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Supplemental Guarantor Information (Tables)
12 Months Ended
Dec. 31, 2014
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Financial Statements
CONSOLIDATING CONDENSED STATEMENTS OF OPERATIONS
 
 
The
Company
(Parent)
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
(in thousands)
Year ended December 31, 2014
 
 
 
 
 
 
 
 
 
Net sales
$
213,072

 
$
413,067

 
$
740,669

 
$
(96,645
)
 
$
1,270,163

Cost of products sold
192,566

 
314,562

 
512,521

 
(96,874
)
 
922,775

Gross Profit
20,506

 
98,505

 
228,148

 
229

 
347,388

Selling, general and administrative expenses
119,904

 
81,676

 
182,416

 
(83
)
 
383,913

Charge related to restructuring activities
9,672

 
(1,326
)
 
2,766

 

 
11,112

Asset write-downs to intangibles

 
13,041

 

 

 
13,041

Income (loss) from equity investee
53,536

 
35,208

 
280

 
(89,024
)
 

Interest expense—net
175

 
2,114

 
243

 

 
2,532

Earnings (Loss) from Continuing Operations Before Income Taxes
(55,709
)
 
38,208

 
43,003

 
(88,712
)
 
(63,210
)
Income taxes
361

 

 
5,189

 

 
5,550

Net Earnings (Loss) from Continuing Operations
(56,070
)
 
38,208

 
37,814

 
(88,712
)
 
(68,760
)
Net Earnings from Discontinued Operations

 
12,690

 

 

 
12,690

Net Earnings (Loss)
(56,070
)
 
50,898

 
37,814

 
(88,712
)
 
(56,070
)
 
 
 
 
 
 
 
 
 
 
Other Comprehensive Income (Loss), net of Tax
(53,537
)
 
(5,057
)
 
(50,058
)
 
55,115

 
(53,537
)
 
 
 
 
 
 
 
 
 
 
Comprehensive Income (Loss)
$
(109,607
)
 
$
45,841

 
$
(12,244
)
 
$
(33,597
)
 
$
(109,607
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATING CONDENSED STATEMENTS OF OPERATIONS
 
The
Company
(Parent)
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
(in thousands)
Year ended December 31, 2013
 
 
 
 
 
 
 
 
 
Net sales
$
241,871

 
$
460,960

 
$
720,978

 
$
(89,304
)
 
$
1,334,505

Cost of products sold
211,896

 
338,650

 
506,308

 
(89,775
)
 
967,079

Gross Profit
29,975

 
122,310

 
214,670

 
471

 
367,426

Selling, general and administrative expenses
123,377

 
93,731

 
177,530

 
2,694

 
397,332

Charge related to restructuring activities
6,356

 
79

 
2,901

 

 
9,336

Asset write-downs to intangibles

 
1,250

 
273

 

 
1,523

Income (loss) from equity investee
133,350

 
29,644

 
286

 
(163,280
)
 

Interest (income) expense—net
(1,661
)
 
3,353

 
1,002

 

 
2,694

Earnings (Loss) from Continuing Operations Before Income Taxes
35,253

 
53,541

 
33,250

 
(165,503
)
 
(43,459
)
Income taxes (benefit)
2,202

 
(1,785
)
 
10,458

 

 
10,875

Net Earnings (Loss) from Continuing Operations
33,051

 
55,326

 
22,792

 
(165,503
)
 
(54,334
)
Net Earnings from Discontinued Operations

 
87,385

 

 

 
87,385

Net Earnings (Loss)
33,051

 
142,711

 
22,792

 
(165,503
)
 
33,051

 
 
 
 
 
 
 
 
 
 
Other Comprehensive Income (Loss), net of Tax
12,413

 
(2,309
)
 
17,797

 
(15,488
)
 
12,413

 
 
 
 
 
 
 
 
 
 
Comprehensive Income (Loss)
$
45,464

 
$
140,402

 
$
40,589

 
$
(180,991
)
 
$
45,464

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CONSOLIDATING CONDENSED STATEMENTS OF OPERATIONS
 
 
 
 
 
 
 
 
 
 
 
The
Company
(Parent)
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
(in thousands)
Year ended December 31, 2012
 
 
 
 
 
 
 
 
 
Net sales
$
357,184

 
$
452,317

 
$
724,641

 
$
(118,324
)
 
$
1,415,818

Cost of products sold
274,439

 
331,010

 
500,855

 
(117,423
)
 
988,881

Gross Profit
82,745

 
121,307

 
223,786

 
(901
)
 
426,937

Selling, general and administrative expenses
134,170

 
81,883

 
186,244

 
4,526

 
406,823

Charge related to restructuring activities
4,859

 
406

 
5,639

 

 
10,904

Loss on debt extinguishment including debt finance charges and associated fees
312








312

Asset write-downs to intangibles and goodwill




773




773

Income (loss) from equity investee
62,637

 
2,278

 
499

 
(65,414
)
 

Interest expense—net
2,725

 
1,244

 
3,084

 

 
7,053

Earnings (Loss) from Continuing Operations Before Income Taxes
3,316

 
40,052

 
28,545

 
(70,841
)
 
1,072

Income taxes (benefit)
1,489

 
(2,976
)
 
16,642

 

 
15,155

Net Earnings (Loss) from Continuing Operations
1,827

 
43,028

 
11,903

 
(70,841
)
 
(14,083
)
Net Earnings from Discontinued Operations

 
15,910

 

 

 
15,910

Net Earnings (Loss)
1,827

 
58,938

 
11,903

 
(70,841
)
 
1,827

 
 
 
 
 
 
 
 
 
 
Other Comprehensive Income (Loss), net of Tax
(12,133
)
 
2,245

 
(14,288
)
 
12,043

 
(12,133
)
 
 
 
 
 
 
 
 
 
 
Comprehensive Income (Loss)
$
(10,306
)
 
$
61,183

 
$
(2,385
)
 
$
(58,798
)
 
$
(10,306
)

 

CONSOLIDATING CONDENSED BALANCE SHEETS
 
 
The
Company
(Parent)
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
(in thousands)
December 31, 2014
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
Current Assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
7,340

 
$
355

 
$
31,236

 
$

 
$
38,931

Trade receivables, net
50,656

 
24,560

 
85,198

 

 
160,414

Installment receivables, net

 
292

 
762

 

 
1,054

Inventories, net
25,272

 
25,848

 
107,139

 
(2,383
)
 
155,876

Deferred income taxes

 

 
2,048

 

 
2,048

Intercompany advances, net
10,007

 
976

 
84,816

 
(95,799
)


Other current assets
8,134

 
397

 
33,123

 
(4,635
)
 
37,019

Total Current Assets
101,409

 
52,428

 
344,322

 
(102,817
)
 
395,342

Investment in Subsidiaries
1,409,482

 
491,541

 

 
(1,901,023
)
 

Intercompany Advances, net
1,049,235

 
1,685,366

 
184,651

 
(2,919,252
)
 

Other Assets
16,955

 
656

 
1,442

 

 
19,053

Intangibles
286

 
450

 
37,334

 

 
38,070

Property and Equipment, net
29,686

 
13,051

 
42,818

 

 
85,555

Goodwill

 
16,660

 
409,051

 

 
425,711

Total Assets
$
2,607,053

 
$
2,260,152

 
$
1,019,618

 
$
(4,923,092
)
 
$
963,731

Liabilities and Shareholders’ Equity
 
 
 
 
 
 
 
 
 
Current Liabilities
 
 
 
 
 
 
 
 
 
Accounts payable
$
49,040

 
$
6,362

 
$
64,749

 
$

 
$
120,151

Accrued expenses
52,022

 
20,900

 
88,188

 
(4,635
)
 
156,475

Current taxes, payable and deferred
1,632

 

 
11,002

 

 
12,634

Intercompany advances, net
81,141

 
1,738

 
12,920

 
(95,799
)
 

Short-term debt and current maturities of long-term obligations

 
8

 
959

 

 
967

Total Current Liabilities
183,835

 
29,008

 
177,818

 
(100,434
)
 
290,227

Long-Term Debt
15,351

 
6

 
4,020

 

 
19,377

Other Long-Term Obligations
28,551

 

 
60,254

 

 
88,805

Intercompany Advances, net
1,813,994

 
1,051,170

 
54,088

 
(2,919,252
)
 

Total Shareholders’ Equity
565,322

 
1,179,968

 
723,438

 
(1,903,406
)
 
565,322

Total Liabilities and Shareholders’ Equity
$
2,607,053

 
$
2,260,152

 
$
1,019,618

 
$
(4,923,092
)
 
$
963,731

 

 

CONSOLIDATING CONDENSED BALANCE SHEETS
 
 
The
Company
(Parent)
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
(in thousands)
December 31, 2013
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
Current Assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
1,401

 
$
313

 
$
28,071

 
$

 
$
29,785

Trade receivables, net
72,272

 
28,317

 
88,033

 

 
188,622

Installment receivables, net

 
452

 
1,110

 

 
1,562

Inventories, net
30,806

 
27,472

 
100,444

 
(3,085
)
 
155,637

Deferred income taxes

 

 
2,761

 

 
2,761

Intercompany advances, net
4,179

 
380

 
44,292

 
(48,851
)
 

Other current assets
9,970

 
568

 
35,461

 
(4,827
)
 
41,172

Total Current Assets
118,628

 
57,502

 
300,172

 
(56,763
)
 
419,539

Investment in Subsidiaries
1,475,156

 
450,021

 

 
(1,925,177
)
 

Intercompany Advances, net
959,071

 
1,620,683

 
179,451

 
(2,759,205
)
 

Other Assets
42,831

 
1,061

 
2,044

 

 
45,936

Intangibles
466

 
17,109

 
45,009

 

 
62,584

Property and Equipment, net
35,169

 
17,774

 
53,206

 

 
106,149

Goodwill

 
16,660

 
445,566

 

 
462,226

Total Assets
$
2,631,321

 
$
2,180,810

 
$
1,025,448

 
$
(4,741,145
)
 
$
1,096,434

Liabilities and Shareholders’ Equity
 
 
 
 
 
 
 
 
 
Current Liabilities
 
 
 
 
 
 
 
 
 
Accounts payable
$
42,521

 
$
7,237

 
$
66,946

 
$

 
$
116,704

Accrued expenses
30,314

 
17,228

 
90,385

 
(4,827
)
 
133,100

Current taxes, payable and deferred
5,375

 

 
6,884

 

 
12,259

Intercompany advances, net
42,314

 
2,124

 
4,413

 
(48,851
)
 

Short-term debt and current maturities of long-term obligations
13,118

 
8

 
976

 

 
14,102

Total Current Liabilities
133,642

 
26,597

 
169,604

 
(53,678
)
 
276,165

Long-Term Debt
25,642

 
61

 
5,481

 

 
31,184

Other Long-Term Obligations
53,470

 

 
64,806

 

 
118,276

Intercompany Advances, net
1,747,758

 
959,172

 
52,275

 
(2,759,205
)
 

Total Shareholders’ Equity
670,809

 
1,194,980

 
733,282

 
(1,928,262
)
 
670,809

Total Liabilities and Shareholders’ Equity
$
2,631,321

 
$
2,180,810

 
$
1,025,448

 
$
(4,741,145
)
 
$
1,096,434


 

CONSOLIDATING CONDENSED STATEMENTS OF CASH FLOWS
 
 
The
Company
(Parent)
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
(in thousands)
Year ended December 31, 2014
 
 
 
 
 
 
 
 
 
Net Cash Provided (Used) by Operating Activities
$
(34,135
)
 
$
(511
)
 
$
14,105

 
$
29,433

 
$
8,892

Investing Activities
 
 
 
 
 
 
 
 
 
Purchases of property and equipment
(2,256
)
 
(1,811
)
 
(8,260
)
 

 
(12,327
)
Proceeds from sale of property and equipment

 

 
2,521

 

 
2,521

Proceeds from sale of businesses

 
21,870

 

 

 
21,870

Decrease in other long-term assets
20,926

 

 
23

 

 
20,949

Other
44,420

 
(14,393
)
 
(25
)
 
(29,433
)
 
569

Net Cash Provided (Used) for Investing Activities
63,090

 
5,666

 
(5,741
)
 
(29,433
)
 
33,582

Financing Activities
 
 
 
 
 
 
 
 
 
Proceeds from revolving lines of credit and long-term borrowings
255,658

 

 

 

 
255,658

Payments on revolving lines of credit and long-term borrowings
(277,570
)
 
(5,113
)
 
(4,029
)
 

 
(286,712
)
Proceeds from exercise of equity awards
480

 

 

 

 
480

Payment of dividends
(1,584
)
 

 

 

 
(1,584
)
Net Cash Used by Financing Activities
(23,016
)
 
(5,113
)
 
(4,029
)
 

 
(32,158
)
Effect of exchange rate changes on cash

 

 
(1,170
)
 

 
(1,170
)
Increase in cash and cash equivalents
5,939

 
42

 
3,165

 

 
9,146

Cash and cash equivalents at beginning of year
1,401

 
313

 
28,071

 

 
29,785

Cash and cash equivalents at end of year
$
7,340

 
$
355

 
$
31,236

 
$

 
$
38,931

 

CONSOLIDATING CONDENSED STATEMENTS OF CASH FLOWS
 
 
The
Company
(Parent)
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
(in thousands)
Year ended December 31, 2013
 
 
 
 
 
 
 
 
 
Net Cash Provided (Used) by Operating Activities
$
11,566

 
$
(68,792
)
 
$
1,891

 
$
65,389

 
$
10,054

Investing Activities
 
 
 
 
 
 
 
 
 
Purchases of property and equipment
(3,601
)
 
(4,020
)
 
(6,537
)
 

 
(14,158
)
Proceeds from sale of property and equipment
4

 
13

 
868

 

 
885

Proceeds from sale of businesses

 
187,552

 

 

 
187,552

Decrease in other long-term assets
833

 

 
168

 

 
1,001

Other
181,195

 
(113,067
)
 
20

 
(68,083
)
 
65

Net Cash Provided (Used) for Investing Activities
178,431

 
70,478

 
(5,481
)
 
(68,083
)
 
175,345

Financing Activities
 
 
 
 
 
 
 
 
 
Proceeds from revolving lines of credit and long-term borrowings
323,187

 

 
29,268

 

 
352,455

Payments on revolving lines of credit and long-term borrowings
(516,488
)
 
(2,391
)
 
(26,995
)
 

 
(545,874
)
Proceeds from exercise of equity awards
512

 

 

 

 
512

Payment of dividends
(1,581
)
 

 
(2,694
)
 
2,694

 
(1,581
)
Net Cash Provided (Used) by Financing Activities
(194,370
)
 
(2,391
)
 
(421
)
 
2,694

 
(194,488
)
Effect of exchange rate changes on cash

 

 
83

 

 
83

Decrease in cash and cash equivalents
(4,373
)

(705
)

(3,928
)


 
(9,006
)
Cash and cash equivalents at beginning of year
5,774

 
1,018

 
31,999

 

 
38,791

Cash and cash equivalents at end of year
$
1,401

 
$
313

 
$
28,071

 
$

 
$
29,785

 

CONSOLIDATING CONDENSED STATEMENTS OF CASH FLOWS
 
 
The
Company
(Parent)
 
Combined
Guarantor
Subsidiaries
 
Combined
Non-Guarantor
Subsidiaries
 
Eliminations
 
Total
 
(in thousands)
Year ended December 31, 2012
 
 
 
 
 
 
 
 
 
Net Cash Provided (Used) by Operating Activities
$
(46,194
)
 
$
26,243

 
$
14,326

 
$
67,916

 
$
62,291

Investing Activities
 
 
 
 
 
 
 
 
 
Purchases of property and equipment
(2,266
)
 
(9,643
)
 
(8,182
)
 

 
(20,091
)
Proceeds from sale of property and equipment
12

 
23

 
124

 

 
159

Business acquisitions, net of cash acquired

 
(9,000
)
 

 

 
(9,000
)
(Increase) decrease in other long-term assets
(381
)
 

 
116

 

 
(265
)
Other
82,999

 
(10,849
)
 
46

 
(72,441
)
 
(245
)
Net Cash Provided (Used) for Investing Activities
80,364

 
(29,469
)
 
(7,896
)
 
(72,441
)
 
(29,442
)
Financing Activities
 
 
 
 
 
 
 
 
 
Proceeds from revolving lines of credit and long-term borrowings
337,044

 
2,140

 
130

 

 
339,314

Payments on revolving lines of credit and long-term borrowings
(367,500
)
 

 

 

 
(367,500
)
Payment of financing costs
(1
)
 

 

 

 
(1
)
Payment of dividends
(1,581
)
 

 
(4,525
)
 
4,525

 
(1,581
)
Net Cash Provided (Used) by Financing Activities
(32,038
)
 
2,140

 
(4,395
)
 
4,525

 
(29,768
)
Effect of exchange rate changes on cash

 

 
786

 

 
786

Increase (Decrease) in cash and cash equivalents
2,132


(1,086
)

2,821



 
3,867

Cash and cash equivalents at beginning of year
3,642

 
2,104

 
29,178

 

 
34,924

Cash and cash equivalents at end of year
$
5,774

 
$
1,018

 
$
31,999

 
$

 
$
38,791