Supplemental Consolidating Financial Information (Notes) | 3 Months Ended |
Mar. 31, 2015 |
Condensed Financial Statements [Text Block] | Supplemental Consolidating Financial Information |
In connection with the 7.875% Notes, certain of our domestic subsidiaries (the "Guarantor Subsidiaries"), fully, unconditionally, jointly, and severally guaranteed the payment obligations under the notes. The Guarantor Subsidiaries are 100% owned direct and indirect subsidiaries of Chiquita Brands L.L.C. ("CBLLC" or the "Co-Issuer"), who is 100% owned by CBII ("CBII" or the "Parent Company"). The following supplemental financial information sets forth, on a consolidating basis, the balance sheets, statements of operations, statements of comprehensive income and statements of cash flows for CBII, for CBLLC, for the Guarantor Subsidiaries and for our other subsidiaries (the "Non-Guarantor Subsidiaries"). |
The supplemental condensed consolidating financial information has been prepared pursuant to the rules and regulations for condensed financial information and does not include disclosures included in annual financial statements. Investments in consolidated subsidiaries have been presented under the equity method of accounting. The principal eliminating entries eliminate investments in subsidiaries, intercompany balances and intercompany revenues and expenses. The condensed financial information may not necessarily be indicative of the results of operations or financial position had the guarantor or non-guarantor subsidiaries operated as independent entities. |
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Chiquita Brands International, Inc. | |
Condensed Consolidating Statement of Operations (Unaudited) | |
Quarter Ended March 31, 2015 | |
(in thousands) | | | | | | | | | | | | | |
| | CBII | | CBLLC | | Guarantor | | Non-Guarantor | | Consolidating | | Company | |
| | (Co-issuer) | | (Co-issuer) | | Subsidiaries | | Subsidiaries | | Eliminations | | Consolidated | |
Net sales | | $ | — | | | $ | 200,352 | | | $ | 295,017 | | | $ | 472,777 | | | $ | (242,815 | ) | | $ | 725,331 | | |
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Cost of sales | | — | | | 211,948 | | | 254,039 | | | 399,219 | | | (242,602 | ) | | 622,604 | | |
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Selling, general and administrative | | 3,007 | | | 5,303 | | | 17,385 | | | 23,706 | | | — | | | 49,401 | | |
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Transaction costs | | 38,044 | | | 4,096 | | | 4,620 | | | 1,219 | | | — | | | 47,979 | | |
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Depreciation | | — | | | 5,324 | | | 5,679 | | | 4,932 | | | — | | | 15,935 | | |
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Amortization | | — | | | — | | | 2,335 | | | 7 | | | — | | | 2,342 | | |
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Equity in losses (earnings) of investees and subsidiaries | | (3,488 | ) | | (53,968 | ) | | (1 | ) | | — | | | 57,457 | | | — | | |
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Operating income (loss) | | (37,563 | ) | | 27,649 | | | 10,960 | | | 43,694 | | | (57,670 | ) | | (12,930 | ) | |
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Interest income | | — | | | — | | | — | | | 664 | | | — | | | 664 | | |
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Interest expense | | (3,982 | ) | | (4,404 | ) | | (676 | ) | | (123 | ) | | — | | | (9,185 | ) | |
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Loss on debt extinguishment | | (17,112 | ) | | (19,100 | ) | | — | | | — | | | — | | | (36,212 | ) | |
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Other income (expense), net | | — | | | — | | | — | | | (602 | ) | | — | | | (602 | ) | |
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Intercompany interest and other | | 392 | | | (657 | ) | | (116 | ) | | 168 | | | 213 | | | — | | |
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Income (loss) before income taxes | | (58,265 | ) | | 3,488 | | | 10,168 | | | 43,801 | | | (57,457 | ) | | (58,265 | ) | |
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Income tax expense | | (6,361 | ) | | (67 | ) | | (4,424 | ) | | (712 | ) | | 5,203 | | | (6,361 | ) | |
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Net income (loss) | | $ | (64,626 | ) | | $ | 3,421 | | | $ | 5,744 | | | $ | 43,089 | | | $ | (52,254 | ) | | $ | (64,626 | ) | |
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Chiquita Brands International, Inc. | |
Condensed Consolidating Statement of Comprehensive Loss (Unaudited) | |
Quarter March 31, 2015 | |
(in thousands) | | | | | | | | | | | | | |
| | CBII | | CBLLC | | Guarantor | | Non-Guarantor | | Consolidating | | Company | |
| | (Co-issuer) | | (Co-issuer) | | Subsidiaries | | Subsidiaries | | Eliminations | | Consolidated | |
Net income (loss) | | $ | (64,626 | ) | | $ | 3,421 | | | $ | 5,744 | | | $ | 43,089 | | | $ | (52,254 | ) | | $ | (64,626 | ) | |
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Unrealized foreign currency translation gains | | — | | | — | | | — | | | 2 | | | — | | | 2 | | |
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Realized losses for foreign currency translation on business disposal reclassified into Other income (expense), net | | — | | | — | | | — | | | 602 | | | — | | | 602 | | |
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Net other comprehensive income related to foreign currency translation | | — | | | — | | | — | | | 604 | | | — | | | 604 | | |
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Unrealized gains (losses) on derivatives for the period | | — | | | — | | | — | | | 18,274 | | | — | | | 18,274 | | |
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Derivative gains reclassified into Net sales | | — | | | — | | | — | | | (16,978 | ) | | — | | | (16,978 | ) | |
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Derivative losses reclassified into Cost of sales | | — | | | — | | | — | | | 8,775 | | | — | | | 8,775 | | |
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Net other comprehensive income related to derivatives | | — | | | — | | | — | | | 10,071 | | | — | | | 10,071 | | |
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Actuarial gains for the period, net of tax | | — | | | — | | | — | | | 2,172 | | | — | | | 2,172 | | |
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Amortization included in pension cost | | — | | | 103 | | | — | | | 181 | | | — | | | 284 | | |
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Net other comprehensive income related to defined benefit pension and severance plans | | — | | | 103 | | | — | | | 2,353 | | | — | | | 2,456 | | |
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Other comprehensive income (loss) of investments in subsidiaries | | 13,131 | | | 13,028 | | | — | | | — | | | (26,159 | ) | | — | | |
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Comprehensive income (loss) | | $ | (51,495 | ) | | $ | 16,552 | | | $ | 5,744 | | | $ | 56,117 | | | $ | (78,413 | ) | | $ | (51,495 | ) | |
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Chiquita Brands International, Inc. | |
Condensed Consolidating Statement of (Operations) (Unaudited) | |
Quarter Ended March 31, 2014 | |
(in thousands) | | | | | | | | | | | | | |
| | CBII | | CBLLC | | Guarantor | | Non-Guarantor | | Consolidating | | Company | |
| | (Co-issuer) | | (Co-issuer) | | Subsidiaries | | Subsidiaries | | Eliminations | | Consolidated | |
Net sales | | $ | — | | | $ | 209,044 | | | $ | 293,273 | | | $ | 502,259 | | | $ | (242,586 | ) | | $ | 761,990 | | |
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Cost of sales | | — | | | 202,000 | | | 262,872 | | | 462,579 | | | (242,199 | ) | | 685,252 | | |
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Selling, general and administrative | | 7,908 | | | 3,787 | | | 22,172 | | | 20,524 | | | — | | | 54,391 | | |
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Transaction Costs | | 5,919 | | | — | | | — | | | — | | | — | | | 5,919 | | |
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Depreciation | | — | | | 1,276 | | | 6,199 | | | 6,024 | | | — | | | 13,499 | | |
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Amortization | | — | | | — | | | 2,335 | | | 6 | | | — | | | 2,341 | | |
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Equity in losses of investees | | 95 | | | (7,565 | ) | | 3,473 | | | — | | | 3,997 | | | — | | |
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Operating income (loss) | | (13,922 | ) | | 9,546 | | | (3,778 | ) | | 13,126 | | | (4,384 | ) | | 588 | | |
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Interest income | | — | | | 2 | | | 33 | | | 629 | | | — | | | 664 | | |
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Interest expense | | (5,292 | ) | | (9,231 | ) | | (884 | ) | | (61 | ) | | — | | | (15,468 | ) | |
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Loss on debt extinguishment | | — | | | (521 | ) | | — | | | — | | | — | | | (521 | ) | |
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Other income (expense), net | | 583 | | | 109 | | | (451 | ) | | (4,522 | ) | | 387 | | | (3,894 | ) | |
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Income (loss) before income taxes | | (18,631 | ) | | (95 | ) | | (5,080 | ) | | 9,172 | | | (3,997 | ) | | (18,631 | ) | |
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Income tax expense | | (5,972 | ) | | (343 | ) | | 1,968 | | | (914 | ) | | (711 | ) | | (5,972 | ) | |
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Net income (loss) | | $ | (24,603 | ) | | $ | (438 | ) | | $ | (3,112 | ) | | $ | 8,258 | | | $ | (4,708 | ) | | $ | (24,603 | ) | |
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Chiquita Brands International, Inc. | |
Condensed Consolidating Statement of Comprehensive Loss (Unaudited) | |
Quarter Ended March 31, 2014 | |
(in thousands) | | | | | | | | | | | | | |
| | CBII | | CBLLC | | Guarantor | | Non-Guarantor | | Consolidating | | Company | |
| | (Co-issuer) | | (Co-issuer) | | Subsidiaries | | Subsidiaries | | Eliminations | | Consolidated | |
Net income (loss) | | $ | (24,603 | ) | | $ | (438 | ) | | $ | (3,112 | ) | | $ | 8,258 | | | $ | (4,708 | ) | | $ | (24,603 | ) | |
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Unrealized foreign currency translation gains | | — | | | — | | | — | | | 16 | | | — | | | 16 | | |
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Realized losses for foreign currency translation on business disposal reclassified into Other income (expense), net | | — | | | — | | | — | | | 252 | | | — | | | 252 | | |
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Net other comprehensive income related to foreign currency translation | | — | | | — | | | — | | | 268 | | | — | | | 268 | | |
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Unrealized losses on derivatives for the period | | — | | | — | | | — | | | (1,046 | ) | | — | | | (1,046 | ) | |
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Derivative losses reclassified into Net sales | | — | | | — | | | — | | | 1,027 | | | — | | | 1,027 | | |
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Derivative gains reclassified into Cost of sales | | — | | | — | | | — | | | (175 | ) | | — | | | (175 | ) | |
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Net other comprehensive loss related to derivatives | | — | | | — | | | — | | | (194 | ) | | — | | | (194 | ) | |
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Actuarial losses for the period, net of tax | | — | | | — | | | — | | | (342 | ) | | — | | | (342 | ) | |
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Amortization included in pension cost | | — | | | 104 | | | — | | | 196 | | | — | | | 300 | | |
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Net other comprehensive income (loss) related to defined benefit pension and severance plans | | — | | | 104 | | | — | | | (146 | ) | | — | | | (42 | ) | |
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Other comprehensive income (loss) of investments in subsidiaries | | (220 | ) | | (324 | ) | | — | | | — | | | 544 | | | — | | |
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Comprehensive income (loss) | | $ | (24,823 | ) | | $ | (658 | ) | | $ | (3,112 | ) | | $ | 8,186 | | | $ | (4,164 | ) | | $ | (24,571 | ) | |
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Chiquita Brands International, Inc. | |
Condensed Consolidating Balance Sheet (Unaudited) | |
March 31, 2015 | |
(in thousands) | |
| | CBII | | CBLLC | | Guarantor | | Non-Guarantor | | Consolidating | | Company | |
| | (Co-Issuer) | | (Co-issuer) | | Subsidiaries | | Subsidiaries | | Eliminations | | Consolidated | |
ASSETS | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and equivalents | | $ | 17,581 | | | $ | 4,114 | | | $ | 306 | | | $ | 33,598 | | | $ | — | | | $ | 55,599 | | |
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Trade receivables, less allowances | | — | | | 59,021 | | | 60,972 | | | 126,475 | | | — | | | 246,468 | | |
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Other receivables, net | | — | | | 6,020 | | | 4,071 | | | 48,302 | | | — | | | 58,393 | | |
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Inventories | | — | | | 10,019 | | | 36,682 | | | 162,346 | | | — | | | 209,047 | | |
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Prepaid expenses | | 443 | | | 3,428 | | | 6,405 | | | 31,591 | | | — | | | 41,867 | | |
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Other current assets | | — | | | 17,660 | | | 13,423 | | | 503 | | | (7,530 | ) | | 24,056 | | |
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Total current assets | | 18,024 | | | 100,262 | | | 121,859 | | | 402,815 | | | (7,530 | ) | | 635,430 | | |
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Property, plant and equipment, net | | — | | | 10,141 | | | 189,383 | | | 185,163 | | | — | | | 384,687 | | |
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Investments and other assets, net | | 9,429 | | | 9,092 | | | 3,967 | | | 74,430 | | | — | | | 96,918 | | |
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Trademarks | | — | | | 208,085 | | | 38,500 | | | 179,500 | | | — | | | 426,085 | | |
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Goodwill | | — | | | — | | | 18,095 | | | — | | | — | | | 18,095 | | |
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Other intangible assets, net | | — | | | — | | | 75,176 | | | 27 | | | — | | | 75,203 | | |
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Investments in and accounts with subsidiaries | | 1,447,583 | | | 1,229,638 | | | 3,548 | | | — | | | (2,680,769 | ) | | — | | |
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Due from affiliates | | 80,112 | | | 2,184,016 | | | 1,628,905 | | | 689,847 | | | (4,582,880 | ) | | — | | |
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Total assets | | $ | 1,555,148 | | | $ | 3,741,234 | | | $ | 2,079,433 | | | $ | 1,531,782 | | | $ | (7,271,179 | ) | | $ | 1,636,418 | | |
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LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Current portion of long-term debt and capital lease obligations | | $ | — | | | $ | — | | | $ | 1,649 | | | $ | 1,641 | | | $ | — | | | $ | 3,290 | | |
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Accounts payable | | 3,632 | | | 6,307 | | | 101,399 | | | 137,117 | | | — | | | 248,455 | | |
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Accrued liabilities | | 23,001 | | | 8,142 | | | 51,198 | | | 54,487 | | | — | | | 136,828 | | |
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Total current liabilities | | 26,633 | | | 14,449 | | | 154,246 | | | 193,245 | | | — | | | 388,573 | | |
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Long-term debt and capital lease obligations, net of current portion | | 44,158 | | | 196,162 | | | 39,553 | | | 3,576 | | | — | | | 283,449 | | |
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Accrued pension and other employee benefits | | 9,498 | | | 6,360 | | | 8 | | | 62,498 | | | — | | | 78,364 | | |
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Deferred tax liabilities | | 993 | | | 83,117 | | | 27,695 | | | — | | | (7,530 | ) | | 104,275 | | |
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Other liabilities | | — | | | 7,777 | | | 21,994 | | | 41,679 | | | — | | | 71,450 | | |
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Long-term related parties debt | | 238,479 | | | — | | | — | | | — | | | — | | | 238,479 | | |
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Due to affiliates | | 763,559 | | | 1,985,786 | | | 1,429,170 | | | 404,365 | | | (4,582,880 | ) | | — | | |
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Total liabilities | | 1,083,320 | | | 2,293,651 | | | 1,672,666 | | | 705,363 | | | (4,590,410 | ) | | 1,164,590 | | |
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Commitments and contingencies | | | | | | | | | | | | | |
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Total shareholders' equity | | 471,828 | | | 1,447,583 | | | 406,767 | | | 826,419 | | | (2,680,769 | ) | | 471,828 | | |
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Total liabilities and shareholders' equity | | $ | 1,555,148 | | | $ | 3,741,234 | | | $ | 2,079,433 | | | $ | 1,531,782 | | | $ | (7,271,179 | ) | | $ | 1,636,418 | | |
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Chiquita Brands International, Inc. | |
Condensed Consolidating Balance Sheet | |
December 31, 2014 | |
(in thousands) | |
| | CBII | | CBLLC | | Guarantor | | Non-Guarantor | | Consolidating | | Company | |
| | (Co-Issuer) | | (Co-issuer) | | Subsidiaries | | Subsidiaries | | Eliminations | | Consolidated | |
ASSETS | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and equivalents | | $ | — | | | $ | 13,707 | | | $ | — | | | $ | 34,453 | | | $ | — | | | $ | 48,160 | | |
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Trade receivables, less allowances | | — | | | 49,844 | | | 47,579 | | | 119,997 | | | — | | | 217,420 | | |
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Other receivables, net | | — | | | 4,383 | | | 3,302 | | | 59,335 | | | (210 | ) | | 66,810 | | |
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Inventories | | — | | | 9,657 | | | 34,331 | | | 153,319 | | | — | | | 197,307 | | |
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Prepaid expenses | | 209 | | | 5,555 | | | 8,193 | | | 24,861 | | | — | | | 38,818 | | |
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Other current assets | | — | | | 10,070 | | | 11,506 | | | 503 | | | (7,530 | ) | | 14,549 | | |
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Total current assets | | 209 | | | 93,216 | | | 104,911 | | | 392,468 | | | (7,740 | ) | | 583,064 | | |
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Property, plant and equipment, net | | — | | | 15,680 | | | 194,362 | | | 186,987 | | | — | | | 397,029 | | |
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Investments and other assets, net | | 22,032 | | | 11,209 | | | 4,372 | | | 79,150 | | | (6,543 | ) | | 110,220 | | |
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Trademarks | | — | | | 208,085 | | | 38,500 | | | 179,500 | | | — | | | 426,085 | | |
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Goodwill | | — | | | — | | | 18,095 | | | — | | | — | | | 18,095 | | |
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Other intangible assets, net | | — | | | — | | | 77,511 | | | 34 | | | — | | | 77,545 | | |
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Investments in and accounts with subsidiaries | | 1,431,037 | | | 1,165,799 | | | 1,572 | | | — | | | (2,598,408 | ) | | — | | |
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Due from affiliates | | 84,298 | | | 2,377,190 | | | 1,537,915 | | | 626,343 | | | (4,625,746 | ) | | — | | |
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Total assets | | $ | 1,537,576 | | | $ | 3,871,179 | | | $ | 1,977,238 | | | $ | 1,464,482 | | | $ | (7,238,437 | ) | | $ | 1,612,038 | | |
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LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Current portion of long-term debt and capital lease obligations | | $ | — | | | $ | 1,500 | | | $ | 1,674 | | | $ | 1,529 | | | $ | — | | | $ | 4,703 | | |
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Accounts payable | | 6,795 | | | 7,672 | | | 86,010 | | | 122,809 | | | — | | | 223,286 | | |
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Accrued liabilities | | 31,752 | | | 24,308 | | | 54,199 | | | 48,436 | | | (7,740 | ) | | 150,955 | | |
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Total current liabilities | | 38,547 | | | 33,480 | | | 141,883 | | | 172,774 | | | (7,740 | ) | | 378,944 | | |
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Long-term debt and capital lease obligations, net of current portion | | 176,431 | | | 415,858 | | | 39,945 | | | 5,284 | | | — | | | 637,518 | | |
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Accrued pension and other employee benefits | | 14,637 | | | 6,549 | | | — | | | 68,195 | | | — | | | 89,381 | | |
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Deferred tax liabilities | | — | | | 83,188 | | | 27,720 | | | — | | | (6,543 | ) | | 104,365 | | |
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Due to affiliates | | 981,225 | | | 1,893,148 | | | 1,346,665 | | | 404,708 | | | (4,625,746 | ) | | — | | |
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Other liabilities | | 3,402 | | | 7,919 | | | 21,979 | | | 45,196 | | | — | | | 78,496 | | |
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Total liabilities | | 1,214,242 | | | 2,440,142 | | | 1,578,192 | | | 696,157 | | | (4,640,029 | ) | | 1,288,704 | | |
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Commitments and contingencies | | | | | | | | | | | | | |
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Total shareholders' equity | | 323,334 | | | 1,431,037 | | | 399,046 | | | 768,325 | | | (2,598,408 | ) | | 323,334 | | |
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Total liabilities and shareholders' equity | | $ | 1,537,576 | | | $ | 3,871,179 | | | $ | 1,977,238 | | | $ | 1,464,482 | | | $ | (7,238,437 | ) | | $ | 1,612,038 | | |
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Chiquita Brands International, Inc. | |
Condensed Consolidating Balance Sheet (Unaudited) | |
March 31, 2014 | |
(in thousands) | |
| | CBII | | CBLLC | | Guarantor | | Non-Guarantor | | Consolidating | | Company | |
| | (Co-Issuer) | | (Co-issuer) | | Subsidiaries | | Subsidiaries | | Eliminations | | Consolidated | |
ASSETS | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and equivalents | | $ | — | | | $ | 880 | | | $ | — | | | $ | 25,944 | | | $ | — | | | $ | 26,824 | | |
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Trade receivables, less allowances | | — | | | 57,161 | | | 59,016 | | | 161,990 | | | — | | | 278,167 | | |
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Other receivables, net | | — | | | 1,277 | | | 6,331 | | | 52,706 | | | (1,018 | ) | | 59,296 | | |
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Inventories | | — | | | 10,484 | | | 35,675 | | | 166,235 | | | — | | | 212,394 | | |
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Prepaid expenses | | 1,276 | | | 1,167 | | | 9,781 | | | 33,870 | | | — | | | 46,094 | | |
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Due from affiliates | | 53,086 | | | 2,103,203 | | | 1,342,820 | | | 525,705 | | | (4,024,814 | ) | | — | | |
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Other current assets | | — | | | 2,827 | | | 13,109 | | | — | | | (9,214 | ) | | 6,722 | | |
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Total current assets | | 54,362 | | | 2,176,999 | | | 1,466,732 | | | 966,450 | | | (4,035,046 | ) | | 629,497 | | |
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Property, plant and equipment, net | | — | | | 19,075 | | | 201,307 | | | 178,338 | | | — | | | 398,720 | | |
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Investments and other assets, net | | 22,629 | | | 13,068 | | | 4,523 | | | 75,499 | | | (6,351 | ) | | 109,368 | | |
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Trademarks | | — | | | 208,085 | | | 38,500 | | | 179,500 | | | — | | | 426,085 | | |
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Goodwill | | — | | | — | | | 18,095 | | | — | | | — | | | 18,095 | | |
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Other intangible assets, net | | — | | | — | | | 84,517 | | | 54 | | | — | | | 84,571 | | |
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Investments in and accounts with subsidiaries | | 1,402,092 | | | 1,085,194 | | | 2,313 | | | — | | | (2,489,599 | ) | | — | | |
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Total assets | | $ | 1,479,083 | | | $ | 3,502,421 | | | $ | 1,815,987 | | | $ | 1,399,841 | | | $ | (6,530,996 | ) | | $ | 1,666,336 | | |
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LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Current portion of long-term debt and capital lease obligations | | $ | — | | | $ | 1,500 | | | $ | 1,181 | | | $ | 1,488 | | | $ | — | | | $ | 4,169 | | |
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Accounts payable | | 6,358 | | | 6,804 | | | 107,108 | | | 156,287 | | | — | | | 276,557 | | |
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Accrued liabilities | | 30,737 | | | 19,660 | | | 56,917 | | | 54,400 | | | (10,232 | ) | | 151,482 | | |
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Due to affiliates | | 906,543 | | | 1,573,846 | | | 1,178,026 | | | 366,399 | | | (4,024,814 | ) | | — | | |
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Total current liabilities | | 943,638 | | | 1,601,810 | | | 1,343,232 | | | 578,574 | | | (4,035,046 | ) | | 432,208 | | |
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Long-term debt and capital lease obligations, net of current portion | | 167,006 | | | 421,749 | | | 41,159 | | | 5,190 | | | — | | | 635,104 | | |
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Accrued pension and other employee benefits | | 14,724 | | | 2,663 | | | — | | | 61,115 | | | — | | | 78,502 | | |
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Deferred gain - sale of shipping fleet | | — | | | — | | | — | | | 2,757 | | | — | | | 2,757 | | |
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Deferred tax liabilities | | 235 | | | 66,150 | | | 45,943 | | | — | | | (6,351 | ) | | 105,977 | | |
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Other liabilities | | 1,983 | | | 7,957 | | | 8,831 | | | 41,520 | | | — | | | 60,291 | | |
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Total liabilities | | 1,127,586 | | | 2,100,329 | | | 1,439,165 | | | 689,156 | | | (4,041,397 | ) | | 1,314,839 | | |
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Commitments and contingencies | | | | | | | | | | | | | |
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Total shareholders' equity | | 351,497 | | | 1,402,092 | | | 376,822 | | | 710,685 | | | (2,489,599 | ) | | 351,497 | | |
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Total liabilities and shareholders' equity | | $ | 1,479,083 | | | $ | 3,502,421 | | | $ | 1,815,987 | | | $ | 1,399,841 | | | $ | (6,530,996 | ) | | $ | 1,666,336 | | |
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Chiquita Brands International, Inc. | |
Condensed Consolidating Statement of Cash Flows (Unaudited) | |
Quarter ended March 31, 2015 | |
(in thousands) | |
| | CBII | | CBLLC | | Guarantor | | Non-Guarantor | | Consolidating | | Company | |
| | (Co-Issuer) | | (Co-Issuer) | | Subsidiaries | | Subsidiaries | | Eliminations | | Consolidated | |
Cash provided (used) by: | | | | | | | | | | | | | |
Operating cash flow | | $ | (255,417 | ) | | $ | 221,186 | | | $ | (2,054 | ) | | $ | 1,055 | | | $ | — | | | $ | (35,230 | ) | |
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| | | | | | | | | | | | | |
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Capital expenditures | | — | | | (94 | ) | | (934 | ) | | (3,559 | ) | | — | | | (4,587 | ) | |
|
Investing activity with subsidiaries | | — | | | (5,095 | ) | | — | | | — | | | 5,095 | | | — | | |
|
Other, net | | — | | | — | | | (2 | ) | | (233 | ) | | — | | | (235 | ) | |
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Investing cash flow | | — | | | (5,189 | ) | | (936 | ) | | (3,792 | ) | | 5,095 | | | (4,822 | ) | |
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Issuances of long-term debt with related party | | 238,479 | | | — | | | — | | | — | | | — | | | 238,479 | | |
|
Repurchase of Convertible Notes | | (146,401 | ) | | — | | | — | | | — | | | — | | | (146,401 | ) | |
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Redemption of 7.875% Notes | | — | | | (222,117 | ) | | — | | | — | | | — | | | (222,117 | ) | |
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Repayments of the 2013 ABL Term Loan | | — | | | (4,875 | ) | | — | | | — | | | — | | | (4,875 | ) | |
|
Borrowings under the 2015 ABL | | — | | | 16,000 | | | — | | | — | | | — | | | 16,000 | | |
|
Repayments of the 2015 ABL | | — | | | (10,000 | ) | | — | | | — | | | — | | | (10,000 | ) | |
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Repayments of long-term debt and capital lease obligations | | — | | | — | | | (1,799 | ) | | (93 | ) | | — | | | (1,892 | ) | |
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Payments for debt modification and issuance costs | | — | | | (2,623 | ) | | — | | | — | | | — | | | (2,623 | ) | |
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Payment of stock-based compensation | | (36,588 | ) | | — | | | — | | | — | | | — | | | (36,588 | ) | |
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Payment of dividend to related party | | (45,374 | ) | | — | | | — | | | — | | | — | | | (45,374 | ) | |
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Proceeds from sale of common stock | | 154,836 | | | — | | | — | | | — | | | — | | | 154,836 | | |
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Proceeds from capital contributions | | 108,046 | | | — | | | — | | | — | | | — | | | 108,046 | | |
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Financing activity with subsidiaries | | — | | | (1,975 | ) | | 5,095 | | | 1,975 | | | (5,095 | ) | | — | | |
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Financing cash flow | | 272,998 | | | (225,590 | ) | | 3,296 | | | 1,882 | | | (5,095 | ) | | 47,491 | | |
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Increase (decrease) in cash and equivalents | | 17,581 | | | (9,593 | ) | | 306 | | | (855 | ) | | — | | | 7,439 | | |
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Cash and equivalents, beginning of period | | — | | | 13,707 | | | — | | | 34,453 | | | — | | | 48,160 | | |
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Cash and equivalents, end of period | | $ | 17,581 | | | $ | 4,114 | | | $ | 306 | | | $ | 33,598 | | | $ | — | | | $ | 55,599 | | |
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Chiquita Brands International, Inc. |
Condensed Consolidating Statement of Cash Flows (Unaudited) |
Quarter ended March 31, 2014 |
(in thousands) |
| | CBII | | CBLLC | | Guarantor | | Non-Guarantor | | Consolidating | | Company |
| | (Co-Issuer) | | (Co-Issuer) | | Subsidiaries | | Subsidiaries | | Eliminations | | Consolidated |
Cash provided (used) by: | | | | | | | | | | | | |
Operating cash flow | | $ | — | | | $ | (2,459 | ) | | $ | (889 | ) | | $ | (4,670 | ) | | $ | — | | — | | $ | (8,018 | ) |
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| | | | | | | | | | | | |
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Capital expenditures | | — | | | (1,067 | ) | | (2,244 | ) | | (7,374 | ) | | — | | | (10,685 | ) |
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Investing activity with subsidiaries1 | | — | | | (5,750 | ) | | (2,600 | ) | | — | | | 8,350 | | | — | |
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Other, net | | — | | | — | | | 44 | | | (2,763 | ) | | — | | | (2,719 | ) |
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Investing cash flow | | — | | | (6,817 | ) | | (4,800 | ) | | (10,137 | ) | | 8,350 | | | (13,404 | ) |
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| | | | | | | | | | | | |
Redemption of 7.875% Notes | | — | | | (10,000 | ) | | — | | | — | | | — | | | (10,000 | ) |
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Borrowings under the 2013 ABL Revolver | | — | | | 20,000 | | | — | | | — | | | — | | | 20,000 | |
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Repayments of the 2013 ABL Revolver | | — | | | (15,000 | ) | | — | | | — | | | — | | | (15,000 | ) |
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Repayments of the 2013 ABL Term Loan | | — | | | (375 | ) | | — | | | — | | | — | | | (375 | ) |
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Repayments of long-term debt and capital lease obligations | | — | | | — | | | (61 | ) | | (15 | ) | | — | | | (76 | ) |
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Payments for debt modification and issuance costs | | — | | | (20 | ) | | — | | | — | | | — | | | (20 | ) |
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Payments of debt extinguishment costs | | — | | | (300 | ) | | — | | | — | | | — | | | (300 | ) |
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Financing activity with subsidiaries1 | | — | | | — | | | 5,750 | | | 2,600 | | | (8,350 | ) | | — | |
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Financing cash flow | | — | | | (5,695 | ) | | 5,689 | | | 2,585 | | | (8,350 | ) | | (5,771 | ) |
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Increase (decrease) in cash and equivalents | | — | | | (14,971 | ) | | — | | | (12,222 | ) | | — | | | (27,193 | ) |
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Cash and equivalents, beginning of period | | — | | | 15,851 | | | — | | | 38,166 | | | — | | | 54,017 | |
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Cash and equivalents, end of period | | $ | — | | | $ | 880 | | | $ | — | | | $ | 25,944 | | | $ | — | | | $ | 26,824 | |
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1 As previously disclosed in our second quarter of 2014 Form 10-Q, $3 million of investing and financing activity between the Guarantor Subsidiaries and the Non-Guarantor Subsidiaries during the first quarter of 2014 has been corrected and is reflected in this condensed consolidating statement of cash flows for the three months ended March 31, 2014. |