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SEC Filings

10-Q
NN INC filed this Form 10-Q on 11/09/2017
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Table of Contents

NN, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Amounts in thousands of dollars

 

     Nine Months Ended  
     September 30,  
     2017     2016  

Cash flows from operating activities:

    

Net income (loss)

   $ 118,561     $ 5,215  

Adjustments to reconcile net income to net cash provided by (used by) operating activities:

    

Depreciation and amortization

     38,432       38,411  

Depreciation and amortization of discontinued operations

     7,723       8,766  

Amortization of debt issuance costs

     3,237       3,048  

Write-off of debt issuance costs

     8,054       2,589  

Gain on disposal of discontinued operations, net of tax and cost to sell

     (129,353     —    

Compensation expense from issuance of share-based awards

     3,220       3,051  

Other

     439       421  

Changes in operating assets and liabilities:

    

Accounts receivable

     (15,094     (24,422

Inventories

     (10,764     1,663  

Accounts payable

     (3,317     629  

Income taxes payable

     (19,178     (2,153

Other

     (1,674     9,073  
  

 

 

   

 

 

 

Net cash provided by operating activities

     286       46,291  
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Acquisition of property, plant and equipment

     (31,674     (32,166

Proceeds from measurement period adjustments to previous acquisition

     —         1,635  

Proceeds from disposals of property, plant and equipment

     639       366  

Short term investment

     (8,000     —    

Proceeds from sale of business, net of cash sold

     371,436       —    
  

 

 

   

 

 

 

Net cash provided by (used by) investing activities

     332,401       (30,165
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Debt issue costs paid

     (6,545     (3,692

Dividends paid

     (5,764     (5,677

Proceeds from long-term debt

     317,000       39,000  

Repayment of long-term debt

     (301,313     (39,562

Proceeds from (repayment of) short-term debt, net

     (3,968     (4,101

Proceeds from issuance of stock and exercise of stock options

     2,945       2,553  

Shares withheld to satisfy income tax withholding

     (580     (159

Principal payments on capital leases

     (2,855     (3,465
  

 

 

   

 

 

 

Net cash used by financing activities

     (1,080     (15,103
  

 

 

   

 

 

 

Effect of exchange rate changes on cash flows

     1,368       (1,322

Net change in cash and cash equivalents

     332,975       (299

Cash and cash equivalents at beginning of period(1)

     14,405       15,087  
  

 

 

   

 

 

 

Cash and cash equivalents at end of period

     347,380     $ 14,788  
  

 

 

   

 

 

 

 

(1) Beginning balance for the nine-month period ended September 30, 2017, includes $8.1 million of cash that was included in current assets of discontinued operations.

The accompanying notes are an integral part of the Condensed Consolidated Financial Statements.

 

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