Do paper and package product with vitality.

neenah, inc. (np)

by:Dezheng     2020-04-05
Securities and Exchange Commission of the United States (Washington, DC)C. 20549FORM10-Q(Mark One)
Quarterly reports submitted under Section 13 or section 15 (d)
According to the provisions of Section 13 or 15, in the securities trading act for the quarter of 19, the transition report for the year 2017 (d)
Document Number of the transitional securities trading Law of 1934: 001-
32240 NEENAH Paper Co. , Ltd. (
The exact name of the registrant specified in the articles of association)Delaware20-1308307(
State or other jurisdiction of company or organization)(I. R. S.
Employee Identification Number)
3460 Alpha Retta, Preston Ridge Road, Georgia 30005 (
Main executive office address)(Zip Code)(678)566-6500(
Registrant phone number, including area code)
Indicate by check mark whether the registrant (1)
All reports requested in Section 13 or 15 have been submitted (d)
Securities Trading Act of 1934 within the first 12 months (
Or a short period of time required for the registrant to submit such reports), and (2)
This filing requirement has been bound for the last 90 days.
Yesxno-indicate by check mark whether the registrant has been submitted electronically and posted on its company website, if any, according to the rules e405 of the S-regulations, each to be submittedT (§232.
This Chapter 405)
Within the first 12 months (
Or in such a short time that the registrant is required to submit and publish these documents).
Yesxno-indicate by check mark whether the registrant is a large accelerated declarant, a non-accelerated declarant
Accelerate the reporting of companies, smaller reporting companies or emerging growth companies.
See the definition of large accelerated declarers, small reporting companies and emerging growth companies in rule 12b
2 of the Trading Act. (Check one)
: Non-accelerated files for large accelerated files
Smaller reporting companies (
Do not check if there are smaller reporting companies)
Emerging growth companies-if emerging growth companies, indicate by check mark whether the registrant chooses not to use the extended transition period to comply with any new or revised financial accounting standards provided under section 13 (a)
The Trading Act.
Indicate whether the registrant is a shell company by check mark (
Defined in Rule 12b-
2 parts of the transaction law).
In 2017, about 818,390 shares of the Company\'s common stock were issued.
Table ContentsTABLE CONTENTSPartI-
Financial information item 1.
Financial statements 2.
Management Discussion and Analysis of Financial Position and operational results
Quantitative and qualitative disclosure of market risks
Control and procedures-
Other information items 1.
Legal action 1A.
Risk factor 2.
Unregistered sales of equity securities and the use of procedures
Exhibitable ContentsPartI\'s-
Financial information item 1.
Financial statement of the UK
Consolidated Business statements with subsidiaries (
In addition to sharing and data per share, millions)(Unaudited)
For the three months ended September 30 and for the nine months ended September 30 ,\'[
Sales of $245. 1$232. 9$735. 9$721.
0 product cost sold197. 1183. 7582. 3553. Gross profit 48. 049. 2153. 6168.
Sales, general and administrative costs 21. 421. 070. 971.
8 Acquisition/integration/restructuring of costs0. 91. 20. 93.
Insurance settlement (3. 2)—(3. 2)—Other (income)expense -net(0. 1)0. 1(0. 2)0.
Operating income 29. 026. 985. 292.
2 Interest expense-net3. 22. 79. 48.
Income from continuing operations before the income tax of 25. 824. 275. 883.
9 Provision for income tax 7. 07. 814. 426.
9 Income from continuing operations 18. 816. 461. 457.
Loss caused by stopping operations, deducting income tax-——(0. 4)Net income$18. 8$16. 4$61. 4$56.
6 Earnings per share are basically operating at $1. 11$0. 97$3. 63$3.
36 discontinued business——(0. 02)Basic$1. 11$0. 97$3. 63$3.
34 dilution continues to operate at $1. 10$0. 953. 583.
30 shutdown——(0. 02)Diluted$1. 10$0. 953. 583.
28 weighted average of issued ordinary shares (in thousands)
Basic16, 81116,77116, 79416, 774 Diluted 16, 97 ÷, 08817, 03417,068 Cash dividend declared per share of common stock is $0. 37$0. 33$1. 11$0.
See notes to consolidated financial statements sf-
Month table ContentsNEENAH, INC.
Consolidated income statement (In millions)(Unaudited)
For the three months ended September 30 and for the nine months ended September 30, 2017. 8$16. 4$61. 4$56.
Foreign currency conversion income not realized 5. 00. 716. 10.
9 re-classification of adjusted amortization of pension and other post-retirement benefits liabilities recognized by net periodic benefit costs (Note 5)1. 41. 94. 65. 5Net gain (loss)
From pension and other post-retirement benefits (Note 3)0. 2—(1. 0)—
Unrealized gains on \"available\"for-
Securities trading—0. 10.
1 Income from other comprehensive income projects 6. 62. 619. 86.
5 Income tax provision 0. 50. 71. 42.
Other comprehensive income 6. 11. 918. 44.
Combined income is $24. 9$18. 3$79. 8$61.
0See notes to consolidated financial statements sf-
Month table ContentsNEENAH, INC.
Consolidated Balance Sheet of subsidies (In millions)(Unaudited)
Sepdecember31, 2016 of bad assets and cash equivalents of $24. 2$3.
Accounts receivable (
One dollar Less allowance.
$7 million and $1. 5 million)122. 796. 5ventories124. 3116.
3 Prepaid and other existing assets 17. 420.
4 Total current assets288. 6236.
Properties, factories and equipment of 3 cost800. 1755.
6 minus accumulated depreciation. 7391.
Property, plant and equipment-net381. 4364.
Deferred income tax 10. 16. 1Goodwill74. 370.
4 Intangible assets-net73. 574.
Other non-current assets 0. 914.
Total assets were $846. 8$765.
Liabilities payable within six years and current liabilities for shareholders\' equity $1. 3$1.
Monthly account payable60. 955.
52 should be charged. 251.
Total current liabilities. 4108. 0Long-term Debt221. 6219.
7 Deferred income tax 20. 810.
Non-current employees benefit. 386.
Other non-current debts. 82.
Total liabilities 4. 49. 9427.
3 Accidents and legal matters (Note 8)——
Total shareholder equity 396. 9338.
Liabilities and shareholders\' equity totaled $846. 8$765.
6 See notes to consolidated financial statements sf-
Month table ContentsNEENAH, INC.
Consolidated cash flow statement with subsidiaries (In millions)(Unaudited)
Operating income for the nine months ended September 30 was $61. 4$56.
6 Adjustment to reconcile net income with net cash provided by operating activities: Depreciation and amortization 24. 324. 0Stock-
Based on compensation. 34.
Deferred income tax provisions 4. 410. 4Non-
Uncertain cash effect of changes in income tax position liabilities. 2—
Asset disposal loss 0. 20. 1(Increase)
Reduced working capital (12. 2)4.
7 pension and other retirement benefits (1. 1)(2. 3)Other0. 1(0. 2)
Net cash provided for operating activities 81. 697.
Capital expenditure on investment activities (27. 2)(49. 4)
Acquisition of assets (8. 0)—
Buy securities-(0. 1)Other(0. 3)—
Net cash for investment activities (35. 5)(49. 5)
Financing activities-
Loan period (Note 4)212. 3185.
9 long-term repayment-term debt (Note 4)(212. 1)(206. 3)
Cash dividends paid (18. 9)(16. 8)
Purchase of shares (Note 7)(7. 0)(8. 0)
Proceeds from exercise of stock options. 40.
Net cash for financing activities (25. 3)(44. 9)
Effect of exchange rate movements on cash and cash equivalents. 3(0. 2)
Net increase in cash and cash equivalents. 13.
Cash and cash equivalents at the beginning of the year 3. 14.
Cash and cash equivalents at the end of the period $2. 2$7.
3 Supplementary disclosure of cash flow information: Cash paid during the interest period, deducting the interest fee of $6. 1$5.
Cash paid for income tax for the period 2 is $6. 4$14. 1Non-
Cash investment activities: $3 in equipment purchase liabilities. 0$10.
0See notes to consolidated financial statements sf-
Month table ContentsNEENAH, INC.
Supplementary Notes on Consolidated Financial Statements (
The amount of the form in millions, but as mentioned earlier)Note 1.
Background and basic background neenah Paper, Inc. (
\"Neenah\" or \"Company \")
It is a Delaware company registered in april200 4.
The company mainly deals in: Technical product business and fine paper packaging business.
See Note 9 \"business unit information \".
\"The basis of the merger and presentation these statements are prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”)
And, in accordance with these rules and regulations, excluding all information and footnote disclosures generally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (“GAAP”).
The management believes that the information disclosed is sufficient to provide a fair presentation of the company\'s operating results, financial position and cash flow.
Management believes that the streamlined consolidated financial statements reflect all adjustments necessary to show the results of operations fairly, which only include normal recurring adjustments, financial position and cash flow during this period.
The preparation of streamlined consolidated financial statements in accordance with recognized accounting principles requires management to make extensive use of estimates and assumptions affecting the amount of the report and disclosure.
The actual results may be different from these estimates.
These consolidated financial statements shall be read in conjunction with the consolidated financial statements and their notes contained in the company\'s most recent Annual Report on form 10K.
Business results for any transition period do not necessarily indicate the expected business results for the full year.
Consolidated financial statements of Neenah and its subsidiaries were not audited.
Streamlined consolidated financial statements include the financial statements of the company and its wholly-owned and multi-CNC subsidiaries.
Eliminated inter-company balances and transactions.
Earnings per share (“EPS”)
The following table describes the calculation of basic EPS and diluted EPS (
In addition to the number of shares, thousands of dollars per share)
For the three months ended September 30 and for the nine months ended September 30, continued operating income was $18. 8$16. 4$61. 4$57.
The amount attributable to the participating securities (0. 2)(0. 2)(0. 5)(0. 6)
Income of ordinary shares to continue to operate 18. 616. 260. 956.
4 deduction of income tax and loss caused by suspension of operation-——(0. 4)
Net income available to ordinary shareholders is $18. 6$16. 2$60. 9$56. 0Weighted-
The average price of basic stocks is more than $79416,774. 11$0. 97$3. 63$3.
36 discontinued business——(0. 02)
Basic earnings per share are $1. 11$0. 97$3. 63$3. 34F-
5 for the three months ended September 30 and for the nine months ended September 30, continued operating income was $18. 8$16. 4$61. 4$57.
The amount attributable to the participating securities (0. 2)(0. 2)(0. 5)(0. 6)
Income of ordinary shares to continue to operate 18. 616. 260. 956.
4 deduction of income tax and loss caused by suspension of operation-——(0. 4)
Net income available to ordinary shareholders is $18. 6$16. 2$60. 9$56. 0Weighted-
Average basic stocks over 16, 81116,77116, 79416, 774Add: hypothetical incremental stocks under the stock compensation plan (a)
163317240294 weighted-
The average dilution shares16, 97 Pax, 08817, 03417,068 continued to operate at $1. 10$0. 95$3. 58$3.
30 shutdown——(0. 02)
Diluted earnings per share $1. 10$0. 95$3. 58$3. 28(a)
In the past three months, there have been 2017 persons and 000 potential dilution options have been excluded from the calculation of diluted common stock, because the exercise price of these options exceeds the average market price of the Company\'s common stock.
There were no dilution options for the three months ended September 30, 2016.
During these nine months, there were 72, 000 and 47 000 potential dilution options, 2017, 2016 and, respectively. Excluded from the calculation of diluted common stock, since the exercise price of these options exceeds the average market price of the Company\'s common stock.
Fair value of financial instruments companies measure the fair value of financial instruments according to the compilation of accounting standards (“ASC”)
Subject 820, fair value measurement and disclosure (Topic 820 of ASC \")
A framework has been established for the measurement of fair value.
ASC Topic 820 provides a fair value hierarchy that prioritizes investment in valuation techniques used to measure fair value.
The hierarchy gives the highest priority to unadjusted quotes in an active market with the same assets or liabilities (
First-level measurement)
And the lowest priority for non-observable inputs (
Level 3 measurement).
The following table lists the book value and fair value of the company\'s debt.
Sepdecember31, 2016 carrying fair value (a)(b)
Fair value (a)(b)
2021 advanced remarks (5. 25% fixed rate)$175. 0$171. 0$175. 0$169.
Global Revolving credit (variable rates)43. 943. 942. 942.
9 German loan agreement (2. 45% fixed rate)7. 07. 06. 86. Total debt was $225. 9$221. 9$224. 7$219. 2(a)
The fair value of all debt instruments is estimated from the secondary measurement. (b)
Fair value in the short and long term
Fixed-term debt is estimated using the interest rate of the same remaining due debt currently available to the company.
The company had $3 as of 2017.
6 million securities classified as \"Other assets\" on the streamlined consolidated balance sheet.
The cost of this Securities is $3. 4 million.
The fair value of the Company\'s securities is estimated according to the first-level investment.
Under the supplementary employee retirement plan, the company\'s securities are designated for the payment of benefits (“SERP”).
As at 2017, Neenah\'s investment in Germany was US $1.
7 million limited to certain postal charges
Among them, the benefits of retired employees are $0. 6F-
Report on the final accounts of the monthly table Contentsmillion and $.
1 million on the streamlined consolidated balance sheet, they are classified as \"Prepaid and other current assets\" and \"Other assets\", respectively \".
Prior to June 30, 2017, the company did not claim that the outstanding income from our German business was reinvested indefinitely under ASC 740 income tax.
So delay the United StatesS.
Income tax is levied on the income we plan to repatriate in the future.
On June 2017, as part of our annual strategic plan review, the company reassessed its intention to reinvest indefinitely on the undistributed income of our German business and claimed its intention to reinvest indefinitely.
As a result, the company no longer provides Deferred income tax on 2017 of the outstanding income of our German business and provides such tax in the amount of $2 in 2017.
The second quarter of 2017 reversed 3 million.
Another $4.
In the second quarter of 2017, 1 million deferred income tax liabilities for outstanding income of 2016 German countries were canceled. Note2.
On May 2014, FASB released ASU 2014-
09. contract income with customers (Topic 606).
This guide specifies how and when the entity confirms the revenue generated from signing a contract with the customer and requires the entity to disclose time and uncertainty regarding the nature, amount, revenue generated from signing a contract with the customer and cash flow.
FASB subsequently issued additional clarification criteria to address the issues arising from the implementation of the new revenue recognition criteria.
The company has basically completed the evaluation of the new standard and believes that there will be no significant impact through the consolidated financial statements.
As of January 1, 2018, the company will adopt the new standard using the revised retrospective method.
The new standard also requires additional disclosure of the nature, amount, time and uncertainty of the revenue and cash flow generated by the client\'s contract, including changes in major judgments and judgments.
On February 2016, FASB released ASU 2016-02, Leases (Topic 842)(“ASU 2016-02”). ASU 2016-
02 requires the lessee to put most of the leases on the balance sheet, but to confirm the expenses on the income statement in a manner similar to the current lease accounting.
The guide also eliminates the current real estate
Specific provisions of all entities.
The company plans to implement Asus 2016-
As of January 1, 2019.
The company is currently evaluating the impact of adopting ASU 2016
02 consolidated financial statements.
On March 2017, FASB released ASU 2017-
07. Reporting on improving the net cost of periodic pensions and the net cost of post-periodic retirement pensions (Topic 715). ASU 2017-
07 entity required (1)
Current-service-
Cost components of other components of net benefit costs (
\"Other components \")
And list Other current compensation costs for the relevant employees in the income statement, and (2)
Other components are listed elsewhere in the income statement and outside of business income, if such Subtotal is submitted.
In addition, only service-
The cost portion of the net income cost is eligible for capitalization.
The ASU will be implemented by the company in January 1, 2018.
The company does not expect to adopt the ASU 2017-
07 has a significant impact on its consolidated financial statements.
On January 2017, FASB released ASU 2017-
01. Business Portfolio (Topic 805)
Clear definition of the enterprise.
The revision of this Asus provides guidance for assessing whether a transaction should be considered as an acquisition (or disposals)
Assets or business.
The definition of an enterprise affects many areas of accounting, including acquisition, disposition, goodwill and consolidation.
These amendments come into effect for the company from January 1, 2018 and are likely to come into effect.
The company used ASU 2017 early-
Third quarter of 2017, 01.
After adoption, there was no significant impact on the consolidated financial statements.
As of the 30 th of 2017, no other amendments to ASC have been issued, which will have or are likely to have a significant impact on the company\'s financial position, operating results or cash flow. F-
Note 3 of the content table.
Supplementary balance sheet data the following table lists inventory by main Category: sepdecember31, sep Raw Material $32. 5$31.
Month in Progress 36. 726.
8 Complete goods6 1. 663.
0 supply, etc. 3. 63. 1134. 4124.
5 adjust the advanced first-out inventory to the backward cost (10. 1)(8. 2)Total$124. 3$116.
3 The inventory on the LIFO method first-in-first-out value is $117.
$9 million and $106.
8 million, 2017 and 2016, respectively.
In the past three and nine months, income from continuing operations before income tax increased by less than $0 in 2017.
1 million due to the reduction in the number of certain LIFO stocks.
The following table shows changes in cumulative Other comprehensive income (loss)(“AOCI”)
30,207: Net unrealized translation of foreign currenciesloss)Netgain(loss)
Frompensionandotherpostretimentliabilities (a)Unrealizedgain(loss)on“available-for-
Comprehensive income of securities (loss)AOCI —
$ December 31, 2016 (27. 4)$(64. 5)$(0. 1)$(92. 0)
Other comprehensive income (loss)
Before the re-classification1(1. 0)0. 115.
2 amounts re-classified from AOCI4. 6—4.
Income from other comprehensive income projects 16. 13. 60. 119.
Provision for income tax. 11. 3—1.
Other comprehensive income 16. 02. 30. 118. 4AOCI —
$ September 30, 2017 (11. 4)$(62. 2)$—$(73. 6)(a)
In the past nine months, the company has accounted for $2017.
2 million the increase in employee benefit obligations related to pension remeasurement is due to the redistribution of active and inactive participants into separate pension plans.
The company also recorded $0.
2 million settlement loss of SERP within three months of 2017.
For thenine month endedSeptember30 2017 and2016, the company is re-classified as $ collection. $6 million and $5.
5 million on a streamlined consolidated operating statement, from other consolidated income accumulated to the cost of selling and selling products, general and administrative expenses.
For thenine month endedSeptember30 2017 and2016, the company acknowledges a tax discount of $ for a monthly income. $7 million and $2.
1 million, relating to the re-classification of the consolidated business statements classified as \"income tax reserves. F-
Note 4 of the content table. DebtLong-
Regular debt including the following content: September 30, 2017 December 31, 2016 superior bill (5. 25% fixed rate)
$175. 0$175.
Global Revolving credit (variable rates)
Due to december20943. 942.
9 German loan agreement (2. 45% fixed rate)
As of the expiration of the 32-quarter equal installments of september20227. 06.
8 Deferred financing costs (3. 0)(3. 8)Total debt222. 9220.
9 Less: Debt payable within a year 1. 31. 2Long-term debt$221. 6$219.
The company completed 72021 advanced certificates, including
Senior unsecured notes (
\"Advanced notes 2021 \")
Face value of $0. 175 billion.
2021 the senior notes contain the terms, covenants and default events that the company must comply with, which the company considers to be ordinary and standard of the notes of this nature.
As at 2017, the company complied with all the terms of the 2021 senior notes deed.
The revised and restated secured revolving credit facility company revised and restated its existing credit facility by entering into a revised and restated third credit agreement (
(Revised credit agreement for the third time).
The third revised credit agreement contains the covenants that the company and its subsidiaries must comply with during the term of the agreement, which the company considers to be ordinary and standard of the agreement of this nature.
As of 2017, the company complied with all the terms of the third amendment of the credit agreement.
In August 30, 2017, the company revised the third revised credit agreement, with certain definitions and administrative modifications to the definition of EBITDA, among other things
The third revised credit agreement further provides for corporate loans and allowed offshore acquisitions to enable companies to operate and grow more effectively in the international market.
Availability under the global revolving credit mechanism changes over time, depending on the value of the company\'s inventory, accounts receivable and various capital assets.
The company had $43 as of 2017.
Borrowing $9 million and $0.
Outstanding letters of credit under the global revolving credit mechanism amounted to $9 million and $125.
9 million of available credit (
AtSeptember30, 2017 according to exchange rate).
As of page 2017, weighted-
The average rate of outstanding Global Revolving credit loans is 3.
2% per year
As of 2016, weighted-
The average interest rate under the global revolving credit mechanism is 2.
8% per year
Under the terms of 2021 Senior Notes and the third amended credit agreement, the company\'s ability to repurchase shares of common stock and pay dividends of common stock is limited.
These restrictions are triggered on the basis of the company\'s credit availability under the Third Revised Credit Agreement and the level of leverage under senior notes.
None of these covenants limit the company\'s ability to repurchase shares of common stock and pay dividends as of the 30 th of 2017.
For more information about our debt agreement, please see Note 7-to our consolidated financial statements in form 10 of 2016-K. F-
9 long-term loan and repayment form
Regular debit cash flow Consolidated statements use the gross method to present borrowings and repayments under the global revolving credit facility.
This approach not only provides discrete borrowings for transactions such as business acquisitions, but also reflects all borrowings and repayments that occur as part of the day-to-day management of cash receipts and payments.
Over the next few months, the company paid back $2017 in regular debt. 6 million,$8.
0 million of the asset acquisition loan and the remaining amount of the loan and repayment related to the daily cash management activities.
Over the next few months, the company paid back $2016 in regular debt.
9 million and net length-
Pay back the regular debt of $19.
5 million related to daily cash management activities. Note 5.
Retirement and other post-retirement benefits programs are basically all employees of the company in the United States. S.
The operation participates in the fixed benefit pension plan and/or the fixed contribution retirement plan.
The company has developed a clear welfare plan for all its employees in Germany and the UK.
In addition, the company maintains a non-
A qualified fixed benefit plan and a supplementary retirement contribution plan (the “SRCP”)which is a non-
Qualified, clear contribution plan without funds.
The company provides benefits under SERP and SRCP to meet the intent of its retirement plan without taking into account the limitations of the internal income Act on qualified and non-qualified employees
Eligible retirement benefits program
The following table lists the components of the company\'s net periodic benefit costs for fixed benefit plans and retirement plans other than pensions: the component of the net periodic benefit cost of a fixed benefit plan for the three months ended September 30, the service cost was $1. 3$1. 2$0. 3$0. 3 interest cost. 64. 00. 30.
Expected income of planned assets (a)(5. 0)(4. 7)——
Net actuarial loss confirmed 1. 41. 6—0.
Amortization of early service income. 10. 1—(0. 1)
Net cost of periodic benefits $1. 4$2. 2$0. 6$0.
As of September 30, the monthly service fee for pension collection was $4. 0$3. 6$0. 9$0.
Cost of interest 11012. 01. 11.
Expected income of planned assets (a)(14. 8)(14. 2)——
Net actuarial loss confirmed 4. 54. 90. 10.
2 Amortization of early service income. 20. 2(0. 1)(0. 2)
The net recurring income cost is $4. 9$6. 5$2. 0$2. 1(a)
The expected return on the planned assets is by multiplying the fair value of the planned assets of the previous year-end (
Adjusted to estimated cash benefit payments and contributions for the current year)
Long awaited
Long-term rate of return.
The company is expected to make a total contribution to the eligible and non-eligible fixed benefit pension trust fund and pay a pension for the unfunded pension and other post-retirement benefits plan of approximately $16 million in calendar 2017.
In the coming months, the company made $2017.
0 million of such payments.
The company paid a similar amount of $5.
$6 million and $18.
The second month ended September 30, 2016 and the second year ended December 31, 2016 were 4 million per cent, respectively. F-
Note 6 of the content table.
Stock options and stock appreciation rights (“Options”)
The following table provides information on options granted in 2017 of a specific month: option weighted average exercise price of $82 per share of 144,089.
11 Weighted average daily fair value of $13 per share. 54The weighted-
The average grant date of the option granted in the specified month is the fair value of 30, 20:7 is the use of Black-
Scholes option valuation model based on the following assumptions
Risk-free interest rate 2. 1%Volatility22.
9% dividend.
0% The following table contains the relevant plan, for a period of several months from endedSeptember30 thenine, 2017: choose vested113, 581 the choice of the total grant of fair value on a daily basis (in millions)$1.
6 The following table shows information about outstanding options: September30, desdecember31, 2016 options better than 502, and 595530,462 aggregate intrinsic values (in millions)$15. 7$25.
The weighted average exercise price per share is $54. 36$38.
35 total intrinsic value of exercise option 581336,336 (in millions)$12. 6$19.
The weighted average daily fair value of each share is $14, and the unvested options s223, 014194, 126. 65$15.
15 performance sharing units (“PSUs”)
Limited by Shares (“RSUs”)
For thenine month endedSeptember30, 2017, the company received a target bonus of41, a small stake of 883.
The measurement period of 3 out of 4 PSUs is from January 1-20, 2017 to December 31, and the measurement period of the remaining fourth PSUs is from January 1-20, 2017 to December 31.
December 31, 2019 PSUs vest.
Based on the company\'s return on investment capital, consolidated income growth, the grant of ordinary shares equal to no less than 40% and no more than 200% of the PSUs target, compared to the company in Russell 2000, the total return of EPS and shareholders®Small-cap index of value.
As further described in the performance share award agreement, the company\'s return on investment capital, consolidated revenue growth and EPS are adjusted for certain projects.
The market price on the date the PSUs was awarded was $82. 12 per share.
In the nine months of endedSeptember30, 2017, the company awarded9 226 stinking cobbler,
Employee member of the board.
The weighted average daily fair value of such awards is $75.
£ 85 per share and award vestone year from the date of award.
During the period of attribution, the holder of RSUs is entitled to a dividend, however, RSUs does not have the right to vote and is forfeited if the holder is no longer a member of the board on the date of attribution. F-11Note7.
The common shares of shareholders\' equity are 30, 2017 and 2016, and the company has 16, 818,005 and 16, 771,000 outstanding ordinary shares respectively.
In may207, the company\'s board of directors authorized a plan to allow the company to repurchase outstanding common shares of up to $25 million in the next 12 months (
\"2017 Stock Purchase Plan \").
The company has also implemented a $25 million buyback program in the past two years, which is in may207 (
\"2016 Stock Purchase Plan \")and May2016 (
\"2015 Stock Purchase Plan \"), respectively.
The following table lists the stock purchase plan related to the Purchased Shares: end of nine months on September 30, 20172016 shares $2017 stock purchase plan$——$—
2016 stock purchase plan 85,3546. 833,8002.
62015 purchase plan-—93,6005. 2Note8.
Accidents and legal matters the company is involved in certain legal proceedings and claims arising in the normal course of business.
While the results of these legal proceedings and claims cannot be predicted with certainty, the management believes that the results of any such claim are pending or threatened, either individually or in combination, will not have a significant impact on the consolidated financial situation, the results of the company\'s operations or cash flow.
Income tax companies are regularly reviewed by the Internal Revenue Service (the “IRS”)
And different states and foreign jurisdictions.
These tax authorities generally challenge certain deductions and credits reported by the company on the income tax return.
At present, neither the IRS nor any state or foreign tax authorities have raised objections to the results of major tax audits. F-
Contents of employee and labor relations table company\'s United StatesS.
Union employees are represented by the union of joint steel workers (the “USW”).
About 50 paid employees and 80 hourly employees in Neenah Germany are eligible to be represented by mining, chemical and energy unions, industry, energy unions, chemical and energy unions (the “IG BCE”).
As of 2017, the company had a market share of nearly 653 in the United States. S.
The employees covered by the collective bargaining agreement will expire within the next 12 months.
The following table shows the expiry date of the various negotiation agreements of the company and the number of employees covered by each agreement.
The number of employees is 2018 years old, WI (b)
Us wi (USA)b)
MI, MI (b)
USW203February 2019 Neenah BCE, Germany (a)
May209appleton, wireless network (b)
USW96August 2021 berryboro, tvusw90november 2021 lawville, NYUSW111 (a)
Union members are voluntary under German law and do not need to be disclosed to the company.
Therefore, it is not possible to determine the number of employees covered by the collective bargaining agreement with ig bce. (b)
Huiting, Nina, Monis and Appleton mills have had joint bargaining with USW on pension issues.
The current agreement will last until September 2019.
UK paid and hourly employees of the company are eligible to join the Union (“UNITE”)
On an individual basis, but not under a collective bargaining agreement. Note9.
Business Unit information the business unit that the company can report includes technical products, fine paper and packaging.
The technical products section is a collection of the company\'s filtering and performance materials business that is similar in economic features, product nature, process, customer category and product distribution method, and is an international fiber producer
Provide customers with special media for forming, coating and/or saturation with high performance advantages.
This section includes filter media, tape and abrasive backing products, as well as durable labels and special substrate products.
The fine paper and packaging department is a leading supplier of quality printing and other high-end printing
Final professional papers, advanced packaging and professional office papers mainly in North America.
The other part consists of paper sold to the converter for final use, such as covering materials for Diaries, diaries, yearbook and traditional photo albums.
These product lines represent an operational segment that does not meet the threshold for the number of reportable segments, however, due to the different nature of these products, they are not part of the fine paper and packaging or technical product sections.
Different technologies and marketing strategies are adopted in each segment.
The disclosure of segment information is the same as the basis for management Internal Evaluation segment performance and allocation of resources.
Eliminate transactions between segments in a merge.
The cost of shared services and other management functions jointly managed, where possible, are allocated to market segments based on usage or other factors based on the nature of the activity.
General Company expenses that do not directly support the operation of the business unit are shown as Unallocated company costs. F-
The following table summarizes the net sales and operating income of each business unit of the company.
For the three months ended September 30 and for the nine months ended September 30, 2017, salwarenet sold $125 in technical products. 9$114. 1$375. 1$362.
1 piece of fine paper and packaging. 3112. 9343. 3340. 4Other5. 95. 917. 518.
The combined $245. 1$232. 9$735. 9$721.
0 three months as of September 30, nine months as of September 30loss)
$15 for technical products. 6$14. 1$44. 1$53.
Exquisite paper and packaging. 817. 355. 653. 2Other0. 20. 10. 10.
1 Unallocated company costs (4. 6)(4. 6)(14. 6)(14. 5)$29 after the merger0$26. 9$85. 2$92. 2Note10.
Subsequently, on November 1, 2017, the company purchased all outstanding shares of W. A.
Sanders coldenhoffV. (\"Coldenhove\")
About $45 million.
The money was funded by cash of $14 million on hand and borrowing $31 million from global revolving credit institutions.
Coolenhove is a professional material manufacturer based in the Netherlands, leading in digital transmission media and other technical products.
The company assumes all rights, obligations and liabilities of Coldenhove, subject to certain statements, warranties, terms, conditions and compensation typical of such transactions.
The company will explain the acquisition according to ASC 805 \"business portfolio\", which requires the acquisition of assets and liabilities at fair value on the date of acquisition.
Since the company has not finalized the acquisition accounting, the company has not included unaudited form information in this document. F-
Table 2 of contents.
Management\'s Discussion and Analysis of financial situation and Operational Results The following discussion and analysis shows the factors that have a significant impact on our financial situation as of 30 years, 2017, we of action results three A and nine a month endedSeptember30 2017 and2016.
You should read this discussion in conjunction with our consolidated financial statements and our recent notes to consolidated financial statements contained in our Annual Report on form 10K.
Management\'s Discussion and Analysis of the financial position and results of operations contains the following
Look at the report. See “Forward-
Looking for statements \"to discuss the uncertainties, risks and assumptions associated with these statements.
A three-month executive summary of 2017, combined net sales of $245.
$12 was added to 1 million.
Compared with the previous year, 2 million was the result of the increase in quantity and favorable monetary effect, the growth of technical products, and also the slight increase in fine paper and packaging due to the mixture of rising prices.
Consolidated operating income of $29.
0 million, three months endedSeptember30, an increase of $2017.
An increase of 1 million over the previous year.
The growth is mainly due to the increase in the number of technical products and the improvement of operational efficiency, as well as the benefits of the benefits and monetary effects of insurance settlement.
These favorable differences were partially offset by the expected beginning
Increased losses to the US filtration business, increased input and shipping costs.
$81 in cash from business activities.
6 million month thenine endedSeptember30, 2017 month is $.
1 million lower than the $97 cash generated.
7 million during the previous year, it was mainly due to the increase in investment in working capital, mainly due to the increase in investment in accounts receivable.
In this section, we discuss and analyze our net sales, interest and pre-tax income (
What we call \"operating income \")
And other relevant information to understand the results of our actions for three months andnine endedSeptember30 2017 and2016.
Net sales analysis-
For the three months ended September 30, 2017, andnine and2016 the following table contains the online sales, as a percentage of the whole network sales: the end of the three months on September 30, end of nine months September 30, 2017 2017-12-206net salesTechnical products $125. 952%$114. 149%$375. 151%$362.
150% fine paper and packaging. 346%112. 948%343. 347%340. 447%Other5. 92%5. 93%17. 52%18.
53% comprehensive 245 dollar. 1100%$232. 9100%$735. 9100%$721. 0100%F-
Monthly Table contentscumentary: net sales endedSeptember30 in the following table are subdivided into three months, 2017 cm and2016: end of three months on September 30, changeinenetsalescomparedtoprioriodo changeduetouch (a)
$125 in money technology products. 9$114. 1$11. 8$8. 3$0. 7$2.
Exquisite paper and packaging. 3112. 9$0. 4(1. 8)2. 2—Other5. 95. 9$————
$245. 1$232. 9$12. 2$6. 5$2. 9$2. 8(a)
Includes changes in sales price and product mix.
Net sales after the merger were $245.
1 million, three months endedSeptember30, an increase of $2017.
Compared with the previous year, 2 million was the result of the increase in quantity and favorable monetary effect, the growth of technical products, and also the slight increase in fine paper and packaging due to the mixture of rising prices.
Net sales in our technology products business increased by $11.
Due to an increase in the number of supports, labels and filters, and an increase in the average selling price and favorable currency exchange effects, it was 8 million higher than in the previous period.
Net sales for our fine paper and packaging business increased by $0.
Due to the high average selling price, the lower transport volume was offset, an increase of 4 million over the previous year.
The decline in volume is mainly duepriced, non-
Brand rating, which also contributed to a higher-priced sales mix.
The net sales segment listed in the table below is nine months endedSeptember30 2017 and2016: end of nine months on September 30, changenetsalescomparedtopriorperiodchangeduetouch 206totalchangevolenetprice (a)
$375 in money technology products. 1$362. 1$13. 0$8. 3$6. 2$(1. 5)
343 fine paper and packaging. 3340. 4$2. 98. 5(5. 6)—Other17. 518. 5$(1. 0)(1. 0)——
$735. 9$721. 0$14. 9$15. 8$0. 6$(1. 5)(a)
Includes changes in sales price and product mix.
Net sales after the merger were $735.
Over the past nine months, $9 million has increased by $2017.
9 million compared with the previous year, the growth of fine paper and packaging and technical products was only partially offset by the reduction in the price of fine paper and packaging, the adverse monetary impact, and the decline in sales of other products, mainly related to diary, diary and yearbook.
Net sales for our technology products business increased by $13.
Due to the large volume of backing, labeling and filtration, and the higher price mixture, an increase of 0 million over the previous period.
These items were partially offset by the adverse monetary impact.
Net sales for our fine paper and packaging business increased by $2.
Due to the high volume, an increase of 9 million over the same period last year, mainly offset by low-cost mixing.
The increase in sales reflects
Double-digit growth in branded products and high-end packaging. F-
Analysis Table of operating income content-
Three and nine months as of September 30, 2017 and 6. The following table lists the line items in our streamlined consolidated operations report, as a percentage of net sales for the indicated period, designed to serve as our historical result: three months as of September 30, nine months as of September 30, 2017. 0%100. 0%100. 0%100.
The cost of Sold80 products is 0%. 478. 979. 176. Total profit. 621. 120. 923.
Sales, general and administrative expenses. 79. 09. 610.
0 Acquisition/integration/restructuring of costs0. 40. 50. 10.
Insurance settlement (1. 3)—(0. 4)—Other (income)expense -net————
Operating income 11. 811. 611. 612.
Interest expense-net1. 31. 21. 31.
2 Continuous Operating income before income tax 10. 510. 410. 311.
Provision for income tax. 83. 42. 03.
7 Income from continuing operations 7. 7%7. 0%8. 3%7.
Comments of 9%: The following table is subdivided into three months of business income endedSeptember30 2017 and2016: Twelve Months of changeoperatingincomedtopriorperiodthree on September 30, changedutotalnetinput price (a)Costs(b)CurrencyOther(c)
$15 for technical products. 6$14. 1$1. 5$2. 3$0. 5$(1. 0)$0. 4$(0. 7)
Exquisite paper and packaging. 817. 30. 5(0. 1)0. 1(1. 1)—1. 6Other0. 20. 10. 1————0.
1 Unallocated company costs (4. 6)(4. 6)——————$29 after the merger0$26. 9$2. 1$2. 2$0. 6$(2. 1)$0. 4$1. 0(a)
Includes changes in sales price and product mix. (b)
Including price changes in raw materials and energy. (c)
Including other manufacturing costs, more (under)
Absorption of fixed costs, distribution and SG & A charges, start-
Fees and other fees in the United StatesS.
Filter the cost of business, insurance settlement and acquisition/consolidation/restructuring.
Consolidated operating income of $29.
0 million, three months endedSeptember30, an increase of $2017.
An increase of 1 million over the previous year.
The growth is mainly due to the increase in the number of technical products and the improvement of operational efficiency, as well as the benefits of the benefits and monetary effects of insurance settlement.
These favorable differences were partially offset by the expected beginning
Increased losses to the US filtration business, increased input and shipping costs.
Insurance settlement for $3 is not included.
2 million of 2017 and collection of, integration recombinant cost $ month. $9 million and $1.
2 million, 2017 and 2016, respectively, decreased operating income for $ month. 4 million.
Operating income from our technology products business has increased by $1.
Compared to the previous year, 5 million was mainly due to increased sales volume, increased operational efficiency, increased average sales prices and favorable monetary effects.
In addition, the cost was reduced due to the delay in annual filter maintenance in Germany to the fourth quarter.
These projects exceed the offset costs during the US period. S.
Filter start-
Investment prices rose.
Excluding $0 consolidation and restructuring costs.
1 million. $2016 in business income.
An increase of 4 million over the previous year. F-
Revenue from our fine paper and packaging business has increased by $0.
An increase of 5 million over the previous year.
In\'s operating income includes $2 In insurance settlement benefits.
9 million the increase in transportation and input costs and the reduction in operational efficiency largely offset this.
Insurance settlement for $2 is not included.
9 million is 2017 and the cost of consolidation and restructuring is $0.
3 million 2016, operating income fell by $ month. 7 million.
Unallocated company fees for three months, $2017 4.
6 million consistent with the previous year.
Excluding $0 acquisition and consolidation costs. $9 million and $0.
8 million, 2017 and 2016, respectively, operating income of $ month. 1 million.
Part of the operating income listed in the table below is nine months endedSeptember30 2017 and2016: Twelve Months of changeoperatingincomaredtopriorperiodnine on September 30, changedutotalnetinput price (a)Costs(b)CurrencyOther(c)
$44 for technical products. 1$53. 4$(9. 3)$2. 8$0. 8$(4. 9)$(0. 3)$(7. 7)
Exquisite paper and packaging. 653. 22. 42. 9(3. 2)(1. 2)—3. 9Other0. 10. 1—(1. 0)———1.
0 Unallocated enterprise costs (14. 6)(14. 5)(0. 1)————(0. 1)Combined $852$92. 2$(7. 0)$4. 7$(2. 4)$(6. 1)$(0. 3)$(2. 9)(a)
Includes changes in sales price and product mix. (b)
Including price changes in raw materials and energy. (c)
Including other manufacturing costs, more (under)
Absorption of fixed costs, distribution and SG & A charges, start-
Fees and other fees in the United StatesS.
Filter the cost of business, insurance settlement and consolidation/restructuring.
Consolidated operating income of $85.
The 9-month period of EndedSeptember30 was 2 million, a decrease of $2017.
An increase of 0 million over the previous year.
The main reason for the decline is the increase in economic losses in the United States. S.
Filter business launch-
Increased input and shipping costs, as well as lower value combinations in fine paper and packaging.
These items are only partially offset by higher volume and sales prices, insurance settlement income, higher operational efficiency and lower SG & A spending.
Insurance settlement for $3 is not included.
2 million and $0 for consolidation and restructuring. $9 million and $3.
7 million, 2017 and 2016, respectively, the decline in operating income of $ will be taken. 0 million.
The operating income of our technology products business has decreased by $9.
An increase of 3 million over the previous year, mainly due to increased manufacturing costs, including losses in the United StatesS.
Filter business launch-
Adverse effects such as increased material and transport costs, additional downtime in Germany and adverse monetary effects.
These projects are partially offset by the benefits of higher sales mix, manufacturing efficiency, and lower integration and restructuring costs.
Excluding $0 consolidation and restructuring costs.
6 million 2016. action to be taken to reduce operating income by $.
An increase of 9 million over the previous year.
Operating income from our fine paper and packaging business has increased by $2.
Due to increased sales volume, increased manufacturing efficiency and reduced integration costs, the insurance settlement was $2, an increase of 4 million over the previous year.
9 million, this is partially offset by low-cost product portfolios, unplanned downtime, and higher material and transportation costs.
Insurance settlement for $2 is not included.
$9 million for 2017 month and $ for consolidation and restructuring.
1 million 2016, operating income fell by $ month. 6 million.
Undistributed corporate expenses for 9 months were 2017 of $30, 14. 6 million is $0.
1 million higher than the previous year.
Excluding $0 acquisition and consolidation costs. $9 million and $1.
4 million, 2017 and 2016, respectively, the undistributed company rose $ per month. 6 million. F-
18 The table of contents the following table lists our operating income by department, adjusted according to the impact of integration and restructuring costs, showing the period as follows: three months as of September 30, operating revenue of $15 in technical products for the nine months ended September 30. 6$14. 1$44. 1$53.
Exquisite paper and packaging. 817. 355. 653. 2Other0. 20. 10. 10.
1 Unallocated company costs (4. 6)(4. 6)(14. 6)(14. 5)
Operating income is reported to be $29. 0$26. 9$85. 2$92.
2 Adjustment of reported operating income technical product integration/restructuring cost0. 1—0.
6 settlement of fine paper and packaging insurance (2. 9)—(2. 9)—
Cost of consolidation/restructuring-0. 3—1.
Other insurance settlement (0. 3)—(0. 3)—
Cost of consolidation/restructuring-——0.
6 Unallocated company cost acquisition/restructuring cost 0. 90. 80. 91.
4 report the total adjustment of operating income (2. 3)1. 2(2. 3)3.
Adjusted operating income is $26. 7$28. 1$82. 9$95.
9 according to the recognized accounting principles of the United States (“GAAP”)
Consolidated operating income includes
Tax effects on insurance settlement, acquisition, consolidation and restructuring costs.
We believe that by adjusting the reported operating income to exclude the impact of these projects, the resulting adjusted operating income is based on the results reflecting the business we are doing.
We believe that providing adjusted operating results will help investors gain a better understanding of potential business trends and results.
Adjusted operating income is not a recognized term under GAAP and should not be considered separately or considered as a substitute for operating income obtained under GAAP.
Other companies may use different methods to calculate their non-
GAAP financial indicators, therefore, our non-
GAAP Financial indicators may not be comparable to their indicators.
Operating Instructions additional instructions: $ SG & $21 fee.
4 million of the three months of EndedSeptember30, 2017 is $0.
4 million higher than SG & $21 fee.
The previous year was 0 million.
In the past three months, SG & A expenses fell to 2017 of sales as A percentage. 7% from 9.
The previous year was 0%.
SG & $70 fee.
The 9-month £ 9 million for EndedSeptember30, 2017 is $0.
9 million lower than SG & $71 fee.
The previous year was 8 million.
In the past 9 months, SG & A expenses fell to 2017 of sales as A percentage.
6%.
The previous year was 0%.
In the three months of 2017, we had a net interest expense of $3.
2 million higher than $2.
7 million during the previous year, it was mainly due to the capitalization of $0 in interest.
3 million in the United StatesS.
Filter items and higher interest rates in 2016.
In the nine months of 2017, we incurred a net interest expense of $9.
4 million, above $8.
3 million during the previous year, it was mainly due to the capitalization of $0 in interest.
7 million in the United StatesS.
Filter items and higher interest rates in 2016.
Historically, our actual tax rate is different from that of the United States. S.
The statutory tax rate is 35%, mainly due to the previous
Tax revenue in a different marginal tax rate jurisdiction than in the United StatesS.
Statutory tax rates, R & D and other tax credits, and excess tax benefits from stock compensation.
In June 2017, as part of our annual strategic plan review, we re-evaluated our intention to reinvest indefinitely
19 The table of contents of our German business and claims that we intend to reinvest indefinitely under ASC 740 income tax.
As a result, we no longer provide Deferred income tax for 2017 of outstanding income from our German business.
In three months of endedSeptember30 2017 and2016, we recorded $ army of income tax. $0 million and $7.
8 million respectively.
Due to the statement of indefinite reinvestment, the effective income tax rate for the three months ended September 30, 2016 was 2017, down from 32%.
For more details, see Note 1 \"background and basics of the presentation-Income Taxes\".
Working capital and sources of funds for the nine months ended September 30, 2017used in)
: Operating activities $81. 6$97.
Investment activities: Capital expenditure (27. 2)(49. 4)
Acquisition of assets (8. 0)—
Other investment activities (0. 3)(0. 1)Total(35. 5)(49. 5)
Financing activities: Net long-term repaymentterm debt0. 2(20. 4)
Other financing activities (25. 5)(24. 5)Total(25. 3)(44. 9)
Effect of exchange rate movements on cash and cash equivalents. 3(0. 2)
The net increase in cash and cash equivalents was $21. 1$3.
1 Operating cash flow note cash provided by operating activities $81.
6 million month thenine endedSeptember30, 2017 month is $.
$1 million less cash than business activities.
The previous year was 7 million.
The disadvantage is mainly due to the increase in working capital investment, mainly accounts receivable.
Investment Review: ten month endedSeptember30 2017 and2016, cash investment activities are used for $35.
$5 million and $49.
5 million respectively, mainly due to the United StatesS.
Filtering project completed in 2016.
We bought a laminated asset for $8.
The third quarter of 2017 was 0 million to support the continued growth of our high-end packaging business.
Capital expenditures are expected to be approximately $45 million throughout the year, within the normal range of approximately 3-5% of net sales.
Financing comments: our liquidity requirements are provided by cash generated by operationsBorrowing regularly.
30, 2017 and 2016, cash for financing activities was $25.
$3 million and $44.
9 million respectively.
Cash used in financing activities mainly includes dividends paid, share repurchase and net long-term paymentsterm debt.
Depending on the value of our inventory, accounts receivable and various capital assets, availability under our revolving credit mechanism changes over time.
We have $43 as of £ 2017.
We have 9 million outstanding loans and $125 under our global revolving credit facility.
9 million of available credit (
AtSeptember30, 2017 according to exchange rate). F-
20 content table we require the principal of the debt to be paid by US $2018.
3 million principal payment of the German loan agreement.
Over the next few months, 2017 of cash and cash equivalents have increased by $21. $1 million to $24.
2 million atSeptember30, 2017 from $3.
1 million atDecember31, 2016.
Total debt increased by $2.
Between $222 and $.
9 million atSeptember30, 2017 from $220.
9 million atDecember31, 2016. Net debt (
Total debt minus cash and cash equivalents)
$19 less. 1 million.
Our cash balance is $2017.
2 million is made up of $4.
8 million in the United StatesS. and $19.
4 million held by entities outside the United StatesS.
As of the 30 th of 2017, there were no restrictions on the repatriation of our non-citizensU. S. cash.
However, return these cash balances to the United StatesS.
As income is claimed to be reinvested indefinitely, we will increase the terms of income tax.
In the transaction with November2016 shareholders, our board of directors approved an increase of the quarterly dividend rate of our common stock by 12% to $0.
37 shares per share, effective after the dividend payment on March 2017.
For thenine month endedSeptember30 2017 and2016, the cash dividend we paid was $ month.
$11 or $18 per share. $9 million and $0.
$99 or $16 per share.
8 million respectively.
Purchases made under the 2017 stock purchase plan will be made from time to time in the open market or in a privately negotiated transaction, as required by applicable law.
The time and amount of any purchase will depend on the stock price, market conditions and other factors.
2017 the stock purchase plan does not require us to purchase any particular number of shares and can be suspended or discontinued at any time.
For the three month endedSeptember30 2017 and2016, the purchase of about 854 million ordinary shares will cost $.
The cost of 8 million shares and 127,400 ordinary shares is $7.
8 million respectively.
In three months, we did not buy back 2017 shares.
For more details on our stock purchase plan, see note 7.
Other items: We have $25 as of $2017. 0 million of U. S.
Federal and state R & D (\"R&D\")
If not used, credit lines in the US will expire between 2030 and 2037S.
Federal R & D credit and state R & D credit from 2017 to 2032.
We reflect the valuation allowance of $3.
Part of the R & D credit is 4 million.
In addition, we have $43 as of £ 2017.
National net operating loss of 6 million (\"NOLs\").
Our state NOLs can offset about $2.
1 million of national income tax.
If not used, basically all state NOLs will expire between 2017 and 2037.
Management believes that our ability and borrowing capacity to generate cash from operations is sufficient to fund working capital, capital expenditures and other cash needs for the next 12 months.
Among other things, our ability to get enough cash from bey207\'s operations will depend on our ability to successfully implement our business strategy to control costs based on market conditions, and manage the impact of input price and currency changes.
We cannot guarantee that we can implement these projects successfully. F-
21 content accounting policies and estimates usage tables the preparation of financial statements in accordance with generally accepted accounting principles in the United States needs to affect the estimates of the amount of assets and liabilities reported and assume the date of the financial statements and net sales during the reporting period and reported amount of expenses.
We believe that the estimates, assumptions and judgments described in \"Management\'s Discussion and Analysis of Financial Position and operational results\"
Key accounting policies in our recent annual report on Form10
K has the greatest potential impact on our financial statements, so we think these are our key accounting policies.
The key accounting policies used in preparing consolidated financial statements are those that are important to the presentation of financial status and operational results and need to make significant judgments on the estimates used.
These key judgments relate to the time to confirm sales revenue, recoverability of deferred income tax assets, pension benefits and future cash flow related to long-term impairment testslived assets.
The actual results may be different from those estimates, and changes in those estimates are recorded when known.
We believe that the consistent application of these policies enables us to provide useful and reliable information to readers of financial statements about our operating results and financial conditions.
The estimates used in these policies or policy applications have not changed significantly since 2016. F-
22 content comment table on forwarding
View the statement in this quarterly report on form 10
Q may constitute \"forward-
Statement of \"Outlook\" as defined in Section 27a of the Securities Act of 1933 (
Securities law)
Section 21e of the Securities Trading Act of 1934 (
Trade Act)
The Reform Act of private equity litigation in 1995 (the “PSLRA”)
Or in the release of the SEC, all of this may be modified from time to time.
Statements of non-historical facts contained in this quarterly report may be forwarded-
Forward-looking statements in the sense of PSLRA, we remind investors of any forward-looking statements
The statements we make do not guarantee or indicate future performance. These forward-
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