Standard Motor Products, Inc 10-Q for FY2022 Q3

Standard Motor Products, Inc. (SMP)

10-Q 2022-10-31 For: 2022-09-30

Added on April 04, 2026

About this 10-Q

Standard Motor Products, Inc filed this 10-Q on October 31, 2022, covering the quarter ended September 30, 2022 (FY2022 Q3).

Headline figures

Quarter ended September 30, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $381.37M; up 3.0% from $370.31M a year earlier
Net income: $8.85M; down 63.2% from net income of $24.05M a year earlier
Diluted EPS: $0.40; down 62.6% from $1.07 a year earlier

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New York		11-1362020
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

37-18 Northern Blvd., Long Island City, New York		11101
(Address of principal executive offices)		(Zip Code)

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $2.00 per share	SMP	New York Stock Exchange LLC

	Large Accelerated Filer ☑	Accelerated Filer ☐
	Non-Accelerated Filer ☐	Smaller reporting company ☐
	Emerging growth company ☐

		Page No.
Item 1.	Consolidated Financial Statements:

	Consolidated Statements of Operations (Unaudited) for the Three Months and Nine Months Ended September 30, 2022 and 2021	3

	Consolidated Statements of Comprehensive Income (Unaudited) for the Three Months and Nine Months Ended September 30, 2022 and 2021	4

	Consolidated Balance Sheets as of September 30, 2022 (Unaudited) and December 31, 2021	5

	Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 30, 2022 and 2021	6

	Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) for the Three Months and Nine Months Ended September 30, 2022 and 2021	7

	Notes to Consolidated Financial Statements (Unaudited)	9

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	31

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	45

Item 4.	Controls and Procedures	46

Item 1.	Legal Proceedings	47

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	47

Item 6.	Exhibits	48

Signatures		49

	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands, except share and per share data)	2022			2021			2022			2021
	(Unaudited)						(Unaudited)
Net sales	$	381,373		$	370,310		$	1,063,616		$	988,939
Cost of sales		274,589			265,105			770,641			700,678
Gross profit		106,784			105,205			292,975			288,261
Selling, general and administrative expenses		73,199			66,509			204,551			183,316
Restructuring and integration expenses		—			166			44			166
Other income, net		30			8			43			8
Operating income		33,615			38,538			88,423			104,787
Other non-operating income, net		1,513			780			4,889			2,247
Interest expense		3,656			652			6,282			1,356
Earnings from continuing operations before taxes		31,472			38,666			87,030			105,678
Provision for income taxes		8,280			9,481			22,407			26,315
Earnings from continuing operations		23,192			29,185			64,623			79,363
Loss from discontinued operations, net of income taxes		(14,294	)		(5,122	)		(17,076	)		(7,139	)
Net earnings		8,898			24,063			47,547			72,224
Net earnings attributable to noncontrolling interest		52			13			129			32
Net earnings attributable to SMP (a)	$	8,846		$	24,050		$	47,418		$	72,192

Net earnings attributable to SMP
Earnings from continuing operations	$	23,140		$	29,172		$	64,494		$	79,331
Discontinued operations		(14,294	)		(5,122	)		(17,076	)		(7,139	)
Total	$	8,846		$	24,050		$	47,418		$	72,192

Per share data attributable to SMP
Net earnings per common share – Basic:
Earnings from continuing operations	$	1.08		$	1.32		$	2.97		$	3.57
Discontinued operations		(0.67	)		(0.23	)		(0.79	)		(0.32	)
Net earnings per common share – Basic	$	0.41		$	1.09		$	2.18		$	3.25

Net earnings per common share – Diluted:
Earnings from continuing operations	$	1.06		$	1.29		$	2.91		$	3.50
Discontinued operations		(0.66	)		(0.22	)		(0.77	)		(0.32	)
Net earnings per common share – Diluted	$	0.40		$	1.07		$	2.14		$	3.18

Dividend declared per share	$	0.27		$	0.25		$	0.81		$	0.75

Average number of common shares		21,427,393			22,090,195			21,719,281			22,201,398
Average number of common shares and dilutive common shares		21,847,602			22,543,781			22,153,348			22,678,114

	Three Months Ended September 30,						Nine Months Ended September 30,
(In thousands)	2022			2021			2022			2021
	(Unaudited)						(Unaudited)

Net earnings	$	8,898		$	24,063		$	47,547		$	72,224
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		(8,279	)		(2,466	)		(15,445	)		(1,905	)
Derivative instruments		4,199			—			4,304			—
Pension and postretirement plans		(2	)		(4	)		(11	)		(13	)
Total other comprehensive income, net of tax		(4,082	)		(2,470	)		(11,152	)		(1,918	)
Total Comprehensive income		4,816			21,593			36,395			70,306
Comprehensive income (loss) attributable to noncontrolling interest, net of tax:
Net earnings		52			13			129			32
Foreign currency translation adjustments		(115	)		20			(176	)		(2	)
Comprehensive income (loss) attributable to noncontrolling interest, net of tax		(63	)		33			(47	)		30
Comprehensive income attributable to SMP	$	4,879		$	21,560		$	36,442		$	70,276

(In thousands, except share and per share data)	September 30, 2022			December 31, 2021
	(Unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	17,525		$	21,755
Accounts receivable, less allowances for discounts and expected credit losses of $5,900 and $6,170 for 2022 and 2021, respectively		230,442			180,604
Inventories		534,310			468,755
Unreturned customer inventories		21,485			22,268
Prepaid expenses and other current assets		25,911			17,823
Total current assets		829,673			711,205

Property, plant and equipment, net of accumulated depreciation of $234,062 and $227,788 for 2022 and 2021, respectively		104,199			102,786
Operating lease right-of-use assets		47,168			40,469
Goodwill		130,727			131,652
Other intangibles, net		99,756			106,234
Deferred income taxes		34,484			36,126
Investments in unconsolidated affiliates		42,648			44,087
Other assets		30,071			25,402
Total assets	$	1,318,726		$	1,197,961

LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Current portion of revolving credit facility	$	52,100		$	125,298
Current portion of term loan and other debt		6,036			3,117
Accounts payable		103,894			137,167
Sundry payables and accrued expenses		54,215			57,182
Accrued customer returns		53,857			42,412
Accrued core liability		23,845			23,663
Accrued rebates		42,378			42,472
Payroll and commissions		37,539			45,058
Total current liabilities		373,864			476,369

Long-term debt		211,400			21
Noncurrent operating lease liabilities		38,618			31,206
Other accrued liabilities		20,637			25,040
Accrued asbestos liabilities		63,820			52,698
Total liabilities		708,339			585,334

Commitments and contingencies

Stockholders’ equity:
Common stock – par value $2.00 per share:
Authorized – 30,000,000 shares; issued 23,936,036 shares		47,872			47,872
Capital in excess of par value		104,411			105,377
Retained earnings		562,135			532,319
Accumulated other comprehensive income		(19,145	)		(8,169	)
Treasury stock – at cost (2,366,339 shares and 1,911,792 shares in 2022 and 2021, respectively)		(95,886	)		(75,819	)
Total SMP stockholders’ equity		599,387			601,580
Noncontrolling interest		11,000			11,047
Total stockholders’ equity		610,387			612,627
Total liabilities and stockholders’ equity	$	1,318,726		$	1,197,961

(In thousands)	Common Stock		Capital in Excess of Par Value			Retained Earnings			Accumulated Other Comprehensive Income (Loss)			Treasury Stock			Total SMP			Non- Controlling Interest			Total
Balance at June 30, 2022	$	47,872	$	109,117		$	559,069		$	(15,178	)	$	(99,294	)	$	601,586		$	11,063		$	612,649
Net earnings		—		—			8,846			—			—			8,846			52			8,898
Other comprehensive income, net of tax		—		—			—			(3,967	)		—			(3,967	)		(115	)		(4,082	)
Cash dividends paid		—		—			(5,780	)		—			—			(5,780	)		—			(5,780	)
Purchase of treasury stock		—		—			—			—			(3,160	)		(3,160	)		—			(3,160	)
Stock-based compensation		—		(4,706	)		—			—			6,568			1,862			—			1,862
Balance at September 30, 2022	$	47,872	$	104,411		$	562,135		$	(19,145	)	$	(95,886	)	$	599,387		$	11,000		$	610,387

Standard	Description	Date of adoption / Effective date	Effects on the financial statements or other significant matters

ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting	This standard is intended to provide optional guidance for a limited time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The new standard is applicable to contracts that reference LIBOR, or another reference rate, expected to be discontinued due to reference rate reform.	Effective March 12, 2020 through December 31, 2022	The new standard may be applied as of the beginning of an interim period that includes March 12, 2020 through December 31, 2022. As certain of our contracts reference LIBOR, including our supply chain financing arrangements, we are currently reviewing the optional guidance in the standard to determine its impact upon the discontinuance of LIBOR. At this time, we do not believe that the new guidance, nor the discontinuance of LIBOR, will have a material impact on our consolidated financial statements and related disclosures.

Purchase price				$	16,290
Assets acquired and liabilities assumed:
Receivables	$	2,852
Inventory		5,126
Other current assets (1)		1,628
Property, plant and equipment, net		1,810
Operating lease right-of-use assets		4,971
Intangible assets		5,471
Goodwill		4,827
Current liabilities		(4,190	)
Noncurrent operating lease liabilities		(4,454	)
Deferred income taxes		(1,751	)
Net assets acquired				$	16,290

Purchase price				$	111,711
Assets acquired and liabilities assumed:
Receivables	$	9,173
Inventory		12,460
Other current assets (1)		5,193
Property, plant and equipment, net		4,939
Operating lease right-of-use assets		3,847
Intangible assets		54,700
Goodwill		49,250
Current liabilities		(5,072	)
Noncurrent operating lease liabilities		(3,065	)
Deferred income taxes		(8,210	)
Subtotal					123,215
Fair value of acquired noncontrolling interest					(11,504	)
Net assets acquired				$	111,711

Purchase Price			$	2,924
Assets acquired and liabilities assumed:
Inventory	$	1,032
Machinery and equipment, net		1,137
Intangible assets		755
Net assets acquired			$	2,924

	Workforce Reduction			Other Exit Costs			Total
Exit activity liability at December 31, 2021	$	79		$	—		$	79
Restructuring and integration costs:
Amounts provided for during 2022		—			44			44
Cash payments		(16	)		(44	)		(60	)
Reclassification		(63	)		—			(63	)
Exit activity liability at September 30, 2022	$	—		$	—		$	—

(In thousands)	Nine Months Ended September 30,
	2022			2021
	(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$	47,547		$	72,224
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization		20,895			20,160
Amortization of deferred financing cost		294			171
Increase (decrease) to allowance for expected credit losses		(561	)		381
Increase (decrease) to inventory reserves		4,354			(443	)
Equity income from joint ventures		(3,553	)		(2,419	)
Employee stock ownership plan allocation		1,722			1,885
Stock-based compensation		6,327			7,189
Decrease in deferred income taxes		245			1
Loss on discontinued operations, net of tax		17,076			7,139
Change in assets and liabilities:
(Increase) in accounts receivable		(51,887	)		(15,343	)
(Increase) in inventories		(75,300	)		(52,742	)
(Increase) decrease in prepaid expenses and other current assets		(6,270	)		2,324
Increase (decrease) in accounts payable		(31,844	)		24,228
Increase in sundry payables and accrued expenses		3,807			18,905
Net change in other assets and liabilities		(8,327	)		(4,522	)
Net cash provided by (used in) operating activities		(75,475	)		79,138

CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisitions of and investments in businesses		—			(124,663	)
Capital expenditures		(19,499	)		(19,406	)
Other investing activities		12			29
Net cash used in investing activities		(19,487	)		(144,040	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under the term loan		100,000			—
Repayments of the term loan		(1,250	)		—
Net borrowings under revolving credit facilities		44,452			118,938
Net borrowings (repayments) of other debt and capital lease obligations		(1,745	)		2,916
Purchase of treasury stock		(29,656	)		(26,518	)
Payments of debt issuance costs		(2,128	)		—
Increase (decrease) in overdraft balances		(54	)		455
Dividends paid		(17,602	)		(16,678	)
Net cash provided by financing activities		92,017			79,113

	September 30, 2022			December 31, 2021
	(In thousands)
Customer relationships	$	155,932		$	157,020
Patents, developed technology and intellectual property		14,123			14,123
Trademarks and trade names		8,880			8,880
Non-compete agreements		3,280			3,280
Supply agreements		800			800
Leaseholds		160			160
Total acquired intangible assets		183,175			184,263
Less accumulated amortization (1)		(85,005	)		(78,932	)
Net acquired intangible assets	$	98,170		$	105,331

2022	$	2,953
2023		9,949
2024		8,615
2025		6,024
2026		5,153
Thereafter		24,138
Total lease payments	$	56,832
Less: Interest		(8,231	)
Present value of lease liabilities	$	48,601

	Revolving Credit Facility			Term Loan Facility			Polish Overdraft Facility and Other Debt			Total
Remainder of 2022	$	—		$	1,250		$	1,036		$	2,286
2023		—			5,000			—			5,000
2024		—			5,000			—			5,000
2025		—			5,000			—			5,000
2026		—			7,500			—			7,500
2027		169,750			75,000			—			244,750
Total	$	169,750		$	98,750		$	1,036		$	269,536
Less: current maturities		(52,100	)		(5,000	)		(1,036	)		(58,136	)
Long-term debt	$	117,650		$	93,750		$	—		$	211,400

Balance Sheet Information	September 30, 2022			December 31, 2021
Assets
Operating lease right-of-use assets	$	47,168		$	40,469

Liabilities
Sundry payables and accrued expenses	$	9,983		$	10,544
Noncurrent operating lease liabilities		38,618			31,206
Total operating lease liabilities	$	48,601		$	41,750

Weighted Average Remaining Lease Term
Operating leases	7.3 Years			5.3 Years

Weighted Average Discount Rate
Operating leases		3.5	%		3	%

Expense and Cash Flow Information	Three Months Ended September 30,
	2022		2021
Lease Expense
Operating lease expense (a)	$	2,817	$	2,547

	Three Months Ended September 30, 2022
	Foreign Currency Translation			Unrecognized Postretirement Benefit Costs (Credit)			Unrealized derivative gains (losses)			Total
Balance at June 30, 2022 attributable to SMP	$	(15,326	)	$	43		$	105		$	(15,178	)
Other comprehensive income before reclassifications		(8,164	)		—			4,095	⁽¹⁾		(4,069	)
Amounts reclassified from accumulated other comprehensive income		—			(2	)		104			102
Other comprehensive income, net		(8,164	)		(2	)		4,199			(3,967	)
Balance at September 30, 2022 attributable to SMP	$	(23,490	)	$	41		$	4,304		$	(19,145	)

	Nine Months Ended September 30, 2022
	Foreign Currency Translation			Unrecognized Postretirement Benefit Costs (Credit)			Unrealized derivative gains (losses)			Total
Balance at December 31, 2021 attributable to SMP	$	(8,221	)	$	52		$	—		$	(8,169	)
Other comprehensive income before reclassifications		(15,269	)		—			4,099	⁽¹⁾		(11,170	)
Amounts reclassified from accumulated other comprehensive income		—			(11	)		205			194
Other comprehensive income, net		(15,269	)		(11	)		4,304			(10,976	)
Balance at September 30, 2022 attributable to SMP	$	(23,490	)	$	41		$	4,304		$	(19,145	)

	Three Months Ended			Nine Months Ended
Details About Accumulated Other Comprehensive Income Components	September 30, 2022			September 30, 2022
Derivative cash flow hedge:
Unrecognized gain (loss) (1)	$	141		$	277
Postretirement Benefit Plans:
Unrecognized gain (loss) (2)		(5	)		(18	)
Total before income tax		136			259
Income tax expense		34			65
Total reclassifications attributable to SMP	$	102		$	194

	Shares			Weighted Average Grant Date Fair Value Per Share
Balance at December 31, 2021		807,019		$	34.92
Granted		246,125			28.44
Vested		(174,742	)		42.21
Performance Shares Target Adjustment		25,317			42.21
Forfeited		(6,825	)		41.92
Balance at September 30, 2022		896,894		$	31.86

		September 30, 2022				December 31, 2021
	Fair Value Hierarchy	Fair Value		Carrying Amount		Fair Value		Carrying Amount

Cash and cash equivalents	LEVEL 1	$	17,525	$	17,525	$	21,755	$	21,755
Deferred compensation	LEVEL 1		19,386		19,386		23,623		23,623
Short term borrowings	LEVEL 1		58,136		58,136		128,415		128,415
Long-term debt	LEVEL 1		211,400		211,400		21		21
Cash flow interest rate swap	LEVEL 2		5,816		5,816		—		—

Three months ended September 30, 2022 (a)	Engine Management		Temperature Control		Other (b)		Total
Geographic Area:
United States	$	222,110	$	118,228	$	—	$	340,338
Canada		9,129		4,440		6,641		20,210
Europe		9,375		32		—		9,407
Mexico		7,263		114		—		7,377
Asia		2,463		25		—		2,488
Other foreign		1,401		152		—		1,553
Total	$	251,741	$	122,991	$	6,641	$	381,373
Major Product Group:
Ignition, emission control, fuel and safety related system products	$	215,021	$	—	$	3,550	$	218,571
Wire and cable		36,720		—		97		36,817
Compressors		—		78,211		1,747		79,958
Other climate control parts		—		44,780		1,247		46,027
Total	$	251,741	$	122,991	$	6,641	$	381,373
Major Sales Channel:
Aftermarket	$	184,430	$	113,407	$	6,641	$	304,478
OE/OES		59,908		8,799		—		68,707
Export		7,403		785		—		8,188
Total	$	251,741	$	122,991	$	6,641	$	381,373

Three months ended September 30, 2021 (a)	Engine Management		Temperature Control		Other (b)		Total
Geographic Area:
United States	$	210,639	$	114,059	$	—	$	324,698
Canada		9,731		4,566		4,084		18,381
Europe		6,900		114		—		7,014
Mexico		6,381		100		—		6,481
Asia		12,269		35		—		12,304
Other foreign		1,231		201		—		1,432
Total	$	247,151	$	119,075	$	4,084	$	370,310

Major Product Group:
Ignition, emission control, fuel and safety related system products	$	208,443	$	—	$	2,249		$	210,692
Wire and cable		38,708		—		(42	)		38,666
Compressors		—		75,080		1,184			76,264
Other climate control parts		—		43,995		693			44,688
Total	$	247,151	$	119,075	$	4,084		$	370,310
Major Sales Channel:
Aftermarket	$	175,881	$	110,393	$	4,084		$	290,358
OE/OES		64,343		8,200		—			72,543
Export		6,927		482		—			7,409
Total	$	247,151	$	119,075	$	4,084		$	370,310

Nine months ended September 30, 2022 (a)	Engine Management		Temperature Control		Other (b)		Total
Geographic Area:
United States	$	638,377	$	301,831	$	—	$	940,208
Canada		23,526		15,629		12,001		51,156
Europe		27,460		146		—		27,606
Mexico		22,270		303		—		22,573
Asia		16,589		217		—		16,806
Other foreign		4,649		618		—		5,267
Total	$	732,871	$	318,744	$	12,001	$	1,063,616
Major Product Group:
Ignition, emission control, fuel and safety related system products	$	618,198	$	—	$	8,257	$	626,455
Wire and cable		114,673		—		66		114,739
Compressors		—		193,551		1,939		195,490
Other climate control parts		—		125,193		1,739		126,932
Total	$	732,871	$	318,744	$	12,001	$	1,063,616
Major Sales Channel:
Aftermarket	$	522,916	$	289,338	$	12,001	$	824,255
OE/OES		186,449		27,387		—		213,836
Export		23,506		2,019		—		25,525
Total	$	732,871	$	318,744	$	12,001	$	1,063,616

Nine months ended September 30, 2021 (a)	Engine Management		Temperature Control		Other (b)		Total
Geographic Area:
United States	$	594,014	$	274,035	$	—	$	868,049
Canada		25,738		12,524		8,535		46,797
Europe		17,301		331		—		17,632
Mexico		18,988		281		—		19,269
Asia		31,351		179		—		31,530
Other foreign		4,993		669		—		5,662
Total	$	692,385	$	288,019	$	8,535	$	988,939

Major Product Group:
Ignition, emission control, fuel and safety related system products	$	574,595	$	—	$	5,750		$	580,345
Wire and cable		117,790		—		(177	)		117,613
Compressors		—		178,031		1,588			179,619
Other climate control parts		—		109,988		1,374			111,362
Total	$	692,385	$	288,019	$	8,535		$	988,939
Major Sales Channel:
Aftermarket	$	513,190	$	263,841	$	8,535		$	785,566
OE/OES		159,164		22,684		—			181,848
Export		20,031		1,494		—			21,525
Total	$	692,385	$	288,019	$	8,535		$	988,939

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2022			2021			2022			2021
Balance, beginning of period	$	23,766		$	18,213		$	17,463		$	17,663
Liabilities accrued for current year sales		35,450			27,381			88,371			72,720
Settlements of warranty claims		(29,235	)		(26,730	)		(75,853	)		(71,519	)
Balance, end of period	$	29,981		$	18,864		$	29,981		$	18,864

	Three Months Ended September 30,
(In thousands, except per share data)	2022			2021

Net sales	$	381,373		$	370,310
Gross profit		106,784			105,205
Gross profit %		28	%		28.4	%
Operating income		33,615			38,538
Operating income %		8.8	%		10.4	%
Earnings from continuing operations before income taxes		31,472			38,666
Provision for income taxes		8,280			9,481
Earnings from continuing operations		23,192			29,185
Loss from discontinued operations, net of income taxes		(14,294	)		(5,122	)
Net earnings		8,898			24,063
Net earnings (loss) attributable to noncontrolling interest		52			13
Net earnings attributable to SMP		8,846			24,050
Per share data attributable to SMP – Diluted:
Earnings from continuing operations	$	1.06		$	1.29
Discontinued operations		(0.66	)		(0.22	)
Net earnings per common share	$	0.40		$	1.07

	Three Months Ended September 30,
	2022		2021
Engine Management:
Ignition, Emission Control, Fuel and Safety Related System Products	$	215,021	$	208,443
Wire and Cable		36,720		38,708
Total Engine Management		251,741		247,151

Temperature Control:
Compressors		78,211		75,080
Other Climate Control Parts		44,780		43,995
Total Temperature Control		122,991		119,075

All Other		6,641		4,084

Total	$	381,373	$	370,310

	Nine Months Ended September 30,
	2022		2021
Engine Management:
Ignition, Emission Control, Fuel and Safety Related System Products	$	618,198	$	574,595
Wire and Cable		114,673		117,790
Total Engine Management		732,871		692,385

Temperature Control:
Compressors		193,551		178,031
Other Climate Control Parts		125,193		109,988
Total Temperature Control		318,744		288,019

All Other		12,001		8,535

Total	$	1,063,616	$	988,939

Period	Total Number of Shares Purchased (1)		Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)		Maximum Number (or Approximate Dollar Value) of Shares that may yet be Purchased Under the Plans or Programs (2)

July 1 – 31, 2022		70,182	$	45.03		70,182	$	30,000,000
August 1 – 31, 2022		—		—		—		30,000,000
September 1 – 30, 2022		—		—		—		30,000,000
Total		70,182	$	45.03		70,182	$	30,000,000

31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1	Certification of Chief Executive Officer furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2	Certification of Chief Financial Officer furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS**	Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document).
101.SCH**	Inline XBRL Taxonomy Extension Schema Document.
101.CAL**	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.LAB**	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE**	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
101.DEF**	Inline XBRL Taxonomy Extension Definition Linkbase Document.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).