v3.2.0.727

Financial Guarantees and Condensed Consolidating Financial Statements | 6 Months Ended
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Jun. 28, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Financial Guarantees and Condensed Consolidating Financial Statements | Financial Guarantees and Condensed Consolidating Financial Statements AVINTIV Specialty Materials Inc's. (the "Issuer") Senior Secured Notes are fully and unconditionally guaranteed, jointly and severally on a senior secured basis, by each of the Issuer' 100% owned domestic subsidiaries (collectively, the “Guarantors”). As substantially all of the Issuer’s operating income and cash flow is generated by its subsidiaries, funds necessary to meet the Issuer's debt service obligations may be provided, in part, by distributions or advances from its subsidiaries. Under certain circumstances, contractual and legal restrictions, as well as the financial condition and operating requirements of the Issuer’s subsidiaries, could limit the Issuer’s ability to obtain cash from its subsidiaries for the purpose of meeting its debt service obligations, including the payment of principal and interest on the Senior Secured Notes. Although holders of the Senior Secured Notes will be direct creditors of the Issuer’s principal direct subsidiaries by virtue of the guarantees, the Issuer has subsidiaries that are not included among the Guarantors (collectively, the “Non-Guarantors”), and such subsidiaries will not be obligated with respect to the Senior Secured Notes. As a result, the claims of creditors of the Non-Guarantors will effectively have priority with respect to the assets and earnings of such companies over the claims of creditors of the Issuer, including the holders of the Senior Secured Notes. The following Condensed Consolidating Financial Statements are presented to satisfy the disclosure requirements of Rule 3-10 of Regulation S-X. In accordance with Rule 3-10, the subsidiary guarantors are all 100% owned by the Issuer. The guarantees on the Senior Secured Notes are full and unconditional and all guarantees are joint and several. The information presents Condensed Consolidating Balance Sheets as of June 28, 2014 and December 28, 2013, Condensed Consolidating Statements of Comprehensive Income (Loss) for the three and six months ended June 28, 2014 and June 29, 2013, and Condensed Consolidating Statements of Cash Flows for the six months ended June 28, 2014 and June 29, 2013 of (1) the Issuer, (2) the Guarantors, (3) the Non-Guarantors and (4) consolidating eliminations to arrive at the information for the Company on a consolidated basis. Condensed Consolidating Balance Sheet As of June 28, 2014
In thousands | Issuer |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
ASSETS | RESTATED |  |  |  |  |  |  |  | RESTATED
Current Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 296 |  |  | $ | 121,459 |  |  | $ | 89,441 |  |  | $ | — |  |  | $ | 211,196 |
Accounts receivable, net | — |  |  | 46,040 |  |  | 211,571 |  |  | — |  |  | 257,611 |
Inventories, net | (789 | ) |  | 48,683 |  |  | 141,771 |  |  | — |  |  | 189,665 |
Deferred income taxes | 385 |  |  | 2,439 |  |  | 5,634 |  |  | (2,823 | ) |  | 5,635 |
Other current assets | 17,342 |  |  | 12,165 |  |  | 80,567 |  |  | — |  |  | 110,074 |
Total current assets | 17,234 |  |  | 230,786 |  |  | 528,984 |  |  | (2,823 | ) |  | 774,181 |
Property, plant and equipment, net | 3,636 |  |  | 209,255 |  |  | 731,124 |  |  | — |  |  | 944,015 |
Goodwill | — |  |  | 54,417 |  |  | 196,005 |  |  | — |  |  | 250,422 |
Intangible assets, net | 39,348 |  |  | 113,975 |  |  | 38,236 |  |  | — |  |  | 191,559 |
Net investment in and advances to (from) subsidiaries | 1,572,311 |  |  | 530,756 |  |  | (811,791 | ) |  | (1,291,276 | ) |  | — |
Deferred income taxes | — |  |  | — |  |  | 5,116 |  |  | — |  |  | 5,116 |
Other noncurrent assets | 291 |  |  | 8,976 |  |  | 27,992 |  |  | — |  |  | 37,259 |
Total assets | $ | 1,632,820 |  |  | $ | 1,148,165 |  |  | $ | 715,666 |  |  | $ | (1,294,099 | ) |  | $ | 2,202,552 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Short-term borrowings | $ | 719 |  |  | $ | — |  |  | $ | 13,351 |  |  | $ | — |  |  | $ | 14,070 |
Accounts payable and accrued liabilities | 42,335 |  |  | 57,952 |  |  | 236,087 |  |  | — |  |  | 336,374 |
Income taxes payable | 399 |  |  | 145 |  |  | 606 |  |  | — |  |  | 1,150 |
Deferred income taxes | — |  |  | (148 | ) |  | 518 |  |  | 1,148 |  |  | 1,518 |
Current portion of long-term debt | 62,090 |  |  | — |  |  | 48,236 |  |  | — |  |  | 110,326 |
Total current liabilities | 105,543 |  |  | 57,949 |  |  | 298,798 |  |  | 1,148 |  |  | 463,438 |
Long-term debt | 1,311,050 |  |  | — |  |  | 63,446 |  |  | — |  |  | 1,374,496 |
Deferred income taxes | 973 |  |  | 12,737 |  |  | 26,531 |  |  | (3,971 | ) |  | 36,270 |
Other noncurrent liabilities | 407 |  |  | 27,179 |  |  | 85,208 |  |  | — |  |  | 112,794 |
Total liabilities | 1,417,973 |  |  | 97,865 |  |  | 473,983 |  |  | (2,823 | ) |  | 1,986,998 |
Redeemable noncontrolling interest | 100,467 |  |  | — |  |  | — |  |  | — |  |  | 100,467 |
Common stock | — |  |  | — |  |  | 16,966 |  |  | (16,966 | ) |  | — |
AVINTIV shareholders’ equity | 114,380 |  |  | 1,050,300 |  |  | 224,010 |  |  | (1,274,310 | ) |  | 114,380 |
Noncontrolling interest | — |  |  | — |  |  | 707 |  |  | — |  |  | 707 |
Total equity | 114,380 |  |  | 1,050,300 |  |  | 241,683 |  |  | (1,291,276 | ) |  | 115,087 |
Total liabilities and equity | $ | 1,632,820 |  |  | $ | 1,148,165 |  |  | $ | 715,666 |  |  | $ | (1,294,099 | ) |  | $ | 2,202,552 |
Condensed Consolidating Balance Sheet As of December 28, 2013
In thousands | Issuer |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
ASSETS |  |  |  |  |  |  |  |  |
Current Assets: |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 2,068 |  |  | $ | 13,103 |  |  | $ | 70,893 |  |  | $ | — |  |  | $ | 86,064 |
Accounts receivable, net | — |  |  | 46,828 |  |  | 147,999 |  |  | — |  |  | 194,827 |
Inventories, net | — |  |  | 46,428 |  |  | 109,646 |  |  | — |  |  | 156,074 |
Deferred income taxes | 385 |  |  | 2,438 |  |  | 2,318 |  |  | (2,823 | ) |  | 2,318 |
Other current assets | 1,887 |  |  | 12,696 |  |  | 44,513 |  |  | — |  |  | 59,096 |
Total current assets | 4,340 |  |  | 121,493 |  |  | 375,369 |  |  | (2,823 | ) |  | 498,379 |
Property, plant and equipment, net | 2,756 |  |  | 207,256 |  |  | 442,768 |  |  | — |  |  | 652,780 |
Goodwill | — |  |  | 54,683 |  |  | 60,645 |  |  | — |  |  | 115,328 |
Intangible assets, net | 31,525 |  |  | 125,146 |  |  | 12,728 |  |  | — |  |  | 169,399 |
Net investment in and advances to (from) subsidiaries | 1,013,856 |  |  | 615,314 |  |  | (363,414 | ) |  | (1,265,756 | ) |  | — |
Deferred income taxes | — |  |  | — |  |  | 2,582 |  |  | — |  |  | 2,582 |
Other noncurrent assets | 298 |  |  | 8,869 |  |  | 16,885 |  |  | — |  |  | 26,052 |
Total assets | $ | 1,052,775 |  |  | $ | 1,132,761 |  |  | $ | 547,563 |  |  | $ | (1,268,579 | ) |  | $ | 1,464,520 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |
Short-term borrowings | $ | 410 |  |  | $ | — |  |  | $ | 2,062 |  |  | $ | — |  |  | $ | 2,472 |
Accounts payable and accrued liabilities | 36,510 |  |  | 61,950 |  |  | 209,271 |  |  | — |  |  | 307,731 |
Income taxes payable | 369 |  |  | — |  |  | 3,244 |  |  | — |  |  | 3,613 |
Deferred income taxes | — |  |  | — |  |  | 194 |  |  | 1,148 |  |  | 1,342 |
Current portion of long-term debt | 3,039 |  |  | — |  |  | 10,758 |  |  | — |  |  | 13,797 |
Total current liabilities | 40,328 |  |  | 61,950 |  |  | 225,529 |  |  | 1,148 |  |  | 328,955 |
Long-term debt | 850,767 |  |  | — |  |  | 29,632 |  |  | — |  |  | 880,399 |
Deferred income taxes | 974 |  |  | 12,543 |  |  | 23,689 |  |  | (3,970 | ) |  | 33,236 |
Other noncurrent liabilities | 1,810 |  |  | 31,718 |  |  | 28,663 |  |  | — |  |  | 62,191 |
Total liabilities | 893,879 |  |  | 106,211 |  |  | 307,513 |  |  | (2,822 | ) |  | 1,304,781 |
Common stock | — |  |  | — |  |  | 16,966 |  |  | (16,966 | ) |  | — |
AVINTIV shareholders’ equity | 158,896 |  |  | 1,026,550 |  |  | 222,241 |  |  | (1,248,791 | ) |  | 158,896 |
Noncontrolling interest | — |  |  | — |  |  | 843 |  |  | — |  |  | 843 |
Total equity | 158,896 |  |  | 1,026,550 |  |  | 240,050 |  |  | (1,265,757 | ) |  | 159,739 |
Total liabilities and equity | $ | 1,052,775 |  |  | $ | 1,132,761 |  |  | $ | 547,563 |  |  | $ | (1,268,579 | ) |  | $ | 1,464,520 |
Condensed Consolidating Statement of Comprehensive Income (Loss) For the Three Months Ended June 28, 2014
In thousands | Issuer |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 147,350 |  |  | $ | 308,021 |  |  | $ | (15,473 | ) |  | $ | 439,898 |
Cost of goods sold | (93 | ) |  | (114,025 | ) |  | (254,667 | ) |  | 15,473 |  |  | (353,312 | )
Gross profit | (93 | ) |  | 33,325 |  |  | 53,354 |  |  | — |  |  | 86,586 |
Selling, general and administrative expenses | (12,101 | ) |  | (14,909 | ) |  | (37,159 | ) |  | — |  |  | (64,169 | )
Special charges, net | (14,972 | ) |  | (1,681 | ) |  | (7,611 | ) |  | — |  |  | (24,264 | )
Other operating, net | — |  |  | 509 |  |  | (4,364 | ) |  | — |  |  | (3,855 | )
Operating income (loss) | (27,166 | ) |  | 17,244 |  |  | 4,220 |  |  | — |  |  | (5,702 | )
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (13,487 | ) |  | (482 | ) |  | (6,948 | ) |  | — |  |  | (20,917 | )
Debt modification and extinguishment costs | (10,738 | ) |  | — |  |  | — |  |  | — |  |  | (10,738 | )
Intercompany royalty and technical service fees | (9,893 | ) |  | 1,140 |  |  | 8,753 |  |  | — |  |  | — |
Foreign currency and other, net | 12,117 |  |  | (678 | ) |  | (1,436 | ) |  | — |  |  | 10,003 |
Equity in earnings of subsidiaries | 26,163 |  |  | (1,712 | ) |  | — |  |  | (24,451 | ) |  | — |
Income (loss) before income taxes | (23,004 | ) |  | 15,512 |  |  | 4,589 |  |  | (24,451 | ) |  | (27,354 | )
Income tax (provision) benefit | 3,340 |  |  | (671 | ) |  | 2,744 |  |  | — |  |  | 5,413 |
Net income (loss) | (19,664 | ) |  | 14,841 |  |  | 7,333 |  |  | (24,451 | ) |  | (21,941 | )
Less: Earnings attributable to noncontrolling interest and redeemable noncontrolling interest | — |  |  | — |  |  | (2,277 | ) |  | — |  |  | (2,277 | )
Net income (loss) attributable to AVINTIV | $ | (19,664 | ) |  | $ | 14,841 |  |  | $ | 9,610 |  |  | $ | (24,451 | ) |  | $ | (19,664 | )
Comprehensive income (loss) attributable to AVINTIV | $ | (17,661 | ) |  | $ | 17,046 |  |  | $ | 12,561 |  |  | $ | (29,607 | ) |  | $ | (17,661 | )
Condensed Consolidating Statement of Comprehensive Income (Loss) For the Three Months Ended June 29, 2013
In thousands | Issuer |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 89,817 |  |  | $ | 206,389 |  |  | $ | (4,668 | ) |  | $ | 291,538 |
Cost of goods sold | (11 | ) |  | (74,870 | ) |  | (170,935 | ) |  | 4,668 |  |  | (241,148 | )
Gross profit | (11 | ) |  | 14,947 |  |  | 35,454 |  |  | — |  |  | 50,390 |
Selling, general and administrative expenses | (14,331 | ) |  | (6,004 | ) |  | (19,036 | ) |  | — |  |  | (39,371 | )
Special charges, net | (471 | ) |  | (103 | ) |  | (1,176 | ) |  | — |  |  | (1,750 | )
Other operating, net | 16 |  |  | (145 | ) |  | (835 | ) |  | — |  |  | (964 | )
Operating income (loss) | (14,797 | ) |  | 8,695 |  |  | 14,407 |  |  | — |  |  | 8,305 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (12,246 | ) |  | 3,086 |  |  | (3,163 | ) |  | — |  |  | (12,323 | )
Intercompany royalty and technical service fees | 1,428 |  |  | 1,697 |  |  | (3,125 | ) |  | — |  |  | — |
Foreign currency and other, net | 2 |  |  | (150 | ) |  | (752 | ) |  | — |  |  | (900 | )
Equity in earnings of subsidiaries | 15,630 |  |  | 1,872 |  |  | — |  |  | (17,502 | ) |  | — |
Income (loss) before income taxes | (9,983 | ) |  | 15,200 |  |  | 7,367 |  |  | (17,502 | ) |  | (4,918 | )
Income tax (provision) benefit | 2,077 |  |  | 458 |  |  | (5,523 | ) |  | — |  |  | (2,988 | )
Net income (loss) | $ | (7,906 | ) |  | $ | 15,658 |  |  | $ | 1,844 |  |  | $ | (17,502 | ) |  | $ | (7,906 | )
Comprehensive income (loss) attributable to AVINTIV | $ | (5,477 | ) |  | $ | 8,930 |  |  | $ | (44 | ) |  | $ | (8,886 | ) |  | $ | (5,477 | )
Condensed Consolidating Statement of Comprehensive Income (Loss) For the Six Months Ended June 28, 2014
In thousands | Issuer |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 296,246 |  |  | $ | 594,687 |  |  | $ | (28,451 | ) |  | $ | 862,482 |
Cost of goods sold | (130 | ) |  | (236,612 | ) |  | (493,140 | ) |  | 28,451 |  |  | (701,431 | )
Gross profit | (130 | ) |  | 59,634 |  |  | 101,547 |  |  | — |  |  | 161,051 |
Selling, general and administrative expenses | (23,030 | ) |  | (28,460 | ) |  | (68,213 | ) |  | — |  |  | (119,703 | )
Special charges, net | (18,937 | ) |  | (2,214 | ) |  | (11,824 | ) |  | — |  |  | (32,975 | )
Other operating, net | 11 |  |  | 299 |  |  | (5,234 | ) |  | — |  |  | (4,924 | )
Operating income (loss) | (42,086 | ) |  | 29,259 |  |  | 16,276 |  |  | — |  |  | 3,449 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (33,418 | ) |  | 6,601 |  |  | (12,006 | ) |  | — |  |  | (38,823 | )
Debt modification and extinguishment costs | (10,738 | ) |  | — |  |  | — |  |  | — |  |  | (10,738 | )
Intercompany royalty and technical service fees | (7,198 | ) |  | 2,793 |  |  | 4,405 |  |  | — |  |  | — |
Foreign currency and other, net | 22,916 |  |  | (125 | ) |  | (7,829 | ) |  | — |  |  | 14,962 |
Equity in earnings of subsidiaries | 34,449 |  |  | (10,138 | ) |  | — |  |  | (24,311 | ) |  | — |
Income (loss) before income taxes | (36,075 | ) |  | 28,390 |  |  | 846 |  |  | (24,311 | ) |  | (31,150 | )
Income tax (provision) benefit | 6,931 |  |  | (5,586 | ) |  | (1,632 | ) |  | — |  |  | (287 | )
Net income (loss) | (29,144 | ) |  | 22,804 |  |  | (786 | ) |  | (24,311 | ) |  | (31,437 | )
Less: Earnings attributable to noncontrolling interest and redeemable noncontrolling interest | — |  |  | — |  |  | (2,293 | ) |  | — |  |  | (2,293 | )
Net income (loss) attributable to AVINTIV | $ | (29,144 | ) |  | $ | 22,804 |  |  | $ | 1,507 |  |  | $ | (24,311 | ) |  | $ | (29,144 | )
Comprehensive income (loss) attributable to AVINTIV | $ | (25,454 | ) |  | $ | 26,507 |  |  | $ | 6,502 |  |  | $ | (33,009 | ) |  | $ | (25,454 | )
Condensed Consolidating Statement of Comprehensive Income (Loss) For the Six Months Ended June 29, 2013
In thousands | Issuer |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
Net sales | $ | — |  |  | $ | 182,829 |  |  | $ | 405,918 |  |  | $ | (10,127 | ) |  | $ | 578,620 |
Cost of goods sold | (36 | ) |  | (156,714 | ) |  | (335,741 | ) |  | 10,127 |  |  | (482,364 | )
Gross profit | (36 | ) |  | 26,115 |  |  | 70,177 |  |  | — |  |  | 96,256 |
Selling, general and administrative expenses | (23,975 | ) |  | (11,764 | ) |  | (37,974 | ) |  | — |  |  | (73,713 | )
Special charges, net | (1,826 | ) |  | (139 | ) |  | (1,589 | ) |  | — |  |  | (3,554 | )
Other operating, net | 18 |  |  | (222 | ) |  | (1,100 | ) |  | — |  |  | (1,304 | )
Operating income (loss) | (25,819 | ) |  | 13,990 |  |  | 29,514 |  |  | — |  |  | 17,685 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | (22,474 | ) |  | 6,187 |  |  | (8,120 | ) |  | — |  |  | (24,407 | )
Intercompany royalty and technical service fees | 2,756 |  |  | 3,304 |  |  | (6,060 | ) |  | — |  |  | — |
Foreign currency and other, net | — |  |  | (247 | ) |  | (2,073 | ) |  | — |  |  | (2,320 | )
Equity in earnings of subsidiaries | 27,155 |  |  | 5,690 |  |  | — |  |  | (32,845 | ) |  | — |
Income (loss) before income taxes | (18,382 | ) |  | 28,924 |  |  | 13,261 |  |  | (32,845 | ) |  | (9,042 | )
Income tax (provision) benefit | 4,249 |  |  | (1,687 | ) |  | (7,653 | ) |  | — |  |  | (5,091 | )
Net income (loss) | $ | (14,133 | ) |  | $ | 27,237 |  |  | $ | 5,608 |  |  | $ | (32,845 | ) |  | $ | (14,133 | )
Comprehensive income (loss) attributable to AVINTIV | $ | (15,380 | ) |  | $ | 25,035 |  |  | $ | 5,339 |  |  | $ | (30,374 | ) |  | $ | (15,380 | )
Condensed Consolidating Statement of Cash Flows For the Six Months Ended June 28, 2014
In thousands | Issuer |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
Net cash provided by (used in) operating activities | $ | 195,187 |  |  | $ | 148,994 |  |  | $ | (333,947 | ) |  | $ | — |  |  | $ | 10,234 |
Investing activities: |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment | (1,703 | ) |  | (16,422 | ) |  | (15,675 | ) |  | — |  |  | (33,800 | )
Proceeds from the sale of assets | — |  |  | — |  |  | 47 |  |  | — |  |  | 47 |
Acquisition of intangibles and other | (124 | ) |  | — |  |  | — |  |  | — |  |  | (124 | )
Acquisitions, net of cash acquired | (356,281 | ) |  | — |  |  | — |  |  | — |  |  | (356,281 | )
Intercompany investing activities, net | (372,158 | ) |  | (399,794 | ) |  | (6,450 | ) |  | 778,402 |  |  | — |
Net cash provided by (used in) investing activities | (730,266 | ) |  | (416,216 | ) |  | (22,078 | ) |  | 778,402 |  |  | (390,158 | )
Financing activities: |  |  |  |  |  |  |  |  |
Proceeds from long-term borrowings | 523,000 |  |  | — |  |  | 152 |  |  | — |  |  | 523,152 |
Proceeds from short-term borrowings | 1,265 |  |  | — |  |  | 16,156 |  |  | — |  |  | 17,421 |
Repayment of long-term borrowings | (3,808 | ) |  | — |  |  | (4,049 | ) |  | — |  |  | (7,857 | )
Repayment of short-term borrowings | (956 | ) |  | — |  |  | (4,893 | ) |  | — |  |  | (5,849 | )
Loan acquisition costs | (21,312 | ) |  | — |  |  | — |  |  | — |  |  | (21,312 | )
Intercompany financing activities, net | 35,118 |  |  | 375,578 |  |  | 367,706 |  |  | (778,402 | ) |  | — |
Net cash provided by (used in) financing activities | 533,307 |  |  | 375,578 |  |  | 375,072 |  |  | (778,402 | ) |  | 505,555 |
Effect of exchange rate changes on cash | — |  |  | — |  |  | (499 | ) |  | — |  |  | (499 | )
Net change in cash and cash equivalents | (1,772 | ) |  | 108,356 |  |  | 18,548 |  |  | — |  |  | 125,132 |
Cash and cash equivalents at beginning of period | 2,068 |  |  | 13,103 |  |  | 70,893 |  |  | — |  |  | 86,064 |
Cash and cash equivalents at end of period | $ | 296 |  |  | $ | 121,459 |  |  | $ | 89,441 |  |  | $ | — |  |  | $ | 211,196 |
Condensed Consolidating Statement of Cash Flows For the Six Months Ended June 29, 2013
In thousands | Issuer |  | Guarantors |  | Non-Guarantors |  | Eliminations |  | Consolidated
Net cash provided by (used in) operating activities | $ | (10,239 | ) |  | $ | 22,547 |  |  | $ | (13,926 | ) |  | $ | — |  |  | $ | (1,618 | )
Investing activities: |  |  |  |  |  |  |  |  |
Purchases of property, plant and equipment | (23,207 | ) |  | (1,658 | ) |  | (1,635 | ) |  | — |  |  | (26,500 | )
Proceeds from the sale of assets | — |  |  | — |  |  | 75 |  |  | — |  |  | 75 |
Acquisition of intangibles and other | (135 | ) |  | — |  |  | — |  |  | — |  |  | (135 | )
Intercompany investing activities, net | 5,766 |  |  | (28,500 | ) |  | (4,000 | ) |  | 26,734 |  |  | — |
Net cash provided by (used in) investing activities | (17,576 | ) |  | (30,158 | ) |  | (5,560 | ) |  | 26,734 |  |  | (26,560 | )
Financing activities: |  |  |  |  |  |  |  |  |
Issuance of common stock | (232 | ) |  | — |  |  | — |  |  | — |  |  | (232 | )
Proceeds from long-term borrowings | — |  |  | — |  |  | 14,177 |  |  | — |  |  | 14,177 |
Proceeds from short-term borrowings | 1,879 |  |  | — |  |  | — |  |  | — |  |  | 1,879 |
Repayment of long-term borrowings | (65 | ) |  | — |  |  | (3,252 | ) |  | — |  |  | (3,317 | )
Repayment of short-term borrowings | (1,554 | ) |  | — |  |  | — |  |  | — |  |  | (1,554 | )
Loan acquisition costs | — |  |  | — |  |  | — |  |  | — |  |  | — |
Intercompany financing activities, net | 28,000 |  |  | (1,766 | ) |  | 500 |  |  | (26,734 | ) |  | — |
Net cash provided by (used in) financing activities | 28,028 |  |  | (1,766 | ) |  | 11,425 |  |  | (26,734 | ) |  | 10,953 |
Effect of exchange rate changes on cash | — |  |  | — |  |  | (183 | ) |  | — |  |  | (183 | )
Net change in cash and cash equivalents | 213 |  |  | (9,377 | ) |  | (8,244 | ) |  | — |  |  | (17,408 | )
Cash and cash equivalents at beginning of period | 486 |  |  | 28,285 |  |  | 69,108 |  |  | — |  |  | 97,879 |
Cash and cash equivalents at end of period | $ | 699 |  |  | $ | 18,908 |  |  | $ | 60,864 |  |  | $ | — |  |  | $ | 80,471 |

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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 FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51664549&loc=d3e5283-111683 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 SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 06 -Article 9 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
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