DSG(DSGR) - 2020 Q1 - Quarterly Report

PART I - FINANCIAL INFORMATION This section provides the unaudited condensed consolidated financial statements and management's discussion and analysis for the quarter ended March 31, 2020 Item 1. Financial Statements This section presents Lawson Products, Inc.'s unaudited condensed consolidated financial statements and detailed notes for Q1 2020 Condensed Consolidated Balance Sheets The balance sheet shows a slight decrease in total assets and total liabilities from December 31, 2019, to March 31, 2020, while total stockholders' equity increased Condensed Consolidated Balance Sheets (Dollars in thousands) | Item | March 31, 2020 (Unaudited) | December 31, 2019 | | :--------------------------------------------------------------------------------------------------------------- | :------------------------- | :------------------ | | Total assets | $198,415 | $204,429 | | Total liabilities | $81,680 | $96,428 | | Total stockholders' equity | $116,735 | $108,001 | | Cash and cash equivalents | $4,095 | $5,495 | | Accounts receivable, less allowance for doubtful accounts | $41,406 | $38,843 | | Inventories, net | $56,182 | $55,905 | | Accrued expenses and other liabilities | $18,960 | $39,311 | Condensed Consolidated Statements of Income and Comprehensive Income For the three months ended March 31, 2020, the company reported a slight decrease in total revenue but a significant increase in operating income and net income compared to the same period in 2019, primarily driven by a stock-based compensation benefit Condensed Consolidated Statements of Income and Comprehensive Income (Dollars in thousands, except per share data) | Item | Three Months Ended March 31, 2020 (Unaudited) | Three Months Ended March 31, 2019 (Unaudited) | | :-------------------------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Total revenue | $91,035 | $91,343 | | Gross profit | $48,921 | $48,923 | | Operating income | $18,638 | $5,544 | | Net income | $12,533 | $4,146 | | Basic income per share of common stock | $1.39 | $0.46 | | Diluted income per share of common stock | $1.34 | $0.44 | | Adjustment for foreign currency translation | $(2,494) | $675 | | Net comprehensive income | $10,039 | $4,821 | Condensed Consolidated Statements of Changes in Stockholders' Equity Stockholders' equity increased from $108.0 million at January 1, 2020, to $116.7 million at March 31, 2020, primarily due to net income, partially offset by treasury share repurchases and foreign currency translation adjustments Condensed Consolidated Statements of Changes in Stockholders' Equity (Dollars in thousands) | Item | Balance at January 1, 2020 | Net Income | Treasury Shares Repurchased | Adjustment for Foreign Currency Translation | Stock-Based Compensation | Balance at March 31, 2020 | | :-------------------------------------------------------------------------------------------------------------------------------------------- | :------------------------- | :--------- | :-------------------------- | :------------------------------------------ | :----------------------- | :------------------------ | | Total Stockholders' Equity | $108,001 | $12,533 | $(1,756) | $(2,494) | $451 | $116,735 | Condensed Consolidated Statements of Cash Flows The company used $6.9 million in operating activities and $0.6 million in investing activities, while generating $6.4 million from financing activities, resulting in a net decrease of $1.4 million in cash, cash equivalents, and restricted cash for Q1 2020 Condensed Consolidated Statements of Cash Flows (Dollars in thousands) | Activity | Three Months Ended March 31, 2020 (Unaudited) | Three Months Ended March 31, 2019 (Unaudited) | | :---------------------------------------------------------------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Net cash used in operating activities | $(6,888) | $(10,501) | | Net cash used in investing activities | $(551) | $(248) | | Net cash provided by financing activities | $6,366 | $2,256 | | Effect of exchange rate changes on cash and cash equivalents | $(327) | $213 | | Decrease in cash, cash equivalents and restricted cash | $(1,400) | $(8,280) | | Cash, cash equivalents and restricted cash at end of period | $4,897 | $4,403 | | Net cash paid for income taxes | $198 | $99 | Notes to Condensed Consolidated Financial Statements These notes detail accounting policies, specific financial items, segment performance, and COVID-19 risks for the condensed consolidated financial statements Note 1 — Basis of Presentation and Summary of Significant Accounting Policies The unaudited condensed consolidated financial statements are prepared in accordance with GAAP for interim information, covering Lawson and Bolt Supply segments - Company operates two segments: Lawson (MRO products, VMI, US/Canada) and Bolt Supply (MRO products, branches, Western Canada)[29] Note 2 - Revenue Recognition Revenue is recognized from product sales and VMI services, disaggregated by geographic area and product type, with the US and Fastening Systems being largest - Revenue is recognized from two performance obligations: product sales (control transfer) and VMI services (deferred until provided)[30][33][34] Disaggregated Revenue by Geographic Area (Three Months Ended March 31, Dollars in thousands) | Geographic Area | 2020 | 2019 | | :-------------- | :--- | :--- | | United States | $73,584 | $74,048 | | Canada | $17,451 | $17,295 | | Consolidated Total | $91,035 | $91,343 | Disaggregated Revenue by Product Type (Three Months Ended March 31, %) | Product Type | 2020 (%) | 2019 (%) | | :----------- | :------- | :------- | | Fastening Systems | 22.8% | 23.5% | | Fluid Power | 14.2% | 15.2% | | Cutting Tools and Abrasives | 13.3% | 13.3% | | Specialty Chemicals | 11.2% | 11.3% | | Electrical | 10.8% | 11.5% | | Aftermarket Automotive Supplies | 8.2% | 8.4% | | Safety | 6.3% | 4.6% | | Welding and Metal Repair | 1.4% | 1.7% | | Other | 11.8% | 10.5% | | Consolidated Total | 100.0% | 100.0% | Note 3 — Restricted Cash The company maintains $0.8 million in restricted cash as collateral for commercial card processing services - $0.8 million in restricted cash serves as collateral for commercial card processing services[43] Note 4 — Inventories, Net Net inventories were $56.2 million at March 31, 2020, with a $4.5 million reserve for obsolete and excess inventory Inventories, Net (Dollars in thousands) | Item | March 31, 2020 | December 31, 2019 | | :-------------------------------------------------- | :------------- | :---------------- | | Inventories, gross | $60,668 | $60,500 | | Reserve for obsolete and excess inventory | $(4,486) | $(4,595) | | Inventories, net | $56,182 | $55,905 | Note 5 - Goodwill Goodwill decreased to $19.6 million due to foreign exchange impact, with a COVID-19 related impairment trigger identified for both reporting units Goodwill Activity (Dollars in thousands) | Item | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | | :------------------------------- | :-------------------------------- | :-------------------------------- | | Beginning balance | $20,923 | $20,079 | | Impact of foreign exchange | $(1,368) | $372 | | Ending balance | $19,555 | $20,451 | - Identified goodwill impairment "trigger event" for Lawson and Bolt reporting units as of March 31, 2020, due to adverse changes in the business climate related to COVID-19[46] - The Bolt reporting unit's fair value exceeded its carrying value by less than 10% ($12.4 million goodwill allocated to Bolt)[47] Note 6 - Intangible Assets Net intangible assets were $11.3 million, primarily trade names and customer relationships, with an impairment trigger identified due to COVID-19 Intangible Assets, Net (Dollars in thousands) | Asset Class | Gross Carrying Amount (Mar 31, 2020) | Accumulated Amortization (Mar 31, 2020) | Net Carrying Value (Mar 31, 2020) | Gross Carrying Amount (Dec 31, 2019) | Accumulated Amortization (Dec 31, 2019) | Net Carrying Value (Dec 31, 2019) | | :--------------------- | :----------------------------------- | :-------------------------------------- | :-------------------------------- | :----------------------------------- | :-------------------------------------- | :-------------------------------- | | Trade names | $7,890 | $(2,067) | $5,823 | $8,422 | $(2,020) | $6,402 | | Customer relationships | $6,980 | $(1,527) | $5,453 | $7,337 | $(1,404) | $5,933 | | Total | $14,870 | $(3,594) | $11,276 | $15,759 | $(3,424) | $12,335 | - Amortization expense of $0.3 million related to intangible assets was recorded in General and administrative expenses for the three months ended March 31, 2020 and 2019, respectively[49] - Identified an impairment "trigger event" for definite life intangible assets as of March 31, 2020, due to adverse changes in the business climate related to COVID-19, but undiscounted future cash flows exceeded the net carrying value[50] Note 7 - Leases Total lease assets were $10.2 million and liabilities $12.2 million at March 31, 2020, with weighted average terms of 3.5 years for operating leases Net Lease Cost (Dollars in thousands) | Lease Type | Classification | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | | :------------------------------------------------ | :---------------- | :-------------------------------- | :-------------------------------- | | Consolidated Operating Lease Expense | Operating expenses | $1,187 | $1,195 | | Consolidated Financing Lease Amortization | Operating expenses | $52 | $48 | | Consolidated Financing Lease Interest | Interest expense | $7 | $6 | | Net Lease Cost | | $1,246 | $1,169 | Lease Assets and Liabilities (Dollars in thousands) | Item | March 31, 2020 | December 31, 2019 | | :---------------------------------------------------------------------------------------------------- | :------------- | :---------------- | | Total ROU operating lease assets | $9,573 | $10,592 | | Total ROU financing lease assets | $605 | $654 | | Total lease assets | $10,178 | $11,246 | | Total current lease obligations | $3,825 | $3,830 | | Total long term lease obligation | $8,331 | $9,504 | Weighted Average Lease Terms and Interest Rates (As of March 31, 2020) | Lease Type | Weighted Average Term in Years | Weighted Average Interest Rate (%) | | :----------------- | :----------------------------- | :----------------------------- | | Operating Leases | 3.5 | 5.1% | | Financing Leases | 2.7 | 5.4% | Note 8 — Credit Agreement The company has a $100.0 million revolving credit agreement, with $10.5 million borrowed and $87.5 million available, in compliance with covenants - Entered into a five-year credit agreement for $100.0 million of revolving commitments, maturing on October 11, 2024[62] Credit Agreement Status (As of March 31, 2020, Dollars in thousands) | Item | Amount | | :---------------------------- | :------- | | Borrowings | $10,460 | | Credit Availability Remaining | $87,500 | | Weighted Average Interest Rate (Q1 2020) | 4.04% | Quarterly Financial Covenants (As of March 31, 2020) | Covenant | Requirement Ratio | Actual Ratio | | :---------------------------- | :---------- | :----- | | EBITDA to fixed charges ratio | 1.15 : 1.00 | 7.13 : 1.00 | | Total net leverage ratio | 3.25 : 1.00 | 0.19 : 1.00 | Company was in compliance with its required debt covenants Note 9 - Stock Repurchase Program In Q1 2020, the company repurchased 47,504 shares for $1.76 million at $36.93 per share, with $4.5 million remaining - Board of Directors authorized a program in Q2 2019 to repurchase up to $7.5 million of common stock[69] Stock Repurchase Activity (Three Months Ended March 31, 2020) | Period | Total Number of Shares Purchased | Average Price Paid per Share (Dollars) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (Dollars) | | :------------------------------ | :------------------------------- | :--------------------------- | :------------------------------------------------------------------------------- | :------------------------------------------------------------------------------------------------------- | | March 1 to March 31, 2020 | 47,504 | $36.93 | 47,504 | $4,512,000 | Note 10 — Severance Reserve The severance reserve decreased to $0.55 million at March 31, 2020, due to payments exceeding new charges Severance Reserve Activity (Dollars in thousands) | Item | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | | :------------------------------------- | :-------------------------------- | :-------------------------------- | | Balance at beginning of period | $909 | $359 | | Charged to earnings | $7 | $27 | | Payments | $(365) | $(123) | | Balance at end of period | $551 | $263 | Note 11 — Stock-Based Compensation The company recorded a significant $10.7 million stock-based compensation benefit in Q1 2020, primarily due to changes in common stock market value - Recorded a stock-based compensation benefit of $10.7 million for Q1 2020, compared to an expense of $0.4 million for Q1 2019, primarily due to changes in the market value of the company's common stock[71] - The accrued liability for Stock Performance Rights (SPRs) decreased from $14.9 million (Dec 31, 2019) to $3.7 million (Mar 31, 2020) due to changes in the market value of common stock[71] - Issued 6,847 Restricted Stock Units (RSUs) to key employees, 5,500 RSUs to an executive, 22,284 Market Stock Units (MSUs) to key employees, and 10,852 Performance Awards (PAs) to key employees in Q1 2020[72][73][75] Note 12 — Income Taxes Income tax expense for Q1 2020 was $4.9 million, with an effective tax rate of 28.0%, higher due to state taxes and uncertain positions Income Tax Expense and Effective Tax Rate (Dollars in thousands) | Period | Income Tax Expense | Effective Tax Rate (%) | | :----- | :----------------- | :----------------- | | Q1 2020 | $4,879 | 28.0% | | Q1 2019 | $1,673 | 28.8% | - The effective tax rate is higher than the U.S. statutory rate due primarily to state taxes and the recording of reserves for uncertain tax positions[76] Note 13 — Contingent Liabilities The company has a minimal environmental remediation liability at its Decatur, Alabama site, with a plan approved and injections completed - Identified hazardous substances in soil and groundwater at a site in Decatur, Alabama, from historical operations prior to company ownership[79] - Remediation plan approved by ADEM in 2018, with chemical injections completed in Q1 2019 and ongoing monitoring[80] - Company believes the minimal remaining environmental remediation liability will be sufficient to cover the remaining cost of the plan[80] Note 14 – Segment Information The Lawson segment saw a slight revenue decrease but significant operating income increase, while Bolt Supply showed revenue and operating income growth Segment Revenue (Dollars in thousands) | Segment | 2020 | 2019 | | :------------------ | :----- | :----- | | Lawson product revenue | $71,791 | $73,039 | | Lawson service revenue | $9,700 | $9,428 | | Total Lawson revenue | $81,491 | $82,467 | | Bolt Supply | $9,544 | $8,876 | | Consolidated total | $91,035 | $91,343 | Segment Gross Profit (Dollars in thousands) | Segment | 2020 | 2019 | | :------------------ | :----- | :----- | | Lawson product gross profit | $39,729 | $40,604 | | Lawson service gross profit | $5,391 | $5,015 | | Total Lawson gross profit | $45,120 | $45,619 | | Bolt Supply | $3,801 | $3,304 | | Consolidated total | $48,921 | $48,923 | Segment Operating Income (Dollars in thousands) | Segment | 2020 | 2019 | | :---------- | :----- | :----- | | Lawson | $18,094 | $5,458 | | Bolt Supply | $544 | $86 | | Consolidated total | $18,638 | $5,544 | Note 15 - COVID-19 Risks and Uncertainties The COVID-19 pandemic negatively impacts revenue, supply chain, and demand, prompting mitigation efforts like remote work and cost-cutting - COVID-19 pandemic negatively impacted revenue, ability to source high demand products, sales force functions, customer demand, and timely customer payments[85] - Company is defined as an essential business in Illinois, allowing operations, but temporary closures of distribution facilities or Bolt branches remain a risk[87] - Mitigation actions include Lawson sales reps reaching out via phone/fax/internet, Bolt branches offering curbside pickup, monitoring customer liquidity, and managing supply chain to ensure inventory fulfillment[89] - Cost-cutting measures include furloughing approximately 100 employees, reducing salaries, canceling travel, consolidating a distribution center, and eliminating non-critical capital expenditures[90] Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses the company's financial performance, condition, and results for the quarter, including the significant impact of the COVID-19 pandemic Overview The MRO distribution industry is fragmented and impacted by manufacturing, with flat PMI growth and decreased sales representative productivity in Q1 2020 - The Maintenance, Repair and Operations (MRO) distribution industry is highly fragmented and significantly impacted by the overall strength of the U.S. manufacturing sector[93] PMI Index (Average Monthly) | Period | PMI Index | Indication | | :----- | :-------- | :--------- | | Q1 2020 | 50.0 | Flat rate of growth | | Q1 2019 | 55.4 | Expansion | Sales Force and Productivity | Metric | Q1 2020 | Q1 2019 | Change | | :------------------------------------ | :------ | :------ | :----- | | Average sales representatives | 998 | 991 | +7 | | Lawson segment sales per rep per day | $1,268 | $1,308 | -3.1% | COVID-19 Pandemic The COVID-19 pandemic significantly impacted MRO and Bolt Supply business models, leading to remote outreach, curbside pickup, and cost reductions - The COVID-19 pandemic has negatively impacted the global economy, disrupted global supply chains, and created significant volatility in financial markets, leading to substantial uncertainty for the company's future results[95] - The MRO business model (onsite sales visits) and Bolt Supply business model (branch foot traffic) are negatively impacted by social distancing guidelines and government-mandated shelter-in-place orders[97] - Mitigation efforts include MRO sales reps reaching out via phone/fax/internet, Bolt branches offering curbside pickup, monitoring customer liquidity, and ensuring supply chain integrity[98][99] - Company actions include furloughing approximately 100 employees, reducing salaries, canceling travel, consolidating a distribution center, and eliminating non-critical capital expenditures[101] Revenue and Gross Profits Consolidated sales were flat at $91.0 million, impacted by COVID-19, with Lawson sales declining and Bolt Supply improving, while gross profit remained flat Revenue by Segment (Three Months Ended March 31, Dollars in thousands) | Segment | 2020 | 2019 | Increase (Decrease) Amount | Increase (Decrease) % | | :------------ | :----- | :----- | :------------------------- | :-------------------- | | Lawson | $81,491 | $82,467 | $(976) | (1.2)% | | Bolt Supply | $9,544 | $8,876 | $668 | 7.5% | | Consolidated | $91,035 | $91,343 | $(308) | (0.3)% | Gross Profit by Segment (Three Months Ended March 31, Dollars in thousands) | Segment | 2020 | 2019 | Increase (Decrease) Amount | Increase (Decrease) % | | :------------ | :----- | :----- | :------------------------- | :-------------------- | | Lawson | $45,120 | $45,619 | $(499) | (1.1)% | | Bolt Supply | $3,801 | $3,304 | $497 | 15.0% | | Consolidated | $48,921 | $48,923 | $(2) | —% | Gross Profit Margin by Segment (Three Months Ended March 31, %) | Segment | 2020 | 2019 | | :------------ | :----- | :----- | | Lawson | 55.4% | 55.3% | | Bolt Supply | 39.8% | 37.2% | | Consolidated | 53.7% | 53.6% | - Consolidated sales were negatively impacted by the onset of the COVID-19 pandemic in mid-March 2020 and decreases in sales to Government customers[110] - Lawson segment total sales were negatively impacted by a 3.1% decline in sales productivity of Lawson sales representatives[111] Selling, General and Administrative Expenses Selling expenses decreased by 8.1% due to lower incentives and travel, while G&A expenses significantly decreased by 52.4% due to a stock-based compensation benefit Selling Expenses (Three Months Ended March 31, Dollars in thousands) | Segment | 2020 | 2019 | Increase (Decrease) Amount | Increase (Decrease) % | | :------------ | :----- | :----- | :------------------------- | :-------------------- | | Lawson | $19,187 | $20,953 | $(1,766) | (8.4)% | | Bolt Supply | $797 | $789 | $8 | 1.0% | | Consolidated | $19,984 | $21,742 | $(1,758) | (8.1)% | General and Administrative Expenses (Three Months Ended March 31, Dollars in thousands) | Segment | 2020 | 2019 | Increase (Decrease) Amount | Increase (Decrease) % | | :------------ | :----- | :----- | :------------------------- | :-------------------- | | Lawson | $7,839 | $19,208 | $(11,369) | (59.2)% | | Bolt Supply | $2,460 | $2,429 | $31 | 1.3% | | Consolidated | $10,299 | $21,637 | $(11,338) | (52.4)% | - The decrease in selling expense as a percent of sales is primarily due to lower incentives, travel, and commission due to the impact of COVID-19 in the second half of March and better leveraging fixed selling expenses[114] - The lower general and administrative expense was primarily driven by a $10.7 million stock-based compensation benefit in Q1 2020[115] Interest Expense Interest expense decreased to $0.1 million in Q1 2020 from $0.2 million in Q1 2019, primarily due to lower outstanding borrowing levels Interest Expense (Dollars in thousands) | Period | 2020 | 2019 | | :----- | :--- | :--- | | Q1 | $(115) | $(197) | - Interest expense decreased primarily as a result of lower outstanding borrowing levels[117] Other Income (Expense), Net Other income (expense), net, increased by $1.6 million in Q1 2020, primarily due to Canadian currency exchange rate changes Other Income (Expense), Net (Dollars in thousands) | Period | 2020 | 2019 | Change | | :----- | :----- | :----- | :----- | | Q1 | $(1,111) | $472 | $(1,583) | - Other income (expense), net, increased $1.6 million in Q1 2020 over the prior year quarter primarily due to the effect of a change in the Canadian currency exchange rate[118] Income Tax Expense Income tax expense increased to $4.9 million in Q1 2020 from $1.7 million in Q1 2019, with effective tax rates of 28.0% and 28.8% respectively Income Tax Expense and Effective Tax Rate (Three Months Ended March 31, Dollars in thousands) | Period | Income Tax Expense | Effective Tax Rate (%) | | :----- | :----------------- | :----------------- | | Q1 2020 | $4,879 | 28.0% | | Q1 2019 | $1,673 | 28.8% | Liquidity and Capital Resources Cash decreased to $4.1 million, with improved operating cash flow, increased capital expenditures, and cash generated from financing activities, maintaining sufficient liquidity Cash and Cash Equivalents (Dollars in millions) | Period | Amount | | :----------- | :----- | | March 31, 2020 | $4.1 | | December 31, 2019 | $5.5 | Cash Flow Activities (Three Months Ended March 31, Dollars in millions) | Activity | 2020 | 2019 | | :-------------------------------- | :----- | :----- | | Net cash used by operations | $(6.9) | $(10.5) | | Capital expenditures | $(0.6) | $(0.2) | | Cash from financing activities | $6.4 | $2.3 | - Repurchased 47,504 shares of common stock at an average purchase price of $36.93 in Q1 2020, with $4.5 million remaining availability under the program[123] - As of March 31, 2020, the company had $10.5 million of borrowings under its Credit Agreement and $87.5 million of credit availability remaining, net of outstanding letters of credit[123] - Management believes cash provided by operations and funds available under the Credit Agreement are sufficient to fund operating requirements, strategic initiatives, and capital improvements over the next 12 months, including potential COVID-19 impacts[125] Item 3. Quantitative and Qualitative Disclosure About Market Risk This item is inapplicable and has been omitted from the report - Item 3 of Part I is inapplicable and has been omitted from this report[128] Item 4. Controls and Procedures Management concluded disclosure controls and procedures were effective as of March 31, 2020, with no material changes in internal control over financial reporting - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2020[129] - There were no changes in internal control over financial reporting during the quarter ended March 31, 2020, that materially affected, or are reasonably likely to materially affect, internal control over financial reporting[130] PART II - OTHER INFORMATION This section covers other information including risk factors, equity security sales, and exhibit index Item 1A. Risk Factors The primary new risk factor is the COVID-19 pandemic, posing significant threats to operations, financial performance, supply chains, and cybersecurity - A new material risk factor is related to the COVID-19 pandemic, with no other material changes from the risk factors disclosed in the Annual Report on Form 10-K[134] - The COVID-19 pandemic negatively impacts the global economy, supply chains, financial markets, and the company's ability to execute business strategies, with the full extent of the effect being uncertain[135] - Potential impacts include temporary closure of distribution facilities or Bolt branch locations, negative effects on sales due to social distancing and shelter-in-place orders, challenges in collecting receivables, and vendor supply disruptions[136][137] - COVID-19 may lead to impairment losses related to goodwill and other long-lived assets due to potential detrimental impacts on future financial performance[138] - Increased remote work due to the pandemic can exacerbate risks related to internal controls and cybersecurity[139] Item 2. Unregistered Sales of Equity Securities and Use of Proceeds In March 2020, the company repurchased 47,504 shares for $1.76 million under its stock repurchase program, with $4.5 million remaining Stock Repurchase Summary (Three Months Ended March 31, 2020) | Period | Total Number of Shares Purchased | Average Price Paid per Share (Dollars) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (Dollars) | | :------------------------------ | :------------------------------- | :--------------------------- | :------------------------------------------------------------------------------- | :------------------------------------------------------------------------------------------------------- | | March 1 to March 31, 2020 | 47,504 | $36.93 | 47,504 | $4,512,000 | Item 6. Exhibits Index This section lists the exhibits filed with the Form 10-Q, including certifications from the CEO and CFO, and XBRL-related documents - Includes certifications of the Chief Executive Officer and Chief Financial Officer (Exhibits 31.1, 31.2, 32)[142] - Includes XBRL Instance Document and Taxonomy Extension Documents (Exhibits 101.INS, 101.SCH, 101.CAL, 101.DEF, 101.LAB, 101.PRE)[142] SIGNATURES The report was signed on April 30, 2020, by Michael G. DeCata, President and Chief Executive Officer, and Ronald J. Knutson, Executive Vice President, Chief Financial Officer, Treasurer and Controller - Report signed on April 30, 2020, by Michael G. DeCata, President and Chief Executive Officer, and Ronald J. Knutson, Executive Vice President, Chief Financial Officer, Treasurer and Controller[145][146]