kadant inc. (kai) - oil absorbent granules

by:Demi     2019-08-26
kadant inc. (kai)  -  oil absorbent granules
Securities and Exchange Commission of the United States (Washington, DC)C. 20549FORM 10-Q(Mark One)
Quarterly reports submitted under section 13, 15 (d)
According to Section 13 or Section 15, interim report of section 2018 of the Securities Exchange Act for the quarter of 1934 (d)
In the securities trading act of 1934th, from 001st to the Commission File No-11406 Cardan company(
The exact name of the registrant specified in the articles of association)Delaware52-1762325(
State or other jurisdiction registered or organized)(I. R. S.
Employer identity number)
Drive Westford, a science park, Massimo usetts01886 (
Main executive office address)(Zip Code)
The registrant's telephone number, including the area code :(978)776-
2000 indicate by check mark whether the registrant (1)
All reports requested by Article 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.
Yesx no? Indicate by check mark whether the registrant has electronically submitted each interactive data file that needs to be submitted in accordance with S-Regulation Rule 405
12 months before T (
Or within a shorter period of time when the registrant is required to submit such documents).
Yesx no? Indicate by check mark whether the registrant is a large accelerated declarant, a non-accelerated declarant
A smaller reporting company, or an emerging growth company.
See the definition of "large accelerated reporting companies", "smaller reporting companies" and "emerging growth companies" in rule 12b-
2 of the Trading Act.
Big acceleration filerxaccelated fileroNon-
Emerging growth companies, 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).
Yesx indicates the number of outstanding shares of each class of common stock of the issuer as of the latest practicable date.
Common stock, US dollar, October 26, 2018.
01 par value 11, 107,296 tables for ContentsKadant Inc.
Form 10-quarterly report
Qfor EndedSeptember29, part 1 of the 2018 content table: Financial Information Item 1.
Consolidated Balance Sheet of financial statements as at September 29, 2018 and December 30, 2017 (unaudited)
Three Consolidated Income Statements-and nine-
For the month period ended September 29, 2018 and September 30, 2017 (unaudited)
Consolidated three-year consolidated income statement-and nine-
For the month period ended September 29, 2018 and September 30, 2017 (unaudited)
9-9 annual cash flow statement
For the month period ended September 29, 2018 and September 30, 2017 (unaudited)
Consolidated Statement of nine Shareholders' equity-
For the month period ended September 29, 2018 and September 30, 2017 (unaudited)
Notes to the consolidated financial statements (unaudited)Item 2.
Management Discussion and Analysis of Financial Position and operational results
Quantitative and qualitative disclosure of market risks
Part 2: 1A of other information items.
Risk factors 6.
ContentsPART 1-Financial Information Item 1-Financial Statements skadant INC.
Consolidated Balance Sheet (Unaudited)
208december30, 2017 (
In thousands, except for share and amount per share)
Assets: Cash and cash equivalents $57,384 $75,425 Restricted cash (Note 1)
6751,421 Accounts receivable, minus an allowance of $2,939 and $2,879 (Note 1)
624 copies in stock (Note 1)
91,73684, 933 uninvoiced revenues8, 3152,374 and other current assets13, 03212,246 total current Assets267, 468266,023 Property, plant and equipment, below 414165,231 in Cost168: accumulated depreciation and amortization88, 95685,508, plant, other assets 45879,723, intangible assets 50914,311, net (at cost)Note 1)
Goodwill of 119,246rmb, 036 (Note 1)
262,081268, 001 Total assets $741,762 $761,094 EquityCurrent Liabilities and Shareholder liability: long term due within one year
Term Obligations (Note 5)
$1,686 $696 Payable accounts 34, 76135,461 customer deposits 36, 43130,103 Accrued wages and employee benefits 28, 67729,616 advances 11, 3137,316 Other current liabilities 29, 71229,038 Total current liabilities 14, 580132
Term Obligations (Note 5)
191,929241, 384Long-
Long term deferred income tax 25,16829, 085 Other long term
64625,891 commitment and contingency expenses (Note 12)
Shareholder equity: Preferred stock, $.
01 face value, authorized 5,000,000 shares; none issued——Common stock, $.
01 face value, authorized 150,000,000 shares;
The 14,624,159 shares issued exceeded the capital of 103 face value, 117103,221 retained earnings, 602342,893 cost shares, 3,516,863 and 3,613,838 shares (86,177)(88,554)
Cumulative Other comprehensive projects (Note 8)(37,727)(26,715)
Total shareholder equity of kadat 356, 961330, 991 non-controlling equity 1,4781, 513 total shareholder equity 358, 439332, 504 Total liabilities and shareholders' equity $741,762 761,094 accompanying notes are these
Table 3 ContentsKADANT INC.
Consolidated income statement (Unaudited)
Three months EndedNine EndedSeptember29, 208september30, 2015september29, 208september30, 2017 (
In thousands, except for the amount per share)Revenues (Notes 1 and 11)
$165,745 $152,794 $469,851 $365,893 of cost and business cost: cost revenues92 65288,139262 515199,369 sell like hot cakes and administrative expenses42 88842,346133 796115,936 R & D expenses2 4522,6358 0497,004 recombinant cost (Note 2)378—1,717—
138, 370rmb, 120406, 077322, 309 Operating income 27,37519, 67463,77443, 584 Interest income 3094335300 interest expenditure (1,738)(1,282)(5,320)(2,022)
Other fees, net (Note 7)(245)(216)(736)(637)
Income tax before the provisions of 25, 42218,27058 and 05341,225 (Note 4)
6, 4434, 86015,57510, net income 18, 97913,18. 42, 47830, 675 Net income attributable to non-controlling equity (195)(125)(487)(343)
Net income attributable to Kaida was $18,784, $13,285, and $41,991 attributable to Kaida's earnings per share of $30,332 (Note 3):Basic$1. 69$1. 21$3. 79$2. 76Diluted$1. 64$1. 17$3. 69$2.
Weighted average of 69 shares (Note 3)
: Basic11, 10111,00411, 07810, 98 6 Diluted 11, 42111,34411, 38811,282 Cash dividends declared at $0 per share. 22$0. 21$0. 66$0.
The attached notes are an integral part of these consolidated financial statements.
Table 4 ContentsKADANT INC.
Consolidated Statement of Comprehensive Income (Unaudited)
Three months EndedNine EndedSeptember29, 208september30, 2015september29, 208september30, 2017 (In thousands)
Net income $18,979 $13,410 $42,478 $30,675 of comprehensive project: Foreign currency translation adjustment (1,121)7,740(11,561)
21,427 pension and other post-employment
Adjustment of retirement liabilities (
Deduct taxes of $46, $26, $155 and $86)143(11)
472152 Deferred income from cash flow hedging (
Net tax provision (benefit)of $35, $28, ($12)and $44)
100582092 Other comprehensive projects (878)7,787(11,069)
21,671 Comprehensive income attributable to non-controlling rights and interests 18, 10121,19731, 40952,346 (191)(193)(430)(574)
Cardan's combined income is $17,910, $21,004 and $30,979. The attached notes are an integral part of these consolidated financial statements.
Table 5 ContentsKADANT INC.
Consolidated Statement of Cash Flow (Unaudited)
Nine months EndedSeptember29, 208september30, 2017 (In thousands)
Net income attributable to business activities attributable to Kadant $41,991 30 attributable to net income attributable to non-controlling equity 47830,675 Net income 42,73913 adjustment to align Net income with net cash provided by business activities 056Stock-
Reserves for loss of accounts receivable at the time of sale of property, plant and equipment based on compensation costs 5, 3464,283 79 37 other items, net (3,543)(738)
Contribution to the United StatesS. pension plan—(810)
Changes in current assets and liabilities, excluding the impact of acquisition: Accounts receivable (9,598)(16,225)
Unopened Income (3,947)(2,582)Inventories(10,155)(3,504)
241 of other current assets (2,517)
Payable accounts 4,1822, 049 Other current liabilities 9,3848, 55032,328 Net cash provided by operating activities 52, investment activities to purchase real estate, factories and equipment (12,817)(8,718)
Proceeds from the sale of property, plant and equipment, net of cash obtained-(204,228)
Net cash for investment activities (12,644)(212,835)
Financing activities for debt repayment (81,540)(20,272)
Income from bond issuance 37, dividend payment of 000222,019 (7,200)(6,699)
Withholding tax payments related to stocks
Basic compensation (3,886)(2,206)
Income from ordinary shares of the company 8 13-
Dividends paid to non-controlling interests (465)(882)
Payment of debt issuance fees (158)(1,257)
Other financing activities (351)(288)Net cash (used in)
Provided by financing activities (55,787)
190,415 Effect of exchange rate on cash, cash equivalents and restricted cash (2,906)7,911(Decrease)
Increase in cash, cash equivalents and restricted cash (18,787)
17,819 opening Cash, cash equivalents and restricted cash 76, 84673,569 cash, cash equivalents, ending limit cash $58,059 $91,388 SeeNote 1-Supplementary cash flow information and recently adopted accounting statements, cash flow statement (Topic 230)
More details limit cash.
The accompanying notes are an integral part of these consolidated financial statements.
Table 6 ContentsKADANT INC.
Consolidated Statement of shareholders' equity (Unaudited)(
In addition to share, in thousands)
Proceeds from excess par value of common stock capital were $146, $101,405, $0503, $686,532, $ in December 31, 2016 (90,335)$(49,637)
$1,650 $284,279 Net income-——30,332———
Announced 34330,675 dividends——(6,933)————(6,933)
Dividend paid to non-holding interest——————(882)(882)
Activities Under Stock Plan—369—(69,694)1,708——
2,077 other integrated projects-—————
21, 671, September 30, 2017 balance of $146 $101,774 34, 4493, $616,838 (88,627)$(28,197)
December 30, 2017 balance $1,342 $330,887 $146 $103,221 $613,838 (88,554)$(26,715)
Net income of $1,513, $332——41,991———
48742,478 through ASU No. 2014-09 (Note 1)———119————
119 through ASU No. 2016-16 (Note 1)———(75)————(75)
Declared dividends——(7,326)————(7,326)
Dividend paid to non-holding interest—————(465)(465)
Activities Under Stock Plan—(104)—(96,975)2,377——
2,273 Other integrated projects-—————(11,012)(57)(11,069)
The balance as at September 29, 2018 was $146, $103,117, $37, $516,863 (86,177)$(37,727)
$1,478, $358. The attached notes are an integral part of these consolidated financial statements.
Month table ContentsKADANT INC.
Notes to the consolidated financial statements (Unaudited)1.
Nature of operations and summary of important accounting policies of operating companies
Registered in Delaware in November 1991 and currently traded on the New York Stock Exchange, the stock code is "KAI ". "Kadant Inc.
And its subsidiaries (
(Collective company)
The operation consists of two reportable operation parts, paper making system and wood processing system, as well as a separate production line, fiber-based Products.
Through its paper system division, the company develops, manufactures and sells a range of equipment and products for global paper, paper recycling, recycling and waste management, as well as other process industries.
The company's main products include customization.
Engineering inventory-
Preparation systems and equipment for the preparation of waste paper for conversion into recycled paper and Baler, as well as related equipment for the treatment of recyclable and waste materials; fluid-
Processing systems and equipment for industrial piping systems to compensate for movement and to efficiently transmit fluid, power and data;
Medical systems, equipment and related consumables critical to the efficient operation of paper machines and other industrial processes;
And filtration and cleaning systems that are critical to drain, purify and recycle process water and clean fabrics, belts and rolls in various process industries.
Through its wood processing systems division, the company develops, manufactures and sells winches, hair dryers, chippers and logging machinery for harvesting and production of wood and directional chain plates.
Through this section, the company also provides renovation and repair of pulp equipment for the pulp and paper industry.
Through its fibers
Based on the product business, the company produces and sells biodegradable and absorbent paper particles
Mainly used as a product for agriculture, home lawn and garden, as well as professional lawn, lawn and decorative applications, as well as carrier for oil absorption.
The interim consolidated financial statements and related notes submitted by the interim financial statements are prepared by the company and have not been audited, and the management believes that all normal and regular adjustments are reflected, it is necessary to fairly state the company's financial position, operating results and three-year consolidated income in 2018. andnine-
The monthly period is 2018, 2017 and, and its cash flow and shareholder equity
The monthly period is 2018 and 2017.
Temporary results do not necessarily indicate results for the whole year or for any other temporary period.
Shown as ofDecember30, 2017 of the Consolidated balance sheet is from the consolidated financial statements contained in the Company's Annual Report Form 10
K 2017 for the fiscal year.
With the approval of the Securities and Exchange Commission, the consolidated financial statements and related notes (SEC)
Rules and Regulations of form 10
Q and does not contain certain information contained in the company's annual consolidated financial statements and related notes.
The condensed consolidated financial statements and notes contained herein shall be read in conjunction with the consolidated financial statements and related notes contained in the Company's Annual Report Form 10-
K. endedDecember30, 2017 for the fiscal year submitted to SEC.
The financial statements present certain re-categories in order to comply with the current report.
Due to the adoption of the Financial Accounting Standards Committee (FASB)
Update of accounting standards (ASU)No. 2017-
07, compensation-
Retirement benefits (Topic 715)
, Improve the presentation of the net cost of regular pensions and the net cost after regular periods
Retirement benefits costs, some components of net benefits costs have been reclassified from operating income to non-operating income
Operating expenses and expenses included in other expenses, see net consolidated income statement for 2017.
In addition, due to the passage of ASU No of FASB. 2016-
18. cash flow statement (Topic 230)
Restricted cash, changes in restricted cash have been reclassified from financing activities and exchange rate impacts on cash, and included in cash, cash equivalents, restricted cash in the cash flow statement of 2017.
Month table ContentsKADANT INC.
Notes to the consolidated financial statements (Unaudited)1.
Summary of nature of business and important accounting policies (continued)
The company adopted ASU No at the beginning of fiscal 2018. 2014-
09. contract income with customers (Topic 606)(Topic 606)
, Using an improved review method.
This statement has been formally adopted for further discussion.
The results of fiscal 2018 are listed under subject 606, while the amount of the previous period was not adjusted, but reported in accordance with the company's method of reporting income recognition in advance compiled according to accounting standards (ASC)
Revenue recognition (Topic 605)(Topic 605).
The impact of theme 606 and theme 605 on the company's performance in third quarter of 2018 and the first nine months is not important.
Assessment and use of key accounting policies prepare financial statements in accordance with US accounting standardsS.
Principles of recognized accounting (GAAP)
Management is required to make estimates and assumptions that affect the amount of assets and liabilities reported, disclose or have assets and liabilities on the date of the financial statements, and the amount of income and expenditure reported during the reporting period.
Key accounting policies are defined as policies that require significant judgment and estimation, which may lead to significant different outcomes under different assumptions and conditions.
The Company believes that the most critical accounting policy on which its financial position depends involves the most complex or subjective decisions or assessments, valuation involving income recognition, income tax, goodwill and intangible assets, inventory and pension obligations.
Discussions on the application of these and other accounting policies are included in notes 1 and 3 to the consolidated financial statements in the Company's Annual Report on Form 10
K. in the fiscal year, 2017 and revenue recognition and the recently adopted accounting statement, the income from the contract with the customer (Topic 606), in this note.
Although the company makes every effort to ensure the accuracy of the estimates and assumptions used in the preparation of streamlined consolidated financial statements or the application of accounting policies, if the business conditions are different, or if the company uses different estimates and assumptions, it is possible to report significantly different amounts in the consolidated financial statements of the company.
Supplementary cash flow information as of 9 months (In thousands)
2017 cash payment interest $5,914 $1,421 cash payment income tax deduction refund $20,823 $12,479 Non-
Cash investment activities: after estimation
Closing adjustment (a)$397$—
Fair value of acquired assets
$241,141 in cash paid for acquisitions(206,447)
Liabilities incurred by the acquisition business $-$34,694Non-
Cash increase of $783 in real estate, factories and equipment
Cash-funded activities: the issuing company's common stock pays a declared dividend of $3,976 $3,018 to the restricted stock unit without paying $2,444 $2,312 (a)
Posts representing estimates
Closing price adjustments related to the 2017 acquisition of certain assets of Unaflex, LLC are expected to be settled in 2018.
Table 9 ContentsKADANT INC.
Notes to the consolidated financial statements (Unaudited)1.
Summary of nature of business and important accounting policies (continued)
Restricted cash Company's restricted cash as collateral for bank guarantees is mainly related to assuring customers that the company will perform certain customer obligations entered into in the normal business process.
Most of the bank's guarantees will expire in the next 12 months.
The following table provides reconciliation of cash, cash equivalents and restricted cash reported in the company's streamlined consolidated balance sheet, which are summarized in the attached streamlined consolidated cash flow statement :(In thousands)
Sepdecember30, desdecember31, 2016 cash and cash equivalents $57,384 $90,622 $75,425 Restricted cash 67 71,487 restricted cash $4212,082 $58,059 $91,388 $76,846 $73, 569 banker's acceptance bill is included in the accounts receivable. The Chinese subsidiary of the company may receive Bank acceptance from the customer
The banker's acceptance bill is not interest.
Assume the obligation of the issuing bank and expire within six months of the opening date.
A subsidiary of the company may sell the money order at a discount to a third party
Party a financial institution or transfer the money order to the supplier in order to settle the current accounts payable before the scheduled due date.
These drafts Total $14,193,000, $2018, $15,960,000, $2017, included in the accounts receivable in the accompanying consolidated balance sheet, until the subsidiary sells the bill of exchange to the bank and receives the discounted amount, transfers the Bank acceptance bill to settle the current accounts payable before the expiration, or receives cash payment on the scheduled due date.
The components of the inventory are as follows: September29, 208december30, 2017 (In thousands)
Raw material supply Process23 $43,739 $38,952 work, 89518,203 finished Goods24, 10227,778 $91,736 $84,933 cm Intangible assets, the main asset categories of NetAcquired Intangible assets are as follows :(In thousands)
Grosscurrencypositivation, 208definite-
$113,283 $ (2,716)$(35,873)
$74,694 product technology 46,501 (1,282)(22,653)
227, 22, 566Tradenames5 (344)(1,864)
3. 019Other13, 744 (88)(11,375)2,281178,755(4,430)(71,765)
102,560 indefinitely-
LivedTradenames16, 60086-
16,686 acquisition of $195,355 in intangible assets (4,344)$(71,765)
$119,24610 table ContentsKADANT INC.
Notes to the consolidated financial statements (Unaudited)1.
Summary of nature of business and important accounting policies (continued)(In thousands)
Grosscurrencypositivate netdecember30, domdefinite-
$113,301 $ (621)$(28,789)
$83,891 product technology 46,501 (737)(19,841)
227, 25, 923Tradenames5 (262)(1,504)
3, 46 1 other 13, 754 (35)(10,863)2,856178,783(1,655)(60,997)
116,131 Indefinite-
LivedTradenames16, 600305-
16,905 acquisition of $195,383 in intangible assets (1,350)$(60,997)
$133,036 Intangible assets are initially recorded at fair value on the date of acquisition and indicate cumulative amortization and net currency conversion in the accompanying condensed consolidated balance sheet.
The company will clearly amortize
Intangible assets in the life cycle determined according to the expected cash flow earnings of intangible assets.
The book amount of goodwill divided by Division changes as follows :(In thousands)
Paper system segmentwood processing system in December 30, 2017 segmenttotalbalance total balance $247,014 $106,496 $353,510 cumulative impairment ready (85,509)—(85,509)
Net balance 0012018 adjustment acquisition, 505106, 496268 (a)(17)(75)(92)
Translation of currency (3,552)(2,276)(5,828)
Total 2018 adjustments (3,569)(2,351)(5,920)
Total balance of September 29, 2018 590 cumulative impairment losses (85,509)—(85,509)
Net balance $157,936 $104,145 $262,081 (a)
It involves the adjustment of purchase price distribution mainly for inventory and the adjustment of purchase price completed in 2017.
In the second and third quarters of 2018, the purchase price distribution of the company's 2017 acquisitions was finalized.
Table 11 ContentsKADANT INC.
Notes to the consolidated financial statements (Unaudited)1.
Summary of nature of business and important accounting policies (continued)
The book amount of accrued warranty costs included in Other current liabilities in the consolidated balance sheet accompanying warranty obligations changes as follows: end of nine months (In thousands)
September29, 208september30, the balance of $5,498 $3,843 at the beginning of 2017 is used by expense2, 5841,931 (1,828)(1,506)Acquisitions—
Currency translation 790 (215)
382 final balance $6,039 $5,440 revenue recognition came into effect at the beginning of fiscal 2018, and the company adopted theme 606, using an improved traceability method.
This statement has been formally adopted for further discussion.
The results for fiscal 2018 are listed under subject 606, while the amount for the previous period was not adjusted, but was reported in accordance with subject 605.
The impact of theme 606 and theme 605 on the company's performance in third quarter of 2018 and the first nine months is not important.
In the third quarter of 2018, it was about 90%. in the first nine months of 2018, 93% of the company's income was recognized when the customer obtained control of each performance obligation under the contract. goods or services.
At one point in time, most of the company's parts and consumable products and the least customized capital products are taken into account.
The company has made a policy choice not to regard the obligation to ship as a separate obligation to perform under the contract, and therefore, when revenue is recognized, the cost of the shipment in question arises.
The remaining 10% in the third quarter of 2018 and 7% in the first nine months of 2018 are based on a long-term confirmation of an input method, the input method compares the total expected costs incurred so far to meet the obligations.
When a contract includes a product without an alternative use and a enforceable right to pay, the contract is considered over time.
Over time, most contracts were signed for large capital projects within the company's stock range --
Prepare the product line, to a lesser extent, its fluid-
Handle and guide, clean and filter product lines.
These items are highly customized for the customer, so if canceled, a significant amount of rework costs will be included.
The company's contract covering the sale of its products includes warranty terms to provide its customers with a guarantee that the products are in compliance with the agreement
According to specifications.
According to the product and application, the company is negotiating the warranty scope and warranty period.
Table 12 ContentsKADANT INC.
Notes to the consolidated financial statements (Unaudited)1.
Summary of nature of business and important accounting policies (continued)
The company's contracted revenue with customers by product line, product type and location, as this best describes how its revenue is affected by economic factors, as follows: September 30, September 29, on September 30 ,,(In thousands)
2018201720182017 Revenue by Product Line: paper system: inventory-
Ready to $62,983 $52,065 $164,842 $139,396-
50073,099 wood processing system s37 042 39,714109 46982,921,126,770 paper system $111,135 $350,811 $295,416 $33561 wood processing system s37 042 39,714
Headquarters products 1, 9331,9459, 7059,427 165,745 dollars 152,794 dollar 469,851 dollars by product type division of income: parts and consumables $365,893 $92,749 $83,755 $283,591 $224 $260141,654 $165,745 $152,794 $469,851 $365,893 Revenue by Region: North America $74,089 $68,369 $227,080 $170 $, 092Europe44 91246,475131 437113,178 asia32 88725,21578 53753,658 more than World13 85712,73532 79728,965 $165,745 $152,794 $469,851 $365,893 The following table load column The tax income confirmation of methods: September 29, 30, 3 months, 9 monthsIn thousands)
20182018 revenue confirmation time: time point $148,524 $436,527 $22133,324 $165,745 $469 $2017. The following table shows the balance of the contract with the customer:In thousands)
Contract balance with client: Accounts receivable $96,326 $89,624 contract assets $8,315 $2,374 contract liabilities $48,959 $38,702 contract assets are open related to revenue recognized on a long-term basis contract
The unbilled amount will be billed for the future period in accordance with the terms of the contract.
Contractual liabilities include customer deposits and advances, as well as deferred income, which are included in Other current liabilities in the accompanying consolidated balance sheet.
Once the revenue recognition criteria are met, the contract liability will be recognized as income for a period of time to come.
Most of the contractual liabilities relate to the advance payment of the contract recorded at a certain point in time.
When the performance obligations of the company are met, these advances will be recognized as income, which usually occurs when the product is delivered and the control of the asset is transferred to the customer.
Table ContentsKADANT INC to be taken.
Notes to the consolidated financial statements (Unaudited)1.
Summary of nature of business and important accounting policies (continued)
The Company recognized revenue of $5,787,000 in 2018 and revenue of $35,900,000 in the first nine months of 2018, which was included in the balance of contractual liabilities at the beginning of fiscal 2018.
Customers in China usually settle accounts receivable with bank acceptance bills, in which case the cash settlement will be postponed until the bank acceptance bills are due or settled before they expire.
For customers outside China, the final payment for most of the company's products was received in the first quarter after the product was shipped.
Certain contracts of the company include longer periods prior to the expiration of the final payment, usually within one year of final shipment or transfer of control to the customer.
Recently passed the accounting statement income of the contract with the customer (Topic 606), Section A-
Summary and amendment to generate revenue from contracts with customers (Topic 606)
And other assets and deferred costs-
Contract with customer (Subtopic 340-40).
On May 2014, FASB released ASU No. 2014-
09, this requires the entity to confirm the amount of revenue it expects to be entitled to transfer the promised goods or services to the customer.
The company adopted an effective approach to improving the retrospective transition at the beginning of fiscal 2018.
This guide applies to all new contracts launched in fiscal 2018.
For existing contracts that still have debts as of the beginning of fiscal 2018, any difference between this Asus's confirmation criteria and the company's previous revenue recognition practices under subject 605 is the use of accumulation-
Effect adjustment to increase Retained earnings of $119,000.
The increase in retained earnings is mainly related to contracts that meet the long-term standards under the new income standard, so the contract portion completed as of fiscal 2018 is immediately recognized as retained earnings.
Partially offset by this increase is a decrease in retained earnings associated with certain contracts, which were previously calculated in percentage termsof-
The completion method of accounting does not meet the time confirmation requirements under subject 606.
According to the percentage, the amount previously confirmed in fiscal 2017-of-
The accounting completion method was delayed at the beginning of fiscal 2018, and when asset control was transferred to the client, it would be confirmed together with the remaining revenue and costs for fiscal 2018.
The company has made certain changes to its existing internal controls to support the Asus's accreditation standards and disclosure requirements.
SeeRevenue in this note recognizes the further disclosure required by this Asus.
Cash flow statement (Topic 230)
, The classification of certain cash income and cash payment.
On August 2016, FASB released ASU No. 2016-
15, this simplifies practical diversity related to the presentation and classification of certain cash income and cash payments in the cash flow statement under subject 230.
The company adopted the Asus at the beginning of fiscal 2018, which had no effect on the company's streamlined consolidated cash flow statement. Income Taxes (Topic 740), Intra-
Physical transfer of assets other than inventory.
On October 2016, FASB released ASU No. 2016-
16. This requires the entity to recognize the income tax consequences of internal income
When the transfer occurs, the physical transfer of the asset (except inventory) and the exception of the internal asset is eliminated
Physical transfer of assets other than inventory.
The company adopted this ASU at the beginning of fiscal 2018, a modified retrospective basis that resulted in an invisible adjustment to retained earnings.
The impact of adopting this standard on future periods will depend on future asset transfers, which typically occur in acquisitions and other business structure activities.
Cash flow statement (Topic 230)
Limited cash.
On November 2016, FASB released ASU No. 2016-
18, which requires the inclusion of restricted cash and restricted cash equivalents in cash and cash equivalents at the beginning of the reconciliation periodof-period and end-of-
Total period shown on the cash flow statement.
The company adopted the Asus at the beginning of the 2018 fiscal year.
Upfront amounts related to the company's "cash flow for financing activities", "impact of exchange rates on cash" and "cash, cash equivalents" are restated in accordance with the Asus's requirements, this has no significant impact on the company's cash flow statement.
This note contains the cash required for further disclosure by this Asus.
Business Portfolio (Topic 805)
Clear definition of the enterprise.
On January 2017, FASB released ASU No. 2017-
01, it clarifies the definition of the enterprise with the aim of adding guidance to help the entity assess whether a transaction should be considered as an acquisition or disposition of an asset or enterprise.
The company adopted the Asus at the beginning of the 2018 fiscal year.
Asus's adoption will affect the way the company will evaluate its business acquisition and disposal in the future.
Month table ContentsKADANT INC.
Notes to the consolidated financial statements (Unaudited)1.
Summary of nature of business and important accounting policies (continued)Compensation -
Retirement benefits (Topic 715)
, Improve the presentation of the net cost of regular pensions and the net cost after regular periods
Retirement benefits
On March 2017, FASB released ASU No. 2017-
07, this requires employers to include only the service cost portion of the net term pension cost and the net term Post-pension cost
The same income statement line cost as the salary cost of the relevant employee line cost and the retirement benefit cost in the operating expenses.
Other components of net benefit costs need to be included in
Operating expenses.
The company adopted this ASU at the beginning of fiscal 2018, and the amount of the previous period was reclassified, which had no effect on the Company's consolidated net income.
As a result of the adoption, the Company reclassified $216,000 in 2017 and $637,000 in the first nine months of 2017 from operating income to other expenses, net in Consolidated statements. Compensation -
Stock compensation (Topic 718)
, Modify the scope of accounting.
On May 2017, FASB released ASU No. 2017-
09, specifying changes in the terms or conditions of the shares
Based on the payment Award requirements the entity applies the revised accounting terms required in subject 718.
The company adopted the Asus at the beginning of the 2018 fiscal year.
The adoption of this ASU has no significant impact on the company's streamlined consolidated financial statements. Income Taxes (Topic 740)
Amendment to SEC paragraph pursuant to SEC employee accounting Bulletin No. 118.
On March 2018, FASB released ASU No. 2018-
Amendment No. 05, December, SEC Staff Accounting Bulletin118 (SAB 118)
, Which allows the SEC registrant to record the provisional amount of income because the December 22, 2017 tax cut and Employment Act, enacted in 2017, deals with complex accounting issues (2017 Tax Act).
While the company's accounting for certain tax effects is incomplete, it has identified reasonable estimates of these effects and recorded interim accounts in the streamlined consolidated financial statements as at December 30, 2017, 2018 andIntangibles -
Goodwill and othersInternal-Use Software (Subtopic 350-40)
, Customer accounting of the implementation cost incurred in the cloud computing arrangement (I . e. service contract.
On August 2018, FASB released ASU No. 2018-
15, it capitalizes the requirements of the implementation costs incurred in the hosting arrangement with the development or acquisition of internal-use software (
And hosting arrangements, including internal-
Use software license).
The company chose to adopt the Asus in advance in 2018.
The adoption of this ASU has no significant impact on the company's streamlined consolidated financial statements.
Accounting announcements that have not recently adopted leases (Topic 842).
On February 2016, FASB released ASU No. 2016-
02, this requires the lessee to recognize the following rightsof-
Use the lease liability of the asset and operating lease in the balance sheet, initially measured in the present value of future lease payments.
This ASU also requires the lessee to confirm a single lease cost so that the lease cost can be allocated within the lease term, usually directlyline basis.
This new guidance is valid for the company in fiscal 2019 and allows early adoption.
On July 2018, FASB released ASU 2018-11,Leases (Topic 842)
, Targeted improvements that provide an additional transition approach that allows entities to identify cumulative effect adjustments that employ the opening balance of retained earnings during the period.
The company chose to adopt this new transition approach when adopting ASU 2016
Fiscal 2019.
The company is completing its assessment of the actual expediency measures permitted under this new guideline and finalizing its election and its impact on its systems, processes and controls to account for its leases
The company has basically completed its assessment of the rental population and is in the process of implementing a third assessment
Party software solutions to assist in Accounting according to new standards.
The implementation of this new standard will have a significant impact on the company's disclosure and balance sheet, as it anticipates that assets and liabilities will increase once this right is passed --of-
The use of assets and lease liabilities is not expected to have a significant impact on their operating results or cash flows.
The operating leases of the company are summarized in Note 7 to the consolidated financial statements, which is included in the Company's Annual Report on Form 10, 2017-
K, submit to SEC.
The actual impact of this new standard will depend on the company's total lease commitment as of the adoption date.
Financial instruments-Credit Losses (Topic 326)
Measurement of credit loss of financial instruments.
On June 2016, FASB released ASU No. 2016-
13, this significantly changes the way entities recognize the impairment of many financial assets, requiring immediate confirmation of estimated credit losses expected to occur over their remaining lifetime.
This new 15 form for ContentsKADANT INC.
Notes to the consolidated financial statements (Unaudited)1.
Summary of nature of business and important accounting policies (continued)
Guidance is valid for the company in fiscal 2020 and early adoption is allowed in fiscal 2019.
The company is currently evaluating the impact of adopting this ASU on its streamlined consolidated financial statements.
Derivatives and hedging (Topic 815)
Improve the accounting of hedging activities in a targeted manner.
On August 2017, FASB released ASU No. 2017-
12, improvements are provided for current hedge accounting to better describe the economic results of Entity Risk management activities and to simplify the application of current hedge accounting guidance.
This new guidance is promising for the company in fiscal 2019.
Early adoption is allowed.
The company does not believe that adopting this ASU will have a significant impact on its streamlined consolidated financial statements.
Income Statement-
Declaration of comprehensive income (Topic 220)
, Re-classify certain tax effects from the other consolidated income accumulated.
On February 2018, FASB released ASU No. 2018-
02, allow re-classification from other integrated projects accumulated (AOCI)
Retain income for the stranded tax effect generated by the 2017 tax law.
Re-classification is optional and will allow the income tax impact on items originally recorded in AOCI to be re-classified from AOCI to retained earnings.
The ASU is valid for the company in the fiscal year and mid-2019 and shall be recognized at the beginning of the adoption period or at each period retroactive to the income tax impact 2017 tax law.
Early adoption is allowed.
The company is currently evaluating the impact of adopting this ASU on its streamlined consolidated financial statements. Compensation-
Retirement benefits-
Welfare plan-General (Subtopic 715-20)
, Disclosure framework-
Clarify the changes required for the disclosure of the benefit plan.
On August 2018, FASB released ASU 2018-
14. cancellation, addition and clarification of several disclosure requirements for employers sponsoring fixed-benefit pensions or other post-employment plans.
This new guidance is retrospective for the company in fiscal 2021.
Early adoption is allowed.
The company does not believe that adopting this ASU will have a significant impact on its streamlined consolidated financial statements. 2.
Restructuring costs 2017, the company built square feet of production facilities in the United States, integrating the United StatesS.
Paper making materials in Sweden
Prepare the production line into a single manufacturing facility to achieve economies of scale and higher efficiency.
Due to the integration and integration of these facilities, the company has developed a restructuring plan totaling approximately $1,920,000, mainly involving relocation of mechanical equipment and administrative offices, severance payments, and abandonment of rental facilities in the paper system sector.
As a result of this program, the Company recorded $203,000 in restructuring costs in 2017 related to the reduction of severance payments for our employees in the United States and six employees in Sweden.
In the first nine months of 2018, the Company recorded an additional restructuring fee of $1,717,000 related to the plan, which included $1,318,000 primarily for relocation of mechanical equipment and administrative offices, $454,000 in connection with employee retention costs, abandonment of excess facilities and other closing costs, no further need to recover the severance pay of $55,000.
The company is not expected to incur additional costs for the restructuring plan.
The changes in accrued restructuring expenses included in Other accrued charges in the accompanying consolidated balance sheet are summarized as follows :(In thousands)
Other (a)
Total Balance as at December 30, 2017 was $203$—$203(Reversal)provision(55)
1, 3184541, 717 usage (77)(1,315)(439)(1,831)
Translation of currency (8)(3)—(11)
Balance as at September 29, 2018 is $63$15$78(a)
Includes employee retention costs that can be accrued proportionally during the period during which employees must work to obtain payment and facility closure and cleaning eligibilityup costs.
The company is expected to pay the remaining Accrued restructuring costs in 2018.
Table 16 ContentsKADANT INC.
Notes to the consolidated financial statements (Unaudited)3.
Basic earnings per share and diluted earnings (EPS)
The calculation is as follows: Three months EndedSeptember29 EndedNine, 208september30, Vivo september29, 208september30, 2017 (
In thousands, except for the amount per share)
Amount to be attributable to Keda: Net income $18,784 $13,285 $41,991 $30,332 Basic weighted average Shares11, 10111,00411, 07810,986 restricted stock unit and employee stock purchase plan for stock options shares3203340310296 Diluted weighted average Shares11, 42111,34411, 38811,282 Basic earnings per share $1. 69$1. 21$3. 79$2.
Diluted earnings per share $1. 64$1. 17$3. 69$2.
69 restricted stock units (RSUs)
There were 4,000 ordinary shares in third quarter of 2018, 25,000 shares in third quarter of 2018, shares in the first nine months of 2018 and 21, and in the first nine months of 2017, 000 is not included in the calculation of diluted EPS because the effect would be counter-diluted or for performance not attributable --
Based on RSUs, the performance conditions had not been met as of the end of the reporting period. 4.
Income tax clause 2017 the tax law was signed into law on December 22, 2017, and its terms generally come into effect in the tax year from January 1, 2018.
2017 the most important impact of the tax law on companies includes a reduction in the federal corporate income tax rate from 35% to 21%, and-
Time deemed as repatriation of previous taxes mandatory transitional tax-
Foreign income deferred and not redeemed.
On December 22, 2017, SEC staff issued SAB 118, providing accounting guidance on the impact of the 2017 Tax Act.
According to SAB 118, the company confirmed the interim tax impact related to the remeasurement of deferred income tax assets and liabilities, and
For the three months ended December 30, 2017, it was considered a mandatory time transition tax for repatriation of outstanding foreign income.
In the first nine months of 2018, the Company recorded an additional $792,000 in temporary income tax expenses, which included the impact of state taxes on the company
The time mandatory transition tax, mainly due to changes to the 2018 tax law related to the 2017 tax law, affected the provisional amount originally recorded.
In order to finalize the temporary tax impact of the 2017 tax law, more work needs to be done, including completing a more detailed analysis of the company's historical foreign income, and understand and apply the expected additional regulatory guidelines on the provisions of the 2017 tax law that may be issued internally, national and local tax services.
Any subsequent adjustment to the provisional amount will be included in the current tax expenditure in 2018 after the analysis is completed.
Income tax funding for the first nine months of 2018 was $15,575,000, and income tax funding for the first nine months of 2017 was $10,550,000.
The effective tax rate for the first nine months of 2018 was 27%, up from 2018 of the company's statutory tax rate of 21%, mainly due to the invisible low globaltaxed income (GILTI)
2017 provisions of the tax law, distribution of corporate global income, return costs of income from certain foreign subsidiaries, and estimated changes to federal and state provisional Net income expenses initially recorded in the 2017 Tax Act of 2017.
This increased tax expense is partially offset by a reduction in tax reserves associated with uncertain tax positions and a net Excess income tax benefit for stocks
Based on compensation arrangements.
2017 head nine a month of actual tax rate for 26% lower than the Company 2017 the statutory tax rate of 35% this main is due to the company global income of distribution and net excess income stock bring of tax best
Based on compensation arrangements, partially offset by tax increases related to non-compensation
Deductible fees and unconfirmed tax benefits.
The company chooses to account GILTI as the current fee at the time of occurrence (
Period cost method).
Due to the complexity of GILTI's tax rules and the lack of legislative guidance, the company continues to evaluate 17 forms of ContentsKADANT INC.
Notes to the consolidated financial statements (Unaudited)4.
Income tax provision (continued)
2017 provisions of the tax law and the application of ASC 740 income tax.
2017 The final impact of the GILTI tax legislation of the tax law on the company may be different from the estimates calculated by the company.
Among other things, this difference may be significant because the interpretation of the 2017 tax act has changed and future legislative action is to address issues arising from the 2017 tax act, under the 2017 tax act, changes in income tax accounting standards or related explanations, or any updates or changes that the company uses to calculate the estimates contained by GILTI. 5. Long-
Long-term debt-
The regular obligations are as follows: 2017, 208december30 ,(In thousands)
Cycle credit loan due 2022 168,468 dollars 237,011 dollar commercial real estate loans due 202820,738-
Debt under capital lease, maturity of 2018 to 20224,2774, other loans of 633, maturity of 2018 to 2023286436 unamortized debt issuance costs (154)—
Total decrease of 615242,080: current due date for long term
Term Obligations (1,686)(696)Long-
Regular obligations $191,929 $241,384 SeeNote 10 for fair value information related to the company for a long time
Term obligations.
Revolving credit facility 2017, the company has entered into a revised and Restated Credit Agreement (
2017 Credit Agreement)
This is a five.
No guarantee more
A currency revolving credit with a total principal of up to $300,000,000.
The 2017 Credit Agreement also includes an uncommitted, unsecured, incremental loan of up to $100,000,000.
The principal of any loan will expire on March 1, 2022.
The loan may be denominated in US currency. S.
2017 USD or certain foreign currency as defined in the credit agreement.
Interest on any outstanding loan shall be paid on a quarterly basis at one of the following rates selected by the company :(i)
The base rate calculated as the highest (a)
Federal fund rate 0. 50%, (b)
The basic interest rate announced by the Citizen Bank, and (c)the thirty-
London International day
Interest rates provided by banks (LIBOR)
The rate defined is plus0. 50%; or (ii)
LIBOR rate (
% With azero)
, As defined, plus the applicable margin of 1% to 2%.
The applicable margin is determined according to the ratio of the company's total debt (certain cash and debts defined by deduction) to the earnings before interest, taxes, depreciation and amortization (EBITDA)
As defined in the credit agreement 2017.
For this purpose, the net total debt of certain cash and debts is defined as total debt minus (i)unrestricted U. S. cash, and (ii)
65% of unrestricted cash outside the United States, but not more than $30,000,000.
In the event of a breach of contract under the 2017 Credit Agreement, the company's obligations under the 2017 Credit Agreement may be accelerated, which includes, but is not limited to, a customary breach of contract, default of payment, default of performance of affirmative and negative deed, inaccuracy of statement or guarantee, bankruptcy-and insolvency-
Breach of contract and breach of contract related to the Employment Retirement Income Safety Law (ERISA)
Unsatisfactory judgment, failure to pay certain debts, and changes in default of control.
In addition, the 2017 Credit Agreement contains negative covenants applicable to the company and its subsidiaries, including financial covenants requiring the company to comply with a maximum consolidated leverage ratio of 3.
5 to 1, the minimum comprehensive interest coverage is 3 to 1, restrictions on liens, liabilities, basic changes, property disposal, certain restricted payments (
Including dividends and stock buybacks)
Investment, transactions with affiliated companies, sales and leaseback transactions, exchange agreements, changes to their fiscal year, arrangements affecting the distribution of subsidiaries, entry into new lines of business, and some operations related to the shutdown operation.
As of 2018, the company had complied with these conventions.
Under the 2017 Credit Agreement, the loan is secured by certain domestic subsidiaries of the company under the revised and restated guarantee agreement.
In addition, a foreign subsidiary of the Company entered into a guarantee agreement limited to certain obligations of borrowers of two foreign subsidiaries.
18 forms for ContentsKADANT Inc.
Notes to the consolidated financial statements (Unaudited)5. Long-
Term Obligations (continued)
As of the 29 th of 2018, the outstanding balance under the 2017 credit agreement was $168,468,000, which included $43,687,000 in Canadian dollars-
Euro-denominated borrowing and $33,781,000
Denominated loans.
As of 2018, the company had a borrowing capacity of $131,156,000 under its 2017 Credit Agreement, which was through the translation of its foreign-
Use the denominated loan of the foreign exchange rate on the borrowing day.
The weighted average interest rate for revolving credit is 3.
07% to 2018.
Commercial real estate loans in July 2018, the company and internal state companies borrowed $21,000,000 by promissory note (
Real estate loans)
Repayment of principal of $262,500 per quarter, more than aten-
The balance of the remaining principal at maturity is the annual period of $10,500,000.
Interest accrued on a quarterly basis at a fixed rate of 4 and arrears payable. 45% per annum.
In the first 12 months of the term of the real estate loan, the company is not allowed to advance any amount.
Any voluntary advance payment, if paid within the second 12 months of the term of the real estate loan, will be charged an advance of a2 %, if paid in the third 12 months of the term of the real estate loan, an advance payment of a1 % is required.
After that, the company will not charge advance payment for voluntary advance payment.
Under the mortgage and guarantee agreement of July 6, 2018, real estate loans are guaranteed by the real estate and related personal property of the company and some of its domestic subsidiaries (
Mortgage and guarantee agreement).
In the event of a breach of contract under the real estate loan and mortgage and guarantee agreement, the company's obligations under the real estate loan may be accelerated, including customary incidents of default, including, but not limited to, the payment of a breach of contract, the performance of a breach of contract and obligation, the inaccuracy of the statement or guarantee, bankruptcy-and insolvency-
A lien on the relevant breach of contract, property or collateral, and a judgment not insured.
In addition, a default under the 2017 credit agreement or any subsequent credit mechanism will be a default on real estate loans.
The company uses the proceeds of real estate loans to repay part of its U. S. dollar-
2017 denominated debt under the Credit Agreement.
In third quarter of 2018, the Company incurred $158,000 in debt issuance fees related to real estate loans.
The actual interest rate of real estate loans, including amortization of the cost of debt issuance, is 4.
55% to 2018.
Obligations under capital lease the obligations of the company under capital lease include the sale-
Rent-back financing arrangement for a manufacturing factory in Germany.
Under this arrangement, quarterly lease payments include principal, interest and Loans receivable paid to the landlord.
The interest rate for outstanding debts is 1. 79%.
Secured Loans receivable are included in other assets attached to the streamlined consolidated balance sheet, amounting to $645,000 for 2018.
The lease arrangement provides that, at the end of the lease term in 2022, the fixed-price purchase option is $1,545,000, excluding the estimated loan receivable.
If the company does not exercise the option to purchase the facility, the company will receive cash from the landlord to settle the loan receivable.
As at 29 th 2018, under this capital lease obligation, $4,205,000 was outstanding and $72,000 was outstanding under other Capital lease obligations.
Table 19 ContentsKADANT INC.
Notes to the consolidated financial statements (Unaudited)6. Stock-
Confirmation of compensation fees for all stocks based on compensation company
Based on an estimate of the fair value of these awards on the date of award, awards are granted to employees and directors.
The fair value of RSUs is based on the date of grant price of the Company's common stock, minus the present value of the estimated dividend for the necessary service period. For time-
Based on RSUs, the compensation fee is used during the necessary service period of the entire award, based on the fair value of the award date and the actual confiscation deduction recorded at the time of occurrence, and is confirmed proportionally.
Performance-
Based on the rsu, the compensation fee is recognized pro rata for each individual necessary service period
The attribution portion of the award is based on the fair value of the award date, deducting the actual forfeiture recorded at the time of occurrence and re-metering during each reporting period until the total number of rsu known to be issued.
Shares approved by the company-
Based on compensation costs of $1,736,000 in third quarter of 2018, $2017 in the third quarter of 1,547,000, $5,346,000 in the first nine months of 2018, and $4,283,000 in sales expenses and administration in the first nine months of 2017 (SG&A)
Expenses included in the consolidated income statement.
Unconfirmed compensation fee related to stock
In 6,698,000, the total base compensation was approximately $2018 and will be confirmed during the weighted average period. 7 years. 7.
At the beginning of fiscal 2018, the company reviewed ASU No's retirement benefits program. 2017-07.
Accounting Statement 1 was recently adopted for further discussion.
Therefore, operating income includes only the service cost portion of the net periodic benefit cost.
All other components are included in other expenses, deducting the attached consolidated income statement.
The components of the net periodic benefit cost are as follows: 2018 in three months, 30 in three months and 2017 in three months (
In thousands, except for the percentage)U. S. PensionNon-U. S.
Other positions-RetirementU. S. PensionNon-U. S.
Other positions-
Retirement Services costs $175 $35 $53 $171 $35 $43 Interest cost29830. 072843 expected return on planned assets (322)(11)(1)(331)(10)(1)
Confirmed net actuarial loss of prior service costs 13515341101022 Amortization-
22214222 $286 $71 $151 $271 $65 $129 the weighted average assumptions used to determine the cost of net periodic benefits are as follows: Discount rate 3. 51%3. 86%3. 64%4. 03%3. 42%4.
Estimated length 12%-
Regular returns on planned assets. 50%7. 43%7. 43%5. 00%7. 72%7.
The salary growth rate was 72%. 00%3. 72%3. 07%3. 00%3. 41%3.
Table ContentsKADANT INC. 08
Notes to the consolidated financial statements (Unaudited)7.
Retirement benefits plan (continued)
9 Months 2018 months 30 months 2017 Months
In thousands, except for the percentage)U. S. PensionNon-U. S.
Other positions-RetirementU. S. PensionNon-U. S.
Other positions-
Retirement Services costs $525 $106 $159 $514 Interest $100 $131 expected return on planned assets (966)(33)(3)(994)(27)(1)
Confirmed net actuarial loss of prior service costs 405461023312862 Amortization-
66640466 $858 $215 $453 $814 $183 $385 used to determine net regular welfare cost of weighted average Let's assume that the following: Discount rate 3. 51%3. 82%3. 64%4. 03%3. 43%4.
Estimated length 12%-
Regular returns on planned assets. 50%7. 43%7. 43%5. 00%7. 72%7.
The salary growth rate was 72%. 00%3. 70%3. 07%3. 00%3. 42%3.
07% on October 29, 2018, the board of directors of the company and its compensation committee approved the amendment to freeze and terminate American companiesS.
Pension Plan and recovery plan (
Included in "other posts"
"Retirement" in the form above)
As at December 29, 2018.
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