Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 30, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | PRTY | |
Entity Registrant Name | Party City Holdco Inc. | |
Entity Central Index Key | 1,592,058 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 119,527,894 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 40,367 | $ 64,610 |
Accounts receivable, net | 120,580 | 134,091 |
Inventories, net | 620,764 | 613,868 |
Prepaid expenses and other current assets | 69,312 | 68,255 |
Total current assets | 851,023 | 880,824 |
Property, plant and equipment, net | 293,663 | 292,904 |
Goodwill | 1,622,129 | 1,572,568 |
Trade names | 566,729 | 566,599 |
Other intangible assets, net | 72,887 | 76,581 |
Other assets, net | 7,229 | 4,502 |
Total assets | 3,413,660 | 3,393,978 |
Current liabilities: | ||
Loans and notes payable | 198,269 | 120,138 |
Accounts payable | 99,979 | 163,415 |
Accrued expenses | 159,218 | 149,683 |
Income taxes payable | 36,467 | 46,675 |
Current portion of long-term obligations | 13,327 | 13,348 |
Total current liabilities | 507,260 | 493,259 |
Long-term obligations, excluding current portion | 1,537,448 | 1,539,604 |
Deferred income tax liabilities | 279,769 | 278,819 |
Deferred rent and other long-term liabilities | 71,407 | 65,507 |
Total liabilities | 2,395,884 | 2,377,189 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock (119,527,894 and 119,515,894 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively) | 1,195 | 1,195 |
Additional paid-in capital | 912,629 | 910,167 |
Retained earnings | 152,983 | 157,666 |
Accumulated other comprehensive loss | (49,031) | (52,239) |
Total stockholders' equity | 1,017,776 | 1,016,789 |
Total liabilities and stockholders' equity | $ 3,413,660 | $ 3,393,978 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - shares | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, shares issued | 119,527,894 | 119,515,894 |
Common stock, shares outstanding | 119,527,894 | 119,515,894 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues: | ||
Net sales | $ 473,963 | $ 454,286 |
Royalties and franchise fees | 3,036 | 3,454 |
Total revenues | 476,999 | 457,740 |
Expenses: | ||
Cost of sales | 298,719 | 287,767 |
Wholesale selling expenses | 15,627 | 15,842 |
Retail operating expenses | 90,730 | 86,709 |
Franchise expenses | 3,317 | 3,563 |
General and administrative expenses | 48,137 | 38,926 |
Art and development costs | 5,798 | 5,377 |
Total expenses | 462,328 | 438,184 |
Income from operations | 14,671 | 19,556 |
Interest expense, net | 20,692 | 22,652 |
Other expense (income), net | 1,162 | (2,978) |
Loss before income taxes | (7,183) | (118) |
Income tax (benefit) expense | (2,500) | 276 |
Net loss | (4,683) | (394) |
Comprehensive (loss) income | $ (1,475) | $ 1,539 |
Net loss per common share-Basic | $ (0.04) | $ 0 |
Net loss per common share-Diluted | $ (0.04) | $ 0 |
Weighted-average number of common shares-Basic | 119,523,867 | 119,291,974 |
Weighted-average number of common shares-Diluted | 119,523,867 | 119,291,974 |
Dividends declared per share | $ 0 | $ 0 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Stockholders' Equity - 3 months ended Mar. 31, 2017 - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] |
Balance at Dec. 31, 2016 | $ 1,016,789 | $ 1,195 | $ 910,167 | $ 157,666 | $ (52,239) |
Balance, Shares at Dec. 31, 2016 | 119,515,894 | 119,515,894 | |||
Net loss | $ (4,683) | (4,683) | |||
Equity based compensation | 2,398 | 2,398 | |||
Exercise of stock options | 64 | 64 | |||
Exercise of stock options, Shares | 12,000 | ||||
Foreign currency adjustments | 3,819 | 3,819 | |||
Impact of foreign exchange contracts, net of taxes | (611) | (611) | |||
Balance at Mar. 31, 2017 | $ 1,017,776 | $ 1,195 | $ 912,629 | $ 152,983 | $ (49,031) |
Balance, Shares at Mar. 31, 2017 | 119,527,894 | 119,527,894 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows used in operating activities: | ||
Net loss | $ (4,683) | $ (394) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization expense | 20,701 | 20,889 |
Amortization of deferred financing costs and original issuance discounts | 1,233 | 1,274 |
Provision for doubtful accounts | 230 | 160 |
Deferred income tax expense (benefit) | 873 | (433) |
Deferred rent | 363 | 1,983 |
Undistributed loss in unconsolidated joint venture | 716 | 147 |
(Gain) loss on sale of assets | (3) | 17 |
Equity based compensation | 2,398 | 948 |
Changes in operating assets and liabilities, net of effects of acquired businesses: | ||
Decrease in accounts receivable | 20,225 | 17,628 |
Decrease (increase) in inventories | 13,151 | (6,848) |
Decrease (increase) in prepaid expenses and other current assets | 565 | (2,794) |
Decrease in accounts payable, accrued expenses and income taxes payable | (75,302) | (45,233) |
Net cash used in operating activities | (19,533) | (12,656) |
Cash flows used in investing activities: | ||
Cash paid in connection with acquisitions, net of cash acquired | (62,171) | (28,700) |
Capital expenditures | (11,424) | (19,535) |
Proceeds from disposal of property and equipment | 5 | 0 |
Net cash used in investing activities | (73,590) | (48,235) |
Cash flows provided by financing activities: | ||
Repayment of loans, notes payable and long-term obligations | (19,272) | (17,652) |
Proceeds from loans, notes payable and long-term obligations | 87,216 | 68,041 |
Excess tax benefit from stock options | 0 | 52 |
Exercise of stock options | 64 | 322 |
Debt issuance costs | 0 | (44) |
Net cash provided by financing activities | 68,008 | 50,719 |
Effect of exchange rate changes on cash and cash equivalents | 872 | 410 |
Net decrease in cash and cash equivalents | (24,243) | (9,762) |
Cash and cash equivalents at beginning of period | 64,610 | 42,919 |
Cash and cash equivalents at end of period | 40,367 | 33,157 |
Cash paid during the period | ||
Interest | 25,232 | 26,731 |
Income taxes, net of refunds | $ 6,749 | $ 9,368 |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Note 1 – Description of Business Party City Holdco Inc. (the “Company” or “Party City Holdco”) is a vertically integrated supplier of decorated party goods. The Company designs, manufactures, sources and distributes party goods, including paper and plastic tableware, metallic and latex balloons, Halloween and other costumes, accessories, novelties, gifts and stationery throughout the world. The Company’s retail operations include over 900 specialty retail party supply stores (including approximately 150 franchise stores) in the United States and Canada, operating under the names Party City and Halloween City, and e-commerce Party City Holdco is a holding company with no operating assets or operations. The Company owns 100% of PC Nextco Holdings, LLC (“PC Nextco”), which owns 100% of PC Intermediate Holdings, Inc. (“PC Intermediate”). PC Intermediate owns 100% of Party City Holdings Inc. (“PCHI”), which owns the Company’s operating subsidiaries. |
Basis of Presentation and Recen
Basis of Presentation and Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Recently Issued Accounting Pronouncements | Note 2 – Basis of Presentation and Recently Issued Accounting Pronouncements The unaudited condensed consolidated financial statements of the Company include the accounts of the Company and its majority-owned and controlled entities. All significant intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included in the unaudited condensed consolidated financial statements. The majority of our retail operations define a fiscal year (“Fiscal Year”) as the 52-week 53-week 13-week 53-week Operating results for interim periods are not necessarily indicative of the results to be expected for the year ending December 31, 2017. Our business is subject to substantial seasonal variations as our retail segment has realized a significant portion of its net sales, cash flows and net income in the fourth quarter of each year, principally due to its Halloween season sales in October and, to a lesser extent, other year-end 10-K Recently Issued Accounting Pronouncements In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-18, In August 2016, the FASB issued ASU 2016-15, In March 2016, the FASB issued ASU 2016-09, In February 2016, the FASB issued ASU 2016-02, In January 2016, the FASB issued ASU 2016-01, In July 2015, the FASB issued ASU 2015-11, In May 2014, the FASB issued ASU 2014-09, |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 3 – Inventories Inventories consisted of the following: March 31, 2017 December 31, 2016 Finished goods $ 584,920 $ 581,277 Raw materials 25,357 23,222 Work in process 10,487 9,369 $ 620,764 $ 613,868 Inventories are valued at the lower of cost or net realizable value. The Company principally determines the cost of inventory using the weighted average method. The Company estimates retail inventory shortage for the periods between physical inventory dates on a store-by-store |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 4 – Income Taxes The income tax benefit for the three months ended March 31, 2017 was determined based upon the Company’s estimated consolidated effective income tax rate for the year ending December 31, 2017. The difference between the estimated consolidated effective income tax rate for the year ending December 31, 2017 and the U.S. federal statutory rate is primarily attributable to state income taxes, unrecognized foreign tax credits and benefits on certain foreign losses, partially offset by a foreign rate differential and available domestic manufacturing deductions. |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | Note 5 – Changes in Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss consisted of the following: Three Months Ended March 31, 2017 Foreign Currency Adjustments Impact of Foreign Exchange Contracts, Net of Taxes Total, Net of Taxes Balance at December 31, 2016 $ (53,171 ) $ 932 $ (52,239 ) Other comprehensive income (loss) before reclassifications, net of income tax 3,819 (287 ) 3,532 Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive loss, net of income tax 0 (324 ) (324 ) Net current-period other comprehensive income (loss) 3,819 (611 ) 3,208 Balance at March 31, 2017 $ (49,352 ) $ 321 $ (49,031 ) Three Months Ended March 31, 2016 Foreign Currency Adjustments Impact of Foreign Exchange Contracts, Net of Taxes Total, Net of Taxes Balance at December 31, 2015 $ (33,401 ) $ 611 $ (32,790 ) Other comprehensive income (loss) before reclassifications, net of income tax 2,650 (514 ) 2,136 Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income, net of income tax 0 (203 ) (203 ) Net current-period other comprehensive income (loss) 2,650 (717 ) 1,933 Balance at March 31, 2016 $ (30,751 ) $ (106 ) $ (30,857 ) |
Capital Stock
Capital Stock | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Capital Stock | Note 6 – Capital Stock At March 31, 2017, the Company’s authorized capital stock consisted of 300,000,000 shares of $0.01 par value common stock and 15,000,000 shares of $0.01 par value preferred stock. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Note 7 – Segment Information Industry Segments The Company has two identifiable business segments. The Wholesale segment designs, manufactures, sources and distributes party goods, including paper and plastic tableware, metallic and latex balloons, Halloween and other costumes, accessories, novelties, gifts and stationery throughout the world. The Retail segment operates specialty retail party supply stores in the United States and Canada, principally under the names Party City and Halloween City, and it operates e-commerce The Company’s industry segment data for the three months ended March 31, 2017 and March 31, 2016 was as follows: Wholesale Retail Consolidated Three Months Ended March 31, 2017 Revenues: Net sales $ 270,692 $ 339,269 $ 609,961 Royalties and franchise fees 0 3,036 3,036 Total revenues 270,692 342,305 612,997 Eliminations (135,998 ) 0 (135,998 ) Net revenues $ 134,694 $ 342,305 $ 476,999 Income from operations $ 10,416 $ 4,255 $ 14,671 Interest expense, net 20,692 Other expense, net 1,162 Loss before income taxes $ (7,183 ) Wholesale Retail Consolidated Three Months Ended March 31, 2016 Revenues: Net sales $ 259,821 $ 319,556 $ 579,377 Royalties and franchise fees 0 3,454 3,454 Total revenues 259,821 323,010 582,831 Eliminations (125,091 ) 0 (125,091 ) Net revenues $ 134,730 $ 323,010 $ 457,740 Income from operations $ 13,507 $ 6,049 $ 19,556 Interest expense, net 22,652 Other income, net (2,978 ) Loss before income taxes $ (118 ) |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 8 – Commitments and Contingencies The Company is a party to certain claims and litigation in the ordinary course of business. The Company does not believe these proceedings will result, individually or in the aggregate, in a material adverse effect on its financial condition or future results of operations. On April 5, 2016, a derivative complaint was filed in the Supreme Court for the State of New York, naming certain directors and executives as defendants, and naming the Company as a nominal defendant. The complaint seeks unspecified damages and costs, and corporate governance reforms, for alleged injury to the Company in connection with public filings related to the Company’s April 2015 IPO, compensation paid to executives, and the termination of the management agreement disclosed in the initial public offering-related public filings. The Company intends to vigorously defend itself against this action. The Company is unable, at this time, to determine whether the outcome of the litigation would have a material impact on its results of operations, financial condition or cash flows. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 9 – Derivative Financial Instruments The Company is directly and indirectly affected by changes in certain market conditions. These changes in market conditions may adversely impact the Company’s financial performance and are referred to as market risks. The Company, when deemed appropriate, uses derivatives as a risk management tool to mitigate the potential impact of certain market risks. The primary market risk managed through the use of derivative financial instruments is foreign currency exchange rate risk. Foreign Exchange Risk Management A portion of the Company’s cash flows is derived from transactions denominated in foreign currencies. In order to reduce the uncertainty of foreign exchange rate movements on transactions denominated in foreign currencies, including the British Pound Sterling, the Canadian Dollar, the Euro, the Malaysian Ringgit and the Australian Dollar, the Company enters into foreign exchange contracts with major international financial institutions. These forward contracts, which typically mature within one year, are designed to hedge anticipated foreign currency transactions, primarily inventory purchases and sales. For contracts that qualify for hedge accounting, the terms of the foreign exchange contracts are such that cash flows from the contracts should be highly effective in offsetting the expected cash flows from the underlying forecasted transactions. The foreign currency exchange contracts are reflected in the condensed consolidated balance sheets at fair value. The fair value of the foreign currency exchange contracts is the estimated amount that the counterparties would receive or pay to terminate the foreign currency exchange contracts at the reporting date, taking into account current foreign exchange spot rates. At March 31, 2017 and December 31, 2016, the Company had certain foreign currency exchange contracts that qualified for hedge accounting. No components of these agreements were excluded in the measurement of hedge effectiveness. As these hedges were 100% effective, there was no impact on earnings due to hedge ineffectiveness. The Company anticipates that substantially all unrealized gains and losses in accumulated other comprehensive loss related to these foreign currency exchange contracts will be reclassified into earnings by June 2018. The following table displays the fair values of the Company’s derivatives at March 31, 2017 and December 31, 2016: Derivative Assets Derivative Liabilities Balance Sheet Line Fair Value Balance Sheet Line Fair Value Balance Sheet Line Fair Value Balance Sheet Line Fair Value Derivative Instrument March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Foreign Exchange Contracts (a) PP $ 219 (a) PP $ 697 (b) AE $ 157 (b) AE $ 215 (a) PP = Prepaid expenses and other current assets (b) AE = Accrued expenses The following table displays the notional amounts of the Company’s derivatives at March 31, 2017 and December 31, 2016: Derivative Instrument March 31, 2017 December 31, 2016 Foreign Exchange Contracts $ 20,725 $ 22,502 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 10 – Fair Value Measurements The provisions of FASB ASC Topic 820, “Fair Value Measurement”, define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The following table shows assets and liabilities as of March 31, 2017 that are measured at fair value on a recurring basis: Level 1 Level 2 Level 3 Total as of March 31, 2017 Derivative assets $ 0 $ 219 $ 0 $ 219 Derivative liabilities 0 157 0 157 The following table shows assets and liabilities as of December 31, 2016 that are measured at fair value on a recurring basis: Level 1 Level 2 Level 3 Total as of December 31, 2016 Derivative assets $ 0 $ 697 $ 0 $ 697 Derivative liabilities 0 215 0 215 In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company is required to record other assets and liabilities at fair value on a nonrecurring basis, generally as a result of impairment charges. No impairment charges were recorded during the three months ended March 31, 2017 or the three months ended March 31, 2016. The carrying amounts for cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities approximated fair value at March 31, 2017 because of the short-term maturities of the instruments and/or their variable rates of interest. The carrying amount and fair value of the Company’s borrowings under its senior secured term loan facility (“Term Loan Credit Agreement”) and its $350,000 of 6.125% senior notes (“Senior Notes”) are as follows: March 31, 2017 Carrying Amount Fair Value Term Loan Credit Agreement $ 1,203,265 $ 1,217,416 Senior Notes 344,750 350,651 The fair values of the Term Loan Credit Agreement and the Senior Notes represent Level 2 fair value measurements as the debt instruments trade in inactive markets. The carrying amounts for other long-term debt approximated fair value at March 31, 2017 based on the discounted future cash flows of each instrument at rates currently offered for similar debt instruments of comparable maturity. During August 2015, the Company acquired 75% of the operations of Accurate Custom Injection Molding Inc. (“ACIM”). Based on the terms of the acquisition agreement, the Company will acquire the remaining 25% interest in ACIM over the next seven years and the Company’s liability for the estimated purchase price of such interest was $0 at March 31, 2017. The liability represents a Level 3 fair value measurement as it is based on unobservable inputs. During March 2017, the Company acquired 85% of the common stock of Granmark, S.A. de C.V., a Mexican manufacturer and wholesaler of party goods. See Note 13 for further discussion of the acquisition. Based on the terms of the acquisition agreement, the Company is required to acquire the remaining 15% interest over a three to five year period and it has recorded a liability for the estimated purchase price of such interest, $2,895 at March 31, 2017. The liability represents a Level 3 fair value measurement as it is based on unobservable inputs. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 11 – Earnings Per Share Basic earnings per share are computed by dividing net income available for common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share are calculated based on the weighted average number of outstanding common shares plus the dilutive effect of stock options as if they were exercised. A reconciliation between basic and diluted income (loss) per share is as follows: Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Net loss $ (4,683 ) $ (394 ) Weighted average shares - 119,523,867 119,291,974 Effect of dilutive securities: Stock options 0 0 Weighted average shares - Diluted 119,523,867 119,291,974 Net loss per common share - Basic $ (0.04 ) $ 0.00 Net loss per common share - Diluted $ (0.04 ) $ 0.00 During the three months ended March 31, 2017 and March 31, 2016, 4,640,205 stock options and 4,404,404 stock options, respectively, were excluded from the calculation of net loss per common share – diluted as they were anti-dilutive. |
Long-Term Obligations
Long-Term Obligations | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Obligations | Note 12 – Long-Term Obligations Long-term obligations at March 31, 2017 and December 31, 2016 consisted of the following: March 31, 2017 December 31, 2016 Term Loan Credit Agreement $ 1,203,243 $ 1,205,496 Capital lease obligations 2,782 2,912 Senior Notes 344,750 344,544 Total long-term obligations 1,550,775 1,552,952 Less: current portion (13,327 ) (13,348 ) Long-term obligations, excluding current portion $ 1,537,448 $ 1,539,604 |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Note 13 – Acquisitions During January 2017, the Company acquired 18 franchise stores, which are located mostly in Louisiana and Alabama, for total consideration of approximately $15,000. The Company is in the process of finalizing purchase accounting. During March 2017, the Company acquired 85% of the common stock of Granmark, S.A. de C.V. (“Granmark”), a Mexican manufacturer and wholesaler of party goods, for total consideration of approximately $22,000 (exclusive of $5,600 of cash acquired). On the acquisition date, Granmark had $6,456 of debt outstanding under various revolving credit facilities. The majority of the balance was repaid prior to March 31, 2017. The Company is in the process of finalizing purchase accounting. Based on the terms of the acquisition agreement, the Company is required to acquire the remaining 15% interest over a three to five year period and it has recorded a liability for the estimated purchase price of such interest, $2,895 at March 31, 2017. Also, during March 2017, the Company acquired an additional 18 franchise stores, which are located in North Carolina and South Carolina, for total consideration of approximately $31,000. The Company is in the process of finalizing purchase accounting. |
Organizational Restructuring
Organizational Restructuring | 3 Months Ended |
Mar. 31, 2017 | |
Restructuring and Related Activities [Abstract] | |
Organizational Restructuring | Note 14 – Organizational Restructuring On March 15, 2017, the Company and its Chairman of the Board of Directors (“the Board”), Gerald Rittenberg, entered into a Transition and Consulting Agreement under which Mr. Rittenberg’s employment as Executive Chairman of the Company terminated effective March 31, 2017. Beginning on April 1, 2017 and continuing through December 31, 2020, unless earlier terminated as provided for in the agreement (the “Consulting Period”), Mr. Rittenberg will serve on a part-time basis as a non-employee senior a non-employee member Under the Transition and Consulting Agreement, Mr. Rittenberg will receive payments from April 1, 2017 through December 31, 2017 in amounts equal to his base salary had he remained employed as Executive Chairman during such period (i.e., pay at an annual rate equal to $2,090). Additionally, he will remain eligible to receive an annual bonus for full-year 2017 based on the terms of the Company’s 2017 bonus plan and the terms of his previous employment agreement (a target amount equal to 80% of his 2017 base salary). Further, during 2018, Mr. Rittenberg will receive severance payments aggregating $2,049, which will be made in four equal quarterly installments. Finally, beginning on January 1, 2018 and for the remainder of the Consulting Period, Mr. Rittenberg will receive payments equal to $40 per month in consideration for his consulting services. Additionally, under the Transition and Consulting Agreement, during the Consulting Period, Mr. Rittenberg’s existing unvested stock options will remain eligible to vest in accordance with their original terms and Mr. Rittenberg’s existing vested stock options will remain outstanding (also, in accordance with their original terms). As a result of the Transition and Consulting Agreement, the Company recorded a $4,510 severance charge in general and administrative expenses during the three months ended March 31, 2017. Such amount represents: (1) the amount that he will be paid from April 1, 2017 – December 31, 2017 that is above and beyond the fair value ($40 per month) of his consulting services during such period, $1,207, (2) his bonus target for the period from April 1, 2017 – December 31, 2017, $1,254, and (3) the severance to be paid during 2018, $2,049. Throughout the Consulting Period, the Company will record $40 per month in general and administrative expenses, such amount representing the fair value of his consulting services. Additionally, as a result of the Transition and Consulting Agreement: (1) allowing Mr. Rittenberg’s existing unvested stock options to continue vesting (such options would have been forfeited had he left the Company) and (2) allowing his existing vested stock options to remain outstanding (had he left the Company, he would have only had 60 days to exercise vested options), during the three months ended March 31, 2017 the Company recorded a $1,362 charge in general and administrative expenses due to the modification of such options. Also, during the three months ended March 31, 2017, the Company recorded a $3,304 severance charge related to the restructuring of its Retail segment. Of such amount, $2,400 was recorded in retail operating expenses and $904 was recorded in general and administrative expenses. The majority of the severance will be paid during the second quarter of 2017. |
Basis of Presentation and Rec21
Basis of Presentation and Recently Issued Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-18, In August 2016, the FASB issued ASU 2016-15, In March 2016, the FASB issued ASU 2016-09, In February 2016, the FASB issued ASU 2016-02, In January 2016, the FASB issued ASU 2016-01, In July 2015, the FASB issued ASU 2015-11, In May 2014, the FASB issued ASU 2014-09, |
Industry Segments | Industry Segments The Company has two identifiable business segments. The Wholesale segment designs, manufactures, sources and distributes party goods, including paper and plastic tableware, metallic and latex balloons, Halloween and other costumes, accessories, novelties, gifts and stationery throughout the world. The Retail segment operates specialty retail party supply stores in the United States and Canada, principally under the names Party City and Halloween City, and it operates e-commerce |
Fair Value Measurement | The provisions of FASB ASC Topic 820, “Fair Value Measurement”, define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories consisted of the following: March 31, 2017 December 31, 2016 Finished goods $ 584,920 $ 581,277 Raw materials 25,357 23,222 Work in process 10,487 9,369 $ 620,764 $ 613,868 |
Changes in Accumulated Other 23
Changes in Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss | The changes in accumulated other comprehensive loss consisted of the following: Three Months Ended March 31, 2017 Foreign Currency Adjustments Impact of Foreign Exchange Contracts, Net of Taxes Total, Net of Taxes Balance at December 31, 2016 $ (53,171 ) $ 932 $ (52,239 ) Other comprehensive income (loss) before reclassifications, net of income tax 3,819 (287 ) 3,532 Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive loss, net of income tax 0 (324 ) (324 ) Net current-period other comprehensive income (loss) 3,819 (611 ) 3,208 Balance at March 31, 2017 $ (49,352 ) $ 321 $ (49,031 ) Three Months Ended March 31, 2016 Foreign Currency Adjustments Impact of Foreign Exchange Contracts, Net of Taxes Total, Net of Taxes Balance at December 31, 2015 $ (33,401 ) $ 611 $ (32,790 ) Other comprehensive income (loss) before reclassifications, net of income tax 2,650 (514 ) 2,136 Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income, net of income tax 0 (203 ) (203 ) Net current-period other comprehensive income (loss) 2,650 (717 ) 1,933 Balance at March 31, 2016 $ (30,751 ) $ (106 ) $ (30,857 ) |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Company's Industry Segment Data | The Company’s industry segment data for the three months ended March 31, 2017 and March 31, 2016 was as follows: Wholesale Retail Consolidated Three Months Ended March 31, 2017 Revenues: Net sales $ 270,692 $ 339,269 $ 609,961 Royalties and franchise fees 0 3,036 3,036 Total revenues 270,692 342,305 612,997 Eliminations (135,998 ) 0 (135,998 ) Net revenues $ 134,694 $ 342,305 $ 476,999 Income from operations $ 10,416 $ 4,255 $ 14,671 Interest expense, net 20,692 Other expense, net 1,162 Loss before income taxes $ (7,183 ) Wholesale Retail Consolidated Three Months Ended March 31, 2016 Revenues: Net sales $ 259,821 $ 319,556 $ 579,377 Royalties and franchise fees 0 3,454 3,454 Total revenues 259,821 323,010 582,831 Eliminations (125,091 ) 0 (125,091 ) Net revenues $ 134,730 $ 323,010 $ 457,740 Income from operations $ 13,507 $ 6,049 $ 19,556 Interest expense, net 22,652 Other income, net (2,978 ) Loss before income taxes $ (118 ) |
Derivative Financial Instrume25
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Values of Derivatives | The following table displays the fair values of the Company’s derivatives at March 31, 2017 and December 31, 2016: Derivative Assets Derivative Liabilities Balance Sheet Line Fair Value Balance Sheet Line Fair Value Balance Sheet Line Fair Value Balance Sheet Line Fair Value Derivative Instrument March 31, 2017 December 31, 2016 March 31, 2017 December 31, 2016 Foreign Exchange Contracts (a) PP $ 219 (a) PP $ 697 (b) AE $ 157 (b) AE $ 215 (a) PP = Prepaid expenses and other current assets (b) AE = Accrued expenses |
Schedule of Notional Amounts of Derivatives | The following table displays the notional amounts of the Company’s derivatives at March 31, 2017 and December 31, 2016: Derivative Instrument March 31, 2017 December 31, 2016 Foreign Exchange Contracts $ 20,725 $ 22,502 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table shows assets and liabilities as of March 31, 2017 that are measured at fair value on a recurring basis: Level 1 Level 2 Level 3 Total as of March 31, 2017 Derivative assets $ 0 $ 219 $ 0 $ 219 Derivative liabilities 0 157 0 157 The following table shows assets and liabilities as of December 31, 2016 that are measured at fair value on a recurring basis: Level 1 Level 2 Level 3 Total as of December 31, 2016 Derivative assets $ 0 $ 697 $ 0 $ 697 Derivative liabilities 0 215 0 215 |
Summary of Carrying Amount and Fair Value | The carrying amount and fair value of the Company’s borrowings under its senior secured term loan facility (“Term Loan Credit Agreement”) and its $350,000 of 6.125% senior notes (“Senior Notes”) are as follows: March 31, 2017 Carrying Amount Fair Value Term Loan Credit Agreement $ 1,203,265 $ 1,217,416 Senior Notes 344,750 350,651 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation Between Basic and Diluted Income (Loss) Per Share | A reconciliation between basic and diluted income (loss) per share is as follows: Three Months Ended March 31, 2017 Three Months Ended March 31, 2016 Net loss $ (4,683 ) $ (394 ) Weighted average shares - 119,523,867 119,291,974 Effect of dilutive securities: Stock options 0 0 Weighted average shares - Diluted 119,523,867 119,291,974 Net loss per common share - Basic $ (0.04 ) $ 0.00 Net loss per common share - Diluted $ (0.04 ) $ 0.00 |
Long-Term Obligations (Tables)
Long-Term Obligations (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Obligations | Long-term obligations at March 31, 2017 and December 31, 2016 consisted of the following: March 31, 2017 December 31, 2016 Term Loan Credit Agreement $ 1,203,243 $ 1,205,496 Capital lease obligations 2,782 2,912 Senior Notes 344,750 344,544 Total long-term obligations 1,550,775 1,552,952 Less: current portion (13,327 ) (13,348 ) Long-term obligations, excluding current portion $ 1,537,448 $ 1,539,604 |
Description of Business - Addit
Description of Business - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017Store | |
PC Nextco [Member] | |
Basis Of Presentation [Line Items] | |
Ownership percentage | 100.00% |
PC Intermediate [Member] | |
Basis Of Presentation [Line Items] | |
Ownership percentage | 100.00% |
Party City Holdings Inc [Member] | |
Basis Of Presentation [Line Items] | |
Ownership percentage | 100.00% |
United States and Canada [Member] | |
Basis Of Presentation [Line Items] | |
Number of specialty retail party supply stores | 900 |
Number of franchise stores included in retail operation | 150 |
Basis of Presentation and Rec30
Basis of Presentation and Recently Issued Accounting Pronouncements - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017 | |
Minimum [Member] | |
Basis Of Presentation And Significant Accounting Policies [Line Items] | |
Retail operations period of fiscal year | 52 Weeks |
Retail operations period of fiscal quarter | 13 Weeks |
Maximum [Member] | |
Basis Of Presentation And Significant Accounting Policies [Line Items] | |
Retail operations period of fiscal year | 53 Weeks |
Retail operations period of fiscal quarter | 14 Weeks |
Inventories - Inventories (Deta
Inventories - Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 584,920 | $ 581,277 |
Raw materials | 25,357 | 23,222 |
Work in process | 10,487 | 9,369 |
Inventories, net | $ 620,764 | $ 613,868 |
Changes in Accumulated Other 32
Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated and Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ (52,239) | $ (32,790) |
Other comprehensive income (loss) before reclassifications, net of income tax | 3,532 | 2,136 |
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income (loss), net of income tax | (324) | (203) |
Net current-period other comprehensive income (loss) | 3,208 | 1,933 |
Ending balance | (49,031) | (30,857) |
Foreign Currency Adjustments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (53,171) | (33,401) |
Other comprehensive income (loss) before reclassifications, net of income tax | 3,819 | 2,650 |
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income (loss), net of income tax | 0 | 0 |
Net current-period other comprehensive income (loss) | 3,819 | 2,650 |
Ending balance | (49,352) | (30,751) |
Impact of Foreign Exchange Contracts, Net of Taxes [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 932 | 611 |
Other comprehensive income (loss) before reclassifications, net of income tax | (287) | (514) |
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income (loss), net of income tax | (324) | (203) |
Net current-period other comprehensive income (loss) | (611) | (717) |
Ending balance | $ 321 | $ (106) |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) | Mar. 31, 2017$ / sharesshares |
Equity [Abstract] | |
Authorized capital stock | shares | 300,000,000 |
Common stock, par value | $ / shares | $ 0.01 |
Preferred stock, par value | $ / shares | $ 0.01 |
Authorized preferred stock | shares | 15,000,000 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017Segment | |
Segment Reporting [Abstract] | |
Number of business segments | 2 |
Segment Information - Schedule
Segment Information - Schedule of Company's Industry Segment Data (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues: | ||
Net sales | $ 473,963 | $ 454,286 |
Royalties and franchise fees | 3,036 | 3,454 |
Total revenues | 476,999 | 457,740 |
Income from operations | 14,671 | 19,556 |
Interest expense, net | 20,692 | 22,652 |
Other expense, net | 1,162 | (2,978) |
Loss before income taxes | (7,183) | (118) |
Wholesale [Member] | ||
Revenues: | ||
Total revenues | 134,694 | 134,730 |
Income from operations | 10,416 | 13,507 |
Retail [Member] | ||
Revenues: | ||
Total revenues | 342,305 | 323,010 |
Income from operations | 4,255 | 6,049 |
Operating Segments [Member] | ||
Revenues: | ||
Net sales | 609,961 | 579,377 |
Royalties and franchise fees | 3,036 | 3,454 |
Total revenues | 612,997 | 582,831 |
Operating Segments [Member] | Wholesale [Member] | ||
Revenues: | ||
Net sales | 270,692 | 259,821 |
Royalties and franchise fees | 0 | 0 |
Total revenues | 270,692 | 259,821 |
Operating Segments [Member] | Retail [Member] | ||
Revenues: | ||
Net sales | 339,269 | 319,556 |
Royalties and franchise fees | 3,036 | 3,454 |
Total revenues | 342,305 | 323,010 |
Eliminations [Member] | ||
Revenues: | ||
Total revenues | (135,998) | (125,091) |
Eliminations [Member] | Wholesale [Member] | ||
Revenues: | ||
Total revenues | (135,998) | (125,091) |
Eliminations [Member] | Retail [Member] | ||
Revenues: | ||
Total revenues | $ 0 | $ 0 |
Derivative Financial Instrume36
Derivative Financial Instruments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017 | |
Derivative [Line Items] | |
Foreign currency exchange contracts reclassified date | 2018-06 |
Foreign Exchange Risk Management [Member] | |
Derivative [Line Items] | |
Hedging effectiveness | 100.00% |
Foreign Exchange Risk Management [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Foreign exchange forward contracts maturity | 1 year |
Derivative Financial Instrume37
Derivative Financial Instruments - Schedule of Fair Values of Derivatives (Detail) - Foreign Exchange Contracts [Member] - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 219 | $ 697 |
Accrued Expenses [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ 157 | $ 215 |
Derivative Financial Instrume38
Derivative Financial Instruments - Schedule of Notional Amounts of Derivatives (Detail) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Foreign Exchange Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amounts | $ 20,725,000 | $ 22,502,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | $ 219 | $ 697 |
Derivative liabilities | 157 | 215 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 219 | 697 |
Derivative liabilities | 157 | 215 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Aug. 31, 2015 | |
Debt Instrument [Line Items] | ||||
Impairment charges | $ 0 | $ 0 | ||
Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument Carrying Amount | $ 350,000,000 | $ 350,000,000 | ||
Notes issued rate | 6.125% | 6.125% | ||
Accurate Custom Injection Molding Inc [Member] | ||||
Debt Instrument [Line Items] | ||||
Business combination, acquisition percentage | 75.00% | |||
Estimated purchase price interest | $ 0 | |||
Business combination, percentage of remaining interest | 25.00% | |||
Business combination, period to acquire remaining interest | 7 years | |||
Granmark [Member] | ||||
Debt Instrument [Line Items] | ||||
Business combination, acquisition percentage | 85.00% | 85.00% | ||
Business combination, percentage of remaining interest | 15.00% | |||
Liability recorded for the estimated purchase price of remaining interest to be acquired | $ 2,895,000 | $ 2,895,000 | ||
Granmark [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Business combination, period to acquire remaining interest | 3 years | |||
Granmark [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Business combination, period to acquire remaining interest | 5 years |
Fair Value Measurements - Sum41
Fair Value Measurements - Summary of Carrying Amount and Fair Value (Detail) $ in Thousands | Mar. 31, 2017USD ($) |
Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument Carrying Amount | $ 344,750 |
Debt Instrument Fair Value | 350,651 |
Term Loan Credit Agreement [Member] | Secured Debt [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument Carrying Amount | 1,203,265 |
Debt Instrument Fair Value | $ 1,217,416 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Reconciliation Between Basic and Diluted Income Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (4,683) | $ (394) |
Weighted average shares - Basic | 119,523,867 | 119,291,974 |
Effect of dilutive securities: | ||
Stock options | 0 | 0 |
Weighted average shares - Diluted | 119,523,867 | 119,291,974 |
Net loss per common share - Basic | $ (0.04) | $ 0 |
Net loss per common share - Diluted | $ (0.04) | $ 0 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Employee Stock Option [Member] | ||
Earnings Per Share Basic And Diluted [Line Items] | ||
Antidilutive securities excluded from calculation of earnings per share | 4,640,205 | 4,404,404 |
Long-Term Obligations - Summary
Long-Term Obligations - Summary of Long-Term Obligations (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total long-term obligations | $ 1,550,775 | $ 1,552,952 |
Less: current portion | (13,327) | (13,348) |
Long-term obligations, excluding current portion | 1,537,448 | 1,539,604 |
Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term obligations | 344,750 | 344,544 |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term obligations | 2,782 | 2,912 |
Term Loan Credit Agreement [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Total long-term obligations | $ 1,203,243 | $ 1,205,496 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2017USD ($)Franchised_Stores | Jan. 31, 2017USD ($)Franchised_Stores | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | |
Subsequent Event [Line Items] | ||||
Consideration paid for acquisition | $ 62,171 | $ 28,700 | ||
Granmark [Member] | ||||
Subsequent Event [Line Items] | ||||
Business combination, acquisition percentage | 85.00% | 85.00% | ||
Consideration paid for acquisition | $ 22,000 | |||
Business combination, percentage of remaining interest | 15.00% | |||
Business combination, cash acquired | $ 5,600 | $ 5,600 | ||
Liability recorded for the estimated purchase price of remaining interest to be acquired | $ 2,895 | 2,895 | ||
Granmark [Member] | Minimum [Member] | ||||
Subsequent Event [Line Items] | ||||
Business combination, period to acquire remaining interest | 3 years | |||
Granmark [Member] | Maximum [Member] | ||||
Subsequent Event [Line Items] | ||||
Business combination, period to acquire remaining interest | 5 years | |||
Granmark [Member] | Revolving Credit Facility [Member] | ||||
Subsequent Event [Line Items] | ||||
Debt outstanding under revolving credit facilities | $ 6,456 | $ 6,456 | ||
North Carolina and South Carolina [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of franchise stores acquired | Franchised_Stores | 18 | |||
Total consideration amount | $ 31,000 | |||
Louisiana and Alabama [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of franchise stores acquired | Franchised_Stores | 18 | |||
Total consideration amount | $ 15,000 |
Organizational Restructuring -
Organizational Restructuring - Additional Information (Detail) $ in Thousands | Mar. 15, 2017USD ($)Installments | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($) |
Consulting Contracts [Line Items] | ||||
Severance charge | $ 4,510 | |||
Compensation expense related to modification of certain stock options | $ 1,362 | |||
Remaining term Options exercisable in period | 60 days | |||
General and administrative expenses | $ 48,137 | $ 38,926 | ||
Retail Segment [Member] | Restructuring Charges [Member] | ||||
Consulting Contracts [Line Items] | ||||
Severance charge | 3,304 | |||
Retail operating expenses | 2,400 | |||
General and administrative expenses | $ 904 | |||
Scenario, Forecast [Member] | ||||
Consulting Contracts [Line Items] | ||||
Severance bonus target | $ 1,254 | |||
Executive Chairman [Member] | ||||
Consulting Contracts [Line Items] | ||||
Base salary | $ 2,049 | |||
Executive Chairman [Member] | 2017 [Member] | ||||
Consulting Contracts [Line Items] | ||||
Base salary | $ 2,090 | |||
Percentage of base salary with target amount | 80.00% | |||
Executive Chairman [Member] | 2018 [Member] | ||||
Consulting Contracts [Line Items] | ||||
Consulting agreement monthly payments | $ 40 | |||
Aggregate severance payment due, number of equal quarterly installments | Installments | 4 |