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Table of Contents 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM  TO  

COMMISSION FILE NUMBER 1-11846

ag_logo_rgb_k_cg10_5545_small  jpg

AptarGroup, Inc.

DELAWARE

36-3853103

(State of Incorporation)

(I.R.S. Employer Identification No.)

265 EXCHANGE DRIVE, SUITE 100, CRYSTAL LAKE, ILLINOIS 60014

815-477-0424

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading symbol(s)

Name of each exchange on which registered

Common Stock, $.01 par value

ATR

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 þ 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 þ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer þ

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No þ

The number of shares outstanding of common stock, as of July 25, 2019, was 64,041,237 shares.

Table of Contents 

AptarGroup, Inc.

Form 10-Q

Quarter Ended June 30, 2019

INDEX

Part I.

FINANCIAL INFORMATION

Item 1.

Financial Statements (Unaudited)

Condensed Consolidated Statements of Income – Three and Six Months Ended June 30, 2019 and 2018

1

Condensed Consolidated Statements of Comprehensive Income – Three and Six Months Ended June 30, 2019 and 2018

2

Condensed Consolidated Balance Sheets – June 30, 2019 and December 31, 2018

3

Condensed Consolidated Statements of Changes in Equity – Three and Six Months Ended June 30, 2019 and 2018

5

Condensed Consolidated Statements of Cash Flows - Six Months Ended June 30, 2019 and 2018

6

Notes to Condensed Consolidated Financial Statements

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

28

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

43

Item 4.

Controls and Procedures

43

Part II.

OTHER INFORMATION

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

44

Item 6.

Exhibits

45

Signature

46

i

Table of Contents 

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)

AptarGroup, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

In thousands, except per share amounts

Three Months Ended June 30,

Six Months Ended June 30,

2019

2018

2019

2018

Net Sales

$

742,661

$

710,608

$

1,487,121

$

1,413,958

 

Operating Expenses:

Cost of sales (exclusive of depreciation and amortization shown below)

 

469,441

 

464,244

 

938,573

 

920,066

Selling, research & development and administrative

 

113,752

 

107,111

 

234,967

 

219,572

Depreciation and amortization

 

47,867

 

40,101

 

95,356

 

81,276

Restructuring initiatives

1,737

18,214

11,267

24,150

 

632,797

 

629,670

 

1,280,163

 

1,245,064

Operating Income

 

109,864

 

80,938

 

206,958

 

168,894

Other (Expense) Income:

Interest expense

 

(8,756)

 

(7,964)

 

(17,970)

 

(16,019)

Interest income

 

1,033

 

2,521

 

2,781

 

4,769

Equity in results of affiliates

 

9

 

(20)

 

(86)

 

(85)

Miscellaneous, net

 

(49)

 

(577)

 

417

 

(1,444)

 

(7,763)

 

(6,040)

 

(14,858)

 

(12,779)

Income before Income Taxes

 

102,101

 

74,898

 

192,100

 

156,115

Provision for Income Taxes

 

28,180

 

19,117

 

55,180

 

41,046

Net Income

$

73,921

$

55,781

$

136,920

$

115,069

Net (Income) Loss Attributable to Noncontrolling Interests

$

(6)

$

(6)

$

(1)

$

6

Net Income Attributable to AptarGroup, Inc.

$

73,915

$

55,775

$

136,919

$

115,075

Net Income Attributable to AptarGroup, Inc. per Common Share:

Basic

$

1.16

$

0.89

$

2.17

$

1.85

Diluted

$

1.12

$

0.86

$

2.08

$

1.78

Average Number of Shares Outstanding:

Basic

63,471

62,402

63,219

62,266

Diluted

66,232

64,850

65,842

64,640

Dividends per Common Share

$

0.36

$

0.32

$

0.70

$

0.64

See accompanying unaudited Notes to Condensed Consolidated Financial Statements.

1

Table of Contents 

AptarGroup, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

In thousands

Three Months Ended June 30,

Six Months Ended June 30,

2019

2018

2019

    

2018

 

Net Income

$

73,921

$

55,781

    

$

136,920

$

115,069

Other Comprehensive Income:

Foreign currency translation adjustments

 

9,414

 

(66,223)

 

(197)

 

(43,288)

Changes in treasury locks, net of tax

 

 

7

 

 

14

Changes in derivative (losses) gains, net of tax

(479)

1,866

(872)

2,212

Defined benefit pension plan, net of tax

Amortization of prior service cost included in net income, net of tax

 

83

 

92

 

167

 

188

Amortization of net loss included in net income, net of tax

 

633

 

1,251

 

1,270

 

2,511

Total defined benefit pension plan, net of tax

 

716

 

1,343

 

1,437

 

2,699

Total other comprehensive income (loss)

 

9,651

 

(63,007)

 

368

 

(38,363)

Comprehensive Income (Loss)

 

83,572

 

(7,226)

 

137,288

 

76,706

Comprehensive Loss (Income) Attributable to Noncontrolling Interests

 

2

 

10

 

(1)

 

11

Comprehensive Income (Loss) Attributable to AptarGroup, Inc.

$

83,574

$

(7,216)

$

137,287

$

76,717

See accompanying unaudited Notes to Condensed Consolidated Financial Statements.

2

Table of Contents 

AptarGroup, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

In thousands

 

June 30,

December 31,

 

2019

2018

Assets

Current Assets:

Cash and equivalents

$

302,950

$

261,823

Accounts and notes receivable, less allowance for doubtful accounts of $3,391 in 2019 and $3,541 in 2018

 

599,597

569,630

Inventories

 

399,319

381,110

Prepaid and other

 

116,675

118,245

 

1,418,541

1,330,808

Property, Plant and Equipment:

Buildings and improvements

 

486,899

453,572

Machinery and equipment

 

2,459,341

2,368,332

 

2,946,240

2,821,904

Less: Accumulated depreciation

 

(1,920,068)

(1,855,810)

 

1,026,172

966,094

Land

 

25,363

25,519

 

1,051,535

991,613

Other Assets:

Investments in equity securities

 

8,841

25,448

Goodwill

 

737,422

712,095

Intangible assets

 

261,350

254,904

Operating lease right-of-use assets

76,996

Miscellaneous

 

34,031

62,867

 

1,118,640

1,055,314

Total Assets

$

3,588,716

$

3,377,735

See accompanying unaudited Notes to Condensed Consolidated Financial Statements.

3

Table of Contents 

AptarGroup, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

In thousands, except share and per share amounts

 

June 30,

December 31,

 

2019

2018

Liabilities and Stockholders’ Equity

Current Liabilities:

Notes payable, including revolving credit facilities

$

57,663

$

101,293

Current maturities of long-term obligations, net of unamortized debt issuance costs

 

64,941

 

62,678

Accounts payable and accrued liabilities

 

548,330

 

525,199

 

670,934

 

689,170

Long-Term Obligations, net of unamortized debt issuance costs

 

1,148,261

 

1,125,993

Deferred Liabilities and Other:

Deferred income taxes

 

32,433

 

53,917

Retirement and deferred compensation plans

 

66,459

 

62,319

Operating lease liabilities

59,192

Deferred and other non-current liabilities

 

30,015

 

23,465

Commitments and contingencies

 

 

 

188,099

 

139,701

Stockholders’ Equity:

AptarGroup, Inc. stockholders’ equity

Common stock, $.01 par value, 199 million shares authorized, 68.3 and 67.3 million shares issued as of June 30, 2019 and December 31, 2018, respectively

 

683

 

673

Capital in excess of par value

 

743,332

 

678,769

Retained earnings

 

1,464,607

 

1,371,826

Accumulated other comprehensive (loss)

 

(310,136)

 

(310,504)

Less: Treasury stock at cost, 4.3 and 4.4 million shares as of June 30, 2019 and December 31, 2018, respectively

 

(317,380)

 

(318,208)

Total AptarGroup, Inc. Stockholders’ Equity

 

1,581,106

 

1,422,556

Noncontrolling interests in subsidiaries

 

316

 

315

Total Stockholders’ Equity

 

1,581,422

 

1,422,871

Total Liabilities and Stockholders’ Equity

$

3,588,716

$

3,377,735

See accompanying unaudited Notes to Condensed Consolidated Financial Statements.

4

Table of Contents 

AptarGroup, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

(Unaudited)

In thousands

Three Months Ended

AptarGroup, Inc. Stockholders’ Equity

June 30, 2019 and 2018

    

    

Accumulated

    

    

    

    

    

Other

Common

Capital in

Non-

Retained

Comprehensive

Stock

Treasury

Excess of

Controlling

Total

Earnings

(Loss) Income

Par Value

Stock

Par Value

Interest

Equity

 

Balance - March 31, 2018

$

1,332,218

$

(228,669)

$

671

$

(337,976)

$

638,223

$

309

$

1,404,776

Net income

 

55,775

6

55,781

Foreign currency translation adjustments

(66,207)

(16)

(66,223)

Changes in unrecognized pension gains (losses) and related amortization, net of tax

1,343

1,343

Changes in treasury locks, net of tax

7

7

Changes in derivative gains (losses), net of tax

1,866

1,866

Stock awards and option exercises

2

1,698

13,232

14,932

Cash dividends declared on common stock

 

(19,980)

(19,980)

Common stock repurchased and retired

(39,979)

(5)

(5,006)

(44,990)

Balance - June 30, 2018

$

1,328,034

$

(291,660)

$

668

$

(336,278)

$

646,449

$

299

$

1,347,512

Balance - March 31, 2019

$

1,413,453

$

(319,795)

$

676

$

(327,871)

$

700,933

$

318

$

1,467,714

Net income

 

73,915

6

73,921

Foreign currency translation adjustments

9,422

(8)

9,414

Changes in unrecognized pension gains (losses) and related amortization, net of tax

716

716

Changes in derivative gains (losses), net of tax

(479)

(479)

Stock awards and option exercises

7

14,587

42,399

56,993

Cash dividends declared on common stock

 

(22,761)

(22,761)

Treasury stock purchased

(4,096)

(4,096)

Balance - June 30, 2019

$

1,464,607

$

(310,136)

$

683

$

(317,380)

$

743,332

$

316

$

1,581,422

In thousands

Six Months Ended

AptarGroup, Inc. Stockholders’ Equity

June 30, 2019 and 2018

    

    

Accumulated

    

    

    

    

    

Other

Common

Capital in

Non-

Retained

Comprehensive

Stock

Treasury

Excess of

Controlling

Total

Earnings

(Loss) Income

Par Value

Stock

Par Value

Interest

Equity

 

Balance - December 31, 2017

$

1,301,147

$

(253,302)

$

667

$

(346,245)

$

609,471

$

310

$

1,312,048

Net income

 

115,075

(6)

115,069

Adoption of revenue recognition standard

2,937

2,937

Foreign currency translation adjustments

 

(43,283)

(5)

(43,288)

Changes in unrecognized pension gains (losses) and related amortization, net of tax

 

2,699

2,699

Changes in treasury locks, net of tax

 

14

14

Changes in derivative gains (losses), net of tax

 

2,212

2,212

Stock awards and option exercises

 

7

 

13,872

43,444

57,323

Cash dividends declared on common stock

 

(39,810)

(39,810)

Treasury stock purchased

(3,905)

(3,905)

Common stock repurchased and retired

(51,315)

(6)

 

(6,466)

(57,787)

Balance - June 30, 2018

$

1,328,034

$

(291,660)

$

668

$

(336,278)

$

646,449

$

299

$

1,347,512

Balance - December 31, 2018

$

1,371,826

$

(310,504)

$

673

$

(318,208)

$

678,769

$

315

$

1,422,871

Net income

 

136,919

1

136,920

Foreign currency translation adjustments

 

(197)

(197)

Changes in unrecognized pension gains (losses) and related amortization, net of tax

 

1,437

1,437

Changes in derivative gains (losses), net of tax

 

(872)

(872)

Stock awards and option exercises

 

10

 

19,924

64,563

84,497

Cash dividends declared on common stock

 

(44,138)

(44,138)

Treasury stock purchased

 

(19,096)

(19,096)

Balance - June 30, 2019

$

1,464,607

$

(310,136)

$

683

$

(317,380)

$

743,332

$

316

$

1,581,422

See accompanying unaudited Notes to Condensed Consolidated Financial Statements.

5

Table of Contents 

AptarGroup, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

In thousands, brackets denote cash outflows

 

Six Months Ended June 30,

2019

2018