$MATV
Mativ Holdings, Inc.

2017 Q2 Form 10-Q Financial Statement

#000100062317000106 Filed on August 02, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $255.3M $217.3M
YoY Change 17.49% 19.46%
Cost Of Revenue $178.4M $150.4M
YoY Change 18.62% 18.33%
Gross Profit $76.90M $66.90M
YoY Change 14.95% 22.08%
Gross Profit Margin 30.12% 30.79%
Selling, General & Admin $30.40M $24.10M
YoY Change 26.14% 10.05%
% of Gross Profit 39.53% 36.02%
Research & Development $4.600M $4.400M
YoY Change 4.55% 18.92%
% of Gross Profit 5.98% 6.58%
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $35.00M $28.50M
YoY Change 22.81% 11.33%
Operating Profit $40.30M $37.50M
YoY Change 7.47% 56.25%
Interest Expense $6.800M $4.100M
YoY Change 65.85% 115.79%
% of Operating Profit 16.87% 10.93%
Other Income/Expense, Net -$1.600M $1.000M
YoY Change -260.0% -83.61%
Pretax Income $31.90M $34.40M
YoY Change -7.27% 21.99%
Income Tax $9.900M $9.100M
% Of Pretax Income 31.03% 26.45%
Net Earnings $22.30M $26.00M
YoY Change -14.23% 11.11%
Net Earnings / Revenue 8.73% 11.97%
Basic Earnings Per Share $0.73 $0.85
Diluted Earnings Per Share $0.72 $0.85
COMMON SHARES
Basic Shares Outstanding 30.41M shares 30.31M shares
Diluted Shares Outstanding 30.55M shares 30.45M shares

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $97.80M $143.8M
Short-Term Investments
Other Short-Term Assets $8.000M $6.000M
YoY Change 33.33% -7.69%
Inventory $141.7M $108.1M
Prepaid Expenses
Receivables $153.2M $126.6M
Other Receivables
Total Short-Term Assets $419.7M $405.2M
YoY Change 3.58% -18.01%
LONG-TERM ASSETS
Property, Plant & Equipment $354.1M $307.1M
YoY Change 15.3% -3.64%
Goodwill $338.5M $232.5M
YoY Change 45.59% 85.55%
Intangibles $303.6M $206.9M
YoY Change 46.74% 137.54%
Long-Term Investments $63.80M $66.00M
YoY Change -3.33% -3.23%
Other Assets $29.00M $25.70M
YoY Change 12.84% 20.66%
Total Long-Term Assets $1.091B $838.3M
YoY Change 30.18% 35.08%
TOTAL ASSETS
Total Short-Term Assets $419.7M $405.2M
Total Long-Term Assets $1.091B $838.3M
Total Assets $1.511B $1.244B
YoY Change 21.51% 11.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $58.80M $42.40M
YoY Change 38.68% 13.98%
Accrued Expenses $71.10M $66.90M
YoY Change 6.28% -12.55%
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due $4.300M $3.700M
YoY Change 16.22% 15.63%
Total Short-Term Liabilities $134.7M $116.3M
YoY Change 15.82% -2.76%
LONG-TERM LIABILITIES
Long-Term Debt $716.8M $506.8M
YoY Change 41.44% 28.34%
Other Long-Term Liabilities $46.90M $26.50M
YoY Change 76.98% -19.21%
Total Long-Term Liabilities $763.7M $533.3M
YoY Change 43.2% 24.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $134.7M $116.3M
Total Long-Term Liabilities $763.7M $533.3M
Total Liabilities $966.3M $727.2M
YoY Change 32.88% 11.76%
SHAREHOLDERS EQUITY
Retained Earnings $594.5M $574.7M
YoY Change 3.45% 8.66%
Common Stock $3.100M $3.000M
YoY Change 3.33% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $544.7M $516.3M
YoY Change
Total Liabilities & Shareholders Equity $1.511B $1.244B
YoY Change 21.51% 11.54%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $22.30M $26.00M
YoY Change -14.23% 11.11%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Increase Decrease In Accounts And Other Receivables
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4900000 USD
us-gaap Increase Decrease In Accounts And Other Receivables
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13800000 USD
us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accounts Payable
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3100000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
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-1600000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Increase Decrease In Operating Capital
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18300000 USD
us-gaap Increase Decrease In Operating Capital
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28000000 USD
us-gaap Increase Decrease In Prepaid Expense
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1300000 USD
us-gaap Increase Decrease In Prepaid Expense
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1900000 USD
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CY2016Q2 us-gaap Interest Expense
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4100000 USD
us-gaap Interest Expense
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8700000 USD
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44900000 USD
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56100000 USD
CY2016Q4 us-gaap Inventory Net
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CY2017Q2 us-gaap Inventory Net
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40900000 USD
CY2017Q2 us-gaap Inventory Raw Materials Net Of Reserves
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52300000 USD
CY2016Q4 us-gaap Inventory Supplies Net Of Reserves
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9700000 USD
CY2017Q2 us-gaap Inventory Supplies Net Of Reserves
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10600000 USD
CY2016Q4 us-gaap Inventory Work In Process Net Of Reserves
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23900000 USD
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22700000 USD
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CY2017Q2 us-gaap Liabilities
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CY2016Q4 us-gaap Liabilities And Stockholders Equity
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1173700000 USD
CY2017Q2 us-gaap Liabilities And Stockholders Equity
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1511000000 USD
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CY2017Q2 us-gaap Liabilities Current
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134700000 USD
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3000000 USD
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4300000 USD
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0.0231
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252400000 USD
us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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52200000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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44900000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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52300000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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44800000 USD
CY2016Q2 us-gaap Net Income Loss
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26000000 USD
us-gaap Net Income Loss
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47100000 USD
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22300000 USD
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36000000 USD
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25800000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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46800000 USD
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22100000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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35700000 USD
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3300000 USD
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us-gaap Nonoperating Income Expense
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28500000 USD
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58600000 USD
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35500000 USD
us-gaap Operating Expenses
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70900000 USD
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37500000 USD
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us-gaap Operating Income Loss
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5100000 USD
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29000000 USD
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5100000 USD
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19800000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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200000 USD
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21500000 USD
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23300000 USD
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13700000 USD
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
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CY2016Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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5700000 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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17600000 USD
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
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CY2016Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
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0 USD
us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
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CY2017Q2 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
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us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
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5100000 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
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19800000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
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25700000 USD
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2017Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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CY2016Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
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us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0 USD
CY2017Q2 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
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us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Before Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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us-gaap Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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600000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
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400000 USD
CY2016Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Payments Of Dividends
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us-gaap Payments Of Dividends
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25800000 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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0 USD
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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291700000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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9700000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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CY2017Q2 us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Gain Loss Net Of Tax
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us-gaap Other Comprehensive Income Loss Tax
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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12000000 USD
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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us-gaap Other Operating Activities Cash Flow Statement
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us-gaap Other Operating Activities Cash Flow Statement
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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900000 USD
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0 shares
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0 shares
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0 shares
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0 shares
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CY2017Q2 us-gaap Preferred Stock Value
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us-gaap Proceeds From Issuance Of Long Term Debt
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31600000 USD
us-gaap Proceeds From Issuance Of Long Term Debt
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500000 USD
us-gaap Proceeds From Repayments Of Short Term Debt
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us-gaap Sales Revenue Goods Net
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255300000 USD
us-gaap Sales Revenue Goods Net
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488600000 USD
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6400000 USD
us-gaap Selling Expense
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12800000 USD
CY2017Q2 us-gaap Selling Expense
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354100000 USD
us-gaap Repayments Of Long Term Debt
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96900000 USD
us-gaap Repayments Of Long Term Debt
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8900000 USD
CY2016Q2 us-gaap Research And Development Expense
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4400000 USD
us-gaap Research And Development Expense
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8700000 USD
CY2017Q2 us-gaap Research And Development Expense
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4600000 USD
us-gaap Research And Development Expense
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us-gaap Restructuring Charges
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CY2016Q4 us-gaap Restructuring Reserve
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CY2017Q2 us-gaap Restructuring Reserve
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700000 USD
us-gaap Restructuring Reserve Translation Adjustment
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200000 USD
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900000 USD
us-gaap Restructuring Settlement And Impairment Provisions
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2700000 USD
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1600000 USD
us-gaap Restructuring Settlement And Impairment Provisions
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2700000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
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594500000 USD
CY2016Q2 us-gaap Sales Revenue Goods Net
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217300000 USD
us-gaap Selling Expense
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16500000 USD
us-gaap Share Based Compensation
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2700000 USD
us-gaap Share Based Compensation
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2200000 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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0 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
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0 USD
us-gaap Stock Issued During Period Value Share Based Compensation
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100000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
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100000 USD
us-gaap Stock Repurchased And Retired During Period Value
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CY2016Q2 us-gaap Stockholders Equity
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CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
508300000 USD
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2016Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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200000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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200000 USD
CY2017Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
100000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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100000 USD
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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134500 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
131100 shares
CY2017Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
133800 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
128100 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30447700 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30435200 shares
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30517100 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30313200 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30304100 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30304100 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30412900 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30389000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30389000 shares
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">General</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Nature of Business</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Schweitzer-Mauduit International, Inc., or SWM or the Company, headquartered in Alpharetta, Georgia in the United States of America, is a multinational diversified producer of highly engineered solutions and advanced materials for a variety of industries. The Company operates two segments: Advanced Materials &amp; Structures and Engineered Papers.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Advanced Materials &amp; Structures segment, or AMS, produces mostly resin-based rolled goods such as nets, films and meltblown materials, typically through an extrusion process or other non-woven technologies. These products are used in a variety of specialty applications across the filtration, construction and infrastructure, transportation, industrial and medical end-markets. As discussed more fully in Note 3. Business Acquisitions, in January 2017, the Company completed the acquisition of Conwed Plastics LLC, a Delaware limited liability company, and its Belgian subsidiary ("Conwed NV" and collectively with Conwed Plastic LLC, &#8220;Conwed&#8221;), which has been incorporated into the AMS segment.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Engineered Papers segment, or EP, primarily serves the tobacco industry with production of various cigarette papers, reconstituted tobacco products, or "recon". Traditional reconstituted tobacco leaf, or "RTL", is used as a blend with virgin tobacco in cigarettes and used as wrappers and binders for cigars. Recon, as well as LIP (low ignition propensity) cigarette paper, a specialty product with fire-safety features, are two key profit drivers, which together account for more than half of segment net sales. The EP segment also produces non-tobacco papers for both premium applications, such as energy storage, and industrial commodity paper grades, which are often produced to maximize machine utilization.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has operations in the United States, United Kingdom, Canada, France, Luxembourg, Russia, Brazil, China, Belgium and Poland, conducts business in over </font><font style="font-family:inherit;font-size:10pt;">90</font><font style="font-family:inherit;font-size:10pt;"> countries, and operates </font><font style="font-family:inherit;font-size:10pt;">23</font><font style="font-family:inherit;font-size:10pt;"> production locations worldwide. The Company also has a </font><font style="font-family:inherit;font-size:10pt;">50%</font><font style="font-family:inherit;font-size:10pt;"> equity interest in </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> joint ventures in China: China Tobacco Mauduit (Jiangmen) Paper Industry Ltd., or CTM, which produces various cigarette papers, and China Tobacco Schweitzer (Yunnan) Reconstituted Tobacco Co. Ltd., or CTS, which produces RTL.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Presentation</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited condensed consolidated financial statements and the notes thereto have been prepared in accordance with the instructions of Form 10-Q and Rule 10-01 of Regulation S-X of the Securities and Exchange Commission, or the SEC, and do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America, or U.S. GAAP. However, such information reflects all adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of results for the interim periods including the results of a business reclassified as a discontinued operation which is more fully described in Note </font><font style="font-family:inherit;font-size:10pt;">4</font><font style="font-family:inherit;font-size:10pt;">. Discontinued Operations.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The results of operations are not necessarily indicative of the results to be expected for the full year. The unaudited condensed consolidated financial statements and these notes thereto included herein should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in the Company&#8217;s Annual Report on Form 10-K for the year ended December&#160;31, 2016, as filed with the SEC on February 24, 2017.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Principles of Consolidation</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The condensed consolidated financial statements include the accounts of the Company and its wholly-owned, majority-owned and controlled subsidiaries. The Company&#8217;s share of the net income of its </font><font style="font-family:inherit;font-size:10pt;">50%</font><font style="font-family:inherit;font-size:10pt;">-owned joint ventures in China is included in the condensed consolidated statements of income as Income from equity affiliates, net of income taxes. Intercompany balances and transactions have been eliminated.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with U.S. GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosures of contingent assets and liabilities in the condensed consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, inventory valuation, useful lives of tangible and intangible assets, fair values, sales returns and rebates, receivables valuation, pension, postretirement and other benefits, restructuring and impairment, taxes and contingencies. Actual results could differ materially from those estimates.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers" (Topic 606). This guidance specifies how and when an entity will recognize revenue arising from contracts with customers and requires entities to disclose information about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB deferred the effective date for annual reporting periods beginning after December 15, 2017 (including interim reporting periods within those periods). The Company will adopt this ASU effective January 1, 2018, utilizing the modified retrospective transition approach upon adoption. This approach requires an adjustment upon adoption to the financial statements to reflect the cumulative impact of the guidance and results in no change to prior period financial statements. Based on continuing evaluation of the provisions included in the new guidance, along with the related updates discussed below, the Company does not expect that adoption of this guidance will materially impact the amount or timing of revenues recognized in the consolidated financial statements or materially affect our financial position. The majority of our revenues generated are recognized upon delivery and transfer of title to the product to our customers. The time at which delivery and transfer of title occurs, for the majority of our contracts with customers, is the point when the product leaves our facility, thereby rendering our performance obligation fulfilled. The Company is currently in the process of developing and enhancing the financial statement disclosures under ASU 2014-09 that will be incorporated upon adoption of the guidance as well as updating internal procedures and internal controls, as applicable, in preparation for adoption in 2018.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842): Amendments to the FASB Accounting Standards Codification." The new standard establishes a right-of-use model that requires a lessee to record a right-of-use asset and a lease liability on the balance sheet for all leases with terms longer than twelve months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. This guidance is effective for annual reporting periods beginning after December 15, 2018, and interim periods thereafter. Early adoption is permitted. Companies must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. The Company is currently in the process of evaluating the impact of the pronouncement on the Company's outstanding leases and expects that adoption will have an impact on the consolidated balance sheets related to recording right-of-use assets and corresponding lease liabilities. Further, the Company is currently in the process of evaluating the impact of adoption on the consolidated statements of income.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March, April and May 2016, the FASB issued ASU 2016-08, &#8220;Revenue from Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus Net),&#8221; ASU 2016-10, &#8220;Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing,&#8221; ASU 2016-11, "Revenue Recognition (Topic 605) and Derivatives and Hedging (Topic 815): Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting," and ASU 2016-12, "Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients," which provide supplemental adoption guidance and clarification to ASC 2014-09. ASU 2016-08, ASU 2016-10, ASU 2016-11 and ASU 2016-12 must be adopted concurrently with the adoption of ASU 2014-09. The Company is currently in the process of evaluating the impact of the pronouncements on the consolidated financial statements in conjunction with its assessment of ASU 2014-09, as discussed above.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In October 2016, the FASB issued ASU 2016-16, "Income Taxes (Topic 718): Intra-Entity Transfers of Assets Other Than Inventory." This standard states that an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs, thus eliminating the exception for an intra-entity transfer of an asset other than inventory. This guidance is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently in the process of evaluating the impact of the pronouncement on the consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the FASB issued ASU No. 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business." The guidance clarifies the definition of a business with the objective of assisting entities in evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. Acquisitions of integrated sets of assets and activities that do not meet the definition of a business are accounted for as asset acquisitions. The new update is effective for annual periods beginning after December 15, 2017. The amendments in ASU 2017-01 will be implemented on a prospective basis in the first quarter of 2018 and are not expected to have a material impact on the Company's financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." The amendment eliminates the second step of the analysis that required the measurement of a goodwill impairment by comparing the implied value of a reporting unit&#8217;s goodwill and the goodwill&#8217;s carrying amount. This guidance is effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted. The Company is currently in the process of evaluating the impact of the pronouncement on the consolidated financial statements and does not expect the adoption of this guidance to have a material impact on the consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2017, the FASB issued ASU 2017-07, "Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost." The amendment requires an employer to report the service cost component in the same line item or line items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal from operations. This guidance is effective for annual periods beginning after December 15, 2017. Early adoption is permitted. The Company is currently in the process of evaluating the impact of the pronouncement on the consolidated financial statements and does not expect the adoption of this guidance to have a material impact on the consolidated financial statements.</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2017, the FASB issued ASU 2017-09, "Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting". This amendment clarifies the changes to terms or conditions of a share-based payment award that require an entity to apply modification accounting. ASU 2017-09 is effective for annual reporting periods, and interim periods therein, beginning after December 15, 2017. Early application is permitted and prospective application is required. The Company is currently in the process of evaluating the impact of the pronouncement on the consolidated financial statements and does not expect the adoption of this guidance to have a material impact on the consolidated financial statements.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with U.S. GAAP requires estimates and assumptions that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosures of contingent assets and liabilities in the condensed consolidated financial statements and accompanying notes. Estimates are used for, but not limited to, inventory valuation, useful lives of tangible and intangible assets, fair values, sales returns and rebates, receivables valuation, pension, postretirement and other benefits, restructuring and impairment, taxes and contingencies. Actual results could differ materially from those estimates.</font></div></div>

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