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SEC Filings

10-Q
NN INC filed this Form 10-Q on 11/09/2017
Entire Document
 


Table of Contents

The following table summarizes restructuring and integration activity related to actions incurred for the three-month and nine-month periods ended September 30, 2017 and 2016.

 

     Three Months Ended      Nine Months Ended  
     September 30,      September 30,  
     2017      2016      2017      2016  

Severance and other costs

   $ —        $ 228      $ 17      $ 1,535  

Site closure and other associated costs

   $ 345      $ 378      $ 345      $ 3,316  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 345      $ 606      $ 362      $ 4,851  
  

 

 

    

 

 

    

 

 

    

 

 

 
     Reserve
Balance at
December 31, 2016
     Charges      Paid in
2017
     Reserve
Balance at
September 30, 2017
 

Severance and other costs

   $ 1,000      $ 17      $ (1,017    $ —    

Site closure and other associated costs

     1,625        345        (730      1,240  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   $ 2,625      $ 362      $ (1,747    $ 1,240  
  

 

 

    

 

 

    

 

 

    

 

 

 

We are still identifying restructuring and impairment costs at our segments; therefore, we are not able to estimate the ultimate costs at this time. Future filings will include updates to these activities along with a reconciliation of beginning and ending liabilities. We expect to pay $1.0 million of the reserve balance remaining at September 30, 2017, within the next twelve months. The remaining reserve of $0.2 million is expected to be paid in 2018 and 2019.

Note 15. Prior Periods’ Financial Statement Revision

As described in Note 1 in these Notes to Condensed Consolidated Financial Statements, we corrected misstatements for all prior periods presented by revising the Condensed Consolidated Financial Statements and other financial information included herein. We have not revised Consolidated Statements of Cash Flows for any periods. The amounts presented below for prior periods were reported before the PBC business qualified as discontinued operations and therefore include the results of the PBC business.

The following tables present the effect of the revision on the Condensed Consolidated Statements of Operations.

 

     Year Ended December 31, 2016  
     As Previously
Reported
     Adjustment      As Revised  

Selling, general and administrative expense

   $ 80,266      $ (37    $ 80,229  

Income from operations

     59,400        37        59,437  

Write-off of unamortized debt issuance costs

     3,089        (500      2,589  

Income (loss) before provision (benefit) for income
taxes and share of net income from joint venture

     (7,309      537        (6,772

Provision (benefit) for income taxes

     (9,313      1,180        (8,133

Net income (loss)

     7,942        (643      7,299  

Basic net income (loss) per share

   $ 0.29      $ (0.02    $ 0.27  

Diluted net income (loss) per share

   $ 0.29      $ (0.02    $ 0.27  

 

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