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SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION | 3 Months Ended
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Mar. 30, 2014
SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION [Abstract] |
SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION | 17. SUPPLEMENTAL GUARANTOR FINANCIAL INFORMATION On December 15, 2010, the Company sold the 2018 Notes. The 2018 Notes are unsecured obligations of the Company and are fully and unconditionally guaranteed on a senior unsecured basis by Pilgrim's Pride Corporation of West Virginia, Inc., a wholly owned subsidiary of the Company (the "Guarantor"). In accordance with Rule 3-10 of Regulation S-X promulgated under the Securities Act of 1933, the following condensed consolidating financial statements present the financial position, results of operations and cash flows of the Company (referred to as "Parent" for the purpose of this note only) on a Parent-only basis, the Guarantor on a Guarantor-only basis, the combined non-Guarantor subsidiaries and elimination entries necessary to arrive at the information for the Parent, the Guarantor and non-Guarantor subsidiaries on a consolidated basis. Investments in subsidiaries are accounted for by the Company using the equity method for this presentation. The tables below present the condensed consolidating balance sheets as of March 30, 2014 and December 29, 2013, as well as the condensed consolidating statements of operations, comprehensive income and cash flows for the thirteen weeks ended March 30, 2014 and March 31, 2013 based on the guarantor structure. CONDENSED CONSOLIDATING BALANCE SHEETS March 30, 2014
|  |  |  |  |  | Subsidiary |  | Subsidiary |  | Eliminations/ |  |  |
|  | Parent |  | Guarantor |  | Non-Guarantors |  | Adjustments |  | Consolidation
|  |  | (In thousands)
Cash and cash equivalents |  | $ | 373,605 |  |  | $ | - |  | $ | 141,370 |  |  | $ | - |  |  | $ | 514,975
Investment in available-for-sale securities |  |  | 37,005 |  |  |  | - |  |  | - |  |  |  | - |  |  |  | 37,005
Trade accounts and other receivables, less allowance for |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
doubtful accounts |  |  | 328,375 |  |  |  | 1,409 |  |  | 43,825 |  |  |  | - |  |  |  | 373,609
Account receivable from JBS USA, LLC |  |  | 3,220 |  |  |  | - |  |  | - |  |  |  | - |  |  |  | 3,220
Inventories |  |  | 680,895 |  |  |  | 20,912 |  |  | 91,709 |  |  |  | - |  |  |  | 793,516
Income taxes receivable |  |  | 13,596 |  |  |  | - |  |  | 7,626 |  |  |  | (587 | ) |  |  | 20,635
Current deferred tax assets |  |  | - |  |  |  | 9,902 |  |  | 506 |  |  |  | (8,181 | ) |  |  | 2,227
Prepaid expenses and other current assets |  |  | 45,413 |  |  |  | 260 |  |  | 27,241 |  |  |  | - |  |  |  | 72,914
Assets held for sale |  |  | 5,849 |  |  |  | - |  |  | - |  |  |  | - |  |  |  | 5,849
Total current assets |  |  | 1,487,958 |  |  |  | 32,483 |  |  | 312,277 |  |  |  | (8,768 | ) |  |  | 1,823,950
Intercompany receivable |  |  | (86,466 | ) |  |  | 128,609 |  |  | 5 |  |  |  | (42,148 | ) |  |  | -
Investment in subsidiaries |  |  | 501,431 |  |  |  | - |  |  | - |  |  |  | (501,431 | ) |  |  | -
Deferred tax assets |  |  | 5,995 |  |  |  | - |  |  | 16,049 |  |  |  | (5,995 | ) |  |  | 16,049
Other long-lived assets |  |  | 33,472 |  |  |  | - |  |  | 180,423 |  |  |  | (180,000 | ) |  |  | 33,895
Identified intangible assets, net |  |  | 22,482 |  |  |  | - |  |  | 8,607 |  |  |  | - |  |  |  | 31,089
Property, plant and equipment, net |  |  | 1,023,140 |  |  |  | 45,038 |  |  | 102,024 |  |  |  | (4,768 | ) |  |  | 1,165,434
Total assets |  | $ | 2,988,012 |  |  | $ | 206,130 |  | $ | 619,385 |  |  | $ | (743,110 | ) |  | $ | 3,070,417
Current maturities of long-term debt |  | $ | 205,357 |  |  | $ | - |  | $ | - |  |  | $ | - |  |  | $ | 205,357
Accounts payable |  |  | 320,458 |  |  |  | 16,279 |  |  | 45,008 |  |  |  | - |  |  |  | 381,745
Account payable to JBS USA, LLC |  |  | 6,144 |  |  |  | - |  |  | - |  |  |  | - |  |  |  | 6,144
Accrued expenses and other current liabilities |  |  | 244,954 |  |  |  | 35,356 |  |  | (4,580 | ) |  |  | - |  |  |  | 275,730
Income taxes payable |  |  | - |  |  |  | - |  |  | 587 |  |  |  | (587 | ) |  |  | -
Current deferred tax liabilities |  |  | 7,190 |  |  |  | - |  |  | 15,495 |  |  |  | (7,190 | ) |  |  | 15,495
Total current liabilities |  |  | 784,103 |  |  |  | 51,635 |  |  | 56,510 |  |  |  | (7,777 | ) |  |  | 884,471
Long-term debt, less current maturities |  |  | 527,077 |  |  |  | - |  |  | - |  |  |  | (25,000 | ) |  |  | 502,077
Intercompany payable |  |  | - |  |  |  | - |  |  | 42,148 |  |  |  | (42,148 | ) |  |  | -
Deferred tax liabilities |  |  | 12,937 |  |  |  | 4,204 |  |  | 297 |  |  |  | (6,986 | ) |  |  | 10,452
Other long-term liabilities |  |  | 84,135 |  |  |  | - |  |  | 3,293 |  |  |  | - |  |  |  | 87,428
Total liabilities |  |  | 1,408,252 |  |  |  | 55,839 |  |  | 102,248 |  |  |  | (81,911 | ) |  |  | 1,484,428
Total Pilgrim's Pride Corporation stockholders' |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
equity |  |  | 1,579,760 |  |  |  | 150,291 |  |  | 514,283 |  |  |  | (661,199 | ) |  |  | 1,583,135
Noncontrolling interest |  |  | - |  |  |  | - |  |  | 2,854 |  |  |  | - |  |  |  | 2,854
Total stockholders' equity |  |  | 1,579,760 |  |  |  | 150,291 |  |  | 517,137 |  |  |  | (661,199 | ) |  |  | 1,585,989
Total liabilities and stockholders' equity |  | $ | 2,988,012 |  |  | $ | 206,130 |  | $ | 619,385 |  |  | $ | (743,110 | ) |  | $ | 3,070,417
CONDENSED CONSOLIDATING BALANCE SHEETS December 29, 2013
|  |  |  |  |  | Subsidiary |  | Subsidiary |  | Eliminations/ |  |  |
|  | Parent |  | Guarantor |  | Non-Guarantors |  | Adjustments |  | Consolidation
|  |  |  |  |  |  |  |  | (In thousands) |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 413,092 |  |  | $ | - |  | $ | 95,114 |  |  | $ | - |  |  | $ | 508,206
Investment in available-for-sale securities |  |  | 96,902 |  |  |  | - |  |  | - |  |  |  | - |  |  |  | 96,902
Trade accounts and other receivables, less |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
allowance for doubtful accounts |  |  | 327,367 |  |  |  | 1,380 |  |  | 47,931 |  |  |  | - |  |  |  | 376,678
Account receivable from JBS USA, LLC |  |  | 2,388 |  |  |  | - |  |  | - |  |  |  | - |  |  |  | 2,388
Inventories |  |  | 696,604 |  |  |  | 20,215 |  |  | 92,013 |  |  |  | - |  |  |  | 808,832
Income taxes receivable |  |  | 52,662 |  |  |  | - |  |  | 12,793 |  |  |  | (587 | ) |  |  | 64,868
Current deferred tax assets |  |  | 3,213 |  |  |  | 5,698 |  |  | 506 |  |  |  | (7,190 | ) |  |  | 2,227
Prepaid expenses and other current assets |  |  | 34,881 |  |  |  | 270 |  |  | 26,697 |  |  |  | - |  |  |  | 61,848
Assets held for sale |  |  | 6,798 |  |  |  | - |  |  | 235 |  |  |  | - |  |  |  | 7,033
Total current assets |  |  | 1,633,907 |  |  |  | 27,563 |  |  | 275,289 |  |  |  | (7,777 | ) |  |  | 1,928,982
Intercompany receivable |  |  | (64,772 | ) |  |  | 114,707 |  |  | - |  |  |  | (49,935 | ) |  |  | -
Investment in subsidiaries |  |  | 472,431 |  |  |  | - |  |  | - |  |  |  | (472,431 | ) |  |  | -
Deferred tax assets |  |  | 5,995 |  |  |  | - |  |  | 18,924 |  |  |  | (5,998 | ) |  |  | 18,921
Other long-lived assets |  |  | 37,282 |  |  |  | - |  |  | 182,881 |  |  |  | (180,000 | ) |  |  | 40,163
Identified intangible assets, net |  |  | 23,463 |  |  |  | - |  |  | 9,062 |  |  |  | - |  |  |  | 32,525
Property, plant and equipment, net |  |  | 1,009,711 |  |  |  | 44,643 |  |  | 102,221 |  |  |  | (4,764 | ) |  |  | 1,151,811
Total assets |  | $ | 3,118,017 |  |  | $ | 186,913 |  | $ | 588,377 |  |  | $ | (720,905 | ) |  | $ | 3,172,402
Current maturities of long-term debt |  | $ | 410,234 |  |  | $ | - |  | $ | - |  |  | $ | - |  |  | $ | 410,234
Accounts payable |  |  | 308,154 |  |  |  | 12,711 |  |  | 49,495 |  |  |  | - |  |  |  | 370,360
Account payable to JBS USA, LLC |  |  | 3,934 |  |  |  | - |  |  | - |  |  |  | - |  |  |  | 3,934
Accrued expenses and other current liabilities |  |  | 269,062 |  |  |  | 33,821 |  |  | (19,528 | ) |  |  | - |  |  |  | 283,355
Income taxes payable |  |  | - |  |  |  | - |  |  | 587 |  |  |  | (587 | ) |  |  | -
Current deferred tax liabilities |  |  | 7,190 |  |  |  | - |  |  | 15,515 |  |  |  | (7,190 | ) |  |  | 15,515
Total current liabilities |  |  | 998,574 |  |  |  | 46,532 |  |  | 46,069 |  |  |  | (7,777 | ) |  |  | 1,083,398
Long-term debt, less current maturities |  |  | 526,999 |  |  |  | - |  |  | - |  |  |  | (25,000 | ) |  |  | 501,999
Intercompany payable |  |  | - |  |  |  | - |  |  | 49,935 |  |  |  | (49,935 | ) |  |  | -
Deferred tax liabilities |  |  | 13,944 |  |  |  | 5,698 |  |  | 297 |  |  |  | (5,995 | ) |  |  | 13,944
Other long-term liabilities |  |  | 77,228 |  |  |  | - |  |  | 3,231 |  |  |  | - |  |  |  | 80,459
Total liabilities |  |  | 1,616,745 |  |  |  | 52,230 |  |  | 99,532 |  |  |  | (88,707 | ) |  |  | 1,679,800
Total Pilgrim's Pride Corporation stockholders' |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
equity |  |  | 1,501,272 |  |  |  | 134,683 |  |  | 486,061 |  |  |  | (632,198 | ) |  |  | 1,489,818
Noncontrolling interest |  |  | - |  |  |  | - |  |  | 2,784 |  |  |  | - |  |  |  | 2,784
Total stockholders' equity |  |  | 1,501,272 |  |  |  | 134,683 |  |  | 488,845 |  |  |  | (632,198 | ) |  |  | 1,492,602
Total liabilities and stockholders' equity |  | $ | 3,118,017 |  |  | $ | 186,913 |  | $ | 588,377 |  |  | $ | (720,905 | ) |  | $ | 3,172,402
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Thirteen Weeks Ended March 30, 2014
|  |  |  |  |  | Subsidiary |  | Subsidiary |  | Eliminations/ |  |  |  |
|  | Parent |  | Guarantor |  | Non-Guarantors |  | Adjustments |  | Consolidation
|  | (In thousands)
Net sales |  | $ | 1,753,068 |  |  | $ | 112,550 |  |  | $ | 257,995 |  |  | $ | (105,548 | ) |  | $ | 2,018,065 |
Cost of sales |  |  | 1,597,091 |  |  |  | 98,853 |  |  |  | 212,563 |  |  |  | (105,548 | ) |  |  | 1,802,959 |
Gross profit |  |  | 155,977 |  |  |  | 13,697 |  |  |  | 45,432 |  |  |  | - |  |  |  | 215,106 |
Selling, general and administrative expense |  |  | 38,575 |  |  |  | 1,238 |  |  |  | 5,388 |  |  |  | - |  |  |  | 45,201 |
Administrative restructuring charges |  |  | 1,713 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,713 |
Operating income |  |  | 115,689 |  |  |  | 12,459 |  |  |  | 40,044 |  |  |  | - |  |  |  | 168,192 |
Interest expense, net |  |  | 19,325 |  |  |  | (14 | ) |  |  | 162 |  |  |  | - |  |  |  | 19,473 |
Interest income |  |  | (162 | ) |  |  | - |  |  |  | (649 | ) |  |  | - |  |  |  | (811 | )
Foreign currency transaction losses |  |  | 3 |  |  |  | - |  |  |  | 334 |  |  |  | - |  |  |  | 337 |
Miscellaneous, net |  |  | (2,641 | ) |  |  | 1,645 |  |  |  | (78 | ) |  |  | 68 |  |  |  | (1,006 | )
Income before income taxes |  |  | 99,164 |  |  |  | 10,828 |  |  |  | 40,275 |  |  |  | (68 | ) |  |  | 150,199 |
Income tax expense (benefit) |  |  | 32,806 |  |  |  | 5,764 |  |  |  | 13,442 |  |  |  | - |  |  |  | 52,012 |
Income before equity in earnings of consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
subsidiaries |  |  | 66,358 |  |  |  | 5,064 |  |  |  | 26,833 |  |  |  | (68 | ) |  |  | 98,187 |
Equity in earnings of consolidated subsidiaries |  |  | 31,759 |  |  |  | - |  |  |  | - |  |  |  | (31,759 | ) |  |  | - |
Net income (loss) |  |  | 98,117 |  |  |  | 5,064 |  |  |  | 26,833 |  |  |  | (31,827 | ) |  |  | 98,187 |
Less: Net loss attributable to noncontrolling interest |  |  | - |  |  |  | - |  |  |  | 70 |  |  |  | - |  |  |  | 70 |
Net income (loss) attributable to Pilgrim's Pride |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporation |  | $ | 98,117 |  |  | $ | 5,064 |  |  | $ | 26,763 |  |  | $ | (31,827 | ) |  | $ | 98,117 |
CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Thirteen Weeks Ended March 31, 2013
|  |  |  |  |  | Subsidiary |  | Subsidiary |  | Eliminations/ |  |  |  |
|  | Parent |  | Guarantor |  | Non-Guarantors |  | Adjustments |  | Consolidation
|  | (In thousands)
Net sales |  | $ | 1,769,794 |  |  | $ | 75,660 |  | $ | 259,199 |  |  | $ | (67,724 | ) |  | $ | 2,036,929 |
Cost of sales |  |  | 1,704,798 |  |  |  | 66,934 |  |  | 214,487 |  |  |  | (67,724 | ) |  |  | 1,918,495 |
Gross profit |  |  | 64,996 |  |  |  | 8,726 |  |  | 44,712 |  |  |  | - |  |  |  | 118,434 |
Selling, general and administrative expense |  |  | 37,484 |  |  |  | 1,008 |  |  | 5,500 |  |  |  | - |  |  |  | 43,992 |
Administrative restructuring charges |  |  | 484 |  |  |  | - |  |  | - |  |  |  | - |  |  |  | 484 |
Operating income |  |  | 27,028 |  |  |  | 7,718 |  |  | 39,212 |  |  |  | - |  |  |  | 73,958 |
Interest expense, net |  |  | 24,683 |  |  |  | - |  |  | 138 |  |  |  | - |  |  |  | 24,821 |
Interest income |  |  | (3 | ) |  |  | - |  |  | (213 | ) |  |  | - |  |  |  | (216 | )
Foreign currency transaction losses |  |  | (10 | ) |  |  | - |  |  | (7,614 | ) |  |  | - |  |  |  | (7,624 | )
Miscellaneous, net |  |  | (1,715 | ) |  |  | 1,221 |  |  | 530 |  |  |  | (41 | ) |  |  | (5 | )
Income before income taxes |  |  | 4,073 |  |  |  | 6,497 |  |  | 46,371 |  |  |  | 41 |  |  |  | 56,982 |
Income tax expense (benefit) |  |  | (5,871 | ) |  |  | 1,969 |  |  | 6,656 |  |  |  | - |  |  |  | 2,754 |
Income before equity in earnings of consolidated |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
subsidiaries |  |  | 9,944 |  |  |  | 4,528 |  |  | 39,715 |  |  |  | 41 |  |  |  | 54,228 |
Equity in earnings of consolidated subsidiaries |  |  | 44,638 |  |  |  | - |  |  | - |  |  |  | (44,638 | ) |  |  | - |
Net income (loss) |  |  | 54,582 |  |  |  | 4,528 |  |  | 39,715 |  |  |  | (44,597 | ) |  |  | 54,228 |
Less: Net loss attributable to noncontrolling interest |  |  | - |  |  |  | - |  |  | (354 | ) |  |  | - |  |  |  | (354 | )
Net income (loss) attributable to Pilgrim's Pride |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporation |  | $ | 54,582 |  |  | $ | 4,528 |  | $ | 40,069 |  |  | $ | (44,597 | ) |  | $ | 54,582 |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Thirteen Weeks Ended March 30, 2014
|  |  |  |  |  | Subsidiary |  | Subsidiary |  | Eliminations/ |  |  |  |
|  | Parent |  | Guarantor |  | Non-Guarantors |  | Adjustments |  | Consolidation
|  | (In thousands)
Net income (loss) |  |  | 98,117 |  |  |  | 5,064 |  |  | 26,833 |  |  | (31,827 | ) |  |  | 98,187 |
Other comprehensive loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss associated with available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
securities, net of tax |  |  | (36 | ) |  |  | - |  |  | - |  |  | - |  |  |  | (36 | )
Loss associated with pension and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
postretirement benefits, net of tax |  |  | (5,786 | ) |  |  | - |  |  | - |  |  | - |  |  |  | (5,786 | )
Total other comprehensive loss, net of tax |  |  | (5,822 | ) |  |  | - |  |  | - |  |  | - |  |  |  | (5,822 | )
Comprehensive income (loss) |  |  | 92,295 |  |  |  | 5,064 |  |  | 26,833 |  |  | (31,827 | ) |  |  | 92,365 |
Less: Comprehensive loss attributable to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
noncontrolling interests |  |  | - |  |  |  | - |  |  | 70 |  |  | - |  |  |  | 70 |
Comprehensive income (loss) attributable to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pilgrim's Pride Corporation |  | $ | 92,295 |  |  | $ | 5,064 |  | $ | 26,763 |  | $ | (31,827 | ) |  | $ | 92,295 |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Thirteen Weeks Ended March 31, 2013
|  |  |  |  | Subsidiary |  | Subsidiary |  | Eliminations/ |  |  |  |
|  | Parent |  | Guarantor |  | Non-Guarantors |  | Adjustments |  | Consolidation
|  | (In thousands)
Net income (loss) |  | $ | 54,582 |  | $ | 4,528 |  | $ | 39,715 |  |  | $ | (44,597 | ) |  | $ | 54,228 |
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gains associated with pension and other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
postretirement benefits, net of tax |  |  | 10,410 |  |  | - |  |  | - |  |  |  | - |  |  |  | 10,410 |
Total other comprehensive income, net of tax |  |  | 10,410 |  |  | - |  |  | - |  |  |  | - |  |  |  | 10,410 |
Comprehensive income (loss) |  |  | 64,992 |  |  | 4,528 |  |  | 39,715 |  |  |  | (44,597 | ) |  |  | 64,638 |
Less: Comprehensive loss attributable to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
noncontrolling interests |  |  | - |  |  | - |  |  | (354 | ) |  |  | - |  |  |  | (354 | )
Comprehensive income (loss) attributable to |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pilgrim's Pride Corporation |  | $ | 64,992 |  | $ | 4,528 |  | $ | 40,069 |  |  | $ | (44,597 | ) |  | $ | 64,992 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Thirteen Weeks Ended March 30, 2014
|  |  |  |  |  | Subsidiary |  | Subsidiary |  | Eliminations/ |  |  |  |
|  | Parent |  | Guarantor |  | Non-Guarantors |  | Adjustments |  | Consolidation
|  | (In thousands) |
Cash flows provided (used in) by operating activities |  | $ | 147,553 |  |  | $ | 1,854 |  |  | $ | 46,362 |  |  | $ | (68 | ) |  | $ | 195,701 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions of property, plant and equipment |  |  | (43,177 | ) |  |  | (1,854 | ) |  |  | (2,729 | ) |  |  | - |  |  |  | (47,760 | )
Purchases of investment securities |  |  | (37,000 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (37,000 | )
Proceeds from sale or maturity of investment securities |  |  | 96,950 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 96,950 |
Proceeds from property sales and disposals |  |  | 1,100 |  |  |  | - |  |  |  | 411 |  |  |  | - |  |  |  | 1,511 |
Cash provided by (used in) investing activities |  |  | 17,873 |  |  |  | (1,854 | ) |  |  | (2,318 | ) |  |  | - |  |  |  | 13,701 |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payments on long-term debt |  |  | (204,913 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (204,913 | )
Other financing activities |  |  | - |  |  |  | - |  |  |  | (68 | ) |  |  | 68 |  |  |  | - |
Cash provided by (used in) financing activities |  |  | (204,913 | ) |  |  | - |  |  |  | (68 | ) |  |  | 68 |  |  |  | (204,913 | )
Effect of exchange rate changes on cash and cash equivalents |  |  | - |  |  |  | - |  |  |  | 2,280 |  |  |  | - |  |  |  | 2,280 |
Increase (decrease) in cash and cash equivalents |  |  | (39,487 | ) |  |  | - |  |  |  | 46,256 |  |  |  | - |  |  |  | 6,769 |
Cash and cash equivalents, beginning of period |  |  | 413,092 |  |  |  | - |  |  |  | 95,114 |  |  |  | - |  |  |  | 508,206 |
Cash and cash equivalents, end of period |  | $ | 373,605 |  |  | $ | - |  |  | $ | 141,370 |  |  | $ | - |  |  | $ | 514,975 |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Thirteen Weeks Ended March 31, 2013
|  |  |  |  |  | Subsidiary |  | Subsidiary |  | Eliminations/ |  |  |  |
|  | Parent |  | Guarantor |  | Non-Guarantors |  | Adjustments |  | Consolidation
|  | (In thousands)
Cash flows provided (used in) by operating activities |  | $ | 30,076 |  |  | $ | 1,445 |  |  | $ | (10,923 | ) |  | $ | 41 |  |  | $ | 20,639 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions of property, plant and equipment |  |  | (21,547 | ) |  |  | (1,445 | ) |  |  | (2,786 | ) |  |  | - |  |  |  | (25,778 | )
Proceeds from property sales and disposals |  |  | 1,054 |  |  |  | - |  |  |  | 606 |  |  |  | - |  |  |  | 1,660 |
Cash used in investing activities |  |  | (20,493 | ) |  |  | (1,445 | ) |  |  | (2,180 | ) |  |  | - |  |  |  | (24,118 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from long-term debt |  |  | 288,500 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 288,500 |
Payments on long-term debt |  |  | (311,005 | ) |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (311,005 | )
Other financing activities |  |  | - |  |  |  | - |  |  |  | 41 |  |  |  | (41 | ) |  |  | - |
Cash provided by (used in) financing activities |  |  | (22,505 | ) |  |  | - |  |  |  | 41 |  |  |  | (41 | ) |  |  | (22,505 | )
Effect of exchange rate changes on cash and cash equivalents |  |  | - |  |  |  | - |  |  |  | 1,364 |  |  |  | - |  |  |  | 1,364 |
Increase (decrease) in cash and cash equivalents |  |  | (12,922 | ) |  |  | - |  |  |  | (11,698 | ) |  |  | - |  |  |  | (24,620 | )
Cash and cash equivalents, beginning of period |  |  | 27,657 |  |  |  | - |  |  |  | 40,523 |  |  |  | - |  |  |  | 68,180 |
Cash and cash equivalents, end of period |  | $ | 14,735 |  |  | $ | - |  |  | $ | 28,825 |  |  | $ | - |  |  | $ | 43,560 |

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