☑ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Standard Motor Products, Inc. | ||
(Exact name of registrant as specified in its charter) |
New York | 11-1362020 | ||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||
37-18 Northern Blvd., Long Island City, New York | 11101 | ||
(Address of principal executive offices) | (Zip Code) | ||
Registrant’s telephone number, including area code: | (718) 392-0200 | ||
Securities registered pursuant to Section 12(b) of the Act: |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, par value $2.00 per share | SMP | New York Stock Exchange LLC |
Securities registered pursuant to Section 12(g) of the Act: | None |
Large Accelerated Filer ☑ | Accelerated Filer ☐ |
Non-Accelerated Filer ☐ | Smaller reporting company ☐ |
Emerging growth company ☐ |
PART I. | Page No. | |
Item 1. | 3 | |
Item 1A. | ||
Item 1B. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II. | ||
Item 5. | ||
Item 6. | 29 | |
Item 7. | ||
Item 7A. | ||
Item 8. | ||
Item 9. | 88 | |
Item 9A. | 88 | |
Item 9B. | 89 | |
Item 9C. | 89 | |
PART III. | ||
Item 10. | 89 | |
Item 11. | 89 | |
Item 12. | 89 | |
Item 13. | ||
Item 14. | ||
PART IV. | ||
Item 15. | 90 | |
Item 16. | 90 | |
94 |
Maintain Our Strong Aftermarket Competitive Position in our Engine Management and Temperature Control Businesses. We are a leading independent manufacturer and distributor serving North America and other geographic areas in our core businesses of Engine Management and Temperature Control. We believe that our success is attributable to our emphasis on product quality, the breadth and depth of our product lines for both domestic and import vehicles, and our reputation for outstanding value-added services. |
Provide Superior Value-Added Services and Product Availability. Our goal is to increase sales to existing and new customers by leveraging our skills in rapidly filling orders, maintaining high levels of product availability and offering a product portfolio that provides comprehensive coverage for all vehicle applications. |
Expand Our Product Lines. |
Improve Operating Efficiency and Cost Position. Our management places significant emphasis on improving our financial performance by achieving operating efficiencies and improving asset utilization, while maintaining product quality and high customer order fill rates. |
Cash Utilization. We intend to apply any excess cash flow from operations and the management of working capital primarily to reduce our outstanding indebtedness, pay dividends to our shareholders, expand our product lines by investing in new tooling and equipment, grow revenues through potential acquisitions, and repurchase shares of our common stock. |
• | Environmental, Social & Governance. We support and seek continuous improvement in the pursuit of environmental, social and corporate governance (ESG) practices that embody our culture and what we believe it means to be a good corporate citizen. |
Engine Management Products | ||
Temperature Control Products |
Engine Management |
Automotive aftermarket retailers, such as O’Reilly Automotive, Inc. (“O’Reilly”), |
Automotive aftermarket distributors, including warehouse distributors and program distribution groups, such as Genuine Parts Co. and National Automotive Parts Association (“NAPA”), Auto Value and All Pro/Bumper to Bumper (Aftermarket Auto Parts Alliance, Inc.), Automotive Distribution Network LLC, The National Pronto Association (“Pronto”), Federated Auto Parts Distributors, Inc. (“Federated”), Pronto and Federated’s affiliate, the Automotive Parts Services Group or The Group, and Icahn Automotive Group LLC (doing business as Pep Boys, Auto Plus, AAMCO and Precision Tune Auto Care). |
Original equipment manufacturers and original equipment service part operations, such as General Motors Co., |
ITEM 1B. | UNRESOLVED STAFF COMMENTS |
Location | State or Country | Principal Business Activity | Approx. Square Feet | Owned or Expiration Date of Lease | State or Country | Principal Business Activity | Approx. Square Feet | Owned or Expiration Date of Lease | ||||||||
Engine Management | Engine Management | |||||||||||||||
Ft. Lauderdale | FL | Distribution | 23,300 | Owned | FL | Distribution | 23,300 | Owned | ||||||||
Ft. Lauderdale | FL | Distribution | 30,000 | Owned | FL | Distribution | 30,000 | Owned | ||||||||
Mishawaka | IN | Manufacturing | 153,100 | Owned | IN | Manufacturing | 153,100 | Owned | ||||||||
Edwardsville | KS | Distribution | 363,500 | Owned | KS | Distribution | 363,500 | Owned | ||||||||
Independence | KS | Manufacturing | 337,400 | Owned | KS | Manufacturing | 337,400 | Owned | ||||||||
Long Island City | NY | Administration | 75,800 | 2023 | NY | Administration | 75,800 | 2023 | ||||||||
Greenville | SC | Manufacturing | 184,500 | Owned | SC | Manufacturing | 184,500 | Owned | ||||||||
Disputanta | VA | Distribution | 411,000 | Owned | VA | Distribution | 411,000 | Owned | ||||||||
Reynosa | Mexico | Manufacturing | 175,000 | 2025 | Mexico | Manufacturing | 175,000 | 2025 | ||||||||
Reynosa | Mexico | Manufacturing | 153,000 | 2023 | Mexico | Manufacturing | 153,000 | 2023 | ||||||||
Bialystok | Poland | Manufacturing | 108,300 | 2022 | Poland | Manufacturing | 142,400 | 2027 | ||||||||
Sheboygan Falls | WI | Manufacturing | 22,000 | 2025 | ||||||||||||
Milwaukee | WI | Manufacturing | 84,000 | 2028 | ||||||||||||
Tijuana | Mexico | Manufacturing | 37,500 | 2023 | ||||||||||||
Kirchheim-Teck | Germany | Distribution | 27,500 | 2031 | ||||||||||||
Pécel | Hungary | Manufacturing | 52,400 | 2031 | ||||||||||||
Wuxi | China | Manufacturing | 27,600 | 2023 | ||||||||||||
Temperature Control | Temperature Control | |||||||||||||||
Lewisville | TX | Administration and Distribution | 415,000 | 2024 | TX | Administration and Distribution | 415,000 | 2024 | ||||||||
St. Thomas | Canada | Manufacturing | 40,000 | Owned | Canada | Manufacturing | 40,000 | Owned | ||||||||
Reynosa | Mexico | Manufacturing | 82,000 | 2024 | Mexico | Manufacturing | 82,000 | 2026 | ||||||||
Reynosa | Mexico | Manufacturing | 118,000 | 2021 | Mexico | Manufacturing | 117,500 | 2026 | ||||||||
Reynosa | Mexico | Manufacturing | 111,800 | 2024 | ||||||||||||
Other | Other | |||||||||||||||
Mississauga | Canada | Administration and Distribution | 82,400 | 2023 | Canada | Administration and Distribution | 82,400 | 2023 | ||||||||
Irving | TX | Training Center | 13,400 | 2021 | TX | Training Center | 13,400 | 2027 |
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Maximum Number (or Approximate Dollar Value) of Shares that may yet be Purchased Under the Plans or Programs (2) | ||||||||||||
October 1-31, 2021 | — | $ | — | — | $ | — | ||||||||||
November 1-30, 2021 | 6,000 | 49.04 | 6,000 | 29,705,754 | ||||||||||||
December 1-31, 2021 | 1,000 | 47.69 | 1,000 | 29,656,062 | ||||||||||||
Total | 7,000 | $ | 49.13 | 7,000 | $ | 29,656,062 |
(1) | All shares were purchased through the publicly announced stock repurchase programs in open-market transactions. |
(2) | In October 2021, our Board of Directors authorized the purchase of up to $30 million of our common stock under a stock repurchase program. Stock will be purchased from time to time, in the open market, or through private transactions, as market conditions warrant. Under this program, during the fourth quarter of 2021, we repurchased 7,000 shares of our common stock at a total cost of $0.3 million. During the year ended December 31, 2021, additional stock repurchases of 615,265 shares were made at a total cost of $26.5 million under prior Board of Directors authorizations, which are now fully completed. |
SMP | S&P 500 | S&P 1500 Auto Parts & Equipment Index | SMP | S&P 500 | S&P 1500 Auto Parts & Equipment Index | ||||||||||||
2014 | 100 | 100 | 100 | ||||||||||||||
2015 | 101 | 101 | 93 | ||||||||||||||
2016 | 144 | 114 | 99 | 100 | 100 | 100 | |||||||||||
2017 | 124 | 138 | 130 | 86 | 122 | 132 | |||||||||||
2018 | 136 | 132 | 89 | 94 | 116 | 90 | |||||||||||
2019 | 152 | 174 | 119 | 105 | 153 | 121 | |||||||||||
2020 | 81 | 181 | 148 | ||||||||||||||
2021 | 107 | 233 | 182 |
Year Ended December 31, | ||||||||||||||||||||
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Statement of Operations Data: | ||||||||||||||||||||
Net sales | $ | 1,137,913 | $ | 1,092,051 | $ | 1,116,143 | $ | 1,058,482 | $ | 971,975 | ||||||||||
Gross profit | 331,800 | 312,787 | 326,656 | 322,487 | 280,988 | |||||||||||||||
Operating income (1) | 94,495 | 81,268 | 97,521 | 98,789 | 79,764 | |||||||||||||||
Earnings from continuing operations (2) | 69,051 | 56,854 | 43,630 | 62,412 | 48,120 | |||||||||||||||
Loss from discontinued operations, net of income tax benefit (3) | (11,134 | ) | (13,851 | ) | (5,654 | ) | (1,982 | ) | (2,102 | ) | ||||||||||
Net earnings (2) (3) | 57,917 | 43,003 | 37,976 | 60,430 | 46,018 | |||||||||||||||
Per Share Data: | ||||||||||||||||||||
Earnings from continuing operations (2): | ||||||||||||||||||||
Basic | $ | 3.09 | $ | 2.53 | $ | 1.92 | $ | 2.75 | $ | 2.11 | ||||||||||
Diluted | 3.03 | 2.48 | 1.88 | 2.70 | 2.08 | |||||||||||||||
Earnings per common share (2) (3): | ||||||||||||||||||||
Basic | 2.59 | 1.91 | 1.67 | 2.66 | 2.02 | |||||||||||||||
Diluted | 2.54 | 1.88 | 1.64 | 2.62 | 1.99 | |||||||||||||||
Cash dividends per common share | 0.92 | 0.84 | 0.76 | 0.68 | 0.60 | |||||||||||||||
Other Data: | ||||||||||||||||||||
Depreciation and amortization | $ | 25,809 | $ | 24,104 | $ | 23,916 | $ | 20,457 | $ | 17,637 | ||||||||||
Capital expenditures | 16,185 | 20,141 | 24,442 | 20,921 | 18,047 | |||||||||||||||
Dividends | 20,593 | 18,854 | 17,287 | 15,447 | 13,697 | |||||||||||||||
Cash Flows Provided By (Used In): | ||||||||||||||||||||
Operating activities | $ | 76,928 | $ | 70,258 | $ | 64,617 | $ | 97,805 | $ | 65,171 | ||||||||||
Investing activities | (54,812 | ) | (29,886 | ) | (31,228 | ) | (88,018 | ) | (18,011 | ) | ||||||||||
Financing activities | (23,378 | ) | (46,121 | ) | (35,944 | ) | (7,756 | ) | (41,155 | ) | ||||||||||
Balance Sheet Data (at period end): | ||||||||||||||||||||
Cash and cash equivalents | $ | 10,372 | $ | 11,138 | $ | 17,323 | $ | 19,796 | $ | 18,800 | ||||||||||
Working capital | 239,969 | 233,638 | 210,194 | 190,380 | 195,198 | |||||||||||||||
Total assets (4) | 912,730 | 843,132 | 787,567 | 768,697 | 681,064 | |||||||||||||||
Total debt | 57,045 | 49,219 | 61,778 | 54,975 | 47,505 | |||||||||||||||
Long-term debt (excluding current portion) | 129 | 153 | 79 | 120 | 62 | |||||||||||||||
Stockholders’ equity | 504,228 | 467,201 | 453,654 | 441,028 | 391,979 |
ITEM 7. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
December 31, | ||||||||||||
(In thousands, except per share data) | 2021 | 2020 | 2019 | |||||||||
Net sales | $ | 1,298,816 | $ | 1,128,588 | $ | 1,137,913 | ||||||
Gross profit | 376,931 | 336,655 | 331,800 | |||||||||
Gross profit % | 29 | % | 29.8 | % | 29.2 | % | ||||||
Operating income | 128,999 | 108,895 | 94,495 | |||||||||
Operating income % | 9.9 | % | 9.6 | % | 8.3 | % | ||||||
Earnings from continuing operations before income taxes | 130,465 | 107,379 | 91,796 | |||||||||
Provision for income taxes | 31,044 | 26,962 | 22,745 | |||||||||
Earnings from continuing operations | 99,421 | 80,417 | 69,051 | |||||||||
Loss from discontinued operations, net of income taxes | (8,467 | ) | (23,024 | ) | (11,134 | ) | ||||||
Net earnings | 90,954 | 57,393 | 57,917 | |||||||||
Net earnings attributable to noncontrolling interest | 68 | — | — | |||||||||
Net earnings attributable to SMP | 90,886 | 57,393 | 57,917 | |||||||||
Per share data attributable to SMP – Diluted: | ||||||||||||
Earnings from continuing operations | $ | 4.39 | $ | 3.52 | $ | 3.03 | ||||||
Discontinued operations | (0.37 | ) | (1.01 | ) | (0.49 | ) | ||||||
Net earnings per common share | $ | 4.02 | $ | 2.51 | $ | 2.54 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||
2019 | 2018 | 2021 | 2020 | |||||||||||||
Engine Management: | ||||||||||||||||
Ignition, Emission Control, Fuel & Safety Related System Products | $ | 705,994 | $ | 648,270 | $ | 786,514 | $ | 691,722 | ||||||||
Wire and Cable | 143,167 | 155,217 | 151,422 | 143,963 | ||||||||||||
Total Engine Management | 849,161 | 803,487 | 937,936 | 835,685 | ||||||||||||
Temperature Control: | ||||||||||||||||
Compressors | 160,485 | 148,416 | 206,697 | 163,071 | ||||||||||||
Other Climate Control Parts | 117,870 | 130,040 | 141,726 | 118,883 | ||||||||||||
Total Temperature Control | 278,355 | 278,456 | 348,423 | 281,954 | ||||||||||||
All Other | 10,397 | 10,108 | 12,457 | 10,949 | ||||||||||||
Total | $ | 1,137,913 | $ | 1,092,051 | $ | 1,298,816 | $ | 1,128,588 |
Year Ended December 31, | Engine Management | Temperature Control | Other | Total | Engine Management | Temperature Control | Other | Total | ||||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||||||||
2021 | ||||||||||||||||||||||||||||||||
Net sales (a) | $ | 849,161 | $ | 278,355 | $ | 10,397 | $ | 1,137,913 | $ | 937,936 | $ | 348,423 | $ | 12,457 | $ | 1,298,816 | ||||||||||||||||
Gross margins | 251,560 | 70,064 | 10,176 | 331,800 | 266,961 | 95,138 | 14,832 | 376,931 | ||||||||||||||||||||||||
Gross margin percentage | 29.6 | % | 25.2 | % | — | % | 29.2 | % | 28.5 | % | 27.3 | % | — | % | 29 | % | ||||||||||||||||
2018 | ||||||||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||||||
Net sales (a) | $ | 803,487 | $ | 278,456 | $ | 10,108 | $ | 1,092,051 | $ | 835,685 | $ | 281,954 | $ | 10,949 | $ | 1,128,588 | ||||||||||||||||
Gross margins | 229,949 | 70,561 | 12,277 | 312,787 | 251,747 | 75,161 | 9,747 | 336,655 | ||||||||||||||||||||||||
Gross margin percentage | 28.6 | % | 25.3 | % | — | % | 28.6 | % | 30.1 | % | 26.7 | % | — | % | 29.8 | % |
(a) | Segment net sales include intersegment sales in our Engine Management and Temperature Control segments. |
(In thousands) | 2020 | 2021 | 2022 | 2023 | 2024 | 2025–2028 | Total | |||||||||||||||||||||
Operating lease obligations | $ | 8,994 | $ | 8,245 | $ | 6,882 | $ | 5,682 | $ | 3,881 | $ | 7,844 | $ | 41,528 | ||||||||||||||
Postretirement benefits | 36 | 32 | 29 | 25 | 25 | 50 | 197 | |||||||||||||||||||||
Severance payments related to restructuring and integration | 205 | 106 | 25 | — | — | — | 336 | |||||||||||||||||||||
Total commitments | $ | 9,235 | $ | 8,383 | $ | 6,936 | $ | 5,707 | $ | 3,906 | $ | 7,894 | $ | 42,061 |
Page No. | |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | 2017 | 2021 | 2020 | 2019 | |||||||||||||||||||
(Dollars in thousands, except share and per share data) | (Dollars in thousands, except share and per share data) | |||||||||||||||||||||||
Net sales | $ | 1,137,913 | $ | 1,092,051 | $ | 1,116,143 | $ | 1,298,816 | $ | 1,128,588 | $ | 1,137,913 | ||||||||||||
Cost of sales | 806,113 | 779,264 | 789,487 | 921,885 | 791,933 | 806,113 | ||||||||||||||||||
Gross profit | 331,800 | 312,787 | 326,656 | 376,931 | 336,655 | 331,800 | ||||||||||||||||||
Selling, general and administrative expenses | 234,715 | 231,336 | 224,237 | 247,547 | 224,670 | 234,715 | ||||||||||||||||||
Intangible asset impairment | 0 | 2,600 | 0 | |||||||||||||||||||||
Restructuring and integration expenses | 2,585 | 4,510 | 6,173 | 392 | 464 | 2,585 | ||||||||||||||||||
Other income (expense), net | (5 | ) | 4,327 | 1,275 | 7 | (26 | ) | (5 | ) | |||||||||||||||
Operating income | 94,495 | 81,268 | 97,521 | 128,999 | 108,895 | 94,495 | ||||||||||||||||||
Other non-operating income (expense), net | 2,587 | (411 | ) | 1,250 | ||||||||||||||||||||
Other non-operating income, net | 3,494 | 812 | 2,587 | |||||||||||||||||||||
Interest expense | 5,286 | 4,026 | 2,329 | 2,028 | 2,328 | 5,286 | ||||||||||||||||||
Earnings from continuing operations before taxes | 91,796 | 76,831 | 96,442 | |||||||||||||||||||||
Earnings from continuing operations before income taxes | 130,465 | 107,379 | 91,796 | |||||||||||||||||||||
Provision for income taxes | 22,745 | 19,977 | 52,812 | 31,044 | 26,962 | 22,745 | ||||||||||||||||||
Earnings from continuing operations | 69,051 | 56,854 | 43,630 | 99,421 | 80,417 | 69,051 | ||||||||||||||||||
Loss from discontinued operations, net of income tax benefit of $3,912, $4,866 and $3,769 | (11,134 | ) | (13,851 | ) | (5,654 | ) | ||||||||||||||||||
Loss from discontinued operations, net of income tax benefit of $2,975, $8,089 and $3,912 | (8,467 | ) | (23,024 | ) | (11,134 | ) | ||||||||||||||||||
Net earnings | $ | 57,917 | $ | 43,003 | $ | 37,976 | 90,954 | 57,393 | 57,917 | |||||||||||||||
Net earnings attributable to noncontrolling interest | 68 | 0 | 0 | |||||||||||||||||||||
Net earnings attributable to SMP (a) | $ | 90,886 | $ | 57,393 | $ | 57,917 | ||||||||||||||||||
Net earnings attributable to SMP | ||||||||||||||||||||||||
Earnings from continuing operations | $ | 99,353 | $ | 80,417 | $ | 69,051 | ||||||||||||||||||
Discontinued operations | (8,467 | ) | (23,024 | ) | (11,134 | ) | ||||||||||||||||||
Total | $ | 90,886 | $ | 57,393 | $ | 57,917 | ||||||||||||||||||
Per share data attributable to SMP | ||||||||||||||||||||||||
Net earnings per common share – Basic: | ||||||||||||||||||||||||
Earnings from continuing operations | $ | 3.09 | $ | 2.53 | $ | 1.92 | $ | 4.49 | $ | 3.59 | $ | 3.09 | ||||||||||||
Discontinued operations | (0.50 | ) | (0.62 | ) | (0.25 | ) | (0.39 | ) | (1.02 | ) | (0.50 | ) | ||||||||||||
Net earnings per common share – Basic | $ | 2.59 | $ | 1.91 | $ | 1.67 | $ | 4.10 | $ | 2.57 | $ | 2.59 | ||||||||||||
Net earnings per common share – Diluted: | ||||||||||||||||||||||||
Earnings from continuing operations | $ | 3.03 | $ | 2.48 | $ | 1.88 | $ | 4.39 | $ | 3.52 | $ | 3.03 | ||||||||||||
Discontinued operations | (0.49 | ) | (0.60 | ) | (0.24 | ) | (0.37 | ) | (1.01 | ) | (0.49 | ) | ||||||||||||
Net earnings per common share – Diluted | $ | 2.54 | $ | 1.88 | $ | 1.64 | $ | 4.02 | $ | 2.51 | $ | 2.54 | ||||||||||||
Dividends declared per share | $ | 0.92 | $ | 0.84 | $ | 0.76 | ||||||||||||||||||
Dividend declared per share | $ | 1.00 | $ | 0.50 | $ | 0.92 | ||||||||||||||||||
Average number of common shares | 22,378,414 | 22,456,480 | 22,726,491 | 22,147,479 | 22,374,123 | 22,378,414 | ||||||||||||||||||
Average number of common shares and dilutive common shares | 22,818,451 | 22,931,723 | 23,198,392 | 22,616,456 | 22,825,885 | 22,818,451 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | 2017 | 2021 | 2020 | 2019 | |||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
Net earnings | $ | 57,917 | $ | 43,003 | $ | 37,976 | $ | 90,954 | $ | 57,393 | $ | 57,917 | ||||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||||||||||||
Foreign currency translation adjustments | 1,024 | (5,473 | ) | 7,027 | (2,462 | ) | 2,929 | 1,024 | ||||||||||||||||
Pension and postretirement plans | (19 | ) | (12 | ) | (108 | ) | (16 | ) | (16 | ) | (19 | ) | ||||||||||||
Total other comprehensive income (loss), net of tax | 1,005 | (5,485 | ) | 6,919 | (2,478 | ) | 2,913 | 1,005 | ||||||||||||||||
Comprehensive income | $ | 58,922 | $ | 37,518 | $ | 44,895 | ||||||||||||||||||
Total comprehensive income | 88,476 | 60,306 | 58,922 | |||||||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest, net of tax: | ||||||||||||||||||||||||
Net earnings | 68 | 0 | 0 | |||||||||||||||||||||
Foreign currency translation adjustments | 15 | 0 | 0 | |||||||||||||||||||||
Comprehensive income (loss) attributable to noncontrolling interest, net of tax | 83 | 0 | 0 | |||||||||||||||||||||
Comprehensive income attributable to SMP | $ | 88,393 | $ | 60,306 | $ | 58,922 |
December 31, | December 31, | |||||||||||||||
2019 | 2018 | 2021 | 2020 | |||||||||||||
(Dollars in thousands, except share data) | (Dollars in thousands, except share data) | |||||||||||||||
ASSETS | ||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||
Cash and cash equivalents | $ | 10,372 | $ | 11,138 | $ | 21,755 | $ | 19,488 | ||||||||
Accounts receivable, less allowances for discounts and doubtful accounts of $5,212 and $5,687 in 2019 and 2018, respectively | 135,516 | 157,535 | ||||||||||||||
Accounts receivable, less allowances for discounts and expected credit losses of $6,170 and $5,822 in 2021 and 2020, respectively | 180,604 | 198,039 | ||||||||||||||
Inventories | 368,221 | 349,811 | 468,755 | 345,502 | ||||||||||||
Unreturned customer inventories | 19,722 | 20,484 | 22,268 | 19,632 | ||||||||||||
Prepaid expenses and other current assets | 15,602 | 7,256 | 17,823 | 15,875 | ||||||||||||
Total current assets | 549,433 | 546,224 | 711,205 | 598,536 | ||||||||||||
Property, plant and equipment, net | 89,649 | 90,754 | 102,786 | 89,105 | ||||||||||||
Operating lease right-of-use assets | 36,020 | — | 40,469 | 29,958 | ||||||||||||
Goodwill | 77,802 | 67,321 | 131,652 | 77,837 | ||||||||||||
Other intangibles, net | 64,861 | 48,411 | 106,234 | 54,004 | ||||||||||||
Deferred incomes taxes | 37,272 | 42,334 | 36,126 | 44,770 | ||||||||||||
Investments in unconsolidated affiliates | 38,858 | 32,469 | 44,087 | 40,507 | ||||||||||||
Other assets | 18,835 | 15,619 | 25,402 | 21,823 | ||||||||||||
Total assets | $ | 912,730 | $ | 843,132 | $ | 1,197,961 | $ | 956,540 | ||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
CURRENT LIABILITIES: | ||||||||||||||||
Notes payable | $ | 52,460 | $ | 43,689 | $ | 125,298 | $ | 10,000 | ||||||||
Current portion of other debt | 4,456 | 5,377 | 3,117 | 135 | ||||||||||||
Accounts payable | 92,535 | 94,357 | 137,167 | 100,018 | ||||||||||||
Sundry payables and accrued expenses | 38,819 | 31,033 | 57,182 | 47,078 | ||||||||||||
Accrued customer returns | 44,116 | 57,433 | 42,412 | 40,982 | ||||||||||||
Accrued core liability | 24,357 | 31,263 | 23,663 | 22,014 | ||||||||||||
Accrued rebates | 26,072 | 28,870 | 42,472 | 46,437 | ||||||||||||
Payroll and commissions | 26,649 | 20,564 | 45,058 | 35,938 | ||||||||||||
Total current liabilities | 309,464 | 312,586 | 476,369 | 302,602 | ||||||||||||
Long-term debt | 129 | 153 | 21 | 97 | ||||||||||||
Noncurrent operating lease liabilities | 28,376 | — | 31,206 | 22,450 | ||||||||||||
Other accrued liabilities | 20,837 | 18,075 | 25,040 | 25,929 | ||||||||||||
Accrued asbestos liabilities | 49,696 | 45,117 | 52,698 | 55,226 | ||||||||||||
Total liabilities | 408,502 | 375,931 | 585,334 | 406,304 | ||||||||||||
Commitments and contingencies | 0 | 0 | ||||||||||||||
Stockholders’ equity: | ||||||||||||||||
Common Stock - par value $2.00 per share: | ||||||||||||||||
Common Stock - par value $2.00 per share: | ||||||||||||||||
Authorized 30,000,000 shares, issued 23,936,036 shares | 47,872 | 47,872 | 47,872 | 47,872 | ||||||||||||
Capital in excess of par value | 102,742 | 102,470 | 105,377 | 105,084 | ||||||||||||
Retained earnings | 417,437 | 380,113 | 532,319 | 463,612 | ||||||||||||
Accumulated other comprehensive income | (8,589 | ) | (9,594 | ) | (8,169 | ) | (5,676 | ) | ||||||||
Treasury stock - at cost (1,477,594 shares and 1,503,284 shares in 2019 and 2018, respectively) | (55,234 | ) | (53,660 | ) | ||||||||||||
Treasury stock - at cost (1,911,792 shares and 1,586,923 shares in 2021 and 2020, respectively) | (75,819 | ) | (60,656 | ) | ||||||||||||
Total SMP stockholders’ equity | 601,580 | 550,236 | ||||||||||||||
Noncontrolling interest | 11,047 | 0 | ||||||||||||||
Total stockholders’ equity | 504,228 | 467,201 | 612,627 | 550,236 | ||||||||||||
Total liabilities and stockholders’ equity | $ | 912,730 | $ | 843,132 | $ | 1,197,961 | $ | 956,540 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | 2017 | 2021 | 2020 | 2019 | |||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net earnings | $ | 57,917 | $ | 43,003 | $ | 37,976 | $ | 90,954 | $ | 57,393 | $ | 57,917 | ||||||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||||||||||||||||||||
Depreciation and amortization | 25,809 | 24,104 | 23,916 | 27,243 | 26,323 | 25,809 | ||||||||||||||||||
Amortization of deferred financing cost | 225 | 333 | 343 | 228 | 228 | 225 | ||||||||||||||||||
Increase (decrease) to allowance for doubtful accounts | (295 | ) | 330 | 972 | ||||||||||||||||||||
Increase to inventory reserves | 4,858 | 3,978 | 3,300 | |||||||||||||||||||||
Amortization of deferred gain on sale of buildings | — | (218 | ) | (1,048 | ) | |||||||||||||||||||
Gain on sale of property, plant and equipment | — | (3,997 | ) | (15 | ) | |||||||||||||||||||
Equity (income) loss from joint ventures | (2,865 | ) | 768 | 602 | ||||||||||||||||||||
Increase (decrease) to allowance for expected credit losses | 451 | 396 | (295 | ) | ||||||||||||||||||||
Increase (decrease) to inventory reserves | (585 | ) | 5,962 | 4,858 | ||||||||||||||||||||
Intangible asset impairment | 0 | 2,600 | 0 | |||||||||||||||||||||
Equity (income) from joint ventures | (3,295 | ) | (820 | ) | (2,865 | ) | ||||||||||||||||||
Employee Stock Ownership Plan allocation | 2,519 | 2,557 | 2,159 | 2,513 | 2,301 | 2,519 | ||||||||||||||||||
Stock-based compensation | 6,917 | 7,998 | 7,638 | 9,479 | 8,101 | 6,917 | ||||||||||||||||||
(Increase) decrease in deferred income taxes | 4,736 | (10,046 | ) | 19,059 | (1,801 | ) | (8,334 | ) | 4,736 | |||||||||||||||
Increase (decrease) in tax valuation allowance | 358 | 22 | (128 | ) | ||||||||||||||||||||
Increase in tax valuation allowance | 466 | 864 | 358 | |||||||||||||||||||||
Loss on discontinued operations, net of tax | 11,134 | 13,851 | 5,654 | 8,467 | 23,024 | 11,134 | ||||||||||||||||||
Change in assets and liabilities: | ||||||||||||||||||||||||
(Increase) decrease in accounts receivable | 17,929 | (13,699 | ) | (5,100 | ) | 28,464 | (71,933 | ) | 2,789 | |||||||||||||||
Increase in inventories | (17,901 | ) | (30,199 | ) | (13,901 | ) | ||||||||||||||||||
(Increase) decrease in prepaid expenses and other current assets | (8,296 | ) | 4,926 | (4,869 | ) | |||||||||||||||||||
(Increase) decrease in inventories | (107,609 | ) | 17,984 | (17,901 | ) | |||||||||||||||||||
Increase in prepaid expenses and other current assets | (843 | ) | (370 | ) | (8,296 | ) | ||||||||||||||||||
Increase (decrease) in accounts payable | (1,950 | ) | 16,894 | (7,186 | ) | 33,046 | 7,428 | (1,950 | ) | |||||||||||||||
Increase (decrease) in sundry payables and accrued expenses | (18,097 | ) | 8,407 | (6,015 | ) | 13,430 | 40,651 | (2,957 | ) | |||||||||||||||
Net changes in other assets and liabilities | (6,070 | ) | 1,246 | 1,260 | (15,044 | ) | (13,902 | ) | (6,070 | ) | ||||||||||||||
Net cash provided by operating activities | 76,928 | 70,258 | 64,617 | 85,564 | 97,896 | 76,928 | ||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Acquisitions of and investments in businesses | (43,490 | ) | (9,852 | ) | (6,808 | ) | ||||||||||||||||||
Acquisitions of and investments in businesses, net of cash acquired | (125,419 | ) | 0 | (43,490 | ) | |||||||||||||||||||
Net proceeds from sale of Grapevine, Texas facility | 4,801 | — | — | 0 | 0 | 4,801 | ||||||||||||||||||
Capital expenditures | (16,185 | ) | (20,141 | ) | (24,442 | ) | (25,875 | ) | (17,820 | ) | (16,185 | ) | ||||||||||||
Other investing activities | 62 | 107 | 22 | 45 | 21 | 62 | ||||||||||||||||||
Net cash used in investing activities | (54,812 | ) | (29,886 | ) | (31,228 | ) | (151,249 | ) | (17,799 | ) | (54,812 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Net borrowings (repayments) under line-of-credit agreements | 8,771 | (13,311 | ) | 2,188 | 115,298 | (42,460 | ) | 8,771 | ||||||||||||||||
Net borrowings (repayments) of other debt and lease obligations | (911 | ) | 1,115 | 4,065 | 3,048 | (4,248 | ) | (911 | ) | |||||||||||||||
Purchase of treasury stock | (10,738 | ) | (14,886 | ) | (24,376 | ) | (26,862 | ) | (13,482 | ) | (10,738 | ) | ||||||||||||
Dividends paid | (22,179 | ) | (11,218 | ) | (20,593 | ) | ||||||||||||||||||
Increase (decrease) in overdraft balances | 93 | 275 | (534 | ) | 247 | (108 | ) | 93 | ||||||||||||||||
Payments of debt issuance costs | — | (460 | ) | — | ||||||||||||||||||||
Dividends paid | (20,593 | ) | (18,854 | ) | (17,287 | ) | ||||||||||||||||||
Net cash used in financing activities | (23,378 | ) | (46,121 | ) | (35,944 | ) | ||||||||||||||||||
Dividends paid to noncontrolling interest | (540 | ) | 0 | 0 | ||||||||||||||||||||
Net cash provided by (used in) financing activities | 69,012 | (71,516 | ) | (23,378 | ) | |||||||||||||||||||
Effect of exchange rate changes on cash | 496 | (436 | ) | 82 | (1,060 | ) | 535 | 496 | ||||||||||||||||
Net decrease in cash and cash equivalents | (766 | ) | (6,185 | ) | (2,473 | ) | ||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 2,267 | 9,116 | (766 | ) | ||||||||||||||||||||
CASH AND CASH EQUIVALENTS at beginning of year | 11,138 | 17,323 | 19,796 | 19,488 | 10,372 | 11,138 | ||||||||||||||||||
CASH AND CASH EQUIVALENTS at end of year | $ | 10,372 | $ | 11,138 | $ | 17,323 | $ | 21,755 | $ | 19,488 | $ | 10,372 | ||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||||||||||
Cash paid during the year for: | ||||||||||||||||||||||||
Interest | $ | 5,030 | $ | 3,738 | $ | 1,944 | $ | 1,721 | $ | 2,187 | $ | 5,030 | ||||||||||||
Income taxes | $ | 22,267 | $ | 15,353 | $ | 34,543 | $ | 26,323 | $ | 24,640 | $ | 22,267 | ||||||||||||
Noncash investing activity: | ||||||||||||||||||||||||
Accrual for final contribution of acquired investment | $ | — | $ | — | $ | 5,740 | ||||||||||||||||||
Receivable related to net proceeds from sale of Grapevine, Texas facility | $ | — | $ | 4,801 | $ | — |
Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income | Treasury Stock | Total | Common Stock | Capital in Excess of Par Value | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total SMP | Non- controlling Interest | Total | |||||||||||||||||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2016 | $ | 47,872 | $ | 96,850 | $ | 336,464 | $ | (11,028 | ) | $ | (29,130 | ) | $ | 441,028 | ||||||||||||||||||||||||||||||||||||||||||
Net earnings | — | — | 37,976 | — | — | 37,976 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | 6,919 | — | 6,919 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid ($0.76 per share) | — | — | (17,287 | ) | — | — | (17,287 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | (24,779 | ) | (24,779 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | 2,193 | — | — | 5,445 | 7,638 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Stock Ownership Plan | — | 1,014 | — | — | 1,145 | 2,159 | ||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2017 | 47,872 | 100,057 | 357,153 | (4,109 | ) | (47,319 | ) | 453,654 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect adjustment | — | — | (1,189 | ) | — | — | (1,189 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | — | — | 43,003 | — | — | 43,003 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | (5,485 | ) | — | (5,485 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid ($0.84 per share) | — | — | (18,854 | ) | — | — | (18,854 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | (14,483 | ) | (14,483 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | 1,648 | — | — | 6,350 | 7,998 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Stock Ownership Plan | — | 765 | — | — | 1,792 | 2,557 | ||||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2018 | 47,872 | 102,470 | 380,113 | (9,594 | ) | (53,660 | ) | 467,201 | $ | 47,872 | $ | 102,470 | $ | 380,113 | $ | (9,594 | ) | $ | (53,660 | ) | $ | 467,201 | $ | 0 | $ | 467,201 | ||||||||||||||||||||||||||||||
Net earnings | — | — | 57,917 | — | — | 57,917 | 0 | 0 | 57,917 | 0 | 0 | 57,917 | 0 | 57,917 | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | 1,005 | — | 1,005 | 0 | 0 | 0 | 1,005 | 0 | 1,005 | 0 | 1,005 | ||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid ($0.92 per share) | — | — | (20,593 | ) | — | — | (20,593 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid ($0.92 per share) | 0 | 0 | (20,593 | ) | 0 | 0 | (20,593 | ) | 0 | (20,593 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | (10,738 | ) | (10,738 | ) | 0 | 0 | 0 | 0 | (10,738 | ) | (10,738 | ) | 0 | (10,738 | ) | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | (473 | ) | — | — | 7,390 | 6,917 | 0 | (473 | ) | 0 | 0 | 7,390 | 6,917 | 0 | 6,917 | ||||||||||||||||||||||||||||||||||||||||
Employee Stock Ownership Plan | — | 745 | — | — | 1,774 | 2,519 | 0 | 745 | 0 | 0 | 1,774 | 2,519 | 0 | 2,519 | ||||||||||||||||||||||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2019 | $ | 47,872 | $ | 102,742 | $ | 417,437 | $ | (8,589 | ) | $ | (55,234 | ) | $ | 504,228 | 47,872 | 102,742 | 417,437 | (8,589 | ) | (55,234 | ) | 504,228 | 0 | 504,228 | ||||||||||||||||||||||||||||||||
Net earnings | 0 | 0 | 57,393 | 0 | 0 | 57,393 | 0 | 57,393 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | 0 | 0 | 0 | 2,913 | 0 | 2,913 | 0 | 2,913 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid ($0.50 per share) | 0 | 0 | (11,218 | ) | 0 | 0 | (11,218 | ) | 0 | (11,218 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | 0 | 0 | 0 | 0 | (13,482 | ) | (13,482 | ) | 0 | (13,482 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 0 | 1,712 | 0 | 0 | 6,389 | 8,101 | 0 | 8,101 | ||||||||||||||||||||||||||||||||||||||||||||||||
Employee Stock Ownership Plan | 0 | 630 | 0 | 0 | 1,671 | 2,301 | 0 | 2,301 | ||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2020 | 47,872 | 105,084 | 463,612 | (5,676 | ) | (60,656 | ) | 550,236 | 0 | 550,236 | ||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest in business acquired | 0 | 0 | 0 | 0 | 0 | 0 | 11,504 | 11,504 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net earnings | 0 | 0 | 90,886 | 0 | 0 | 90,886 | 68 | 90,954 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | 0 | 0 | 0 | (2,493 | ) | 0 | (2,493 | ) | 15 | (2,478 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Cash dividends paid ($1.00 per share) | 0 | 0 | (22,179 | ) | 0 | 0 | (22,179 | ) | 0 | (22,179 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | 0 | 0 | 0 | 0 | (26,862 | ) | (26,862 | ) | 0 | (26,862 | ) | |||||||||||||||||||||||||||||||||||||||||||||
Dividends paid to noncontrolling interest | 0 | 0 | 0 | 0 | 0 | 0 | (540 | ) | (540 | ) | ||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | 0 | 159 | 0 | 0 | 9,320 | 9,479 | 0 | 9,479 | ||||||||||||||||||||||||||||||||||||||||||||||||
Employee Stock Ownership Plan | 0 | 134 | 0 | 0 | 2,379 | 2,513 | 0 | 2,513 | ||||||||||||||||||||||||||||||||||||||||||||||||
BALANCE AT DECEMBER 31, 2021 | $ | 47,872 | $ | 105,377 | $ | 532,319 | $ | (8,169 | ) | $ | (75,819 | ) | $ | 601,580 | $ | 11,047 | $ | 612,627 |
Estimated Life | |
Buildings | 25 to 33-1/2 years |
Building improvements | 10 to 25 years |
Machinery and equipment | 5 to 12 years |
Tools, dies and auxiliary equipment | 3 to 8 years |
Furniture and fixtures | 3 to 12 years |
Balance at December 31, 2018 | Adjustments Due to Adoption of ASU 2016-02 | Balance at January 1, 2019 | ||||||||||
Balance Sheet | ||||||||||||
Operating lease right-of-use asset | $ | — | $ | 38,580 | $ | 38,580 | ||||||
Sundry payables and accrued expenses | 31,033 | 7,232 | 38,265 | |||||||||
Noncurrent operating lease liabilities | — | 31,348 | 31,348 |
Standard | Description | Date of adoption | Effects on the financial statements or other significant matters | |||
ASU 2019-12,Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes | This standard is intended to simplify the accounting for income taxes by removing certain ASC Topic 740 exceptions in performing intra-period tax allocations among income statement components, in calculating certain deferred tax liabilities related to outside basis differences, and in calculating income taxes in interim periods with year-to-date losses. In addition, this standard is also intended to improve consistency and add simplification by clarifying and amending the reporting of franchise taxes and other taxes partially based on income, the recognition of deferred income taxes related to the step-up in tax basis goodwill, and the reporting in interim periods of the recognition of the enactment of tax laws or rate changes. | January 1, 2021 | The adoption of the technical clarifications in the standard did not materially impact our accounting for income taxes, our consolidated financial statements and related disclosures. |
Standard | Description | Date of adoption / Effective date | Effects on the financial statements or other significant matters | |||||
ASU 2020-04 | ||||||||
This standard | Effective March 12, 2020 through December 31, 2022 |
Purchase price | $ | 16,290 | ||||||
Assets acquired and liabilities assumed: | ||||||||
Receivables | $ | 2,852 | ||||||
Inventory | 5,126 | |||||||
Other current assets (1) | 1,628 | |||||||
Property, plant and equipment, net | 1,810 | |||||||
Operating lease right-of-use assets | 4,971 | |||||||
Intangible assets | 5,471 | |||||||
Goodwill | 4,827 | |||||||
Current liabilities | (4,190 | ) | ||||||
Noncurrent operating lease liabilities | (4,454 | ) | ||||||
Deferred income taxes | (1,751 | ) | ||||||
Net assets acquired | $ | 16,290 |
(1) | The other current assets balance includes $0.9 million of cash acquired. |
Purchase price | $ | 111,711 | ||||||
Assets acquired and liabilities assumed: | ||||||||
Receivables | $ | 9,173 | ||||||
Inventory | 12,460 | |||||||
Other current assets (1) | 5,193 | |||||||
Property, plant and equipment, net | 4,939 | |||||||
Operating lease right-of-use assets | 3,847 | |||||||
Intangible assets | 54,700 | |||||||
Goodwill | 49,250 | |||||||
Current liabilities | (5,072 | ) | ||||||
Noncurrent operating lease liabilities | (3,065 | ) | ||||||
Deferred income taxes | (8,210 | ) | ||||||
Subtotal | 123,215 | |||||||
Fair value of acquired noncontrolling interest | (11,504 | ) | ||||||
Net assets acquired | $ | 111,711 |
(1) | The other current assets balance includes $4.6 million of cash acquired. |
Purchase Price | $ | 2,924 | ||||||
Assets acquired and liabilities assumed: | ||||||||
Inventory | $ | 1,032 | ||||||
Machinery and equipment, net | 1,137 | |||||||
Intangible assets | 755 | |||||||
Net assets acquired | $ | 2,924 |
Workforce Reduction | Other Exit Costs | Total | ||||||||||
Exit activity liability at December 31, 2019 | $ | 336 | $ | 0 | $ | 336 | ||||||
Restructuring and integration costs: | ||||||||||||
Amounts provided for during 2020 (1) | 0 | 464 | 464 | |||||||||
Cash payments | (157 | ) | (214 | ) | (371 | ) | ||||||
Reclassification of environmental liability (1) | 0 | (250 | ) | (250 | ) | |||||||
Exit activity liability at December 31, 2020 | $ | 179 | $ | 0 | $ | 179 | ||||||
Restructuring and integration costs: | ||||||||||||
Amounts provided for during 2021 | 0 | 392 | 392 | |||||||||
Cash payments | (100 | ) | (392 | ) | (492 | ) | ||||||
Exit activity liability at December 31, 2021 | $ | 79 | $ | 0 | $ | 79 |
(1) | Included in restructuring and integration costs in 2020 is a $0.3 million increase in environmental cleanup costs related to ongoing monitoring and remediation in connection with the prior closure of our manufacturing operations at our Long Island City, New York location. The environmental liability has been reclassed to accrued liabilities as of December 31, 2020. |
December 31, 2021 | December 31, 2020 | |||||||
(In thousands) | ||||||||
Finished goods | $ | 296,739 | $ | 225,523 | ||||
Work-in-process | 16,010 | 10,711 | ||||||
Raw materials | 156,006 | 109,268 | ||||||
Subtotal | 468,755 | 345,502 | ||||||
Unreturned customer inventories | 22,268 | 19,632 | ||||||
Total inventories | $ | 491,023 | $ | 365,134 |
December 31, | ||||||||
2021 | 2020 | |||||||
(In thousands) | ||||||||
Land, buildings and improvements | $ | 40,882 | $ | 38,833 | ||||
Machinery and equipment | 159,967 | 148,578 | ||||||
Tools, dies and auxiliary equipment | 63,944 | 60,102 | ||||||
Furniture and fixtures | 30,688 | 30,347 | ||||||
Leasehold improvements | 14,081 | 11,948 | ||||||
Construction-in-progress | 21,012 | 13,691 | ||||||
Total property, plant and equipment | 330,574 | 303,499 | ||||||
Less accumulated depreciation | 227,788 | 214,394 | ||||||
Total property, plant and equipment, net | $ | 102,786 | $ | 89,105 |
December 31, | ||||||||||||
Balance Sheet Information | December 31, 2019 | 2021 | 2020 | |||||||||
Assets | ||||||||||||
Operating lease right-of-use assets | $ | 36,020 | $ | 40,469 | $ | 29,958 | ||||||
Liabilities | ||||||||||||
Sundry payables and accrued expenses | $ | 8,739 | $ | 10,544 | $ | 8,719 | ||||||
Noncurrent operating lease liabilities | 28,376 | 31,206 | 22,450 | |||||||||
Total operating lease liabilities | $ | 37,115 | $ | 41,750 | $ | 31,169 | ||||||
Weighted Average Remaining Lease Term | ||||||||||||
Operating leases | 5.6 Years | 5.3 Years | 5 Years | |||||||||
Weighted Average Discount Rate | ||||||||||||
Operating leases | 3.7 | % | 3 | % | 3.6 | % |
Year Ended, December 31, | ||||||||||||
Expense and Cash Flow Information | Year Ended December 31, 2019 | 2021 | 2020 | |||||||||
Lease Expense | ||||||||||||
Operating lease expense (a) | $ | 8,940 | $ | 10,051 | $ | 9,203 | ||||||
Supplemental Cash Flow Information | ||||||||||||
Cash Paid for the amounts included in the measurement of lease liabilities: | ||||||||||||
Operating cash flows from operating leases | $ | 8,758 | $ | 9,985 | $ | 9,087 | ||||||
Right-of-use assets obtained in exchange for new lease obligations: | ||||||||||||
Operating leases | $ | 4,663 | ||||||||||
Operating leases (b) | $ | 20,975 | $ | 3,180 |
(a) | Excludes expenses of approximately |
(b) | Includes $8.8 million of right-of-use assets obtained in business acquisitions during the year ended December 31, 2021. |
2020 | $ | 8,994 | ||
2021 | 8,245 | |||
2022 | 6,882 | |||
2023 | 5,682 | |||
2024 | 3,881 | |||
Thereafter | 7,844 | |||
Total lease payments | $ | 41,528 | ||
Less: Interest | (4,413 | ) | ||
Present value of lease liabilities | $ | 37,115 |
2022 | $ | 10,707 | ||
2023 | 9,537 | |||
2024 | 7,165 | |||
2025 | 5,860 | |||
2026 | 5,109 | |||
Thereafter | 6,562 | |||
Total lease payments | $ | 44,940 | ||
Less: Interest | (3,190 | ) | ||
Present value of lease liabilities | $ | 41,750 |
Purchase Price | $ | 38,427 | ||||||
Assets acquired and liabilities assumed: | ||||||||
Inventory | $ | 3,331 | ||||||
Property, plant and equipment, net | 45 | |||||||
Intangible assets | 24,650 | |||||||
Goodwill | 10,401 | |||||||
Net assets acquired | $ | 38,427 |
Workforce Reduction | Other Exit Costs | Total | ||||||||||
Exit activity liability at December 31, 2017 | $ | 2,854 | $ | — | $ | 2,854 | ||||||
Restructuring and integration costs: | ||||||||||||
Amounts provided for during 2018 (1) | 9 | 4,501 | 4,510 | |||||||||
Non-cash usage, including asset write-downs | — | (181 | ) | (181 | ) | |||||||
Cash payments | (2,148 | ) | (3,036 | ) | (5,184 | ) | ||||||
Reclassification of environmental liability (1) | — | (1,284 | ) | (1,284 | ) | |||||||
Foreign currency exchange rate changes | 27 | — | 27 | |||||||||
Exit activity liability at December 31, 2018 | $ | 742 | $ | — | $ | 742 | ||||||
Restructuring and integration costs: | ||||||||||||
Amounts provided for during 2019 (1) | — | 2,585 | 2,585 | |||||||||
Cash payments | (406 | ) | (1,688 | ) | (2,094 | ) | ||||||
Reclassification of environmental liability (1) | — | (386 | ) | (386 | ) | |||||||
Reclassification of inventory reserves | — | (511 | ) | (511 | ) | |||||||
Exit activity liability at December 31, 2019 | $ | 336 | $ | — | $ | 336 |
Engine Management | Temperature Control | Other | Total | |||||||||||||
Exit activity liability at December 31, 2017 | $ | — | $ | 1,476 | $ | — | $ | 1,476 | ||||||||
Restructuring and integration costs: | ||||||||||||||||
Amounts provided for during 2018 | — | 353 | — | 353 | ||||||||||||
Cash payments | — | (1,525 | ) | — | (1,525 | ) | ||||||||||
Exit activity liability at December 31, 2018 | $ | — | $ | 304 | $ | — | $ | 304 | ||||||||
Restructuring and integration costs: | ||||||||||||||||
Amounts provided for during 2019 | — | — | — | — | ||||||||||||
Cash payments | — | (128 | ) | — | (128 | ) | ||||||||||
Exit activity liability at December 31, 2019 | $ | — | $ | 176 | $ | — | $ | 176 |
Engine Management | Temperature Control | Other | Total | |||||||||||||
Exit activity liability at December 31, 2017 | $ | 986 | $ | — | $ | — | $ | 986 | ||||||||
Restructuring and integration costs: | ||||||||||||||||
Amounts provided for during 2018 | 1,479 | — | — | 1,479 | ||||||||||||
Non-cash usage, including asset writedowns | (12 | ) | — | — | (12 | ) | ||||||||||
Cash payments | (2,015 | ) | — | — | (2,015 | ) | ||||||||||
Exit activity liability at December 31, 2018 | $ | 438 | $ | — | $ | — | $ | 438 | ||||||||
Restructuring and integration costs: | ||||||||||||||||
Amounts provided for during 2019 | — | — | — | — | ||||||||||||
Cash payments | (278 | ) | — | — | (278 | ) | ||||||||||
Exit activity liability at December 31, 2019 | $ | 160 | $ | — | $ | — | $ | 160 |
Engine Management | Temperature Control | Other | Total | |||||||||||||
Exit activity liability at December 31, 2018 | $ | — | $ | — | $ | — | $ | — | ||||||||
Restructuring and integration costs: | ||||||||||||||||
Amounts provided for during 2019 | 2,199 | — | — | 2,199 | ||||||||||||
Cash payments | (1,688 | ) | — | — | (1,688 | ) | ||||||||||
Reclassification of inventory reserves | (511 | ) | — | — | (511 | ) | ||||||||||
Exit activity liability at December 31, 2019 | $ | — | $ | — | $ | — | $ | — |
Engine Management | Temperature Control | Other | Total | |||||||||||||
Exit activity liability at December 31, 2017 | $ | 392 | $ | — | $ | — | $ | 392 | ||||||||
Restructuring and integration costs: | ||||||||||||||||
Amounts provided for during 2018 | 1,394 | — | — | 1,394 | ||||||||||||
Non-cash usage, including asset write-downs | (169 | ) | — | — | (169 | ) | ||||||||||
Cash payments | (1,644 | ) | — | — | (1,644 | ) | ||||||||||
Foreign currency exchange rate changes | 27 | — | — | 27 | ||||||||||||
Exit activity liability at December 31, 2018 | $ | — | $ | — | $ | — | $ | — |
December 31, 2019 | December 31, 2018 | |||||||
(In thousands) | ||||||||
Finished goods | $ | 241,472 | $ | 226,802 | ||||
Work-in-process | 11,138 | 10,527 | ||||||
Raw materials | 115,611 | 112,482 | ||||||
Subtotal | 368,221 | 349,811 | ||||||
Unreturned customer inventories | 19,722 | 20,484 | ||||||
Total inventories | $ | 387,943 | $ | 370,295 |
December 31, | ||||||||
2019 | 2018 | |||||||
(In thousands) | ||||||||
Land, buildings and improvements | $ | 38,299 | $ | 40,126 | ||||
Machinery and equipment | 142,531 | 136,526 | ||||||
Tools, dies and auxiliary equipment | 54,843 | 49,365 | ||||||
Furniture and fixtures | 30,470 | 29,169 | ||||||
Leasehold improvements | 11,711 | 11,386 | ||||||
Construction-in-progress | 11,271 | 10,317 | ||||||
Total property, plant and equipment | 289,125 | 276,889 | ||||||
Less accumulated depreciation | 199,476 | 186,135 | ||||||
Total property, plant and equipment, net | $ | 89,649 | $ | 90,754 |
Engine Management | Temperature Control | Total | Engine Management | Temperature Control | Total | |||||||||||||||||||
Balance as of December 31, 2017: | ||||||||||||||||||||||||
Balance as of December 31, 2019: | ||||||||||||||||||||||||
Goodwill | $ | 91,631 | $ | 14,270 | $ | 105,901 | $ | 102,020 | $ | 14,270 | $ | 116,290 | ||||||||||||
Accumulated impairment losses | (38,488 | ) | — | (38,488 | ) | (38,488 | ) | 0 | (38,488 | ) | ||||||||||||||
$ | 53,143 | $ | 14,270 | $ | 67,413 | $ | 63,532 | $ | 14,270 | $ | 77,802 | |||||||||||||
Activity in 2018 | ||||||||||||||||||||||||
Activity in 2020 | ||||||||||||||||||||||||
Foreign currency exchange rate change | (92 | ) | — | (92 | ) | 35 | 0 | 35 | ||||||||||||||||
Balance as of December 31, 2018: | ||||||||||||||||||||||||
Balance as of December 31, 2020: | ||||||||||||||||||||||||
Goodwill | 91,539 | 14,270 | 105,809 | 102,055 | 14,270 | 116,325 | ||||||||||||||||||
Accumulated impairment losses | (38,488 | ) | — | (38,488 | ) | (38,488 | ) | 0 | (38,488 | ) | ||||||||||||||
$ | 53,051 | $ | 14,270 | $ | 67,321 | $ | 63,567 | $ | 14,270 | $ | 77,837 | |||||||||||||
Activity in 2019 | ||||||||||||||||||||||||
Acquisition of Pollak Business of Stoneridge, Inc. | 10,401 | — | 10,401 | |||||||||||||||||||||
Activity in 2021 | ||||||||||||||||||||||||
Acquisition of Trombetta | 49,250 | 0 | 49,250 | |||||||||||||||||||||
Acquisition of Stabil | 4,827 | 0 | 4,827 | |||||||||||||||||||||
Foreign currency exchange rate change | 80 | — | 80 | (262 | ) | 0 | (262 | ) | ||||||||||||||||
Balance as of December 31, 2019: | ||||||||||||||||||||||||
Balance as of December 31, 2021: | ||||||||||||||||||||||||
Goodwill | 102,020 | 14,270 | 116,290 | 155,870 | 14,270 | 170,140 | ||||||||||||||||||
Accumulated impairment losses | (38,488 | ) | — | (38,488 | ) | (38,488 | ) | 0 | (38,488 | ) | ||||||||||||||
$ | 63,532 | $ | 14,270 | $ | 77,802 | $ | 117,382 | $ | 14,270 | $ | 131,652 |
December 31, | ||||||||
2019 | 2018 | |||||||
(In thousands) | ||||||||
Customer relationships | $ | 111,692 | $ | 87,195 | ||||
Trademarks and trade names | 6,980 | 6,800 | ||||||
Non-compete agreements | 3,276 | 3,193 | ||||||
Patents | 723 | 723 | ||||||
Supply agreements | 800 | 800 | ||||||
Leaseholds | 160 | 160 | ||||||
Total acquired intangible assets | 123,631 | 98,871 | ||||||
Less accumulated amortization (1) | (59,431 | ) | (51,391 | ) | ||||
Net acquired intangible assets | $ | 64,200 | $ | 47,480 |
December 31, | ||||||||
2021 | 2020 | |||||||
(In thousands) | ||||||||
Customer relationships | $ | 157,020 | $ | 111,701 | ||||
Patents, developed technology and intellectual property | 14,123 | 723 | ||||||
Trademarks and trade names | 8,880 | 6,980 | ||||||
Non-compete agreements | 3,280 | 3,272 | ||||||
Supply agreements | 800 | 800 | ||||||
Leaseholds | 160 | 160 | ||||||
Total acquired intangible assets | 184,263 | 123,636 | ||||||
Less accumulated amortization (1) | (78,932 | ) | (70,221 | ) | ||||
Net acquired intangible assets | $ | 105,331 | $ | 53,415 |
(1) | Applies to all intangible assets, except for a related trademark/trade name totaling $2.6 million, which has an indefinite useful life and, as such, is not being amortized. |
December 31, | December 31, | |||||||||||||||
2019 | 2018 | 2021 | 2020 | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Foshan GWOYNG SMP Vehicle Climate Control & Cooling Products Co. Ltd. | $ | 18,099 | $ | 17,764 | $ | 20,692 | $ | 18,869 | ||||||||
Foshan FGD SMP Automotive Compressor Co. Ltd | 13,633 | 12,547 | 16,676 | 15,036 | ||||||||||||
Jiangsu Che Yijia New Energy Technology Co., Ltd. | 4,883 | — | ||||||||||||||
Foshan Che Yijia New Energy Technology Co., Ltd. | 3,990 | 4,174 | ||||||||||||||
Orange Electronic Co. Ltd | 2,243 | 2,158 | 2,729 | 2,428 | ||||||||||||
Total | $ | 38,858 | $ | 32,469 | $ | 44,087 | $ | 40,507 |
December 31, | December 31, | |||||||||||||||
2019 | 2018 | 2021 | 2020 | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Deferred compensation | $ | 17,519 | $ | 14,020 | $ | 23,623 | $ | 20,775 | ||||||||
Deferred financing costs, net | 656 | 876 | 206 | 431 | ||||||||||||
Other | 660 | 723 | 1,573 | 617 | ||||||||||||
Total other assets, net | $ | 18,835 | $ | 15,619 | $ | 25,402 | $ | 21,823 |
December 31, | December 31, | |||||||||||||||
2019 | 2018 | 2021 | 2020 | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Revolving credit facilities | $ | 52,460 | $ | 43,689 | $ | 125,298 | $ | 10,000 | ||||||||
Other (1) | 4,585 | 5,530 | 3,138 | 232 | ||||||||||||
Total debt | $ | 57,045 | $ | 49,219 | $ | 128,436 | $ | 10,232 | ||||||||
Current maturities of debt | $ | 56,916 | $ | 49,066 | $ | 128,415 | $ | 10,135 | ||||||||
Long-term debt | 129 | 153 | 21 | 97 | ||||||||||||
Total debt | $ | 57,045 | $ | 49,219 | $ | 128,436 | $ | 10,232 |
(1) | Other includes borrowings under our Polish overdraft facility of Zloty |
(In thousands) | ||||||||
2020 | $ | 225 | ||||||
2021 | 225 | |||||||
2022 | 225 | 225 | ||||||
2023 | 206 | 206 | ||||||
Total amortization | $ | 881 | $ | 431 |
Shares | Weighted Average Grant Date Fair Value per Share | Shares | Weighted Average Grant Date Fair Value per Share | |||||||||||||
Balance at December 31, 2017 | 853,958 | $ | 33.25 | |||||||||||||
Balance at December 31, 2019 | 852,540 | $ | 35.26 | |||||||||||||
Granted | 198,004 | 39.36 | 208,200 | 38.21 | ||||||||||||
Vested | (167,811 | ) | 39.90 | (161,054 | ) | 39.23 | ||||||||||
Forfeited (1) | (14,110 | ) | 42.28 | (60,000 | ) | 42.25 | ||||||||||
Balance at December 31, 2018 | 870,041 | $ | 34.59 | |||||||||||||
Balance at December 31, 2020 | 839,686 | $ | 34.77 | |||||||||||||
Granted | 204,650 | 42.05 | 211,815 | 38.51 | ||||||||||||
Vested | (188,693 | ) | 38.08 | (227,682 | ) | 36.10 | ||||||||||
Forfeited (1) | (33,458 | ) | 43.32 | |||||||||||||
Balance at December 31, 2019 | 852,540 | $ | 35.26 | |||||||||||||
Forfeited | (16,800 | ) | 39.39 | |||||||||||||
Balance at December 31, 2021 | 807,019 | $ | 34.92 |
(1) | Due to the lack of achievement of performance targets, performance-based shares forfeited in the year ended December 31, 2020 were 50,250 shares. |
U.S. Defined Contribution | U.S. Defined Contribution | |||||||
Year ended December 31, | ||||||||
2021 | $ | 9,763 | ||||||
2020 | 9,457 | |||||||
2019 | $ | 9,080 | 9,080 | |||||
2018 | 8,928 | |||||||
2017 | 9,153 |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(In thousands) | ||||||||||||
Interest and dividend income | $ | 97 | $ | 80 | $ | 91 | ||||||
Equity income (loss) from joint ventures (1) | 2,865 | (768 | ) | (602 | ) | |||||||
Gain (loss) on foreign exchange | (502 | ) | (120 | ) | 950 | |||||||
Postretirement plan net periodic benefit credit (cost) | 25 | 262 | 653 | |||||||||
Other non-operating income, net | 102 | 135 | 158 | |||||||||
Total other non-operating income (expense), net | $ | 2,587 | $ | (411 | ) | $ | 1,250 |
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
(In thousands) | ||||||||||||
Interest and dividend income | $ | 49 | $ | 109 | $ | 97 | ||||||
Equity income from joint ventures | 3,295 | 820 | 2,865 | |||||||||
Loss on foreign exchange | (257 | ) | (350 | ) | (502 | ) | ||||||
Other non-operating income, net | 407 | 233 | 127 | |||||||||
Total other non-operating income, net | $ | 3,494 | $ | 812 | $ | 2,587 |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Current: | ||||||||||||
Domestic | $ | 14,632 | $ | 26,821 | $ | 30,742 | ||||||
Foreign | 3,019 | 3,180 | 3,139 | |||||||||
Total current | 17,651 | 30,001 | 33,881 | |||||||||
Deferred: | ||||||||||||
Domestic | 4,677 | (10,132 | ) | 18,833 | ||||||||
Foreign | 417 | 108 | 98 | |||||||||
Total deferred | 5,094 | (10,024 | ) | 18,931 | ||||||||
Total income tax provision | $ | 22,745 | $ | 19,977 | $ | 52,812 |
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Current: | ||||||||||||
Domestic | $ | 26,528 | $ | 30,368 | $ | 14,632 | ||||||
Foreign | 5,851 | 4,064 | 3,019 | |||||||||
Total current | 32,379 | 34,432 | 17,651 | |||||||||
Deferred: | ||||||||||||
Domestic | (1,161 | ) | (7,418 | ) | 4,677 | |||||||
Foreign | (174 | ) | (52 | ) | 417 | |||||||
Total deferred | (1,335 | ) | (7,470 | ) | 5,094 | |||||||
Total income tax provision | $ | 31,044 | $ | 26,962 | $ | 22,745 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | 2017 | 2021 | 2020 | 2019 | |||||||||||||||||||
U.S. Federal income tax rate of 21% in 2019 and 2018, and 35% in 2017 | $ | 19,277 | $ | 16,135 | $ | 33,755 | ||||||||||||||||||
U.S. Federal income tax rate of 21% | $ | 27,398 | $ | 22,550 | $ | 19,277 | ||||||||||||||||||
Increase (decrease) in tax rate resulting from: | ||||||||||||||||||||||||
State and local income taxes, net of federal income tax benefit | 3,328 | 2,781 | 3,138 | 4,579 | 3,781 | 3,328 | ||||||||||||||||||
Income tax (tax benefits) attributable to foreign income | 191 | 1,598 | (149 | ) | ||||||||||||||||||||
Income tax (tax benefit) attributable to foreign income | (122 | ) | 330 | 191 | ||||||||||||||||||||
Other non-deductible items, net | (409 | ) | (559 | ) | (1,319 | ) | (1,277 | ) | (563 | ) | (409 | ) | ||||||||||||
Impact of Tax Cuts and Jobs Act | — | — | 17,515 | |||||||||||||||||||||
Change in valuation allowance | 358 | 22 | (128 | ) | 466 | 864 | 358 | |||||||||||||||||
Provision for income taxes | $ | 22,745 | $ | 19,977 | $ | 52,812 | $ | 31,044 | $ | 26,962 | $ | 22,745 |
December 31, | December 31, | |||||||||||||||
2019 | 2018 | 2021 | 2020 | |||||||||||||
Deferred tax assets: | ||||||||||||||||
Inventories | $ | 12,077 | $ | 12,798 | $ | 12,181 | $ | 12,773 | ||||||||
Allowance for customer returns | 11,969 | 16,836 | 14,185 | 13,804 | ||||||||||||
Postretirement benefits | 50 | 58 | 33 | 42 | ||||||||||||
Allowance for doubtful accounts | 1,262 | 1,371 | ||||||||||||||
Allowance for expected credit losses | 1,450 | 1,412 | ||||||||||||||
Accrued salaries and benefits | 9,826 | 9,147 | 15,585 | 12,984 | ||||||||||||
Tax credit carryforwards | 609 | 272 | ||||||||||||||
Tax credit and NOL carryforwards | 5,702 | 1,451 | ||||||||||||||
Accrued asbestos liabilities | 13,132 | 11,872 | 15,463 | 15,372 | ||||||||||||
Other | 148 | 127 | 190 | 170 | ||||||||||||
49,073 | 52,481 | 64,789 | 58,008 | |||||||||||||
Valuation allowance | (757 | ) | (399 | ) | (2,087 | ) | (1,621 | ) | ||||||||
Total deferred tax assets | 48,316 | 52,082 | 62,702 | 56,387 | ||||||||||||
Deferred tax liabilities: | ||||||||||||||||
Intangible assets acquired, net of amortization | 13,450 | 0 | ||||||||||||||
Depreciation | 7,706 | 7,755 | 7,589 | 7,710 | ||||||||||||
Other | 3,338 | 1,993 | 5,537 | 3,907 | ||||||||||||
Total deferred tax liabilities | 11,044 | 9,748 | 26,576 | 11,617 | ||||||||||||
Net deferred tax assets | $ | 37,272 | $ | 42,334 | $ | 36,126 | $ | 44,770 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | 2017 | 2021 | 2020 | 2019 | |||||||||||||||||||
Basic Net Earnings Per Common Share: | ||||||||||||||||||||||||
Net Earnings Attributable to SMP - | ||||||||||||||||||||||||
Earnings from continuing operations | $ | 69,051 | $ | 56,854 | $ | 43,630 | $ | 99,353 | $ | 80,417 | $ | 69,051 | ||||||||||||
Loss from discontinued operations | (11,134 | ) | (13,851 | ) | (5,654 | ) | (8,467 | ) | (23,024 | ) | (11,134 | ) | ||||||||||||
Net earnings available to common stockholders | $ | 57,917 | $ | 43,003 | $ | 37,976 | ||||||||||||||||||
Net earnings attributable to SMP | $ | 90,886 | $ | 57,393 | $ | 57,917 | ||||||||||||||||||
Basic Net Earnings Per Common Share Attributable to SMP - | ||||||||||||||||||||||||
Earnings from continuing operations per common share | $ | 4.49 | $ | 3.59 | $ | 3.09 | ||||||||||||||||||
Loss from discontinued operations per common share | (0.39 | ) | (1.02 | ) | (0.50 | ) | ||||||||||||||||||
Net earnings per common share attributable to SMP | $ | 4.10 | $ | 2.57 | $ | 2.59 | ||||||||||||||||||
Weighted average common shares outstanding | 22,378 | 22,456 | 22,726 | 22,147 | 22,374 | 22,378 | ||||||||||||||||||
Diluted Net Earnings Per Common Share Attributable to SMP - | ||||||||||||||||||||||||
Earnings from continuing operations per common share | $ | 3.09 | $ | 2.53 | $ | 1.92 | $ | 4.39 | $ | 3.52 | $ | 3.03 | ||||||||||||
Loss from discontinued operations per common share | (0.50 | ) | (0.62 | ) | (0.25 | ) | (0.37 | ) | (1.01 | ) | (0.49 | ) | ||||||||||||
Basic net earnings per common share | $ | 2.59 | $ | 1.91 | $ | 1.67 | ||||||||||||||||||
Diluted Net Earnings Per Common Share: | ||||||||||||||||||||||||
Earnings from continuing operations | $ | 69,051 | $ | 56,854 | $ | 43,630 | ||||||||||||||||||
Loss from discontinued operations | (11,134 | ) | (13,851 | ) | (5,654 | ) | ||||||||||||||||||
Net earnings available to common stockholders | $ | 57,917 | $ | 43,003 | $ | 37,976 | ||||||||||||||||||
Net earnings per common share attributable to SMP | $ | 4.02 | $ | 2.51 | $ | 2.54 | ||||||||||||||||||
Weighted average common shares outstanding | 22,378 | 22,456 | 22,726 | 22,147 | 22,374 | 22,378 | ||||||||||||||||||
Plus incremental shares from assumed conversions: | ||||||||||||||||||||||||
Dilutive effect of restricted stock and performance-based stock | 440 | 476 | 472 | 469 | 452 | 440 | ||||||||||||||||||
Weighted average common shares outstanding – Diluted | 22,818 | 22,932 | 23,198 | 22,616 | 22,826 | 22,818 | ||||||||||||||||||
Earnings from continuing operations per common share | $ | 3.03 | $ | 2.48 | $ | 1.88 | ||||||||||||||||||
Loss from discontinued operations per common share | (0.49 | ) | (0.60 | ) | (0.24 | ) | ||||||||||||||||||
Diluted net earnings per common share | $ | 2.54 | $ | 1.88 | $ | 1.64 |
2019 | 2018 | 2017 | ||||||||||
Restricted and performance shares | 255 | 249 | 248 |
2021 | 2020 | 2019 | ||||||||||
Restricted and performance shares | 269 | 268 | 255 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2019 | 2018 | 2017 (b) | 2021 | 2020 | 2019 | |||||||||||||||||||
Net sales (a): | ||||||||||||||||||||||||
Engine Management | $ | 849,161 | $ | 803,487 | $ | 829,413 | $ | 937,936 | $ | 835,685 | $ | 849,161 | ||||||||||||
Temperature Control | 278,355 | 278,456 | 279,127 | 348,423 | 281,954 | 278,355 | ||||||||||||||||||
Other | 10,397 | 10,108 | 7,603 | 12,457 | 10,949 | 10,397 | ||||||||||||||||||
Total net sales | $ | 1,137,913 | $ | 1,092,051 | $ | 1,116,143 | $ | 1,298,816 | $ | 1,128,588 | $ | 1,137,913 | ||||||||||||
Intersegment sales (a): | ||||||||||||||||||||||||
Engine Management | $ | 19,569 | $ | 23,367 | $ | 24,995 | $ | 23,599 | $ | 15,952 | $ | 19,569 | ||||||||||||
Temperature Control | 6,545 | 8,160 | 7,334 | 9,024 | 6,162 | 6,545 | ||||||||||||||||||
Other | (26,114 | ) | (31,527 | ) | (32,329 | ) | (32,623 | ) | (22,114 | ) | (26,114 | ) | ||||||||||||
Total intersegment sales | $ | — | $ | — | $ | — | $ | 0 | $ | 0 | $ | 0 | ||||||||||||
Depreciation and Amortization: | ||||||||||||||||||||||||
Engine Management | $ | 19,463 | $ | 17,858 | $ | 17,981 | $ | 21,881 | $ | 20,417 | $ | 19,463 | ||||||||||||
Temperature Control | 4,568 | 4,704 | 4,373 | 3,626 | 4,035 | 4,568 | ||||||||||||||||||
Other | 1,778 | 1,542 | 1,562 | 1,736 | 1,871 | 1,778 | ||||||||||||||||||
Total depreciation and amortization | $ | 25,809 | $ | 24,104 | $ | 23,916 | $ | 27,243 | $ | 26,323 | $ | 25,809 | ||||||||||||
Operating income (loss): | ||||||||||||||||||||||||
Engine Management | $ | 103,808 | $ | 84,844 | $ | 97,403 | $ | 117,367 | $ | 111,217 | $ | 103,808 | ||||||||||||
Temperature Control | 13,667 | 14,586 | 19,609 | 36,997 | 21,296 | 13,667 | ||||||||||||||||||
Other | (22,980 | ) | (18,162 | ) | (19,491 | ) | (25,365 | ) | (23,618 | ) | (22,980 | ) | ||||||||||||
Total operating income | $ | 94,495 | $ | 81,268 | $ | 97,521 | $ | 128,999 | $ | 108,895 | $ | 94,495 | ||||||||||||
Investment in unconsolidated affiliates: | ||||||||||||||||||||||||
Engine Management | $ | 2,243 | $ | 2,158 | $ | 4,162 | $ | 2,729 | $ | 2,428 | $ | 2,243 | ||||||||||||
Temperature Control | 36,615 | 30,311 | 27,022 | 41,358 | 38,079 | 36,615 | ||||||||||||||||||
Other | — | — | — | 0 | 0 | 0 | ||||||||||||||||||
Total investment in unconsolidated affiliates | $ | 38,858 | $ | 32,469 | $ | 31,184 | $ | 44,087 | $ | 40,507 | $ | 38,858 | ||||||||||||
Capital expenditures: | ||||||||||||||||||||||||
Engine Management | $ | 12,593 | $ | 11,435 | $ | 17,750 | $ | 21,922 | $ | 13,496 | $ | 12,593 | ||||||||||||
Temperature Control | 2,273 | 7,245 | 5,151 | 2,586 | 1,988 | 2,273 | ||||||||||||||||||
Other | 1,319 | 1,461 | 1,541 | 1,367 | 2,336 | 1,319 | ||||||||||||||||||
Total capital expenditures | $ | 16,185 | $ | 20,141 | $ | 24,442 | $ | 25,875 | $ | 17,820 | $ | 16,185 | ||||||||||||
Total assets: | ||||||||||||||||||||||||
Engine Management | $ | 601,637 | $ | 553,480 | $ | 527,200 | $ | 845,767 | $ | 618,210 | $ | 594,953 | ||||||||||||
Temperature Control | 218,783 | 205,039 | 177,006 | 257,114 | 230,111 | 216,591 | ||||||||||||||||||
Other | 92,310 | 84,613 | 83,361 | 95,080 | 108,219 | 92,310 | ||||||||||||||||||
Total assets | $ | 912,730 | $ | 843,132 | $ | 787,567 | $ | 1,197,961 | $ | 956,540 | $ | 903,854 |
(a) | Segment net sales include intersegment sales in our Engine Management and Temperature Control segments. |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(In thousands) | ||||||||||||
Operating income | $ | 94,495 | $ | 81,268 | $ | 97,521 | ||||||
Other non-operating income (expense), net | 2,587 | (411 | ) | 1,250 | ||||||||
Interest expense | 5,286 | 4,026 | 2,329 | |||||||||
Earnings from continuing operations before taxes | 91,796 | 76,831 | 96,442 | |||||||||
Income tax expense | 22,745 | 19,977 | 52,812 | |||||||||
Earnings from continuing operations | 69,051 | 56,854 | 43,630 | |||||||||
Discontinued operations, net of tax | (11,134 | ) | (13,851 | ) | (5,654 | ) | ||||||
Net earnings | $ | 57,917 | $ | 43,003 | $ | 37,976 |
Year Ended December 31, | ||||||||||||
2019 | 2018 | 2017 (b) | ||||||||||
Revenues (a): | (In thousands) | |||||||||||
United States | $ | 1,023,903 | $ | 976,030 | $ | 1,001,003 | ||||||
Canada | 50,158 | 57,460 | 52,005 | |||||||||
Mexico | 20,035 | 20,214 | 24,521 | |||||||||
Europe | 13,875 | 13,684 | 14,088 | |||||||||
Other foreign | 29,942 | 24,663 | 24,526 | |||||||||
Total revenues | $ | 1,137,913 | $ | 1,092,051 | $ | 1,116,143 |
December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
Long-lived assets (c): | (In thousands) | |||||||||||
United States | $ | 253,384 | $ | 198,494 | $ | 202,875 | ||||||
Canada | 4,659 | 2,718 | 2,017 | |||||||||
Mexico | 12,036 | 4,012 | 4,449 | |||||||||
Europe | 17,004 | 16,880 | 18,530 | |||||||||
Other foreign | 38,942 | 32,470 | 31,185 | |||||||||
Total long-lived assets | $ | 326,025 | $ | 254,574 | $ | 259,056 |
Year Ended December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
(In thousands) | ||||||||||||
Operating income | $ | 128,999 | $ | 108,895 | $ | 94,495 | ||||||
Other non-operating income, net | 3,494 | 812 | 2,587 | |||||||||
Interest expense | 2,028 | 2,328 | 5,286 | |||||||||
Earnings from continuing operations before income taxes | 130,465 | 107,379 | 91,796 | |||||||||
Provision for income taxes | 31,044 | 26,962 | 22,745 | |||||||||
Earnings from continuing operations | 99,421 | 80,417 | 69,051 | |||||||||
Discontinued operations, net of tax | (8,467 | ) | (23,024 | ) | (11,134 | ) | ||||||
Net earnings | $ | 90,954 | $ | 57,393 | $ | 57,917 |
December 31, | ||||||||||||
2021 | 2020 | 2019 | ||||||||||
Long-lived assets (a): | (In thousands) | |||||||||||
United States | $ | 315,983 | $ | 241,053 | $ | 253,384 | ||||||
Asia | 80,175 | 40,621 | 38,942 | |||||||||
Europe | 37,892 | 16,504 | 17,004 | |||||||||
Mexico | 12,119 | 10,586 | 12,036 | |||||||||
Canada | 4,461 | 4,470 | 4,659 | |||||||||
Total long-lived assets | $ | 450,630 | $ | 313,234 | $ | 326,025 |
Long-lived assets are attributed to countries based upon the location of the assets. |
Year Ended December 31, 2019 (a) | Engine Management | Temperature Control | Other (c) | Total | ||||||||||||||||||||||||||||
Year Ended December 31, 2021 (a) | Engine Management | Temperature Control | Other (b) | Total | ||||||||||||||||||||||||||||
Geographic Area: | ||||||||||||||||||||||||||||||||
United States | $ | 760,134 | $ | 263,769 | $ | — | $ | 1,023,903 | $ | 804,398 | $ | 329,980 | $ | 0 | $ | 1,134,378 | ||||||||||||||||
Canada | 27,439 | 12,322 | 10,397 | 50,158 | 33,590 | 16,513 | 12,457 | 62,560 | ||||||||||||||||||||||||
Asia | 40,668 | 348 | 0 | 41,016 | ||||||||||||||||||||||||||||
Mexico | 19,330 | 705 | — | 20,035 | 25,288 | 358 | 0 | 25,646 | ||||||||||||||||||||||||
Europe | 13,341 | 534 | — | 13,875 | 27,293 | 390 | 0 | 27,683 | ||||||||||||||||||||||||
Other foreign | 28,917 | 1,025 | — | 29,942 | 6,699 | 834 | 0 | 7,533 | ||||||||||||||||||||||||
Total | $ | 849,161 | $ | 278,355 | $ | 10,397 | $ | 1,137,913 | $ | 937,936 | $ | 348,423 | $ | 12,457 | $ | 1,298,816 | ||||||||||||||||
Major Product Group: | ||||||||||||||||||||||||||||||||
Ignition, emission control, fuel and safety related system products | $ | 705,994 | $ | — | $ | 6,381 | $ | 712,375 | $ | 786,514 | $ | 0 | $ | 8,956 | $ | 795,470 | ||||||||||||||||
Wire and cable | 143,167 | — | 477 | 143,644 | 151,422 | 0 | (275 | ) | 151,147 | |||||||||||||||||||||||
Compressors | — | 160,485 | 1,338 | 161,823 | 0 | 206,697 | 1,434 | 208,131 | ||||||||||||||||||||||||
Other climate control parts | — | 117,870 | 2,201 | 120,071 | 0 | 141,726 | 2,342 | 144,068 | ||||||||||||||||||||||||
Total | $ | 849,161 | $ | 278,355 | $ | 10,397 | $ | 1,137,913 | $ | 937,936 | $ | 348,423 | $ | 12,457 | $ | 1,298,816 | ||||||||||||||||
Major Sales Channel: | ||||||||||||||||||||||||||||||||
Aftermarket | $ | 702,872 | $ | 248,420 | $ | 10,397 | $ | 961,689 | $ | 692,895 | $ | 317,427 | $ | 12,457 | $ | 1,022,779 | ||||||||||||||||
OE/OES | 124,665 | 27,915 | — | 152,580 | 218,338 | 28,922 | 0 | 247,260 | ||||||||||||||||||||||||
Export | 21,624 | 2,020 | — | 23,644 | 26,703 | 2,074 | 0 | 28,777 | ||||||||||||||||||||||||
Total | $ | 849,161 | $ | 278,355 | $ | 10,397 | $ | 1,137,913 | $ | 937,936 | $ | 348,423 | $ | 12,457 | $ | 1,298,816 |
Year Ended December 31, 2020 (a) | Engine Management | Temperature Control | Other (b) | Total | ||||||||||||
Geographic Area: | ||||||||||||||||
United States | $ | 738,521 | $ | 268,680 | $ | 0 | $ | 1,007,201 | ||||||||
Canada | 25,842 | 11,679 | 10,949 | 48,470 | ||||||||||||
Asia | 35,079 | 165 | 0 | 35,244 | ||||||||||||
Mexico | 19,336 | 271 | 0 | 19,607 | ||||||||||||
Europe | 12,255 | 351 | 0 | 12,606 | ||||||||||||
Other foreign | 4,652 | 808 | 0 | 5,460 | ||||||||||||
Total | $ | 835,685 | $ | 281,954 | $ | 10,949 | $ | 1,128,588 | ||||||||
Major Product Group: | ||||||||||||||||
Ignition, emission control, fuel and safety related system products | $ | 691,722 | $ | 0 | $ | 8,172 | $ | 699,894 | ||||||||
Wire and cable | 143,963 | 0 | 159 | 144,122 | ||||||||||||
Compressors | 0 | 163,071 | 812 | 163,883 | ||||||||||||
Other climate control parts | 0 | 118,883 | 1,806 | 120,689 | ||||||||||||
Total | $ | 835,685 | $ | 281,954 | $ | 10,949 | $ | 1,128,588 | ||||||||
Major Sales Channel: | ||||||||||||||||
Aftermarket | $ | 674,744 | $ | 255,716 | $ | 10,949 | $ | 941,409 | ||||||||
OE/OES | 142,072 | 25,070 | 0 | 167,142 | ||||||||||||
Export | 18,869 | 1,168 | 0 | 20,037 | ||||||||||||
Total | $ | 835,685 | $ | 281,954 | $ | 10,949 | $ | 1,128,588 |
Year Ended December 31, 2019 (a) | Engine Management | Temperature Control | Other (b) | Total | ||||||||||||
Geographic Area: | ||||||||||||||||
United States | $ | 760,134 | $ | 263,769 | $ | 0 | $ | 1,023,903 | ||||||||
Canada | 27,439 | 12,322 | 10,397 | 50,158 | ||||||||||||
Asia | 24,838 | 130 | 0 | 24,968 | ||||||||||||
Mexico | 19,330 | 705 | 0 | 20,035 | ||||||||||||
Europe | 13,341 | 534 | 0 | 13,875 | ||||||||||||
Other foreign | 4,079 | 895 | 0 | 4,974 | ||||||||||||
Total | $ | 849,161 | $ | 278,355 | $ | 10,397 | $ | 1,137,913 | ||||||||
Major Product Group: | ||||||||||||||||
Ignition, emission control, fuel and safety related system products | $ | 705,994 | $ | 0 | $ | 6,381 | $ | 712,375 | ||||||||
Wire and cable | 143,167 | 0 | 477 | 143,644 | ||||||||||||
Compressors | 0 | 160,485 | 1,338 | 161,823 | ||||||||||||
Other climate control parts | 0 | 117,870 | 2,201 | 120,071 | ||||||||||||
Total | $ | 849,161 | $ | 278,355 | $ | 10,397 | $ | 1,137,913 | ||||||||
Major Sales Channel: | ||||||||||||||||
Aftermarket | $ | 697,722 | $ | 248,420 | $ | 10,397 | $ | 956,539 | ||||||||
OE/OES | 129,815 | 27,915 | 0 | 157,730 | ||||||||||||
Export | 21,624 | 2,020 | 0 | 23,644 | ||||||||||||
Total | $ | 849,161 | $ | 278,355 | $ | 10,397 | $ | 1,137,913 |
Year Ended December 31, 2018 (a) | Engine Management | Temperature Control | Other (c) | Total | ||||||||||||
Geographic Area: | ||||||||||||||||
United States | $ | 714,402 | $ | 261,628 | $ | — | $ | 976,030 | ||||||||
Canada | 33,475 | 13,877 | 10,108 | 57,460 | ||||||||||||
Mexico | 19,397 | 817 | — | 20,214 | ||||||||||||
Europe | 13,054 | 630 | — | 13,684 | ||||||||||||
Other foreign | 23,159 | 1,504 | — | 24,663 | ||||||||||||
Total | $ | 803,487 | $ | 278,456 | $ | 10,108 | $ | 1,092,051 | ||||||||
Major Product Group: | ||||||||||||||||
Ignition, emission control, fuel and safety related system products | $ | 648,270 | $ | — | $ | 5,829 | $ | 654,099 | ||||||||
Wire and cable | 155,217 | — | 454 | 155,671 | ||||||||||||
Compressors | — | 148,416 | 1,853 | 150,269 | ||||||||||||
Other climate control parts | — | 130,040 | 1,972 | 132,012 | ||||||||||||
Total | $ | 803,487 | $ | 278,456 | $ | 10,108 | $ | 1,092,051 | ||||||||
Major Sales Channel: | ||||||||||||||||
Aftermarket | $ | 684,242 | $ | 246,112 | $ | 10,108 | $ | 940,462 | ||||||||
OE/OES | 97,205 | 30,275 | — | 127,480 | ||||||||||||
Export | 22,040 | 2,069 | — | 24,109 | ||||||||||||
Total | $ | 803,487 | $ | 278,456 | $ | 10,108 | $ | 1,092,051 |
Year Ended December 31, 2017 (a)(b) | Engine Management | Temperature Control | Other (c) | Total | ||||||||||||
Geographic Area: | ||||||||||||||||
United States | $ | 737,108 | $ | 263,895 | $ | — | $ | 1,001,003 | ||||||||
Canada | 32,197 | 12,205 | 7,603 | 52,005 | ||||||||||||
Mexico | 23,683 | 838 | — | 24,521 | ||||||||||||
Europe | 13,342 | 746 | — | 14,088 | ||||||||||||
Other foreign | 23,083 | 1,443 | — | 24,526 | ||||||||||||
Total | $ | 829,413 | $ | 279,127 | $ | 7,603 | $ | 1,116,143 | ||||||||
Major Product Group: | ||||||||||||||||
Ignition, emission control, fuel and safety related system products | $ | 657,287 | $ | — | $ | 4,403 | $ | 661,690 | ||||||||
Wire and cable | 172,126 | — | 650 | 172,776 | ||||||||||||
Compressors | — | 148,377 | 1,233 | 149,610 | ||||||||||||
Other climate control parts | — | 130,750 | 1,317 | 132,067 | ||||||||||||
Total | $ | 829,413 | $ | 279,127 | $ | 7,603 | $ | 1,116,143 | ||||||||
Major Sales Channel: | ||||||||||||||||
Aftermarket | $ | 701,308 | $ | 246,097 | $ | 7,603 | $ | 955,008 | ||||||||
OE/OES | 106,173 | 30,268 | — | 136,441 | ||||||||||||
Export | 21,932 | 2,762 | — | 24,694 | ||||||||||||
Total | $ | 829,413 | $ | 279,127 | $ | 7,603 | $ | 1,116,143 |
(a) | Segment net sales include intersegment sales in our Engine Management and Temperature Control segments. |
(b) |
Other consists of the elimination of intersegment sales from our Engine Management and Temperature Control segments as well as sales from our Canadian business unit that does not meet the criteria of a reportable operating segment. Intersegment wire and cable sales for the year ended December 31, 2021 exceeded third party sales from our Canadian business unit. |
Total | Real Estate | Other | ||||||||||
2019 (1) | $ | 11,382 | $ | 7,909 | $ | 3,473 | ||||||
2018 | 12,605 | 9,272 | 3,333 | |||||||||
2017 | 11,954 | 8,983 | 2,971 |
Total | Real Estate | Other | ||||||||||
2021 (1) | $ | 12,065 | $ | 9,500 | $ | 2,565 | ||||||
2020 (1) | 11,669 | 8,290 | 3,379 | |||||||||
2019 | 11,382 | 7,909 | 3,473 |
(1) | Includes expenses of approximately |
December 31, | December 31, | |||||||||||||||
2019 | 2018 | 2021 | 2020 | |||||||||||||
(In thousands) | (In thousands) | |||||||||||||||
Balance, beginning of period | $ | 19,636 | $ | 20,929 | $ | 17,663 | $ | 17,175 | ||||||||
Liabilities accrued for current year sales | 99,304 | 85,850 | 91,908 | 87,116 | ||||||||||||
Settlements of warranty claims | (96,495 | ) | (87,143 | ) | (92,108 | ) | (86,628 | ) | ||||||||
Balance, end of period | $ | 22,445 | $ | 19,636 | $ | 17,463 | $ | 17,663 |
2019 Quarter Ended | ||||||||||||||||
Dec. 31 | Sept. 30 | June 30 | Mar. 31 | |||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Net sales | $ | 241,252 | $ | 307,723 | $ | 305,172 | $ | 283,766 | ||||||||
Gross profit | 72,844 | 92,088 | 88,905 | 77,963 | ||||||||||||
Earnings from continuing operations | 12,738 | 22,654 | 20,555 | 13,104 | ||||||||||||
Loss from discontinued operations, net of taxes | (1,220 | ) | (7,903 | ) | (1,123 | ) | (888 | ) | ||||||||
Net earnings | $ | 11,518 | $ | 14,751 | $ | 19,432 | $ | 12,216 | ||||||||
Net earnings from continuing operations per common share: | ||||||||||||||||
Basic | $ | 0.57 | $ | 1.01 | $ | 0.92 | $ | 0.58 | ||||||||
Diluted | $ | 0.56 | $ | 1.00 | $ | 0.90 | $ | 0.57 | ||||||||
Net earnings per common share: | ||||||||||||||||
Basic | $ | 0.51 | $ | 0.66 | $ | 0.87 | $ | 0.54 | ||||||||
Diluted | $ | 0.50 | $ | 0.65 | $ | 0.85 | $ | 0.53 |
2018 Quarter Ended | ||||||||||||||||
Dec. 31 | Sept. 30 | June 30 | Mar. 31 | |||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Net sales | $ | 246,970 | $ | 296,619 | $ | 286,636 | $ | 261,826 | ||||||||
Gross profit | 71,603 | 87,306 | 81,289 | 72,589 | ||||||||||||
Earnings from continuing operations | 12,157 | 19,273 | 16,827 | 8,597 | ||||||||||||
Loss from discontinued operations, net of taxes | (8,837 | ) | (3,524 | ) | (882 | ) | (608 | ) | ||||||||
Net earnings | $ | 3,320 | $ | 15,749 | $ | 15,945 | $ | 7,989 | ||||||||
Net earnings from continuing operations per common share: | ||||||||||||||||
Basic | $ | 0.54 | $ | 0.86 | $ | 0.75 | $ | 0.38 | ||||||||
Diluted | $ | 0.53 | $ | 0.84 | $ | 0.73 | $ | 0.37 | ||||||||
Net earnings per common share: | ||||||||||||||||
Basic | $ | 0.15 | $ | 0.70 | $ | 0.71 | $ | 0.36 | ||||||||
Diluted | $ | 0.14 | $ | 0.69 | $ | 0.69 | $ | 0.35 |
(a) | Evaluation of Disclosure Controls and Procedures. |
(b) | Management’s Report on Internal Control Over Financial Reporting. |
(c) | Attestation Report of Independent Registered Public Accounting Firm. |
(d) | Changes in Internal Control Over Financial Reporting. |
ITEM 9A. | CONTROLS AND PROCEDURES (Continued) |
ITEM 9C. | DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS |
ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS |
ITEM 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES |
(a) | (1) | The Index to Consolidated Financial Statements of the Registrant under Item 8 of this Report is incorporated herein by reference as the list of Financial Statements required as part of this Report. |
(2) | The following financial schedule and related report for the years | |
(3) | Exhibits. |
ITEM 16. | FORM 10-K SUMMARY |
Exhibit Number | ||
3.1 | ||
3.2 | ||
3.3 | ||
10.1 | ||
10.2 | ||
10.3 | ||
10.4 | ||
10.5 | ||
10.6 | ||
10.7 | ||
10.8 |
Exhibit Number | ||
10.9 | ||
10.10 | ||
10.11 | ||
10.12 | ||
10.13 | ||
10.14 | ||
21 | ||
23 | ||
24 | ||
31.1 | ||
31.2 | ||
32.1 | ||
32.2 |
101.INS** | Inline 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). |
101.SCH** | Inline XBRL Taxonomy Extension Schema Document. |
101.CAL** | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
101.LAB** | Inline XBRL Taxonomy Extension Label Linkbase Document. |
101.PRE** | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
101.DEF** | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
STANDARD MOTOR PRODUCTS, INC. |
(Registrant) | |
/s/ Eric P. Sills | |
Eric P. Sills | |
Chief Executive Officer and President | |
/s/ | |
Nathan R. Iles | |
Chief Financial Officer | |
New York, New York | |
February 23, 2022 |
February | /s/ Eric P. Sills |
Eric P. Sills | |
Chief Executive Officer and President | |
(Principal Executive Officer) | |
February | |
/s/ Nathan R. Iles | |
Nathan R. Iles | |
Chief Financial Officer | |
(Principal Financial and Accounting Officer) |
February | /s/ Lawrence I. Sills |
Lawrence I. Sills, Director | |
February | /s/ John P. Gethin |
John P. Gethin, Director | |
February | /s/ Pamela Forbes Lieberman |
Pamela Forbes Lieberman, Director | |
February | /s/ Patrick S. McClymont |
Patrick S. McClymont, Director | |
February | /s/ Joseph W. McDonnell |
Joseph W. McDonnell, Director | |
February | /s/ Alisa C. Norris |
Alisa C. Norris, Director | |
February | /s/ Pamela S. Puryear, Ph.D. |
Pamela S. Puryear, Director | |
February 23, 2022 | /s/ William H. Turner |
William H. Turner, Director | |
February | /s/ Richard S. Ward |
Richard S. Ward, Director | |
Additions | Additions | |||||||||||||||||||||||||||||||||||||||
Description | Balance at beginning of year | Charged to costs and expenses | Other | Deductions | Balance at end of year | Balance at beginning of year | Charged to costs and expenses | Other | Deductions | Balance at end of year | ||||||||||||||||||||||||||||||
Year ended December 31, 2019: | ||||||||||||||||||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 4,488,000 | $ | (295,000 | ) | $ | — | $ | (51,000 | ) | $ | 4,244,000 | ||||||||||||||||||||||||||||
Year ended December 31, 2021: | ||||||||||||||||||||||||||||||||||||||||
Allowance for expected credit losses | $ | 4,406,000 | $ | 450,000 | $ | 0 | $ | 41,000 | $ | 4,815,000 | ||||||||||||||||||||||||||||||
Allowance for discounts | 1,199,000 | 10,660,000 | — | 10,891,000 | 968,000 | 1,416,000 | 13,827,000 | 0 | 13,888,000 | 1,355,000 | ||||||||||||||||||||||||||||||
$ | 5,687,000 | $ | 10,365,000 | $ | — | $ | 10,840,000 | $ | 5,212,000 | $ | 5,822,000 | $ | 14,277,000 | $ | 0 | $ | 13,929,000 | $ | 6,170,000 | |||||||||||||||||||||
Allowance for sales returns | $ | 57,433,000 | $ | 136,777,000 | $ | — | $ | 150,094,000 | $ | 44,116,000 | $ | 40,982,000 | $ | 129,964,000 | $ | 0 | $ | 128,534,000 | $ | 42,412,000 | ||||||||||||||||||||
Year ended December 31, 2018: | ||||||||||||||||||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 3,824,000 | $ | 325,000 | $ | — | $ | (339,000 | ) | $ | 4,488,000 | |||||||||||||||||||||||||||||
Year ended December 31, 2020: | ||||||||||||||||||||||||||||||||||||||||
Allowance for expected credit losses | $ | 4,244,000 | $ | 392,000 | $ | 0 | $ | 230,000 | $ | 4,406,000 | ||||||||||||||||||||||||||||||
Allowance for discounts | 1,143,000 | 10,359,000 | — | 10,303,000 | 1,199,000 | 968,000 | 11,488,000 | 0 | 11,040,000 | 1,416,000 | ||||||||||||||||||||||||||||||
$ | 4,967,000 | $ | 10,684,000 | $ | — | $ | 9,964,000 | $ | 5,687,000 | $ | 5,212,000 | $ | 11,880,000 | $ | 0 | $ | 11,270,000 | $ | 5,822,000 | |||||||||||||||||||||
Allowance for sales returns | $ | 35,916,000 | $ | 132,390,000 | $ | 6,670,000 | (1) | $ | 117,543,000 | $ | 57,433,000 | $ | 35,240,000 | $ | 135,448,000 | $ | 0 | $ | 129,706,000 | $ | 40,982,000 | |||||||||||||||||||
Year ended December 31, 2017: | ||||||||||||||||||||||||||||||||||||||||
Allowance for doubtful accounts | $ | 3,353,000 | $ | 970,000 | $ | — | $ | 499,000 | $ | 3,824,000 | ||||||||||||||||||||||||||||||
Year ended December 31, 2019: | ||||||||||||||||||||||||||||||||||||||||
Allowance for expected credit losses | $ | 4,488,000 | $ | (295,000 | ) | $ | 0 | $ | (51,000 | ) | $ | 4,244,000 | ||||||||||||||||||||||||||||
Allowance for discounts | 1,072,000 | 10,664,000 | — | 10,593,000 | 1,143,000 | 1,199,000 | 10,660,000 | 0 | 10,891,000 | 968,000 | ||||||||||||||||||||||||||||||
$ | 4,425,000 | $ | 11,634,000 | $ | — | $ | 11,092,000 | $ | 4,967,000 | $ | 5,687,000 | $ | 10,365,000 | $ | 0 | $ | 10,840,000 | $ | 5,212,000 | |||||||||||||||||||||
Allowance for sales returns | $ | 40,176,000 | $ | 137,416,000 | $ | — | $ | 141,676,000 | $ | 35,916,000 | $ | 33,417,000 | $ | 136,777,000 | $ | 0 | $ | 134,954,000 | $ | 35,240,000 |