Exhibit 99.33
Consolidating Balance Sheet (Unaudited) (a)
As of December 31, 2012
Swift Transportation Company | Central Refrigerated Transportation, Inc. (b) | Intercompany Elimination Entries | Total (recast) | |||||||||||||
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ASSETS | ||||||||||||||||
Current assets: | ||||||||||||||||
Cash and cash equivalents | $ | 53,596 | $ | — | $ | — | $ | 53,596 | ||||||||
Restricted cash | 51,678 | — | — | 51,678 | ||||||||||||
Restricted fixed maturity securities, held to maturity, amortized cost | 22,275 | — | — | 22,275 | ||||||||||||
Accounts receivable, net | 338,724 | 54,703 | (657 | ) | 392,770 | |||||||||||
Equipment sales receivable | 563 | — | — | 563 | ||||||||||||
Income tax refund receivable | 10,046 | — | — | 10,046 | ||||||||||||
Inventories and supplies | 15,678 | 1,846 | — | 17,524 | ||||||||||||
Assets held for sale | 31,544 | — | — | 31,544 | ||||||||||||
Prepaid taxes, licenses, insurance and other | 47,241 | 11,662 | — | 58,903 | ||||||||||||
Deferred income taxes | 98,235 | — | — | 98,235 | ||||||||||||
Current portion of notes receivable | 4,957 | — | — | 4,957 | ||||||||||||
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Total current assets | 674,537 | 68,211 | (657 | ) | 742,091 | |||||||||||
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Property and equipment, at cost: | ||||||||||||||||
Revenue and service equipment | 1,740,456 | 123,178 | — | 1,863,634 | ||||||||||||
Land | 112,587 | 7,855 | — | 120,442 | ||||||||||||
Facilities and improvements | 234,996 | 15,820 | — | 250,816 | ||||||||||||
Furniture and office equipment | 43,578 | 7,762 | — | 51,340 | ||||||||||||
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Total property and equipment | 2,131,617 | 154,615 | — | 2,286,232 | ||||||||||||
Less: accumulated depreciation and amortization | 819,803 | 68,893 | — | 888,696 | ||||||||||||
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Net property and equipment | 1,311,814 | 85,722 | — | 1,397,536 | ||||||||||||
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Other assets | 59,010 | 6,627 | (100 | ) | 65,537 | |||||||||||
Intangible assets, net | 333,561 | — | — | 333,561 | ||||||||||||
Goodwill | 253,256 | — | — | 253,256 | ||||||||||||
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Total assets | $ | 2,632,178 | $ | 160,560 | $ | (757 | ) | $ | 2,791,981 | |||||||
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LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||
Current liabilities: | ||||||||||||||||
Accounts payable | $ | 103,070 | $ | 10,331 | $ | (27 | ) | 113,374 | ||||||||
Accrued liabilities | 96,439 | 11,963 | (630 | ) | 107,772 | |||||||||||
Current portion of claims accruals | 74,070 | 12,517 | — | 86,587 | ||||||||||||
Current portion of long-term debt and obligations under capital leases, less current portion | 47,495 | 26,002 | — | 73,497 | ||||||||||||
Fair value of guarantees | 366 | — | — | 366 | ||||||||||||
Current portion of interest rate swaps | 1,853 | — | — | 1,853 | ||||||||||||
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Total current liabilities | 323,293 | 60,813 | (657 | ) | 383,449 | |||||||||||
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Revolving line of credit—noncurrent | — | 2,531 | — | 2,531 | ||||||||||||
Long-term debt and obligations under capital leases, less current portion | 1,323,539 | 33,562 | — | 1,357,101 | ||||||||||||
Claims accrual, less current portion | 98,919 | — | — | 98,919 | ||||||||||||
Fair value of interest rate swaps, less current portion | 11,159 | 338 | — | 11,497 | ||||||||||||
Deferred income taxes | 441,157 | 224 | — | 441,381 | ||||||||||||
Securitization of accounts receivable | 204,000 | — | — | 204,000 | ||||||||||||
Other liabilities | — | 2,899 | — | 2,899 | ||||||||||||
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Total liabilities | 2,402,067 | 100,367 | (657 | ) | 2,501,777 | |||||||||||
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Stockholders’ equity: | ||||||||||||||||
Common stock and additional paid in capital | 897,971 | 24,252 | — | 922,223 | ||||||||||||
(Accumulated deficit) retained earnings | (660,168 | ) | 58,391 | — | (601,777 | ) | ||||||||||
Stockholder loan receivable | — | (22,142 | ) | — | (22,142 | ) | ||||||||||
Accumulated other comprehensive loss | (7,894 | ) | (308 | ) | — | (8,202 | ) | |||||||||
Noncontrolling interest | 202 | — | (100 | ) | 102 | |||||||||||
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Total stockholders’ equity | 230,111 | 60,193 | (100 | ) | 290,204 | |||||||||||
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Total liabilities and stockholders’ equity | $ | 2,632,178 | $ | 160,560 | $ | (757 | ) | $ | 2,791,981 | |||||||
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(a) | On August 6, 2013, Swift Transportation Company (the “Company” or “Swift”) entered into a Stock Purchase Agreement (“SPA”) with the shareholders of Central Refrigerated Transportation, Inc. (“Central”), pursuant to which the Company acquired all of the outstanding capital stock of Central (the “Acquisition”) in a cash transaction valued at $225 million. Mr. Jerry Moyes, the Chief Executive Officer and controlling stockholder of Swift, was the majority shareholder of Central. Given Mr. Moyes’ majority ownership in both Swift and Central, the Acquisition is accounted for as a combination of entities under common control similar to the pooling of interest method. Under common control accounting, the historical results of Central have been combined with Swift’s. The above consolidating balance sheet as of December 31, 2012 reflects the combination of the entities as if the Acquisition was effective on January 1, 2012. |
(b) | Certain amounts have been reclassified to conform with current presentation. |