Guarantor and Nonguarantor Statements | 9 Months Ended | 12 Months Ended |
Sep. 29, 2013 | Dec. 30, 2012 |
Guarantor and Nonguarantor Statements | ' | ' |
17. Guarantor and Nonguarantor Statements | 17. Guarantor and Nonguarantor Statements |
On April 29, 2013, Pinnacle Foods Finance (“PFF”) issued 4.875% Senior Notes. The 4.875% Senior Notes are general senior unsecured obligations of PFF, effectively subordinated in right of payment to all existing and future senior secured indebtedness of PFF and guaranteed on a full, unconditional, joint and several basis by the Company and PFF’s 100% owned domestic subsidiaries that guarantee other indebtedness of the Company. | On April 29, 2013, Pinnacle Foods Finance (“PFF”) issued 4.875% Senior Notes. The 4.875% Senior Notes are general senior unsecured obligations of PFF, effectively subordinated in right of payment to all existing and future senior secured indebtedness of PFF and guaranteed on a full, unconditional, joint and several basis by the Company and PFF’s 100% owned domestic subsidiaries that guarantee other indebtedness of the Company. |
The following condensed consolidating financial information presents: | The following condensed consolidating financial information presents: |
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(1)(a) | Condensed consolidating balance sheets as of September 29, 2013 and December 30, 2012. | | | | | | | | | | | | | | | | | | | | | | | | | (1)(a) | Condensed consolidating balance sheets as of December 30, 2012 and December 25, 2011. | | | | | | | | | | | | | | | | | | | | | | |
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(b) | The related condensed consolidating statements of operations and comprehensive earnings for the Company, PFF, all guarantor subsidiaries and the non-guarantor subsidiaries for the following: | | | | | | | | | | | | | | | | | | | | | | | | | (b) | The related condensed consolidating statements of operations and comprehensive earnings for the Company, PFF, all guarantor subsidiaries and the non-guarantor subsidiaries for the following: | | | | | | | | | | | | | | | | | | | | | | |
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| i. | Three and nine months ended September 29, 2013; and | | | | | | | | | | | | | | | | | | | | | | | | i. | Fiscal year ended December 30, 2012 | | | | | | | | | | | | | | | | | | | | | | |
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| ii. | Three and nine months ended September 23, 2012. | | | | | | | | | | | | | | | | | | | | | | | | ii. | Fiscal year ended December 25, 2011; and | | | | | | | | | | | | | | | | | | | | | | |
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(c) | The related condensed consolidating statements of cash flows for the Company, PFF, all guarantor subsidiaries and the non-guarantor subsidiaries for the following: | | | | | | | | | | | | | | | | | | | | | | | | | iii. | Fiscal year ended December 26, 2010. | | | | | | | | | | | | | | | | | | | | | | |
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| i. | Nine months ended September 29, 2013; and | | | | | | | | | | | | | | | | | | | | | | | | (c) | The related condensed consolidating statements of cash flows for the Company, PFF, all guarantor subsidiaries and the non-guarantor subsidiaries for the following: | | | | | | | | | | | | | | | | | | | | | | |
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| ii. | Nine months ended September 23, 2012. | | | | | | | | | | | | | | | | | | | | | | | | i. | Fiscal year ended December 30, 2012 | | | | | | | | | | | | | | | | | | | | | | |
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-2 | Elimination entries necessary to consolidate the Company, PFF with its guarantor subsidiaries and non-guarantor subsidiaries. | | | | | | | | | | | | | | | | | | | | | | | | | ii. | Fiscal year ended December 25, 2011; and | | | | | | | | | | | | | | | | | | | | | | |
Investments in subsidiaries are accounted for by the parent using the equity method of accounting. The guarantor subsidiaries are presented on a combined basis. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions and include a reclassification entry of net non-current deferred tax assets to non-current deferred tax liabilities. | |
| | iii. | Fiscal year ended December 26, 2010. | | | | | | | | | | | | | | | | | | | | | | |
Pinnacle Foods Inc. | |
Condensed Consolidating Balance Sheet | | -2 | Elimination entries necessary to consolidate the Company, PFF, with its guarantor subsidiaries and non-guarantor subsidiaries. | | | | | | | | | | | | | | | | | | | | | | |
September 29, 2013 | Investments in subsidiaries are accounted for by the parent using the equity method of accounting. The guarantor subsidiaries are presented on a combined basis. The principal elimination entries eliminate investments in subsidiaries and intercompany balances and transactions and include a reclassification entry of net non-current deferred tax assets to non-current deferred tax liabilities. |
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| | | | | | | | | | | | | | | | | | | | | | | | | Pinnacle Foods Inc. |
| | Pinnacle | | | Pinnacle | | | Guarantor | | | Nonguarantor | | | Eliminations | | | Consolidated | | Condensed Consolidating Balance Sheet |
Foods Inc. | Foods | Subsidiaries | Subsidiaries | and | Total | December 30, 2012 |
| Finance LLC | | | Reclassifications | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | — | | | $ | — | | | $ | 100,424 | | | $ | 9,979 | | | $ | — | | | $ | 110,403 | | | | Pinnacle | | | Pinnacle | | | Guarantor | | | Nonguarantor | | | Eliminations | | | Consolidated | |
Accounts receivable, net | | | — | | | | — | | | | 159,031 | | | | 9,885 | | | | — | | | | 168,916 | | Foods | Foods | Subsidiaries | Subsidiaries | and | Total |
Intercompany accounts receivable | | | 21,337 | | | | — | | | | 242,928 | | | | — | | | | (264,265 | ) | | | — | | Inc. | Finance LLC | | | Reclassifications | |
Inventories, net | | | — | | | | — | | | | 386,774 | | | | 7,554 | | | | — | | | | 394,328 | | Current assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Other current assets | | | — | | | | 707 | | | | 6,495 | | | | 64 | | | | — | | | | 7,266 | | Cash and cash equivalents | | $ | — | | | $ | — | | | $ | 83,123 | | | $ | 9,158 | | | $ | — | | | $ | 92,281 | |
Deferred tax assets | | | — | | | | 585 | | | | 120,384 | | | | 212 | | | | — | | | | 121,181 | | Accounts receivable, net | | | — | | | | — | | | | 135,791 | | | | 8,093 | | | | — | | | | 143,884 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Intercompany accounts receivable | | | — | | | | — | | | | 73,769 | | | | — | | | | (73,769 | ) | | | — | |
Total current assets | | | 21,337 | | | | 1,292 | | | | 1,016,036 | | | | 27,694 | | | | (264,265 | ) | | | 802,094 | | Inventories, net | | | — | | | | — | | | | 350,922 | | | | 7,129 | | | | — | | | | 358,051 | |
Plant assets, net | | | — | | | | — | | | | 512,328 | | | | 23 | | | | — | | | | 512,351 | | Other current assets | | | — | | | | 1,130 | | | | 10,546 | | | | 186 | | | | — | | | | 11,862 | |
Investment in subsidiaries | | | 1,536,903 | | | | 1,949,305 | | | | 12,533 | | | | — | | | | (3,498,741 | ) | | | — | | Deferred tax assets | | | — | | | | — | | | | 100,245 | | | | 74 | | | | (1,120 | ) | | | 99,199 | |
Intercompany note receivable | | | — | | | | 1,520,991 | | | | 7,270 | | | | 9,800 | | | | (1,538,061 | ) | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tradenames | | | — | | | | — | | | | 1,603,992 | | | | — | | | | — | | | | 1,603,992 | | Total current assets | | | — | | | | 1,130 | | | | 754,396 | | | | 24,640 | | | | (74,889 | ) | | | 705,277 | |
Other assets, net | | | — | | | | 40,420 | | | | 120,865 | | | | 138 | | | | — | | | | 161,423 | | Plant assets, net | | | — | | | | — | | | | 493,640 | | | | 26 | | | | — | | | | 493,666 | |
Deferred tax assets | | | — | | | | 281,141 | | | | — | | | | — | | | | (281,141 | ) | | | — | | Investment in subsidiaries | | | 888,726 | | | | 1,840,632 | | | | 11,222 | | | | — | | | | (2,740,580 | ) | | | — | |
Goodwill | | | — | | | | — | | | | 1,441,495 | | | | — | | | | — | | | | 1,441,495 | | Intercompany note receivable | | | — | | | | 1,469,135 | | | | 7,270 | | | | 9,800 | | | | (1,486,205 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | Tradenames | | | — | | | | — | | | | 1,603,992 | | | | — | | | | — | | | | 1,603,992 | |
Total assets | | $ | 1,558,240 | | | $ | 3,793,149 | | | $ | 4,714,519 | | | $ | 37,655 | | | $ | (5,582,208 | ) | | $ | 4,521,355 | | Other assets, net | | | — | | | | 23,691 | | | | 131,707 | | | | 160 | | | | — | | | | 155,558 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Deferred tax assets | | | — | | | | 239,347 | | | | — | | | | — | | | | (239,347 | ) | | | — | |
Current liabilities: | | | | | | | | | | | | | Goodwill | | | — | | | | — | | | | 1,441,495 | | | | — | | | | — | | | | 1,441,495 | |
Short-term borrowings | | $ | — | | | $ | — | | | $ | 1,065 | | | $ | — | | | $ | — | | | $ | 1,065 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current portion of long-term obligations | | | — | | | | 16,300 | | | | 3,136 | | | | — | | | | — | | | | 19,436 | | Total assets | | $ | 888,726 | | | $ | 3,573,935 | | | $ | 4,443,722 | | | $ | 34,626 | | | $ | (4,541,021 | ) | | $ | 4,399,988 | |
Accounts payable | | | (17 | ) | | | 83 | | | | 178,369 | | | | 1,620 | | | | — | | | | 180,055 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Intercompany accounts payable | | | — | | | | 256,640 | | | | — | | | | 7,625 | | | | (264,265 | ) | | | — | | Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | |
Accrued trade marketing expense | | | — | | | | — | | | | 34,612 | | | | 4,308 | | | | — | | | | 38,920 | | Short-term borrowings | | $ | — | | | $ | — | | | $ | 2,139 | | | $ | — | | | $ | — | | | $ | 2,139 | |
Accrued liabilities | | | — | | | | 18,802 | | | | 87,176 | | | | 697 | | | | — | | | | 106,675 | | Current portion of long-term obligations | | | — | | | | 27,411 | | | | 3,008 | | | | — | | | | — | | | | 30,419 | |
Dividends payable | | | 21,354 | | | | — | | | | — | | | | — | | | | — | | | | 21,354 | | Accounts payable | | | — | | | | 37 | | | | 136,220 | | | | 1,069 | | | | — | | | | 137,326 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Intercompany accounts payable | | | — | | | | 65,888 | | | | — | | | | 7,881 | | | | (73,769 | ) | | | — | |
Total current liabilities | | | 21,337 | | | | 291,825 | | | | 304,358 | | | | 14,250 | | | | (264,265 | ) | | | 367,505 | | Accrued trade marketing expense | | | — | | | | — | | | | 41,396 | | | | 3,175 | | | | — | | | | 44,571 | |
Long-term debt | | | — | | | | 1,951,437 | | | | 17,470 | | | | — | | | | — | | | | 1,968,907 | | Accrued liabilities | | | — | | | | 29,662 | | | | 90,000 | | | | 727 | | | | (1,120 | ) | | | 119,269 | |
Intercompany note payable | | | — | | | | — | | | | 1,530,260 | | | | 7,801 | | | | (1,538,061 | ) | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pension and other postretirement benefits | | | — | | | | — | | | | 93,090 | | | | — | | | | — | | | | 93,090 | | Total current liabilities | | | — | | | | 122,998 | | | | 272,763 | | | | 12,852 | | | | (74,889 | ) | | | 333,724 | |
Other long-term liabilities | | | — | | | | — | | | | 22,072 | | | | 2,730 | | | | — | | | | 24,802 | | Long-term debt | | | — | | | | 2,558,404 | | | | 17,982 | | | | — | | | | — | | | | 2,576,386 | |
Deferred tax liabilities | | | — | | | | 12,984 | | | | 797,964 | | | | 341 | | | | (281,141 | ) | | | 530,148 | | Intercompany note payable | | | — | | | | — | | | | 1,478,593 | | | | 7,612 | | | | (1,486,205 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | Pension and other postretirement benefits | | | — | | | | — | | | | 100,918 | | | | — | | | | — | | | | 100,918 | |
Total liabilities | | | 21,337 | | | | 2,256,246 | | | | 2,765,214 | | | | 25,122 | | | | (2,083,467 | ) | | | 2,984,452 | | Other long-term liabilities | | | — | | | | 3,807 | | | | 22,168 | | | | 2,730 | | | | — | | | | 28,705 | |
Commitments and contingencies (Note 12) | | | | | | | | | | | | | Deferred tax liabilities | | | — | | | | — | | | | 710,666 | | | | 210 | | | | (239,347 | ) | | | 471,529 | |
Shareholder’s equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pinnacle common stock | | | 1,172 | | | | — | | | | — | | | | — | | | | — | | | | 1,172 | | Total liabilities | | | — | | | | 2,685,209 | | | | 2,603,090 | | | | 23,404 | | | | (1,800,441 | ) | | | 3,511,262 | |
Additional paid-in-capital | | | 1,325,835 | | | | 1,327,007 | | | | 1,284,776 | | | | 2,324 | | | | (2,614,107 | ) | | | 1,325,835 | | Commitments and contingencies (Note 12) | | | | | | | | | | | | | | | | | | | | | | | | |
Retained earnings | | | 244,410 | | | | 244,410 | | | | 716,730 | | | | 9,850 | | | | (970,990 | ) | | | 244,410 | | Shareholder’s equity: | | | | | | | | | | | | | | | | | | | | | | | | |
Accumulated other comprehensive loss | | | (34,514 | ) | | | (34,514 | ) | | | (52,201 | ) | | | 359 | | | | 86,356 | | | | (34,514 | ) | Pinnacle Common Stock | | $ | 812 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | 812 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Additional paid-in-capital | | | 696,512 | | | | 697,324 | | | | 1,284,155 | | | | 2,324 | | | | (1,983,803 | ) | | | 696,512 | |
Total Shareholders’ equity | | | 1,536,903 | | | | 1,536,903 | | | | 1,949,305 | | | | 12,533 | | | | (3,498,741 | ) | | | 1,536,903 | | Retained earnings | | | 252,955 | | | | 252,955 | | | | 608,788 | | | | 8,842 | | | | (870,585 | ) | | | 252,955 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Accumulated other comprehensive loss | | | (61,553 | ) | | | (61,553 | ) | | | (52,311 | ) | | | 56 | | | | 113,808 | | | | (61,553 | ) |
Total liabilities and shareholders’ equity | | $ | 1,558,240 | | | $ | 3,793,149 | | | $ | 4,714,519 | | | $ | 37,655 | | | $ | (5,582,208 | ) | | $ | 4,521,355 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | Total shareholders’ equity | | | 888,726 | | | | 888,726 | | | | 1,840,632 | | | | 11,222 | | | | (2,740,580 | ) | | | 888,726 | |
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Pinnacle Foods Inc. | Total liabilities and shareholders’ equity | | $ | 888,726 | | | $ | 3,573,935 | | | $ | 4,443,722 | | | $ | 34,626 | | | $ | (4,541,021 | ) | | $ | 4,399,988 | |
Condensed Consolidating Balance Sheet | | | | | | | | | | | | | | | | | | | | | | | | | |
December 30, 2012 | |
| Pinnacle Foods Inc. |
| | | | | | | | | | | | | | | | | | | | | | | | | Condensed Consolidating Balance Sheet |
| | Pinnacle | | | Pinnacle | | | Guarantor | | | Nonguarantor | | | Eliminations | | | Consolidated | | December 25, 2011 |
Foods | Foods | Subsidiaries | Subsidiaries | and | Total | |
Inc. | Finance LLC | | | Reclassifications | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | | | | | | | | Pinnacle | | | Pinnacle | | | Guarantor | | | Nonguarantor | | | Eliminations | | | Consolidated | |
Cash and cash equivalents | | $ | — | | | $ | — | | | $ | 83,123 | | | $ | 9,158 | | | $ | — | | | $ | 92,281 | | Foods | Foods | Subsidiaries | Subsidiaries | and | Total |
Accounts receivable, net | | | — | | | | — | | | | 135,791 | | | | 8,093 | | | | — | | | | 143,884 | | Inc. | Finance LLC | | | Reclassifications | |
Intercompany accounts receivable | | | — | | | | — | | | | 73,769 | | | | — | | | | (73,769 | ) | | | — | | Current assets: | | | | | | | | | | | | | | | | | | | | | | | | |
Inventories, net | | | — | | | | — | | | | 350,922 | | | | 7,129 | | | | — | | | | 358,051 | | Cash and cash equivalents | | $ | — | | | $ | — | | | $ | 150,493 | | | $ | 538 | | | $ | — | | | $ | 151,031 | |
Other current assets | | | — | | | | 1,130 | | | | 10,546 | | | | 186 | | | | — | | | | 11,862 | | Accounts receivable, net | | | — | | | | — | | | | 152,041 | | | | 7,940 | | | | — | | | | 159,981 | |
Deferred tax assets | | | — | | | | — | | | | 100,245 | | | | 74 | | | | (1,120 | ) | | | 99,199 | | Intercompany accounts receivable | | | — | | | | 129,142 | | | | — | | | | 947 | | | | (130,089 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | Inventories, net | | | — | | | | — | | | | 330,136 | | | | 5,676 | | | | — | | | | 335,812 | |
Total current assets | | | — | | | | 1,130 | | | | 754,396 | | | | 24,640 | | | | (74,889 | ) | | | 705,277 | | Other current assets | | | — | | | | 1,072 | | | | 6,189 | | | | 288 | | | | — | | | | 7,549 | |
Plant assets, net | | | — | | | | — | | | | 493,640 | | | | 26 | | | | — | | | | 493,666 | | Deferred tax assets | | | — | | | | 1,563 | | | | 69,575 | | | | (29 | ) | | | — | | | | 71,109 | |
Investment in subsidiaries | | | 888,726 | | | | 1,840,632 | | | | 11,222 | | | | — | | | | (2,740,580 | ) | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
Intercompany note receivable | | | — | | | | 1,469,135 | | | | 7,270 | | | | 9,800 | | | | (1,486,205 | ) | | | — | | Total current assets | | | — | | | | 131,777 | | | | 708,434 | | | | 15,360 | | | | (130,089 | ) | | | 725,482 | |
Tradenames | | | — | | | | — | | | | 1,603,992 | | | | — | | | | — | | | | 1,603,992 | | Plant assets, net | | | — | | | | — | | | | 501,245 | | | | 38 | | | | — | | | | 501,283 | |
Other assets, net | | | — | | | | 23,691 | | | | 131,707 | | | | 160 | | | | — | | | | 155,558 | | Investment in subsidiaries | | | 845,352 | | | | 1,726,711 | | | | 10,438 | | | | — | | | | (2,582,501 | ) | | | — | |
Deferred tax assets | | | — | | | | 239,347 | | | | — | | | | — | | | | (239,347 | ) | | | — | | Intercompany note receivable | | | — | | | | 1,541,341 | | | | 7,270 | | | | 9,800 | | | | (1,558,411 | ) | | | — | |
Goodwill | | | — | | | | — | | | | 1,441,495 | | | | — | | | | — | | | | 1,441,495 | | Tradenames | | | — | | | | — | | | | 1,604,512 | | | | — | | | | — | | | | 1,604,512 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Other assets, net | | | — | | | | 31,604 | | | | 147,057 | | | | 188 | | | | — | | | | 178,849 | |
Total assets | | $ | 888,726 | | | $ | 3,573,935 | | | $ | 4,443,722 | | | $ | 34,626 | | | $ | (4,541,021 | ) | | $ | 4,399,988 | | Deferred tax assets | | | — | | | | 191,289 | | | | — | | | | — | | | | (191,289 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | Goodwill | | | — | | | | — | | | | 1,441,495 | | | | — | | | | — | | | | 1,441,495 | |
Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Short-term borrowings | | $ | — | | | $ | — | | | $ | 2,139 | | | $ | — | | | $ | — | | | $ | 2,139 | | Total assets | | $ | 845,352 | | | $ | 3,622,722 | | | $ | 4,420,451 | | | $ | 25,386 | | | $ | (4,462,290 | ) | | $ | 4,451,621 | |
Current portion of long-term obligations | | | — | | | | 27,411 | | | | 3,008 | | | | — | | | | — | | | | 30,419 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable | | | — | | | | 37 | | | | 136,220 | | | | 1,069 | | | | — | | | | 137,326 | | Current liabilities: | | | | | | | | | | | | | | | | | | | | | | | | |
Intercompany accounts payable | | | — | | | | 65,888 | | | | — | | | | 7,881 | | | | (73,769 | ) | | | — | | Short-term borrowings | | $ | — | | | $ | — | | | $ | 1,708 | | | $ | — | | | $ | — | | | $ | 1,708 | |
Accrued trade marketing expense | | | — | | | | — | | | | 41,396 | | | | 3,175 | | | | — | | | | 44,571 | | Current portion of long-term obligations | | | — | | | | 12,500 | | | | 3,161 | | | | — | | | | — | | | | 15,661 | |
Accrued liabilities | | | — | | | | 29,662 | | | | 90,000 | | | | 727 | | | | (1,120 | ) | | | 119,269 | | Accounts payable | | | — | | | | — | | | | 151,693 | | | | 1,176 | | | | — | | | | 152,869 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Intercompany accounts payable | | | — | | | | — | | | | 130,089 | | | | — | | | | (130,089 | ) | | | — | |
Total current liabilities | | | — | | | | 122,998 | | | | 272,763 | | | | 12,852 | | | | (74,889 | ) | | | 333,724 | | Accrued trade marketing expense | | | — | | | | — | | | | 32,020 | | | | 3,105 | | | | — | | | | 35,125 | |
Long-term debt | | | — | | | | 2,558,404 | | | | 17,982 | | | | — | | | | — | | | | 2,576,386 | | Accrued liabilities | | | — | | | | 46,012 | | | | 82,312 | | | | 461 | | | | — | | | | 128,785 | |
Intercompany note payable | | | — | | | | — | | | | 1,478,593 | | | | 7,612 | | | | (1,486,205 | ) | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pension and other postretirement benefits | | | — | | | | — | | | | 100,918 | | | | — | | | | — | | | | 100,918 | | Total current liabilities | | | — | | | | 58,512 | | | | 400,983 | | | | 4,742 | | | | (130,089 | ) | | | 334,148 | |
Other long-term liabilities | | | — | | | | 3,807 | | | | 22,168 | | | | 2,730 | | | | — | | | | 28,705 | | Long-term debt | | | — | | | | 2,718,858 | | | | 19,792 | | | | — | | | | — | | | | 2,738,650 | |
Deferred tax liabilities | | | — | | | | — | | | | 710,666 | | | | 210 | | | | (239,347 | ) | | | 471,529 | | Intercompany note payable | | | — | | | | — | | | | 1,551,141 | | | | 7,270 | | | | (1,558,411 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | Pension and other postretirement benefits | | | — | | | | — | | | | 93,406 | | | | — | | | | — | | | | 93,406 | |
Total liabilities | | | — | | | | 2,685,209 | | | | 2,603,090 | | | | 23,404 | | | | (1,800,441 | ) | | | 3,511,262 | | Other long-term liabilities | | | — | | | | — | | | | 19,369 | | | | 2,730 | | | | — | | | | 22,099 | |
Commitments and contingencies (Note 12) | | | | | | | | | | | | | | | | | | | | | | | | | Deferred tax liabilities | | | — | | | | — | | | | 609,049 | | | | 206 | | | | (191,289 | ) | | | 417,966 | |
Shareholder’s equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Pinnacle common stock | | | 812 | | | | — | | | | — | | | | — | | | | — | | | | 812 | | Total liabilities | | | — | | | | 2,777,370 | | | | 2,693,740 | | | | 14,948 | | | | (1,879,789 | ) | | | 3,606,269 | |
Additional paid-in-capital | | | 696,512 | | | | 697,324 | | | | 1,284,155 | | | | 2,324 | | | | (1,983,803 | ) | | | 696,512 | | Commitments and contingencies (Note 12) | | | | | | | | | | | | | | | | | | | | | | | | |
Retained earnings | | | 252,955 | | | | 252,955 | | | | 608,788 | | | | 8,842 | | | | (870,585 | ) | | | 252,955 | | Shareholder’s equity: | | | | | | | | | | | | | | | | | | | | | | | | |
Accumulated other comprehensive loss | | | (61,553 | ) | | | (61,553 | ) | | | (52,311 | ) | | | 56 | | | | 113,808 | | | | (61,553 | ) | Pinnacle Common Stock | | $ | 813 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | | 813 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Additional paid-in-capital | | | 696,539 | | | | 697,352 | | | | 1,284,155 | | | | 2,324 | | | | (1,983,831 | ) | | | 696,539 | |
Total Shareholders’ equity | | | 888,726 | | | | 888,726 | | | | 1,840,632 | | | | 11,222 | | | | (2,740,580 | ) | | | 888,726 | | Retained earnings | | | 200,436 | | | | 200,436 | | | | 483,821 | | | | 8,011 | | | | (692,268 | ) | | | 200,436 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Accumulated other comprehensive loss | | | (52,436 | ) | | | (52,436 | ) | | | (41,265 | ) | | | 103 | | | | 93,598 | | | | (52,436 | ) |
Total liabilities and shareholders’ equity | | $ | 888,726 | | | $ | 3,573,935 | | | $ | 4,443,722 | | | $ | 34,626 | | | $ | (4,541,021 | ) | | $ | 4,399,988 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | Total shareholders’ equity | | | 845,352 | | | | 845,352 | | | | 1,726,711 | | | | 10,438 | | | | (2,582,501 | ) | | | 845,352 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Pinnacle Foods Inc. | Total liabilities and shareholders’ equity | | $ | 845,352 | | | $ | 3,622,722 | | | $ | 4,420,451 | | | $ | 25,386 | | | $ | (4,462,290 | ) | | $ | 4,451,621 | |
Condensed Consolidating Statement of Operations and Comprehensive Earnings | | | | | | | | | | | | | | | | | | | | | | | | | |
For the three months ended September 29, 2013 | |
| Pinnacle Foods Inc. |
| | | | | | | | | | | | | | | | | | | | | | | | | Condensed Consolidating Statement of Operations and Comprehensive Earnings (Loss) |
| | Pinnacle | | | Pinnacle | | | Guarantor | | | Nonguarantor | | | Eliminations | | | Consolidated | | For the fiscal year ended December 30, 2012 |
Foods | Foods | Subsidiaries | Subsidiaries | Total | |
Inc. | Finance LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net sales | | $ | — | | | $ | — | | | $ | 568,340 | | | $ | 19,569 | | | $ | (15,454 | ) | | $ | 572,455 | | | | Pinnacle | | | Pinnacle | | | Guarantor | | | Nonguarantor | | | Eliminations | | | Consolidated | |
Cost of products sold | | | — | | | | 96 | | | | 413,857 | | | | 16,305 | | | | (15,206 | ) | | | 415,052 | | Foods | Foods | Subsidiaries | Subsidiaries | Total |
| | | | | | | | | | | | | | | | | | | | | | | | | Inc. | Finance LLC | | | |
Gross profit | | | — | | | | (96 | ) | | | 154,483 | | | | 3,264 | | | | (248 | ) | | | 157,403 | | Net sales | | $ | — | | | $ | — | | | $ | 2,454,737 | | | $ | 84,708 | | | $ | (60,960 | ) | | $ | 2,478,485 | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | Cost of products sold | | | — | | | | 120 | | | | 1,880,692 | | | | 73,090 | | | | (59,966 | ) | | | 1,893,936 | |
Marketing and selling expenses | | | — | | | | 56 | | | | 39,876 | | | | 934 | | | | — | | | | 40,866 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Administrative expenses | | | — | | | | 2,064 | | | | 22,264 | | | | 976 | | | | — | | | | 25,304 | | Gross profit | | | — | | | | (120 | ) | | | 574,045 | | | | 11,618 | | | | (994 | ) | | | 584,549 | |
Research and development expenses | | | — | | | | 85 | | | | 2,624 | | | | — | | | | — | | | | 2,709 | | Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | |
Intercompany royalties | | | — | | | | — | | | | — | | | | 8 | | | | (8 | ) | | | — | | Marketing and selling expenses | | | — | | | | 342 | | | | 163,567 | | | | 5,827 | | | | — | | | | 169,736 | |
Intercompany technical service fees | | | — | | | | — | | | | — | | | | 240 | | | | (240 | ) | | | — | | Administrative expenses | | | — | | | | 3,415 | | | | 82,643 | | | | 3,356 | | | | — | | | | 89,414 | |
Other expense (income), net | | | — | | | | — | | | | 3,606 | | | | — | | | | — | | | | 3,606 | | Research and development expenses | | | — | | | | 25 | | | | 12,006 | | | | — | | | | — | | | | 12,031 | |
Equity in (earnings) loss of investees | | | (40,685 | ) | | | (45,471 | ) | | | (750 | ) | | | — | | | | 86,906 | | | | — | | Intercompany royalties | | | — | | | | — | | | | — | | | | 77 | | | | (77 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | Intercompany technical service fees | | | — | | | | — | | | | — | | | | 917 | | | | (917 | ) | | | — | |
Total operating expenses | | | (40,685 | ) | | | (43,266 | ) | | | 67,620 | | | | 2,158 | | | | 86,658 | | | | 72,485 | | Other expense (income), net | | | — | | | | 14,255 | | | | 15,519 | | | | — | | | | — | | | | 29,774 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Equity in (earnings) loss of investees | | | (52,519 | ) | | | (124,967 | ) | | | (831 | ) | | | — | | | | 178,317 | | | | — | |
Earnings before interest and taxes | | | 40,685 | | | | 43,170 | | | | 86,863 | | | | 1,106 | | | | (86,906 | ) | | | 84,918 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Intercompany interest (income) expense | | | — | | | | (13,180 | ) | | | 13,154 | | | | 26 | | | | — | | | | — | | Total operating expenses | | | (52,519 | ) | | | (106,930 | ) | | | 272,904 | | | | 10,177 | | | | 177,323 | | | | 300,955 | |
Interest expense | | | — | | | | 19,154 | | | | 433 | | | | 8 | | | | — | | | | 19,595 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income | | | — | | | | — | | | | 10 | | | | 13 | | | | — | | | | 23 | | Earnings (loss) before interest and taxes | | | 52,519 | | | | 106,810 | | | | 301,141 | | | | 1,441 | | | | (178,317 | ) | | | 283,594 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Intercompany interest (income) expense | | | — | | | | (95,285 | ) | | | 95,162 | | | | 123 | | | | — | | | | — | |
Earnings before income taxes | | | 40,685 | | | | 37,196 | | | | 73,286 | | | | 1,085 | | | | (86,906 | ) | | | 65,346 | | Interest expense | | | — | | | | 196,240 | | | | 2,200 | | | | 44 | | | | — | | | | 198,484 | |
Provision (benefit) for income taxes | | | — | | | | (3,489 | ) | | | 27,815 | | | | 335 | | | | — | | | | 24,661 | | Interest income | | | — | | | | — | | | | 110 | | | | — | | | | — | | | | 110 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net earnings | | $ | 40,685 | | | $ | 40,685 | | | $ | 45,471 | | | $ | 750 | | | $ | (86,906 | ) | | $ | 40,685 | | Earnings (loss) before income taxes | | | 52,519 | | | | 5,855 | | | | 203,889 | | | | 1,274 | | | | (178,317 | ) | | | 85,220 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Provision (benefit) for income taxes | | | — | | | | (46,664 | ) | | | 78,922 | | | | 443 | | | | — | | | | 32,701 | |
Total comprehensive earnings (loss) | | $ | 37,732 | | | $ | 37,732 | | | $ | 45,046 | | | $ | 108 | | | $ | (82,886 | ) | | $ | 37,732 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | Net earnings (loss) | | $ | 52,519 | | | $ | 52,519 | | | $ | 124,967 | | | $ | 831 | | | $ | (178,317 | ) | | $ | 52,519 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Pinnacle Foods Inc. | Total comprehensive earnings | | $ | 43,402 | | | $ | 43,402 | | | $ | 113,923 | | | $ | 787 | | | $ | (158,112 | ) | | $ | 43,402 | |
Condensed Consolidating Statement of Operations and Comprehensive Earnings | | | | | | | | | | | | | | | | | | | | | | | | | |
For the three months ended September 23, 2012 | |
| Pinnacle Foods Inc. |
| | | | | | | | | | | | | | | | | | | | | | | | | Condensed Consolidating Statement of Operations and Comprehensive Earnings (Loss) |
| | Pinnacle | | | Pinnacle | | | Guarantor | | | Nonguarantor | | | Eliminations | | | Consolidated | | For the fiscal year ended December 25, 2011 |
Foods | Foods | Subsidiaries | Subsidiaries | Total | |
Inc. | Finance LLC | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net sales | | $ | — | | | $ | — | | | $ | 564,304 | | | $ | 19,771 | | | $ | (16,170 | ) | | $ | 567,905 | | | | Pinnacle | | | Pinnacle | | | Guarantor | | | Nonguarantor | | | Eliminations | | | Consolidated | |
Cost of products sold | | | — | | | | (2 | ) | | | 437,301 | | | | 17,157 | | | | (15,892 | ) | | | 438,564 | | Foods | Foods | Subsidiaries | Subsidiaries | Total |
| | | | | | | | | | | | | | | | | | | | | | | | | Inc. | Finance LLC | | | |
Gross profit | | | — | | | | 2 | | | | 127,003 | | | | 2,614 | | | | (278 | ) | | | 129,341 | | Net sales | | $ | — | | | $ | — | | | $ | 2,442,540 | | | $ | 84,832 | | | $ | (57,810 | ) | | $ | 2,469,562 | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | Cost of products sold | | | — | | | | (148 | ) | | | 1,839,000 | | | | 72,716 | | | | (56,872 | ) | | | 1,854,696 | |
Marketing and selling expenses | | | — | | | | 50 | | | | 37,182 | | | | 1,104 | | | | — | | | | 38,336 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Administrative expenses | | | — | | | | 828 | | | | 19,650 | | | | 871 | | | | — | | | | 21,349 | | Gross profit | | | — | | | | 148 | | | | 603,540 | | | | 12,116 | | | | (938 | ) | | | 614,866 | |
Research and development expenses | | | — | | | | 3 | | | | 2,674 | | | | — | | | | — | | | | 2,677 | | Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | |
Intercompany royalties | | | — | | | | — | | | | — | | | | 12 | | | | (12 | ) | | | — | | Marketing and selling expenses | | | — | | | | 463 | | | | 165,172 | | | | 6,006 | | | | — | | | | 171,641 | |
Intercompany technical service fees | | | — | | | | — | | | | — | | | | 266 | | | | (266 | ) | | | — | | Administrative expenses | | | — | | | | 3,463 | | | | 73,522 | | | | 3,475 | | | | — | | | | 80,460 | |
Other expense (income), net | | | — | | | | 3,470 | | | | 3,614 | | | | — | | | | — | | | | 7,084 | | Research and development expenses | | | — | | | | 34 | | | | 7,987 | | | | — | | | | — | | | | 8,021 | |
Equity in (earnings) loss of investees | | | (9,878 | ) | | | (25,053 | ) | | | (207 | ) | | | — | | | | 35,138 | | | | — | | Intercompany royalties | | | — | | | | — | | | | — | | | | 70 | | | | (70 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | Intercompany technical service fees | | | — | | | | — | | | | — | | | | 868 | | | | (868 | ) | | | — | |
Total operating expenses | | | (9,878 | ) | | | (20,702 | ) | | | 62,913 | | | | 2,253 | | | | 34,860 | | | | 69,446 | | Goodwill impairment charge | | | — | | | | — | | | | 122,900 | | | | — | | | | — | | | | 122,900 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Other expense (income), net | | | — | | | | — | | | | 48,578 | | | | — | | | | — | | | | 48,578 | |
Earnings before interest and taxes | | | 9,878 | | | | 20,704 | | | | 64,090 | | | | 361 | | | | (35,138 | ) | | | 59,895 | | Equity in (earnings) loss of investees | | | 46,914 | | | | (12,566 | ) | | | (1,227 | ) | | | — | | | | (33,121 | ) | | | — | |
Intercompany interest (income) expense | | | — | | | | (23,365 | ) | | | 23,334 | | | | 31 | | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | — | | | | 43,959 | | | | 491 | | | | 12 | | | | — | | | | 44,462 | | Total operating expenses | | | 46,914 | | | | (8,606 | ) | | | 416,932 | | | | 10,419 | | | | (34,059 | ) | | | 431,600 | |
Interest income | | | — | | | | 4 | | | | — | | | | — | | | | — | | | | 4 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | Earnings before interest and taxes | | | (46,914 | ) | | | 8,754 | | | | 186,608 | | | | 1,697 | | | | 33,121 | | | | 183,266 | |
Earnings before income taxes | | | 9,878 | | | | 114 | | | | 40,265 | | | | 318 | | | | (35,138 | ) | | | 15,437 | | Intercompany interest (income) expense | | | — | | | | (111,919 | ) | | | 111,874 | | | | 45 | | | | — | | | | — | |
Provision (benefit) for income taxes | | | — | | | | (9,764 | ) | | | 15,212 | | | | 111 | | | | — | | | | 5,559 | | Interest expense | | | — | | | | 206,581 | | | | 1,726 | | | | 12 | | | | — | | | | 208,319 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Interest income | | | — | | | | — | | | | 241 | | | | 1 | | | | — | | | | 242 | |
Net earnings | | $ | 9,878 | | | $ | 9,878 | | | $ | 25,053 | | | $ | 207 | | | $ | (35,138 | ) | | $ | 9,878 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | Earnings (loss) before income taxes | | | (46,914 | ) | | | (85,908 | ) | | | 73,249 | | | | 1,641 | | | | 33,121 | | | | (24,811 | ) |
Total comprehensive earnings (loss) | | $ | 8,941 | | | $ | 8,941 | | | $ | 24,333 | | | $ | (513 | ) | | $ | (32,761 | ) | | $ | 8,941 | | Provision (benefit) for income taxes | | | — | | | | (38,994 | ) | | | 60,683 | | | | 414 | | | | — | | | | 22,103 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net earnings (loss) | | $ | (46,914 | ) | | $ | (46,914 | ) | | $ | 12,566 | | | $ | 1,227 | | | $ | 33,121 | | | $ | (46,914 | ) |
Pinnacle Foods Inc. | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidating Statement of Operations and Comprehensive Earnings | Total comprehensive earnings (loss) | | $ | (49,818 | ) | | $ | (49,818 | ) | | $ | (3,446 | ) | | $ | 2,663 | | | $ | 50,601 | | | $ | (49,818 | ) |
For the nine months ended September 29, 2013 | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | Pinnacle Foods Inc. |
| | Pinnacle | | | Pinnacle | | | Guarantor | | | Nonguarantor | | | Eliminations | | | Consolidated | | Condensed Consolidating Statement of Operations and Comprehensive Earnings (Loss) |
Foods | Foods | Subsidiaries | Subsidiaries | Total | For the fiscal year ended December 26, 2010 |
Inc. | Finance LLC | | | | |
Net sales | | $ | — | | | $ | — | | | $ | 1,737,413 | | | $ | 62,117 | | | $ | (45,050 | ) | | $ | 1,754,480 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of products sold | | | — | | | | 397 | | | | 1,289,483 | | | | 52,187 | | | | (44,259 | ) | | | 1,297,808 | | | | Pinnacle | | | Pinnacle | | | Guarantor | | | Nonguarantor | | | Eliminations | | | Consolidated | |
| | | | | | | | | | | | | | | | | | | | | | | | | Foods | Foods | Subsidiaries | Subsidiaries | Total |
Gross profit | | | — | | | | (397 | ) | | | 447,930 | | | | 9,930 | | | | (791 | ) | | | 456,672 | | Inc. | Finance LLC | | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | Net sales | | $ | — | | | $ | — | | | $ | 2,409,548 | | | $ | 82,870 | | | $ | (55,715 | ) | | $ | 2,436,703 | |
Marketing and selling expenses | | | — | | | | 991 | | | | 128,245 | | | | 4,766 | | | | — | | | | 134,002 | | Cost of products sold | | | — | | | | 624 | | | | 1,817,475 | | | | 71,197 | | | | (54,921 | ) | | | 1,834,375 | |
Administrative expenses | | | — | | | | 16,529 | | | | 73,898 | | | | 2,762 | | | | — | | | | 93,189 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development expenses | | | — | | | | 154 | | | | 7,671 | | | | — | | | | — | | | | 7,825 | | Gross profit | | | — | | | | (624 | ) | | | 592,073 | | | | 11,673 | | | | (794 | ) | | | 602,328 | |
Intercompany royalties | | | — | | | | — | | | | — | | | | 36 | | | | (36 | ) | | | — | | Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | |
Intercompany technical service fees | | | — | | | | — | | | | — | | | | 755 | | | | (755 | ) | | | — | | Marketing and selling expenses | | | — | | | | 1,902 | | | | 164,712 | | | | 5,730 | | | | — | | | | 172,344 | |
Other expense (income), net | | | — | | | | 34,180 | | | | 10,916 | | | | — | | | | — | | | | 45,096 | | Administrative expenses | | | — | | | | 5,199 | | | | 101,786 | | | | 2,965 | | | | — | | | | 109,950 | |
Equity in (earnings) loss of investees | | | (33,642 | ) | | | (107,942 | ) | | | (1,008 | ) | | | — | | | | 142,592 | | | | — | | Research and development expenses | | | — | | | | 210 | | | | 9,177 | | | | — | | | | — | | | | 9,387 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Intercompany royalties | | | — | | | | — | | | | — | | | | 83 | | | | (83 | ) | | | — | |
Total operating expenses | | | (33,642 | ) | | | (56,088 | ) | | | 219,722 | | | | 8,319 | | | | 141,801 | | | | 280,112 | | Intercompany technical service fees | | | — | | | | — | | | | — | | | | 711 | | | | (711 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | Other expense (income), net | | | — | | | | — | | | | 45,495 | | | | — | | | | — | | | | 45,495 | |
Earnings before interest and taxes | | | 33,642 | | | | 55,691 | | | | 228,208 | | | | 1,611 | | | | (142,592 | ) | | | 176,560 | | Equity in earnings of investees | | | (22,037 | ) | | | (92,447 | ) | | | (1,447 | ) | | | — | | | | 115,931 | | | | — | |
Intercompany interest (income) expense | | | — | | | | (51,731 | ) | | | 51,632 | | | | 99 | | | | — | | | | — | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | — | | | | 106,371 | | | | 1,485 | | | | 22 | | | | — | | | | 107,878 | | Total operating expenses | | | (22,037 | ) | | | (85,136 | ) | | | 319,723 | | | | 9,489 | | | | 115,137 | | | | 337,176 | |
Interest income | | | — | | | | — | | | | 43 | | | | 25 | | | | — | | | | 68 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | Earnings before interest and taxes | | | 22,037 | | | | 84,512 | | | | 272,350 | | | | 2,184 | | | | (115,931 | ) | | | 265,152 | |
Earnings before income taxes | | | 33,642 | | | | 1,051 | | | | 175,134 | | | | 1,515 | | | | (142,592 | ) | | | 68,750 | | Intercompany interest (income) expense | | | — | | | | (121,371 | ) | | | 121,371 | | | | — | | | | — | | | | — | |
Provision (benefit) for income taxes | | | — | | | | (32,591 | ) | | | 67,192 | | | | 507 | | | | — | | | | 35,108 | | Interest expense | | | — | | | | 234,759 | | | | 1,245 | | | | — | | | | — | | | | 236,004 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Interest income | | | — | | | | 20 | | | | 268 | | | | — | | | | — | | | | 288 | |
Net earnings | | $ | 33,642 | | | $ | 33,642 | | | $ | 107,942 | | | $ | 1,008 | | | $ | (142,592 | ) | | $ | 33,642 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | Earnings (loss) before income taxes | | | 22,037 | | | | (28,856 | ) | | | 150,002 | | | | 2,184 | | | | (115,931 | ) | | | 29,436 | |
Total comprehensive earnings (loss) | | $ | 60,681 | | | $ | 60,681 | | | $ | 108,554 | | | $ | 962 | | | $ | (170,197 | ) | | $ | 60,681 | | Provision (benefit) for income taxes | | | — | | | | (50,893 | ) | | | 57,555 | | | | 737 | | | | — | | | | 7,399 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net earnings | | $ | 22,037 | | | $ | 22,037 | | | $ | 92,447 | | | $ | 1,447 | | | $ | (115,931 | ) | | $ | 22,037 | |
Pinnacle Foods Inc. | | | | | | | | | | | | | | | | | | | | | | | | | |
Condensed Consolidating Statement of Operations and Comprehensive Earnings | Total comprehensive earnings | | $ | 16,096 | | | $ | 16,096 | | | $ | 89,334 | | | $ | 3,113 | | | $ | (108,543 | ) | | $ | 16,096 | |
For the nine months ended September 23, 2012 | | | | | | | | | | | | | | | | | | | | | | | | | |
| |
| | | | | | | | | | | | | | | | | | | | | | | | | Pinnacle Foods Inc. |
| | Pinnacle | | | Pinnacle | | | Guarantor | | | Nonguarantor | | | Eliminations | | | Consolidated | | Condensed Consolidating Statement of Cash Flows |
Foods | Foods | Subsidiaries | Subsidiaries | Total | For the fiscal year ended December 30, 2012 |
Inc. | Finance LLC | | | | |
Net sales | | $ | — | | | $ | — | | | $ | 1,759,479 | | | $ | 59,151 | | | $ | (45,205 | ) | | $ | 1,773,425 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of products sold | | | — | | | | 104 | | | | 1,367,858 | | | | 52,747 | | | | (44,458 | ) | | | 1,376,251 | | | | Pinnacle | | | Pinnacle | | | Guarantor | | | Nonguarantor | | | Eliminations | | | Consolidated | |
| | | | | | | | | | | | | | | | | | | | | | | | | Foods | Foods | Subsidiaries | Subsidiaries | and | Total |
Gross profit | | | — | | | | (104 | ) | | | 391,621 | | | | 6,404 | | | | (747 | ) | | | 397,174 | | Inc. | Finance LLC | | | Reclassifications | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | | | | | |
Marketing and selling expenses | | | — | | | | 291 | | | | 125,681 | | | | 4,568 | | | | — | | | | 130,540 | | Net cash provided by (used in) operating activities | | $ | — | | | $ | (87,051 | ) | | $ | 281,501 | | | $ | 8,403 | | | $ | — | | | $ | 202,853 | |
Administrative expenses | | | — | | | | 2,648 | | | | 60,991 | | | | 2,450 | | | | — | | | | 66,089 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development expenses | | | — | | | | 21 | | | | 8,190 | | | | — | | | | — | | | | 8,211 | | Cash flows from investing activities | | | | | | | | | | | | | | | | | | | | | | | | |
Intercompany royalties | | | — | | | | — | | | | — | | | | 40 | | | | (40 | ) | | | — | | Intercompany accounts receivable/payable | | | — | | | | 100,589 | | | | — | | | | — | | | | (100,589 | ) | | | — | |
Intercompany technical service fees | | | — | | | | — | | | | — | | | | 707 | | | | (707 | ) | | | — | | Repayments of intercompany loans | | | — | | | | 167,492 | | | | — | | | | | | | | (167,492 | ) | | | — | |
Other expense (income), net | | | — | | | | 14,255 | | | | 11,025 | | | | — | | | | — | | | | 25,280 | | Capital expenditures | | | — | | | | — | | | | (78,279 | ) | | | — | | | | — | | | | (78,279 | ) |
Equity in (earnings) loss of investees | | | (8,857 | ) | | | (69,619 | ) | | | 1,152 | | | | — | | | | 77,324 | | | | — | | Sale of plant assets | | | — | | | | — | | | | 570 | | | | — | | | | — | | | | 570 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total operating expenses | | | (8,857 | ) | | | (52,404 | ) | | | 207,039 | | | | 7,765 | | | | 76,577 | | | | 230,120 | | Net cash (used in) provided by investing activities | | | — | | | | 268,081 | | | | (77,709 | ) | | | — | | | | (268,081 | ) | | | (77,709 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Earnings before interest and taxes | | | 8,857 | | | | 52,300 | | | | 184,582 | | | | (1,361 | ) | | | (77,324 | ) | | | 167,054 | | Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | | | | | |
Intercompany interest (income) expense | | | — | | | | (70,199 | ) | | | 70,108 | | | | 91 | | | | — | | | | — | | Proceeds from bank term loans | | | — | | | | 842,625 | | | | — | | | | — | | | | — | | | | 842,625 | |
Interest expense | | | — | | | | 152,875 | | | | 1,700 | | | | 26 | | | | — | | | | 154,601 | | Repayments of long-term obligations | | | — | | | | (632,025 | ) | | | — | | | | — | | | | — | | | | (632,025 | ) |
Interest income | | | — | | | | 4 | | | | 101 | | | | — | | | | — | | | | 105 | | Repurchase of notes | | | — | | | | (373,255 | ) | | | — | | | | — | | | | — | | | | (373,255 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | Proceeds from short-term borrowing | | | — | | | | — | | | | 4,294 | | | | — | | | | — | | | | 4,294 | |
Earnings before income taxes | | | 8,857 | | | | (30,372 | ) | | | 112,875 | | | | (1,478 | ) | | | (77,324 | ) | | | 12,558 | | Repayments of short-term borrowing | | | — | | | | — | | | | (3,864 | ) | | | — | | | | — | | | | (3,864 | ) |
Provision (benefit) for income taxes | | | — | | | | (39,229 | ) | | | 43,256 | | | | (326 | ) | | | — | | | | 3,701 | | Borrowings under revolving credit facility | | | — | | | | 40,000 | | | | — | | | | — | | | | — | | | | 40,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Repayments of revolving credit facility | | | — | | | | (40,000 | ) | | | — | | | | — | | | | — | | | | (40,000 | ) |
Net earnings | | $ | 8,857 | | | $ | 8,857 | | | $ | 69,619 | | | $ | (1,152 | ) | | $ | (77,324 | ) | | $ | 8,857 | | Intercompany accounts receivable/payable | | | — | | | | — | | | | (100,589 | ) | | | | | | | 100,589 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | Repayments of intercompany loans | | | — | | | | — | | | | (167,492 | ) | | | — | | | | 167,492 | | | | — | |
Total comprehensive earnings (loss) | | $ | 9,461 | | | $ | 9,461 | | | $ | 68,714 | | | $ | (2,010 | ) | | $ | (76,165 | ) | | $ | 9,461 | | Repayment of capital lease obligations | | | — | | | | — | | | | (3,511 | ) | | | — | | | | — | | | | (3,511 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | Parent reduction in investment in subsidiary | | | 877 | | | | (877 | ) | | | — | | | | — | | | | — | | | | — | |
| Repurchases of equity | | | (877 | ) | | | — | | | | — | | | | — | | | | — | | | | (877 | ) |
Pinnacle Foods Inc. | Debt acquisition costs | | | — | | | | (17,498 | ) | | | — | | | | — | | | | — | | | | (17,498 | ) |
Condensed Consolidating Statement of Cash Flows | Net cash (used in) provided by financing activities | | | — | | | | (181,030 | ) | | | (271,162 | ) | | | — | | | | 268,081 | | | | (184,111 | ) |
For the nine months ended September 29, 2013 | | | | | | | | | | | | | | | | | | | | | | | | | |
| Effect of exchange rate changes on cash | | | — | | | | — | | | | — | | | | 217 | | | | — | | | | 217 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Net change in cash and cash equivalents | | | — | | | | — | | | | (67,370 | ) | | | 8,620 | | | | — | | | | (58,750 | ) |
| | Pinnacle | | | Pinnacle | | | Guarantor | | | Nonguarantor | | | Eliminations | | | Consolidated | | Cash and cash equivalents—beginning of period | | | — | | | | — | | | | 150,493 | | | | 538 | | | | — | | | | 151,031 | |
Foods | Foods | Subsidiaries | Subsidiaries | and | Total | | | | | | | | | | | | | | | | | | | | | | | | | |
Inc. | Finance LLC | | | Reclassifications | | Cash and cash equivalents—end of period | | $ | — | | | $ | — | | | $ | 83,123 | | | $ | 9,158 | | | $ | — | | | $ | 92,281 | |
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) operating activities | | $ | — | | | $ | (58,855 | ) | | $ | 199,999 | | | $ | 583 | | | $ | — | | | $ | 141,727 | | Supplemental disclosures of cash flow information: | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | Interest paid | | $ | — | | | $ | 177,296 | | | $ | 2,131 | | | $ | — | | | $ | — | | | $ | 179,427 | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | | | | | | | Interest received | | | — | | | | 1 | | | | 109 | | | | — | | | | — | | | | 110 | |
Intercompany accounts receivable/payable | | | — | | | | 123,197 | | | | — | | | | — | | | | (123,197 | ) | | | — | | Income taxes paid | | | — | | | | — | | | | 1,638 | | | | 343 | | | | — | | | | 1,981 | |
Investment in subsidiaries | | | | | | | | | | | | | | | | | | | | | | | — | | Non-cash investing and financing activities: | | | | | | | | | | | | | | | | | | | | | | | | |
Capital expenditures | | | — | | | | — | | | | (62,722 | ) | | | — | | | | — | | | | (62,722 | ) | New capital leases | | | — | | | | — | | | | 1,548 | | | | — | | | | — | | | | 1,548 | |
Sale of plant assets | | | — | | | | — | | | | 6,853 | | | | — | | | | — | | | | 6,853 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | Pinnacle Foods Inc. |
Net cash (used in) provided by investing activities | | | — | | | | 123,197 | | | | (55,869 | ) | | | — | | | | (123,197 | ) | | | (55,869 | ) | Condensed Consolidating Statement of Cash Flows |
| | | | | | | | | | | | | | | | | | | | | | | | | For the fiscal year ended December 25, 2011 |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from issuance of common stock | | | — | | | | 624,193 | | | | 65 | | | | — | | | | — | | | | 624,258 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Parent reduction in investment in subsidiary | | | 126 | | | | (126 | ) | | | — | | | | — | | | | — | | | | — | | | | Pinnacle | | | Pinnacle | | | Guarantor | | | Nonguarantor | | | Eliminations | | | Consolidated | |
Repurchases of equity | | | (126 | ) | | | — | | | | (65 | ) | | | — | | | | — | | | | (191 | ) | Foods | Foods | Subsidiaries | Subsidiaries | and | Total |
Dividends paid | | | — | | | | (20,831 | ) | | | — | | | | — | | | | — | | | | (20,831 | ) | Inc. | Finance LLC | | | Reclassifications | |
Proceeds from notes offering | | | — | | | | 350,000 | | | | — | | | | — | | | | — | | | | 350,000 | | Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from bank term loans | | | — | | | | 1,625,925 | | | | — | | | | — | | | | — | | | | 1,625,925 | | Net cash provided by (used in) operating activities | | $ | — | | | $ | (90,347 | ) | | $ | 299,953 | | | $ | (5,394 | ) | | $ | — | | | $ | 204,212 | |
Repayments of long-term obligations | | | — | | | | (1,731,832 | ) | | | (239 | ) | | | — | | | | — | | | | (1,732,071 | ) | | | | | | | | | | | | | | | | | | | | | | | | | |
Repurchase of notes | | | — | | | | (899,180 | ) | | | — | | | | — | | | | — | | | | (899,180 | ) | Cash flows from investing activities | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from short-term borrowing | | | — | | | | — | | | | 2,408 | | | | — | | | | — | | | | 2,408 | | Intercompany accounts receivable/payable | | | — | | | | (291,525 | ) | | | — | | | | — | | | | 291,525 | | | | — | |
Repayments of short-term borrowing | | | — | | | | — | | | | (3,481 | ) | | | — | | | | — | | | | (3,481 | ) | Intercompany loans | | | — | | | | — | | | | (7,270 | ) | | | (9,800 | ) | | | 17,070 | | | | — | |
Intercompany accounts receivable/payable | | | — | | | | — | | | | (123,197 | ) | | | | | | | 123,197 | | | | — | | Repayments of intercompany loans | | | — | | | | 440,552 | | | | — | | | | | | | | (440,552 | ) | | | — | |
Repayment of capital lease obligations | | | — | | | | — | | | | (2,320 | ) | | | — | | | | — | | | | (2,320 | ) | Capital expenditures | | | — | | | | — | | | | (117,306 | ) | | | — | | | | — | | | | (117,306 | ) |
Debt acquisition costs | | | — | | | | (12,491 | ) | | | — | | | | — | | | | — | | | | (12,491 | ) | Sale of plant assets held for sale | | | — | | | | — | | | | 7,900 | | | | — | | | | — | | | | 7,900 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash (used in) provided by financing activities | | | — | | | | (64,342 | ) | | | (126,829 | ) | | | — | | | | 123,197 | | | | (67,974 | ) | Net cash (used in) provided by investing activities | | | — | | | | 149,027 | | | | (116,676 | ) | | | (9,800 | ) | | | (131,957 | ) | | | (109,406 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Effect of exchange rate changes on cash | | | — | | | | — | | | | — | | | | 238 | | | | — | | | | 238 | | Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | | | | | |
Net change in cash and cash equivalents | | | — | | | | — | | | | 17,301 | | | | 821 | | | | — | | | | 18,122 | | Repayments of long-term obligations | | | — | | | | (57,547 | ) | | | — | | | | — | | | | — | | | | (57,547 | ) |
Cash and cash equivalents—beginning of period | | | — | | | | — | | | | 83,123 | | | | 9,158 | | | | — | | | | 92,281 | | Proceeds from short-term borrowing | | | — | | | | — | | | | 3,070 | | | | — | | | | — | | | | 3,070 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Repayments of short-term borrowing | | | — | | | | — | | | | (2,954 | ) | | | — | | | | — | | | | (2,954 | ) |
Cash and cash equivalents—end of period | | $ | — | | | $ | — | | | $ | 100,424 | | | $ | 9,979 | | | $ | — | | | $ | 110,403 | | Intercompany accounts receivable/payable | | | — | | | | — | | | | 291,525 | | | | | | | | (291,525 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | Proceeds from Intercompany loans | | | — | | | | — | | | | 9,800 | | | | 7,270 | | | | (17,070 | ) | | | — | |
Supplemental disclosures of cash flow information: | | | | | | | | | | | | | | | | | | | | | | | | | Repayments of intercompany loans | | | — | | | | — | | | | (440,552 | ) | | | — | | | | 440,552 | | | | — | |
Interest paid | | $ | — | | | $ | 90,143 | | | $ | 1,434 | | | $ | — | | | $ | — | | | $ | 91,577 | | Repayment of capital lease obligations | | | — | | | | — | | | | (2,543 | ) | | | — | | | | — | | | | (2,543 | ) |
Interest received | | | — | | | | — | | | | 44 | | | | 25 | | | | — | | | | 69 | | Debt acquisition costs | | | — | | | | (67 | ) | | | (454 | ) | | | (200 | ) | | | — | | | | (721 | ) |
Income taxes paid | | | — | | | | — | | | | 2,783 | | | | 215 | | | | — | | | | 2,998 | | Equity contributions | | | — | | | | 558 | | | | — | | | | — | | | | — | | | | 558 | |
Non-cash investing and financing activities: | | | | | | | | | | | | | | | | | | | | | | | | | Parent reduction in investment in subsidiary | | | 1,624 | | | | (1,624 | ) | | | — | | | | — | | | | — | | | | — | |
New capital leases | | | — | | | | — | | | | 2,030 | | | | — | | | | — | | | | 2,030 | | Repurchases of equity | | | (1,624 | ) | | | — | | | | — | | | | — | | | | — | | | | (1,624 | ) |
Dividends payable | | | 21,354 | | | | — | | | | — | | | | — | | | | — | | | | 21,354 | | Other Financing | | | — | | | | — | | | | — | | | | 2,730 | | | | — | | | | 2,730 | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Pinnacle Foods Inc. | Net cash (used in) provided by financing activities | | | — | | | | (58,680 | ) | | | (142,108 | ) | | | 9,800 | | | | 131,957 | | | | (59,031 | ) |
Condensed Consolidating Statement of Cash Flows | | | | | | | | | | | | | | | | | | | | | | | | | |
For the nine months ended September 23, 2012 | Effect of exchange rate changes on cash | | | — | | | | — | | | | — | | | | (30 | ) | | | — | | | | (30 | ) |
| Net change in cash and cash equivalents | | | — | | | | — | | | | 41,169 | | | | (5,424 | ) | | | — | | | | 35,745 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Cash and cash equivalents—beginning of period | | | — | | | | — | | | | 109,324 | | | | 5,962 | | | | — | | | | 115,286 | |
| | Pinnacle | | | Pinnacle | | | Guarantor | | | Nonguarantor | | | Eliminations | | | Consolidated | | | | | | | | | | | | | | | | | | | | | | | | | | |
Foods | Foods | Subsidiaries | Subsidiaries | and | Total | Cash and cash equivalents—end of period | | $ | — | | | $ | — | | | $ | 150,493 | | | $ | 538 | | | $ | — | | | $ | 151,031 | |
Inc. | Finance LLC | | | Reclassifications | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | | | | | | Supplemental disclosures of cash flow information: | | | | | | | | | | | | | | | | | | | | | | | | |
Net cash provided by (used in) operating activities | | $ | — | | | $ | (71,608 | ) | | $ | 129,973 | | | $ | 4,019 | | | $ | — | | | $ | 62,384 | | Interest paid | | $ | — | | | $ | 194,644 | | | $ | 1,695 | | | $ | — | | | $ | — | | | $ | 196,339 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Interest received | | | — | | | | — | | | | 240 | | | | 1 | | | | — | | | | 241 | |
Cash flows from investing activities | | | | | | | | | | | | | | | | | | | | | | | | | Income taxes paid (refunded) | | | — | | | | — | | | | (2,849 | ) | | | 895 | | | | — | | | | (1,954 | ) |
Intercompany accounts receivable/payable | | | — | | | | 196,332 | | | | — | | | | — | | | | (196,332 | ) | | | — | | Non-cash investing and financing activities: | | | | | | | | | | | | | | | | | | | | | | | | |
Repayments of intercompany loans | | | — | | | | 49,338 | | | | — | | | | — | | | | (49,338 | ) | | | — | | New capital leases | | | — | | | | — | | | | 11,240 | | | | — | | | | — | | | | 11,240 | |
Capital expenditures | | | — | | | | — | | | | (49,796 | ) | | | — | | | | — | | | | (49,796 | ) | |
Sale of plant assets | | | — | | | | — | | | | 570 | | | | — | | | | — | | | | 570 | | Pinnacle Foods Finance LLC |
| | | | | | | | | | | | | | | | | | | | | | | | | Condensed Consolidating Statement of Cash Flows |
Net cash (used in) provided by investing activities | | | — | | | | 245,670 | | | | (49,226 | ) | | | — | | | | (245,670 | ) | | | (49,226 | ) | For the fiscal year ended December 26, 2010 |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from bank term loan | | | — | | | | 842,625 | | | | — | | | | — | | | | — | | | | 842,625 | | | | Pinnacle | | | Pinnacle | | | Guarantor | | | Nonguarantor | | | Eliminations | | | Consolidated | |
Repayments of long-term obligations | | | — | | | | (625,172 | ) | | | — | | | | — | | | | — | | | | (625,172 | ) | Foods | Foods | Subsidiaries | Subsidiaries | and | Total |
Repurchase of notes | | | — | | | | (373,255 | ) | | | — | | | | — | | | | — | | | | (373,255 | ) | Inc. | Finance LLC | | | Reclassifications | |
Proceeds from short-term borrowing | | | — | | | | — | | | | 1,216 | | | | — | | | | — | | | | 1,216 | | Cash flows from operating activities | | | | | | | | | | | | | | | | | | | | | | | | |
Repayments of short-term borrowing | | | — | | | | — | | | | (2,364 | ) | | | — | | | | — | | | | (2,364 | ) | Net cash provided by (used in) operating activities | | $ | — | | | $ | (58,465 | ) | | $ | 315,133 | | | $ | 310 | | | $ | — | | | $ | 256,978 | |
Borrowings under revolving credit facility | | | — | | | | 5,000 | | | | — | | | | — | | | | — | | | | 5,000 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Repayments of revolving credit facility | | | — | | | | (5,000 | ) | | | — | | | | — | | | | — | | | | (5,000 | ) | Cash flows from investing activities | | | | | | | | | | | | | | | | | | | | | | | | |
Intercompany accounts receivable/payable | | | — | | | | — | | | | (196,332 | ) | | | — | | | | 196,332 | | | | — | | Intercompany accounts receivable/payable | | | — | | | | 16,986 | | | | — | | | | — | | | | (16,986 | ) | | | — | |
Repayments of intercompany loans | | | — | | | | — | | | | (49,338 | ) | | | — | | | | 49,338 | | | | — | | Repayments of intercompany loans | | | — | | | | 159,198 | | | | — | | | | — | | | | (159,198 | ) | | | — | |
Repayment of capital lease obligations | | | — | | | | — | | | | (2,803 | ) | | | — | | | | — | | | | (2,803 | ) | Capital expenditures | | | — | | | | — | | | | (81,272 | ) | | | — | | | | — | | | | (81,272 | ) |
Debt acquisition costs | | | — | | | | (17,414 | ) | | | — | | | | — | | | | — | | | | (17,414 | ) | | | | | | | | | | | | | | | | | | | | | | | | | |
Parent reduction in investment in subsidiary | | | 846 | | | | (846 | ) | | | | | | | | | | | | | | | — | | Net cash (used in) provided by investing activities | | | — | | | | 176,184 | | | | (81,272 | ) | | | — | | | | (176,184 | ) | | | (81,272 | ) |
Repurchases of equity | | | (846 | ) | | | — | | | | — | | | | — | | | | — | | | | (846 | ) | | | | | | | | | | | | | | | | | | | | | | | | | |
Changes in bank overdrafts | | | — | | | | — | | | | 19,327 | | | | — | | | | — | | | | 19,327 | | Cash flows from financing activities | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | Proceeds from bond offering | | | — | | | | 400,000 | | | | — | | | | — | | | | — | | | | 400,000 | |
Net cash (used in) provided by financing activities | | | — | | | | (174,062 | ) | | | (230,294 | ) | | | — | | | | 245,670 | | | | (158,686 | ) | Proceeds from bank term loans | | | — | | | | 442,300 | | | | — | | | | — | | | | — | | | | 442,300 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Repayments of long-term obligations | | | — | | | | (946,558 | ) | | | — | | | | — | | | | — | | | | (946,558 | ) |
Effect of exchange rate changes on cash | | | — | | | | — | | | | — | | | | 388 | | | | — | | | | 388 | | Proceeds from short-term borrowing | | | — | | | | — | | | | 3,409 | | | | — | | | | — | | | | 3,409 | |
Net change in cash and cash equivalents | | | — | | | | — | | | | (149,547 | ) | | | 4,407 | | | | — | | | | (145,140 | ) | Repayments of short-term borrowing | | | — | | | | — | | | | (3,049 | ) | | | — | | | | — | | | | (3,049 | ) |
Cash and cash equivalents—beginning of period | | | — | | | | — | | | | 150,493 | | | | 538 | | | | — | | | | 151,031 | | Intercompany accounts receivable/payable | | | — | | | | — | | | | (16,986 | ) | | | — | | | | 16,986 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | Repayments of intercompany loans | | | — | | | | — | | | | (159,198 | ) | | | — | | | | 159,198 | | | | — | |
Cash and cash equivalents—end of period | | $ | — | | | $ | — | | | $ | 946 | | | $ | 4,945 | | | $ | — | | | $ | 5,891 | | Repayment of capital lease obligations | | | — | | | | — | | | | (2,658 | ) | | | — | | | | — | | | | (2,658 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | Equity contributions | | | — | | | | 626 | | | | — | | | | — | | | | — | | | | 626 | |
Supplemental disclosures of cash flow information: | | | | | | | | | | | | | | | | | | | | | | | | | Parent reduction in investment in subsidiary | | | 1,282 | | | | (1,282 | ) | | | — | | | | — | | | | — | | | | — | |
Interest paid | | $ | — | | | $ | 136,975 | | | $ | 1,647 | | | $ | — | | | $ | — | | | $ | 138,622 | | Repurchases of equity | | | (1,282 | ) | | | — | | | | — | | | | — | | | | — | | | | (1,282 | ) |
Interest received | | | — | | | | 4 | | | | 101 | | | | — | | | | — | | | | 105 | | Repayment of notes receivable from officers | | | — | | | | 565 | | | | — | | | | — | | | | — | | | | 565 | |
Income taxes (refunded) paid | | | — | | | | — | | | | 1,723 | | | | 210 | | | | — | | | | 1,933 | | Debt acquisition costs | | | — | | | | (13,370 | ) | | | — | | | | — | | | | — | | | | (13,370 | ) |
Non-cash investing and financing activities: | | | | | | | | | | | | | | | | | | | | | | | | | Changes in bank overdrafts | | | — | | | | — | | | | (14,304 | ) | | | — | | | | — | | | | (14,304 | ) |
New capital leases | | | — | | | | — | | | | 1,549 | | | | — | | | | — | | | | 1,549 | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net cash (used in) provided by financing activities | | | — | | | | (117,719 | ) | | | (192,786 | ) | | | — | | | | 176,184 | | | | (134,321 | ) |
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| Effect of exchange rate changes on cash | | | — | | | | — | | | | — | | | | 27 | | | | — | | | | 27 | |
| Net change in cash and cash equivalents | | | — | | | | — | | | | 41,075 | | | | 337 | | | | — | | | | 41,412 | |
| Cash and cash equivalents—beginning of period | | | — | | | | — | | | | 68,249 | | | | 5,625 | | | | — | | | | 73,874 | |
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| Cash and cash equivalents—end of period | | $ | — | | | $ | — | | | $ | 109,324 | | | $ | 5,962 | | | $ | — | | | $ | 115,286 | |
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| Supplemental disclosures of cash flow information: | | | | | | | | | | | | | | | | | | | | | | | | |
| Interest paid | | $ | — | | | $ | 178,530 | | | $ | 1,236 | | | $ | — | | | $ | — | | | $ | 179,766 | |
| Interest received | | | — | | | | 20 | | | | 251 | | | | — | | | | — | | | | 271 | |
| Income taxes paid | | | — | | | | — | | | | 6,989 | | | | 9 | | | | — | | | | 6,998 | |
| Non-cash investing and financing activities: | | | | | | | | | | | | | | | | | | | | | | | | |
| New capital leases | | | — | | | | — | | | | 13,587 | | | | — | | | | — | | | | 13,587 | |