September 30, 2018 | |||||||||||||||||
Matthews | Noncontrolling Interest | Total | |||||||||||||||
Net income (loss) | $ | 107,371 | $ | (260) | $ | 107,111 | |||||||||||
Other comprehensive (loss) 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 (loss) income, net of tax | (1,369) | 71 | (1,298) | ||||||||||||||
Comprehensive income (loss) | $ | 106,002 | $ | (189) | $ | 105,813 | |||||||||||
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, 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 | |||||||||||||||||||||||||||
Net loss | — | — | (37,988) | — | — | (901) | (38,889) | ||||||||||||||||||||||||||||||||||
Pension plans and other
postretirement benefits |
— | — | — | (33,867) | — | — | (33,867) | ||||||||||||||||||||||||||||||||||
Translation adjustment | — | — | — | (21,254) | — | (92) | (21,346) | ||||||||||||||||||||||||||||||||||
Fair value of derivatives | — | — | — | (8,942) | — | — | (8,942) | ||||||||||||||||||||||||||||||||||
Total comprehensive loss | (103,044) | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | 7,729 | — | — | — | — | 7,729 | ||||||||||||||||||||||||||||||||||
Purchase of 709,970 shares
of treasury stock
|
— | — | — | — | (26,127) | — | (26,127) | ||||||||||||||||||||||||||||||||||
Issuance of 3,782 shares
of treasury stock
|
— | (154) | — | — | 154 | — | — | ||||||||||||||||||||||||||||||||||
Cancellation of 20,114 shares of
treasury stock
|
— | 947 | — | — | (947) | — | — | ||||||||||||||||||||||||||||||||||
Dividends | — | — | (25,620) | — | — | — | (25,620) | ||||||||||||||||||||||||||||||||||
Acquisition | — | — | — | — | — | 1,760 | 1,760 | ||||||||||||||||||||||||||||||||||
Cumulative tax adjustment for
intra-entity transfers |
— | — | (4,176) | — | — | — | (4,176) | ||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | $ | 36,334 | $ | 137,774 | $ | 972,594 | $ | (228,361) | $ | (200,235) | $ | 1,130 | $ | 719,236 | |||||||||||||||||||||||||||
Net loss | — | — | (87,155) | — | — | (497) | (87,652) | ||||||||||||||||||||||||||||||||||
Pension plans and other
postretirement benefits |
— | — | — | (11,211) | — | — | (11,211) | ||||||||||||||||||||||||||||||||||
Translation adjustment | — | — | — | 4,333 | — | (7) | 4,326 | ||||||||||||||||||||||||||||||||||
Fair value of derivatives | — | — | — | (5,480) | — | — | (5,480) | ||||||||||||||||||||||||||||||||||
Total comprehensive loss | (100,017) | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | 8,096 | — | — | — | — | 8,096 | ||||||||||||||||||||||||||||||||||
Purchase of 173,576 shares
of treasury stock
|
— | — | — | — | (4,428) | — | (4,428) | ||||||||||||||||||||||||||||||||||
Issuance of 12,125 shares
of treasury stock
|
— | (486) | — | — | 486 | — | — | ||||||||||||||||||||||||||||||||||
Cancellation of 23,461 shares of
treasury stock
|
— | 1,527 | — | — | (1,527) | — | — | ||||||||||||||||||||||||||||||||||
Dividends | — | — | (26,437) | — | — | — | (26,437) | ||||||||||||||||||||||||||||||||||
Pension contribution of 668,000
shares of treasury stock
|
— | (11,724) | — | — | 26,707 | — | 14,983 | ||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | 36,334 | $ | 135,187 | $ | 859,002 | $ | (240,719) | $ | (178,997) | $ | 626 | $ | 611,433 |
2020 | 2019 | 2018 | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net (loss) income | $ | (87,652) | $ | (38,889) | $ | 107,111 | |||||||||||
Adjustments to reconcile net (loss) income to net cash
provided by operating activities: |
|||||||||||||||||
Depreciation and amortization | 119,058 | 90,793 | 76,974 | ||||||||||||||
Stock-based compensation expense | 8,096 | 7,729 | 13,460 | ||||||||||||||
Deferred tax benefit | (16,607) | (6,783) | (23,125) | ||||||||||||||
Gain on sale of assets, net | (348) | (8,567) | (2,190) | ||||||||||||||
(Gain) loss on sale of ownership interests in subsidiaries | (11,208) | 6,469 | — | ||||||||||||||
Unrealized gain on investments | (2,066) | (305) | (1,304) | ||||||||||||||
Losses from equity-method investments | 3,498 | 2,050 | — | ||||||||||||||
Realized loss (gain) on cost-method investments | — | 4,731 | (3,771) | ||||||||||||||
Goodwill write-downs | 90,408 | 77,572 | — | ||||||||||||||
Changes in working capital items | 46,367 | (12,482) | (9,934) | ||||||||||||||
Decrease (increase) in other assets | 16,392 | 4,677 | (9,872) | ||||||||||||||
Increase in other liabilities | 4,886 | 7,540 | 5,406 | ||||||||||||||
Other operating activities, net | 9,623 | (3,452) | (5,181) | ||||||||||||||
Net cash provided by operating activities | 180,447 | 131,083 | 147,574 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Capital expenditures | (34,849) | (37,688) | (43,200) | ||||||||||||||
Acquisitions, net of cash acquired | (1,000) | (11,504) | (121,065) | ||||||||||||||
Proceeds from sale of assets | 624 | 13,253 | 4,705 | ||||||||||||||
Proceeds from sale of cost-method investments | — | — | 9,158 | ||||||||||||||
Proceeds from sale of ownership interests in subsidiaries | 42,210 | 8,254 | — | ||||||||||||||
Investments and advances | (9,703) | (33,074) | (11,934) | ||||||||||||||
Net cash used in investing activities | (2,718) | (60,759) | (162,336) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Proceeds from long-term debt | 1,154,809 | 503,693 | 704,188 | ||||||||||||||
Payments on long-term debt | (1,281,092) | (519,731) | (651,166) | ||||||||||||||
Purchases of treasury stock | (4,428) | (26,127) | (21,181) | ||||||||||||||
Dividends | (26,437) | (25,620) | (24,637) | ||||||||||||||
Acquisition holdback and contingent consideration payments | (10,215) | (4,421) | — | ||||||||||||||
Other financing activities | (4,889) | (2,836) | (6,303) | ||||||||||||||
Net cash (used in) provided by financing activities | (172,252) | (75,042) | 901 | ||||||||||||||
Effect of exchange rate changes on cash | 555 | (1,552) | (2,082) | ||||||||||||||
Net change in cash and cash equivalents | 6,032 | (6,270) | (15,943) | ||||||||||||||
Cash and cash equivalents at beginning of year | 35,302 | 41,572 | 57,515 | ||||||||||||||
Cash and cash equivalents at end of year | $ | 41,334 | $ | 35,302 | $ | 41,572 | |||||||||||
Cash paid during the year for: | |||||||||||||||||
Interest | $ | 35,269 | $ | 41,453 | $ | 37,232 | |||||||||||
Income taxes | 20,734 | 15,467 | 11,014 | ||||||||||||||
Non-cash investing and financing activities: | |||||||||||||||||
Acquisition of long-term asset under financing arrangement | $ | — | $ | — | $ | 14,544 | |||||||||||
Contribution of treasury stock to principal retirement plan | 14,983 | — | — |
North America | Central and South America | Europe | Australia | Asia | Consolidated | ||||||||||||||||||||||||||||||
SGK Brand Solutions: | |||||||||||||||||||||||||||||||||||
2020 | $ | 305,527 | $ | 6,304 | $ | 326,776 | $ | 12,097 | $ | 42,389 | $ | 693,093 | |||||||||||||||||||||||
2019 | 320,553 | 5,853 | 362,088 | 11,767 | 43,608 | 743,869 | |||||||||||||||||||||||||||||
2018 | 351,631 | 6,171 | 389,151 | 12,599 | 45,722 | 805,274 | |||||||||||||||||||||||||||||
Memorialization: | |||||||||||||||||||||||||||||||||||
2020 | $ | 611,496 | $ | — | $ | 35,557 | $ | 8,982 | $ | — | $ | 656,035 | |||||||||||||||||||||||
2019 | 590,575 | — | 37,199 | 9,118 | — | 636,892 | |||||||||||||||||||||||||||||
2018 | 583,942 | — | 36,773 | 10,677 | — | 631,392 | |||||||||||||||||||||||||||||
Industrial Technologies: | |||||||||||||||||||||||||||||||||||
2020 | $ | 120,682 | $ | — | $ | 25,498 | $ | — | $ | 2,998 | $ | 149,178 | |||||||||||||||||||||||
2019 | 127,140 | — | 26,966 | — | 2,409 | 156,515 | |||||||||||||||||||||||||||||
2018 | 130,794 | — | 30,154 | — | 4,966 | 165,914 | |||||||||||||||||||||||||||||
Consolidated: | |||||||||||||||||||||||||||||||||||
2020 | $ | 1,037,705 | $ | 6,304 | $ | 387,831 | $ | 21,079 | $ | 45,387 | $ | 1,498,306 | |||||||||||||||||||||||
2019 | 1,038,268 | 5,853 | 426,253 | 20,885 | 46,017 | 1,537,276 | |||||||||||||||||||||||||||||
2018 | 1,066,367 | 6,171 | 456,078 | 23,276 | 50,688 | 1,602,580 |
Level 1: | Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets. | |||||||
Level 2: |
Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
|
|||||||
Level 3: |
Unobservable inputs for the asset or liability.
|
September 30, 2020 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Equity and fixed income mutual funds | — | 24,610 | — | 24,610 | |||||||||||||||||||
Life insurance policies | — | 4,621 | — | 4,621 | |||||||||||||||||||
Total assets at fair value | $ | — | $ | 29,231 | $ | — | $ | 29,231 | |||||||||||||||
Liabilities: | |||||||||||||||||||||||
Derivatives (1)
|
$ | — | $ | 7,792 | $ | — | $ | 7,792 | |||||||||||||||
Total liabilities at fair value | $ | — | $ | 7,792 | $ | — | $ | 7,792 | |||||||||||||||
(1) Interest rate swaps are valued based on observable market swap rates and are classified within Level 2 of the fair value hierarchy.
|
2020 | 2019 | ||||||||||
Raw materials | $ | 36,157 | $ | 35,616 | |||||||
Work in process | 70,128 | 76,297 | |||||||||
Finished goods | 68,815 | 68,361 | |||||||||
$ | 175,100 | $ | 180,274 |
2020 | 2019 | ||||||||||
Equity and fixed income mutual funds | $ | 24,610 | $ | 22,986 | |||||||
Life insurance policies | 4,621 | 4,030 | |||||||||
Equity-method investments | 446 | 39,761 | |||||||||
Other investments | 33,573 | 18,724 | |||||||||
$ | 63,250 | $ | 85,501 |
2020 | 2019 | ||||||||||
Buildings | $ | 113,231 | $ | 114,276 | |||||||
Machinery, equipment and other | 486,282 | 446,356 | |||||||||
599,513 | 560,632 | ||||||||||
Less accumulated depreciation | (391,436) | (361,193) | |||||||||
208,077 | 199,439 | ||||||||||
Land | 16,660 | 17,310 | |||||||||
Construction in progress | 12,051 | 20,693 | |||||||||
$ | 236,788 | $ | 237,442 |
2020 | 2019 | ||||||||||
Revolving credit facilities | $ | 416,793 | $ | 476,132 | |||||||
Securitization facility | 67,700 | 93,950 | |||||||||
Senior secured term loan | 22,359 | 53,497 | |||||||||
2025 Senior Notes | 297,256 | 296,716 | |||||||||
Notes payable to banks | — | 16,376 | |||||||||
Other borrowings | 20,742 | 395 | |||||||||
Finance lease obligations | 9,684 | 3,631 | |||||||||
834,534 | 940,697 | ||||||||||
Less current maturities | (26,824) | (42,503) | |||||||||
$ | 807,710 | $ | 898,194 |
September 30, 2020 | September 30, 2019 | |||||||||||||
Pay fixed swaps - notional amount | $ | 312,500 | $ | 293,750 | ||||||||||
Net unrealized loss | $ | (7,792) | $ | (534) | ||||||||||
Weighted-average maturity period (years) | 2.6 | 1.9 | ||||||||||||
Weighted-average received rate | 0.15 | % | 2.02 | % | ||||||||||
Weighted-average pay rate | 1.34 | % | 1.41 | % |
Derivatives: | 2020 | 2019 | |||||||||
Current assets: | |||||||||||
Other current assets | $ | — | $ | 548 | |||||||
Long-term assets: | |||||||||||
Other assets | — | 297 | |||||||||
Current liabilities: | |||||||||||
Other current liabilities | (3,164) | (484) | |||||||||
Long-term liabilities: | |||||||||||
Other liabilities | (4,628) | (895) | |||||||||
Total derivatives | $ | (7,792) | $ | (534) |
Derivatives in Cash Flow Hedging Relationships | Location of (Loss) Gain Recognized in Income on Derivatives | Amount of (Loss) Gain Recognized in Income on Derivatives | ||||||||||||||||||||||||
2020 | 2019 | 2018 | ||||||||||||||||||||||||
Interest rate swaps | Interest expense | $(861) | $3,181 | $1,380 |
Derivatives in Cash Flow Hedging Relationships | Amount of (Loss) Gain Recognized in AOCI on Derivatives | Location of (Loss) Gain Reclassified from AOCI into Income | Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion*) | |||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | (Effective Portion*) | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||||||||
Interest rate swaps | $(6,130) | $(6,540) | $6,095 | Interest expense | $(650) | $2,402 | $1,042 | |||||||||||||||||||||||||||||||||||||
* There is no ineffective portion or amount excluded from effectiveness testing.
|
2021 | $ | 55,564 |
(a)
|
|||||
2022 | 68,650 | |||||||
2023 | 979 | |||||||
2024 | 979 | |||||||
2025 | 395,816 | |||||||
Thereafter | 302,862 | |||||||
824,850 | ||||||||
Finance lease obligations | 9,684 |
(b)
|
||||||
$ | 834,534 |
Balance Sheet Classification | Lease Classification |
September 30, 2020
|
||||||||||||
Non-current assets: | ||||||||||||||
Property, plant and equipment, net | Finance | $ | 9,185 | |||||||||||
Other assets | Operating | 72,011 | ||||||||||||
Total lease assets | $ | 81,196 | ||||||||||||
Current liabilities: | ||||||||||||||
Long-term debt, current maturities | Finance | $ | 3,515 | |||||||||||
Other current liabilities | Operating | 23,942 | ||||||||||||
Non-current liabilities: | ||||||||||||||
Long-term debt | Finance | 6,169 | ||||||||||||
Other liabilities | Operating | 49,297 | ||||||||||||
Total lease liabilities | $ | 82,923 |
For the Year Ended September 30, 2020 | ||||||||||||||
Finance lease cost: | ||||||||||||||
Amortization of ROU assets | $ | 2,112 | ||||||||||||
Interest on lease liabilities | 206 | |||||||||||||
Operating lease cost (a)
|
23,735 | |||||||||||||
Variable lease cost (a)
|
5,298 | |||||||||||||
Sublease income | (732) | |||||||||||||
Total lease cost | $ | 30,619 |
For the Year Ended September 30, 2020 | ||||||||
Cash paid for finance and operating lease liabilities: | ||||||||
Operating cash flows from finance leases | $ | 207 | ||||||
Operating cash flows from operating leases | $ | 29,309 | ||||||
Financing cash flows from finance leases | $ | 2,064 | ||||||
ROU assets obtained in exchange for new finance lease liabilities | $ | 2,613 | ||||||
ROU assets obtained in exchange for new operating lease liabilities | $ | 12,442 | ||||||
September 30, 2020 | ||||||||
Weighted-average remaining lease term - finance leases (years) | 4.39 | |||||||
Weighted-average remaining lease term - operating leases (years) | 3.52 | |||||||
Weighted-discount rate - finance leases | 2.89 | % | ||||||
Weighted-discount rate - operating leases | 2.82 | % |
Operating Leases | Finance Leases | |||||||||||||
2021 | $ | 25,804 | $ | 3,847 | ||||||||||
2022 | 18,973 | 2,877 | ||||||||||||
2023 | 12,939 | 1,168 | ||||||||||||
2024 | 8,706 | 462 | ||||||||||||
2025 | 5,515 | 407 | ||||||||||||
Thereafter | 5,224 | 1,753 | ||||||||||||
Total future minimum lease payments | 77,161 | 10,514 | ||||||||||||
Less: Interest | 3,922 | 830 | ||||||||||||
Present value of lease liabilities: | $ | 73,239 | $ | 9,684 |
Shares |
Weighted-
average Grant-date Fair Value |
||||||||||
Non-vested at September 30, 2019 | 615,635 | $ | 49.61 | ||||||||
Granted | 303,660 | 34.97 | |||||||||
Vested | (128,795) | 64.08 | |||||||||
Expired or forfeited | (40,178) | 55.65 | |||||||||
Non-vested at September 30, 2020 | 750,322 | $ | 40.88 |
2020 | 2019 | 2018 | |||||||||||||||
Net (loss) income available to Matthews shareholders | $ | (87,155) | $ | (37,988) | $ | 107,371 | |||||||||||
Weighted-average shares outstanding (in thousands): | |||||||||||||||||
Basic shares | 31,190 | 31,416 | 31,674 | ||||||||||||||
Effect of dilutive securities | — | — | 187 | ||||||||||||||
Diluted shares | 31,190 | 31,416 | 31,861 |
Pension | Other Postretirement | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||
Benefit obligation, beginning of year | $ | 289,957 | $ | 241,553 | $ | 20,952 | $ | 18,826 | |||||||||||||||
Service cost | 8,679 | 7,998 | 227 | 244 | |||||||||||||||||||
Interest cost | 7,735 | 9,202 | 501 | 718 | |||||||||||||||||||
Actuarial loss (gain) | 23,827 | 43,198 | (1,402) | 2,212 | |||||||||||||||||||
Exchange loss (gain) | 799 | (581) | — | — | |||||||||||||||||||
Benefit payments | (12,110) | (11,413) | (847) | (1,048) | |||||||||||||||||||
Benefit obligation, end of year | 318,887 | 289,957 | 19,431 | 20,952 | |||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||
Fair value, beginning of year (1)
|
155,313 | 158,662 | — | — | |||||||||||||||||||
Actual return | 8,705 | 6,852 | — | — | |||||||||||||||||||
Benefit payments | (12,110) | (11,413) | (847) | (1,048) | |||||||||||||||||||
Employer contributions | 16,226 | 1,212 | 847 | 1,048 | |||||||||||||||||||
Fair value, end of year (1)
|
168,134 | 155,313 | — | — | |||||||||||||||||||
Funded status (1)
|
(150,753) | (134,644) | (19,431) | (20,952) | |||||||||||||||||||
Unrecognized actuarial loss (gain) | 110,971 | 95,741 | 676 | (106) | |||||||||||||||||||
Unrecognized prior service cost | 343 | (367) | (2,048) | (330) | |||||||||||||||||||
Net amount recognized | $ | (39,439) | $ | (39,270) | $ | (20,803) | $ | (21,388) | |||||||||||||||
Amounts recognized in the consolidated balance sheet: | |||||||||||||||||||||||
Current liability | $ | (905) | $ | (882) | $ | (831) | $ | (989) | |||||||||||||||
Noncurrent benefit liability | (149,848) | (133,762) | (18,600) | (19,963) | |||||||||||||||||||
Accumulated other comprehensive loss (income) | 111,314 | 95,374 | (1,372) | (436) | |||||||||||||||||||
Net amount recognized | $ | (39,439) | $ | (39,270) | $ | (20,803) | $ | (21,388) | |||||||||||||||
Amounts recognized in accumulated | |||||||||||||||||||||||
other comprehensive loss (income):
|
|||||||||||||||||||||||
Net actuarial loss (income) | $ | 110,971 | $ | 95,741 | $ | 676 | $ | (106) | |||||||||||||||
Prior service cost | 343 | (367) | (2,048) | (330) | |||||||||||||||||||
Net amount recognized | $ | 111,314 | $ | 95,374 | $ | (1,372) | $ | (436) |
Pension | Other Postretirement | ||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||
Service cost | $ | 8,679 | $ | 7,998 | $ | 8,159 | $ | 227 | $ | 244 | $ | 335 | |||||||||||||||||||||||
Interest cost * | 7,735 | 9,202 | 8,210 | 501 | 718 | 631 | |||||||||||||||||||||||||||||
Expected return on plan assets * | (10,214) | (10,304) | (10,136) | — | — | — | |||||||||||||||||||||||||||||
Amortization: | |||||||||||||||||||||||||||||||||||
Prior service cost | (186) | (186) | (138) | (464) | (195) | (195) | |||||||||||||||||||||||||||||
Net actuarial loss * | 9,767 | 4,245 | 7,018 | — | (59) | — | |||||||||||||||||||||||||||||
Net benefit cost | $ | 15,781 | $ | 10,955 | $ | 13,113 | $ | 264 | $ | 708 | $ | 771 |
Contributions | Pension | Other Postretirement | |||||||||
Principal retirement plan * | $ | 14,983 | $ | — | |||||||
Supplemental retirement plan | 821 | — | |||||||||
Other retirement plans | 422 | — | |||||||||
Other postretirement plan | — | 847 |
Pension
Benefits |
Other
Postretirement Benefits |
||||||||||
Net actuarial loss | $ | 12,076 | $ | — | |||||||
Prior service cost | (68) | (364) |
Pension |
Other Postretirement
|
||||||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||
Discount rate | 2.62 | % | 3.13 | % | 4.21 | % | 2.63 | % | 3.10 | % | 4.19 | % | |||||||||||||||||||||||
Return on plan assets | 6.75 | % | 6.75 | % | 6.75 | % | — | — | — | ||||||||||||||||||||||||||
Compensation increase | 3.50 | % | 3.50 | % | 3.50 | % | — | — | — |
September 30, 2020 | |||||||||||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Equity securities - stocks (1)
|
$ | 37,089 | $ | — | $ | — | $ | 37,089 | |||||||||||||||
Equity securities - mutual funds | 81,588 | — | — | 81,588 | |||||||||||||||||||
Fixed income securities | 11,738 | 20,086 | — | 31,824 | |||||||||||||||||||
Cash and cash equivalents | 2,360 | — | — | 2,360 | |||||||||||||||||||
Other investments | — | — | 15,273 | 15,273 | |||||||||||||||||||
Total | $ | 132,775 | $ | 20,086 | $ | 15,273 | $ | 168,134 | |||||||||||||||
(1) Includes $14,936 of of Matthews Class A Common Stock in Level 1.
|
September 30, 2019 | |||||||||||||||||||||||
Asset Category | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Equity securities - stocks | $ | 54,985 | $ | — | $ | — | $ | 54,985 | |||||||||||||||
Equity securities - mutual funds | 50,312 | — | — | 50,312 | |||||||||||||||||||
Fixed income securities | 15,829 | 18,968 | — | 34,797 | |||||||||||||||||||
Cash and cash equivalents | 4,359 | — | — | 4,359 | |||||||||||||||||||
Other investments | — | — | 10,860 | 10,860 | |||||||||||||||||||
Total | $ | 125,485 | $ | 18,968 | $ | 10,860 | $ | 155,313 |
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, 2020 | $ | 10,860 | $ | 10,835 | $ | (6,326) | $ | 220 | $ | (316) | $ | 15,273 | |||||||||||||||||||||||
September 30, 2019 | 10,115 | 4,162 | (2,786) | 685 | (1,316) | 10,860 |
Years ending September 30: | Pension Benefits | Other Postretirement Benefits | |||||||||
2021 | $ | 11,363 | $ | 831 | |||||||
2022 | 12,302 | 858 | |||||||||
2023 | 12,630 | 887 | |||||||||
2024 | 14,138 | 910 | |||||||||
2025 | 14,252 | 931 | |||||||||
2026-2030 | 78,163 | 4,557 | |||||||||
$ | 142,848 | $ | 8,974 |
Postretirement Benefit Plans | Currency Translation Adjustment | Derivatives | Total | |||||||||||||||||||||||
Attributable to Matthews: | ||||||||||||||||||||||||||
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 | 5,047 |
(a)
|
— | (1,042) |
(b)
|
4,005 | ||||||||||||||||||||
Net current-period OCI | 15,631 | (22,053) | 5,053 |
|
(1,369) | |||||||||||||||||||||
Reclassification of AOCI tax effects | (9,884) |
(c)
|
— | 1,070 |
(c)
|
(8,814) | ||||||||||||||||||||
Balance, September 30, 2018 | $ | (37,876) | $ | (134,960) | $ | 8,538 |
|
$ | (164,298) | |||||||||||||||||
OCI before reclassification | (36,784) | (21,254) | (6,540) |
|
(64,578) | |||||||||||||||||||||
Amounts reclassified from AOCI | 2,917 |
(a)
|
— | (2,402) |
(b)
|
515 | ||||||||||||||||||||
Net current-period OCI | (33,867) | (21,254) | (8,942) |
|
(64,063) | |||||||||||||||||||||
Balance, September 30, 2019 | $ | (71,743) |
|
$ | (156,214) | $ | (404) |
|
$ | (228,361) | ||||||||||||||||
OCI before reclassification | (18,094) |
|
4,333 | (6,130) |
|
(19,891) | ||||||||||||||||||||
Amounts reclassified from AOCI | 6,883 |
(a)
|
— | 650 |
(b)
|
7,533 | ||||||||||||||||||||
Net current-period OCI | (11,211) |
|
4,333 |
|
(5,480) | (12,358) | ||||||||||||||||||||
Balance, September 30, 2020 | $ | (82,954) | $ | (151,881) |
|
$ | (5,884) | $ | (240,719) | |||||||||||||||||
Attributable to noncontrolling interest: | ||||||||||||||||||||||||||
Balance, September 30, 2017 | $ | — | $ | 396 | $ | — | $ | 396 | ||||||||||||||||||
OCI before reclassification | — | 71 | — | 71 | ||||||||||||||||||||||
Net current-period OCI | — | 71 | — | 71 | ||||||||||||||||||||||
Balance, September 30, 2018 | — | 467 | — | 467 | ||||||||||||||||||||||
OCI before reclassification | — | (92) | — | (92) | ||||||||||||||||||||||
Net current-period OCI | — | (92) | — | (92) | ||||||||||||||||||||||
Balance, September 30, 2019 | — | 375 | — | 375 | ||||||||||||||||||||||
OCI before reclassification | — | (7) | — | (7) | ||||||||||||||||||||||
Net current-period OCI | — | (7) | — | (7) | ||||||||||||||||||||||
Balance, September 30, 2020 | $ | — | $ | 368 | $ | — | $ | 368 |
2020 | 2019 | ||||||||||
Cumulative foreign currency translation | $ | (151,881) | $ | (156,214) | |||||||
Fair value of derivatives, net of tax of $1,908 and $131, respectively
|
(5,884) | (404) | |||||||||
Minimum pension liabilities, net of tax of $26,988 and $23,195, respectively
|
(82,954) | (71,743) | |||||||||
$ | (240,719) | $ | (228,361) |
Details about AOCI Components
|
September 30, 2020 | September 30, 2019 | September 30, 2018 | Affected line item in the Statement of Income | ||||||||||||||||||||||
Postretirement benefit plans | ||||||||||||||||||||||||||
Prior service (cost) credit (a)
|
$ | 650 | $ | 381 | $ | 333 | ||||||||||||||||||||
Actuarial losses (a)
|
(9,767) | (4,245) | (7,018) | |||||||||||||||||||||||
(9,117) | (3,864) | (6,685) |
Income before income tax (b)
|
|||||||||||||||||||||||
2,234 | 947 | 1,638 | Income taxes | |||||||||||||||||||||||
$ | (6,883) | $ | (2,917) | $ | (5,047) | Net income | ||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||||
Interest rate swap contracts | $ | (861) | $ | 3,181 | $ | 1,380 | Interest expense | |||||||||||||||||||
(861) | 3,181 | 1,380 |
Income before income tax (b)
|
|||||||||||||||||||||||
211 | (779) | (338) | Income taxes | |||||||||||||||||||||||
$ | (650) | $ | 2,402 | $ | 1,042 | Net income |
2020 | 2019 | 2018 | |||||||||||||||
Current: | |||||||||||||||||
Federal | $ | (12,354) | $ | 3,308 | $ | (2,577) | |||||||||||
State | (1,030) | 2,232 | 1,051 | ||||||||||||||
Foreign | 11,306 | 2,049 | 15,533 | ||||||||||||||
(2,078) | 7,589 | 14,007 | |||||||||||||||
Deferred: | |||||||||||||||||
Federal | 4,710 | (5,472) | (24,094) | ||||||||||||||
State | 2,880 | (2,782) | 1,315 | ||||||||||||||
Foreign | (24,197) | 1,471 | (346) | ||||||||||||||
(16,607) | (6,783) | (23,125) | |||||||||||||||
Total | $ | (18,685) | $ | 806 | $ | (9,118) |
2020 | 2019 | 2018 | |||||||||||||||
Federal statutory tax rate | 21.0 | % | 21.0 | % | 24.5 | % | |||||||||||
Effect of state income taxes, net of federal deduction | (1.9) | % | 2.7 | % | 2.2 | % | |||||||||||
Foreign statutory taxes compared to federal statutory rate | 3.4 | % | (0.8) | % | 1.4 | % | |||||||||||
Share-based compensation | (1.4) | % | (3.1) | % | (0.6) | % | |||||||||||
U.S. manufacturing incentive | — | % | — | % | (1.3) | % | |||||||||||
Tax credits | 1.8 | % | 4.9 | % | (2.7) | % | |||||||||||
Tax basis difference | — | % | 9.8 | % | (1.5) | % | |||||||||||
Transition tax | — | % | — | % | 9.0 | % | |||||||||||
U.S. statutory tax rate change on temporary differences | — | % | — | % | (38.7) | % | |||||||||||
Goodwill write-down | (9.4) | % | (40.2) | % | — | % | |||||||||||
Tax rate differential on net operating loss carryback | 4.2 | % | — | % | — | % | |||||||||||
Other | (0.1) | % | 3.6 | % | (1.6) | % | |||||||||||
Effective tax rate | 17.6 | % | (2.1) | % | (9.3) | % |
2020 | 2019 | ||||||||||
Deferred tax assets: | |||||||||||
Pension and postretirement benefits | $ | 39,705 | $ | 37,587 | |||||||
Accruals and reserves not currently deductible | 12,258 | 10,400 | |||||||||
Income tax credit carryforward | 5,308 | 3,204 | |||||||||
Operating and capital loss carryforwards | 34,146 | 21,896 | |||||||||
Stock options | 4,062 | 4,778 | |||||||||
Other | 8,376 | 5,381 | |||||||||
Total deferred tax assets | 103,855 | 83,246 | |||||||||
Valuation allowances | (22,527) | (15,352) | |||||||||
Net deferred tax assets | 81,328 | 67,894 | |||||||||
Deferred tax liabilities: | |||||||||||
Depreciation | (27,671) | (24,792) | |||||||||
Unrealized gains and losses | 389 | (565) | |||||||||
Goodwill and intangible assets | (123,259) | (138,952) | |||||||||
Other | (5,941) | (1,035) | |||||||||
Total deferred tax liabilities | (156,482) | (165,344) | |||||||||
Net deferred tax liability | $ | (75,154) | $ | (97,450) |
2020 | 2019 | 2018 | |||||||||||||||
Balance, beginning of year | $ | 15,526 | $ | 14,827 | $ | 7,968 | |||||||||||
Increases for tax positions of prior years | 500 | — | 7,886 | ||||||||||||||
Decreases for tax positions of prior years | (2,727) | — | — | ||||||||||||||
Increases based on tax positions related to the current year | 939 | 1,420 | 882 | ||||||||||||||
Decreases due to lapse of statute of limitation | (3,755) | (721) | (1,909) | ||||||||||||||
Balance, end of year | $ | 10,483 | $ | 15,526 | $ | 14,827 |
United States - Federal | 2017 and forward | ||||
United States - State | 2016 and forward | ||||
Canada | 2016 and forward | ||||
Germany | 2019 and forward | ||||
United Kingdom | 2019 and forward | ||||
Australia | 2015 and forward | ||||
Singapore | 2016 and forward |
2020 | 2019 | 2018 | |||||||||||||||
Current assets: | |||||||||||||||||
Accounts receivable | $ | 24,055 | $ | 8,779 | $ | (790) | |||||||||||
Inventories | 5,976 | 830 | (2,869) | ||||||||||||||
Other current assets | (14,803) | 10,317 | (16,293) | ||||||||||||||
15,228 | 19,926 | (19,952) | |||||||||||||||
Current liabilities: | |||||||||||||||||
Trade accounts payable | 8,363 | 3,715 | 2,516 | ||||||||||||||
Accrued compensation | 15,512 | (8,832) | (10,940) | ||||||||||||||
Accrued income taxes | (2,384) | (5,416) | (9,973) | ||||||||||||||
Other current liabilities | 9,648 | (21,875) | 28,415 | ||||||||||||||
31,139 | (32,408) | 10,018 | |||||||||||||||
Net change | $ | 46,367 | $ | (12,482) | $ | (9,934) |
SGK Brand Solutions | Memorialization | Industrial Technologies | Corporate and Non-Operating | Consolidated | |||||||||||||||||||||||||
Sales to external customers: | |||||||||||||||||||||||||||||
2020 | $ | 693,093 | $ | 656,035 | $ | 149,178 | $ | — | $ | 1,498,306 | |||||||||||||||||||
2019 | 743,869 | 636,892 | 156,515 | — | 1,537,276 | ||||||||||||||||||||||||
2018 | 805,274 | 631,392 | 165,914 | — | 1,602,580 | ||||||||||||||||||||||||
Intersegment sales: | |||||||||||||||||||||||||||||
2020 | 29 | 4 | 281 | — | 314 | ||||||||||||||||||||||||
2019 | 703 | 25 | 48 | — | 776 | ||||||||||||||||||||||||
2018 | 310 | 2 | 9 | — | 321 | ||||||||||||||||||||||||
Depreciation and amortization: | |||||||||||||||||||||||||||||
2020 | 87,597 | 20,527 | 5,771 | 5,163 | 119,058 | ||||||||||||||||||||||||
2019 | 59,684 | 19,731 | 6,195 | 5,183 | 90,793 | ||||||||||||||||||||||||
2018 | 46,300 | 20,005 | 5,796 | 4,873 | 76,974 | ||||||||||||||||||||||||
Adjusted EBITDA: | |||||||||||||||||||||||||||||
2020 | 90,644 | 146,285 | 22,753 | (56,602) | 203,080 | ||||||||||||||||||||||||
2019 | 119,493 | 134,286 | 24,082 | (56,989) | 220,872 | ||||||||||||||||||||||||
2018 | 150,233 | 145,487 | 25,864 | (66,470) | 255,114 | ||||||||||||||||||||||||
Total assets: | |||||||||||||||||||||||||||||
2020 | 1,014,097 | 779,886 | 192,948 | 85,702 | 2,072,633 | ||||||||||||||||||||||||
2019 | 1,106,276 | 830,377 | 191,533 | 62,417 | 2,190,603 | ||||||||||||||||||||||||
2018 | 1,285,053 | 814,800 | 196,855 | 61,036 | 2,357,744 | ||||||||||||||||||||||||
Capital expenditures: | |||||||||||||||||||||||||||||
2020 | 20,250 | 11,282 | 1,598 | 1,719 | 34,849 | ||||||||||||||||||||||||
2019 | 22,310 | 9,352 | 2,382 | 3,644 | 37,688 | ||||||||||||||||||||||||
2018 | 22,133 | 15,513 | 2,577 | 2,977 | 43,200 |
2020 | 2019 | 2018 | ||||||||||||||||||
Total Adjusted EBITDA | $ | 203,080 | $ | 220,872 | $ | 255,114 | ||||||||||||||
Acquisition costs (1)**
|
$ | (3,844) | $ | (10,872) | $ | (10,918) | ||||||||||||||
ERP integration costs (2)**
|
(2,296) | (7,508) | (10,864) | |||||||||||||||||
Strategic initiatives and other charges (3)**
|
(33,799) | (13,449) | (5,266) | |||||||||||||||||
Legal matter reserve (4)
|
(10,566) | — | — | |||||||||||||||||
Non-recurring / incremental COVID-19 costs (5)
|
(4,655) | — | — | |||||||||||||||||
Goodwill write-downs (6)
|
(90,408) | (77,572) | — | |||||||||||||||||
Net realized gains (losses) on divestitures and asset dispositions: | ||||||||||||||||||||
Gain (loss) on sale of ownership interests in subsidiaries (7)
|
11,208 | (6,469) | — | |||||||||||||||||
Realized (loss) gain on cost-method investments (8)
|
— | (4,731) | 3,771 | |||||||||||||||||
Net gains from the sale of buildings and vacant properties (9)
|
— | 7,347 | — | |||||||||||||||||
Joint Venture depreciation, amortization, interest expense and other charges (10)
|
(4,732) | (1,514) | — | |||||||||||||||||
Stock-based compensation | (8,096) | (7,729) | (13,460) | |||||||||||||||||
Non-service pension and postretirement expense (11)
|
(7,789) | (3,802) | (5,723) | |||||||||||||||||
Depreciation and amortization *
|
(119,058) | (90,793) | (76,974) | |||||||||||||||||
Interest expense | (34,885) | (40,962) | (37,427) | |||||||||||||||||
Net loss attributable to noncontrolling interests | (497) | (901) | (260) | |||||||||||||||||
(Loss) income before income taxes | (106,337) | (38,083) | 97,993 | |||||||||||||||||
Income tax benefit (provision) | 18,685 | (806) | 9,118 | |||||||||||||||||
Net (loss) income | $ | (87,652) | $ | (38,889) | $ | 107,111 |
(1) Includes certain non-recurring costs associated with recent acquisition activities.
|
||
(2) Represents costs associated with global ERP system integration efforts.
|
||
(3) Includes certain non-recurring costs primarily associated with productivity and cost-reduction initiatives intended to result in improved operating performance, profitability and working capital levels.
|
||
(4) Represents a reserve established for a legal matter involving a letter of credit for a customer in Saudi Arabia within the Memorialization segment (see Note 9, "Long Term Debt").
|
||
(5) Includes certain non-recurring direct incremental costs (such as costs for purchases of computer peripherals and devices to facilitate working-from-home, additional personal protective equipment and cleaning supplies and services, etc.) incurred in response to COVID-19. This amount does not include the impact of any lost sales or underutilization due to COVID-19.
|
||
(6) Represents goodwill write-downs within the SGK Brand Solutions segment (see Note 21, "Goodwill and Other Intangible Assets").
|
||
(7) Represents the gain (loss) on the sale of ownership interests in subsidiaries within the Memorialization segment.
|
||
(8) Includes gains/losses related to cost-method investments, and related assets, within the SGK Brand Solutions and Memorialization segments.
|
||
(9) Includes significant building and vacant property transactions resulting in a gain of $8,663 within the Industrial Technologies segment and losses of $915 and $401 within the SGK Brand Solutions and Memorialization segments, respectively.
|
||
(10) Represents the Company's portion of depreciation, intangible amortization, interest expense, and other non-recurring charges incurred by non-consolidated subsidiaries accounted for as equity-method investments within the Memorialization segment.
|
||
(11) Non-service pension and postretirement expense includes interest cost, expected return on plan assets and amortization of actuarial gains and losses. These benefit cost components are excluded from adjusted EBITDA since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted EBITDA, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans.
|
North America | Central and South America | Europe | Australia | Asia | Consolidated | ||||||||||||||||||||||||||||||
Sales to external customers: | |||||||||||||||||||||||||||||||||||
2020 | $ | 1,037,705 | $ | 6,304 | $ | 387,831 | $ | 21,079 | $ | 45,387 | $ | 1,498,306 | |||||||||||||||||||||||
2019 | 1,038,268 | 5,853 | 426,253 | 20,885 | 46,017 | 1,537,276 | |||||||||||||||||||||||||||||
2018 | 1,066,367 | 6,171 | 456,078 | 23,276 | 50,688 | 1,602,580 | |||||||||||||||||||||||||||||
Long-lived assets: | |||||||||||||||||||||||||||||||||||
2020 | 957,393 | 14,063 | 286,990 | 21,746 | 55,482 | 1,335,674 | |||||||||||||||||||||||||||||
2019 | 1,047,505 | 15,585 | 342,802 | 21,278 | 57,729 | 1,484,899 | |||||||||||||||||||||||||||||
2018 | 1,182,250 | 16,535 | 365,455 | 23,037 | 58,302 | 1,645,579 |
SGK Brand Solutions | Memorialization | Industrial Technologies | Consolidated | ||||||||||||||||||||
Net goodwill at September 30, 2018 | $ | 485,318 | $ | 371,550 | $ | 92,026 | $ | 948,894 | |||||||||||||||
Additions during period | 1,506 | 3,592 | — | 5,098 | |||||||||||||||||||
Divestiture during period | — | (14,970) | — | (14,970) | |||||||||||||||||||
Translation and other adjustments | (13,548) | (435) | (660) | (14,643) | |||||||||||||||||||
Goodwill write-down | (77,572) | — | — | (77,572) | |||||||||||||||||||
Net goodwill at September 30, 2019 | 395,704 | 359,737 | 91,366 | 846,807 | |||||||||||||||||||
Translation and other adjustments | 6,441 | 1,945 | 603 | 8,989 | |||||||||||||||||||
Goodwill write-down | (90,408) | — | — | (90,408) | |||||||||||||||||||
Net goodwill at September 30, 2020 | $ | 311,737 | $ | 361,682 | $ | 91,969 | $ | 765,388 |
Carrying
Amount |
Accumulated
Amortization |
Net | |||||||||||||||
September 30, 2020 | |||||||||||||||||
Indefinite-lived trade names | $ | 30,540 | $ | — | $ | 30,540 | |||||||||||
Definite-lived trade names | 148,867 | (64,462) | 84,405 | ||||||||||||||
Customer relationships | 379,246 | (166,892) | 212,354 | ||||||||||||||
Copyrights/patents/other | 20,704 | (14,505) | 6,199 | ||||||||||||||
$ | 579,357 | $ | (245,859) | $ | 333,498 | ||||||||||||
September 30, 2019 | |||||||||||||||||
Indefinite-lived trade names | $ | 30,540 | $ | — | $ | 30,540 | |||||||||||
Definite-lived trade names | 148,628 | (22,653) | 125,975 | ||||||||||||||
Customer relationships | 374,515 | (137,330) | 237,185 | ||||||||||||||
Copyrights/patents/other | 20,463 | (13,513) | 6,950 | ||||||||||||||
$ | 574,146 | $ | (173,496) | $ | 400,650 |
Quarter Ended | |||||||||||||||||||||||||||||
December 31 | March 31 | June 30 | September 30 |
Year Ended
September 30 |
|||||||||||||||||||||||||
(Dollar amounts in thousands, except per share data) | |||||||||||||||||||||||||||||
Fiscal Year 2020 | |||||||||||||||||||||||||||||
Sales | $ | 364,944 | $ | 374,800 | $ | 359,422 | $ | 399,140 | $ | 1,498,306 | |||||||||||||||||||
Gross profit | 115,727 | 124,764 | 120,953 | 136,325 | 497,769 | ||||||||||||||||||||||||
Operating (loss) profit | (4,943) | (85,097) | 5,246 | 20,601 | (64,193) | ||||||||||||||||||||||||
Net (loss) income attributable to Matthews shareholders | (10,466) | (86,364) | 2,269 | 7,406 | (87,155) | ||||||||||||||||||||||||
(Loss) earnings per share: | |||||||||||||||||||||||||||||
Basic | $ | (0.34) | $ | (2.77) | $ | 0.07 | $ | 0.24 | $ | (2.79) | |||||||||||||||||||
Diluted | (0.34) | (2.77) | 0.07 | 0.24 | (2.79) | ||||||||||||||||||||||||
Fiscal Year 2019: | |||||||||||||||||||||||||||||
Sales | $ | 374,177 | $ | 391,400 | $ | 379,294 | $ | 392,405 | $ | 1,537,276 | |||||||||||||||||||
Gross profit | 126,411 | 136,281 | 137,178 | 142,596 | 542,466 | ||||||||||||||||||||||||
Operating profit (loss) | 16,166 | 24,264 | 29,691 | (59,818) | 10,303 | ||||||||||||||||||||||||
Net income (loss) attributable to Matthews shareholders | 3,097 | 15,417 | 14,629 | (71,131) | (37,988) | ||||||||||||||||||||||||
Earnings (loss) per share: | |||||||||||||||||||||||||||||
Basic | $ | 0.10 | $ | 0.49 | $ | 0.47 | $ | (2.28) | $ | (1.21) | |||||||||||||||||||
Diluted | 0.10 | 0.48 | 0.46 | (2.28) | (1.21) |
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, 2020 | $ | 10,846 | $ | 1,736 | $ | 15 | $ | (2,979) | $ | 9,618 | |||||||||||||||||||
September 30, 2019 | 11,158 | 2,787 | 20 | (3,119) | 10,846 | ||||||||||||||||||||||||
September 30, 2018 | 11,622 | 855 | 762 | (2,081) | 11,158 |
Description | Balance at Beginning of Period |
Provision Charged (Credited) To Expense (1)
|
Allowance Changes (2)
|
Other Additions (Deductions) (3)
|
Balance at End of Period | ||||||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||||||||
Deferred Tax Asset Valuation Allowance: | |||||||||||||||||||||||||||||
Fiscal Year Ended: | |||||||||||||||||||||||||||||
September 30, 2020 | $ | 15,352 | $ | 6,982 | $ | — | $ | 193 | $ | 22,527 | |||||||||||||||||||
September 30, 2019 | 15,188 | 821 | — | (657) | 15,352 | ||||||||||||||||||||||||
September 30, 2018 | 21,917 | 2,482 | (8,510) | (701) | 15,188 |
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 | 30,764 | $ | — | 3,263,225 |
(1)
|
|||||||||||||||
Equity compensation plans not approved by security holders | None | None | None | |||||||||||||||||
Total | 30,764 | $ | — | 3,263,225 |
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, 2020 and 2019 | |||||
Consolidated Statements of Income for the years ended September 30, 2020, 2019 and 2018 | |||||
Consolidated Statements of Comprehensive Income for the years ended September 30, 2020, 2019 and 2018 | |||||
Consolidated Statements of Shareholders' Equity for the years ended September 30, 2020, 2019 and 2018 | |||||
Consolidated Statements of Cash Flows for the years ended September 30, 2020, 2019 and 2018 | |||||
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 | ||||||||||||
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 | |||||||||||||
4.5 | Exhibit Number 10.1 to the Current Report on Form 8-K filed on September 25, 2020 | |||||||||||||
4.6 | Filed Herewith | |||||||||||||
10.1 | Exhibit Number 10.1 to the Current Report on Form 8-K filed on December 7, 2017 | |||||||||||||
10.2 | Exhibit Number 10.2 to the Current Report on Form 8-K filed on March 19, 2014 | |||||||||||||
10.3 a | Exhibit A to the Definitive Proxy Statement on Schedule 14A filed on January 20, 2015 | |||||||||||||
10.4 a | Exhibit Number 10.1 to the Current Report on Form 8-K filed on May 16, 2016 | |||||||||||||
10.5 a | Exhibit Number 10.5 to the Annual Report on Form 10-K for the year ended September 30, 2010 | |||||||||||||
10.6 a | Exhibit Number 10.6 to the Annual Report on Form 10-K for the year ended September 30, 2009 | |||||||||||||
Exhibit No. | Description | Prior Filing or Sequential Page Numbers Herein | ||||||||||||
10.7 a | Exhibit Number 10.1 to the Quarterly Report on Form 10-Q for the quarter ended March 31, 2006 | |||||||||||||
10.8 a | Exhibit Number 10.7 to the Annual Report on Form 10-K for the year ended September 30, 2008 | |||||||||||||
10.9 a | Exhibit Number 10.8 to the Annual Report on Form 10-K for the year ended September 30, 2008 | |||||||||||||
10.10 a | Exhibit Number 10.7 to the Annual Report on Form 10-K for the year ended September 30, 2013 | |||||||||||||
10.11 a | Exhibit Number 10.1 to the Quarterly Report on Form 10-Q for the quarter ended March 31, 2017 | |||||||||||||
10.12 a | Exhibit Number 10.2 to the Quarterly Report on Form 10-Q for the quarter ended March 31, 1995 | |||||||||||||
10.13 a | Exhibit Number 10.11 to the Annual Report on Form 10-K for the year ended September 30, 2008 | |||||||||||||
10.14 a | Exhibit A to the Definitive Proxy Statement on Schedule 14A filed on January 22, 2013 | |||||||||||||
10.15 a | Exhibit A to the Definitive Proxy Statement on Schedule 14A filed on January 19, 2016 | |||||||||||||
10.16 a | Exhibit Number 99.1 to the Registration Statement on Form S-8 filed on May 3, 2019 | |||||||||||||
10.17 a | Exhibit Number 99.2 to the Registration Statement on Form S-8 filed on May 3, 2019 | |||||||||||||
10.18 a | Exhibit Number 99.3 to the Registration Statement on Form S-8 filed on May 3, 2019 | |||||||||||||
10.19 a | Exhibit Number 99.4 to the Registration Statement on Form S-8 filed on May 3, 2019 | |||||||||||||
10.20 a | Exhibit Number 10.1 to Current Report on Form 8-K filed on October 3, 2019 | |||||||||||||
10.21 | Exhibit Number 10.1 to the Current Report on Form 8-K filed on March 30, 2020 | |||||||||||||
14.1 | Exhibit Number 14.1 to the Annual Report on Form 10-K for the year ended September 30, 2004 | |||||||||||||
21 | Filed Herewith | |||||||||||||
Exhibit No. | Description | Prior Filing or Sequential Page Numbers Herein | ||||||||||||
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- the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL 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 | ||||||||||||
104. | Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit 101) | 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/ Alvaro Garcia-Tunon | |||||||
John D. Turner, Chairman of the Board | Alvaro Garcia-Tunon, Director | |||||||
/s/ Gregory S. Babe | /s/ Morgan K. O'Brien | |||||||
Gregory S. Babe, Director | Morgan K. O'Brien, Director | |||||||
/s/ Katherine E. Dietze | /s/ Don W. Quigley, Jr. | |||||||
Katherine E. Dietze, Director | Don W. Quigley, Jr., Director | |||||||
/s/ Terry L. Dunlap | /s/ David A. Schawk | |||||||
Terry L. Dunlap, Director | David A. Schawk, Director | |||||||
/s/ Lillian D. Etzkorn | /s/ Jerry R. Whitaker | |||||||
Lillian D. Etzkorn, Director | Jerry R. Whitaker, Director | |||||||
Name | Percentage Ownership | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
IDL Worldwide, Inc. | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
The SLN Group, Inc. | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Therm-Tec, Inc. | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Frost Converting Systems, Inc. | 80 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equator Design, Inc. | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Matthews International Sarl | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gem Matthews International s.r.l. | 95 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rottenecker-Caggiati GmbH | 82 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Tyche SpA | 51 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Matthews Resources, Inc. | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Matthews Marking Systems Sweden AB | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Matthews Kodiersysteme GmbH | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Innovative Branding Technology Solutions, LLC | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
The York Group, Inc. | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
York Agency, Inc. | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Milso Industries Corporation | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Liberty Casket Company LLC | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
York Casket Development Company, Inc. | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Matthews Aurora, LLC | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aurora Casket Company, LLC | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aurora Casket de Mexico S. de R.L. de C.V. | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Aurora St. Laurent, Inc. | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Matthews Gibraltar Mausoleum & Construction Company | 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 |
Name | Percentage Ownership | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
MATW North America Holding LLC | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
MATW UK Holding LLP | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schawk Wace Group | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Matthews International Corporation Costa Rica S.R.L. | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Matthews Holding Germany LLP & Co. KG | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Matthews Singapore Holding Pte. Ltd. | 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
Name | Percentage Ownership | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brandimage Desgrippes and LAGA SA | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brandmark International Holding B.V. | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Anthem NL BV | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Matthews International Malaysia 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 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
MATW Netherlands Holding 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 | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
5flow GmbH | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
PT. Saueressig Engraving Indonesia | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
S+T Reprotechnick GmbH | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reproservice Eurodigital GmbH | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repro Busek Druckvorstufentechnick GmbH | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repro Busek Druckvorstufentechnick GmbH & Co. KG | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rudolf Reproflex GmbH | 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 GmbH | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Matthews Verwaltungs GmbH | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ungricht GmbH + Co KG | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Saueressig Polska Sp. z.o.o. | 67 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Saueressig 000 | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Wetzel GmbH | 100 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Saueressig Polska Sp. z.o.o. | 33 |