10-Q

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

0001193125-18-243604.txt : 20180809 0001193125-18-243604.hdr.sgml : 20180809 20180809090202 ACCESSION NUMBER: 0001193125-18-243604 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 71 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180809 DATE AS OF CHANGE: 20180809 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Party City Holdco Inc. CENTRAL INDEX KEY: 0001592058 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-MISCELLANEOUS RETAIL [5900] IRS NUMBER: 460539758 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-37344 FILM NUMBER: 181003631 BUSINESS ADDRESS: STREET 1: 80 GRASSLANDS ROAD CITY: ELMSFORD STATE: NY ZIP: 10523 BUSINESS PHONE: 914-345-2020 MAIL ADDRESS: STREET 1: 80 GRASSLANDS ROAD CITY: ELMSFORD STATE: NY ZIP: 10523 FORMER COMPANY: FORMER CONFORMED NAME: PC Topco Holdings, Inc. DATE OF NAME CHANGE: 20131114 10-Q 1 d414832d10q.htm 10-Q 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2018

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-37344

Party City Holdco Inc.

(Exact Name of Registrant as Specified in Its Charter)


Delaware		46-0539758
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

80 Grasslands Road Elmsford, NY		10523
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code:

(914) 345-2020

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of July 25, 2018, 96,477,447 shares of the Registrant’s common stock were outstanding.

PARTY CITY HOLDCO INC.

Form 10-Q

June 30, 2018

TABLE OF CONTENTS


	Page
PART I
Item 1. Condensed Consolidated Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets at June 30, 2018 and December 31, 2017		3
Condensed Consolidated Statements of Operations and Comprehensive Income for the Three Months ended June 30, 2018 and June 30, 2017		4
Condensed Consolidated Statements of Operations and Comprehensive Income for the Six Months ended June 30, 2018 and June 30, 2017		5
Condensed Consolidated Statement of Stockholders’ Equity for the Six Months ended June 30, 2018		6
Condensed Consolidated Statements of Cash Flows for the Six Months ended June 30, 2018 and June 30, 2017		7
Notes to Condensed Consolidated Financial Statements		8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		20
Item 3. Quantitative and Qualitative Disclosures about Market Risk		33
Item 4. Controls and Procedures		33
PART II
Item 1. Legal Proceedings		34
Item 1A. Risk Factors		34
Item 6. Exhibits		34
Signature		35

PARTY CITY HOLDCO INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)


	June 30, 2018			December 31, 2017
	(Note 2) (Unaudited)			(Note 2)
ASSETS
Current assets:
Cash and cash equivalents	$	51,461		$	54,291
Accounts receivable, net		130,067			140,980
Inventories, net		673,676			604,066
Prepaid expenses and other current assets		86,043			77,816

Total current assets		941,247			877,153
Property, plant and equipment, net		311,572			301,141
Goodwill		1,627,851			1,619,253
Trade names		568,422			568,681
Other intangible assets, net		71,587			75,704
Other assets, net		11,705			12,824

Total assets	$	3,532,384		$	3,454,756

LIABILITIES, REDEEMABLE SECURITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Loans and notes payable	$	379,519		$	286,291
Accounts payable		175,449			160,994
Accrued expenses		164,043			176,609
Income taxes payable		6,541			45,568
Current portion of long-term obligations		13,049			13,059

Total current liabilities		738,601			682,521
Long-term obligations, excluding current portion		1,528,263			1,532,090
Deferred income tax liabilities		177,891			175,836
Deferred rent and other long-term liabilities		89,742			91,929

Total liabilities		2,534,497			2,482,376
Redeemable securities		3,219			3,590
Commitments and contingencies
Stockholders’ equity:
Common stock (96,474,228 and 96,380,102 shares outstanding and 119,853,795 and 119,759,669 shares issued at June 30, 2018 and December 31, 2017, respectively)		1,199			1,198
Additional paid-in capital		919,845			917,192
Retained earnings		399,872			372,596
Accumulated other comprehensive loss		(39,797	)		(35,818	)

Total Party City Holdco Inc. stockholders’ equity before common stock held in treasury		1,281,119			1,255,168
Less: Common stock held in treasury, at cost (23,379,567 shares at June 30, 2018 and December 31, 2017)		(286,733	)		(286,733	)

Total Party City Holdco Inc. stockholders’ equity		994,386			968,435
Noncontrolling interests		282			355

Total stockholders’ equity		994,668			968,790

Total liabilities, redeemable securities and stockholders’ equity	$	3,532,384		$	3,454,756

See accompanying notes to unaudited condensed consolidated financial statements.

PARTY CITY HOLDCO INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)

(In thousands, except share and per share data)


	Three Months Ended June 30,
	2018			2017
Revenues:
Net sales	$	558,101		$	541,653
Royalties and franchise fees		2,910			3,225

Total revenues		561,011			544,878
Expenses:
Cost of sales		329,477			321,900
Wholesale selling expenses		17,256			16,045
Retail operating expenses		92,094			90,512
Franchise expenses		3,980			3,713
General and administrative expenses		45,326			39,655
Art and development costs		5,732			5,942
Development stage expenses		1,695			6,412

Total expenses		495,560			484,179

Income from operations		65,451			60,699
Interest expense, net		25,501			21,294
Other expense (income), net		2,532			(895	)

Income before income taxes		37,418			40,300
Income tax expense		9,370			15,318

Net income		28,048			24,982
Add: Net income attributable to redeemable securities holder		410			—
Less: Net loss attributable to noncontrolling interests		(29	)		—

Net income attributable to common shareholders of Party City Holdco Inc.	$	28,487		$	24,982

Net income per share attributable to common shareholders of Party City Holdco Inc.—Basic	$	0.30		$	0.21
Net income per share attributable to common shareholders of Party City Holdco Inc.—Diluted	$	0.29		$	0.21
Weighted-average number of common shares-Basic		96,453,884			119,528,147
Weighted-average number of common shares-Diluted		97,688,233			120,943,745
Dividends declared per share	$	0.00		$	0.00
Comprehensive income	$	18,825		$	31,985
Add: Comprehensive income attributable to redeemable securities holder		410			—
Less: Comprehensive loss attributable to noncontrolling interests		(55	)		—

Comprehensive income attributable to common shareholders of Party City Holdco Inc.	$	19,290		$	31,985

PARTY CITY HOLDCO INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)

(In thousands, except share and per share data)


	Six Months Ended June 30,
	2018			2017
Revenues:
Net sales	$	1,063,209		$	1,015,616
Royalties and franchise fees		5,626			6,261

Total revenues		1,068,835			1,021,877
Expenses:
Cost of sales		646,443			620,619
Wholesale selling expenses		36,043			31,672
Retail operating expenses		181,186			181,242
Franchise expenses		7,762			7,030
General and administrative expenses		93,991			87,792
Art and development costs		11,705			11,740
Development stage expenses		3,998			6,412

Total expenses		981,128			946,507

Income from operations		87,707			75,370
Interest expense, net		48,776			41,986
Other expense, net		3,380			267

Income before income taxes		35,551			33,117
Income tax expense		8,666			12,818

Net income		26,885			20,299
Add: Net income attributable to redeemable securities holder		410			—
Less: Net loss attributable to noncontrolling interests		(59	)		—

Net income attributable to common shareholders of Party City Holdco Inc.	$	27,354		$	20,299

Net income per share attributable to common shareholders of Party City Holdco Inc.—Basic	$	0.28		$	0.17
Net income per share attributable to common shareholders of Party City Holdco Inc.—Diluted	$	0.28		$	0.17
Weighted-average number of common shares-Basic		96,426,235			119,526,007
Weighted-average number of common shares-Diluted		97,669,309			120,903,032
Dividends declared per share	$	0.00		$	0.00
Comprehensive income	$	22,892		$	30,510
Add: Comprehensive income attributable to redeemable securities holder		410			—
Less: Comprehensive loss attributable to noncontrolling interests		(73	)		—

Comprehensive income attributable to common shareholders of Party City Holdco Inc.	$	23,375		$	30,510

See accompanying notes to unaudited condensed consolidated financial statements.

PARTY CITY HOLDCO INC.

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY

(Unaudited)

(In thousands)


	Common Stock		Additional Paid-in Capital		Retained Earnings			Accumulated Other Comprehensive Loss			Total Party City Holdco Inc. Stockholders’ Equity Before Common Stock Held In Treasury			Common Stock Held In Treasury			Total Party City Holdco Inc. Stockholders’ Equity			Non- Controlling Interests			Total Stockholders’ Equity
Balance at December 31, 2017	$	1,198	$	917,192	$	372,596		$	(35,818	)	$	1,255,168		$	(286,733	)	$	968,435		$	355		$	968,790
Cumulative effect of change in accounting principle, net (see Note 2)						(78	)					(78	)					(78	)					(78	)

Balance at December 31, 2017, as adjusted	$	1,198	$	917,192	$	372,518		$	(35,818	)	$	1,255,090		$	(286,733	)	$	968,357		$	355		$	968,712
Net income						26,944						26,944						26,944			(59	)		26,885
Net income attributable to redeemable securities holder						410						410						410						410
Stock option expense				942								942						942						942
Restricted stock units – time-based				252								252						252						252
Restricted stock units – performance-based				593								593						593						593
Director – non-cash compensation				59								59						59						59
Warrant expense				326								326						326						326
Exercise of stock options		1		481								482						482						482
Foreign currency adjustments									(5,307	)		(5,307	)					(5,307	)		(14	)		(5,321	)
Impact of foreign exchange contracts, net									1,328			1,328						1,328						1,328

Balance at June 30, 2018	$	1,199	$	919,845	$	399,872		$	(39,797	)	$	1,281,119		$	(286,733	)	$	994,386		$	282		$	994,668

See accompanying notes to unaudited condensed consolidated financial statements.

PARTY CITY HOLDCO INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)


	Six Months Ended June 30,
	2018			2017 (Adjusted, see Note 2)
Cash flows (used in) provided by operating activities:
Net income	$	26,885		$	20,299
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization expense		40,812			41,825
Amortization of deferred financing costs and original issuance discounts		2,766			2,459
Provision for doubtful accounts		304			419
Deferred income tax expense		1,443			1,713
Deferred rent		1,155			2,915
Undistributed income in unconsolidated joint ventures		(301	)		(226	)
Loss on disposal of assets		24			528
Non-employee equity based compensation		365			3,265
Stock option expense		942			3,222
Restricted stock units—time-based		252			—
Restricted stock units—performance-based		593			—
Director—non-cash compensation		59			—
Changes in operating assets and liabilities, net of effects of acquired businesses:
Decrease in accounts receivable		8,791			20,823
Increase in inventories		(68,741	)		(5,328	)
(Increase) decrease in prepaid expenses and other current assets		(9,137	)		866
Decrease in accounts payable, accrued expenses and income taxes payable		(29,220	)		(40,462	)

Net cash (used in) provided by operating activities		(23,008	)		52,318
Cash flows used in investing activities:
Cash paid in connection with acquisitions, net of cash acquired		(21,325	)		(70,547	)
Capital expenditures		(44,406	)		(30,854	)
Proceeds from disposal of property and equipment		21			5

Net cash used in investing activities		(65,710	)		(101,396	)
Cash flows provided by financing activities:
Repayment of loans, notes payable and long-term obligations		(26,062	)		(76,978	)
Proceeds from loans, notes payable and long-term obligations		112,293			128,140
Exercise of stock options		482			67
Debt issuance costs		(56	)		—

Net cash provided by financing activities		86,657			51,229
Effect of exchange rate changes on cash and cash equivalents		(780	)		2,208

Net (decrease) increase in cash and cash equivalents and restricted cash		(2,841	)		4,359
Cash and cash equivalents and restricted cash at beginning of period		54,408			64,765

Cash and cash equivalents and restricted cash at end of period	$	51,567		$	69,124

Supplemental disclosure of cash flow information:
Cash paid during the period
Interest	$	49,489		$	34,770
Income taxes, net of refunds	$	46,617		$	49,588

See accompanying notes to unaudited condensed consolidated financial statements.

PARTY CITY HOLDCO INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in thousands, except per share)

Note 1 – Description of Business

Party City Holdco Inc. (the “Company” or “Party City Holdco”) is a vertically integrated supplier of decorated party goods. The Company designs, manufactures, sources and distributes party goods, including paper and plastic tableware, metallic and latex balloons, Halloween and other costumes, accessories, novelties, gifts and stationery. The Company’s retail operations include over 900 specialty retail party supply stores (including franchise stores) in the United States and Canada, operating under the name Party City, and e-commerce websites, principally operating under the domain name PartyCity.com. In addition to the Company’s retail operations, it is also a global designer, manufacturer and distributor of decorated party supplies, with products found in over 40,000 retail outlets, including independent party supply stores, mass merchants, grocery retailers and dollar stores. The Company’s products are available in over 100 countries with the United Kingdom, Germany, Mexico, Australia and Canada among the largest end markets outside of the United States.

Party City Holdco is a holding company with no operating assets or operations. The Company owns 100% of PC Nextco Holdings, LLC (“PC Nextco”), which owns 100% of PC Intermediate Holdings, Inc. (“PC Intermediate”). PC Intermediate owns 100% of Party City Holdings Inc. (“PCHI”), which owns the Company’s operating subsidiaries.

Note 2 – Basis of Presentation and Recently Issued Accounting Pronouncements

The unaudited condensed consolidated financial statements of the Company include the accounts of the Company and its majority-owned and controlled entities. All intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included in the unaudited condensed consolidated financial statements.

The majority of our retail operations define a fiscal year (“Fiscal Year”) as the 52-week period or 53-week period ended on the Saturday nearest December 31st of each year and define fiscal quarters (“Fiscal Quarter”) as the four interim 13-week periods following the end of the previous Fiscal Year, except in the case of a 53-week Fiscal Year when the fourth Fiscal Quarter is extended to 14 weeks. The condensed consolidated financial statements of the Company combine the Fiscal Quarters of our retail operations with the calendar quarters of our wholesale operations. The Company has determined the differences between the retail operation’s Fiscal Year and Fiscal Quarters and the calendar year and calendar quarters to be insignificant.

Operating results for interim periods are not necessarily indicative of the results to be expected for the year ending December 31, 2018. Our business is subject to substantial seasonal variations as our retail segment has historically realized a significant portion of its net sales, cash flows and net income in the fourth quarter of each year, principally due to its Halloween season sales in October and, to a lesser extent, other year-end holiday sales. We expect that this general pattern will continue. Our results of operations may also be affected by industry factors that may be specific to a particular period such as movement in and the general level of raw material costs. For further information see the consolidated financial statements, and notes thereto, included in the Company’s Form 10-K for the fiscal year ended December 31, 2017, as filed with the Securities and Exchange Commission on March 14, 2018.

Recently Issued Accounting Pronouncements

In June 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-07, “Compensation – Stock Compensation: Improvements to Nonemployee Share-Based Payment Accounting”. The ASU simplifies the accounting for non-employee share-based payments. The update is effective for the Company during the first quarter of 2019. The Company is in the process of evaluating the impact of the pronouncement on the Company’s consolidated financial statements.

In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities”. The pronouncement amends the existing hedge accounting model in order to enable entities to better portray the economics of their risk management activities in their financial statements. The update is effective for the Company during the first quarter of 2019. Although the Company continues to evaluate this pronouncement, it does not believe that it will have a material impact on the Company’s consolidated financial statements.

In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows: Restricted Cash”. The pronouncement requires companies to show changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The Company adopted the pronouncement, which requires retrospective application, during the first quarter of 2018. The impact of such adoption was immaterial to the Company’s consolidated financial statements. See Note 15 for further discussion.

In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments”. The pronouncement clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows. The Company adopted the pronouncement during the first quarter of 2018 and such adoption did not have a material impact on the Company’s consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, “Leases”. The ASU requires that companies recognize on their balance sheets assets and liabilities for the rights and obligations created by the companies’ leases. The update is effective for the Company during the first quarter of 2019. The Company is in the process of evaluating the impact of the pronouncement on the Company’s consolidated financial statements.

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”. The update impacts the accounting for equity investments and the recognition of changes in fair value of financial liabilities when the fair value option is elected. The Company adopted the pronouncement during the first quarter of 2018 and such adoption did not have a material impact on the Company’s consolidated financial statements.

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. The pronouncement contains a five-step model which replaces most existing revenue recognition guidance. The new standard was effective for the Company on January 1, 2018 The Company adopted the pronouncement using the modified retrospective approach. Therefore, on January 1, 2018, the Company adjusted its accounting for certain discounts which are tied to the timing of payments by customers of its wholesale business and the Company recorded a cumulative-effect adjustment which reduced retained earnings by $46. Additionally, as of such date, the Company modified its accounting for certain metallic balloon sales of its wholesale segment and started to defer the recognition of revenue on such sales, and the related costs, until the balloons have been filled with helium. As a result, the Company recorded a cumulative-effect adjustment which increased retained earnings by $8. Finally, as of such date, the Company adjusted its accounting for certain discounts on wholesale sales of seasonal product and the Company recorded a cumulative-effect adjustment which reduced retained earnings by $40. See Note 14 for further discussion of the adoption of the pronouncement and the Company’s revenue recognition policy.

Note 3 – Inventories

Inventories consisted of the following:


	June 30, 2018		December 31, 2017
Finished goods	$	628,823	$	562,809
Raw materials		32,315		30,346
Work in process		12,538		10,911

	$	673,676	$	604,066

Inventories are valued at the lower of cost or net realizable value. The Company principally determines the cost of inventory using the weighted average method.

The Company estimates retail inventory shrinkage for the period between physical inventory dates on a store-by-store basis. Inventory shrinkage estimates can be affected by changes in merchandise mix and changes in actual shortage trends. The shrinkage rate from the most recent physical inventory, in combination with historical experience, is the basis for estimating shrinkage.

Note 4 – Income Taxes

On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (“the Act”) was signed into law. The Act significantly changed U.S. tax law, including lowering the U.S. corporate income tax rate from 35% to 21%, effective January 1, 2018, and implementing a one-time “deemed repatriation” tax on unremitted earnings accumulated in non-U.S. jurisdictions since 1986 (the “Transition Tax”). Due to the complexities of accounting for the Act, the SEC issued Staff Accounting Bulletin (“SAB”) No. 118 which allows entities to include a provisional estimate of the impact of the Act in its financial statements. Therefore, based on currently available information, during the fourth quarter of 2017, the Company recorded a provisional estimate of the impact of the Act, which included an income

tax benefit of $90,965 related to the remeasurement of its domestic net deferred tax liabilities and deferred tax assets due to the lower U.S. corporate tax rate. Additionally, during the fourth quarter of 2017, the Company recorded a net income tax expense of $1,132 as its provisional estimate of the Transition Tax related to the deemed repatriation of unremitted earnings of foreign subsidiaries. The Company did not adjust these estimates during the first six months of 2018.

While these amounts represent the Company’s best estimates of the impacts of the reduction in the federal corporate income tax rate and the deemed repatriation Transition Tax, the final impacts of the Act may differ from the Company’s estimates due to, among other things, changes in the Company’s interpretations and assumptions, additional guidance to be issued by the IRS, and actions the Company may take. As provided in SAB 118, any adjustments to these provisional amounts will be recorded as they are identified during the measurement period, which ends no later than December 22, 2018.

Additionally, the Act subjects a U.S. shareholder to current tax on “global intangible low-taxed income” (“GILTI”) of its controlled foreign corporations. GILTI is based on the excess of the aggregate of a U.S. shareholder’s pro rata share of net income of its controlled foreign corporations over a specified return. Given the complexity of the GILTI provisions, the Company is still evaluating the effects of the provisions and has not yet determined its accounting policy. Therefore, during the six months ended June 30, 2018, the Company has included an estimate of the tax on GILTI as a period cost in its full-year estimated effective income tax rate and it has not accounted for any tax on GILTI in its deferred balances.

The effective income tax rate for the six months ended June 30, 2018, 24.4%, is different from the statutory rate primarily due to state and foreign taxes.

Note 5 – Changes in Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss consisted of the following:


	Three Months Ended June 30, 2018
	Foreign Currency Adjustments			Impact of Foreign Exchange Contracts, Net of Taxes			Total, Net of Taxes
Balance at March 31, 2018	$	(30,204	)	$	(396	)	$	(30,600	)
Other comprehensive (loss) income before reclassifications		(10,713	)		1,398			(9,315	)
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income		—			118			118

Net current-period other comprehensive (loss) income		(10,713	)		1,516			(9,197	)

Balance at June 30, 2018	$	(40,917	)	$	1,120		$	(39,797	)


	Three Months Ended June 30, 2017
	Foreign Currency Adjustments			Impact of Foreign Exchange Contracts, Net of Taxes			Total, Net of Taxes
Balance at March 31, 2017	$	(49,352	)	$	321		$	(49,031	)
Other comprehensive income (loss) before reclassifications		7,702			(509	)		7,193
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income		0			(190	)		(190	)

Net current-period other comprehensive income (loss)		7,702			(699	)		7,003

Balance at June 30, 2017	$	(41,650	)	$	(378	)	$	(42,028	)


	Six Months Ended June 30, 2018
	Foreign Currency Adjustments			Impact of Foreign Exchange Contracts, Net of Taxes			Total, Net of Taxes
Balance at December 31, 2017	$	(35,610	)	$	(208	)	$	(35,818	)
Other comprehensive (loss) income before reclassifications, net of income tax		(5,307	)		971			(4,336	)
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income, net of income tax		—			357			357

Net current-period other comprehensive (loss) income		(5,307	)		1,328			(3,979	)

Balance at June 30, 2018	$	(40,917	)	$	1,120		$	(39,797	)


	Six Months Ended June 30, 2017
	Foreign Currency Adjustments			Impact of Foreign Exchange Contracts, Net of Taxes			Total, Net of Taxes
Balance at December 31, 2016	$	(53,171	)	$	932		$	(52,239	)
Other comprehensive income (loss) before reclassifications, net of income tax		11,521			(796	)		10,725
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income, net of income tax		0			(514	)		(514	)

Net current-period other comprehensive income (loss)		11,521			(1,310	)		10,211

Balance at June 30, 2017	$	(41,650	)	$	(378	)	$	(42,028	)

Note 6 – Capital Stock

At June 30, 2018, the Company’s authorized capital stock consisted of 300,000,000 shares of $0.01 par value common stock and 15,000,000 shares of $0.01 par value preferred stock.

During the six months ended June 30, 2018, 90,420 shares of common stock were issued due to stock option exercises and 3,706 shares were issued to directors of the Company.

Note 7 – Segment Information

Industry Segments

The Company has two identifiable business segments. The Wholesale segment designs, manufactures, sources and distributes decorated party goods, including paper and plastic tableware, metallic and latex balloons, Halloween and other costumes, accessories, novelties, gifts and stationery throughout the world. The Retail segment operates specialty retail party supply stores in the United States and Canada, principally under the names Party City, Halloween City and Toy City, and it operates e-commerce websites, principally through the domain name Partycity.com. The Retail segment also franchises both individual stores and franchise areas throughout the United States, Mexico and Puerto Rico, principally under the name Party City. The Company’s industry segment data for the three months ended June 30, 2018 and June 30, 2017 was as follows:


	Wholesale			Retail		Consolidated
Three Months Ended June 30, 2018
Revenues:
Net sales	$	285,733		$	411,353	$	697,086
Royalties and franchise fees		—			2,910		2,910

Total revenues		285,733			414,263		699,996
Eliminations		(138,985	)		—		(138,985	)

Net revenues	$	146,748		$	414,263	$	561,011

Income from operations	$	11,148		$	54,303	$	65,451

Interest expense, net							25,501
Other expense, net							2,532

Income before income taxes						$	37,418


	Wholesale			Retail		Consolidated
Three Months Ended June 30, 2017
Revenues:
Net sales	$	276,705		$	399,801	$	676,506
Royalties and franchise fees		0			3,225		3,225

Total revenues		276,705			403,026		679,731
Eliminations		(134,853	)		0		(134,853	)

Net revenues	$	141,852		$	403,026	$	544,878

Income from operations	$	16,034		$	44,665	$	60,699

Interest expense, net							21,294
Other income, net							(895	)

Income before income taxes						$	40,300

The Company’s industry segment data for the six months ended June 30, 2018 and June 30, 2017 was as follows:


	Wholesale			Retail		Consolidated
Six Months Ended June 30, 2018
Revenues:
Net sales	$	563,560		$	774,929	$	1,338,489
Royalties and franchise fees		—			5,626		5,626

Total revenues		563,560			780,555		1,344,115
Eliminations		(275,280	)		—		(275,280	)

Net revenues	$	288,280		$	780,555	$	1,068,835

Income from operations	$	16,496		$	71,211	$	87,707

Interest expense, net							48,776
Other expense, net							3,380

Income before income taxes						$	35,551


	Wholesale			Retail		Consolidated
Six Months Ended June 30, 2017
Revenues:
Net sales	$	547,397		$	739,070	$	1,286,467
Royalties and franchise fees		0			6,261		6,261

Total revenues		547,397			745,331		1,292,728
Eliminations		(270,851	)		0		(270,851	)

Net revenues	$	276,546		$	745,331	$	1,021,877

Income from operations	$	26,450		$	48,920	$	75,370

Interest expense, net							41,986
Other expense, net							267

Income before income taxes						$	33,117

Note 8 – Commitments and Contingencies

The Company is a party to certain claims and litigation in the ordinary course of business. The Company does not believe these proceedings will result, individually or in the aggregate, in a material adverse effect on its financial condition or future results of operations.

On April 5, 2016, a derivative complaint was filed in the Supreme Court for the State of New York, naming certain directors and executives as defendants, and naming the Company as a nominal defendant. The complaint seeks unspecified damages and costs, and corporate governance reforms, for alleged injury to the Company in connection with public filings related to the Company’s April 2015 IPO, compensation paid to executives, and the termination of the management agreement disclosed in the initial public offering-related public filings. The Company intends to vigorously defend itself against this action. The Company is unable, at this time, to determine whether the outcome of the litigation would have a material impact on its results of operations, financial condition or cash flows.

Note 9 – Derivative Financial Instruments

The Company is directly and indirectly affected by changes in certain market conditions. These changes in market conditions may adversely impact the Company’s financial performance and are referred to as market risks. The Company, when deemed appropriate, uses derivatives as a risk management tool to mitigate the potential impact of certain market risks. The primary market risks managed through the use of derivative financial instruments are interest rate risk and foreign currency exchange rate risk.

Interest Rate Risk Management

As part of the Company’s risk management strategy, the Company periodically uses interest rate swap agreements to hedge the variability of cash flows on floating rate debt obligations. Accordingly, interest rate swap agreements are reflected in the consolidated balance sheets at fair value and the related gains and losses on these contracts are deferred in equity and recognized in interest expense over the same period in which the related interest payments being hedged are recognized in income. The Company did not utilize interest rate swap agreements during the six months ended June 30, 2018 and the six months ended June 30, 2017.

Foreign Exchange Risk Management

A portion of the Company’s cash flows are derived from transactions denominated in foreign currencies. In order to reduce the uncertainty of foreign exchange rate movements on transactions denominated in foreign currencies, including the British Pound Sterling, the Canadian Dollar, the Euro, the Malaysian Ringgit, the Australian Dollar, and the Mexican Peso, the Company enters into foreign exchange contracts with major international financial institutions. These forward contracts, which typically mature within one year, are designed to hedge anticipated foreign currency transactions, primarily inventory purchases and sales. For contracts that qualify for hedge accounting, the terms of the foreign exchange contracts are such that cash flows from the contracts should be highly effective in offsetting the expected cash flows from the underlying forecasted transactions.

The foreign currency exchange contracts are reflected in the condensed consolidated balance sheets at fair value. At June 30, 2018 and December 31, 2017, the Company had foreign currency exchange contracts that qualified for hedge accounting. No components of these agreements were excluded in the measurement of hedge effectiveness. As these hedges are 100% effective, there is no current impact on earnings due to hedge ineffectiveness. The Company anticipates that substantially all unrealized gains and losses in accumulated other comprehensive loss related to these foreign currency exchange contracts will be reclassified into earnings by June 2019.

The following table displays the fair values of the Company’s derivatives at June 30, 2018 and December 31, 2017:

Derivative Assets

Derivative Liabilities

Balance
Sheet
Line

Fair
Value

Balance
Sheet
Line

Fair
Value

Balance
Sheet
Line

Fair
Value

Balance
Sheet
Line

Fair
Value

Derivative Instrument

June 30, 2018

December 31, 2017

June 30, 2018

December 31, 2017

Foreign Exchange Contracts

) PP

1,233

) PP

) AE

—

) AE

(a)	PP = Prepaid expenses and other current assets

(b)	AE = Accrued expenses

The following table displays the notional amounts of the Company’s derivatives at June 30, 2018 and December 31, 2017:


Derivative Instrument	June 30, 2018		December 31, 2017
Foreign Exchange Contracts	$	23,586	$	21,672

Note 10 – Fair Value Measurements

The provisions of ASC Topic 820, “Fair Value Measurement”, define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

•

Level 1 — Quoted prices in active markets for identical assets or liabilities.

•

Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

•

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

During 2017, the Company acquired a 28% ownership interest in Punchbowl, Inc. (“Punchbowl”), a provider of digital greeting cards and digital invitations. At such time, the Company provided Punchbowl’s other investors with the ability to “put” their interest in Punchbowl to the Company at a future date. The Company is adjusting such put liability to fair value on a recurring basis. The liability represents a Level 3 fair value measurement as it is based on unobservable inputs.

During 2017, the Company and Ampology, a subsidiary of Trivergence, reached an agreement to form a new legal entity, Kazzam, LLC (“Kazzam”), for the purpose of designing, developing and launching an online exchange platform for party-related services. As part of Ampology’s compensation for designing, developing and launching the exchange platform, Ampology received an ownership interest in Kazzam. The interest has been recorded as redeemable securities in the mezzanine of the Company’s consolidated balance sheet as, in the future, Ampology has the right to cause the Company to purchase the interest. The mezzanine liability is adjusted to fair value on a recurring basis. The liability represents a Level 3 fair value measurement as it is based on unobservable inputs.

The following table shows assets and liabilities as of June 30, 2018 that are measured at fair value on a recurring basis:


	Level 1		Level 2		Level 3		Total as of June 30, 2018
Derivative assets	$	—	$	1,233	$	—	$	1,233
Derivative liabilities		—		0		—		0
Kazzam liability		—		—		3,219		3,219
Punchbowl put liability		—		—		268		268

The following table shows assets and liabilities as of December 31, 2017 that are measured at fair value on a recurring basis:


	Level 1		Level 2		Level 3		Total as of December 31, 2017
Derivative assets	$	—	$	95	$	—	$	95
Derivative liabilities		—		99		—		99
Kazzam liability		—		—		3,590		3,590
Punchbowl put liability		—		—		2,122		2,122

The majority of the Company’s non-financial instruments, which include goodwill, intangible assets, inventories and property, plant and equipment, are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur (or at least annually for goodwill and indefinite-lived intangible assets), a non-financial instrument is required to be evaluated for impairment. If the Company determines that the non-financial instrument is impaired, the Company would be required to write down the non-financial instrument to its fair value. The carrying amounts for cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities approximated fair value at June 30, 2018 because of the short-term maturities of the instruments and/or their variable rates of interest.

The carrying amounts and fair values of borrowings under the Term Loan Credit Agreement and the Senior Notes as of June 30, 2018 are as follows:


	June 30, 2018
	Carrying Amount		Fair Value
Term Loan Credit Agreement	$	1,192,253	$	1,203,242
Senior Notes		345,780		351,750

The fair values of the Term Loan Credit Agreement and the Senior Notes represent Level 2 fair value measurements as the debt instruments trade in inactive markets. The carrying amounts for other long-term debt approximated fair value at June 30, 2018 based on the discounted future cash flows of each instrument at rates currently offered for similar debt instruments of comparable maturity.

Note 11 – Earnings Per Share

Basic earnings per share are computed by dividing net income attributable to common shareholders of Party City Holdco Inc. by the weighted average number of common shares outstanding for the period. Diluted earnings per share are calculated based on the weighted average number of outstanding common shares plus the dilutive effect of stock options and warrants, as if they were exercised, and restricted stock units, as if they vested.

A reconciliation between basic and diluted income per share is as follows:


	Three Months Ended June 30, 2018		Three Months Ended June 30, 2017		Six Months Ended June 30, 2018		Six Months Ended June 30, 2017
Net income attributable to common shareholders of Party City Holdco Inc.	$	28,487	$	24,982	$	27,354	$	20,299
Weighted average shares - Basic		96,453,884		119,528,147		96,426,235		119,526,007
Effect of dilutive securities:
Warrants		—		—		—		—
Restricted stock units		—		—		—		—
Stock options		1,234,350		1,415,598		1,243,074		1,377,025

Weighted average shares - Diluted		97,688,233		120,943,745		97,669,309		120,903,032

Net income per share attributable to common shareholders of Party City Holdco Inc. - Basic	$	0.30	$	0.21	$	0.28	$	0.17

Net income per share attributable to common shareholders of Party City Holdco Inc. - Diluted	$	0.29	$	0.21	$	0.28	$	0.17

During the three months ended June 30, 2018 and June 30, 2017, 2,494,428 stock options and 2,417,613 stock options, respectively, were excluded from the calculation of diluted earnings per share as they were anti-dilutive. Additionally, during the three months ended June 30, 2018 and June 30, 2017, 596,000 warrants and 596,000 warrants, respectively, were excluded from the calculation of diluted earnings per share as they were anti-dilutive. Further, during the three months ended June 30, 2018 and June 30, 2017, 201,270 restricted stock units and 0 restricted stock units, respectively, were excluded from the calculation of diluted earnings per share as they were anti-dilutive.

During the six months ended June 30, 2018 and June 30, 2017, 2,494,428 stock options and 2,417,613 stock options, respectively, were excluded from the calculation of diluted earnings per share as they were anti-dilutive. Additionally, during the six months ended June 30, 2018 and June 30, 2017, 596,000 warrants and 596,000 warrants, respectively, were excluded from the calculation of diluted earnings per share as they were anti-dilutive. Further, during the six months ended June 30, 2018 and June 30, 2017, 201,270 restricted stock units and 0 restricted stock units, respectively, were excluded from the calculation of diluted earnings per share as they were anti-dilutive.

Note 12 – Long-Term Obligations

Long-term obligations at June 30, 2018 and December 31, 2017 consisted of the following:


	June 30, 2018			December 31, 2017
Term Loan Credit Agreement	$	1,192,253		$	1,196,505
Capital lease obligations		3,279			3,276
Senior Notes		345,780			345,368

Total long-term obligations		1,541,312			1,545,149
Less: current portion		(13,049	)		(13,059	)

Long-term obligations, excluding current portion	$	1,528,263		$	1,532,090

Term Loan Credit Agreement

During February 2018, the Company amended its Term Loan Credit Agreement. At the time of the amendment, all outstanding term loans were replaced with new term loans for the same principal amount. The applicable margin for ABR borrowings was lowered from 2.00% to 1.75% and the applicable margin for LIBOR borrowings was lowered from 3.00% to 2.75%. Additionally, based on the terms of the amendment, the ABR and LIBOR margins will drop to 1.50% and 2.50%, respectively, if the Company’s Senior Secured Leverage Ratio, as defined by the agreement, falls below 3.2 to 1.0.

As the Term Loan Credit Agreement is a loan syndication, the Company assessed, on a creditor-by-creditor basis, whether the refinancing should be accounted for as an extinguishment for each creditor and, during the first quarter of 2018, the Company wrote-off $186 of existing deferred financing costs, a $102 capitalized original issue discount and $58 of capitalized call premium. The write-offs were recorded in other expense in the Company’s consolidated statement of income and comprehensive income. The remaining deferred financing costs, original issue discount and capitalized call premium will continue to be amortized over the life of the Term Loan Credit Agreement, using the effective interest method. Additionally, in conjunction with the amendment, the Company incurred $856 of banker and legal fees, $800 of which were recorded in other expense during the first quarter of 2018. The rest of the costs are being amortized over the life of the debt. The write-offs of the deferred financing costs, original issuance discount and call premium were included in amortization of deferred financing costs and original issuance discount in the Company’s consolidated statement of cash flows.

Note 13 – Acquisitions

During March 2018, the Company acquired 11 franchise stores, which are located in Maryland, for total consideration of approximately $14,000. The Company is in the process of finalizing purchase accounting.

Additionally, during March 2018, the Company entered into an agreement to acquire 11 independent stores, which are located in Texas, for total consideration of approximately $6,000. The Company will take control of the stores one at a time over a period of approximately one year. The Company is in the process of finalizing purchase accounting for the stores for which it has already taken control.

During 2017, the Company acquired 85% of the common stock of Granmark, S.A. de C.V., a Mexican manufacturer and wholesaler of party goods. Based on the terms of the acquisition agreement, the Company is required to acquire the remaining 15% interest over the next five years and it has recorded a liability for the estimated purchase price of such interest, $2,840 at June 30, 2018.

During 2017, the Company acquired 60% of Print Appeal, Inc. Based on the terms of the acquisition agreement, the Company will acquire the remaining 40% interest in Print Appeal over the next five years and the Company’s liability for the estimated purchase price of such interest was $3,021 at June 30, 2018.

Note 14 – Revenue from Contracts with Customers

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. The pronouncement contains a five-step model which replaces most existing revenue recognition guidance. The Company adopted the standard on January 1, 2018 via a modified retrospective approach and recognized the cumulative effect of the adoption as an adjustment to January 1, 2018 retained earnings.

Revenue Transactions - Retail

Revenue from retail store operations is recognized at the point of sale as control of the product is transferred to the customer at such time. Retail e-commerce sales are recognized when the consumer receives the product as control transfers upon delivery. Due to its extensive history operating as the largest party goods retailer in North America, the Company has sufficient history with which to estimate future retail sales returns and it uses the expected value method to estimate such activity.

The transaction price for the overwhelming majority of the Company’s retail sales is based on either: 1) the item’s stated price or 2) the stated price adjusted for the impact of a coupon which can only be applied to such transaction. To the extent that the Company charges customers for freight costs on e-commerce sales, the Company records such amounts in revenue. The Company has chosen the pronouncement’s policy election which allows it to exclude all sales taxes and value-added taxes from revenue.

Under the terms of its agreements with its franchisees, the Company provides both: 1) brand value (via significant advertising spend) and 2) support with respect to planograms, in exchange for a royalty fee that ranges from 4% to 6% of the franchisees’ sales. The Company records the royalty fees at the time that the franchisees’ sales are recorded. Additionally, although the Company anticipates that future franchise store openings will be limited, when a franchisee opens a new store, the Company receives and records a one-time fee which is earned by the Company for its assistance with site selection and development of the new location. Both the sales-based royalty fee and the one-time fee are recorded in royalties and franchise fees in the Company’s consolidated statement of operations and comprehensive income.

Revenue Transactions - Wholesale

For most of the Company’s wholesale sales, control transfers upon the Company’s shipment of the product as: 1) legal title transfers on such date and 2) the Company has a present right to payment at such time. Wholesale sales returns are not significant as the Company generally only accepts the return of goods that were shipped to the customer in error or that were damaged when received by the customer. Additionally, due to its extensive history operating as a leading party goods wholesaler, the Company has sufficient history with which to estimate future sales returns and it uses the expected value method to estimate such activity.

In most cases, the determination of the transaction price is straight-forward as it is fixed based on the contract and/or purchase order. However, a limited number of customers receive volume-based rebates. Additionally, certain customers receive small discounts for early payment (generally 1% of the transaction price). Based on the business’ long history as a leading party goods wholesaler, the Company has sufficient history with which to estimate variable consideration for such volume-based rebates and early payment discounts. To the extent that the Company charges customers for freight costs, the Company records such amounts in revenue. The Company has chosen the pronouncement’s policy election which allows it to exclude all sales taxes and value-added taxes from revenue.

The majority of the sales for the Company’s wholesale business are due within 30 to 120 days from the transfer of control of the product and substantially all of the sales are collected within a year from such transfer. For all transactions for which the Company expects to collect the transaction price within a year from the transfer of control, the Company applies one of the pronouncement’s practical expedients and does not adjust the consideration for the effects of a significant financing component.

Judgments

Although most of the Company’s revenue transactions consist of fixed transaction prices and the transfer of control at either the point of sale (for retail) or when the product is shipped (for wholesale), certain transactions involve a limited number of judgments. For transactions for which control transfers to the customer when the freight carrier delivers the product to the customer, the Company estimates the date of such receipt based on historical shipping times. Additionally, the Company utilizes historical data to estimate sales returns, volume-based rebates and discounts for early payments by customers. Due to its extensive history operating as a leading party goods retailer and wholesaler, the Company has sufficient history with which to estimate such amounts.

Other Revenue Topics

During the three and six months ended June 30, 2018 and June 30, 2017, impairment losses recognized on receivables and contract assets arising from the Company’s contracts with customers were immaterial.

As a significant portion of the Company’s revenue is either: 1) part of a contract with an original expected duration of one year or less or 2) related to sales-based royalties promised in exchange for licenses of intellectual property, the Company has elected to apply the optional exemptions in paragraphs ASC 606-10-50-14 through ASC 606-10-50-14A.

Additionally, the Company has elected to apply the practical expedient which allows companies to recognize the incremental costs of obtaining a contract as an expense if the amortization period of the asset that the entity otherwise would have recognized would have been one year or less.

Disaggregation of Revenue

The following table summarizes revenue from contracts with customers for the three months ended June 30, 2018 and June 30, 2017 and the six months ended June 30, 2018 and June 30, 2017:


	Three Months Ended June 30, 2018		Three Months Ended June 30, 2017		Six Months Ended June 30, 2018		Six Months Ended June 30, 2017
Retail Net Sales:
Party City Stores	$	376,222	$	363,872	$	707,067	$	668,886
Global E-commerce		35,131		35,929		67,862		70,184

Total Retail Net Sales	$	411,353	$	399,801	$	774,929	$	739,070
Royalties and Franchise Fees		2,910		3,225		5,626		6,261

Total Retail Revenue	$	414,263	$	403,026	$	780,555	$	745,331

Wholesale Net Sales:
Domestic	$	79,397	$	81,354	$	158,956	$	165,695
International		67,351		60,498		129,324		110,851

Total Wholesale Net Sales	$	146,748	$	141,852	$	288,280	$	276,546


Total Consolidated Revenue	$	561,011	$	544,878	$	1,068,835	$	1,021,877

Financial Statement Impact of Adopting the Pronouncement

All of the Company’s revenue is recognized from contracts with customers and, therefore, is subject to the pronouncement.

The Company adopted the pronouncement using a modified retrospective approach and applied the guidance to all contracts as of January 1, 2018. On such date, the Company reduced its retained earnings by $78, reduced its accounts receivable by $141, increased its inventory by $11, reduced its accrued expenses by $26, increased its deferred tax asset by $28 and increased its income taxes payable by $2. The cumulative adjustment principally related to certain discounts within the Company’s wholesale business.

Additionally, the adoption of the pronouncement impacted the Company’s financial statements for the three and six months ended June 30, 2018 as it increased pre-tax income by $26 during the three month period and increased pre-tax income by $39 during the six month period.

Note 15 – Cash, Cash Equivalents and Restricted Cash

In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows: Restricted Cash”. The pronouncement requires companies to show changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in their statement of cash flows. The Company adopted the pronouncement, which requires retrospective application, during the first quarter of 2018.

As a result, the Company’s statement of cash flows for the six months ended June 30, 2017 has been adjusted to include $155 of restricted cash at December 31, 2016 and $106 of restricted cash at June 30, 2017. The restricted cash, which principally relates to funds that are required to be spent on advertising, is included in “prepaid expenses and other current assets” in the Company’s consolidated balance sheet. Therefore, in the Company’s adjusted consolidated statement of cash flows for the six months ended June 30, 2017, the change in “prepaid expenses and other current assets” has been adjusted from a cash inflow of $915 to a cash inflow of $866.

The Company’s June 30, 2018 consolidated balance sheet included $51,461 of cash and cash equivalents and $106 of restricted cash and the Company’s December 31, 2017 consolidated balance sheet included $54,291 of cash and cash equivalents and $117 of restricted cash. Restricted cash is recorded in “prepaid expenses and other current assets”.

Note 16 - Related Party Transactions

In the normal course of business, the Company buys and sells party goods from/to certain equity method investees. Such activity is immaterial to the Company’s consolidated financial statements.

Note 17 – Subsequent Events

During July 2018, the Company acquired an additional 16 franchise stores, which are located in Pennsylvania, for total consideration of approximately $18,800.

During August 2018, the Company executed a refinancing of its debt portfolio and issued $500,000 of new senior notes at an interest rate of 6.625%. The notes will mature in August 2026. The Company used the proceeds from the notes to: (i) reduce the outstanding balance under its existing ABL Facility by $90,000 and (ii) voluntarily prepay $400,000 of the outstanding balance under its existing Term Loan Credit Agreement. Additionally, as part of the refinancing, the Company extended the maturity of the ABL Facility to August 2023.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

References throughout this document to the “Company” include Party City Holdco Inc. and its subsidiaries. In this document the words “we,” “our,” “ours” and “us” refer only to the Company and its subsidiaries and not to any other person.

Business Overview

Our Company

We are the leading decorated party goods retailer by revenue in North America and, we believe, the largest vertically integrated supplier of decorated party goods globally by revenue. With over 900 locations (inclusive of franchised stores), we have the only coast-to-coast network of party superstores in the U.S. and Canada that make it easy and fun to enhance special occasions with a differentiated shopping experience and an unrivaled assortment of innovative and exciting merchandise offered at a compelling value. We also operate multiple e-commerce sites, principally under the domain name PartyCity.com. Further, we open a network of approximately 250 temporary Halloween City stores, including approximately 50 jointly under the Halloween City and Toy City banners.

In addition to our retail operations, we are also one of the largest global designers, manufacturers and distributors of decorated party supplies, with products found in over 40,000 retail outlets worldwide, including independent party supply stores, mass merchants, grocery retailers and dollar stores. Our products are available in over 100 countries with the United Kingdom, Germany, Mexico, Australia and Canada among the largest end markets for our products outside of the United States.

How We Assess the Performance of Our Company

In assessing the performance of our company, we consider a variety of performance and financial measures for our two operating segments, Retail and Wholesale. These key measures include revenues and gross profit, comparable retail same-store sales and operating expenses. We also review other metrics such as adjusted net income (loss), adjusted net income (loss) per common share – diluted and adjusted EBITDA. For a discussion of our use of these measures and a reconciliation of adjusted net income (loss) and adjusted EBITDA to net income (loss), please refer to “Financial Measures - Adjusted EBITDA,” “Financial Measures—Adjusted Net Income (Loss)” and “Financial Measures - Adjusted Net Income (Loss) Per Common Share – Diluted” below.

Segments

Our retail operations generate revenue primarily through the sale of Amscan, Designware, Anagram, Costumes USA and other party supplies through Party City, PartyCity.com, Halloween City and Toy City. During 2017, approximately 80% of the product that was sold by our retail operations was supplied by our wholesale operations.

Our wholesale revenues are generated from the sale of decorated party goods for all occasions, including paper and plastic tableware, accessories and novelties, costumes, metallic and latex balloons and stationery. Our products are sold at wholesale to party goods superstores, including our franchise stores, other party goods retailers, mass merchants, independent card stores, dollar stores and other retailers and distributors throughout the world.

Intercompany sales between the Wholesale and the Retail segment are eliminated, and the wholesale profits on intercompany sales are deferred and realized at the time the merchandise is sold to the retail consumer. For segment reporting purposes, certain general and administrative expenses and art and development costs are allocated based on total revenues.

Financial Measures

Revenues. Revenue from retail store operations is recognized at the point of sale as control of the product is transferred to the customer at such time. Retail e-commerce sales are recognized when the consumer receives the product as control transfers upon delivery. We estimate future retail sales returns and record a provision in the period in which the related sales are recorded based on historical information. Retail sales are reported net of taxes collected.

Under the terms of our agreements with our franchisees, we provide both: 1) brand value (via significant advertising spend) and 2) support with respect to planograms, in exchange for a royalty fee that ranges from 4% to 6% of the franchisees’ sales. The Company records the royalty fees at the time that the franchisees’ sales are recorded.

For most of our wholesale sales, control transfers upon the shipment of the product as: 1) legal title transfers on such date and 2) we have a present right to payment at such time. Wholesale sales returns are not significant as we generally only accept the return of goods that were shipped to the customer in error or that were damaged when received by the customer. Additionally, due to our extensive history operating as a leading party goods wholesaler, we have sufficient history with which to estimate future sales returns and we use the expected value method to estimate such activity.

Intercompany sales from our wholesale operations to our retail stores are eliminated in our consolidated total revenues.

Comparable Retail Same-Store Sales. The growth in same-store sales represents the percentage change in same-store sales in the period presented compared to the prior year. Same-store sales exclude the net sales of a store for any period if the store was not open during the same period of the prior year. Acquired stores are excluded from same-store sales until they are converted to the Party City format and included in our sales for the comparable period of the prior year. Comparable sales are calculated based upon stores that were open at least thirteen full months as of the end of the applicable reporting period. When a store is reconfigured or relocated within the same general territory, the store continues to be treated as the same store. If, during the period presented, a store was closed, sales from that store up to and including the closing day are included as same-store sales as long as the store was open during the same period of the prior year. Same-store sales for the Party City brand include North American retail e-commerce sales.

Cost of Sales. Cost of sales at wholesale reflects the production costs (i.e., raw materials, labor and overhead) of manufactured goods and the direct cost of purchased goods, inventory shrinkage at both retail and wholesale, inventory adjustments, inbound freight to our manufacturing and distribution facilities, distribution costs and outbound freight to get goods to our wholesale customers. At retail, cost of sales reflects the direct cost of goods purchased from third parties and the production or purchase costs of goods acquired from our wholesale operations. Retail cost of sales also includes inventory shrinkage, inventory adjustments, inbound freight, occupancy costs related to store operations (such as rent and common area maintenance, utilities and depreciation on assets) and all logistics costs associated with our retail e-commerce business.

Our cost of sales increases in higher volume periods as the direct costs of manufactured and purchased goods, inventory shrinkage and freight are generally tied to net sales. However, other costs are largely fixed or vary based on other factors and do not necessarily increase as sales volume increases. Changes in the mix of our products may also impact our overall cost of sales. The direct costs of manufactured and purchased goods are influenced by raw material costs (principally paper, petroleum-based resins and cotton), domestic and international labor costs in the countries where our goods are purchased or manufactured and logistics costs associated with transporting our goods. We monitor our inventory levels on an on-going basis in order to identify slow-moving goods.

Cost of sales related to sales from our wholesale segment to our retail segment are eliminated in our consolidated financial statements.

Wholesale Selling Expenses. Wholesale selling expenses include the costs associated with our wholesale sales and marketing efforts, including merchandising and customer service. Costs include the salaries and benefits of the related work force, including sales-based bonuses and commissions. Other costs include catalogues, showroom rent, travel and other operating costs. Certain selling expenses, such as sales-based bonuses and commissions, vary in proportion to sales, while other costs vary based on other factors, such as our marketing efforts, or are largely fixed and do not necessarily increase as sales volumes increase.

Retail Operating Expenses. Retail operating expenses include all of the costs associated with retail store operations, excluding occupancy-related costs included in cost of sales. Costs include store payroll and benefits, advertising, supplies and credit card costs. Retail expenses are largely variable but do not necessarily vary in proportion to net sales.

Franchise Expenses. Franchise expenses include the costs associated with operating our franchise network, including salaries and benefits of the administrative work force and other administrative costs. These expenses generally do not vary proportionally with royalties and franchise fees.

General and Administrative Expenses. General and administrative expenses include all operating costs not included elsewhere in the statement of operations and comprehensive income (loss). These expenses include payroll and other expenses related to operations at our corporate offices, including occupancy costs, related depreciation and amortization, legal and professional fees and data-processing costs. These expenses generally do not vary proportionally with net sales.

Art and Development Costs. Art and development costs include the costs associated with art production, creative development and product management. Costs include the salaries and benefits of the related work force. These expenses generally do not vary proportionally with net sales.

Development Stage Expenses. Represents start-up activities related to Kazzam, LLC. See the 2017 Form 10-K for further discussion.

Adjusted EBITDA. We define EBITDA as net income (loss) before interest expense, net, income taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA, as further adjusted to eliminate the impact of certain items that we do not consider indicative of our core operating performance. We caution investors that amounts presented in accordance with our definition of Adjusted EBITDA may not be comparable to similar measures disclosed by other issuers, because not all issuers calculate Adjusted EBITDA in the same manner. We believe that Adjusted EBITDA is an appropriate measure of operating performance in addition to EBITDA because we believe it assists investors in comparing our performance across reporting periods on a consistent basis by eliminating the impact of items that we do not believe are indicative of our core operating performance. In addition, we use Adjusted EBITDA: (i) as a factor in determining incentive compensation, (ii) to evaluate the effectiveness of our business strategies, and (iii) because the credit facilities use Adjusted EBITDA to measure compliance with certain covenants.

Adjusted Net Income (Loss). Adjusted net income (loss) represents our net income (loss), adjusted for, among other items, intangible asset amortization, non-cash purchase accounting adjustments, amortization of deferred financing costs and original issue discounts, refinancing charges, equity based compensation and impairment charges. We present adjusted net income because we believe it assists investors in comparing our performance across reporting periods on a consistent basis by eliminating the impact of items that we do not believe are indicative of our core operating performance.

Adjusted Net Income (Loss) Per Common Share – Diluted. Adjusted net income (loss) per common share – diluted represents adjusted net income (loss) divided by the Company’s diluted weighted average common shares outstanding. We present the metric because we believe it assists investors in comparing our per share performance across reporting periods on a consistent basis by eliminating the impact of items that we do not believe are indicative of our core operating performance.

Results of Operations

Three Months Ended June 30, 2018 Compared To Three Months Ended June 30, 2017

The following table sets forth the Company’s operating results and operating results as a percentage of total revenues for the three months ended June 30, 2018 and 2017.


	Three Months Ended June 30,
	2018					2017
	(Dollars in thousands)
Revenues:
Net sales	$	558,101		99.5	%	$	541,653		99.4	%
Royalties and franchise fees		2,910		0.5			3,225		0.6

Total revenues		561,011		100.0			544,878		100.0
Expenses:
Cost of sales		329,477		58.7			321,900		59.1
Wholesale selling expenses		17,256		3.1			16,045		2.9
Retail operating expenses		92,094		16.4			90,512		16.6
Franchise expenses		3,980		0.7			3,713		0.7
General and administrative expenses		45,326		8.1			39,655		7.3
Art and development costs		5,732		1.0			5,942		1.1
Development stage expenses		1,695		0.3			6,412		1.2

Total expenses		495,560		88.3			484,179		88.9

Income from operations		65,451		11.7			60,699		11.1
Interest expense, net		25,501		4.5			21,294		3.9
Other expense (income), net		2,532		0.5			(895	)	(0.2	)

Income before income taxes		37,418		6.7			40,300		7.4
Income tax expense		9,370		1.7			15,318		2.8

Net income		28,048		5.0			24,982		4.6
Add: Net income attributable to redeemable securities holder		410		0.1			—		0.0
Less: Net loss attributable to noncontrolling interests		(29	)	(0.0	)		—		0.0

Net income attributable to common shareholders of Party City Holdco Inc.	$	28,487		5.1	%	$	24,982		4.6	%

Net income per share attributable to common shareholders of Party City Holdco Inc. - Basic	$	0.30				$	0.21
Net income per share attributable to common shareholders of Party City Holdco Inc. - Diluted	$	0.29				$	0.21

Revenues

Total revenues for the second quarter of 2018 were $561.0 million and were $16.1 million, or 3.0%, higher than the second quarter of 2017. The following table sets forth the Company’s total revenues for the three months ended June 30, 2018 and 2017.


	Three Months Ended June 30,
	2018						2017
	Dollars in Thousands			Percentage of Total Revenues			Dollars in Thousands			Percentage of Total Revenues
Net Sales:
Wholesale	$	285,733			50.9	%	$	276,705			50.8	%
Eliminations		(138,985	)		(24.8	)%		(134,853	)		(24.8	)%

Net wholesale		146,748			26.2	%		141,852			26.0	%
Retail		411,353			73.3	%		399,801			73.4	%

Total net sales		558,101			99.5	%		541,653			99.4	%
Royalties and franchise fees		2,910			0.5	%		3,225			0.6	%

Total revenues	$	561,011			100.0	%	$	544,878			100.0	%

Retail

Retail net sales during the second quarter of 2018 were $411.4 million and increased $11.6 million, or 2.9%, compared to the second quarter of 2017. Retail net sales at our Party City stores totaled $376.2 million and were $12.4 million, or 3.4%, higher than 2017 principally due to the acquisition of franchise and independent stores. During the twelve months ended June 30, 2018, we acquired 24 franchise and independent stores, opened 13 new stores and closed 12 stores. Global retail e-commerce sales totaled $35.1 million during the second quarter of 2018 and were $0.8 million, or 2.2%, lower than during the corresponding quarter of 2017. The North American e-commerce sales that are included in our Party City brand comp decreased by 3.2% during the quarter. However, they increased by 17.0% when adjusting for the impact of our new “buy online, pick-up in store” program (as such sales are included in our store sales).

Same-store sales for the Party City brand (including North American retail e-commerce sales) increased by 0.1% during the second quarter of 2018 despite headwinds from a shift in the timing of Easter (first quarter 2018 versus second quarter 2017). Excluding the impact of e-commerce, same-store sales increased by 0.4%. Same-store sales percentages were not affected by foreign currency as such percentages are calculated in local currency.

Wholesale

Wholesale net sales during the second quarter of 2018 totaled $146.7 million and were $4.9 million, or 3.5%, higher than the second quarter of 2017. Net sales to domestic party goods retailers and distributors (including our franchisee network) totaled $57.1 million and were $3.6 million, or 5.9%, lower than during 2017. The decrease was largely due to our acquisition of 24 franchise and independent stores during the twelve months ended June 30, 2018; as post-acquisition sales to such stores (approximately $2.4 million during the second quarter of 2017) are now eliminated as intercompany sales. Net sales of metallic balloons to domestic distributors and retailers (including our franchisee network) totaled $22.2 million during the second quarter of 2018 and were $1.6 million, or 7.8%, higher than during the corresponding quarter of 2017. Our international sales (which include U.S. export sales and exclude U.S. import sales from foreign subsidiaries) totaled $67.4 million and were $6.9 million, or 11.3%, higher than in 2017. The increase was largely driven by continued strong performance in the U.K. and German markets and the impact of foreign currency translation (approximately $2 million).

Intercompany sales to our retail affiliates totaled $139.0 million during the second quarter of 2018 and were $4.1 million higher than during the corresponding quarter of 2017. Intercompany sales represented 48.6% of total wholesale sales during the second quarter of 2018, compared to 48.7% during the second quarter of 2017. The intercompany sales of our wholesale segment are eliminated against the intercompany purchases of our retail segment in the consolidated financial statements.

Royalties and franchise fees

Royalties and franchise fees for the second quarter of 2018 totaled $2.9 million and were $0.3 million lower than during the second quarter of 2017 due to the acquisition of franchise stores.

Gross Profit

The following table sets forth the Company’s gross profit for the three months ended June 30, 2018 and June 30, 2017.


	Three Months Ended June 30,
	2018					2017
	Dollars in Thousands		Percentage of Net Sales			Dollars in Thousands		Percentage of Net Sales
Retail	$	183,915		44.7	%	$	173,872		43.5	%
Wholesale		44,709		30.5			45,881		32.3

Total	$	228,624		41.0	%	$	219,753		40.6	%

The gross profit margin on net sales at retail during the second quarter of 2018 was 44.7%. Such percentage was 120 basis points higher than during the corresponding quarter of 2017. The increase was principally due to a higher POS margin, the realization of productivity initiatives positively impacting occupancy costs, and increased manufacturing share of shelf (i.e., the percentage of our retail product cost of sales manufactured by our wholesale segment). Our manufacturing share of shelf increased from 25.8% during the second quarter of 2017 to 27.6% during the second quarter of 2018, driven by higher sales of metallic balloons and the scaling of recent acquisitions in our wholesale business. Our wholesale share of shelf at our Party City stores and our North American retail e-commerce operations (i.e., the percentage of our retail product cost of sales supplied by our wholesale segment) was 78.1% during the quarter and was slightly lower than during the second quarter of 2017 due largely to product mix.

The gross profit on net sales at wholesale during the second quarters of 2018 and 2017 was 30.5% and 32.3%, respectively. The decrease was principally due to inflationary pressures in both distribution and labor costs.

Operating expenses

Wholesale selling expenses were $17.3 million during the second quarter of 2018 and $16.0 million during the corresponding quarter of 2017. The increase of $1.2 million was primarily due to foreign currency translation, inflation and, to a lesser extent, intangible asset amortization. Wholesale selling expenses were 11.8% and 11.3% of net wholesale sales during the second quarters of 2018 and 2017, respectively.

Retail operating expenses during the second quarter of 2018 were $92.1 million and were $1.6 million, or 1.7%, higher than the corresponding quarter of 2017. Increased advertising spend, the higher store count (discussed above) and the impact of inflation were mostly offset by further realized savings associated with improved productivity and efficiency in our stores. Retail operating expenses were 22.4% and 22.6% of net retail sales during the second quarters of 2018 and 2017, respectively.

Franchise expenses during the second quarters of 2018 and 2017 were $4.0 million and $3.7 million, respectively.

General and administrative expenses during the second quarter of 2018 totaled $45.3 million and were $5.7 million, or 14.3%, higher than in the second quarter of 2017. The increase was due to one-time third-party consultant costs and the impact of inflation. General and administrative expenses as a percentage of total revenues were 8.1% and 7.3% during the second quarters of 2018 and 2017, respectively.

Art and development costs were $5.7 million and $5.9 million during the second quarters of 2018 and 2017, respectively.

Development stage expenses represent start-up costs related to Kazzam (see the 2017 Form 10-K for further detail and a discussion of the charges recorded during 2017).

Interest expense, net

Interest expense, net, totaled $25.5 million during the second quarter of 2018, compared to $21.3 million during the second quarter of 2017. The variance principally relates to the impact of increasing LIBOR rates on our Term Loan Credit Agreement and our ABL Facility, as well as increased borrowings under our ABL Facility due to share repurchases during the fourth quarter of 2017.

Other expense (income), net

For the second quarter of 2018, other expense, net, totaled $2.5 million and principally related to corporate development costs and foreign currency transaction losses.

Income tax expense

The effective income tax rate for the three months ended June 30, 2018, 25.0%, is higher than the statutory rate primarily due to state and foreign taxes.

Six Months Ended June 30, 2018 Compared To Six Months Ended June 30, 2017

The following table sets forth the Company’s operating results and operating results as a percentage of total revenues for the six months ended June 30, 2018 and 2017.


	Six Months Ended June 30,
	2018					2017
	(Dollars in thousands)
Revenues:
Net sales	$	1,063,209		99.5	%	$	1,015,616	99.4	%
Royalties and franchise fees		5,626		0.5			6,261	0.6

Total revenues		1,068,835		100.0			1,021,877	100.0
Expenses:
Cost of sales		646,443		60.5			620,619	60.7
Wholesale selling expenses		36,043		3.4			31,672	3.1
Retail operating expenses		181,186		17.0			181,242	17.8
Franchise expenses		7,762		0.7			7,030	0.7
General and administrative expenses		93,991		8.8			87,792	8.6
Art and development costs		11,705		1.1			11,740	1.1
Development stage expenses		3,998		0.4			6,412	0.6

Total expenses		981,128		91.8			946,507	92.6

Income from operations		87,707		8.2			75,370	7.4
Interest expense, net		48,776		4.6			41,986	4.1
Other expense, net		3,380		0.3			267	0.0

Income before income taxes		35,551		3.3			33,117	3.2
Income tax expense		8,666		0.8			12,818	1.2

Net income		26,885		2.5			20,299	2.0
Add: Net income attributable to redeemable securities holder		410		0.0			—	0.0
Less: Net loss attributable to noncontrolling interests		(59	)	(0.0	)		—	0.0

Net income attributable to common shareholders of Party City Holdco Inc.	$	27,354		2.6	%	$	20,299	2.0	%

Net income per share attributable to common shareholders of Party City Holdco Inc. - Basic	$	0.28				$	0.17
Net income per share attributable to common shareholders of Party City Holdco Inc. - Diluted	$	0.28				$	0.17

Revenues

Total revenues for the first six months of 2018 were $1,068.8 million and were $47.0 million, or 4.6%, higher than the corresponding period of 2017. The following table sets forth the Company’s total revenues for the six months ended June 30, 2018 and 2017.


	Six Months Ended June 30,
	2018						2017
	Dollars in Thousands			Percentage of Total Revenues			Dollars in Thousands			Percentage of Total Revenues
Net Sales:
Wholesale	$	563,560			52.7	%	$	547,397			53.6	%
Eliminations		(275,280	)		(25.8	)%		(270,851	)		(26.5	)%

Net wholesale		288,280			27.0	%		276,546			27.1	%
Retail		774,929			72.5	%		739,070			72.3	%

Total net sales		1,063,209			99.5	%		1,015,616			99.4	%
Royalties and franchise fees		5,626			0.5	%		6,261			0.6	%

Total revenues	$	1,068,835			100.0	%	$	1,021,877			100.0	%

Retail

Retail net sales during the first six months of 2018 were $774.9 million and increased $35.9 million, or 4.9%, compared to the corresponding period of 2017. Retail net sales at our Party City stores totaled $707.1 million and were $38.2 million, or 5.7%, higher than 2017 due to the acquisition of franchise and independent stores and increased same store sales, in part reflecting the favorable

impact of a shift in the calendar related to the timing of certain New Year’s Eve sales, which shifted into the first quarter of fiscal 2018. During the twelve months ended June 30, 2018, we acquired 24 franchise and independent stores, opened 13 new stores and closed 12 stores. Global retail e-commerce sales totaled $67.9 million during the first six months of 2018 and were $2.3 million, or 3.3%, lower than during the corresponding period of 2017. The North American e-commerce sales that are included in our Party City brand comp decreased by 6.5% during the period. However, they increased by 8.7% when adjusting for the impact of our new “buy online, pick-up in store” program (as such sales are included in our store sales).

Same-store sales for the Party City brand (including North American retail e-commerce sales) increased by 1.2% during the first six months of 2018. Excluding the impact of e-commerce, same-store sales increased by 1.9%. Same-store sales percentages were not affected by foreign currency as such percentages are calculated in local currency.

Wholesale

Wholesale net sales during the first six months of 2018 totaled $288.3 million and were $11.7 million, or 4.2%, higher than the first six months of 2017. Net sales to domestic party goods retailers and distributors (including our franchisee network) totaled $115.4 million and were $7.0 million, or 5.7%, lower than during 2017. The decrease was largely due to our acquisition of 61 franchise and independent stores during the eighteen months ended June 30, 2018; as post-acquisition sales to such stores (approximately $6 million during the first six months of 2017) are now eliminated as intercompany sales. Net sales of metallic balloons to domestic distributors and retailers (including our franchisee network) totaled $43.5 million during the first six months of 2018 and were $0.2 million higher than during the corresponding period of 2017 despite a headwind from certain Valentine’s Day shipments accelerating into the fourth quarter of 2017 (during the 2017 Valentine’s Day season the corresponding shipments took place during the first quarter of 2017). Our international sales (which include U.S. export sales and exclude U.S. import sales from foreign subsidiaries) totaled $129.3 million and were $18.5 million, or 16.7%, higher than in 2017. The increase was largely driven by the impact of foreign currency translation (approximately $7 million), continued strong performance in the U.K. and German markets and the acquisition of Granmark S.A. de C.V. (“Granmark”) in March 2017.

Intercompany sales to our retail affiliates totaled $275.3 million during the first six months of 2018 and were $4.4 million higher than during the corresponding period of 2017. Intercompany sales represented 48.8% of total wholesale sales during the first six months of 2018, compared to 49.5% during the first six months of 2017. The intercompany sales of our wholesale segment are eliminated against the intercompany purchases of our retail segment in the consolidated financial statements.

Royalties and franchise fees

Royalties and franchise fees for the first six months of 2018 totaled $5.6 million and were $0.6 million lower than during the first six months of 2017 due to the acquisition of franchise stores.

Gross Profit

The following table sets forth the Company’s gross profit for the six months ended June 30, 2018 and June 30, 2017.


	Six Months Ended June 30,
	2018					2017
	Dollars in Thousands		Percentage of Net Sales			Dollars in Thousands		Percentage of Net Sales
Retail	$	330,750		42.7	%	$	306,453		41.5	%
Wholesale		86,016		29.8	%		88,544		32.0	%

Total	$	416,766		39.2	%	$	394,997		38.9	%

The gross profit margin on net sales at retail during the first six months of 2018 was 42.7%. Such percentage was 120 basis points higher than during the corresponding period of 2017. The increase was principally due to leveraging the higher same-store sales, the realization of productivity initiatives positively impacting occupancy costs, a higher POS margin, and increased manufacturing share of shelf (i.e., the percentage of our retail product cost of sales manufactured by our wholesale segment). Our manufacturing share of shelf increased from 25.5% during the first six months of 2017 to 27.2% during the corresponding period of 2018, driven by higher sales of metallic balloons and the scaling up of recent acquisitions in our wholesale business. Our wholesale share of shelf at our Party City stores and our North American retail e-commerce operations (i.e., the percentage of our retail product cost of sales supplied by our wholesale segment) was 78.1% during the period and was slightly higher than during 2017.

The gross profit on net sales at wholesale during the first six months of 2018 and 2017 was 29.8% and 32.0%, respectively. The decrease was principally due to higher logistics and distribution costs, sales mix and, to a lesser extent, purchase accounting adjustments.

Operating expenses

Wholesale selling expenses were $36.0 million during the first six months of 2018 and $31.7 million during the corresponding period of 2017. The increase of $4.4 million, or 13.8%, was primarily due to approximately $1 million of selling costs at Granmark (acquired in March 2017), the impact of foreign currency translation (also approximately $1 million) and the impact of inflation. Wholesale selling expenses were 12.5% and 11.5% of net wholesale sales during the first six months of 2018 and 2017, respectively.

Retail operating expenses during the first six months of 2018 were $181.2 million and were consistent with the corresponding period of 2017. The higher store count (discussed above) and increased advertising spend were completely offset by lower labor costs realized as a result of increased productivity and efficiency in our stores. Retail operating expenses were 23.4% and 24.5% of net retail sales during the first six months of 2018 and 2017, respectively. The decrease was mostly due to increased sales and the improved labor productivity.

Franchise expenses during the first six months of 2018 and 2017 were $7.8 million and $7.0 million, respectively.

General and administrative expenses during the first half of 2018 totaled $94.0 million and were $6.2 million, or 7.1%, higher than in the first six months of 2017. Increased one-time third-party consultant costs, the impact of inflation and the impact of foreign currency translation were partially offset by the first quarter of 2017 including severance charges related to a Transition and Consulting Agreement which the Company entered into with Gerald Rittenberg. General and administrative expenses as a percentage of total revenues were 8.8% and 8.6% during the first six months of 2018 and 2017, respectively.

Art and development costs were $11.7 million during both the first six months of 2018 and the first six months of 2017.

Development stage expenses represent start-up costs related to Kazzam (see the 2017 Form 10-K for further detail and a discussion of the charges recorded during 2017).

Interest expense, net

Interest expense, net, totaled $48.8 million during the first six months of 2018, compared to $42.0 million during the first six months of 2017. The variance principally relates to the impact of increasing LIBOR rates on our Term Loan Credit Agreement and our ABL Facility, as well as increased borrowings under our ABL Facility due to share repurchases during the fourth quarter of 2017.

Other expense, net

For the first six months of 2018, other expense, net, totaled $3.4 million. Such amount principally consisted of corporate development costs, refinancing charges and foreign currency transaction losses.

Income tax expense

The effective income tax rate for the six months ended June 30, 2018, 24.4%, is higher than the statutory rate primarily due to state and foreign taxes.

Adjusted EBITDA, Adjusted Net Income and Adjusted Net Income per Common Share – Diluted

The Company presents adjusted EBITDA, adjusted net income and adjusted net income per common share - diluted as supplemental measures of its operating performance. The Company defines EBITDA as net income (loss) before interest expense, net, income taxes, depreciation and amortization and defines adjusted EBITDA as EBITDA, as further adjusted to eliminate the impact of certain items that the Company does not consider indicative of our core operating performance. These further adjustments are itemized below. Adjusted net income represents the Company’s net income (loss) adjusted for, among other items, intangible asset amortization, non-cash purchase accounting adjustments, amortization of deferred financing costs and original issue discounts, equity based compensation, and impairment charges. Adjusted net income per common share – diluted represents adjusted net income

divided by diluted weighted average common shares outstanding. The Company presents these measures as supplemental measures of its operating performance. You are encouraged to evaluate these adjustments and the reasons the Company considers them appropriate for supplemental analysis. In evaluating the measures, you should be aware that in the future the Company may incur expenses that are the same as, or similar to, some of the adjustments in this presentation. The Company’s presentation of adjusted EBITDA, adjusted net income and adjusted net income per common share-diluted should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items. The Company presents the measures because the Company believes they assist investors in comparing the Company’s performance across reporting periods on a consistent basis by eliminating items that the Company does not believe are indicative of its core operating performance. In addition, the Company uses adjusted EBITDA: (i) as a factor in determining incentive compensation, (ii) to evaluate the effectiveness of its business strategies and (iii) because its credit facilities use adjusted EBITDA to measure compliance with certain covenants. The Company also believes that adjusted net income and adjusted net income per common share—diluted are helpful benchmarks to evaluate its operating performance.

Adjusted EBITDA, adjusted net income, and adjusted net income per common share—diluted have limitations as analytical tools. Some of these limitations are:

•

they do not reflect the Company’s cash expenditures or future requirements for capital expenditures or contractual commitments;

•

they do not reflect changes in, or cash requirements for, the Company’s working capital needs;

•

adjusted EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on the Company’s indebtedness;

•

although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and adjusted EBITDA does not reflect any cash requirements for such replacements;

•

non-cash compensation is and will remain a key element of the Company’s overall long-term incentive compensation package, although the Company excludes it as an expense when evaluating its core operating performance for a particular period;

•

they do not reflect the impact of certain cash charges resulting from matters the Company considers not to be indicative of its ongoing operations; and

•

other companies in the Company’s industry may calculate adjusted EBITDA, adjusted net income and adjusted net income per common share differently than the Company does, limiting its usefulness as a comparative measure.

Because of these limitations, adjusted EBITDA, adjusted net income and adjusted net income per common share – diluted should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using adjusted EBITDA, adjusted net income and adjusted net income per common share – diluted only on a supplemental basis. The reconciliations from net income (loss) to adjusted EBITDA and income (loss) before income taxes to adjusted net income (loss) for the periods presented are as follows:


	Three Months Ended June 30, 2018			Three Months Ended June 30, 2017			Six Months Ended June 30, 2018			Six Months Ended June 30, 2017
(Dollars in thousands)
Net income	$	28,048		$	24,982		$	26,885		$	20,299
Interest expense, net		25,501			21,294			48,776			41,986
Income taxes		9,370			15,318			8,666			12,818
Depreciation and amortization		20,255			21,124			40,812			41,825

EBITDA		83,174			82,718			125,139			116,928
Non-cash purchase accounting adjustments		1,098			3,000			542			4,850
Restructuring, retention and severance (a)		(457	)		813			2,154			8,627
Deferred rent (b)		787			2,552			1,155			2,915
Closed store expense (c)		793			1,512			2,605			2,879
Foreign currency losses (gains), net		505			(1,183	)		442			(1,720	)
Stock option expense (d)		482			824			942			3,222
Restricted stock units expense—time-based (e)		252			—			252			—
Restricted stock units expense—performance-based (f)		593			—			593			—
Non-employee equity based compensation (g)		104			3,265			365			3,265
Undistributed income in unconsolidated joint ventures		(90	)		(942	)		(301	)		(226	)
Corporate development (h)		2,778			3,721			5,352			4,444
Non-recurring consulting charges (i)		6,869			—			11,619			—
Refinancing charges (j)		—			—			1,146			—
Other		(282	)		260			(251	)		478

Adjusted EBITDA	$	96,606		$	96,540		$	151,754		$	145,662


	Three Months Ended June 30, 2018		Three Months Ended June 30, 2017		Six Months Ended June 30, 2018		Six Months Ended June 30, 2017
(Dollars in thousands, except per share amounts)
Income before income taxes	$	37,418	$	40,300	$	35,551	$	33,117
Intangible asset amortization		3,705		4,112		7,368		7,825
Non-cash purchase accounting adjustments		1,668		3,920		963		5,924
Amortization of deferred financing costs and original issuance discounts (j)		1,210		1,226		2,766		2,459
Restructuring, retention and severance (a)		—		—		—		7,814
Non-employee equity based compensation (g)		104		3,265		365		3,265
Refinancing charges (j)		—		—		800		—
Non-recurring consulting charges (i)		6,869		—		11,619		—
Stock option expense (d)		482		824		942		3,222
Restricted stock units expense—performance-based (f)		593		—		593		—

Adjusted income before income taxes		52,049		53,647		60,967		63,626
Adjusted income tax expense (k)		12,813		20,318		14,849		24,246

Adjusted net income	$	39,236	$	33,329	$	46,118	$	39,380

Adjusted net income per common share – diluted	$	0.40	$	0.28	$	0.47	$	0.33

Weighted-average number of common shares-diluted		97,688,233		120,943,745		97,669,309		120,903,032

(a)

On March 15, 2017, the Company and its then Chairman of the Board of Directors, Gerald Rittenberg, entered into a Transition and Consulting Agreement under which Mr. Rittenberg’s employment as Executive Chairman of the Company terminated effective March 31, 2017. As a result of the agreement, the Company recorded a $4.5 million severance charge in general and administrative expenses during the first quarter of 2017. Additionally, during the three months ended March

31, 2017, the Company recorded a $3.3 million severance charge related to the restructuring of its Retail segment. See the 2017 Form 10-K for further discussion. The adjustment to “Adjusted EBITDA” during 2018 principally relates to costs incurred while moving one of the Company’s domestic manufacturing facilities to a new location.

(b)	The deferred rent adjustment reflects the difference between accounting for rent and landlord incentives in accordance with GAAP and the Company’s actual cash outlay for such items.

(c)	Principally charges incurred related to closing underperforming stores.

(d)	Represents non-cash charges related to stock options.

(e)	Non-cash charges for restricted stock units that vest based on service conditions.

(f)	Non-cash charges for restricted stock units that vest based on performance conditions.

(g)	Principally represents shares of Kazzam awarded to Ampology as compensation for Ampology’s services. See the 2017 Form 10-K for further discussion.

(h)	Primarily represents start-up costs for Kazzam (see the 2017 Form 10-K for further discussion) and third-party costs related to acquisitions (principally legal expenses).

(i)	Primarily non-recurring consulting charges related to the Company’s retail operations.

(j)

During February 2018, the Company amended the Term Loan Credit Agreement. In conjunction with the amendment, the Company wrote-off $0.3 million of capitalized deferred financing costs, original issue discounts and call premiums. The amounts are included in “Refinancing charges” in the adjusted EBITDA table above and in “Amortization of deferred financing costs and original issuance discounts” in the adjusted net income table above (consistent with the presentation in the Company’s condensed consolidated statement of cash flows included elsewhere in this Quarterly Report on Form 10-Q). Further, in conjunction with the amendment, the Company expensed $0.8 million of investment banking and legal fees. These amounts are included in “Refinancing charges” in the tables above.

(k)

Represents income tax expense/benefit after excluding the specific tax impacts for each of the pre-tax adjustments. The tax impacts for each of the adjustments were determined by applying to the pre-tax adjustments the effective income tax rates for the specific legal entities in which the adjustments were recorded.

Liquidity

The Company’s indebtedness principally consists of: (i) a senior secured term loan facility (“Term Loan Credit Agreement”), (ii) a $540 million asset-based revolving credit facility (with a seasonal increase to $640 million during a certain period of each calendar year) (“ABL Facility”), (iii) $350 million of 6.125% senior notes and (iv) $500 million of 6.625% senior notes (issued during August 2018).

We expect that cash generated from operating activities and availability under our credit agreements will be our principal sources of liquidity. Based on our current level of operations, we believe that these sources will be adequate to meet our liquidity needs for at least the next 12 months. We cannot assure you, however, that our business will generate sufficient cash flow from operations or that future borrowings will be available to us under the ABL Facility and the Term Loan Credit Agreement in amounts sufficient to enable us to repay our indebtedness or to fund our other liquidity needs.

Cash Flow

Net cash used in operating activities totaled $23.0 million during the six months ended June 30, 2018. Net cash provided by operating activities totaled $52.3 million during the six months ended June 30, 2017. Net cash flows provided by operating activities before changes in operating assets and liabilities were $75.3 million during 2018, compared to $76.4 million during 2017. Changes in operating assets and liabilities during 2018 and 2017 resulted in the use of cash of $98.3 million and $24.1 million, respectively. The use of cash was greater during 2018 principally due to the timing of inventory receipts, 2017 benefitting from Halloween carryover inventory from the 2016 Halloween selling season and, to a lesser extent, higher interest payments.

Net cash used in investing activities totaled $65.7 million during the six months ended June 30, 2018, as compared to $101.4 million during the six months ended June 30, 2017. Investing activities during 2018 included $21.3 million paid in connection with acquisitions, principally related to franchise stores (see Note 13 to the consolidated financial statements for further detail). Capital expenditures during the six months ended June 30, 2018 and 2017 were $44.4 million and $30.9 million, respectively. Retail capital expenditures totaled $25.7 million during 2018 and principally related to initiatives for improving store performance, investments in new stores and spending on store conversions. Wholesale capital expenditures during 2018 totaled $18.7 million and primarily related to printing plates and dies, as well as machinery and equipment at the Company’s manufacturing operations and main distribution center.

Net cash provided by financing activities was $86.7 million and $51.2 million during the six months ended June 30, 2018 and June 30, 2017, respectively. An increase in cash used in operating activities (see above) and increased capital expenditures (see above) were partially offset by higher acquisition activity in 2017.

At June 30, 2018, the Company had approximately $111 million of availability under its ABL Facility, after considering borrowing base restrictions.

Contractual Obligations

Other than as described above under “Liquidity and Capital Resources”, there were no material changes to our future minimum contractual obligations as of December 31, 2017 as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2017.

Off Balance Sheet Arrangements

We had no off balance sheet arrangements during the six months ended June 30, 2018 and the year ended December 31, 2017.

Seasonality

Wholesale Operations

Despite a concentration of holidays in the fourth quarter of the year, as a result of our expansive product lines, customer base and increased promotional activities, the impact of seasonality on the quarterly results of our wholesale operations has been limited. However, due to Halloween, the inventory balances of our wholesale operations are slightly higher during the third quarter than during the remainder of the year. Additionally, Halloween products sold to retailers and other distributors result in slightly higher accounts receivable balances during the quarter.

Retail Operations

Our retail operations are subject to significant seasonal variations. Historically, this segment has realized a significant portion of its revenues, cash flow and net income in the fourth quarter of the year, principally due to our Halloween sales in October and, to a lesser extent, year-end holiday sales.

Cautionary Note Regarding Forward-Looking Statements

From time to time, including in this filing and, in particular, the section captioned “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” we make “forward-looking statements” within the meaning of federal and state securities laws. Disclosures that use words such as the company “believes,” “anticipates,” “expects,” “estimates,” “intends,” “will,” “may” or “plans” and similar expressions are intended to identify forward-looking statements. These forward-looking statements reflect our current expectations and are based upon data available to us at the time the statements were made. An example of a forward-looking statement is our belief that our cash generated from operating activities and availability under our credit facilities will be adequate to meet our liquidity needs for at least the next 12 months. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from expectations. These risks, as well as other risks and uncertainties, are detailed in the section titled “Risk Factors” included in our Annual Report on Form 10-K filed with the SEC on March 14, 2018 and elsewhere in this report. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. All forward-looking statements are qualified by these cautionary statements and are made only as of the date of this filing. Any such forward-looking statements, whether made in this filing or elsewhere, should be considered in context with the various disclosures made by us about our business. The following risks related to our business, among others, could cause actual results to differ materially from those described in the forward-looking statements:

•

our ability to compete effectively in a competitive industry;

•

fluctuations in commodity prices;

•

our ability to appropriately respond to changing merchandise trends and consumer preferences;

•

successful implementation of our store growth strategy;

•

decreases in our Halloween sales;

•

unexpected or unfavorable consumer responses to our promotional or merchandising programs;

•

failure to comply with existing or future laws relating to our marketing programs, e-commerce initiatives and the use of consumer information;

•

disruption to the transportation system or increases in transportation costs;

•

product recalls or product liability;

•

economic slowdown affecting consumer spending and general economic conditions;

•

loss or actions of third party vendors and loss of the right to use licensed material;

•

disruptions at our manufacturing facilities;

•

failure by suppliers or third-party manufacturers to follow acceptable labor practices or to comply with other applicable laws and guidelines;

•

our international operations subjecting us to additional risks;

•

potential litigation and claims;

•

lack of available additional capital;

•

our inability to retain or hire key personnel;

•

risks associated with leasing substantial amounts of space;

•

failure of existing franchisees to conduct their business in accordance with agreed upon standards;

•

adequacy of our information systems, order fulfillment and distribution facilities;

•

our ability to adequately maintain the security of our electronic and other confidential information;

•

our inability to successfully identify and integrate acquisitions;

•

adequacy of our intellectual property rights;

•

risks related to our substantial indebtedness; and

•

the other factors set forth under “Risk Factors” in our Annual Report on Form 10-K, filed with the SEC on March 14, 2018.

Except as required by law, we undertake no obligation to update publicly any forward-looking statements after the date of this filing to conform these statements to actual results or to changes in our expectations.

You should read this filing with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

There have been no material changes in our market risks since December 31, 2017 as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2017.

Item 4. Controls and Procedures

We have carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act of 1934, as amended (the “Act”)) as of June 30, 2018. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective in ensuring that information required to be disclosed by us in the reports that we file or submit under the Act is: (i) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms; and (ii) accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosures.

There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Act) during the quarter ended June 30, 2018 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II-OTHER INFORMATION

Item 1. Legal Proceedings

Information in response to this Item is incorporated herein by reference from Note 8, Commitments and Contingencies, to our Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q.

Item 1A. Risk Factors

There have been no material changes to the risk factors disclosed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on March 14, 2018, except as noted below.

Concentration of ownership by investment funds affiliated with Thomas H. Lee Partners, L.P. (“THL”) could limit other stockholders’ ability to influence the outcome of key transactions, including a change of control.

THL beneficially owns approximately 47% of our outstanding common stock as of July 25, 2018. As a result, THL will be able to exert a significant degree of influence over our business and affairs, including any determinations with respect to mergers or other business combinations, the acquisition or disposition of assets, the incurrence of indebtedness, the issuance of any additional common stock or other equity securities, the repurchase or redemption of common stock and the payment of dividends. Similarly, THL may effectively control matters submitted to a vote of our stockholders without the consent of our other stockholders, may have the power to prevent a change in our control and could take other actions that might be favorable to them.

Item 6. Exhibits



3.1		Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to Party City Holdco Inc.’s Form 8-K dated April 21, 2015)

3.2		Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to Party City Holdco Inc.’s Form 8-K dated April 21, 2015)

31.1*		Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*		Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1*		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2*		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101*		Interactive Data Files pursuant to Rule 405 of Regulation S-T: (i) Condensed Consolidated Balance Sheets at June 30, 2018 and December 31, 2017; (ii) Condensed Consolidated Statements of Operations and Comprehensive Income for the three month periods ended June 30, 2018 and June 30, 2017; (iii) Condensed Consolidated Statements of Operations and Comprehensive Income for the six month periods ended June 30, 2018 and June 30, 2017; (iv) Condensed Consolidated Statement of Stockholders’ Equity for the six month period ended June 30, 2018; (v) Condensed Consolidated Statements of Cash Flows for the six month periods ended June 30, 2018 and June 30, 2017; and (vi) Notes to the Condensed Consolidated Financial Statements.

*		Filed herewith.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Quarterly Report on Form 10-Q to be signed on its behalf by the undersigned thereunto duly authorized.

EX-31.1 2 d414832dex311.htm EX-31.1 EX-31.1

Exhibit 31.1

Section 302 Certification

I, James M. Harrison, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Party City Holdco Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 9, 2018

/s/ James M. Harrison

James M. Harrison

Chief Executive Officer

(Principal Executive Officer)

EX-31.2 3 d414832dex312.htm EX-31.2 EX-31.2

Exhibit 31.2

Section 302 Certification

I, Daniel J. Sullivan, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Party City Holdco Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(a)

(b)

(c)

(d)

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 9, 2018

/s/ Daniel J. Sullivan

Daniel J. Sullivan

Chief Financial Officer

(Principal Financial Officer)

EX-32.1 4 d414832dex321.htm EX-32.1 EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C.SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Party City Holdco Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2018, as filed with the Securities and Exchange Commission (the “Report”), I, James M. Harrison, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ James M. Harrison

James M. Harrison

Chief Executive Officer

(Principal Executive Officer)

Date: August 9, 2018

This certification accompanies the Form 10-Q to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of Party City Holdco Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Form 10-Q), irrespective of any general incorporation language contained in such filing.

EX-32.2 5 d414832dex322.htm EX-32.2 EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C.SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Party City Holdco Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2018, as filed with the Securities and Exchange Commission (the “Report”), I, Daniel J. Sullivan, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Daniel J. Sullivan

Daniel J. Sullivan

Chief Financial Officer

(Principal Financial Officer)

Date: August 9, 2018

EX-101.INS 6 prty-20180630.xml XBRL INSTANCE DOCUMENT

-49352000

321000

-49031000

400000000

90000000

0.06625

500000000

96477447

69124000

106000

-41650000

-378000

-42028000

-30204000

-396000

-30600000

164043000

941247000

6541000

130067000

919845000

175449000

-39797000

3532384000

51461000

51567000

300000000

96474228

0.01

119853795

1199000

177891000

71587000

1627851000

12538000

673676000

568422000

628823000

32315000

738601000

2534497000

3532384000

1528263000

1541312000

282000

379519000

13049000

11705000

89742000

311572000

0.01

15000000

86043000

3219000

399872000

994668000

286733000

1281119000

994386000

23379567

106000

1233000

2840000

3219000

1192253000

1203242000

1192253000

23586000

268000

1233000

268000

3279000

345780000

351750000

345780000

P120D

40000

100

P30D

-40917000

919845000

1120000

-39797000

1199000

994386000

282000

399872000

-286733000

1281119000

900

64765000

155000

-53171000

932000

-52239000

176609000

877153000

45568000

140980000

917192000

160994000

-35818000

3454756000

54291000

54408000

96380102

119759669

1198000

175836000

75704000

1619253000

10911000

604066000

568681000

562809000

30346000

682521000

2482376000

3454756000

1532090000

1545149000

355000

286291000

13059000

12824000

91929000

301141000

77816000

3590000

372596000

968790000

968712000

286733000

1255168000

968435000

23379567

117000

95000

0.60

0.85

3590000

1196505000

21672000

99000

2122000

99000

95000

99000

95000

2122000

3276000

345368000

0.28

-35610000

917192000

-208000

-35818000

1198000

968435000

968357000

355000

372596000

372518000

-286733000

1255168000

1255090000

-26000

2000

-141000

28000

11000

-78000

-46000

8000

-40000

2459000

4359000

0.00

30510000

620619000

7030000

946507000

1713000

41825000

0.17

2208000

0.17

-528000

87792000

33117000

226000

12818000

-866000

49588000

-40462000

-20823000

41986000

3265000

5328000

1377025

34770000

-101396000

51229000

52318000

20299000

-267000

75370000

70547000

30854000

5000

67000

20299000

419000

11740000

1021877000

3222000

120903032

119526007

6412000 128140000 76978000 181242000 31672000 2915000

866000

915000

2417613

596000

-270851000

1292728000

6261000

1286467000

739070000

547397000

745331000

547397000

6261000

1015616000

739070000

11521000

-1310000

-796000

514000

10211000

10725000

514000

110851000

165695000

48920000

745331000

276546000

26450000

276546000

745331000

70184000

668886000

326000

false

482000

2766000

<div> Note 8 – Commitments and Contingencies The Company is a party to certain claims and litigation in the ordinary course of business. The Company does not believe these proceedings will result, individually or in the aggregate, in a material adverse effect on its financial condition or future results of operations. On April 5, 2016, a derivative complaint was filed in the Supreme Court for the State of New York, naming certain directors and executives as defendants, and naming the Company as a nominal defendant. The complaint seeks unspecified damages and costs, and corporate governance reforms, for alleged injury to the Company in connection with public filings related to the Company’s April 2015 IPO, compensation paid to executives, and the termination of the management agreement disclosed in the initial public offering-related public filings. The Company intends to vigorously defend itself against this action. The Company is unable, at this time, to determine whether the outcome of the litigation would have a material impact on its results of operations, financial condition or cash flows. </div>

-2841000

0.00

23375000

22892000

646443000

7762000

981128000

--12-31

1443000

40812000

Q2 2018 10-Q

0.244

0.28

59000

0001592058

-780000

Party City Holdco Inc.

2018-06-30

0.28

Accelerated Filer

-24000

93991000

35551000

301000

8666000

9137000

<div> Note 4 – Income Taxes On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (“the Act”) was signed into law. The Act significantly changed U.S. tax law, including lowering the U.S. corporate income tax rate from 35% to 21%, effective January 1, 2018, and implementing a one-time “deemed repatriation” tax on unremitted earnings accumulated in non-U.S. jurisdictions since 1986 (the “Transition Tax”). Due to the complexities of accounting for the Act, the SEC issued Staff Accounting Bulletin (“SAB”) No. 118 which allows entities to include a provisional estimate of the impact of the Act in its financial statements. Therefore, based on currently available information, during the fourth quarter of 2017, the Company recorded a provisional estimate of the impact of the Act, which included an income tax benefit of $90,965 related to the remeasurement of its domestic net deferred tax liabilities and deferred tax assets due to the lower U.S. corporate tax rate. Additionally, during the fourth quarter of 2017, the Company recorded a net income tax expense of $1,132 as its provisional estimate of the Transition Tax related to the deemed repatriation of unremitted earnings of foreign subsidiaries. The Company did not adjust these estimates during the first six months of 2018. While these amounts represent the Company’s best estimates of the impacts of the reduction in the federal corporate income tax rate and the deemed repatriation Transition Tax, the final impacts of the Act may differ from the Company’s estimates due to, among other things, changes in the Company’s interpretations and assumptions, additional guidance to be issued by the IRS, and actions the Company may take. As provided in SAB 118, any adjustments to these provisional amounts will be recorded as they are identified during the measurement period, which ends no later than December 22, 2018. Additionally, the Act subjects a U.S. shareholder to current tax on “global intangible low-taxed income” (“GILTI”) of its controlled foreign corporations. GILTI is based on the excess of the aggregate of a U.S. shareholder’s pro rata share of net income of its controlled foreign corporations over a specified return. Given the complexity of the GILTI provisions, the Company is still evaluating the effects of the provisions and has not yet determined its accounting policy. Therefore, during the six months ended June 30, 2018, the Company has included an estimate of the tax on GILTI as a period cost in its full-year estimated effective income tax rate and it has not accounted for any tax on GILTI in its deferred balances. The effective income tax rate for the six months ended June 30, 2018, 24.4%, is different from the statutory rate primarily due to state and foreign taxes. </div>

46617000

-29220000

-8791000

48776000

365000

68741000

1243074

49489000

<div> Note 12 – Long-Term Obligations Long-term obligations at June 30, 2018 and December 31, 2017 consisted of the following:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="74%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">June 30, 2018</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">December 31, 2017</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Term Loan Credit Agreement </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,192,253</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,196,505</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Capital lease obligations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,279</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,276</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Senior Notes </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">345,780</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">345,368</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Total long-term obligations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,541,312</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,545,149</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Less: current portion </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(13,049</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(13,059</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Long-term obligations, excluding current portion </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,528,263</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,532,090</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> Term Loan Credit Agreement During February 2018, the Company amended its Term Loan Credit Agreement. At the time of the amendment, all outstanding term loans were replaced with new term loans for the same principal amount. The applicable margin for ABR borrowings was lowered from 2.00% to 1.75% and the applicable margin for LIBOR borrowings was lowered from 3.00% to 2.75%. Additionally, based on the terms of the amendment, the ABR and LIBOR margins will drop to 1.50% and 2.50%, respectively, if the Company’s Senior Secured Leverage Ratio, as defined by the agreement, falls below 3.2 to 1.0. As the Term Loan Credit Agreement is a loan syndication, the Company assessed, on a creditor-by-creditor basis, whether the refinancing should be accounted for as an extinguishment for each creditor and, during the first quarter of 2018, the Company wrote-off $186 of existing deferred financing costs, a $102 capitalized original issue discount and $58 of capitalized call premium. The write-offs were recorded in other expense in the Company’s consolidated statement of income and comprehensive income. The remaining deferred financing costs, original issue discount and capitalized call premium will continue to be amortized over the life of the Term Loan Credit Agreement, using the effective interest method. Additionally, in conjunction with the amendment, the Company incurred $856 of banker and legal fees, $800 of which were recorded in other expense during the first quarter of 2018. The rest of the costs are being amortized over the life of the debt. The write-offs of the deferred financing costs, original issuance discount and call premium were included in amortization of deferred financing costs and original issuance discount in the Company’s consolidated statement of cash flows. </div>

-65710000

-59000

-410000

86657000

-23008000

27354000

-3380000

-78000

-5321000

1328000

87707000

56000

21325000

44406000

21000

482000

26885000

304000

<div> Long-term obligations at June 30, 2018 and December 31, 2017 consisted of the following:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="74%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">June 30, 2018</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">December 31, 2017</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Term Loan Credit Agreement </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,192,253</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,196,505</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Capital lease obligations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,279</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,276</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Senior Notes </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">345,780</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">345,368</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Total long-term obligations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,541,312</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,545,149</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Less: current portion </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(13,049</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(13,059</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Long-term obligations, excluding current portion </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,528,263</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,532,090</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

11705000

1068835000

<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> Note 7 – Segment Information <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> Industry Segments <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> The Company has two identifiable business segments. The Wholesale segment designs, manufactures, sources and distributes decorated party goods, including paper and plastic tableware, metallic and latex balloons, Halloween and other costumes, accessories, novelties, gifts and stationery throughout the world. The Retail segment operates specialty retail party supply stores in the United States and Canada, principally under the names Party City, Halloween City and Toy City, and it operates e-commerce websites, principally through the domain name Partycity.com. The Retail segment also franchises both individual stores and franchise areas throughout the United States, Mexico and Puerto Rico, principally under the name Party City. The Company’s industry segment data for the three months ended June 30, 2018 and June 30, 2017 was as follows: <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="68%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Wholesale</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Retail</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Three Months Ended June 30, 2018 </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Revenues: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net sales </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">285,733</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">411,353</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">697,086</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Royalties and franchise fees </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,910</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,910</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total revenues </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">285,733</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">414,263</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">699,996</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Eliminations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(138,985</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(138,985</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net revenues </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">146,748</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">414,263</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">561,011</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Income from operations </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,148</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">54,303</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">65,451</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Interest expense, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">25,501</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Other expense, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,532</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Income before income taxes </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">37,418</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="16"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Wholesale</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Retail</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Three Months Ended June 30, 2017 </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Revenues: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net sales </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">276,705</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">399,801</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">676,506</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Royalties and franchise fees </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,225</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,225</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total revenues </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">276,705</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">403,026</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">679,731</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Eliminations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(134,853</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(134,853</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net revenues </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">141,852</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">403,026</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">544,878</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Income from operations </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">16,034</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">44,665</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">60,699</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Interest expense, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">21,294</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Other income, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(895</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Income before income taxes </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">40,300</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> The Company’s industry segment data for the six months ended June 30, 2018 and June 30, 2017 was as follows:                 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="67%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Wholesale</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Retail</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Six Months Ended June 30, 2018 </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Revenues: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net sales </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">563,560</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">774,929</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,338,489</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Royalties and franchise fees </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,626</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,626</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total revenues </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">563,560</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">780,555</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,344,115</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Eliminations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(275,280</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(275,280</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net revenues </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">288,280</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">780,555</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,068,835</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Income from operations </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">16,496</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">71,211</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">87,707</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Interest expense, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">48,776</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Other expense, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,380</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Income before income taxes </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">35,551</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="16"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Wholesale</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Retail</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Six Months Ended June 30, 2017 </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Revenues: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net sales </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">547,397</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">739,070</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,286,467</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Royalties and franchise fees </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,261</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,261</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total revenues </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">547,397</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">745,331</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,292,728</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Eliminations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(270,851</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(270,851</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net revenues </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">276,546</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">745,331</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,021,877</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Income from operations </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">26,450</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">48,920</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">75,370</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Interest expense, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">41,986</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Other expense, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">267</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Income before income taxes </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">33,117</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> The Company’s industry segment data for the three months ended June 30, 2018 and June 30, 2017 was as follows: <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="68%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Wholesale</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Retail</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Three Months Ended June 30, 2018 </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Revenues: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net sales </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">285,733</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">411,353</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">697,086</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Royalties and franchise fees </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,910</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,910</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total revenues </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">285,733</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">414,263</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">699,996</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Eliminations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(138,985</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(138,985</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net revenues </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">146,748</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">414,263</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">561,011</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Income from operations </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,148</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">54,303</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">65,451</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Interest expense, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">25,501</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Other expense, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,532</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Income before income taxes </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">37,418</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="16"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Wholesale</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Retail</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Three Months Ended June 30, 2017 </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Revenues: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net sales </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">276,705</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">399,801</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">676,506</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Royalties and franchise fees </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,225</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,225</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total revenues </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">276,705</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">403,026</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">679,731</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Eliminations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(134,853</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(134,853</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net revenues </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">141,852</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">403,026</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">544,878</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Income from operations </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">16,034</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">44,665</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">60,699</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Interest expense, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">21,294</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Other income, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(895</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Income before income taxes </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">40,300</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> The Company’s industry segment data for the six months ended June 30, 2018 and June 30, 2017 was as follows:                 <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 12pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">   <table style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="67%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Wholesale</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Retail</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Six Months Ended June 30, 2018 </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Revenues: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net sales </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">563,560</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">774,929</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,338,489</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Royalties and franchise fees </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,626</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,626</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total revenues </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">563,560</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">780,555</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,344,115</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Eliminations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(275,280</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(275,280</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net revenues </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">288,280</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">780,555</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,068,835</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Income from operations </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">16,496</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">71,211</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">87,707</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Interest expense, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">48,776</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Other expense, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,380</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Income before income taxes </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">35,551</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="16"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Wholesale</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Retail</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Six Months Ended June 30, 2017 </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Revenues: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net sales </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">547,397</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">739,070</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,286,467</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Royalties and franchise fees </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,261</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,261</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total revenues </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">547,397</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">745,331</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,292,728</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Eliminations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(270,851</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(270,851</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net revenues </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">276,546</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">745,331</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,021,877</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Income from operations </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">26,450</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">48,920</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">75,370</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Interest expense, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">41,986</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid"> <td valign="top"> Other expense, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">267</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; break-inside: avoid" bgcolor="#CCEEFF"> <td valign="top"> Income before income taxes </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">33,117</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18px; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">   </div>

<div> Industry Segments The Company has two identifiable business segments. The Wholesale segment designs, manufactures, sources and distributes decorated party goods, including paper and plastic tableware, metallic and latex balloons, Halloween and other costumes, accessories, novelties, gifts and stationery throughout the world. The Retail segment operates specialty retail party supply stores in the United States and Canada, principally under the names Party City, Halloween City and Toy City, and it operates e-commerce websites, principally through the domain name Partycity.com. The Retail segment also franchises both individual stores and franchise areas throughout the United States, Mexico and Puerto Rico, principally under the name Party City. </div>

PRTY

942000

<div> Note 6 – Capital Stock At June 30, 2018, the Company’s authorized capital stock consisted of 300,000,000 shares of $0.01 par value common stock and 15,000,000 shares of $0.01 par value preferred stock. During the six months ended June 30, 2018, 90,420 shares of common stock were issued due to stock option exercises and 3,706 shares were issued to directors of the Company. </div>

97669309

96426235

3998000 112293000 26062000 181186000 36043000 1155000 2019-06 <div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> Note 15 – Cash, Cash Equivalents and Restricted Cash <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows: Restricted Cash”. The pronouncement requires companies to show changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in their statement of cash flows. The Company adopted the pronouncement, which requires retrospective application, during the first quarter of 2018. <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> As a result, the Company’s statement of cash flows for the six months ended June 30, 2017 has been adjusted to include $155 of restricted cash at December 31, 2016 and $106 of restricted cash at June 30, 2017. The restricted cash, which principally relates to funds that are required to be spent on advertising, is included in “prepaid expenses and other current assets” in the Company’s consolidated balance sheet. Therefore, in the Company’s adjusted consolidated statement of cash flows for the six months ended June 30, 2017, the change in “prepaid expenses and other current assets” has been adjusted from a cash inflow of $915 to a cash inflow of $866. <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> The Company’s June 30, 2018 consolidated balance sheet included $51,461 of cash and cash equivalents and $106 of restricted cash and the Company’s December 31, 2017 consolidated balance sheet included $54,291 of cash and cash equivalents and $117 of restricted cash. Restricted cash is recorded in “prepaid expenses and other current assets”.            </div> 252000 593000 252000 593000 59000 942000 26885000 -410000 -73000

39000

2494428

201270

596000

3021000

P5Y 0.40 P5Y 0.15

-275280000

1344115000

5626000

1338489000

774929000

563560000

780555000

563560000

One year or less

1.00

5626000

1063209000

774929000

P371D P98D 0.06

P1Y0M0D

P364D P91D 0.04

-5307000

326000

481000

252000 593000 59000 942000

1328000

971000

-357000

-3979000

-5307000

-4336000

1328000

-357000

1000

90420

326000

482000

-410000

-78000

-5307000

1328000

252000 593000 59000 942000 26944000

-14000

-59000

-410000

-78000

26944000

326000

482000

-410000

-78000

-5307000

1328000

252000 593000 59000 942000 26944000

129324000

158956000

71211000

780555000

The determination of the transaction price is straight-forward as it is fixed based on the contract and/or purchase order. However, a limited number of customers receive volume-based rebates. Additionally, certain customers receive small discounts for early payment (generally 1% of the transaction price).

288280000

0.01

16496000

288280000

780555000

67862000

707067000

3706

1.00 3.2 1.0

0.0275

0.0250

0.0175

0.0150

18800000

0.35

90965000 1132000

0.0300

0.0200

0.21

2023-08-31

2026-08-31

856000

186000

58000 800000 102000

14000000

6000000

11 P1Y

0.00

31985000

321900000

3713000

484179000

0.21

39655000

40300000

15318000

21294000

1415598

24982000

895000

60699000

24982000

5942000

544878000

120943745

119528147

6412000 90512000 16045000

2417613

596000

-134853000

679731000

3225000

676506000

399801000

276705000

403026000

276705000

3225000

541653000

399801000

7702000

-699000

-509000

190000

7003000

7193000

190000

60498000

81354000

44665000

403026000

141852000

16034000

141852000

403026000

35929000

363872000

0.00

19290000

18825000

329477000

3980000

495560000

0.29

0.30

45326000

37418000

9370000

25501000

1234350

-29000

-410000

28487000

-2532000

65451000

28048000

5732000

561011000

97688233

96453884

1695000 92094000 17256000 -410000 -55000

26000

2494428

201270

596000

-138985000

699996000

2910000

697086000

411353000

285733000

414263000

285733000

2910000

558101000

411353000

-10713000

1516000

1398000

-118000

-9197000

-9315000

-118000

67351000

79397000

54303000

414263000

146748000

11148000

146748000

414263000

35131000

376222000

0001592058 prty:RetailSegmentMember prty:PartyCityStoresMember 2018-04-01 2018-06-30 0001592058 prty:RetailSegmentMember prty:GlobalEcommerceMember 2018-04-01 2018-06-30 0001592058 prty:RetailSegmentMember 2018-04-01 2018-06-30 0001592058 prty:WholesaleMember 2018-04-01 2018-06-30 0001592058 prty:WholesaleSegmentMember 2018-04-01 2018-06-30 0001592058 us-gaap:RetailMember 2018-04-01 2018-06-30 0001592058 prty:DomesticMember prty:WholesaleSegmentMember 2018-04-01 2018-06-30 0001592058 prty:InternationalMember prty:WholesaleSegmentMember 2018-04-01 2018-06-30 0001592058 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-04-01 2018-06-30 0001592058 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2018-04-01 2018-06-30 0001592058 us-gaap:AccumulatedTranslationAdjustmentMember 2018-04-01 2018-06-30 0001592058 us-gaap:ProductMember prty:RetailSegmentMember 2018-04-01 2018-06-30 0001592058 us-gaap:ProductMember 2018-04-01 2018-06-30 0001592058 us-gaap:FranchiseMember prty:RetailSegmentMember 2018-04-01 2018-06-30 0001592058 us-gaap:FranchiseMember 2018-04-01 2018-06-30 0001592058 us-gaap:OperatingSegmentsMember prty:WholesaleMember 2018-04-01 2018-06-30 0001592058 us-gaap:OperatingSegmentsMember us-gaap:RetailMember 2018-04-01 2018-06-30 0001592058 us-gaap:OperatingSegmentsMember us-gaap:ProductMember prty:WholesaleMember 2018-04-01 2018-06-30 0001592058 us-gaap:OperatingSegmentsMember us-gaap:ProductMember us-gaap:RetailMember 2018-04-01 2018-06-30 0001592058 us-gaap:OperatingSegmentsMember us-gaap:ProductMember 2018-04-01 2018-06-30 0001592058 us-gaap:OperatingSegmentsMember us-gaap:FranchiseMember us-gaap:RetailMember 2018-04-01 2018-06-30 0001592058 us-gaap:OperatingSegmentsMember us-gaap:FranchiseMember 2018-04-01 2018-06-30 0001592058 us-gaap:OperatingSegmentsMember 2018-04-01 2018-06-30 0001592058 us-gaap:IntersegmentEliminationMember prty:WholesaleMember 2018-04-01 2018-06-30 0001592058 us-gaap:IntersegmentEliminationMember 2018-04-01 2018-06-30 0001592058 us-gaap:WarrantMember 2018-04-01 2018-06-30 0001592058 us-gaap:RestrictedStockUnitsRSUMember 2018-04-01 2018-06-30 0001592058 us-gaap:EmployeeStockOptionMember 2018-04-01 2018-06-30 0001592058 us-gaap:AccountingStandardsUpdate201409Member us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member 2018-04-01 2018-06-30 0001592058 2018-04-01 2018-06-30 0001592058 prty:RetailSegmentMember prty:PartyCityStoresMember 2017-04-01 2017-06-30 0001592058 prty:RetailSegmentMember prty:GlobalEcommerceMember 2017-04-01 2017-06-30 0001592058 prty:RetailSegmentMember 2017-04-01 2017-06-30 0001592058 prty:WholesaleMember 2017-04-01 2017-06-30 0001592058 prty:WholesaleSegmentMember 2017-04-01 2017-06-30 0001592058 us-gaap:RetailMember 2017-04-01 2017-06-30 0001592058 prty:DomesticMember prty:WholesaleSegmentMember 2017-04-01 2017-06-30 0001592058 prty:InternationalMember prty:WholesaleSegmentMember 2017-04-01 2017-06-30 0001592058 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-04-01 2017-06-30 0001592058 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2017-04-01 2017-06-30 0001592058 us-gaap:AccumulatedTranslationAdjustmentMember 2017-04-01 2017-06-30 0001592058 us-gaap:ProductMember prty:RetailSegmentMember 2017-04-01 2017-06-30 0001592058 us-gaap:ProductMember 2017-04-01 2017-06-30 0001592058 us-gaap:FranchiseMember prty:RetailSegmentMember 2017-04-01 2017-06-30 0001592058 us-gaap:FranchiseMember 2017-04-01 2017-06-30 0001592058 us-gaap:OperatingSegmentsMember prty:WholesaleMember 2017-04-01 2017-06-30 0001592058 us-gaap:OperatingSegmentsMember us-gaap:RetailMember 2017-04-01 2017-06-30 0001592058 us-gaap:OperatingSegmentsMember us-gaap:ProductMember prty:WholesaleMember 2017-04-01 2017-06-30 0001592058 us-gaap:OperatingSegmentsMember us-gaap:ProductMember us-gaap:RetailMember 2017-04-01 2017-06-30 0001592058 us-gaap:OperatingSegmentsMember us-gaap:ProductMember 2017-04-01 2017-06-30 0001592058 us-gaap:OperatingSegmentsMember us-gaap:FranchiseMember prty:WholesaleMember 2017-04-01 2017-06-30 0001592058 us-gaap:OperatingSegmentsMember us-gaap:FranchiseMember us-gaap:RetailMember 2017-04-01 2017-06-30 0001592058 us-gaap:OperatingSegmentsMember us-gaap:FranchiseMember 2017-04-01 2017-06-30 0001592058 us-gaap:OperatingSegmentsMember 2017-04-01 2017-06-30 0001592058 us-gaap:IntersegmentEliminationMember prty:WholesaleMember 2017-04-01 2017-06-30 0001592058 us-gaap:IntersegmentEliminationMember us-gaap:RetailMember 2017-04-01 2017-06-30 0001592058 us-gaap:IntersegmentEliminationMember 2017-04-01 2017-06-30 0001592058 us-gaap:WarrantMember 2017-04-01 2017-06-30 0001592058 us-gaap:RestrictedStockUnitsRSUMember 2017-04-01 2017-06-30 0001592058 us-gaap:EmployeeStockOptionMember 2017-04-01 2017-06-30 0001592058 2017-04-01 2017-06-30 0001592058 stpr:TX 2018-01-01 2018-03-31 0001592058 stpr:MD 2018-01-01 2018-03-31 0001592058 us-gaap:SecuredDebtMember prty:TermLoanCreditAgreementMember us-gaap:OtherExpenseMember 2018-01-01 2018-03-31 0001592058 us-gaap:SecuredDebtMember prty:TermLoanCreditAgreementMember 2018-01-01 2018-03-31 0001592058 us-gaap:SeniorNotesMember us-gaap:SubsequentEventMember 2018-08-01 2018-08-09 0001592058 prty:AssetBasedRevolvingCreditFacilityMember us-gaap:SubsequentEventMember 2018-08-01 2018-08-09 0001592058 us-gaap:ScenarioForecastMember 2018-01-01 2018-12-31 0001592058 us-gaap:SecuredDebtMember prty:TermLoanCreditAgreementMember prty:AlternateBaseInterestRateLoansMember 2017-01-01 2017-12-31 0001592058 us-gaap:SecuredDebtMember prty:TermLoanCreditAgreementMember us-gaap:LondonInterbankOfferedRateLIBORMember 2017-01-01 2017-12-31 0001592058 2017-01-01 2017-12-31 0001592058 stpr:PA us-gaap:SubsequentEventMember 2018-07-01 2018-07-31 0001592058 us-gaap:SecuredDebtMember prty:TermLoanCreditAgreementMember prty:AlternateBaseInterestRateLoansMember 2018-02-01 2018-02-28 0001592058 us-gaap:SecuredDebtMember prty:TermLoanCreditAgreementMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-02-01 2018-02-28 0001592058 srt:MinimumMember us-gaap:SecuredDebtMember prty:TermLoanCreditAgreementMember 2018-02-01 2018-02-28 0001592058 srt:MaximumMember us-gaap:SecuredDebtMember prty:TermLoanCreditAgreementMember 2018-02-01 2018-02-28 0001592058 prty:ForeignExchangeRiskManagementMember 2018-01-01 2018-06-30 0001592058 us-gaap:DirectorMember 2018-01-01 2018-06-30 0001592058 prty:RetailSegmentMember prty:PartyCityStoresMember 2018-01-01 2018-06-30 0001592058 prty:RetailSegmentMember prty:GlobalEcommerceMember 2018-01-01 2018-06-30 0001592058 prty:RetailSegmentMember 2018-01-01 2018-06-30 0001592058 prty:WholesaleMember 2018-01-01 2018-06-30 0001592058 prty:WholesaleSegmentMember 2018-01-01 2018-06-30 0001592058 us-gaap:RetailMember 2018-01-01 2018-06-30 0001592058 prty:DomesticMember prty:WholesaleSegmentMember 2018-01-01 2018-06-30 0001592058 prty:InternationalMember prty:WholesaleSegmentMember 2018-01-01 2018-06-30 0001592058 prty:StockholdersEquityBeforeTreasuryStockMember 2018-01-01 2018-06-30 0001592058 us-gaap:RetainedEarningsMember 2018-01-01 2018-06-30 0001592058 us-gaap:NoncontrollingInterestMember 2018-01-01 2018-06-30 0001592058 us-gaap:ParentMember 2018-01-01 2018-06-30 0001592058 us-gaap:CommonStockMember 2018-01-01 2018-06-30 0001592058 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-06-30 0001592058 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2018-01-01 2018-06-30 0001592058 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-06-30 0001592058 us-gaap:AccumulatedTranslationAdjustmentMember 2018-01-01 2018-06-30 0001592058 srt:MinimumMember prty:RetailSegmentMember 2018-01-01 2018-06-30 0001592058 srt:MinimumMember 2018-01-01 2018-06-30 0001592058 srt:MaximumMember prty:ForeignExchangeRiskManagementMember 2018-01-01 2018-06-30 0001592058 srt:MaximumMember prty:RetailSegmentMember 2018-01-01 2018-06-30 0001592058 srt:MaximumMember 2018-01-01 2018-06-30 0001592058 us-gaap:ProductMember prty:RetailSegmentMember 2018-01-01 2018-06-30 0001592058 us-gaap:ProductMember 2018-01-01 2018-06-30 0001592058 us-gaap:FranchiseMember prty:RetailSegmentMember 2018-01-01 2018-06-30 0001592058 us-gaap:FranchiseMember 2018-01-01 2018-06-30 0001592058 prty:PartyCityHoldingsMember 2018-01-01 2018-06-30 0001592058 prty:PcNextcoMember 2018-01-01 2018-06-30 0001592058 prty:PCIntermediateHoldingsIncMember 2018-01-01 2018-06-30 0001592058 us-gaap:ShortTermContractWithCustomerMember 2018-01-01 2018-06-30 0001592058 us-gaap:OperatingSegmentsMember prty:WholesaleMember 2018-01-01 2018-06-30 0001592058 us-gaap:OperatingSegmentsMember us-gaap:RetailMember 2018-01-01 2018-06-30 0001592058 us-gaap:OperatingSegmentsMember us-gaap:ProductMember prty:WholesaleMember 2018-01-01 2018-06-30 0001592058 us-gaap:OperatingSegmentsMember us-gaap:ProductMember us-gaap:RetailMember 2018-01-01 2018-06-30 0001592058 us-gaap:OperatingSegmentsMember us-gaap:ProductMember 2018-01-01 2018-06-30 0001592058 us-gaap:OperatingSegmentsMember us-gaap:FranchiseMember us-gaap:RetailMember 2018-01-01 2018-06-30 0001592058 us-gaap:OperatingSegmentsMember us-gaap:FranchiseMember 2018-01-01 2018-06-30 0001592058 us-gaap:OperatingSegmentsMember 2018-01-01 2018-06-30 0001592058 us-gaap:IntersegmentEliminationMember prty:WholesaleMember 2018-01-01 2018-06-30 0001592058 us-gaap:IntersegmentEliminationMember 2018-01-01 2018-06-30 0001592058 prty:GranmarkMember 2018-01-01 2018-06-30 0001592058 prty:PrintAppealIncMember 2018-01-01 2018-06-30 0001592058 us-gaap:WarrantMember 2018-01-01 2018-06-30 0001592058 us-gaap:RestrictedStockUnitsRSUMember 2018-01-01 2018-06-30 0001592058 us-gaap:EmployeeStockOptionMember 2018-01-01 2018-06-30 0001592058 us-gaap:AccountingStandardsUpdate201409Member us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member 2018-01-01 2018-06-30 0001592058 2018-01-01 2018-06-30 0001592058 prty:RetailSegmentMember prty:PartyCityStoresMember 2017-01-01 2017-06-30 0001592058 prty:RetailSegmentMember prty:GlobalEcommerceMember 2017-01-01 2017-06-30 0001592058 prty:RetailSegmentMember 2017-01-01 2017-06-30 0001592058 prty:WholesaleMember 2017-01-01 2017-06-30 0001592058 prty:WholesaleSegmentMember 2017-01-01 2017-06-30 0001592058 us-gaap:RetailMember 2017-01-01 2017-06-30 0001592058 prty:DomesticMember prty:WholesaleSegmentMember 2017-01-01 2017-06-30 0001592058 prty:InternationalMember prty:WholesaleSegmentMember 2017-01-01 2017-06-30 0001592058 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-01-01 2017-06-30 0001592058 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2017-01-01 2017-06-30 0001592058 us-gaap:AccumulatedTranslationAdjustmentMember 2017-01-01 2017-06-30 0001592058 us-gaap:ProductMember prty:RetailSegmentMember 2017-01-01 2017-06-30 0001592058 us-gaap:ProductMember 2017-01-01 2017-06-30 0001592058 us-gaap:FranchiseMember prty:RetailSegmentMember 2017-01-01 2017-06-30 0001592058 us-gaap:FranchiseMember 2017-01-01 2017-06-30 0001592058 us-gaap:OperatingSegmentsMember prty:WholesaleMember 2017-01-01 2017-06-30 0001592058 us-gaap:OperatingSegmentsMember us-gaap:RetailMember 2017-01-01 2017-06-30 0001592058 us-gaap:OperatingSegmentsMember us-gaap:ProductMember prty:WholesaleMember 2017-01-01 2017-06-30 0001592058 us-gaap:OperatingSegmentsMember us-gaap:ProductMember us-gaap:RetailMember 2017-01-01 2017-06-30 0001592058 us-gaap:OperatingSegmentsMember us-gaap:ProductMember 2017-01-01 2017-06-30 0001592058 us-gaap:OperatingSegmentsMember us-gaap:FranchiseMember prty:WholesaleMember 2017-01-01 2017-06-30 0001592058 us-gaap:OperatingSegmentsMember us-gaap:FranchiseMember us-gaap:RetailMember 2017-01-01 2017-06-30 0001592058 us-gaap:OperatingSegmentsMember us-gaap:FranchiseMember 2017-01-01 2017-06-30 0001592058 us-gaap:OperatingSegmentsMember 2017-01-01 2017-06-30 0001592058 us-gaap:IntersegmentEliminationMember prty:WholesaleMember 2017-01-01 2017-06-30 0001592058 us-gaap:IntersegmentEliminationMember us-gaap:RetailMember 2017-01-01 2017-06-30 0001592058 us-gaap:IntersegmentEliminationMember 2017-01-01 2017-06-30 0001592058 us-gaap:WarrantMember 2017-01-01 2017-06-30 0001592058 us-gaap:RestrictedStockUnitsRSUMember 2017-01-01 2017-06-30 0001592058 us-gaap:EmployeeStockOptionMember 2017-01-01 2017-06-30 0001592058 srt:ScenarioPreviouslyReportedMember us-gaap:AccountingStandardsUpdate201618Member 2017-01-01 2017-06-30 0001592058 us-gaap:AccountingStandardsUpdate201618Member 2017-01-01 2017-06-30 0001592058 2017-01-01 2017-06-30 0001592058 us-gaap:AccountingStandardsUpdate201409Member prty:DiscountSaleMember 2018-01-01 2018-01-01 0001592058 us-gaap:AccountingStandardsUpdate201409Member prty:MetallicBalloonSalesMember 2018-01-01 2018-01-01 0001592058 us-gaap:AccountingStandardsUpdate201409Member prty:CustomerPaymentsMember 2018-01-01 2018-01-01 0001592058 us-gaap:AccountingStandardsUpdate201409Member us-gaap:DifferenceBetweenRevenueGuidanceInEffectBeforeAndAfterTopic606Member 2018-01-01 0001592058 prty:StockholdersEquityBeforeTreasuryStockMember 2017-12-31 0001592058 us-gaap:TreasuryStockCommonMember 2017-12-31 0001592058 us-gaap:RetainedEarningsMember 2017-12-31 0001592058 us-gaap:NoncontrollingInterestMember 2017-12-31 0001592058 us-gaap:ParentMember 2017-12-31 0001592058 us-gaap:CommonStockMember 2017-12-31 0001592058 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0001592058 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2017-12-31 0001592058 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001592058 us-gaap:AccumulatedTranslationAdjustmentMember 2017-12-31 0001592058 prty:PunchbowlIncMember 2017-12-31 0001592058 us-gaap:SeniorNotesMember 2017-12-31 0001592058 us-gaap:CapitalLeaseObligationsMember 2017-12-31 0001592058 prty:PunchbowlIncMember us-gaap:FairValueMeasurementsRecurringMember 2017-12-31 0001592058 us-gaap:FairValueMeasurementsRecurringMember 2017-12-31 0001592058 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2017-12-31 0001592058 prty:PunchbowlIncMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2017-12-31 0001592058 us-gaap:ForeignExchangeContractMember us-gaap:AccruedLiabilitiesMember 2017-12-31 0001592058 us-gaap:ForeignExchangeContractMember 2017-12-31 0001592058 prty:SeniorSecuredTermLoanFacilityMember prty:TermLoanCreditAgreementMember 2017-12-31 0001592058 prty:KazzamLlcMember us-gaap:FairValueMeasurementsRecurringMember 2017-12-31 0001592058 prty:KazzamLlcMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2017-12-31 0001592058 prty:GranmarkMember 2017-12-31 0001592058 prty:PrintAppealIncMember 2017-12-31 0001592058 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:ForeignExchangeContractMember 2017-12-31 0001592058 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2017-12-31 0001592058 2017-12-31 0001592058 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-12-31 0001592058 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2016-12-31 0001592058 us-gaap:AccumulatedTranslationAdjustmentMember 2016-12-31 0001592058 us-gaap:AccountingStandardsUpdate201618Member us-gaap:CashMember 2016-12-31 0001592058 2016-12-31 0001592058 prty:UnitedStatesAndCanadaMember 2018-06-30 0001592058 prty:StockholdersEquityBeforeTreasuryStockMember 2018-06-30 0001592058 us-gaap:TreasuryStockCommonMember 2018-06-30 0001592058 us-gaap:RetainedEarningsMember 2018-06-30 0001592058 us-gaap:NoncontrollingInterestMember 2018-06-30 0001592058 us-gaap:ParentMember 2018-06-30 0001592058 us-gaap:CommonStockMember 2018-06-30 0001592058 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-06-30 0001592058 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2018-06-30 0001592058 us-gaap:AdditionalPaidInCapitalMember 2018-06-30 0001592058 us-gaap:AccumulatedTranslationAdjustmentMember 2018-06-30 0001592058 srt:MinimumMember prty:WholesaleSegmentMember 2018-06-30 0001592058 srt:MinimumMember 2018-06-30 0001592058 srt:MaximumMember prty:WholesaleSegmentMember 2018-06-30 0001592058 us-gaap:SeniorNotesMember 2018-06-30 0001592058 us-gaap:CapitalLeaseObligationsMember 2018-06-30 0001592058 prty:PunchbowlIncMember us-gaap:FairValueMeasurementsRecurringMember 2018-06-30 0001592058 us-gaap:FairValueMeasurementsRecurringMember 2018-06-30 0001592058 us-gaap:FairValueInputsLevel2Member us-gaap:FairValueMeasurementsRecurringMember 2018-06-30 0001592058 prty:PunchbowlIncMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-06-30 0001592058 us-gaap:ForeignExchangeContractMember 2018-06-30 0001592058 prty:SeniorSecuredTermLoanFacilityMember prty:TermLoanCreditAgreementMember 2018-06-30 0001592058 us-gaap:SecuredDebtMember prty:TermLoanCreditAgreementMember 2018-06-30 0001592058 prty:KazzamLlcMember us-gaap:FairValueMeasurementsRecurringMember 2018-06-30 0001592058 prty:KazzamLlcMember us-gaap:FairValueInputsLevel3Member us-gaap:FairValueMeasurementsRecurringMember 2018-06-30 0001592058 prty:GranmarkMember 2018-06-30 0001592058 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember us-gaap:ForeignExchangeContractMember 2018-06-30 0001592058 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember 2018-06-30 0001592058 2018-06-30 0001592058 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-03-31 0001592058 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2018-03-31 0001592058 us-gaap:AccumulatedTranslationAdjustmentMember 2018-03-31 0001592058 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-06-30 0001592058 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2017-06-30 0001592058 us-gaap:AccumulatedTranslationAdjustmentMember 2017-06-30 0001592058 us-gaap:AccountingStandardsUpdate201618Member us-gaap:CashMember 2017-06-30 0001592058 2017-06-30 0001592058 2018-07-25 0001592058 us-gaap:SubsequentEventMember 2018-08-09 0001592058 us-gaap:SeniorNotesMember us-gaap:SubsequentEventMember 2018-08-09 0001592058 prty:AssetBasedRevolvingCreditFacilityMember us-gaap:SubsequentEventMember 2018-08-09 0001592058 prty:TermLoanCreditAgreementMember us-gaap:SubsequentEventMember 2018-08-09 0001592058 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-03-31 0001592058 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2017-03-31 0001592058 us-gaap:AccumulatedTranslationAdjustmentMember 2017-03-31 iso4217:USD pure shares iso4217:USD shares prty:outlet prty:Country prty:Store prty:Segment prty:Franchised_Stores prty:Stores

EX-101.SCH 7 prty-20180630.xsd XBRL TAXONOMY EXTENSION SCHEMA 101 - Document - Document and Entity Information link:calculationLink link:presentationLink link:definitionLink 103 - Statement - Condensed Consolidated Balance Sheets link:calculationLink link:presentationLink link:definitionLink 104 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) link:calculationLink link:presentationLink link:definitionLink 105 - Statement - Condensed Consolidated Statements of Operations and Comprehensive Income link:calculationLink link:presentationLink link:definitionLink 106 - Statement - Condensed Consolidated Statement of Stockholders' Equity link:calculationLink link:presentationLink link:definitionLink 107 - Statement - Condensed Consolidated Statements of Cash Flows link:calculationLink link:presentationLink link:definitionLink 108 - Disclosure - Description of Business link:calculationLink link:presentationLink link:definitionLink 109 - Disclosure - Basis of Presentation and Recently Issued Accounting Pronouncements link:calculationLink link:presentationLink link:definitionLink 110 - Disclosure - Inventories link:calculationLink link:presentationLink link:definitionLink 111 - Disclosure - Income Taxes link:calculationLink link:presentationLink link:definitionLink 112 - Disclosure - Changes in Accumulated Other Comprehensive Loss link:calculationLink link:presentationLink link:definitionLink 113 - Disclosure - Capital Stock link:calculationLink link:presentationLink link:definitionLink 114 - Disclosure - Segment Information link:calculationLink link:presentationLink link:definitionLink 115 - Disclosure - Commitments and Contingencies link:calculationLink link:presentationLink link:definitionLink 116 - Disclosure - Derivative Financial Instruments link:calculationLink link:presentationLink link:definitionLink 117 - Disclosure - Fair Value Measurements link:calculationLink link:presentationLink link:definitionLink 118 - Disclosure - Earnings Per Share link:calculationLink link:presentationLink link:definitionLink 119 - Disclosure - Long-Term Obligations link:calculationLink link:presentationLink link:definitionLink 120 - Disclosure - Acquisitions link:calculationLink link:presentationLink link:definitionLink 121 - Disclosure - Revenue from Contracts with Customers link:calculationLink link:presentationLink link:definitionLink 122 - Disclosure - Cash, Cash Equivalents and Restricted Cash link:calculationLink link:presentationLink link:definitionLink 123 - Disclosure - Related Party Transactions link:calculationLink link:presentationLink link:definitionLink 124 - Disclosure - Subsequent Events link:calculationLink link:presentationLink link:definitionLink 125 - Disclosure - Basis of Presentation and Recently Issued Accounting Pronouncements (Policies) link:calculationLink link:presentationLink link:definitionLink 126 - Disclosure - Inventories (Tables) link:calculationLink link:presentationLink link:definitionLink 127 - Disclosure - Changes in Accumulated Other Comprehensive Loss (Tables) link:calculationLink link:presentationLink link:definitionLink 128 - Disclosure - Segment Information (Tables) link:calculationLink link:presentationLink link:definitionLink 129 - Disclosure - Derivative Financial Instruments (Tables) link:calculationLink link:presentationLink link:definitionLink 130 - Disclosure - Fair Value Measurements (Tables) link:calculationLink link:presentationLink link:definitionLink 131 - Disclosure - Earnings Per Share (Tables) link:calculationLink link:presentationLink link:definitionLink 132 - Disclosure - Long-Term Obligations (Tables) link:calculationLink link:presentationLink link:definitionLink 133 - Disclosure - Revenue from Contracts with Customers (Tables) link:calculationLink link:presentationLink link:definitionLink 134 - Disclosure - Description of Business - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 135 - Disclosure - Basis of Presentation and Recently Issued Accounting Pronouncements - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 136 - Disclosure - Inventories - Inventories (Detail) link:calculationLink link:presentationLink link:definitionLink 137 - Disclosure - Income Taxes - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 138 - Disclosure - Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated and Other Comprehensive Loss (Detail) link:calculationLink link:presentationLink link:definitionLink 139 - Disclosure - Capital Stock - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 140 - Disclosure - Segment Information - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 141 - Disclosure - Segment Information - Schedule of Company's Industry Segment Data (Detail) link:calculationLink link:presentationLink link:definitionLink 142 - Disclosure - Derivative Financial Instruments - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 143 - Disclosure - Derivative Financial Instruments - Schedule of Fair Values of Derivatives (Detail) link:calculationLink link:presentationLink link:definitionLink 144 - Disclosure - Derivative Financial Instruments - Schedule of Notional Amounts of Derivatives (Detail) link:calculationLink link:presentationLink link:definitionLink 145 - Disclosure - Fair Value Measurements - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 146 - Disclosure - Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) link:calculationLink link:presentationLink link:definitionLink 147 - Disclosure - Fair Value Measurements - Summary of Carrying Amount and Fair Value (Detail) link:calculationLink link:presentationLink link:definitionLink 148 - Disclosure - Earnings Per Share - Schedule of Reconciliation Between Basic and Diluted Income Per Share (Detail) link:calculationLink link:presentationLink link:definitionLink 149 - Disclosure - Earnings Per share - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 150 - Disclosure - Long-Term Obligations - Summary of Long-Term Obligations (Detail) link:calculationLink link:presentationLink link:definitionLink 151 - Disclosure - Long-Term Obligations - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 152 - Disclosure - Acquisitions - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 153 - Disclosure - Revenue from Contracts with Customers - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 154 - Disclosure - Revenue from Contracts with Customers - Summary of Revenue from Contracts with Customers (Detail) link:calculationLink link:presentationLink link:definitionLink 155 - Disclosure - Cash, Cash Equivalents and Restricted Cash - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 156 - Disclosure - Subsequent Events - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink EX-101.CAL 8 prty-20180630_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 9 prty-20180630_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 10 prty-20180630_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Accounting Policies [Abstract] Accounting Policies [Abstract] Accounting Standards Update 2014-09 [Member] Accounting Standards Update 2014-09 [Member] Accounting Standards Update 2016-18 [Member] Accounting Standards Update 2016-18 [Member] Accounts Payable, Current Accounts payable Accounts Receivable, Net, Current Accounts receivable, net Increase (decrease) in accounts receivables Accrued Income Taxes, Current Income taxes payable Increase (decrease) in income tax payable Accrued Liabilities, Current Accrued expenses Increase (decrease) in accrued expense Accrued Liabilities [Member] Accrued Expenses [Member] Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] Accumulated Other Comprehensive Income (Loss) [Line Items] Accumulated Other Comprehensive Income (Loss) [Line Items] Accumulated Other Comprehensive Income (Loss), Net of Tax Accumulated other comprehensive loss Accumulated Other Comprehensive Income (Loss) [Table] Accumulated Other Comprehensive Income (Loss) [Table] AOCI Attributable to Parent [Member] Accumulated Other Comprehensive Loss [Member] Accumulated Foreign Currency Adjustment Attributable to Parent [Member] Foreign Currency Adjustments [Member] Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] Supplemental disclosure of cash flow information: Additional Paid in Capital, Common Stock Additional paid-in capital Additional Paid-in Capital [Member] Additional Paid-in Capital [Member] Adjustments for New Accounting Pronouncements [Axis] Adjustments for New Accounting Pronouncements [Axis] Adjustments to additional paid in capital non cash compensation. Adjustments to Additional Paid in Capital Non Cash Compensation Director - non-cash compensation Adjustments to additional paid in capital, performance based. Adjustments to Additional Paid in Capital, Performance Based Restricted stock units - performance-based Adjustments to additional paid in capital, restricted stock unit time based. Adjustments to Additional Paid in Capital, Restricted Stock Unit Time Based Restricted stock units - time-based Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options Exercise of stock options Adjustments to additional paid in capital,stock option expense. Adjustments to Additional Paid in Capital,Stock Option Expense Stock option expense Adjustments to Additional Paid in Capital, Warrant Issued Warrant expense Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net income to net cash (used in) provided by operating activities: Alternate Base Interest Rate Loans [Member] Alternate Base Interest Rate Loans [Member] Alternate Base Interest Rate Loans [Member] Amendment Flag Amendment Flag Amortization of Debt Issuance Costs and Discounts Amortization of deferred financing costs and original issuance discounts Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Antidilutive securities excluded from calculation of earnings per share Antidilutive Securities [Axis] Antidilutive Securities [Axis] Antidilutive Securities, Name [Domain] Antidilutive Securities, Name [Domain] Asset based revolving credit facility member. Asset Based Revolving Credit Facility [Member] ABL Facility [Member] Assets Total assets Assets [Abstract] ASSETS Assets, Current Total current assets Assets, Current [Abstract] Current assets: Balance Sheet Location [Axis] Balance Sheet Location [Axis] Balance Sheet Location [Domain] Balance Sheet Location [Domain] Banker and legal fee. Banker And Legal Fee Banker and legal fees Basis of Presentation and Significant Accounting Policies [Text Block] Basis of Presentation and Recently Issued Accounting Pronouncements Basis of Presentation [Line Items] Basis of Presentation [Line Items] Basis Of Presentation [Line Items] Business Acquisition, Acquiree [Domain] Business Acquisition, Acquiree [Domain] Business Acquisition [Axis] Business Acquisition [Axis] Business Acquisition [Line Items] Business Acquisition [Line Items] Business Acquisition, Percentage of Voting Interests Acquired Business combination, acquisition percentage Business acquisition period to acquire remaining voting interests. Business Acquisition Period to Acquire Remaining Voting Interests Business combination, period to acquire remaining interest Business acquisition remaining percentage of voting interests to be acquired. Business Acquisition Remaining Percentage Of Voting Interests to be Acquired Business combination, percentage of remaining interest Business Combination, Consideration Transferred Total consideration amount Business Combination Disclosure [Text Block] Acquisitions Business Combination, Liabilities Arising from Contingencies, Amount Recognized Liability recorded for the estimated purchase price of remaining interest to be acquired Business Combinations [Abstract] Business Combinations [Abstract] Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value Estimated purchase price interest Capital Lease Obligations [Member] Capital Lease Obligations [Member] Cash and Cash Equivalents, at Carrying Value Cash and cash equivalents Cash, cash equivalents and restricted cash. Cash, Cash Equivalents and Restricted Cash [Text Block] Cash, Cash Equivalents and Restricted Cash Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Cash and cash equivalents and restricted cash at end of period Cash and cash equivalents and restricted cash at beginning of period Restricted cash Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect Net (decrease) increase in cash and cash equivalents and restricted cash Cash [Member] Cash [Member] Change in deferred rent Change In Deferred Rent Deferred rent Class of Stock [Line Items] Class of Stock [Line Items] Commitments and Contingencies Commitments and contingencies Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Text Block] Commitments and Contingencies Common Stock, Dividends, Per Share, Declared Dividends declared per share Common Stock [Member] Common Stock [Member] Common Stock, Par or Stated Value Per Share Common stock, par value Common Stock, Shares Authorized Authorized capital stock Common Stock, Shares, Issued Common stock, shares issued Common Stock, Shares, Outstanding Common stock, shares outstanding Common Stock, Value, Issued Common stock (96,474,228 and 96,380,102 shares outstanding and 119,853,795 and 119,759,669 shares issued at June 30, 2018 and December 31, 2017, respectively) Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to nonredeemable noncontrolling interests. Comprehensive Income (Loss) Attributable To Nonredeemable Noncontrolling Interest Less: Comprehensive loss attributable to noncontrolling interests Comprehensive income (loss) attributable to redeemable noncontrolling interest. Comprehensive Income (Loss) Attributable to Redeemable Noncontrolling Interest Add: Comprehensive income attributable to redeemable securities holder Comprehensive Income (Loss), Net of Tax, Attributable to Parent Comprehensive income attributable to common shareholders of Party City Holdco Inc. Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest Comprehensive income Comprehensive Income (Loss) Note [Text Block] Changes in Accumulated Other Comprehensive Loss Consolidated Entities [Axis] Consolidated Entities [Axis] Consolidated Entities [Domain] Consolidated Entities [Domain] Consolidation Items [Axis] Consolidation Items [Axis] Consolidation Items [Domain] Consolidation Items [Domain] Contract with Customer, Duration [Axis] Contract with Customer, Duration [Axis] Contract with Customer, Duration [Domain] Contract with Customer, Duration [Domain] Contract with Customer, Timing of Satisfaction of Performance Obligation and Payment Contract with an original expected duration Cost of Merchandise Sales, Buying and Occupancy Costs Cost of sales Costs and Expenses Total expenses Costs and Expenses [Abstract] Expenses: Costs of Franchised Outlets Franchise expenses Credit Facility [Axis] Credit Facility [Axis] Credit Facility [Domain] Credit Facility [Domain] Cumulative Effect on Retained Earnings, Net of Tax Increase (decrease) in retained earnings Current Fiscal Year End Date Current Fiscal Year End Date Customer payments. Customer Payments [Member] Customer Payments [Member] Date By Which Foreign Exchange Contract Gains Losses Will Be Reclassified Into Earnings Date By Which Foreign Exchange Contract Gains Losses Will Be Reclassified Into Earnings Foreign currency exchange contracts reclassified date Debt Disclosure [Abstract] Debt Disclosure [Abstract] Debt Instrument [Axis] Debt Instrument [Axis] Debt Instrument, Basis Spread on Variable Rate Basis spread on variable rate Debt Instrument, Face Amount Debt Instrument Carrying Amount Debt Instrument, Fair Value Disclosure Debt Instrument Fair Value Debt Instrument Fair Value Carrying Value [Abstract] Debt Instrument Fair Value Carrying Value [Abstract] Debt Instrument Fair Value Carrying Value [Abstract] Debt Instrument, Interest Rate, Increase (Decrease) Debt instrument interest rate increase decrease Debt Instrument, Interest Rate, Stated Percentage Notes issued rate Debt Instrument [Line Items] Debt Instrument [Line Items] Debt Instrument, Maturity Date Debt instrument maturity date Debt Instrument, Name [Domain] Debt Instrument, Name [Domain] Schedule of Long-term Debt Instruments [Table] Schedule of Long-term Debt Instruments [Table] Deferred Income Tax Expense (Benefit) Deferred income tax expense Deferred Revenue Arrangement Type [Axis] Deferred Revenue Arrangement Type [Axis] Deferred Revenue [Domain] Deferred Revenue [Domain] Deferred Tax Assets, Net of Valuation Allowance Increase (decrease) in deferred tax asset Deferred Tax Liabilities, Net, Noncurrent Deferred income tax liabilities Depreciation, Depletion and Amortization Depreciation and amortization expense Derivative Asset, Current Derivative assets Derivative Contract [Domain] Derivative Contract [Domain] Derivative Instrument [Axis] Derivative Instrument [Axis] Derivative Instruments and Hedging Activities Disclosure [Abstract] Derivative Instruments and Hedging Activities Disclosure [Abstract] Derivative Instruments and Hedging Activities Disclosure [Text Block] Derivative Financial Instruments Derivative Liability, Current Derivative liabilities Derivative [Line Items] Derivative [Line Items] Derivative, Notional Amount Notional amounts Derivative, Remaining Maturity Foreign exchange forward contracts maturity Derivatives, Fair Value [Line Items] Derivatives, Fair Value [Line Items] Derivative [Table] Derivative [Table] Development stage expenses. Development Stage Expenses Development stage expenses Difference between Revenue Guidance in Effect before and after Topic 606 [Member] Difference between Revenue Guidance in Effect before and after Topic 606 [Member] Director [Member] Directors [Member] Disaggregation of Revenue [Line Items] Disaggregation of Revenue [Line Items] Disaggregation of Revenue [Table] Disaggregation of Revenue [Table] Disaggregation of Revenue [Table Text Block] Summary of Revenue from Contracts with Customers Discount sale. Discount Sale [Member] Discount Sale [Member] Document And Entity Information [Abstract] Document And Entity Information [Abstract] Document And Entity Information [Abstract] Document Fiscal Period Focus Document Fiscal Period Focus Document Fiscal Year Focus Document Fiscal Year Focus Document Period End Date Document Period End Date Document Type Document Type Domestic [Member] Domestic [Member] Domestic [Member] Earnings Per Share [Abstract] Earnings Per Share [Abstract] Earnings Per Share, Basic Net income per share attributable to common shareholders of Party City Holdco Inc. - Basic Earnings Per Share Basic And Diluted [Line Items] Earnings Per Share Basic And Diluted [Line Items] Earnings Per Share Basic And Diluted [Line Items] Earnings Per Share, Diluted Net income per share attributable to common shareholders of Party City Holdco Inc. - Diluted Earnings Per Share [Text Block] Earnings Per Share Effective Income Tax Rate Reconciliation, Percent Effective income tax rate Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent U.S. corporate income tax rate Effect of Exchange Rate on Cash and Cash Equivalents, Continuing Operations Effect of exchange rate changes on cash and cash equivalents Employee Benefits and Share-based Compensation, Noncash Director - non-cash compensation Employee Stock Option [Member] Employee Stock Option [Member] Entity Central Index Key Entity Central Index Key Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding Entity [Domain] Entity [Domain] Entity Filer Category Entity Filer Category Entity Registrant Name Entity Registrant Name Equity [Abstract] Equity [Abstract] Equity Component [Domain] Equity Component [Domain] Investment, Name [Domain] Investment, Name [Domain] Equity Method Investment, Ownership Percentage Equity method investment, ownership percentage Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value Hierarchy and NAV [Axis] Fair Value Hierarchy and NAV [Axis] Measurement Frequency [Axis] Measurement Frequency [Axis] Fair Value Disclosures [Abstract] Fair Value Disclosures [Abstract] Fair Value Disclosures [Text Block] Fair Value Measurements Fair Value, Inputs, Level 2 [Member] Level 2 [Member] Fair Value, Inputs, Level 3 [Member] Level 3 [Member] Fair Value, Measurement Frequency [Domain] Fair Value, Measurement Frequency [Domain] Fair Value Measurement, Policy [Policy Text Block] Fair Value Measurement Fair Value Hierarchy and NAV [Domain] Fair Value Hierarchy and NAV [Domain] Fair Value, Measurements, Recurring [Member] Fair Value, Measurements, Recurring [Member] Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type [Table] Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type [Table] Federal Home Loan Banks [Abstract] Federal Home Loan Banks [Abstract] Financial Instrument [Axis] Financial Instrument [Axis] Finite-Lived Intangible Assets, Net Other intangible assets, net Fiscal quarter number of weeks. Fiscal Quarter Period Retail operations period of fiscal quarter Fiscal year number of weeks. Fiscal Year Period Retail operations period of fiscal year Foreign Exchange Contract [Member] Foreign Exchange Contracts [Member] Foreign Exchange Risk Management [Member] Foreign Exchange Risk Management [Member] Foreign Exchange Risk Management [Member] Franchise [Member] Royalties and Franchise Fees [Member] Gain (Loss) on Disposition of Property Plant Equipment Loss on disposal of assets General and Administrative Expense General and administrative expenses Global E-commerce. Global E-commerce [Member] Global E-commerce [Member] Goodwill Goodwill Granmark. Granmark [Member] Granmark [Member] Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Income (loss) before income taxes Income before income taxes Increase (decrease) in pre-tax income Income (Loss) from Equity Method Investments, Net of Dividends or Distributions Undistributed income in unconsolidated joint ventures Income Statement [Abstract] Income Statement [Abstract] Income Statement Location [Axis] Income Statement Location [Axis] Income Statement Location [Domain] Income Statement Location [Domain] Income Tax Disclosure [Abstract] Income Tax Disclosure [Abstract] Income Tax Disclosure [Text Block] Income Taxes Income Taxes [Line Items] Income Taxes [Line Items] Income Taxes [Line Items] Income Taxes Paid, Net Income taxes, net of refunds Income Taxes [Table] Income Taxes [Table] Income Taxes [Table] Income Tax Expense (Benefit) Income tax expense Increase (Decrease) in Accounts Payable and Accrued Liabilities Decrease in accounts payable, accrued expenses and income taxes payable Increase (Decrease) in Accounts Receivable Decrease in accounts receivable Increase (Decrease) in Inventories Increase in inventories EX-101.PRE 11 prty-20180630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2018	Jul. 25, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q2
Trading Symbol	PRTY
Entity Registrant Name	Party City Holdco Inc.
Entity Central Index Key	0001592058
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		96,477,447

XML 13 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 51,461	$ 54,291
Accounts receivable, net	130,067	140,980
Inventories, net	673,676	604,066
Prepaid expenses and other current assets	86,043	77,816
Total current assets	941,247	877,153
Property, plant and equipment, net	311,572	301,141
Goodwill	1,627,851	1,619,253
Trade names	568,422	568,681
Other intangible assets, net	71,587	75,704
Other assets, net	11,705	12,824
Total assets	3,532,384	3,454,756
Current liabilities:
Loans and notes payable	379,519	286,291
Accounts payable	175,449	160,994
Accrued expenses	164,043	176,609
Income taxes payable	6,541	45,568
Current portion of long-term obligations	13,049	13,059
Total current liabilities	738,601	682,521
Long-term obligations, excluding current portion	1,528,263	1,532,090
Deferred income tax liabilities	177,891	175,836
Deferred rent and other long-term liabilities	89,742	91,929
Total liabilities	2,534,497	2,482,376
Redeemable securities	3,219	3,590
Commitments and contingencies
Stockholders' equity:
Common stock (96,474,228 and 96,380,102 shares outstanding and 119,853,795 and 119,759,669 shares issued at June 30, 2018 and December 31, 2017, respectively)	1,199	1,198
Additional paid-in capital	919,845	917,192
Retained earnings	399,872	372,596
Accumulated other comprehensive loss	(39,797)	(35,818)
Total Party City Holdco Inc. stockholders' equity before common stock held in treasury	1,281,119	1,255,168
Less: Common stock held in treasury, at cost (23,379,567 shares at June 30, 2018 and December 31, 2017)	(286,733)	(286,733)
Total Party City Holdco Inc. stockholders' equity	994,386	968,435
Noncontrolling interests	282	355
Total stockholders' equity	994,668	968,790
Total liabilities, redeemable securities and stockholders' equity	$ 3,532,384	$ 3,454,756

XML 14 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Parenthetical) - shares	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Common stock, shares outstanding	96,474,228	96,380,102
Common stock, shares issued	119,853,795	119,759,669
Treasury stock, shares	23,379,567	23,379,567

XML 15 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Total revenues	$ 561,011	$ 544,878	$ 1,068,835	$ 1,021,877
Expenses:
Cost of sales	329,477	321,900	646,443	620,619
Wholesale selling expenses	17,256	16,045	36,043	31,672
Retail operating expenses	92,094	90,512	181,186	181,242
Franchise expenses	3,980	3,713	7,762	7,030
General and administrative expenses	45,326	39,655	93,991	87,792
Art and development costs	5,732	5,942	11,705	11,740
Development stage expenses	1,695	6,412	3,998	6,412
Total expenses	495,560	484,179	981,128	946,507
Income from operations	65,451	60,699	87,707	75,370
Interest expense, net	25,501	21,294	48,776	41,986
Other expense (income), net	2,532	(895)	3,380	267
Income before income taxes	37,418	40,300	35,551	33,117
Income tax expense	9,370	15,318	8,666	12,818
Net income	28,048	24,982	26,885	20,299
Add: Net income attributable to redeemable securities holder	410		410
Less: Net loss attributable to noncontrolling interests	(29)		(59)
Net income attributable to common shareholders of Party City Holdco Inc.	$ 28,487	$ 24,982	$ 27,354	$ 20,299
Net income per share attributable to common shareholders of Party City Holdco Inc. - Basic	$ 0.30	$ 0.21	$ 0.28	$ 0.17
Net income per share attributable to common shareholders of Party City Holdco Inc. - Diluted	$ 0.29	$ 0.21	$ 0.28	$ 0.17
Weighted-average number of common shares-Basic	96,453,884	119,528,147	96,426,235	119,526,007
Weighted-average number of common shares-Diluted	97,688,233	120,943,745	97,669,309	120,903,032
Dividends declared per share	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Comprehensive income	$ 18,825	$ 31,985	$ 22,892	$ 30,510
Add: Comprehensive income attributable to redeemable securities holder	410		410
Less: Comprehensive loss attributable to noncontrolling interests	(55)		(73)
Comprehensive income attributable to common shareholders of Party City Holdco Inc.	19,290	31,985	23,375	30,510
Net Sales [Member]
Revenues:
Revenues	558,101	541,653	1,063,209	1,015,616
Royalties and Franchise Fees [Member]
Revenues:
Revenues	$ 2,910	$ 3,225	$ 5,626	$ 6,261

XML 16 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statement of Stockholders' Equity - 6 months ended Jun. 30, 2018 - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]	Total Party City Holdco Inc. Stockholders' Equity Before Common Stock Held In Treasury [Member]	Common Stock Held In Treasury [Member]	Total Party City Holdco Inc. Stockholders' Equity [Member]	Non-Controlling Interests [Member]
Balance at Dec. 31, 2017	$ 968,790	$ 1,198	$ 917,192	$ 372,596	$ (35,818)	$ 1,255,168	$ (286,733)	$ 968,435	$ 355
Cumulative effect of change in accounting principle, net (see Note 2)	(78)			(78)		(78)		(78)
Balance, as adjusted at Dec. 31, 2017	968,712	1,198	917,192	372,518	(35,818)	1,255,090	(286,733)	968,357	355
Net income	26,885			26,944		26,944		26,944	(59)
Net income attributable to redeemable securities holder	410			410		410		410
Stock option expense	942		942			942		942
Restricted stock units - time-based	252		252			252		252
Restricted stock units - performance-based	593		593			593		593
Director - non-cash compensation	59		59			59		59
Warrant expense	326		326			326		326
Exercise of stock options	482	1	481			482		482
Foreign currency adjustments	(5,321)				(5,307)	(5,307)		(5,307)	(14)
Impact of foreign exchange contracts, net	1,328				1,328	1,328		1,328
Balance at Jun. 30, 2018	$ 994,668	$ 1,199	$ 919,845	$ 399,872	$ (39,797)	$ 1,281,119	$ (286,733)	$ 994,386	$ 282

XML 17 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows (used in) provided by operating activities:
Net income	$ 26,885	$ 20,299
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Depreciation and amortization expense	40,812	41,825
Amortization of deferred financing costs and original issuance discounts	2,766	2,459
Provision for doubtful accounts	304	419
Deferred income tax expense	1,443	1,713
Deferred rent	1,155	2,915
Undistributed income in unconsolidated joint ventures	(301)	(226)
Loss on disposal of assets	24	528
Non-employee equity based compensation	365	3,265
Stock option expense	942	3,222
Restricted stock units - time-based	252
Restricted stock units - performance-based	593
Director - non-cash compensation	59
Changes in operating assets and liabilities, net of effects of acquired businesses:
Decrease in accounts receivable	8,791	20,823
Increase in inventories	(68,741)	(5,328)
(Increase) decrease in prepaid expenses and other current assets	(9,137)	866
Decrease in accounts payable, accrued expenses and income taxes payable	(29,220)	(40,462)
Net cash (used in) provided by operating activities	(23,008)	52,318
Cash flows used in investing activities:
Cash paid in connection with acquisitions, net of cash acquired	(21,325)	(70,547)
Capital expenditures	(44,406)	(30,854)
Proceeds from disposal of property and equipment	21	5
Net cash used in investing activities	(65,710)	(101,396)
Cash flows provided by financing activities:
Repayment of loans, notes payable and long-term obligations	(26,062)	(76,978)
Proceeds from loans, notes payable and long-term obligations	112,293	128,140
Exercise of stock options	482	67
Debt issuance costs	(56)
Net cash provided by financing activities	86,657	51,229
Effect of exchange rate changes on cash and cash equivalents	(780)	2,208
Net (decrease) increase in cash and cash equivalents and restricted cash	(2,841)	4,359
Cash and cash equivalents and restricted cash at beginning of period	54,408	64,765
Cash and cash equivalents and restricted cash at end of period	51,567	69,124
Cash paid during the period
Interest	49,489	34,770
Income taxes, net of refunds	$ 46,617	$ 49,588

XML 18 R7.htm IDEA: XBRL DOCUMENT

Description of Business	6 Months Ended
Description of Business	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Note 1 – Description of Business Party City Holdco Inc. (the “Company” or “Party City Holdco”) is a vertically integrated supplier of decorated party goods. The Company designs, manufactures, sources and distributes party goods, including paper and plastic tableware, metallic and latex balloons, Halloween and other costumes, accessories, novelties, gifts and stationery. The Company’s retail operations include over 900 specialty retail party supply stores (including franchise stores) in the United States and Canada, operating under the name Party City, and e-commerce websites, principally operating under the domain name PartyCity.com. In addition to the Company’s retail operations, it is also a global designer, manufacturer and distributor of decorated party supplies, with products found in over 40,000 retail outlets, including independent party supply stores, mass merchants, grocery retailers and dollar stores. The Company’s products are available in over 100 countries with the United Kingdom, Germany, Mexico, Australia and Canada among the largest end markets outside of the United States. Party City Holdco is a holding company with no operating assets or operations. The Company owns 100% of PC Nextco Holdings, LLC (“PC Nextco”), which owns 100% of PC Intermediate Holdings, Inc. (“PC Intermediate”). PC Intermediate owns 100% of Party City Holdings Inc. (“PCHI”), which owns the Company’s operating subsidiaries.

XML 19 R8.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Recently Issued Accounting Pronouncements	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation and Recently Issued Accounting Pronouncements	Note 2 – Basis of Presentation and Recently Issued Accounting Pronouncements The unaudited condensed consolidated financial statements of the Company include the accounts of the Company and its majority-owned and controlled entities. All intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included in the unaudited condensed consolidated financial statements. The majority of our retail operations define a fiscal year (“Fiscal Year”) as the 52-week period or 53-week period ended on the Saturday nearest December 31st of each year and define fiscal quarters (“Fiscal Quarter”) as the four interim 13-week periods following the end of the previous Fiscal Year, except in the case of a 53-week Fiscal Year when the fourth Fiscal Quarter is extended to 14 weeks. The condensed consolidated financial statements of the Company combine the Fiscal Quarters of our retail operations with the calendar quarters of our wholesale operations. The Company has determined the differences between the retail operation’s Fiscal Year and Fiscal Quarters and the calendar year and calendar quarters to be insignificant. Operating results for interim periods are not necessarily indicative of the results to be expected for the year ending December 31, 2018. Our business is subject to substantial seasonal variations as our retail segment has historically realized a significant portion of its net sales, cash flows and net income in the fourth quarter of each year, principally due to its Halloween season sales in October and, to a lesser extent, other year-end holiday sales. We expect that this general pattern will continue. Our results of operations may also be affected by industry factors that may be specific to a particular period such as movement in and the general level of raw material costs. For further information see the consolidated financial statements, and notes thereto, included in the Company’s Form 10-K for the fiscal year ended December 31, 2017, as filed with the Securities and Exchange Commission on March 14, 2018. *Recently Issued Accounting Pronouncements* In June 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-07, “Compensation – Stock Compensation: Improvements to Nonemployee Share-Based Payment Accounting”. The ASU simplifies the accounting for non-employee share-based payments. The update is effective for the Company during the first quarter of 2019. The Company is in the process of evaluating the impact of the pronouncement on the Company’s consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, “Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities”. The pronouncement amends the existing hedge accounting model in order to enable entities to better portray the economics of their risk management activities in their financial statements. The update is effective for the Company during the first quarter of 2019. Although the Company continues to evaluate this pronouncement, it does not believe that it will have a material impact on the Company’s consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows: Restricted Cash”. The pronouncement requires companies to show changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The Company adopted the pronouncement, which requires retrospective application, during the first quarter of 2018. The impact of such adoption was immaterial to the Company’s consolidated financial statements. See Note 15 for further discussion. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments”. The pronouncement clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows. The Company adopted the pronouncement during the first quarter of 2018 and such adoption did not have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases”. The ASU requires that companies recognize on their balance sheets assets and liabilities for the rights and obligations created by the companies’ leases. The update is effective for the Company during the first quarter of 2019. The Company is in the process of evaluating the impact of the pronouncement on the Company’s consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”. The update impacts the accounting for equity investments and the recognition of changes in fair value of financial liabilities when the fair value option is elected. The Company adopted the pronouncement during the first quarter of 2018 and such adoption did not have a material impact on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. The pronouncement contains a five-step model which replaces most existing revenue recognition guidance. The new standard was effective for the Company on January 1, 2018 The Company adopted the pronouncement using the modified retrospective approach. Therefore, on January 1, 2018, the Company adjusted its accounting for certain discounts which are tied to the timing of payments by customers of its wholesale business and the Company recorded a cumulative-effect adjustment which reduced retained earnings by $46. Additionally, as of such date, the Company modified its accounting for certain metallic balloon sales of its wholesale segment and started to defer the recognition of revenue on such sales, and the related costs, until the balloons have been filled with helium. As a result, the Company recorded a cumulative-effect adjustment which increased retained earnings by $8. Finally, as of such date, the Company adjusted its accounting for certain discounts on wholesale sales of seasonal product and the Company recorded a cumulative-effect adjustment which reduced retained earnings by $40. See Note 14 for further discussion of the adoption of the pronouncement and the Company’s revenue recognition policy.

XML 20 R9.htm IDEA: XBRL DOCUMENT

Inventories

6 Months Ended

Jun. 30, 2018

Inventory Disclosure [Abstract]

Inventories

Note 3 – Inventories

Inventories consisted of the following:


	June 30, 2018		December 31, 2017
Finished goods	$	628,823	$	562,809
Raw materials		32,315		30,346
Work in process		12,538		10,911

	$	673,676	$	604,066

Inventories are valued at the lower of cost or net realizable value. The Company principally determines the cost of inventory using the weighted average method.

XML 21 R10.htm IDEA: XBRL DOCUMENT

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Note 4 – Income Taxes On December 22, 2017, the Tax Cuts and Jobs Act of 2017 (“the Act”) was signed into law. The Act significantly changed U.S. tax law, including lowering the U.S. corporate income tax rate from 35% to 21%, effective January 1, 2018, and implementing a one-time “deemed repatriation” tax on unremitted earnings accumulated in non-U.S. jurisdictions since 1986 (the “Transition Tax”). Due to the complexities of accounting for the Act, the SEC issued Staff Accounting Bulletin (“SAB”) No. 118 which allows entities to include a provisional estimate of the impact of the Act in its financial statements. Therefore, based on currently available information, during the fourth quarter of 2017, the Company recorded a provisional estimate of the impact of the Act, which included an income tax benefit of $90,965 related to the remeasurement of its domestic net deferred tax liabilities and deferred tax assets due to the lower U.S. corporate tax rate. Additionally, during the fourth quarter of 2017, the Company recorded a net income tax expense of $1,132 as its provisional estimate of the Transition Tax related to the deemed repatriation of unremitted earnings of foreign subsidiaries. The Company did not adjust these estimates during the first six months of 2018. While these amounts represent the Company’s best estimates of the impacts of the reduction in the federal corporate income tax rate and the deemed repatriation Transition Tax, the final impacts of the Act may differ from the Company’s estimates due to, among other things, changes in the Company’s interpretations and assumptions, additional guidance to be issued by the IRS, and actions the Company may take. As provided in SAB 118, any adjustments to these provisional amounts will be recorded as they are identified during the measurement period, which ends no later than December 22, 2018. Additionally, the Act subjects a U.S. shareholder to current tax on “global intangible low-taxed income” (“GILTI”) of its controlled foreign corporations. GILTI is based on the excess of the aggregate of a U.S. shareholder’s pro rata share of net income of its controlled foreign corporations over a specified return. Given the complexity of the GILTI provisions, the Company is still evaluating the effects of the provisions and has not yet determined its accounting policy. Therefore, during the six months ended June 30, 2018, the Company has included an estimate of the tax on GILTI as a period cost in its full-year estimated effective income tax rate and it has not accounted for any tax on GILTI in its deferred balances. The effective income tax rate for the six months ended June 30, 2018, 24.4%, is different from the statutory rate primarily due to state and foreign taxes.

XML 22 R11.htm IDEA: XBRL DOCUMENT

Changes in Accumulated Other Comprehensive Loss

6 Months Ended

Jun. 30, 2018

Equity [Abstract]

Changes in Accumulated Other Comprehensive Loss

Note 5 – Changes in Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss consisted of the following:


	Three Months Ended June 30, 2018
	Foreign Currency Adjustments			Impact of Foreign Exchange Contracts, Net of Taxes			Total, Net of Taxes
Balance at March 31, 2018	$	(30,204	)	$	(396	)	$	(30,600	)
Other comprehensive (loss) income before reclassifications		(10,713	)		1,398			(9,315	)
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income		—			118			118

Net current-period other comprehensive (loss) income		(10,713	)		1,516			(9,197	)

Balance at June 30, 2018	$	(40,917	)	$	1,120		$	(39,797	)


	Three Months Ended June 30, 2017
	Foreign Currency Adjustments			Impact of Foreign Exchange Contracts, Net of Taxes			Total, Net of Taxes
Balance at March 31, 2017	$	(49,352	)	$	321		$	(49,031	)
Other comprehensive income (loss) before reclassifications		7,702			(509	)		7,193
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income		0			(190	)		(190	)

Net current-period other comprehensive income (loss)		7,702			(699	)		7,003

Balance at June 30, 2017	$	(41,650	)	$	(378	)	$	(42,028	)


	Six Months Ended June 30, 2018
	Foreign Currency Adjustments			Impact of Foreign Exchange Contracts, Net of Taxes			Total, Net of Taxes
Balance at December 31, 2017	$	(35,610	)	$	(208	)	$	(35,818	)
Other comprehensive (loss) income before reclassifications, net of income tax		(5,307	)		971			(4,336	)
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income, net of income tax		—			357			357

Net current-period other comprehensive (loss) income		(5,307	)		1,328			(3,979	)

Balance at June 30, 2018	$	(40,917	)	$	1,120		$	(39,797	)


	Six Months Ended June 30, 2017
	Foreign Currency Adjustments			Impact of Foreign Exchange Contracts, Net of Taxes			Total, Net of Taxes
Balance at December 31, 2016	$	(53,171	)	$	932		$	(52,239	)
Other comprehensive income (loss) before reclassifications, net of income tax		11,521			(796	)		10,725
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income, net of income tax		0			(514	)		(514	)

Net current-period other comprehensive income (loss)		11,521			(1,310	)		10,211

Balance at June 30, 2017	$	(41,650	)	$	(378	)	$	(42,028	)

XML 23 R12.htm IDEA: XBRL DOCUMENT

Capital Stock	6 Months Ended
Capital Stock	Jun. 30, 2018
Federal Home Loan Banks [Abstract]
Capital Stock	Note 6 – Capital Stock At June 30, 2018, the Company’s authorized capital stock consisted of 300,000,000 shares of $0.01 par value common stock and 15,000,000 shares of $0.01 par value preferred stock. During the six months ended June 30, 2018, 90,420 shares of common stock were issued due to stock option exercises and 3,706 shares were issued to directors of the Company.

XML 24 R13.htm IDEA: XBRL DOCUMENT

Segment Information

6 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Segment Information

Note 7 – Segment Information

Industry Segments


	Wholesale			Retail		Consolidated
Three Months Ended June 30, 2018
Revenues:
Net sales	$	285,733		$	411,353	$	697,086
Royalties and franchise fees		—			2,910		2,910

Total revenues		285,733			414,263		699,996
Eliminations		(138,985	)		—		(138,985	)

Net revenues	$	146,748		$	414,263	$	561,011

Income from operations	$	11,148		$	54,303	$	65,451

Interest expense, net							25,501
Other expense, net							2,532

Income before income taxes						$	37,418


	Wholesale			Retail		Consolidated
Three Months Ended June 30, 2017
Revenues:
Net sales	$	276,705		$	399,801	$	676,506
Royalties and franchise fees		0			3,225		3,225

Total revenues		276,705			403,026		679,731
Eliminations		(134,853	)		0		(134,853	)

Net revenues	$	141,852		$	403,026	$	544,878

Income from operations	$	16,034		$	44,665	$	60,699

Interest expense, net							21,294
Other income, net							(895	)

Income before income taxes						$	40,300

The Company’s industry segment data for the six months ended June 30, 2018 and June 30, 2017 was as follows:


	Wholesale			Retail		Consolidated
Six Months Ended June 30, 2018
Revenues:
Net sales	$	563,560		$	774,929	$	1,338,489
Royalties and franchise fees		—			5,626		5,626

Total revenues		563,560			780,555		1,344,115
Eliminations		(275,280	)		—		(275,280	)

Net revenues	$	288,280		$	780,555	$	1,068,835

Income from operations	$	16,496		$	71,211	$	87,707

Interest expense, net							48,776
Other expense, net							3,380

Income before income taxes						$	35,551


	Wholesale			Retail		Consolidated
Six Months Ended June 30, 2017
Revenues:
Net sales	$	547,397		$	739,070	$	1,286,467
Royalties and franchise fees		0			6,261		6,261

Total revenues		547,397			745,331		1,292,728
Eliminations		(270,851	)		0		(270,851	)

Net revenues	$	276,546		$	745,331	$	1,021,877

Income from operations	$	26,450		$	48,920	$	75,370

Interest expense, net							41,986
Other expense, net							267

Income before income taxes						$	33,117

XML 25 R14.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8 – Commitments and Contingencies The Company is a party to certain claims and litigation in the ordinary course of business. The Company does not believe these proceedings will result, individually or in the aggregate, in a material adverse effect on its financial condition or future results of operations. On April 5, 2016, a derivative complaint was filed in the Supreme Court for the State of New York, naming certain directors and executives as defendants, and naming the Company as a nominal defendant. The complaint seeks unspecified damages and costs, and corporate governance reforms, for alleged injury to the Company in connection with public filings related to the Company’s April 2015 IPO, compensation paid to executives, and the termination of the management agreement disclosed in the initial public offering-related public filings. The Company intends to vigorously defend itself against this action. The Company is unable, at this time, to determine whether the outcome of the litigation would have a material impact on its results of operations, financial condition or cash flows.

XML 26 R15.htm IDEA: XBRL DOCUMENT

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Note 9 – Derivative Financial Instruments

Interest Rate Risk Management

Foreign Exchange Risk Management

The following table displays the fair values of the Company’s derivatives at June 30, 2018 and December 31, 2017:

Derivative Assets

Derivative Liabilities

Balance
Sheet
Line

Fair
Value

Balance
Sheet
Line

Fair
Value

Balance
Sheet
Line

Fair
Value

Balance
Sheet
Line

Fair
Value

Derivative Instrument

June 30, 2018

December 31, 2017

June 30, 2018

December 31, 2017

Foreign Exchange Contracts

) PP

1,233

) PP

) AE

—

) AE

(a)	PP = Prepaid expenses and other current assets

(b)	AE = Accrued expenses

The following table displays the notional amounts of the Company’s derivatives at June 30, 2018 and December 31, 2017:


Derivative Instrument	June 30, 2018		December 31, 2017
Foreign Exchange Contracts	$	23,586	$	21,672

XML 27 R16.htm IDEA: XBRL DOCUMENT

Fair Value Measurements

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 10 – Fair Value Measurements

•

Level 1 — Quoted prices in active markets for identical assets or liabilities.

•

The following table shows assets and liabilities as of June 30, 2018 that are measured at fair value on a recurring basis:


	Level 1		Level 2		Level 3		Total as of June 30, 2018
Derivative assets	$	—	$	1,233	$	—	$	1,233
Derivative liabilities		—		0		—		0
Kazzam liability		—		—		3,219		3,219
Punchbowl put liability		—		—		268		268

The following table shows assets and liabilities as of December 31, 2017 that are measured at fair value on a recurring basis:


	Level 1		Level 2		Level 3		Total as of December 31, 2017
Derivative assets	$	—	$	95	$	—	$	95
Derivative liabilities		—		99		—		99
Kazzam liability		—		—		3,590		3,590
Punchbowl put liability		—		—		2,122		2,122

The carrying amounts and fair values of borrowings under the Term Loan Credit Agreement and the Senior Notes as of June 30, 2018 are as follows:


	June 30, 2018
	Carrying Amount		Fair Value
Term Loan Credit Agreement	$	1,192,253	$	1,203,242
Senior Notes		345,780		351,750

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 28 R17.htm IDEA: XBRL DOCUMENT

Earnings Per Share

6 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

Earnings Per Share

Note 11 – Earnings Per Share

A reconciliation between basic and diluted income per share is as follows:


	Three Months Ended June 30, 2018		Three Months Ended June 30, 2017		Six Months Ended June 30, 2018		Six Months Ended June 30, 2017
Net income attributable to common shareholders of Party City Holdco Inc.	$	28,487	$	24,982	$	27,354	$	20,299
Weighted average shares - Basic		96,453,884		119,528,147		96,426,235		119,526,007
Effect of dilutive securities:
Warrants		—		—		—		—
Restricted stock units		—		—		—		—
Stock options		1,234,350		1,415,598		1,243,074		1,377,025

Weighted average shares - Diluted		97,688,233		120,943,745		97,669,309		120,903,032

Net income per share attributable to common shareholders of Party City Holdco Inc. - Basic	$	0.30	$	0.21	$	0.28	$	0.17

Net income per share attributable to common shareholders of Party City Holdco Inc. - Diluted	$	0.29	$	0.21	$	0.28	$	0.17

XML 29 R18.htm IDEA: XBRL DOCUMENT

Long-Term Obligations

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Long-Term Obligations

Note 12 – Long-Term Obligations

Long-term obligations at June 30, 2018 and December 31, 2017 consisted of the following:


	June 30, 2018			December 31, 2017
Term Loan Credit Agreement	$	1,192,253		$	1,196,505
Capital lease obligations		3,279			3,276
Senior Notes		345,780			345,368

Total long-term obligations		1,541,312			1,545,149
Less: current portion		(13,049	)		(13,059	)

Long-term obligations, excluding current portion	$	1,528,263		$	1,532,090

Term Loan Credit Agreement

XML 30 R19.htm IDEA: XBRL DOCUMENT

Acquisitions	6 Months Ended
Acquisitions	Jun. 30, 2018
Business Combinations [Abstract]
Acquisitions	Note 13 – Acquisitions During March 2018, the Company acquired 11 franchise stores, which are located in Maryland, for total consideration of approximately $14,000. The Company is in the process of finalizing purchase accounting. Additionally, during March 2018, the Company entered into an agreement to acquire 11 independent stores, which are located in Texas, for total consideration of approximately $6,000. The Company will take control of the stores one at a time over a period of approximately one year. The Company is in the process of finalizing purchase accounting for the stores for which it has already taken control. During 2017, the Company acquired 85% of the common stock of Granmark, S.A. de C.V., a Mexican manufacturer and wholesaler of party goods. Based on the terms of the acquisition agreement, the Company is required to acquire the remaining 15% interest over the next five years and it has recorded a liability for the estimated purchase price of such interest, $2,840 at June 30, 2018. During 2017, the Company acquired 60% of Print Appeal, Inc. Based on the terms of the acquisition agreement, the Company will acquire the remaining 40% interest in Print Appeal over the next five years and the Company’s liability for the estimated purchase price of such interest was $3,021 at June 30, 2018.

XML 31 R20.htm IDEA: XBRL DOCUMENT

Revenue from Contracts with Customers

6 Months Ended

Jun. 30, 2018

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Note 14 – Revenue from Contracts with Customers

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. The pronouncement contains a five-step model which replaces most existing revenue recognition guidance. The Company adopted the standard on January 1, 2018 via a modified retrospective approach and recognized the cumulative effect of the adoption as an adjustment to January 1, 2018 retained earnings.

Revenue Transactions - Retail

Revenue Transactions - Wholesale

Judgments

Other Revenue Topics

Disaggregation of Revenue

The following table summarizes revenue from contracts with customers for the three months ended June 30, 2018 and June 30, 2017 and the six months ended June 30, 2018 and June 30, 2017:


	Three Months Ended June 30, 2018		Three Months Ended June 30, 2017		Six Months Ended June 30, 2018		Six Months Ended June 30, 2017
Retail Net Sales:
Party City Stores	$	376,222	$	363,872	$	707,067	$	668,886
Global E-commerce		35,131		35,929		67,862		70,184

Total Retail Net Sales	$	411,353	$	399,801	$	774,929	$	739,070
Royalties and Franchise Fees		2,910		3,225		5,626		6,261

Total Retail Revenue	$	414,263	$	403,026	$	780,555	$	745,331

Wholesale Net Sales:
Domestic	$	79,397	$	81,354	$	158,956	$	165,695
International		67,351		60,498		129,324		110,851

Total Wholesale Net Sales	$	146,748	$	141,852	$	288,280	$	276,546


Total Consolidated Revenue	$	561,011	$	544,878	$	1,068,835	$	1,021,877

Financial Statement Impact of Adopting the Pronouncement

All of the Company’s revenue is recognized from contracts with customers and, therefore, is subject to the pronouncement.

XML 32 R21.htm IDEA: XBRL DOCUMENT

Cash, Cash Equivalents and Restricted Cash	6 Months Ended
Cash, Cash Equivalents and Restricted Cash	Jun. 30, 2018
Text Block [Abstract]
Cash, Cash Equivalents and Restricted Cash	Note 15 – Cash, Cash Equivalents and Restricted Cash In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows: Restricted Cash”. The pronouncement requires companies to show changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in their statement of cash flows. The Company adopted the pronouncement, which requires retrospective application, during the first quarter of 2018. As a result, the Company’s statement of cash flows for the six months ended June 30, 2017 has been adjusted to include $155 of restricted cash at December 31, 2016 and $106 of restricted cash at June 30, 2017. The restricted cash, which principally relates to funds that are required to be spent on advertising, is included in “prepaid expenses and other current assets” in the Company’s consolidated balance sheet. Therefore, in the Company’s adjusted consolidated statement of cash flows for the six months ended June 30, 2017, the change in “prepaid expenses and other current assets” has been adjusted from a cash inflow of $915 to a cash inflow of $866. The Company’s June 30, 2018 consolidated balance sheet included $51,461 of cash and cash equivalents and $106 of restricted cash and the Company’s December 31, 2017 consolidated balance sheet included $54,291 of cash and cash equivalents and $117 of restricted cash. Restricted cash is recorded in “prepaid expenses and other current assets”.

XML 33 R22.htm IDEA: XBRL DOCUMENT

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Note 16 - Related Party Transactions In the normal course of business, the Company buys and sells party goods from/to certain equity method investees. Such activity is immaterial to the Company’s consolidated financial statements.

XML 34 R23.htm IDEA: XBRL DOCUMENT

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Note 17 – Subsequent Events During July 2018, the Company acquired an additional 16 franchise stores, which are located in Pennsylvania, for total consideration of approximately $18,800. During August 2018, the Company executed a refinancing of its debt portfolio and issued $500,000 of new senior notes at an interest rate of 6.625%. The notes will mature in August 2026. The Company used the proceeds from the notes to: (i) reduce the outstanding balance under its existing ABL Facility by $90,000 and (ii) voluntarily prepay $400,000 of the outstanding balance under its existing Term Loan Credit Agreement. Additionally, as part of the refinancing, the Company extended the maturity of the ABL Facility to August 2023.

XML 35 R24.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Recently Issued Accounting Pronouncements (Policies)

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

Industry Segments

Industry Segments

Fair Value Measurement

•

Level 1 — Quoted prices in active markets for identical assets or liabilities.

•

XML 36 R25.htm IDEA: XBRL DOCUMENT

Inventories (Tables)

6 Months Ended

Jun. 30, 2018

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


	June 30, 2018		December 31, 2017
Finished goods	$	628,823	$	562,809
Raw materials		32,315		30,346
Work in process		12,538		10,911

	$	673,676	$	604,066

XML 37 R26.htm IDEA: XBRL DOCUMENT

Changes in Accumulated Other Comprehensive Loss (Tables)

6 Months Ended

Jun. 30, 2018

Equity [Abstract]

Changes in Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss consisted of the following:


	Three Months Ended June 30, 2018
	Foreign Currency Adjustments			Impact of Foreign Exchange Contracts, Net of Taxes			Total, Net of Taxes
Balance at March 31, 2018	$	(30,204	)	$	(396	)	$	(30,600	)
Other comprehensive (loss) income before reclassifications		(10,713	)		1,398			(9,315	)
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income		—			118			118

Net current-period other comprehensive (loss) income		(10,713	)		1,516			(9,197	)

Balance at June 30, 2018	$	(40,917	)	$	1,120		$	(39,797	)


	Three Months Ended June 30, 2017
	Foreign Currency Adjustments			Impact of Foreign Exchange Contracts, Net of Taxes			Total, Net of Taxes
Balance at March 31, 2017	$	(49,352	)	$	321		$	(49,031	)
Other comprehensive income (loss) before reclassifications		7,702			(509	)		7,193
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income		0			(190	)		(190	)

Net current-period other comprehensive income (loss)		7,702			(699	)		7,003

Balance at June 30, 2017	$	(41,650	)	$	(378	)	$	(42,028	)


	Six Months Ended June 30, 2018
	Foreign Currency Adjustments			Impact of Foreign Exchange Contracts, Net of Taxes			Total, Net of Taxes
Balance at December 31, 2017	$	(35,610	)	$	(208	)	$	(35,818	)
Other comprehensive (loss) income before reclassifications, net of income tax		(5,307	)		971			(4,336	)
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income, net of income tax		—			357			357

Net current-period other comprehensive (loss) income		(5,307	)		1,328			(3,979	)

Balance at June 30, 2018	$	(40,917	)	$	1,120		$	(39,797	)


	Six Months Ended June 30, 2017
	Foreign Currency Adjustments			Impact of Foreign Exchange Contracts, Net of Taxes			Total, Net of Taxes
Balance at December 31, 2016	$	(53,171	)	$	932		$	(52,239	)
Other comprehensive income (loss) before reclassifications, net of income tax		11,521			(796	)		10,725
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income, net of income tax		0			(514	)		(514	)

Net current-period other comprehensive income (loss)		11,521			(1,310	)		10,211

Balance at June 30, 2017	$	(41,650	)	$	(378	)	$	(42,028	)

XML 38 R27.htm IDEA: XBRL DOCUMENT

Segment Information (Tables)

6 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Schedule of Company's Industry Segment Data

The Company’s industry segment data for the three months ended June 30, 2018 and June 30, 2017 was as follows:


	Wholesale			Retail		Consolidated
Three Months Ended June 30, 2018
Revenues:
Net sales	$	285,733		$	411,353	$	697,086
Royalties and franchise fees		—			2,910		2,910

Total revenues		285,733			414,263		699,996
Eliminations		(138,985	)		—		(138,985	)

Net revenues	$	146,748		$	414,263	$	561,011

Income from operations	$	11,148		$	54,303	$	65,451

Interest expense, net							25,501
Other expense, net							2,532

Income before income taxes						$	37,418


	Wholesale			Retail		Consolidated
Three Months Ended June 30, 2017
Revenues:
Net sales	$	276,705		$	399,801	$	676,506
Royalties and franchise fees		0			3,225		3,225

Total revenues		276,705			403,026		679,731
Eliminations		(134,853	)		0		(134,853	)

Net revenues	$	141,852		$	403,026	$	544,878

Income from operations	$	16,034		$	44,665	$	60,699

Interest expense, net							21,294
Other income, net							(895	)

Income before income taxes						$	40,300

The Company’s industry segment data for the six months ended June 30, 2018 and June 30, 2017 was as follows:


	Wholesale			Retail		Consolidated
Six Months Ended June 30, 2018
Revenues:
Net sales	$	563,560		$	774,929	$	1,338,489
Royalties and franchise fees		—			5,626		5,626

Total revenues		563,560			780,555		1,344,115
Eliminations		(275,280	)		—		(275,280	)

Net revenues	$	288,280		$	780,555	$	1,068,835

Income from operations	$	16,496		$	71,211	$	87,707

Interest expense, net							48,776
Other expense, net							3,380

Income before income taxes						$	35,551


	Wholesale			Retail		Consolidated
Six Months Ended June 30, 2017
Revenues:
Net sales	$	547,397		$	739,070	$	1,286,467
Royalties and franchise fees		0			6,261		6,261

Total revenues		547,397			745,331		1,292,728
Eliminations		(270,851	)		0		(270,851	)

Net revenues	$	276,546		$	745,331	$	1,021,877

Income from operations	$	26,450		$	48,920	$	75,370

Interest expense, net							41,986
Other expense, net							267

Income before income taxes						$	33,117

XML 39 R28.htm IDEA: XBRL DOCUMENT

Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2018

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Values of Derivatives

The following table displays the fair values of the Company’s derivatives at June 30, 2018 and December 31, 2017:

Derivative Assets

Derivative Liabilities

Balance
Sheet
Line

Fair
Value

Balance
Sheet
Line

Fair
Value

Balance
Sheet
Line

Fair
Value

Balance
Sheet
Line

Fair
Value

Derivative Instrument

June 30, 2018

December 31, 2017

June 30, 2018

December 31, 2017

Foreign Exchange Contracts

) PP

1,233

) PP

) AE

—

) AE

(a)	PP = Prepaid expenses and other current assets

(b)	AE = Accrued expenses

Schedule of Notional Amounts of Derivatives

The following table displays the notional amounts of the Company’s derivatives at June 30, 2018 and December 31, 2017:


Derivative Instrument	June 30, 2018		December 31, 2017
Foreign Exchange Contracts	$	23,586	$	21,672

XML 40 R29.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2018

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table shows assets and liabilities as of June 30, 2018 that are measured at fair value on a recurring basis:


	Level 1		Level 2		Level 3		Total as of June 30, 2018
Derivative assets	$	—	$	1,233	$	—	$	1,233
Derivative liabilities		—		0		—		0
Kazzam liability		—		—		3,219		3,219
Punchbowl put liability		—		—		268		268

The following table shows assets and liabilities as of December 31, 2017 that are measured at fair value on a recurring basis:


	Level 1		Level 2		Level 3		Total as of December 31, 2017
Derivative assets	$	—	$	95	$	—	$	95
Derivative liabilities		—		99		—		99
Kazzam liability		—		—		3,590		3,590
Punchbowl put liability		—		—		2,122		2,122

Summary of Carrying Amount and Fair Value

The carrying amounts and fair values of borrowings under the Term Loan Credit Agreement and the Senior Notes as of June 30, 2018 are as follows:


	June 30, 2018
	Carrying Amount		Fair Value
Term Loan Credit Agreement	$	1,192,253	$	1,203,242
Senior Notes		345,780		351,750

XML 41 R30.htm IDEA: XBRL DOCUMENT

Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

Schedule of Reconciliation Between Basic and Diluted Income Per Share

A reconciliation between basic and diluted income per share is as follows:


	Three Months Ended June 30, 2018		Three Months Ended June 30, 2017		Six Months Ended June 30, 2018		Six Months Ended June 30, 2017
Net income attributable to common shareholders of Party City Holdco Inc.	$	28,487	$	24,982	$	27,354	$	20,299
Weighted average shares - Basic		96,453,884		119,528,147		96,426,235		119,526,007
Effect of dilutive securities:
Warrants		—		—		—		—
Restricted stock units		—		—		—		—
Stock options		1,234,350		1,415,598		1,243,074		1,377,025

Weighted average shares - Diluted		97,688,233		120,943,745		97,669,309		120,903,032

Net income per share attributable to common shareholders of Party City Holdco Inc. - Basic	$	0.30	$	0.21	$	0.28	$	0.17

Net income per share attributable to common shareholders of Party City Holdco Inc. - Diluted	$	0.29	$	0.21	$	0.28	$	0.17

XML 42 R31.htm IDEA: XBRL DOCUMENT

Long-Term Obligations (Tables)

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Summary of Long-Term Obligations

Long-term obligations at June 30, 2018 and December 31, 2017 consisted of the following:


	June 30, 2018			December 31, 2017
Term Loan Credit Agreement	$	1,192,253		$	1,196,505
Capital lease obligations		3,279			3,276
Senior Notes		345,780			345,368

Total long-term obligations		1,541,312			1,545,149
Less: current portion		(13,049	)		(13,059	)

Long-term obligations, excluding current portion	$	1,528,263		$	1,532,090

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

XML 43 R32.htm IDEA: XBRL DOCUMENT

Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2018

Revenue from Contract with Customer [Abstract]

Summary of Revenue from Contracts with Customers

The following table summarizes revenue from contracts with customers for the three months ended June 30, 2018 and June 30, 2017 and the six months ended June 30, 2018 and June 30, 2017:


	Three Months Ended June 30, 2018		Three Months Ended June 30, 2017		Six Months Ended June 30, 2018		Six Months Ended June 30, 2017
Retail Net Sales:
Party City Stores	$	376,222	$	363,872	$	707,067	$	668,886
Global E-commerce		35,131		35,929		67,862		70,184

Total Retail Net Sales	$	411,353	$	399,801	$	774,929	$	739,070
Royalties and Franchise Fees		2,910		3,225		5,626		6,261

Total Retail Revenue	$	414,263	$	403,026	$	780,555	$	745,331

Wholesale Net Sales:
Domestic	$	79,397	$	81,354	$	158,956	$	165,695
International		67,351		60,498		129,324		110,851

Total Wholesale Net Sales	$	146,748	$	141,852	$	288,280	$	276,546


Total Consolidated Revenue	$	561,011	$	544,878	$	1,068,835	$	1,021,877

XML 44 R33.htm IDEA: XBRL DOCUMENT

Description of Business - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2018 outlet Country Store
Minimum [Member]
Basis Of Presentation [Line Items]
Number stores \| outlet	40,000
Number of countries in which products available \| Country	100
PC Nextco [Member]
Basis Of Presentation [Line Items]
Ownership percentage	100.00%
PC Intermediate [Member]
Basis Of Presentation [Line Items]
Ownership percentage	100.00%
Party City Holdings Inc [Member]
Basis Of Presentation [Line Items]
Ownership percentage	100.00%
United States and Canada [Member]
Basis Of Presentation [Line Items]
Number stores \| Store	900

XML 45 R34.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Recently Issued Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands		6 Months Ended
	Jan. 01, 2018	Jun. 30, 2018
Minimum [Member]
Significant Accounting Policies [Line Items]
Retail operations period of fiscal year		364 days
Retail operations period of fiscal quarter		91 days
Maximum [Member]
Significant Accounting Policies [Line Items]
Retail operations period of fiscal year		371 days
Retail operations period of fiscal quarter		98 days
Customer Payments [Member] \| Accounting Standards Update 2014-09 [Member]
Significant Accounting Policies [Line Items]
Increase (decrease) in retained earnings	$ (46)
Metallic Balloon Sales [Member] \| Accounting Standards Update 2014-09 [Member]
Significant Accounting Policies [Line Items]
Increase (decrease) in retained earnings	8
Discount Sale [Member] \| Accounting Standards Update 2014-09 [Member]
Significant Accounting Policies [Line Items]
Increase (decrease) in retained earnings	$ (40)

XML 46 R35.htm IDEA: XBRL DOCUMENT

Inventories - Inventories (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Finished goods	$ 628,823	$ 562,809
Raw materials	32,315	30,346
Work in process	12,538	10,911
Inventories, net	$ 673,676	$ 604,066

XML 47 R36.htm IDEA: XBRL DOCUMENT

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Income Taxes [Line Items]
U.S. corporate income tax rate			35.00%
Provisional income tax benefit related to remeasurement of domestic net deferred tax liabilities and deferred tax assets			$ 90,965
Net provisional income tax expense related to deemed repatriation of unremitted earnings of foreign subsidiaries			$ 1,132
Effective income tax rate	24.40%
Scenario, Forecast [Member]
Income Taxes [Line Items]
U.S. corporate income tax rate		21.00%

XML 48 R37.htm IDEA: XBRL DOCUMENT

Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated and Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			$ 968,435
Ending balance	$ 994,386		994,386
Foreign Currency Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(30,204)	$ (49,352)	(35,610)	$ (53,171)
Other comprehensive (loss) income before reclassifications, net of income tax	(10,713)	7,702	(5,307)	11,521
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income, net of income tax		0		0
Net current-period other comprehensive (loss) income	(10,713)	7,702	(5,307)	11,521
Ending balance	(40,917)	(41,650)	(40,917)	(41,650)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(396)	321	(208)	932
Other comprehensive (loss) income before reclassifications, net of income tax	1,398	(509)	971	(796)
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income, net of income tax	118	(190)	357	(514)
Net current-period other comprehensive (loss) income	1,516	(699)	1,328	(1,310)
Ending balance	1,120	(378)	1,120	(378)
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	(30,600)	(49,031)	(35,818)	(52,239)
Other comprehensive (loss) income before reclassifications, net of income tax	(9,315)	7,193	(4,336)	10,725
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income, net of income tax	118	(190)	357	(514)
Net current-period other comprehensive (loss) income	(9,197)	7,003	(3,979)	10,211
Ending balance	$ (39,797)	$ (42,028)	$ (39,797)	$ (42,028)

XML 49 R38.htm IDEA: XBRL DOCUMENT

Capital Stock - Additional Information (Detail)	6 Months Ended
Capital Stock - Additional Information (Detail)	Jun. 30, 2018 $ / shares shares
Class of Stock [Line Items]
Authorized capital stock	300,000,000
Common stock, par value \| $ / shares	$ 0.01
Preferred stock, par value \| $ / shares	$ 0.01
Authorized preferred stock	15,000,000
Directors [Member]
Class of Stock [Line Items]
Common stock issued due to stock option exercises	3,706
Common Stock [Member]
Class of Stock [Line Items]
Common stock issued due to stock option exercises	90,420

XML 50 R39.htm IDEA: XBRL DOCUMENT

Segment Information - Additional Information (Detail)	6 Months Ended
Segment Information - Additional Information (Detail)	Jun. 30, 2018 Segment
Segment Reporting [Abstract]
Number of business segments	2

XML 51 R40.htm IDEA: XBRL DOCUMENT

Segment Information - Schedule of Company's Industry Segment Data (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Total revenues	$ 561,011	$ 544,878	$ 1,068,835	$ 1,021,877
Income from operations	65,451	60,699	87,707	75,370
Interest expense, net	25,501	21,294	48,776	41,986
Other income (expense), net	2,532	(895)	3,380	267
Income (loss) before income taxes	37,418	40,300	35,551	33,117
Net Sales [Member]
Revenues:
Revenues	558,101	541,653	1,063,209	1,015,616
Royalties and Franchise Fees [Member]
Revenues:
Revenues	2,910	3,225	5,626	6,261
Wholesale [Member]
Revenues:
Total revenues	146,748	141,852	288,280	276,546
Income from operations	11,148	16,034	16,496	26,450
Retail [Member]
Revenues:
Total revenues	414,263	403,026	780,555	745,331
Income from operations	54,303	44,665	71,211	48,920
Operating Segments [Member]
Revenues:
Total revenues	699,996	679,731	1,344,115	1,292,728
Operating Segments [Member] \| Net Sales [Member]
Revenues:
Revenues	697,086	676,506	1,338,489	1,286,467
Operating Segments [Member] \| Royalties and Franchise Fees [Member]
Revenues:
Revenues	2,910	3,225	5,626	6,261
Operating Segments [Member] \| Wholesale [Member]
Revenues:
Total revenues	285,733	276,705	563,560	547,397
Operating Segments [Member] \| Wholesale [Member] \| Net Sales [Member]
Revenues:
Revenues	285,733	276,705	563,560	547,397
Operating Segments [Member] \| Wholesale [Member] \| Royalties and Franchise Fees [Member]
Revenues:
Revenues		0		0
Operating Segments [Member] \| Retail [Member]
Revenues:
Total revenues	414,263	403,026	780,555	745,331
Operating Segments [Member] \| Retail [Member] \| Net Sales [Member]
Revenues:
Revenues	411,353	399,801	774,929	739,070
Operating Segments [Member] \| Retail [Member] \| Royalties and Franchise Fees [Member]
Revenues:
Revenues	2,910	3,225	5,626	6,261
Eliminations [Member]
Revenues:
Total revenues	(138,985)	(134,853)	(275,280)	(270,851)
Eliminations [Member] \| Wholesale [Member]
Revenues:
Total revenues	$ (138,985)	(134,853)	$ (275,280)	(270,851)
Eliminations [Member] \| Retail [Member]
Revenues:
Total revenues		$ 0		$ 0

XML 52 R41.htm IDEA: XBRL DOCUMENT

Derivative Financial Instruments - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2018
Derivative [Line Items]
Foreign currency exchange contracts reclassified date	2019-06
Foreign Exchange Risk Management [Member]
Derivative [Line Items]
Hedging effectiveness	100.00%
Foreign Exchange Risk Management [Member] \| Maximum [Member]
Derivative [Line Items]
Foreign exchange forward contracts maturity	1 year

XML 53 R42.htm IDEA: XBRL DOCUMENT

Derivative Financial Instruments - Schedule of Fair Values of Derivatives (Detail) - Foreign Exchange Contracts [Member] - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Prepaid Expenses and Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets	$ 1,233	$ 95
Accrued Expenses [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities		$ 99

XML 54 R43.htm IDEA: XBRL DOCUMENT

Derivative Financial Instruments - Schedule of Notional Amounts of Derivatives (Detail) - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Foreign Exchange Contracts [Member]
Derivatives, Fair Value [Line Items]
Notional amounts	$ 23,586,000	$ 21,672,000

XML 55 R44.htm IDEA: XBRL DOCUMENT

Fair Value Measurements - Additional Information (Detail)	Dec. 31, 2017
Punchbowl Inc [Member]
Debt Instrument [Line Items]
Equity method investment, ownership percentage	28.00%

XML 56 R45.htm IDEA: XBRL DOCUMENT

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 1,233	$ 95
Derivative liabilities	0	99
Punchbowl Inc [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	268	2,122
Kazzam LLC [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	3,219	3,590
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,233	95
Derivative liabilities	0	99
Level 3 [Member] \| Punchbowl Inc [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	268	2,122
Level 3 [Member] \| Kazzam LLC [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative liabilities	$ 3,219	$ 3,590

XML 57 R46.htm IDEA: XBRL DOCUMENT

Fair Value Measurements - Summary of Carrying Amount and Fair Value (Detail) $ in Thousands	Jun. 30, 2018 USD ($)
Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	$ 345,780
Debt Instrument Fair Value	351,750
Term Loan Credit Agreement [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	1,192,253
Debt Instrument Fair Value	$ 1,203,242

XML 58 R47.htm IDEA: XBRL DOCUMENT

Earnings Per Share - Schedule of Reconciliation Between Basic and Diluted Income Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share [Abstract]
Net income attributable to common shareholders of Party City Holdco Inc.	$ 28,487	$ 24,982	$ 27,354	$ 20,299
Weighted average shares - Basic	96,453,884	119,528,147	96,426,235	119,526,007
Effect of dilutive securities:
Warrants	0	0	0	0
Restricted stock units	0	0	0	0
Stock options	1,234,350	1,415,598	1,243,074	1,377,025
Weighted average shares - Diluted	97,688,233	120,943,745	97,669,309	120,903,032
Net income per share attributable to common shareholders of Party City Holdco Inc. - Basic	$ 0.30	$ 0.21	$ 0.28	$ 0.17
Net income per share attributable to common shareholders of Party City Holdco Inc. - Diluted	$ 0.29	$ 0.21	$ 0.28	$ 0.17

XML 59 R48.htm IDEA: XBRL DOCUMENT

Earnings Per share - Additional Information (Detail) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Employee Stock Option [Member]
Earnings Per Share Basic And Diluted [Line Items]
Antidilutive securities excluded from calculation of earnings per share	2,494,428	2,417,613	2,494,428	2,417,613
Warrant [Member]
Earnings Per Share Basic And Diluted [Line Items]
Antidilutive securities excluded from calculation of earnings per share	596,000	596,000	596,000	596,000
Restricted Stock Units (RSUs) [Member]
Earnings Per Share Basic And Diluted [Line Items]
Antidilutive securities excluded from calculation of earnings per share	201,270	0	201,270	0

XML 60 R49.htm IDEA: XBRL DOCUMENT

Long-Term Obligations - Summary of Long-Term Obligations (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Total long-term obligations	$ 1,541,312	$ 1,545,149
Less: current portion	(13,049)	(13,059)
Long-term obligations, excluding current portion	1,528,263	1,532,090
Senior Notes [Member]
Debt Instrument [Line Items]
Total long-term obligations	345,780	345,368
Capital Lease Obligations [Member]
Debt Instrument [Line Items]
Total long-term obligations	3,279	3,276
Term Loan Credit Agreement [Member] \| Senior Secured Term Loan Facility [Member]
Debt Instrument [Line Items]
Total long-term obligations	$ 1,192,253	$ 1,196,505

XML 61 R50.htm IDEA: XBRL DOCUMENT

Long-Term Obligations - Additional Information (Detail) - Term Loan Credit Agreement [Member] - Secured Debt [Member] $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Feb. 28, 2018	Mar. 31, 2018 USD ($)	Dec. 31, 2017
Debt Instrument [Line Items]
Banker and legal fees		$ 856
Other Expense [Member]
Debt Instrument [Line Items]
Wrote-off of deferred financing costs		186
Wrote-off of capitalized original issue discount		102
Wrote-off of capitalized call premium		58
Banker and legal fees		$ 800
Maximum [Member]
Debt Instrument [Line Items]
Senior secured leverage ratio	3.2
Minimum [Member]
Debt Instrument [Line Items]
Senior secured leverage ratio	1.0
Alternate Base Interest Rate Loans [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%		2.00%
Debt instrument interest rate increase decrease	1.50%
LIBOR [Member]
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%		3.00%
Debt instrument interest rate increase decrease	2.50%

XML 62 R51.htm IDEA: XBRL DOCUMENT

Acquisitions - Additional Information (Detail)	3 Months Ended	6 Months Ended
Acquisitions - Additional Information (Detail)	Mar. 31, 2018 USD ($) Franchised_Stores Stores	Jun. 30, 2018 USD ($)	Dec. 31, 2017
Granmark [Member]
Business Acquisition [Line Items]
Business combination, acquisition percentage			85.00%
Business combination, percentage of remaining interest		15.00%
Business combination, period to acquire remaining interest		5 years
Liability recorded for the estimated purchase price of remaining interest to be acquired		$ 2,840,000
Print Appeal Inc [Member]
Business Acquisition [Line Items]
Business combination, acquisition percentage			60.00%
Business combination, percentage of remaining interest		40.00%
Business combination, period to acquire remaining interest		5 years
Estimated purchase price interest		$ 3,021,000
Maryland [Member]
Business Acquisition [Line Items]
Number of franchise stores acquired \| Franchised_Stores	11
Total consideration amount	$ 14,000,000
TEXAS [Member]
Business Acquisition [Line Items]
Total consideration amount	$ 6,000,000
Number of independent stores to be acquired \| Stores	11
Period which control over acquired stores	1 year

XML 63 R52.htm IDEA: XBRL DOCUMENT

Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Jan. 01, 2018	Dec. 31, 2017
Disaggregation of Revenue [Line Items]
Increase (decrease) in retained earnings	$ 399,872		$ 399,872			$ 372,596
Increase (decrease) in accounts receivables	130,067		130,067			140,980
Increase (decrease) in inventory	673,676		673,676			604,066
Increase (decrease) in accrued expense	164,043		164,043			176,609
Increase (decrease) in income tax payable	6,541		6,541			$ 45,568
Increase (decrease) in pre-tax income	37,418	$ 40,300	$ 35,551	$ 33,117
Short-term Contract with Customer [Member]
Disaggregation of Revenue [Line Items]
Contract with an original expected duration			One year or less
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] \| Accounting Standards Update 2014-09 [Member]
Disaggregation of Revenue [Line Items]
Increase (decrease) in retained earnings					$ (78)
Increase (decrease) in accounts receivables					(141)
Increase (decrease) in inventory					11
Increase (decrease) in accrued expense					(26)
Increase (decrease) in deferred tax asset					28
Increase (decrease) in income tax payable					$ 2
Increase (decrease) in pre-tax income	$ 26		$ 39
Retail Segment [Member]
Disaggregation of Revenue [Line Items]
Revenue, information used to determine transaction price			The transaction price for the overwhelming majority of the Company’s retail sales is based on either: 1) the item’s stated price or 2) the stated price adjusted for the impact of a coupon which can only be applied to such transaction. To the extent that the Company charges customers for freight costs on e-commerce sales, the Company records such amounts in revenue.
Retail Segment [Member] \| Minimum [Member]
Disaggregation of Revenue [Line Items]
Royalty fee percentage			4.00%
Retail Segment [Member] \| Maximum [Member]
Disaggregation of Revenue [Line Items]
Royalty fee percentage			6.00%
Wholesale Segment [Member]
Disaggregation of Revenue [Line Items]
Revenue, information used to allocate transaction price			The determination of the transaction price is straight-forward as it is fixed based on the contract and/or purchase order. However, a limited number of customers receive volume-based rebates. Additionally, certain customers receive small discounts for early payment (generally 1% of the transaction price).
Percentage of discount of transaction price on early payment			1.00%
Wholesale Segment [Member] \| Minimum [Member]
Disaggregation of Revenue [Line Items]
Revenue recognition period	30 days		30 days
Wholesale Segment [Member] \| Maximum [Member]
Disaggregation of Revenue [Line Items]
Revenue recognition period	120 days		120 days

XML 64 R53.htm IDEA: XBRL DOCUMENT

Revenue from Contracts with Customers - Summary of Revenue from Contracts with Customers (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Total revenues	$ 561,011	$ 544,878	$ 1,068,835	$ 1,021,877
Retail Segment [Member]
Disaggregation of Revenue [Line Items]
Total revenues	414,263	403,026	780,555	745,331
Wholesale Segment [Member]
Disaggregation of Revenue [Line Items]
Total revenues	146,748	141,852	288,280	276,546
Party City Stores [Member] \| Retail Segment [Member]
Disaggregation of Revenue [Line Items]
Net sales	376,222	363,872	707,067	668,886
Global E-commerce [Member] \| Retail Segment [Member]
Disaggregation of Revenue [Line Items]
Net sales	35,131	35,929	67,862	70,184
Domestic [Member] \| Wholesale Segment [Member]
Disaggregation of Revenue [Line Items]
Net sales	79,397	81,354	158,956	165,695
International [Member] \| Wholesale Segment [Member]
Disaggregation of Revenue [Line Items]
Net sales	67,351	60,498	129,324	110,851
Net Sales [Member]
Disaggregation of Revenue [Line Items]
Net sales	558,101	541,653	1,063,209	1,015,616
Net Sales [Member] \| Retail Segment [Member]
Disaggregation of Revenue [Line Items]
Net sales	411,353	399,801	774,929	739,070
Royalties and Franchise Fees [Member]
Disaggregation of Revenue [Line Items]
Net sales	2,910	3,225	5,626	6,261
Royalties and Franchise Fees [Member] \| Retail Segment [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 2,910	$ 3,225	$ 5,626	$ 6,261

XML 65 R54.htm IDEA: XBRL DOCUMENT

Cash, Cash Equivalents and Restricted Cash - Additional Information (Detail) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 51,567	$ 69,124	$ 54,408	$ 64,765
Net cash inflow	9,137	(866)
Cash and cash equivalents	51,461		54,291
Accounting Standards Update 2016-18 [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Net cash inflow		866
Previously Reported [Member] \| Accounting Standards Update 2016-18 [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Net cash inflow		915
Prepaid Expenses and Other Current Assets [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 106		$ 117
Cash [Member] \| Accounting Standards Update 2016-18 [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash		$ 106		$ 155

XML 66 R55.htm IDEA: XBRL DOCUMENT

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] $ in Thousands		1 Months Ended
	Aug. 09, 2018 USD ($)	Jul. 31, 2018 USD ($) Franchised_Stores
Subsequent Event [Line Items]
Senior notes issued	$ 500,000
ABL Facility [Member]
Subsequent Event [Line Items]
Debt instrument maturity date	Aug. 31, 2023
Outstanding balance under credit facility	$ 90,000
Term Loan Credit Agreement [Member]
Subsequent Event [Line Items]
Outstanding balance under credit facility	$ 400,000
Senior Notes [Member]
Subsequent Event [Line Items]
Notes issued rate	6.625%
Debt instrument maturity date	Aug. 31, 2026
Pennsylvania [Member]
Subsequent Event [Line Items]
Number of franchise stores acquired \| Franchised_Stores		16
Total consideration amount		$ 18,800

EXCEL 67 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 68 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 69 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 71 FilingSummary.xml IDEA: XBRL DOCUMENT 3.10.0.1 html 239 211 1 false 66 0 false 10 false false R1.htm 101 - Document - Document and Entity Information Sheet http://imetrix.edgar-online.com/taxonomy/role/DocumentandEntityInformation Document and Entity Information Cover 1 false false R2.htm 103 - Statement - Condensed Consolidated Balance Sheets Sheet http://imetrix.edgar-online.com/taxonomy/role/StatementOfFinancialPositionClassified Condensed Consolidated Balance Sheets Statements 2 false false R3.htm 104 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) Sheet http://imetrix.edgar-online.com/taxonomy/role/StatementOfFinancialPositionClassifiedParenthetical Condensed Consolidated Balance Sheets (Parenthetical) Statements 3 false false R4.htm 105 - Statement - Condensed Consolidated Statements of Operations and Comprehensive Income Sheet http://imetrix.edgar-online.com/taxonomy/role/StatementOfIncome Condensed Consolidated Statements of Operations and Comprehensive Income Statements 4 false false R5.htm 106 - Statement - Condensed Consolidated Statement of Stockholders' Equity Sheet http://imetrix.edgar-online.com/taxonomy/role/StatementOfShareholdersEquityAndOtherComprehensiveIncome Condensed Consolidated Statement of Stockholders' Equity Statements 5 false false R6.htm 107 - Statement - Condensed Consolidated Statements of Cash Flows Sheet http://imetrix.edgar-online.com/taxonomy/role/StatementOfCashFlowsIndirect Condensed Consolidated Statements of Cash Flows Statements 6 false false R7.htm 108 - Disclosure - Description of Business Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsNatureOfOperations Description of Business Notes 7 false false R8.htm 109 - Disclosure - Basis of Presentation and Recently Issued Accounting Pronouncements Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsBasisOfPresentationAndSignificantAccountingPoliciesTextBlock Basis of Presentation and Recently Issued Accounting Pronouncements Notes 8 false false R9.htm 110 - Disclosure - Inventories Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsInventoryDisclosureTextBlock Inventories Notes 9 false false R10.htm 111 - Disclosure - Income Taxes Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsIncomeTaxDisclosureTextBlock Income Taxes Notes 10 false false R11.htm 112 - Disclosure - Changes in Accumulated Other Comprehensive Loss Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsComprehensiveIncomeNoteTextBlock Changes in Accumulated Other Comprehensive Loss Notes 11 false false R12.htm 113 - Disclosure - Capital Stock Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsStockholdersEquityNoteDisclosureTextBlock Capital Stock Notes 12 false false R13.htm 114 - Disclosure - Segment Information Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsSegmentReportingDisclosureTextBlock Segment Information Notes 13 false false R14.htm 115 - Disclosure - Commitments and Contingencies Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsCommitmentsAndContingenciesDisclosureTextBlock Commitments and Contingencies Notes 14 false false R15.htm 116 - Disclosure - Derivative Financial Instruments Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsDerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock Derivative Financial Instruments Notes 15 false false R16.htm 117 - Disclosure - Fair Value Measurements Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsFairValueDisclosuresTextBlock Fair Value Measurements Notes 16 false false R17.htm 118 - Disclosure - Earnings Per Share Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsEarningsPerShareTextBlock Earnings Per Share Notes 17 false false R18.htm 119 - Disclosure - Long-Term Obligations Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsLongTermDebtTextBlock Long-Term Obligations Notes 18 false false R19.htm 120 - Disclosure - Acquisitions Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsBusinessCombinationDisclosureTextBlock Acquisitions Notes 19 false false R20.htm 121 - Disclosure - Revenue from Contracts with Customers Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsRevenueFromContractWithCustomerTextBlock Revenue from Contracts with Customers Notes 20 false false R21.htm 122 - Disclosure - Cash, Cash Equivalents and Restricted Cash Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsCashCashEquivalentsAndRestrictedCashTextBlock Cash, Cash Equivalents and Restricted Cash Notes 21 false false R22.htm 123 - Disclosure - Related Party Transactions Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsRelatedPartyTransactionsDisclosureTextBlock Related Party Transactions Notes 22 false false R23.htm 124 - Disclosure - Subsequent Events Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsSubsequentEventsTextBlock Subsequent Events Notes 23 false false R24.htm 125 - Disclosure - Basis of Presentation and Recently Issued Accounting Pronouncements (Policies) Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsBasisOfPresentationAndSignificantAccountingPoliciesTextBlockPolicies Basis of Presentation and Recently Issued Accounting Pronouncements (Policies) Policies http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsBasisOfPresentationAndSignificantAccountingPoliciesTextBlock 24 false false R25.htm 126 - Disclosure - Inventories (Tables) Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsInventoryDisclosureTextBlockTables Inventories (Tables) Tables http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsInventoryDisclosureTextBlock 25 false false R26.htm 127 - Disclosure - Changes in Accumulated Other Comprehensive Loss (Tables) Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsComprehensiveIncomeNoteTextBlockTables Changes in Accumulated Other Comprehensive Loss (Tables) Tables http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsComprehensiveIncomeNoteTextBlock 26 false false R27.htm 128 - Disclosure - Segment Information (Tables) Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsSegmentReportingDisclosureTextBlockTables Segment Information (Tables) Tables http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsSegmentReportingDisclosureTextBlock 27 false false R28.htm 129 - Disclosure - Derivative Financial Instruments (Tables) Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsDerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlockTables Derivative Financial Instruments (Tables) Tables http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsDerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock 28 false false R29.htm 130 - Disclosure - Fair Value Measurements (Tables) Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsFairValueDisclosuresTextBlockTables Fair Value Measurements (Tables) Tables http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsFairValueDisclosuresTextBlock 29 false false R30.htm 131 - Disclosure - Earnings Per Share (Tables) Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsEarningsPerShareTextBlockTables Earnings Per Share (Tables) Tables http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsEarningsPerShareTextBlock 30 false false R31.htm 132 - Disclosure - Long-Term Obligations (Tables) Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsLongTermDebtTextBlockTables Long-Term Obligations (Tables) Tables http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsLongTermDebtTextBlock 31 false false R32.htm 133 - Disclosure - Revenue from Contracts with Customers (Tables) Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsRevenueFromContractWithCustomerTextBlockTables Revenue from Contracts with Customers (Tables) Tables http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsRevenueFromContractWithCustomerTextBlock 32 false false R33.htm 134 - Disclosure - Description of Business - Additional Information (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureDescriptionOfBusinessAdditionalInformation Description of Business - Additional Information (Detail) Details 33 false false R34.htm 135 - Disclosure - Basis of Presentation and Recently Issued Accounting Pronouncements - Additional Information (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureBasisOfPresentationAndRecentlyIssuedAccountingPronouncementsAdditionalInformation Basis of Presentation and Recently Issued Accounting Pronouncements - Additional Information (Detail) Details 34 false false R35.htm 136 - Disclosure - Inventories - Inventories (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureInventoriesInventories Inventories - Inventories (Detail) Details 35 false false R36.htm 137 - Disclosure - Income Taxes - Additional Information (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureIncomeTaxesAdditionalInformation Income Taxes - Additional Information (Detail) Details 36 false false R37.htm 138 - Disclosure - Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated and Other Comprehensive Loss (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureChangesInAccumulatedOtherComprehensiveLossChangesInAccumulatedAndOtherComprehensiveLoss Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated and Other Comprehensive Loss (Detail) Details 37 false false R38.htm 139 - Disclosure - Capital Stock - Additional Information (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureCapitalStockAdditionalInformation Capital Stock - Additional Information (Detail) Details 38 false false R39.htm 140 - Disclosure - Segment Information - Additional Information (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureSegmentInformationAdditionalInformation Segment Information - Additional Information (Detail) Details 39 false false R40.htm 141 - Disclosure - Segment Information - Schedule of Company's Industry Segment Data (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureSegmentInformationScheduleOfCompanysIndustrySegmentData Segment Information - Schedule of Company's Industry Segment Data (Detail) Details 40 false false R41.htm 142 - Disclosure - Derivative Financial Instruments - Additional Information (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureDerivativeFinancialInstrumentsAdditionalInformation Derivative Financial Instruments - Additional Information (Detail) Details 41 false false R42.htm 143 - Disclosure - Derivative Financial Instruments - Schedule of Fair Values of Derivatives (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureDerivativeFinancialInstrumentsScheduleOfFairValuesOfDerivatives Derivative Financial Instruments - Schedule of Fair Values of Derivatives (Detail) Details 42 false false R43.htm 144 - Disclosure - Derivative Financial Instruments - Schedule of Notional Amounts of Derivatives (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureDerivativeFinancialInstrumentsScheduleOfNotionalAmountsOfDerivatives Derivative Financial Instruments - Schedule of Notional Amounts of Derivatives (Detail) Details 43 false false R44.htm 145 - Disclosure - Fair Value Measurements - Additional Information (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureFairValueMeasurementsAdditionalInformation Fair Value Measurements - Additional Information (Detail) Details 44 false false R45.htm 146 - Disclosure - Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureFairValueMeasurementsSummaryOfAssetsAndLiabilitiesMeasuredAtFairValueOnRecurringBasis Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) Details 45 false false R46.htm 147 - Disclosure - Fair Value Measurements - Summary of Carrying Amount and Fair Value (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureFairValueMeasurementsSummaryOfCarryingAmountAndFairValue Fair Value Measurements - Summary of Carrying Amount and Fair Value (Detail) Details 46 false false R47.htm 148 - Disclosure - Earnings Per Share - Schedule of Reconciliation Between Basic and Diluted Income Per Share (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureEarningsPerShareScheduleOfReconciliationBetweenBasicAndDilutedIncomePerShare Earnings Per Share - Schedule of Reconciliation Between Basic and Diluted Income Per Share (Detail) Details 47 false false R48.htm 149 - Disclosure - Earnings Per share - Additional Information (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureEarningsPerShareAdditionalInformation Earnings Per share - Additional Information (Detail) Details 48 false false R49.htm 150 - Disclosure - Long-Term Obligations - Summary of Long-Term Obligations (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureLongTermObligationsSummaryOfLongTermObligations Long-Term Obligations - Summary of Long-Term Obligations (Detail) Details 49 false false R50.htm 151 - Disclosure - Long-Term Obligations - Additional Information (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureLongTermObligationsAdditionalInformation Long-Term Obligations - Additional Information (Detail) Details 50 false false R51.htm 152 - Disclosure - Acquisitions - Additional Information (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureAcquisitionsAdditionalInformation Acquisitions - Additional Information (Detail) Details 51 false false R52.htm 153 - Disclosure - Revenue from Contracts with Customers - Additional Information (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureRevenueFromContractsWithCustomersAdditionalInformation Revenue from Contracts with Customers - Additional Information (Detail) Details 52 false false R53.htm 154 - Disclosure - Revenue from Contracts with Customers - Summary of Revenue from Contracts with Customers (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureRevenueFromContractsWithCustomersSummaryOfRevenueFromContractsWithCustomers Revenue from Contracts with Customers - Summary of Revenue from Contracts with Customers (Detail) Details 53 false false R54.htm 155 - Disclosure - Cash, Cash Equivalents and Restricted Cash - Additional Information (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureCashCashEquivalentsAndRestrictedCashAdditionalInformation Cash, Cash Equivalents and Restricted Cash - Additional Information (Detail) Details 54 false false R55.htm 156 - Disclosure - Subsequent Events - Additional Information (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureSubsequentEventsAdditionalInformation Subsequent Events - Additional Information (Detail) Details 55 false false All Reports Book All Reports prty-20180630.xml prty-20180630.xsd prty-20180630_cal.xml prty-20180630_def.xml prty-20180630_lab.xml prty-20180630_pre.xml http://fasb.org/srt/2018-01-31 http://fasb.org/us-gaap/2018-01-31 http://xbrl.sec.gov/invest/2013-01-31 http://xbrl.sec.gov/stpr/2018-01-31 http://xbrl.sec.gov/dei/2018-01-31 true true ZIP 73 0001193125-18-243604-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001193125-18-243604-xbrl.zip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

Large accelerated filer

Accelerated filer

Non-accelerated filer

☐ (Do not check if a smaller reporting company)

Smaller reporting company

Emerging Growth Company