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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
| | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2022
OR
| | | | | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission file number 1-4801
BARNES GROUP INC.
(Exact name of registrant as specified in its charter)
| | | | | | | | | | | | | | |
Delaware | | 06-0247840 | |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) | |
| |
123 Main Street | | | |
Bristol | | | |
Connecticut | | 06010 | |
(Address of Principal Executive Offices) | | (Zip Code) | |
(860) 583-7070
Registrant's telephone number, including area code
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
Title of Each Class | | Trading Symbol | | Name of Each Exchange on Which Registered |
Common Stock, par value $0.01 per share | | B | | New York Stock Exchange |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | |
Large accelerated filer | ☒ | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). | Yes | ☐ | No | ☒ |
The registrant had outstanding 50,568,839 shares of common stock as of October 26, 2022.
Barnes Group Inc.
Index to Form 10-Q
For the Quarterly Period Ended September 30, 2022
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Part I. | FINANCIAL INFORMATION | |
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Item 1. | | |
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Item 2. | | |
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Item 3. | | |
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Item 4. | | |
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Part II. | OTHER INFORMATION | |
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Item 1. | | |
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Item 1A. | Risk Factors | |
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Item 2. | | |
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Item 3. | | |
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Item 4. | | |
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Item 5. | | |
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Item 6. | | |
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This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. See “FORWARD-LOOKING STATEMENTS” under Part I - Item 2 “Management's Discussion and Analysis of Financial Condition and Results of Operations” of this Quarterly Report on Form 10-Q.
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
BARNES GROUP INC.
CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Dollars in thousands, except per share data)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2022 | | 2021 | | 2022 | | 2021 |
Net sales | $ | 314,744 | | | $ | 325,059 | | | $ | 948,395 | | | $ | 947,846 | |
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Cost of sales | 208,649 | | | 205,079 | | | 628,593 | | | 602,943 | |
Selling and administrative expenses | 76,059 | | | 76,271 | | | 218,646 | | | 230,271 | |
Goodwill impairment charge | — | | | — | | | 68,194 | | | — | |
| 284,708 | | | 281,350 | | | 915,433 | | | 833,214 | |
Operating income | 30,036 | | | 43,709 | | | 32,962 | | | 114,632 | |
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Interest expense | 3,357 | | | 4,027 | | | 10,249 | | | 12,443 | |
Other expense (income), net | 2,423 | | | 1,217 | | | 3,650 | | | 3,952 | |
Income before income taxes | 24,256 | | | 38,465 | | | 19,063 | | | 98,237 | |
Income taxes | 7,277 | | | 10,602 | | | 21,152 | | | 26,501 | |
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Net income (loss) | $ | 16,979 | | | $ | 27,863 | | | $ | (2,089) | | | $ | 71,736 | |
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Per common share: | | | | | | | |
Basic | $ | 0.33 | | | $ | 0.55 | | | $ | (0.04) | | | $ | 1.41 | |
Diluted | 0.33 | | | 0.55 | | | (0.04) | | | 1.40 | |
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Weighted average common shares outstanding: | | | | | | | |
Basic | 50,919,955 | | | 50,905,202 | | | 50,981,874 | | | 50,925,702 | |
Diluted | 51,059,906 | | | 51,060,684 | | | 50,981,874 | | | 51,085,509 | |
See accompanying notes.
BARNES GROUP INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Dollars in thousands)
(Unaudited)
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| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2022 | | 2021 | | 2022 | | 2021 |
Net income (loss) | $ | 16,979 | | | $ | 27,863 | | | $ | (2,089) | | | $ | 71,736 | |
Other comprehensive income (loss), net of tax | | | | | | | |
Unrealized gain (loss) on hedging activities, net of tax (1) | 2,391 | | | 62 | | | 5,793 | | | (488) | |
Foreign currency translation adjustments, net of tax (2) | (63,433) | | | (25,383) | | | (145,238) | | | (51,669) | |
Defined benefit pension and other postretirement benefits, net of tax (3) | (3,737) | | | 3,640 | | | 2,114 | | | 10,165 | |
Total other comprehensive loss, net of tax | (64,779) | | | (21,681) | | | (137,331) | | | (41,992) | |
Total comprehensive (loss) income | $ | (47,800) | | | $ | 6,182 | | | $ | (139,420) | | | $ | 29,744 | |
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(1) Net of tax of $751 and $47 for the three months ended September 30, 2022 and 2021, respectively, and $1,827 and $(106) for the nine months ended September 30, 2022 and 2021, respectively.
(2) Net of tax of $0 and $0 for the three and nine months ended September 30, 2022 and 2021, respectively.
(3) Net of tax of $(1,383) and $972 for the three months ended September 30, 2022 and 2021, respectively, and $233 and $3,033 for the nine months ended September 30, 2022 and 2021, respectively.
See accompanying notes.
BARNES GROUP INC.
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share data)
(Unaudited)
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| September 30, 2022 | | December 31, 2021 |
Assets | | | |
Current assets | | | |
Cash and cash equivalents | $ | 71,585 | | | $ | 102,860 | |
Accounts receivable, less allowances (2022 - $4,627; 2021 - $5,625) | 260,163 | | | 262,257 | |
Inventories | 268,854 | | | 239,655 | |
Prepaid expenses and other current assets | 81,472 | | | 75,437 | |
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Total current assets | 682,074 | | | 680,209 | |
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Deferred income taxes | 21,732 | | | 21,976 | |
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Property, plant and equipment | 878,992 | | | 904,895 | |
Less accumulated depreciation | (570,038) | | | (563,433) | |
| 308,954 | | | 341,462 | |
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Goodwill | 784,952 | | | 955,370 | |
Other intangible assets, net | 436,683 | | | 500,246 | |
Other assets | 76,659 | | | 77,557 | |
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Total assets | $ | 2,311,054 | | | $ | 2,576,820 | |
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Liabilities and Stockholders' Equity | | | |
Current liabilities | | | |
Notes and overdrafts payable | $ | — | | | $ | 1,900 | |
Accounts payable | 136,485 | | | 131,076 | |
Accrued liabilities | 145,898 | | | 175,583 | |
Long-term debt - current | 1,339 | | | 1,835 | |
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Total current liabilities | 283,722 | | | 310,394 | |
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Long-term debt | 556,354 | | | 599,932 | |
Accrued retirement benefits | 73,088 | | | 76,784 | |
Deferred income taxes | 56,100 | | | 66,704 | |
Long-term tax liability | 39,086 | | | 52,114 | |
Other liabilities | 35,648 | | | 42,126 | |
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Commitments and contingencies (Note 15) | | | |
Stockholders' equity | | | |
Common stock - par value $0.01 per share Authorized: 150,000,000 shares Issued: at par value (2022 - 64,448,650 shares; 2021 - 64,343,582 shares) | 644 | | | 643 | |
Additional paid-in capital | 526,367 | | | 516,562 | |
Treasury stock, at cost (2022 - 13,881,687 shares; 2021 - 13,658,483 shares) | (531,181) | | | (523,642) | |
Retained earnings | 1,560,395 | | | 1,587,041 | |
Accumulated other non-owner changes to equity | (289,169) | | | (151,838) | |
Total stockholders' equity | 1,267,056 | | | 1,428,766 | |
Total liabilities and stockholders' equity | $ | 2,311,054 | | | $ | 2,576,820 | |
See accompanying notes.
BARNES GROUP INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)
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| Nine Months Ended September 30, |
| 2022 | | 2021 |
Operating activities: | | | |
Net (loss) income | $ | (2,089) | | | $ | 71,736 | |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | | | |
Depreciation and amortization | 69,022 | | | 68,004 | |
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Loss (gain) on disposition of property, plant and equipment | 14 | | | (414) | |
Stock compensation expense | 9,547 | | | 9,212 | |
Non-cash goodwill impairment charge | 68,194 | | | — | |
Changes in assets and liabilities: | | | |
Accounts receivable | (17,923) | | | (15,649) | |
Inventories | (40,428) | | | (5,582) | |
Prepaid expenses and other current assets | (13,310) | | | (7,205) | |
Accounts payable | 10,509 | | | 17,827 | |
Accrued liabilities | (28,637) | | | (1,051) | |
Deferred income taxes | (4,350) | | | (7,052) | |
Long-term retirement benefits | (660) | | | 2,308 | |
Long-term tax liability | (6,948) | | | (6,949) | |
Other | 521 | | | 2,605 | |
Net cash provided by operating activities | 43,462 | | | 127,790 | |
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Investing activities: | | | |
Proceeds from disposition of property, plant and equipment | 104 | | | 1,204 | |
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Capital expenditures | (21,655) | | | (26,735) | |
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Other | (2,168) | | | 2,107 | |
Net cash used by investing activities | (23,719) | | | (23,424) | |
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Financing activities: | | | |
Net change in other borrowings | (941) | | | (226) | |
Payments on long-term debt | (80,777) | | | (73,081) | |
Proceeds from the issuance of long-term debt | 85,082 | | | 25,000 | |
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Proceeds from the issuance of common stock | 338 | | | 464 | |
Common stock repurchases | (6,721) | | | (5,229) | |
Dividends paid | (24,282) | | | (24,293) | |
Withholding taxes paid on stock issuances | (818) | | | (1,356) | |
Other (Note 9) | (18,548) | | | (9,835) | |
Net cash used by financing activities | (46,667) | | | (88,556) | |
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Effect of exchange rate changes on cash flows | (9,467) | | | (2,923) | |
(Decrease) increase in cash, cash equivalents and restricted cash | (36,391) | | | 12,887 | |
Cash, cash equivalents and restricted cash at beginning of period | 111,909 | | | 91,468 | |
Cash, cash equivalents and restricted cash at end of period | 75,518 | | | 104,355 | |
Less: Restricted cash, included in Prepaid expenses and other current assets | (1,976) | | | (6,239) | |
Less: Restricted cash, included in Other assets | (1,957) | | | (4,641) | |
Cash and cash equivalents at end of period | $ | 71,585 | | | $ | 93,475 | |
See accompanying notes.
BARNES GROUP INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(All dollar amounts included in the notes are stated in thousands except per share data)
(Unaudited)
1. Basis of Presentation
The accompanying unaudited consolidated balance sheet and the related unaudited consolidated statements of income, comprehensive income and cash flows have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The consolidated financial statements do not include all information and notes required by accounting principles generally accepted in the United States of America for complete financial statements. The balance sheet as of December 31, 2021 has been derived from the 2021 financial statements of Barnes Group Inc. (the "Company"). For additional information, please refer to the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of management, all adjustments, including normal recurring accruals considered necessary for a fair statement of the results, have been included. Operating results for the nine-month period ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.
The COVID-19 pandemic ("COVID-19") has resulted in a disruption in business activities worldwide and has caused weakened economic conditions, both in the United States and abroad. COVID-19 has had, and may continue to have, a significant negative impact on the Company's ongoing operations and the end markets in which it serves. The Company has assessed the impacts on its accounting estimates, assumptions and disclosures.
2. Recent Accounting Standards
The Financial Accounting Standards Board ("FASB") establishes changes to accounting principles under U.S. generally accepted accounting principles ("US GAAP") through the use of Accounting Standards Updates ("ASUs") to the FASB's Accounting Standards Codification. The Company evaluates the applicability and potential impacts of recent ASUs on its Consolidated Financial Statements and related disclosures.
Recently Adopted Accounting Standards
In December 2019, the FASB amended its guidance related to income taxes. The amended guidance simplifies the accounting for income taxes, eliminating certain exceptions to the general income tax principles, in an effort to reduce the cost and complexity of application. The amended guidance is effective for annual periods beginning after December 15, 2020, and interim periods within those reporting periods. Early adoption was permitted in any interim or annual period. The guidance requires application on either a prospective, retrospective or modified retrospective basis, contingent on the income tax exception being applied. The Company adopted this guidance, on a prospective basis, on January 1, 2021 and it did not have a material impact on the Company's Consolidated Financial Statements.
Recently Issued Accounting Standards
The United Kingdom's Financial Conduct Authority, which regulates the London Interbank Offered Rate (“LIBOR”), announced its intent to phase out the use of LIBOR by December 31, 2021. The U.S. Federal Reserve, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, identified the Secured Overnight Financing Rate (“SOFR”) as its preferred benchmark alternative to U.S. dollar LIBOR. Published by the Federal Reserve Bank of New York, SOFR represents a measure of the cost of borrowing cash overnight, collateralized by U.S. Treasury securities, and is calculated based on directly observable U.S. Treasury-backed repurchase transactions. In March 2020, in response to this transition, the FASB issued guidance related to this rate reform, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued by reference rate reform, and addresses operational issues likely to arise in modifying contracts to replace discontinued reference rates with new rates. In January 2021, the FASB issued further clarifying guidance regarding derivatives, as it relates to this transition. The guidance is effective through December 31, 2022. The Company’s Amended Credit Agreement (Note 8) and corresponding interest rate Swaps (Note 9) each mature in February 2026. In March 2021, the Intercontinental Exchange Benchmark Association announced that it will extend the publication of overnight, 1, 3, 6 and 12 month LIBOR rates until June 30, 2023, while ceasing publication of all other LIBOR rates including 1 week and 2 month rates. The Company's Amended Credit Agreement was further amended in October 2021 and in April 2022 to address the replacement of LIBOR via the LIBOR Transition Agreement and Amendment No. 1, respectively (see Note 8), with SOFR. The Company's corresponding interest rate Swaps were amended in May 2022 to address the replacement of
LIBOR. As a result of the Company's contract amendments to address the replacement of LIBOR, the Company does not anticipate a material impact on our business, financial condition, results of operations or cash flow as a result of this change.
In October 2021, the FASB amended its guidance related to business combinations. The amended guidance requires entities to recognize and measure contract assets and contract liabilities acquired in business combinations on the acquisition date in accordance with Accounting Standards Codification 606, Revenue from Contracts with Customers. The new guidance is effective on a prospective basis for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022, with early adoption permitted. The Company is currently evaluating the amended guidance as the guidance will be applicable to future acquisitions.
In August 2022, the U.S. government enacted tax legislation commonly referred to as the Inflation Reduction Act of 2022 (“IRA”) into law. The IRA will impose a 1% excise tax on the fair market value of certain stock repurchased by a public traded company after December 31, 2022 and restored and modified certain tax-related energy incentives. The Company does not anticipate a material impact on our business, financial condition, results of operations or cash flow as a result of this change.
In September 2022, the FASB amended its guidance related to supplier finance programs. The amended guidance requires additional disclosures surrounding the use of supplier finance programs to purchase goods or services including disclosing the key terms of the programs, the amount of obligations outstanding at the end of the reporting period, and a roll-forward of those obligations. The new guidance, except the amendment on roll-forward information, is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendment on roll-forward information is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The Company is currently evaluating the impact that this amended guidance will have on the Company's Financial Statements.
3. Revenue
The Company is a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, serving a wide range of end markets and customers. Its specialized products and services are used in far-reaching applications in healthcare, automation, packaging, aerospace, mobility and manufacturing.
Revenue is recognized by the Company when control of the product or solution is transferred to the customer. Control is generally transferred when products are shipped or delivered to customers, title is transferred, the significant risks and rewards of ownership have transferred, and the Company has rights to payment and the rewards of ownership pass to the customer. Customer acceptance may also be a factor in determining whether control of the product has transferred. Although revenue is generally recognized at a point in time, a certain portion of the Company's businesses with customized products or contracts in which the Company performs work on customer-owned assets requires the use of an over-time recognition model as certain contracts meet one or more of the established criteria pursuant to the accounting guidance. Also, service revenue is recognized as control transfers, which is concurrent with the services being performed.
The following table presents the Company's revenue disaggregated by products and services, and geographic regions, by segment:
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| Three Months Ended September 30, 2022 | | Three Months Ended September 30, 2021 | |
| Industrial | | Aerospace | | Total Company | | Industrial | | Aerospace | | Total Company | | | | | |
Products and Services | | | | | | | | | | | | | | | | |
Engineered Components Products | $ | 49,286 | | | $ | — | | | $ | 49,286 | | | $ | 47,217 | | | $ | — | | | $ | 47,217 | | | | | | |
Molding Solutions Products | 97,243 | | | — | | | 97,243 | | | 119,956 | | | — | | | 119,956 | | | | | | |
Force & Motion Control Products | 44,241 | | | — | | | 44,241 | | | 47,534 | | | — | | | 47,534 | | | | | | |
Automation Products | 13,187 | | | — | | | 13,187 | | | 16,841 | | | — | | | 16,841 | | | | | | |
Aerospace Original Equipment Manufacturing Products | — | | | 65,229 | | | 65,229 | | | — | | | 64,058 | | | 64,058 | | | | | | |
Aerospace Aftermarket Products and Services | — | | | 45,558 | | | 45,558 | | | — | | | 29,453 | | | 29,453 | | | | | | |
| $ | 203,957 | | | $ | 110,787 | | | $ | 314,744 | | | $ | 231,548 | | | $ | 93,511 | | | $ | 325,059 | | | | | | |
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Geographic Regions (A) | | | | | | | | | | | | | | | | |
Americas | $ | 96,201 | | | $ | 78,535 | | | $ | 174,736 | | | $ | 90,902 | | | $ | 70,231 | | | $ | 161,133 | | | | | | |
Europe | 65,637 | | | 19,859 | | | 85,496 | | | 83,255 | | | 16,002 | | | 99,257 | | | | | | |
Asia | 40,995 | | | 10,888 | | | 51,883 | | | 56,370 | | | 6,586 | | | 62,956 | | | | | | |
Rest of World | 1,124 | | | 1,505 | | | 2,629 | | | 1,021 | | | 692 | | | 1,713 | | | | | | |
| $ | 203,957 | | | $ | 110,787 | | | $ | 314,744 | | | $ | 231,548 | | | $ | 93,511 | | | $ | 325,059 | | | | | | |
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(A) Sales by geographic region are based on the location to which the product is shipped and services are delivered.
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| Nine Months Ended September 30, 2022 | | Nine Months Ended September 30, 2021 | |
| Industrial | | Aerospace | | Total Company | | Industrial | | Aerospace | | Total Company | | | | | |
Products and Services | | | | | | | | | | | | | | | | |
Engineered Components Products | $ | 144,537 | | | $ | — | | | $ | 144,537 | | | $ | 140,932 | | | $ | — | | | $ | 140,932 | | | | | | |
Molding Solutions Products | 301,488 | | | — | | | 301,488 | | | 351,115 | | | — | | | 351,115 | | | | | | |
Force & Motion Control Products | 137,584 | | | — | | | 137,584 | | | 141,512 | | | — | | | 141,512 | | | | | | |
Automation Products | 44,136 | | | — | | | 44,136 | | | 52,648 | | | — | | | 52,648 | | | | | | |
Aerospace Original Equipment Manufacturing Products | — | | | 200,360 | | | 200,360 | | | — | | | 180,571 | | | 180,571 | | | | | | |
Aerospace Aftermarket Products and Services | — | | | 120,290 | | | 120,290 | | | — | | | 81,068 | | | 81,068 | | | | | | |
| $ | 627,745 | | | $ | 320,650 | | | $ | 948,395 | | | $ | 686,207 | | | $ | 261,639 | | | $ | 947,846 | | | | | | |
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Geographic Regions (A) | | | | | | | | | | | | | | | | |
Americas | $ | 271,176 | | | $ | 231,798 | | | $ | 502,974 | | | $ | 266,798 | | | $ | 194,878 | | | $ | 461,676 | | | | | | |
Europe | 222,776 | | | 58,343 | | | 281,119 | | | 262,023 | | | 43,416 | | | 305,439 | | | | | | |
Asia | 129,484 | | | 26,553 | | | 156,037 | | | 153,876 | | | 21,329 | | | 175,205 | | | | | | |
Rest of World | 4,309 | | | 3,956 | | | 8,265 | | | 3,510 | | | 2,016 | | | 5,526 | | | | | | |
| $ | 627,745 | | | $ | 320,650 | | | $ | 948,395 | | | $ | 686,207 | | | $ | 261,639 | | | $ | 947,846 | | | | | | |
(A) Sales by geographic region are based on the location to which the product is shipped and services are delivered.
Revenue from products and services transferred to customers at a point in time accounted for approximately 80 percent of total revenue for the three and nine month periods ended September 30, 2022 and September 30, 2021. A majority of revenue within the Industrial segment and Aerospace Original Equipment Manufacturing Products business ("OEM"), along with a portion of revenue within the Aerospace Aftermarket Products and Services business ("Aftermarket"), is recognized at a point in time, primarily when the product or solution is shipped to the customer.
Revenue from products and services transferred to customers over-time accounted for approximately 20 percent of total revenue for the three and nine month periods ended September 30, 2022 and September 30, 2021. The Company recognizes revenue over-time in instances where a contract supports a continual transfer of control to the customer. Substantially all of our revenue in the Aerospace Aftermarket maintenance repair and overhaul business (within Aftermarket Products and Services) and a portion of the revenue for Engineered Components products, Molding Solutions products and Aerospace OEM products is recognized over-time. Within the Molding Solutions and Aerospace Aftermarket businesses, this continual transfer of control to the customer partially results from repair and refurbishment work performed on customer-controlled assets. With other contracts, this continual transfer of control to the customer is supported by clauses in the contract, or governing commercial law of the relevant jurisdiction, where we deliver products that do not have an alternative use and require an enforceable right to payment of costs incurred (plus a reasonable profit) or the Company has a contractual right to complete any work in process and receive full contract price.
The majority of our revenue is from contracts that are for less than one year, however certain Aerospace OEM and Molding Solutions business contracts extend beyond one year. In the Industrial segment, customers are typically OEMs or suppliers to OEMs and, in some businesses, distributors. In the Aerospace segment, customers include commercial airlines, OEMs, defense-related manufacturers, and industry parts and service providers.
A performance obligation represents a promise within a contract to provide a distinct good or service to the customer. Revenue is recognized in an over-time model based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company utilizes the cost-to-cost measure of progress for over-time contracts as we believe this measure best depicts the transfer of control to the customer, which occurs as we incur costs on contracts.
Adjustments to net sales, cost of sales and the related impact to operating income are recognized as necessary in the period they become known. Revenue recognized from performance obligations satisfied in previous periods was not material in both the three and nine month periods ended September 30, 2022 and 2021.
Contract Balances. The timing of revenue recognition, invoicing and cash collections affects accounts receivable, unbilled receivables (contract assets) and customer advances and deposits (contract liabilities) on the Consolidated Balance Sheets.
Unbilled Receivables (Contract Assets) - Pursuant to the over-time revenue recognition model, revenue may be recognized prior to the customer being invoiced. An unbilled receivable is recorded to reflect revenue that is recognized when 1) the cost-to-cost method is applied and 2) such revenue exceeds the amount invoiced to the customer. Unbilled receivables are included within Prepaid Expenses and Other Current Assets on the Consolidated Balance Sheets as of September 30, 2022 and December 31, 2021.
Customer Advances and Deposits (Contract Liabilities) - The Company may receive a customer advance or deposit, or have an unconditional right to receive a customer advance, prior to revenue being recognized. Certain contracts within the Molding Solutions business, for example, may require such advances. Since the performance obligations related to such advances have not been satisfied, a contract liability is established. An offsetting asset of equal amount is recorded as an account receivable until the advance is collected. Advances and deposits are included within Accrued Liabilities on the Consolidated Balance Sheets until the respective revenue is recognized. Advance payments are not considered a significant financing component as they are generally received less than one year before the customer solution is completed. These assets and liabilities are reported on the Consolidated Balance Sheets on an individual contract basis at the end of each reporting period.
Net contract assets (liabilities) consisted of the following:
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| September 30, 2022 | | December 31, 2021 | | $ Change | | % Change |
Unbilled receivables (contract assets) | $ | 42,274 | | | $ | 33,522 | | | $ | 8,752 | | | 26 | % |
Contract liabilities | (14,706) | | | (25,374) | | | 10,668 | | | (42) | % |
Net contract assets | $ | 27,568 | | | $ | 8,148 | | | $ | 19,420 | | | 238 | % |
Contract liabilities balances at September 30, 2022 and December 31, 2021 include $4,033 and $9,364, respectively, of customer advances for which the Company has an unconditional right to collect payment. Accounts receivable, as presented on the Consolidated Balance Sheet, includes corresponding balances at September 30, 2022 and December 31, 2021, respectively.
Changes in the net contract assets during the nine month period ended September 30, 2022 included a $10,668 decrease in contract liabilities, driven primarily by revenue recognized in the current period, partially offset by new customer advances and deposits. Adding to this net contract assets increase was a $8,752 increase in contract assets, driven primarily by contract progress (i.e., unbilled receivable), partially offset by earlier contract progress being invoiced to the customer.
The Company recognized less than 10% and over 90% of the revenue related to the contract liabilities balance as of December 31, 2021 during the three and nine months periods ended September 30, 2022, respectively, and approximately 30% and 85% of the revenue related to the contract liabilities balance as of December 31, 2020 during the three and nine month periods ended September 30, 2021, respectively, primarily representing revenue from the sale of molds and hot runners within the Molding Solutions business.
Remaining Performance Obligations. The Company has elected to disclose remaining performance obligations only for contracts with an original duration of greater than one year. Such remaining performance obligations represent the transaction price of firm orders for which work has not yet been performed and, for Aerospace, excludes projections of components and assemblies that Aerospace OEM customers anticipate purchasing in the future under existing programs, which represent orders that are beyond lead time and do not represent performance obligations pursuant to accounting guidance. As of September 30, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was $202,271. The Company expects to recognize revenue on approximately 70% of the remaining performance obligations over the next 12 months, with the remainder to be recognized within 24 months.
4. Stockholders' Equity
A schedule of consolidated changes in equity for the nine months ended September 30, 2022 is as follows (number of shares in thousands):
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| | Common Stock (Number of Shares) | | Common Stock (Amount) | | Additional Paid-In Capital | | Treasury Stock (Number of Shares) | | Treasury Stock (Amount) | | Retained Earnings | | Accumulated Other Non-Owner Changes to Equity | | Total Stockholders’ Equity |
December 31, 2021 | | 64,344 | | | $ | 643 | | | $ | 516,562 | | | 13,658 | | | $ | (523,642) | | | $ | 1,587,041 | | | $ | (151,838) | | | $ | 1,428,766 | |
Comprehensive income (loss) | | — | | | — | | | — | | | — | | | — | | | 20,484 | | | (2,590) | | | 17,894 | |
Dividends declared ($0.16 per share)
| | — | | | — | | | — | | | — | | | — | | | (8,111) | | | — | | | (8,111) | |
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Employee stock plans | | 12 | | | 1 | | | 2,665 | | | 2 | | | (49) | | | (136) | | | — | | | 2,481 | |
March 31, 2022 | | 64,356 | | | $ | 644 | | | $ | 519,227 | | | 13,660 | | | $ | (523,691) | | | $ | 1,599,278 | | | $ | (154,428) | | | $ | 1,441,030 | |
Comprehensive loss | | — | | | — | | | — | | | — | | | — | | | (39,552) | | | (69,962) | | | (109,514) | |
Dividends declared ($0.16 per share)
| | — | | | — | | | — | | | — | | | — | | | (8,081) | | | — | | | (8,081) | |
Common stock repurchases | | — | | | — | | | — | | | 200 | | | (6,721) | | | — | | | — | | | (6,721) | |
Employee stock plans | | 23 | | | — | | | 3,548 | | | 3 | | | (106) | | | (62) | | | — | | | 3,380 | |
June 30, 2022 | | 64,379 | | | $ | 644 | | | $ | 522,775 | | | 13,863 | | | $ | (530,518) | | | $ | 1,551,583 | | | $ | (224,390) | | | $ | 1,320,094 | |
Comprehensive income (loss) | | — | | | — | | | — | | | — | | | — | | | 16,979 | | | (64,779) | | | (47,800) | |
Dividends declared ($0.16 per share) | | — | | | — | | | — | | | — | | | — | | | (8,090) | | | — | | | (8,090) | |
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Employee stock plans | | 70 | | | — | | | 3,592 | | | 19 | | | (663) | | | (77) | | | — | | | 2,852 | |
September 30, 2022 | | 64,449 | | | $ | 644 | | | $ | 526,367 | | | 13,882 | | | $ | (531,181) | | | $ | 1,560,395 | | | $ | (289,169) | | | $ | 1,267,056 | |
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A schedule of consolidated changes in equity for the nine months ended September 30, 2021 is as follows (number of shares in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Common Stock (Number of Shares) | | Common Stock (Amount) | | Additional Paid-In Capital | | Treasury Stock (Number of Shares) | | Treasury Stock (Amount) | | Retained Earnings | | Accumulated Other Non-Owner Changes to Equity | | Total Stockholders’ Equity |
December 31, 2020 | | 64,171 | | | $ | 642 | | | $ | 501,531 | | | 13,530 | | | $ | (516,992) | | | $ | 1,519,811 | | | $ | (122,315) | | | $ | 1,382,677 | |
Comprehensive income (loss) | | — | | | — | | | — | | | — | | | — | | | 19,382 | | | (44,902) | | | (25,520) | |
Dividends declared ($0.16 per share) | | — | | | — | | | — | | | — | | | — | | | (8,104) | | | — | | | (8,104) | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Employee stock plans | | 12 | | | — | | | 2,406 | | | 1 | | | (68) | | | (24) | | | — | | | 2,314 | |
March 31, 2021 | | 64,183 | | | $ | 642 | | | $ | 503,937 | | | 13,531 | | | $ | (517,060) | | | $ | 1,531,065 | | | $ | (167,217) | | | $ | 1,351,367 | |
Comprehensive income | | — | | | — | | | — | | | — | | | — | | | 24,491 | | | 24,591 | | | 49,082 | |
Dividends declared ($0.16 per share) | | — | | | — | | | — | | | — | | | — | | | (8,090) | | | — | | | (8,090) | |
Common stock repurchases | | — | | | — | | | — | | | 100 | | | (5,229) | | | — | | | — | | | (5,229) | |
Employee stock plans | | 17 | | | — | | | 3,417 | | | 3 | | | (123) | | | (31) | | | — | | | 3,263 | |
June 30, 2021 | | 64,200 | | | $ | 642 | | | $ | 507,354 | | | 13,634 | | | $ | (522,412) | | | $ | 1,547,435 | | | $ | (142,626) | | | $ | 1,390,393 | |
Comprehensive income (loss) | | — | | | — | | | — | | | — | | | — | | | 27,863 | | | (21,681) | | | 6,182 | |
Dividends declared ($0.16 per share) | | — | | | — | | | — | | | — | | | — | | | (8,099) | | | — | | | (8,099) | |
Residual interest in subsidiary | | — | | | — | | | 2,177 | | | — | | | — | | | — | | | — | | | 2,177 | |
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Employee stock plans | | 84 | | | 1 | | | 3,826 | | | 23 | | | (1,165) | | | (86) | | | — | | | 2,576 | |
September 30, 2021 | | 64,284 | | | $ | 643 | | | $ | 513,357 | | | 13,657 | | | $ | (523,577) | | | $ | 1,567,113 | | | $ | (164,307) | | | $ |