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☒
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Delaware
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80-0798640
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(State or Other Jurisdiction of
Incorporation or Organization)
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(I.R.S. Employer
Identification Number)
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10200 Alliance Road, Suite 200
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Cincinnati,
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Ohio
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45242
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(Address of principal executive offices, including zip code)
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||||||
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(513)
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487-5000
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(Registrant's telephone number, including area code)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common stock, $0.01 par value per share
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MCRN
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New York Stock Exchange
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Large accelerated filer
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☒
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Accelerated filer
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☐
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Non-accelerated filer
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☐
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Smaller reporting company
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☐
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Emerging growth company
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☐
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Page
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PART I. FINANCIAL INFORMATION
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ITEM 1.
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Financial Statements
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ITEM 2.
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ITEM 3.
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ITEM 4.
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PART II. OTHER INFORMATION
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ITEM 1.
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||
ITEM 1A.
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||
ITEM 2.
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||
ITEM 3.
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||
ITEM 4.
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||
ITEM 5.
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||
ITEM 6.
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||
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September 30, 2019
|
|
|
||||
|
(Unaudited)
|
|
December 31, 2018
|
||||
|
(in millions, except share data)
|
||||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
147.8
|
|
|
$
|
184.0
|
|
Accounts receivable, net
|
146.3
|
|
|
146.3
|
|
||
Inventories, net:
|
|
|
|
||||
Raw materials
|
80.1
|
|
|
73.2
|
|
||
Work-in-process
|
45.4
|
|
|
46.7
|
|
||
Finished products
|
126.1
|
|
|
118.6
|
|
||
Total inventories, net
|
251.6
|
|
|
238.5
|
|
||
Prepaid and other current assets
|
38.1
|
|
|
49.1
|
|
||
Current assets held for sale
|
16.2
|
|
|
36.9
|
|
||
Total current assets
|
600.0
|
|
|
654.8
|
|
||
Property and equipment, net
|
202.3
|
|
|
215.7
|
|
||
Operating lease right-of-use assets
|
38.7
|
|
|
—
|
|
||
Goodwill
|
502.5
|
|
|
513.2
|
|
||
Intangible assets, net
|
275.0
|
|
|
292.7
|
|
||
Other noncurrent assets
|
25.1
|
|
|
29.1
|
|
||
Noncurrent assets held for sale
|
—
|
|
|
27.0
|
|
||
Total assets
|
$
|
1,643.6
|
|
|
$
|
1,732.5
|
|
Liabilities and shareholders’ equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Short-term borrowings
|
$
|
1.4
|
|
|
$
|
5.8
|
|
Accounts payable
|
98.8
|
|
|
116.8
|
|
||
Advanced billings and deposits
|
31.3
|
|
|
38.9
|
|
||
Accrued salaries, wages and other compensation
|
21.3
|
|
|
24.0
|
|
||
Other current liabilities
|
70.3
|
|
|
66.0
|
|
||
Current liabilities held for sale
|
—
|
|
|
14.9
|
|
||
Total current liabilities
|
223.1
|
|
|
266.4
|
|
||
Long-term debt
|
764.5
|
|
|
829.0
|
|
||
Deferred income tax liabilities
|
53.6
|
|
|
57.5
|
|
||
Accrued pension liabilities
|
25.3
|
|
|
27.6
|
|
||
Operating lease liabilities
|
30.7
|
|
|
—
|
|
||
Other noncurrent accrued liabilities
|
17.2
|
|
|
25.2
|
|
||
Total liabilities
|
1,114.4
|
|
|
1,205.7
|
|
||
Shareholders’ equity:
|
|
|
|
||||
Preferred stock - $0.01 par value, 50,000,000 shares authorized, none outstanding
|
—
|
|
|
—
|
|
||
Common stock - $0.01 par value, 500,000,000 shares authorized; 71,289,282 and 70,726,800 shares
|
|
|
|
||||
issued as of September 30, 2019 and December 31, 2018, respectively, and 70,746,408 and
|
|
|
|
||||
70,454,138 shares outstanding as of September 30, 2019 and December 31, 2018, respectively
|
0.7
|
|
|
0.7
|
|
||
Capital in excess of par value
|
707.1
|
|
|
693.5
|
|
||
Treasury stock - at cost; 542,874 and 272,662 shares as of September 30, 2019 and
|
|
|
|
||||
December 31, 2018, respectively
|
(7.2
|
)
|
|
(3.5
|
)
|
||
Retained earnings (deficit)
|
0.9
|
|
|
(29.0
|
)
|
||
Accumulated other comprehensive loss
|
(172.3
|
)
|
|
(134.9
|
)
|
||
Total shareholders’ equity
|
529.2
|
|
|
526.8
|
|
||
Total liabilities and shareholders’ equity
|
$
|
1,643.6
|
|
|
$
|
1,732.5
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions, except per share data)
|
||||||||||||||
Net sales
|
$
|
250.3
|
|
|
$
|
282.8
|
|
|
$
|
770.4
|
|
|
$
|
875.2
|
|
Cost of sales
|
174.3
|
|
|
185.5
|
|
|
522.6
|
|
|
571.0
|
|
||||
Manufacturing margins
|
76.0
|
|
|
97.3
|
|
|
247.8
|
|
|
304.2
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses
|
55.2
|
|
|
56.6
|
|
|
167.6
|
|
|
180.0
|
|
||||
Amortization expense
|
5.1
|
|
|
6.2
|
|
|
16.1
|
|
|
18.8
|
|
||||
(Gain) loss on currency translation
|
(1.6
|
)
|
|
(1.1
|
)
|
|
(2.6
|
)
|
|
1.1
|
|
||||
Other (income) expense, net
|
(2.0
|
)
|
|
3.7
|
|
|
(2.3
|
)
|
|
13.5
|
|
||||
Total operating expenses
|
56.7
|
|
|
65.4
|
|
|
178.8
|
|
|
213.4
|
|
||||
Operating earnings
|
19.3
|
|
|
31.9
|
|
|
69.0
|
|
|
90.8
|
|
||||
Interest expense, net
|
9.2
|
|
|
10.6
|
|
|
28.7
|
|
|
32.6
|
|
||||
Loss on debt extinguishment
|
0.7
|
|
|
0.3
|
|
|
0.7
|
|
|
1.0
|
|
||||
Other non-operating expenses
|
0.1
|
|
|
0.3
|
|
|
0.5
|
|
|
0.7
|
|
||||
Earnings from continuing operations before income taxes
|
9.3
|
|
|
20.7
|
|
|
39.1
|
|
|
56.5
|
|
||||
Income tax expense
|
5.0
|
|
|
6.9
|
|
|
20.6
|
|
|
20.3
|
|
||||
Net earnings from continuing operations
|
4.3
|
|
|
13.8
|
|
|
18.5
|
|
|
36.2
|
|
||||
Earnings (loss) from discontinued operations (net of income taxes)
|
21.8
|
|
|
1.1
|
|
|
10.9
|
|
|
(0.5
|
)
|
||||
Net earnings
|
$
|
26.1
|
|
|
$
|
14.9
|
|
|
$
|
29.4
|
|
|
$
|
35.7
|
|
|
|
|
|
|
|
|
|
||||||||
Earnings (loss) per share:
|
|
|
|
|
|
|
|
||||||||
Basic:
|
|
|
|
|
|
|
|
||||||||
Net earnings from continuing operations
|
$
|
0.06
|
|
|
$
|
0.20
|
|
|
$
|
0.26
|
|
|
$
|
0.52
|
|
Earnings (loss) from discontinued operations
|
0.31
|
|
|
0.02
|
|
|
0.16
|
|
|
(0.01
|
)
|
||||
Net earnings
|
$
|
0.37
|
|
|
$
|
0.22
|
|
|
$
|
0.42
|
|
|
$
|
0.51
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted:
|
|
|
|
|
|
|
|
||||||||
Net earnings from continuing operations
|
$
|
0.06
|
|
|
$
|
0.19
|
|
|
$
|
0.26
|
|
|
$
|
0.50
|
|
Earnings (loss) from discontinued operations
|
0.30
|
|
|
0.02
|
|
|
0.15
|
|
|
(0.01
|
)
|
||||
Net earnings
|
$
|
0.36
|
|
|
$
|
0.21
|
|
|
$
|
0.41
|
|
|
$
|
0.49
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Net earnings
|
$
|
26.1
|
|
|
$
|
14.9
|
|
|
$
|
29.4
|
|
|
$
|
35.7
|
|
Other comprehensive loss, net of tax:
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation loss
|
(35.6
|
)
|
|
(17.7
|
)
|
|
(30.7
|
)
|
|
(42.7
|
)
|
||||
Unrecognized post-retirement plan gain
|
0.2
|
|
|
0.1
|
|
|
0.4
|
|
|
0.6
|
|
||||
Unrealized gain (loss) on hedging activities
|
1.6
|
|
|
1.8
|
|
|
(7.1
|
)
|
|
7.5
|
|
||||
Total other comprehensive loss, net of tax
|
(33.8
|
)
|
|
(15.8
|
)
|
|
(37.4
|
)
|
|
(34.6
|
)
|
||||
Comprehensive (loss) income
|
$
|
(7.7
|
)
|
|
$
|
(0.9
|
)
|
|
$
|
(8.0
|
)
|
|
$
|
1.1
|
|
|
|
Common
Stock
(Shares)
|
|
Common
Stock
|
|
Capital In
Excess of
Par Value
|
|
Treasury Stock (Shares)
|
|
Treasury Stock
|
|
Retained
Earnings (Deficit)
|
|
Accumulated
Other
Comprehensive Loss
|
|
Totals
|
||||||||||||||
|
|
(in millions, except share data)
|
||||||||||||||||||||||||||||
Balance at December 31, 2017
|
|
69,644,918
|
|
|
$
|
0.7
|
|
|
$
|
675.9
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
(70.5
|
)
|
|
$
|
(85.4
|
)
|
|
$
|
520.7
|
|
Stock-based compensation activity
|
|
732,789
|
|
|
—
|
|
|
5.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5.5
|
|
||||||
Net earnings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5.9
|
|
|
—
|
|
|
5.9
|
|
||||||
Other comprehensive income, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31.0
|
|
|
31.0
|
|
||||||
Balance at March 31, 2018
|
|
70,377,707
|
|
|
0.7
|
|
|
681.4
|
|
|
—
|
|
|
—
|
|
|
(64.6
|
)
|
|
(54.4
|
)
|
|
563.1
|
|
||||||
Stock-based compensation activity
|
|
117,413
|
|
|
—
|
|
|
4.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4.3
|
|
||||||
Net earnings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14.9
|
|
|
—
|
|
|
14.9
|
|
||||||
Other comprehensive loss, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(49.8
|
)
|
|
(49.8
|
)
|
||||||
Balance at June 30, 2018
|
|
70,495,120
|
|
|
0.7
|
|
|
685.7
|
|
|
—
|
|
|
—
|
|
|
(49.7
|
)
|
|
(104.2
|
)
|
|
532.5
|
|
||||||
Stock-based compensation activity
|
|
221,832
|
|
|
—
|
|
|
5.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5.0
|
|
||||||
Net earnings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14.9
|
|
|
—
|
|
|
14.9
|
|
||||||
Other comprehensive loss, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15.8
|
)
|
|
(15.8
|
)
|
||||||
Balance at September 30, 2018
|
|
70,716,952
|
|
|
$
|
0.7
|
|
|
$
|
690.7
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
(34.8
|
)
|
|
$
|
(120.0
|
)
|
|
$
|
536.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance at December 31, 2018
|
|
70,726,800
|
|
|
$
|
0.7
|
|
|
$
|
693.5
|
|
|
(272,662
|
)
|
|
$
|
(3.5
|
)
|
|
$
|
(29.0
|
)
|
|
$
|
(134.9
|
)
|
|
$
|
526.8
|
|
Adjustment to adopt new lease accounting standard
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.5
|
|
|
—
|
|
|
0.5
|
|
||||||
Stock-based compensation activity
|
|
317,861
|
|
|
—
|
|
|
4.6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4.6
|
|
||||||
Purchase of treasury stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(270,212
|
)
|
|
(3.7
|
)
|
|
—
|
|
|
—
|
|
|
(3.7
|
)
|
||||||
Net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.8
|
)
|
|
—
|
|
|
(0.8
|
)
|
||||||
Other comprehensive income, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9.6
|
|
|
9.6
|
|
||||||
Balance at March 31, 2019
|
|
71,044,661
|
|
|
0.7
|
|
|
698.1
|
|
|
(542,874
|
)
|
|
(7.2
|
)
|
|
(29.3
|
)
|
|
(125.3
|
)
|
|
537.0
|
|
||||||
Stock-based compensation activity
|
|
17,143
|
|
|
—
|
|
|
3.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.9
|
|
||||||
Net earnings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4.1
|
|
|
—
|
|
|
4.1
|
|
||||||
Other comprehensive loss, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13.2
|
)
|
|
(13.2
|
)
|
||||||
Balance at June 30, 2019
|
|
71,061,804
|
|
|
0.7
|
|
|
702.0
|
|
|
(542,874
|
)
|
|
(7.2
|
)
|
|
(25.2
|
)
|
|
(138.5
|
)
|
|
531.8
|
|
||||||
Stock-based compensation activity
|
|
227,478
|
|
|
—
|
|
|
5.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5.1
|
|
||||||
Net earnings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26.1
|
|
|
—
|
|
|
26.1
|
|
||||||
Other comprehensive loss, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33.8
|
)
|
|
(33.8
|
)
|
||||||
Balance at September 30, 2019
|
|
71,289,282
|
|
|
$
|
0.7
|
|
|
$
|
707.1
|
|
|
(542,874
|
)
|
|
$
|
(7.2
|
)
|
|
$
|
0.9
|
|
|
$
|
(172.3
|
)
|
|
$
|
529.2
|
|
|
Nine Months Ended September 30,
|
||||||
|
2019
|
|
2018
|
||||
|
(in millions)
|
||||||
Operating activities from continuing operations
|
|
|
|
||||
Net earnings
|
$
|
29.4
|
|
|
$
|
35.7
|
|
(Earnings) loss from discontinued operations (net of income taxes)
|
(10.9
|
)
|
|
0.5
|
|
||
Adjustments to reconcile net earnings from continuing operations to net cash provided by operating activities from continuing operations:
|
|
|
|
||||
Depreciation and amortization
|
35.3
|
|
|
39.0
|
|
||
Unrealized (gain) loss on currency translation of intercompany advances
|
(2.2
|
)
|
|
1.9
|
|
||
Amortization of deferred financing costs
|
1.6
|
|
|
2.3
|
|
||
Loss on debt extinguishment
|
0.7
|
|
|
1.0
|
|
||
Inventory write-down
|
3.0
|
|
|
—
|
|
||
Property and equipment impairment
|
0.2
|
|
|
—
|
|
||
Non-cash stock-based compensation expense
|
10.8
|
|
|
8.7
|
|
||
Deferred income taxes
|
1.5
|
|
|
1.7
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(4.9
|
)
|
|
1.7
|
|
||
Inventories
|
(22.1
|
)
|
|
(26.7
|
)
|
||
Prepaid and other current assets
|
8.0
|
|
|
(2.9
|
)
|
||
Accounts payable
|
(14.6
|
)
|
|
(2.1
|
)
|
||
Advanced billings and deposits
|
(4.5
|
)
|
|
5.3
|
|
||
Other current liabilities
|
(18.8
|
)
|
|
2.8
|
|
||
Other noncurrent assets
|
1.4
|
|
|
0.6
|
|
||
Other noncurrent accrued liabilities
|
(1.8
|
)
|
|
(0.4
|
)
|
||
Net cash provided by operating activities from continuing operations
|
12.1
|
|
|
69.1
|
|
||
Investing activities from continuing operations
|
|
|
|
||||
Purchases of property and equipment
|
(31.4
|
)
|
|
(25.0
|
)
|
||
Proceeds from disposals of property and equipment
|
10.5
|
|
|
8.7
|
|
||
Proceeds from divestitures
|
51.1
|
|
|
—
|
|
||
Net cash provided by (used in) investing activities from continuing operations
|
30.2
|
|
|
(16.3
|
)
|
||
Financing activities from continuing operations
|
|
|
|
||||
Payments on long-term debt and capital lease obligations (original maturities longer than 90 days)
|
(66.5
|
)
|
|
(75.1
|
)
|
||
Net decrease in short-term borrowings (original maturities of 90 days or less)
|
(4.4
|
)
|
|
(0.5
|
)
|
||
Proceeds from exercise of stock options
|
2.8
|
|
|
6.1
|
|
||
Purchase of treasury stock
|
(3.7
|
)
|
|
—
|
|
||
Debt issuance costs
|
—
|
|
|
(0.8
|
)
|
||
Net cash used in financing activities from continuing operations
|
(71.8
|
)
|
|
(70.3
|
)
|
||
Total cash and cash equivalents used in continuing operations
|
(29.5
|
)
|
|
(17.5
|
)
|
||
Cash and cash equivalents used in discontinued operations
|
|
|
|
||||
Operating cash flows
|
(3.5
|
)
|
|
(13.7
|
)
|
||
Investing cash flows
|
(0.3
|
)
|
|
(0.2
|
)
|
||
Total cash and cash equivalents used in discontinued operations
|
(3.8
|
)
|
|
(13.9
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(2.9
|
)
|
|
(6.2
|
)
|
||
Decrease in cash and cash equivalents
|
(36.2
|
)
|
|
(37.6
|
)
|
||
Cash and cash equivalents at beginning of period
|
184.0
|
|
|
187.9
|
|
||
Cash and cash equivalents at end of period
|
$
|
147.8
|
|
|
$
|
150.3
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
Accounts receivable, net
|
$
|
0.5
|
|
|
$
|
6.5
|
|
Inventories, net
|
0.5
|
|
|
19.3
|
|
||
Prepaid and other current assets
|
—
|
|
|
1.5
|
|
||
Property and equipment, net
|
6.0
|
|
|
—
|
|
||
Current assets held for sale
|
$
|
7.0
|
|
|
$
|
27.3
|
|
|
|
|
|
||||
Property and equipment, net
|
$
|
—
|
|
|
$
|
25.3
|
|
Goodwill
|
—
|
|
|
0.6
|
|
||
Intangible assets, net
|
—
|
|
|
1.1
|
|
||
Noncurrent assets held for sale
|
$
|
—
|
|
|
$
|
27.0
|
|
|
|
|
|
||||
Accounts payable
|
$
|
—
|
|
|
$
|
6.1
|
|
Advanced billings and deposits
|
—
|
|
|
5.6
|
|
||
Accrued salaries, wages and other compensation
|
—
|
|
|
1.9
|
|
||
Other current liabilities
|
—
|
|
|
1.3
|
|
||
Current liabilities held for sale
|
$
|
—
|
|
|
$
|
14.9
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Earnings (loss) from discontinued operations attributable to blow molding business
|
|
|
|
|
|
|
|
||||||||
Net sales
|
$
|
0.6
|
|
|
$
|
25.5
|
|
|
$
|
42.7
|
|
|
$
|
71.6
|
|
Cost of sales
|
1.5
|
|
|
20.2
|
|
|
36.6
|
|
|
57.1
|
|
||||
Selling, general and administrative expenses
|
0.2
|
|
|
3.8
|
|
|
6.7
|
|
|
11.7
|
|
||||
Amortization expense
|
0.1
|
|
|
0.4
|
|
|
1.0
|
|
|
1.3
|
|
||||
Loss (gain) on currency translation
|
0.7
|
|
|
(0.6
|
)
|
|
0.1
|
|
|
(0.2
|
)
|
||||
Other expense
|
0.3
|
|
|
0.3
|
|
|
11.2
|
|
|
1.0
|
|
||||
Operating (loss) earnings from discontinued operations
|
(2.2
|
)
|
|
1.4
|
|
|
(12.9
|
)
|
|
0.7
|
|
||||
Gain on disposal of discontinued operations
|
24.8
|
|
|
—
|
|
|
24.8
|
|
|
—
|
|
||||
Earnings from discontinued operations before income taxes
|
22.6
|
|
|
1.4
|
|
|
11.9
|
|
|
0.7
|
|
||||
Income tax expense
|
0.8
|
|
|
0.3
|
|
|
1.0
|
|
|
1.2
|
|
||||
Earnings (loss) from discontinued operations
|
$
|
21.8
|
|
|
$
|
1.1
|
|
|
$
|
10.9
|
|
|
$
|
(0.5
|
)
|
|
Three Months Ended September 30, 2019
|
||||||||||||||
|
Advanced
Plastic
Processing
Technologies
|
|
Melt
Delivery
and Control
Systems
|
|
Fluid
Technologies
|
|
Total
|
||||||||
|
(in millions)
|
||||||||||||||
Primary geographical markets:
|
|
|
|
|
|
|
|
||||||||
North America
|
$
|
83.6
|
|
|
$
|
31.6
|
|
|
$
|
12.5
|
|
|
$
|
127.7
|
|
Europe
|
4.6
|
|
|
27.6
|
|
|
11.8
|
|
|
44.0
|
|
||||
China
|
0.8
|
|
|
23.8
|
|
|
3.0
|
|
|
27.6
|
|
||||
India
|
24.0
|
|
|
4.0
|
|
|
0.3
|
|
|
28.3
|
|
||||
Other
|
8.5
|
|
|
11.9
|
|
|
2.3
|
|
|
22.7
|
|
||||
Total
|
$
|
121.5
|
|
|
$
|
98.9
|
|
|
$
|
29.9
|
|
|
$
|
250.3
|
|
|
|
|
|
|
|
|
|
||||||||
End markets:
|
|
|
|
|
|
|
|
||||||||
Automotive
|
$
|
18.8
|
|
|
$
|
24.7
|
|
|
$
|
6.3
|
|
|
$
|
49.8
|
|
Packaging
|
18.9
|
|
|
10.6
|
|
|
0.1
|
|
|
29.6
|
|
||||
Consumer goods
|
15.8
|
|
|
17.0
|
|
|
1.4
|
|
|
34.2
|
|
||||
Electronics
|
6.1
|
|
|
8.4
|
|
|
0.7
|
|
|
15.2
|
|
||||
Medical
|
6.5
|
|
|
10.4
|
|
|
0.2
|
|
|
17.1
|
|
||||
Construction
|
22.6
|
|
|
0.4
|
|
|
—
|
|
|
23.0
|
|
||||
Custom molders and other
|
32.4
|
|
|
—
|
|
|
—
|
|
|
32.4
|
|
||||
Mold makers and other
|
—
|
|
|
25.5
|
|
|
—
|
|
|
25.5
|
|
||||
Job shops and other
|
—
|
|
|
—
|
|
|
9.8
|
|
|
9.8
|
|
||||
Distributors
|
0.4
|
|
|
1.9
|
|
|
11.4
|
|
|
13.7
|
|
||||
Total
|
$
|
121.5
|
|
|
$
|
98.9
|
|
|
$
|
29.9
|
|
|
$
|
250.3
|
|
|
Three Months Ended September 30, 2018
|
||||||||||||||
|
Advanced
Plastic
Processing
Technologies
|
|
Melt
Delivery
and Control
Systems
|
|
Fluid
Technologies
|
|
Total
|
||||||||
|
(in millions)
|
||||||||||||||
Primary geographical markets:
|
|
|
|
|
|
|
|
||||||||
North America
|
$
|
93.3
|
|
|
$
|
34.7
|
|
|
$
|
13.5
|
|
|
$
|
141.5
|
|
Europe
|
7.7
|
|
|
29.8
|
|
|
12.2
|
|
|
49.7
|
|
||||
China
|
3.9
|
|
|
28.0
|
|
|
4.3
|
|
|
36.2
|
|
||||
India
|
25.2
|
|
|
3.8
|
|
|
0.3
|
|
|
29.3
|
|
||||
Other
|
11.3
|
|
|
12.5
|
|
|
2.3
|
|
|
26.1
|
|
||||
Total
|
$
|
141.4
|
|
|
$
|
108.8
|
|
|
$
|
32.6
|
|
|
$
|
282.8
|
|
|
|
|
|
|
|
|
|
||||||||
End markets:
|
|
|
|
|
|
|
|
||||||||
Automotive
|
$
|
23.8
|
|
|
$
|
26.2
|
|
|
$
|
7.7
|
|
|
$
|
57.7
|
|
Packaging
|
19.3
|
|
|
11.7
|
|
|
0.1
|
|
|
31.1
|
|
||||
Consumer goods
|
18.5
|
|
|
17.9
|
|
|
1.5
|
|
|
37.9
|
|
||||
Electronics
|
13.1
|
|
|
9.5
|
|
|
1.6
|
|
|
24.2
|
|
||||
Medical
|
4.0
|
|
|
8.1
|
|
|
0.2
|
|
|
12.3
|
|
||||
Construction
|
18.9
|
|
|
0.4
|
|
|
—
|
|
|
19.3
|
|
||||
Custom molders and other
|
43.6
|
|
|
—
|
|
|
—
|
|
|
43.6
|
|
||||
Mold makers and other
|
—
|
|
|
32.6
|
|
|
—
|
|
|
32.6
|
|
||||
Job shops and other
|
—
|
|
|
—
|
|
|
9.0
|
|
|
9.0
|
|
||||
Distributors
|
0.2
|
|
|
2.4
|
|
|
12.5
|
|
|
15.1
|
|
||||
Total
|
$
|
141.4
|
|
|
$
|
108.8
|
|
|
$
|
32.6
|
|
|
$
|
282.8
|
|
|
Nine Months Ended September 30, 2019
|
||||||||||||||
|
Advanced
Plastic
Processing
Technologies
|
|
Melt
Delivery
and Control
Systems
|
|
Fluid
Technologies
|
|
Total
|
||||||||
|
(in millions)
|
||||||||||||||
Primary geographical markets:
|
|
|
|
|
|
|
|
||||||||
North America
|
$
|
254.0
|
|
|
$
|
102.4
|
|
|
$
|
38.0
|
|
|
$
|
394.4
|
|
Europe
|
15.9
|
|
|
84.7
|
|
|
34.1
|
|
|
134.7
|
|
||||
China
|
2.7
|
|
|
69.9
|
|
|
8.5
|
|
|
81.1
|
|
||||
India
|
82.5
|
|
|
12.0
|
|
|
0.7
|
|
|
95.2
|
|
||||
Other
|
23.7
|
|
|
33.8
|
|
|
7.5
|
|
|
65.0
|
|
||||
Total
|
$
|
378.8
|
|
|
$
|
302.8
|
|
|
$
|
88.8
|
|
|
$
|
770.4
|
|
|
|
|
|
|
|
|
|
||||||||
End markets:
|
|
|
|
|
|
|
|
||||||||
Automotive
|
$
|
63.2
|
|
|
$
|
73.9
|
|
|
$
|
18.8
|
|
|
$
|
155.9
|
|
Packaging
|
54.3
|
|
|
34.4
|
|
|
0.2
|
|
|
88.9
|
|
||||
Consumer goods
|
50.2
|
|
|
53.2
|
|
|
4.4
|
|
|
107.8
|
|
||||
Electronics
|
20.3
|
|
|
20.6
|
|
|
2.5
|
|
|
43.4
|
|
||||
Medical
|
20.2
|
|
|
27.1
|
|
|
0.6
|
|
|
47.9
|
|
||||
Construction
|
67.0
|
|
|
1.1
|
|
|
—
|
|
|
68.1
|
|
||||
Custom molders and other
|
102.8
|
|
|
—
|
|
|
—
|
|
|
102.8
|
|
||||
Mold makers and other
|
—
|
|
|
83.7
|
|
|
—
|
|
|
83.7
|
|
||||
Job shops and other
|
—
|
|
|
—
|
|
|
28.5
|
|
|
28.5
|
|
||||
Distributors
|
0.8
|
|
|
8.8
|
|
|
33.8
|
|
|
43.4
|
|
||||
Total
|
$
|
378.8
|
|
|
$
|
302.8
|
|
|
$
|
88.8
|
|
|
$
|
770.4
|
|
|
Nine Months Ended September 30, 2018
|
||||||||||||||
|
Advanced
Plastic
Processing
Technologies
|
|
Melt
Delivery
and Control
Systems
|
|
Fluid
Technologies
|
|
Total
|
||||||||
|
(in millions)
|
||||||||||||||
Primary geographical markets:
|
|
|
|
|
|
|
|
||||||||
North America
|
$
|
267.8
|
|
|
$
|
105.3
|
|
|
$
|
39.5
|
|
|
$
|
412.6
|
|
Europe
|
38.0
|
|
|
96.4
|
|
|
38.2
|
|
|
172.6
|
|
||||
China
|
13.8
|
|
|
99.9
|
|
|
10.6
|
|
|
124.3
|
|
||||
India
|
84.4
|
|
|
11.3
|
|
|
1.0
|
|
|
96.7
|
|
||||
Other
|
23.6
|
|
|
36.5
|
|
|
8.9
|
|
|
69.0
|
|
||||
Total
|
$
|
427.6
|
|
|
$
|
349.4
|
|
|
$
|
98.2
|
|
|
$
|
875.2
|
|
|
|
|
|
|
|
|
|
||||||||
End markets:
|
|
|
|
|
|
|
|
||||||||
Automotive
|
$
|
65.1
|
|
|
$
|
80.1
|
|
|
$
|
22.4
|
|
|
$
|
167.6
|
|
Packaging
|
62.6
|
|
|
36.9
|
|
|
0.2
|
|
|
99.7
|
|
||||
Consumer goods
|
53.9
|
|
|
60.1
|
|
|
4.5
|
|
|
118.5
|
|
||||
Electronics
|
37.5
|
|
|
36.9
|
|
|
5.3
|
|
|
79.7
|
|
||||
Medical
|
13.4
|
|
|
24.7
|
|
|
0.6
|
|
|
38.7
|
|
||||
Construction
|
67.3
|
|
|
1.2
|
|
|
—
|
|
|
68.5
|
|
||||
Custom molders and other
|
127.1
|
|
|
—
|
|
|
—
|
|
|
127.1
|
|
||||
Mold makers and other
|
—
|
|
|
101.8
|
|
|
—
|
|
|
101.8
|
|
||||
Job shops and other
|
—
|
|
|
—
|
|
|
27.1
|
|
|
27.1
|
|
||||
Distributors
|
0.7
|
|
|
7.7
|
|
|
38.1
|
|
|
46.5
|
|
||||
Total
|
$
|
427.6
|
|
|
$
|
349.4
|
|
|
$
|
98.2
|
|
|
$
|
875.2
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Balance at beginning of period
|
$
|
31.6
|
|
|
$
|
57.0
|
|
|
$
|
38.9
|
|
|
$
|
52.4
|
|
Additional advanced billings and deposits received
|
65.5
|
|
|
78.8
|
|
|
212.6
|
|
|
247.4
|
|
||||
Revenue recognized
|
(65.5
|
)
|
|
(81.6
|
)
|
|
(218.1
|
)
|
|
(242.5
|
)
|
||||
Foreign currency translation adjustments and other
|
(0.3
|
)
|
|
(1.3
|
)
|
|
(2.1
|
)
|
|
(4.4
|
)
|
||||
Balance at end of period
|
$
|
31.3
|
|
|
$
|
52.9
|
|
|
$
|
31.3
|
|
|
$
|
52.9
|
|
|
Advanced
Plastic
Processing
Technologies
|
|
Melt
Delivery
and Control
Systems
|
|
Fluid
Technologies
|
|
Corporate
|
|
Total
|
||||||||||
|
(in millions)
|
||||||||||||||||||
Balance at December 31, 2018
|
$
|
35.0
|
|
|
$
|
431.3
|
|
|
$
|
46.9
|
|
|
$
|
—
|
|
|
$
|
513.2
|
|
Foreign currency translation adjustments
|
—
|
|
|
(10.7
|
)
|
|
—
|
|
|
—
|
|
|
(10.7
|
)
|
|||||
Balance at September 30, 2019
|
$
|
35.0
|
|
|
$
|
420.6
|
|
|
$
|
46.9
|
|
|
$
|
—
|
|
|
$
|
502.5
|
|
|
Gross
Amount
|
|
Accumulated
Amortization
|
|
Net
Amount |
||||||
|
(in millions)
|
||||||||||
Intangible assets subject to amortization:
|
|
|
|
|
|
||||||
Trademarks
|
$
|
35.2
|
|
|
$
|
21.1
|
|
|
$
|
14.1
|
|
Technology
|
113.5
|
|
|
60.3
|
|
|
53.2
|
|
|||
Customer relationships
|
210.8
|
|
|
136.9
|
|
|
73.9
|
|
|||
Total intangible assets subject to amortization
|
359.5
|
|
|
218.3
|
|
|
141.2
|
|
|||
Trademarks, not subject to amortization
|
133.8
|
|
|
—
|
|
|
133.8
|
|
|||
Total
|
$
|
493.3
|
|
|
$
|
218.3
|
|
|
$
|
275.0
|
|
|
Gross
Amount
|
|
Accumulated
Amortization
|
|
Net
Amount
|
||||||
|
(in millions)
|
||||||||||
Intangible assets subject to amortization:
|
|
|
|
|
|
||||||
Trademarks
|
$
|
35.7
|
|
|
$
|
19.6
|
|
|
$
|
16.1
|
|
Technology
|
110.9
|
|
|
53.0
|
|
|
57.9
|
|
|||
Customer relationships
|
213.7
|
|
|
130.7
|
|
|
83.0
|
|
|||
Total intangible assets subject to amortization
|
360.3
|
|
|
203.3
|
|
|
157.0
|
|
|||
Trademarks, not subject to amortization
|
135.7
|
|
|
—
|
|
|
135.7
|
|
|||
Total
|
$
|
496.0
|
|
|
$
|
203.3
|
|
|
$
|
292.7
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
Principal
|
|
Unamortized Discount and Debt Issuance Costs
|
|
Net
|
|
Principal
|
|
Unamortized Discount and Debt Issuance Costs
|
|
Net
|
||||||||||||
|
(in millions)
|
||||||||||||||||||||||
Senior secured term loan facility due September 2023
|
$
|
771.0
|
|
|
$
|
6.7
|
|
|
$
|
764.3
|
|
|
$
|
837.5
|
|
|
$
|
8.7
|
|
|
$
|
828.8
|
|
Borrowings under other lines of credit
|
1.4
|
|
|
—
|
|
|
1.4
|
|
|
5.8
|
|
|
—
|
|
|
5.8
|
|
||||||
Capital lease obligations and other
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|
0.3
|
|
|
—
|
|
|
0.3
|
|
||||||
Total debt
|
772.6
|
|
|
6.7
|
|
|
765.9
|
|
|
843.6
|
|
|
8.7
|
|
|
834.9
|
|
||||||
Less current portion
|
(1.4
|
)
|
|
—
|
|
|
(1.4
|
)
|
|
(5.9
|
)
|
|
—
|
|
|
(5.9
|
)
|
||||||
Total debt less current portion
|
$
|
771.2
|
|
|
$
|
6.7
|
|
|
$
|
764.5
|
|
|
$
|
837.7
|
|
|
$
|
8.7
|
|
|
$
|
829.0
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions, except common share and per common share amounts)
|
||||||||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net earnings from continuing operations
|
$
|
4.3
|
|
|
$
|
13.8
|
|
|
$
|
18.5
|
|
|
$
|
36.2
|
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Denominator for basic EPS–weighted-average common shares
|
70,352,461
|
|
|
69,968,794
|
|
|
70,161,998
|
|
|
69,612,986
|
|
||||
Dilutive effect of stock-based compensation arrangements
|
1,583,590
|
|
|
2,023,495
|
|
|
1,315,756
|
|
|
2,180,790
|
|
||||
Denominator for diluted EPS–adjusted weighted-average common shares
|
71,936,051
|
|
|
71,992,289
|
|
|
71,477,754
|
|
|
71,793,776
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic EPS from continuing operations
|
$
|
0.06
|
|
|
$
|
0.20
|
|
|
$
|
0.26
|
|
|
$
|
0.52
|
|
Diluted EPS from continuing operations
|
$
|
0.06
|
|
|
$
|
0.19
|
|
|
$
|
0.26
|
|
|
$
|
0.50
|
|
Type of instrument:
|
Gain (Loss)
Recognized in OCI
on Derivative
(Effective Portion)
|
|
Gain (Loss)
Reclassified from
Accumulated OCI
into Income
(Effective Portion)
|
||||
|
(in millions)
|
||||||
Three Months Ended September 30, 2019
|
|
|
|
||||
Foreign exchange contracts
|
$
|
(0.3
|
)
|
|
$
|
—
|
|
Interest rate swaps
|
$
|
(1.3
|
)
|
|
$
|
0.2
|
|
Cross-currency interest rate swaps
|
$
|
4.2
|
|
|
$
|
0.4
|
|
Three Months Ended September 30, 2018
|
|
|
|
||||
Foreign exchange contracts
|
$
|
0.6
|
|
|
$
|
—
|
|
Interest rate swaps
|
$
|
1.3
|
|
|
$
|
(0.4
|
)
|
|
|
|
|
||||
Nine Months Ended September 30, 2019
|
|
|
|
||||
Foreign exchange contracts
|
$
|
0.2
|
|
|
$
|
0.3
|
|
Interest rate swaps
|
$
|
(11.8
|
)
|
|
$
|
1.0
|
|
Cross-currency interest rate swaps
|
$
|
5.2
|
|
|
$
|
1.4
|
|
Nine Months Ended September 30, 2018
|
|
|
|
||||
Foreign exchange contracts
|
$
|
(0.4
|
)
|
|
$
|
0.2
|
|
Interest rate swaps
|
$
|
9.7
|
|
|
$
|
(0.4
|
)
|
•
|
Level 1–Valuation is based upon unadjusted quoted prices for identical assets or liabilities in active markets.
|
•
|
Level 2–Valuation is based upon quoted prices for similar assets and liabilities in active markets, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial statements.
|
•
|
Level 3–Valuation is based upon other unobservable inputs that are significant to the fair value measurements.
|
|
Balance Sheet Location
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
|
|
(in millions)
|
||||||||||||||
September 30, 2019
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency forward contracts (liability position)
|
Other current liabilities
|
$
|
0.1
|
|
|
$
|
—
|
|
|
$
|
0.1
|
|
|
$
|
—
|
|
Interest rate swap agreements (liability position)
|
Other current liabilities
|
$
|
1.7
|
|
|
$
|
—
|
|
|
$
|
1.7
|
|
|
$
|
—
|
|
Interest rate swap agreements (liability position)
|
Other noncurrent accrued liabilities
|
$
|
4.0
|
|
|
$
|
—
|
|
|
$
|
4.0
|
|
|
$
|
—
|
|
Cross-currency interest rate swap agreements (asset position)
|
Prepaid and other current assets
|
$
|
2.4
|
|
|
$
|
—
|
|
|
$
|
2.4
|
|
|
$
|
—
|
|
Cross-currency interest rate swap agreements (asset position)
|
Other noncurrent assets
|
$
|
1.9
|
|
|
$
|
—
|
|
|
$
|
1.9
|
|
|
$
|
—
|
|
Cross-currency interest rate swap agreements (liability position)
|
Other current liabilities
|
$
|
0.8
|
|
|
$
|
—
|
|
|
$
|
0.8
|
|
|
$
|
—
|
|
Cross-currency interest rate swap agreements (liability position)
|
Other noncurrent accrued liabilities
|
$
|
1.3
|
|
|
$
|
—
|
|
|
$
|
1.3
|
|
|
$
|
—
|
|
December 31, 2018
|
|
|
|
|
|
|
|
|
||||||||
Interest rate swap agreements (asset position)
|
Prepaid and other current assets
|
$
|
1.9
|
|
|
$
|
—
|
|
|
$
|
1.9
|
|
|
$
|
—
|
|
Cross-currency interest rate swap agreements (asset position)
|
Prepaid and other current assets
|
$
|
1.9
|
|
|
$
|
—
|
|
|
$
|
1.9
|
|
|
$
|
—
|
|
Interest rate swap agreements (asset position)
|
Other noncurrent assets
|
$
|
2.5
|
|
|
$
|
—
|
|
|
$
|
2.5
|
|
|
$
|
—
|
|
Cross-currency interest rate swap agreements (liability position)
|
Other current liabilities
|
$
|
0.3
|
|
|
$
|
—
|
|
|
$
|
0.3
|
|
|
$
|
—
|
|
Cross-currency interest rate swap agreements (liability position)
|
Other noncurrent accrued liabilities
|
$
|
2.1
|
|
|
$
|
—
|
|
|
$
|
2.1
|
|
|
$
|
—
|
|
|
Foreign
Currency
Translation
|
|
Unrecognized
Post-
Retirement
Plan Losses
|
|
Derivative
Financial
Instruments
|
|
Total
|
||||||||
|
(in millions)
|
||||||||||||||
Balance at June 30, 2018
|
$
|
(103.3
|
)
|
|
$
|
(6.7
|
)
|
|
$
|
5.8
|
|
|
$
|
(104.2
|
)
|
Other comprehensive (loss) income before reclassifications
|
(17.7
|
)
|
|
0.1
|
|
|
1.4
|
|
|
(16.2
|
)
|
||||
Amounts reclassified from accumulated other comprehensive loss
|
—
|
|
|
—
|
|
|
0.4
|
|
|
0.4
|
|
||||
Other comprehensive (loss) income
|
(17.7
|
)
|
|
0.1
|
|
|
1.8
|
|
|
(15.8
|
)
|
||||
Balance at September 30, 2018
|
$
|
(121.0
|
)
|
|
$
|
(6.6
|
)
|
|
$
|
7.6
|
|
|
$
|
(120.0
|
)
|
|
|
|
|
|
|
|
|
||||||||
Balance at June 30, 2019
|
$
|
(127.6
|
)
|
|
$
|
(5.0
|
)
|
|
$
|
(5.9
|
)
|
|
$
|
(138.5
|
)
|
Other comprehensive (loss) income before reclassifications
|
(35.6
|
)
|
|
0.1
|
|
|
2.1
|
|
|
(33.4
|
)
|
||||
Amounts reclassified from accumulated other comprehensive loss
|
—
|
|
|
0.1
|
|
|
(0.5
|
)
|
|
(0.4
|
)
|
||||
Other comprehensive (loss) income
|
(35.6
|
)
|
|
0.2
|
|
|
1.6
|
|
|
(33.8
|
)
|
||||
Balance at September 30, 2019
|
$
|
(163.2
|
)
|
|
$
|
(4.8
|
)
|
|
$
|
(4.3
|
)
|
|
$
|
(172.3
|
)
|
|
|
|
|
|
|
|
|
||||||||
Balance at December 31, 2017
|
$
|
(78.3
|
)
|
|
$
|
(7.2
|
)
|
|
$
|
0.1
|
|
|
$
|
(85.4
|
)
|
Other comprehensive (loss) income before reclassifications
|
(42.7
|
)
|
|
0.3
|
|
|
7.3
|
|
|
(35.1
|
)
|
||||
Amounts reclassified from accumulated other comprehensive loss
|
—
|
|
|
0.3
|
|
|
0.2
|
|
|
0.5
|
|
||||
Other comprehensive (loss) income
|
(42.7
|
)
|
|
0.6
|
|
|
7.5
|
|
|
(34.6
|
)
|
||||
Balance at September 30, 2018
|
$
|
(121.0
|
)
|
|
$
|
(6.6
|
)
|
|
$
|
7.6
|
|
|
$
|
(120.0
|
)
|
|
|
|
|
|
|
|
|
||||||||
Balance at December 31, 2018
|
$
|
(132.5
|
)
|
|
$
|
(5.2
|
)
|
|
$
|
2.8
|
|
|
$
|
(134.9
|
)
|
Other comprehensive (loss) income before reclassifications
|
(30.7
|
)
|
|
0.2
|
|
|
(5.0
|
)
|
|
(35.5
|
)
|
||||
Amounts reclassified from accumulated other comprehensive loss
|
—
|
|
|
0.2
|
|
|
(2.1
|
)
|
|
(1.9
|
)
|
||||
Other comprehensive (loss) income
|
(30.7
|
)
|
|
0.4
|
|
|
(7.1
|
)
|
|
(37.4
|
)
|
||||
Balance at September 30, 2019
|
$
|
(163.2
|
)
|
|
$
|
(4.8
|
)
|
|
$
|
(4.3
|
)
|
|
$
|
(172.3
|
)
|
|
Classification
|
|
Three Months Ended September 30,
|
||||||
|
of Expense
|
|
2019
|
|
2018
|
||||
|
|
|
(in millions)
|
||||||
Unrealized pension and post-retirement obligations:
|
|
|
|
|
|
||||
Adjustment of pension and post-retirement obligations
|
(a)
|
|
$
|
(0.1
|
)
|
|
$
|
(0.1
|
)
|
Tax benefit
|
(c)
|
|
—
|
|
|
0.1
|
|
||
Adjustment of pension and post-retirement obligations, net of tax
|
|
|
(0.1
|
)
|
|
—
|
|
||
Derivative financial instruments:
|
|
|
|
|
|
||||
Loss (gain) on derivative financial instruments
|
(b)
|
|
0.6
|
|
|
(0.4
|
)
|
||
Tax benefit
|
(c)
|
|
(0.1
|
)
|
|
—
|
|
||
Loss (gain) on derivative financial instruments, net of tax
|
|
|
0.5
|
|
|
(0.4
|
)
|
||
Total reclassifications from accumulated other comprehensive income (loss)
|
|
|
$
|
0.4
|
|
|
$
|
(0.4
|
)
|
|
|
|
|
|
|
||||
|
Classification
|
|
Nine Months Ended September 30,
|
||||||
|
of Expense
|
|
2019
|
|
2018
|
||||
|
|
|
(in millions)
|
||||||
Unrealized pension and post-retirement obligations:
|
|
|
|
|
|
||||
Adjustment of pension and post-retirement obligations
|
(a)
|
|
$
|
(0.2
|
)
|
|
$
|
(0.4
|
)
|
Tax benefit
|
(c)
|
|
—
|
|
|
0.1
|
|
||
Adjustment of pension and post-retirement obligations, net of tax
|
|
|
(0.2
|
)
|
|
(0.3
|
)
|
||
Derivative financial instruments:
|
|
|
|
|
|
||||
Loss (gain) on derivative financial instruments
|
(b)
|
|
2.7
|
|
|
(0.2
|
)
|
||
Tax benefit
|
(c)
|
|
(0.6
|
)
|
|
—
|
|
||
Loss (gain) on derivative financial instruments, net of tax
|
|
|
2.1
|
|
|
(0.2
|
)
|
||
Total reclassifications from accumulated other comprehensive loss
|
|
|
$
|
1.9
|
|
|
$
|
(0.5
|
)
|
(a)
|
Amount is included in the calculation of pension cost within other non-operating expenses in the Condensed Consolidated Statements of Operations.
|
(b)
|
Amount is included in cost of sales and (gain) loss on currency translation in the Condensed Consolidated Statements of Operations.
|
(c)
|
These amounts are included in income tax expense in the Condensed Consolidated Statements of Operations.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Balance at beginning of period
|
$
|
9.9
|
|
|
$
|
9.2
|
|
|
$
|
8.7
|
|
|
$
|
9.7
|
|
Warranty expense
|
1.9
|
|
|
1.5
|
|
|
9.2
|
|
|
8.3
|
|
||||
Warranty claims paid
|
(3.3
|
)
|
|
(1.9
|
)
|
|
(9.5
|
)
|
|
(8.9
|
)
|
||||
Foreign currency translation adjustments
|
(0.2
|
)
|
|
—
|
|
|
(0.1
|
)
|
|
(0.3
|
)
|
||||
Balance at end of period
|
$
|
8.3
|
|
|
$
|
8.8
|
|
|
$
|
8.3
|
|
|
$
|
8.8
|
|
|
Three Months Ended September 30, 2019
|
|
Nine Months Ended September 30, 2019
|
||||
|
(in millions)
|
||||||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
|
|
||||
Operating cash flows from operating leases
|
$
|
2.8
|
|
|
$
|
8.6
|
|
|
|
|
|
||||
Right-of-use assets obtained in exchange for lease obligations:
|
|
|
|
||||
Operating leases
|
$
|
8.0
|
|
|
$
|
13.7
|
|
Operating Leases:
|
|
||
Operating lease right-of-use assets
|
$
|
38.7
|
|
|
|
||
Other current liabilities
|
$
|
8.4
|
|
Operating lease liabilities
|
30.7
|
|
|
Total operating lease liabilities
|
$
|
39.1
|
|
|
|
||
Weighted-Average Remaining Lease Term (in years):
|
|
||
Operating leases
|
7.55
|
|
|
|
|
||
Weighted-Average Discount Rate:
|
|
||
Operating leases
|
5.10%
|
2019 (excluding the nine months ended September 30, 2019)
|
$
|
2.8
|
|
2020
|
9.9
|
|
|
2021
|
7.7
|
|
|
2022
|
6.0
|
|
|
2023
|
4.7
|
|
|
Thereafter
|
17.6
|
|
|
Total lease payments
|
48.7
|
|
|
Less: Imputed interest
|
(9.6
|
)
|
|
Total
|
$
|
39.1
|
|
2019
|
$
|
8.9
|
|
2020
|
6.2
|
|
|
2021
|
4.4
|
|
|
2022
|
3.5
|
|
|
2023
|
2.5
|
|
|
Thereafter
|
2.9
|
|
|
Future minimum lease commitments
|
$
|
28.4
|
|
|
September 30, 2019
|
|
December 31,
2018 |
||||
|
(in millions)
|
||||||
Advanced Plastic Processing Technologies
|
$
|
435.3
|
|
|
$
|
482.3
|
|
Melt Delivery and Control Systems
|
998.9
|
|
|
1,030.6
|
|
||
Fluid Technologies
|
149.5
|
|
|
145.3
|
|
||
Corporate
|
59.9
|
|
|
74.3
|
|
||
Total assets
|
$
|
1,643.6
|
|
|
$
|
1,732.5
|
|
|
September 30, 2019
|
|
December 31,
2018 |
||||
|
(in millions)
|
||||||
Advanced Plastic Processing Technologies
|
$
|
98.6
|
|
|
$
|
82.1
|
|
Melt Delivery and Control Systems
|
113.1
|
|
|
109.6
|
|
||
Fluid Technologies
|
22.6
|
|
|
17.7
|
|
||
Corporate
|
6.7
|
|
|
6.3
|
|
||
Total long-lived assets, net
|
$
|
241.0
|
|
|
$
|
215.7
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Net sales to external customers:
|
|
|
|
|
|
|
|
||||||||
Advanced Plastic Processing Technologies
|
$
|
121.5
|
|
|
$
|
141.4
|
|
|
$
|
378.8
|
|
|
$
|
427.6
|
|
Melt Delivery and Control Systems
|
98.9
|
|
|
108.8
|
|
|
302.8
|
|
|
349.4
|
|
||||
Fluid Technologies
|
29.9
|
|
|
32.6
|
|
|
88.8
|
|
|
98.2
|
|
||||
Total net sales to external customers
|
$
|
250.3
|
|
|
$
|
282.8
|
|
|
$
|
770.4
|
|
|
$
|
875.2
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Operating earnings (loss):
|
|
|
|
|
|
|
|
||||||||
Advanced Plastic Processing Technologies
|
$
|
9.3
|
|
|
$
|
11.6
|
|
|
$
|
34.9
|
|
|
$
|
25.4
|
|
Melt Delivery and Control Systems
|
16.6
|
|
|
25.4
|
|
|
55.0
|
|
|
82.4
|
|
||||
Fluid Technologies
|
5.9
|
|
|
6.1
|
|
|
16.9
|
|
|
18.5
|
|
||||
Corporate
|
(12.5
|
)
|
|
(11.2
|
)
|
|
(37.8
|
)
|
|
(35.5
|
)
|
||||
Total operating earnings
|
$
|
19.3
|
|
|
$
|
31.9
|
|
|
$
|
69.0
|
|
|
$
|
90.8
|
|
Capital expenditures:
|
|
|
|
|
|
|
|
||||||||
Advanced Plastic Processing Technologies
|
$
|
3.9
|
|
|
$
|
4.1
|
|
|
$
|
14.1
|
|
|
$
|
9.2
|
|
Melt Delivery and Control Systems
|
1.8
|
|
|
3.9
|
|
|
15.0
|
|
|
12.7
|
|
||||
Fluid Technologies
|
0.5
|
|
|
0.8
|
|
|
2.0
|
|
|
1.7
|
|
||||
Corporate
|
0.3
|
|
|
0.4
|
|
|
0.3
|
|
|
1.4
|
|
||||
Total capital expenditures
|
$
|
6.5
|
|
|
$
|
9.2
|
|
|
$
|
31.4
|
|
|
$
|
25.0
|
|
Depreciation and amortization:
|
|
|
|
|
|
|
|
||||||||
Advanced Plastic Processing Technologies
|
$
|
2.7
|
|
|
$
|
3.0
|
|
|
$
|
8.2
|
|
|
$
|
9.9
|
|
Melt Delivery and Control Systems
|
7.8
|
|
|
7.9
|
|
|
23.4
|
|
|
24.8
|
|
||||
Fluid Technologies
|
0.7
|
|
|
1.1
|
|
|
2.5
|
|
|
3.3
|
|
||||
Corporate
|
0.4
|
|
|
0.4
|
|
|
1.2
|
|
|
1.0
|
|
||||
Total depreciation and amortization
|
$
|
11.6
|
|
|
$
|
12.4
|
|
|
$
|
35.3
|
|
|
$
|
39.0
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Net sales to external customers:
|
|
|
|
|
|
|
|
||||||||
United States
|
$
|
109.7
|
|
|
$
|
123.5
|
|
|
$
|
340.9
|
|
|
$
|
354.8
|
|
China
|
27.6
|
|
|
36.2
|
|
|
81.1
|
|
|
124.3
|
|
||||
India
|
28.3
|
|
|
29.3
|
|
|
95.2
|
|
|
96.7
|
|
||||
Rest of World
|
84.7
|
|
|
93.8
|
|
|
253.2
|
|
|
299.4
|
|
||||
Total net sales to external customers
|
$
|
250.3
|
|
|
$
|
282.8
|
|
|
$
|
770.4
|
|
|
$
|
875.2
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||
|
(in millions)
|
||||||
Long-lived assets, net:
|
|
|
|
||||
United States
|
$
|
75.0
|
|
|
$
|
63.3
|
|
China
|
49.5
|
|
|
48.4
|
|
||
India
|
42.1
|
|
|
37.9
|
|
||
Czech Republic
|
17.2
|
|
|
18.7
|
|
||
Canada
|
26.6
|
|
|
29.0
|
|
||
Rest of World
|
30.6
|
|
|
18.4
|
|
||
Total long-lived assets, net
|
$
|
241.0
|
|
|
$
|
215.7
|
|
•
|
Advanced Plastic Processing Technologies (“APPT”);
|
•
|
Melt Delivery and Control Systems (“MDCS”); and
|
•
|
Fluid Technologies (“Fluids”).
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Net sales
|
$
|
250.3
|
|
|
$
|
282.8
|
|
|
$
|
770.4
|
|
|
$
|
875.2
|
|
Cost of sales
|
174.3
|
|
|
185.5
|
|
|
522.6
|
|
|
571.0
|
|
||||
Manufacturing margins
|
76.0
|
|
|
97.3
|
|
|
247.8
|
|
|
304.2
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses
|
55.2
|
|
|
56.6
|
|
|
167.6
|
|
|
180.0
|
|
||||
Amortization expense
|
5.1
|
|
|
6.2
|
|
|
16.1
|
|
|
18.8
|
|
||||
(Gain) loss on currency translation
|
(1.6
|
)
|
|
(1.1
|
)
|
|
(2.6
|
)
|
|
1.1
|
|
||||
Other (income) expense, net
|
(2.0
|
)
|
|
3.7
|
|
|
(2.3
|
)
|
|
13.5
|
|
||||
Total operating expenses
|
56.7
|
|
|
65.4
|
|
|
178.8
|
|
|
213.4
|
|
||||
Operating earnings
|
19.3
|
|
|
31.9
|
|
|
69.0
|
|
|
90.8
|
|
||||
Interest expense, net
|
9.2
|
|
|
10.6
|
|
|
28.7
|
|
|
32.6
|
|
||||
Loss on debt extinguishment
|
0.7
|
|
|
0.3
|
|
|
0.7
|
|
|
1.0
|
|
||||
Other non-operating expenses
|
0.1
|
|
|
0.3
|
|
|
0.5
|
|
|
0.7
|
|
||||
Earnings from continuing operations before income taxes
|
9.3
|
|
|
20.7
|
|
|
39.1
|
|
|
56.5
|
|
||||
Income tax expense
|
5.0
|
|
|
6.9
|
|
|
20.6
|
|
|
20.3
|
|
||||
Net earnings from continuing operations
|
4.3
|
|
|
13.8
|
|
|
18.5
|
|
|
36.2
|
|
||||
Earnings (loss) from discontinued operations (net of income taxes)
|
21.8
|
|
|
1.1
|
|
|
10.9
|
|
|
(0.5
|
)
|
||||
Net earnings
|
$
|
26.1
|
|
|
$
|
14.9
|
|
|
$
|
29.4
|
|
|
$
|
35.7
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Sales by segment:
|
|
|
|
|
|
|
|
||||||||
Advanced Plastic Processing Technologies
|
$
|
121.5
|
|
|
$
|
141.4
|
|
|
$
|
378.8
|
|
|
$
|
427.6
|
|
Melt Delivery and Control Systems
|
98.9
|
|
|
108.8
|
|
|
302.8
|
|
|
349.4
|
|
||||
Fluid Technologies
|
29.9
|
|
|
32.6
|
|
|
88.8
|
|
|
98.2
|
|
||||
Total sales
|
$
|
250.3
|
|
|
$
|
282.8
|
|
|
$
|
770.4
|
|
|
$
|
875.2
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Net earnings
|
$
|
26.1
|
|
|
$
|
14.9
|
|
|
$
|
29.4
|
|
|
$
|
35.7
|
|
(Earnings) loss from discontinued operations (net of income taxes)
|
(21.8
|
)
|
|
(1.1
|
)
|
|
(10.9
|
)
|
|
0.5
|
|
||||
Amortization expense
|
5.1
|
|
|
6.2
|
|
|
16.1
|
|
|
18.8
|
|
||||
Currency effect on intercompany advances (a)
|
(1.1
|
)
|
|
(0.8
|
)
|
|
(3.4
|
)
|
|
1.8
|
|
||||
Organizational redesign costs (b)
|
2.0
|
|
|
6.3
|
|
|
6.9
|
|
|
23.0
|
|
||||
Long-term equity awards (c)
|
4.2
|
|
|
3.2
|
|
|
12.1
|
|
|
9.1
|
|
||||
Debt costs
|
0.7
|
|
|
0.3
|
|
|
0.7
|
|
|
1.0
|
|
||||
Professional services (d)
|
4.9
|
|
|
0.2
|
|
|
9.0
|
|
|
3.8
|
|
||||
Tax adjustments (f)
|
0.2
|
|
|
(1.5
|
)
|
|
1.3
|
|
|
(5.5
|
)
|
||||
Other (e)
|
4.3
|
|
|
0.8
|
|
|
6.8
|
|
|
1.1
|
|
||||
Adjusted Net Income
|
24.6
|
|
|
28.5
|
|
|
68.0
|
|
|
89.3
|
|
||||
Income tax expense (f)
|
4.8
|
|
|
8.4
|
|
|
19.3
|
|
|
25.8
|
|
||||
Interest expense, net
|
9.2
|
|
|
10.6
|
|
|
28.7
|
|
|
32.6
|
|
||||
Depreciation expense
|
6.5
|
|
|
6.2
|
|
|
19.2
|
|
|
20.2
|
|
||||
Adjusted EBITDA
|
$
|
45.1
|
|
|
$
|
53.7
|
|
|
$
|
135.2
|
|
|
$
|
167.9
|
|
(a)
|
Non-cash currency effect on intercompany advances primarily relates to advances denominated in foreign currencies. The most significant exposure relates to the Canadian dollar and the Czech koruna pursuant to intercompany advances within the MDCS and Corporate segments, respectively.
|
(b)
|
Organizational redesign costs in the three and nine months ended September 30, 2019 primarily included $1.6 million and $3.7 million, respectively, for termination costs as a result of eliminated positions. Organizational redesign costs in the three and nine months ended September 30, 2018 primarily included $4.0 million and $16.2 million, respectively, for termination costs as a result of eliminated positions.
|
(c)
|
Long-term equity awards include the charges associated with stock-based compensation awards granted to certain members of management and independent directors in the three and nine months ended September 30, 2019 and 2018.
|
(d)
|
Professional fees in the three months ended September 30, 2019 and 2018 included $4.9 million and $0.2 million, respectively, of costs for strategic organizational initiatives. Professional fees in the nine months ended September 30, 2019 and 2018 included $9.0 million and $3.8 million, respectively, of costs for strategic organizational initiatives.
|
(e)
|
Other costs in the three and nine months ended September 30, 2019 included costs associated with the Company's blow molding business which did not qualify for discontinued operations as well as costs associated with a discontinued product line.
|
(f)
|
Tax adjustments primarily include the tax expense (benefit) associated with reconciling net earnings to Adjusted Net Income and reflects the impact to the quarterly tax provision utilizing the annual effective tax rate recomputed with anticipated tax rate reductions that have not been recognized for U.S. GAAP purposes as the Company is awaiting regulatory approval. The reductions have historically been approved although there are no guarantees that the regulatory authorities will accept the Company's applications.
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in millions)
|
||||||||||||||
Operating earnings:
|
|
|
|
|
|
|
|
||||||||
APPT
|
$
|
9.3
|
|
|
$
|
11.6
|
|
|
$
|
34.9
|
|
|
$
|
25.4
|
|
MDCS
|
16.6
|
|
|
25.4
|
|
|
55.0
|
|
|
82.4
|
|
||||
Fluids
|
5.9
|
|
|
6.1
|
|
|
16.9
|
|
|
18.5
|
|
||||
Corporate
|
(12.5
|
)
|
|
(11.2
|
)
|
|
(37.8
|
)
|
|
(35.5
|
)
|
||||
Total operating earnings
|
19.3
|
|
|
31.9
|
|
|
69.0
|
|
|
90.8
|
|
||||
Other non-operating expenses
|
(0.1
|
)
|
|
(0.3
|
)
|
|
(0.5
|
)
|
|
(0.7
|
)
|
||||
Adjustments to operating earnings:
|
|
|
|
|
|
|
|
||||||||
APPT Adjustments:
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization
|
2.7
|
|
|
3.0
|
|
|
8.2
|
|
|
9.9
|
|
||||
Currency effect on intercompany advances (a)
|
—
|
|
|
0.1
|
|
|
—
|
|
|
0.2
|
|
||||
Organizational redesign costs (b)
|
0.5
|
|
|
4.7
|
|
|
1.8
|
|
|
19.5
|
|
||||
Professional services (d)
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||||
Other
|
3.9
|
|
|
0.6
|
|
|
6.3
|
|
|
0.7
|
|
||||
Total APPT Adjustments
|
7.1
|
|
|
8.4
|
|
|
16.3
|
|
|
30.4
|
|
||||
MDCS Adjustments:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Depreciation and amortization
|
7.8
|
|
|
7.9
|
|
|
23.4
|
|
|
24.8
|
|
||||
Currency effect on intercompany advances (a)
|
0.8
|
|
|
(1.4
|
)
|
|
(1.3
|
)
|
|
2.3
|
|
||||
Organizational redesign costs (b)
|
1.4
|
|
|
1.2
|
|
|
4.6
|
|
|
2.1
|
|
||||
Professional services (d)
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||||
Other
|
0.2
|
|
|
—
|
|
|
0.3
|
|
|
0.1
|
|
||||
Total MDCS Adjustments
|
10.2
|
|
|
7.7
|
|
|
27.0
|
|
|
29.4
|
|
||||
Fluids Adjustments:
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization
|
0.7
|
|
|
1.1
|
|
|
2.5
|
|
|
3.3
|
|
||||
Other
|
0.2
|
|
|
0.2
|
|
|
0.2
|
|
|
0.3
|
|
||||
Total Fluids Adjustments
|
0.9
|
|
|
1.3
|
|
|
2.7
|
|
|
3.6
|
|
||||
Corporate Adjustments:
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization
|
0.4
|
|
|
0.4
|
|
|
1.2
|
|
|
1.0
|
|
||||
Currency effect on intercompany advances (a)
|
(1.9
|
)
|
|
0.5
|
|
|
(2.1
|
)
|
|
(0.7
|
)
|
||||
Organizational redesign costs (b)
|
0.1
|
|
|
0.4
|
|
|
0.5
|
|
|
1.4
|
|
||||
Long-term equity awards (c)
|
4.2
|
|
|
3.2
|
|
|
12.1
|
|
|
9.1
|
|
||||
Professional services (d)
|
4.9
|
|
|
0.2
|
|
|
9.0
|
|
|
3.6
|
|
||||
Total Corporate Adjustments
|
7.7
|
|
|
4.7
|
|
|
20.7
|
|
|
14.4
|
|
||||
Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
||||
APPT
|
16.3
|
|
|
19.7
|
|
|
50.7
|
|
|
55.1
|
|
||||
MDCS
|
26.8
|
|
|
33.1
|
|
|
82.0
|
|
|
111.8
|
|
||||
Fluids
|
6.8
|
|
|
7.4
|
|
|
19.6
|
|
|
22.1
|
|
||||
Corporate
|
(4.8
|
)
|
|
(6.5
|
)
|
|
(17.1
|
)
|
|
(21.1
|
)
|
||||
Total Adjusted EBITDA
|
$
|
45.1
|
|
|
$
|
53.7
|
|
|
$
|
135.2
|
|
|
$
|
167.9
|
|
(a)
|
Non-cash currency effect on intercompany advances primarily relates to advances denominated in foreign currencies. The most significant exposure relates to the Canadian dollar and the Czech koruna pursuant to intercompany advances within the MDCS and Corporate segments, respectively.
|
(b)
|
Organizational redesign costs in the three and nine months ended September 30, 2019 included $1.6 million and $3.4 million, respectively, for termination costs as a result of eliminated positions in APPT and MDCS. Organizational redesign costs in the three and nine months ended September 30, 2018 included $3.4 million and $14.8 million, respectively, for termination costs as a result of eliminated positions in APPT.
|
(c)
|
Long-term equity awards in Corporate include the charges associated with stock-based compensation awards granted to certain members of management and independent directors during the three and nine months ended September 30, 2019 and 2018.
|
(d)
|
Professional fees incurred by Corporate in the three months ended September 30, 2019 and 2018 included $4.9 million and $0.2 million, respectively, of costs for strategic organizational initiatives. Professional fees incurred by Corporate in the nine months ended September 30, 2019 and 2018 included $9.0 million and $3.6 million, respectively, of costs for strategic organizational initiatives.
|
|
Nine Months Ended September 30,
|
||||||
|
2019
|
|
2018
|
||||
|
(in millions)
|
||||||
Statements of cash flow data
|
|
|
|
||||
Net cash provided by operating activities from continuing operations
|
$
|
12.1
|
|
|
$
|
69.1
|
|
Net cash provided by (used in) investing activities from continuing operations
|
30.2
|
|
|
(16.3
|
)
|
||
Net cash used in financing activities from continuing operations
|
(71.8
|
)
|
|
(70.3
|
)
|
|
||
|
|
|
|
Milacron Holdings Corp.
|
|
|
|
|
Date: November 12, 2019
|
By:
|
/s/ BRUCE CHALMERS
|
|
|
Bruce Chalmers
|
|
|
Chief Financial Officer
|
|
||
|
|
|
Date: November 12, 2019
|
By:
|
/s/ THOMAS GOEKE
|
|
|
Thomas Goeke
|
|
|
President and Chief Executive Officer
|
|
||
|
|
|
Date: November 12, 2019
|
By:
|
/s/ BRUCE CHALMERS
|
|
|
Bruce Chalmers
|
|
|
Chief Financial Officer
|
|
||
|
|
|
Date: November 12, 2019
|
By:
|
/s/ THOMAS GOEKE
|
|
|
Thomas Goeke
|
|
|
President and Chief Executive Officer
|
|
|
|
Date: November 12, 2019
|
By:
|
/s/ BRUCE CHALMERS
|
|
|
Bruce Chalmers
|
|
|
Chief Financial Officer
|