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SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables)
6 Months Ended
Sep. 27, 2013
SUPPLEMENTAL GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS  
Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheets as of September 27, 2013

 

 

 

Parent

 

Guarantor 
Subsidiaries

 

Non-Guarantor 
Subsidiaries

 

Eliminations

 

Consolidated

 

 

 

(in thousands)

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

263,505

 

$

70,484

 

$

793,077

 

$

 

$

1,127,066

 

Accounts receivable

 

 

955,168

 

1,440,821

 

 

2,395,989

 

Inventories

 

 

1,508,576

 

2,367,494

 

 

3,876,070

 

Inter company receivable

 

4,595,738

 

4,587,105

 

7,905,316

 

(17,088,159

)

 

Other current assets

 

920

 

214,369

 

1,328,482

 

 

1,543,771

 

Total current assets

 

4,860,163

 

7,335,702

 

13,835,190

 

(17,088,159

)

8,942,896

 

Property and equipment, net

 

 

459,989

 

1,917,560

 

 

2,377,549

 

Goodwill and other intangible assets, net

 

925

 

41,256

 

302,835

 

 

345,016

 

Other assets

 

2,568,779

 

105,514

 

4,544,377

 

(6,879,646

)

339,024

 

Investment in subsidiaries

 

4,066,578

 

(680,710

)

17,282,847

 

(20,668,715

)

 

Total assets

 

$

11,496,445

 

$

7,261,751

 

$

37,882,809

 

$

(44,636,520

)

$

12,004,485

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

Bank borrowings and current portion of long-term debt

 

$

43,187

 

$

60

 

$

180

 

$

 

$

43,427

 

Accounts payable

 

 

1,324,720

 

3,787,533

 

 

5,112,253

 

Accrued payroll

 

 

92,114

 

315,573

 

 

407,687

 

Inter company payable

 

4,752,227

 

7,301,675

 

5,034,257

 

(17,088,159

)

 

Other current liabilities

 

25,160

 

549,748

 

1,239,069

 

 

1,813,977

 

Total current liabilities

 

4,820,574

 

9,268,317

 

10,376,612

 

(17,088,159

)

7,377,344

 

Long term liabilities

 

4,557,406

 

2,076,029

 

2,754,887

 

(6,879,646

)

2,508,676

 

Shareholders’ equity

 

2,118,465

 

(4,082,595

)

24,751,310

 

(20,668,715

)

2,118,465

 

Total liabilities and shareholders’ equity

 

$

11,496,445

 

$

7,261,751

 

$

37,882,809

 

$

(44,636,520

)

$

12,004,485

 

 

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

 

(939,264

)

16,920,679

 

(20,108,799

)

 

Total assets

 

$

11,814,191

 

$

6,045,521

 

$

35,702,561

 

$

(42,970,718

)

$

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

 

(4,124,819

)

24,233,618

 

(20,108,799

)

2,246,758

 

Total liabilities and shareholders’ equity

 

$

11,814,191

 

$

6,045,521

 

$

35,702,561

 

$

(42,970,718

)

$

10,591,555

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidating Statements of Operations

Condensed Consolidating Statements of Operations for the Three-Month Period Ended September 27, 2013

 

 

 

Parent

 

Guarantor 
Subsidiaries

 

Non-Guarantor 
Subsidiaries

 

Eliminations

 

Consolidated

 

 

 

(in thousands)

 

Net sales

 

$

 

$

4,027,991

 

$

5,519,678

 

$

(3,137,563

)

$

6,410,106

 

Cost of sales

 

 

3,678,986

 

5,500,260

 

(3,137,563

)

6,041,683

 

Gross profit

 

 

349,005

 

19,418

 

 

368,423

 

Selling, general and administrative expenses

 

 

51,435

 

167,065

 

 

218,500

 

Intangible amortization

 

75

 

955

 

6,688

 

 

7,718

 

Interest and other, net

 

(163,869

)

283,748

 

(106,278

)

 

13,601

 

Income (loss) from continuing operations before income taxes

 

163,794

 

12,867

 

(48,057

)

 

128,604

 

Provision for income taxes

 

 

935

 

9,464

 

 

10,399

 

Equity in earnings in subsidiaries

 

(45,589

)

(71,312

)

39,068

 

77,833

 

 

Net income (loss)

 

$

118,205

 

$

(59,380

)

$

(18,453

)

$

77,833

 

$

118,205

 

 

Condensed Consolidating Statements of Operations for the Three-Month Period Ended September 28, 2012

 

 

 

Parent

 

Guarantor 
Subsidiaries

 

Non-Guarantor 
Subsidiaries

 

Eliminations

 

Consolidated

 

 

 

(in thousands)

 

 

Net sales

 

$

 

$

4,022,666

 

$

4,616,079

 

$

(2,463,904

)

$

6,174,841

 

Cost of sales

 

 

3,606,757

 

4,665,216

 

(2,463,904

)

5,808,069

 

Gross profit (loss)

 

 

415,909

 

(49,137

)

 

366,772

 

Selling, general and administrative expenses

 

 

49,313

 

142,870

 

 

192,183

 

Intangible amortization

 

75

 

2,268

 

4,922

 

 

 

7,265

 

Interest and other, net

 

(415,209

)

268,833

 

135,926

 

 

(10,450

)

Income (loss) from continuing operations before income taxes

 

415,134

 

95,495

 

(332,855

)

 

177,774

 

Provision for income taxes

 

 

1,550

 

15,771

 

 

17,321

 

Equity in earnings in subsidiaries

 

(264,587

)

(79,365

)

68,123

 

275,829

 

 

Income (loss) from continuing operations

 

150,547

 

14,580

 

(280,503

)

275,829

 

160,453

 

Loss from discontinued operations, net of tax

 

 

 

(9,906

)

 

(9,906

)

Net income (loss)

 

$

150,547

 

$

14,580

 

$

(290,409

)

$

275,829

 

$

150,547

 

 

Condensed Consolidating Statements of Operations for the Six-Month Period Ended September 27, 2013

 

 

 

Parent

 

Guarantor 
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

Eliminations

 

Consolidated

 

 

 

(in thousands)

 

Net sales

 

$

 

$

7,512,424

 

$

10,115,109

 

$

(5,426,302

)

$

12,201,231

 

Cost of sales

 

 

6,819,628

 

10,093,321

 

(5,426,302

)

11,486,647

 

Restructuring charges

 

 

195

 

34,931

 

 

35,126

 

Gross profit (loss)

 

 

692,601

 

(13,143

)

 

679,458

 

Selling, general and administrative expenses

 

 

100,258

 

336,227

 

 

436,485

 

Intangible amortization

 

150

 

2,037

 

13,733

 

 

15,920

 

Restructuring charges

 

800

 

2,401

 

2,433

 

 

5,634

 

Interest and other, net

 

(213,203

)

550,951

 

(304,463

)

 

33,285

 

Income (loss) from continuing operations before income taxes

 

212,253

 

36,954

 

(61,073

)

 

188,134

 

Provision for income taxes

 

10

 

2,186

 

8,476

 

 

10,672

 

Equity in earnings in subsidiaries

 

(34,781

)

(79,962

)

41,893

 

72,850

 

 

Net income (loss)

 

$

177,462

 

$

(45,194

)

$

(27,656

)

$

72,850

 

$

177,462

 

 

Condensed Consolidating Statements of Operations for the Six-Month Period Ended September 28, 2012

 

 

 

Parent

 

Guarantor 
Subsidiaries

 

Non-Guarantor 
Subsidiaries

 

Eliminations

 

Consolidated

 

 

 

(in thousands)

 

Net sales

 

$

 

$

7,719,727

 

$

9,073,609

 

$

(4,642,500

)

$

12,150,836

 

Cost of sales

 

 

6,946,703

 

9,122,504

 

(4,642,500

)

11,426,707

 

Gross profit

 

 

773,024

 

(48,895

)

 

724,129

 

Selling, general and administrative expenses

 

 

93,453

 

289,074

 

 

382,527

 

Intangible amortization

 

150

 

4,536

 

10,388

 

 

 

15,074

 

Interest and other, net

 

(429,517

)

331,379

 

98,473

 

 

335

 

Income (loss) from continuing operations before income taxes

 

429,367

 

343,656

 

(446,830

)

 

326,193

 

Provision for income taxes

 

 

2,877

 

26,094

 

 

28,971

 

Equity in earnings in subsidiaries

 

(150,348

)

(131,087

)

237,025

 

44,410

 

 

Income (loss) from continuing operations

 

279,019

 

209,692

 

(235,899

)

44,410

 

297,222

 

Loss from discontinued operations, net of tax

 

 

 

(18,203

)

 

(18,203

)

Net income (loss)

 

$

279,019

 

$

209,692

 

$

(254,102

)

$

44,410

 

$

279,019

 

 

Condensed Consolidating Statements of Comprehensive Income (Loss)

Condensed Consolidating Statements of Comprehensive Income (Loss) for the Three-Month Period Ended September 27, 2013

 

 

 

Parent

 

Guarantor 
Subsidiaries

 

Non-
Guarantor
Subsidiaries

 

Eliminations

 

Consolidated

 

 

 

(in thousands)

 

Net income (loss)

 

$

118,205

 

$

(59,380

)

$

(18,453

)

$

77,833

 

$

118,205

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments, net of zero tax

 

(11,988

)

(8,333

)

(39,132

)

47,465

 

(11,988

)

Unrealized gain (loss) on derivative instruments and other, net of zero tax

 

9,553

 

3,616

 

9,554

 

(13,170

)

9,553

 

Comprehensive income (loss)

 

$

115,770

 

$

(64,097

)

$

(48,031

)

$

112,128

 

$

115,770

 

 

Condensed Consolidating Statements of Comprehensive Income (Loss) for the Three-Month Period Ended September 28, 2012

 

 

 

Parent

 

Guarantor 
Subsidiaries

 

Non-
Guarantor 
Subsidiaries

 

Eliminations

 

Consolidated

 

 

 

(in thousands)

 

Net income (loss)

 

$

150,547

 

$

14,580

 

$

(290,409

)

$

275,829

 

$

150,547

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments, net of zero tax

 

21,135

 

18,094

 

(1,058

)

(17,036

)

21,135

 

Unrealized gain (loss) on derivative instruments and other, net of zero tax

 

22,218

 

3,744

 

22,219

 

(25,963

)

22,218

 

Comprehensive income (loss)

 

$

193,900

 

$

36,418

 

$

(269,248

)

$

232,830

 

$

193,900

 

 

Condensed Consolidating Statements of Comprehensive Income (Loss) for the Six-Month Period Ended September 27, 2013

 

 

 

Parent

 

Guarantor
Subsidiaries

 

Non-
Guarantor
Subsidiaries

 

Eliminations

 

Consolidated

 

 

 

(in thousands)

 

Net income (loss)

 

$

177,462

 

$

(45,194

)

$

(27,656

)

$

72,850

 

$

177,462

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments, net of zero tax

 

(29,497

)

(12,425

)

(66,413

)

78,838

 

(29,497

)

Unrealized gain (loss) on derivative instruments and other, net of zero tax

 

(581

)

3,948

 

(581

)

(3,367

)

(581

)

Comprehensive income (loss)

 

$

147,384

 

$

(53,671

)

$

(94,650

)

$

148,321

 

$

147,384

 

 

Condensed Consolidating Statements of Comprehensive Income (Loss) for the Six-Month Period Ended September 28, 2012

 

 

 

Parent

 

Guarantor
Subsidiaries

 

Non-
Guarantor
Subsidiaries

 

Eliminations

 

Consolidated

 

 

 

(in thousands)

 

Net income (loss)

 

$

279,019

 

$

209,692

 

$

(254,102

)

$

44,410

 

$

279,019

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments, net of zero tax

 

(10,972

)

7,346

 

7,562

 

(14,908

)

(10,972

)

Unrealized gain (loss) on derivative instruments and other, net of zero tax

 

6,103

 

(3,014

)

6,104

 

(3,090

)

6,103

 

Comprehensive income (loss)

 

$

274,150

 

$

214,024

 

$

(240,436

)

$

26,412

 

$

274,150

 

 

Condensed Consolidating Statements of Cash Flows

Condensed Consolidating Statements of Cash Flows for the Six-Month Period Ended September 27, 2013

 

 

 

Parent

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

Eliminations

 

Consolidated

 

 

 

(In thousands)

 

Net cash provided by (used in) operating activities

 

$

199,101

 

$

(700,539

)

$

855,057

 

$

139

 

353,758

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment, net of proceeds from disposal

 

 

(160,789

)

(150,192

)

 

(310,981

)

Acquisition of businesses, net of cash acquired

 

 

(2,949

)

(184,594

)

 

(187,543

)

Proceeds from divestiture of business, net of cash held in divested business

 

 

 

1,000

 

 

1,000

 

Investing cash flows from (to) affiliates

 

(345,190

)

106,468

 

(2,103,664

)

2,342,386

 

 

Other investing activities, net

 

 

1,165

 

6,271

 

 

7,436

 

Net cash provided by (used in) investing activities

 

(345,190

)

(56,105

)

(2,431,179

)

2,342,386

 

(490,088

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

Proceeds from bank borrowings and long-term debt

 

933,000

 

278

 

169

 

 

933,447

 

Repayments of bank borrowings, long-term debt and capital lease obligations

 

(403,821

)

(979

)

(1

)

 

(404,801

)

Payments for early retirement of long-term debt

 

(503,422

)

(41,418

)

 

 

(544,840

)

Payments for repurchases of ordinary shares

 

(324,594

)

 

 

 

(324,594

)

Net proceeds from issuance of ordinary shares

 

19,637

 

 

 

 

19,637

 

Financing cash flows from (to) affiliates

 

(90,262

)

783,225

 

1,649,562

 

(2,342,525

)

 

Other financing activities, net

 

 

 

14,743

 

 

14,743

 

Net cash provided by (used in) financing activities

 

(369,462

)

741,106

 

1,664,473

 

(2,342,525

)

(306,408

)

Effect of exchange rates on cash and cash equivalents

 

38,541

 

3,122

 

(58,946

)

 

(17,283

)

Net (decrease) increase in cash and cash equivalents

 

(477,010

)

(12,416

)

29,405

 

 

(460,021

)

Cash and cash equivalents, beginning of period

 

740,515

 

82,900

 

763,672

 

 

1,587,087

 

Cash and cash equivalents, end of period

 

$

263,505

 

$

70,484

 

$

793,077

 

$

 

$

1,127,066

 

 

Condensed Consolidating Statements of Cash Flows for the Six-Month Period Ended September 28, 2012

 

 

 

Parent

 

Guarantor
Subsidiaries

 

Non-Guarantor
Subsidiaries

 

Eliminations

 

Consolidated

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used in) operating activities

 

$

406,111

 

$

307,399

 

$

(185,727

)

$

62

 

$

527,845

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Purchases of property and equipment, net of proceeds from disposal

 

 

(30,162

)

(214,828

)

(206

)

(245,196

)

Acquisition of businesses, net of cash acquired

 

 

 

7,834

 

 

7,834

 

Proceeds from divestiture of business, net of cash held in divested business

 

 

 

16,472

 

 

16,472

 

Investing cash flows from (to) affiliates

 

(107,484

)

188,447

 

(87,348

)

6,385

 

 

Other investing activities, net

 

 

1,011

 

(59,088

)

 

(58,077

)

Net cash provided by (used in) investing activities

 

(107,484

)

159,296

 

(336,958

)

6,179

 

(278,967

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

Proceeds from bank borrowings and long-term debt

 

160,000

 

151

 

34

 

 

160,185

 

Repayments of bank borrowings, long-term debt and capital lease obligations

 

(262,046

)

(2,303

)

(7,862

)

 

(272,211

)

Payments for repurchases of ordinary shares

 

(134,014

)

 

 

 

(134,014

)

Net proceeds from issuance of ordinary shares

 

10,636

 

 

 

 

10,636

 

Financing cash flows from (to) affiliates

 

93,320

 

(357,100

)

270,021

 

(6,241

)

 

Other financing activities, net

 

 

 

31,273

 

 

31,273

 

Net cash provided by (used in) financing activities

 

(132,104

)

(359,252

)

293,466

 

(6,241

)

(204,131

)

Effect of exchange rates on cash and cash equivalents

 

(20,900

)

(822

)

20,215

 

 

(1,507

)

Net (decrease) increase in cash and cash equivalents

 

145,623

 

106,621

 

(209,004

)

 

43,240

 

Cash and cash equivalents, beginning of period

 

649,252

 

47,865

 

821,212

 

 

1,518,329

 

Cash and cash equivalents, end of period

 

$

794,875

 

$

154,486

 

$

612,208

 

$

 

$

1,561,569