XML 56 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6
Supplemental Subsidiary Guarantors
6 Months Ended
Apr. 26, 2013
Supplemental Subsidiary Guarantors [Abstract]  
Supplemental subsidiary guarantors
Supplemental Subsidiary Guarantors
The following tables present condensed consolidated financial information as of April 26, 2013 and October 26, 2012 and for the quarters and six months ended April 26, 2013 and April 27, 2012 for: (a) the Company; (b) on a combined basis, the guarantors of the Credit Agreement and the 2021 Notes issued in October 2011, which include Joy Technologies LLC, P&H Mining Equipment Inc., N.E.S. Investment Co., Continental Crushing & Conveying Inc. and LeTourneau Technologies LLC (the “Supplemental Subsidiary Guarantors”); and (c) on a combined basis, the non-guarantors, which include all of our foreign subsidiaries and a number of small domestic subsidiaries (“Non-Guarantor Subsidiaries”).
The borrowings are fully and unconditionally guaranteed on a joint and several unsecured basis by the Supplemental Subsidiary Guarantors, which are direct and indirect 100% owned subsidiaries of the Company. We conduct all of our business and derive essentially all of our income from our subsidiaries. Therefore, our ability to make payments on the obligations is dependent on the earnings and distribution of funds from our subsidiaries. There are no restrictions on the ability of any of our domestic subsidiaries to transfer funds to the parent company. Separate financial statements of the Supplemental Subsidiary Guarantors are not presented because we believe such separate statements or disclosures would not be useful to investors.

Condensed Consolidating Statements of Income
Quarter ended April 26, 2013
(In thousands)
 
 
Parent
Company
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$

 
$
811,365

 
$
903,915

 
$
(354,845
)
 
$
1,360,435

Cost of sales

 
572,800

 
628,413

 
(292,034
)
 
909,179

Product development, selling and administrative expenses
16,608

 
79,342

 
77,003

 

 
172,953

Other (income) expense

 
6,730

 
(7,060
)
 

 
(330
)
Operating income (loss)
(16,608
)
 
152,493

 
205,559

 
(62,811
)
 
278,633

Intercompany items
26,889

 
(23,967
)
 
(26,876
)
 
23,954

 

Interest income (expense), net
(10,355
)
 
447

 
(5,277
)
 

 
(15,185
)
Income (loss) from continuing operations before income taxes and equity
(74
)
 
128,973

 
173,406

 
(38,857
)
 
263,448

Provision (benefit) for income taxes
(11,361
)
 
67,608

 
25,422

 

 
81,669

Equity in income of subsidiaries
170,492

 
106,652

 

 
(277,144
)
 

Income from continuing operations
$
181,779

 
$
168,017

 
$
147,984

 
$
(316,001
)
 
$
181,779



Quarter ended April 27, 2012
(In thousands)
 
 
Parent
Company
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$

 
$
837,708

 
$
1,050,171

 
$
(346,819
)
 
$
1,541,060

Cost of sales

 
570,244

 
743,642

 
(283,197
)
 
1,030,689

Product development, selling and administrative expenses
15,664

 
82,216

 
84,153

 

 
182,033

Other (income) expense

 
4,395

 
(9,494
)
 

 
(5,099
)
Operating income (loss)
(15,664
)
 
180,853

 
231,870

 
(63,622
)
 
333,437

Intercompany items
17,770

 
(16,943
)
 
(21,378
)
 
20,551

 

Interest (expense) income, net
(17,839
)
 
69

 
650

 

 
(17,120
)
Income (loss) from continuing operations before income taxes and equity
(15,733
)
 
163,979

 
211,142

 
(43,071
)
 
316,317

Provision (benefit) for income taxes
(19,890
)
 
85,957

 
32,298

 

 
98,365

Equity in income of subsidiaries
213,795

 
117,840

 

 
(331,635
)
 

Income from continuing operations
217,952

 
195,862

 
178,844

 
(374,706
)
 
217,952

Income from continuing operations attributable to noncontrolling interest
(33
)
 

 
(33
)
 
33

 
(33
)
Income from continuing operations attributable to Joy Global Inc.
$
217,919

 
$
195,862

 
$
178,811

 
$
(374,673
)
 
$
217,919



Six months ended April 26, 2013
(In thousands)

 
Parent
Company
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$

 
$
1,412,321

 
$
1,781,436

 
$
(683,445
)
 
$
2,510,312

Cost of sales

 
983,443

 
1,249,533

 
(550,648
)
 
1,682,328

Product development, selling and administrative expenses
29,410

 
153,459

 
147,365

 

 
330,234

Other (income) expense

 
15,906

 
(17,941
)
 

 
(2,035
)
Operating income (loss)
(29,410
)
 
259,513

 
402,479

 
(132,797
)
 
499,785

Intercompany items
58,009

 
(43,815
)
 
(62,533
)
 
48,339

 

Interest income (expense), net
(32,925
)
 
544

 
2,043

 

 
(30,338
)
Income (loss) from continuing operations before income taxes and equity
(4,326
)
 
216,242

 
341,989

 
(84,458
)
 
469,447

Provision (benefit) for income taxes
(20,637
)
 
124,654

 
41,512

 

 
145,529

Equity in income of subsidiaries
307,607

 
196,610

 

 
(504,217
)
 

Income from continuing operations
$
323,918

 
$
288,198

 
$
300,477

 
$
(588,675
)
 
$
323,918


Six months ended April 27, 2012
(In thousands)

 
Parent
Company
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
Net sales
$

 
$
1,545,951

 
$
1,802,115

 
$
(670,805
)
 
$
2,677,261

Cost of sales

 
1,059,593

 
1,281,531

 
(537,659
)
 
1,803,465

Product development, selling and administrative expenses
42,659

 
164,919

 
145,811

 

 
353,389

Other (income) expense

 
12,259

 
(39,035
)
 

 
(26,776
)
Operating income (loss)
(42,659
)
 
309,180

 
413,808

 
(133,146
)
 
547,183

Intercompany items
32,493

 
(24,378
)
 
(54,131
)
 
46,016

 

Interest (expense) income, net
(34,532
)
 
171

 
1,164

 

 
(33,197
)
Income (loss) from continuing operations before income taxes and equity
(44,698
)
 
284,973

 
360,841

 
(87,130
)
 
513,986

Provision (benefit) for income taxes
(33,132
)
 
133,324

 
53,323

 

 
153,515

Equity in income of subsidiaries
372,037

 
175,403

 

 
(547,440
)
 

Income from continuing operations
360,471

 
327,052

 
307,518

 
(634,570
)
 
360,471

Income from continuing operations attributable to noncontrolling interest
(142
)
 

 
(142
)
 
142

 
(142
)
Income from continuing operations attributable to Joy Global Inc.
$
360,329

 
$
327,052

 
$
307,376

 
$
(634,428
)
 
$
360,329



Condensed Consolidating Balance Sheets:
As of April 26, 2013
(In thousands)
 
 
Parent
Company
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Current assets
$
92,611

 
$
1,058,405

 
$
2,159,368

 
$
(198,777
)
 
$
3,111,607

Property, plant and equipment, net
15,317

 
385,046

 
489,709

 

 
890,072

Goodwill and intangible assets, net

 
810,093

 
1,169,895

 

 
1,979,988

Other assets
4,379,517

 
2,710,655

 
1,988,420

 
(8,871,757
)
 
206,835

Total assets
$
4,487,445

 
$
4,964,199

 
$
5,807,392

 
$
(9,070,534
)
 
$
6,188,502

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities
$
81,215

 
$
600,827

 
$
953,382

 
$
(53,305
)
 
$
1,582,119

Long-term obligations
1,308,784

 
991

 

 

 
1,309,775

Accrued pension costs
241,216

 
6,274

 
6,942

 

 
254,432

Other non-current liabilities
(20,783
)
 
10,305

 
175,641

 

 
165,163

Total liabilities
1,610,432

 
618,397

 
1,135,965

 
(53,305
)
 
3,311,489

Shareholders’ equity
2,877,013

 
4,345,802

 
4,671,427

 
(9,017,229
)
 
2,877,013

Total liabilities and shareholders’ equity
$
4,487,445

 
$
4,964,199

 
$
5,807,392

 
$
(9,070,534
)
 
$
6,188,502



As of October 26, 2012
(In thousands)
 
 
Parent
Company
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
Current assets
$
97,443

 
$
1,129,867

 
$
2,149,820

 
$
(221,053
)
 
$
3,156,077

Property, plant and equipment, net
12,515

 
374,324

 
446,023

 

 
832,862

Goodwill and intangible assets, net

 
818,435

 
1,153,147

 

 
1,971,582

Other assets
4,178,760

 
2,517,019

 
1,814,876

 
(8,328,673
)
 
181,982

Total assets
$
4,288,718

 
$
4,839,645

 
$
5,563,866

 
$
(8,549,726
)
 
$
6,142,503

LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
Current liabilities
$
106,207

 
$
701,676

 
$
1,041,266

 
$
(81,479
)
 
$
1,767,670

Current liabilities of discontinued operations

 
46,693

 
(33,546
)
 

 
13,147

Long-term obligations
1,305,413

 
1,212

 

 

 
1,306,625

Accrued pension costs
322,310

 
6,589

 
6,914

 

 
335,813

Other non-current liabilities
(22,401
)
 
10,205

 
154,255

 

 
142,059

Total liabilities
1,711,529

 
766,375

 
1,168,889

 
(81,479
)
 
3,565,314

Shareholders’ equity
2,577,189

 
4,073,270

 
4,394,977

 
(8,468,247
)
 
2,577,189

Total liabilities and shareholders’ equity
$
4,288,718

 
$
4,839,645

 
$
5,563,866

 
$
(8,549,726
)
 
$
6,142,503



Condensed Consolidating Statements of Cash Flows:
Six months ended April 26, 2013
(In thousands)
 
 
Parent
Company
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Consolidated
Net cash provided by operating activities of continuing operations
$
26,790

 
$
22,991

 
$
43,494

 
$
93,275

Net cash used by operating activities of discontinued operations

 
(2,372
)
 

 
(2,372
)
Net cash provided by operating activities
26,790

 
20,619

 
43,494

 
90,903

Net cash used by investing activities
(2,878
)
 
(23,313
)
 
(58,693
)
 
(84,884
)
Net cash used by financing activities
(27,202
)
 
(209
)
 
(5,575
)
 
(32,986
)
Effect of exchange rate changes on cash and cash equivalents

 

 
(2,031
)
 
(2,031
)
Decrease in cash and cash equivalents
(3,290
)
 
(2,903
)
 
(22,805
)
 
(28,998
)
Cash and cash equivalents at beginning of period
3,459

 
6,628

 
253,786

 
263,873

Cash and cash equivalents at end of period
$
169

 
$
3,725

 
$
230,981

 
$
234,875



Six months ended April 27, 2012
(In thousands)

 
Parent
Company
 
Subsidiary
Guarantors
 
Non-Guarantor
Subsidiaries
 
Consolidated
Net cash provided (used) by operating activities of continuing operations
$
(60,722
)
 
$
72,552

 
$
84,617

 
$
96,447

Net cash used by operating activities of discontinued operations

 
(10,158
)
 

 
(10,158
)
Net cash provided (used) by operating activities
(60,722
)
 
62,394

 
84,617

 
86,289

Investing Activities:
 
 
 
 
 
 
 
Acquisition of controlling interest in International Mining Machinery, net of cash acquired
(1,012,361
)
 

 
72,912

 
(939,449
)
Withdrawal of cash held in escrow
849,700

 

 

 
849,700

Other investing activities
(3,166
)
 
(65,757
)
 
(43,620
)
 
(112,543
)
Net cash (used) provided by investing activities
(165,827
)
 
(65,757
)
 
29,292

 
(202,292
)
Net cash provided (used) by financing activities
226,659

 
(199
)
 
(4,773
)
 
221,687

Effect of exchange rate changes on cash and cash equivalents

 

 
(3,028
)
 
(3,028
)
Increase (decrease) in cash and cash equivalents
110

 
(3,562
)
 
106,108

 
102,656

Cash and cash equivalents at beginning of period
100,181

 
16,152

 
171,988

 
288,321

Cash and cash equivalents at end of period
$
100,291

 
$
12,590

 
$
278,096

 
$
390,977