Exhibit 21.1
Subsidiaries of Yellow Roadway Corporation
at December 31, 2005
| | | | | |
Name | | Percentage Ownership | | | Jurisdiction of Incorporation or Formation |
Express Lane Service, Inc. | | 100 | % | | Delaware |
OPK Insurance Co. Ltd. | | 100 | % | | Bermuda |
Reimer Finance, LP | | 1 | %1 | | Canada |
Roadway LLC | | 100 | % | | Delaware |
Integres Global Logistics, Inc. | | 15.36 | % | | Delaware |
Roadway Express, Inc. | | 100 | % | | Delaware |
Meridian IQ (EU) B.V. | | 100 | % | | Netherlands |
Reimer Express Lines Ltd. | | 100 | % | | Canada |
3727484 Manitoba Ltd. | | 100 | % | | Canada |
Reimer Express Driver Training Institute Inc. | | 100 | % | | Canada |
Reimer Finance, LP | | 99 | %1 | | Canada |
Roadway Express International, Inc. | | 100 | % | | Delaware |
Transcontinental Lease, S. de R.L. de C.V. | | 2 | %2 | | Mexico |
Roadway Express S.A. de C.V. | | 95.99 | % | | Mexico |
Roadway Reverse Logistics, Inc. | | 100 | % | | Ohio |
Transcontinental Lease, S. de R.L. de C.V. | | 98 | %2 | | Mexico |
Roadway Next Day Corporation | | 100 | % | | Pennsylvania |
New Penn Motor Express, Inc. | | 100 | % | | Pennsylvania |
YRC Association Solutions, Inc. | | 100 | % | | Delaware |
YRC Assurance Co. Ltd. | | 100 | % | | Bermuda |
YRC Insurance Company, Inc. | | 100 | % | | Vermont |
YRC International Investments, Inc. | | 100 | % | | Delaware |
Meridian IQ (Singapore) Holdings Pte Ltd. | | 100 | % | | Singapore |
Meridian IQ Asia Limited | | 100 | % | | Hong Kong |
GPS Logistics Bangladesh Limited | | 100 | % | | Bangladesh |
GPS Logistics Group Limited (Bermuda) | | 100 | % | | Bermuda |
GPS Logistics Lanka (Private) Ltd. | | 100 | % | | Sri Lanka |
GPS Worldwide Malaysia Sdn Bhd | | 100 | % | | Malaysia |
Meridian IQ Malaysia Sdn Bhd | | 100 | % | | Malaysia |
MIQ Supply Chain System Limited | | 100 | % | | Hong Kong |
Meridian IQ (Thailand) Limited | | 100 | % | | Thailand |
Meridian IQ China Limited | | 100 | % | | Hong Kong |
Meridian IQ Shartex Logistics Co Ltd. | | 100 | % | | China |
Meridian IQ Hong Kong Limited | | 100 | % | | Hong Kong |
Meridian IQ India Private Limited | | 100 | % | | India |
Meridian IQ Japan Limited | | 100 | % | | Japan |
Meridian IQ Korea Limited | | 100 | % | | Korea |
Meridian IQ Philippines Inc. | | 100 | % | | Philippines |
Meridian IQ Taiwan Limited | | 100 | % | | Taiwan |
Meridian IQ Vietnam Limited | | 100 | % | | British Virgin Islands |
GPS Logistics (Cambodia) Ltd. | | 100 | % | | Cambodia |
PT Meridian IQ Indonesia International | | 100 | % | | Indonesia |
Sealand Logistics (Europe) Limited | | 100 | % | | United Kingdom |
Meridian IQ LA, S.R.L. | | 99 | %3 | | Peru |
YGPS (EU) Limited | | 100 | % | | United Kingdom |
GPS Logistics (EU) Limited | | 100 | % | | United Kingdom |
Meridian IQ (UK) Limited | | 100 | % | | United Kingdom |
YRC Worldwide Pte Ltd. | | 100 | % | | Singapore |
YRC Mortgages, LLC | | 100 | % | | Delaware |
YRC Regional Transportation, Inc. | | 100 | % | | Delaware |
88
| | | | | |
Name | | Percentage Ownership | | | Jurisdiction of Incorporation or Formation |
IMUA Handling Corporation | | 100 | % | | Hawaii |
Meridian IQ Services Inc. | | 100 | % | | Illinois |
Transport Asset Management LLC | | 100 | % | | New York |
USF Bestway Inc. | | 100 | % | | Arizona |
USF Bestway Leasing Inc. | | 100 | % | | Arizona |
USF Canada Inc. | | 100 | % | | Delaware |
USF Dugan Inc. | | 100 | % | | Kansas |
USF Finance Company LLC | | 100 | % | | Delaware |
USF Glen Moore Inc. | | 100 | % | | Pennsylvania |
USF Holland Inc. | | 100 | % | | Michigan |
USF Aviation Services LLC | | 100 | % | | Michigan |
USF Holland International Sales Inc. | | 100 | % | | Canada |
USF Intelco Inc. | | 100 | % | | Michigan |
USF Leasing Company | | 100 | % | | Delaware |
USF Logistics Services Inc. | | 100 | % | | Delaware |
Meridian IQ Inc. (Ontario) | | 100 | % | | Canada |
Meridian IQ Supply Chain Solutions Inc. | | 100 | % | | Canada |
Meridian IQ, S. de R.L. de C.V. | | 99.3 | %4 | | Mexico |
Meridian IQ Servicios, S. de R.L. de C.V. | | 99.97 | %5 | | Mexico |
USF Logistics Services Inc. (Quebec) | | 100 | % | | Canada |
USF Logistics (Mexico) Inc. | | 100 | % | | Delaware |
Meridian IQ Servicios, S. de R.L. de C.V. | | .03 | %5 | | Mexico |
Meridian IQ, S. de R.:L. de C.V. | | .7 | %4 | | Mexico |
USF Logistics Services (Puerto Rico) Inc. | | 100 | % | | Delaware |
USF Mexico Inc. | | 100 | % | | Delaware |
USF Reddaway Inc. | | 100 | % | | Oregon |
USF RedStar LLC | | 100 | % | | Delaware |
USF Sales Corporation | | 100 | % | | Delaware |
USF Technology Services Inc. | | 100 | % | | Illinois |
USF Ventures Inc. | | 100 | % | | Delaware |
USFreightways Corporation | | 100 | % | | Delaware |
YRC Worldwide Enterprise Services, Inc. | | 100 | % | | Delaware |
YRC Worldwide Technologies, Inc. | | 100 | % | | Delaware |
Meridian IQ, Inc. | | 100 | % | | Delaware |
MIQ LLC | | 100 | % | | Delaware |
Globe.com Lines, Inc. | | 100 | % | | Delaware |
Meridian IQ LA, S.R.L. | | 1 | %3 | | Peru |
Yellow Roadway Receivables Funding Corporation | | 100 | % | | Delaware |
Yellow Transportation, Inc. | | 100 | % | | Indiana |
Mission Supply Company | | 100 | % | | Kansas |
YRC Transportation S.A. de C.V. | | 46.2 | %6 | | Mexico |
YRC Services, S. de R.L. de C.V. | | 100 | % | | Mexico |
YRC Yellow LLC | | 100 | % | | Kansas |
Yellow Relocation Services, Inc. | | 100 | % | | Kansas |
Yellow Transportation of British Columbia, Inc. | | 100 | % | | Canada |
Yellow Transportation of Ontario, Inc. | | 100 | % | | Canada |
YRC Transportation S.A. de C.V. | | 53.8 | %6 | | Mexico |
| 1 | Reimer Finance, LP is owned 99% by Roadway Express, Inc. and 1% by Yellow Roadway Corporation. |
| 2 | Transcontinental Lease, S. de R.L. de C.V. is owned 98% by Roadway Express, Inc. and 2% by Roadway Express International, Inc. |
| 3 | Meridian IQ LA, S.R.L. is owned 99% by YRC International Investments, Inc. and 1% by Meridian IQ, Inc. |
| 4 | Meridian IQ, S. de R.L. de C.V. is owned 99.3% by USF Logistics Services Inc. and .7% by USF Logistics (Mexico) Inc. |
| 5 | Meridian IQ Servicios, S. de R.L. de C.V. is owned 99.97% by USF Logistics Services Inc. and ..03% by USF Logistics (Mexico) Inc. |
| 6 | Yellow Transportation Mexicana S.A. de C.V. is owned 53.8% by Yellow Transportation of Ontario, Inc. 46.2 % by Yellow Transportation, Inc. |
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Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders
YRC Worldwide Inc.:
Under date of March 15, 2006, we reported on the consolidated balance sheets of YRC Worldwide Inc. and subsidiaries (formerly, Yellow Roadway Corporation) (the Company) as of December 31, 2005 and 2004, and the related consolidated statements of operations, shareholders’ equity, comprehensive income, and cash flows for each of the years in the three-year period ended December 31, 2005, which are included in the December 31, 2005 annual report on Form 10-K of YRC Worldwide Inc. In connection with our audits of the aforementioned consolidated financial statements, we also audited the related consolidated financial statement schedule of valuation and qualifying accounts (Schedule II). This financial statement schedule is the responsibility of the Company’s management. Our responsibility is to express an opinion on this financial statement schedule based on our audit.
In our opinion, such financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly, in all material respects, the information set forth therein.
/s/ KPMG LLP
Kansas City, Missouri
March 15, 2006
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Schedule II
YRC Worldwide Inc. and Subsidiaries
Valuation and Qualifying Accounts
For the Years Ended December 31, 2005, 2004 and 2003
| | | | | | | | | | | | | | | | | |
COL. A | | COL. B | | COL. C | | | COL. D | | | COL. E |
| | | | | Additions | | | | | | |
| | | | | | -1- | | | -2- | | | | | | | | |
Description | | Balance,
Beginning
Of Year | | Charged
To Costs/
Expenses | | Charged
To Other
Accounts | | | Deductions (a) | | | Balance,
End Of
Year (b), (c) |
| | | (in millions) |
| Year ended December 31, 2005: | | | | | | | | | | | | | | | | | |
Deducted from asset account - Allowance for uncollectible accounts | | $ | 22.4 | | $ | 21.8 | | $ | 11.8 | (d) | | $ | (24.0 | ) | | $ | 32.0 |
| | | | | | | | | | | | | | | | | |
Added to liability account - Claims and insurance accruals | | $ | 320.8 | | $ | 286.1 | | $ | 150.5 | (d) | | $ | (315.3 | ) | | $ | 442.1 |
| | | | | | | | | | | | | | | | | |
Year ended December 31, 2004: | | | | | | | | | | | | | | | | | |
Deducted from asset account - Allowance for uncollectible accounts | | $ | 20.8 | | $ | 22.3 | | $ | 0.4 | | | $ | (21.1 | ) | | $ | 22.4 |
| | | | | | | | | | | | | | | | | |
Added to liability account - Claims and insurance accruals | | $ | 299.3 | | $ | 207.2 | | $ | 0.2 | | | $ | (185.9 | ) | | $ | 320.8 |
| | | | | | | | | | | | | | | | | |
Year ended December 31, 2003: | | | | | | | | | | | | | | | | | |
Deducted from asset account - Allowance for uncollectible accounts | | $ | 15.7 | | $ | 14.7 | | $ | 6.2 | (e) | | $ | (15.8 | ) | | $ | 20.8 |
| | | | | | | | | | | | | | | | | |
Added to liability account - Claims and insurance accruals | | $ | 115.2 | | $ | 114.6 | | $ | 170.4 | (e) | | $ | (100.9 | ) | | $ | 299.3 |
| | | | | | | | | | | | | | | | | |
| (a) | Regarding the allowance for uncollectible accounts, amounts primarily relate to uncollectible accounts written off, net of recoveries. For the claims and insurance accruals, amounts primarily relate to payments of claims and insurance. |
| (b) | 2003 balances include the results of Roadway LLC from the date of acquisition (December 11) through December 31, 2003. |
| (c) | 2005 balances include the results the operating companies of USF from the date of acquisition (May 24) through December 31, 2005. |
| (d) | These amounts primarily represent the beginning balances for USF as of May 24, 2005. |
| (e) | These amounts primarily represent the beginning balances for Roadway LLC as of December 11, 2003. |
91
Signatures
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | |
| YRC Worldwide Inc. |
| |
| BY: | | /s/ William D. Zollars |
| | William D. Zollars Chairman of the Board, President and Chief Executive Officer |
March 15, 2006
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | |
/s/ Donald G. Barger, Jr. Donald G. Barger, Jr. | | Senior Vice President and Chief Financial Officer | | March 15, 2006 |
| | |
/s/ Paul F. Liljegren Paul F. Liljegren | | Vice President, Controller & Chief Accounting Officer | | March 15, 2006 |
| | |
/s/ Cassandra C. Carr Cassandra C. Carr | | Director | | March 15, 2006 |
| | |
/s/ Howard M. Dean Howard M. Dean | | Director | | March 15, 2006 |
| | |
/s/ Frank P. Doyle Frank P. Doyle | | Director | | March 15, 2006 |
| | |
/s/ Dennis E. Foster Dennis E. Foster | | Director | | March 15, 2006 |
| | |
/s/ John C. McKelvey John C. McKelvey | | Director | | March 15, 2006 |
| | |
/s/ Phillip J. Meek Phillip J. Meek | | Director | | March 15, 2006 |
| | |
/s/ William L. Trubeck William L. Trubeck | | Director | | March 15, 2006 |
| | |
/s/ Carl W. Vogt Carl W. Vogt | | Director | | March 15, 2006 |
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