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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
____________________________________________________________
FORM 10-Q
☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended March 31, 2023
or
☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Transition Period from _____ to _____
Commission File No. 0-09115
____________________________________________________________
MATTHEWS INTERNATIONAL CORPORATION
(Exact name of registrant as specified in its charter)
____________________________________________________________ | | | | | | | | |
Pennsylvania | | 25-0644320 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification No.) |
Two Northshore Center, Pittsburgh, PA 15212-5851
(Address of principal executive offices) (Zip Code)
(412) 442-8200
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report) | | | | | | | | | | | | | | |
Securities registered pursuant to Section 12(b) of the Act: | | |
Title of each class | | Trading Symbol | | Name of each exchange on which registered |
Class A Common Stock, $1.00 par value | | MATW | | Nasdaq Global Select Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes ý No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | |
Large accelerated filer | ý | | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | | Smaller reporting company | ☐ |
| | | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ý
As of March 31, 2023, shares of common stock outstanding were: Class A Common Stock 30,458,168 shares.
PART I ‑ FINANCIAL INFORMATION
Item 1. Financial Statements
MATTHEWS INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited)
(Dollar amounts in thousands) | | | | | | | | | | | | | | | | | | | | | | | |
| March 31, 2023 | | September 30, 2022 |
ASSETS | | | | | | | |
Current assets: | | | | | | | |
Cash and cash equivalents | | | $ | 41,916 | | | | | $ | 69,016 | |
Accounts receivable, net | | | 216,140 | | | | | 221,015 | |
Inventories, net | | | 254,557 | | | | | 225,440 | |
Restricted cash, current | | | — | | | | | 2,398 | |
Contract assets | | | 30,430 | | | | | 48,210 | |
Other current assets | | | 75,196 | | | | | 62,537 | |
| | | | | | | |
Total current assets | | | 618,239 | | | | | 628,616 | |
| | | | | | | |
| | | | | | | |
Investments | | | 23,805 | | | | | 25,976 | |
| | | | | | | |
| | | | | | | |
Property, plant and equipment, net | | | 268,247 | | | | | 256,065 | |
Operating lease right-of-use assets | | | 75,429 | | | | | 71,974 | |
Deferred income taxes | | | 2,890 | | | | | 3,610 | |
Goodwill | | | 708,767 | | | | | 675,421 | |
Other intangible assets, net | | | 190,387 | | | | | 202,154 | |
Other assets | | | 9,509 | | | | | 18,955 | |
| | | | | | | |
Total assets | | | $ | 1,897,273 | | | | | $ | 1,882,771 | |
| | | | | | | |
LIABILITIES | | | | | | | |
Current liabilities: | | | | | | | |
Long-term debt, current maturities | | | $ | 2,825 | | | | | $ | 3,277 | |
Current portion of operating lease liabilities | | | 23,302 | | | | | 22,869 | |
Trade accounts payable | | | 117,911 | | | | | 121,359 | |
Accrued compensation | | | 46,306 | | | | | 58,272 | |
Accrued income taxes | | | 5,142 | | | | | 9,277 | |
Contract liabilities | | | 23,362 | | | | | 31,871 | |
Other current liabilities | | | 175,593 | | | | | 164,450 | |
| | | | | | | |
Total current liabilities | | | 394,441 | | | | | 411,375 | |
| | | | | | | |
Long-term debt | | | 775,202 | | | | | 795,291 | |
Operating lease liabilities | | | 54,561 | | | | | 51,445 | |
Deferred income taxes | | | 92,090 | | | | | 92,589 | |
Other liabilities | | | 68,588 | | | | | 44,995 | |
Total liabilities | | | 1,384,882 | | | | | 1,395,695 | |
| | | | | | | |
SHAREHOLDERS' EQUITY | | | | | | | |
Shareholders' equity-Matthews: | | | | | | | |
Common stock | $ | 36,334 | | | | | $ | 36,334 | | | |
Additional paid-in capital | 159,948 | | | | | 160,255 | | | |
Retained earnings | 703,102 | | | | | 706,749 | | | |
Accumulated other comprehensive loss | (167,076) | | | | | (190,191) | | | |
Treasury stock, at cost | (219,615) | | | | | (225,795) | | | |
Total shareholders' equity-Matthews | | | 512,693 | | | | | 487,352 | |
Noncontrolling interests | | | (302) | | | | | (276) | |
Total shareholders' equity | | | 512,391 | | | | | 487,076 | |
| | | | | | | |
Total liabilities and shareholders' equity | | | $ | 1,897,273 | | | | | $ | 1,882,771 | |
The accompanying notes are an integral part of these consolidated financial statements.
MATTHEWS INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(Dollar amounts in thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | Six Months Ended March 31, |
| 2023 | | 2022 | | 2023 | | 2022 |
| | | | | | | |
Sales | $ | 479,580 | | | $ | 444,978 | | | $ | 928,820 | | | $ | 883,557 | |
Cost of sales | (329,957) | | | (320,459) | | | (640,267) | | | (627,401) | |
| | | | | | | |
Gross profit | 149,623 | | | 124,519 | | | 288,553 | | | 256,156 | |
| | | | | | | |
Selling expense | (34,539) | | | (33,381) | | | (67,978) | | | (64,124) | |
Administrative expense | (81,516) | | | (71,819) | | | (159,437) | | | (140,388) | |
Intangible amortization | (10,517) | | | (11,953) | | | (20,859) | | | (33,499) | |
| | | | | | | |
| | | | | | | |
Operating profit | 23,051 | | | 7,366 | | | 40,279 | | | 18,145 | |
| | | | | | | |
| | | | | | | |
Interest expense | (12,047) | | | (6,260) | | | (22,262) | | | (12,767) | |
Other income (deductions), net | 1,503 | | | 235 | | | (551) | | | (30,475) | |
| | | | | | | |
Income (loss) before income taxes | 12,507 | | | 1,341 | | | 17,466 | | | (25,097) | |
| | | | | | | |
Income tax (provision) benefit | (3,382) | | | (3,277) | | | (4,694) | | | 3,351 | |
| | | | | | | |
Net income (loss) | 9,125 | | | (1,936) | | | 12,772 | | | (21,746) | |
| | | | | | | |
Net loss attributable to noncontrolling interests | 2 | | | 31 | | | 58 | | | 38 | |
| | | | | | | |
Net income (loss) attributable to Matthews shareholders | $ | 9,127 | | | $ | (1,905) | | | $ | 12,830 | | | $ | (21,708) | |
| | | | | | | |
Earnings (loss) per share attributable to Matthews shareholders: |
Basic | $ | 0.30 | | | $ | (0.06) | | | $ | 0.42 | | | $ | (0.68) | |
| | | | | | | |
Diluted | $ | 0.29 | | | $ | (0.06) | | | $ | 0.41 | | | $ | (0.68) | |
The accompanying notes are an integral part of these consolidated financial statements.
MATTHEWS INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
(Dollar amounts in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
| Three Months Ended March 31, |
| Matthews | | Noncontrolling Interest | | Total |
| 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 |
| | | | | | | | | | | |
Net income (loss): | $ | 9,127 | | | $ | (1,905) | | | $ | (2) | | | $ | (31) | | | $ | 9,125 | | | $ | (1,936) | |
Other comprehensive income (loss) ("OCI"), net of tax: | | | | | | | | | | | |
Foreign currency translation adjustment | 4,432 | | | (6,181) | | | (5) | | | 4 | | | 4,427 | | | (6,177) | |
Pension plans and other postretirement benefits | (176) | | | (27) | | | — | | | — | | | (176) | | | (27) | |
| | | | | | | | | | | |
Unrecognized (loss) gain on cash flow hedges: | | | | | | | | | | | |
Net change from periodic revaluation | (1,471) | | | 3,538 | | | — | | | — | | | (1,471) | | | 3,538 | |
Net amount reclassified to earnings | (771) | | | 554 | | | — | | | — | | | (771) | | | 554 | |
Net change in unrecognized (loss) gain on cash flow hedges | (2,242) | | | 4,092 | | | — | | | — | | | (2,242) | | | 4,092 | |
OCI, net of tax | 2,014 | | | (2,116) | | | (5) | | | 4 | | | 2,009 | | | (2,112) | |
Comprehensive income (loss) | $ | 11,141 | | | $ | (4,021) | | | $ | (7) | | | $ | (27) | | | $ | 11,134 | | | $ | (4,048) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended March 31, |
| Matthews | | Noncontrolling Interest | | Total |
| 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 |
| | | | | | | | | | | |
Net income (loss): | $ | 12,830 | | | $ | (21,708) | | | $ | (58) | | | $ | (38) | | | $ | 12,772 | | | $ | (21,746) | |
OCI, net of tax: | | | | | | | | | | | |
Foreign currency translation adjustment | 24,992 | | | (8,170) | | | (1) | | | 8 | | | 24,991 | | | (8,162) | |
Pension plans and other postretirement benefits | 769 | | | 34,106 | | | — | | | — | | | 769 | | | 34,106 | |
| | | | | | | | | | | |
Unrecognized (loss) gain on cash flow hedges: | | | | | | | | | | | |
Net change from periodic revaluation | (1,378) | | | 4,413 | | | — | | | — | | | (1,378) | | | 4,413 | |
Net amount reclassified to earnings | (1,268) | | | 1,160 | | | — | | | — | | | (1,268) | | | 1,160 | |
Net change in unrecognized (loss) gain on cash flow hedges | (2,646) | | | 5,573 | | | — | | | — | | | (2,646) | | | 5,573 | |
OCI, net of tax | 23,115 | | | 31,509 | | | (1) | | | 8 | | | 23,114 | | | 31,517 | |
Comprehensive income (loss) | $ | 35,945 | | | $ | 9,801 | | | $ | (59) | | | $ | (30) | | | $ | 35,886 | | | $ | 9,771 | |
The accompanying notes are an integral part of these consolidated financial statements.
MATTHEWS INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
for the three and six months ended March 31, 2023 and 2022 (Unaudited)
(Dollar amounts in thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shareholders' Equity |
| Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive (Loss) Income | | Treasury Stock | | Non- controlling Interests | | Total |
Balance, September 30, 2022 | $ | 36,334 | | | $ | 160,255 | | | $ | 706,749 | | | $ | (190,191) | | | $ | (225,795) | | | $ | (276) | | | $ | 487,076 | |
Net income (loss) | — | | | — | | | 3,703 | | | — | | | — | | | (56) | | | 3,647 | |
Minimum pension liability | — | | | — | | | — | | | 945 | | | — | | | — | | | 945 | |
Translation adjustment | — | | | — | | | — | | | 20,560 | | | — | | | 4 | | | 20,564 | |
Fair value of cash flow hedges | — | | | — | | | — | | | (404) | | | — | | | — | | | (404) | |
Total comprehensive income | | | | | | | | | | | | | 24,752 | |
Stock-based compensation | — | | | 4,334 | | | — | | | — | | | — | | | — | | | 4,334 | |
Purchase of 89,025 shares of treasury stock | — | | | — | | | — | | | — | | | (2,451) | | | — | | | (2,451) | |
Issuance of 245,006 shares of treasury stock | — | | | (9,154) | | | — | | | — | | | 9,154 | | | — | | | — | |
Cancellations of 34,327 shares of treasury stock | — | | | 1,958 | | | — | | | — | | | (1,958) | | | — | | | — | |
Dividends | — | | | — | | | (8,794) | | | — | | | — | | | — | | | (8,794) | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Balance, December 31, 2022 | $ | 36,334 | | | $ | 157,393 | | | $ | 701,658 | | | $ | (169,090) | | | $ | (221,050) | | | $ | (328) | | | $ | 504,917 | |
Net income (loss) | — | | | — | | | 9,127 | | | — | | | — | | | (2) | | | 9,125 | |
Minimum pension liability | — | | | — | | | — | | | (176) | | | — | | | — | | | (176) | |
Translation adjustment | — | | | — | | | — | | | 4,432 | | | — | | | (5) | | | 4,427 | |
Fair value of cash flow hedges | — | | | — | | | — | | | (2,242) | | | — | | | — | | | (2,242) | |
Total comprehensive income | | | | | | | | | | | | | 11,134 | |
Stock-based compensation | — | | | 4,278 | | | — | | | — | | | — | | | — | | | 4,278 | |
Purchase of 7,606 shares of treasury stock | — | | | — | | | — | | | — | | | (288) | | | — | | | (288) | |
Issuance of 46,069 shares of treasury stock | — | | | (1,723) | | | — | | | — | | | 1,723 | | | — | | | — | |
| | | | | | | | | | | | | |
Dividends | — | | | — | | | (7,683) | | | — | | | — | | | — | | | (7,683) | |
Transactions with noncontrolling interests | — | | | — | | | — | | | — | | | — | | | 33 | | | 33 | |
| | | | | | | | | | | | | |
Balance, March 31, 2023 | $ | 36,334 | | | $ | 159,948 | | | $ | 703,102 | | | $ | (167,076) | | | $ | (219,615) | | | $ | (302) | | | $ | 512,391 | |
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MATTHEWS INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY, Continued
for the three and six months ended March 31, 2023 and 2022 (Unaudited)
(Dollar amounts in thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shareholders' Equity |
| Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive (Loss) Income | | Treasury Stock | | Non- controlling Interests | | Total |
Balance, September 30, 2021 | $ | 36,334 | | | $ | 149,484 | | | $ | 834,208 | | | $ | (192,739) | | | $ | (190,739) | | | $ | (145) | | | $ | 636,403 | |
Net loss | — | | | — | | | (19,803) | | | — | | | — | | | (7) | | | (19,810) | |
Minimum pension liability | — | | | — | | | — | | | 34,133 | | | — | | | — | | | 34,133 | |
Translation adjustment | — | | | — | | | — | | | (1,989) | | | — | | | 4 | | | (1,985) | |
Fair value of cash flow hedges | — | | | — | | | — | | | 1,481 | | | — | | | — | | | 1,481 | |
Total comprehensive income | | | | | | | | | | | | | 13,819 | |
Stock-based compensation | — | | | 3,709 | | | — | | | — | | | — | | | — | | | 3,709 | |
Purchase of 62,746 shares of treasury stock | — | | | — | | | — | | | — | | | (2,435) | | | — | | | (2,435) | |
Issuance of 174,107 shares of treasury stock | — | | | (6,859) | | | — | | | — | | | 6,859 | | | — | | | — | |
Cancellations of 31,057 shares of treasury stock | — | | | 2,091 | | | — | | | — | | | (2,091) | | | — | | | — | |
Dividends | — | | | — | | | (6,824) | | | — | | | — | | | — | | | (6,824) | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | | |
Balance, December 31, 2021 | $ | 36,334 | | | $ | 148,425 | | | $ | 807,581 | | | $ | (159,114) | | | $ | (188,406) | | | $ | (148) | | | $ | 644,672 | |
Net loss | — | | | — | | | (1,905) | | | — | | | — | | | (31) | | | (1,936) | |
Minimum pension liability | — | | | — | | | — | | | (27) | | | — | | | — | | | (27) | |
Translation adjustment | — | | | — | | | — | | | (6,181) | | | — | | | 4 | | | (6,177) | |
Fair value of cash flow hedges | — | | | — | | | — | | | 4,092 | | | — | | | — | | | 4,092 | |
Total comprehensive loss | | | | | | | | | | | | | (4,048) | |
Stock-based compensation | — | | | 5,222 | | | — | | | — | | | — | | | — | | | 5,222 | |
Purchase of 289,184 shares of treasury stock | — | | | — | | | — | | | — | | | (9,703) | | | — | | | (9,703) | |
Issuance of 45,096 shares of treasury stock | — | | | (1,761) | | | — | | | — | | | 1,761 | | | — | | | — | |
Cancellations of 80 shares of treasury stock | — | | | 5 | | | — | | | — | | | (5) | | | — | | | — | |
Dividends | — | | | — | | | (7,128) | | | — | | | — | | | — | | | (7,128) | |
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Balance, March 31, 2022 | $ | 36,334 | | | $ | 151,891 | | | $ | 798,548 | | | $ | (161,230) | | | $ | (196,353) | | | $ | (175) | | | $ | 629,015 | |
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The accompanying notes are an integral part of these consolidated financial statements.
MATTHEWS INTERNATIONAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollar amounts in thousands)
| | | | | | | | | | | |
| Six Months Ended March 31, |
| 2023 | | 2022 |
Cash flows from operating activities: | | | |
Net income (loss) | $ | 12,772 | | | $ | (21,746) | |
Adjustments to reconcile net income (loss) to net cash flows from operating activities: | | | |
Depreciation and amortization | 47,877 | | | 57,225 | |
Stock-based compensation expense | 8,612 | | | 8,931 | |
Deferred tax provision (benefit) | 268 | | | (16) | |
| | | |
| | | |
| | | |
| | | |
Asset write-downs | — | | | 10,486 | |
Defined benefit plan settlement losses | 1,271 | | | 30,856 | |
Defined benefit plan settlement payments | (24,242) | | | (35,706) | |
Proceeds from the settlement of cash flow hedges | 10,474 | | | — | |
Changes in working capital items | (10,885) | | | 18,842 | |
Decrease in other assets | 3,298 | | | 5,823 | |
Decrease in other liabilities | (2,083) | | | (6,265) | |
Other operating activities, net | (2,651) | | | 4,293 | |
| | | |
Net cash provided by operating activities | 44,711 | | | 72,723 | |
| | | |
Cash flows from investing activities: | | | |
Capital expenditures | (23,772) | | | (28,096) | |
Acquisitions, net of cash acquired | (7,586) | | | — | |
| | | |
Proceeds from sale of investments | — | | | 3,127 | |
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Other investing activities, net | 155 | | | 230 | |
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Net cash used in investing activities | (31,203) | | | (24,739) | |
| | | |
Cash flows from financing activities: | | | |
Proceeds from long-term debt | 414,843 | | | 342,847 | |
Payments on long-term debt | (441,963) | | | (353,385) | |
| | | |
Purchases of treasury stock | (2,739) | | | (12,138) | |
Dividends | (14,126) | | | (13,952) | |
Acquisition holdback and contingent consideration payments | — | | | (613) | |
Other financing activities | (914) | | | (1,434) | |
| | | |
Net cash used in financing activities | (44,899) | | | (38,675) | |
| | | |
Effect of exchange rate changes on cash | 1,893 | | | (1,580) | |
| | | |
Net change in cash, cash equivalents and restricted cash | (29,498) | | | 7,729 | |
Cash, cash equivalents and restricted cash at beginning of year | 71,414 | | | 68,343 | |
Cash, cash equivalents and restricted cash at end of period | $ | 41,916 | | | $ | 76,072 | |
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The accompanying notes are an integral part of these consolidated financial statements.
MATTHEWS INTERNATIONAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
March 31, 2023
(Dollar amounts in thousands, except per share data)
Note 1. Nature of Operations
Matthews International Corporation ("Matthews" or the "Company"), founded in 1850 and incorporated in Pennsylvania in 1902, is a global provider of memorialization products, industrial technologies and brand solutions. The Company manages its businesses under three segments: Memorialization, Industrial Technologies and SGK Brand Solutions. Memorialization products consist primarily of bronze and granite memorials and other memorialization products, caskets, cremation-related products, and cremation and incineration equipment primarily for the cemetery and funeral home industries. Industrial technologies includes the design, manufacturing, service and distribution of high-tech custom energy storage solutions, product identification and warehouse automation technologies and solutions, including order fulfillment systems for identifying, tracking, picking and conveying consumer and industrial products. Brand solutions consists of brand management, pre-media services, printing plates and cylinders, imaging services, digital asset management, merchandising display systems, and marketing and design services primarily for the consumer goods and retail industries.
The Company has facilities in North America, Europe, Asia, Australia, and Central and South America.
Note 2. Basis of Presentation
The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") for interim financial information for commercial and industrial companies and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The year-end consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. Operating results for the six months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2023. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended September 30, 2022. The consolidated financial statements include all domestic and foreign subsidiaries in which the Company maintains an ownership interest and has operating control and any variable interest entities for which the Company is the primary beneficiary. Investments in certain companies over which the Company exerts significant influence, but does not control the financial and operating decisions, are accounted for as equity method investments. Investments in certain companies over which the Company does not exert significant influence are accounted for as cost method investments. All intercompany accounts and transactions have been eliminated. The Company applies highly inflationary accounting for subsidiaries when the cumulative inflation rate for a three-year period meets or exceeds 100 percent.
Effective April 1, 2022, the Company applies highly inflationary accounting to its Turkish subsidiaries. Under highly inflationary accounting, the financial statements of these subsidiaries are remeasured into the Company's reporting currency (U.S. dollar) and exchange gains and losses from the remeasurement of monetary assets and liabilities are reflected in current earnings, rather than accumulated other comprehensive loss on the Consolidated Balance Sheets, until such time as the applicable economy is no longer considered highly inflationary. As of March 31, 2023 and September 30, 2022, the Company had net monetary assets related to its Turkish subsidiaries of $6,600 and $5,022, respectively. For the three and six months ended March 31, 2023, exchange losses related to highly inflationary accounting totaled $160 and $1,248, respectively, and were included in the Consolidated Statements of Income within other income (deductions), net.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
(Dollar amounts in thousands, except per share data)
Note 2. Basis of Presentation (continued)
New Accounting Pronouncements:
Issued
In October 2021, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2021-08, Business Combinations (Topic 805) which improves the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to recognition of an acquired contract asset/liability, and payment terms and their effect on subsequent revenue recognized by the acquirer. This ASU is effective for the Company beginning in interim periods starting in fiscal 2024. While the impact of this ASU is dependent on the nature of any future transactions, the Company currently does not expect this ASU to have a significant impact on its consolidated financial statements.
In September 2022, the FASB issued ASU No. 2022-04, Liabilities - Supplier Finance Programs (Subtopic 405-50) which enhances the transparency of supplier finance programs by addressing disclosure requirements. Specifically, the amendment requires disclosure of key program terms, amounts outstanding, balance sheet presentation, and a rollforward of amounts outstanding during the annual period. The ASU will be effective beginning in the first quarter of fiscal 2024, except for the rollforward requirement, which is effective in fiscal year 2025. The adoption of this ASU is not expected to have a material impact on the Company's consolidated financial statements.
Note 3. Revenue Recognition
The Company delivers a variety of products and services through its business segments. The Memorialization segment produces and delivers bronze and granite memorials and other memorialization products, caskets, cremation-related products, and cremation and incineration equipment primarily for the cemetery and funeral home industries. The Industrial Technologies segment designs, manufactures, services and distributes high-tech custom energy storage solutions, product identification and warehouse automation technologies and solutions, including order fulfillment systems for identifying, tracking, picking and conveying consumer and industrial products. The SGK Brand Solutions segment delivers brand management, pre-media services, printing plates and cylinders, imaging services, digital asset management, merchandising display systems, and marketing and design services primarily for the consumer goods and retail industries.
The Company disaggregates revenue from contracts with customers by geography, as it believes geographic regions best depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Disaggregated sales by segment and region for the three and six months ended March 31, 2023 and 2022 were as follows:
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| | Memorialization | | Industrial Technologies | | SGK Brand Solutions | | Consolidated |
| | Three Months Ended March 31, | | Three Months Ended March 31, | | Three Months Ended March 31, | | Three Months Ended March 31, |
| | 2023 | 2022 | | 2023 | 2022 | | 2023 | 2022 | | 2023 | 2022 |
North America | | $ | 211,878 | | $ | 205,655 | | | $ | 41,835 | | $ | 34,768 | | | $ | 62,324 | | $ | 69,080 | | | $ | 316,037 | | $ | 309,503 | |
Central and South America | | — | | — | | | — | | — | | | 995 | | 1,123 | | | 995 | | 1,123 | |
Europe | | 8,462 | | 11,924 | | | 81,970 | | 41,611 | | | 52,941 | | 60,852 | | | 143,373 | | 114,387 | |
Australia | | 2,549 | | 2,425 | | | — | | — | | | 2,216 | | 2,687 | | | 4,765 | | 5,112 | |
Asia | | — | | — | | | 1,709 | | 1,775 | | | 12,701 | | 13,078 | | | 14,410 | | 14,853 | |
Total Sales | | $ | 222,889 | | $ | 220,004 | | | $ | 125,514 | | $ | 78,154 | | | $ | 131,177 | | $ | 146,820 | | | $ | 479,580 | | $ | 444,978 | |
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited), Continued
(Dollar amounts in thousands, except per share data)
Note 3. Revenue Recognition (continued)
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| | Memorialization | | Industrial Technologies | | SGK Brand Solutions | | Consolidated |
| | Six Months Ended March 31, | | Six Months Ended March 31, | | Six Months Ended March 31, | | Six Months Ended March 31, |
| | 2023 | 2022 | | 2023 | 2022 | | 2023 | 2022 | | 2023 | 2022 |
North America | | $ | 407,077 | | $ | 402,406 | | | $ | 77,975 | | $ | |