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GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables)
9 Months Ended
Sep. 27, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Balance Sheets
Condensed Consolidating Balance Sheets
As of September 27, 2014
(dollars in thousands)
 
Parent
 
Subsidiary Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$

 
$
106,699

 
$
5,708

 
$
21,239

 
$

 
$
133,646

Accounts receivable, net

 
198,339

 
25,988

 
8,151

 

 
232,478

Intercompany receivable

 
89,704

 
86,256

 
10,153

 
(186,113
)
 

Intercompany loan receivable

 
35,000

 

 

 
(35,000
)
 

Finished goods inventories, net

 
270,504

 
236,235

 
58,259

 
(45,582
)
 
519,416

Prepaid expenses and other current assets

 
9,151

 
15,053

 
7,054

 

 
31,258

Deferred income taxes

 
23,860

 
13,026

 
1,683

 

 
38,569

Total current assets

 
733,257

 
382,266

 
106,539

 
(266,695
)
 
955,367

Property, plant, and equipment, net

 
158,401

 
146,908

 
27,566

 

 
332,875

Goodwill

 
136,570

 

 
47,626

 

 
184,196

Tradenames and other intangibles, net

 
230,495

 
85,500

 
51

 

 
316,046

Deferred debt issuance costs, net

 
7,043

 

 

 

 
7,043

Other assets

 
10,685

 
529

 

 

 
11,214

Intercompany long term receivable

 

 
233,039

 

 
(233,039
)
 

Intercompany long term note receivable

 
100,000

 

 

 
(100,000
)
 

Investment in subsidiaries
751,581

 
581,538

 
8,156

 

 
(1,341,275
)
 

Total assets
$
751,581

 
$
1,957,989

 
$
856,398

 
$
181,782

 
$
(1,941,009
)
 
$
1,806,741

 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
$

 
$
73,951

 
$
32,008

 
$
11,370

 
$

 
$
117,329

Intercompany payables

 
88,637

 
93,747

 
3,729

 
(186,113
)
 

Intercompany loan payable

 

 

 
35,000

 
(35,000
)
 

Other current liabilities

 
39,007

 
47,401

 
14,065

 

 
100,473

Total current liabilities

 
201,595

 
173,156

 
64,164

 
(221,113
)
 
217,802

 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt

 
586,000

 

 

 

 
586,000

Deferred income taxes

 
70,230

 
42,943

 

 

 
113,173

Intercompany long term liability

 
233,039

 

 

 
(233,039
)
 

Intercompany long term note payable

 

 
100,000

 

 
(100,000
)
 

Other long-term liabilities

 
69,962

 
55,844

 
12,379

 

 
138,185

Stockholders' equity
751,581

 
797,163

 
484,455

 
105,239

 
(1,386,857
)
 
751,581

Total liabilities and stockholders' equity
$
751,581

 
$
1,957,989

 
$
856,398

 
$
181,782

 
$
(1,941,009
)
 
$
1,806,741


As of December 28, 2013
(dollars in thousands)
 
Parent
 
Subsidiary Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$

 
$
278,260

 
$

 
$
8,286

 
$

 
$
286,546

Accounts receivable, net

 
163,264

 
20,365

 
9,982

 

 
193,611

Intercompany receivable

 
62,802

 
104,123

 
12,385

 
(179,310
)
 

Finished goods inventories, net

 
221,462

 
181,889

 
46,217

 
(31,814
)
 
417,754

Prepaid expenses and other current assets

 
18,475

 
11,878

 
4,804

 

 
35,157

Deferred income taxes

 
20,594

 
15,893

 
826

 

 
37,313

Total current assets

 
764,857

 
334,148

 
82,500

 
(211,124
)
 
970,381

Property, plant, and equipment, net

 
148,671

 
133,846

 
25,368

 

 
307,885

Goodwill

 
136,570

 

 
49,507

 

 
186,077

Tradenames and other intangibles, net

 
244,653

 
85,500

 
105

 

 
330,258

Deferred debt issuance costs, net

 
8,088

 

 

 

 
8,088

Other assets

 
9,743

 
52

 

 

 
9,795

Intercompany long term receivable

 

 
263,183

 

 
(263,183
)
 

Intercompany long term note receivable

 
100,000

 

 

 
(100,000
)
 

Investment in subsidiaries
700,731

 
547,186

 
1,502

 

 
(1,249,419
)
 

Total assets
$
700,731

 
$
1,959,768

 
$
818,231

 
$
157,480

 
$
(1,823,726
)
 
$
1,812,484

 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
$

 
$
108,851

 
$
40,825

 
$
14,334

 
$

 
$
164,010

Intercompany payables

 
100,804

 
70,857

 
7,649

 
(179,310
)
 

Other current liabilities

 
29,037

 
57,610

 
18,482

 

 
105,129

Total current liabilities

 
238,692

 
169,292

 
40,465

 
(179,310
)
 
269,139

 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt

 
586,000

 

 

 

 
586,000

Deferred income taxes

 
77,798

 
43,636

 

 

 
121,434

Intercompany long term liability

 
263,183

 

 

 
(263,183
)
 

Intercompany long term note payable

 

 
100,000

 

 
(100,000
)
 

Other long-term liabilities

 
61,550

 
55,175

 
18,455

 

 
135,180

Stockholders' equity
700,731

 
732,545

 
450,128

 
98,560

 
(1,281,233
)
 
700,731

Total liabilities and stockholders' equity
$
700,731

 
$
1,959,768

 
$
818,231

 
$
157,480

 
$
(1,823,726
)
 
$
1,812,484





As of September 28, 2013
(dollars in thousands)

 
Parent
 
Subsidiary Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$

 
$
180,781

 
$
7,701

 
$
13,337

 
$

 
$
201,819

Accounts receivable, net

 
215,063

 
23,252

 
7,295

 

 
245,610

Intercompany receivable

 
75,439

 
63,413

 
9,639

 
(148,491
)
 

Finished goods inventories, net

 
224,245

 
219,760

 
42,760

 
(46,319
)
 
440,446

Prepaid expenses and other current assets

 
6,148

 
13,204

 
3,520

 

 
22,872

Deferred income taxes

 
25,044

 
7,328

 
1,084

 

 
33,456

Total current assets

 
726,720

 
334,658

 
77,635

 
(194,810
)
 
944,203

Property, plant, and equipment, net

 
116,964

 
113,767

 
25,494

 

 
256,225

Goodwill

 
136,570

 

 
51,436

 

 
188,006

Tradenames and other intangibles, net

 
250,969

 
85,500

 
127

 

 
336,596

Deferred debt issuance costs, net

 
7,961

 

 

 

 
7,961

Other assets

 
4,513

 
53

 

 

 
4,566

Intercompany long term receivable

 

 
158,777

 

 
(158,777
)
 

Investment in subsidiaries
658,923

 
551,277

 
8,705

 

 
(1,218,905
)
 

Total assets
$
658,923

 
$
1,794,974

 
$
701,460

 
$
154,692

 
$
(1,572,492
)
 
$
1,737,557

 
 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
$

 
$
119,740

 
$
29,238

 
$
9,622

 
$

 
$
158,600

Intercompany payables

 
55,051

 
75,724

 
17,716

 
(148,491
)
 

Other current liabilities

 
38,122

 
31,922

 
15,063

 

 
85,107

Total current liabilities

 
212,913

 
136,884

 
42,401

 
(148,491
)
 
243,707

Long-term debt

 
586,000

 

 

 

 
586,000

Deferred income taxes

 
74,170

 
36,538

 

 

 
110,708

Intercompany long term liability

 
158,777

 

 

 
(158,777
)
 

Other long-term liabilities

 
57,872

 
62,566

 
17,781

 

 
138,219

Stockholders' equity
658,923

 
705,242

 
465,472

 
94,510

 
(1,265,224
)
 
658,923

Total liabilities and stockholders' equity
$
658,923

 
$
1,794,974

 
$
701,460

 
$
154,692

 
$
(1,572,492
)
 
$
1,737,557

Condensed Consolidating Statements of Operations and Comprehensive Income
Condensed Consolidating Statements of Operations

For the fiscal quarter ended September 27, 2014
(dollars in thousands)

 
Parent
 
Subsidiary Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net sales
$

 
$
523,572

 
$
410,161

 
$
66,731

 
$
(201,528
)
 
$
798,936

Cost of goods sold

 
372,575

 
248,442

 
39,513

 
(182,800
)
 
477,730

Gross profit

 
150,997

 
161,719

 
27,218

 
(18,728
)
 
321,206

Selling, general, and administrative expenses

 
54,524

 
154,631

 
20,618

 
(7,834
)
 
221,939

Royalty income

 
(8,607
)
 
(5,628
)
 

 
3,045

 
(11,190
)
Operating income

 
105,080

 
12,716

 
6,600

 
(13,939
)
 
110,457

Interest expense

 
6,841

 
1,298

 
145

 
(1,441
)
 
6,843

Interest income

 
(1,465
)
 

 
(21
)
 
1,441

 
(45
)
(Income) loss in subsidiaries
(65,886
)
 
(5,451
)
 
(3,256
)
 

 
74,593

 

Other (income) expense, net

 
(89
)
 
93

 
1,307

 

 
1,311

Income (loss) before income taxes
65,886

 
105,244

 
14,581

 
5,169

 
(88,532
)
 
102,348

Provision for income taxes

 
25,419

 
9,648

 
1,395

 

 
36,462

Net income (loss)
$
65,886

 
$
79,825

 
$
4,933

 
$
3,774

 
$
(88,532
)
 
$
65,886

















For the fiscal quarter ended September 28, 2013
(dollars in thousands)


 
Parent
 
Subsidiary Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net sales
$

 
$
498,079

 
$
391,706

 
$
63,227

 
$
(192,839
)
 
$
760,173

Cost of goods sold

 
360,223

 
214,701

 
31,956

 
(156,356
)
 
450,524

Gross profit

 
137,856

 
177,005

 
31,271

 
(36,483
)
 
309,649

Selling, general, and administrative expenses

 
58,050

 
179,231

 
24,402

 
(32,419
)
 
229,264

Royalty income

 
(8,066
)
 
(5,246
)
 

 
2,621

 
(10,691
)
Operating income

 
87,872

 
3,020

 
6,869

 
(6,685
)
 
91,076

Interest expense

 
4,106

 

 
27

 

 
4,133

Interest income

 
(133
)
 
3

 
(8
)
 

 
(138
)
(Income) loss in subsidiaries
(56,571
)
 
5,969

 
(1,917
)
 

 
52,519

 

Other expense (income), net

 
20

 
(24
)
 
(51
)
 

 
(55
)
Income (loss) before income taxes
56,571

 
77,910

 
4,958

 
6,901

 
(59,204
)
 
87,136

Provision for income taxes

 
14,654

 
13,402

 
2,509

 

 
30,565

Net income (loss)
$
56,571

 
$
63,256

 
$
(8,444
)
 
$
4,392

 
$
(59,204
)
 
$
56,571































For the three fiscal quarters ended September 27, 2014
(dollars in thousands)


 
Parent
 
Subsidiary Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net sales
$

 
$
1,269,456

 
$
1,057,542

 
$
164,894

 
$
(467,247
)
 
$
2,024,645

Cost of goods sold

 
913,112

 
624,036

 
95,317

 
(436,228
)
 
1,196,237

Gross profit

 
356,344

 
433,506

 
69,577

 
(31,019
)
 
828,408

Selling, general, and administrative expenses

 
144,119

 
454,600

 
64,020

 
(24,390
)
 
638,349

Royalty income

 
(22,584
)
 
(13,823
)
 

 
7,131

 
(29,276
)
Operating income

 
234,809

 
(7,271
)
 
5,557

 
(13,760
)
 
219,335

Interest expense

 
20,620

 
3,909

 
189

 
(4,095
)
 
20,623

Interest income

 
(4,386
)
 

 
(26
)
 
4,095

 
(317
)
(Income) loss in subsidiaries
(126,079
)
 
25,344

 
(10,034
)
 

 
110,769

 

Other (income) expense, net

 
(224
)
 
208

 
1,734

 

 
1,718

Income (loss) before income taxes
126,079

 
193,455

 
(1,354
)
 
3,660

 
(124,529
)
 
197,311

Provision for income taxes

 
53,616

 
15,569

 
2,047

 

 
71,232

Net income (loss)
$
126,079

 
$
139,839

 
$
(16,923
)
 
$
1,613

 
$
(124,529
)
 
$
126,079

































For the three fiscal quarters ended September 28, 2013
(dollars in thousands)

 
Parent
 
Subsidiary Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net sales
$

 
$
1,200,956

 
$
1,005,936

 
$
150,649

 
$
(488,485
)
 
$
1,869,056

Cost of goods sold

 
855,876

 
557,699

 
73,505

 
(390,980
)
 
1,096,100

Gross profit

 
345,080

 
448,237

 
77,144

 
(97,505
)
 
772,956

Selling, general, and administrative expenses

 
161,348

 
475,951

 
65,660

 
(93,320
)
 
609,639

Royalty income

 
(20,687
)
 
(12,741
)
 

 
5,988

 
(27,440
)
Operating income

 
204,419

 
(14,973
)
 
11,484

 
(10,173
)
 
190,757

Interest expense

 
6,654

 

 
27

 

 
6,681

Interest income

 
(395
)
 

 
(128
)
 

 
(523
)
(Income) loss in subsidiaries
(117,659
)
 
21,199

 
(3,314
)
 

 
99,774

 

Other (income) expense, net

 
(141
)
 
162

 
1,028

 

 
1,049

Income (loss) before income taxes
117,659

 
177,102

 
(11,821
)
 
10,557

 
(109,947
)
 
183,550

Provision for income taxes

 
49,270

 
12,481

 
4,140

 

 
65,891

Net income (loss)
$
117,659

 
$
127,832

 
$
(24,302
)
 
$
6,417

 
$
(109,947
)
 
$
117,659

Condensed Consolidating Statements of Comprehensive Income

For the fiscal quarter ended September 27, 2014
(dollars in thousands)

 
 
Parent
 
Subsidiary Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income (loss)
 
$
65,886

 
$
79,825

 
$
4,933

 
$
3,774

 
$
(88,532
)
 
$
65,886

Foreign currency translation adjustments
 
(3,577
)
 
(3,577
)
 
(7
)
 
(3,577
)
 
7,161

 
(3,577
)
Comprehensive income (loss)
 
$
62,309

 
$
76,248

 
$
4,926

 
$
197

 
$
(81,371
)
 
$
62,309






For the fiscal quarter ended September 28, 2013
(dollars in thousands)

 
 
Parent
 
Subsidiary Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income (loss)
 
$
56,571

 
$
63,256

 
$
(8,444
)
 
$
4,392

 
$
(59,204
)
 
$
56,571

Foreign currency translation adjustments
 
1,676

 
1,676

 
27

 
1,676

 
(3,379
)
 
1,676

Comprehensive income (loss)
 
$
58,247

 
$
64,932

 
$
(8,417
)
 
$
6,068

 
$
(62,583
)
 
$
58,247

























For the three fiscal quarters ended September 27, 2014
(dollars in thousands)

 
 
Parent
 
Subsidiary Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income (loss)
 
$
126,079

 
$
139,839

 
$
(16,923
)
 
$
1,613

 
$
(124,529
)
 
$
126,079

Foreign currency translation adjustments
 
(3,545
)
 
(3,545
)
 
(140
)
 
(3,545
)
 
7,230

 
(3,545
)
Comprehensive income (loss)
 
$
122,534

 
$
136,294

 
$
(17,063
)
 
$
(1,932
)
 
$
(117,299
)
 
$
122,534





For the three fiscal quarters ended September 28, 2013
(dollars in thousands)

 
 
Parent
 
Subsidiary Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Net income (loss)
 
$
117,659

 
$
127,832

 
$
(24,302
)
 
$
6,417

 
$
(109,947
)
 
$
117,659

Foreign currency translation adjustments
 
(2,326
)
 
(2,326
)
 
231

 
(2,326
)
 
4,421

 
(2,326
)
Comprehensive income (loss)
 
$
115,333

 
$
125,506

 
$
(24,071
)
 
$
4,091

 
$
(105,526
)
 
$
115,333

Condensed Consolidating Statements of Cash Flows
Condensed Consolidating Statements of Cash Flows

For the three fiscal quarters ended September 27, 2014
(dollars in thousands)
 
 
Parent
 
Subsidiary Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Cash flows provided by (used in) operating activities:
 
$

 
$
23,632

 
$
9,458

 
$
(8,163
)
 
$

 
$
24,927

 
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 

 
(38,659
)
 
(37,123
)
 
(7,852
)
 

 
(83,634
)
Intercompany investing activity
 
89,923

 
14,700

 
(2,502
)
 
(8,901
)
 
(93,220
)
 

Issuance of intercompany loan
 

 
(35,000
)
 

 

 
35,000

 

Proceeds from sale of property, plant and equipment
 

 
140

 

 
3

 

 
143

Net cash provided by (used in) investing activities
 
89,923

 
(58,819
)
 
(39,625
)
 
(16,750
)
 
(58,220
)
 
(83,491
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
 
 
Intercompany financing activity
 

 
(129,182
)
 
33,373

 
2,589

 
93,220

 

Proceeds from intercompany loan
 

 

 

 
35,000

 
(35,000
)
 

Payment on debt issuance costs
 

 
(145
)
 

 

 

 
(145
)
Payment of contingent consideration
 

 
(8,901
)
 

 

 

 
(8,901
)
Dividends paid
 
(30,453
)
 

 

 

 

 
(30,453
)
Repurchase of common stock
 
(62,769
)
 

 

 

 

 
(62,769
)
Income tax benefit from stock-based compensation
 

 
1,854

 
2,502

 

 

 
4,356

Withholdings from vesting of restricted stock
 
(4,472
)
 

 

 

 

 
(4,472
)
Proceeds from exercise of stock options
 
7,771

 

 

 

 

 
7,771

Net cash (used in) provided by financing activities
 
(89,923
)
 
(136,374
)
 
35,875

 
37,589

 
58,220

 
(94,613
)
Effect of exchange rate changes on cash
 

 

 

 
277

 

 
277

Net (decrease) increase in cash and cash equivalents
 

 
(171,561
)
 
5,708

 
12,953

 

 
(152,900
)
Cash and cash equivalents, beginning of period
 

 
278,260

 

 
8,286

 

 
286,546

Cash and cash equivalents, end of period
 
$

 
$
106,699

 
$
5,708

 
$
21,239

 
$

 
$
133,646









For the three fiscal quarters ended September 28, 2013
(dollars in thousands)

 
 
Parent
 
Subsidiary Issuer
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated
Cash flows provided by (used in) operating activities:
 
$

 
$
39,268

 
$
16,290

 
$
7,908

 
$

 
$
63,466

 
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
 
 
 
Capital expenditures
 

 
(85,963
)
 
(34,899
)
 
(8,766
)
 

 
(129,628
)
Acquisition of tradenames
 

 
(38,007
)
 

 

 

 
(38,007
)
Intercompany investing activity
 
465,688

 
21,075

 
(6,448
)
 
(14,722
)
 
(465,593
)
 

Net cash provided by (used in) investing activities
 
465,688

 
(102,895
)
 
(41,347
)
 
(23,488
)
 
(465,593
)
 
(167,635
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from senior notes
 

 
400,000

 

 

 

 
400,000

Intercompany financing activity
 

 
(493,097
)
 
21,898

 
5,606

 
465,593

 

Dividends Paid
 
(18,988
)
 

 

 

 

 
(18,988
)
Payment on debt issuance costs
 

 
(6,487
)
 

 

 

 
(6,487
)
Payment of contingent consideration
 

 
(14,721
)
 

 

 

 
(14,721
)
Income tax benefit from stock-based compensation
 

 
6,855

 
3,920

 

 

 
10,775

Repurchase of common stock
 
(454,133
)
 

 

 

 

 
(454,133
)
Withholdings from vesting of restricted stock
 
(4,991
)
 

 

 

 

 
(4,991
)
Proceeds from exercise of stock options
 
12,424

 

 

 

 

 
12,424

Net cash (used in) provided by financing activities
 
(465,688
)
 
(107,450
)
 
25,818

 
5,606

 
465,593

 
(76,121
)
Effect of exchange rate changes on cash
 

 

 

 
(127
)
 

 
(127
)
Net (decrease) increase in cash and cash equivalents
 

 
(171,077
)
 
761

 
(10,101
)
 

 
(180,417
)
Cash and cash equivalents, beginning of period
 

 
351,858

 
6,940

 
23,438

 

 
382,236

Cash and cash equivalents, end of period
 
$

 
$
180,781

 
$
7,701

 
$
13,337

 
$

 
$
201,819