XML 69 R45.htm IDEA: XBRL DOCUMENT
v2.4.0.8

SUBSIDIARY GUARANTOR FINANCIAL INFORMATION (Senior Secured Notes 6.875 Percent [Member]) | 12 Months Ended
--- | ---
Dec. 31, 2013
Senior Secured Notes 6.875 Percent [Member] |
Condensed Financial Statements, Captions [Line Items] |
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | SUBSIDIARY GUARANTOR FINANCIAL INFORMATION The Company's 6.875% senior secured notes due 2020 and 5.625% convertible senior subordinated notes are guaranteed by the following 100% owned subsidiaries of the Company: Titan Tire Corporation, Titan Tire Corporation of Bryan, Titan Tire Corporation of Freeport, and Titan Wheel Corporation of Illinois. The note guarantees are full and unconditional, joint and several obligations of the guarantors. The guarantees of the guarantor subsidiaries are subject to release in limited circumstances only upon the occurrence of certain customary conditions. The following condensed consolidating financial statements are presented using the equity method of accounting. Certain sales & marketing expenses recorded by non-guarantor subsidiaries have not been allocated to the guarantor subsidiaries.
(Amounts in thousands) | Consolidating Condensed Statements of Operations Year Ended December 31, 2013
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 1,139,366 |  |  | $ | 1,024,229 |  |  | $ | — |  |  | $ | 2,163,595 |
Cost of sales | 1,157 |  |  | 936,022 |  |  | 931,226 |  |  | — |  |  | 1,868,405 |
Gross profit (loss) | (1,157 | ) |  | 203,344 |  |  | 93,003 |  |  | — |  |  | 295,190 |
Selling, general and administrative expenses | 9,608 |  |  | 73,196 |  |  | 84,567 |  |  | — |  |  | 167,371 |
Research and development expenses | (35 | ) |  | 5,563 |  |  | 5,637 |  |  | — |  |  | 11,165 |
Royalty expense | — |  |  | 7,327 |  |  | 6,932 |  |  | — |  |  | 14,259 |
Income (loss) from operations | (10,730 | ) |  | 117,258 |  |  | (4,133 | ) |  | — |  |  | 102,395 |
Interest expense | (38,761 | ) |  | — |  |  | (8,359 | ) |  | — |  |  | (47,120 | )
Convertible debt conversion charge | (7,273 | ) |  | — |  |  | — |  |  | — |  |  | (7,273 | )
Loss on note repurchase | (22,734 | ) |  | — |  |  | — |  |  | — |  |  | (22,734 | )
Gain on earthquake insurance | — |  |  | — |  |  | 22,451 |  |  | — |  |  | 22,451 |
Intercompany interest income (expense) | 7,488 |  |  | 2,024 |  |  | (9,512 | ) |  | — |  |  | — |
Other income (expense) | 4,189 |  |  | (78 | ) |  | 2,904 |  |  | — |  |  | 7,015 |
Income (loss) before income taxes | (67,821 | ) |  | 119,204 |  |  | 3,351 |  |  | — |  |  | 54,734 |
Provision (benefit) for income taxes | (26,770 | ) |  | 42,528 |  |  | 9,289 |  |  | — |  |  | 25,047 |
Equity in earnings of subsidiaries | 70,738 |  |  | — |  |  | 43,605 |  |  | (114,343 | ) |  | — |
Net income (loss) | 29,687 |  |  | 76,676 |  |  | 37,667 |  |  | (114,343 | ) |  | 29,687 |
Net loss noncontrolling interests | — |  |  | — |  |  | (5,518 | ) |  | — |  |  | (5,518 | )
Net income (loss) attributable to Titan | $ | 29,687 |  |  | $ | 76,676 |  |  | $ | 43,185 |  |  | $ | (114,343 | ) |  | $ | 35,205 |
(Amounts in thousands) | Consolidating Condensed Statements of Operations Year Ended December 31, 2012
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 1,325,145 |  |  | $ | 495,533 |  |  | $ | — |  |  | $ | 1,820,678 |
Cost of sales | 1,065 |  |  | 1,051,447 |  |  | 474,027 |  |  | — |  |  | 1,526,539 |
Gross profit (loss) | (1,065 | ) |  | 273,698 |  |  | 21,506 |  |  | — |  |  | 294,139 |
Selling, general and administrative expenses | 9,993 |  |  | 87,481 |  |  | 28,683 |  |  | — |  |  | 126,157 |
Research and development expenses | 381 |  |  | 5,741 |  |  | 1,026 |  |  | — |  |  | 7,148 |
Royalty expense | — |  |  | 7,029 |  |  | 5,231 |  |  | — |  |  | 12,260 |
Supply agreement termination income | — |  |  | — |  |  | (26,134 | ) |  | — |  |  | (26,134 | )
Income (loss) from operations | (11,439 | ) |  | 173,447 |  |  | 12,700 |  |  | — |  |  | 174,708 |
Interest expense | (24,066 | ) |  | — |  |  | (3,592 | ) |  | — |  |  | (27,658 | )
Noncash Titan Europe gain | 26,700 |  |  | — |  |  | — |  |  | — |  |  | 26,700 |
Gain on acquisition | 11,678 |  |  | — |  |  | — |  |  | — |  |  | 11,678 |
Intercompany interest income (expense) | 285 |  |  | 2,051 |  |  | (2,336 | ) |  | — |  |  | — |
Other income (expense) | 4,847 |  |  | (716 | ) |  | 2,692 |  |  | — |  |  | 6,823 |
Income (loss) before income taxes | 8,005 |  |  | 174,782 |  |  | 9,464 |  |  | — |  |  | 192,251 |
Provision (benefit) for income taxes | 19,327 |  |  | 60,488 |  |  | 6,798 |  |  | — |  |  | 86,613 |
Equity in earnings of subsidiaries | 116,960 |  |  | — |  |  | 77,748 |  |  | (194,708 | ) |  | — |
Net income (loss) | $ | 105,638 |  |  | $ | 114,294 |  |  | $ | 80,414 |  |  | $ | (194,708 | ) |  | $ | 105,638 |
Net loss noncontrolling interests | — |  |  | — |  |  | — |  |  | (1,593 | ) |  | (1,593 | )
Net income (loss) attributable to Titan | $ | 105,638 |  |  | $ | 114,294 |  |  | $ | 80,414 |  |  | $ | (193,115 | ) |  | $ | 107,231 |
(Amounts in thousands) | Consolidating Condensed Statements of Operations Year Ended December 31, 2011
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 1,172,869 |  |  | $ | 314,129 |  |  | $ | — |  |  | $ | 1,486,998 |
Cost of sales | 1,276 |  |  | 961,659 |  |  | 291,955 |  |  | — |  |  | 1,254,890 |
Gross profit (loss) | (1,276 | ) |  | 211,210 |  |  | 22,174 |  |  | — |  |  | 232,108 |
Selling, general and administrative expenses | 30,936 |  |  | 10,291 |  |  | 44,690 |  |  | — |  |  | 85,917 |
Research and development expenses | 87 |  |  | 4,134 |  |  | 7 |  |  | — |  |  | 4,228 |
Royalty expense | — |  |  | 7,997 |  |  | 1,793 |  |  | — |  |  | 9,790 |
Income (loss) from operations | (32,299 | ) |  | 188,788 |  |  | (24,316 | ) |  | — |  |  | 132,173 |
Interest expense | (24,489 | ) |  | — |  |  | (770 | ) |  | — |  |  | (25,259 | )
Convertible debt conversion charge | (16,135 | ) |  | — |  |  | — |  |  | — |  |  | (16,135 | )
Gain on acquisition | 285 |  |  | — |  |  | — |  |  | — |  |  | 285 |
Other income (expense) | 5,171 |  |  | (511 | ) |  | 171 |  |  | — |  |  | 4,831 |
Income (loss) before income taxes | (67,467 | ) |  | 188,277 |  |  | (24,915 | ) |  | — |  |  | 95,895 |
Provision (benefit) for income taxes | (17,294 | ) |  | 63,450 |  |  | (8,397 | ) |  | — |  |  | 37,759 |
Equity in earnings of subsidiaries | 108,309 |  |  | — |  |  | — |  |  | (108,309 | ) |  | — |
Net income (loss) | $ | 58,136 |  |  | $ | 124,827 |  |  | $ | (16,518 | ) |  | $ | (108,309 | ) |  | $ | 58,136 |
Net loss noncontrolling interests | — |  |  | — |  |  | — |  |  | (16 | ) |  | (16 | )
Net income (loss) attributable to Titan | $ | 58,136 |  |  | $ | 124,827 |  |  | $ | (16,518 | ) |  | $ | (108,293 | ) |  | $ | 58,152 |
(Amounts in thousands) | Consolidating Condensed Statements of Comprehensive Income For the Year Ended December 31, 2013
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net income (loss) | $ | 29,687 |  |  | $ | 76,676 |  |  | $ | 37,667 |  |  | $ | (114,343 | ) |  | $ | 29,687 |
Unrealized gain (loss) on investments, net of tax | (3 | ) |  | — |  |  | (3 | ) |  | 3 |  |  | (3 | )
Currency translation adjustment, net | (24,287 | ) |  | — |  |  | (24,287 | ) |  | 24,287 |  |  | (24,287 | )
Pension liability adjustments, net of tax | 14,749 |  |  | 11,472 |  |  | 3,277 |  |  | (14,749 | ) |  | 14,749 |
Comprehensive income (loss) | 20,146 |  |  | 88,148 |  |  | 16,654 |  |  | (104,802 | ) |  | 20,146 |
Net comprehensive loss attributable to noncontrolling interests | — |  |  | — |  |  | (9,734 | ) |  | — |  |  | (9,734 | )
Comprehensive income (loss) attributable to Titan | $ | 20,146 |  |  | $ | 88,148 |  |  | $ | 26,388 |  |  | $ | (104,802 | ) |  | $ | 29,880 |
(Amounts in thousands) | Consolidating Condensed Statements of Comprehensive Income For the Year Ended December 31, 2012
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net income (loss) | $ | 105,638 |  |  | $ | 114,294 |  |  | $ | 80,414 |  |  | $ | (194,708 | ) |  | $ | 105,638 |
Unrealized gain (loss) on investments, net of tax | 1,733 |  |  | — |  |  | 1,733 |  |  | (1,733 | ) |  | 1,733 |
Noncash Titan Europe gain, net of tax | (17,208 | ) |  | — |  |  | (17,208 | ) |  | 17,208 |  |  | (17,208 | )
Currency translation adjustment, net | (7,191 | ) |  | — |  |  | (7,191 | ) |  | 7,191 |  |  | (7,191 | )
Pension liability adjustments, net of tax | (642 | ) |  | 954 |  |  | (1,596 | ) |  | 642 |  |  | (642 | )
Comprehensive income (loss) | 82,330 |  |  | 115,248 |  |  | 56,152 |  |  | (171,400 | ) |  | 82,330 |
Net comprehensive loss attributable to noncontrolling interests | — |  |  | — |  |  | — |  |  | (2,007 | ) |  | (2,007 | )
Comprehensive income (loss) attributable to Titan | $ | 82,330 |  |  | $ | 115,248 |  |  | $ | 56,152 |  |  | $ | (169,393 | ) |  | $ | 84,337 |
(Amounts in thousands) | Consolidating Condensed Statements of Comprehensive Income For the Year Ended December 31, 2011
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Net income (loss) | $ | 58,136 |  |  | $ | 124,827 |  |  | $ | (16,518 | ) |  | $ | (108,309 | ) |  | $ | 58,136 |
Unrealized gain (loss) on investments, net of tax | 4,009 |  |  | — |  |  | 4,009 |  |  | (4,009 | ) |  | 4,009 |
Currency translation adjustment, net | (12,833 | ) |  | — |  |  | (12,833 | ) |  | 12,833 |  |  | (12,833 | )
Pension liability adjustments, net of tax | (7,709 | ) |  | (6,762 | ) |  | (947 | ) |  | 7,709 |  |  | (7,709 | )
Comprehensive income (loss) | 41,603 |  |  | 118,065 |  |  | (26,289 | ) |  | (91,776 | ) |  | 41,603 |
Net comprehensive loss attributable to noncontrolling interests | — |  |  | — |  |  | — |  |  | (16 | ) |  | (16 | )
Comprehensive income (loss) attributable to Titan | $ | 41,603 |  |  | $ | 118,065 |  |  | $ | (26,289 | ) |  | $ | (91,760 | ) |  | $ | 41,619 |
(Amounts in thousands) | Consolidating Condensed Balance Sheets December 31, 2013
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 81,472 |  |  | $ | 4 |  |  | $ | 107,884 |  |  | $ | — |  |  | $ | 189,360 |
Restricted cash | — |  |  | — |  |  | 14,268 |  |  | — |  |  | 14,268 |
Accounts receivable | — |  |  | 89,259 |  |  | 173,794 |  |  | — |  |  | 263,053 |
Inventories | — |  |  | 129,113 |  |  | 255,807 |  |  | — |  |  | 384,920 |
Prepaid and other current assets | 80,876 |  |  | 20,416 |  |  | 54,985 |  |  | — |  |  | 156,277 |
Total current assets | 162,348 |  |  | 238,792 |  |  | 606,738 |  |  | — |  |  | 1,007,878 |
Property, plant and equipment, net | 9,885 |  |  | 206,928 |  |  | 421,994 |  |  | — |  |  | 638,807 |
Investment in subsidiaries | 884,222 |  |  | — |  |  | 141,752 |  |  | (1,025,974 | ) |  | — |
Other assets | 34,259 |  |  | 387 |  |  | 139,900 |  |  | — |  |  | 174,546 |
Total assets | $ | 1,090,714 |  |  | $ | 446,107 |  |  | $ | 1,310,384 |  |  | $ | (1,025,974 | ) |  | $ | 1,821,231 |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term debt | $ | — |  |  | $ | — |  |  | $ | 75,061 |  |  | $ | — |  |  | $ | 75,061 |
Accounts payable | 368 |  |  | 12,525 |  |  | 163,826 |  |  |  |  |  | 176,719 |
Other current liabilities | 15,278 |  |  | 58,001 |  |  | 61,512 |  |  | — |  |  | 134,791 |
Total current liabilities | 15,646 |  |  | 70,526 |  |  | 300,399 |  |  | — |  |  | 386,571 |
Long-term debt | 460,161 |  |  | — |  |  | 37,533 |  |  | — |  |  | 497,694 |
Other long-term liabilities | 40,658 |  |  | 15,571 |  |  | 82,701 |  |  | — |  |  | 138,930 |
Intercompany accounts | (113,474 | ) |  | (147,529 | ) |  | 261,003 |  |  | — |  |  | — |
Titan stockholders' equity | 687,723 |  |  | 507,539 |  |  | 518,435 |  |  | (1,025,974 | ) |  | 687,723 |
Noncontrolling interests | — |  |  | — |  |  | 110,313 |  |  | — |  |  | 110,313 |
Total liabilities and stockholders’ equity | $ | 1,090,714 |  |  | $ | 446,107 |  |  | $ | 1,310,384 |  |  | $ | (1,025,974 | ) |  | $ | 1,821,231 |
(Amounts in thousands) | Consolidating Condensed Balance Sheets December 31, 2012
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 103,154 |  |  | $ | 4 |  |  | $ | 85,956 |  |  | $ | — |  |  | $ | 189,114 |
Accounts receivable | (72 | ) |  | 128,917 |  |  | 168,953 |  |  | — |  |  | 297,798 |
Inventories | — |  |  | 142,070 |  |  | 224,315 |  |  | — |  |  | 366,385 |
Prepaid and other current assets | 49,438 |  |  | 17,021 |  |  | 76,367 |  |  | — |  |  | 142,826 |
Total current assets | 152,520 |  |  | 288,012 |  |  | 555,591 |  |  | — |  |  | 996,123 |
Property, plant and equipment, net | 11,497 |  |  | 208,734 |  |  | 348,113 |  |  | — |  |  | 568,344 |
Investment in subsidiaries | 565,811 |  |  | — |  |  | 86,189 |  |  | (652,000 | ) |  | — |
Other assets | 35,564 |  |  | 499 |  |  | 109,705 |  |  | — |  |  | 145,768 |
Total assets | $ | 765,392 |  |  | $ | 497,245 |  |  | $ | 1,099,598 |  |  | $ | (652,000 | ) |  | $ | 1,710,235 |
Liabilities and Stockholders’ Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term debt | $ | — |  |  | $ | — |  |  | $ | 145,801 |  |  | $ | — |  |  | $ | 145,801 |
Accounts payable | 1,000 |  |  | 21,222 |  |  | 157,843 |  |  | — |  |  | 180,065 |
Other current liabilities | 13,911 |  |  | 55,290 |  |  | 72,013 |  |  | — |  |  | 141,214 |
Total current liabilities | 14,911 |  |  | 76,512 |  |  | 375,657 |  |  | — |  |  | 467,080 |
Long-term debt | 312,881 |  |  | — |  |  | 128,557 |  |  | — |  |  | 441,438 |
Other long-term liabilities | 44,512 |  |  | 35,482 |  |  | 89,361 |  |  | — |  |  | 169,355 |
Intercompany accounts | (213,529 | ) |  | (34,272 | ) |  | 247,801 |  |  | — |  |  | — |
Titan stockholders’ equity | 606,617 |  |  | 419,523 |  |  | 232,477 |  |  | (652,000 | ) |  | 606,617 |
Noncontrolling interests | — |  |  | — |  |  | 25,745 |  |  | — |  |  | 25,745 |
Total liabilities and stockholders’ equity | $ | 765,392 |  |  | $ | 497,245 |  |  | $ | 1,099,598 |  |  | $ | (652,000 | ) |  | $ | 1,710,235 |
(Amounts in thousands) | Consolidating Condensed Statements of Cash Flows Year Ended December 31, 2013
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidated
Net cash provided by (used for) operating activities | $ | (175,810 | ) |  | $ | 28,834 |  |  | $ | 263,625 |  |  | $ | 116,649 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | (6,290 | ) |  | (29,087 | ) |  | (44,754 | ) |  | (80,131 | )
Acquisitions, net of cash acquired | — |  |  | — |  |  | (95,681 | ) |  | (95,681 | )
Additional equity investment in Wheels India | — |  |  | — |  |  | (8,017 | ) |  | (8,017 | )
Increase in restricted cash deposits | — |  |  | — |  |  | (14,473 | ) |  | (14,473 | )
Insurance proceeds | — |  |  | — |  |  | 2,879 |  |  | 2,879 |
Other, net | — |  |  | 253 |  |  | 2,091 |  |  | 2,344 |
Net cash used for investing activities | (6,290 | ) |  | (28,834 | ) |  | (157,955 | ) |  | (193,079 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |
Proceeds from borrowings | 745,313 |  |  | — |  |  | — |  |  | 745,313 |
Repurchase of senior notes | (558,360 | ) |  | — |  |  | — |  |  | (558,360 | )
Payment on debt | — |  |  | — |  |  | (200,721 | ) |  | (200,721 | )
Term loan borrowing | — |  |  | — |  |  | 43,391 |  |  | 43,391 |
Convertible note conversion | (14,090 | ) |  | — |  |  | — |  |  | (14,090 | )
Capital contribution from noncontrolling interest | — |  |  | — |  |  | 79,592 |  |  | 79,592 |
Proceeds from exercise of stock options | 1,001 |  |  | — |  |  | — |  |  | 1,001 |
Excess tax benefit from stock options exercised | (68 | ) |  | — |  |  | — |  |  | (68 | )
Payment of financing fees | (12,332 | ) |  | — |  |  | — |  |  | (12,332 | )
Dividends paid | (1,046 | ) |  | — |  |  | — |  |  | (1,046 | )
Net cash provided by (used for) financing activities | 160,418 |  |  | — |  |  | (77,738 | ) |  | 82,680 |
Effect of exchange rate change on cash | — |  |  | — |  |  | (6,004 | ) |  | (6,004 | )
Net increase (decrease) in cash and cash equivalents | (21,682 | ) |  | — |  |  | 21,928 |  |  | 246 |
Cash and cash equivalents, beginning of period | 103,154 |  |  | 4 |  |  | 85,956 |  |  | 189,114 |
Cash and cash equivalents, end of period | $ | 81,472 |  |  | $ | 4 |  |  | $ | 107,884 |  |  | $ | 189,360 |
(Amounts in thousands) | Consolidating Condensed Statements of Cash Flows Year Ended December 31, 2012
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidated
Net cash provided by (used for) operating activities | $ | (14,959 | ) |  | $ | 35,327 |  |  | $ | 109,800 |  |  | $ | 130,168 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | (6,931 | ) |  | (36,025 | ) |  | (22,784 | ) |  | (65,740 | )
Acquisitions, net of cash acquired | 780 |  |  | — |  |  | — |  |  | 780 |
Other, net | — |  |  | 698 |  |  | 368 |  |  | 1,066 |
Net cash used for investing activities | (6,151 | ) |  | (35,327 | ) |  | (22,416 | ) |  | (63,894 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |
Proceeds from borrowings | — |  |  | — |  |  | 8,838 |  |  | 8,838 |
Payment on debt | — |  |  | — |  |  | (20,811 | ) |  | (20,811 | )
Term loan borrowing | — |  |  | — |  |  | 8,333 |  |  | 8,333 |
Proceeds from exercise of stock options | 934 |  |  | — |  |  | — |  |  | 934 |
Excess tax benefit from stock options | 184 |  |  | — |  |  | — |  |  | 184 |
Payment of financing fees | (1,275 | ) |  | — |  |  | — |  |  | (1,275 | )
Dividends paid | (845 | ) |  | — |  |  | — |  |  | (845 | )
Net cash provided by (used for) financing activities | (1,002 | ) |  | — |  |  | (3,640 | ) |  | (4,642 | )
Effect of exchange rate change on cash | — |  |  | — |  |  | (1,688 | ) |  | (1,688 | )
Net increase (decrease) in cash and cash equivalents | (22,112 | ) |  | — |  |  | 82,056 |  |  | 59,944 |
Cash and cash equivalents, beginning of period | 125,266 |  |  | 4 |  |  | 3,900 |  |  | 129,170 |
Cash and cash equivalents, end of period | $ | 103,154 |  |  | $ | 4 |  |  | $ | 85,956 |  |  | $ | 189,114 |
(Amounts in thousands) | Consolidating Condensed Statements of Cash Flows Year Ended December 31, 2011
| Titan Intl., Inc. (Parent) |  | Guarantor Subsidiaries |  | Non-Guarantor Subsidiaries |  | Consolidated
Net cash provided by (used for) operating activities | $ | (12,391 | ) |  | $ | 17,609 |  |  | $ | (792 | ) |  | $ | 4,426 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | (3,530 | ) |  | (19,371 | ) |  | (12,843 | ) |  | (35,744 | )
Acquisition, net of cash acquired | (99,118 | ) |  | — |  |  | — |  |  | (99,118 | )
Purchases of marketable securities | (30,000 | ) |  | — |  |  | — |  |  | (30,000 | )
Sales of marketable securities | 31,586 |  |  | — |  |  | — |  |  | 31,586 |
Other, net | — |  |  | 1,763 |  |  | 710 |  |  | 2,473 |
Net cash used for investing activities | (101,062 | ) |  | (17,608 | ) |  | (12,133 | ) |  | (130,803 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |
Repurchase of senior unsecured notes | (1,064 | ) |  | — |  |  | — |  |  | (1,064 | )
Payment of debt | — |  |  | — |  |  | (8,856 | ) |  | (8,856 | )
Term loan borrowing | — |  |  | — |  |  | 25,879 |  |  | 25,879 |
Proceeds from exercise of stock options | 524 |  |  | — |  |  | — |  |  | 524 |
Excess tax benefit from stock options | 706 |  |  | — |  |  | — |  |  | 706 |
Dividends paid | (809 | ) |  | — |  |  | — |  |  | (809 | )
Net cash provided by (used for) financing activities | (643 | ) |  | — |  |  | 17,023 |  |  | 16,380 |
Effect of exchange rate change on cash | — |  |  | — |  |  | (333 | ) |  | (333 | )
Net increase (decrease) in cash and cash equivalents | (114,096 | ) |  | 1 |  |  | 3,765 |  |  | (110,330 | )
Cash and cash equivalents, beginning of period | 239,362 |  |  | 3 |  |  | 135 |  |  | 239,500 |
Cash and cash equivalents, end of period | $ | 125,266 |  |  | $ | 4 |  |  | $ | 3,900 |  |  | $ | 129,170 |

X
- 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 -Section 06 -Article 9 Reference 2: 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=26873400&loc=d3e24072-122690 Reference 3: 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=7656940&loc=d3e5283-111683 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_CondensedFinancialStatementsCaptionsLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration