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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Whitewave Foods Company (The) (delisted) | NYSE:WWAV | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 56.24 | 0 | 01:00:00 |
|
ý
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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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¨
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Delaware
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46-0631061
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. employer
identification no.)
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Large accelerated filer
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ý
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Accelerated filer
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¨
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|||
Non-accelerated filer
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o
(Do not check if a smaller reporting company)
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|
Smaller reporting company
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¨
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Page
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Part I — Financial Information
|
|
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Item 1
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||
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Item 2
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Item 3
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Item 4
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||
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Part II — Other Information
|
|
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Item 1
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||
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Item 1A
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||
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Item 2C
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||
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Item 6
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—
Exhibits
|
|
|
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
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(In thousands, except share data)
|
||||||
ASSETS
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
52,490
|
|
|
$
|
38,610
|
|
Trade receivables, net of allowance of $1,861 and $2,127
|
284,239
|
|
|
257,548
|
|
||
Inventories
|
296,083
|
|
|
270,737
|
|
||
Prepaid expenses and other current assets
|
68,777
|
|
|
39,782
|
|
||
Total current assets
|
701,589
|
|
|
606,677
|
|
||
Equity method investments
|
23,555
|
|
|
30,772
|
|
||
Property, plant, and equipment, net
|
1,204,169
|
|
|
1,137,521
|
|
||
Identifiable intangible and other assets, net
|
1,048,126
|
|
|
1,038,577
|
|
||
Goodwill
|
1,435,272
|
|
|
1,415,322
|
|
||
Total Assets
|
$
|
4,412,711
|
|
|
$
|
4,228,869
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable and accrued expenses
|
$
|
514,337
|
|
|
$
|
549,713
|
|
Current portion of debt and capital lease obligations
|
46,374
|
|
|
51,449
|
|
||
Income taxes payable
|
5,198
|
|
|
3,043
|
|
||
Total current liabilities
|
565,909
|
|
|
604,205
|
|
||
Long-term debt and capital lease obligations, net of debt issuance costs
|
2,077,216
|
|
|
2,078,940
|
|
||
Deferred income taxes
|
303,596
|
|
|
293,326
|
|
||
Other long-term liabilities
|
49,631
|
|
|
41,490
|
|
||
Total liabilities
|
2,996,352
|
|
|
3,017,961
|
|
||
Commitments and Contingencies (Note 12)
|
|
|
|
||||
Shareholders’ equity:
|
|
|
|
||||
Preferred stock, $0.01 par value; 170,000,000 shares authorized, no shares issued and outstanding at September 30, 2016 and December 31, 2015
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value; 1,700,000,000 shares authorized, 177,222,669 issued and outstanding at September 30, 2016; 176,246,199 issued and outstanding at December 31, 2015
|
1,772
|
|
|
1,762
|
|
||
Additional paid-in capital
|
943,833
|
|
|
914,975
|
|
||
Retained earnings
|
578,111
|
|
|
425,705
|
|
||
Accumulated other comprehensive loss
|
(107,357
|
)
|
|
(131,534
|
)
|
||
Total shareholders’ equity
|
1,416,359
|
|
|
1,210,908
|
|
||
Total Liabilities and Shareholders’ Equity
|
$
|
4,412,711
|
|
|
$
|
4,228,869
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(In thousands, except share and per share amounts)
|
||||||||||||||
Net sales
|
$
|
1,053,598
|
|
|
$
|
1,003,888
|
|
|
$
|
3,142,941
|
|
|
$
|
2,838,661
|
|
Cost of sales
|
672,479
|
|
|
652,757
|
|
|
2,037,647
|
|
|
1,852,797
|
|
||||
Gross profit
|
381,119
|
|
|
351,131
|
|
|
1,105,294
|
|
|
985,864
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Selling, distribution and marketing
|
188,909
|
|
|
187,784
|
|
|
563,218
|
|
|
529,856
|
|
||||
General and administrative
|
82,883
|
|
|
70,235
|
|
|
248,084
|
|
|
215,824
|
|
||||
Total operating expenses
|
271,792
|
|
|
258,019
|
|
|
811,302
|
|
|
745,680
|
|
||||
Operating income
|
109,327
|
|
|
93,112
|
|
|
293,992
|
|
|
240,184
|
|
||||
Other expense:
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
18,655
|
|
|
15,979
|
|
|
50,772
|
|
|
38,580
|
|
||||
Other expense, net
|
940
|
|
|
2,549
|
|
|
4,668
|
|
|
7,337
|
|
||||
Total other expense
|
19,595
|
|
|
18,528
|
|
|
55,440
|
|
|
45,917
|
|
||||
Income before income taxes
|
89,732
|
|
|
74,584
|
|
|
238,552
|
|
|
194,267
|
|
||||
Income tax expense
|
29,194
|
|
|
21,831
|
|
|
79,290
|
|
|
64,227
|
|
||||
Income before loss in equity method investments
|
60,538
|
|
|
52,753
|
|
|
159,262
|
|
|
130,040
|
|
||||
Loss in equity method investments
|
2,501
|
|
|
2,731
|
|
|
6,856
|
|
|
9,227
|
|
||||
Net income
|
$
|
58,037
|
|
|
$
|
50,022
|
|
|
$
|
152,406
|
|
|
$
|
120,813
|
|
Weighted average common shares:
|
|
|
|
|
|
|
|
||||||||
Basic
|
177,185,368
|
|
|
175,846,533
|
|
|
176,902,352
|
|
|
175,290,113
|
|
||||
Diluted
|
181,511,335
|
|
|
180,444,521
|
|
|
180,952,569
|
|
|
180,006,702
|
|
||||
Net income per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.33
|
|
|
$
|
0.28
|
|
|
$
|
0.86
|
|
|
$
|
0.69
|
|
Diluted
|
$
|
0.32
|
|
|
$
|
0.28
|
|
|
$
|
0.84
|
|
|
$
|
0.67
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(In thousands)
|
||||||||||||||
Net income
|
$
|
58,037
|
|
|
$
|
50,022
|
|
|
$
|
152,406
|
|
|
$
|
120,813
|
|
Other comprehensive income (loss), net of tax
|
|
|
|
|
|
|
|
||||||||
Change in defined benefit pension plan, net of tax benefit/(expense) of $5, $4, $13 and ($78)
|
(9
|
)
|
|
(7
|
)
|
|
(26
|
)
|
|
155
|
|
||||
Foreign currency translation adjustment
|
488
|
|
|
(13,305
|
)
|
|
25,191
|
|
|
(40,553
|
)
|
||||
Change in fair value of derivative instruments, net of tax benefit of $56, $292, $4 and $259
|
166
|
|
|
(1,509
|
)
|
|
(988
|
)
|
|
(1,446
|
)
|
||||
Other comprehensive income (loss), net of tax
|
645
|
|
|
(14,821
|
)
|
|
24,177
|
|
|
(41,844
|
)
|
||||
Comprehensive income
|
$
|
58,682
|
|
|
$
|
35,201
|
|
|
$
|
176,583
|
|
|
$
|
78,969
|
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Shares
|
|
Amount
|
|
Additional Paid-In
Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Total
Equity
|
|||||||||||
|
(In thousands, except share data)
|
|||||||||||||||||||||
Balance at December 31, 2015
|
176,246,199
|
|
|
$
|
1,762
|
|
|
$
|
914,975
|
|
|
$
|
425,705
|
|
|
$
|
(131,534
|
)
|
|
$
|
1,210,908
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
152,406
|
|
|
—
|
|
|
152,406
|
|
|||||
Share-based compensation
|
—
|
|
|
—
|
|
|
24,780
|
|
|
—
|
|
|
—
|
|
|
24,780
|
|
|||||
Excess tax benefit from share-based compensation
|
—
|
|
|
—
|
|
|
7,592
|
|
|
—
|
|
|
—
|
|
|
7,592
|
|
|||||
Shares issued in connection with share-based compensation
|
976,470
|
|
|
10
|
|
|
9,369
|
|
|
—
|
|
|
—
|
|
|
9,379
|
|
|||||
Minimum tax withholdings related to net share settlements of share-based compensation
|
—
|
|
|
—
|
|
|
(12,883
|
)
|
|
—
|
|
|
—
|
|
|
(12,883
|
)
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,177
|
|
|
24,177
|
|
|||||
Balance at September 30, 2016
|
177,222,669
|
|
|
$
|
1,772
|
|
|
$
|
943,833
|
|
|
$
|
578,111
|
|
|
$
|
(107,357
|
)
|
|
$
|
1,416,359
|
|
|
Common Stock
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Shares
|
|
Amount
|
|
Additional Paid-
In Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Total
Equity
|
|||||||||||
|
(In thousands, except share data)
|
|||||||||||||||||||||
Balance at December 31, 2014
|
174,388,132
|
|
|
$
|
1,744
|
|
|
$
|
878,549
|
|
|
$
|
257,312
|
|
|
$
|
(61,118
|
)
|
|
$
|
1,076,487
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
120,813
|
|
|
—
|
|
|
120,813
|
|
||||
Share-based compensation
|
—
|
|
|
—
|
|
|
27,537
|
|
|
—
|
|
|
—
|
|
|
27,537
|
|
|||||
Excess tax benefit from share-based compensation
|
—
|
|
|
—
|
|
|
20,464
|
|
|
—
|
|
|
—
|
|
|
20,464
|
|
|||||
Shares issued in connection with share-based compensation
|
1,649,180
|
|
|
16
|
|
|
13,815
|
|
|
—
|
|
|
—
|
|
|
13,831
|
|
|||||
Minimum tax withholdings related to net share settlements of share-based compensation
|
—
|
|
|
—
|
|
|
(27,856
|
)
|
|
—
|
|
|
—
|
|
|
(27,856
|
)
|
|||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(41,844
|
)
|
|
(41,844
|
)
|
|||||
Balance at September 30, 2015
|
176,037,312
|
|
|
$
|
1,760
|
|
|
$
|
912,509
|
|
|
$
|
378,125
|
|
|
$
|
(102,962
|
)
|
|
$
|
1,189,432
|
|
|
Nine months ended September 30,
|
||||||
|
2016
|
|
2015
|
||||
|
(In thousands)
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Net income
|
$
|
152,406
|
|
|
$
|
120,813
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
103,407
|
|
|
86,675
|
|
||
Share-based compensation expense
|
24,780
|
|
|
27,537
|
|
||
Amortization of debt issuance costs
|
3,223
|
|
|
3,067
|
|
||
Loss (gain) on fixed asset disposals
|
6,515
|
|
|
(1,978
|
)
|
||
Deferred income taxes
|
5,620
|
|
|
(11,752
|
)
|
||
Unrealized (gain) loss on derivative instruments
|
(5,836
|
)
|
|
6,053
|
|
||
Loss in equity method investments
|
6,856
|
|
|
9,227
|
|
||
Gain on Earthbound settlement
|
—
|
|
|
(4,200
|
)
|
||
Other
|
(1,314
|
)
|
|
(1,235
|
)
|
||
Net change in operating assets and liabilities, net of acquisitions
|
(88,668
|
)
|
|
(65,162
|
)
|
||
Net cash provided by operating activities
|
206,989
|
|
|
169,045
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Investment in equity method investments
|
—
|
|
|
(701
|
)
|
||
Payments for acquisitions, net of cash acquired of $833 and $8,521
|
(17,373
|
)
|
|
(707,605
|
)
|
||
Proceeds from acquisition adjustments
|
—
|
|
|
346
|
|
||
Payments for property, plant, and equipment
|
(167,726
|
)
|
|
(196,896
|
)
|
||
Proceeds from sale of fixed assets
|
259
|
|
|
8,931
|
|
||
Net cash used in investing activities
|
(184,840
|
)
|
|
(895,925
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Repayment of debt
|
(33,750
|
)
|
|
(15,000
|
)
|
||
Payments on capital lease obligations
|
(872
|
)
|
|
(875
|
)
|
||
Proceeds from revolver line of credit
|
651,942
|
|
|
1,141,068
|
|
||
Payments on revolver line of credit
|
(627,080
|
)
|
|
(434,219
|
)
|
||
Proceeds from exercise of stock options
|
9,369
|
|
|
13,815
|
|
||
Minimum tax withholding paid on behalf of employees for share-based compensation
|
(12,883
|
)
|
|
(27,856
|
)
|
||
Excess tax benefit from share-based compensation
|
7,858
|
|
|
20,464
|
|
||
Payment of deferred financing costs
|
(426
|
)
|
|
(462
|
)
|
||
Net cash (used in) provided by financing activities
|
(5,842
|
)
|
|
696,935
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(2,427
|
)
|
|
8,726
|
|
||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
13,880
|
|
|
(21,219
|
)
|
||
Cash and cash equivalents, beginning of period
|
38,610
|
|
|
50,240
|
|
||
Cash and cash equivalents, end of period
|
$
|
52,490
|
|
|
$
|
29,021
|
|
SUPPLEMENTAL CASH FLOW INFORMATION
|
|
|
|
||||
Non-cash activity - Accrued and unpaid purchases of plant and equipment
|
$
|
21,350
|
|
|
$
|
19,621
|
|
|
EIEIO
|
|
Vega
|
|
Wallaby
|
||||||
|
May 29, 2015
|
|
August 1, 2015
|
|
August 30, 2015
|
||||||
|
(In thousands)
|
||||||||||
Assets acquired:
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
1,546
|
|
|
$
|
5,235
|
|
|
$
|
1,740
|
|
Inventories
|
3,050
|
|
|
18,379
|
|
|
2,252
|
|
|||
Other current assets
|
1,951
|
|
|
18,886
|
|
|
5,245
|
|
|||
Property, plant and equipment
|
554
|
|
|
650
|
|
|
11,492
|
|
|||
Trademarks
|
11,600
|
|
|
189,963
|
|
|
48,036
|
|
|||
Intangible assets with finite lives
|
10,160
|
|
|
106,920
|
|
|
9,058
|
|
|||
Other long-term assets
|
—
|
|
|
1,779
|
|
|
50
|
|
|||
Liabilities assumed:
|
|
|
|
|
|
||||||
Accounts payable and other accruals
|
2,296
|
|
|
12,802
|
|
|
1,542
|
|
|||
Deferred taxes
|
—
|
|
|
76,739
|
|
|
—
|
|
|||
Other long-term liabilities
|
173
|
|
|
7,581
|
|
|
1,031
|
|
|||
Total identifiable net assets
|
26,392
|
|
|
244,690
|
|
|
75,300
|
|
|||
Goodwill
|
13,810
|
|
|
308,942
|
|
|
47,052
|
|
|||
Total purchase price
|
$
|
40,202
|
|
|
$
|
553,632
|
|
|
$
|
122,352
|
|
|
Three months ended September 30, 2015
|
|
Nine months ended September 30, 2015
|
||||
|
(In thousands, except share data)
|
||||||
Net sales
|
$
|
1,024,720
|
|
|
$
|
2,955,693
|
|
Income before income taxes
|
76,886
|
|
|
202,578
|
|
||
Diluted earnings per common share
|
$
|
0.32
|
|
|
$
|
0.76
|
|
|
September 30,
2016 |
|
December 31,
2015 |
||||
|
(In thousands)
|
||||||
Raw materials and supplies
|
$
|
141,105
|
|
|
$
|
120,922
|
|
Finished goods
|
154,978
|
|
|
149,815
|
|
||
Total
|
$
|
296,083
|
|
|
$
|
270,737
|
|
|
Americas Foods & Beverages
|
|
Europe Foods & Beverages
|
|
Total
|
||||||
|
(In thousands)
|
||||||||||
Balance at December 31, 2015
|
$
|
1,278,753
|
|
|
$
|
136,569
|
|
|
$
|
1,415,322
|
|
Acquisitions
|
12,257
|
|
|
—
|
|
|
12,257
|
|
|||
Purchase price adjustments
(1)
|
(10,492
|
)
|
|
—
|
|
|
(10,492
|
)
|
|||
Foreign currency translation
|
14,322
|
|
|
3,863
|
|
|
18,185
|
|
|||
Balance at September 30, 2016
|
$
|
1,294,840
|
|
|
$
|
140,432
|
|
|
$
|
1,435,272
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Gross
carrying
amount
|
|
Accumulated
amortization
|
|
Net carrying
amount
|
|
Gross
carrying
amount
|
|
Accumulated
amortization
|
|
Net carrying
amount
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Intangible assets with indefinite lives:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Trademarks
(1)
|
$
|
790,067
|
|
|
$
|
—
|
|
|
$
|
790,067
|
|
|
$
|
777,718
|
|
|
$
|
—
|
|
|
$
|
777,718
|
|
Intangible assets with finite lives:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Customer-related and other
(1)
|
283,008
|
|
|
(54,223
|
)
|
|
228,785
|
|
|
270,801
|
|
|
(39,828
|
)
|
|
230,973
|
|
||||||
Supplier relationships
|
12,000
|
|
|
(2,640
|
)
|
|
9,360
|
|
|
12,000
|
|
|
(1,920
|
)
|
|
10,080
|
|
||||||
Non-compete agreements
(1)
|
1,337
|
|
|
(835
|
)
|
|
502
|
|
|
1,267
|
|
|
(592
|
)
|
|
675
|
|
||||||
Trademarks
|
968
|
|
|
(966
|
)
|
|
2
|
|
|
968
|
|
|
(965
|
)
|
|
3
|
|
||||||
Total
|
$
|
1,087,380
|
|
|
$
|
(58,664
|
)
|
|
$
|
1,028,716
|
|
|
$
|
1,062,754
|
|
|
$
|
(43,305
|
)
|
|
$
|
1,019,449
|
|
|
September 30, 2016
|
|
December 31, 2015
|
|
||||||||||
|
Amount
outstanding
|
|
Interest
rate
|
|
Amount
outstanding
|
|
Interest
rate
|
|
||||||
|
(In thousands, except percentages)
|
|
||||||||||||
Senior secured credit facilities
|
$
|
1,623,550
|
|
|
2.39
|
%
|
*
|
$
|
1,627,000
|
|
|
2.54
|
%
|
*
|
Senior unsecured notes
|
500,000
|
|
|
5.38
|
%
|
|
500,000
|
|
|
5.38
|
%
|
|
||
Capital lease obligations
|
20,622
|
|
|
|
|
21,635
|
|
|
|
|
||||
Other borrowings
|
—
|
|
|
|
|
5,133
|
|
|
3.70
|
%
|
|
|||
Less current portion
|
(46,374
|
)
|
|
|
|
(51,449
|
)
|
|
|
|
||||
Less debt issuance costs
|
(20,582
|
)
|
|
|
|
(23,379
|
)
|
|
|
|
||||
Total long-term debt
|
$
|
2,077,216
|
|
|
|
|
$
|
2,078,940
|
|
|
|
|
Fixed Interest Rates
|
|
Expiration Date
|
|
Notional Amount
|
||
|
|
|
|
(In thousands)
|
||
2.75% to 3.19%
|
|
March 31, 2017
|
|
$
|
650,000
|
|
|
Derivative assets
|
|
Derivative liabilities
|
||||||||||||
|
September 30,
2016 |
|
December 31,
2015 |
|
September 30,
2016 |
|
December 31,
2015 |
||||||||
|
(In thousands)
|
||||||||||||||
Derivatives designated as Hedging Instruments
|
|
|
|
|
|
|
|
||||||||
Foreign currency contracts - current
(1)(3)
|
$
|
1,761
|
|
|
$
|
483
|
|
|
$
|
10
|
|
|
$
|
—
|
|
Total
|
1,761
|
|
|
483
|
|
|
10
|
|
|
—
|
|
||||
Derivatives not designated as Hedging Instruments
|
|
|
|
|
|
|
|
||||||||
Interest rate swap contracts - current
(1)
|
—
|
|
|
—
|
|
|
7,852
|
|
|
15,228
|
|
||||
Commodities contracts - current
(1)
|
936
|
|
|
—
|
|
|
3,484
|
|
|
11,093
|
|
||||
Commodities contracts - noncurrent
(2)
|
380
|
|
|
—
|
|
|
—
|
|
|
1,551
|
|
||||
Interest rate swap contracts - noncurrent
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
3,142
|
|
||||
Total
|
$
|
1,316
|
|
|
$
|
—
|
|
|
$
|
11,336
|
|
|
$
|
31,014
|
|
Total derivatives
|
$
|
3,077
|
|
|
$
|
483
|
|
|
$
|
11,346
|
|
|
$
|
31,014
|
|
(1)
|
Derivative assets and liabilities that have settlement dates equal to or less than 12 months from the respective balance sheet date were included in prepaid expenses and other current assets and accounts payable and accrued expenses, respectively, in our condensed consolidated balance sheets.
|
(2)
|
Derivative assets and liabilities that have settlement dates greater than 12 months from the respective balance sheet date were included in identifiable intangible and other assets, net and other long-term liabilities, respectively, in our condensed consolidated balance sheets.
|
(3)
|
$1.6 million
of the derivative asset balance as of September, 30 2016 relates to a foreign currency hedge on an intercompany note for which the change in fair value offsets the impact of the note being re-measured into the functional currency.
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(In thousands)
|
||||||||||||||
Realized gains/(losses) on foreign currency contracts
(1)
|
$
|
(31
|
)
|
|
$
|
623
|
|
|
$
|
24
|
|
|
$
|
982
|
|
•
|
Level 1 — Quoted prices for identical instruments in active markets.
|
•
|
Level 2 — Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations, in which all significant inputs are observable in active markets.
|
•
|
Level 3 — Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
|
|
Fair value as of September 30, 2016
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
|
(In thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
88
|
|
|
$
|
88
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Supplemental Executive Retirement Plan investments
|
3,747
|
|
|
3,747
|
|
|
—
|
|
|
—
|
|
||||
Qualifying insurance policies
(1)
|
11,001
|
|
|
—
|
|
|
—
|
|
|
11,001
|
|
||||
Foreign currency contracts
|
1,761
|
|
|
—
|
|
|
1,761
|
|
|
—
|
|
||||
Commodities contracts
|
1,316
|
|
|
—
|
|
|
1,316
|
|
|
—
|
|
||||
Deferred compensation investments
|
5,079
|
|
|
—
|
|
|
5,079
|
|
|
—
|
|
||||
Total assets
|
$
|
22,992
|
|
|
$
|
3,835
|
|
|
$
|
8,156
|
|
|
$
|
11,001
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Foreign currency contracts
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
10
|
|
|
$
|
—
|
|
Commodities contracts
|
3,484
|
|
|
—
|
|
|
3,484
|
|
|
—
|
|
||||
Interest rate swap contracts
|
7,852
|
|
|
—
|
|
|
7,852
|
|
|
—
|
|
||||
Total liabilities
|
$
|
11,346
|
|
|
$
|
—
|
|
|
$
|
11,346
|
|
|
$
|
—
|
|
|
Fair value as of December 31, 2015
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
|
(In thousands)
|
||||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Cash equivalents
|
$
|
107
|
|
|
$
|
107
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Supplemental Executive Retirement Plan investments
|
3,164
|
|
|
3,164
|
|
|
—
|
|
|
—
|
|
||||
Qualifying insurance policies
|
10,631
|
|
|
—
|
|
|
—
|
|
|
10,631
|
|
||||
Foreign currency contracts
|
483
|
|
|
—
|
|
|
483
|
|
|
—
|
|
||||
Deferred compensation investments
|
4,359
|
|
|
—
|
|
|
4,359
|
|
|
—
|
|
||||
Total assets
|
$
|
18,744
|
|
|
$
|
3,271
|
|
|
$
|
4,842
|
|
|
$
|
10,631
|
|
Liabilities:
|
|
|
|
|
|
|
|
||||||||
Commodities contracts
|
$
|
12,644
|
|
|
$
|
—
|
|
|
$
|
12,644
|
|
|
$
|
—
|
|
Interest rate swap contracts
|
18,370
|
|
|
—
|
|
|
18,370
|
|
|
—
|
|
||||
Total liabilities
|
$
|
31,014
|
|
|
$
|
—
|
|
|
$
|
31,014
|
|
|
$
|
—
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(In thousands)
|
||||||||||||||
Equity awards:
|
|
|
|
|
|
|
|
||||||||
Stock options
|
$
|
1,541
|
|
|
$
|
2,353
|
|
|
$
|
7,249
|
|
|
$
|
9,410
|
|
RSUs
|
2,603
|
|
|
3,676
|
|
|
11,289
|
|
|
13,277
|
|
||||
PSUs
|
1,374
|
|
|
1,075
|
|
|
6,242
|
|
|
4,850
|
|
||||
Equity awards share-based compensation expense
|
5,518
|
|
|
7,104
|
|
|
24,780
|
|
|
27,537
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Liability awards:
|
|
|
|
|
|
|
|
||||||||
Phantom shares
|
—
|
|
|
62
|
|
|
13
|
|
|
802
|
|
||||
SARs
|
357
|
|
|
(282
|
)
|
|
1,126
|
|
|
4,693
|
|
||||
Liability awards share-based compensation expense
|
357
|
|
|
(220
|
)
|
|
1,139
|
|
|
5,495
|
|
||||
Total share-based compensation expense
|
$
|
5,875
|
|
|
$
|
6,884
|
|
|
$
|
25,919
|
|
|
$
|
33,032
|
|
|
Nine months ended September 30,
|
||
|
2016
|
|
2015
|
Expected volatility
|
28% - 29%
|
|
28% - 29%
|
Expected dividend yield
|
0%
|
|
0%
|
Expected option term
|
6 years
|
|
6 years
|
Risk-free rate of return
|
1.14% to 1.70%
|
|
1.45% to 1.82%
|
Forfeiture rate
|
—%
|
|
—%
|
|
Number of options
|
|
Weighted average
exercise price
|
|
Weighted average
contractual life in years
|
|
Aggregate
intrinsic value
|
|||||
Options outstanding at January 1, 2016
|
9,440,803
|
|
|
$
|
19.14
|
|
|
|
|
|
||
Granted
|
813,267
|
|
|
$
|
36.59
|
|
|
|
|
|
||
Forfeited, canceled and expired
(1)
|
(53,119
|
)
|
|
$
|
40.59
|
|
|
|
|
|
||
Exercised (including tax withholding)
(1)
|
(1,115,518
|
)
|
|
$
|
19.83
|
|
|
|
|
|
||
Options outstanding at September 30, 2016
|
9,085,433
|
|
|
$
|
20.49
|
|
|
5.51
|
|
$
|
308,323,353
|
|
Options vested and expected to vest at September 30, 2016
|
9,085,433
|
|
|
$
|
20.49
|
|
|
5.51
|
|
$
|
308,323,353
|
|
Options exercisable at September 30, 2016
|
7,499,147
|
|
|
$
|
17.42
|
|
|
4.84
|
|
$
|
277,562,397
|
|
(1)
|
Pursuant to the terms of the 2012 SIP, options that are forfeited, canceled or expired may be available for future grants; however
shares delivered to or withheld by the Company for the payment of the exercise price of an option and/or tax withholding related to an exercise, and shares subject to an option that are not issued upon the net exercise of such option, are not added back to the pool of shares available for future awards.
|
RSUs outstanding January 1, 2016
|
839,252
|
|
|
RSUs granted
|
409,415
|
|
|
Shares issued upon vesting of RSUs (including tax withholding)
(1)
|
(443,594
|
)
|
|
RSUs canceled
(1)
|
(33,659
|
)
|
|
RSUs outstanding at September 30, 2016
|
771,414
|
|
|
Weighted average grant date fair value per share
|
$
|
34.99
|
|
(1)
|
Pursuant to the terms of the 2012 SIP, RSUs that are canceled or forfeited before they vest may be available for future grants; however
shares delivered to or withheld by the Company for the payment of the employee's tax withholding related to an RSU vesting are not added back to the pool of shares available for future awards.
|
PSUs outstanding January 1, 2016
|
107,358
|
|
|
PSUs granted
|
155,846
|
|
|
Shares issued upon vesting of PSUs
(1)
|
(71,580
|
)
|
|
PSUs canceled
(1)
|
—
|
|
|
PSUs outstanding at September 30, 2016
|
191,624
|
|
|
Weighted average grant date fair value per share
|
$
|
37.16
|
|
(1)
|
Pursuant to the terms of the 2012 SIP, PSUs that are canceled or forfeited before they vest may be available for future grants; however shares delivered to or withheld by the Company for the payment of the employee's tax withholding related to a PSU vesting are not added back to the pool of shares available for future awards. Shares issued upon vesting of PSUs on April 18, 2016 were
71,580
, which represented
200%
payout.
|
|
Number of
SARs
|
|
Weighted
average
exercise price
|
|
Weighted average
contractual life in years
|
|
Aggregate
intrinsic value
|
|||||
SARs outstanding at January 1, 2016
|
122,031
|
|
|
$
|
16.45
|
|
|
|
|
|
||
Granted
|
—
|
|
|
$
|
—
|
|
|
|
|
|
||
Forfeited and canceled
(1)
|
—
|
|
|
$
|
—
|
|
|
|
|
|
||
Exercised
|
(74,397
|
)
|
|
$
|
16.44
|
|
|
|
|
|
||
SARs outstanding at September 30, 2016
|
47,634
|
|
|
$
|
16.45
|
|
|
6.16
|
|
$
|
1,809,028
|
|
SARs vested and expected to vest at September 30, 2016
|
47,634
|
|
|
$
|
16.45
|
|
|
6.16
|
|
$
|
1,809,028
|
|
SARs exercisable at September 30, 2016
|
47,634
|
|
|
$
|
16.45
|
|
|
6.16
|
|
$
|
1,809,028
|
|
(1)
|
Pursuant to the terms of the 2012 SIP, SARs that are canceled or forfeited may be available for future grants.
|
|
Derivative
instruments
(1)
|
|
Defined benefit pension plan
(2)
|
|
Foreign currency translation adjustment
|
|
Total
|
||||||||
|
|
|
(In thousands)
|
|
|
||||||||||
Balance at July 1, 2016
|
$
|
(649
|
)
|
|
$
|
(778
|
)
|
|
$
|
(106,575
|
)
|
|
$
|
(108,002
|
)
|
Other comprehensive income/(loss) before reclassifications
|
245
|
|
|
(14
|
)
|
|
488
|
|
|
719
|
|
||||
Amounts reclassified from accumulated other comprehensive income/(loss)
|
(79
|
)
|
|
5
|
|
|
—
|
|
|
(74
|
)
|
||||
Other comprehensive income/(loss), net of tax benefit of $61
|
166
|
|
|
(9
|
)
|
|
488
|
|
|
645
|
|
||||
Balance at September 30, 2016
|
$
|
(483
|
)
|
|
$
|
(787
|
)
|
|
$
|
(106,087
|
)
|
|
$
|
(107,357
|
)
|
(1)
|
The accumulated other comprehensive loss reclassification components affect cost of sales. See Note 8 “Derivative Financial Instruments and Fair Value Measurement.”
|
(2)
|
The accumulated other comprehensive loss reclassification components are related to amortization of unrecognized actuarial losses and prior service costs which are both included in the computation of net periodic pension cost. See Note 11 “Employee Retirement Plans.”
|
|
Derivative
instruments
(1)
|
|
Defined benefit pension plan
(2)
|
|
Foreign currency translation adjustment
|
|
Total
|
||||||||
|
|
|
(In thousands)
|
|
|
||||||||||
Balance at January 1, 2016
|
$
|
505
|
|
|
$
|
(761
|
)
|
|
$
|
(131,278
|
)
|
|
$
|
(131,534
|
)
|
Other comprehensive income/(loss) before reclassifications
|
(964
|
)
|
|
(29
|
)
|
|
25,191
|
|
|
24,198
|
|
||||
Amounts reclassified from accumulated other comprehensive income/(loss)
|
(24
|
)
|
|
3
|
|
|
—
|
|
|
(21
|
)
|
||||
Other comprehensive income/(loss), net of tax benefit of $17
|
(988
|
)
|
|
(26
|
)
|
|
25,191
|
|
|
24,177
|
|
||||
Balance at September 30, 2016
|
$
|
(483
|
)
|
|
$
|
(787
|
)
|
|
$
|
(106,087
|
)
|
|
$
|
(107,357
|
)
|
(1)
|
The accumulated other comprehensive loss reclassification components affect cost of sales. See Note 8 “Derivative Financial Instruments and Fair Value Measurement.”
|
(2)
|
The accumulated other comprehensive loss reclassification components are related to amortization of unrecognized actuarial losses and prior service costs which are both included in the computation of net periodic pension cost. See Note 11 “Employee Retirement Plans.”
|
|
Derivative
instruments
(1)
|
|
Defined benefit pension plan
(2)
|
|
Foreign currency translation adjustment
|
|
Total
|
||||||||
|
|
|
(In thousands)
|
|
|
||||||||||
Balance at July 1, 2015
|
$
|
837
|
|
|
$
|
(1,888
|
)
|
|
$
|
(87,090
|
)
|
|
$
|
(88,141
|
)
|
Other comprehensive income/(loss) before reclassifications
|
(2,132
|
)
|
|
17
|
|
|
(13,305
|
)
|
|
(15,420
|
)
|
||||
Amounts reclassified from accumulated other comprehensive income/(loss)
|
623
|
|
|
(24
|
)
|
|
—
|
|
|
599
|
|
||||
Other comprehensive income/(loss), net of tax benefit of $296
|
(1,509
|
)
|
|
(7
|
)
|
|
(13,305
|
)
|
|
(14,821
|
)
|
||||
Balance at September 30, 2015
|
$
|
(672
|
)
|
|
$
|
(1,895
|
)
|
|
$
|
(100,395
|
)
|
|
$
|
(102,962
|
)
|
(1)
|
The accumulated other comprehensive loss reclassification components affect cost of sales. See Note 8 “Derivative Financial Instruments and Fair Value Measurement.”
|
(2)
|
The accumulated other comprehensive loss reclassification components are related to amortization of unrecognized actuarial losses and prior service costs which are both included in the computation of net periodic pension cost. See Note 11 “Employee Retirement Plans.”
|
|
Derivative
instruments
(1)
|
|
Defined benefit pension plan
(2)
|
|
Foreign currency translation adjustment
|
|
Total
|
||||||||
|
|
|
(In thousands)
|
|
|
||||||||||
Balance at January 1, 2015
|
$
|
774
|
|
|
$
|
(2,050
|
)
|
|
$
|
(59,842
|
)
|
|
$
|
(61,118
|
)
|
Other comprehensive income/(loss) before reclassifications
|
(2,428
|
)
|
|
227
|
|
|
(40,553
|
)
|
|
(42,754
|
)
|
||||
Amounts reclassified from accumulated other comprehensive income/(loss)
|
982
|
|
|
(72
|
)
|
|
—
|
|
|
910
|
|
||||
Other comprehensive income/(loss), net of tax benefit of $181
|
(1,446
|
)
|
|
155
|
|
|
(40,553
|
)
|
|
(41,844
|
)
|
||||
Balance at September 30, 2015
|
$
|
(672
|
)
|
|
$
|
(1,895
|
)
|
|
$
|
(100,395
|
)
|
|
$
|
(102,962
|
)
|
(1)
|
The accumulated other comprehensive loss reclassification components affect cost of sales. See Note 8 “Derivative Financial Instruments and Fair Value Measurement.”
|
(2)
|
The accumulated other comprehensive loss reclassification components are related to amortization of unrecognized actuarial losses and prior service costs which are both included in the computation of net periodic pension cost. See Note 11 “Employee Retirement Plans.”
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(In thousands)
|
||||||||||||||
Components of net periodic benefit cost:
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
404
|
|
|
$
|
444
|
|
|
$
|
1,214
|
|
|
$
|
1,332
|
|
Interest cost
|
95
|
|
|
84
|
|
|
285
|
|
|
252
|
|
||||
Expected return on plan assets
|
(71
|
)
|
|
(68
|
)
|
|
(211
|
)
|
|
(204
|
)
|
||||
Amortization:
|
|
|
|
|
|
|
|
||||||||
Unrecognized net loss
|
1
|
|
|
24
|
|
|
3
|
|
|
72
|
|
||||
Net periodic benefit cost
|
$
|
429
|
|
|
$
|
484
|
|
|
$
|
1,291
|
|
|
$
|
1,452
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(In thousands)
|
||||||||||||||
Total net sales:
|
|
|
|
|
|
|
|
||||||||
Americas Foods & Beverages
|
$
|
909,450
|
|
|
$
|
869,074
|
|
|
$
|
2,702,668
|
|
|
$
|
2,440,463
|
|
Europe Foods & Beverages
|
144,148
|
|
|
134,814
|
|
|
440,273
|
|
|
398,198
|
|
||||
Total net sales
|
$
|
1,053,598
|
|
|
$
|
1,003,888
|
|
|
$
|
3,142,941
|
|
|
$
|
2,838,661
|
|
Operating income:
|
|
|
|
|
|
|
|
||||||||
Americas Foods & Beverages
|
$
|
120,350
|
|
|
$
|
94,662
|
|
|
$
|
321,985
|
|
|
$
|
265,512
|
|
Europe Foods & Beverages
|
17,299
|
|
|
18,959
|
|
|
53,009
|
|
|
50,066
|
|
||||
Total reportable segment operating income
|
137,649
|
|
|
113,621
|
|
|
374,994
|
|
|
315,578
|
|
||||
Corporate and other
|
(28,322
|
)
|
|
(20,509
|
)
|
|
(81,002
|
)
|
|
(75,394
|
)
|
||||
Total operating income
|
109,327
|
|
|
93,112
|
|
|
293,992
|
|
|
240,184
|
|
||||
Other expense:
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
18,655
|
|
|
15,979
|
|
|
50,772
|
|
|
38,580
|
|
||||
Other expense, net
|
940
|
|
|
2,549
|
|
|
4,668
|
|
|
7,337
|
|
||||
Income before taxes
|
$
|
89,732
|
|
|
$
|
74,584
|
|
|
$
|
238,552
|
|
|
$
|
194,267
|
|
Depreciation and amortization:
|
|
|
|
|
|
|
|
||||||||
Americas Foods & Beverages
|
$
|
28,144
|
|
|
$
|
25,868
|
|
|
$
|
83,291
|
|
|
$
|
70,831
|
|
Europe Foods & Beverages
|
6,295
|
|
|
4,943
|
|
|
18,442
|
|
|
14,180
|
|
||||
Corporate and other
|
580
|
|
|
527
|
|
|
1,674
|
|
|
1,664
|
|
||||
Total depreciation and amortization
|
$
|
35,019
|
|
|
$
|
31,338
|
|
|
$
|
103,407
|
|
|
$
|
86,675
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(In thousands)
|
||||||||||||||
Total net sales:
|
|
|
|
|
|
|
|
||||||||
Americas Foods & Beverages
|
|
|
|
|
|
|
|
||||||||
Plant-based foods and beverages
|
$
|
277,315
|
|
|
$
|
252,831
|
|
|
$
|
819,614
|
|
|
$
|
680,090
|
|
Coffee creamers and beverages
|
298,832
|
|
|
274,526
|
|
|
862,106
|
|
|
775,045
|
|
||||
Premium dairy
|
205,566
|
|
|
195,165
|
|
|
605,055
|
|
|
547,897
|
|
||||
Fresh foods
|
127,737
|
|
|
146,552
|
|
|
415,893
|
|
|
437,431
|
|
||||
Americas Foods & Beverages net sales
|
909,450
|
|
|
869,074
|
|
|
2,702,668
|
|
|
2,440,463
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Europe Foods & Beverages
|
|
|
|
|
|
|
|
||||||||
Plant-based foods and beverages
|
144,148
|
|
|
134,814
|
|
|
440,273
|
|
|
398,198
|
|
||||
Europe Foods & Beverages net sales
|
144,148
|
|
|
134,814
|
|
|
440,273
|
|
|
398,198
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Total net sales
|
$
|
1,053,598
|
|
|
$
|
1,003,888
|
|
|
$
|
3,142,941
|
|
|
$
|
2,838,661
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
|
(In thousands)
|
||||||
Assets:
|
|
|
|
||||
Americas Foods & Beverages
|
$
|
3,669,413
|
|
|
$
|
3,555,988
|
|
Europe Foods & Beverages
|
668,867
|
|
|
605,843
|
|
||
Corporate
|
74,431
|
|
|
67,038
|
|
||
Total
|
$
|
4,412,711
|
|
|
$
|
4,228,869
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(In thousands)
|
||||||||||||||
Capital expenditures:
|
|
|
|
|
|
|
|
||||||||
Americas Foods & Beverages
|
$
|
39,068
|
|
|
$
|
32,787
|
|
|
$
|
94,319
|
|
|
$
|
125,313
|
|
Europe Foods & Beverages
|
34,977
|
|
|
21,620
|
|
|
72,088
|
|
|
59,443
|
|
||||
Corporate
|
599
|
|
|
84
|
|
|
1,319
|
|
|
327
|
|
||||
Total
|
$
|
74,644
|
|
|
$
|
54,491
|
|
|
$
|
167,726
|
|
|
$
|
185,083
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(In thousands, except share and per share data)
|
||||||||||||||
Basic earnings per share computation:
|
|
|
|
|
|
|
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
58,037
|
|
|
$
|
50,022
|
|
|
$
|
152,406
|
|
|
$
|
120,813
|
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares
|
177,185,368
|
|
|
175,846,533
|
|
|
176,902,352
|
|
|
175,290,113
|
|
||||
Basic earnings per share
|
$
|
0.33
|
|
|
$
|
0.28
|
|
|
$
|
0.86
|
|
|
$
|
0.69
|
|
Diluted earnings per share computation:
|
|
|
|
|
|
|
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
58,037
|
|
|
$
|
50,022
|
|
|
$
|
152,406
|
|
|
$
|
120,813
|
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares - basic
|
177,185,368
|
|
|
175,846,533
|
|
|
176,902,352
|
|
|
175,290,113
|
|
||||
Stock option conversion
(1)
|
3,757,586
|
|
|
3,903,791
|
|
|
3,456,172
|
|
|
4,033,138
|
|
||||
Stock units
(2)
|
568,381
|
|
|
694,197
|
|
|
594,045
|
|
|
683,451
|
|
||||
Weighted average common shares - diluted
|
181,511,335
|
|
|
180,444,521
|
|
|
180,952,569
|
|
|
180,006,702
|
|
||||
Diluted earnings per share
|
$
|
0.32
|
|
|
$
|
0.28
|
|
|
$
|
0.84
|
|
|
$
|
0.67
|
|
(1)
Anti-dilutive options excluded
|
32,888
|
|
448,961
|
|
|
209,328
|
|
|
359,955
|
|
|||||
(2)
Anti-dilutive RSUs excluded
|
0
|
|
7,706
|
|
|
100
|
|
|
2,597
|
|
|
|
September 30, 2016
|
||||||||||||||||||
|
|
Parent
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Total
|
||||||||||
|
|
(In thousands)
|
||||||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
$
|
3
|
|
|
$
|
4,672
|
|
|
$
|
47,815
|
|
|
$
|
—
|
|
|
$
|
52,490
|
|
Trade receivables, net of allowance
|
|
473
|
|
|
195,795
|
|
|
87,971
|
|
|
—
|
|
|
284,239
|
|
|||||
Inventories
|
|
—
|
|
|
255,117
|
|
|
48,140
|
|
|
(7,174
|
)
|
|
296,083
|
|
|||||
Prepaid expenses and other current assets
|
|
29,703
|
|
|
22,803
|
|
|
16,271
|
|
|
—
|
|
|
68,777
|
|
|||||
Intercompany receivables
|
|
1,914,669
|
|
|
802,197
|
|
|
6,761
|
|
|
(2,723,627
|
)
|
|
—
|
|
|||||
Total current assets
|
|
1,944,848
|
|
|
1,280,584
|
|
|
206,958
|
|
|
(2,730,801
|
)
|
|
701,589
|
|
|||||
Equity method investments
|
|
2,255
|
|
|
—
|
|
|
21,300
|
|
|
—
|
|
|
23,555
|
|
|||||
Investment in consolidated subsidiaries
|
|
2,405,870
|
|
|
1,008,175
|
|
|
—
|
|
|
(3,414,045
|
)
|
|
—
|
|
|||||
Property, plant, and equipment, net
|
|
5,795
|
|
|
897,393
|
|
|
300,981
|
|
|
—
|
|
|
1,204,169
|
|
|||||
Identifiable intangible and other assets, net
|
|
41,461
|
|
|
659,432
|
|
|
375,486
|
|
|
(28,253
|
)
|
|
1,048,126
|
|
|||||
Goodwill
|
|
—
|
|
|
982,922
|
|
|
452,350
|
|
|
—
|
|
|
1,435,272
|
|
|||||
Total Assets
|
|
$
|
4,400,229
|
|
|
$
|
4,828,506
|
|
|
$
|
1,357,075
|
|
|
$
|
(6,173,099
|
)
|
|
$
|
4,412,711
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable and accrued expenses
|
|
$
|
54,534
|
|
|
$
|
308,065
|
|
|
$
|
151,738
|
|
|
$
|
—
|
|
|
$
|
514,337
|
|
Current portion of debt and capital lease obligations
|
|
45,000
|
|
|
1,374
|
|
|
—
|
|
|
—
|
|
|
46,374
|
|
|||||
Income taxes payable
|
|
—
|
|
|
—
|
|
|
5,198
|
|
|
—
|
|
|
5,198
|
|
|||||
Intercompany payables
|
|
802,197
|
|
|
1,882,281
|
|
|
39,149
|
|
|
(2,723,627
|
)
|
|
—
|
|
|||||
Total current liabilities
|
|
901,731
|
|
|
2,191,720
|
|
|
196,085
|
|
|
(2,723,627
|
)
|
|
565,909
|
|
|||||
Long-term debt and capital lease obligations, net of debt issuance costs
|
|
2,057,968
|
|
|
19,248
|
|
|
—
|
|
|
—
|
|
|
2,077,216
|
|
|||||
Deferred income taxes
|
|
—
|
|
|
209,362
|
|
|
122,487
|
|
|
(28,253
|
)
|
|
303,596
|
|
|||||
Other long-term liabilities
|
|
24,171
|
|
|
2,306
|
|
|
23,154
|
|
|
—
|
|
|
49,631
|
|
|||||
Total liabilities
|
|
2,983,870
|
|
|
2,422,636
|
|
|
341,726
|
|
|
(2,751,880
|
)
|
|
2,996,352
|
|
|||||
Total shareholders' equity
|
|
1,416,359
|
|
|
2,405,870
|
|
|
1,015,349
|
|
|
(3,421,219
|
)
|
|
1,416,359
|
|
|||||
Total Liabilities and Shareholders' Equity
|
|
$
|
4,400,229
|
|
|
$
|
4,828,506
|
|
|
$
|
1,357,075
|
|
|
$
|
(6,173,099
|
)
|
|
$
|
4,412,711
|
|
|
|
December 31, 2015
|
||||||||||||||||||
|
|
Parent
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Total
|
||||||||||
|
|
(In thousands)
|
||||||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Current assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
$
|
—
|
|
|
$
|
2,282
|
|
|
$
|
36,328
|
|
|
$
|
—
|
|
|
$
|
38,610
|
|
Trade receivables, net of allowance
|
|
2,649
|
|
|
200,808
|
|
|
54,091
|
|
|
—
|
|
|
257,548
|
|
|||||
Inventories
|
|
—
|
|
|
232,757
|
|
|
46,755
|
|
|
(8,775
|
)
|
|
270,737
|
|
|||||
Prepaid expenses and other current assets
|
|
15,442
|
|
|
11,070
|
|
|
13,270
|
|
|
—
|
|
|
39,782
|
|
|||||
Intercompany receivables
|
|
1,878,299
|
|
|
686,469
|
|
|
37,962
|
|
|
(2,602,730
|
)
|
|
—
|
|
|||||
Total current assets
|
|
1,896,390
|
|
|
1,133,386
|
|
|
188,406
|
|
|
(2,611,505
|
)
|
|
606,677
|
|
|||||
Equity method investments
|
|
2,983
|
|
|
—
|
|
|
27,789
|
|
|
—
|
|
|
30,772
|
|
|||||
Investment in consolidated subsidiaries
|
|
2,156,856
|
|
|
943,501
|
|
|
—
|
|
|
(3,100,357
|
)
|
|
—
|
|
|||||
Property, plant, and equipment, net
|
|
6,169
|
|
|
893,594
|
|
|
237,758
|
|
|
—
|
|
|
1,137,521
|
|
|||||
Identifiable intangible and other assets, net
|
|
34,441
|
|
|
663,101
|
|
|
365,316
|
|
|
(24,281
|
)
|
|
1,038,577
|
|
|||||
Goodwill
|
|
—
|
|
|
991,085
|
|
|
424,237
|
|
|
—
|
|
|
1,415,322
|
|
|||||
Total Assets
|
|
$
|
4,096,839
|
|
|
$
|
4,624,667
|
|
|
$
|
1,243,506
|
|
|
$
|
(5,736,143
|
)
|
|
$
|
4,228,869
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable and accrued expenses
|
|
$
|
47,713
|
|
|
$
|
374,483
|
|
|
$
|
127,517
|
|
|
$
|
—
|
|
|
$
|
549,713
|
|
Current portion of debt and capital lease obligations
|
|
45,000
|
|
|
1,415
|
|
|
5,034
|
|
|
—
|
|
|
51,449
|
|
|||||
Income taxes payable
|
|
—
|
|
|
—
|
|
|
3,043
|
|
|
—
|
|
|
3,043
|
|
|||||
Intercompany payables
|
|
710,984
|
|
|
1,866,496
|
|
|
25,250
|
|
|
(2,602,730
|
)
|
|
—
|
|
|||||
Total current liabilities
|
|
803,697
|
|
|
2,242,394
|
|
|
160,844
|
|
|
(2,602,730
|
)
|
|
604,205
|
|
|||||
Long-term debt and capital lease obligations, net of debt issuance costs
|
|
2,058,621
|
|
|
20,219
|
|
|
100
|
|
|
—
|
|
|
2,078,940
|
|
|||||
Deferred income taxes
|
|
—
|
|
|
200,642
|
|
|
116,965
|
|
|
(24,281
|
)
|
|
293,326
|
|
|||||
Other long-term liabilities
|
|
23,613
|
|
|
4,556
|
|
|
13,321
|
|
|
—
|
|
|
41,490
|
|
|||||
Total liabilities
|
|
2,885,931
|
|
|
2,467,811
|
|
|
291,230
|
|
|
(2,627,011
|
)
|
|
3,017,961
|
|
|||||
Total shareholders' equity
|
|
1,210,908
|
|
|
2,156,856
|
|
|
952,276
|
|
|
(3,109,132
|
)
|
|
1,210,908
|
|
|||||
Total Liabilities and Shareholders' Equity
|
|
$
|
4,096,839
|
|
|
$
|
4,624,667
|
|
|
$
|
1,243,506
|
|
|
$
|
(5,736,143
|
)
|
|
$
|
4,228,869
|
|
|
|
Three months ended September 30, 2016
|
||||||||||||||||||
|
|
Parent
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Total
|
||||||||||
|
|
(In thousands)
|
||||||||||||||||||
Net sales
|
|
$
|
—
|
|
|
$
|
886,351
|
|
|
$
|
209,720
|
|
|
$
|
(42,473
|
)
|
|
$
|
1,053,598
|
|
Cost of sales
|
|
—
|
|
|
588,308
|
|
|
125,134
|
|
|
(40,963
|
)
|
|
672,479
|
|
|||||
Gross profit
|
|
—
|
|
|
298,043
|
|
|
84,586
|
|
|
(1,510
|
)
|
|
381,119
|
|
|||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Selling, distribution and marketing
|
|
—
|
|
|
147,051
|
|
|
41,858
|
|
|
—
|
|
|
188,909
|
|
|||||
General and administrative
|
|
25,269
|
|
|
38,602
|
|
|
19,012
|
|
|
—
|
|
|
82,883
|
|
|||||
Total operating expenses
|
|
25,269
|
|
|
185,653
|
|
|
60,870
|
|
|
—
|
|
|
271,792
|
|
|||||
Operating (loss) income
|
|
(25,269
|
)
|
|
112,390
|
|
|
23,716
|
|
|
(1,510
|
)
|
|
109,327
|
|
|||||
Other (income) expense:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
|
18,340
|
|
|
258
|
|
|
57
|
|
|
—
|
|
|
18,655
|
|
|||||
Other (income) expense, net
|
|
(42,407
|
)
|
|
42,265
|
|
|
1,082
|
|
|
—
|
|
|
940
|
|
|||||
Total other (income) expense
|
|
(24,067
|
)
|
|
42,523
|
|
|
1,139
|
|
|
—
|
|
|
19,595
|
|
|||||
Income (loss) before income taxes and equity in earnings of subsidiaries
|
|
(1,202
|
)
|
|
69,867
|
|
|
22,577
|
|
|
(1,510
|
)
|
|
89,732
|
|
|||||
Income tax (benefit) expense
|
|
(2,052
|
)
|
|
24,952
|
|
|
6,294
|
|
|
—
|
|
|
29,194
|
|
|||||
Income before loss in equity method investments and equity in earnings of subsidiaries
|
|
850
|
|
|
44,915
|
|
|
16,283
|
|
|
(1,510
|
)
|
|
60,538
|
|
|||||
Loss in equity method investments
|
|
260
|
|
|
—
|
|
|
2,241
|
|
|
—
|
|
|
2,501
|
|
|||||
Equity in earnings of consolidated subsidiaries
|
|
57,447
|
|
|
12,532
|
|
|
—
|
|
|
(69,979
|
)
|
|
—
|
|
|||||
Net income
|
|
58,037
|
|
|
57,447
|
|
|
14,042
|
|
|
(71,489
|
)
|
|
58,037
|
|
|||||
Other comprehensive income, net of tax
|
|
645
|
|
|
645
|
|
|
645
|
|
|
(1,290
|
)
|
|
645
|
|
|||||
Comprehensive income
|
|
$
|
58,682
|
|
|
$
|
58,092
|
|
|
$
|
14,687
|
|
|
$
|
(72,779
|
)
|
|
$
|
58,682
|
|
|
|
Three months ended September 30, 2015
|
||||||||||||||||||
|
|
Parent
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Total
|
||||||||||
|
|
(In thousands)
|
||||||||||||||||||
Net sales
|
|
$
|
—
|
|
|
$
|
861,699
|
|
|
$
|
161,062
|
|
|
$
|
(18,873
|
)
|
|
$
|
1,003,888
|
|
Cost of sales
|
|
—
|
|
|
576,277
|
|
|
92,764
|
|
|
(16,284
|
)
|
|
652,757
|
|
|||||
Gross profit
|
|
—
|
|
|
285,422
|
|
|
68,298
|
|
|
(2,589
|
)
|
|
351,131
|
|
|||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Selling, distribution and marketing
|
|
—
|
|
|
156,124
|
|
|
31,660
|
|
|
—
|
|
|
187,784
|
|
|||||
General and administrative
|
|
17,648
|
|
|
35,403
|
|
|
17,184
|
|
|
—
|
|
|
70,235
|
|
|||||
Total operating expenses
|
|
17,648
|
|
|
191,527
|
|
|
48,844
|
|
|
—
|
|
|
258,019
|
|
|||||
Operating (loss) income
|
|
(17,648
|
)
|
|
93,895
|
|
|
19,454
|
|
|
(2,589
|
)
|
|
93,112
|
|
|||||
Other (income) expense:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
|
15,684
|
|
|
207
|
|
|
88
|
|
|
—
|
|
|
15,979
|
|
|||||
Other (income) expense, net
|
|
(27,700
|
)
|
|
30,666
|
|
|
(417
|
)
|
|
—
|
|
|
2,549
|
|
|||||
Total other (income) expense
|
|
(12,016
|
)
|
|
30,873
|
|
|
(329
|
)
|
|
—
|
|
|
18,528
|
|
|||||
Income (loss) before income taxes and equity in earnings of subsidiaries
|
|
(5,632
|
)
|
|
63,022
|
|
|
19,783
|
|
|
(2,589
|
)
|
|
74,584
|
|
|||||
Income tax (benefit) expense
|
|
(6,930
|
)
|
|
26,963
|
|
|
1,798
|
|
|
—
|
|
|
21,831
|
|
|||||
Income before loss in equity method investments and equity in earnings of subsidiaries
|
|
1,298
|
|
|
36,059
|
|
|
17,985
|
|
|
(2,589
|
)
|
|
52,753
|
|
|||||
Loss in equity method investments
|
|
236
|
|
|
—
|
|
|
2,495
|
|
|
—
|
|
|
2,731
|
|
|||||
Equity in earnings of consolidated subsidiaries
|
|
48,960
|
|
|
12,901
|
|
|
—
|
|
|
(61,861
|
)
|
|
—
|
|
|||||
Net income
|
|
50,022
|
|
|
48,960
|
|
|
15,490
|
|
|
(64,450
|
)
|
|
50,022
|
|
|||||
Other comprehensive loss, net of tax
|
|
(14,821
|
)
|
|
(14,821
|
)
|
|
(13,315
|
)
|
|
28,136
|
|
|
(14,821
|
)
|
|||||
Comprehensive income
|
|
$
|
35,201
|
|
|
$
|
34,139
|
|
|
$
|
2,175
|
|
|
$
|
(36,314
|
)
|
|
$
|
35,201
|
|
|
|
Nine months ended September 30, 2016
|
||||||||||||||||||
|
|
Parent
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Total
|
||||||||||
|
|
(In thousands)
|
||||||||||||||||||
Net sales
|
|
$
|
—
|
|
|
$
|
2,648,427
|
|
|
$
|
583,376
|
|
|
$
|
(88,862
|
)
|
|
$
|
3,142,941
|
|
Cost of sales
|
|
—
|
|
|
1,784,066
|
|
|
342,754
|
|
|
(89,173
|
)
|
|
2,037,647
|
|
|||||
Gross profit
|
|
—
|
|
|
864,361
|
|
|
240,622
|
|
|
311
|
|
|
1,105,294
|
|
|||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Selling, distribution and marketing
|
|
—
|
|
|
445,653
|
|
|
117,565
|
|
|
—
|
|
|
563,218
|
|
|||||
General and administrative
|
|
73,041
|
|
|
116,769
|
|
|
58,274
|
|
|
—
|
|
|
248,084
|
|
|||||
Total operating expenses
|
|
73,041
|
|
|
562,422
|
|
|
175,839
|
|
|
—
|
|
|
811,302
|
|
|||||
Operating (loss) income
|
|
(73,041
|
)
|
|
301,939
|
|
|
64,783
|
|
|
311
|
|
|
293,992
|
|
|||||
Other (income) expense:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
|
49,716
|
|
|
684
|
|
|
372
|
|
|
—
|
|
|
50,772
|
|
|||||
Other (income) expense, net
|
|
(115,534
|
)
|
|
118,208
|
|
|
1,994
|
|
|
—
|
|
|
4,668
|
|
|||||
Total other (income) expense
|
|
(65,818
|
)
|
|
118,892
|
|
|
2,366
|
|
|
—
|
|
|
55,440
|
|
|||||
Income (loss) before income taxes and equity in earnings of subsidiaries
|
|
(7,223
|
)
|
|
183,047
|
|
|
62,417
|
|
|
311
|
|
|
238,552
|
|
|||||
Income tax (benefit) expense
|
|
(1,298
|
)
|
|
66,777
|
|
|
13,811
|
|
|
—
|
|
|
79,290
|
|
|||||
(Loss) income before loss in equity method investments and equity in earnings of subsidiaries
|
|
(5,925
|
)
|
|
116,270
|
|
|
48,606
|
|
|
311
|
|
|
159,262
|
|
|||||
Loss in equity method investments
|
|
728
|
|
|
—
|
|
|
6,128
|
|
|
—
|
|
|
6,856
|
|
|||||
Equity in earnings of consolidated subsidiaries
|
|
159,059
|
|
|
42,789
|
|
|
—
|
|
|
(201,848
|
)
|
|
—
|
|
|||||
Net income
|
|
152,406
|
|
|
159,059
|
|
|
42,478
|
|
|
(201,537
|
)
|
|
152,406
|
|
|||||
Other comprehensive income, net of tax
|
|
24,177
|
|
|
24,177
|
|
|
24,177
|
|
|
(48,354
|
)
|
|
24,177
|
|
|||||
Comprehensive income
|
|
$
|
176,583
|
|
|
$
|
183,236
|
|
|
$
|
66,655
|
|
|
$
|
(249,891
|
)
|
|
$
|
176,583
|
|
|
|
Nine months ended September 30, 2015
|
||||||||||||||||||
|
|
Parent
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Total
|
||||||||||
|
|
(In thousands)
|
||||||||||||||||||
Net sales
|
|
$
|
—
|
|
|
$
|
2,433,087
|
|
|
$
|
424,447
|
|
|
$
|
(18,873
|
)
|
|
$
|
2,838,661
|
|
Cost of sales
|
|
—
|
|
|
1,627,921
|
|
|
241,160
|
|
|
(16,284
|
)
|
|
1,852,797
|
|
|||||
Gross profit
|
|
—
|
|
|
805,166
|
|
|
183,287
|
|
|
(2,589
|
)
|
|
985,864
|
|
|||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Selling, distribution and marketing
|
|
—
|
|
|
438,177
|
|
|
91,679
|
|
|
—
|
|
|
529,856
|
|
|||||
General and administrative
|
|
67,965
|
|
|
102,244
|
|
|
45,615
|
|
|
—
|
|
|
215,824
|
|
|||||
Total operating expenses
|
|
67,965
|
|
|
540,421
|
|
|
137,294
|
|
|
—
|
|
|
745,680
|
|
|||||
Operating (loss) income
|
|
(67,965
|
)
|
|
264,745
|
|
|
45,993
|
|
|
(2,589
|
)
|
|
240,184
|
|
|||||
Other (income) expense:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
|
37,543
|
|
|
796
|
|
|
241
|
|
|
—
|
|
|
38,580
|
|
|||||
Other (income) expense, net
|
|
(104,718
|
)
|
|
108,330
|
|
|
3,725
|
|
|
—
|
|
|
7,337
|
|
|||||
Total other (income) expense
|
|
(67,175
|
)
|
|
109,126
|
|
|
3,966
|
|
|
—
|
|
|
45,917
|
|
|||||
Income (loss) before income taxes and equity in earnings of subsidiaries
|
|
(790
|
)
|
|
155,619
|
|
|
42,027
|
|
|
(2,589
|
)
|
|
194,267
|
|
|||||
Income tax (benefit) expense
|
|
(3,469
|
)
|
|
60,920
|
|
|
6,776
|
|
|
—
|
|
|
64,227
|
|
|||||
Income before loss in equity method investments and equity in earnings of subsidiaries
|
|
2,679
|
|
|
94,699
|
|
|
35,251
|
|
|
(2,589
|
)
|
|
130,040
|
|
|||||
Loss in equity method investments
|
|
575
|
|
|
—
|
|
|
8,652
|
|
|
—
|
|
|
9,227
|
|
|||||
Equity in earnings of consolidated subsidiaries
|
|
118,709
|
|
|
24,010
|
|
|
—
|
|
|
(142,719
|
)
|
|
—
|
|
|||||
Net income
|
|
120,813
|
|
|
118,709
|
|
|
26,599
|
|
|
(145,308
|
)
|
|
120,813
|
|
|||||
Other comprehensive loss, net of tax
|
|
(41,844
|
)
|
|
(41,844
|
)
|
|
(40,319
|
)
|
|
82,163
|
|
|
(41,844
|
)
|
|||||
Comprehensive income (loss)
|
|
$
|
78,969
|
|
|
$
|
76,865
|
|
|
$
|
(13,720
|
)
|
|
$
|
(63,145
|
)
|
|
$
|
78,969
|
|
|
|
|
|
|
Nine months ended September 30, 2016
|
||||||||||||||||||
|
|
|
|
|
Parent
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Total
|
||||||||||
|
|
|
|
|
(In thousands)
|
||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
Net cash provided by operating activities
|
|
$
|
11,932
|
|
|
$
|
89,497
|
|
|
$
|
105,560
|
|
|
$
|
—
|
|
|
$
|
206,989
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Payments for acquisitions, net of cash acquired of $833
|
|
—
|
|
|
(60
|
)
|
|
(17,313
|
)
|
|
—
|
|
|
(17,373
|
)
|
||||||
|
|
Payments for property, plant, and equipment
|
|
(1,259
|
)
|
|
(91,722
|
)
|
|
(74,745
|
)
|
|
—
|
|
|
(167,726
|
)
|
||||||
|
|
Intercompany contributions
|
|
(11,128
|
)
|
|
—
|
|
|
—
|
|
|
11,128
|
|
|
—
|
|
||||||
|
|
Proceeds from sale of fixed assets
|
|
—
|
|
|
251
|
|
|
8
|
|
|
—
|
|
|
259
|
|
||||||
|
|
|
Net cash used in investing activities
|
|
(12,387
|
)
|
|
(91,531
|
)
|
|
(92,050
|
)
|
|
11,128
|
|
|
(184,840
|
)
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Intercompany contributions
|
|
—
|
|
|
5,296
|
|
|
5,832
|
|
|
(11,128
|
)
|
|
—
|
|
||||||
|
|
Repayment of debt
|
|
(33,750
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33,750
|
)
|
||||||
|
|
Payments on capital lease obligations
|
|
—
|
|
|
(872
|
)
|
|
—
|
|
|
—
|
|
|
(872
|
)
|
||||||
|
|
Proceeds from revolver line of credit
|
|
574,400
|
|
|
—
|
|
|
77,542
|
|
|
—
|
|
|
651,942
|
|
||||||
|
|
Payments on revolver line of credit
|
|
(544,100
|
)
|
|
—
|
|
|
(82,980
|
)
|
|
—
|
|
|
(627,080
|
)
|
||||||
|
|
Proceeds from exercise of stock options
|
|
9,369
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,369
|
|
||||||
|
|
Minimum tax withholding paid on behalf of employees for share-based compensation
|
|
(12,883
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,883
|
)
|
||||||
|
|
Excess tax benefit from share-based compensation
|
|
7,848
|
|
|
—
|
|
|
10
|
|
|
—
|
|
|
7,858
|
|
||||||
|
|
Payment of deferred financing costs
|
|
(426
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(426
|
)
|
||||||
|
|
|
Net cash provided by financing activities
|
|
458
|
|
|
4,424
|
|
|
404
|
|
|
(11,128
|
)
|
|
(5,842
|
)
|
|||||
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
—
|
|
|
—
|
|
|
(2,427
|
)
|
|
—
|
|
|
(2,427
|
)
|
|||||
INCREASE IN CASH AND CASH EQUIVALENTS
|
|
3
|
|
|
2,390
|
|
|
11,487
|
|
|
—
|
|
|
13,880
|
|
||||||||
Cash and cash equivalents, beginning of period
|
|
—
|
|
|
2,282
|
|
|
36,328
|
|
|
—
|
|
|
38,610
|
|
||||||||
Cash and cash equivalents, end of period
|
|
$
|
3
|
|
|
$
|
4,672
|
|
|
$
|
47,815
|
|
|
$
|
—
|
|
|
$
|
52,490
|
|
|
|
|
|
|
Nine months ended September 30, 2015
|
||||||||||||||||||
|
|
|
|
|
Parent
|
|
Guarantor Subsidiaries
|
|
Non-Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated Total
|
||||||||||
|
|
|
|
|
(In thousands)
|
||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
Net cash provided by operating activities
|
|
$
|
41,984
|
|
|
$
|
103,850
|
|
|
$
|
23,211
|
|
|
$
|
—
|
|
|
$
|
169,045
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Investment in equity method investments
|
|
(701
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(701
|
)
|
||||||
|
|
Payments for acquisition, net of cash acquired of $8,521
|
|
—
|
|
|
(159,208
|
)
|
|
(548,397
|
)
|
|
—
|
|
|
(707,605
|
)
|
||||||
|
|
Proceeds from acquisition adjustments
|
|
—
|
|
|
346
|
|
|
—
|
|
|
—
|
|
|
346
|
|
||||||
|
|
Payments for property, plant, and equipment
|
|
(245
|
)
|
|
(137,420
|
)
|
|
(59,231
|
)
|
|
—
|
|
|
(196,896
|
)
|
||||||
|
|
Intercompany contributions
|
|
(736,344
|
)
|
|
—
|
|
|
—
|
|
|
736,344
|
|
|
—
|
|
||||||
|
|
Proceeds from sale of fixed assets
|
|
—
|
|
|
2,152
|
|
|
6,779
|
|
|
—
|
|
|
8,931
|
|
||||||
|
|
|
Net cash used in investing activities
|
|
(737,290
|
)
|
|
(294,130
|
)
|
|
(600,849
|
)
|
|
736,344
|
|
|
(895,925
|
)
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Intercompany contributions
|
|
—
|
|
|
194,229
|
|
|
542,115
|
|
|
(736,344
|
)
|
|
—
|
|
||||||
|
|
Repayment of debt
|
|
(15,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,000
|
)
|
||||||
|
|
Payments on capital lease obligations
|
|
—
|
|
|
(875
|
)
|
|
—
|
|
|
—
|
|
|
(875
|
)
|
||||||
|
|
Proceeds from revolver line of credit
|
|
1,093,945
|
|
|
—
|
|
|
47,123
|
|
|
—
|
|
|
1,141,068
|
|
||||||
|
|
Payments on revolver line of credit
|
|
(389,600
|
)
|
|
—
|
|
|
(44,619
|
)
|
|
—
|
|
|
(434,219
|
)
|
||||||
|
|
Proceeds from exercise of stock options
|
|
13,815
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,815
|
|
||||||
|
|
Minimum tax withholding paid on behalf of employees for share-based compensation
|
|
(27,856
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(27,856
|
)
|
||||||
|
|
Excess tax benefit from share-based compensation
|
|
20,464
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,464
|
|
||||||
|
|
Payment of deferred financing costs
|
|
(462
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(462
|
)
|
||||||
|
|
|
Net cash provided by financing activities
|
|
695,306
|
|
|
193,354
|
|
|
544,619
|
|
|
(736,344
|
)
|
|
696,935
|
|
|||||
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
—
|
|
|
—
|
|
|
8,726
|
|
|
—
|
|
|
8,726
|
|
|||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
|
—
|
|
|
3,074
|
|
|
(24,293
|
)
|
|
—
|
|
|
(21,219
|
)
|
||||||||
Cash and cash equivalents, beginning of period
|
|
—
|
|
|
524
|
|
|
49,716
|
|
|
—
|
|
|
50,240
|
|
||||||||
Cash and cash equivalents, end of period
|
|
$
|
—
|
|
|
$
|
3,598
|
|
|
$
|
25,423
|
|
|
$
|
—
|
|
|
$
|
29,021
|
|
|
Three months ended September 30,
|
|
Nine months ended September 30,
|
||||||||||||||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||||||||||||||
|
Dollars
|
|
Percent
|
|
Dollars
|
|
Percent
|
|
Dollars
|
|
Percent
|
|
Dollars
|
|
Percent
|
||||||||||||
|
(Dollars in millions)
|
||||||||||||||||||||||||||
Total net sales
|
$
|
1,053.6
|
|
|
100.0
|
%
|
|
$
|
1,003.9
|
|
|
100.0
|
%
|
|
$
|
3,142.9
|
|
|
100.0
|
%
|
|
$
|
2,838.7
|
|
|
100.0
|
%
|
Cost of sales
|
672.5
|
|
|
63.8
|
%
|
|
652.8
|
|
|
65.0
|
%
|
|
2,037.6
|
|
|
64.8
|
%
|
|
1,852.8
|
|
|
65.3
|
%
|
||||
Gross profit
(1)
|
381.1
|
|
|
36.2
|
%
|
|
351.1
|
|
|
35.0
|
%
|
|
1,105.3
|
|
|
35.2
|
%
|
|
985.9
|
|
|
34.7
|
%
|
||||
Operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Selling, distribution and marketing
|
188.9
|
|
|
17.9
|
%
|
|
187.8
|
|
|
18.7
|
%
|
|
563.2
|
|
|
17.9
|
%
|
|
529.9
|
|
|
18.7
|
%
|
||||
General and administrative
|
82.9
|
|
|
7.9
|
%
|
|
70.2
|
|
|
7.0
|
%
|
|
248.1
|
|
|
7.9
|
%
|
|
215.8
|
|
|
7.6
|
%
|
||||
Total operating expenses
|
271.8
|
|
|
25.8
|
%
|
|
258.0
|
|
|
25.7
|
%
|
|
811.3
|
|
|
25.8
|
%
|
|
745.7
|
|
|
26.3
|
%
|
||||
Operating income
|
109.3
|
|
|
10.4
|
%
|
|
93.1
|
|
|
9.3
|
%
|
|
294.0
|
|
|
9.4
|
%
|
|
240.2
|
|
|
8.5
|
%
|
||||
Interest and other expenses, net
|
19.6
|
|
|
|
|
18.6
|
|
|
|
|
55.4
|
|
|
|
|
46.0
|
|
|
|
||||||||
Income tax expense
|
29.2
|
|
|
|
|
21.8
|
|
|
|
|
79.3
|
|
|
|
|
64.2
|
|
|
|
||||||||
Loss in equity method investments
|
2.5
|
|
|
|
|
2.7
|
|
|
|
|
6.9
|
|
|
|
|
9.2
|
|
|
|
||||||||
Net income
|
$
|
58.0
|
|
|
|
|
$
|
50.0
|
|
|
|
|
$
|
152.4
|
|
|
|
|
$
|
120.8
|
|
|
|
(1)
|
We include certain shipping and handling costs within selling, distribution, and marketing expense. As a result, our gross profit may not be comparable to other companies that present all shipping and handling costs as a component of cost of sales.
|
|
Three months ended September 30,
|
|||||||||||||
|
2016
|
|
2015
|
|
$ Increase
|
|
% Increase
|
|||||||
|
(Dollars in millions)
|
|||||||||||||
Americas Foods & Beverages
|
$
|
909.5
|
|
|
$
|
869.1
|
|
|
$
|
40.4
|
|
|
4.6
|
%
|
Europe Foods & Beverages
|
144.1
|
|
|
134.8
|
|
|
9.3
|
|
|
6.9
|
%
|
|||
Total net sales
|
$
|
1,053.6
|
|
|
$
|
1,003.9
|
|
|
$
|
49.7
|
|
|
5.0
|
%
|
|
Change in net sales
Three months ended September 30, 2016 vs. September 30, 2015
|
||||||||||||||
|
Acquisitions
|
|
Volume
|
|
Pricing, product mix and currency changes
|
|
Total increase
|
||||||||
|
(Dollars in millions)
|
||||||||||||||
Americas Foods & Beverages
|
$
|
25.7
|
|
|
$
|
(2.1
|
)
|
|
$
|
16.9
|
|
|
$
|
40.4
|
|
Europe Foods & Beverages
|
—
|
|
|
20.4
|
|
|
(11.1
|
)
|
|
9.3
|
|
||||
Total change in net sales
|
$
|
25.7
|
|
|
$
|
18.3
|
|
|
$
|
5.8
|
|
|
$
|
49.7
|
|
|
Three months ended September 30,
|
|||||||||||||||||||
|
2016
|
|
2015
|
|
|
|
|
|||||||||||||
|
Dollars
|
|
Percent
|
|
Dollars
|
|
Percent
|
|
$ Change
|
|
% Change
|
|||||||||
|
(Dollars in millions)
|
|||||||||||||||||||
Total net sales
|
$
|
909.5
|
|
|
100.0
|
%
|
|
$
|
869.1
|
|
|
100.0
|
%
|
|
$
|
40.4
|
|
|
4.6
|
%
|
Cost of sales
|
588.6
|
|
|
64.7
|
%
|
|
578.3
|
|
|
66.5
|
%
|
|
10.3
|
|
|
1.8
|
%
|
|||
Gross profit
|
320.8
|
|
|
35.3
|
%
|
|
290.8
|
|
|
33.5
|
%
|
|
30.0
|
|
|
10.3
|
%
|
|||
Operating expenses
|
200.5
|
|
|
22.0
|
%
|
|
196.1
|
|
|
22.6
|
%
|
|
4.4
|
|
|
2.2
|
%
|
|||
Operating income
|
$
|
120.4
|
|
|
13.2
|
%
|
|
$
|
94.7
|
|
|
10.9
|
%
|
|
$
|
25.7
|
|
|
27.1
|
%
|
|
Three months ended September 30,
|
|||||||||||||||||||
|
2016
|
|
2015
|
|
|
|
|
|||||||||||||
|
Dollars
|
|
Percent
|
|
Dollars
|
|
Percent
|
|
$ Change
|
|
% Change
|
|||||||||
|
(Dollars in millions)
|
|||||||||||||||||||
Total net sales
|
$
|
144.1
|
|
|
100.0
|
%
|
|
$
|
134.8
|
|
|
100.0
|
%
|
|
$
|
9.3
|
|
|
6.9
|
%
|
Cost of sales
|
83.8
|
|
|
58.2
|
%
|
|
74.5
|
|
|
55.3
|
%
|
|
9.3
|
|
|
12.5
|
%
|
|||
Gross profit
|
60.4
|
|
|
41.9
|
%
|
|
60.3
|
|
|
44.7
|
%
|
|
0.1
|
|
|
0.2
|
%
|
|||
Operating expenses
|
43.0
|
|
|
29.8
|
%
|
|
41.3
|
|
|
30.6
|
%
|
|
1.7
|
|
|
4.1
|
%
|
|||
Operating income
|
$
|
17.3
|
|
|
12.0
|
%
|
|
$
|
19.0
|
|
|
14.1
|
%
|
|
$
|
(1.7
|
)
|
|
(8.9
|
)%
|
|
Nine months ended September 30,
|
|||||||||||||
|
2016
|
|
2015
|
|
$ Increase
|
|
% Increase
|
|||||||
|
(Dollars in millions)
|
|||||||||||||
Americas Foods & Beverages
|
$
|
2,702.7
|
|
|
$
|
2,440.4
|
|
|
$
|
262.3
|
|
|
10.7
|
%
|
Europe Foods & Beverages
|
440.3
|
|
|
398.2
|
|
|
42.1
|
|
|
10.6
|
%
|
|||
Total net sales
|
$
|
3,142.9
|
|
|
$
|
2,838.6
|
|
|
$
|
304.3
|
|
|
10.7
|
%
|
|
Change in net sales
Nine months ended September 30, 2016 vs. September 30, 2015 |
||||||||||||||
|
Acquisitions
|
|
Volume
|
|
Pricing, product mix and currency changes
|
|
Total increase
|
||||||||
|
(Dollars in millions)
|
||||||||||||||
Americas Foods & Beverages
|
$
|
152.9
|
|
|
$
|
64.0
|
|
|
$
|
45.4
|
|
|
$
|
262.3
|
|
Europe Foods & Beverages
|
—
|
|
|
57.4
|
|
|
(15.3
|
)
|
|
42.1
|
|
||||
Total change in net sales
|
$
|
152.9
|
|
|
$
|
121.4
|
|
|
$
|
30.1
|
|
|
$
|
304.3
|
|
|
Nine months ended September 30,
|
|||||||||||||||||||
|
2016
|
|
2015
|
|
|
|
|
|||||||||||||
|
Dollars
|
|
Percent
|
|
Dollars
|
|
Percent
|
|
$ Change
|
|
% Change
|
|||||||||
|
(Dollars in millions)
|
|||||||||||||||||||
Total net sales
|
$
|
2,702.7
|
|
|
100.0
|
%
|
|
$
|
2,440.4
|
|
|
100.0
|
%
|
|
$
|
262.3
|
|
|
10.7
|
%
|
Cost of sales
|
1,782.9
|
|
|
66.0
|
%
|
|
1,630.0
|
|
|
66.8
|
%
|
|
152.9
|
|
|
9.4
|
%
|
|||
Gross profit
|
919.8
|
|
|
34.0
|
%
|
|
810.4
|
|
|
33.2
|
%
|
|
109.4
|
|
|
13.5
|
%
|
|||
Operating expenses
|
597.8
|
|
|
22.1
|
%
|
|
544.9
|
|
|
22.3
|
%
|
|
52.9
|
|
|
9.7
|
%
|
|||
Operating income
|
$
|
322.0
|
|
|
11.9
|
%
|
|
$
|
265.5
|
|
|
10.9
|
%
|
|
$
|
56.5
|
|
|
21.3
|
%
|
|
Nine months ended September 30,
|
|||||||||||||||||||
|
2016
|
|
2015
|
|
|
|
|
|||||||||||||
|
Dollars
|
|
Percent
|
|
Dollars
|
|
Percent
|
|
$ Change
|
|
% Change
|
|||||||||
|
(Dollars in millions)
|
|||||||||||||||||||
Total net sales
|
$
|
440.3
|
|
|
100.0
|
%
|
|
$
|
398.2
|
|
|
100.0
|
%
|
|
$
|
42.1
|
|
|
10.6
|
%
|
Cost of sales
|
254.7
|
|
|
57.8
|
%
|
|
222.8
|
|
|
56.0
|
%
|
|
31.9
|
|
|
14.3
|
%
|
|||
Gross profit
|
185.6
|
|
|
42.2
|
%
|
|
175.4
|
|
|
44.0
|
%
|
|
10.2
|
|
|
5.8
|
%
|
|||
Operating expenses
|
132.5
|
|
|
30.1
|
%
|
|
125.3
|
|
|
31.5
|
%
|
|
7.2
|
|
|
5.7
|
%
|
|||
Operating income
|
$
|
53.0
|
|
|
12.0
|
%
|
|
$
|
50.1
|
|
|
12.6
|
%
|
|
$
|
2.9
|
|
|
5.8
|
%
|
|
Nine months ended September 30,
|
||||||||||
|
2016
|
|
2015
|
|
Change
|
||||||
|
(In millions)
|
||||||||||
Net cash flows from:
|
|
|
|
|
|
||||||
Operating activities
|
$
|
207.0
|
|
|
$
|
169.0
|
|
|
$
|
38.0
|
|
Investing activities
|
(184.8
|
)
|
|
(895.9
|
)
|
|
711.1
|
|
|||
Financing activities
|
(5.8
|
)
|
|
696.9
|
|
|
(702.7
|
)
|
|||
Effect of exchange rate changes on cash and cash equivalents
|
(2.4
|
)
|
|
8.8
|
|
|
(11.2
|
)
|
|||
Net increase (decrease) in cash and cash equivalents
|
$
|
13.9
|
|
|
$
|
(21.2
|
)
|
|
$
|
35.1
|
|
•
|
Goodwill and Intangible Assets, Purchase Price Allocation;
|
•
|
Revenue Recognition, Sales Incentives, and Trade Accounts Receivable;
|
•
|
Share-Based Compensation;
|
•
|
Property, Plant, and Equipment; and
|
•
|
Income Taxes.
|
(a)
|
Disclosure Controls and Procedures
|
(b)
|
Changes in Internal Control over Financial Reporting
|
THE WHITEWAVE FOODS COMPANY
|
|
/s/ James T. Hau
|
James T. Hau
|
Vice President and Chief Accounting Officer
|
1 Year Whitewave Foods Company (The) (delisted) Chart |
1 Month Whitewave Foods Company (The) (delisted) Chart |
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