What changed in this filing

/stocks — the workspaceLOADING

Item 5. Market for Registrant’s Common Equity

2022-02-23 compared with 2021-02-24 · 20 added, 52 removed, 26 unchanged (73% of the section changed)

1 unchanged sentence

Our common stock trades publicly on the New York Stock Exchange (“NYSE”) under the trading symbol “SMP.” The last reported sale price of our common stock on the NYSE on February 17, 2022 was $47.63 per share.

As of February 22, 2021, there were 440 holders of record of our common stock.

Dividends are declared and paid on the common stock at the discretion of our Board of Directors (the “Board”) and depend on our profitability, financial condition, capital needs, future prospects, and other factors deemed relevant by our Board.

After temporarily suspending our quarterly cash dividend payment in the second quarter of 2020, in October 2020, our Board approved the reinstatement of our quarterly cash dividend payment of $0.25 per share.

As of February 17, 2022, there

were 507 holders of record of our common stock.

Our revolving credit facility permits dividends and distributions by us provided specific conditions are met.

For information related to our revolving credit facility, see Note 11, “Credit Facilities and Long-Term Debt,” of the Notes to Consolidated Financial Statements in Item 8 of this Report.

For information related to our revolving credit facility, see Note 11, “Credit Facilities and Long-Term Debt,” of the Notes to

Consolidated Financial Statements in Item 8 of this Report.

There have been no unregistered offerings of our common stock during the fourth quarter of 2021.

18 unchanged sentences

All shares were purchased through the publicly announced stock repurchase programs in open-market transactions.

In March 2020, our Board of Directors authorized the purchase of up to $20 million of our common stock, under a stock repurchase program.

Under this program, during the year ended December 31, 2020, we repurchased 323,867 shares of our common stock, at a total cost of $13.5 million.

As of December 31, 2020, there was approximately $6.5 million available for future stock purchases under the program.

In February 2021, our Board of Directors authorized the purchase of up to an additional $20 million of our common stock under a new stock repurchase program, thereby increasing the amount available for future stock purchases to approximately $26.5 million.

Stock will be purchased under the programs from time to time, in the open market or through private transactions, as market conditions warrant.

In October 2021, our Board of Directors authorized the purchase of up to $30 million of our common stock under a stock repurchase program.

Stock will be purchased from time to time, in the open market, or through private transactions,

as market conditions warrant.

Under this program, during the fourth quarter of 2021, we repurchased 7,000 shares of our common stock at a total cost of $0.3 million.

During the year ended December 31, 2021, additional stock repurchases

of 615,265 shares were made at a total cost of $26.5 million under prior Board of Directors authorizations, which are now fully completed.

As of December 31, 2021, there was approximately $29.7 million available for future stock purchases under the October 2021 program.

During the period from January 1, 2022 through February 17, 2022, we have

repurchased an additional 64,482 shares of our common stock at a total cost of $3.1 million, thereby reducing the availability under the program to $26.6 million.

Stock Performance Graph

The following graph compares the five year cumulative total return on the Company’s Common Stock to the total returns on the Standard & Poor’s 500 Stock Index and the S&P 1500 Auto Parts & Equipment Index, which is a combination of automotive parts and equipment companies within the S&P 400, the S&P 500 and the S&P 600.

The graph shows the change in value of a $100 investment in the Company’s Common Stock and each of the above indices on December 31, 2015 and the reinvestment of all dividends.

The comparisons in this table are required by the Securities and Exchange Commission and are not intended to forecast or be indicative of possible future performance of the Company’s Common Stock or the referenced indices.

automotive parts and equipment companies within the S&P 400, the S&P 500 and the S&P 600.

The graph shows the change in value of a $100 investment in the Company’s Common Stock and each of the above indices on December 31, 2016 and

the reinvestment of all dividends.

referenced indices.

S&P 1500 Auto

S&P Capital IQ

SELECTED FINANCIAL DATA

The following table sets forth selected consolidated financial data for the five years ended December 31, 2020.

This selected consolidated financial data should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our financial statements and the notes thereto included elsewhere in this Form 10-K.

Certain prior period amounts have been reclassified to conform to the 2020 presentation.

(Dollars in thousands)

Statement of Operations Data:

Intangible asset impairment (1)

Operating income (2)

Earnings from continuing operations (3)

Loss from discontinued operations, net of income tax benefit (4)

Net earnings (3) (4)

Per Share Data:

Earnings from continuing operations (3):

Earnings per common share (3) (4):

Cash dividends per common share (5)

Depreciation and amortization

Capital expenditures

Dividends (5)

Cash Flows Provided By (Used In):

Operating activities

Investing activities

Financing activities

Balance Sheet Data (at period end):

Cash and cash equivalents

Working capital

Total assets (6)

Long‑term debt (excluding current portion)

Stockholders’ equity

Notes to Selected Financial Data

In December 2020, a large retail customer informed us of its decision to pursue a private brand strategy for its engine management product line.

As a result of this development, we anticipate that revenues sold under the BWD trademark will be significantly reduced and uncertain beyond the first quarter of 2021.

In connection with the decision, we recorded an impairment charge of $2.6 million in 2020.

On January 1, 2018, we adopted ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost .

Pursuant to the adoption, net periodic benefit cost (credit) for the years ended December 31, 2017 and 2016 has been reclassified from selling, general and administrative expenses to other non-operating income (expense), net.

During 2017, we recorded an increase of $17.5 million to the provision for income taxes resulting from the remeasurement of our deferred tax assets, and the tax on deemed repatriated earnings of our foreign subsidiaries as a result of the enactment of the Tax Cuts and Jobs Act.

We recorded an after tax charge of $23 million, $11.1 million, $13.9 million, $5.7 million, and $2 million as loss from discontinued operations to account for legal expenses and potential costs associated with our asbestos‑related liability for the years ended December 31, 2020, 2019, 2018, 2017 and 2016, respectively.

Such costs were also separately disclosed in the operating activity section of the consolidated statements of cash flows for those same years.

In April 2020, we temporarily suspended our $0.25 per share quarterly cash dividend in response to the impact of the COVID-19 pandemic on our business;

and in October 2020, we reinstated the $0.25 per quarterly cash dividend, which was paid on December 1, 2020.

On January 1, 2019 we adopted ASU 2016-02, Leases , which resulted in the recording of operating lease right-of-use assets and operating lease liabilities on our consolidated balance sheet.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 5. Market for Registrant’s Common Equity