CTS CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of dollars)
| (Unaudited) | |||||||
| December 31, | December 31, | ||||||
| 2019 | 2018 | ||||||
| ASSETS | |||||||
| Current Assets | |||||||
| Cash and cash equivalents | $ | 100,241 | $ | 100,933 | |||
| Accounts receivable, net | 78,008 | 79,518 | |||||
| Inventories, net | 42,237 | 43,486 | |||||
| Other current assets | 16,992 | 15,422 | |||||
| Total current assets | 237,478 | 239,359 | |||||
| Property, plant and equipment, net | 105,038 | 99,401 | |||||
| Operating lease assets, net | 24,644 | — | |||||
| Other Assets | |||||||
| Prepaid pension asset | 62,082 | 54,100 | |||||
| Goodwill | 106,056 | 71,057 | |||||
| Other intangible assets, net | 85,215 | 60,180 | |||||
| Deferred income taxes | 19,795 | 22,201 | |||||
| Other | 3,046 | 2,043 | |||||
| Total other assets | 276,194 | 209,581 | |||||
| Total Assets | $ | 643,354 | $ | 548,341 | |||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
| Current Liabilities | |||||||
| Accounts payable | $ | 48,219 | $ | 51,975 | |||
| Operating lease obligations | 2,787 | — | |||||
| Accrued payroll and benefits | 9,564 | 14,671 | |||||
| Accrued expenses and other liabilities | 36,378 | 37,347 | |||||
| Total current liabilities | 96,948 | 103,993 | |||||
| Long-term debt | 99,700 | 50,000 | |||||
| Long-term operating lease obligations | 24,926 | — | |||||
| Long-term pension and other post-retirement obligations | 6,632 | 6,510 | |||||
| Deferred income taxes | 5,637 | 3,990 | |||||
| Other long-term obligations | 4,292 | 5,919 | |||||
| Total Liabilities | 238,135 | 170,412 | |||||
| Commitments and Contingencies | |||||||
| Shareholders’ Equity | |||||||
| Common stock | 307,932 | 306,697 | |||||
| Additional contributed capital | 43,689 | 42,820 | |||||
| Retained earnings | 509,766 | 478,847 | |||||
| Accumulated other comprehensive loss | (91,726 | ) | (97,739 | ) | |||
| Total shareholders’ equity before treasury stock | 769,661 | 730,625 | |||||
| Treasury stock | (364,442 | ) | (352,696 | ) | |||
| Total shareholders’ equity | 405,219 | 377,929 | |||||
| Total Liabilities and Shareholders’ Equity | $ | 643,354 | $ | 548,341 | |||
