(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
ý | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
March 31, 2021 | September 30, 2020 | ||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | $ | |||||||||||||||||||||
Accounts receivable, net | |||||||||||||||||||||||
Inventories, net | |||||||||||||||||||||||
Other current assets | |||||||||||||||||||||||
Total current assets | |||||||||||||||||||||||
Investments | |||||||||||||||||||||||
Property, plant and equipment, net | |||||||||||||||||||||||
Operating lease right-of-use assets | |||||||||||||||||||||||
Deferred income taxes | |||||||||||||||||||||||
Goodwill | |||||||||||||||||||||||
Other intangible assets, net | |||||||||||||||||||||||
Other assets | |||||||||||||||||||||||
Total assets | $ | $ | |||||||||||||||||||||
LIABILITIES | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Long-term debt, current maturities | $ | $ | |||||||||||||||||||||
Current portion of operating lease liabilities | |||||||||||||||||||||||
Trade accounts payable | |||||||||||||||||||||||
Accrued compensation | |||||||||||||||||||||||
Accrued income taxes | |||||||||||||||||||||||
Other current liabilities | |||||||||||||||||||||||
Total current liabilities | |||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||
Operating lease liabilities | |||||||||||||||||||||||
Accrued pension | |||||||||||||||||||||||
Postretirement benefits | |||||||||||||||||||||||
Deferred income taxes | |||||||||||||||||||||||
Other liabilities | |||||||||||||||||||||||
Total liabilities | |||||||||||||||||||||||
SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
Shareholders' equity-Matthews: | |||||||||||||||||||||||
Common stock | $ | $ | |||||||||||||||||||||
Additional paid-in capital | |||||||||||||||||||||||
Retained earnings | |||||||||||||||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||||||||||||||
Treasury stock, at cost | ( | ( | |||||||||||||||||||||
Total shareholders' equity-Matthews | |||||||||||||||||||||||
Noncontrolling interests | |||||||||||||||||||||||
Total shareholders' equity | |||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | $ |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Sales | $ | $ | $ | $ | |||||||||||||||||||
Cost of sales | ( | ( | ( | ( | |||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Selling expense | ( | ( | ( | ( | |||||||||||||||||||
Administrative expense | ( | ( | ( | ( | |||||||||||||||||||
Intangible amortization | ( | ( | ( | ( | |||||||||||||||||||
Goodwill write-down | ( | ( | |||||||||||||||||||||
Operating profit (loss) | ( | ( | |||||||||||||||||||||
Investment income (loss) | ( | ||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Other income (deductions), net | ( | ( | ( | ( | |||||||||||||||||||
Income (loss) before income taxes | ( | ( | |||||||||||||||||||||
Income tax (provision) benefit | ( | ( | |||||||||||||||||||||
Net income (loss) | ( | ( | |||||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | ( | ||||||||||||||||||||||
Net income (loss) attributable to Matthews shareholders | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Earnings (loss) per share attributable to Matthews shareholders: | |||||||||||||||||||||||
Basic | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Diluted | $ | $ | ( | $ | $ | ( |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
Matthews | Noncontrolling Interest | Total | |||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||
Net income (loss): | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
Other comprehensive income (loss) ("OCI"), net of tax: | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Pension plans and other postretirement benefits | |||||||||||||||||||||||||||||||||||
Unrecognized gain (loss) on derivatives: | |||||||||||||||||||||||||||||||||||
Net change from periodic revaluation | ( | ( | |||||||||||||||||||||||||||||||||
Net amount reclassified to earnings | ( | ( | |||||||||||||||||||||||||||||||||
Net change in unrecognized gain (loss) on derivatives | ( | ( | |||||||||||||||||||||||||||||||||
OCI, net of tax | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Comprehensive income (loss) | $ | $ | ( | $ | $ | ( | $ | $ | ( |
Six Months Ended March 31, | |||||||||||||||||||||||||||||||||||
Matthews | Noncontrolling Interest | Total | |||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||
Net income (loss): | $ | $ | ( | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||
OCI, net of tax: | |||||||||||||||||||||||||||||||||||
Foreign currency translation adjustment | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Pension plans and other postretirement benefits | |||||||||||||||||||||||||||||||||||
Unrecognized gain (loss) on derivatives: | |||||||||||||||||||||||||||||||||||
Net change from periodic revaluation | ( | ( | |||||||||||||||||||||||||||||||||
Net amount reclassified to earnings | ( | ( | |||||||||||||||||||||||||||||||||
Net change in unrecognized gain (loss) on derivatives | ( | ( | |||||||||||||||||||||||||||||||||
OCI, net of tax | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Comprehensive income (loss) | $ | $ | ( | $ | ( | $ | ( | $ | $ | ( |
Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Non- controlling Interests | Total | |||||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Net loss | — | — | ( | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Minimum pension liability | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Translation adjustment | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||
Fair value of derivatives | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total comprehensive income | |||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Purchase of | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Issuance of | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||
Cancellations of | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||
Dividends, $ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||||||||
Minimum pension liability | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Translation adjustment | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||
Fair value of derivatives | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total comprehensive income | |||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Purchase of | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Issuance of | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||
Dividends, $ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock | Non- controlling Interests | Total | |||||||||||||||||||||||||||||||||||
Balance, September 30, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Net (loss) income | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||||||||
Minimum pension liability | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Translation adjustment | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||
Fair value of derivatives | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Total comprehensive income | |||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Purchase of | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Issuance of | — | ( | — | — | — | ||||||||||||||||||||||||||||||||||||
Cancellations of | — | — | — | ( | — | ||||||||||||||||||||||||||||||||||||
Dividends, $ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Net loss | — | — | ( | — | — | ( | ( | ||||||||||||||||||||||||||||||||||
Minimum pension liability | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Translation adjustment | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||
Fair value of derivatives | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||
Total comprehensive loss | ( | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Purchase of | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||
Dividends, $ | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||
Six Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Stock-based compensation expense | |||||||||||
Deferred tax provision (benefit) | ( | ||||||||||
(Gain) loss on sale of assets, net | ( | ||||||||||
Unrealized (gain) loss on investments | ( | ||||||||||
Loss from equity-method investments | |||||||||||
Goodwill write-down | |||||||||||
Changes in working capital items | |||||||||||
Decrease in other assets | |||||||||||
Increase (decrease) in other liabilities | ( | ||||||||||
Other operating activities, net | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Acquisitions, net of cash acquired | ( | ||||||||||
Proceeds from sale of assets | |||||||||||
Proceeds from sale of investments | |||||||||||
Investments and advances | ( | ||||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from long-term debt | |||||||||||
Payments on long-term debt | ( | ( | |||||||||
Purchases of treasury stock | ( | ( | |||||||||
Dividends | ( | ( | |||||||||
Acquisition holdback and contingent consideration payments | ( | ( | |||||||||
Other financing activities | ( | ( | |||||||||
Net cash (used in) provided by financing activities | ( | ||||||||||
Effect of exchange rate changes on cash | ( | ||||||||||
Net change in cash and cash equivalents | |||||||||||
Cash and cash equivalents at beginning of year | |||||||||||
Cash and cash equivalents at end of period | $ | $ | |||||||||
Accounts Receivable Allowance for Doubtful Accounts | ||||||||
Balance at October 1, 2020 | $ | |||||||
Current period expense / (deductions) | ( | |||||||
Translation and other adjustments (1) | ( | |||||||
Balance at March 31, 2021 | $ |
SGK Brand Solutions | Memorialization | Industrial Technologies | Consolidated | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||
North America | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Central and South America | ||||||||||||||||||||||||||||||||||||||
Europe | ||||||||||||||||||||||||||||||||||||||
Australia | ||||||||||||||||||||||||||||||||||||||
Asia | ||||||||||||||||||||||||||||||||||||||
Total Sales | $ | $ | $ | $ | $ | $ | $ | $ |
SGK Brand Solutions | Memorialization | Industrial Technologies | Consolidated | |||||||||||||||||||||||||||||||||||
Six Months Ended March 31, | Six Months Ended March 31, | Six Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||
North America | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Central and South America | ||||||||||||||||||||||||||||||||||||||
Europe | ||||||||||||||||||||||||||||||||||||||
Australia | ||||||||||||||||||||||||||||||||||||||
Asia | ||||||||||||||||||||||||||||||||||||||
Total Sales | $ | $ | $ | $ | $ | $ | $ | $ |
Level 1: | Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets. | |||||||
Level 2: | Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. | |||||||
Level 3: | Unobservable inputs for the asset or liability. |
March 31, 2021 | September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||||||||||||
Derivatives (1) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Equity and fixed income mutual funds | |||||||||||||||||||||||||||||||||||||||||||||||
Life insurance policies | |||||||||||||||||||||||||||||||||||||||||||||||
Total assets at fair value | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||
Derivatives (1) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Total liabilities at fair value | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
(1) Interest rate swaps are valued based on observable market swap rates and are classified within Level 2 of the fair value hierarchy. | |||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | September 30, 2020 | ||||||||||
Raw materials | $ | $ | |||||||||
Work in process | |||||||||||
Finished goods | |||||||||||
$ | $ |
March 31, 2021 | September 30, 2020 | ||||||||||
Equity and fixed income mutual funds | $ | $ | |||||||||
Life insurance policies | |||||||||||
Other (primarily cost-method) investments | |||||||||||
$ | $ |
March 31, 2021 | September 30, 2020 | ||||||||||
Revolving credit facilities | $ | $ | |||||||||
Securitization facility | |||||||||||
Senior secured term loan | |||||||||||
2025 Senior Notes | |||||||||||
Other borrowings | |||||||||||
Finance lease obligations | |||||||||||
Less current maturities | ( | ( | |||||||||
$ | $ |
March 31, 2021 | September 30, 2020 | |||||||||||||
Pay fixed swaps - notional amount | $ | $ | ||||||||||||
Net unrealized loss | $ | ( | $ | ( | ||||||||||
Weighted-average maturity period (years) | ||||||||||||||
Weighted-average received rate | % | % | ||||||||||||
Weighted-average pay rate | % | % |
Derivatives | March 31, 2021 | September 30, 2020 | ||||||||||||
Current assets: | ||||||||||||||
Other current assets | $ | $ | ||||||||||||
Long-term assets: | ||||||||||||||
Other assets | ||||||||||||||
Current liabilities: | ||||||||||||||
Other current liabilities | ( | ( | ||||||||||||
Long-term liabilities: | ||||||||||||||
Other liabilities | ( | ( | ||||||||||||
Total derivatives | $ | ( | $ | ( |
Derivatives in Cash Flow Hedging Relationships | Location of (Loss) Gain Recognized in Income on Derivative | Amount of (Loss) Gain Recognized in Income on Derivatives | Amount of (Loss) Gain Recognized in Income on Derivatives | |||||||||||||||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
Interest rate swaps | Interest expense | $ | ( | $ | $ | ( | $ |
Derivatives in Cash Flow Hedging Relationships | Amount of Gain (Loss) Recognized in AOCI on Derivatives | Location of (Loss) Gain Reclassified From AOCI into Income (Effective Portion*) | Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion*) | |||||||||||||||||||||||||||||
March 31, 2021 | March 31, 2020 | March 31, 2021 | March 31, 2020 | |||||||||||||||||||||||||||||
Interest rate swaps | $ | $ | ( | Interest expense | $ | ( | $ | |||||||||||||||||||||||||
*There is no ineffective portion or amount excluded from effectiveness testing. |
Shares /Units | Weighted- average Grant-date Fair Value | ||||||||||
Non-vested at September 30, 2020 | $ | ||||||||||
Granted | |||||||||||
Vested | ( | ||||||||||
Expired or forfeited | ( | ||||||||||
Non-vested at March 31, 2021 | $ |
Six Months Ended March 31, 2021 | |||||
Expected volatility | % | ||||
Dividend yield | % | ||||
Average risk-free interest rate | % | ||||
Average expected term (years) |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income (loss) attributable to Matthews shareholders | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Weighted-average shares outstanding (in thousands): | |||||||||||||||||||||||
Basic shares | |||||||||||||||||||||||
Effect of dilutive securities | |||||||||||||||||||||||
Diluted shares |
Three months ended March 31, | |||||||||||||||||||||||
Pension | Other Postretirement | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost * | |||||||||||||||||||||||
Expected return on plan assets * | ( | ( | |||||||||||||||||||||
Amortization: | |||||||||||||||||||||||
Prior service cost | ( | ( | ( | ( | |||||||||||||||||||
Net actuarial loss * | |||||||||||||||||||||||
Net benefit cost | $ | $ | $ | $ |
Six months ended March 31, | |||||||||||||||||||||||
Pension | Other Postretirement | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost * | |||||||||||||||||||||||
Expected return on plan assets * | ( | ( | |||||||||||||||||||||
Amortization: | |||||||||||||||||||||||
Prior service cost | ( | ( | ( | ( | |||||||||||||||||||
Net actuarial loss * | |||||||||||||||||||||||
Net benefit cost | $ | $ | $ | $ |
Contributions | Pension | Other Postretirement | ||||||||||||
Contributions during the six months ended March 31, 2021: | ||||||||||||||
Supplemental retirement plan | $ | $ | — | |||||||||||
Other postretirement plan | — | |||||||||||||
Additional contributions expected in fiscal 2021: | ||||||||||||||
Principal retirement plan * | $ | $ | — | |||||||||||
Supplemental retirement plan | — | |||||||||||||
Other postretirement plan | — |
Post-retirement benefit plans | Currency translation adjustment | Derivatives | Total | |||||||||||||||||||||||
Attributable to Matthews: | ||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
OCI before reclassification | ( | ( | ||||||||||||||||||||||||
Amounts reclassified from AOCI | (a) | (b) | ||||||||||||||||||||||||
Net current-period OCI | ( | ( | ||||||||||||||||||||||||
Balance, March 31, 2021 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Attributable to noncontrolling interest: | ||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | $ | $ | ||||||||||||||||||||||
OCI before reclassification | ||||||||||||||||||||||||||
Net current-period OCI | ||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | $ | $ | $ |
Post-retirement benefit plans | Currency translation adjustment | Derivatives | Total | |||||||||||||||||||||||
Attributable to Matthews: | ||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
OCI before reclassification | ( | ( | ( | |||||||||||||||||||||||
Amounts reclassified from AOCI | (a) | ( | (b) | |||||||||||||||||||||||
Net current-period OCI | ( | ( | ( | |||||||||||||||||||||||
Balance, March 31, 2020 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Attributable to noncontrolling interest: | ||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | $ | $ | $ | ||||||||||||||||||||||
OCI before reclassification | ||||||||||||||||||||||||||
Net current-period OCI | ||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | $ | $ | $ |
Post-retirement benefit plans | Currency translation adjustment | Derivatives | Total | |||||||||||||||||||||||
Attributable to Matthews: | ||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
OCI before reclassification | ||||||||||||||||||||||||||
Amounts reclassified from AOCI | (a) | (b) | ||||||||||||||||||||||||
Net current-period OCI | ||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Attributable to noncontrolling interest: | ||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | $ | $ | $ | ||||||||||||||||||||||
OCI before reclassification | ( | ( | ||||||||||||||||||||||||
Net current-period OCI | ( | ( | ||||||||||||||||||||||||
Balance, March 31, 2021 | $ | $ | $ | $ |
Post-retirement benefit plans | Currency translation adjustment | Derivatives | Total | |||||||||||||||||||||||
Attributable to Matthews: | ||||||||||||||||||||||||||
Balance, September 30, 2019 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
OCI before reclassification | ( | ( | ( | |||||||||||||||||||||||
Amounts reclassified from AOCI | (a) | ( | (b) | |||||||||||||||||||||||
Net current-period OCI | ( | ( | ( | |||||||||||||||||||||||
Balance, March 31, 2020 | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Attributable to noncontrolling interest: | ||||||||||||||||||||||||||
Balance, September 30, 2019 | $ | $ | $ | $ | ||||||||||||||||||||||
OCI before reclassification | ( | ( | ||||||||||||||||||||||||
Net current-period OCI | ( | ( | ||||||||||||||||||||||||
Balance, March 31, 2020 | $ | $ | $ | $ |
Amount reclassified from AOCI | ||||||||||||||||||||
Details about AOCI Components | Three Months Ended March 31, 2021 | Six Months Ended March 31, 2021 | Affected line item in the Statement of income | |||||||||||||||||
Postretirement benefit plans | ||||||||||||||||||||
Prior service credit (a) | $ | $ | ||||||||||||||||||
Actuarial losses (a) | ( | ( | ||||||||||||||||||
( | ( | Income before income tax (b) | ||||||||||||||||||
Income taxes | ||||||||||||||||||||
$ | ( | $ | ( | Net income | ||||||||||||||||
Derivatives | ||||||||||||||||||||
Interest rate swap contracts | $ | ( | $ | ( | Interest expense | |||||||||||||||
( | ( | Income before income tax (b) | ||||||||||||||||||
Income taxes | ||||||||||||||||||||
$ | ( | $ | ( | Net income |
Amount reclassified from AOCI | ||||||||||||||||||||
Details about AOCI Components | Three Months Ended March 31, 2020 | Six Months Ended March 31, 2020 | Affected line item in the Statement of income | |||||||||||||||||
Postretirement benefit plans | ||||||||||||||||||||
Prior service credit (a) | $ | $ | ||||||||||||||||||
Actuarial losses (a) | ( | ( | ||||||||||||||||||
( | ( | Income before income tax (b) | ||||||||||||||||||
Income taxes | ||||||||||||||||||||
$ | ( | $ | ( | Net income | ||||||||||||||||
Derivatives | ||||||||||||||||||||
Interest rate swap contracts | $ | $ | Interest expense | |||||||||||||||||
Income before income tax (b) | ||||||||||||||||||||
( | ( | Income taxes | ||||||||||||||||||
$ | $ | Net income |
United States – Federal | 2017 and forward | ||||
United States – State | 2016 and forward | ||||
Canada | 2017 and forward | ||||
Germany | 2019 and forward | ||||
United Kingdom | 2019 and forward | ||||
Singapore | 2017 and forward | ||||
Australia | 2016 and forward |
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Sales: | ||||||||||||||||||||||||||
SGK Brand Solutions | $ | $ | $ | $ | ||||||||||||||||||||||
Memorialization | ||||||||||||||||||||||||||
Industrial Technologies | ||||||||||||||||||||||||||
Consolidated Sales | $ | $ | $ | $ |
Adjusted EBITDA: | ||||||||||||||||||||||||||
SGK Brand Solutions | $ | $ | $ | $ | ||||||||||||||||||||||
Memorialization | ||||||||||||||||||||||||||
Industrial Technologies | ||||||||||||||||||||||||||
Corporate and Non-Operating | ( | ( | ( | ( | ||||||||||||||||||||||
Total Adjusted EBITDA | $ | $ | $ | $ | ||||||||||||||||||||||
Acquisition related items (1)** | ( | ( | ||||||||||||||||||||||||
ERP integration costs (2)** | ( | ( | ( | ( | ||||||||||||||||||||||
Strategic initiatives and other charges: (3)** | ||||||||||||||||||||||||||
Workforce reductions and related costs | ( | ( | ( | ( | ||||||||||||||||||||||
Other cost-reduction initiatives | ( | ( | ( | ( | ||||||||||||||||||||||
Non-recurring / incremental coronavirus disease 2019 ("COVID-19") costs (4) | ( | ( | ( | ( | ||||||||||||||||||||||
Goodwill write-down (5) | ( | ( | ||||||||||||||||||||||||
Joint Venture depreciation, amortization, interest expense and other charges (6) | ( | ( | ||||||||||||||||||||||||
Stock-based compensation | ( | ( | ( | ( | ||||||||||||||||||||||
Non-service pension and postretirement expense (7) | ( | ( | ( | ( | ||||||||||||||||||||||
Depreciation and amortization * | ( | ( | ( | ( | ||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interests | ( | ( | ( | |||||||||||||||||||||||
Income (loss) before income taxes | ( | ( | ||||||||||||||||||||||||
Income tax (provision) benefit | ( | ( | ||||||||||||||||||||||||
Net income (loss) | $ | $ | ( | $ | $ | ( |
(1) Includes certain non-recurring items associated with recent acquisition activities. | ||
(2) Represents costs associated with global ERP system integration efforts. | ||
(3) Includes certain non-recurring costs associated with productivity and cost-reduction initiatives intended to result in improved operating performance, profitability and working capital levels. | ||
(4) Includes certain non-recurring direct incremental costs (such as costs for purchases of computer peripherals and devices to facilitate working-from-home, additional personal protective equipment and cleaning supplies and services, etc.) incurred in response to COVID-19. This amount does not include the impact of any lost sales or underutilization due to COVID-19. | ||
(5) Represents the goodwill write-down for two reporting units within the SGK Brand Solutions segment. | ||
(6) Represents the Company's portion of depreciation, intangible amortization, interest expense, and other non-recurring charges incurred by non-consolidated subsidiaries accounted for as equity-method investments within the Memorialization segment. | ||
(7) Non-service pension and postretirement expense includes interest cost, expected return on plan assets and amortization of actuarial gains and losses. These benefit cost components are excluded from adjusted EBITDA since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted EBITDA, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans. |
SGK Brand Solutions | Memorialization | Industrial Technologies | Consolidated | ||||||||||||||||||||
Net goodwill at September 30, 2020 | $ | $ | $ | $ | |||||||||||||||||||
Additions during period | |||||||||||||||||||||||
Translation and other adjustments | |||||||||||||||||||||||
Net goodwill at March 31, 2021 | $ | $ | $ | $ |
Carrying Amount | Accumulated Amortization | Net | |||||||||||||||
March 31, 2021: | |||||||||||||||||
Indefinite-lived trade names | $ | $ | — | $ | |||||||||||||
Definite-lived trade names | ( | ||||||||||||||||
Customer relationships | ( | ||||||||||||||||
Copyrights/patents/other | ( | ||||||||||||||||
$ | $ | ( | $ | ||||||||||||||
September 30, 2020: | |||||||||||||||||
Indefinite-lived trade names | $ | $ | — | $ | |||||||||||||
Definite-lived trade names | ( | ||||||||||||||||
Customer relationships | ( | ||||||||||||||||
Copyrights/patents/other | ( | ||||||||||||||||
$ | $ | ( | $ |
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||
Sales: | (Dollar amounts in thousands) | |||||||||||||||||||||||||
SGK Brand Solutions | $ | 171,024 | $ | 172,855 | $ | 339,164 | $ | 347,735 | ||||||||||||||||||
Memorialization | 205,457 | 161,819 | 388,731 | 316,224 | ||||||||||||||||||||||
Industrial Technologies | 40,673 | 40,126 | 75,916 | 75,785 | ||||||||||||||||||||||
Consolidated Sales | $ | 417,154 | $ | 374,800 | $ | 803,811 | $ | 739,744 |
Adjusted EBITDA: | ||||||||||||||||||||||||||
SGK Brand Solutions | $ | 20,832 | $ | 22,224 | $ | 42,168 | $ | 40,962 | ||||||||||||||||||
Memorialization | 51,606 | 35,193 | 95,678 | 65,286 | ||||||||||||||||||||||
Industrial Technologies | 5,809 | 6,212 | 9,302 | 10,526 | ||||||||||||||||||||||
Corporate and Non-Operating | (17,307) | (14,232) | (31,445) | (27,147) | ||||||||||||||||||||||
Total Adjusted EBITDA (1) | $ | 60,940 | $ | 49,397 | $ | 115,703 | $ | 89,627 |
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(Dollar amounts in thousands) | |||||||||||||||||||||||
Net income (loss) | $ | 5,152 | $ | (86,595) | $ | 3,160 | $ | (96,901) | |||||||||||||||
Income tax provision (benefit) | 972 | (11,066) | 4,952 | (16,463) | |||||||||||||||||||
Income (loss) before income taxes | 6,124 | (97,661) | 8,112 | (113,364) | |||||||||||||||||||
Net (income) loss attributable to noncontrolling interests | (163) | 231 | 71 | 71 | |||||||||||||||||||
Interest expense | 7,233 | 9,613 | 14,961 | 18,853 | |||||||||||||||||||
Depreciation and amortization * | 35,179 | 29,317 | 62,530 | 58,250 | |||||||||||||||||||
Acquisition related items (1)** | (702) | 742 | (360) | 2,221 | |||||||||||||||||||
ERP integration costs (2)** | 216 | 750 | 359 | 1,415 | |||||||||||||||||||
Strategic initiatives and other charges: (3)** | |||||||||||||||||||||||
Workforce reductions and related costs | 1,792 | 1,387 | 8,818 | 3,649 | |||||||||||||||||||
Other cost-reduction initiatives | 3,787 | 7,750 | 7,468 | 16,208 | |||||||||||||||||||
Non-recurring / incremental COVID-19 costs (4) | 1,572 | 663 | 2,696 | 663 | |||||||||||||||||||
Goodwill write-down (5) | — | 90,408 | — | 90,408 | |||||||||||||||||||
Joint Venture depreciation, amortization, interest expense and other charges (6) | — | 1,462 | — | 2,259 | |||||||||||||||||||
Stock-based compensation | 4,001 | 2,508 | 7,247 | 4,539 | |||||||||||||||||||
Non-service pension and postretirement expense (7) | 1,901 | 2,227 | 3,801 | 4,455 | |||||||||||||||||||
Total Adjusted EBITDA | $ | 60,940 | $ | 49,397 | $ | 115,703 | $ | 89,627 |
(1) Includes certain non-recurring items associated with recent acquisition activities. | ||
(2) Represents costs associated with global ERP system integration efforts. | ||
(3) Includes certain non-recurring costs associated with productivity and cost-reduction initiatives intended to result in improved operating performance, profitability and working capital levels. | ||
(4) Includes certain non-recurring direct incremental costs (such as costs for purchases of computer peripherals and devices to facilitate working-from-home, additional personal protective equipment and cleaning supplies and services, etc.) incurred in response to COVID-19. This amount does not include the impact of any lost sales or underutilization due to COVID-19. | ||
(5) Represents the goodwill write-down for two reporting units within the SGK Brand Solutions segment. | ||
(6) Represents the Company's portion of depreciation, intangible amortization, interest expense, and other non-recurring charges incurred by non-consolidated subsidiaries accounted for as equity-method investments within the Memorialization segment. | ||
(7) Non-service pension and postretirement expense includes interest cost, expected return on plan assets and amortization of actuarial gains and losses. These benefit cost components are excluded from adjusted EBITDA since they are primarily influenced by external market conditions that impact investment returns and interest (discount) rates. The service cost and prior service cost components of pension and postretirement expense are included in the calculation of adjusted EBITDA, since they are considered to be a better reflection of the ongoing service-related costs of providing these benefits. Please note that GAAP pension and postretirement expense or the adjustment above are not necessarily indicative of the current or future cash flow requirements related to these employee benefit plans. |
March 31, 2021 | September 30, 2020 | |||||||||||||
Pay fixed swaps - notional amount | $ | 250,000 | $ | 312,500 | ||||||||||
Net unrealized loss | $ | (2,905) | $ | (7,792) | ||||||||||
Weighted-average maturity period (years) | 2.7 | 2.6 | ||||||||||||
Weighted-average received rate | 0.11 | % | 0.15 | % | ||||||||||
Weighted-average pay rate | 1.34 | % | 1.34 | % |
Payments due in fiscal year: | |||||||||||||||||||||||||||||
Total | 2021 Remainder | 2022 (1) to 2023 | 2024 to 2025 | After 2025 | |||||||||||||||||||||||||
Contractual Cash Obligations: | (Dollar amounts in thousands) | ||||||||||||||||||||||||||||
Revolving credit facilities | $ | 367,352 | $ | — | $ | 3,587 | $ | 363,765 | $ | — | |||||||||||||||||||
Securitization Facility | 97,590 | — | 97,590 | — | — | ||||||||||||||||||||||||
2025 Senior Notes | 376,276 | 7,875 | 31,500 | 31,500 | 305,401 | ||||||||||||||||||||||||
Finance lease obligations (2) | 8,703 | 1,905 | 4,147 | 897 | 1,754 | ||||||||||||||||||||||||
Non-cancelable operating leases (2) | 84,435 | 13,667 | 40,508 | 20,509 | 9,751 | ||||||||||||||||||||||||
Other | 30,114 | 11,900 | 10,231 | 2,105 | 5,878 | ||||||||||||||||||||||||
Total contractual cash obligations | $ | 964,470 | $ | 35,347 | $ | 187,563 | $ | 418,776 | $ | 322,784 |
Period | Total number of shares purchased | Weighted-average price paid per share | Total number of shares purchased as part of a publicly announced plan | Maximum number of shares that may yet be purchased under the plan | ||||||||||||||||||||||
October 2020 | 40,000 | $ | 22.25 | 40,000 | 498,736 | |||||||||||||||||||||
November 2020 | 34,789 | 25.82 | 34,789 | 463,947 | ||||||||||||||||||||||
December 2020 | 87,502 | 27.99 | 87,502 | 376,445 | ||||||||||||||||||||||
January 2021 | — | — | — | 376,445 | ||||||||||||||||||||||
February 2021 | — | — | — | 376,445 | ||||||||||||||||||||||
March 2021 | 6,000 | 41.36 | 6,000 | 370,445 | ||||||||||||||||||||||
Total | 168,291 | $ | 26.65 | 168,291 |
(a) | Exhibits | ||||||||||
Exhibit No. | Description | Method of Filing | |||||||||
3.1 | Restated Articles of Incorporation* | Exhibit Number 3.1 to the Annual Report on Form 10-K for the year ended September 30, 1994 (filed in paper format) | |||||||||
3.2 | Exhibit Number 3.1 to the Current Report on Form 8-K filed on January 14, 2021 | ||||||||||
10.1 | Filed herewith | ||||||||||
31.1 | Filed herewith | ||||||||||
31.2 | Filed herewith | ||||||||||
32.1 | Furnished herewith | ||||||||||
32.2 | Furnished herewith | ||||||||||
101.INS | XBRL Instance Document- the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | Filed herewith | |||||||||
101.SCH | XBRL Taxonomy Extension Schema | Filed herewith | |||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | Filed herewith | |||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase | Filed herewith | |||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase | Filed herewith | |||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase | Filed herewith | |||||||||
104 | Cover Page Interactive Data File (Embedded within the Inline XBRL document and included in Exhibit 101) | Filed herewith |
MATTHEWS INTERNATIONAL CORPORATION | |||||||||||
(Registrant) | |||||||||||
Date: | April 30, 2021 | By: /s/ Joseph C. Bartolacci | |||||||||
Joseph C. Bartolacci, President | |||||||||||
and Chief Executive Officer | |||||||||||
Date: | April 30, 2021 | By: /s/ Steven F. Nicola | |||||||||
Steven F. Nicola, Chief Financial Officer | |||||||||||
and Secretary | |||||||||||
Document No. | LOAN DOCUMENTS | Responsible Party | ||||||||||||
1. | First Amendment to Third Amended and Restated Loan Agreement, by and among the Borrowers, the Banks party thereto and the Agent (the "First Amendment"). | Agent | ||||||||||||
2. | Updated Schedules to the Third Amended and Restated Loan Agreement, by and among the US Borrower, the Banks party thereto and the Agent (the "Loan Agreement"), as applicable and appropriate: | |||||||||||||
a. | Schedule 1 – Banks and Commitments. | Bank | ||||||||||||
b. | Schedule 2.06 – Existing Letters of Credit. | Borrowers | ||||||||||||
c. | Schedule 3.10 – Litigation | Borrowers | ||||||||||||
d. | Schedule 3.12 – ERISA. | Borrowers | ||||||||||||
e. | Schedule 3.13 – Patents, Licenses, Franchises. | Borrowers | ||||||||||||
f. | Schedule 3.14 – Environmental Matters. | Borrowers | ||||||||||||
g. | Schedule 3.21 – Subsidiaries. | Borrowers | ||||||||||||
h. | Schedule 4.03(f) – Jurisdictions for Lien Searches. | Borrowers | ||||||||||||
i. | Schedule 6.01 – Permitted Liens. | Borrowers | ||||||||||||
3. | Revolving Credit Note, made by the UK Borrower to Citizens in the original principal Dollar Equivalent (as defined in the Loan Agreement) amount not to exceed Sixty-Eight Million Six Hundred Thirty-One Thousand Three Hundred Fifty-Five and 95/100 Dollars ($68,631,355.95). | Agent | ||||||||||||
4. | Revolving Credit Note, made by the UK Borrower to First National Bank of Pennsylvania ("First National") in the original principal Dollar Equivalent amount not to exceed Thirteen Million Thirty-Seven Thousand Seven Hundred Sixty-Six and 18/100 Dollars ($13,037,766.18). | Agent | ||||||||||||
5. | Revolving Credit Note, made by the UK Borrower to HSBC Bank USA, National Association ("HSBC"), in the original principal Dollar Equivalent amount not to exceed Eight Million Nine Hundred Seventeen Thousand One Hundred Ninety-Seven and 45/100 Dollars ($8,917,197.45). | Agent |
6. | Revolving Credit Note, made by the UK Borrower to Bank of the West, in the original principal Dollar Equivalent amount not to exceed Thirteen Million Three Hundred Seventy-Five Thousand Seven Hundred Ninety-Six and 18/100 Dollars ($13,375,796.18). | Agent | ||||||||||||
7. | Revolving Credit Note, made by the UK Borrower to Wells Fargo Bank, N.A. ("Wells Fargo") in the original principal Dollar Equivalent amount not to exceed Forty-Four Million Five Hundred Eighty-Five Thousand Nine Hundred Eighty-Seven and 26/100 Dollars ($44,585,987.26). | Agent | ||||||||||||
8. | Revolving Credit Note, made by the UK Borrower to JPMorgan Chase Bank, N.A. ("JPMorgan") in the original principal Dollar Equivalent amount not to exceed Forty-Four Million Five Hundred Eighty-Five Thousand Nine Hundred Eighty-Seven and 26/100 Dollars ($44,585,987.26). | Agent | ||||||||||||
9. | Revolving Credit Note, made by the UK Borrower to Bank of America, N.A. ("Bank of America") in the original principal Dollar Equivalent amount not to exceed Thirty-Four Million Seven Hundred Thirty-Two Thousand Four Hundred Eighty-Four and 08/100 Dollars ($34,732,484.08). | Agent | ||||||||||||
10. | Revolving Credit Note, made by the UK Borrower to Truist Bank ("Truist") in the original principal Dollar Equivalent amount not to exceed Forty-Four Million Five Hundred Eighty-Five Thousand Nine Hundred Eighty-Seven and 26/100 Dollars ($44,585,987.26). | Agent | ||||||||||||
11. | Revolving Credit Note, made by the UK Borrower to TD Bank, N.A. ("TD") in the original principal Dollar Equivalent amount not to exceed Seventeen Million Eight Hundred Thirty-Four Thousand Three Hundred Ninety-Four and 90/100 Dollars ($17,834,394.90). | Agent | ||||||||||||
12. | Revolving Credit Note, made by the UK Borrower to Fifth Third Bank, National Association ("Fifth Third") in the original principal Dollar Equivalent amount not to exceed Seventeen Million Seven Hundred Thirteen Thousand Forty-Three and 48/100 Dollars ($17,713,043.48). | Agent | ||||||||||||
13. | Revolving Credit Note, made by the UK Borrower to PNC, Bank National Association ("PNC") in the original principal Dollar Equivalent amount not to exceed Forty-Two Million and 00/100 Dollars ($42,000,000.00). | Agent | ||||||||||||
14. | Revolving Credit Note, made by the German Borrower to Citizens in the original principal Dollar Equivalent amount not to exceed Sixty-Eight Million Six Hundred Thirty-One Thousand Three Hundred Fifty-Five and 95/100 Dollars ($68,631,355.95). | Agent | ||||||||||||
15. | Revolving Credit Note, made by the German Borrower to First National in the original principal Dollar Equivalent amount not to exceed Thirteen Million Thirty-Seven Thousand Seven Hundred Sixty-Six and 18/100 Dollars ($13,037,766.18). | Agent | ||||||||||||
16. | Revolving Credit Note, made by the German Borrower to HSBC, in the original principal Dollar Equivalent amount not to exceed Eight Million Nine Hundred Seventeen Thousand One Hundred Ninety-Seven and 45/100 Dollars ($8,917,197.45). | Agent |
17. | Revolving Credit Note, made by the German Borrower to Bank of the West, in the original principal Dollar Equivalent amount not to exceed Thirteen Million Three Hundred Seventy-Five Thousand Seven Hundred Ninety-Six and 18/100 Dollars ($13,375,796.18). | Agent | ||||||||||||
18. | Revolving Credit Note, made by the German Borrower to Wells Fargo in the original principal Dollar Equivalent amount not to exceed Forty-Four Million Five Hundred Eighty-Five Thousand Nine Hundred Eighty-Seven and 26/100 Dollars ($44,585,987.26). | Agent | ||||||||||||
19. | Revolving Credit Note, made by the German Borrower to JPMorgan in the original principal Dollar Equivalent amount not to exceed Forty-Four Million Five Hundred Eighty-Five Thousand Nine Hundred Eighty-Seven and 26/100 Dollars ($44,585,987.26). | Agent | ||||||||||||
20. | Revolving Credit Note, made by the German Borrower to Bank of America in the original principal Dollar Equivalent amount not to exceed Thirty-Four Million Seven Hundred Thirty-Two Thousand Four Hundred Eighty-Four and 08/100 Dollars ($34,732,484.08). | Agent | ||||||||||||
21. | Revolving Credit Note, made by the German Borrower to Truist in the original principal Dollar Equivalent amount not to exceed Forty-Four Million Five Hundred Eighty-Five Thousand Nine Hundred Eighty-Seven and 26/100 Dollars ($44,585,987.26). | Agent | ||||||||||||
22. | Revolving Credit Note, made by the German Borrower to TD in the original principal Dollar Equivalent amount not to exceed Seventeen Million Eight Hundred Thirty-Four Thousand Three Hundred Ninety-Four and 90/100 Dollars ($17,834,394.90). | Agent | ||||||||||||
23. | Revolving Credit Note, made by the German Borrower to Fifth Third in the original principal Dollar Equivalent amount not to exceed Seventeen Million Seven Hundred Thirteen Thousand Forty-Three and 48/100 Dollars ($17,713,043.48). | Agent | ||||||||||||
24. | Revolving Credit Note, made by the German Borrower to PNC in the original principal Dollar Equivalent amount not to exceed Forty-Two Million and 00/100 Dollars ($42,000,000.00). | Agent | ||||||||||||
25. | Revolving Credit Note, made by the Dutch Borrower to Citizens in the original principal Dollar Equivalent amount not to exceed Sixty-Eight Million Six Hundred Thirty-One Thousand Three Hundred Fifty-Five and 95/100 Dollars ($68,631,355.95). | Agent | ||||||||||||
26. | Revolving Credit Note, made by the Dutch Borrower to First National in the original principal Dollar Equivalent amount not to exceed Thirteen Million Thirty-Seven Thousand Seven Hundred Sixty-Six and 18/100 Dollars ($13,037,766.18). | Agent | ||||||||||||
27. | Revolving Credit Note, made by the Dutch Borrower to HSBC, in the original principal Dollar Equivalent amount not to exceed Eight Million Nine Hundred Seventeen Thousand One Hundred Ninety-Seven and 45/100 Dollars ($8,917,197.45). | Agent | ||||||||||||
28. | Revolving Credit Note, made by the Dutch Borrower to Bank of the West, in the original principal Dollar Equivalent amount not to exceed Thirteen Million Three Hundred Seventy-Five Thousand Seven Hundred Ninety-Six and 18/100 Dollars ($13,375,796.18). | Agent |
29. | Revolving Credit Note, made by the Dutch Borrower to Wells Fargo in the original principal Dollar Equivalent amount not to exceed Forty-Four Million Five Hundred Eighty-Five Thousand Nine Hundred Eighty-Seven and 26/100 Dollars ($44,585,987.26). | Agent | ||||||||||||
30. | Revolving Credit Note, made by the Dutch Borrower to JPMorgan in the original principal Dollar Equivalent amount not to exceed Forty-Four Million Five Hundred Eighty-Five Thousand Nine Hundred Eighty-Seven and 26/100 Dollars ($44,585,987.26). | Agent | ||||||||||||
31. | Revolving Credit Note, made by the Dutch Borrower to Bank of America in the original principal Dollar Equivalent amount not to exceed Thirty-Four Million Seven Hundred Thirty-Two Thousand Four Hundred Eighty-Four and 08/100 Dollars ($34,732,484.08). | Agent | ||||||||||||
32. | Revolving Credit Note, made by the Dutch Borrower to Truist in the original principal Dollar Equivalent amount not to exceed Forty-Four Million Five Hundred Eighty-Five Thousand Nine Hundred Eighty-Seven and 26/100 Dollars ($44,585,987.26). | Agent | ||||||||||||
33. | Revolving Credit Note, made by the Dutch Borrower to TD in the original principal Dollar Equivalent amount not to exceed Seventeen Million Eight Hundred Thirty-Four Thousand Three Hundred Ninety-Four and 90/100 Dollars ($17,834,394.90). | Agent | ||||||||||||
34. | Revolving Credit Note, made by the Dutch Borrower to Fifth Third in the original principal Dollar Equivalent amount not to exceed Seventeen Million Seven Hundred Thirteen Thousand Forty-Three and 48/100 Dollars ($17,713,043.48). | Agent | ||||||||||||
35. | Revolving Credit Note, made by the Dutch Borrower to PNC in the original principal Dollar Equivalent amount not to exceed Forty-Two Million and 00/100 Dollars ($42,000,000.00). | Agent | ||||||||||||
36. | Consent of Guarantors, made by The York Group, Inc., a Delaware corporation ("York Group"), Milso Industries Corporation, a Delaware corporation ("Milso"), IDL Worldwide, Inc., a Pennsylvania corporation ("IDL Worldwide"), Schawk Worldwide Holdings Inc., a Delaware corporation ("Schawk Worldwide"), Schawk Holdings Inc., a Delaware corporation ("Schawk Holdings"), Matthews Aurora, LLC, a Delaware limited liability company ("Matthews Aurora"), Aurora Casket Company, LLC, an Indiana limited liability company ("Aurora Casket"), Schawk USA, Inc., a Delaware corporation ("Schawk USA"), for the benefit of the Agent and the Banks (York Group, Milso, IDL Worldwide, Schawk Worldwide, Schawk Holdings, Matthews Aurora, Aurora Casket and Schawk USA are, collectively, the "Guarantors") (the Guarantors and the Borrowers are each a "Loan Party" and collectively the "Loan Parties") (the "Guarantors Consent"). | Agent | ||||||||||||
ORGANIZATIONAL DOCUMENTS | ||||||||||||||
(US Borrower) |
37. | Certificate of Secretary of the Borrower as to (i) resolutions of its Board of Directors authorizing the Borrower to enter into the First Amendment and all related documents, (ii) no amendments to its Articles of Incorporation or Bylaws, (iii) incumbency, (iv) a list of all fictitious and trade names of Borrower; and (v) solvency. | Borrowers | ||||||||||||
(UK Borrower) | ||||||||||||||
38. | Copy of the Memorandum and Articles of Association of the UK Borrower, certified by a director of the UK Borrower. | Borrowers | ||||||||||||
39. | Certified copy of Certificate of incorporation from Companies House, certified by a director of the UK Borrower. | Borrowers | ||||||||||||
40. | Certificate of a director of the UK Borrower as to (i) resolutions of its Board of Directors authorizing the UK Borrower to enter into the Credit Facility and to execute and deliver the First Amendment and all related documents, (ii) resolutions of the shareholders of the UK Borrower approving entry into the Credit Facility, (iii) incumbency, and (iv) solvency. | Borrowers | ||||||||||||
(German Borrower) | ||||||||||||||
41. | Electronic copy of the articles of association and the list of shareholders of the German Borrower. | Borrowers | ||||||||||||
42. | Electronic copy of the Commercial Register extract of the German Borrower. | Borrowers | ||||||||||||
43. | Electronic copy of the resolutions of the shareholders of the German Borrower authorizing the German Borrower to enter into the Credit Facility and to execute and deliver the First Amendment and all related documents. | Borrowers | ||||||||||||
44. | An electronic copy of the director's certificate addressed to the Agent in relation to the German Borrower, confirming that the borrowings under the Credit Facility will not exceed any borrowing or similar limits by which it is bound to be exceeded and appending copies of the following documents and certifying them in each case as being a true, complete and up-to-date copy: (a)Commercial Register Extract (No. 43); (b)Articles of Association (No. 42); (c)List of Shareholders (No. 42); (d)Shareholder Resolution (No. 44); and (e) Specimen signatures of the persons authorized to sign the Credit Facility and First Amendments and related documents on behalf of the German Borrower. | |||||||||||||
(Dutch Borrower) | ||||||||||||||
45. | An electronic copy of an official extract ("uittreksel") relating to the registration of the Dutch Borrower with the trade register of the Chamber of Commerce. | Borrowers |
46. | An electronic copy of the deed of incorporation ("akte van oprichting") of the Dutch Borrower as a private company with limited liability ("besloten vennootschap met beperkte aansprakelijkheid"). | Borrowers | ||||||||||||
47. | An electronic copy of the written resolutions of the Board of Directors ("Raad van Bestuur") of the Dutch Borrower (which includes the approval of a power of attorney) authorizing Joseph C. Bartolacci to negotiate, execute, deliver, ratify or perform, on behalf the Dutch Borrower, the Credit Facility and to execute and deliver the First Amendment and all related documents. | Borrowers | ||||||||||||
48. | An electronic copy of the unanimous resolutions of the General Meeting of Shareholders of the Dutch Borrower approving the resolutions of the Board of Directors referred to in item 47 above. | Borrowers | ||||||||||||
49. | An electronic copy of the director's certificate addressed to the Agent in relation to the Dutch Borrower, confirming that the borrowings under the Credit Facility will not exceed any borrowing or similar limits by which it is bound to be exceeded and appending copies of the following documents and certifying them in each case as being a true, complete and up-to-date copy: (a) Deed of Incorporation; (b) Articles of Association; (c) specimen signatures of the persons authorized to sign the Credit Facility and First Amendments and related documents on behalf of the Dutch Borrower; and (d) a power of attorney executed by the Borrower appointing an attorney-in- fact. | Borrowers | ||||||||||||
(York Group) | ||||||||||||||
50. | Certificate of Secretary of York Group as to (i) resolutions of York Group to consent to the First Amendment and to execute the Guarantors Consent, and all related documents, (ii) incumbency of its officers, (iii) no amendments to its Articles of Incorporation or Bylaws, and (iv) a list of all fictitious and trade names of York Group. | Borrowers | ||||||||||||
(Milso) | ||||||||||||||
51. | Certificate of Secretary of Milso as to (i) resolutions of Milso's Board of Directors authorizing Milso to consent to the First Amendment and to execute the Guarantors Consent and all related documents, (ii) incumbency of its officers, (iii) no amendments to its Articles of Incorporation or Bylaws, and (iv) a list of all fictitious and trade names of Milso. | Borrowers | ||||||||||||
(IDL Worldwide) |
52. | Certificate of Secretary of IDL Worldwide as to (i) resolutions of IDL Worldwide's Board of Directors authorizing IDL Worldwide to consent to the First Amendment and to execute the Guarantors Consent and all related documents, (ii) incumbency of its officers, (iii) no amendments to its Articles of Incorporation or Bylaws, and (iv) a list of all fictitious and trade names of IDL. | Borrowers | ||||||||||||
(Schawk Worldwide) | ||||||||||||||
53. | Certificate of Secretary of Schawk Worldwide as to (i) resolutions of Schawk Worldwide's Board of Directors authorizing Schawk Worldwide to consent to the First Amendment and to execute the Guarantors Consent and all related documents, (ii) incumbency of its officers, (iii) no amendments to its Articles of Incorporation or Bylaws, and (iv) a list of all fictitious and trade names of Schawk Worldwide. | Borrowers | ||||||||||||
(Schawk Holdings) | ||||||||||||||
54. | Certificate of Secretary of Schawk Holdings as to (i) resolutions of Schawk Holding's Board of Directors authorizing Schawk Holdings to consent to the First Amendment and to execute the Guarantors Consent and all related documents, (ii) incumbency of its officers, (iii) no amendments to its Articles of Incorporation or Bylaws, and (iv) a list of all fictitious and trade names of Schawk Holdings. | Borrowers | ||||||||||||
(Schawk USA) | ||||||||||||||
55. | Certificate of Secretary of Schawk USA as to (i) resolutions of Schawk USA's Board of Directors authorizing Schawk USA to consent to the First Amendment and to execute the Guarantors Consent and all related documents, (ii) incumbency of its officers, (iii) no amendments to its Articles of Incorporation or Bylaws, and (iv) a list of all fictitious and trade names of Schawk USA. | Borrowers | ||||||||||||
(Matthews Aurora) | ||||||||||||||
56. | Certificate of Secretary of Matthews Aurora as to (i) resolutions of Matthews Aurora's Managers/Members authorizing Matthews Aurora to consent to the First Amendment and to execute the Guarantors Consent and all related documents, (ii) incumbency of its officers, (iii) no amendments to its Certificate of Formation or Operating Agreement, and (iv) a list of all fictitious and trade names of Matthews Aurora. | Borrowers | ||||||||||||
(Aurora Casket) | ||||||||||||||
57. | Certificate of Secretary of Aurora Casket as to (i) resolutions of Aurora Casket's Managers/Members authorizing Aurora Casket to consent to the First Amendment and to execute the Guarantors Consent and all related documents, (ii) incumbency of its officers, (iii) no amendments to its Articles of Organization or Operating Agreement, and (iv) a list of all fictitious and trade names of Aurora Casket. | Borrowers | ||||||||||||
RELATED DOCUMENTS |
58. | (i) UCC Lien Searches or comparable jurisdictional equivalent searches in the United Kingdom, and The Netherlands with respect to each New Borrower in its jurisdiction of organization and (ii) judgment and tax lien searches or comparable judgment and tax lien searches in The Netherlands with respect to each New Borrower in its jurisdiction of organization and at each of its locations (collectively, the "Lien Searches"). [NOTE: In the UK, winding up and bankruptcy searches can/will be run together with searches of Companies House.] | Borrowers | ||||||||||||
59. | Fully executed copies of the UCC-3 Termination Statements (or comparable jurisdictional equivalent) and any other releases that may be necessary to satisfy any and all existing liens disclosed by the Lien Searches that are not permitted by the Banks (including payoff letters, if applicable), all in form and substance satisfactory to the Agent and the Banks. [NOTE: No security showing as registered at Companies House so no English law release required.] | Borrowers/ Agent | ||||||||||||
60. | Winding up searches in respect of the UK Borrower. | Agent/ Borrowers | ||||||||||||
61. | Evidence of Hazard and Liability Insurance of the Loan Parties at each of their locations in accordance with the terms of the Credit Agreement, along with endorsements naming the Agent as additional insured and lender loss payee, to the extent not previously delivered. | Borrowers | ||||||||||||
62. | Certificate of Beneficial Ownership of the Borrower, in form and substance satisfactory to the Agent, to the extent not previously delivered. | Borrowers/ Agent | ||||||||||||
63. | Opinion Letter(s) with respect to the New Borrowers in form and substance acceptable to the Agent and the Banks with respect to the Credit Facility, the First Amendment and all related documents from the following: UK Borrower – Addleshaw Goddard LLP; German Borrower – Dentons; and Dutch Borrower – Dentons. | Borrowers/ Agent | ||||||||||||
64. | Officer's Certificate of each of the New Borrowers confirming that: (i) such New Borrower's borrowing of the total amount of the Foreign Borrower Sublimit (as defined in the Loan Agreement) would not cause any borrowing or similar limit binding on such New Borrower to be exceeded; and (ii) no Event of Default under Sections 7.01(a), (b) and (c) of the Loan Agreement. | Borrowers | ||||||||||||
65. | W-9s, or comparable jurisdictional equivalent (including a form W-8 for the UK Borrower), for each of the Loan Parties, to the extent not previously delivered. | Borrowers | ||||||||||||
66. | Disbursement Statement. | Agent | ||||||||||||
67. | Funding Indemnity Letter, made by the [Borrowers][New Borrowers] in favor of the Agent. | Agent |
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Income Statement [Abstract] | ||||
Sales | $ 417,154 | $ 374,800 | $ 803,811 | $ 739,744 |
Cost of sales | (276,143) | (250,036) | (537,302) | (499,253) |
Gross profit | 141,011 | 124,764 | 266,509 | 240,491 |
Selling expense | (32,360) | (33,182) | (63,155) | (65,445) |
Administrative expense | (70,749) | (68,399) | (139,858) | (138,864) |
Intangible amortization | (22,930) | (17,872) | (38,151) | (35,814) |
Goodwill write-down | 0 | (90,408) | 0 | (90,408) |
Operating profit (loss) | 14,972 | (85,097) | 25,345 | (90,040) |
Investment income (loss) | 969 | (1,108) | 2,046 | 191 |
Interest expense | (7,233) | (9,613) | (14,961) | (18,853) |
Other income (deductions), net | (2,584) | (1,843) | (4,318) | (4,662) |
Income (loss) before income taxes | 6,124 | (97,661) | 8,112 | (113,364) |
Income tax (provision) benefit | (972) | 11,066 | (4,952) | 16,463 |
Net income (loss) | 5,152 | (86,595) | 3,160 | (96,901) |
Net (income) loss attributable to noncontrolling interests | (163) | 231 | 71 | 71 |
Net income (loss) attributable to Matthews shareholders | $ 4,989 | $ (86,364) | $ 3,231 | $ (96,830) |
Earnings (loss) per share attributable to Matthews shareholders: | ||||
Basic (in dollars per share) | $ 0.16 | $ (2.77) | $ 0.10 | $ (3.11) |
Diluted (in dollars per share) | $ 0.16 | $ (2.77) | $ 0.10 | $ (3.11) |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Purchase of treasury stock | 6,000 | 162,291 | 20,750 | 52,104 |
Issuance of treasury stock | 17,357 | 10,300 | 11,225 | |
Cancellations of treasury stock | 34,727 | 17,509 | ||
Dividends, per share (in dollars per share) | $ 0.215 | $ 0.215 | $ 0.21 | $ 0.21 |
Nature of Operations |
6 Months Ended |
---|---|
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations Matthews International Corporation ("Matthews" or the "Company"), founded in 1850 and incorporated in Pennsylvania in 1902, is a global provider of brand solutions, memorialization products and industrial technologies. Brand solutions consists of brand management, pre-media services, printing plates and cylinders, engineered products, imaging services, digital asset management, merchandising display systems, and marketing and design services primarily for the consumer goods and retail industries. Memorialization products consist primarily of bronze and granite memorials and other memorialization products, caskets, and cremation and incineration equipment primarily for the cemetery and funeral home industries. Industrial technologies include marking and coding equipment and consumables, industrial automation products and order fulfillment systems for identifying, tracking, picking and conveying consumer and industrial products. The Company has facilities in North America, Europe, Asia, Australia, and Central and South America.
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Basis of Presentation |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") for interim financial information for commercial and industrial companies and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. Operating results for the six months ended March 31, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2021. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended September 30, 2020. The consolidated financial statements include all domestic and foreign subsidiaries in which the Company maintains an ownership interest and has operating control. Investments in certain companies over which the Company exerts significant influence, but does not control the financial and operating decisions, are accounted for as equity method investments. Investments in certain companies over which the Company does not exert significant influence are accounted for as cost method investments. All intercompany accounts and transactions have been eliminated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. New Accounting Pronouncements: Adopted In August 2018, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20), which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The adoption of this ASU in the first quarter ended December 31, 2020 had no material impact on the Company's consolidated financial statements and the Form 10-K disclosures for the year ended September 30, 2021 will reflect the adoption of this ASU. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), which provides financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each report date. Subsequently, the FASB issued ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses and ASU No. 2020-02, Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842), that provide certain amendments to the new guidance. The adoption of these ASUs in the first quarter ended December 31, 2020 had no material impact on the Company's consolidated financial statements. Note 2. Basis of Presentation (continued) The following table summarizes the activity for the accounts receivable allowance for doubtful accounts for the six months ended March 31, 2021:
(1) Includes the impact of foreign currency fluctuations and amounts determined not to be collectible (including direct write-offs), net of recoveries.
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Revenue Recognition |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition The Company delivers a variety of products and services through its business segments. The SGK Brand Solutions segment delivers brand management, pre-media services, printing plates and cylinders, engineered products, and imaging services for consumer goods and retail customers, merchandising display systems, and marketing and design services primarily to the consumer goods and retail industries. The Memorialization segment produces and delivers bronze and granite memorials and other memorialization products, caskets, and cremation and incineration equipment primarily for the cemetery and funeral home industries. The Industrial Technologies segment delivers marking and coding equipment and consumables, industrial automation products and order fulfillment systems for identifying, tracking, picking and conveying consumer and industrial products for the warehousing and industrial industries. The Company disaggregates revenue from contracts with customers by geography, as it believes geographic regions best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Disaggregated sales by segment and region for the three and six months ended March 31, 2021 and 2020 were as follows:
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three level fair value hierarchy is used to prioritize the inputs used in valuations, as defined below:
The fair values of the Company's assets and liabilities measured on a recurring basis are categorized as follows:
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories consisted of the following:
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Investments |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments Non-current investments consisted of the following:
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Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt Long-term debt at March 31, 2021 and September 30, 2020 consisted of the following:
The Company has a domestic credit facility with a syndicate of financial institutions that includes a $750,000 senior secured revolving credit facility, which matures in March 2025, and a $35,000 senior secured amortizing term loan. The senior secured amortizing term loan was paid in full in March 2021. A portion of the revolving credit facility (not to exceed $350,000) can be drawn in foreign currencies. Borrowings under the revolving credit facility bear interest at LIBOR (Euro LIBOR for balances drawn in Euros) plus a factor ranging from 0.75% to 2.00% (1.25% at March 31, 2021) based on the Company's secured leverage ratio. The secured leverage ratio is defined as net secured indebtedness divided by EBITDA (earnings before interest, income taxes, depreciation and amortization) as defined within the domestic credit facility agreement. The Company is required to pay an annual commitment fee ranging from 0.15% to 0.30% (based on the Company's leverage ratio) of the unused portion of the revolving credit facility. The Company incurred debt issuance costs in connection with the domestic credit facility. Unamortized costs were $2,481 and $2,734 at March 31, 2021 and September 30, 2020, respectively. The domestic credit facility requires the Company to maintain certain leverage and interest coverage ratios. A portion of the facility (not to exceed $35,000) is available for the issuance of trade and standby letters of credit. Outstanding U.S. dollar denominated borrowings on the revolving credit facility at March 31, 2021 and September 30, 2020 were $250,000 and $257,439, respectively. Outstanding Euro denominated borrowings on the revolving credit facility at March 31, 2021 and September 30, 2020 were €97.0 million ($113,764) and €117.0 million ($137,188), respectively. There were no outstanding borrowings on the term loan as of March 31, 2021. Outstanding borrowings on the term loan at September 30, 2020 were $22,359. The weighted-average interest rate on the outstanding borrowings for the domestic credit facility (including the effects of interest rate swaps and Euro denominated borrowings) at March 31, 2021 and March 31, 2020 was 2.17% and 2.40%, respectively. The Company has $300,000 of 5.25% senior unsecured notes due December 1, 2025 (the "2025 Senior Notes"). The 2025 Senior Notes bear interest at a rate of 5.25% per annum with interest payable semi-annually in arrears on June 1 and December 1 of each year. The Company's obligations under the 2025 Senior Notes are guaranteed by certain of the Company's direct and indirect wholly-owned domestic subsidiaries. The Company is subject to certain covenants and other restrictions in connection with the 2025 Senior Notes. The Company incurred direct financing fees and costs in connection with the 2025 Senior Notes. Unamortized costs were $2,474 and $2,744 at March 31, 2021 and September 30, 2020, respectively. The Company has a $115,000 accounts receivable securitization facility (the "Securitization Facility") with certain financial institutions which matures in March 2022. Under the Securitization Facility, the Company and certain of its domestic subsidiaries sell, on a continuous basis without recourse, their trade receivables to Matthews Receivables Funding Corporation, LLC (“Matthews RFC”), a wholly-owned bankruptcy-remote subsidiary of the Company. Matthews RFC in turn assigns a collateral interest in these receivables to certain financial institutions, and then may borrow funds under the Securitization Facility. The Securitization Facility does not qualify for sale treatment. Accordingly, the trade receivables and related debt obligations remain on the Company's Consolidated Balance Sheet. Borrowings under the Securitization Facility bear interest at LIBOR plus 0.75%. The Company is required to pay an annual commitment fee ranging from 0.25% to 0.35% of the unused portion of the Securitization Facility. Outstanding borrowings under the Securitization Facility at March 31, 2021 and September 30, 2020 were $97,590 and $67,700, respectively. At March 31, 2021 and 2020, the interest rate on borrowings under this facility was 0.86% and 1.74%, respectively. Note 7. Debt (continued) The following table presents information related to interest rate contracts entered into by the Company and designated as cash flow hedges:
The Company enters into interest rate swaps in order to achieve a mix of fixed and variable rate debt that it deems appropriate. The interest rate swaps have been designated as cash flow hedges of future variable interest payments, which are considered probable of occurring. Based on the Company's assessment, all of the critical terms of each of the hedges matched the underlying terms of the hedged debt and related forecasted interest payments, and as such, these hedges were considered highly effective. The fair value of the interest rate swaps reflected an unrealized loss, net of unrealized gains, of $2,905 ($2,194 after tax) at March 31, 2021 and an unrealized loss of $7,792 ($5,884 after tax) at September 30, 2020, that is included in shareholders' equity as part of accumulated other comprehensive income (loss) ("AOCI"). Assuming market rates remain constant with the rates at March 31, 2021, a loss (net of tax) of approximately $1,772 included in AOCI is expected to be recognized in earnings over the next twelve months. At March 31, 2021 and September 30, 2020, the interest rate swap contracts were reflected in the Consolidated Balance Sheets as follows:
The (losses) gains recognized on derivatives were as follows:
Note 7. Debt (continued) The Company recognized the following gains (losses) in AOCI:
The Company, through certain of its European subsidiaries, has a credit facility with a European bank, which is guaranteed by Matthews. The maximum amount of borrowing available under this facility is €25.0 million ($29,321), which includes €8.0 million ($9,383) for bank guarantees. The credit facility matures in December 2021 and the Company intends to continue to extend this facility. Outstanding borrowings under the credit facility totaled €3.1 million ($3,587) and €18.9 million ($22,166) at March 31, 2021 and September 30, 2020, respectively. The weighted-average interest rate on outstanding borrowings under this facility at March 31, 2021 and 2020 was 2.25% and 1.25%, respectively. The Company uses certain foreign currency debt instruments as net investment hedges of foreign operations. Currency losses of $4,852 (net of income taxes of $1,575) and currency losses of $4,377 (net of income taxes of $1,420), which represent effective hedges of net investments, were reported as a component of AOCI within currency translation adjustment at March 31, 2021 and September 30, 2020, respectively. As of March 31, 2021 and September 30, 2020, the fair value of the Company's long-term debt, including current maturities, which is classified as Level 2 in the fair value hierarchy, approximated the carrying value included in the Consolidated Balance Sheets. The Company was in compliance with all of its debt covenants as of March 31, 2021.
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Share-Based Payments |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payments | Share-Based Payments The Company maintains an equity incentive plan (the "2017 Equity Incentive Plan") that provides for grants of stock options, restricted shares, restricted share units, stock-based performance units and certain other types of stock-based awards. Under the 2017 Equity Incentive Plan, which has a ten-year term, the maximum number of shares available for grants or awards is an aggregate of 1,700,000. At March 31, 2021, there were 1,700,000 shares reserved for future issuance under the 2017 Equity Incentive Plan. 1,064,910 restricted share units have been granted under the 2017 Equity Incentive Plan and are outstanding as of March 31, 2021. The 2017 Equity Incentive plan is administered by the Compensation Committee of the Board of Directors. With respect to the restricted share grants, generally one-half of the shares vest on the third anniversary of the grant, one-quarter of the shares vest in one-third increments upon the attainment of pre-defined levels of adjusted earnings per share, and the remaining one-quarter of the shares vest in one-third increments upon attainment of pre-defined levels of appreciation in the market value of the Company's Class A Common Stock. Additionally, restricted shares cannot vest until the first anniversary of the grant date. Unvested restricted shares generally expire on the earlier of or five years from the date of grant, upon employment termination, or within specified time limits following voluntary employment termination (with the consent of the Company), retirement or death. The Company issues restricted shares from treasury shares. With respect to the restricted share unit grants, units generally vest on the third anniversary of the grant date. The number of units that vest depend on certain time and performance thresholds. Such performance thresholds include adjusted earnings per share, return on invested capital, appreciation in the market value of the Company's Class A Common Stock, or other targets established by the Compensation Committee of the Board of Directors. Approximately 45% of the outstanding share units vest based on time, while the remaining vest based on pre-defined performance thresholds. The Company issues common stock from treasury shares once vested. Note 8. Share-Based Payments (continued) For the three-month periods ended March 31, 2021 and 2020, stock-based compensation cost totaled $4,001 and $2,508, respectively. For the six-month periods ended March 31, 2021 and 2020, stock-based compensation cost totaled $7,247 and $4,539, respectively. The associated future income tax benefit recognized for stock-based compensation was $738 and $614 for the three-month periods ended March 31, 2021 and 2020, respectively, and $976 and $793 for the six-month periods ended March 31, 2021 and 2020, respectively. The transactions for restricted shares and restricted share units for the six months ended March 31, 2021 were as follows:
As of March 31, 2021, the total unrecognized compensation cost related to unvested restricted stock was $17,602 and is expected to be recognized over a weighted average period of 2.2 years. The fair value of certain restricted share units that are subject to performance conditions are estimated on the date of grant using a binomial lattice valuation model. The following table indicates the assumptions used in estimating the fair value of certain restricted share units granted during the six-month period ended March 31, 2021.
The risk-free interest rate is based on United States Treasury yields at the date of grant. The dividend yield is based on the most recent dividend payment and average stock price over the 12 months prior to the grant date. Expected volatilities are based on the historical volatility of the Company's stock price. The expected term for grants in the six months ended March 31, 2021 represents an estimate of the average period of time for restricted share units to vest. The Company maintains the 2019 Director Fee Plan, the Amended and Restated 2014 Director Fee Plan and the 1994 Director Fee Plan (collectively, the "Director Fee Plans"). There will be no further fees or share-based awards granted under the Amended and Restated 2014 Director Fee Plan and the 1994 Director Fee Plan. Under the 2019 Director Fee Plan, non-employee directors (except for the Chairman of the Board) each receive, as an annual retainer fee for fiscal 2021, either cash or shares of the Company's Class A Common Stock with a value equal to $85. The annual retainer fee for fiscal 2021 paid to the non-employee Chairman of the Board is $185. Where the annual retainer fee is provided in shares, each director may elect to be paid these shares on a current basis or have such shares credited to a deferred stock account as phantom stock, with such shares to be paid to the director subsequent to leaving the Board. The total number of shares of stock that have been authorized to be issued under the 2019 Director Fee Plan or credited to a deferred stock compensation account for subsequent issuance is 150,000 shares of Common Stock (subject to adjustment upon certain events such as stock dividends or stock splits). The value of deferred shares is recorded in other liabilities. A total of 38,327 shares and share units had been deferred under the Director Fee Plans as of March 31, 2021. Additionally, non-employee directors each receive an annual stock-based grant (non-statutory stock options, stock appreciation rights and/or restricted shares or units) with a value of $125 for fiscal 2021. 271,807 restricted shares and restricted share units have been granted under the Director Fee Plans, 98,578 of which were issued under the 2019 Director Fee Plan. 74,639 restricted shares and restricted share units are unvested at March 31, 2021.
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Earnings Per Share Attributable to Matthews' Shareholders |
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Earnings Per Share Attributable to Matthews' Shareholders | Earnings Per Share Attributable to Matthews' Shareholders The information used to compute earnings (loss) per share attributable to Matthews' common shareholders was as follows:
Anti-dilutive securities excluded from the dilution calculation were insignificant for the three and six months ended March 31, 2021.
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Pension and Other Postretirement Benefit Plans |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension and Other Postretirement Benefit Plans | Pension and Other Postretirement Benefit Plans The Company provides defined benefit pension and other postretirement plans to certain employees. Net periodic pension and other postretirement benefit cost for the plans included the following:
* Non-service components of pension and postretirement expense are included in other income (deductions), net. Benefit payments under the Company's principal retirement plan are made from plan assets, while benefit payments under the postretirement benefit plan are made from the Company's operating funds. In April 2021, subsequent to the date of the balance sheet, the Company contributed $15,000 to its principal retirement plan. Under IRS regulations, no further contributions are required to be made to the Company's principal retirement plan during fiscal 2021. Note 10. Pension and Other Postretirement Benefit Plans (continued) Contributions made and anticipated for fiscal year 2021 are as follows:
* Contribution was made in April 2021 (see above).
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Accumulated Other Comprehensive Income |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The changes in AOCI by component, net of tax, for the three-month periods ended March 31, 2021 and 2020 were as follows:
(a) Amounts were included in net periodic benefit cost for pension and other postretirement benefit plans (see Note 10). (b) Amounts were included in interest expense in the periods the hedged item affected earnings (see Note 7). Note 11. Accumulated Other Comprehensive Income (continued) The changes in AOCI by component, net of tax, for the six-month periods ended March 31, 2021 and 2020 were as follows:
(a) Amounts were included in net periodic benefit cost for pension and other postretirement benefit plans (see Note 10). (b) Amounts were included in interest expense in the periods the hedged item affected earnings (see Note 7). Note 11. Accumulated Other Comprehensive Income (continued) Reclassifications out of AOCI for the three and six-month periods ended March 31, 2021 and 2020 were as follows:
(a)Prior service cost amounts are included in the computation of pension and other postretirement benefit expense, which is reported in both cost of goods sold and selling and administrative expenses. Actuarial losses are reported in other income (deductions), net. For additional information, see Note 10. (b)For pre-tax items, positive amounts represent income and negative amounts represent expense.
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Income Taxes |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Income tax provisions for the Company's interim periods are based on the effective income tax rate expected to be applicable for the full year. The Company's consolidated income taxes for the six months ended March 31, 2021 were an expense of $4,952, compared to a benefit of $16,463 for the first six months of fiscal 2020. The difference between the Company’s consolidated income taxes for the first six months of fiscal 2021 versus the same period for fiscal 2020 primarily resulted from fiscal 2021 having consolidated pre-tax income while fiscal 2020 had a pre-tax loss. Additionally, fiscal 2021 included discrete tax expenses related to foreign operating losses, discrete tax benefits related to expirations of uncertain tax liabilities, a net operating loss (“NOL”) carryback to tax years where the U.S. federal statutory rate was 35%, and additional foreign tax credits. Fiscal 2020 included discrete tax benefits resulting from the closure of several tax audits. The Company’s fiscal 2021 six-month effective tax rate varied from the U.S. statutory tax rate of 21.0% primarily due to discrete tax expenses related to foreign operating losses, discrete tax benefits related to expirations of uncertain tax liabilities, a NOL carryback to tax years where the U.S. federal statutory rate was 35%, and additional foreign tax credits. Additionally, state taxes, foreign statutory rate differentials, and tax credits all affected the fiscal 2021 effective tax rate. The Company’s fiscal 2020 six-month effective tax rate varied from the U.S. statutory tax rate of 21.0% primarily due to state taxes, foreign statutory rate differentials, tax credits, the goodwill write-down, and discrete tax benefits recognized in fiscal 2020. The Company had unrecognized tax benefits (excluding penalties and interest) of $10,351 and $10,483 on March 31, 2021 and September 30, 2020, respectively, of which $7,137 and $7,066 would impact the annual effective rate at March 31, 2021 and September 30, 2020, respectively. It is reasonably possible that the amount of unrecognized tax benefits could decrease by approximately $7,606 in the next 12 months primarily due to the completion of audits and the expiration of the statute of limitations. The Company classifies interest and penalties on tax uncertainties as a component of the provision for income taxes. Total penalties and interest accrued were $2,146 and $2,172 at March 31, 2021 and September 30, 2020, respectively. These accruals may potentially be applicable in the event of an unfavorable outcome of uncertain tax positions. The Company is currently under examination in several tax jurisdictions and remains subject to examination until the statute of limitations expires for those tax jurisdictions. As of March 31, 2021, the tax years that remain subject to examination by major jurisdiction generally are:
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information The Company manages its businesses under three segments: SGK Brand Solutions, Memorialization and Industrial Technologies. The SGK Brand Solutions segment consists of brand management, pre-media services, printing plates and cylinders, engineered products, imaging services, digital asset management, merchandising display systems, and marketing and design services primarily for the consumer goods and retail industries. The Memorialization segment consists primarily of bronze and granite memorials and other memorialization products, caskets, and cremation and incineration equipment primarily for the cemetery and funeral home industries. The Industrial Technologies segment includes marking and coding equipment and consumables, industrial automation products and order fulfillment systems for identifying, tracking, picking and conveying consumer and industrial products. The Company's primary measure of segment profitability is adjusted earnings before interest, income taxes, depreciation and amortization ("adjusted EBITDA"). Adjusted EBITDA is defined by the Company as earnings before interest, income taxes, depreciation, amortization and certain non-cash and/or non-recurring items that do not contribute directly to management’s evaluation of its operating results. These items include stock-based compensation, the non-service portion of pension and postretirement expense, acquisition costs, ERP integration costs, and strategic initiatives and other charges. This presentation is Note 13. Segment Information (continued) consistent with how the Company's chief operating decision maker (the “CODM”) evaluates the results of operations and makes strategic decisions about the business. For these reasons, the Company believes that adjusted EBITDA represents the most relevant measure of segment profit and loss. In addition, the CODM manages and evaluates the operating performance of the segments, as described above, on a pre-corporate cost allocation basis. Accordingly, for segment reporting purposes, the Company does not allocate corporate costs to its reportable segments. Corporate costs include management and administrative support to the Company, which consists of certain aspects of the Company’s executive management, legal, compliance, human resources, information technology (including operational support) and finance departments. These costs are included within "Corporate and Non-Operating" in the following table to reconcile to consolidated adjusted EBITDA and are not considered a separate reportable segment. Management does not allocate non-operating items such as investment income, other income (deductions), net and noncontrolling interest to the segments. The following table sets forth information about the Company's segments, including a reconciliation of adjusted EBITDA to net income.
Note 13. Segment Information (continued)
* Depreciation and amortization was $26,740 and $21,785 for the SGK Brand Solutions segment, $5,709 and $4,839 for the Memorialization segment, $1,401 and $1,428 for the Industrial Technologies segment, and $1,329 and $1,265 for Corporate and Non-Operating, for the three months ended March 31, 2021 and 2020, respectively. Depreciation and amortization was $45,887 and $43,441 for the SGK Brand Solutions segment, $11,178 and $9,475 for the Memorialization segment, $2,842 and $2,870 for the Industrial Technologies segment, and $2,623 and $2,464 for Corporate and Non-Operating, for the six months ended March 31, 2021 and 2020, respectively. ** Acquisition costs, ERP integration costs, and strategic initiatives and other charges were $2,991 and $3,818 for the SGK Brand Solutions segment, income of $335 and charges of $730 for the Memorialization segment, and charges of $2,437 and $5,813 for Corporate and Non-Operating, for the three months ended March 31, 2021 and 2020, respectively. Acquisition costs, ERP integration costs, and strategic initiatives and other charges were $268 for the Industrial Technologies segment, for the three months ended March 31, 2020. Acquisition costs, ERP integration costs, and strategic initiatives and other charges were $10,346 and $7,264 for the SGK Brand Solutions segment, $795 and $1,057 for the Memorialization segment, and $5,144 and $14,904 for Corporate and Non-Operating, for the six months ended March 31, 2021 and 2020, respectively. Acquisition costs, ERP integration costs, and strategic initiatives and other charges were $268 for the Industrial Technologies segment, for the six months ended March 31, 2020.
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Acquisitions |
6 Months Ended |
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Mar. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Fiscal 2021:In January 2021, the Company acquired a memorialization business that produces and distributes cemetery products for a purchase price of $13,100, subject to working capital adjustments. The preliminary purchase price allocation is not finalized as of March 31, 2021 and is subject to changes as the Company obtains additional information related to fixed assets and other assets, and liabilities. |
Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets A summary of the carrying amount of goodwill attributable to each segment as well as the changes in such amounts are as follows:
The net goodwill balances at March 31, 2021 and September 30, 2020 included $178,732 of accumulated impairment losses. Accumulated impairment losses at March 31, 2021 and September 30, 2020 were $173,732 and $5,000 for the SGK Brand Solutions and Memorialization segments, respectively. Note 15. Goodwill and Other Intangible Assets (continued) The Company performed its annual impairment review of goodwill and indefinite-lived intangible assets in the second quarter of fiscal 2021 (January 1, 2021) and determined that the estimated fair values for all goodwill reporting units exceeded their carrying values, therefore no impairment charges were necessary. The estimated fair value of the Company's Graphics Imaging reporting unit, within the SGK Brand Solutions segment, exceeded the carrying value (expressed as a percentage of carrying value) by approximately 5%. If current projections are not achieved or specific valuation factors outside the Company’s control (such as discount rates and continued economic and industry impacts of COVID-19) significantly change, goodwill write-downs may be necessary in future periods. The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of March 31, 2021 and September 30, 2020, respectively.
The net change in intangible assets during the six months ended March 31, 2021 included the impact of foreign currency fluctuations during the period, additional amortization and additions related to a memorialization acquisition. During the second quarter of fiscal 2021, the Company reassessed the useful lives for certain of its customer relationships. As a result of this reassessment, the Company reduced the remaining useful lives for these customer relationships to reflect their estimated remaining duration, utilizing actual historical customer attrition rates. Amortization expense on intangible assets was $22,930 and $17,872 for the three-month periods ended March 31, 2021 and 2020, respectively. For the six month period ended March 31, 2021 and 2020, amortization expense was $38,151 and $35,814, respectively. Amortization expense is estimated to be $45,840 for the remainder of fiscal 2021, $56,923 in 2022, $40,484 in 2023, $35,062 in 2024 and $19,737 in 2025. The accelerated amortization related to the fiscal 2019 reduction in useful lives for certain discontinued trade names is scheduled to continue through the first quarter of fiscal 2022.
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Subsequent Event |
6 Months Ended |
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Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent EventOn April 20, 2021, subsequent to the date of the balance sheet, the Compensation Committee of the Company's Board of Directors approved a resolution to freeze all future benefit accruals for all participants in the Company’s supplemental retirement plan and the defined benefit portion of the officers retirement restoration plan, effective April 30, 2021. Consequently, participants in these plans will no longer earn additional benefits after April 30, 2021. |
Basis of Presentation (Policies) |
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
New Accounting Pronouncements | New Accounting Pronouncements: Adopted In August 2018, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20), which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The adoption of this ASU in the first quarter ended December 31, 2020 had no material impact on the Company's consolidated financial statements and the Form 10-K disclosures for the year ended September 30, 2021 will reflect the adoption of this ASU. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326), which provides financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each report date. Subsequently, the FASB issued ASU No. 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses and ASU No. 2020-02, Financial Instruments—Credit Losses (Topic 326) and Leases (Topic 842), that provide certain amendments to the new guidance. The adoption of these ASUs in the first quarter ended December 31, 2020 had no material impact on the Company's consolidated financial statements. Note 2. Basis of Presentation (continued) The following table summarizes the activity for the accounts receivable allowance for doubtful accounts for the six months ended March 31, 2021:
(1) Includes the impact of foreign currency fluctuations and amounts determined not to be collectible (including direct write-offs), net of recoveries.
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Basis of Presentation (Tables) |
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Allowance for Credit Loss | The following table summarizes the activity for the accounts receivable allowance for doubtful accounts for the six months ended March 31, 2021:
(1) Includes the impact of foreign currency fluctuations and amounts determined not to be collectible (including direct write-offs), net of recoveries.
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Revenue Recognition (Tables) |
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Disaggregation of Revenue | Disaggregated sales by segment and region for the three and six months ended March 31, 2021 and 2020 were as follows:
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Fair Value Measurements (Tables) |
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Assets and Liabilities Measured on a Recurring Basis | The fair values of the Company's assets and liabilities measured on a recurring basis are categorized as follows:
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Inventories (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories consisted of the following:
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Investments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-Current Investments | Non-current investments consisted of the following:
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Debt (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-Term Debt | Long-term debt at March 31, 2021 and September 30, 2020 consisted of the following:
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Interest Rate Contracts | The following table presents information related to interest rate contracts entered into by the Company and designated as cash flow hedges:
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Interest Rate Swap Contracts as Reflected on Balance Sheet | At March 31, 2021 and September 30, 2020, the interest rate swap contracts were reflected in the Consolidated Balance Sheets as follows:
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Gain (Loss) on Derivatives | The (losses) gains recognized on derivatives were as follows:
Note 7. Debt (continued) The Company recognized the following gains (losses) in AOCI:
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Share-Based Payments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock Activity | The transactions for restricted shares and restricted share units for the six months ended March 31, 2021 were as follows:
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Schedule of Assumptions Used in Estimating Fair Value | The following table indicates the assumptions used in estimating the fair value of certain restricted share units granted during the six-month period ended March 31, 2021.
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Earnings Per Share Attributable to Matthews' Shareholders (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information Used to Compute Earnings per Share Attributable to Matthews' Common Shareholders | The information used to compute earnings (loss) per share attributable to Matthews' common shareholders was as follows:
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Pension and Other Postretirement Benefit Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Periodic Pension and Other Postretirement Benefit Cost | Net periodic pension and other postretirement benefit cost for the plans included the following:
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Contributions Made and Anticipated for the Current Fiscal Year | Contributions made and anticipated for fiscal year 2021 are as follows:
* Contribution was made in April 2021 (see above).
|
Accumulated Other Comprehensive Income (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in AOCI by Component | The changes in AOCI by component, net of tax, for the three-month periods ended March 31, 2021 and 2020 were as follows:
(a) Amounts were included in net periodic benefit cost for pension and other postretirement benefit plans (see Note 10). (b) Amounts were included in interest expense in the periods the hedged item affected earnings (see Note 7). Note 11. Accumulated Other Comprehensive Income (continued) The changes in AOCI by component, net of tax, for the six-month periods ended March 31, 2021 and 2020 were as follows:
(a) Amounts were included in net periodic benefit cost for pension and other postretirement benefit plans (see Note 10). (b) Amounts were included in interest expense in the periods the hedged item affected earnings (see Note 7).
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Reclassifications out of AOCI | Reclassifications out of AOCI for the three and six-month periods ended March 31, 2021 and 2020 were as follows:
(a)Prior service cost amounts are included in the computation of pension and other postretirement benefit expense, which is reported in both cost of goods sold and selling and administrative expenses. Actuarial losses are reported in other income (deductions), net. For additional information, see Note 10. (b)For pre-tax items, positive amounts represent income and negative amounts represent expense.
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Income Taxes (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Tax Years Subject to Examination | As of March 31, 2021, the tax years that remain subject to examination by major jurisdiction generally are:
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Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information About the Company's Segments | The following table sets forth information about the Company's segments, including a reconciliation of adjusted EBITDA to net income.
Note 13. Segment Information (continued)
* Depreciation and amortization was $26,740 and $21,785 for the SGK Brand Solutions segment, $5,709 and $4,839 for the Memorialization segment, $1,401 and $1,428 for the Industrial Technologies segment, and $1,329 and $1,265 for Corporate and Non-Operating, for the three months ended March 31, 2021 and 2020, respectively. Depreciation and amortization was $45,887 and $43,441 for the SGK Brand Solutions segment, $11,178 and $9,475 for the Memorialization segment, $2,842 and $2,870 for the Industrial Technologies segment, and $2,623 and $2,464 for Corporate and Non-Operating, for the six months ended March 31, 2021 and 2020, respectively. ** Acquisition costs, ERP integration costs, and strategic initiatives and other charges were $2,991 and $3,818 for the SGK Brand Solutions segment, income of $335 and charges of $730 for the Memorialization segment, and charges of $2,437 and $5,813 for Corporate and Non-Operating, for the three months ended March 31, 2021 and 2020, respectively. Acquisition costs, ERP integration costs, and strategic initiatives and other charges were $268 for the Industrial Technologies segment, for the three months ended March 31, 2020. Acquisition costs, ERP integration costs, and strategic initiatives and other charges were $10,346 and $7,264 for the SGK Brand Solutions segment, $795 and $1,057 for the Memorialization segment, and $5,144 and $14,904 for Corporate and Non-Operating, for the six months ended March 31, 2021 and 2020, respectively. Acquisition costs, ERP integration costs, and strategic initiatives and other charges were $268 for the Industrial Technologies segment, for the six months ended March 31, 2020.
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Goodwill and Other Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill Attributable to Each Segment | A summary of the carrying amount of goodwill attributable to each segment as well as the changes in such amounts are as follows:
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Other Intangible Assets | The following tables summarize the carrying amounts and related accumulated amortization for intangible assets as of March 31, 2021 and September 30, 2020, respectively.
|
Basis of Presentation (Details) $ in Thousands |
6 Months Ended |
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Mar. 31, 2021
USD ($)
| |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |
Allowance for credit loss, beginning balance | $ 9,618 |
Current period expense / (deductions) | (621) |
Translations and other adjustments | (216) |
Allowance for credit loss, ending balance | $ 8,781 |
Inventories (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Sep. 30, 2020 |
---|---|---|
Inventories, net [Abstract] | ||
Raw materials | $ 38,112 | $ 36,157 |
Work in process | 75,206 | 70,128 |
Finished goods | 73,204 | 68,815 |
Inventories | $ 186,522 | $ 175,100 |
Investments - Non-Current Investments (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Sep. 30, 2020 |
---|---|---|
Non-current investments [Abstract] | ||
Equity and fixed income mutual funds | $ 25,455 | $ 24,610 |
Life insurance policies | 4,626 | 4,621 |
Other (primarily cost-method) investments | 18,967 | 34,019 |
Total non-current investments | $ 49,048 | $ 63,250 |
Investments - Narrative (Details) $ in Thousands |
3 Months Ended |
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Mar. 31, 2021
USD ($)
| |
Memorialization Business | |
Schedule of Investments [Line Items] | |
Proceeds from redeemable preferred stock | $ 15,000 |
Debt - Long-Term Debt (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Sep. 30, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term debt | $ 782,483 | $ 834,534 |
Finance lease obligations | 7,993 | 9,684 |
Less current maturities | (4,274) | (26,824) |
Total long-term debt and lease obligations, excluding current maturities | 778,209 | 807,710 |
Senior secured term loan | ||
Debt Instrument [Line Items] | ||
Long-term debt | 0 | 22,359 |
2025 Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt | 297,526 | 297,256 |
Other borrowings | ||
Debt Instrument [Line Items] | ||
Long-term debt | 12,022 | 20,742 |
Revolving Credit Facility | Line of Credit | ||
Debt Instrument [Line Items] | ||
Long-term debt | 367,352 | 416,793 |
Securitization Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 97,590 | $ 67,700 |
Debt - Interest Rate Contracts (Details) - Cash Flow Hedging - Designated as Hedging Instrument - Interest rate swap contracts - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2021 |
Sep. 30, 2020 |
|
Derivative [Line Items] | ||
Pay fixed swaps - notional amount | $ 250,000 | $ 312,500 |
Net unrealized loss | $ (2,905) | $ (7,792) |
Weighted-average maturity period (years) | 2 years 8 months 12 days | 2 years 7 months 6 days |
Weighted-average received rate (as a percent) | 0.11% | 0.15% |
Weighted-average pay rate (as a percent) | 1.34% | 1.34% |
Debt - Interest Rate Swap Contracts as Reflected on Balance Sheet (Details) - Designated as Hedging Instrument - Interest Rate Swaps - USD ($) $ in Thousands |
Mar. 31, 2021 |
Sep. 30, 2020 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Total derivatives | $ (2,905) | $ (7,792) |
Current Assets: Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Assets derivatives | 78 | 0 |
Long-Term Assets: Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Assets derivatives | 393 | 0 |
Current Liabilities: Other Current Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | (2,425) | (3,164) |
Long-Term Liabilities: Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Liability derivatives | $ (951) | $ (4,628) |
Debt - Gain (Loss) on Derivatives (Details) - Cash Flow Hedging - Interest Rate Swaps - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in AOCI on Derivatives | $ 2,441 | $ (3,739) | ||
Interest Expense | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of (Loss) Gain Recognized in Income on Derivatives | $ (751) | $ 182 | (1,654) | 546 |
Amount of (Loss) Gain Reclassified from AOCI into Income (Effective Portion*) | $ (1,249) | $ 412 |
Share-Based Payments - Restricted Stock Activity (Details) - Restricted Stock |
6 Months Ended |
---|---|
Mar. 31, 2021
$ / shares
shares
| |
Shares /Units | |
Non-vested at beginning of period (in shares) | 750,322 |
Granted (in shares) | 499,050 |
Vested (in shares) | (104,895) |
Expired or forfeited (in shares) | (36,667) |
Non-vested at end of period (in shares) | 1,107,810 |
Weighted- average Grant-date Fair Value | |
Non-vested weighted-average grant-date fair value, beginning of period (in dollars per share) | $ / shares | $ 40.88 |
Granted, weighted-average grant-date fair value (in dollars per share) | $ / shares | 30.06 |
Vested, weighted-average grant-date fair value (in dollars per share) | $ / shares | 56.11 |
Expired or forfeited, weighted-average grant-date fair value (in dollars per share) | $ / shares | 57.05 |
Non-vested weighted-average grant-date fair value, end of period (in dollars per share) | $ / shares | $ 34.03 |
2017 Equity Incentive Plan | |
Shares /Units | |
Granted (in shares) | 1,064,910 |
Share-Based Payments - Assumptions Used in Estimating Fair Value of Restricted Share Units Granted (Details) |
6 Months Ended |
---|---|
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Expected volatility | 42.90% |
Dividend yield | 3.20% |
Average risk-free interest rate | 0.20% |
Average expected term (years) | 3 years |
Earnings Per Share Attributable to Matthews' Shareholders (Details) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Earnings Per Share [Abstract] | ||||
Net income (loss) attributable to Matthews shareholders | $ 4,989 | $ (86,364) | $ 3,231 | $ (96,830) |
Weighted-average shares outstanding (in thousands): | ||||
Basic shares | 31,665 | 31,150 | 31,697 | 31,141 |
Effect of dilutive securities | 418 | 0 | 337 | 0 |
Diluted shares | 32,083 | 31,150 | 32,034 | 31,141 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Mar. 31, 2021 |
Mar. 31, 2020 |
Sep. 30, 2020 |
|
Income Tax Disclosure [Abstract] | |||||
Income tax expense (benefit) | $ 972 | $ (11,066) | $ 4,952 | $ (16,463) | |
Federal statutory rate (as a percent) | 35.00% | 21.00% | |||
Unrecognized tax benefits | 10,351 | $ 10,351 | $ 10,483 | ||
Unrecognized tax benefits that would impact effective tax rate | 7,137 | 7,137 | 7,066 | ||
Decrease reasonably possible in next 12 months | 7,606 | 7,606 | |||
Total penalties and interest accrued | $ 2,146 | $ 2,146 | $ 2,172 |
Acquisitions (Details) - USD ($) $ in Thousands |
1 Months Ended | 6 Months Ended | |
---|---|---|---|
Jan. 31, 2021 |
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Business Acquisition [Line Items] | |||
Payment to acquire business, net of cash acquired | $ 13,100 | $ 0 | |
Memorialization Business | |||
Business Acquisition [Line Items] | |||
Payment to acquire business, net of cash acquired | $ 13,100 |
Goodwill and Other Intangible Assets - Goodwill Attributable to Each Segment (Details) $ in Thousands |
6 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Goodwill [Roll Forward] | |
Balance at beginning of period | $ 765,388 |
Additions during period | 4,796 |
Translation and other adjustments | 7,639 |
Balance at end of period | 777,823 |
SGK Brand Solutions | |
Goodwill [Roll Forward] | |
Balance at beginning of period | 311,737 |
Additions during period | 0 |
Translation and other adjustments | 6,526 |
Balance at end of period | 318,263 |
Memorialization | |
Goodwill [Roll Forward] | |
Balance at beginning of period | 361,682 |
Additions during period | 4,796 |
Translation and other adjustments | 372 |
Balance at end of period | 366,850 |
Industrial Technologies | |
Goodwill [Roll Forward] | |
Balance at beginning of period | 91,969 |
Additions during period | 0 |
Translation and other adjustments | 741 |
Balance at end of period | $ 92,710 |
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Mar. 31, 2021 |
Mar. 31, 2020 |
Sep. 30, 2020 |
|
Goodwill [Line Items] | |||||
Accumulated impairment charges | $ 178,732 | $ 178,732 | $ 178,732 | ||
Amortization expense on intangible assets | 22,930 | $ 17,872 | 38,151 | $ 35,814 | |
Future amortization expense [Abstract] | |||||
Future amortization expense for the remainder 2021 | 45,840 | 45,840 | |||
Future amortization expense 2022 | 56,923 | 56,923 | |||
Future amortization expense 2023 | 40,484 | 40,484 | |||
Future amortization expense 2024 | 35,062 | 35,062 | |||
Future amortization expense 2025 | 19,737 | 19,737 | |||
SGK Brand Solutions | |||||
Goodwill [Line Items] | |||||
Accumulated impairment charges | 173,732 | 173,732 | 173,732 | ||
Memorialization | |||||
Goodwill [Line Items] | |||||
Accumulated impairment charges | $ 5,000 | $ 5,000 | $ 5,000 |
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Sep. 30, 2020 |
---|---|---|
Other Intangible Assets [Abstract] | ||
Carrying Amount | $ 589,870 | $ 579,357 |
Accumulated Amortization | (284,575) | (245,859) |
Net | 305,295 | 333,498 |
Indefinite-lived trade names | ||
Other Intangible Assets [Abstract] | ||
Carrying Amount | 30,540 | 30,540 |
Net | 30,540 | 30,540 |
Definite-lived trade names | ||
Other Intangible Assets [Abstract] | ||
Carrying Amount | 148,934 | 148,867 |
Accumulated Amortization | (83,129) | (64,462) |
Net | 65,805 | 84,405 |
Customer relationships | ||
Other Intangible Assets [Abstract] | ||
Carrying Amount | 389,565 | 379,246 |
Accumulated Amortization | (186,391) | (166,892) |
Net | 203,174 | 212,354 |
Copyrights/patents/other | ||
Other Intangible Assets [Abstract] | ||
Carrying Amount | 20,831 | 20,704 |
Accumulated Amortization | (15,055) | (14,505) |
Net | $ 5,776 | $ 6,199 |
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