Financial Guarantees and Condensed Consolidating Financial Statements (Tables)
|
6 Months Ended |
Jun. 30, 2015 |
|---|
| Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
|
| Condensed Consolidating Balance Sheet |
Condensed Consolidating Balance Sheet As of June 30, 2015
| | | | | | | | | | | | | | | | | | | | | In thousands | Issuer | | Guarantors | | Non-Guarantors | | Eliminations | | Consolidated | ASSETS | | | | | | | | | | Current Assets: | | | | | | | | | | Cash and cash equivalents | $ | 153 |
| | $ | 116,870 |
| | $ | 70,228 |
| | $ | — |
| | $ | 187,251 |
| Accounts receivable, net | — |
| | 47,929 |
| | 203,089 |
| | — |
| | 251,018 |
| Inventories, net | — |
| | 45,901 |
| | 103,681 |
| | — |
| | 149,582 |
| Deferred income taxes | — |
| | 258 |
| | 14,831 |
| | (3,231 | ) | | 11,858 |
| Other current assets | 15,664 |
| | 12,730 |
| | 52,762 |
| | — |
| | 81,156 |
| Total current assets | 15,817 |
| | 223,688 |
| | 444,591 |
| | (3,231 | ) | | 680,865 |
| Property, plant and equipment, net | 6,011 |
| | 202,011 |
| | 646,865 |
| | — |
| | 854,887 |
| Goodwill | — |
| | 55,999 |
| | 162,862 |
| | — |
| | 218,861 |
| Intangible assets, net | 28,586 |
| | 114,907 |
| | 39,080 |
| | — |
| | 182,573 |
| Net investment in and advances to (from) subsidiaries | 1,472,392 |
| | 462,664 |
| | (843,916 | ) | | (1,091,140 | ) | | — |
| Deferred income taxes | 2,315 |
| | — |
| | 18,343 |
| | (3,158 | ) | | 17,500 |
| Other noncurrent assets | 279 |
| | 7,367 |
| | 29,112 |
| | — |
| | 36,758 |
| Total assets | $ | 1,525,400 |
| | $ | 1,066,636 |
| | $ | 496,937 |
| | $ | (1,097,529 | ) | | $ | 1,991,444 |
| LIABILITIES AND EQUITY | | | | | Current liabilities: | | | | | | | | | | Short-term borrowings | $ | 977 |
| | $ | — |
| | $ | 35,784 |
| | $ | — |
| | $ | 36,761 |
| Accounts payable and accrued liabilities | 30,029 |
| | 51,662 |
| | 190,207 |
| | — |
| | 271,898 |
| Income taxes payable | 52 |
| | 1,371 |
| | 8,091 |
| | — |
| | 9,514 |
| Deferred income taxes | 2,896 |
| | 1,148 |
| | 10,214 |
| | (5,465 | ) | | 8,793 |
| Current portion of long-term debt | 9,976 |
| | — |
| | 21,803 |
| | — |
| | 31,779 |
| Total current liabilities | 43,930 |
| | 54,181 |
| | 266,099 |
| | (5,465 | ) | | 358,745 |
| Long-term debt | 1,485,511 |
| | — |
| | 1,184 |
| | — |
| | 1,486,695 |
| Deferred income taxes | — |
| | 10,728 |
| | 40,287 |
| | (923 | ) | | 50,092 |
| Other noncurrent liabilities | 256 |
| | 35,445 |
| | 64,119 |
| | — |
| | 99,820 |
| Total liabilities | 1,529,697 |
| | 100,354 |
| | 371,689 |
| | (6,388 | ) | | 1,995,352 |
| Redeemable noncontrolling interest | 82,130 |
| | — |
| | — |
| | — |
| | 82,130 |
| Common stock | — |
| | — |
| | 16,966 |
| | (16,966 | ) | | — |
| AVINTIV shareholders’ equity (deficit) | (86,427 | ) | | 966,282 |
| | 107,893 |
| | (1,074,175 | ) | | (86,427 | ) | Noncontrolling interest | — |
| | — |
| | 389 |
| | — |
| | 389 |
| Total equity (deficit) | (86,427 | ) | | 966,282 |
| | 125,248 |
| | (1,091,141 | ) | | (86,038 | ) | Total liabilities and equity | $ | 1,525,400 |
| | $ | 1,066,636 |
| | $ | 496,937 |
| | $ | (1,097,529 | ) | | $ | 1,991,444 |
|
Condensed Consolidating Balance Sheet As of December 31, 2014 | | | | | | | | | | | | | | | | | | | | | In thousands | Issuer | | Guarantors | | Non-Guarantors | | Eliminations | | Consolidated | ASSETS | | | | | | | | | | Current Assets: | | | | | | | | | | Cash and cash equivalents | $ | 34,720 |
| | $ | 76,744 |
| | $ | 67,027 |
| | $ | — |
| | $ | 178,491 |
| Accounts receivable, net | — |
| | 39,504 |
| | 208,223 |
| | — |
| | 247,727 |
| Inventories, net | — |
| | 54,044 |
| | 120,775 |
| | (1,118 | ) | | 173,701 |
| Deferred income taxes | — |
| | 3,279 |
| | 16,523 |
| | (3,026 | ) | | 16,776 |
| Other current assets | 10,465 |
| | 19,250 |
| | 59,406 |
| | — |
| | 89,121 |
| Total current assets | 45,185 |
| | 192,821 |
| | 471,954 |
| | (4,144 | ) | | 705,816 |
| Property, plant and equipment, net | 5,445 |
| | 204,800 |
| | 659,985 |
| | — |
| | 870,230 |
| Goodwill | — |
| | 55,999 |
| | 164,555 |
| | — |
| | 220,554 |
| Intangible assets, net | 34,529 |
| | 118,283 |
| | 26,099 |
| | — |
| | 178,911 |
| Net investment in and advances to (from) subsidiaries | 1,437,946 |
| | 494,906 |
| | (811,794 | ) | | (1,121,058 | ) | | — |
| Deferred income taxes | 1,578 |
| | — |
| | 18,232 |
| | (1,579 | ) | | 18,231 |
| Other noncurrent assets | 285 |
| | 7,111 |
| | 34,035 |
| | — |
| | 41,431 |
| Total assets | $ | 1,524,968 |
| | $ | 1,073,920 |
| | $ | 563,066 |
| | $ | (1,126,781 | ) | | $ | 2,035,173 |
| LIABILITIES AND EQUITY | | | | | | | | | | Current liabilities: | | | | | | | | | | Short-term borrowings | $ | 405 |
| | $ | — |
| | $ | 17,260 |
| | $ | — |
| | $ | 17,665 |
| Accounts payable and accrued liabilities | 39,529 |
| | 64,552 |
| | 217,232 |
| | — |
| | 321,313 |
| Income taxes payable | 223 |
| | 2,986 |
| | 6,427 |
| | — |
| | 9,636 |
| Deferred income taxes | 2,322 |
| | — |
| | 10,216 |
| | (2,321 | ) | | 10,217 |
| Current portion of long-term debt | 7,143 |
| | — |
| | 24,749 |
| | — |
| | 31,892 |
| Total current liabilities | 49,622 |
| | 67,538 |
| | 275,884 |
| | (2,321 | ) | | 390,723 |
| Long-term debt | 1,410,059 |
| | — |
| | 23,224 |
| | — |
| | 1,433,283 |
| Deferred income taxes | — |
| | 14,897 |
| | 23,760 |
| | (2,434 | ) | | 36,223 |
| Other noncurrent liabilities | 461 |
| | 36,839 |
| | 72,264 |
| | — |
| | 109,564 |
| Total liabilities | 1,460,142 |
| | 119,274 |
| | 395,132 |
| | (4,755 | ) | | 1,969,793 |
| Redeemable noncontrolling interest | 89,181 |
| | — |
| | — |
| | — |
| | 89,181 |
| Common stock | — |
| | — |
| | 16,966 |
| | (16,966 | ) | | — |
| AVINTIV shareholders’ equity (deficit) | (24,355 | ) | | 954,646 |
| | 150,414 |
| | (1,105,060 | ) | | (24,355 | ) | Noncontrolling interest | — |
| | — |
| | 554 |
| | — |
| | 554 |
| Total equity (deficit) | (24,355 | ) | | 954,646 |
| | 167,934 |
| | (1,122,026 | ) | | (23,801 | ) | Total liabilities and equity | $ | 1,524,968 |
| | $ | 1,073,920 |
| | $ | 563,066 |
| | $ | (1,126,781 | ) | | $ | 2,035,173 |
|
|
| Condensed Consolidating Statement of Operations |
Condensed Consolidating Statement of Comprehensive Income (Loss) For the Three Months Ended June 30, 2015 | | | | | | | | | | | | | | | | | | | | | In thousands | Issuer | | Guarantors | | Non-Guarantors | | Eliminations | | Consolidated | Net sales | $ | — |
| | $ | 140,017 |
| | $ | 325,305 |
| | $ | (7,628 | ) | | $ | 457,694 |
| Cost of goods sold | — |
| | (105,334 | ) | | (254,464 | ) | | 7,628 |
| | (352,170 | ) | Gross profit | — |
| | 34,683 |
| | 70,841 |
| | — |
| | 105,524 |
| Selling, general and administrative expenses | (15,278 | ) | | (13,484 | ) | | (37,413 | ) | | — |
| | (66,175 | ) | Special charges, net | (2,142 | ) | | (129 | ) | | (4,342 | ) | | — |
| | (6,613 | ) | Other operating, net | (44 | ) | | (72 | ) | | (73 | ) | | — |
| | (189 | ) | Operating income (loss) | (17,464 | ) | | 20,998 |
| | 29,013 |
| | — |
| | 32,547 |
| Other income (expense): | | | | | | | | | | Interest expense | (20,867 | ) | | 3,906 |
| | (10,050 | ) | | — |
| | (27,011 | ) | Debt modification and extinguishment costs | (13,004 | ) | | — |
| | — |
| | — |
| | (13,004 | ) | Intercompany royalty and technical service fees | 1,947 |
| | 1,430 |
| | (3,377 | ) | | — |
| | — |
| Foreign currency and other, net | 526 |
| | 1,733 |
| | 958 |
| | — |
| | 3,217 |
| Equity in earnings of subsidiaries | 38,282 |
| | 13,600 |
| | — |
| | (51,882 | ) | | — |
| Income (loss) before income taxes | (10,580 | ) | | 41,667 |
| | 16,544 |
| | (51,882 | ) | | (4,251 | ) | Income tax (provision) benefit | 1,836 |
| | (3,378 | ) | | (1,775 | ) | | — |
| | (3,317 | ) | Net income (loss) | (8,744 | ) | | 38,289 |
| | 14,769 |
| | (51,882 | ) | | (7,568 | ) | Less: Earnings attributable to noncontrolling interest and redeemable noncontrolling interest | — |
| | — |
| | 1,176 |
| | — |
| | 1,176 |
| Net income (loss) attributable to AVINTIV | $ | (8,744 | ) | | $ | 38,289 |
| | $ | 13,593 |
| | $ | (51,882 | ) | | $ | (8,744 | ) | Comprehensive income (loss) attributable to AVINTIV | $ | 5,483 |
| | $ | 52,559 |
| | $ | 24,103 |
| | $ | (76,662 | ) | | $ | 5,483 |
|
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 Six Months Ended June 30, 2015 | | | | | | | | | | | | | | | | | | | | | In thousands | Issuer | | Guarantors | | Non-Guarantors | | Eliminations | | Consolidated | Net sales | $ | — |
| | $ | 281,817 |
| | $ | 653,080 |
| | $ | (15,965 | ) | | $ | 918,932 |
| Cost of goods sold | — |
| | (214,103 | ) | | (509,852 | ) | | 15,965 |
| | (707,990 | ) | Gross profit | — |
| | 67,714 |
| | 143,228 |
| | — |
| | 210,942 |
| Selling, general and administrative expenses | (31,270 | ) | | (26,690 | ) | | (73,204 | ) | | — |
| | (131,164 | ) | Special charges, net | (4,824 | ) | | (867 | ) | | (6,944 | ) | | — |
| | (12,635 | ) | Other operating, net | 220 |
| | (637 | ) | | 1,651 |
| | — |
| | 1,234 |
| Operating income (loss) | (35,874 | ) | | 39,520 |
| | 64,731 |
| | — |
| | 68,377 |
| Other income (expense): | | | | | | | | | | Interest expense | (37,118 | ) | | 2,008 |
| | (19,534 | ) | | — |
| | (54,644 | ) | Debt modification and extinguishment costs | (13,004 | ) | | — |
| | — |
| | — |
| | (13,004 | ) | Intercompany royalty and technical service fees | 4,052 |
| | 2,989 |
| | (7,041 | ) | | — |
| | — |
| Foreign currency and other, net | (2,361 | ) | | 2,611 |
| | (40,956 | ) | | — |
| | (40,706 | ) | Equity in earnings of subsidiaries | 30,311 |
| | (9,985 | ) | | — |
| | (20,326 | ) | | — |
| Income (loss) before income taxes | (53,994 | ) | | 37,143 |
| | (2,800 | ) | | (20,326 | ) | | (39,977 | ) | Income tax (provision) benefit | 5,292 |
| | (7,190 | ) | | (5,967 | ) | | — |
| | (7,865 | ) | Net income (loss) | (48,702 | ) | | 29,953 |
| | (8,767 | ) | | (20,326 | ) | | (47,842 | ) | Less: Earnings attributable to noncontrolling and redeemable noncontrolling interest | — |
| | — |
| | 860 |
| | — |
| | 860 |
| Net income (loss) attributable to AVINTIV | $ | (48,702 | ) | | $ | 29,953 |
| | $ | (9,627 | ) | | $ | (20,326 | ) | | $ | (48,702 | ) | Comprehensive income (loss) attributable to AVINTIV | $ | (63,153 | ) | | $ | 15,194 |
| | $ | (15,318 | ) | | $ | 124 |
| | $ | (63,153 | ) |
|
| Condensed Consolidating Statement of Cash Flows |
Condensed Consolidating Statement of Cash Flows For the Six Months Ended June 30, 2015 | | | | | | | | | | | | | | | | | | | | | In thousands | Issuer | | Guarantors | | Non-Guarantors | | Eliminations | | Consolidated | Net cash provided by (used in) operating activities | $ | (112,038 | ) | | $ | 36,337 |
| | $ | 106,783 |
| | $ | — |
| | $ | 31,082 |
| Investing activities: | | | | | | | | | | Purchases of property, plant and equipment | (1,226 | ) | | (12,748 | ) | | (15,046 | ) | | — |
| | (29,020 | ) | Proceeds from the sale of assets | — |
| | 940 |
| | 3,099 |
| | — |
| | 4,039 |
| Acquisition of intangibles and other | (411 | ) | | — |
| | — |
| | — |
| | (411 | ) | Acquisitions, net of cash acquired | — |
| | — |
| | (58,158 | ) | | — |
| | (58,158 | ) | Intercompany investing activities, net | 11,465 |
| | 26,412 |
| | — |
| | (37,877 | ) | | — |
| Net cash provided by (used in) investing activities | 9,828 |
| | 14,604 |
| | (70,105 | ) | | (37,877 | ) | | (83,550 | ) | Financing activities: | | | | | | | | | | Proceeds from long-term borrowings | 282,293 |
| | — |
| | 15 |
| | — |
| | 282,308 |
| Proceeds from short-term borrowings | 1,157 |
| | — |
| | 36,410 |
| | — |
| | 37,567 |
| Repayment of long-term borrowings | (204,201 | ) | | — |
| | (21,826 | ) | | — |
| | (226,027 | ) | Repayment of short-term borrowings | (585 | ) | | — |
| | (17,050 | ) | | — |
| | (17,635 | ) | Loan acquisition costs | (3,271 | ) | | — |
| | — |
| | — |
| | (3,271 | ) | Debt modification and extinguishment costs | (7,750 | ) | | — |
| | — |
| | — |
| | (7,750 | ) | Intercompany financing activities, net | — |
| | (10,815 | ) | | (27,062 | ) | | 37,877 |
| | — |
| Net cash provided by (used in) financing activities | 67,643 |
| | (10,815 | ) | | (29,513 | ) | | 37,877 |
| | 65,192 |
| Effect of exchange rate changes on cash | — |
| | — |
| | (3,964 | ) | | — |
| | (3,964 | ) | Net change in cash and cash equivalents | (34,567 | ) | | 40,126 |
| | 3,201 |
| | — |
| | 8,760 |
| Cash and cash equivalents at beginning of period | 34,720 |
| | 76,744 |
| | 67,027 |
| | — |
| | 178,491 |
| Cash and cash equivalents at end of period | $ | 153 |
| | $ | 116,870 |
| | $ | 70,228 |
| | $ | — |
| | $ | 187,251 |
|
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 |
|
|