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v3.19.1

Condensed Consolidating Financial Information | 3 Months Ended
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Mar. 31, 2019
Condensed Consolidating Financial Information [Abstract] |
Condensed Financial Statements [Text Block] | Condensed Consolidating Financial Information LKQ Corporation (the "Parent") issued, and the Guarantors have fully and unconditionally guaranteed, jointly and severally, the U.S. Notes (2023) due on May 15, 2023. A Guarantor's guarantee will be unconditionally and automatically released and discharged upon the occurrence of any of the following events: (i) a transfer (including as a result of consolidation or merger) by the Guarantor to any person that is not a Guarantor of all or substantially all assets and properties of such Guarantor, provided the Guarantor is also released from its obligations with respect to indebtedness under the Credit Agreement or other indebtedness of ours, which obligation gave rise to the guarantee of the U.S. Notes (2023); (ii) a transfer (including as a result of consolidation or merger) to any person that is not a Guarantor of the equity interests of a Guarantor or issuance by a Guarantor of its equity interests such that the Guarantor ceases to be a subsidiary, as defined in the U.S. Notes (2023) Indenture, provided the Guarantor is also released from its obligations with respect to indebtedness under the Credit Agreement or other indebtedness of ours, which obligation gave rise to the guarantee of the U.S. Notes (2023); (iii) the release of the Guarantor from its obligations with respect to indebtedness under the Credit Agreement or other indebtedness of ours, which obligation gave rise to the guarantee of the U.S. Notes (2023); and (iv) upon legal defeasance, covenant defeasance or satisfaction and discharge of the U.S. Notes (2023) Indenture, as defined in the U.S. Notes (2023) Indenture. Presented below are the unaudited condensed consolidating financial statements of the Parent, the Guarantors, the non-guarantor subsidiaries (the "Non-Guarantors"), and the elimination entries necessary to present our financial statements on a consolidated basis as required by Rule 3-10 of Regulation S-X of the Securities Exchange Act of 1934 resulting from the guarantees of the U.S. Notes (2023). Investments in consolidated subsidiaries have been presented under the equity method of accounting. The principal elimination entries eliminate investments in subsidiaries, intercompany balances, and intercompany revenue and expenses. The unaudited condensed consolidating financial statements below have been prepared from our financial information on the same basis of accounting as the unaudited condensed consolidated financial statements, and may not necessarily be indicative of the financial position, results of operations or cash flows had the Parent, Guarantors and Non-Guarantors operated as independent entities.
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Income (In thousands)
| For the Three Months Ended March 31, 2019
| Parent |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
Revenue | $ | — |  |  | $ | 1,550,680 |  |  | $ | 1,586,877 |  |  | $ | (37,254 | ) |  | $ | 3,100,303 |
Cost of goods sold | — |  |  | 921,489 |  |  | 1,007,804 |  |  | (37,254 | ) |  | 1,892,039 |
Gross margin | — |  |  | 629,191 |  |  | 579,073 |  |  | — |  |  | 1,208,264 |
Selling, general and administrative expenses | 9,038 |  |  | 432,387 |  |  | 455,107 |  |  | — |  |  | 896,532 |
Restructuring and acquisition related expenses | — |  |  | 606 |  |  | 2,701 |  |  | — |  |  | 3,307 |
Impairment of net assets held for sale | — |  |  | 8,461 |  |  | 6,562 |  |  | — |  |  | 15,023 |
Depreciation and amortization | 54 |  |  | 25,073 |  |  | 45,875 |  |  | — |  |  | 71,002 |
Operating (loss) income | (9,092 | ) |  | 162,664 |  |  | 68,828 |  |  | — |  |  | 222,400 |
Other expense (income): |  |  |  |  |  |  |  |  |
Interest expense (income), net of interest income | 13,836 |  |  | (336 | ) |  | 22,589 |  |  | — |  |  | 36,089 |
Intercompany interest (income) expense, net | (15,086 | ) |  | 9,189 |  |  | 5,897 |  |  | — |  |  | — |
Other expense (income), net | 19 |  |  | (7,831 | ) |  | 3,961 |  |  | — |  |  | (3,851 | )
Total other (income) expense, net | (1,231 | ) |  | 1,022 |  |  | 32,447 |  |  | — |  |  | 32,238 |
(Loss) income before (benefit) provision for income taxes | (7,861 | ) |  | 161,642 |  |  | 36,381 |  |  | — |  |  | 190,162 |
(Benefit) provision for income taxes | (2,046 | ) |  | 43,303 |  |  | 10,293 |  |  | — |  |  | 51,550 |
Equity in earnings (losses) of unconsolidated subsidiaries | — |  |  | 1,147 |  |  | (40,696 | ) |  | — |  |  | (39,549 | )
Equity in earnings of subsidiaries | 103,863 |  |  | 9,712 |  |  | — |  |  | (113,575 | ) |  | — |
Net income (loss) | 98,048 |  |  | 129,198 |  |  | (14,608 | ) |  | (113,575 | ) |  | 99,063 |
Less: net income attributable to noncontrolling interest | — |  |  | — |  |  | 1,015 |  |  | — |  |  | 1,015 |
Net income (loss) attributable to LKQ stockholders | $ | 98,048 |  |  | $ | 129,198 |  |  | $ | (15,623 | ) |  | $ | (113,575 | ) |  | $ | 98,048 |
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Income (In thousands)
| For the Three Months Ended March 31, 2018
| Parent |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
Revenue | $ | — |  |  | $ | 1,577,595 |  |  | $ | 1,180,242 |  |  | $ | (37,073 | ) |  | $ | 2,720,764 |
Cost of goods sold | — |  |  | 945,915 |  |  | 757,951 |  |  | (37,073 | ) |  | 1,666,793 |
Gross margin | — |  |  | 631,680 |  |  | 422,291 |  |  | — |  |  | 1,053,971 |
Selling, general and administrative expenses | 9,130 |  |  | 426,797 |  |  | 330,964 |  |  | — |  |  | 766,891 |
Restructuring and acquisition related expenses | — |  |  | 330 |  |  | 3,724 |  |  | — |  |  | 4,054 |
Depreciation and amortization | 29 |  |  | 24,338 |  |  | 32,091 |  |  | — |  |  | 56,458 |
Operating (loss) income | (9,159 | ) |  | 180,215 |  |  | 55,512 |  |  | — |  |  | 226,568 |
Other expense (income): |  |  |  |  |  |  |  |  |
Interest expense, net of interest income | 18,008 |  |  | 212 |  |  | 10,295 |  |  | — |  |  | 28,515 |
Intercompany interest (income) expense, net | (15,400 | ) |  | 9,680 |  |  | 5,720 |  |  | — |  |  | — |
Other (income) expense, net | (1,015 | ) |  | (5,882 | ) |  | 4,015 |  |  | — |  |  | (2,882 | )
Total other expense, net | 1,593 |  |  | 4,010 |  |  | 20,030 |  |  | — |  |  | 25,633 |
(Loss) income before (benefit) provision for income taxes | (10,752 | ) |  | 176,205 |  |  | 35,482 |  |  | — |  |  | 200,935 |
(Benefit) provision for income taxes | (3,904 | ) |  | 45,877 |  |  | 7,611 |  |  | — |  |  | 49,584 |
Equity in earnings of unconsolidated subsidiaries | — |  |  | — |  |  | 1,412 |  |  | — |  |  | 1,412 |
Equity in earnings of subsidiaries | 159,808 |  |  | 5,110 |  |  | — |  |  | (164,918 | ) |  | — |
Net income | 152,960 |  |  | 135,438 |  |  | 29,283 |  |  | (164,918 | ) |  | 152,763 |
Less: net loss attributable to noncontrolling interest | — |  |  | — |  |  | (197 | ) |  | — |  |  | (197 | )
Net income attributable to LKQ stockholders | $ | 152,960 |  |  | $ | 135,438 |  |  | $ | 29,480 |  |  | $ | (164,918 | ) |  | $ | 152,960 |
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Comprehensive Income (In thousands)
| For the Three Months Ended March 31, 2019
| Parent |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
Net income (loss) | $ | 98,048 |  |  | $ | 129,198 |  |  | $ | (14,608 | ) |  | $ | (113,575 | ) |  | $ | 99,063 |
Less: net income attributable to noncontrolling interest | — |  |  | — |  |  | 1,015 |  |  | — |  |  | 1,015 |
Net income (loss) attributable to LKQ stockholders | 98,048 |  |  | 129,198 |  |  | (15,623 | ) |  | (113,575 | ) |  | 98,048 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |
Foreign currency translation, net of tax | (9,895 | ) |  | 2,194 |  |  | (10,466 | ) |  | 8,272 |  |  | (9,895 | )
Net change in unrealized gains/losses on cash flow hedges, net of tax | (2,737 | ) |  | — |  |  | — |  |  | — |  |  | (2,737 | )
Net change in unrealized gains/losses on pension plans, net of tax | 191 |  |  | (4 | ) |  | 195 |  |  | (191 | ) |  | 191 |
Net change in other comprehensive loss from unconsolidated subsidiaries | (3,463 | ) |  | — |  |  | (3,463 | ) |  | 3,463 |  |  | (3,463 | )
Other comprehensive (loss) income | (15,904 | ) |  | 2,190 |  |  | (13,734 | ) |  | 11,544 |  |  | (15,904 | )
Comprehensive income (loss) | 82,144 |  |  | 131,388 |  |  | (28,342 | ) |  | (102,031 | ) |  | 83,159 |
Less: comprehensive income attributable to noncontrolling interest | — |  |  | — |  |  | 1,015 |  |  | — |  |  | 1,015 |
Comprehensive income (loss) attributable to LKQ stockholders | $ | 82,144 |  |  | $ | 131,388 |  |  | $ | (29,357 | ) |  | $ | (102,031 | ) |  | $ | 82,144 |
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Comprehensive Income (In thousands)
| For the Three Months Ended March 31, 2018
| Parent |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
Net income | $ | 152,960 |  |  | $ | 135,438 |  |  | $ | 29,283 |  |  | $ | (164,918 | ) |  | $ | 152,763 |
Less: net loss attributable to noncontrolling interest | — |  |  | — |  |  | (197 | ) |  | — |  |  | (197 | )
Net income attributable to LKQ stockholders | 152,960 |  |  | 135,438 |  |  | 29,480 |  |  | (164,918 | ) |  | 152,960 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |
Foreign currency translation, net of tax | 48,485 |  |  | (2,183 | ) |  | 49,055 |  |  | (46,872 | ) |  | 48,485 |
Net change in unrealized gains/losses on cash flow hedges, net of tax | 3,254 |  |  | — |  |  | — |  |  | — |  |  | 3,254 |
Net change in unrealized gains/losses on pension plans, net of tax | (621 | ) |  | (621 | ) |  | — |  |  | 621 |  |  | (621 | )
Net change in other comprehensive loss from unconsolidated subsidiaries | (605 | ) |  | — |  |  | (605 | ) |  | 605 |  |  | (605 | )
Other comprehensive income (loss) | 50,513 |  |  | (2,804 | ) |  | 48,450 |  |  | (45,646 | ) |  | 50,513 |
Comprehensive income | 203,473 |  |  | 132,634 |  |  | 77,733 |  |  | (210,564 | ) |  | 203,276 |
Less: comprehensive loss attributable to noncontrolling interest | — |  |  | — |  |  | (197 | ) |  | — |  |  | (197 | )
Comprehensive income attributable to LKQ stockholders | $ | 203,473 |  |  | $ | 132,634 |  |  | $ | 77,930 |  |  | $ | (210,564 | ) |  | $ | 203,473 |
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Balance Sheets (In thousands)
| March 31, 2019
| Parent |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 40,703 |  |  | $ | 31,744 |  |  | $ | 243,619 |  |  | $ | — |  |  | $ | 316,066 |
Receivables, net | 386 |  |  | 366,235 |  |  | 986,870 |  |  | — |  |  | 1,353,491 |
Intercompany receivables, net | 7,411 |  |  | — |  |  | 19,147 |  |  | (26,558 | ) |  | — |
Inventories | — |  |  | 1,245,544 |  |  | 1,446,462 |  |  | — |  |  | 2,692,006 |
Prepaid expenses and other current assets | 4,668 |  |  | 162,616 |  |  | 115,923 |  |  | — |  |  | 283,207 |
Total current assets | 53,168 |  |  | 1,806,139 |  |  | 2,812,021 |  |  | (26,558 | ) |  | 4,644,770 |
Property, plant and equipment, net | 1,630 |  |  | 600,965 |  |  | 603,747 |  |  | — |  |  | 1,206,342 |
Operating lease assets, net | 3,857 |  |  | 801,420 |  |  | 474,299 |  |  | — |  |  | 1,279,576 |
Intangible assets: |  |  |  |  |  |  |  |  |
Goodwill | — |  |  | 1,973,101 |  |  | 2,381,205 |  |  | — |  |  | 4,354,306 |
Other intangibles, net | 234 |  |  | 260,491 |  |  | 628,884 |  |  | — |  |  | 889,609 |
Investment in subsidiaries | 5,288,058 |  |  | 123,496 |  |  | — |  |  | (5,411,554 | ) |  | — |
Intercompany notes receivable | 1,183,505 |  |  | 51,118 |  |  | — |  |  | (1,234,623 | ) |  | — |
Equity method investments | — |  |  | 17,551 |  |  | 116,683 |  |  | — |  |  | 134,234 |
Other assets | 72,335 |  |  | 40,183 |  |  | 44,555 |  |  | — |  |  | 157,073 |
Total assets | $ | 6,602,787 |  |  | $ | 5,674,464 |  |  | $ | 7,061,394 |  |  | $ | (6,672,735 | ) |  | $ | 12,665,910 |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable | $ | 2,111 |  |  | $ | 339,448 |  |  | $ | 611,129 |  |  | $ | — |  |  | $ | 952,688 |
Intercompany payables, net | — |  |  | 19,147 |  |  | 7,411 |  |  | (26,558 | ) |  | — |
Accrued expenses: |  |  |  |  |  |  |  |  |
Accrued payroll-related liabilities | 4,967 |  |  | 33,658 |  |  | 104,401 |  |  | — |  |  | 143,026 |
Other accrued expenses | 12,930 |  |  | 105,465 |  |  | 199,431 |  |  | — |  |  | 317,826 |
Refund liability | — |  |  | 51,082 |  |  | 54,353 |  |  | — |  |  | 105,435 |
Other current liabilities | 16,590 |  |  | 22,596 |  |  | 60,872 |  |  | — |  |  | 100,058 |
Current portion of operating lease liabilities | 204 |  |  | 116,053 |  |  | 99,915 |  |  | — |  |  | 216,172 |
Current portion of long-term obligations | 10,649 |  |  | 3,326 |  |  | 122,308 |  |  | — |  |  | 136,283 |
Total current liabilities | 47,451 |  |  | 690,775 |  |  | 1,259,820 |  |  | (26,558 | ) |  | 1,971,488 |
Long-term operating lease liabilities, excluding current portion | 4,054 |  |  | 712,259 |  |  | 393,501 |  |  | — |  |  | 1,109,814 |
Long-term obligations, excluding current portion | 1,624,269 |  |  | 16,248 |  |  | 2,452,249 |  |  | — |  |  | 4,092,766 |
Intercompany notes payable | — |  |  | 577,301 |  |  | 657,322 |  |  | (1,234,623 | ) |  | — |
Deferred income taxes | 7,187 |  |  | 135,287 |  |  | 163,296 |  |  | — |  |  | 305,770 |
Other noncurrent liabilities | 120,344 |  |  | 75,446 |  |  | 133,508 |  |  | — |  |  | 329,298 |
Stockholders' equity: |  |  |  |  |  |  |  |  |
Total Company stockholders’ equity | 4,799,482 |  |  | 3,467,148 |  |  | 1,944,406 |  |  | (5,411,554 | ) |  | 4,799,482 |
Noncontrolling interest | — |  |  | — |  |  | 57,292 |  |  | — |  |  | 57,292 |
Total stockholders’ equity | 4,799,482 |  |  | 3,467,148 |  |  | 2,001,698 |  |  | (5,411,554 | ) |  | 4,856,774 |
Total liabilities and stockholders' equity | $ | 6,602,787 |  |  | $ | 5,674,464 |  |  | $ | 7,061,394 |  |  | $ | (6,672,735 | ) |  | $ | 12,665,910 |
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Balance Sheets (In thousands)
| December 31, 2018
| Parent |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 25,633 |  |  | $ | 29,285 |  |  | $ | 276,843 |  |  | $ | — |  |  | $ | 331,761 |
Receivables, net | 310 |  |  | 316,726 |  |  | 837,047 |  |  | — |  |  | 1,154,083 |
Intercompany receivables, net | 6,978 |  |  | — |  |  | 12,880 |  |  | (19,858 | ) |  | — |
Inventories | — |  |  | 1,343,612 |  |  | 1,492,463 |  |  | — |  |  | 2,836,075 |
Prepaid expenses and other current assets | 18,611 |  |  | 99,356 |  |  | 81,063 |  |  | — |  |  | 199,030 |
Total current assets | 51,532 |  |  | 1,788,979 |  |  | 2,700,296 |  |  | (19,858 | ) |  | 4,520,949 |
Property, plant and equipment, net | 1,547 |  |  | 600,054 |  |  | 618,561 |  |  | — |  |  | 1,220,162 |
Intangible assets: |  |  |  |  |  |  |  |  |
Goodwill | — |  |  | 1,973,364 |  |  | 2,408,094 |  |  | — |  |  | 4,381,458 |
Other intangibles, net | 260 |  |  | 272,451 |  |  | 656,041 |  |  | — |  |  | 928,752 |
Investment in subsidiaries | 5,224,006 |  |  | 111,826 |  |  | — |  |  | (5,335,832 | ) |  | — |
Intercompany notes receivable | 1,220,582 |  |  | 10,515 |  |  | — |  |  | (1,231,097 | ) |  | — |
Equity method investments | — |  |  | 16,404 |  |  | 162,765 |  |  | — |  |  | 179,169 |
Other assets | 70,283 |  |  | 40,548 |  |  | 52,081 |  |  | — |  |  | 162,912 |
Total assets | $ | 6,568,210 |  |  | $ | 4,814,141 |  |  | $ | 6,597,838 |  |  | $ | (6,586,787 | ) |  | $ | 11,393,402 |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Accounts payable | $ | 2,454 |  |  | $ | 343,116 |  |  | $ | 596,828 |  |  | $ | — |  |  | $ | 942,398 |
Intercompany payables, net | — |  |  | 12,880 |  |  | 6,978 |  |  | (19,858 | ) |  | — |
Accrued expenses: |  |  |  |  |  |  |  |  |
Accrued payroll-related liabilities | 6,652 |  |  | 70,267 |  |  | 95,086 |  |  | — |  |  | 172,005 |
Other accrued expenses | 5,454 |  |  | 105,672 |  |  | 177,299 |  |  | — |  |  | 288,425 |
Refund liability | — |  |  | 50,899 |  |  | 53,686 |  |  | — |  |  | 104,585 |
Other current liabilities | 283 |  |  | 17,860 |  |  | 42,966 |  |  | — |  |  | 61,109 |
Current portion of long-term obligations | 8,459 |  |  | 2,932 |  |  | 110,435 |  |  | — |  |  | 121,826 |
Total current liabilities | 23,302 |  |  | 603,626 |  |  | 1,083,278 |  |  | (19,858 | ) |  | 1,690,348 |
Long-term obligations, excluding current portion | 1,628,677 |  |  | 13,532 |  |  | 2,546,465 |  |  | — |  |  | 4,188,674 |
Intercompany notes payable | — |  |  | 597,283 |  |  | 633,814 |  |  | (1,231,097 | ) |  | — |
Deferred income taxes | 8,045 |  |  | 135,355 |  |  | 168,034 |  |  | — |  |  | 311,434 |
Other noncurrent liabilities | 125,888 |  |  | 99,147 |  |  | 139,159 |  |  | — |  |  | 364,194 |
Stockholders' equity: |  |  |  |  |  |  |  |  |
Total Company stockholders’ equity | 4,782,298 |  |  | 3,365,198 |  |  | 1,970,634 |  |  | (5,335,832 | ) |  | 4,782,298 |
Noncontrolling interest | — |  |  | — |  |  | 56,454 |  |  | — |  |  | 56,454 |
Total stockholders’ equity | 4,782,298 |  |  | 3,365,198 |  |  | 2,027,088 |  |  | (5,335,832 | ) |  | 4,838,752 |
Total liabilities and stockholders' equity | $ | 6,568,210 |  |  | $ | 4,814,141 |  |  | $ | 6,597,838 |  |  | $ | (6,586,787 | ) |  | $ | 11,393,402 |
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Cash Flows (In thousands)
| For the Three Months Ended March 31, 2019
| Parent |  | Guarantors |  | Non-Guarantors (1) |  | Eliminations |  | Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |
Net cash provided by operating activities | $ | 65,970 |  |  | $ | 9,150 |  |  | $ | 54,335 |  |  | $ | 47,770 |  |  | $ | 177,225 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment | (438 | ) |  | (30,128 | ) |  | (22,450 | ) |  | — |  |  | (53,016 | )
Investment and intercompany note activity with subsidiaries | 23,342 |  |  | — |  |  | — |  |  | (23,342 | ) |  | — |
Acquisitions, net of cash acquired | — |  |  | (152 | ) |  | (4,633 | ) |  | — |  |  | (4,785 | )
Receipts of deferred purchase price on receivables under factoring arrangements | — |  |  | 75,123 |  |  | — |  |  | (75,123 | ) |  | — |
Other investing activities, net | — |  |  | 89 |  |  | (72 | ) |  | — |  |  | 17 |
Net cash provided by (used in) investing activities | 22,904 |  |  | 44,932 |  |  | (27,155 | ) |  | (98,465 | ) |  | (57,784 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |
Proceeds from exercise of stock options | 1,334 |  |  | — |  |  | — |  |  | — |  |  | 1,334 |
Taxes paid related to net share settlements of stock-based compensation awards | (1,505 | ) |  | — |  |  | — |  |  | — |  |  | (1,505 | )
Purchase of treasury stock | (70,462 | ) |  | — |  |  | — |  |  | — |  |  | (70,462 | )
Borrowings under revolving credit facilities | 194,000 |  |  | — |  |  | 90,641 |  |  | — |  |  | 284,641 |
Repayments under revolving credit facilities | (194,966 | ) |  | — |  |  | (117,373 | ) |  | — |  |  | (312,339 | )
Repayments under term loans | (2,188 | ) |  | — |  |  | — |  |  | — |  |  | (2,188 | )
Borrowings under receivables securitization facility | — |  |  | — |  |  | 6,600 |  |  | — |  |  | 6,600 |
Repayments under receivables securitization facility | — |  |  | — |  |  | (36,910 | ) |  | — |  |  | (36,910 | )
Borrowings (repayments) of other debt, net | — |  |  | 763 |  |  | (1,388 | ) |  | — |  |  | (625 | )
Other financing activities, net | (17 | ) |  | — |  |  | (1,260 | ) |  | — |  |  | (1,277 | )
Investment and intercompany note activity with parent | — |  |  | (25,502 | ) |  | 2,160 |  |  | 23,342 |  |  | — |
Dividends | — |  |  | (27,353 | ) |  | — |  |  | 27,353 |  |  | — |
Net cash used in financing activities | (73,804 | ) |  | (52,092 | ) |  | (57,530 | ) |  | 50,695 |  |  | (132,731 | )
Effect of exchange rate changes on cash, cash equivalents and restricted cash | — |  |  | 469 |  |  | (2,982 | ) |  | — |  |  | (2,513 | )
Net increase (decrease) in cash, cash equivalents and restricted cash | 15,070 |  |  | 2,459 |  |  | (33,332 | ) |  | — |  |  | (15,803 | )
Cash, cash equivalents and restricted cash, beginning of period | 25,633 |  |  | 29,285 |  |  | 282,332 |  |  | — |  |  | 337,250 |
Cash, cash equivalents and restricted cash, end of period | $ | 40,703 |  |  | $ | 31,744 |  |  | $ | 249,000 |  |  | $ | — |  |  | $ | 321,447 |
(1) Restricted cash is only included in the unaudited condensed consolidating financial statements of the Non-Guarantors.
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Cash Flows (In thousands)
| For the Three Months Ended March 31, 2018
| Parent |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |
Net cash provided by operating activities | $ | 95,942 |  |  | $ | 35,802 |  |  | $ | 243 |  |  | $ | 13,176 |  |  | $ | 145,163 |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment | (163 | ) |  | (29,908 | ) |  | (32,118 | ) |  | — |  |  | (62,189 | )
Investment and intercompany note activity with subsidiaries | 24,333 |  |  | — |  |  | — |  |  | (24,333 | ) |  | — |
Acquisitions, net of cash acquired | — |  |  | (2,966 | ) |  | — |  |  | — |  |  | (2,966 | )
Receipts of deferred purchase price on receivables under factoring arrangements (1) | — |  |  | 68,171 |  |  | — |  |  | (68,171 | ) |  | — |
Other investing activities, net | — |  |  | (145 | ) |  | 679 |  |  | — |  |  | 534 |
Net cash provided by (used in) investing activities | 24,170 |  |  | 35,152 |  |  | (31,439 | ) |  | (92,504 | ) |  | (64,621 | )
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |  |  |  |
Proceeds from exercise of stock options | 2,255 |  |  | — |  |  | — |  |  | — |  |  | 2,255 |
Taxes paid related to net share settlements of stock-based compensation awards | (3,292 | ) |  | — |  |  | — |  |  | — |  |  | (3,292 | )
Borrowings under revolving credit facilities | 161,000 |  |  | — |  |  | 40,669 |  |  | — |  |  | 201,669 |
Repayments under revolving credit facilities | (291,966 | ) |  | — |  |  | (29,559 | ) |  | — |  |  | (321,525 | )
Repayments under term loans | (4,405 | ) |  | — |  |  | — |  |  | — |  |  | (4,405 | )
(Repayments) borrowings of other debt, net | — |  |  | (30 | ) |  | 4,439 |  |  | — |  |  | 4,409 |
Other financing activities, net | (724 | ) |  | — |  |  | 4,107 |  |  | — |  |  | 3,383 |
Investment and intercompany note activity with parent | — |  |  | (21,759 | ) |  | (2,574 | ) |  | 24,333 |  |  | — |
Dividends | — |  |  | (54,995 | ) |  | — |  |  | 54,995 |  |  | — |
Net cash (used in) provided by financing activities | (137,132 | ) |  | (76,784 | ) |  | 17,082 |  |  | 79,328 |  |  | (117,506 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | (326 | ) |  | 3,203 |  |  | — |  |  | 2,877 |
Net decrease in cash and cash equivalents | (17,020 | ) |  | (6,156 | ) |  | (10,911 | ) |  | — |  |  | (34,087 | )
Cash and cash equivalents, beginning of period | 34,360 |  |  | 35,131 |  |  | 210,275 |  |  | — |  |  | 279,766 |
Cash and cash equivalents, end of period | $ | 17,340 |  |  | $ | 28,975 |  |  | $ | 199,364 |  |  | $ | — |  |  | $ | 245,679 |
(1) | The amount was updated to reflect daily transactions compared to the monthly transactions as was initially calculated in the first quarter of 2018.

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