June 30, 2017 | June 30, 2016 | ||||||
Payroll, employee benefits and other administrative accruals | $ | 70,740 | $ | 43,774 | |||
Freight and warehousing accruals | 20,294 | 16,007 | |||||
Selling and marketing related accruals | 9,785 | 9,826 | |||||
Other accruals | 7,695 | 9,196 | |||||
$ | 108,514 | $ | 78,803 |
Fiscal Year Ended June 30, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Fair value of restricted stock and restricted share units granted | $ | 6,567 | $ | 10,203 | $ | 16,462 | |||||
Fair value of shares vested | $ | 9,866 | $ | 18,917 | $ | 21,481 | |||||
Tax benefit recognized from restricted shares vesting | $ | 3,768 | $ | 7,139 | $ | 8,364 |
Buildings and improvements | 10 - 40 years | |
Machinery and equipment | 3 - 20 years | |
Furniture and fixtures | 3 - 15 years |
Fiscal Year Ended June 30, | |||||||
2016 | 2015 | ||||||
Net sales from continuing operations | $ | 2,973,872 | $ | 2,947,536 | |||
Net income from continuing operations | $ | 51,270 | $ | 177,435 | |||
Net income per common share from continuing operations - diluted | $ | 0.49 | $ | 1.71 |
Fiscal Year Ended June 30, 2015 | |||
Net sales from continuing operations | $ | 2,718,466 | |
Net income from continuing operations | $ | 168,196 | |
Net income per common share from continuing operations - diluted | $ | 1.63 |
Fiscal Year Ended June 30, | |||||||
2016 | 2015 | ||||||
Net sales from continuing operations | $ | 2,973,872 | $ | 2,947,536 | |||
Net income from continuing operations | $ | 51,270 | $ | 177,435 | |||
Net income per common share from continuing operations - diluted | $ | 0.49 | $ | 1.71 |
Fiscal Year Ended June 30, 2015 | |||
Net sales from continuing operations | $ | 2,718,466 | |
Net income from continuing operations | $ | 168,196 | |
Net income per common share from continuing operations - diluted | $ | 1.63 |
Fiscal Year | |||
2018 | $ | 18,771 | |
2019 | 14,831 | ||
2020 | 12,615 | ||
2021 | 9,401 | ||
2022 | 8,516 | ||
Thereafter | 37,702 | ||
$ | 101,836 |
June 30, 2017 | June 30, 2016 | ||||||
Credit Agreement borrowings payable to banks | $ | 733,715 | $ | 827,860 | |||
Tilda short-term borrowing arrangements | 7,761 | 19,121 | |||||
Other borrowings | 8,672 | 15,703 | |||||
750,148 | 862,684 | ||||||
Short-term borrowings and current portion of long-term debt | 9,844 | 26,513 | |||||
Long-term debt, less current portion | $ | 740,304 | $ | 836,171 |
Due in Fiscal Year | Amount | |||
2018 | $ | 9,844 | ||
2019 | 1,829 | |||
2020 | 735,865 | |||
2021 | 1,891 | |||
2022 | 426 | |||
Thereafter | 293 | |||
$ | 750,148 |
Fiscal Year Ended June 30, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Compensation cost (included in selling, general and administrative expense) | $ | 9,658 | $ | 12,688 | $ | 12,197 | |||||
Related income tax benefit | $ | 3,622 | $ | 4,758 | $ | 4,695 |
2017 | Weighted Average Exercise Price | 2016 | Weighted Average Exercise Price | 2015 | Weighted Average Exercise Price | |||||||||||||||
Outstanding at beginning of year | 342 | $ | 6.66 | 1,249 | $ | 6.12 | 2,674 | $ | 9.83 | |||||||||||
Exercised | (220 | ) | $ | 9.10 | (907 | ) | $ | 5.91 | (1,425 | ) | $ | 13.08 | ||||||||
Outstanding at end of year | 122 | $ | 2.26 | 342 | $ | 6.66 | 1,249 | $ | 6.12 | |||||||||||
Options exercisable at end of year | 122 | $ | 2.26 | 342 | $ | 6.66 | 1,249 | $ | 6.12 |
Fiscal Year Ended June 30, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Intrinsic value of options exercised | $ | 6,507 | $ | 27,147 | $ | 62,213 | |||||
Cash received from stock option exercises | $ | — | $ | — | $ | 18,643 | |||||
Tax benefit recognized from stock option exercises | $ | 2,538 | $ | 10,587 | $ | 24,213 |
2017 | Weighted Average Grant Date Fair Value (per share) | 2016 | Weighted Average Grant Date Fair Value (per share) | 2015 | Weighted Average Grant Date Fair Value (per share) | |||||||||
Non-vested restricted stock and restricted share units - beginning of year | 1,121 | $28.24 | 1,145 | $32.30 | 1,259 | $25.44 | ||||||||
Granted | 195 | $33.68 | 416 | $24.54 | 311 | $54.11 | ||||||||
Vested | (290 | ) | $33.89 | (408 | ) | $35.13 | (402 | ) | $26.86 | |||||
Forfeited | (34 | ) | $29.88 | (32 | ) | $45.83 | (23 | ) | $40.65 | |||||
Non-vested restricted stock and restricted share units - end of year | 992 | $27.59 | 1,121 | $28.24 | 1,145 | $32.30 |
Fiscal Year Ended June 30, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Fair value of restricted stock and restricted share units granted | $ | 6,567 | $ | 10,203 | $ | 16,462 | |||||
Fair value of shares vested | $ | 9,866 | $ | 18,917 | $ | 21,481 | |||||
Tax benefit recognized from restricted shares vesting | $ | 3,768 | $ | 7,139 | $ | 8,364 |
Fiscal Year Ended June 30, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Numerator: | |||||||||||
Net income | $ | 67,430 | $ | 47,429 | $ | 164,962 | |||||
Denominator: | |||||||||||
Basic weighted average shares outstanding | 103,611 | 103,135 | 101,703 | ||||||||
Effect of dilutive stock options, unvested restricted stock and unvested restricted share units | 637 | 1,048 | 1,718 | ||||||||
Diluted weighted average shares outstanding | 104,248 | 104,183 | 103,421 | ||||||||
Net income per common share: | |||||||||||
Basic | $ | 0.65 | $ | 0.46 | $ | 1.62 | |||||
Diluted | $ | 0.65 | $ | 0.46 | $ | 1.60 |
• | Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; |
• | Level 2 – Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and |
• | Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). |
Total | Quoted prices in active markets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | ||||||||||||
Assets: | |||||||||||||||
Cash equivalents | $ | 21,800 | $ | 21,800 | $ | — | $ | — | |||||||
Forward foreign currency contracts | 99 | — | 99 | — | |||||||||||
Available for sale securities | 882 | 882 | — | — | |||||||||||
$ | 22,781 | $ | 22,682 | $ | 99 | $ | — | ||||||||
Liabilities: | |||||||||||||||
Forward foreign currency contracts | $ | 53 | $ | — | $ | 53 | $ | — | |||||||
Contingent consideration, noncurrent | 2,656 | — | — | 2,656 | |||||||||||
Total | $ | 2,709 | $ | — | $ | 53 | $ | 2,656 |
Total | Quoted prices in active markets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | ||||||||||||
Assets: | |||||||||||||||
Cash equivalents | $ | 20,706 | $ | 20,706 | $ | — | $ | — | |||||||
Forward foreign currency contracts | 531 | — | 531 | — | |||||||||||
Available for sale securities | 1,067 | 1,067 | — | — | |||||||||||
$ | 22,304 | $ | 21,773 | $ | 531 | $ | — | ||||||||
Liabilities: | |||||||||||||||
Contingent consideration, current | 3,553 | — | — | 3,553 | |||||||||||
Total | $ | 3,553 | $ | — | $ | — | $ | 3,553 |
Fiscal Year ended June 30, | |||||||
2017 | 2016 | ||||||
Balance at beginning of year | $ | 3,553 | $ | 1,636 | |||
Fair value of initial contingent consideration | 2,652 | 2,225 | |||||
Contingent consideration adjustments | 526 | 1,511 | |||||
Contingent consideration paid | (3,969 | ) | (1,547 | ) | |||
Translation adjustment | (106 | ) | (272 | ) | |||
Balance at end of year | $ | 2,656 | $ | 3,553 |
Fiscal Year ended June 30, | |||||||
2017 | 2016 | ||||||
Balance at beginning of year | $ | 3,553 | $ | 1,636 | |||
Fair value of initial contingent consideration | 2,652 | 2,225 | |||||
Contingent consideration adjustments | 526 | 1,511 | |||||
Contingent consideration paid | (3,969 | ) | (1,547 | ) | |||
Translation adjustment | (106 | ) | (272 | ) | |||
Balance at end of year | $ | 2,656 | $ | 3,553 |
• | Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; |
• | Level 2 – Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and |
• | Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). |
Fiscal Year ended June 30, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Amortization of intangible assets | $ | 18,402 | $ | 18,869 | $ | 17,846 |
United States | United Kingdom | Hain Pure Protein | Rest of World | Total | |||||||||||||||
Balance as of June 30, 2015 (a): | $ | 610,745 | $ | 420,721 | $ | 41,970 | $ | 62,242 | $ | 1,135,678 | |||||||||
Acquisitions | — | 57,019 | (881) | 20,674 | 76,812 | ||||||||||||||
Impairment charge | — | (84,548 | ) | — | — | (84,548 | ) | ||||||||||||
Translation and other adjustments, net | (5,043 | ) | (60,631 | ) | — | (1,932 | ) | (67,606 | ) | ||||||||||
Balance as of June 30, 2016 (b): | 605,702 | 332,561 | 41,089 | 80,984 | 1,060,336 | ||||||||||||||
Acquisitions | 3,083 | 6,962 | — | — | 10,045 | ||||||||||||||
Reallocation of goodwill between reporting units | (16,377 | ) | — | — | 16,377 | — | |||||||||||||
Translation and other adjustments, net | (992 | ) | (10,388 | ) | — | 980 | (10,400 | ) | |||||||||||
Balance as of June 30, 2017 (b): | $ | 591,416 | $ | 329,135 | $ | 41,089 | $ | 98,341 | $ | 1,059,981 |
June 30, 2017 | June 30, 2016 | ||||||
Non-amortized intangible assets: | |||||||
Trademarks and tradenames (a) | $ | 424,817 | $ | 441,140 | |||
Amortized intangible assets: | |||||||
Other intangibles | 247,712 | 245,040 | |||||
Less: accumulated amortization | (99,261 | ) | (81,393 | ) | |||
Net carrying amount | $ | 573,268 | $ | 604,787 |
Fiscal Year ended June 30, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Amortization of intangible assets | $ | 18,402 | $ | 18,869 | $ | 17,846 |
Fiscal Year ending June 30, | |||||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | |||||||||||||||
Estimated amortization expense | $ | 18,385 | $ | 16,129 | $ | 14,748 | $ | 14,306 | $ | 14,210 |
Fiscal Year Ended June 30, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Domestic | $ | 49,046 | $ | 158,025 | $ | 170,884 | |||||
Foreign | 40,097 | (39,617 | ) | 41,985 | |||||||
Total | $ | 89,143 | $ | 118,408 | $ | 212,869 |
Fiscal Year Ended June 30, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Current: | |||||||||||
Federal | $ | 14,448 | $ | 21,304 | $ | 32,910 | |||||
State and local | 2,966 | 1,798 | 8,311 | ||||||||
Foreign | 14,884 | 14,737 | 9,981 | ||||||||
32,298 | 37,839 | 51,202 | |||||||||
Deferred: | |||||||||||
Federal | (3,199 | ) | 30,711 | (912 | ) | ||||||
State and local | 961 | 5,017 | (1,069 | ) | |||||||
Foreign | (8,218 | ) | (2,635 | ) | (686 | ) | |||||
(10,456 | ) | 33,093 | (2,667 | ) | |||||||
Total | $ | 21,842 | $ | 70,932 | $ | 48,535 |
Fiscal Year Ended June 30, | ||||||||||||||||||||||
2017 | % | 2016 | % | 2015 | % | |||||||||||||||||
Expected United States federal income tax at statutory rate | $ | 31,200 | 35.0 | % | $ | 41,443 | 35.0 | % | $ | 74,504 | 35.0 | % | ||||||||||
State income taxes, net of federal benefit | 3,034 | 3.4 | % | 5,447 | 4.6 | % | 4,795 | 2.2 | % | |||||||||||||
Domestic manufacturing deduction | (1,691 | ) | (1.9 | )% | (1,233 | ) | (1.0 | )% | (1,210 | ) | (0.6 | )% | ||||||||||
Foreign income at different rates | (6,539 | ) | (7.3 | )% | (4,051 | ) | (3.4 | )% | (9,515 | ) | (4.5 | )% | ||||||||||
Impairment of goodwill and intangibles | — | — | % | — | 23,172 | — | 19.6 | % | — | — | % | |||||||||||
Change in valuation allowance | (60 | ) | (0.1 | )% | 5,067 | 4.3 | % | 963 | 0.5 | % | ||||||||||||
Corporate tax reorganization | — | — | % | (4,173 | ) | (3.5 | )% | (20,670 | ) | (9.7 | )% | |||||||||||
Unrealized foreign exchange losses | 807 | 0.9 | % | 7,056 | 6.0 | % | — | — | % | |||||||||||||
Change in reserves for uncertain tax positions | (4,417 | ) | (5.0 | )% | 1,448 | 1.2 | % | (635 | ) | (0.3 | )% | |||||||||||
Non-taxable gains on acquisition of pre-existing ownership interests in HPPC and Empire | — | — | % | — | — | % | (2,793 | ) | (1.3 | )% | ||||||||||||
Reduction of deferred tax liabilities resulting from change in United Kingdom tax rate | (1,841 | ) | (2.1 | )% | (4,942 | ) | (4.2 | )% | — | — | % | |||||||||||
Other | 1,349 | 1.6 | % | 1,698 | 1.3 | % | 3,096 | 1.5 | % | |||||||||||||
Provision for income taxes | $ | 21,842 | 24.5 | % | $ | 70,932 | 59.9 | % | $ | 48,535 | 22.8 | % |
June 30, 2017 | June 30, 2016 | ||||||
Noncurrent deferred tax assets/(liabilities): | |||||||
Basis difference on inventory | $ | 10,933 | $ | 11,232 | |||
Reserves not currently deductible | 23,757 | 17,652 | |||||
Basis difference on intangible assets | (145,558 | ) | (145,673 | ) | |||
Basis difference on property and equipment | (20,137 | ) | (25,933 | ) | |||
Other comprehensive income | (768 | ) | (4,623 | ) | |||
Net operating loss and tax credit carryforwards | 22,197 | 25,340 | |||||
Stock based compensation | 3,996 | 4,632 | |||||
Other | (616 | ) | 1,176 | ||||
Valuation allowances | (14,850 | ) | (15,310 | ) | |||
Noncurrent deferred tax liabilities, net | (121,046 | ) | (131,507 | ) | |||
Total net deferred tax liabilities | $ | (121,046 | ) | $ | (131,507 | ) |
(1) | The June 30, 2017 balance sheet includes $429 of non-current deferred tax assets in Other Assets. |
Fiscal Year Ended June 30, | |||||||
2017 | 2016 | ||||||
Balance at beginning of year | $ | 15,310 | $ | 10,926 | |||
Additions charged to income tax expense | 1,862 | 7,484 | |||||
Reductions credited to income tax expense | (1,922 | ) | (2,417 | ) | |||
Currency translation adjustments | (400 | ) | (683 | ) | |||
Balance at end of year | $ | 14,850 | $ | 15,310 |
Fiscal Year Ended June 30, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Balance at beginning of year | $ | 16,019 | $ | 10,759 | $ | 11,058 | |||||
Additions based on tax positions related to the current year | 217 | 4,276 | 1,089 | ||||||||
Additions based on tax positions related to prior years | — | 1,404 | 202 | ||||||||
Reductions due to lapse in statute of limitations and settlements | (4,634 | ) | (420 | ) | (1,590 | ) | |||||
Balance at end of year | $ | 11,602 | $ | 16,019 | $ | 10,759 |
June 30, 2017 | June 30, 2016 | ||||||
Non-amortized intangible assets: | |||||||
Trademarks and tradenames (a) | $ | 424,817 | $ | 441,140 | |||
Amortized intangible assets: | |||||||
Other intangibles | 247,712 | 245,040 | |||||
Less: accumulated amortization | (99,261 | ) | (81,393 | ) | |||
Net carrying amount | $ | 573,268 | $ | 604,787 |
June 30, 2017 | June 30, 2016 | ||||||
Finished goods | $ | 264,148 | $ | 238,184 | |||
Raw materials, work-in-progress and packaging | 163,160 | 170,380 | |||||
$ | 427,308 | $ | 408,564 |
June 30, 2017 | June 30, 2016 | ||||||
Land | $ | 33,930 | $ | 35,825 | |||
Buildings and improvements | 116,723 | 102,086 | |||||
Machinery and equipment | 350,689 | 358,362 | |||||
Computer hardware and software | 51,486 | 48,829 | |||||
Furniture and fixtures | 15,993 | 14,165 | |||||
Leasehold improvements | 29,296 | 28,471 | |||||
Construction in progress | 16,119 | 14,495 | |||||
614,236 | 602,233 | ||||||
Less: Accumulated depreciation and amortization | 243,725 | 212,392 | |||||
$ | 370,511 | $ | 389,841 |
Buildings and improvements | 10 - 40 years | |
Machinery and equipment | 3 - 20 years | |
Furniture and fixtures | 3 - 15 years |
Buildings and improvements | 10 - 40 years | |
Machinery and equipment | 3 - 20 years | |
Furniture and fixtures | 3 - 15 years |
June 30, 2017 | June 30, 2016 | ||||||
Land | $ | 33,930 | $ | 35,825 | |||
Buildings and improvements | 116,723 | 102,086 | |||||
Machinery and equipment | 350,689 | 358,362 | |||||
Computer hardware and software | 51,486 | 48,829 | |||||
Furniture and fixtures | 15,993 | 14,165 | |||||
Leasehold improvements | 29,296 | 28,471 | |||||
Construction in progress | 16,119 | 14,495 | |||||
614,236 | 602,233 | ||||||
Less: Accumulated depreciation and amortization | 243,725 | 212,392 | |||||
$ | 370,511 | $ | 389,841 |
Three Months Ended | |||||||||||||||
June 30, 2017 | March 31, 2017 | December 31, 2016 | September 30, 2016 | ||||||||||||
Net sales | $ | 725,085 | $ | 706,563 | $ | 739,999 | $ | 681,464 | |||||||
Gross profit | $ | 149,719 | $ | 143,393 | $ | 138,393 | $ | 109,867 | |||||||
Operating income | $ | 8,587 | $ | 47,067 | $ | 41,400 | $ | 13,751 | |||||||
Income before income taxes and equity in earnings of equity-method investees | $ | 2,749 | $ | 39,556 | $ | 37,656 | $ | 9,182 | |||||||
Net income | $ | 313 | $ | 31,328 | $ | 27,185 | $ | 8,604 | |||||||
Net income per common share: | |||||||||||||||
Basic | $ | — | $ | 0.30 | $ | 0.26 | $ | 0.08 | |||||||
Diluted | $ | — | $ | 0.30 | $ | 0.26 | $ | 0.08 |
Three Months Ended | |||||||||||||||
June 30, 2016 | March 31, 2016 | December 31, 2015 | September 30, 2015 | ||||||||||||
Net sales | $ | 737,547 | $ | 736,663 | $ | 743,437 | $ | 667,727 | |||||||
Gross profit | $ | 150,081 | $ | 159,908 | $ | 166,261 | $ | 137,881 | |||||||
Operating income (loss) | $ | (65,138 | ) | $ | 71,148 | $ | 90,078 | $ | 54,272 | ||||||
Income/(loss) before income taxes and equity in earnings of equity-method investees | $ | (77,572 | ) | $ | 72,863 | $ | 80,713 | $ | 42,404 | ||||||
Net income (loss) | $ | (88,597 | ) | $ | 48,788 | $ | 58,080 | $ | 29,158 | ||||||
Net income (loss) per common share: | |||||||||||||||
Basic | $ | (0.86 | ) | $ | 0.47 | $ | 0.56 | $ | 0.28 | ||||||
Diluted | $ | (0.86 | ) | $ | 0.47 | $ | 0.56 | $ | 0.28 |
Fiscal Year ended June 30, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
United States | $ | 1,677,294 | $ | 1,729,751 | $ | 1,582,553 | ||||||
United Kingdom | 851,757 | 859,183 | 803,470 | |||||||||
All Other | 324,060 | 296,440 | 223,590 | |||||||||
Total | $ | 2,853,111 | $ | 2,885,374 | $ | 2,609,613 |
June 30, 2017 | June 30, 2016 | ||||||
Payroll, employee benefits and other administrative accruals | $ | 70,740 | $ | 43,774 | |||
Freight and warehousing accruals | 20,294 | 16,007 | |||||
Selling and marketing related accruals | 9,785 | 9,826 | |||||
Other accruals | 7,695 | 9,196 | |||||
$ | 108,514 | $ | 78,803 |
Fiscal Year Ended June 30, | |||||||
2017 | 2016 | ||||||
Foreign currency translation adjustments: | |||||||
Other comprehensive loss before reclassifications (1) | $ | (22,951 | ) | $ | (129,874 | ) | |
Deferred gains/(losses) on cash flow hedging instruments: | |||||||
Other comprehensive income before reclassifications | 196 | 4,666 | |||||
Amounts reclassified into income (2) | (575 | ) | (5,193 | ) | |||
Unrealized gain on available for sale investment: | |||||||
Other comprehensive loss before reclassifications | (51 | ) | (79 | ) | |||
Amounts reclassified into income (3) | 13 | — | |||||
Net change in accumulated other comprehensive loss | $ | (23,368 | ) | $ | (130,480 | ) |
(1) | Foreign currency translation adjustments included intra-entity foreign currency transactions that were of a long-term investment nature of $18,385 and $107,221 for the fiscal years ended June 30, 2017 and 2016, respectively. |
(2) | Amounts reclassified into income for deferred gains on cash flow hedging instruments are recorded in “Cost of sales” in the Consolidated Statements of Income and, before taxes, were $1,233 and $6,788 for the fiscal years ended June 30, 2017 and 2016, respectively. |
(3) | Amounts reclassified into income for gains on sale of available for sale investments were based on the average cost of the shares held (See Note 13, Investments and Joint Ventures). Such amounts are recorded in “Other (income)/expense, net” in the Consolidated Statements of Income and was $21 before taxes for the fiscal year ended June 30, 2017. There were no amounts reclassified into income for the fiscal year ended June 30, 2016. |
Fiscal Year Ended June 30, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Compensation cost (included in selling, general and administrative expense) | $ | 9,658 | $ | 12,688 | $ | 12,197 | |||||
Related income tax benefit | $ | 3,622 | $ | 4,758 | $ | 4,695 |
Fiscal Year Ended June 30, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Current: | |||||||||||
Federal | $ | 14,448 | $ | 21,304 | $ | 32,910 | |||||
State and local | 2,966 | 1,798 | 8,311 | ||||||||
Foreign | 14,884 | 14,737 | 9,981 | ||||||||
32,298 | 37,839 | 51,202 | |||||||||
Deferred: | |||||||||||
Federal | (3,199 | ) | 30,711 | (912 | ) | ||||||
State and local | 961 | 5,017 | (1,069 | ) | |||||||
Foreign | (8,218 | ) | (2,635 | ) | (686 | ) | |||||
(10,456 | ) | 33,093 | (2,667 | ) | |||||||
Total | $ | 21,842 | $ | 70,932 | $ | 48,535 |
June 30, 2017 | June 30, 2016 | ||||||
Credit Agreement borrowings payable to banks | $ | 733,715 | $ | 827,860 | |||
Tilda short-term borrowing arrangements | 7,761 | 19,121 | |||||
Other borrowings | 8,672 | 15,703 | |||||
750,148 | 862,684 | ||||||
Short-term borrowings and current portion of long-term debt | 9,844 | 26,513 | |||||
Long-term debt, less current portion | $ | 740,304 | $ | 836,171 |
June 30, 2017 | June 30, 2016 | ||||||
Noncurrent deferred tax assets/(liabilities): | |||||||
Basis difference on inventory | $ | 10,933 | $ | 11,232 | |||
Reserves not currently deductible | 23,757 | 17,652 | |||||
Basis difference on intangible assets | (145,558 | ) | (145,673 | ) | |||
Basis difference on property and equipment | (20,137 | ) | (25,933 | ) | |||
Other comprehensive income | (768 | ) | (4,623 | ) | |||
Net operating loss and tax credit carryforwards | 22,197 | 25,340 | |||||
Stock based compensation | 3,996 | 4,632 | |||||
Other | (616 | ) | 1,176 | ||||
Valuation allowances | (14,850 | ) | (15,310 | ) | |||
Noncurrent deferred tax liabilities, net | (121,046 | ) | (131,507 | ) | |||
Total net deferred tax liabilities | $ | (121,046 | ) | $ | (131,507 | ) |
(1) | The June 30, 2017 balance sheet includes $429 of non-current deferred tax assets in Other Assets. |
Fiscal Year Ended June 30, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Numerator: | |||||||||||
Net income | $ | 67,430 | $ | 47,429 | $ | 164,962 | |||||
Denominator: | |||||||||||
Basic weighted average shares outstanding | 103,611 | 103,135 | 101,703 | ||||||||
Effect of dilutive stock options, unvested restricted stock and unvested restricted share units | 637 | 1,048 | 1,718 | ||||||||
Diluted weighted average shares outstanding | 104,248 | 104,183 | 103,421 | ||||||||
Net income per common share: | |||||||||||
Basic | $ | 0.65 | $ | 0.46 | $ | 1.62 | |||||
Diluted | $ | 0.65 | $ | 0.46 | $ | 1.60 |
Fiscal Year Ended June 30, | ||||||||||||||||||||||
2017 | % | 2016 | % | 2015 | % | |||||||||||||||||
Expected United States federal income tax at statutory rate | $ | 31,200 | 35.0 | % | $ | 41,443 | 35.0 | % | $ | 74,504 | 35.0 | % | ||||||||||
State income taxes, net of federal benefit | 3,034 | 3.4 | % | 5,447 | 4.6 | % | 4,795 | 2.2 | % | |||||||||||||
Domestic manufacturing deduction | (1,691 | ) | (1.9 | )% | (1,233 | ) | (1.0 | )% | (1,210 | ) | (0.6 | )% | ||||||||||
Foreign income at different rates | (6,539 | ) | (7.3 | )% | (4,051 | ) | (3.4 | )% | (9,515 | ) | (4.5 | )% | ||||||||||
Impairment of goodwill and intangibles | — | — | % | — | 23,172 | — | 19.6 | % | — | — | % | |||||||||||
Change in valuation allowance | (60 | ) | (0.1 | )% | 5,067 | 4.3 | % | 963 | 0.5 | % | ||||||||||||
Corporate tax reorganization | — | — | % | (4,173 | ) | (3.5 | )% | (20,670 | ) | (9.7 | )% | |||||||||||
Unrealized foreign exchange losses | 807 | 0.9 | % | 7,056 | 6.0 | % | — | — | % | |||||||||||||
Change in reserves for uncertain tax positions | (4,417 | ) | (5.0 | )% | 1,448 | 1.2 | % | (635 | ) | (0.3 | )% | |||||||||||
Non-taxable gains on acquisition of pre-existing ownership interests in HPPC and Empire | — | — | % | — | — | % | (2,793 | ) | (1.3 | )% | ||||||||||||
Reduction of deferred tax liabilities resulting from change in United Kingdom tax rate | (1,841 | ) | (2.1 | )% | (4,942 | ) | (4.2 | )% | — | — | % | |||||||||||
Other | 1,349 | 1.6 | % | 1,698 | 1.3 | % | 3,096 | 1.5 | % | |||||||||||||
Provision for income taxes | $ | 21,842 | 24.5 | % | $ | 70,932 | 59.9 | % | $ | 48,535 | 22.8 | % |
Fiscal Year ended June 30, | ||||||||
2017 | 2016 | |||||||
United States | $ | 194,348 | $ | 193,192 | ||||
United Kingdom | 165,396 | 196,271 | ||||||
All Other | 63,330 | 53,260 | ||||||
Total | $ | 423,074 | $ | 442,723 |
Fiscal Year ended June 30, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Grocery | $ | 1,743,860 | $ | 1,800,640 | $ | 1,724,675 | ||||||
Poultry/Protein | 509,606 | 492,510 | 337,197 | |||||||||
Snacks | 312,784 | 307,797 | 291,719 | |||||||||
Personal Care | 176,408 | 171,669 | 135,627 | |||||||||
Tea | 110,453 | 112,758 | 120,395 | |||||||||
Total | $ | 2,853,111 | $ | 2,885,374 | $ | 2,609,613 |
Total | Quoted prices in active markets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | ||||||||||||
Assets: | |||||||||||||||
Cash equivalents | $ | 21,800 | $ | 21,800 | $ | — | $ | — | |||||||
Forward foreign currency contracts | 99 | — | 99 | — | |||||||||||
Available for sale securities | 882 | 882 | — | — | |||||||||||
$ | 22,781 | $ | 22,682 | $ | 99 | $ | — | ||||||||
Liabilities: | |||||||||||||||
Forward foreign currency contracts | $ | 53 | $ | — | $ | 53 | $ | — | |||||||
Contingent consideration, noncurrent | 2,656 | — | — | 2,656 | |||||||||||
Total | $ | 2,709 | $ | — | $ | 53 | $ | 2,656 |
Total | Quoted prices in active markets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | ||||||||||||
Assets: | |||||||||||||||
Cash equivalents | $ | 20,706 | $ | 20,706 | $ | — | $ | — | |||||||
Forward foreign currency contracts | 531 | — | 531 | — | |||||||||||
Available for sale securities | 1,067 | 1,067 | — | — | |||||||||||
$ | 22,304 | $ | 21,773 | $ | 531 | $ | — | ||||||||
Liabilities: | |||||||||||||||
Contingent consideration, current | 3,553 | — | — | 3,553 | |||||||||||
Total | $ | 3,553 | $ | — | $ | — | $ | 3,553 |
Fiscal Year | |||
2018 | $ | 18,771 | |
2019 | 14,831 | ||
2020 | 12,615 | ||
2021 | 9,401 | ||
2022 | 8,516 | ||
Thereafter | 37,702 | ||
$ | 101,836 |
United States | United Kingdom | Hain Pure Protein | Rest of World | Total | |||||||||||||||
Balance as of June 30, 2015 (a): | $ | 610,745 | $ | 420,721 | $ | 41,970 | $ | 62,242 | $ | 1,135,678 | |||||||||
Acquisitions | — | 57,019 | (881) | 20,674 | 76,812 | ||||||||||||||
Impairment charge | — | (84,548 | ) | — | — | (84,548 | ) | ||||||||||||
Translation and other adjustments, net | (5,043 | ) | (60,631 | ) | — | (1,932 | ) | (67,606 | ) | ||||||||||
Balance as of June 30, 2016 (b): | 605,702 | 332,561 | 41,089 | 80,984 | 1,060,336 | ||||||||||||||
Acquisitions | 3,083 | 6,962 | — | — | 10,045 | ||||||||||||||
Reallocation of goodwill between reporting units | (16,377 | ) | — | — | 16,377 | — | |||||||||||||
Translation and other adjustments, net | (992 | ) | (10,388 | ) | — | 980 | (10,400 | ) | |||||||||||
Balance as of June 30, 2017 (b): | $ | 591,416 | $ | 329,135 | $ | 41,089 | $ | 98,341 | $ | 1,059,981 |
Fiscal Year Ended June 30, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Domestic | $ | 49,046 | $ | 158,025 | $ | 170,884 | |||||
Foreign | 40,097 | (39,617 | ) | 41,985 | |||||||
Total | $ | 89,143 | $ | 118,408 | $ | 212,869 |
June 30, 2017 | June 30, 2016 | ||||||
Finished goods | $ | 264,148 | $ | 238,184 | |||
Raw materials, work-in-progress and packaging | 163,160 | 170,380 | |||||
$ | 427,308 | $ | 408,564 |
Due in Fiscal Year | Amount | |||
2018 | $ | 9,844 | ||
2019 | 1,829 | |||
2020 | 735,865 | |||
2021 | 1,891 | |||
2022 | 426 | |||
Thereafter | 293 | |||
$ | 750,148 |
Three Months Ended | |||||||||||||||
June 30, 2017 | March 31, 2017 | December 31, 2016 | September 30, 2016 | ||||||||||||
Net sales | $ | 725,085 | $ | 706,563 | $ | 739,999 | $ | 681,464 | |||||||
Gross profit | $ | 149,719 | $ | 143,393 | $ | 138,393 | $ | 109,867 | |||||||
Operating income | $ | 8,587 | $ | 47,067 | $ | 41,400 | $ | 13,751 | |||||||
Income before income taxes and equity in earnings of equity-method investees | $ | 2,749 | $ | 39,556 | $ | 37,656 | $ | 9,182 | |||||||
Net income | $ | 313 | $ | 31,328 | $ | 27,185 | $ | 8,604 | |||||||
Net income per common share: | |||||||||||||||
Basic | $ | — | $ | 0.30 | $ | 0.26 | $ | 0.08 | |||||||
Diluted | $ | — | $ | 0.30 | $ | 0.26 | $ | 0.08 |
Three Months Ended | |||||||||||||||
June 30, 2016 | March 31, 2016 | December 31, 2015 | September 30, 2015 | ||||||||||||
Net sales | $ | 737,547 | $ | 736,663 | $ | 743,437 | $ | 667,727 | |||||||
Gross profit | $ | 150,081 | $ | 159,908 | $ | 166,261 | $ | 137,881 | |||||||
Operating income (loss) | $ | (65,138 | ) | $ | 71,148 | $ | 90,078 | $ | 54,272 | ||||||
Income/(loss) before income taxes and equity in earnings of equity-method investees | $ | (77,572 | ) | $ | 72,863 | $ | 80,713 | $ | 42,404 | ||||||
Net income (loss) | $ | (88,597 | ) | $ | 48,788 | $ | 58,080 | $ | 29,158 | ||||||
Net income (loss) per common share: | |||||||||||||||
Basic | $ | (0.86 | ) | $ | 0.47 | $ | 0.56 | $ | 0.28 | ||||||
Diluted | $ | (0.86 | ) | $ | 0.47 | $ | 0.56 | $ | 0.28 |
Fiscal Years ended June 30, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Net Sales: (1) | ||||||||||||
United States | $ | 1,191,262 | $ | 1,249,123 | $ | 1,253,156 | ||||||
United Kingdom | 768,301 | 774,877 | 722,830 | |||||||||
Hain Pure Protein | 509,606 | 492,510 | 337,197 | |||||||||
Rest of World | 383,942 | 368,864 | 296,430 | |||||||||
$ | 2,853,111 | $ | 2,885,374 | $ | 2,609,613 | |||||||
Operating Income: | ||||||||||||
United States | $ | 157,506 | $ | 203,481 | $ | 180,937 | ||||||
United Kingdom | 39,749 | 56,000 | 44,985 | |||||||||
Hain Pure Protein | 1,382 | 31,558 | 28,685 | |||||||||
Rest of World | 32,010 | 27,898 | 22,327 | |||||||||
230,647 | 318,937 | 276,934 | ||||||||||
Corporate and Other (2) | (119,842 | ) | (168,577 | ) | (43,072 | ) | ||||||
$ | 110,805 | $ | 150,360 | $ | 233,862 |
(1) | One of our customers accounted for approximately 10% of our consolidated net sales for the fiscal years ended June 30, 2017, 2016 and 2015, respectively, which were primarily related to the United States and United Kingdom segments. A second customer accounted for approximately, 9%, 10% and 11% of our consolidated net sales for the fiscal years ended June 30, 2017, 2016 and 2015, respectively, which were primarily related to the United States segment. |
(2) | Corporate and Other includes $10,388, $12,065 and $7,244 of acquisition related expenses, restructuring and integration charges for the fiscal years ended June 30, 2017, 2016 and 2015, respectively. Corporate and Other also includes an impairment charge of $14,079 ($7,579 related to the United Kingdom segment and $6,500 related to the United States segment) related to certain of the Company’s tradenames, a $26,373 impairment charge primarily related to long-lived assets associated with the exit of certain portions of our own-label chilled desserts business in the United Kingdom segment and $29,562 of accounting review costs for the fiscal year ended June 30, 2017. Additionally, Corporate and Other includes goodwill impairment charges of $84,548 for the fiscal year ended June 30, 2016 related to the United Kingdom segment, an impairment charge of $39,724 ($20,932 related to the United Kingdom segment and $18,792 related to the United States segment) related to certain of the Company’s tradenames and a $3,476 impairment charge related to long-lived assets associated with the divestiture of certain portions of our own-label juice business in the United Kingdom. Lastly, Corporate and Other includes a long-lived asset impairment charge of $1,004 related to leasehold improvements due to the relocation of our New York based BluePrint manufacturing facility for the fiscal year ended June 30, 2015. |
2017 | Weighted Average Exercise Price | 2016 | Weighted Average Exercise Price | 2015 | Weighted Average Exercise Price | |||||||||||||||
Outstanding at beginning of year | 342 | $ | 6.66 | 1,249 | $ | 6.12 | 2,674 | $ | 9.83 | |||||||||||
Exercised | (220 | ) | $ | 9.10 | (907 | ) | $ | 5.91 | (1,425 | ) | $ | 13.08 | ||||||||
Outstanding at end of year | 122 | $ | 2.26 | 342 | $ | 6.66 | 1,249 | $ | 6.12 | |||||||||||
Options exercisable at end of year | 122 | $ | 2.26 | 342 | $ | 6.66 | 1,249 | $ | 6.12 |
Fiscal Year Ended June 30, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Intrinsic value of options exercised | $ | 6,507 | $ | 27,147 | $ | 62,213 | |||||
Cash received from stock option exercises | $ | — | $ | — | $ | 18,643 | |||||
Tax benefit recognized from stock option exercises | $ | 2,538 | $ | 10,587 | $ | 24,213 |
2017 | Weighted Average Grant Date Fair Value (per share) | 2016 | Weighted Average Grant Date Fair Value (per share) | 2015 | Weighted Average Grant Date Fair Value (per share) | |||||||||
Non-vested restricted stock and restricted share units - beginning of year | 1,121 | $28.24 | 1,145 | $32.30 | 1,259 | $25.44 | ||||||||
Granted | 195 | $33.68 | 416 | $24.54 | 311 | $54.11 | ||||||||
Vested | (290 | ) | $33.89 | (408 | ) | $35.13 | (402 | ) | $26.86 | |||||
Forfeited | (34 | ) | $29.88 | (32 | ) | $45.83 | (23 | ) | $40.65 | |||||
Non-vested restricted stock and restricted share units - end of year | 992 | $27.59 | 1,121 | $28.24 | 1,145 | $32.30 |
Fiscal Year Ended June 30, | |||||||||||
2017 | 2016 | 2015 | |||||||||
Balance at beginning of year | $ | 16,019 | $ | 10,759 | $ | 11,058 | |||||
Additions based on tax positions related to the current year | 217 | 4,276 | 1,089 | ||||||||
Additions based on tax positions related to prior years | — | 1,404 | 202 | ||||||||
Reductions due to lapse in statute of limitations and settlements | (4,634 | ) | (420 | ) | (1,590 | ) | |||||
Balance at end of year | $ | 11,602 | $ | 16,019 | $ | 10,759 |
Column A | Column B | Column C | Column D | Column E | ||||||||||||||||
Additions | ||||||||||||||||||||
Balance at beginning of period | Charged to costs and expenses | Charged to other accounts - describe (i) | Deductions - describe (ii) | Balance at end of period | ||||||||||||||||
Fiscal Year Ended June 30, 2017: | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 936 | $ | 1,077 | $ | 149 | $ | (715 | ) | $ | 1,447 | |||||||||
Valuation allowance for deferred tax assets | $ | 15,310 | $ | 1,862 | $ | — | $ | (2,322 | ) | $ | 14,850 | |||||||||
Fiscal Year Ended June 30, 2016: | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 896 | $ | 208 | $ | 54 | $ | (222 | ) | $ | 936 | |||||||||
Valuation allowance for deferred tax assets | $ | 10,926 | $ | 7,484 | $ | — | $ | (3,100 | ) | $ | 15,310 | |||||||||
Fiscal Year Ended June 30, 2015: | ||||||||||||||||||||
Allowance for doubtful accounts | $ | 1,586 | $ | 791 | $ | 20 | $ | (1,501 | ) | $ | 896 | |||||||||
Valuation allowance for deferred tax assets | $ | 10,952 | $ | 963 | $ | — | $ | (989 | ) | $ | 10,926 |
(i) | Represents the allowance for doubtful accounts of the business acquired during the fiscal year |
(ii) | Amounts written off and changes in exchange rates |
Fiscal Year ending June 30, | |||||||||||||||||||
2018 | 2019 | 2020 | 2021 | 2022 | |||||||||||||||
Estimated amortization expense | $ | 18,385 | $ | 16,129 | $ | 14,748 | $ | 14,306 | $ | 14,210 |
Fiscal Years ended June 30, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Net Sales: (1) | ||||||||||||
United States | $ | 1,191,262 | $ | 1,249,123 | $ | 1,253,156 | ||||||
United Kingdom | 768,301 | 774,877 | 722,830 | |||||||||
Hain Pure Protein | 509,606 | 492,510 | 337,197 | |||||||||
Rest of World | 383,942 | 368,864 | 296,430 | |||||||||
$ | 2,853,111 | $ | 2,885,374 | $ | 2,609,613 | |||||||
Operating Income: | ||||||||||||
United States | $ | 157,506 | $ | 203,481 | $ | 180,937 | ||||||
United Kingdom | 39,749 | 56,000 | 44,985 | |||||||||
Hain Pure Protein | 1,382 | 31,558 | 28,685 | |||||||||
Rest of World | 32,010 | 27,898 | 22,327 | |||||||||
230,647 | 318,937 | 276,934 | ||||||||||
Corporate and Other (2) | (119,842 | ) | (168,577 | ) | (43,072 | ) | ||||||
$ | 110,805 | $ | 150,360 | $ | 233,862 |
(1) | One of our customers accounted for approximately 10% of our consolidated net sales for the fiscal years ended June 30, 2017, 2016 and 2015, respectively, which were primarily related to the United States and United Kingdom segments. A second customer accounted for approximately, 9%, 10% and 11% of our consolidated net sales for the fiscal years ended June 30, 2017, 2016 and 2015, respectively, which were primarily related to the United States segment. |
(2) | Corporate and Other includes $10,388, $12,065 and $7,244 of acquisition related expenses, restructuring and integration charges for the fiscal years ended June 30, 2017, 2016 and 2015, respectively. Corporate and Other also includes an impairment charge of $14,079 ($7,579 related to the United Kingdom segment and $6,500 related to the United States segment) related to certain of the Company’s tradenames, a $26,373 impairment charge primarily related to long-lived assets associated with the exit of certain portions of our own-label chilled desserts business in the United Kingdom segment and $29,562 of accounting review costs for the fiscal year ended June 30, 2017. Additionally, Corporate and Other includes goodwill impairment charges of $84,548 for the fiscal year ended June 30, 2016 related to the United Kingdom segment, an impairment charge of $39,724 ($20,932 related to the United Kingdom segment and $18,792 related to the United States segment) related to certain of the Company’s tradenames and a $3,476 impairment charge related to long-lived assets associated with the divestiture of certain portions of our own-label juice business in the United Kingdom. Lastly, Corporate and Other includes a long-lived asset impairment charge of $1,004 related to leasehold improvements due to the relocation of our New York based BluePrint manufacturing facility for the fiscal year ended June 30, 2015. |
Fiscal Year ended June 30, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
Grocery | $ | 1,743,860 | $ | 1,800,640 | $ | 1,724,675 | ||||||
Poultry/Protein | 509,606 | 492,510 | 337,197 | |||||||||
Snacks | 312,784 | 307,797 | 291,719 | |||||||||
Personal Care | 176,408 | 171,669 | 135,627 | |||||||||
Tea | 110,453 | 112,758 | 120,395 | |||||||||
Total | $ | 2,853,111 | $ | 2,885,374 | $ | 2,609,613 |
Fiscal Year ended June 30, | ||||||||||||
2017 | 2016 | 2015 | ||||||||||
United States | $ | 1,677,294 | $ | 1,729,751 | $ | 1,582,553 | ||||||
United Kingdom | 851,757 | 859,183 | 803,470 | |||||||||
All Other | 324,060 | 296,440 | 223,590 | |||||||||
Total | $ | 2,853,111 | $ | 2,885,374 | $ | 2,609,613 |
Fiscal Year ended June 30, | ||||||||
2017 | 2016 | |||||||
United States | $ | 194,348 | $ | 193,192 | ||||
United Kingdom | 165,396 | 196,271 | ||||||
All Other | 63,330 | 53,260 | ||||||
Total | $ | 423,074 | $ | 442,723 |
Fiscal Year Ended June 30, | |||||||
2017 | 2016 | ||||||
Foreign currency translation adjustments: | |||||||
Other comprehensive loss before reclassifications (1) | $ | (22,951 | ) | $ | (129,874 | ) | |
Deferred gains/(losses) on cash flow hedging instruments: | |||||||
Other comprehensive income before reclassifications | 196 | 4,666 | |||||
Amounts reclassified into income (2) | (575 | ) | (5,193 | ) | |||
Unrealized gain on available for sale investment: | |||||||
Other comprehensive loss before reclassifications | (51 | ) | (79 | ) | |||
Amounts reclassified into income (3) | 13 | — | |||||
Net change in accumulated other comprehensive loss | $ | (23,368 | ) | $ | (130,480 | ) |
(1) | Foreign currency translation adjustments included intra-entity foreign currency transactions that were of a long-term investment nature of $18,385 and $107,221 for the fiscal years ended June 30, 2017 and 2016, respectively. |
(2) | Amounts reclassified into income for deferred gains on cash flow hedging instruments are recorded in “Cost of sales” in the Consolidated Statements of Income and, before taxes, were $1,233 and $6,788 for the fiscal years ended June 30, 2017 and 2016, respectively. |
(3) | Amounts reclassified into income for gains on sale of available for sale investments were based on the average cost of the shares held (See Note 13, Investments and Joint Ventures). Such amounts are recorded in “Other (income)/expense, net” in the Consolidated Statements of Income and was $21 before taxes for the fiscal year ended June 30, 2017. There were no amounts reclassified into income for the fiscal year ended June 30, 2016. |
Fiscal Year Ended June 30, | |||||||
2017 | 2016 | ||||||
Balance at beginning of year | $ | 15,310 | $ | 10,926 | |||
Additions charged to income tax expense | 1,862 | 7,484 | |||||
Reductions credited to income tax expense | (1,922 | ) | (2,417 | ) | |||
Currency translation adjustments | (400 | ) | (683 | ) | |||
Balance at end of year | $ | 14,850 | $ | 15,310 |