ufpi_Current_Folio_10Q

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 September 30, 2017

OR

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

Commission File Number 0‑22684

UNIVERSAL FOREST PRODUCTS, INC.

(Exact name of registrant as specified in its charter)

 

 

 

 

 

 

Michigan

    

38‑1465835

 

 

(State or other jurisdiction of incorporation or

 

(I.R.S. Employer Identification Number)

 

 

organization)

 

 

 

 

 

 

 

 

 

2801 East Beltline NE, Grand Rapids, Michigan

 

49525

 

 

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code (616) 364‑6161

 

 

 

 

NONE

 

 

(Former name or former address, if changed since last report.)

 

Indicate by checkmark 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  No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files). Yes  No

Indicate by checkmark 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

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 an new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by checkmark whether the registrant is a shell company (as defined by Rule 12b‑2 of the Exchange Act). Yes    No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

 

 

 

 

 

 

Class

    

Outstanding as of September 30, 2017

 

 

Common stock, $1 par value

 

20,391,399

 

 

 

 

 

 

 


 

Table of Contents

UNIVERSAL FOREST PRODUCTS, INC.

 

TABLE OF CONTENTS

PART I.

 

FINANCIAL INFORMATION.

Page No.

 

 

 

 

 

Item 1.

Financial Statements

 

 

 

 

 

 

 

Consolidated Condensed Balance Sheets at September 30, 2017, December 31, 2016 and September 24, 2016

3

 

 

 

 

 

 

Consolidated Condensed Statements of Earnings and Comprehensive Income for the Three Months Ended and Nine Months Ended September 30, 2017 and September 24, 2016

4

 

 

 

 

 

 

Consolidated Condensed Statements of Shareholders’ Equity for the Nine Months Ended September 30, 2017 and September 24, 2016

5

 

 

 

 

 

 

Consolidated Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2017 and September 24, 2016

6

 

 

 

 

 

 

Notes to Unaudited Consolidated Condensed Financial Statements

7

 

 

 

 

 

Item 2.

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

15

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

28

 

 

 

 

 

Item 4.

Controls and Procedures

28

 

 

 

 

PART II.

 

OTHER INFORMATION

 

 

 

 

 

 

Item 1.

Legal Proceedings – NONE

 

 

 

 

 

 

Item 1A.

Risk Factors – NONE

29

 

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

29

 

 

 

 

 

Item 3.

Defaults upon Senior Securities – NONE

 

 

 

 

 

 

Item 4.

Mine Safety Disclosures – NONE

 

 

 

 

 

 

Item 5.

Other Information – NONE

29

 

 

 

 

 

Item 6.

Exhibits

30

 

 

 

2


 

Table of Contents

UNIVERSAL FOREST PRODUCTS, INC.

 

CONSOLIDATED CONDENSED BALANCE SHEETS

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except share data)

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

 

September 24,

 

 

    

2017

    

2016

    

2016

 

ASSETS

 

 

 

  

 

 

  

 

 

 

CURRENT ASSETS:

 

 

 

  

 

 

  

 

 

 

Cash and cash equivalents

 

$

22,044

    

$

34,091

  

$

36,683

 

Restricted cash

 

 

905

 

 

398

  

 

909

 

Investments

 

 

10,781

 

 

10,348

  

 

10,453

 

Accounts receivable, net

 

 

419,183

 

 

282,253

  

 

343,771

 

Inventories:

 

 

 

  

 

 

  

 

 

 

Raw materials

 

 

203,930

 

 

198,954

  

 

180,740

 

Finished goods

 

 

208,556

 

 

198,273

  

 

189,188

 

Total inventories

 

 

412,486

 

 

397,227

  

 

369,928

 

Refundable income taxes

 

 

763

 

 

11,459

  

 

7,407

 

Other current assets

 

 

22,438

 

 

20,662

  

 

21,636

 

TOTAL CURRENT ASSETS

 

 

888,600

 

 

756,438

 

 

790,787

 

DEFERRED INCOME TAXES

 

 

1,899

 

 

1,546

  

 

2,416

 

RESTRICTED INVESTMENTS

 

 

7,982

 

 

 —

  

 

 —

 

OTHER ASSETS

 

 

7,634

 

 

8,617

  

 

8,757

 

GOODWILL

 

 

212,029

 

 

198,535

  

 

207,832

 

INDEFINITE-LIVED INTANGIBLE ASSETS

 

 

7,580

 

 

2,340

  

 

2,340

 

OTHER INTANGIBLE ASSETS, NET

 

 

36,093

 

 

26,731

  

 

14,014

 

PROPERTY, PLANT AND EQUIPMENT:

 

 

 

  

 

 

  

 

 

 

  Property, plant and equipment

 

 

754,175

 

 

699,462

 

 

717,287

 

Less accumulated depreciation and amortization

 

 

(429,066)

 

 

(401,611)

  

 

(432,796)

 

       PROPERTY, PLANT AND EQUIPMENT, NET

 

 

325,109

 

 

297,851

 

 

284,491

 

TOTAL ASSETS

 

 

1,486,926

 

 

1,292,058

 

 

1,310,637

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

  

 

 

  

 

 

 

CURRENT LIABILITIES:

 

 

 

  

 

 

  

 

 

 

Cash overdraft

 

$

26,617

 

$

19,761

  

$

13,940

 

Accounts payable

 

 

171,774

 

 

124,660

  

 

137,979

 

Accrued liabilities:

 

 

 

  

 

 

  

 

 

 

Compensation and benefits

 

 

88,185

 

 

92,441

  

 

99,549

 

Other

 

 

50,179

 

 

32,281

  

 

57,104

 

Current portion of long-term debt

 

 

2,197

 

 

2,634

  

 

1,584

 

TOTAL CURRENT LIABILITIES

 

 

338,952

 

 

271,777

  

 

310,156

 

LONG-TERM DEBT

 

 

145,884

 

 

109,059

  

 

110,362

 

DEFERRED INCOME TAXES

 

 

22,806

 

 

20,817

  

 

14,066

 

OTHER LIABILITIES

 

 

29,204

 

 

29,939

  

 

28,963

 

TOTAL LIABILITIES

 

 

536,846

 

 

431,592

  

 

463,547

 

SHAREHOLDERS’ EQUITY:

 

 

 

  

 

 

  

 

 

 

Controlling interest shareholders’ equity:

 

 

 

  

 

 

  

 

 

 

Preferred stock, no par value; shares authorized 1,000,000; issued and outstanding, none

 

$

 —

 

$

 —

  

$

 —

 

Common stock, $1 par value; shares authorized 80,000,000; issued and outstanding, 20,391,399, 20,342,069 and 20,330,939

 

 

20,391

 

 

20,342

  

 

20,331

 

Additional paid-in capital

 

 

200,778

 

 

185,333

  

 

183,962

 

Retained earnings

 

 

715,497

 

 

649,135

  

 

637,536

 

Accumulated other comprehensive income

 

 

(871)

 

 

(5,630)

  

 

(4,854)

 

Total controlling interest shareholders’ equity

 

 

935,795

 

 

849,180

  

 

836,975

 

Noncontrolling interest

 

 

14,285

 

 

11,286

  

 

10,115

 

TOTAL SHAREHOLDERS’ EQUITY

 

 

950,080

 

 

860,466

  

 

847,090

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$

1,486,926

 

$

1,292,058

  

$

1,310,637

 

 

See notes to consolidated condensed financial statements.

3


 

Table of Contents

UNIVERSAL FOREST PRODUCTS, INC.

 

CONSOLIDATED CONDENSED STATEMENTS OF EARNINGS

AND COMPREHENSIVE INCOME

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

 

September 30,

 

September 24,

 

September 30,

 

September 24,

 

 

    

2017

    

2016

    

2017

    

2016

    

NET SALES

 

$

1,056,586

    

$

826,665

  

$

2,975,091

    

$

2,380,909

    

COST OF GOODS SOLD

 

 

911,899

 

 

708,611

  

 

2,561,424

 

 

2,028,629

 

GROSS PROFIT

 

 

144,687

 

 

118,054

  

 

413,667

 

 

352,280

 

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES

 

 

92,416

 

 

74,502

  

 

273,676

 

 

223,153

 

EARNINGS FROM OPERATIONS

 

 

52,271

 

 

43,552

  

 

139,991

 

 

129,127

 

INTEREST EXPENSE

 

 

1,481

 

 

1,096

  

 

4,825

 

 

3,274

 

INTEREST INCOME

 

 

(130)

 

 

(119)

  

 

(541)

 

 

(431)

 

EQUITY IN EARNINGS OF INVESTEE

 

 

 1

 

 

(50)

  

 

(25)

 

 

(241)

 

 

 

 

1,352

 

 

927

  

 

4,259

 

 

2,602

 

EARNINGS BEFORE INCOME TAXES

 

 

50,919

 

 

42,625

  

 

135,732

 

 

126,525

 

INCOME TAXES

 

 

16,250

 

 

13,861

  

 

44,855

 

 

43,268

 

NET EARNINGS

 

 

34,669

 

 

28,764

  

 

90,877

 

 

83,257

 

LESS NET EARNINGS ATTRIBUTABLE TO NONCONTROLLING INTEREST

 

 

(976)

 

 

(945)

  

 

(2,480)

 

 

(2,828)

 

NET EARNINGS ATTRIBUTABLE TO CONTROLLING INTEREST

 

$

33,693

 

$

27,819

  

$

88,397

 

$

80,429

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE - BASIC

 

$

1.65

 

$

1.36

  

$

4.32

 

$

3.95

 

EARNINGS PER SHARE - DILUTED

 

$

1.64

 

$

1.36

  

$

4.31

 

$

3.94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OTHER COMPREHENSIVE INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

 

NET EARNINGS

 

 

34,669

 

 

28,764

  

 

90,877

 

 

83,257

 

OTHER COMPREHENSIVE GAIN (LOSS)

 

 

1,719

 

 

(1,156)

  

 

6,141

 

 

(1,521)

 

COMPREHENSIVE INCOME

 

 

36,388

 

 

27,608

  

 

97,018

 

 

81,736

 

LESS COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST

 

 

(975)

 

 

(495)

  

 

(3,862)

 

 

(1,576)

 

COMPREHENSIVE INCOME ATTRIBUTABLE TO CONTROLLING INTEREST

 

$

35,413

 

$

27,113

  

$

93,156

 

$

80,160

 

 

See notes to consolidated condensed financial statements.

4


 

Table of Contents

UNIVERSAL FOREST PRODUCTS, INC.

 

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Controlling Interest Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

Other

 

 

 

 

 

 

 

 

Common

 

Paid-In

 

Retained

 

Comprehensive

 

Noncontrolling

 

 

 

 

    

Stock

    

Capital

    

Earnings

    

Earnings

    

Interest

    

Total

Balance at December 26, 2015

 

$

20,142

 

$

171,562

  

$

565,636

 

$

(4,585)

  

$

13,654

  

$

766,409

Net earnings

 

 

 

  

 

 

  

 

80,429

 

 

  

 

 

2,828

  

 

83,257

Foreign currency translation adjustment

 

 

 

  

 

 

  

 

 

  

 

(620)

 

 

(1,252)

  

 

(1,872)

Unrealized gain (loss) on investment & foreign currency

 

 

 

  

 

 

  

 

 

  

 

351

 

 

  

 

 

351

Distributions to noncontrolling interest

 

 

 

  

 

 

  

 

 

  

 

 

  

 

(3,160)

 

 

(3,160)

Purchases of noncontrolling interest

 

 

 

  

 

855

  

 

 

  

 

 

  

 

(1,955)

 

 

(1,100)

Cash dividends $0.420 per share

 

 

 

  

 

 

  

 

(8,529)

 

 

  

 

 

  

 

 

(8,529)

Issuance of 5,195 shares under employee stock plans

 

 

 5

 

 

390

  

 

 

  

 

 

  

 

 

  

 

395

Issuance of 133,293 shares under stock grant programs

 

 

133

 

 

5,143

  

 

 

  

 

 

  

 

 

  

 

5,276

Issuance of 50,742 shares under deferred compensation plans

 

 

51

 

 

(51)

  

 

 

  

 

 

  

 

 

  

 

 —

Expense associated with share-based compensation arrangements

 

 

 

  

 

1,568

 

 

  

 

 

  

 

 

  

 

 

1,568

Accrued expense under deferred compensation plans

 

 

 

  

 

4,495

 

  

  

 

  

  

 

  

  

 

  

4,495

Balance at September 24, 2016

 

$

20,331

 

$

183,962

  

$

637,536

 

$

(4,854)

  

$

10,115

  

$

847,090

Balance at December 31, 2016

 

 

20,342

 

 

185,333

 

 

649,135

 

 

(5,630)

 

 

11,286

 

 

860,466

Net earnings

 

 

 

  

 

 

  

 

88,397

 

 

  

 

 

2,480

  

 

90,877

Foreign currency translation adjustment

 

 

 

  

 

 

  

 

 

  

 

4,325

 

 

1,382

  

 

5,707

Unrealized gain (loss) on investment & foreign currency

 

 

 

  

 

 

  

 

 

  

 

434

 

 

  

 

 

434

Distributions to noncontrolling interest

 

 

 

  

 

 

  

 

 

  

 

 

  

 

(3,272)

 

 

(3,272)

Additional purchases of noncontrolling interest

 

 

 

  

 

 

 

 

  

 

 

  

 

 

2,409

  

 

2,409

Cash dividends - $0.450 per share

 

 

 

  

 

 

  

 

(9,208)

 

 

  

 

 

  

 

 

(9,208)

Issuance of 5,975 shares under employee stock plans

 

 

 6

 

 

470

  

 

 

  

 

 

  

 

 

  

 

476

Issuance of 142,775 shares under stock grant programs

 

 

143

 

 

7,037

  

 

 

  

 

 

  

 

 

  

 

7,180

Issuance of 49,160 shares under deferred compensation plans

 

 

49

 

 

(49)

  

 

 

  

 

 

  

 

 

  

 

 —

Repurchase of 148,580 shares

 

 

(149)

 

 

 

 

 

(12,827)

 

 

 

 

 

 

 

 

(12,976)

Expense associated with share-based compensation arrangements

 

 

 

  

 

1,978

 

 

  

 

 

  

 

 

  

 

 

1,978

Accrued expense under deferred compensation plans

 

 

 

  

 

6,009

 

 

  

 

 

  

 

 

  

 

 

6,009

Balance at September 30, 2017

 

$

20,391

 

$

200,778

  

$

715,497

 

$

(871)

  

$

14,285

  

$

950,080

 

See notes to consolidated condensed financial statements.

5


 

Table of Contents

UNIVERSAL FOREST PRODUCTS, INC.

 

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

 

 

 

 

 

(in thousands)

 

Nine Months Ended

 

 

 

September 30,

 

September 24,

 

 

    

2017

    

2016

    

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

  

 

 

 

Net earnings

 

$

90,877

    

$

83,257

 

Adjustments to reconcile net earnings to net cash from operating activities:

 

 

 

  

 

 

 

Depreciation

 

 

36,010

 

 

29,014

 

Amortization of intangibles

 

 

3,549

 

 

1,868

 

Expense associated with share-based compensation arrangements

 

 

1,978

 

 

1,568

 

Expense associated with stock grant plans

 

 

144

 

 

105

 

Deferred income taxes (credits)

 

 

117

 

 

(53)

 

Equity in earnings of investee

 

 

(25)

 

 

(241)

 

Net (gain) loss on disposition and impairment of assets

 

 

(437)

 

 

94

 

Changes in:

 

 

 

  

 

 

 

Accounts receivable

 

 

(121,688)

 

 

(69,357)

 

Inventories

 

 

(820)

 

 

21,683

 

Accounts payable and cash overdraft

 

 

53,424

 

 

35,026

 

Accrued liabilities and other

 

 

34,221

 

 

33,413

 

NET CASH FROM OPERATING ACTIVITIES

 

 

97,350

 

 

136,377

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

  

 

 

 

Purchases of property, plant and equipment

 

 

(57,189)

 

 

(35,723)

 

Proceeds from sale of property, plant and equipment

 

 

2,121

 

 

516

 

Acquisitions, net of cash received

 

 

(59,859)

 

 

(66,615)

 

Repayments of debt of acquiree

 

 

 —

 

 

(92,830)

 

Purchase of remaining noncontrolling interest, net of cash received

 

 

 —

 

 

(1,100)

 

Cash contributed from noncontrolling interest

 

 

464

 

 

 —

 

Advances of notes receivable

 

 

(234)

 

 

(5,400)

 

Collections on notes receivable

 

 

1,334

 

 

5,819

 

Purchases of investments

 

 

(12,155)

 

 

(4,468)

 

Proceeds from sale of investments

 

 

4,227

 

 

1,395

 

Other

 

 

(84)

 

 

(1,733)

 

NET CASH USED IN INVESTING ACTIVITIES

 

 

(121,375)

 

 

(200,139)

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

  

 

 

 

Borrowings under revolving credit facilities

 

 

610,038

 

 

52,479

 

Repayments under revolving credit facilities

 

 

(573,829)

 

 

(27,177)

 

Proceeds from issuance of common stock

 

 

476

 

 

396

 

Dividends paid to shareholders

 

 

(9,207)

 

 

(8,529)

 

Distributions to noncontrolling interest

 

 

(3,272)

 

 

(3,160)

 

Repurchase of common stock

 

 

(12,976)

 

 

 —

 

Other

 

 

 —

 

 

(28)

 

NET CASH FROM (USED IN) FINANCING ACTIVITIES

 

 

11,230

 

 

13,981

 

Effect of exchange rate changes on cash

 

 

1,255

 

 

(969)

 

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

 

(11,540)

 

 

(50,750)

 

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF YEAR

 

 

34,489

 

 

88,342

 

CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD

 

$

22,949

 

$

37,592

 

 

 

 

 

 

 

 

 

RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH:

 

 

 

 

 

 

 

Cash and cash equivalents, beginning of period

 

$

34,091

 

$

87,756

 

Restricted cash, beginning of period

 

 

398

 

 

586

 

Cash, cash equivalents, and restricted cash, beginning of period

 

$

34,489

 

$

88,342

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end of period

 

$

22,044

 

$

36,683

 

Restricted cash, end of period

 

 

905

 

 

909

 

Cash, cash equivalents, and restricted cash, end of period

 

$

22,949

 

$

37,592

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL INFORMATION:

 

 

 

  

 

 

 

Interest paid

 

$

3,910

 

$

2,587

 

Income taxes paid

 

 

34,108

 

 

43,384

 

NON-CASH FINANCING ACTIVITIES:

 

 

 

 

 

 

 

Common stock issued under deferred compensation plans

 

 

4,673

 

 

3,657

 

See notes to consolidated condensed financial statements.

6


 

Table of Contents

UNIVERSAL FOREST PRODUCTS, INC.

 

 

NOTES TO UNAUDITED

CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

A.       BASIS OF PRESENTATION

The accompanying unaudited interim consolidated condensed financial statements (the “Financial Statements”) include our accounts and those of our wholly-owned and majority-owned subsidiaries and partnerships, and have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, the Financial Statements do not include all of the information and footnotes normally included in the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States. All intercompany transactions and balances have been eliminated.

In our opinion, the Financial Statements contain all material adjustments necessary to present fairly our consolidated financial position, results of operations and cash flows for the interim periods presented. All such adjustments are of a normal recurring nature. These Financial Statements should be read in conjunction with the annual consolidated financial statements, and footnotes thereto, included in our Annual Report to Shareholders on Form 10‑K for the fiscal year ended December 31, 2016.

Seasonality has a significant impact on our working capital from March to August which historically results in negative or modest cash flows from operations in our first and second quarters. Conversely, we experience a substantial decrease in working capital from September to February which typically results in significant cash flow from operations in our third and fourth quarters. For comparative purposes, we have included the September 24, 2016 balances in the accompanying unaudited consolidated condensed balance sheets.

 

B.       FAIR VALUE

We apply the provisions of ASC 820, Fair Value Measurements and Disclosures, to assets and liabilities measured at fair value. Assets measured at fair value are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2017

 

September 24, 2016

 

 

Quoted

 

Prices with

 

 

 

 

Quoted

 

Prices with

 

 

 

 

 

Prices in

 

Other

 

 

 

 

Prices in

 

Other

 

 

 

 

 

Active

 

Observable

 

 

 

 

Active

 

Observable

 

 

 

 

 

Markets

 

Inputs

 

 

 

 

Markets

 

Inputs

 

 

 

(in thousands)

    

(Level 1)

    

(Level 2)

    

Total

    

(Level 1)

    

(Level 2)

    

Total

Money market funds

 

$

64

    

$

413

    

$

477

    

$

64

    

$

132

    

$

196

Fixed income funds

 

 

1,299

 

 

6,905

 

 

8,204

 

 

2,049

 

 

2,335

 

 

4,384

Equity securities

 

 

10,194

 

 

 —

 

 

10,194

 

 

5,592

 

 

 —

 

 

5,592

Mutual funds:

 

 

 

  

 

 

 

 

 

  

 

 

 

 

 

  

 

 

Domestic stock funds

 

 

335

 

 

 —

 

 

335

 

 

760

 

 

 —

 

 

760

International stock funds

 

 

87

 

 

 —

 

 

87