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Condensed Consolidating Financial Statements | 3 Months Ended
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Jul. 31, 2011
Condensed Consolidating Financial Statements |
Condensed Consolidating Financial Statements | 15. Condensed Consolidating Financial Statements Block Financial LLC (BFC) is an indirect, wholly-owned consolidated subsidiary of the Company. BFC is the Issuer and the Company is the Guarantor of the Senior Notes issued on January 11, 2008 and October 26, 2004, our CLOCs and other indebtedness issued from time to time. These condensed consolidating financial statements have been prepared using the equity method of accounting. Earnings of subsidiaries are, therefore, reflected in the Company's investment in subsidiaries account. The elimination entries eliminate investments in subsidiaries, related stockholders' equity and other intercompany balances and transactions.
Condensed Consolidating Statements of Operations |  |  |  |  |  |  |  | (in 000s) |
Three months ended | H&R Block, Inc. |  |  | BFC |  |  | Other |  |  |  |  | Consolidated |
July 31, 2011 | (Guarantor) |  |  | (Issuer) |  |  | Subsidiaries |  |  | Elims |  | H&R Block |
Total revenues | $ | - |  | $ | 21,773 |  | $ | 245,861 |  | $ | - | $ | 267,634 |
Cost of revenues |  | - |  |  | 37,662 |  |  | 319,338 |  |  | - |  | 357,000 |
Selling, general and administrative | - |  |  | 7,895 |  |  | 199,968 |  |  | - |  | 207,863 |
Total expenses |  | - |  |  | 45,557 |  |  | 519,306 |  |  | - |  | 564,863 |
Operating loss |  | - |  |  | (23,784 | ) |  | (273,445 | ) |  | - |  | (297,229 | )
Other income (expense), net |  | (293,142 | ) |  | 3,281 |  |  | 806 |  |  | 293,142 |  | 4,087 |
Loss from continuing |  |  |  |  |  |  |  |  |  |  |  |  |  |
operations before tax benefit |  | (293,142 | ) |  | (20,503 | ) |  | (272,639 | ) |  | 293,142 |  | (293,142 | )
Income tax benefit |  | (119,699 | ) |  | (1,850 | ) |  | (117,849 | ) |  | 119,699 |  | (119,699 | )
Net loss from continuing operations |  | (173,443 | ) |  | (18,653 | ) |  | (154,790 | ) |  | 173,443 |  | (173,443 | )
Net loss from discontinued |  |  |  |  |  |  |  |  |  |  |  |  |  |
operations |  | (1,655 | ) |  | (1,637 | ) |  | (18 | ) |  | 1,655 |  | (1,655 | )
Net loss | $ | (175,098 | ) | $ | (20,290 | ) | $ | (154,808 | ) | $ | 175,098 | $ | (175,098 | )
Three months ended | H&R Block, Inc. |  |  | BFC |  |  | Other |  |  |  |  | Consolidated |
July 31, 2010 | (Guarantor) |  |  | (Issuer) |  |  | Subsidiaries |  |  | Elims |  | H&R Block |
Total revenues | $ | - |  | $ | 21,000 |  | $ | 253,474 |  | $ | - | $ | 274,474 |
Cost of revenues |  | - |  |  | 39,028 |  |  | 328,988 |  |  | - |  | 368,016 |
Selling, general and administrative |  | - |  |  | 2,090 |  |  | 114,939 |  |  | - |  | 117,029 |
Total expenses |  | - |  |  | 41,118 |  |  | 443,927 |  |  | - |  | 485,045 |
Operating loss |  | - |  |  | (20,118 | ) |  | (190,453 | ) |  | - |  | (210,571 | )
Other income (expense), net |  | (207,317 | ) |  | 382 |  |  | 2,872 |  |  | 207,317 |  | 3,254 |
Loss from continuing |  |  |  |  |  |  |  |  |  |  |  |  |  |
operations before tax benefit |  | (207,317 | ) |  | (19,736 | ) |  | (187,581 | ) |  | 207,317 |  | (207,317 | )
Income tax benefit |  | (79,679 | ) |  | (7,841 | ) |  | (71,838 | ) |  | 79,679 |  | (79,679 | )
Net loss from continuing operations |  | (127,638 | ) |  | (11,895 | ) |  | (115,743 | ) |  | 127,638 |  | (127,638 | )
Net loss from discontinued |  |  |  |  |  |  |  |  |  |  |  |  |  |
operations |  | (3,043 | ) |  | (3,004 | ) |  | (39 | ) |  | 3,043 |  | (3,043 | )
Net loss | $ | (130,681 | ) | $ | (14,899 | ) | $ | (115,782 | ) | $ | 130,681 | $ | (130,681 | )
Condensed Consolidating Balance Sheets |  |  |  |  |  |  |  |  |  |  | (in 000s)
|  | H&R Block, Inc. |  | BFC |  |  | Other |  |  |  |  |  | Consolidated
July 31, 2011 |  | (Guarantor) |  | (Issuer) |  |  | Subsidiaries |  |  | Elims |  |  | H&R Block
Cash & cash equivalents |  | $ | - | $ | 413,141 |  | $ | 599,595 |  | $ | (27 | ) | $ | 1,012,709
Cash & cash equivalents – restricted | - |  | 849 |  |  | 43,553 |  |  | - |  |  | 44,402
Receivables, net |  |  | - |  | 224,573 |  |  | 104,815 |  |  | - |  |  | 329,388
Mortgage loans held for investment | - |  | 466,663 |  |  | - |  |  | - |  |  | 466,663
Intangible assets and goodwill, net | - |  | - |  |  | 1,102,646 |  |  | - |  |  | 1,102,646
Investments in subsidiaries |  |  | 2,478,748 |  | - |  |  | 94 |  |  | (2,478,748 | ) |  | 94
Other assets |  |  | 12,474 |  | 299,379 |  |  | 1,040,297 |  |  | - |  |  | 1,352,150
Total assets | $ | 2,491,222 | $ | 1,404,605 |  | $ | 2,891,000 |  | $ | (2,478,775 | ) | $ | 4,308,052
Customer deposits |  | $ | - | $ | 666,295 |  | $ | - |  | $ | (27 | ) | $ | 666,268
Long-term debt |  |  | - |  | 999,055 |  |  | 20,376 |  |  | - |  |  | 1,019,431
FHLB borrowings |  |  | - |  | 25,000 |  |  | - |  |  | - |  |  | 25,000
Other liabilities |  |  | 214 |  | (132,742 | ) |  | 1,496,004 |  |  | - |  |  | 1,363,476
Net intercompany advances |  |  | 1,257,131 |  | 40,201 |  |  | (1,297,332 | ) |  | - |  |  | -
Stockholders' equity |  |  | 1,233,877 |  | (193,204 | ) |  | 2,671,952 |  |  | (2,478,748 | ) |  | 1,233,877
Total liabilities and |  |  |  |  |  |  |  |  |  |  |  |  |  |
stockholders' equity | $ | 2,491,222 | $ | 1,404,605 |  | $ | 2,891,000 |  | $ | (2,478,775 | ) | $ | 4,308,052
|  | H&R Block, Inc. |  | BFC |  |  | Other |  |  |  |  |  | Consolidated
April 30, 2011 |  | (Guarantor) |  | (Issuer) |  |  | Subsidiaries |  |  | Elims |  |  | H&R Block
Cash & cash equivalents |  | $ | - | $ | 616,238 |  | $ | 1,061,656 |  | $ | (50 | ) | $ | 1,677,844
Cash & cash equivalents – restricted | - |  | 9,522 |  |  | 38,861 |  |  | - |  |  | 48,383
Receivables, net |  |  | 88 |  | 102,011 |  |  | 390,191 |  |  | - |  |  | 492,290
Mortgage loans held for investment, net | - |  | 485,008 |  |  | - |  |  | - |  |  | 485,008
Intangible assets and goodwill, net | - |  | - |  |  | 1,214,164 |  |  | - |  |  | 1,214,164
Investments in subsidiaries |  | 2,699,555 |  | - |  |  | 32 |  |  | (2,699,555 | ) |  | 32
Other assets |  | 13,613 |  | 469,461 |  |  | 807,166 |  |  | - |  |  | 1,290,240
Total assets | $ | 2,713,256 | $ | 1,682,240 |  | $ | 3,512,070 |  | $ | (2,699,605 | ) | $ | 5,207,961
Customer deposits |  | $ | - | $ | 852,270 |  | $ | - |  | $ | (50 | ) | $ | 852,220
Long-term debt |  |  | - |  | 998,965 |  |  | 50,789 |  |  | - |  |  | 1,049,754
FHLB borrowings |  |  | - |  | 25,000 |  |  | - |  |  | - |  |  | 25,000
Other liabilities |  |  | 178 |  | (26,769 | ) |  | 1,858,004 |  |  | - |  |  | 1,831,413
Net intercompany advances |  | 1,263,504 |  | 24,173 |  |  | (1,287,677 | ) |  | - |  |  | -
Stockholders' equity |  | 1,449,574 |  | (191,399 | ) |  | 2,890,954 |  |  | (2,699,555 | ) |  | 1,449,574
Total liabilities and |  |  |  |  |  |  |  |  |  |  |  |  |  |
stockholders' equity | $ | 2,713,256 | $ | 1,682,240 |  | $ | 3,512,070 |  | $ | (2,699,605 | ) | $ | 5,207,961
Condensed Consolidating Statements of Cash Flows |  |  |  |  |  |  |  |  | (in 000s) |
Three months ended | H&R Block, Inc. |  |  | BFC |  |  | Other |  |  |  |  |  | Consolidated |
July 31, 2011 | (Guarantor) |  |  | (Issuer) |  |  | Subsidiaries |  |  | Elims |  |  | H&R Block |
Net cash provided by (used in) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
operating activities: | $ | 2,048 |  | $ | (22,900 | ) | $ | (373,697 | ) | $ | - |  | $ | (394,549 | )
Cash flows from investing: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of available-for-sale securities | - |  |  | (39,275 | ) |  | - |  |  | - |  |  | (39,275 | )
Mortgage loans originated for |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
investment, net |  | - |  |  | 11,192 |  |  | - |  |  | - |  |  | 11,192 |
Purchase property & equipment |  | - |  |  | (54 | ) |  | (10,899 | ) |  | - |  |  | (10,953 | )
Payments made for business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
acquisitions, net |  | - |  |  | - |  |  | (3,457 | ) |  | - |  |  | (3,457 | )
Proceeds from sale of businesses, net | - |  |  | - |  |  | 21,230 |  |  | - |  |  | 21,230 |
Loans made to franchisees |  | - |  |  | (16,477 | ) |  | - |  |  | - |  |  | (16,477 | )
Repayments from franchisees |  | - |  |  | 5,320 |  |  | - |  |  | - |  |  | 5,320 |
Net intercompany advances |  | 44,084 |  |  | - |  |  | - |  |  | (44,084 | ) |  | - |
Other, net |  | - |  |  | 12,031 |  |  | 6,136 |  |  | - |  |  | 18,167 |
Net cash provided by (used in) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
investing activities |  | 44,084 |  |  | (27,263 | ) |  | 13,010 |  |  | (44,084 | ) |  | (14,253 | )
Cash flows from financing: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer banking deposits |  | - |  |  | (186,268 | ) |  | - |  |  | 23 |  |  | (186,245 | )
Dividends paid |  | (45,894 | ) |  | - |  |  | - |  |  | - |  |  | (45,894 | )
Repurchase of common stock |  | (2,002 | ) |  | - |  |  | - |  |  | - |  |  | (2,002 | )
Proceeds from exercise of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
stock options |  | 1,762 |  |  | - |  |  | - |  |  | - |  |  | 1,762 |
Net intercompany advances |  | - |  |  | 33,312 |  |  | (77,396 | ) |  | 44,084 |  |  | - |
Other, net |  | 2 |  |  | 22 |  |  | (24,940 | ) |  | - |  |  | (24,916 | )
Net cash used in financing activities |  | (46,132 | ) |  | (152,934 | ) |  | (102,336 | ) |  | 44,107 |  |  | (257,295 | )
Effects of exchange rates on cash |  | - |  |  | - |  |  | 962 |  |  | - |  |  | 962 |
Net decrease in cash |  | - |  |  | (203,097 | ) |  | (462,061 | ) |  | 23 |  |  | (665,135 | )
Cash – beginning of period |  | - |  |  | 616,238 |  |  | 1,061,656 |  |  | (50 | ) |  | 1,677,844 |
Cash – end of period | $ | - |  | $ | 413,141 |  | $ | 599,595 |  | $ | (27 | ) | $ | 1,012,709 |
Three months ended | H&R Block, Inc. |  |  | BFC |  |  | Other |  |  |  |  |  | Consolidated |
July 31, 2010 | (Guarantor) |  |  | (Issuer) |  |  | Subsidiaries |  |  | Elims |  |  | H&R Block |
Net cash provided by (used in) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
operating activities: | $ | 22,849 |  | $ | (43,301 | ) | $ | (327,799 | ) | $ | - |  | $ | (348,251 | )
Cash flows from investing: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mortgage loans originated for |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
investment, net |  | - |  |  | 17,618 |  |  | - |  |  | - |  |  | 17,618 |
Purchase property & equipment |  | - |  |  | - |  |  | (8,634 | ) |  | - |  |  | (8,634 | )
Payments made for business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
acquisitions, net |  | - |  |  | - |  |  | (33,226 | ) |  | - |  |  | (33,226 | )
Proceeds from sale of businesses, net | - |  |  | - |  |  | 26,387 |  |  | - |  |  | 26,387 |
Loans made to franchisees |  | - |  |  | (33,720 | ) |  | - |  |  | - |  |  | (33,720 | )
Repayments from franchisees |  | - |  |  | 6,724 |  |  | - |  |  | - |  |  | 6,724 |
Net intercompany advances |  | 188,324 |  |  | - |  |  | - |  |  | (188,324 | ) |  | - |
Other, net |  | - |  |  | 40,668 |  |  | (21,820 | ) |  | - |  |  | 18,848 |
Net cash provided by (used in) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
investing activities |  | 188,324 |  |  | 31,290 |  |  | (37,293 | ) |  | (188,324 | ) |  | (6,003 | )
Cash flows from financing: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Customer banking deposits |  | - |  |  | (121,166 | ) |  | - |  |  | (235 | ) |  | (121,401 | )
Dividends paid |  | (48,692 | ) |  | - |  |  | - |  |  | - |  |  | (48,692 | )
Repurchase of common stock |  | (164,369 | ) |  | - |  |  | - |  |  | - |  |  | (164,369 | )
Proceeds from exercise of |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
stock options |  | 1,500 |  |  | - |  |  | - |  |  | - |  |  | 1,500 |
Net intercompany advances |  | - |  |  | 35,507 |  |  | (223,831 | ) |  | 188,324 |  |  | - |
Other, net |  | 388 |  |  | 176 |  |  | (16,551 | ) |  | - |  |  | (15,987 | )
Net cash used in financing activities |  | (211,173 | ) |  | (85,483 | ) |  | (240,382 | ) |  | 188,089 |  |  | (348,949 | )
Effects of exchange rates on cash |  | - |  |  | - |  |  | (2,232 | ) |  | - |  |  | (2,232 | )
Net decrease in cash |  | - |  |  | (97,494 | ) |  | (607,706 | ) |  | (235 | ) |  | (705,435 | )
Cash – beginning of period |  | - |  |  | 702,021 |  |  | 1,102,135 |  |  | (111 | ) |  | 1,804,045 |
Cash – end of period | $ | - |  | $ | 604,527 |  | $ | 494,429 |  | $ | (346 | ) | $ | 1,098,610 |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 9 -Section 06 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 7 -Section 05 -Paragraph c Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e24072-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6921628&loc=d3e5283-111683 + Details
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