Exhibit 21.1
Subsidiaries of YRC Worldwide Inc.
at December 31, 2006
| | | | | |
Name | | Percentage Ownership | | | Jurisdiction of Incorporation or Formation |
Express Lane Service, Inc. | | 100 | % | | Delaware |
JHJ International Transportation Co., Ltd. | | 50 | %1 | | China |
OPK Insurance Co. Ltd. | | 100 | % | | Bermuda |
Reimer Finance, LP | | 1 | %2 | | 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 | %2 | | Canada |
Roadway Express International, Inc. | | 100 | % | | Delaware |
Transcontinental Lease, S. de R.L. de C.V. | | 2 | %3 | | 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 | %3 | | 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 International Investments, Inc. | | 100 | % | | Delaware |
Meridian IQ LA, S.R.L. | | 99 | %4 | | Peru |
Meridian IQ Limitada | | 99 | %5 | | Colombia |
Meridian IQ, Inc. Limitada | | 99 | %6 | | Chile |
YRC Worldwide Pte Ltd. | | 100 | % | | Singapore |
Meridian IQ Asia Limited | | 100 | % | | Hong Kong |
GPS Logistics Group Limited (Bermuda) | | 100 | % | | Bermuda |
Sealand Logistics (Europe) Limited | | 100 | % | | United Kingdom |
GPS Worldwide Malaysia Sdn Bhd | | 100 | % | | Malaysia |
MIQ Supply Chain System Limited | | 100 | % | | Hong Kong |
Meridian IQ (Thailand) Co., Ltd. | | 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 China Co., Ltd. | | 100 | % | | China |
Meridian IQ India Private Limited | | 100 | % | | India |
Meridian IQ Japan Limited | | 100 | % | | Japan |
Meridian IQ Jin Jiang Logistics Co., Ltd. | | 75 | %7 | | China |
Meridian IQ Korea Limited | | 100 | % | | Korea |
Meridian IQ Malaysia Sdn Bhd | | 100 | % | | Malaysia |
Meridian IQ Philippines Inc. | | 100 | % | | Philippines |
Meridian IQ Singapore Pte. Ltd. | | 100 | % | | Singapore |
Meridian IQ Taiwan Limited | | 100 | % | | Taiwan |
Meridian IQ Vietnam Limited | | 100 | % | | British Virgin Islands |
PT Meridian IQ Indonesia International | | 100 | % | | Indonesia |
YGPS (EU) Limited | | 100 | % | | United Kingdom |
GPS Logistics (EU) Limited | | 100 | % | | United Kingdom |
Meridian IQ (UK) Limited | | 100 | % | | United Kingdom |
YRC Mortgages, LLC | | 100 | % | | Delaware |
YRC Regional Transportation, Inc. | | 100 | % | | Delaware |
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| | | | | |
Name | | Percentage Ownership | | | Jurisdiction of Incorporation or Formation |
IMUA Handling Corporation | | 100 | % | | Hawaii |
Meridian IQ Services Inc. | | 100 | % | | Illinois |
Meridian IQ Inc. (Ontario) | | 100 | % | | Canada |
Meridian IQ Supply Chain Solutions Inc. | | 100 | % | | Canada |
Meridian IQ Services Inc. (Quebec) | | 100 | % | | Canada |
Meridian IQ, S. de R.L. de C.V. | | 99.03 | %8 | | Mexico |
Meridian IQ Leasing, S. de R.L. de C.V. | | 99.97 | %9 | | Mexico |
Meridian IQ Servicios, S. de R.L. de C.V. | | 99.97 | %10 | | Mexico |
USF Logistics (Mexico) Inc. | | 100 | % | | Delaware |
Meridian IQ, S. de R.L. de C.V. | | .07 | %8 | | Mexico |
Meridian IQ Leasing, S. de R.L. de C.V. | | .03 | %9 | | Mexico |
Meridian IQ Servicios, S. de R.L. de C.V. | | .03 | %10 | | Mexico |
USF Logistics Services (Puerto Rico) Inc. | | 100 | % | | Delaware |
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 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 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 | %4 | | Peru |
Meridian IQ Limitada | | 1 | %5 | | Colombia |
Meridian IQ, Inc. Limitada | | 1 | %6 | | Chile |
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 | %11 | | 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 | %11 | | Mexico |
1 | JHJ International Transportation Co., Ltd. is owned 50% by YRC Worldwide Inc. and 50% by a third party. |
2 | Reimer Finance, LP is owned 99% by Roadway Express, Inc. and 1% by YRC Worldwide Inc. |
3 | Transcontinental Lease, S. de R.L. de C.V. is owned 98% by Roadway Express, Inc. and 2% by Roadway Express International, Inc. |
4 | Meridian IQ LA, S.R.L. is owned 99% by YRC International Investments, Inc. and 1% by Meridian IQ, Inc. |
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5 | Meridian IQ Limitada is owned 99% by YRC International Investments, Inc. and 1% by Meridian IQ, Inc. |
6 | Meridian IQ, Inc. Limitada is owned 99% by YRC International Investments, Inc. and 1% by Meridian IQ, Inc. |
7 | Meridian IQ Jin Jiang Logistics Co., Ltd. is owned 75% by Meridian IQ Asia Limited and 25% by a third party. |
8 | Meridian IQ, S. de R.L. de C.V. is owned 99.03% by Meridian IQ Services Inc. and .07% by USF Logistics (Mexico) Inc. |
9 | Meridian IQ Leasing, S. de R.L. de C.V. is owned 99.96% by Meridian IQ, S. de R.L. de C.V. and .03% by USF Logistics (Mexico) Inc. |
10 | 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. |
11 | YRC Transportation 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 1, 2007, we reported on the consolidated balance sheets of YRC Worldwide Inc. and subsidiaries (formerly, Yellow Roadway Corporation) (the Company) as of December 31, 2006 and 2005, and the related statements of consolidated operations, cash flow, shareholders’ equity, and comprehensive income for each of the years in the three-year period ended December 31, 2006, which are included in the December 31, 2006 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.
Our audit report on the consolidated financial statements of the Company referred to above contains an explanatory paragraph stating that, as discussed in the notes to the consolidated financial statements, the Company adopted Statement of Financial Accounting Standards (SFAS) No. 158,Employer’s Accounting for Defined Benefit Pension and Other Postretirement Plans, and SFAS No. 123(R),Share-Based Payment, during the year ended December 31, 2006.
|
/s/ KPMG LLP |
|
| Kansas City, Missouri |
| March 1, 2007 |
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Schedule II
YRC Worldwide Inc. and Subsidiaries
Valuation and Qualifying Accounts
For the Years Ended December 31, 2006, 2005 and 2004
| | | | | | | | | | | | | | | | | | | |
COL. A | | COL. B | | COL. C | | | COL. D | | | COL. E | |
| | | | | Additions | | | | | | | |
| Description | | Balance, Beginning
Of Year | | -1-
Charged To
Costs/
Expenses | | | -2-
Charged To
Other
Accounts | | | Deductions
(a) | | | Balance, End Of
Year | |
| | | (in millions) | |
Year ended December 31, 2006: | | | | | | | | | | | | | | | | | | | |
Deducted from asset account - | | | | | | | | | | | | | | | | | | | |
Allowance for uncollectible accounts | | $ | 32.0 | | $ | 39.2 | | | $ | — | | | $ | ( 35.5 | ) | | $ | 35.7 | |
| | | | | | | | | | | | | | | | | | | |
Added to liability account - | | | | | | | | | | | | | | | | | | | |
Claims and insurance accruals | | $ | 499.9 | | $ | 344.8 | | | $ | 7.5 | (c) | | $ | (347.8 | ) | | $ | 504.4 | |
| | | | | | | | | | | | | | | | | | | |
Year ended December 31, 2005(b): | | | | | | | | | | | | | | | | | | | |
Deducted from asset account - | | | | | | | | | | | | | | | | | | | |
Allowance for uncollectible accounts | | $ | 22.4 | | $ | 21.8 | | | $ | 11.8 | (c) | | $ | ( 24.0 | ) | | $ | 32.0 | |
| | | | | | | | | | | | | | | | | | | |
Added to liability account - | | | | | | | | | | | | | | | | | | | |
Claims and insurance accruals | | $ | 320.8 | | $ | 297.2 | (d) | | $ | 143.6 | (c) | | $ | (261.7 | ) | | $ | 499.9 | (d) |
| | | | | | | | | | | | | | | | | | | |
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 | | | $ | 85.9 | ) | | $ | 320.8 | |
| | | | | | | | | | | | | | | | | | | |
| (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) | 2005 balances include the results of the operating companies of USF from the date of acquisition (May 24) through December 31, 2005. |
| (c) | These amounts primarily represent the beginning balances for USF as of May 24, 2005 and adjustments thereto. |
| (d) | These amounts have been revised from the prior year’s presentation to correct for an inadvertent omission of data. Amounts “charged to costs/expenses” for claims and insurance accruals was previously reported as $245.9 million in 2005. “Balance, end of year” for claims and insurance accruals was previously reported as $448.6 million in 2005. |
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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 |
| | & Chief Executive Officer |
March 1, 2007
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. | | Executive Vice President | | March 1, 2007 |
| Donald G. Barger, Jr. | | & Chief Financial Officer | | |
| | |
/s/ Paul F. Liljegren | | Vice President, Controller & | | March 1, 2007 |
| Paul F. Liljegren | | Chief Accounting Officer | | |
| | |
/s/ Cassandra C. Carr | | Director | | March 1, 2007 |
| Cassandra C. Carr | | | | |
| | |
/s/ Howard M. Dean | | Director | | March 1, 2007 |
| Howard M. Dean | | | | |
| | |
/s/ John F. Fiedler | | Director | | March 1, 2007 |
| John F. Fiedler | | | | |
| | |
/s/ Dennis E. Foster | | Director | | March 1, 2007 |
| Dennis E. Foster | | | | |
| | |
/s/ John C. McKelvey | | Director | | March 1, 2007 |
| John C. McKelvey | | | | |
| | |
/s/ Phillip J. Meek | | Director | | March 1, 2007 |
| Phillip J. Meek | | | | |
| | |
/s/ William L. Trubeck | | Director | | March 1, 2007 |
| William L. Trubeck | | | | |
| | |
/s/ Carl W. Vogt | | Director | | March 1, 2007 |
| Carl W. Vogt | | | | |
97
