SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables)

3 Months Ended

Jun. 28, 2013

SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS

Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheets as of June 28, 2013

	Parent		Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
	(in thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	523,012	$	75,344		$	681,218	$	—		$	1,279,574
Accounts receivable	—		988,963			1,491,059		—			2,480,022
Inventories	—		1,241,660			1,910,737		—			3,152,397
Inter company receivable	4,858,212		4,358,710			7,416,890		(16,633,812		)	—
Other current assets	1,716		178,098			1,136,661		—			1,316,475
Total current assets	5,382,940		6,842,775			12,636,565		(16,633,812		)	8,228,468
Property and equipment, net	—		420,297			1,857,969		—			2,278,266
Goodwill and other intangible assets, net	1,000		40,429			307,236		—			348,665
Other assets	2,517,332		100,394			4,522,607		(6,826,808		)	313,525
Investment in subsidiaries	4,120,259		(828,257		)	16,670,729		(19,962,731		)	—
Total assets	$	12,021,531	$	6,575,638		$	35,995,106	$	(43,423,351	)	$	11,168,924
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Bank borrowings and current portion of long-term debt	$	409,562	$	281		$	17	$	—		$	409,860
Accounts payable	—		1,158,555			3,165,318		—			4,323,873
Accrued payroll	—		99,567			268,024		—			367,591
Inter company payable	5,332,815		6,819,803			4,481,194		(16,633,812		)	—
Other current liabilities	39,505		511,098			1,295,799		—			1,846,402
Total current liabilities	5,781,882		8,589,304			9,210,352		(16,633,812		)	6,947,726
Long term liabilities	4,151,041		2,108,943			2,699,414		(6,826,808		)	2,132,590
Shareholders’ equity	2,088,608		(4,122,609		)	24,085,340		(19,962,731		)	2,088,608
Total liabilities and shareholders’ equity	$	12,021,531	$	6,575,638		$	35,995,106	$	(43,423,351	)	$	11,168,924

Condensed Consolidating Balance Sheets as of March 31, 2013

	Parent		Guarantor Subsidiaries			Non-Guarantor Subsidiaries		Eliminations			Consolidated
	(in thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	740,515	$	82,900		$	763,672	$	—		$	1,587,087
Accounts receivable	—		458,617			1,653,379		—			2,111,996
Inventories	—		1,063,627			1,658,873		—			2,722,500
Inter company receivable	4,440,955		4,726,673			6,490,274		(15,657,902		)	—
Other current assets	6,182		178,585			1,165,051		—			1,349,818
Total current assets	5,187,652		6,510,402			11,731,249		(15,657,902		)	7,771,401
Property and equipment, net	—		328,621			1,845,967		—			2,174,588
Goodwill and other intangible assets, net	1,075		40,626			301,851		—			343,552
Other assets	2,498,080		105,136			4,902,815		(7,204,017		)	302,014
Investment in subsidiaries	4,127,384		(963,437		)	16,920,679		(20,084,626		)	—
Total assets	$	11,814,191	$	6,021,348		$	35,702,561	$	(42,946,545	)	$	10,591,555
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Bank borrowings and current portion of long-term debt	$	416,594	$	60		$	—	$	—		$	416,654
Accounts payable	—		1,077,723			2,627,574		—			3,705,297
Accrued payroll	—		86,073			265,610		—			351,683
Inter company payable	4,963,615		6,093,606			4,600,681		(15,657,902		)	—
Other current liabilities	32,440		424,599			1,242,112		—			1,699,151
Total current liabilities	5,412,649		7,682,061			8,735,977		(15,657,902		)	6,172,785
Long term liabilities	4,154,784		2,488,279			2,732,966		(7,204,017		)	2,172,012
Shareholders’ equity	2,246,758		(4,148,992		)	24,233,618		(20,084,626		)	2,246,758
Total liabilities and shareholders’ equity	$	11,814,191	$	6,021,348		$	35,702,561	$	(42,946,545	)	$	10,591,555

Condensed Consolidating Statements of Operations

Condensed Consolidating Statements of Operations for the Three-Month Period Ended June 28, 2013

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in thousands)
Net sales	$	—		$	3,484,434		$	4,595,431		$	(2,288,740	)	$	5,791,125
Cost of sales	—			3,140,642			4,593,062			(2,288,740		)	5,444,964
Restructuring charges	—			195			34,931			—			35,126
Gross profit (loss)	—			343,597			(32,562		)	—			311,035
Selling, general and administrative expenses	—			48,823			169,162			—			217,985
Intangible amortization	75			1,081			7,046			—			8,202
Restructuring charges	800			2,401			2,433			—			5,634
Interest and other expense (income), net	(49,280		)	267,202			(198,238		)	—			19,684
Income (loss) from continuing operations before income taxes	48,405			24,090			(12,965		)	—			59,530
Provision for (benefit from) income taxes	10			1,251			(988		)	—			273
Equity in earnings in subsidiaries	10,862			(12,781		)	2,772			(853		)	—
Net income (loss)	$	59,257		$	10,058		$	(9,205	)	$	(853	)	$	59,257

Condensed Consolidating Statements of Operations for the Three-Month Period Ended June 29, 2012

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(in thousands)
Net sales	$	—		$	3,697,061		$	4,457,530		$	(2,178,596	)	$	5,975,995
Cost of sales	—			3,339,946			4,457,288			(2,178,596		)	5,618,638
Gross profit	—			357,115			242			—			357,357
Selling, general and administrative expenses	—			44,569			145,775			—			190,344
Intangible amortization	75			2,268			5,466						7,809
Interest and other expense (income), net	(14,308		)	62,016			(36,923		)	—			10,785
Income (loss) from continuing operations before income taxes	14,233			248,262			(114,076		)	—			148,419
Provision for income taxes	—			1,427			10,223			—			11,650
Equity in earnings in subsidiaries	114,239			(51,380		)	168,754			(231,613		)	—
Income (loss) from continuing operations	128,472			195,455			44,455			(231,613		)	136,769
Loss from discontinued operations, net of tax	—			—			(8,297		)	—			(8,297		)
Net income (loss)	$	128,472		$	195,455		$	36,158		$	(231,613	)	$	128,472

Condensed Consolidating Statements of Comprehensive Income

Condensed Consolidating Statements of Comprehensive Income (Loss) for the Three-Month Period Ended June 28, 2013

	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	59,257		$	10,058		$	(9,205	)	$	(853	)	$	59,257
Other comprehensive income (loss):
Foreign currency translation adjustments, net of zero tax	(17,509		)	(4,092		)	(27,281		)	31,373			(17,509		)
Unrealized gain (loss) on derivative instruments and other, net of zero tax	(10,134		)	332			(10,135		)	9,803			(10,134		)
Comprehensive income (loss)	$	31,614		$	6,298		$	(46,621	)	$	40,323		$	31,614

Condensed Consolidating Statements of Comprehensive Income (Loss) for the Three-Month Period Ended June 29, 2012

	Parent			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
	(in thousands)
Net income (loss)	$	128,472		$	195,455		$	36,158		$	(231,613	)	$	128,472
Other comprehensive income (loss):
Foreign currency translation adjustments, net of zero tax	(32,107		)	(10,748		)	8,620			2,128			(32,107		)
Unrealized gain (loss) on derivative instruments and other, net of zero tax	(16,115		)	(6,758		)	(16,115		)	22,873			(16,115		)
Comprehensive income (loss)	$	80,250		$	177,949		$	28,663		$	(206,612	)	$	80,250

Condensed Consolidating Statements of Cash Flows

Condensed Consolidating Statements of Cash Flows for the Three-Month Period Ended June 28, 2013

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Net cash provided by (used in) operating activities	$	51,963		$	(568,028	)	$	713,609		$	1,032		198,576
Cash flows from investing activities:
Purchases of property and equipment, net of proceeds from disposal	—			(105,657		)	(35,165		)	(551		)	(141,373		)
Acquisition of businesses, net of cash acquired	—			(1,026		)	(186,517		)	—			(187,543		)
Investing cash flows from (to) affiliates	(438,186		)	354,871			(589,921		)	673,236			—
Other investing activities	—			890			29,289			—			30,179
Net cash provided by (used in) investing activities	(438,186		)	249,078			(782,314		)	672,685			(298,737		)
Cash flows from financing activities:
Proceeds from bank borrowings and long-term debt	—			133			25			—			158
Repayments of bank borrowings and long-term debt	(8,636		)	(414		)	(101		)	—			(9,151		)
Payments for repurchases of ordinary shares	(215,210		)	—			—			—			(215,210		)
Proceeds from exercise of stock options	10,909			—			—			—			10,909
Financing cash flows from (to) affiliates	371,446			311,306			(9,035		)	(673,717		)	—
Other financing activities	—			—			15,652			—			15,652
Net cash provided by (used in) financing activities	158,509			311,025			6,541			(673,717		)	(197,642		)
Effect of exchange rates on cash	10,211			369			(20,290		)	—			(9,710		)
Net change in cash and cash equivalents	(217,503		)	(7,556		)	(82,454		)	—			(307,513		)
Cash and cash equivalents, beginning of year	740,515			82,900			763,672			—			1,587,087
Cash and cash equivalents, end of year	$	523,012		$	75,344		$	681,218		$	—		$	1,279,574

Condensed Consolidating Statements of Cash Flows for the Three-Month Period Ended June 29, 2012

	Parent			Guarantor Subsidiaries			Non-Guarantor Subsidiaries			Eliminations			Consolidated
	(In thousands)
Net cash provided by (used in) operating activities	$	(21,836	)	$	180,111		$	(120,766	)	$	8,089		$	45,598
Cash flows from investing activities:
Purchases of property and equipment, net of proceeds from disposal	—			(3,633		)	(100,750		)	(204		)	(104,587		)
Acquisition of businesses, net of cash acquired	—			(21,183		)	40,018			—			18,835
Proceeds from divestitures of operations, net	—			—			16,472			—			16,472
Investing cash flows from (to) affiliates	470,351			802,459			384,358			(1,657,168		)	—
Other investing activities	—			12			(11,846		)	—			(11,834		)
Net cash provided by (used in) investing activities	470,351			777,655			328,252			(1,657,372		)	(81,114		)
Cash flows from financing activities:
Proceeds from bank borrowings and long-term debt	110,000			—			18			—			110,018
Repayments of bank borrowings and long-term debt	(119,085		)	(1,289		)	(405		)	—			(120,779		)
Payments for repurchases of ordinary shares	(134,014		)	—			—			—			(134,014		)
Proceeds from exercise of stock options	5,776			—			—			—			5,776
Financing cash flows from (to) affiliates	(265,347		)	(954,109		)	(429,827		)	1,649,283			—
Other financing activities	—			—			(38,480		)	—			(38,480		)
Net cash provided by (used in) financing activities	(402,670		)	(955,398		)	(468,694		)	1,649,283			(177,479		)
Effect of exchange rates on cash	(43,379		)	(2,991		)	26,089			—			(20,281		)
Net change in cash and cash equivalents	2,466			(623		)	(235,119		)	—			(233,276		)
Cash and cash equivalents, beginning of year	649,252			47,865			821,212			—			1,518,329
Cash and cash equivalents, end of year	$	651,718		$	47,242		$	586,093		$	—		$	1,285,053