SUPPLEMENTAL GUARANTOR INFORMATION | 9 Months Ended |
Jun. 28, 2014 |
SUPPLEMENTAL GUARANTOR INFORMATION | ' |
13 | SUPPLEMENTAL GUARANTOR INFORMATION | | | | | | | | | | | | | | | | | | | | | | | |
TransDigm’s 2018 Notes, 2020 Notes, 2021 Notes, 2022 Notes and 2024 Notes are jointly and severally guaranteed, on a senior subordinated basis, by TD Group and TransDigm Inc.’s 100% Domestic Restricted Subsidiaries, as defined in the Indentures. The following supplemental condensed consolidating financial information presents, in separate columns, the balance sheets of the Company as of June 28, 2014 and September 30, 2013 and its statements of income and comprehensive income and cash flows for the thirty-nine week periods ended June 28, 2014 and June 29, 2013 for (i) TransDigm Group on a parent only basis with its investment in subsidiaries recorded under the equity method, (ii) TransDigm Inc. including its directly owned operations and non-operating entities, (iii) the Subsidiary Guarantors on a combined basis, (iv) Non-Guarantor Subsidiaries and (v) the Company on a consolidated basis. |
TRANSDIGM GROUP INCORPORATED |
CONDENSED CONSOLIDATING BALANCE SHEET |
AS OF JUNE 28, 2014 |
(Amounts in thousands) |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | TransDigm | | | TransDigm | | | Subsidiary | | | Non- | | | Eliminations | | | Total | |
Group | Inc. | Guarantors | Guarantor | Consolidated |
| | | Subsidiaries | |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | |
CURRENT ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 2,110 | | | $ | 689,790 | | | $ | 549 | | | $ | 36,685 | | | $ | — | | | $ | 729,134 | |
Trade accounts receivable - Net | | | — | | | | (280 | ) | | | 2,622 | | | | 352,019 | | | | (1,043 | ) | | | 353,318 | |
Inventories - Net | | | — | | | | 31,130 | | | | 381,775 | | | | 49,424 | | | | (700 | ) | | | 461,629 | |
Deferred income taxes | | | — | | | | 25,495 | | | | — | | | | — | | | | — | | | | 25,495 | |
Prepaid expenses and other | | | — | | | | 39,593 | | | | 10,785 | | | | 4,817 | | | | — | | | | 55,195 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 2,110 | | | | 785,728 | | | | 395,731 | | | | 442,945 | | | | (1,743 | ) | | | 1,624,771 | |
| | | | | | |
INVESTMENT IN SUBSIDIARIES AND INTERCOMPANY BALANCES | | | (1,593,617 | ) | | | 5,369,287 | | | | 3,531,638 | | | | (44,570 | ) | | | (7,262,738 | ) | | | — | |
PROPERTY, PLANT AND EQUIPMENT - Net | | | — | | | | 16,017 | | | | 165,927 | | | | 27,409 | | | | — | | | | 209,353 | |
GOODWILL | | | — | | | | 69,629 | | | | 3,290,976 | | | | 171,554 | | | | — | | | | 3,532,159 | |
TRADEMARKS AND TRADE NAMES | | | — | | | | 19,377 | | | | 449,705 | | | | 48,524 | | | | — | | | | 517,606 | |
OTHER INTANGIBLE ASSETS - Net | | | — | | | | 21,050 | | | | 653,005 | | | | 45,431 | | | | (1,460 | ) | | | 718,026 | |
DEBT ISSUE COSTS - Net | | | — | | | | 92,304 | | | | — | | | | 202 | | | | — | | | | 92,506 | |
OTHER | | | — | | | | (10,136 | ) | | | 11,615 | | | | 15,092 | | | | (1 | ) | | | 16,570 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
TOTAL ASSETS | | $ | (1,591,507 | ) | | $ | 6,363,256 | | | $ | 8,498,597 | | | $ | 706,587 | | | $ | (7,265,942 | ) | | $ | 6,710,991 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
LIABILITIES AND STOCKHOLDERS’ | | | | | | | | | | | | | | | | | | | | | | | | |
(DEFICIT) EQUITY |
CURRENT LIABILITIES: | | | | | | | | | | | | | | | | | | | | | | | | |
Current portion of long-term debt | | $ | — | | | $ | 39,295 | | | $ | — | | | $ | — | | | $ | — | | | $ | 39,295 | |
Short-term borrowings - trade receivable securitization facility | | | — | | | | — | | | | — | | | | 200,000 | | | | — | | | | 200,000 | |
Accounts payable | | | — | | | | 12,550 | | | | 67,314 | | | | 15,995 | | | | (1,076 | ) | | | 94,783 | |
Accrued liabilities | | | — | | | | 92,242 | | | | 89,064 | | | | 36,337 | | | | — | | | | 217,643 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | — | | | | 144,087 | | | | 156,378 | | | | 252,332 | | | | (1,076 | ) | | | 551,721 | |
| | | | | | |
LONG-TERM DEBT | | | — | | | | 7,251,421 | | | | — | | | | — | | | | — | | | | 7,251,421 | |
DEFERRED INCOME TAXES | | | — | | | | 405,830 | | | | — | | | | (305 | ) | | | — | | | | 405,525 | |
OTHER NON-CURRENT LIABILITIES | | | — | | | | 37,534 | | | | 43,006 | | | | 13,291 | | | | — | | | | 93,831 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | — | | | | 7,838,872 | | | | 199,384 | | | | 265,318 | | | | (1,076 | ) | | | 8,302,498 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
STOCKHOLDERS’ (DEFICIT) EQUITY | | | (1,591,507 | ) | | | (1,475,616 | ) | | | 8,299,213 | | | | 441,269 | | | | (7,264,866 | ) | | | (1,591,507 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | | $ | (1,591,507 | ) | | $ | 6,363,256 | | | $ | 8,498,597 | | | $ | 706,587 | | | $ | (7,265,942 | ) | | $ | 6,710,991 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
TRANSDIGM GROUP INCORPORATED |
CONDENSED CONSOLIDATING BALANCE SHEET |
AS OF SEPTEMBER 30, 2013 |
(Amounts in thousands) |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | TransDigm | | | TransDigm | | | Subsidiary | | | Non- | | | Eliminations | | | Total | |
Group | Inc. | Guarantors | Guarantor | Consolidated |
| | | Subsidiaries | |
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | |
CURRENT ASSETS: | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 1,313 | | | $ | 536,863 | | | $ | 7,900 | | | $ | 18,664 | | | $ | — | | | $ | 564,740 | |
Trade accounts receivable - Net | | | — | | | | 16,332 | | | | 251,272 | | | | 24,567 | | | | (1,722 | ) | | | 290,449 | |
Inventories - Net | | | — | | | | 26,353 | | | | 359,518 | | | | 28,633 | | | | (923 | ) | | | 413,581 | |
Deferred income taxes | | | — | | | | 30,182 | | | | — | | | | — | | | | — | | | | 30,182 | |
Prepaid expenses and other | | | — | | | | 7,533 | | | | 10,693 | | | | 3,317 | | | | — | | | | 21,543 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 1,313 | | | | 617,263 | | | | 629,383 | | | | 75,181 | | | | (2,645 | ) | | | 1,320,495 | |
| | | | | | |
INVESTMENT IN SUBSIDIARIES AND INTERCOMPANY BALANCES | | | (337,694 | ) | | | 5,206,201 | | | | 2,527,374 | | | | 77,853 | | | | (7,473,734 | ) | | | — | |
PROPERTY, PLANT AND EQUIPMENT - Net | | | — | | | | 15,471 | | | | 178,193 | | | | 15,300 | | | | — | | | | 208,964 | |
GOODWILL | | | — | | | | 67,245 | | | | 3,192,519 | | | | 84,143 | | | | — | | | | 3,343,907 | |
TRADEMARKS AND TRADE NAMES | | | — | | | | 19,377 | | | | 434,066 | | | | 32,247 | | | | — | | | | 485,690 | |
OTHER INTANGIBLE ASSETS - Net | | | — | | | | 22,130 | | | | 663,881 | | | | 19,249 | | | | (1,460 | ) | | | 703,800 | |
DEBT ISSUE COSTS - Net | | | — | | | | 72,668 | | | | — | | | | — | | | | — | | | | 72,668 | |
OTHER | | | — | | | | 2,633 | | | | 10,520 | | | | 201 | | | | 1 | | | | 13,355 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
TOTAL ASSETS | | $ | (336,381 | ) | | $ | 6,022,988 | | | $ | 7,635,936 | | | $ | 304,174 | | | $ | (7,477,838 | ) | | $ | 6,148,879 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
LIABILITIES AND STOCKHOLDERS’ | | | | | | | | | | | | | | | | | | | | | | | | |
(DEFICIT) EQUITY |
CURRENT LIABILITIES: | | | | | | | | | | | | | | | | | | | | | | | | |
Current portion of long-term debt | | $ | — | | | $ | 31,045 | | | $ | — | | | $ | — | | | $ | — | | | $ | 31,045 | |
Accounts payable | | | — | | | | 14,353 | | | | 82,661 | | | | 11,481 | | | | (1,727 | ) | | | 106,768 | |
Accrued liabilities | | | — | | | | 80,313 | | | | 88,204 | | | | 16,170 | | | | — | | | | 184,687 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | — | | | | 125,711 | | | | 170,865 | | | | 27,651 | | | | (1,727 | ) | | | 322,500 | |
| | | | | | |
LONG-TERM DEBT | | | — | | | | 5,700,193 | | | | — | | | | — | | | | — | | | | 5,700,193 | |
DEFERRED INCOME TAXES | | | — | | | | 384,301 | | | | — | | | | — | | | | — | | | | 384,301 | |
OTHER NON-CURRENT LIABILITIES | | | — | | | | 32,474 | | | | 45,748 | | | | 44 | | | | — | | | | 78,266 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total liabilities | | | — | | | | 6,242,679 | | | | 216,613 | | | | 27,695 | | | | (1,727 | ) | | | 6,485,260 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
STOCKHOLDERS’ (DEFICIT) EQUITY | | | (336,381 | ) | | | (219,691 | ) | | | 7,419,323 | | | | 276,479 | | | | (7,476,111 | ) | | | (336,381 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT) EQUITY | | $ | (336,381 | ) | | $ | 6,022,988 | | | $ | 7,635,936 | | | $ | 304,174 | | | $ | (7,477,838 | ) | | $ | 6,148,879 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
TRANSDIGM GROUP INCORPORATED |
CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME |
FOR THE THIRTY-NINE WEEK PERIOD ENDED JUNE 28, 2014 |
(Amounts in thousands) |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | TransDigm | | | TransDigm | | | Subsidiary | | | Non- | | | Eliminations | | | Total | |
Group | Inc. | Guarantors | Guarantor | Consolidated |
| | | Subsidiaries | |
| | | | | | |
NET SALES | | $ | — | | | $ | 88,655 | | | $ | 1,503,341 | | | $ | 146,508 | | | $ | (7,839 | ) | | $ | 1,730,665 | |
| | | | | | |
COST OF SALES | | | — | | | | 53,714 | | | | 660,960 | | | | 104,807 | | | | (8,062 | ) | | | 811,419 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
GROSS PROFIT | | | — | | | | 34,941 | | | | 842,381 | | | | 41,701 | | | | 223 | | | | 919,246 | |
| | | | | | |
SELLING AND ADMINISTRATIVE EXPENSES | | | — | | | | 46,302 | | | | 129,695 | | | | 23,764 | | | | — | | | | 199,761 | |
AMORTIZATION OF INTANGIBLE ASSETS | | | — | | | | 1,041 | | | | 45,043 | | | | 4,301 | | | | — | | | | 50,385 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
INCOME (LOSS) FROM OPERATIONS | | | — | | | | (12,402 | ) | | | 667,643 | | | | 13,636 | | | | 223 | | | | 669,100 | |
INTEREST EXPENSE - Net | | | — | | | | 249,957 | | | | (46 | ) | | | 844 | | | | — | | | | 250,755 | |
REFINANCING COSTS | | | — | | | | 131,490 | | | | — | | | | — | | | | — | | | | 131,490 | |
EQUITY IN INCOME OF SUBSIDIARIES | | | (192,655 | ) | | | (444,083 | ) | | | — | | | | — | | | | 636,738 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
INCOME BEFORE INCOME TAXES | | | 192,655 | | | | 50,234 | | | | 667,689 | | | | 12,792 | | | | (636,515 | ) | | | 286,855 | |
| | | | | | |
INCOME TAX PROVISION (BENEFIT) | | | — | | | | (142,421 | ) | | | 229,333 | | | | 7,288 | | | | — | | | | 94,200 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
NET INCOME | | $ | 192,655 | | | $ | 192,655 | | | $ | 438,356 | | | $ | 5,504 | | | $ | (636,515 | ) | | $ | 192,655 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | | | (329 | ) | | | (7,401 | ) | | | 2,173 | | | | 4,899 | | | | 329 | | | | (329 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
TOTAL COMPREHENSIVE INCOME | | $ | 192,326 | | | $ | 185,254 | | | $ | 440,529 | | | $ | 10,403 | | | $ | (636,186 | ) | | $ | 192,326 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
TRANSDIGM GROUP INCORPORATED |
CONDENSED CONSOLIDATING STATEMENT OF INCOME AND COMPREHENSIVE INCOME |
FOR THE THIRTY-NINE WEEK PERIOD ENDED JUNE 29, 2013 |
(Amounts in thousands) |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | TransDigm | | | TransDigm | | | Subsidiary | | | Non- | | | Eliminations | | | Total | |
Group | Inc. | Guarantors | Guarantor | Consolidated |
| | | Subsidiaries | |
| | | | | | |
NET SALES | | $ | — | | | $ | 82,303 | | | $ | 1,221,613 | | | $ | 85,700 | | | $ | (4,953 | ) | | $ | 1,384,663 | |
| | | | | | |
COST OF SALES | | | — | | | | 50,405 | | | | 512,993 | | | | 58,917 | | | | (4,495 | ) | | | 617,820 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
GROSS PROFIT | | | — | | | | 31,898 | | | | 708,620 | | | | 26,783 | | | | (458 | ) | | | 766,843 | |
| | | | | | |
SELLING AND ADMINISTRATIVE EXPENSES | | | — | | | | 73,645 | | | | 106,581 | | | | 13,171 | | | | — | | | | 193,397 | |
| | | | | | |
AMORTIZATION OF INTANGIBLE ASSETS | | | — | | | | 468 | | | | 27,986 | | | | 1,310 | | | | — | | | | 29,764 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
INCOME (LOSS) FROM OPERATIONS | | | — | | | | (42,215 | ) | | | 574,053 | | | | 12,302 | | | | (458 | ) | | | 543,682 | |
| | | | | | |
INTEREST EXPENSE - Net | | | — | | | | 186,542 | | | | 1,988 | | | | 909 | | | | — | | | | 189,439 | |
REFINANCING COSTS | | | — | | | | 30,281 | | | | — | | | | — | | | | — | | | | 30,281 | |
EQUITY IN INCOME OF SUBSIDIARIES | | | (218,762 | ) | | | (372,374 | ) | | | — | | | | — | | | | 591,136 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
INCOME BEFORE INCOME TAXES | | | 218,762 | | | | 113,336 | | | | 572,065 | | | | 11,393 | | | | (591,594 | ) | | | 323,962 | |
| | | | | | |
INCOME TAX PROVISION (BENEFIT) | | | — | | | | (105,426 | ) | | | 205,974 | | | | 4,652 | | | | — | | | | 105,200 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
NET INCOME | | $ | 218,762 | | | $ | 218,762 | | | $ | 366,091 | | | $ | 6,741 | | | $ | (591,594 | ) | | $ | 218,762 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | | | (5,171 | ) | | | 334 | | | | (1,643 | ) | | | (3,862 | ) | | | 5,171 | | | | (5,171 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
TOTAL COMPREHENSIVE INCOME | | $ | 213,591 | | | $ | 219,096 | | | $ | 364,448 | | | $ | 2,879 | | | $ | (586,423 | ) | | $ | 213,591 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
TRANSDIGM GROUP INCORPORATED |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
FOR THE THIRTY-NINE WEEK PERIOD ENDED JUNE 28, 2014 |
(Amounts in thousands) |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | TransDigm | | | TransDigm | | | Subsidiary | | | Non- | | | Eliminations | | | Total | |
Group | Inc. | Guarantors | Guarantor | Consolidated |
| | | Subsidiaries | |
NET CASH PROVIDED BY (USED IN) | | | | | | | | | | | | | | | | | | | | | | | | |
OPERATING ACTIVITIES | | $ | — | | | $ | (75,896 | ) | | $ | 721,101 | | | $ | (288,579 | ) | | $ | (7,097 | ) | | $ | 349,529 | |
| | | | | | |
INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | — | | | | (2,142 | ) | | | (20,667 | ) | | | (2,641 | ) | | | — | | | | (25,450 | ) |
Cash proceeds from sale of real estate | | | — | | | | — | | | | 16,380 | | | | — | | | | — | | | | 16,380 | |
Acquisition of business, net of cash acquired | | | — | | | | (311,872 | ) | | | — | | | | — | | | | — | | | | (311,872 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash used in investing activities | | | — | | | | (314,014 | ) | | | (4,287 | ) | | | (2,641 | ) | | | — | | | | (320,942 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | |
Intercompany activities | | | 1,463,362 | | | | (856,069 | ) | | | (724,165 | ) | | | 109,775 | | | | 7,097 | | | | — | |
Excess tax benefits related to share-based payment arrangements | | | 40,481 | | | | — | | | | — | | | | — | | | | — | | | | 40,481 | |
Proceeds from exercise of stock options | | | 14,649 | | | | — | | | | — | | | | — | | | | — | | | | 14,649 | |
Dividends paid | | | (1,445,293 | ) | | | — | | | | — | | | | — | | | | — | | | | (1,445,293 | ) |
Treasury stock purchased | | | (72,402 | ) | | | — | | | | — | | | | — | | | | — | | | | (72,402 | ) |
Proceeds from 2014 credit facility - net | | | — | | | | 806,378 | | | | — | | | | — | | | | — | | | | 806,378 | |
Repayment on 2013 credit facility | | | — | | | | (15,522 | ) | | | — | | | | — | | | | — | | | | (15,522 | ) |
Proceeds from senior subordinated notes due 2022 and 2024 - net | | | — | | | | 2,329,125 | | | | — | | | | — | | | | — | | | | 2,329,125 | |
Repurchase of senior subordinated notes due 2018 | | | — | | | | (1,720,997 | ) | | | — | | | | — | | | | — | | | | (1,720,997 | ) |
Proceeds from trade receivables securitization facility - net | | | — | | | | — | | | | — | | | | 199,390 | | | | — | | | | 199,390 | |
Other | | | — | | | | (78 | ) | | | — | | | | — | | | | — | | | | (78 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) financing activities | | | 797 | | | | 542,837 | | | | (724,165 | ) | | | 309,165 | | | | 7,097 | | | | 135,731 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | | | — | | | | — | | | | — | | | | 76 | | | | — | | | | 76 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | | | 797 | | | | 152,927 | | | | (7,351 | ) | | | 18,021 | | | | — | | | | 164,394 | |
| | | | | | |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | | | 1,313 | | | | 536,863 | | | | 7,900 | | | | 18,664 | | | | — | | | | 564,740 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
CASH AND CASH EQUIVALENTS, END OF PERIOD | | $ | 2,110 | | | $ | 689,790 | | | $ | 549 | | | $ | 36,685 | | | $ | — | | | $ | 729,134 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
TRANSDIGM GROUP INCORPORATED |
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS |
FOR THE THIRTY-NINE WEEK PERIOD ENDED JUNE 29, 2013 |
(Amounts in thousands) |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
| | TransDigm | | | TransDigm | | | Subsidiary | | | Non- | | | Eliminations | | | Total | |
Group | Inc. | Guarantors | Guarantor | Consolidated |
| | | Subsidiaries | |
NET CASH PROVIDED BY (USED IN) | | | | | | | | | | | | | | | | | | | | | | | | |
OPERATING ACTIVITIES | | $ | — | | | $ | (114,719 | ) | | $ | 371,939 | | | $ | 4,437 | | | $ | 5,378 | | | $ | 267,035 | |
| | | | | | |
INVESTING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | — | | | | (1,520 | ) | | | (20,304 | ) | | | (1,809 | ) | | | — | | | | (23,633 | ) |
Acquisition of businesses, net of cash acquired | | | — | | | | (481,708 | ) | | | — | | | | — | | | | — | | | | (481,708 | ) |
Cash proceeds from sale of investment | | | — | | | | 10,500 | | | | — | | | | — | | | | — | | | | 10,500 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) investing activities | | | — | | | | (472,728 | ) | | | (20,304 | ) | | | (1,809 | ) | | | — | | | | (494,841 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
FINANCING ACTIVITIES: | | | | | | | | | | | | | | | | | | | | | | | | |
Intercompany activities | | | 629,280 | | | | (282,854 | ) | | | (345,833 | ) | | | 4,785 | | | | (5,378 | ) | | | — | |
Excess tax benefits related to share-based payment arrangements | | | 43,785 | | | | — | | | | — | | | | — | | | | — | | | | 43,785 | |
Proceeds from exercise of stock options | | | 14,846 | | | | — | | | | — | | | | — | | | | — | | | | 14,846 | |
Dividends paid | | | (702,406 | ) | | | — | | | | — | | | | — | | | | — | | | | (702,406 | ) |
Proceeds from 2013 credit facility-net | | | — | | | | 2,190,996 | | | | — | | | | — | | | | — | | | | 2,190,996 | |
Repayment on 2013 credit facility | | | — | | | | (11,000 | ) | | | — | | | | — | | | | — | | | | (11,000 | ) |
Proceeds from 2011 credit facility-net | | | — | | | | 147,360 | | | | — | | | | — | | | | — | | | | 147,360 | |
Repayment on 2011 credit facility | | | — | | | | (2,169,125 | ) | | | — | | | | — | | | | — | | | | (2,169,125 | ) |
Proceeds from senior subordinated notes due 2020-net | | | — | | | | 541,944 | | | | — | | | | — | | | | — | | | | 541,944 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) financing activities | | | (14,495 | ) | | | 417,321 | | | | (345,833 | ) | | | 4,785 | | | | (5,378 | ) | | | 56,400 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | | | — | | | | — | | | | — | | | | 54 | | | | — | | | | 54 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | | | (14,495 | ) | | | (170,126 | ) | | | 5,802 | | | | 7,467 | | | | — | | | | (171,352 | ) |
| | | | | | |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | | | 20,100 | | | | 406,891 | | | | 4,494 | | | | 9,039 | | | | — | | | | 440,524 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
CASH AND CASH EQUIVALENTS, END OF PERIOD | | $ | 5,605 | | | $ | 236,765 | | | $ | 10,296 | | | $ | 16,506 | | | $ | — | | | $ | 269,172 | |
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