UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
[X]QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2018
OR
[ ]TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE TRANSITION PERIOD FROM TO
COMMISSION FILE NUMBER 1-11846
AptarGroup, Inc.
|
DELAWARE |
|
36-3853103 |
|
(State of Incorporation) |
|
(I.R.S. Employer Identification No.) |
265 EXCHANGE DRIVE, SUITE 100, CRYSTAL LAKE, ILLINOIS 60014
815-477-0424
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large accelerated filer ☑ |
Accelerated filer ☐ |
Non-accelerated filer ☐ |
Smaller reporting company ☐ |
Emerging growth company ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
|
Class |
|
Outstanding at October 30, 2018 |
|
Common Stock, $.01 par value per share |
|
62,814,068 shares |
AptarGroup, Inc.
Form 10-Q
Quarter Ended September 30, 2018
i
PART I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
AptarGroup, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
|
In thousands, except per share amounts |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
||||||||
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales |
|
$ |
665,775 |
|
$ |
624,326 |
|
$ |
2,079,733 |
|
$ |
1,843,388 |
|
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales (exclusive of depreciation and amortization shown below) |
|
|
435,379 |
|
|
407,781 |
|
|
1,355,445 |
|
|
1,192,129 |
|
|
Selling, research & development and administrative |
|
|
103,574 |
|
|
95,536 |
|
|
323,146 |
|
|
292,274 |
|
|
Depreciation and amortization |
|
|
41,857 |
|
|
40,087 |
|
|
123,133 |
|
|
114,660 |
|
|
Restructuring initiatives |
|
|
23,852 |
|
|
— |
|
|
48,002 |
|
|
— |
|
|
|
|
|
604,662 |
|
|
543,404 |
|
|
1,849,726 |
|
|
1,599,063 |
|
|
Operating Income |
|
|
61,113 |
|
|
80,922 |
|
|
230,007 |
|
|
244,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (Expense) Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(8,735) |
|
|
(9,733) |
|
|
(24,754) |
|
|
(25,707) |
|
|
Interest income |
|
|
1,537 |
|
|
1,113 |
|
|
6,306 |
|
|
2,086 |
|
|
Equity in results of affiliates |
|
|
(45) |
|
|
(72) |
|
|
(130) |
|
|
(142) |
|
|
Miscellaneous, net |
|
|
(2,928) |
|
|
(2,712) |
|
|
(4,372) |
|
|
(1,996) |
|
|
|
|
|
(10,171) |
|
|
(11,404) |
|
|
(22,950) |
|
|
(25,759) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before Income Taxes |
|
|
50,942 |
|
|
69,518 |
|
|
207,057 |
|
|
218,566 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for Income Taxes |
|
|
11,920 |
|
|
15,989 |
|
|
52,966 |
|
|
48,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
39,022 |
|
$ |
53,529 |
|
$ |
154,091 |
|
$ |
170,523 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Attributable to Noncontrolling Interests |
|
$ |
(26) |
|
$ |
(6) |
|
$ |
(20) |
|
$ |
(6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Attributable to AptarGroup, Inc. |
|
$ |
38,996 |
|
$ |
53,523 |
|
$ |
154,071 |
|
$ |
170,517 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income Attributable to AptarGroup, Inc. per Common Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.63 |
|
$ |
0.86 |
|
$ |
2.47 |
|
$ |
2.73 |
|
|
Diluted |
|
$ |
0.60 |
|
$ |
0.83 |
|
$ |
2.38 |
|
$ |
2.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Number of Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
62,378 |
|
|
62,592 |
|
|
62,304 |
|
|
62,527 |
|
|
Diluted |
|
|
65,129 |
|
|
64,821 |
|
|
64,822 |
|
|
64,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per Common Share |
|
$ |
0.34 |
|
$ |
0.32 |
|
$ |
0.98 |
|
$ |
0.96 |
|
See accompanying Unaudited Notes to Condensed Consolidated Financial Statements.
1
AptarGroup, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
|
In thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
||||||||
|
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
39,022 |
|
$ |
53,529 |
|
$ |
154,091 |
|
$ |
170,523 |
|
|
Other Comprehensive Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
(9,869) |
|
|
17,903 |
|
|
(53,157) |
|
|
69,505 |
|
|
Changes in treasury locks, net of tax |
|
|
3 |
|
|
7 |
|
|
17 |
|
|
21 |
|
|
(Gain) loss on derivatives, net of tax |
|
|
(1,166) |
|
|
(3,591) |
|
|
1,046 |
|
|
(3,591) |
|
|
Defined benefit pension plan, net of tax |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of prior service cost included in net income, net of tax |
|
|
90 |
|
|
74 |
|
|
278 |
|
|
210 |
|
|
Amortization of net loss included in net income, net of tax |
|
|
1,243 |
|
|
850 |
|
|
3,754 |
|
|
2,489 |
|
|
Total defined benefit pension plan, net of tax |
|
|
1,333 |
|
|
924 |
|
|
4,032 |
|
|
2,699 |
|
|
Total other comprehensive (loss) income |
|
|
(9,699) |
|
|
15,243 |
|
|
(48,062) |
|
|
68,634 |
|
|
Comprehensive Income |
|
|
29,323 |
|
|
68,772 |
|
|
106,029 |
|
|
239,157 |
|
|
Comprehensive Income Attributable to Noncontrolling Interests |
|
|
(15) |
|
|
(11) |
|
|
(4) |
|
|
(18) |
|
|
Comprehensive Income Attributable to AptarGroup, Inc. |
|
$ |
29,308 |
|
$ |
68,761 |
|
$ |
106,025 |
|
$ |
239,139 |
|
See accompanying Unaudited Notes to Condensed Consolidated Financial Statements.
2
AptarGroup, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
In thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
|
|
2018 |
|
|
2017 |
|
|
Assets |
|
|
|
|
|
|
|
|
Current Assets: |
|
|
|
|
|
|
|
|
Cash and equivalents |
|
$ |
291,382 |
|
$ |
712,640 |
|
|
Accounts and notes receivable, less allowance for doubtful accounts of $2,702 in 2018 and $3,161 in 2017 |
|
|
580,450 |
|
|
510,426 |
|
|
Inventories |
|
|
394,264 |
|
|
337,216 |
|
|
Prepaid and other |
|
|
118,613 |
|
|
109,791 |
|
|
|
|
|
1,384,709 |
|
|
1,670,073 |
|
|
Property, Plant and Equipment: |
|
|
|
|
|
|
|
|
Buildings and improvements |
|
|
446,216 |
|
|
416,241 |
|
|
Machinery and equipment |
|
|
2,352,421 |
|
|
2,237,655 |
|
|
|
|
|
2,798,637 |
|
|
2,653,896 |
|
|
Less: Accumulated depreciation |
|
|
(1,842,885) |
|
|
(1,811,819) |
|
|
|
|
|
955,752 |
|
|
842,077 |
|
|
Land |
|
|
25,355 |
|
|
25,829 |
|
|
|
|
|
981,107 |
|
|
867,906 |
|
|
Other Assets: |
|
|
|
|
|
|
|
|
Investments in affiliates |
|
|
19,143 |
|
|
9,444 |
|
|
Goodwill |
|
|
699,330 |
|
|
443,887 |
|
|
Intangible assets |
|
|
283,110 |
|
|
95,460 |
|
|
Miscellaneous |
|
|
39,597 |
|
|
51,053 |
|
|
|
|
|
1,041,180 |
|
|
599,844 |
|
|
Total Assets |
|
$ |
3,406,996 |
|
$ |
3,137,823 |
|
See accompanying Unaudited Notes to Condensed Consolidated Financial Statements.
3
AptarGroup, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
|
In thousands, except share and per share amounts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
|
December 31, |
|
|
|
|
|
2018 |
|
|
2017 |
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
|
Notes payable, including revolving credit facilities |
|
$ |
153,236 |
|
$ |
4,336 |
|
|
Current maturities of long-term obligations, net of unamortized debt issuance costs |
|
|
64,039 |
|
|
61,833 |
|
|
Accounts payable and accrued liabilities |
|
|
524,528 |
|
|
461,579 |
|
|
|
|
|
741,803 |
|
|
527,748 |
|
|
Long-Term Obligations, net of unamortized debt issuance costs |
|
|
1,131,737 |
|
|
1,191,146 |
|
|
Deferred Liabilities and Other: |
|
|
|
|
|
|
|
|
Deferred income taxes |
|
|
48,857 |
|
|
20,995 |
|
|
Retirement and deferred compensation plans |
|
|
67,704 |
|
|
80,278 |
|
|
Deferred and other non-current liabilities |
|
|
24,837 |
|
|
5,608 |
|
|
Commitments and contingencies |
|
|
— |
|
|
— |
|
|
|
|
|
141,398 |
|
|
106,881 |
|
|
Stockholders’ Equity: |
|
|
|
|
|
|
|
|
AptarGroup, Inc. stockholders’ equity |
|
|
|
|
|
|
|
|
Common stock, $.01 par value, 199 million shares authorized, 67.2 and 66.7 million shares issued as of September 30, 2018 and December 31, 2017, respectively |
|
|
672 |
|
|
667 |
|
|
Capital in excess of par value |
|
|
670,710 |
|
|
609,471 |
|
|
Retained earnings |
|
|
1,345,851 |
|
|
1,301,147 |
|
|
Accumulated other comprehensive (loss) |
|
|
(301,348) |
|
|
(253,302) |
|
|
Less: Treasury stock at cost, 4.5 and 4.9 million shares as of September 30, 2018 and December 31, 2017, respectively |
|
|
(324,141) |
|
|
(346,245) |
|
|
Total AptarGroup, Inc. Stockholders’ Equity |
|
|
1,391,744 |
|
|
1,311,738 |
|
|
Noncontrolling interests in subsidiaries |
|
|
314 |
|
|
310 |
|
|
Total Stockholders’ Equity |
|
|
1,392,058 |
|
|
1,312,048 |
|
|
Total Liabilities and Stockholders’ Equity |
|
$ |
3,406,996 |
|
$ |
3,137,823 |
|
See accompanying Unaudited Notes to Condensed Consolidated Financial Statements.
4
AptarGroup, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
|
In thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
AptarGroup, Inc. Stockholders’ Equity |
|
|
|
|
|
|
|
|||||||||||||
|
September 30, 2018 and 2017 |
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
Other |
|
Common |
|
|
|
Capital in |
|
Non- |
|
|
|
|||||||
|
|
|
Retained |
|
Comprehensive |
|
Stock |
|
Treasury |
|
Excess of |
|
Controlling |
|
Total |
|
|||||||
|
|
|
Earnings |
|
(Loss) Income |
|
Par Value |
|
Stock |
|
Par Value |
|
Interest |
|
Equity |
|
|||||||
|
Balance - June 30, 2017 |
|
$ |
1,238,123 |
|
$ |
(266,325) |
|
$ |
665 |
|
$ |
(257,731) |
|
$ |
594,145 |
|
$ |
299 |
|
$ |
1,309,176 |
|
|
Net income |
|
|
53,523 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
6 |
|
|
53,529 |
|
|
Foreign currency translation adjustments |
|
|
— |
|
|
17,898 |
|
|
— |
|
|
— |
|
|
— |
|
|
5 |
|
|
17,903 |
|
|
Changes in unrecognized pension gains/losses and related amortization, net of tax |
|
|
— |
|
|
924 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
924 |
|
|
Changes in treasury locks, net of tax |
|
|
— |
|
|
7 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
7 |
|
|
Changes in derivative gains/losses, net of tax |
|
|
— |
|
|
(3,591) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(3,591) |
|
|
Stock awards and option exercises |
|
|
— |
|
|
— |
|
|
1 |
|
|
4,024 |
|
|
5,463 |
|
|
— |
|
|
9,488 |
|
|
Cash dividends declared on common stock |
|
|
(20,070) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(20,070) |
|
|
Treasury stock purchased |
|
|
— |
|
|
— |
|
|
— |
|
|
(45,542) |
|
|
— |
|
|
— |
|
|
(45,542) |
|
|
Balance - September 30, 2017 |
|
$ |
1,271,576 |
|
$ |
(251,087) |
|
$ |
666 |
|
$ |
(299,249) |
|
$ |
599,608 |
|
$ |
310 |
|
$ |
1,321,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance - June 30, 2018 |
|
$ |
1,328,034 |
|
$ |
(291,660) |
|
$ |
668 |
|
$ |
(336,278) |
|
$ |
646,449 |
|
$ |
299 |
|
$ |
1,347,512 |
|
|
Net income |
|
|
38,996 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
26 |
|
|
39,022 |
|
|
Foreign currency translation adjustments |
|
|
— |
|
|
(9,858) |
|
|
— |
|
|
— |
|
|
— |
|
|
(11) |
|
|
(9,869) |
|
|
Changes in unrecognized pension gains/losses and related amortization, net of tax |
|
|
— |
|
|
1,333 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,333 |
|
|
Changes in treasury locks, net of tax |
|
|
— |
|
|
3 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3 |
|
|
Changes in derivative gains/losses, net of tax |
|
|
— |
|
|
(1,166) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(1,166) |
|
|
Stock awards and option exercises |
|
|
— |
|
|
— |
|
|
4 |
|
|
12,137 |
|
|
24,261 |
|
|
— |
|
|
36,402 |
|
|
Cash dividends declared on common stock |
|
|
(21,179) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(21,179) |
|
|
Balance - September 30, 2018 |
|
$ |
1,345,851 |
|
$ |
(301,348) |
|
$ |
672 |
|
$ |
(324,141) |
|
$ |
670,710 |
|
$ |
314 |
|
$ |
1,392,058 |
|
|
In thousands |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended |
|
AptarGroup, Inc. Stockholders’ Equity |
|
|
|
|
|
|
|
|||||||||||||
|
September 30, 2018 and 2017 |
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
Other |
|
Common |
|
|
|
Capital in |
|
Non- |
|
|
|
|||||||
|
|
|
Retained |
|
Comprehensive |
|
Stock |
|
Treasury |
|
Excess of |
|
Controlling |
|
Total |
|
|||||||
|
|
|
Earnings |
|
(Loss) Income |
|
Par Value |
|
Stock |
|
Par Value |
|
Interest |
|
Equity |
|
|||||||
|
Balance - December 31, 2016 |
|
$ |
1,197,234 |
|
$ |
(319,709) |
|
$ |
660 |
|
$ |
(250,917) |
|
$ |
546,682 |
|
$ |
292 |
|
$ |
1,174,242 |
|
|
Net income |
|
|
170,517 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
6 |
|
|
170,523 |
|
|
Foreign currency translation adjustments |
|
|
— |
|
|
69,493 |
|
|
— |
|
|
— |
|
|
— |
|
|
12 |
|
|
69,505 |
|
|
Changes in unrecognized pension gains/losses and related amortization, net of tax |
|
|
— |
|
|
2,699 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,699 |
|
|
Changes in treasury locks, net of tax |
|
|
— |
|
|
21 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
21 |
|
|
Changes in derivative gains/losses, net of tax |
|
|
— |
|
|
(3,591) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(3,591) |
|
|
Stock awards and option exercises |
|
|
— |
|
|
— |
|
|
11 |
|
|
23,938 |
|
|
57,742 |
|
|
— |
|
|
81,691 |
|
|
Cash dividends declared on common stock |
|
|
(60,002) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(60,002) |
|
|
Treasury stock purchased |
|
|
— |
|
|
— |
|
|
— |
|
|
(72,270) |
|
|
— |
|
|
— |
|
|
(72,270) |
|
|
Common stock repurchased and retired |
|
|
(36,173) |
|
|
— |
|
|
(5) |
|
|
— |
|
|
(4,816) |
|
|
— |
|
|
(40,994) |
|
|
Balance - September 30, 2017 |
|
$ |
1,271,576 |
|
$ |
(251,087) |
|
$ |
666 |
|
$ |
(299,249) |
|
$ |
599,608 |
|
$ |
310 |
|
$ |
1,321,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance - December 31, 2017 |
|
$ |
1,301,147 |
|
$ |
(253,302) |
|
$ |
667 |
|
$ |
(346,245) |
|
$ |
609,471 |
|
$ |
310 |
|
$ |
1,312,048 |
|
|
Net income |
|
|
154,071 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
20 |
|
|
154,091 |
|
|
Adoption of accounting standards |
|
|
2,937 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,937 |
|
|
Foreign currency translation adjustments |
|
|
— |
|
|
(53,141) |
|
|
— |
|
|
— |
|
|
— |
|
|
(16) |
|
|
(53,157) |
|
|
Changes in unrecognized pension gains/losses and related amortization, net of tax |
|
|
— |
|
|
4,032 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
4,032 |
|
|
Changes in treasury locks, net of tax |
|
|
— |
|
|
17 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
17 |
|
|
Changes in derivative gains/losses, net of tax |
|
|
— |
|
|
1,046 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,046 |
|
|
Stock awards and option exercises |
|
|
— |
|
|
— |
|
|
11 |
|
|
26,009 |
|
|
67,705 |
|
|
— |
|
|
93,725 |
|
|
Cash dividends declared on common stock |
|
|
(60,989) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(60,989) |
|
|
Treasury stock purchased |
|
|
— |
|
|
— |
|
|
— |
|
|
(3,905) |
|
|
— |
|
|
— |
|
|
(3,905) |
|
|
Common stock repurchased and retired |
|
|
(51,315) |
|
|
— |
|
|
(6) |
|
|
— |
|
|
(6,466) |
|
|
— |
|
|
(57,787) |
|
|
Balance - September 30, 2018 |
|
$ |
1,345,851 |
|
$ |
(301,348) |
|
$ |
672 |
|
$ |
(324,141) |
|
$ |
670,710 |
|
$ |
314 |
|
$ |
1,392,058 |
|
See accompanying Unaudited Notes to Condensed Consolidated Financial Statements.
5
AptarGroup, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
|
In thousands, brackets denote cash outflows |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
Cash Flows from Operating Activities: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
154,091 |
|
$ |
170,523 |
|
|
Adjustments to reconcile net income to net cash provided by operations: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
113,555 |
|
|
107,017 |
|
|
Amortization |
|
|
9,578 |
|
|