2016 Q2 Form 10-Q Financial Statement
#000093114816000113 Filed on April 28, 2016
Income Statement
| Concept | 2016 Q2 | 2016 Q1 |
|---|---|---|
| Revenue | $115.4M | $95.58M |
| YoY Change | -30.13% | -53.88% |
| Cost Of Revenue | $120.3M | $97.01M |
| YoY Change | -19.38% | -47.97% |
| Gross Profit | -$8.405M | -$12.98M |
| YoY Change | -152.73% | -162.49% |
| Gross Profit Margin | -7.29% | -13.58% |
| Selling, General & Admin | $13.42M | $13.79M |
| YoY Change | -46.85% | -47.53% |
| % of Gross Profit | ||
| Research & Development | $786.0K | $651.0K |
| YoY Change | -58.93% | -73.22% |
| % of Gross Profit | ||
| Depreciation & Amortization | $23.70M | $19.50M |
| YoY Change | 26.06% | -5.34% |
| % of Gross Profit | ||
| Operating Expenses | $14.21M | $14.45M |
| YoY Change | -47.7% | -49.71% |
| Operating Profit | -$22.61M | -$27.42M |
| YoY Change | 73.99% | -40.17% |
| Interest Expense | $6.436M | $6.460M |
| YoY Change | -30.01% | -27.59% |
| % of Operating Profit | ||
| Other Income/Expense, Net | $1.198M | -$237.0K |
| YoY Change | -271.39% | -39.69% |
| Pretax Income | -$27.85M | -$34.11M |
| YoY Change | 23.14% | -38.07% |
| Income Tax | -$5.591M | -$295.0K |
| % Of Pretax Income | ||
| Net Earnings | -$128.4M | -$36.38M |
| YoY Change | 462.73% | -34.59% |
| Net Earnings / Revenue | -111.3% | -38.06% |
| Basic Earnings Per Share | ||
| Diluted Earnings Per Share | -$424.9K | -$120.5K |
| COMMON SHARES | ||
| Basic Shares Outstanding | 100.0 shares | 100.0 shares |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2016 Q2 | 2016 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $13.40M | $9.800M |
| YoY Change | -8.84% | -10.91% |
| Cash & Equivalents | $13.41M | $12.15M |
| Short-Term Investments | ||
| Other Short-Term Assets | $116.5M | $25.00M |
| YoY Change | 49.94% | -64.54% |
| Inventory | $187.2M | $282.3M |
| Prepaid Expenses | $23.63M | $24.98M |
| Receivables | $80.46M | $91.41M |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $397.6M | $408.5M |
| YoY Change | -32.58% | -32.0% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $537.3M | $637.0M |
| YoY Change | -15.34% | 0.57% |
| Goodwill | $171.1M | $173.1M |
| YoY Change | -55.49% | -54.97% |
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $147.8M | $164.8M |
| YoY Change | 69.89% | 78.43% |
| Total Long-Term Assets | $874.7M | $992.1M |
| YoY Change | -22.13% | -11.81% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $397.6M | $408.5M |
| Total Long-Term Assets | $874.7M | $992.1M |
| Total Assets | $1.272B | $1.401B |
| YoY Change | -25.73% | -18.84% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $45.23M | $47.25M |
| YoY Change | -37.29% | -40.76% |
| Accrued Expenses | $30.60M | $41.60M |
| YoY Change | -40.81% | -29.85% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $16.48M | $9.779M |
| YoY Change | -91.73% | -94.89% |
| Long-Term Debt Due | $16.48M | $9.779M |
| YoY Change | -91.73% | -94.89% |
| Total Short-Term Liabilities | $112.1M | $100.4M |
| YoY Change | -66.09% | -70.39% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $364.0M | $360.0M |
| YoY Change | 4.19% | 7.05% |
| Other Long-Term Liabilities | $91.18M | $94.85M |
| YoY Change | -8.38% | -6.07% |
| Total Long-Term Liabilities | $455.2M | $454.9M |
| YoY Change | 1.4% | 4.02% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $112.1M | $100.4M |
| Total Long-Term Liabilities | $455.2M | $454.9M |
| Total Liabilities | $567.2M | $555.3M |
| YoY Change | -27.21% | -28.48% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | ||
| YoY Change | ||
| Common Stock | ||
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $657.5M | $786.8M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $1.272B | $1.401B |
| YoY Change | -25.73% | -18.84% |
Cashflow Statement
| Concept | 2016 Q2 | 2016 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$128.4M | -$36.38M |
| YoY Change | 462.73% | -34.59% |
| Depreciation, Depletion And Amortization | $23.70M | $19.50M |
| YoY Change | 26.06% | -5.34% |
| Cash From Operating Activities | $1.500M | $9.724M |
| YoY Change | 0.0% | -57.2% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | -$6.700M | $8.414M |
| YoY Change | -44.17% | -38.14% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | -$400.0K | $200.0K |
| YoY Change | 300.0% | -102.82% |
| Cash From Investing Activities | -$7.000M | -$8.263M |
| YoY Change | -42.15% | -60.05% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | $34.00K | |
| YoY Change | 3.03% | |
| Cash From Financing Activities | 9.000M | $967.0K |
| YoY Change | -36.62% | -113.11% |
| NET CHANGE | ||
| Cash From Operating Activities | 1.500M | $9.724M |
| Cash From Investing Activities | -7.000M | -$8.263M |
| Cash From Financing Activities | 9.000M | $967.0K |
| Net Change In Cash | 3.500M | $2.428M |
| YoY Change | -2.78% | -145.48% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $1.500M | $9.724M |
| Capital Expenditures | -$6.700M | $8.414M |
| Free Cash Flow | $8.200M | $1.310M |
| YoY Change | -39.26% | -85.63% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2016Q1 | dei |
Amendment Flag
AmendmentFlag
|
false | |
| CY2016Q1 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | |
| CY2016Q1 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q1 | |
| CY2016Q1 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2016 | |
| CY2016Q1 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2016-03-31 | |
| CY2016Q1 | dei |
Document Type
DocumentType
|
10-Q | |
| CY2016Q1 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0000931148 | |
| CY2016Q2 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
100 | shares |
| CY2016Q1 | dei |
Entity Current Reporting Status
EntityCurrentReportingStatus
|
Yes | |
| CY2016Q1 | gti |
Purchasepriceadjustmentdeferredtaxes
Purchasepriceadjustmentdeferredtaxes
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2000000 | USD |
| CY2016Q1 | dei |
Entity Filer Category
EntityFilerCategory
|
Large Accelerated Filer | |
| CY2016Q1 | dei |
Entity Registrant Name
EntityRegistrantName
|
GrafTech International LTD. | |
| CY2016Q1 | gti |
A12 Month Trailing Ebitda
A12MonthTrailingEBITDA
|
75000000 | USD |
| CY2016Q1 | gti |
Diispoal Groupincludingdiscontinuedoperationspercentageofprioryearsales
DiispoalGroupincludingdiscontinuedoperationspercentageofprioryearsales
|
0.22 | |
| CY2016Q1 | gti |
Disposalgroupincludingdiscontinuedoperationsnetassets
Disposalgroupincludingdiscontinuedoperationsnetassets
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183000 | USD |
| CY2015Q3 | gti |
Max Reimbursementto Acquiror
MaxReimbursementtoAcquiror
|
500000 | USD |
| CY2016Q1 | gti |
Maximum Leverage Ratio High End
MaximumLeverageRatioHighEnd
|
5.75 | USD |
| CY2016Q1 | gti |
Maximum Leverage Ratio Low End
MaximumLeverageRatioLowEnd
|
3.00 | USD |
| CY2016Q1 | gti |
Minimum Interest Coverage Ratio High End
MinimumInterestCoverageRatioHighEnd
|
2.50 | USD |
| CY2016Q1 | gti |
Minimum Interest Coverage Ratio Low End
MinimumInterestCoverageRatioLowEnd
|
1.50 | USD |
| CY2016Q1 | gti |
Numberof Major Product Categories
NumberofMajorProductCategories
|
7 | major_product_categories |
| CY2015Q4 | gti |
Restructuringand Related Liability
RestructuringandRelatedLiability
|
3048000 | USD |
| CY2016Q1 | gti |
Restructuringand Related Liability
RestructuringandRelatedLiability
|
1813000 | USD |
| CY2016Q1 | gti |
Revolving Credit Facility Balance
RevolvingCreditFacilityBalance
|
61000000 | USD |
| CY2016Q1 | gti |
Term Loan Balance
TermLoanBalance
|
38000000 | USD |
| CY2016Q1 | gti |
Total Revolver Borrowings
TotalRevolverBorrowings
|
69100000 | USD |
| CY2015Q4 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
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49478000 | USD |
| CY2016Q1 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
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47246000 | USD |
| CY2015Q4 | us-gaap |
Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
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0 | USD |
| CY2016Q1 | us-gaap |
Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
|
0 | USD |
| CY2015Q4 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
102815000 | USD |
| CY2016Q1 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
91407000 | USD |
| CY2015Q4 | us-gaap |
Accounts Receivable Related Parties Current
AccountsReceivableRelatedPartiesCurrent
|
0 | USD |
| CY2016Q1 | us-gaap |
Accounts Receivable Related Parties Current
AccountsReceivableRelatedPartiesCurrent
|
0 | USD |
| CY2015Q1 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
4300000 | USD |
| CY2016Q1 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
4000000 | USD |
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Assets
Assets
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1422015000 | USD |
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Assets
Assets
|
1400540000 | USD |
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Assets Current
AssetsCurrent
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426878000 | USD |
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Assets Current
AssetsCurrent
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408487000 | USD |
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Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
6927000 | USD |
| CY2016Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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9832000 | USD |
| CY2015Q2 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.01 | |
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Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
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0.06375 | |
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Deferred Tax Assets Net Noncurrent
DeferredTaxAssetsNetNoncurrent
|
15327000 | USD |
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Deferred Tax Assets Net Noncurrent
DeferredTaxAssetsNetNoncurrent
|
17151000 | USD |
| CY2015Q4 | us-gaap |
Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
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57430000 | USD |
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Deferred Tax Liabilities Noncurrent
DeferredTaxLiabilitiesNoncurrent
|
58460000 | USD |
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Derivative Net Hedge Ineffectiveness Gain Loss
DerivativeNetHedgeIneffectivenessGainLoss
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700000 | USD |
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Derivative Net Hedge Ineffectiveness Gain Loss
DerivativeNetHedgeIneffectivenessGainLoss
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600000 | USD |
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Disposal Group Including Discontinued Operation Assets Noncurrent
DisposalGroupIncludingDiscontinuedOperationAssetsNoncurrent
|
98000 | USD |
| CY2016Q1 | us-gaap |
Disposal Group Including Discontinued Operation Other Current Assets
DisposalGroupIncludingDiscontinuedOperationOtherCurrentAssets
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99000 | USD |
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Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
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154000000 | USD |
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Due To Related Parties Noncurrent
DueToRelatedPartiesNoncurrent
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0 | USD |
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Due To Related Parties Noncurrent
DueToRelatedPartiesNoncurrent
|
0 | USD |
| CY2016Q1 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.35 | |
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Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
|
12200000 | USD |
| CY2016Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
|
12900000 | USD |
| CY2016Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
|
13800000 | USD |
| CY2016Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
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14600000 | USD |
| CY2016Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
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15400000 | USD |
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Goodwill
Goodwill
|
172059000 | USD |
| CY2016Q1 | us-gaap |
Goodwill
Goodwill
|
173117000 | USD |
| CY2016Q1 | us-gaap |
Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
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1100000 | USD |
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Inventory Finished Goods
InventoryFinishedGoods
|
78196000 | USD |
| CY2016Q1 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
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75101000 | USD |
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Inventory Net
InventoryNet
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295462000 | USD |
| CY2016Q1 | us-gaap |
Inventory Net
InventoryNet
|
282270000 | USD |
| CY2015Q4 | us-gaap |
Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
|
80408000 | USD |
| CY2016Q1 | us-gaap |
Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
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73557000 | USD |
| CY2015Q4 | us-gaap |
Inventory Work In Process
InventoryWorkInProcess
|
136858000 | USD |
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Inventory Work In Process
InventoryWorkInProcess
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133612000 | USD |
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Investments In And Advances To Affiliates At Fair Value
InvestmentsInAndAdvancesToAffiliatesAtFairValue
|
0 | USD |
| CY2016Q1 | us-gaap |
Investments In And Advances To Affiliates At Fair Value
InvestmentsInAndAdvancesToAffiliatesAtFairValue
|
0 | USD |
| CY2015Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
1422015000 | USD |
| CY2016Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
1400540000 | USD |
| CY2015Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
96116000 | USD |
| CY2016Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
100400000 | USD |
| CY2016Q1 | us-gaap |
Liabilities Of Disposal Group Including Discontinued Operation Current
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationCurrent
|
13000 | USD |
| CY2016Q1 | us-gaap |
Liabilities Of Disposal Group Including Discontinued Operation Noncurrent
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperationNoncurrent
|
1000 | USD |
| CY2015Q1 | us-gaap |
Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
|
0.0268 | |
| CY2016Q1 | us-gaap |
Line Of Credit Facility Interest Rate During Period
LineOfCreditFacilityInterestRateDuringPeriod
|
0.0344 | |
| CY2015Q4 | us-gaap |
Long Term Debt
LongTermDebt
|
367227000 | USD |
| CY2016Q1 | us-gaap |
Long Term Debt
LongTermDebt
|
369817000 | USD |
| CY2015Q4 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
4772000 | USD |
| CY2016Q1 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
|
9779000 | USD |
| CY2016Q1 | us-gaap |
Long Term Debt Fair Value
LongTermDebtFairValue
|
277400000 | USD |
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Long Term Debt Noncurrent
LongTermDebtNoncurrent
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362455000 | USD |
| CY2016Q1 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
360038000 | USD |
| CY2015Q4 | us-gaap |
Net Investment Hedge Derivatives At Fair Value Net
NetInvestmentHedgeDerivativesAtFairValueNet
|
11800000 | USD |
| CY2016Q1 | us-gaap |
Net Investment Hedge Derivatives At Fair Value Net
NetInvestmentHedgeDerivativesAtFairValueNet
|
12500000 | USD |
| CY2015Q4 | us-gaap |
Notes Receivable Related Parties Noncurrent
NotesReceivableRelatedPartiesNoncurrent
|
0 | USD |
| CY2016Q1 | us-gaap |
Notes Receivable Related Parties Noncurrent
NotesReceivableRelatedPartiesNoncurrent
|
0 | USD |
| CY2016Q1 | us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
2 | segment |
| CY2016Q1 | us-gaap |
Number Of Reportable Segments
NumberOfReportableSegments
|
2 | segment |
| CY2015Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
29779000 | USD |
| CY2016Q1 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
36950000 | USD |
| CY2015Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
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170218000 | USD |
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Other Assets Noncurrent
OtherAssetsNoncurrent
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164823000 | USD |
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Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
95485000 | USD |
| CY2016Q1 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
94851000 | USD |
| CY2015Q4 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
21674000 | USD |
| CY2016Q1 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
24978000 | USD |
| CY2015Q4 | us-gaap |
Product Warranty Accrual
ProductWarrantyAccrual
|
942000 | USD |
| CY2016Q1 | us-gaap |
Product Warranty Accrual
ProductWarrantyAccrual
|
821000 | USD |
| CY2016Q1 | us-gaap |
Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
|
121000 | USD |
| CY2016Q1 | us-gaap |
Product Warranty Expense
ProductWarrantyExpense
|
0 | USD |
| CY2015Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
637533000 | USD |
| CY2016Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
636962000 | USD |
| CY2016Q1 | us-gaap |
Restructuring Reserve
RestructuringReserve
|
1800000 | USD |
| CY2015Q4 | us-gaap |
Short Term Borrowings
ShortTermBorrowings
|
4772000 | USD |
| CY2016Q1 | us-gaap |
Short Term Borrowings
ShortTermBorrowings
|
9779000 | USD |
| CY2015Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
810529000 | USD |
| CY2016Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
786791000 | USD |
| CY2015Q4 | us-gaap |
Taxes Payable Current
TaxesPayableCurrent
|
9039000 | USD |
| CY2016Q1 | us-gaap |
Taxes Payable Current
TaxesPayableCurrent
|
4612000 | USD |
| CY2016Q1 | us-gaap |
Unrecognized Tax Benefits
UnrecognizedTaxBenefits
|
3900000 | USD |
| CY2016Q1 | us-gaap |
Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
|
3100000 | USD |
| CY2016Q1 | us-gaap |
Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:18px;text-align:justify;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Predecessor and Successor Reporting</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">On August 17, 2015, the Company was acquired by affiliates of Brookfield Asset Management Inc. (see Note 2 "</font><font style="font-family:Arial;font-size:10pt;font-weight:normal;">Preferred Share Issuance and Merger</font><font style="font-family:Arial;font-size:10pt;">"). We elected to account for the acquisition under the acquisition method of accounting. Under the acquisition method of accounting, the assets and liabilities of GTI were adjusted to their fair market value as of August 15, 2015, as this was the day that Brookfield effectively took control of the Company. </font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Our consolidated statements of operations subsequent to the Merger include amortization expense relating to the fair value adjustments and depreciation expense based on the fair value of the Company's property, plant and equipment that had previously been carried at historical cost less accumulated depreciation. Therefore, the Company's financial information prior to the Merger is not comparable to the financial information subsequent to the Merger. As a result, the financial statements and certain note presentations are separated into two distinct periods, the period before the consummation of the Merger (labeled "Predecessor") and the period after the date of Merger (labeled "Successor"), to indicate the application of the different basis of accounting between the periods presented.</font></div></div> |
