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Condensed Consolidating Guarantor Financial Statements
12 Months Ended
Dec. 31, 2015
Condensed Consolidating Guarantor Financial Statements [Abstract]  
Condensed Consolidating Guarantor Financial Statements
CONDENSED CONSOLIDATING GUARANTOR FINANCIAL STATEMENTS

In connection with the issuance of the Notes, certain of the Company’s domestic subsidiaries (collectively, “Guarantor Subsidiaries”), fully, unconditionally, jointly and severally guaranteed the payment obligations under the Notes. Each of the Guarantor Subsidiaries is 100% owned, directly or indirectly, by the Company. The following supplemental financial information sets forth, on a consolidating basis, the balance sheets, statements of comprehensive income (loss) and statements of cash flows of First Cash Financial Services, Inc. (the “Parent Company”), the Guarantor Subsidiaries and the Parent Company’s other subsidiaries (the “Non-Guarantor Subsidiaries”).

The supplemental condensed consolidating financial information has been prepared pursuant to SEC rules and regulations for condensed financial information and does not include the more complete disclosures included in annual financial statements. Investments in consolidated subsidiaries have been presented under the equity method of accounting. The principal eliminating entries eliminate investments in subsidiaries, intercompany balances and intercompany revenues and expenses. The condensed financial information may not necessarily be indicative of the results of operations or financial position had the Guarantor Subsidiaries or Non-Guarantor Subsidiaries operated as independent entities.
Condensed Consolidating Balance Sheet
December 31, 2015
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Parent
Company
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
5,460

 
$
3,765

 
$
77,729

 
$

 
$
86,954

Pawn loan fees and service charges receivable
 

 
7,596

 
8,810

 

 
16,406

Pawn loans
 

 
61,204

 
56,397

 

 
117,601

Consumer loans, net
 

 
624

 
494

 

 
1,118

Inventories
 

 
46,349

 
47,109

 

 
93,458

Prepaid expenses and other current assets
 
6,477

 

 
3,420

 

 
9,897

Intercompany receivable
 
7,382

 

 

 
(7,382
)
 

Total current assets
 
19,319

 
119,538

 
193,959

 
(7,382
)
 
325,434

 
 
 
 
 
 
 
 
 
 
 
Property and equipment, net
 
3,568

 
55,585

 
53,294

 

 
112,447

Goodwill
 

 
196,224

 
99,385

 

 
295,609

Other non-current assets
 
5,416

 
4,893

 
3,901

 

 
14,210

Deferred tax assets
 

 

 
9,321

 

 
9,321

Investments in subsidiaries
 
675,574

 

 

 
(675,574
)
 

Total assets
 
$
703,877

 
$
376,240

 
$
359,860

 
$
(682,956
)
 
$
757,021

 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
 
$
14,308

 
$
7,929

 
$
20,015

 
$

 
$
42,252

Income taxes payable
 

 

 
3,923

 

 
3,923

Intercompany payable
 

 

 
7,382

 
(7,382
)
 

Total current liabilities
 
14,308

 
7,929

 
31,320

 
(7,382
)
 
46,175

 
 
 
 
 
 
 
 
 
 
 
Revolving unsecured credit facilities
 
58,000

 

 

 

 
58,000

Senior unsecured notes
 
200,000

 

 

 

 
200,000

Deferred tax liabilities
 
187

 
18,880

 
2,397

 

 
21,464

Total liabilities
 
272,495

 
26,809

 
33,717

 
(7,382
)
 
325,639

 
 
 
 
 
 
 
 
 
 
 
Total stockholders’ equity
 
431,382

 
349,431

 
326,143

 
(675,574
)
 
431,382

Total liabilities and stockholders’ equity
 
$
703,877

 
$
376,240

 
$
359,860

 
$
(682,956
)
 
$
757,021



Condensed Consolidating Balance Sheet
December 31, 2014
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Parent
Company
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating
Eliminations
 
Consolidated
ASSETS
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
$
7,799

 
$
3,146

 
$
57,047

 
$

 
$
67,992

Pawn loan fees and service charges receivable
 

 
8,047

 
8,879

 

 
16,926

Pawn loans
 

 
61,384

 
57,152

 

 
118,536

Consumer loans, net
 

 
690

 
551

 

 
1,241

Inventories
 

 
39,505

 
51,583

 

 
91,088

Prepaid expenses and other current assets
 
1,881

 

 
3,089

 

 
4,970

Intercompany receivable
 
4,948

 

 

 
(4,948
)
 

Total current assets
 
14,628

 
112,772

 
178,301

 
(4,948
)
 
300,753

 
 
 
 
 
 
 
 
 
 
 
Property and equipment, net
 
3,997

 
53,944

 
55,809

 

 
113,750

Goodwill
 

 
181,101

 
95,781

 

 
276,882

Other non-current assets
 
5,967

 
5,594

 
4,607

 

 
16,168

Deferred tax assets
 
893

 

 
9,070

 
(893
)
 
9,070

Investments in subsidiaries
 
648,296

 

 

 
(648,296
)
 

Total assets
 
$
673,781

 
$
353,411

 
$
343,568

 
$
(654,137
)
 
$
716,623

 
 
 
 
 
 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
 
$
16,940

 
$
7,108

 
$
18,511

 
$

 
$
42,559

Intercompany payable
 

 

 
4,948

 
(4,948
)
 

Total current liabilities
 
16,940

 
7,108

 
23,459

 
(4,948
)
 
42,559

 
 
 
 
 
 
 
 
 
 
 
Revolving unsecured credit facility
 
22,400

 

 

 

 
22,400

Senior unsecured notes
 
200,000

 

 

 

 
200,000

Deferred tax liabilities
 

 
14,069

 
4,047

 
(893
)
 
17,223

Total liabilities
 
239,340

 
21,177

 
27,506

 
(5,841
)
 
282,182

 
 
 
 
 
 
 
 
 
 
 
Total stockholders’ equity
 
434,441

 
332,234

 
316,062

 
(648,296
)
 
434,441

Total liabilities and stockholders’ equity
 
$
673,781

 
$
353,411

 
$
343,568

 
$
(654,137
)
 
$
716,623


Condensed Consolidating Statement of Comprehensive Income (Loss)
Year Ended December 31, 2015
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Parent
Company
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating
Eliminations
 
Consolidated
Revenue:
 
 
 
 
 
 
 
 
 
 
Retail merchandise sales
 
$

 
$
163,648

 
$
285,648

 
$

 
$
449,296

Pawn loan fees
 

 
84,295

 
111,153

 

 
195,448

Consumer loan and credit services fees
 

 
25,294

 
2,509

 

 
27,803

Wholesale scrap jewelry
revenue
 

 
17,396

 
14,659

 

 
32,055

Total revenue
 

 
290,633

 
413,969

 

 
704,602

 
 
 
 
 
 
 
 
 
 
 
Cost of revenue:
 
 
 
 
 
 
 
 
 
 
Cost of retail merchandise sold
 

 
95,129

 
183,502

 

 
278,631

Consumer loan and credit services loss provision
 

 
6,748

 
411

 

 
7,159

Cost of wholesale scrap jewelry sold
 

 
15,861

 
11,767

 

 
27,628

Total cost of revenue
 

 
117,738

 
195,680

 

 
313,418

 
 
 
 
 
 
 
 
 
 
 
Net revenue
 

 
172,895

 
218,289

 

 
391,184

 
 
 
 
 
 
 
 
 
 
 
Expenses and other income:
 
 
 
 
 
 
 
 
 
 
Store operating expenses
 

 
92,277

 
115,295

 

 
207,572

Administrative expenses (1)
 
26,467

 

 
28,291

 

 
54,758

Depreciation and amortization
 
758

 
6,800

 
10,381

 

 
17,939

Goodwill impairment - U.S. consumer loan operations
 

 
7,913

 

 

 
7,913

Interest expense
 
16,887

 

 

 

 
16,887

Interest income
 
(13
)
 

 
(1,553
)
 

 
(1,566
)
Total expenses and other income
 
44,099

 
106,990

 
152,414

 

 
303,503

 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income taxes
 
(44,099
)
 
65,905

 
65,875

 

 
87,681

 
 
 
 
 
 
 
 
 
 
 
Provision for income taxes
 
(16,844
)
 
24,385

 
19,430

 

 
26,971

 
 
 
 
 
 
 
 
 
 
 
Income (loss) before equity in net income of subsidiaries
 
(27,255
)
 
41,520

 
46,445

 

 
60,710

 
 
 
 
 
 
 
 
 
 
 
Equity in net income of subsidiaries
 
87,965

 

 

 
(87,965
)
 

 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
60,710

 
$
41,520

 
$
46,445

 
$
(87,965
)
 
$
60,710

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
Currency translation adjustment
 
(38,132
)
 

 

 

 
(38,132
)
Comprehensive income (loss)
 
$
22,578

 
$
41,520

 
$
46,445

 
$
(87,965
)
 
$
22,578



(1)
Includes the allocation of certain administrative expenses and the payment of royalties between the Parent Company and certain foreign Non-Guarantor Subsidiaries.
Condensed Consolidating Statement of Comprehensive Income (Loss)
Year Ended December 31, 2014
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Parent
Company
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating
Eliminations
 
Consolidated
Revenue:
 
 
 
 
 
 
 
 
 
 
Retail merchandise sales
 
$

 
$
155,619

 
$
272,563

 
$

 
$
428,182

Pawn loan fees
 

 
83,321

 
116,036

 

 
199,357

Consumer loan and credit services fees
 

 
33,568

 
3,181

 

 
36,749

Wholesale scrap jewelry
revenue
 

 
26,365

 
22,224

 

 
48,589

Total revenue
 

 
298,873

 
414,004

 

 
712,877

 
 
 
 
 
 
 
 
 
 
 
Cost of revenue:
 
 
 
 
 
 
 
 
 
 
Cost of retail merchandise sold
 

 
88,590

 
173,083

 

 
261,673

Consumer loan and credit services loss provision
 

 
8,678

 
609

 

 
9,287

Cost of wholesale scrap jewelry sold
 

 
22,675

 
18,369

 

 
41,044

Total cost of revenue
 

 
119,943

 
192,061

 

 
312,004

 
 
 
 
 
 
 
 
 
 
 
Net revenue
 

 
178,930

 
221,943

 

 
400,873

 
 
 
 
 
 
 
 
 
 
 
Expenses and other income:
 
 
 
 
 
 
 
 
 
 
Store operating expenses
 

 
89,068

 
109,918

 

 
198,986

Administrative expenses (1)
 
24,095

 

 
30,491

 

 
54,586

Depreciation and amortization
 
997

 
6,104

 
10,375

 

 
17,476

Interest expense
 
13,527

 

 

 

 
13,527

Interest income
 
(24
)
 

 
(658
)
 

 
(682
)
Total expenses and other income
 
38,595

 
95,172

 
150,126

 

 
283,893

 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
 
(38,595
)
 
83,758

 
71,817

 

 
116,980

 
 
 
 
 
 
 
 
 
 
 
Provision for income taxes
 
(17,651
)
 
30,983

 
18,210

 

 
31,542

 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before equity in net income of subsidiaries
 
(20,944
)
 
52,775

 
53,607

 

 
85,438

 
 
 
 
 
 
 
 
 
 
 
Loss from discontinued operations, net of tax
 

 

 
(272
)
 

 
(272
)
Equity in net income of subsidiaries
 
106,110

 

 

 
(106,110
)
 

 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
85,166

 
$
52,775

 
$
53,335

 
$
(106,110
)
 
$
85,166

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
Currency translation adjustment
 
(28,517
)
 

 

 

 
(28,517
)
Comprehensive income (loss)
 
$
56,649

 
$
52,775

 
$
53,335

 
$
(106,110
)
 
$
56,649



(1)
Includes the allocation of certain administrative expenses and the payment of royalties between the Parent Company and certain foreign Non-Guarantor Subsidiaries.

Condensed Consolidating Statement of Comprehensive Income (Loss)
Year Ended December 31, 2013
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Parent
Company
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating
Eliminations
 
Consolidated
Revenue:
 
 
 
 
 
 
 
 
 
 
Retail merchandise sales
 
$

 
$
126,228

 
$
240,959

 
$

 
$
367,187

Pawn loan fees
 

 
73,853

 
107,702

 

 
181,555

Consumer loan and credit services fees
 

 
39,903

 
3,878

 

 
43,781

Wholesale scrap jewelry
revenue
 

 
36,035

 
32,290

 

 
68,325

Total revenue
 

 
276,019

 
384,829

 

 
660,848

 
 
 
 
 
 
 
 
 
 
 
Cost of revenue:
 
 
 
 
 
 
 
 
 
 
Cost of retail merchandise sold
 

 
68,447

 
152,914

 

 
221,361

Consumer loan and credit services loss provision
 

 
10,685

 
683

 

 
11,368

Cost of wholesale scrap jewelry sold
 

 
29,854

 
28,691

 

 
58,545

Total cost of revenue
 

 
108,986

 
182,288

 

 
291,274

 
 
 
 
 
 
 
 
 
 
 
Net revenue
 

 
167,033

 
202,541

 

 
369,574

 
 
 
 
 
 
 
 
 
 
 
Expenses and other income:
 
 
 
 
 
 
 
 
 
 
Store operating expenses
 

 
78,973

 
102,348

 

 
181,321

Administrative expenses (1)
 
30,900

 

 
18,630

 

 
49,530

Depreciation and amortization
 
1,193

 
4,867

 
9,301

 

 
15,361

Interest expense
 
3,492

 

 

 

 
3,492

Interest income
 
(8
)
 

 
(314
)
 

 
(322
)
Total expenses and other income
 
35,577

 
83,840

 
129,965

 

 
249,382

 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
 
(35,577
)
 
83,193

 
72,576

 

 
120,192

 
 
 
 
 
 
 
 
 
 
 
Provision for income taxes
 
(12,637
)
 
29,117

 
19,233

 

 
35,713

 
 
 
 
 
 
 
 
 
 
 
Income (loss) from continuing operations before equity in net income of subsidiaries
 
(22,940
)
 
54,076

 
53,343

 

 
84,479

 
 
 
 
 
 
 
 
 
 
 
Loss from discontinued operations, net of tax
 

 

 
(633
)
 

 
(633
)
Equity in net income of subsidiaries
 
106,786

 

 

 
(106,786
)
 

 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
83,846

 
$
54,076

 
$
52,710

 
$
(106,786
)
 
$
83,846

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
Currency translation adjustment
 
(4,821
)
 

 

 

 
(4,821
)
Comprehensive income (loss)
 
$
79,025

 
$
54,076

 
$
52,710

 
$
(106,786
)
 
$
79,025



(1)
Includes the allocation of certain administrative expenses and the payment of royalties between the Parent Company and certain foreign Non-Guarantor Subsidiaries.

Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 2015
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Parent
Company
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating
Eliminations
 
Consolidated
Cash flow from operating activities:
 
 
 
 
 
 
 
 
 
 
Net cash flow provided by (used in) operating activities
 
$
32,753

 
$
59,675

 
$
66,713

 
$
(66,392
)
 
$
92,749

Cash flow from investing activities:
 
 
 
 
 
 
 
 
 
 
Loan receivables, net of cash repayments
 

 
1,803

 
(5,519
)
 

 
(3,716
)
Purchases of property and equipment
 
(329
)
 
(6,919
)
 
(13,825
)
 

 
(21,073
)
Acquisitions of pawn stores, net of cash acquired
 

 
(29,617
)
 
(17,270
)
 

 
(46,887
)
Investing activity with subsidiaries
 
(43,890
)
 

 

 
43,890

 

Net cash flow provided by (used in) investing activities
 
(44,219
)
 
(34,733
)
 
(36,614
)
 
43,890

 
(71,676
)
Cash flow from financing activities:
 
 
 
 
 
 
 
 
 
 
Borrowings from revolving credit facilities
 
120,000

 

 

 

 
120,000

Repayments of revolving credit facilities
 
(84,400
)
 

 

 

 
(84,400
)
Debt issuance costs paid
 
(407
)
 

 

 

 
(407
)
Purchases of treasury stock
 
(39,974
)
 

 

 

 
(39,974
)
Proceeds from exercise of share-based compensation awards
 
9,895

 

 

 

 
9,895

Income tax benefit from exercise of stock options
 
5,126

 

 

 

 
5,126

Payment of minimum withholding taxes on net share settlement of stock options exercised
 
(1,113
)
 

 

 

 
(1,113
)
Proceeds from intercompany financing related activity
 

 
36,536

 
7,354

 
(43,890
)
 

Intercompany dividends paid
 

 
(60,859
)
 
(5,533
)
 
66,392

 

Net cash flow provided by (used in) financing activities
 
9,127

 
(24,323
)
 
1,821

 
22,502

 
9,127

Effect of exchange rates on cash
 

 

 
(11,238
)
 

 
(11,238
)
Change in cash and cash equivalents
 
(2,339
)
 
619

 
20,682

 

 
18,962

Cash and cash equivalents at beginning of the period
 
7,799

 
3,146

 
57,047

 

 
67,992

Cash and cash equivalents at end of the period
 
$
5,460

 
$
3,765

 
$
77,729

 
$

 
$
86,954



Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 2014
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Parent
Company
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating
Eliminations
 
Consolidated
Cash flow from operating activities:
 
 
 
 
 
 
 
 
 
 
Net cash flow provided by (used in) operating activities
 
$
42,632

 
$
62,403

 
$
63,510

 
$
(70,866
)
 
$
97,679

Cash flow from investing activities:
 
 
 
 
 
 
 
 
 
 
Loan receivables, net of cash repayments
 

 
2,785

 
(5,255
)
 

 
(2,470
)
Purchases of property and equipment
 
(839
)
 
(8,097
)
 
(15,018
)
 

 
(23,954
)
Acquisitions of pawn stores, net of cash acquired
 

 
(16,417
)
 
(42,525
)
 

 
(58,942
)
Investing activity with subsidiaries
 
(49,570
)
 

 

 
49,570

 

Net cash flow provided by (used in) investing activities
 
(50,409
)
 
(21,729
)
 
(62,798
)
 
49,570

 
(85,366
)
Cash flow from financing activities:
 
 
 
 
 
 
 
 
 
 
Borrowings from revolving credit facilities
 
50,000

 

 

 

 
50,000

Repayments of revolving credit facilities
 
(209,600
)
 

 

 

 
(209,600
)
Repayments of notes payable
 
(8,352
)
 

 

 

 
(8,352
)
Issuance of senior notes
 
200,000

 

 

 

 
200,000

Debt issuance costs paid
 
(6,610
)
 

 

 

 
(6,610
)
Purchases of treasury stock
 
(43,947
)
 

 

 

 
(43,947
)
Proceeds from exercise of share-based compensation awards
 
5,270

 

 

 

 
5,270

Income tax benefit from exercise of stock options
 
4,141

 

 

 

 
4,141

Proceeds from intercompany financing related activity
 

 
24,514

 
25,056

 
(49,570
)
 

Intercompany dividends paid
 

 
(66,623
)
 
(4,243
)
 
70,866

 

Net cash flow provided by (used in) financing activities
 
(9,098
)
 
(42,109
)
 
20,813

 
21,296

 
(9,098
)
Effect of exchange rates on cash
 

 

 
(5,866
)
 

 
(5,866
)
Change in cash and cash equivalents
 
(16,875
)
 
(1,435
)
 
15,659

 

 
(2,651
)
Cash and cash equivalents at beginning of the period
 
24,674

 
4,581

 
41,388

 

 
70,643

Cash and cash equivalents at end of the period
 
$
7,799

 
$
3,146

 
$
57,047

 
$

 
$
67,992



Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 2013
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Parent
Company
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating
Eliminations
 
Consolidated
Cash flow from operating activities:
 
 
 
 
 
 
 
 
 
 
Net cash flow provided by (used in) operating activities
 
$
74,402

 
$
62,677

 
$
38,207

 
$
(68,568
)
 
$
106,718

Cash flow from investing activities:
 
 
 
 
 
 
 
 
 
 
Loan receivables, net of cash repayments
 

 
4,138

 
(4,549
)
 

 
(411
)
Purchases of property and equipment
 
(1,616
)
 
(12,767
)
 
(12,289
)
 

 
(26,672
)
Acquisitions of pawn stores, net of cash acquired
 

 
(99,792
)
 
(13,851
)
 

 
(113,643
)
Investing activity with subsidiaries
 
(114,901
)
 

 

 
114,901

 

Net cash flow provided by (used in) investing activities
 
(116,517
)
 
(108,421
)
 
(30,689
)
 
114,901

 
(140,726
)
Cash flow from financing activities:
 
 
 
 
 
 
 
 
 
 
Borrowings from revolving credit facilities
 
152,500

 

 

 

 
152,500

Repayments of revolving credit facilities
 
(73,000
)
 

 

 

 
(73,000
)
Repayments of notes payable
 
(3,211
)
 

 

 

 
(3,211
)
Purchases of treasury stock
 
(38,692
)
 

 

 

 
(38,692
)
Proceeds from exercise of share-based compensation awards
 
9,242

 

 

 

 
9,242

Income tax benefit from exercise of stock options
 
7,805

 

 

 

 
7,805

Proceeds from intercompany financing related activity
 

 
112,559

 
2,342

 
(114,901
)
 

Intercompany dividends paid
 

 
(66,186
)
 
(2,382
)
 
68,568

 

Net cash flow provided by (used in) financing activities
 
54,644

 
46,373

 
(40
)
 
(46,333
)
 
54,644

Effect of exchange rates on cash
 

 

 
(278
)
 

 
(278
)
Change in cash and cash equivalents
 
12,529

 
629

 
7,200

 

 
20,358

Cash and cash equivalents at beginning of the period
 
12,145

 
3,952

 
34,188

 

 
50,285

Cash and cash equivalents at end of the period
 
$
24,674

 
$
4,581

 
$
41,388

 
$

 
$
70,643



Certain amounts in the above condensed consolidating financial statements for the years ended December 31, 2014 and 2013 have been reclassified in order to conform to the 2015 presentation. These reclassifications include (1) the retrospective reflection of certain domestic Non-Guarantor Subsidiaries becoming Guarantor Subsidiaries on October 30, 2015, (2) the retrospective early adoption of ASU 2015-17 (as further described in Note 2) and (3) the presentation of “equity in net income of subsidiaries” in the condensed consolidating statements of comprehensive income (loss).

In addition, the above condensed consolidating financial statements for the years ended December 31, 2014 and 2013 have been revised to (1) correct certain prior-year intercompany balances between the Parent Company and certain Non-Guarantor Subsidiaries in the condensed consolidating balance sheet, (2) correct certain prior-year intercompany activities between the Parent Company, Guarantor Subsidiaries and Non-Guarantor Subsidiaries as cash flows from investing and financing activities that had previously been reflected within cash flows from operating activities in the condensed consolidating statements of cash flows and (3) correct certain prior-year deferred tax asset balances related to foreign currency translation adjustments in the condensed consolidating balance sheet and condensed consolidating statements of comprehensive income (loss) (as further described in Note 2). The Company has evaluated the effects of these errors, both qualitatively and quantitatively, and concluded that they did not have a material impact on any previously issued financial statements or the full year results for fiscal 2015.

The impact of these reclassifications and revisions to the condensed consolidating financial statements for 2014 and 2013 are summarized in the tables below:

Summary Condensed Consolidating Balance Sheet
December 31, 2014
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Parent
Company
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating
Eliminations
 
Consolidated
Total assets, as reported
 
$
858,199

 
$
314,832

 
$
566,389

 
$
(1,024,745
)
 
$
714,675

Reclassifications
 
(176
)
 
38,579

 
(38,579
)
 
2,124

 
1,948

Revisions
 
(184,242
)
 

 
(184,242
)
 
368,484

 

Total assets, revised
 
$
673,781

 
$
353,411

 
$
343,568

 
$
(654,137
)
 
$
716,623

 
 
 
 
 
 
 
 
 
 
 
Total liabilities, as reported
 
$
409,648

 
$
20,528

 
$
23,207

 
$
(187,259
)
 
$
266,124

Reclassifications
 
(176
)
 
649

 
(649
)
 
2,124

 
1,948

Revisions
 
(170,132
)
 

 
4,948

 
179,294

 
14,110

Total liabilities, revised
 
$
239,340

 
$
21,177

 
$
27,506

 
$
(5,841
)
 
$
282,182

 
 
 
 
 
 
 
 
 
 
 
Total stockholders’ equity, as reported
 
$
448,551

 
$
294,304

 
$
543,182

 
$
(837,486
)
 
$
448,551

Reclassifications
 

 
37,930

 
(37,930
)
 

 

Revisions
 
(14,110
)
 

 
(189,190
)
 
189,190

 
(14,110
)
Total stockholders’ equity, revised
 
$
434,441

 
$
332,234

 
$
316,062

 
$
(648,296
)
 
$
434,441



Summary Condensed Consolidating Statement of Comprehensive Income
Year Ended December 31, 2014
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Parent
Company
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating
Eliminations
 
Consolidated
Net income (loss), as reported
 
$
(20,944
)
 
$
49,655

 
$
56,455

 
$

 
$
85,166

Reclassifications
 
106,110

 
3,120

 
(3,120
)
 
(106,110
)
 

Net income (loss), revised
 
$
85,166

 
$
52,775

 
$
53,335

 
$
(106,110
)
 
$
85,166

 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss), as reported:
 
$
(20,944
)
 
$
49,655

 
$
38,038

 
$

 
$
66,749

Reclassifications
 
106,110

 
3,120

 
(3,120
)
 
(106,110
)
 

Revisions
 
(28,517
)
 

 
18,417

 

 
(10,100
)
Other comprehensive income (loss), revised:
 
$
56,649

 
$
52,775

 
$
53,335

 
$
(106,110
)
 
$
56,649



Summary Condensed Consolidating Statement of Comprehensive Income
Year Ended December 31, 2013
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Parent
Company
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating
Eliminations
 
Consolidated
Net income (loss), as reported
 
$
(22,940
)
 
$
52,617

 
$
54,169

 
$

 
$
83,846

Reclassifications
 
106,786

 
1,459

 
(1,459
)
 
(106,786
)
 

Net income (loss), revised
 
$
83,846

 
$
54,076

 
$
52,710

 
$
(106,786
)
 
$
83,846

 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss), as reported:
 
$
(22,940
)
 
$
52,617

 
$
53,358

 
$

 
$
83,035

Reclassifications
 
106,786

 
1,459

 
(1,459
)
 
(106,786
)
 

Revisions
 
(4,821
)
 

 
811

 

 
(4,010
)
Other comprehensive income (loss), revised:
 
$
79,025

 
$
54,076

 
$
52,710

 
$
(106,786
)
 
$
79,025



Summary Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 2014
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Parent
Company
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating
Eliminations
 
Consolidated
Cash flow from operating activities, as reported
 
$
(20,276
)
 
$
18,939

 
$
99,016

 
$

 
$
97,679

Reclassifications
 

 
(101
)
 
101

 

 

Revisions
 
62,908

 
43,565

 
(35,607
)
 
(70,866
)
 

Cash flow from operating activities, revised
 
$
42,632

 
$
62,403

 
$
63,510

 
$
(70,866
)
 
$
97,679

 
 
 
 
 
 
 
 
 
 
 
Cash flow from investing activities, as reported
 
$
12,499

 
$
(20,273
)
 
$
(77,592
)
 
$

 
$
(85,366
)
Reclassifications
 

 
(1,456
)
 
1,456

 

 

Revisions
 
(62,908
)
 

 
13,338

 
49,570

 

Cash flow from investing activities, revised
 
$
(50,409
)
 
$
(21,729
)
 
$
(62,798
)
 
$
49,570

 
$
(85,366
)
 
 
 
 
 
 
 
 
 
 
 
Cash flow from financing activities, as reported
 
$
(9,098
)
 
$

 
$

 
$

 
$
(9,098
)
Reclassifications
 

 
(42,109
)
 
20,813

 
21,296

 

Cash flow from financing activities, revised
 
$
(9,098
)
 
$
(42,109
)
 
$
20,813

 
$
21,296

 
$
(9,098
)


Summary Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 2013
(in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
 
Parent
Company
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating
Eliminations
 
Consolidated
Cash flow from operating activities, as reported
 
$
(78,799
)
 
$
82,737

 
$
102,780

 
$

 
$
106,718

Reclassifications
 

 
274

 
(274
)
 

 

Revisions
 
153,201

 
(20,334
)
 
(64,299
)
 
(68,568
)
 

Cash flow from operating activities, revised
 
$
74,402

 
$
62,677

 
$
38,207

 
$
(68,568
)
 
$
106,718

 
 
 
 
 
 
 
 
 
 
 
Cash flow from investing activities, as reported
 
$
36,684

 
$
(82,382
)
 
$
(95,028
)
 
$

 
$
(140,726
)
Reclassifications
 

 
(26,039
)
 
26,039

 

 

Revisions
 
(153,201
)
 

 
38,300

 
114,901

 

Cash flow from investing activities, revised
 
$
(116,517
)
 
$
(108,421
)
 
$
(30,689
)
 
$
114,901

 
$
(140,726
)
 
 
 
 
 
 
 
 
 
 
 
Cash flow from financing activities, as reported
 
$
54,644

 
$

 
$

 
$

 
$
54,644

Revisions
 

 
46,373

 
(40
)
 
(46,333
)
 

Cash flow from financing activities, revised
 
$
54,644

 
$
46,373

 
$
(40
)
 
$
(46,333
)
 
$
54,644