v2.4.0.8

Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2014

Condensed Consolidating Financial Information [Abstract]

Condensed Consolidating Balance Sheets

LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Balance Sheets (In thousands)
	March 31, 2014
	Parent				Guarantors				Non-Guarantors				Eliminations				Consolidated
Assets
Current Assets:
Cash and equivalents	$	17,763			$	27,739			$	67,744			$	—			$	113,246
Receivables, net	6				224,256				352,950				—				577,212
Intercompany receivables, net	4,064				3,495				—				(7,559		)		—
Inventory	—				850,473				405,331				—				1,255,804
Deferred income taxes	2,966				67,578				3,278				—				73,822
Prepaid expenses and other current assets	1,244				39,258				32,895				—				73,397
Total Current Assets	26,043				1,212,799				862,198				(7,559		)		2,093,481
Property and Equipment, net	624				457,233				136,010				—				593,867
Intangible Assets:
Goodwill	—				1,509,656				687,599				—				2,197,255
Other intangibles, net	—				133,465				95,887				—				229,352
Investment in Subsidiaries	2,910,794				273,699				—				(3,184,493		)		—
Intercompany Notes Receivable	825,362				41,207				—				(866,569		)		—
Other Assets	52,052				29,106				19,877				(5,162		)		95,873
Total Assets	$	3,814,875			$	3,657,165			$	1,801,571			$	(4,063,783	)		$	5,209,828
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable	$	623			$	172,684			$	210,795			$	—			$	384,102
Intercompany payables, net	—				—				7,559				(7,559		)		—
Accrued expenses:
Accrued payroll-related liabilities	7,064				41,742				25,998				—				74,804
Other accrued expenses	23,638				78,817				66,578				—				169,033
Income taxes payable	12,358				—				15,564				—				27,922
Contingent consideration liabilities	—				2,043				49,992				—				52,035
Other current liabilities	13,560				14,848				4,505				—				32,913
Current portion of long-term obligations	22,500				2,580				10,026				—				35,106
Total Current Liabilities	79,743				312,714				391,017				(7,559		)		775,915
Long-Term Obligations, Excluding Current Portion	1,229,000				8,567				458,060				—				1,695,627
Intercompany Notes Payable	—				593,747				272,822				(866,569		)		—
Deferred Income Taxes	—				137,149				30,011				(5,162		)		161,998
Other Noncurrent Liabilities	35,105				64,794				5,362				—				105,261
Stockholders’ Equity	2,471,027				2,540,194				644,299				(3,184,493		)		2,471,027
Total Liabilities and Stockholders’ Equity	$	3,814,875			$	3,657,165			$	1,801,571			$	(4,063,783	)		$	5,209,828

LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Balance Sheets (In thousands)
	December 31, 2013
	Parent				Guarantors				Non-Guarantors				Eliminations				Consolidated
Assets
Current Assets:
Cash and equivalents	$	77,926			$	13,693			$	58,869			$	—			$	150,488
Receivables, net	—				126,926				331,168				—				458,094
Intercompany receivables, net	2,275				6,923				—				(9,198		)		—
Inventory	—				687,164				389,788				—				1,076,952
Deferred income taxes	3,189				57,422				3,327				—				63,938
Prepaid expenses and other current assets	7,924				24,190				18,231				—				50,345
Total Current Assets	91,314				916,318				801,383				(9,198		)		1,799,817
Property and Equipment, net	668				419,617				126,366				—				546,651
Intangible Assets:
Goodwill	—				1,248,746				688,698				—				1,937,444
Other intangibles, net	—				56,069				97,670				—				153,739
Investment in Subsidiaries	2,364,586				264,815				—				(2,629,401		)		—
Intercompany Notes Receivable	959,185				118,740				—				(1,077,925		)		—
Other Assets	49,218				20,133				17,241				(5,469		)		81,123
Total Assets	$	3,464,971			$	3,044,438			$	1,731,358			$	(3,721,993	)		$	4,518,774
Liabilities and Stockholders’ Equity
Current Liabilities:
Accounts payable	$	314			$	147,708			$	201,047			$	—			$	349,069
Intercompany payables, net	—				—				9,198				(9,198		)		—
Accrued expenses:
Accrued payroll-related liabilities	5,236				32,850				20,609				—				58,695
Other accrued expenses	26,714				56,877				56,483				—				140,074
Income taxes payable	2,517				—				14,923				—				17,440
Contingent consideration liabilities	—				1,923				50,542				—				52,465
Other current liabilities	286				13,039				5,350				—				18,675
Current portion of long-term obligations	24,421				3,030				14,084				—				41,535
Total Current Liabilities	59,488				255,427				372,236				(9,198		)		677,953
Long-Term Obligations, Excluding Current Portion	1,016,249				6,554				241,443				—				1,264,246
Intercompany Notes Payable	—				611,274				466,651				(1,077,925		)		—
Deferred Income Taxes	—				110,110				29,181				(5,469		)		133,822
Other Noncurrent Liabilities	38,489				46,417				7,102				—				92,008
Stockholders’ Equity	2,350,745				2,014,656				614,745				(2,629,401		)		2,350,745
Total Liabilities and Stockholders’ Equity	$	3,464,971			$	3,044,438			$	1,731,358			$	(3,721,993	)		$	4,518,774

Condensed Consolidating Statements of Income

LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Income (In thousands)
	For the Three Months Ended March 31, 2014
	Parent				Guarantors				Non-Guarantors				Eliminations				Consolidated
Revenue	$	—			$	1,140,320			$	514,519			$	(29,062	)		$	1,625,777
Cost of goods sold	—				680,630				322,325				(29,062		)		973,893
Gross margin	—				459,690				192,194				—				651,884
Facility and warehouse expenses	—				93,100				33,059				—				126,159
Distribution expenses	—				94,884				42,445				—				137,329
Selling, general and administrative expenses	7,911				114,083				62,536				—				184,530
Restructuring and acquisition related expenses	—				2,988				333				—				3,321
Depreciation and amortization	59				18,668				7,984				—				26,711
Operating (loss) income	(7,970		)		135,967				45,837				—				173,834
Other expense (income):
Interest expense, net	13,669				71				2,378				—				16,118
Intercompany interest (income) expense, net	(12,324		)		6,021				6,303				—				—
Loss on debt extinguishment	324				—				—				—				324
Change in fair value of contingent consideration liabilities	—				(1,390		)		168				—				(1,222		)
Other (income) expense, net	(15		)		(1,761		)		1,680				—				(96		)
Total other expense, net	1,654				2,941				10,529				—				15,124
(Loss) income before (benefit) provision for income taxes	(9,624		)		133,026				35,308				—				158,710
(Benefit) provision for income taxes	(3,615		)		50,221				7,415				—				54,021
Equity in earnings of unconsolidated subsidiaries	—				—				(36		)		—				(36		)
Equity in earnings of subsidiaries	110,662				8,746				—				(119,408		)		—
Net income	$	104,653			$	91,551			$	27,857			$	(119,408	)		$	104,653

LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Income (In thousands)
	For the Three Months Ended March 31, 2013
	Parent				Guarantors				Non-Guarantors				Eliminations				Consolidated
Revenue	$	—			$	922,600			$	300,403			$	(27,006	)		$	1,195,997
Cost of goods sold	—				538,170				182,884				(27,006		)		694,048
Gross margin	—				384,430				117,519				—				501,949
Facility and warehouse expenses	—				81,567				18,679				—				100,246
Distribution expenses	—				75,758				28,099				—				103,857
Selling, general and administrative expenses	6,554				93,437				37,065				—				137,056
Restructuring and acquisition related expenses	—				173				1,332				—				1,505
Depreciation and amortization	60				13,590				4,047				—				17,697
Operating (loss) income	(6,614		)		119,905				28,297				—				141,588
Other expense (income):
Interest expense, net	6,123				136				2,336				—				8,595
Intercompany interest (income) expense, net	(9,560		)		5,586				3,974				—				—
Change in fair value of contingent consideration liabilities	—				126				697				—				823
Other expense (income), net	51				(712		)		1,063				—				402
Total other (income) expense, net	(3,386		)		5,136				8,070				—				9,820
(Loss) income before (benefit) provision for income taxes	(3,228		)		114,769				20,227				—				131,768
(Benefit) provision for income taxes	(1,224		)		43,870				4,530				—				47,176
Equity in earnings of subsidiaries	86,596				4,376				—				(90,972		)		—
Net income	$	84,592			$	75,275			$	15,697			$	(90,972	)		$	84,592

Condensed Consolidating Statements of Comprehensive Income (Loss)

LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Comprehensive Income (In thousands)
	For the Three Months Ended March 31, 2014
	Parent				Guarantors				Non-Guarantors				Eliminations				Consolidated
Net income	$	104,653			$	91,551			$	27,857			$	(119,408	)		$	104,653
Other comprehensive income (loss), net of tax:
Foreign currency translation	(563		)		(78		)		421				(343		)		(563		)
Net change in unrecognized gains/losses on derivative instruments, net of tax	793				—				(115		)		115				793
Change in unrealized gain on pension plan, net of tax	(37		)		—				(37		)		37				(37		)
Total other comprehensive income (loss)	193				(78		)		269				(191		)		193
Total comprehensive income	$	104,846			$	91,473			$	28,126			$	(119,599	)		$	104,846

LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Comprehensive Income (Loss) (In thousands)
	For the Three Months Ended March 31, 2013
	Parent				Guarantors				Non-Guarantors				Eliminations				Consolidated
Net income	$	84,592			$	75,275			$	15,697			$	(90,972	)		$	84,592
Other comprehensive income (loss), net of tax:
Foreign currency translation	(18,980		)		(7,698		)		(18,463		)		26,161				(18,980		)
Net change in unrecognized gains/losses on derivative instruments, net of tax	732				—				(167		)		167				732
Total other comprehensive loss	(18,248		)		(7,698		)		(18,630		)		26,328				(18,248		)
Total comprehensive income (loss)	$	66,344			$	67,577			$	(2,933	)		$	(64,644	)		$	66,344

Condensed Consolidating Statements of Cash Flows

LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Cash Flows (In thousands)
	For the Three Months Ended March 31, 2014
	Parent				Guarantors				Non-Guarantors				Eliminations				Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by (used in) operating activities	$	127,826			$	134,020			$	(73,010	)		$	(91,827	)		$	97,009
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	—				(19,107		)		(14,609		)		—				(33,716		)
Proceeds from sales of property and equipment	7				61				1,337				—				1,405
Investments in unconsolidated subsidiaries	—				(600		)		(1,640		)		—				(2,240		)
Investment and intercompany note activity with subsidiaries	(363,124		)		—				—				363,124				—
Acquisitions, net of cash acquired	—				(485,018		)		(1,718		)		—				(486,736		)
Net cash used in investing activities	(363,117		)		(504,664		)		(16,630		)		363,124				(521,287		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options	2,377				—				—				—				2,377
Excess tax benefit from stock-based payments	6,813				—				—				—				6,813
Debt issuance costs	(3,753		)		—				—				—				(3,753		)
Borrowings under revolving credit facility	560,000				—				140,123				—				700,123
Repayments under revolving credit facility	(390,000		)		—				—				—				(390,000		)
Borrowings under term loans	11,250				—				—				—				11,250
Borrowings under receivables securitization facility	—				—				80,000				—				80,000
Repayments of other long-term debt	(1,920		)		(1,112		)		(5,920		)		—				(8,952		)
Settlement of foreign currency forward contract	(9,639		)		—				—				—				(9,639		)
Payments of other obligations	—				—				(2,006		)		—				(2,006		)
Investment and intercompany note activity with parent	—				477,710				(114,586		)		(363,124		)		—
Dividends	—				(91,827		)		—				91,827				—
Net cash provided by financing activities	175,128				384,771				97,611				(271,297		)		386,213
Effect of exchange rate changes on cash and equivalents	—				(81		)		904				—				823
Net (decrease) increase in cash and equivalents	(60,163		)		14,046				8,875				—				(37,242		)
Cash and equivalents, beginning of period	77,926				13,693				58,869				—				150,488
Cash and equivalents, end of period	$	17,763			$	27,739			$	67,744			$	—			$	113,246

LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Cash Flows (In thousands)
	For the Three Months Ended March 31, 2013
	Parent				Guarantors				Non-Guarantors				Eliminations				Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by operating activities	$	58,251			$	59,296			$	8,138			$	(19,252	)		$	106,433
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	—				(15,156		)		(6,305		)		—				(21,461		)
Proceeds from sales of property and equipment	—				228				204				—				432
Investment and intercompany note activity with subsidiaries	23,761				—				—				(23,761		)		—
Acquisitions, net of cash acquired	—				(1,768		)		(11,496		)		—				(13,264		)
Net cash provided by (used in) investing activities	23,761				(16,696		)		(17,597		)		(23,761		)		(34,293		)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of stock options	2,840				—				—				—				2,840
Excess tax benefit from stock-based payments	3,002				—				—				—				3,002
Borrowings under revolving credit facility	27,500				—				54,652				—				82,152
Repayments under revolving credit facility	(108,500		)		—				(7,582		)		—				(116,082		)
Repayments under term loans	(5,625		)		—				—				—				(5,625		)
Borrowings under receivables securitization facility	—				—				1,500				—				1,500
Repayments under receivables securitization facility	—				—				(1,500		)		—				(1,500		)
Repayments of other long-term debt	(410		)		(714		)		(1,484		)		—				(2,608		)
Payments of other obligations	—				—				(31,592		)		—				(31,592		)
Investment and intercompany note activity with parent	—				(24,552		)		791				23,761				—
Dividends	—				(19,252		)		—				19,252				—
Net cash (used in) provided by financing activities	(81,193		)		(44,518		)		14,785				43,013				(67,913		)
Effect of exchange rate changes on cash and equivalents	—				—				(1,000		)		—				(1,000		)
Net increase (decrease) in cash and equivalents	819				(1,918		)		4,326				—				3,227
Cash and equivalents, beginning of period	18,396				18,253				23,121				—				59,770
Cash and equivalents, end of period	$	19,215			$	16,335			$	27,447			$	—			$	62,997

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- Definition

Tabular disclosure of components of comprehensive income (loss). Includes, but is not limited to, foreign currency translation adjustments, foreign currency transactions designated as economic hedges of a net investment in foreign entity, gain (loss) and prior service cost (credit) for pension plans and other postretirement benefit plans.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=28358780&loc=d3e526-108580

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Tabular disclosure of condensed balance sheet, including, but not limited to, balance sheets of consolidated entities and consolidation eliminations.

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Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations.

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Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations.

+ References

No definition available.

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