GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | 3 Months Ended |
Mar. 29, 2014 |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' |
GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | ' |
GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS |
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The Company’s senior notes constitute debt obligations of TWCC (the “Issuer”), are unsecured and are fully and unconditionally guaranteed by Carter’s, Inc. (the “Parent”), and by each of the Company’s current domestic subsidiaries, and, subject to certain exceptions, future restricted subsidiaries that guarantee the Company’s senior secured revolving credit facility or certain other debt of the Company or the subsidiary guarantors. |
The condensed consolidating financial information for the Parent, the Issuer and the guarantor and non-guarantor subsidiaries has been prepared from the books and records maintained by the Company. The accompanying condensed consolidating financial information has been prepared and presented pursuant to SEC Regulation S-X Rule 3-10. The financial information may not necessarily be indicative of the financial position, results of operations, comprehensive income, and cash flows, had the Parent, Issuer, guarantor or non-guarantor subsidiaries operated as independent entities. |
Intercompany revenues and expenses included in the subsidiary records are eliminated in consolidation. As a result of this activity, an amount due to/due from affiliates will exist at any time. The principal elimination entries relate to investments in subsidiaries and intercompany balances and transactions. The Company has accounted for investments in subsidiaries under the equity method. The guarantor subsidiaries are 100% owned directly or indirectly by the Parent and all guarantees are joint, several and unconditional. |
Condensed Consolidating Balance Sheets |
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As of March 29, 2014 |
(dollars in thousands) |
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| | Parent | | Subsidiary Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Consolidated |
ASSETS | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | 264,128 | | | $ | — | | | $ | 13,108 | | | $ | — | | | $ | 277,236 | |
|
Accounts receivable, net | | — | | | 178,034 | | | 18,504 | | | 8,628 | | | — | | | 205,166 | |
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Intercompany receivable | | — | | | 54,911 | | | 80,281 | | | 12,078 | | | (147,270 | ) | | — | |
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Intercompany loan receivable | | — | | | 10,000 | | | — | | | — | | | (10,000 | ) | | — | |
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Finished goods inventories, net | | — | | | 177,816 | | | 180,133 | | | 35,933 | | | (30,864 | ) | | 363,018 | |
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Prepaid expenses and other current assets | | — | | | 10,137 | | | 12,306 | | | 3,919 | | | — | | | 26,362 | |
|
Deferred income taxes | | — | | | 24,252 | | | 12,155 | | | 936 | | | — | | | 37,343 | |
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Total current assets | | — | | | 719,278 | | | 303,379 | | | 74,602 | | | (188,134 | ) | | 909,125 | |
|
Property, plant, and equipment, net | | — | | | 154,045 | | | 137,170 | | | 25,571 | | | — | | | 316,786 | |
|
Goodwill | | — | | | 136,570 | | | — | | | 48,034 | | | — | | | 184,604 | |
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Tradenames and other intangibles, net | | — | | | 238,382 | | | 85,500 | | | 85 | | | — | | | 323,967 | |
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Deferred debt issuance costs, net | | — | | | 7,758 | | | — | | | — | | | — | | | 7,758 | |
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Other assets | | — | | | 10,107 | | | 2 | | | — | | | — | | | 10,109 | |
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Intercompany long term receivable | | — | | | — | | | 261,259 | | | — | | | (261,259 | ) | | — | |
|
Intercompany long term note receivable | | — | | | 100,000 | | | — | | | — | | | (100,000 | ) | | — | |
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Investment in subsidiaries | | 729,150 | | | 555,914 | | | 2,487 | | | — | | | (1,287,551 | ) | | — | |
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Total assets | | $ | 729,150 | | | $ | 1,922,054 | | | $ | 789,797 | | | $ | 148,292 | | | $ | (1,836,944 | ) | | $ | 1,752,349 | |
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LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | |
Accounts payable | | $ | — | | | $ | 68,708 | | | $ | 28,654 | | | $ | 6,077 | | | $ | — | | | $ | 103,439 | |
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Intercompany payables | | — | | | 78,020 | | | 62,719 | | | 6,531 | | | (147,270 | ) | | — | |
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Intercompany loan payables | | — | | | — | | | — | | | 10,000 | | | (10,000 | ) | | — | |
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Other current liabilities | | — | | | 29,124 | | | 33,638 | | | 12,473 | | | — | | | 75,235 | |
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Total current liabilities | | — | | | 175,852 | | | 125,011 | | | 35,081 | | | (157,270 | ) | | 178,674 | |
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Long-term debt | | — | | | 586,000 | | | — | | | — | | | — | | | 586,000 | |
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Deferred income taxes | | — | | | 74,832 | | | 43,200 | | | — | | | — | | | 118,032 | |
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Intercompany long term liability | | — | | | 261,259 | | | — | | | — | | | (261,259 | ) | | — | |
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Intercompany long term note payable | | — | | | — | | | 100,000 | | | — | | | (100,000 | ) | | — | |
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Other long-term liabilities | | — | | | 64,097 | | | 57,852 | | | 18,544 | | | — | | | 140,493 | |
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Stockholders' equity (deficit) | | 729,150 | | | 760,014 | | | 463,734 | | | 94,667 | | | (1,318,415 | ) | | 729,150 | |
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Total liabilities and stockholders’ equity | | $ | 729,150 | | | $ | 1,922,054 | | | $ | 789,797 | | | $ | 148,292 | | | $ | (1,836,944 | ) | | $ | 1,752,349 | |
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As of December 28, 2013 |
(dollars in thousands) |
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| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | Subsidiary Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Consolidated |
ASSETS | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | 278,260 | | | $ | — | | | $ | 8,286 | | | $ | — | | | $ | 286,546 | |
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Accounts receivable, net | | — | | | 163,264 | | | 20,365 | | | 9,982 | | | — | | | 193,611 | |
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Intercompany receivable | | — | | | 62,802 | | | 104,123 | | | 12,385 | | | (179,310 | ) | | — | |
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Finished goods inventories, net | | — | | | 221,462 | | | 181,889 | | | 46,217 | | | (31,814 | ) | | 417,754 | |
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Prepaid expenses and other current assets | | — | | | 18,475 | | | 11,878 | | | 4,804 | | | — | | | 35,157 | |
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Deferred income taxes | | — | | | 20,594 | | | 15,893 | | | 826 | | | — | | | 37,313 | |
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Total current assets | | — | | | 764,857 | | | 334,148 | | | 82,500 | | | (211,124 | ) | | 970,381 | |
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Property, plant, and equipment, net | | — | | | 148,671 | | | 133,846 | | | 25,368 | | | — | | | 307,885 | |
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Goodwill | | — | | | 136,570 | | | — | | | 49,507 | | | — | | | 186,077 | |
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Tradenames and other intangibles, net | | — | | | 244,653 | | | 85,500 | | | 105 | | | — | | | 330,258 | |
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Deferred debt issuance costs, net | | — | | | 8,088 | | | — | | | — | | | — | | | 8,088 | |
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Other assets | | — | | | 9,743 | | | 52 | | | — | | | — | | | 9,795 | |
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Intercompany long term receivable | | — | | | — | | | 263,183 | | | — | | | (263,183 | ) | | — | |
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Intercompany long term note receivable | | — | | | 100,000 | | | — | | | — | | | (100,000 | ) | | — | |
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Investment in subsidiaries | | 700,731 | | | 547,186 | | | 1,262 | | | — | | | (1,249,179 | ) | | — | |
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Total assets | | $ | 700,731 | | | $ | 1,959,768 | | | $ | 817,991 | | | $ | 157,480 | | | $ | (1,823,486 | ) | | $ | 1,812,484 | |
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| | | | | | | | | | | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | |
Accounts payable | | $ | — | | | $ | 108,851 | | | $ | 40,825 | | | $ | 14,334 | | | $ | — | | | $ | 164,010 | |
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Intercompany payables | | — | | | 100,804 | | | 70,857 | | | 7,649 | | | (179,310 | ) | | — | |
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Other current liabilities | | — | | | 29,037 | | | 57,610 | | | 18,482 | | | | | 105,129 | |
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Total current liabilities | | — | | | 238,692 | | | 169,292 | | | 40,465 | | | (179,310 | ) | | 269,139 | |
|
Long-term debt | | — | | | 586,000 | | | — | | | — | | | — | | | 586,000 | |
|
Deferred income taxes | | — | | | 77,798 | | | 43,636 | | | — | | | — | | | 121,434 | |
|
Intercompany long term liability | | — | | | 263,183 | | | — | | | — | | | (263,183 | ) | | — | |
|
Intercompany long term note payable | | — | | | — | | | 100,000 | | | — | | | (100,000 | ) | | — | |
|
Other long-term liabilities | | — | | | 61,550 | | | 55,175 | | | 18,455 | | | — | | | 135,180 | |
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Stockholders' equity (deficit) | | 700,731 | | | 732,545 | | | 449,888 | | | 98,560 | | | (1,280,993 | ) | | 700,731 | |
|
Total liabilities and stockholders’ equity | | $ | 700,731 | | | $ | 1,959,768 | | | $ | 817,991 | | | $ | 157,480 | | | $ | (1,823,486 | ) | | $ | 1,812,484 | |
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As of March 30, 2013 |
(dollars in thousands) |
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| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | Subsidiary Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Consolidated |
ASSETS | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | 369,131 | | | $ | 6,379 | | | $ | 22,053 | | | $ | — | | | $ | 397,563 | |
|
Accounts receivable, net | | — | | | 152,461 | | | 21,072 | | | 4,827 | | | — | | | 178,360 | |
|
Intercompany receivable | | — | | | 45,206 | | | 44,654 | | | 39 | | | (89,899 | ) | | — | |
|
Finished goods inventories, net | | — | | | 141,148 | | | 150,820 | | | 25,336 | | | (32,779 | ) | | 284,525 | |
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Prepaid expenses and other current assets | | — | | | 2,201 | | | 15,979 | | | 3,432 | | | — | | | 21,612 | |
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Deferred income taxes | | — | | | 20,511 | | | 9,928 | | | 1,269 | | | — | | | 31,708 | |
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Total current assets | | — | | | 730,658 | | | 248,832 | | | 56,956 | | | (122,678 | ) | | 913,768 | |
|
Property, plant, and equipment, net | | — | | | 61,230 | | | 97,489 | | | 23,474 | | | — | | | 182,193 | |
|
Goodwill | | — | | | 136,570 | | | — | | | 52,161 | | | — | | | 188,731 | |
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Tradenames and other intangibles, net | | — | | | 220,233 | | | 85,500 | | | 241 | | | — | | | 305,974 | |
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Deferred debt issuance costs, net | | — | | | 2,682 | | | — | | | — | | | — | | | 2,682 | |
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Other assets | | — | | | 4,261 | | | 72 | | | — | | | — | | | 4,333 | |
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Intercompany long term receivable | | — | | | — | | | 181,727 | | | — | | | (181,727 | ) | | — | |
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Investment in subsidiaries | | 1,023,188 | | | 498,482 | | | — | | | — | | | (1,521,670 | ) | | — | |
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Total assets | | $ | 1,023,188 | | | $ | 1,654,116 | | | $ | 613,620 | | | $ | 132,832 | | | $ | (1,826,075 | ) | | $ | 1,597,681 | |
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LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | |
Accounts payable | | $ | — | | | $ | 64,844 | | | $ | 25,572 | | | $ | 7,468 | | | $ | — | | | $ | 97,884 | |
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Intercompany payables | | — | | | 32,802 | | | 43,935 | | | 13,162 | | | (89,899 | ) | | — | |
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Other current liabilities | | — | | | 31,384 | | | 26,674 | | | 14,532 | | | — | | | 72,590 | |
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Total current liabilities | | — | | | 129,030 | | | 96,181 | | | 35,162 | | | (89,899 | ) | | 170,474 | |
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Long-term debt | | — | | | 186,000 | | | — | | | — | | | — | | | 186,000 | |
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Deferred income taxes | | — | | | 76,519 | | | 35,496 | | | — | | | — | | | 112,015 | |
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Intercompany long term liabilities | | — | | | 181,727 | | | — | | | — | | | (181,727 | ) | | — | |
|
Other long-term liabilities | | — | | | 24,873 | | | 55,517 | | | 25,614 | | | — | | | 106,004 | |
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Stockholders' equity | | 1,023,188 | | | 1,055,967 | | | 426,426 | | | 72,056 | | | (1,554,449 | ) | | 1,023,188 | |
|
Total liabilities and stockholders’ equity | | $ | 1,023,188 | | | $ | 1,654,116 | | | $ | 613,620 | | | $ | 132,832 | | | $ | (1,826,075 | ) | | $ | 1,597,681 | |
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Condensed Consolidating Statements of Operations |
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For the fiscal quarter ended March 29, 2014 |
(dollars in thousands) |
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| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | Subsidiary Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Consolidated |
Net sales | | $ | — | | | $ | 407,365 | | | $ | 321,708 | | | $ | 49,158 | | | $ | (126,588 | ) | | $ | 651,643 | |
|
Cost of goods sold | | — | | | 293,774 | | | 188,020 | | | 30,059 | | | (121,935 | ) | | 389,918 | |
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Gross profit | | — | | | 113,591 | | | 133,688 | | | 19,099 | | | (4,653 | ) | | 261,725 | |
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Selling, general, and administrative expenses | | — | | | 48,527 | | | 146,417 | | | 22,932 | | | (7,781 | ) | | 210,095 | |
|
Royalty income | | — | | | (8,045 | ) | | (4,027 | ) | | — | | | 2,171 | | | (9,901 | ) |
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Operating income (loss) | | — | | | 73,109 | | | (8,702 | ) | | (3,833 | ) | | 957 | | | 61,531 | |
|
Interest expense | | — | | | 6,897 | | | 1,313 | | | 24 | | | (1,337 | ) | | 6,897 | |
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Interest income | | — | | | (1,469 | ) | | — | | | — | | | 1,337 | | | (132 | ) |
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(Income) loss in subsidiaries | | (34,297 | ) | | 17,435 | | | (586 | ) | | — | | | 17,448 | | | — | |
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Other (income) expense, net | | — | | | (57 | ) | | 57 | | | 596 | | | — | | | 596 | |
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Income (loss) before income taxes | | 34,297 | | | 50,303 | | | (9,486 | ) | | (4,453 | ) | | (16,491 | ) | | 54,170 | |
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Provision for income taxes | | — | | | 16,963 | | | 3,740 | | | (830 | ) | | — | | | 19,873 | |
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Net income (loss) | | $ | 34,297 | | | $ | 33,340 | | | $ | (13,226 | ) | | $ | (3,623 | ) | | $ | (16,491 | ) | | $ | 34,297 | |
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For the fiscal quarter ended March 30, 2013 |
(dollars in thousands) |
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| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | Subsidiary Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Consolidated |
Net sales | | $ | — | | | $ | 369,618 | | | $ | 314,813 | | | $ | 37,038 | | | $ | (130,460 | ) | | $ | 591,009 | |
|
Cost of goods sold | | — | | | 255,762 | | | 178,888 | | | 21,641 | | | (108,344 | ) | | 347,947 | |
|
Gross profit | | — | | | 113,856 | | | 135,925 | | | 15,397 | | | (22,116 | ) | | 243,062 | |
|
Selling, general, and administrative expenses | | — | | | 45,123 | | | 146,850 | | | 20,480 | | | (27,092 | ) | | 185,361 | |
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Royalty income | | — | | | (6,831 | ) | | (4,024 | ) | | — | | | 1,613 | | | (9,242 | ) |
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Operating income (loss) | | — | | | 75,564 | | | (6,901 | ) | | (5,083 | ) | | 3,363 | | | 66,943 | |
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Interest expense | | — | | | 1,294 | | | — | | | — | | | — | | | 1,294 | |
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Interest income | | — | | | (130 | ) | | (3 | ) | | (58 | ) | | — | | | (191 | ) |
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Other (income) expense, net | | — | | | (75 | ) | | 75 | | | 573 | | | — | | | 573 | |
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(Income) loss in subsidiaries | | (41,415 | ) | | 11,363 | | | 4,328 | | | — | | | 25,724 | | | — | |
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Income (loss) before income taxes | | 41,415 | | | 63,112 | | | (11,301 | ) | | (5,598 | ) | | (22,361 | ) | | 65,267 | |
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Provision for income taxes | | — | | | 25,060 | | | (972 | ) | | (236 | ) | | — | | | 23,852 | |
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Net income (loss) | | $ | 41,415 | | | $ | 38,052 | | | $ | (10,329 | ) | | $ | (5,362 | ) | | $ | (22,361 | ) | | $ | 41,415 | |
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Condensed Consolidating Statements of Comprehensive Income |
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For the fiscal quarter ended March 29, 2014 |
(dollars in thousands) |
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| | Parent | | Subsidiary Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Consolidated |
Net income (loss) | | $ | 34,297 | | | $ | 33,340 | | | $ | (13,226 | ) | | $ | (3,623 | ) | | $ | (16,491 | ) | | $ | 34,297 | |
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Post-retirement benefit plans | | — | | | — | | | — | | | — | | | — | | | — | |
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Foreign currency translation adjustments | | (2,760 | ) | | — | | | — | | | (2,760 | ) | | 2,760 | | | (2,760 | ) |
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Comprehensive income (loss) | | $ | 31,537 | | | $ | 33,340 | | | $ | (13,226 | ) | | $ | (6,383 | ) | | $ | (13,731 | ) | | $ | 31,537 | |
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For the fiscal quarter ended March 30, 2013 |
(dollars in thousands) |
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| | | | | | | | | | | | | | | | | | | | | | | | |
| | Parent | | Subsidiary Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Consolidated |
Net income (loss) | | $ | 41,415 | | | $ | 38,052 | | | $ | (10,329 | ) | | $ | (5,362 | ) | | $ | (22,361 | ) | | $ | 41,415 | |
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Post-retirement benefit plans | | — | | | — | | | — | | | — | | | — | | | — | |
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Foreign currency translation adjustments | | (1,465 | ) | | — | | | — | | | (1,465 | ) | | 1,465 | | | (1,465 | ) |
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Comprehensive income (loss) | | $ | 39,950 | | | $ | 38,052 | | | $ | (10,329 | ) | | $ | (6,827 | ) | | $ | (20,896 | ) | | $ | 39,950 | |
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Condensed Consolidating Statements of Cash Flows |
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For the fiscal quarter ended March 29, 2014 |
(dollars in thousands) |
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| | Parent | | Subsidiary Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Consolidated |
Cash flows provided by (used in) operating activities: | | $ | — | | | $ | 44,470 | | | $ | (12,284 | ) | | $ | (1,626 | ) | | $ | — | | | $ | 30,560 | |
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Cash flows from investing activities: | | | | | | | | | | | | |
Capital expenditures | | — | | | (18,417 | ) | | (10,994 | ) | | (2,672 | ) | | — | | | (32,083 | ) |
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Intercompany investing activity | | 11,033 | | | 3,772 | | | (2,305 | ) | | — | | | (12,500 | ) | | — | |
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Issuance of intercompany loan | | — | | | (10,000 | ) | | — | | | — | | | 10,000 | | | — | |
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Net cash provided by (used in) investing activities | | 11,033 | | | (24,645 | ) | | (13,299 | ) | | (2,672 | ) | | (2,500 | ) | | (32,083 | ) |
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Cash flows from financing activities: | | | | | | | | | | | | |
Payments of debt issuance costs | | — | | | (55 | ) | | — | | | — | | | — | | | (55 | ) |
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Intercompany financing activity | | — | | | (34,969 | ) | | 23,280 | | | (811 | ) | | 12,500 | | | — | |
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Proceeds from intercompany loan | | — | | | — | | | — | | | 10,000 | | | (10,000 | ) | | — | |
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Dividends paid | | (10,208 | ) | | — | | | — | | | — | | | — | | | (10,208 | ) |
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Repurchase of common stock | | (2,292 | ) | | — | | | — | | | — | | | — | | | (2,292 | ) |
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Income tax benefit from stock-based compensation | | — | | | 1,067 | | | 2,303 | | | — | | | — | | | 3,370 | |
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Withholdings from vesting of restricted stock | | (4,079 | ) | | — | | | — | | | — | | | — | | | (4,079 | ) |
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Proceeds from exercise of stock options | | 5,546 | | | — | | | — | | | — | | | — | | | 5,546 | |
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Net cash (used in) provided by financing activities | | (11,033 | ) | | (33,957 | ) | | 25,583 | | | 9,189 | | | 2,500 | | | (7,718 | ) |
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Effect of exchange rate changes on cash | | — | | | — | | | — | | | (69 | ) | | — | | | (69 | ) |
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Net(decrease) increase in cash and cash equivalents | | — | | | (14,132 | ) | | — | | | 4,822 | | | — | | | (9,310 | ) |
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Cash and cash equivalents, beginning of period | | — | | | 278,260 | | | — | | | 8,286 | | | — | | | 286,546 | |
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Cash and cash equivalents, end of period | | $ | — | | | $ | 264,128 | | | $ | — | | | $ | 13,108 | | | $ | — | | | $ | 277,236 | |
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For the fiscal quarter ended March 30, 2013 |
(dollars in thousands) |
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| | Parent | | Subsidiary Issuer | | Guarantor Subsidiaries | | Non-Guarantor Subsidiaries | | Consolidating Adjustments | | Consolidated |
Cash flows provided by (used in) operating activities: | | $ | — | | | $ | 62,524 | | | $ | (8,872 | ) | | $ | (524 | ) | | $ | — | | | $ | 53,128 | |
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Cash flows from investing activities: | | | | | | | | | | | | |
Capital expenditures | | — | | | (21,966 | ) | | (5,070 | ) | | (4,390 | ) | | — | | | (31,426 | ) |
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Intercompany investing activity | | 9,565 | | | (16,080 | ) | | (4,956 | ) | | — | | | 11,471 | | | — | |
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Net cash provided by (used in) investing activities | | 9,565 | | | (38,046 | ) | | (10,026 | ) | | (4,390 | ) | | 11,471 | | | (31,426 | ) |
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Cash flows from financing activities: | | | | | | | | | | | | |
Intercompany financing activity | | — | | | (8,309 | ) | | 15,910 | | | 3,870 | | | (11,471 | ) | | — | |
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Income tax benefit from stock-based compensation | | — | | | 1,104 | | | 2,427 | | | — | | | — | | | 3,531 | |
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Repurchase of common stock | | (8,942 | ) | | — | | | — | | | — | | | — | | | (8,942 | ) |
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Withholdings from vesting of restricted stock | | (4,383 | ) | | — | | | — | | | — | | | — | | | (4,383 | ) |
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Proceeds from exercise of stock options | | 3,760 | | | — | | | — | | | — | | | — | | | 3,760 | |
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Net cash (used in) provided by financing activities | | (9,565 | ) | | (7,205 | ) | | 18,337 | | | 3,870 | | | (11,471 | ) | | (6,034 | ) |
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Effect of exchange rate changes on cash | | — | | | — | | | — | | | (341 | ) | | — | | | (341 | ) |
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Net increase (decrease) in cash and cash equivalents | | — | | | 17,273 | | | (561 | ) | | (1,385 | ) | | — | | | 15,327 | |
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Cash and cash equivalents, beginning of period | | — | | | 351,858 | | | 6,940 | | | 23,438 | | | — | | | 382,236 | |
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Cash and cash equivalents, end of period | | $ | — | | | $ | 369,131 | | | $ | 6,379 | | | $ | 22,053 | | | $ | — | | | $ | 397,563 | |
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