$CTS
CTS CORP

2020 Q1 Form 10-Q Financial Statement

#000002605820000032 Filed on April 24, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $103.1M $117.6M
YoY Change -12.37% 3.61%
Cost Of Revenue $70.18M $77.01M
YoY Change -8.87% 2.55%
Gross Profit $32.90M $40.62M
YoY Change -19.0% 5.68%
Gross Profit Margin 31.92% 34.53%
Selling, General & Admin $16.76M $17.52M
YoY Change -4.35% 0.86%
% of Gross Profit 50.94% 43.14%
Research & Development $7.408M $6.791M
YoY Change 9.09% 4.36%
% of Gross Profit 22.52% 16.72%
Depreciation & Amortization $6.532M $5.924M
YoY Change 10.26% 8.04%
% of Gross Profit 19.85% 14.59%
Operating Expenses $24.17M $24.31M
YoY Change -0.6% 1.82%
Operating Profit $8.492M $14.22M
YoY Change -40.27% 6.43%
Interest Expense $851.0K $466.0K
YoY Change 82.62% -13.86%
% of Operating Profit 10.02% 3.28%
Other Income/Expense, Net -$2.502M $62.00K
YoY Change -4135.48% -96.81%
Pretax Income $5.990M $14.28M
YoY Change -58.05% -6.69%
Income Tax $2.182M $2.861M
% Of Pretax Income 36.43% 20.04%
Net Earnings $3.808M $11.42M
YoY Change -66.65% -1.12%
Net Earnings / Revenue 3.69% 9.71%
Basic Earnings Per Share $0.12 $0.35
Diluted Earnings Per Share $0.12 $0.34
COMMON SHARES
Basic Shares Outstanding 32.47M 32.81M shares
Diluted Shares Outstanding 32.79M 33.27M shares

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $151.0M $101.2M
YoY Change 49.21% -16.91%
Cash & Equivalents $151.0M $100.7M
Short-Term Investments $0.00 $500.0K
Other Short-Term Assets $15.09M $16.20M
YoY Change -6.83% 22.12%
Inventory $45.68M $42.50M
Prepaid Expenses
Receivables $71.25M $82.30M
Other Receivables $0.00 $0.00
Total Short-Term Assets $283.0M $242.2M
YoY Change 16.84% -0.14%
LONG-TERM ASSETS
Property, Plant & Equipment $101.8M $123.5M
YoY Change -17.61% 36.19%
Goodwill $106.1M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.951M $78.70M
YoY Change -96.25% 3407.13%
Total Long-Term Assets $402.2M $331.8M
YoY Change 21.21% 8.38%
TOTAL ASSETS
Total Short-Term Assets $283.0M $242.2M
Total Long-Term Assets $402.2M $331.8M
Total Assets $685.2M $574.0M
YoY Change 19.37% 4.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $46.77M $52.90M
YoY Change -11.6% 1.85%
Accrued Expenses $34.48M $24.90M
YoY Change 38.46% -40.75%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $93.24M $97.50M
YoY Change -4.37% -4.84%
LONG-TERM LIABILITIES
Long-Term Debt $151.2M $50.00M
YoY Change 202.4% -32.43%
Other Long-Term Liabilities $6.059M $35.60M
YoY Change -82.98% 498.02%
Total Long-Term Liabilities $6.059M $85.60M
YoY Change -92.92% 1337.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $93.24M $97.50M
Total Long-Term Liabilities $6.059M $85.60M
Total Liabilities $287.7M $187.1M
YoY Change 53.77% -3.04%
SHAREHOLDERS EQUITY
Retained Earnings $512.3M
YoY Change
Common Stock $349.9M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $369.7M
YoY Change
Treasury Stock Shares 24.68M shares
Shareholders Equity $397.5M $386.9M
YoY Change
Total Liabilities & Shareholders Equity $685.2M $574.0M
YoY Change 19.37% 4.61%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $3.808M $11.42M
YoY Change -66.65% -1.12%
Depreciation, Depletion And Amortization $6.532M $5.924M
YoY Change 10.26% 8.04%
Cash From Operating Activities $11.93M $9.593M
YoY Change 24.33% -52.4%
INVESTING ACTIVITIES
Capital Expenditures -$4.600M -$5.300M
YoY Change -13.21% -23.19%
Acquisitions $73.91M
YoY Change
Other Investing Activities $0.00 $100.0K
YoY Change -100.0%
Cash From Investing Activities -$4.570M -$5.274M
YoY Change -13.35% -23.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.304M $849.0K
YoY Change 524.73%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 42.99M -$4.796M
YoY Change -996.46% -4.86%
NET CHANGE
Cash From Operating Activities 11.93M $9.593M
Cash From Investing Activities -4.570M -$5.274M
Cash From Financing Activities 42.99M -$4.796M
Net Change In Cash 50.71M -$225.0K
YoY Change -22639.56% -102.74%
FREE CASH FLOW
Cash From Operating Activities $11.93M $9.593M
Capital Expenditures -$4.600M -$5.300M
Free Cash Flow $16.53M $14.89M
YoY Change 10.97% -44.95%

Facts In Submission

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4570000 USD
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5325000 USD
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0 USD
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51000 USD
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159100000 USD
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816050000 USD
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159100000 USD
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5304000 USD
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849000 USD
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1299000 USD
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1310000 USD
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1903000 USD
CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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2637000 USD
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42994000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2020Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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363000 USD
CY2019Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
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252000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
50714000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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150955000 USD
CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2019Q1 us-gaap Interest Paid
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281000 USD
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2122000 USD
CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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1843000 USD
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CY2020Q1 us-gaap Dividends
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1298000 USD
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5304000 USD
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212000 USD
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397466000 USD
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91000 USD
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1315000 USD
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849000 USD
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1154000 USD
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386893000 USD
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CY2019Q1 us-gaap Revenues
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71932000 USD
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682000 USD
CY2019Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
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261000 USD
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71250000 USD
CY2019Q4 us-gaap Accounts Receivable Net Current
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78008000 USD
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9447000 USD
CY2020Q1 us-gaap Inventory Work In Process
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CY2019Q4 us-gaap Inventory Work In Process
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14954000 USD
CY2020Q1 us-gaap Inventory Raw Materials
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25012000 USD
CY2019Q4 us-gaap Inventory Raw Materials
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5204000 USD
CY2019Q4 us-gaap Inventory Valuation Reserves
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5527000 USD
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CY2019Q4 us-gaap Inventory Net
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42237000 USD
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192773000 USD
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188719000 USD
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101755000 USD
CY2019Q4 us-gaap Property Plant And Equipment Net
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105038000 USD
CY2020Q1 us-gaap Depreciation
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CY2019Q1 us-gaap Depreciation
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2787000 USD
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25078000 USD
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
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59400000 USD
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2295000 USD
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57104000 USD
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1690000 USD
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6756000 USD
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6651000 USD
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6489000 USD
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45473000 USD
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4234000 USD
CY2019Q4 us-gaap Product Warranty Accrual Classified Current
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4464000 USD
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1574000 USD
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979000 USD
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1599000 USD
CY2020Q1 us-gaap Contract With Customer Liability
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2520000 USD
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2877000 USD
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1298000 USD
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1299000 USD
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8975000 USD
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11444000 USD
CY2020Q1 us-gaap Derivative Liabilities
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3256000 USD
CY2019Q4 us-gaap Derivative Liabilities
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3832000 USD
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5218000 USD
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34476000 USD
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11444000 USD
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143000 USD
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2602000 USD
CY2020Q1 cts Accrualfor Environmental Loss Contingencies Payments Netof Reimbursements
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2605000 USD
CY2019 cts Accrualfor Environmental Loss Contingencies Payments Netof Reimbursements
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2455000 USD
CY2020Q1 us-gaap Accrual For Environmental Loss Contingencies Foreign Currency Translation Gain Loss
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23000 USD
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8975000 USD
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11444000 USD
CY2020Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
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300000000 USD
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1800000 USD
CY2019Q4 us-gaap Letters Of Credit Outstanding Amount
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1800000 USD
CY2020Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
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147000000 USD
CY2019Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
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198500000 USD
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42000 USD
CY2019Q1 us-gaap Amortization Of Financing Costs
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36000 USD
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2076000 USD
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746000 USD
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281000 USD
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215000 USD
CY2020Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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1271000 USD
CY2019Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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CY2020Q1 us-gaap Preferred Stock Shares Authorized
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25000000 shares
CY2019Q4 us-gaap Preferred Stock Shares Authorized
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25000000 shares
CY2020Q1 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
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CY2020Q1 us-gaap Common Stock Shares Authorized
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75000000 shares
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75000000 shares
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CY2019Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
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CY2020Q1 us-gaap Common Stock Shares Outstanding
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CY2020Q1 us-gaap Treasury Stock Shares
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24677623 shares
CY2019Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
24456892 shares
CY2019Q1 cts Treasury Shares Authorizedtobe Purchased
TreasurySharesAuthorizedtobePurchased
25000000 USD
CY2020Q1 us-gaap Stock Repurchased During Period Shares
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220731 shares
CY2019Q1 us-gaap Stock Repurchased During Period Shares
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31500 shares
CY2020Q1 us-gaap Stock Repurchased During Period Value
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5304000 USD
CY2019Q1 us-gaap Stock Repurchased During Period Value
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849000 USD
CY2020Q1 cts Common Stock Capital Shares Availablefor Future Purchases Value
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8516000 USD
CY2019Q4 us-gaap Common Stock Shares Outstanding
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32472406 shares
CY2018Q4 us-gaap Common Stock Shares Outstanding
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CY2020Q1 us-gaap Stock Repurchased During Period Shares
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220731 shares
CY2019Q1 us-gaap Stock Repurchased During Period Shares
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31500 shares
CY2020Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
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CY2019Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
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136281 shares
CY2020Q1 us-gaap Common Stock Shares Outstanding
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CY2019Q1 us-gaap Common Stock Shares Outstanding
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CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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38839 shares
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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91098 shares
CY2020Q1 cts Number Of Equity Based Compensation Plan
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5 plan
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177000 USD
CY2019Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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940000 USD
CY2019Q1 us-gaap Operating Leases Rent Expense Net
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1067000 USD
CY2020Q1 us-gaap Operating Lease Payments Use
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1130000 USD
CY2019Q1 us-gaap Operating Lease Payments Use
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927000 USD
CY2020Q1 cts Lessee Operating Lease Paymenton Extension Option
LesseeOperatingLeasePaymentonExtensionOption
1179000 USD
CY2019Q1 cts Lessee Operating Lease Paymenton Extension Option
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2961000 USD
CY2020Q1 us-gaap Operating Lease Liability Current
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3178000 USD
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0.364
CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2019Q1 us-gaap Effective Income Tax Rate Continuing Operations
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1199000 USD
CY2019Q1 us-gaap Operating Lease Expense
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994000 USD
CY2020Q1 us-gaap Short Term Lease Payments
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167000 USD
CY2020Q1 us-gaap Operating Lease Liability
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28256000 USD
CY2019Q1 us-gaap Operating Lease Liability
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27713000 USD
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P8Y8M4D
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P9Y14D
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0.0646
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0654
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3514000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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4686000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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4547000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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4185000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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4075000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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16950000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
37957000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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9701000 USD
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
28256000 USD
CY2019 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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73906000 USD
CY2020Q1 us-gaap Business Combination Consideration Transferred1
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72850000 USD
CY2020Q1 us-gaap Business Combination Consideration Transferred Liabilities Incurred
BusinessCombinationConsiderationTransferredLiabilitiesIncurred
1056000 USD
CY2020Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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73906000 USD
CY2020Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssets
6221000 USD
CY2020Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment
2567000 USD
CY2020Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Other Noncurrent Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherNoncurrentAssets
29000 USD
CY2020Q1 us-gaap Business Acquisition Purchase Price Allocation Goodwill Expected Tax Deductible Amount
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34999000 USD
CY2020Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangibles
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles
32800000 USD
CY2020Q1 us-gaap Fair Value Of Assets Acquired
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76616000 USD
CY2020Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities
2710000 USD
CY2020Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
73906000 USD
CY2020Q1 us-gaap Business Combination Consideration Transferred Liabilities Incurred
BusinessCombinationConsiderationTransferredLiabilitiesIncurred
1056000 USD
CY2020Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">NOTE 20 — Recent Accounting Pronouncements</span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Accounting Pronouncements Recently Adopted</span></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">ASU No. 2018-13 </span><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">"Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement"</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In August 2018, the FASB issued ASU No. 2018-13 "</span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement</span><span style="font-family:inherit;font-size:10pt;">". This ASU modified the disclosures related to recurring and nonrecurring fair value measurements. Disclosures related to the transfer of assets between Level 1 and Level 2 hierarchies have been eliminated and various additional disclosures related to Level 3 fair value measurements have been added, modified or removed. This ASU is effective for annual periods beginning after December 15, 2019, and interim periods within those fiscal years. We adopted this ASU on January 1, 2020 and it did not have a material impact on our financial statements.</span></div><div style="line-height:174%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">ASU No. 2016-16 </span><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">"Income Taxes (Topic 740) Intra-Entity Transfers of Assets Other Than Inventory"</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In October 2016, the FASB issued ASU No. 2016-16, "</span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Intra-Entity Transfers of Assets Other Than Inventory</span><span style="font-family:inherit;font-size:10pt;">". This ASU is meant to improve the accounting for the income tax effect of intra-entity transfers of assets other than inventory. Currently, U.S. GAAP prohibits the recognition of current and deferred income taxes for intra-entity asset transfers until the asset is sold to a third party. This ASU will now require companies to recognize the income tax effect of an intra-entity asset transfer (other than inventory) when the transaction occurs. This ASU is effective for public companies, for fiscal years beginning after December 15, 2019 and interim periods within those annual reporting periods and is to be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. We adopted this ASU on January 1, 2020 and it did not have a material impact on our financial statements.</span></div><div style="line-height:174%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">ASU 2016-13 "</span><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</span><span style="font-family:inherit;font-size:10pt;font-weight:bold;">"</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In June 2016, the FASB issued ASU 2016-13,</span><span style="font-family:inherit;font-size:10pt;font-style:italic;"> Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments</span><span style="font-family:inherit;font-size:10pt;">, which amends the current accounting guidance and requires the measurement of all expected losses based on historical experience, current conditions and reasonable and supportable forecasts. For trade receivables, loans, and other financial instruments, we will be required to use a forward-looking expected loss model that reflects losses that are probable rather than the incurred loss model for recognizing credit losses. The standard became effective for interim and annual periods beginning after December 15, 2019. Application of the amendments is through a cumulative-effect adjustment to retained earnings as of the effective date. We adopted this ASU on January 1, 2020 and it did not have a material impact on our financial statements.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">Recently Issued Accounting Pronouncements</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">ASU No. 2019-12 </span><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">"Simplifying the Accounting for Income Taxes"</span></div><div style="line-height:120%;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In December 2019, the Financial Accounting Standards Board (“FASB”) issued ASU 2019-12, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Simplifying the Accounting for Income Taxes</span><span style="font-family:inherit;font-size:10pt;">, as part of its simplification initiative to reduce the cost and complexity in accounting for income taxes. ASU 2019-12 removes certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period, and the recognition of deferred tax liabilities for outside basis differences. ASU 2019-12 also amends other aspects of the guidance to help simplify and promote consistent application of GAAP. The guidance is effective for interim and annual periods beginning after December 15, 2020, with early adoption permitted. We are currently evaluating the impact of this ASU on our financial statements.</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-weight:bold;">ASU No. 2018-14 </span><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">"Compensation - Retirement Benefits - Defined Benefit Plans - General"</span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2018-14, "</span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Compensation - Retirement Benefits - Defined Benefit Plans - General</span><span style="font-family:inherit;font-size:10pt;">." This ASU modifies the disclosure requirements for defined benefit and other postretirement plans. This ASU eliminates certain disclosures associated with accumulated other comprehensive income, plan assets, related parties, and the effects of interest rate basis point changes on assumed health care costs; while other disclosures have been added to address significant gains and losses related to changes in benefit obligations. This ASU also clarifies disclosure requirements for projected benefit and accumulated benefit obligations. The amendments in this ASU are effective for fiscal years ending after December 15, 2020 and for interim periods therein with early adoption permitted. Adoption on a retrospective basis for all periods presented is required. This ASU will impact our annual financial statement disclosures but will not impact our interim financial statements and does not have an impact on our consolidated financial position, results of operations, or cash flows.</span></div>

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