Guarantor and Non-Guarantor Financial Information | 9 Months Ended |
Sep. 30, 2014 |
Guarantor and Non-Guarantor Financial Information | ' |
22. Guarantor and Non-Guarantor Financial Information |
As of September 30, 2014 the Company’s 2022 Notes are guaranteed fully and unconditionally, as well as jointly and severally, by its 100% owned direct and indirect subsidiaries, Bay Valley, Sturm Foods, and S.T. Specialty Foods, in addition to the legal entities of Flagstone added in the third quarter: American Importing Company, Inc., Ann’s House of Nuts, Inc., and Snacks Parent Corporation. There are no significant restrictions on the ability of the parent company or any guarantor to obtain funds from its subsidiaries by dividend or loan. The following condensed supplemental consolidating financial information presents the results of operations, financial position, and cash flows of the parent company, its guarantor subsidiaries, its non-guarantor subsidiaries, and the eliminations necessary to arrive at the information for the Company on a consolidated basis as of September 30, 2014 and 2013, and for the three and nine months ended September 30, 2014, and 2013. The equity method has been used with respect to investments in subsidiaries. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions. |
Condensed Supplemental Consolidating Balance Sheet |
September 30, 2014 |
(In thousands) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Company | Subsidiaries | Subsidiaries |
Assets | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | 3,126 | | | $ | 22,246 | | | $ | (3,201 | ) | | $ | 22,171 | |
Investments | | | — | | | | — | | | | 9,127 | | | | — | | | | 9,127 | |
Receivables, net | | | — | | | | 169,137 | | | | 56,048 | | | | — | | | | 225,185 | |
Inventories, net | | | — | | | | 535,801 | | | | 141,561 | | | | — | | | | 677,362 | |
Deferred income taxes | | | — | | | | 5,839 | | | | 2,895 | | | | (232 | ) | | | 8,502 | |
Prepaid expenses and other current assets | | | 26,899 | | | | 4,250 | | | | 764 | | | | — | | | | 31,913 | |
| | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 26,899 | | | | 718,153 | | | | 232,641 | | | | (3,433 | ) | | | 974,260 | |
Property, plant, and equipment, net | | | 28,742 | | | | 409,190 | | | | 102,135 | | | | — | | | | 540,067 | |
Goodwill | | | — | | | | 1,468,575 | | | | 205,404 | | | | — | | | | 1,673,979 | |
Investment in subsidiaries | | | 2,231,460 | | | | 527,606 | | | | — | | | | (2,759,066 | ) | | | — | |
Intercompany accounts receivable (payable), net | | | 954,537 | | | | (862,105 | ) | | | (92,432 | ) | | | — | | | | — | |
Deferred income taxes | | | 14,356 | | | | — | | | | — | | | | (14,356 | ) | | | — | |
Identifiable intangible and other assets, net | | | 55,509 | | | | 513,975 | | | | 188,809 | | | | — | | | | 758,293 | |
| | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 3,311,503 | | | $ | 2,775,394 | | | $ | 636,557 | | | $ | (2,776,855 | ) | | $ | 3,946,599 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | |
Accounts payable and accrued expenses | | $ | 33,443 | | | $ | 236,291 | | | $ | 56,034 | | | $ | (3,201 | ) | | $ | 322,567 | |
Current portion of long-term debt | | | — | | | | 1,572 | | | | 2,395 | | | | — | | | | 3,967 | |
Deferred income taxes | | | 232 | | | | — | | | | — | | | | (232 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 33,675 | | | | 237,863 | | | | 58,429 | | | | (3,433 | ) | | | 326,534 | |
Long-term debt | | | 1,552,000 | | | | 2,365 | | | | 4,478 | | | | — | | | | 1,558,843 | |
Deferred income taxes | | | — | | | | 282,823 | | | | 38,153 | | | | (14,356 | ) | | | 306,620 | |
Other long-term liabilities | | | 7,131 | | | | 20,883 | | | | 7,891 | | | | — | | | | 35,905 | |
Stockholders’ equity | | | 1,718,697 | | | | 2,231,460 | | | | 527,606 | | | | (2,759,066 | ) | | | 1,718,697 | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities and stockholders’ equity | | $ | 3,311,503 | | | $ | 2,775,394 | | | $ | 636,557 | | | $ | (2,776,855 | ) | | $ | 3,946,599 | |
| | | | | | | | | | | | | | | | | | | | |
|
Condensed Supplemental Consolidating Balance Sheet |
December 31, 2013 |
(In thousands) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Company | Subsidiaries | Subsidiaries |
Assets | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 23,268 | | | $ | 43 | | | $ | 23,164 | | | $ | — | | | $ | 46,475 | |
Investments | | | — | | | | — | | | | 8,680 | | | | — | | | | 8,680 | |
Accounts receivable, net | | | 258 | | | | 116,464 | | | | 36,041 | | | | — | | | | 152,763 | |
Inventories, net | | | — | | | | 314,912 | | | | 90,786 | | | | — | | | | 405,698 | |
Deferred income taxes | | | — | | | | 18,534 | | | | 3,375 | | | | — | | | | 21,909 | |
Prepaid expenses and other current assets | | | 27,890 | | | | 12,593 | | | | 758 | | | | (27,077 | ) | | | 14,164 | |
| | | | | | | | | | | | | | | | | | | | |
Total current assets | | | 51,416 | | | | 462,546 | | | | 162,804 | | | | (27,077 | ) | | | 649,689 | |
Property, plant, and equipment, net | | | 13,426 | | | | 379,380 | | | | 69,469 | | | | — | | | | 462,275 | |
Goodwill | | | — | | | | 959,440 | | | | 159,764 | | | | — | | | | 1,119,204 | |
Investment in subsidiaries | | | 1,970,351 | | | | 258,305 | | | | — | | | | (2,228,656 | ) | | | — | |
Intercompany accounts receivable (payable), net | | | 154,742 | | | | 68,407 | | | | (223,149 | ) | | | — | | | | — | |
Deferred income taxes | | | 13,545 | | | | — | | | | — | | | | (13,545 | ) | | | — | |
Intangible and other assets, net | | | 46,943 | | | | 288,873 | | | | 154,070 | | | | — | | | | 489,886 | |
| | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 2,250,423 | | | $ | 2,416,951 | | | $ | 322,958 | | | $ | (2,269,278 | ) | | $ | 2,721,054 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | |
Accounts payable and accrued expenses | | $ | 26,127 | | | $ | 204,920 | | | $ | 34,843 | | | $ | (27,077 | ) | | $ | 238,813 | |
Current portion of long-term debt | | | — | | | | 1,498 | | | | 53 | | | | — | | | | 1,551 | |
| | | | | | | | | | | | | | | | | | | | |
Total current liabilities | | | 26,127 | | | | 206,418 | | | | 34,896 | | | | (27,077 | ) | | | 240,364 | |
Long-term debt | | | 935,000 | | | | 3,580 | | | | 365 | | | | — | | | | 938,945 | |
Deferred income taxes | | | 206 | | | | 213,219 | | | | 28,689 | | | | (13,545 | ) | | | 228,569 | |
Other long-term liabilities | | | 15,972 | | | | 23,383 | | | | 703 | | | | — | | | | 40,058 | |
Stockholders’ equity | | | 1,273,118 | | | | 1,970,351 | | | | 258,305 | | | | (2,228,656 | ) | | | 1,273,118 | |
| | | | | | | | | | | | | | | | | | | | |
Total liabilities and stockholders’ equity | | $ | 2,250,423 | | | $ | 2,416,951 | | | $ | 322,958 | | | $ | (2,269,278 | ) | | $ | 2,721,054 | |
| | | | | | | | | | | | | | | | | | | | |
|
Condensed Supplemental Consolidating Statement of Income |
Three Months Ended September 30, 2014 |
(In thousands) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Company | Subsidiaries | Subsidiaries |
Net sales | | $ | — | | | $ | 681,105 | | | $ | 177,660 | | | $ | (63,039 | ) | | $ | 795,726 | |
Cost of sales | | | — | | | | 545,607 | | | | 154,570 | | | | (63,039 | ) | | | 637,138 | |
| | | | | | | | | | | | | | | | | | | | |
Gross profit | | | — | | | | 135,498 | | | | 23,090 | | | | — | | | | 158,588 | |
Selling, general, and administrative expense | | | 18,030 | | | | 62,979 | | | | 14,486 | | | | — | | | | 95,495 | |
Amortization | | | 1,864 | | | | 9,445 | | | | 3,649 | | | | — | | | | 14,958 | |
Other operating expense | | | — | | | | 135 | | | | 35 | | | | — | | | | 170 | |
| | | | | | | | | | | | | | | | | | | | |
Operating (loss) income | | | (19,894 | ) | | | 62,939 | | | | 4,920 | | | | — | | | | 47,965 | |
Interest expense | | | 10,067 | | | | 1 | | | | (5,981 | ) | | | 6,015 | | | | 10,102 | |
Interest income | | | (2 | ) | | | 6,015 | | | | (111 | ) | | | (6,015 | ) | | | (113 | ) |
Loss on extinguishment of debt | | | 75 | | | | — | | | | — | | | | — | | | | 75 | |
Other (income) expense, net | | | (2 | ) | | | 3,860 | | | | 3,248 | | | | — | | | | 7,106 | |
| | | | | | | | | | | | | | | | | | | | |
(Loss) income before income taxes | | | (30,032 | ) | | | 53,063 | | | | 7,764 | | | | — | | | | 30,795 | |
Income taxes (benefit) | | | (11,604 | ) | | | 21,360 | | | | 1,157 | | | | — | | | | 10,913 | |
Equity in net income (loss) of subsidiaries | | | 38,310 | | | | 6,607 | | | | — | | | | (44,917 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | 19,882 | | | $ | 38,310 | | | $ | 6,607 | | | $ | (44,917 | ) | | $ | 19,882 | |
| | | | | | | | | | | | | | | | | | | | |
Condensed Supplemental Consolidating Statement of Income |
Three Months Ended September 30, 2013 |
(In thousands) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Company | Subsidiaries | Subsidiaries |
Net sales | | $ | — | | | $ | 496,225 | | | $ | 94,729 | | | $ | (23,804 | ) | | $ | 567,150 | |
Cost of sales | | | — | | | | 397,981 | | | | 77,710 | | | | (23,804 | ) | | | 451,887 | |
| | | | | | | | | | | | | | | | | | | | |
Gross profit | | | — | | | | 98,244 | | | | 17,019 | | | | — | | | | 115,263 | |
Selling, general, and administrative expense | | | 16,078 | | | | 40,672 | | | | 7,909 | | | | — | | | | 64,659 | |
Amortization | | | 1,387 | | | | 5,750 | | | | 1,446 | | | | — | | | | 8,583 | |
Other operating expense, net | | | — | | | | 294 | | | | 567 | | | | — | | | | 861 | |
| | | | | | | | | | | | | | | | | | | | |
Operating (loss) income | | | (17,465 | ) | | | 51,528 | | | | 7,097 | | | | — | | | | 41,160 | |
Interest expense | | | 12,361 | | | | 261 | | | | 3,477 | | | | (3,501 | ) | | | 12,598 | |
Interest income | | | — | | | | (3,501 | ) | | | (509 | ) | | | 3,501 | | | | (509 | ) |
Other expense (income), net | | | 1 | | | | (580 | ) | | | 278 | | | | — | | | | (301 | ) |
| | | | | | | | | | | | | | | | | | | | |
(Loss) income before income taxes | | | (29,827 | ) | | | 55,348 | | | | 3,851 | | | | — | | | | 29,372 | |
Income taxes (benefit) | | | 25,854 | | | | (20,189 | ) | | | 1,042 | | | | — | | | | 6,707 | |
Equity in net income (loss) of subsidiaries | | | 78,346 | | | | 2,809 | | | | — | | | | (81,155 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | 22,665 | | | $ | 78,346 | | | $ | 2,809 | | | $ | (81,155 | ) | | $ | 22,665 | |
| | | | | | | | | | | | | | | | | | | | |
|
Condensed Supplemental Consolidating Statement of Income |
Nine Months Ended September 30, 2014 |
(In thousands) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Company | Subsidiaries | Subsidiaries |
Net sales | | $ | — | | | $ | 1,754,153 | | | $ | 460,846 | | | $ | (172,410 | ) | | $ | 2,042,589 | |
Cost of sales | | | — | | | | 1,388,887 | | | | 398,856 | | | | (172,410 | ) | | | 1,615,333 | |
| | | | | | | | | | | | | | | | | | | | |
Gross profit | | | — | | | | 365,266 | | | | 61,990 | | | | — | | | | 427,256 | |
Selling, general, and administrative expense | | | 49,422 | | | | 159,707 | | | | 38,355 | | | | — | | | | 247,484 | |
Amortization | | | 4,787 | | | | 21,173 | | | | 9,564 | | | | — | | | | 35,524 | |
Other operating expense, net | | | — | | | | 1,352 | | | | 56 | | | | — | | | | 1,408 | |
| | | | | | | | | | | | | | | | | | | | |
Operating (loss) income | | | (54,209 | ) | | | 183,034 | | | | 14,015 | | | | — | | | | 142,840 | |
Interest expense | | | 29,532 | | | | 386 | | | | 2,319 | | | | (2,261 | ) | | | 29,976 | |
Interest income | | | (2 | ) | | | (2,289 | ) | | | (664 | ) | | | 2,261 | | | | (694 | ) |
Loss on extinguishment of debt | | | 22,019 | | | | — | | | | — | | | | — | | | | 22,019 | |
Other expense | | | 7 | | | | 3,145 | | | | 3,809 | | | | — | | | | 6,961 | |
| | | | | | | | | | | | | | | | | | | | |
(Loss) income before income taxes | | | (105,765 | ) | | | 181,792 | | | | 8,551 | | | | — | | | | 84,578 | |
Income taxes (benefit) | | | (41,537 | ) | | | 68,649 | | | | 1,503 | | | | — | | | | 28,615 | |
Equity in net income (loss) of subsidiaries | | | 120,191 | | | | 7,048 | | | | — | | | | (127,239 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | 55,963 | | | $ | 120,191 | | | $ | 7,048 | | | $ | (127,239 | ) | | $ | 55,963 | |
| | | | | | | | | | | | | | | | | | | | |
Condensed Supplemental Consolidating Statement of Income |
Nine Months Ended September 30, 2013 |
(In thousands) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Company | Subsidiaries | Subsidiaries |
Net sales | | $ | — | | | $ | 1,453,297 | | | $ | 242,162 | | | $ | (61,853 | ) | | $ | 1,633,606 | |
Cost of sales | | | — | | | | 1,157,269 | | | | 199,187 | | | | (61,853 | ) | | | 1,294,603 | |
| | | | | | | | | | | | | | | | | | | | |
Gross profit | | | — | | | | 296,028 | | | | 42,975 | | | | — | | | | 339,003 | |
Selling, general, and administrative expense | | | 40,695 | | | | 123,823 | | | | 20,516 | | | | — | | | | 185,034 | |
Amortization | | | 3,986 | | | | 17,558 | | | | 3,765 | | | | — | | | | 25,309 | |
Other operating expense, net | | | — | | | | 713 | | | | 1,430 | | | | — | | | | 2,143 | |
| | | | | | | | | | | | | | | | | | | | |
Operating (loss) income | | | (44,681 | ) | | | 153,934 | | | | 17,264 | | | | — | | | | 126,517 | |
Interest expense | | | 36,940 | | | | 699 | | | | 10,522 | | | | (10,555 | ) | | | 37,606 | |
Interest income | | | — | | | | (10,555 | ) | | | (1,509 | ) | | | 10,555 | | | | (1,509 | ) |
Other (income) expense, net | | | (1 | ) | | | (726 | ) | | | 538 | | | | — | | | | (189 | ) |
| | | | | | | | | | | | | | | | | | | | |
(Loss) income before income taxes | | | (81,620 | ) | | | 164,516 | | | | 7,713 | | | | — | | | | 90,609 | |
Income taxes (benefit) | | | (3,350 | ) | | | 27,619 | | | | 2,136 | | | | — | | | | 26,405 | |
Equity in net income (loss) of subsidiaries | | | 142,474 | | | | 5,577 | | | | — | | | | (148,051 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | 64,204 | | | $ | 142,474 | | | $ | 5,577 | | | $ | (148,051 | ) | | $ | 64,204 | |
| | | | | | | | | | | | | | | | | | | | |
|
Condensed Supplemental Consolidating Statement of Comprehensive Income |
Three Months Ended September 30, 2014 |
(In thousands) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Company | Subsidiaries | Subsidiaries |
Net income (loss) | | $ | 19,882 | | | $ | 38,310 | | | $ | 6,607 | | | $ | (44,917 | ) | | $ | 19,882 | |
| | | | | |
Other comprehensive (loss) income: | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments | | | — | | | | (6,255 | ) | | | (8,014 | ) | | | — | | | | (14,269 | ) |
Pension and postretirement reclassification adjustment, net of tax | | | — | | | | 103 | | | | — | | | | — | | | | 103 | |
| | | | | | | | | | | | | | | | | | | | |
Other comprehensive (loss) | | | — | | | | (6,152 | ) | | | (8,014 | ) | | | — | | | | (14,166 | ) |
Equity in other comprehensive (loss) income of subsidiaries | | | (14,166 | ) | | | (8,014 | ) | | | — | | | | 22,180 | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) | | $ | 5,716 | | | $ | 24,144 | | | $ | (1,407 | ) | | $ | (22,737 | ) | | $ | 5,716 | |
| | | | | | | | | | | | | | | | | | | | |
Condensed Supplemental Consolidating Statement of Comprehensive Income |
Three Months Ended September 30, 2013 |
(In thousands) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Company | Subsidiaries | Subsidiaries |
Net income (loss) | | $ | 22,665 | | | $ | 78,346 | | | $ | 2,809 | | | $ | (81,155 | ) | | $ | 22,665 | |
| | | | | |
Other comprehensive income: | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments | | | — | | | | 2,940 | | | | 4,137 | | | | — | | | | 7,077 | |
Pension and postretirement reclassification adjustment, net of tax | | | — | | | | 349 | | | | — | | | | — | | | | 349 | |
Derivatives reclassification adjustment, net of tax | | | 27 | | | | — | | | | — | | | | — | | | | 27 | |
| | | | | | | | | | | | | | | | | | | | |
Other comprehensive income | | | 27 | | | | 3,289 | | | | 4,137 | | | | — | | | | 7,453 | |
Equity in other comprehensive income (loss) of subsidiaries | | | 7,426 | | | | 4,137 | | | | — | | | | (11,563 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) | | $ | 30,118 | | | $ | 85,772 | | | $ | 6,946 | | | $ | (92,718 | ) | | $ | 30,118 | |
| | | | | | | | | | | | | | | | | | | | |
|
Condensed Supplemental Consolidating Statement of Comprehensive Income |
Nine Months Ended September 30, 2014 |
(In thousands) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Company | Subsidiaries | Subsidiaries |
Net income (loss) | | $ | 55,963 | | | $ | 120,191 | | | $ | 7,048 | | | $ | (127,239 | ) | | $ | 55,963 | |
| | | | | |
Other comprehensive (loss) income: | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments | | | — | | | | (6,693 | ) | | | (8,577 | ) | | | — | | | | (15,270 | ) |
Pension and postretirement reclassification adjustment, net of tax | | | — | | | | 309 | | | | — | | | | — | | | | 309 | |
| | | | | | | | | | | | | | | | | | | | |
Other comprehensive (loss) | | | — | | | | (6,384 | ) | | | (8,577 | ) | | | — | | | | (14,961 | ) |
Equity in other comprehensive (loss) income of subsidiaries | | | (14,961 | ) | | | (8,577 | ) | | | — | | | | 23,538 | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) | | $ | 41,002 | | | $ | 105,230 | | | $ | (1,529 | ) | | $ | (103,701 | ) | | $ | 41,002 | |
| | | | | | | | | | | | | | | | | | | | |
Condensed Supplemental Consolidating Statement of Comprehensive Income |
Nine Months Ended September 30, 2013 |
(In thousands) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Company | Subsidiaries | Subsidiaries |
Net income | | $ | 64,204 | | | $ | 142,474 | | | $ | 5,577 | | | $ | (148,051 | ) | | $ | 64,204 | |
| | | | | |
Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments | | | — | | | | (5,175 | ) | | | (7,215 | ) | | | — | | | | (12,390 | ) |
Pension and postretirement reclassification adjustment, net of tax | | | — | | | | 1,108 | | | | — | | | | — | | | | 1,108 | |
Derivative reclassification adjustment, net of tax | | | 108 | | | | — | | | | — | | | | — | | | | 108 | |
| | | | | | | | | | | | | | | | | | | | |
Other comprehensive income (loss) | | | 108 | | | | (4,067 | ) | | | (7,215 | ) | | | — | | | | (11,174 | ) |
Equity in other comprehensive (loss) income of subsidiaries | | | (11,282 | ) | | | (7,215 | ) | | | — | | | | 18,497 | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Comprehensive income (loss) | | $ | 53,030 | | | $ | 131,192 | | | $ | (1,638 | ) | | $ | (129,554 | ) | | $ | 53,030 | |
| | | | | | | | | | | | | | | | | | | | |
|
Condensed Supplemental Consolidating Statement of Cash Flows |
Nine Months Ended September 30, 2014 |
(In thousands) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Company | Subsidiaries | Subsidiaries |
Net cash provided by (used in) operating activities | | $ | 102,883 | | | $ | 82,581 | | | $ | 18,736 | | | $ | (127,239 | ) | | $ | 76,961 | |
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | | |
Additions to property, plant, and equipment | | | (16,087 | ) | | | (37,812 | ) | | | (11,493 | ) | | | — | | | | (65,392 | ) |
Additions to other intangible assets | | | (7,673 | ) | | | (165 | ) | | | — | | | | — | | | | (7,838 | ) |
Intercompany transfer | | | (1,236,314 | ) | | | 305,163 | | | | — | | | | 931,151 | | | | — | |
Acquisitions, less cash acquired | | | — | | | | (1,042,785 | ) | | | 41,837 | | | | — | | | | (1,000,948 | ) |
Proceeds from sale of fixed assets | | | — | | | | 57 | | | | 481 | | | | — | | | | 538 | |
Purchase of investments | | | — | | | | — | | | | (471 | ) | | | — | | | | (471 | ) |
Proceeds from sale of investments | | | — | | | | — | | | | 63 | | | | — | | | | 63 | |
Other | | | — | | | | 525 | | | | — | | | | — | | | | 525 | |
| | | | | | | | | | | | | | | | | | | | |
Net cash (used in) provided by investing activities | | | (1,260,074 | ) | | | (775,017 | ) | | | 30,417 | | | | 931,151 | | | | (1,073,523 | ) |
Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | | |
Borrowings under Revolving Credit Facility | | | 854,400 | | | | — | | | | — | | | | — | | | | 854,400 | |
Payments under Revolving Credit Facility | | | (735,400 | ) | | | — | | | | — | | | | — | | | | (735,400 | ) |
Proceeds from issuance of Term Loan and Acquisition Term Loan | | | 500,000 | | | | — | | | | — | | | | — | | | | 500,000 | |
Payments on Term Loan and Acquisition Term Loan | | | (2,000 | ) | | | — | | | | — | | | | — | | | | (2,000 | ) |
Proceeds from issuance of 2022 Notes | | | 400,000 | | | | — | | | | — | | | | — | | | | 400,000 | |
Payments on 2018 Notes | | | (400,000 | ) | | | — | | | | — | | | | — | | | | (400,000 | ) |
Payments on capitalized lease obligations and other debt | | | — | | | | (1,189 | ) | | | (691 | ) | | | — | | | | (1,880 | ) |
Payments of deferred financing costs | | | (13,712 | ) | | | — | | | | — | | | | — | | | | (13,712 | ) |
Payment of debt premium for extinguishment of debt | | | (16,693 | ) | | | — | | | | — | | | | — | | | | (16,693 | ) |
Intercompany transfer | | | 159,856 | | | | 696,708 | | | | (49,451 | ) | | | (807,113 | ) | | | — | |
Proceeds from issuance of stock | | | 358,364 | | | | — | | | | — | | | | — | | | | 358,364 | |
Net receipts related to stock-based award activities | | | 17,193 | | | | — | | | | — | | | | — | | | | 17,193 | |
Excess tax benefits from stock-based compensation | | | 11,915 | | | | — | | | | — | | | | — | | | | 11,915 | |
| | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) financing activities | | | 1,133,923 | | | | 695,519 | | | | (50,142 | ) | | | (807,113 | ) | | | 972,187 | |
Effect of exchange rate changes on cash and cash equivalents | | | — | | | | — | | | | 71 | | | | — | | | | 71 | |
| | | | | | | | | | | | | | | | | | | | |
(Decrease) increase in cash and cash equivalents | | | (23,268 | ) | | | 3,083 | | | | (918 | ) | | | (3,201 | ) | | | (24,304 | ) |
Cash and cash equivalents, beginning of period | | | 23,268 | | | | 43 | | | | 23,164 | | | | — | | | | 46,475 | |
| | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents, end of period | | $ | — | | | $ | 3,126 | | | $ | 22,246 | | | $ | (3,201 | ) | | $ | 22,171 | |
|
Condensed Supplemental Consolidating Statement of Cash Flows |
Nine Months Ended September 30, 2013 |
(In thousands) |
|
| | | | | | | | | | | | | | | | | | | | |
| | Parent | | | Guarantor | | | Non-Guarantor | | | Eliminations | | | Consolidated | |
Company | Subsidiaries | Subsidiaries |
Net cash (used in) provided by operating activities | | $ | (49,403 | ) | | $ | 124,835 | | | $ | 26,454 | | | $ | — | | | $ | 101,886 | |
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | | |
Purchase of investments | | | — | | | | — | | | | (7,893 | ) | | | — | | | | (7,893 | ) |
Additions to property, plant, and equipment | | | (186 | ) | | | (46,336 | ) | | | (5,849 | ) | | | — | | | | (52,371 | ) |
Additions to other intangible assets | | | (2,819 | ) | | | (981 | ) | | | — | | | | — | | | | (3,800 | ) |
Acquisition of business, net of cash acquired | | | — | | | | (37,244 | ) | | | 2,634 | | | | — | | | | (34,610 | ) |
Proceeds from sale of fixed assets | | | — | | | | 915 | | | | 968 | | | | — | | | | 1,883 | |
| | | | | | | | | | | | | | | | | | | | |
Net cash used in investing activities | | | (3,005 | ) | | | (83,646 | ) | | | (10,140 | ) | | | — | | | | (96,791 | ) |
Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | | |
Borrowings under Revolving Credit Facility | | | 397,300 | | | | — | | | | — | | | | — | | | | 397,300 | |
Payments under Revolving Credit Facility | | | (285,700 | ) | | | — | | | | — | | | | — | | | | (285,700 | ) |
Payments on other long-term debt | | | (100,000 | ) | | | — | | | | — | | | | — | | | | (100,000 | ) |
Payments on capitalized lease obligations | | | — | | | | (1,597 | ) | | | — | | | | — | | | | (1,597 | ) |
Intercompany transfer | | | 39,180 | | | | (39,180 | ) | | | — | | | | — | | | | — | |
Net payments related to stock-based award activities | | | (2,051 | ) | | | — | | | | — | | | | — | | | | (2,051 | ) |
Excess tax benefits from stock-based compensation | | | 3,679 | | | | — | | | | — | | | | — | | | | 3,679 | |
| | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) financing activities | | | 52,408 | | | | (40,777 | ) | | | — | | | | — | | | | 11,631 | |
Effect of exchange rate changes on cash and cash equivalents | | | — | | | | — | | | | (3,081 | ) | | | — | | | | (3,081 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net increase in cash and cash equivalents | | | — | | | | 412 | | | | 13,233 | | | | — | | | | 13,645 | |
Cash and cash equivalents, beginning of period | | | — | | | | 269 | | | | 94,138 | | | | — | | | | 94,407 | |
| | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents, end of period | | $ | — | | | $ | 681 | | | $ | 107,371 | | | $ | — | | | $ | 108,052 | |
|