Form 10-Q

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

0001193125-17-338153.txt : 20171109 0001193125-17-338153.hdr.sgml : 20171109 20171109090357 ACCESSION NUMBER: 0001193125-17-338153 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 65 CONFORMED PERIOD OF REPORT: 20170930 FILED AS OF DATE: 20171109 DATE AS OF CHANGE: 20171109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Party City Holdco Inc. CENTRAL INDEX KEY: 0001592058 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-MISCELLANEOUS RETAIL [5900] IRS NUMBER: 460539758 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-37344 FILM NUMBER: 171188480 BUSINESS ADDRESS: STREET 1: 80 GRASSLANDS ROAD CITY: ELMSFORD STATE: NY ZIP: 10523 BUSINESS PHONE: 914-345-2020 MAIL ADDRESS: STREET 1: 80 GRASSLANDS ROAD CITY: ELMSFORD STATE: NY ZIP: 10523 FORMER COMPANY: FORMER CONFORMED NAME: PC Topco Holdings, Inc. DATE OF NAME CHANGE: 20131114 10-Q 1 d453579d10q.htm FORM 10-Q Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2017

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-37344

Party City Holdco Inc.

(Exact Name of Registrant as Specified in Its Charter)


Delaware		46-0539758
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

80 Grasslands Road Elmsford, NY		10523
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code:

(914) 345-2020

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November 1, 2017, 119,730,069 shares of the Registrant’s common stock were outstanding.

PARTY CITY HOLDCO INC.

Form 10-Q

September 30, 2017

TABLE OF CONTENTS


	Page
PART I
Item 1. Condensed Consolidated Financial Statements (Unaudited)
Condensed Consolidated Balance Sheets at September 30, 2017 and December 31, 2016		3
Condensed Consolidated Statements of Operations and Comprehensive Income for the Three Months ended September 30, 2017 and September 30, 2016		4
Condensed Consolidated Statements of Operations and Comprehensive Income for the Nine Months ended September 30, 2017 and September 30, 2016		5
Condensed Consolidated Statement of Stockholders’ Equity for the Nine Months ended September 30, 2017		6
Condensed Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2017 and September 30, 2016		7
Notes to Condensed Consolidated Financial Statements		8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		18
Item 3. Quantitative and Qualitative Disclosures about Market Risk		30
Item 4. Controls and Procedures		30
PART II
Item 1. Legal Proceedings		32
Item 1A. Risk Factors		32
Item 6. Exhibits		32
Signature		33

PARTY CITY HOLDCO INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)


	September 30, 2017			December 31, 2016
	(Note 2) (Unaudited)			(Note 2)
ASSETS
Current assets:
Cash and cash equivalents	$	58,143		$	64,610
Accounts receivable, net		169,059			134,091
Inventories, net		687,254			613,868
Prepaid expenses and other current assets		84,859			68,255

Total current assets		999,315			880,824
Property, plant and equipment, net		298,758			292,904
Goodwill		1,631,806			1,572,568
Trade names		567,507			566,599
Other intangible assets, net		65,023			76,581
Other assets, net		12,703			4,502

Total assets	$	3,575,112		$	3,393,978

LIABILITIES, REDEEMABLE SECURITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Loans and notes payable	$	241,339		$	120,138
Accounts payable		169,130			163,415
Accrued expenses		184,115			149,683
Income taxes payable		—			46,675
Current portion of long-term obligations		13,064			13,348

Total current liabilities		607,648			493,259
Long-term obligations, excluding current portion		1,534,146			1,539,604
Deferred income tax liabilities		282,376			278,819
Deferred rent and other long-term liabilities		80,389			65,507

Total liabilities		2,504,559			2,377,189
Redeemable securities		3,000			—
Commitments and contingencies
Stockholders’ equity:
Common stock (119,662,869 and 119,515,894 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively)		1,197			1,195
Additional paid-in capital		915,090			910,167
Retained earnings		188,049			157,666
Accumulated other comprehensive loss		(36,783	)		(52,239	)

Total stockholders’ equity		1,067,553			1,016,789

Total liabilities, redeemable securities and stockholders’ equity	$	3,575,112		$	3,393,978

See accompanying notes to unaudited condensed consolidated financial statements.

PARTY CITY HOLDCO INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)

(In thousands, except share and per share data)


	Three Months Ended September 30,
	2017		2016
Revenues:
Net sales	$	557,350	$	553,382
Royalties and franchise fees		2,759		3,568

Total revenues		560,109		556,950
Expenses:
Cost of sales		357,523		356,662
Wholesale selling expenses		16,274		14,739
Retail operating expenses		100,739		100,746
Franchise expenses		3,636		3,370
General and administrative expenses		37,971		38,972
Art and development costs		5,898		5,543
Development stage expenses		680		—

Total expenses		522,721		520,032

Income from operations		37,388		36,918
Interest expense, net		23,228		22,424
Other expense (income), net		593		(905	)

Income before income taxes		13,567		15,399
Income tax expense		3,483		5,219

Net income	$	10,084	$	10,180

Comprehensive income	$	15,329	$	6,028
Net income per common share-Basic	$	0.08	$	0.09
Net income per common share-Diluted	$	0.08	$	0.08
Weighted-average number of common shares-Basic		119,587,339		119,406,751
Weighted-average number of common shares-Diluted		120,912,849		120,472,297
Dividends declared per share	$	0.00	$	0.00

PARTY CITY HOLDCO INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

(Unaudited)

(In thousands, except share and per share data)


	Nine Months Ended September 30,
	2017		2016
Revenues:
Net sales	$	1,572,966	$	1,523,094
Royalties and franchise fees		9,020		11,009

Total revenues		1,581,986		1,534,103
Expenses:
Cost of sales		978,142		952,294
Wholesale selling expenses		47,946		45,854
Retail operating expenses		281,981		278,070
Franchise expenses		10,666		10,507
General and administrative expenses		125,763		115,828
Art and development costs		17,638		16,596
Development stage expenses		7,092		—

Total expenses		1,469,228		1,419,149

Income from operations		112,758		114,954
Interest expense, net		65,214		67,857
Other expense (income), net		860		(4,107	)

Income before income taxes		46,684		51,204
Income tax expense		16,301		18,903

Net income	$	30,383	$	32,301

Comprehensive income	$	45,839	$	22,355
Net income per common share-Basic	$	0.25	$	0.27
Net income per common share-Diluted	$	0.25	$	0.27
Weighted-average number of common shares-Basic		119,546,451		119,340,610
Weighted-average number of common shares-Diluted		120,907,979		120,312,492
Dividends declared per share	$	0.00	$	0.00

See accompanying notes to unaudited condensed consolidated financial statements.

PARTY CITY HOLDCO INC.

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY

(Unaudited)

(In thousands, except share data)


	Common Shares		Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss			Total Stockholders’ Equity
Balance at December 31, 2016		119,515,894	$	1,195	$	910,167	$	157,666	$	(52,239	)	$	1,016,789
Net income								30,383					30,383
Employee equity based compensation						3,852							3,852
Warrant expense						286							286
Exercise of stock options		146,975		2		785							787
Foreign currency adjustments										16,818			16,818
Impact of foreign exchange contracts, net of taxes										(1,362	)		(1,362	)

Balance at September 30, 2017		119,662,869	$	1,197	$	915,090	$	188,049	$	(36,783	)	$	1,067,553

See accompanying notes to unaudited condensed consolidated financial statements.

PARTY CITY HOLDCO INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)


	Nine Months Ended September 30,
	2017			2016
Cash flows provided by operating activities:
Net income	$	30,383		$	32,301
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense		62,519			61,186
Amortization of deferred financing costs and original issuance discounts		3,699			3,821
Provision for doubtful accounts		432			429
Deferred income tax expense		3,221			933
Deferred rent		5,634			12,240
Undistributed (income) loss in unconsolidated joint ventures		(92	)		380
Loss on disposal of assets		533			14
Non-employee equity based compensation		3,286			—
Employee equity based compensation		3,852			2,829
Changes in operating assets and liabilities, net of effects of acquired businesses:
Increase in accounts receivable		(25,370	)		(46,576	)
Increase in inventories		(46,292	)		(108,882	)
Increase in prepaid expenses and other current assets		(11,299	)		(15,046	)
(Decrease) increase in accounts payable, accrued expenses and income taxes payable		(24,244	)		79,848

Net cash provided by operating activities		6,262			23,477
Cash flows used in investing activities:
Cash paid in connection with acquisitions, net of cash acquired		(72,804	)		(31,820	)
Capital expenditures		(47,916	)		(57,324	)
Proceeds from disposal of property and equipment		26			31

Net cash used in investing activities		(120,694	)		(89,113	)
Cash flows provided by financing activities:
Repayment of loans, notes payable and long-term obligations		(25,311	)		(28,158	)
Proceeds from loans, notes payable and long-term obligations		129,150			97,943
Excess tax benefit from stock options		—			526
Exercise of stock options		787			1,281
Debt issuance costs		—			(44	)

Net cash provided by financing activities		104,626			71,548
Effect of exchange rate changes on cash and cash equivalents		3,339			(1,214	)

Net (decrease) increase in cash and cash equivalents		(6,467	)		4,698
Cash and cash equivalents at beginning of period		64,610			42,919

Cash and cash equivalents at end of period	$	58,143		$	47,617

Supplemental disclosure of cash flow information:
Cash paid during the period
Interest	$	60,871		$	71,095
Income taxes, net of refunds	$	65,002		$	26,103

See accompanying notes to unaudited condensed consolidated financial statements.

PARTY CITY HOLDCO INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in thousands, except per share)

Note 1 – Description of Business

Party City Holdco Inc. (the “Company” or “Party City Holdco”) is a vertically integrated supplier of decorated party goods. The Company designs, manufactures, sources and distributes party goods, including paper and plastic tableware, metallic and latex balloons, Halloween and other costumes, accessories, novelties, gifts and stationery throughout the world. The Company’s retail operations include over 900 specialty retail party supply stores (including approximately 150 franchise stores) in the United States and Canada, operating under the names Party City and Halloween City, and e-commerce websites, principally through the domain name PartyCity.com. Party City Holdco franchises both individual stores and franchise areas throughout the United States, Mexico and Puerto Rico, principally under the name Party City.

Party City Holdco is a holding company with no operating assets or operations. The Company owns 100% of PC Nextco Holdings, LLC (“PC Nextco”), which owns 100% of PC Intermediate Holdings, Inc. (“PC Intermediate”). PC Intermediate owns 100% of Party City Holdings Inc. (“PCHI”), which owns the Company’s operating subsidiaries.

Note 2 – Basis of Presentation and Recently Issued Accounting Pronouncements

The unaudited condensed consolidated financial statements of the Company include the accounts of the Company and its majority-owned and controlled entities. All significant intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included in the unaudited condensed consolidated financial statements.

The majority of our retail operations define a fiscal year (“Fiscal Year”) as the 52-week period or 53-week period ended on the Saturday nearest December 31st of each year and define fiscal quarters (“Fiscal Quarter”) as the four interim 13-week periods following the end of the previous Fiscal Year, except in the case of a 53-week Fiscal Year when the fourth Fiscal Quarter is extended to 14 weeks. The condensed consolidated financial statements of the Company combine the Fiscal Quarters of our retail operations with the calendar quarters of our wholesale operations. The Company has determined the differences between the retail operation’s Fiscal Year and Fiscal Quarters and the calendar year and calendar quarters to be insignificant.

Operating results for interim periods are not necessarily indicative of the results to be expected for the year ending December 31, 2017. Our business is subject to substantial seasonal variations as our retail segment has realized a significant portion of its net sales, cash flows and net income in the fourth quarter of each year, principally due to its Halloween season sales in October and, to a lesser extent, other year-end holiday sales. We expect that this general pattern will continue. Our results of operations may also be affected by industry factors that may be specific to a particular period such as movement in and the general level of raw material costs. For further information see the consolidated financial statements, and notes thereto, included in the Company’s Form 10-K for the fiscal year ended December 31, 2016, as filed with the Securities and Exchange Commission on March 16, 2017.

Recently Issued Accounting Pronouncements

In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-12, “Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities”. The pronouncement amends the existing hedge accounting model in order to enable entities to better portray the economics of their risk management activities in their financial statements. The update is effective for the Company during the first quarter of 2019. Although the Company continues to evaluate this pronouncement, it does not believe that it will have a material impact on the Company’s consolidated financial statements.

In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows: Restricted Cash”. The pronouncement clarifies how entities should present changes in restricted cash on the statement of cash flows. The update is effective for the Company during the first quarter of 2018. The Company is in the process of evaluating the impact of the pronouncement on the Company’s consolidated financial statements.

In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments”. The pronouncement clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows. The update is effective for the Company during the first quarter of 2018. The Company is in the process of evaluating the impact of the pronouncement on the Company’s consolidated financial statements.

In March 2016, the FASB issued ASU 2016-09, “Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting”. The pronouncement simplifies several aspects of the accounting for share-based payment transactions. The Company adopted the pronouncement during the first quarter of 2017 and such adoption did not have a material impact on the Company’s consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, “Leases”. The ASU requires that companies recognize on their balance sheets assets and liabilities for the rights and obligations created by the companies’ leases. The update is effective for the Company during the first quarter of 2019. The Company is in the process of evaluating the impact of the pronouncement on the Company’s consolidated financial statements.

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”. The update impacts the accounting for equity investments and the recognition of changes in fair value of financial liabilities when the fair value option is elected. The pronouncement will be effective for the Company during the first quarter of 2018. Although the Company continues to evaluate this pronouncement, it does not believe that it will have a material impact on the Company’s consolidated financial statements.

In July 2015, the FASB issued ASU 2015-11, “Inventory: Simplifying the Measurement of Inventory”. The update changes the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value. The Company adopted the pronouncement during the first quarter of 2017 and such adoption did not have a material impact on the Company’s consolidated financial statements.

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. The pronouncement contains a five-step model which replaces most existing revenue recognition guidance. The new standard is effective for the Company during the first quarter of 2018. The pronouncement can be applied retrospectively to prior reporting periods or through a cumulative-effect adjustment as of the date of adoption. The Company has decided to adopt the pronouncement using the modified retrospective approach. Although the Company continues to evaluate the pronouncement and it might impact the accounting for certain discounts and rebates within the Company’s wholesale business, the Company does not believe that the pronouncement will have a material impact on its consolidated financial statements.

Note 3 – Inventories

Inventories consisted of the following:


	September 30, 2017		December 31, 2016
Finished goods	$	646,486	$	581,277
Raw materials		30,395		23,222
Work in process		10,373		9,369

	$	687,254	$	613,868

Inventories are valued at the lower of cost or net realizable value. The Company principally determines the cost of inventory using the weighted average method.

The Company estimates retail inventory shortage for the periods between physical inventory dates on a store-by-store basis. Inventory shrinkage estimates can be affected by changes in merchandise mix and changes in actual shortage trends. The shrinkage rate from the most recent physical inventory, in combination with historical experience, is the basis for estimating shrinkage.

Note 4 – Income Taxes

The effective income tax rate for the nine months ended September 30, 2017, 34.9%, is lower than the effective rate for the nine months ended September 30, 2016, 36.9%, principally due to discrete items related to uncertain tax positions, stock option exercises and return-to-provision adjustments. The impact of such items was partially offset by the effect of state tax rate changes on deferred tax liabilities.

Note 5 – Changes in Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss consisted of the following:


	Three Months Ended September 30, 2017
	Foreign Currency Adjustments			Impact of Foreign Exchange Contracts, Net of Taxes			Total, Net of Taxes
Balance at June 30, 2017	$	(41,650	)	$	(378	)	$	(42,028	)
Other comprehensive income (loss) before reclassifications		5,297			(281	)		5,016
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income		—			229			229

Net current-period other comprehensive income (loss)		5,297			(52	)		5,245

Balance at September 30, 2017	$	(36,353	)	$	(430	)	$	(36,783	)


	Three Months Ended September 30, 2016
	Foreign Currency Adjustments			Impact of Foreign Exchange Contracts, Net of Taxes			Total, Net of Taxes
Balance at June 30, 2016	$	(39,500	)	$	916		$	(38,584	)
Other comprehensive loss before reclassifications		(3,537	)		(470	)		(4,007	)
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income, net		—			(145	)		(145	)

Net current-period other comprehensive loss, net		(3,537	)		(615	)		(4,152	)

Balance at September 30, 2016	$	(43,037	)	$	301		$	(42,736	)


	Nine Months Ended September 30, 2017
	Foreign Currency Adjustments			Impact of Foreign Exchange Contracts, Net of Taxes			Total, Net of Taxes
Balance at December 31, 2016	$	(53,171	)	$	932		$	(52,239	)
Other comprehensive income (loss) before reclassifications, net of income tax		16,818			(1,077	)		15,741
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income, net of income tax		—			(285	)		(285	)

Net current-period other comprehensive income (loss)		16,818			(1,362	)		15,456

Balance at September 30, 2017	$	(36,353	)	$	(430	)	$	(36,783	)


	Nine Months Ended September 30, 2016
	Foreign Currency Adjustments			Impact of Foreign Exchange Contracts, Net of Taxes			Total, Net of Taxes
Balance at December 31, 2015	$	(33,401	)	$	611		$	(32,790	)
Other comprehensive (loss) income before reclassifications, net of income tax		(9,636	)		183			(9,453	)
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income, net of income tax		—			(493	)		(493	)

Net current-period other comprehensive loss		(9,636	)		(310	)		(9,946	)

Balance at September 30, 2016	$	(43,037	)	$	301		$	(42,736	)

Note 6 – Capital Stock

At September 30, 2017, the Company’s authorized capital stock consisted of 300,000,000 shares of $0.01 par value common stock and 15,000,000 shares of $0.01 par value preferred stock.

Note 7 – Segment Information

Industry Segments

The Company has two identifiable business segments. The Wholesale segment designs, manufactures, sources and distributes party goods, including paper and plastic tableware, metallic and latex balloons, Halloween and other costumes, accessories, novelties, gifts and stationery throughout the world. The Retail segment operates specialty retail party supply stores in the United States and Canada, principally under the names Party City and Halloween City, and it operates e-commerce websites, principally through the domain name Partycity.com. The Retail segment also franchises both individual stores and franchise areas throughout the United States, Mexico and Puerto Rico, principally under the name Party City. The Company’s industry segment data for the three months ended September 30, 2017 and September 30, 2016 was as follows:


	Wholesale			Retail		Consolidated
Three Months Ended September 30, 2017
Revenues:
Net sales	$	381,858		$	364,057	$	745,915
Royalties and franchise fees		—			2,759		2,759

Total revenues		381,858			366,816		748,674
Eliminations		(188,565	)		—		(188,565	)

Net revenues	$	193,293		$	366,816	$	560,109

Income from operations	$	22,808		$	14,580	$	37,388

Interest expense, net							23,228
Other expense, net							593

Income before income taxes						$	13,567


	Wholesale			Retail		Consolidated
Three Months Ended September 30, 2016
Revenues:
Net sales	$	416,387		$	347,557	$	763,944
Royalties and franchise fees		—			3,568		3,568

Total revenues		416,387			351,125		767,512
Eliminations		(210,562	)		—		(210,562	)

Net revenues	$	205,825		$	351,125	$	556,950

Income from operations	$	35,532		$	1,386	$	36,918

Interest expense, net							22,424
Other income, net							(905	)

Income before income taxes						$	15,399

The Company’s industry segment data for the nine months ended September 30, 2017 and September 30, 2016 was as follows:


	Wholesale			Retail		Consolidated
Nine Months Ended September 30, 2017
Revenues:
Net sales	$	929,255		$	1,103,127	$	2,032,382
Royalties and franchise fees		—			9,020		9,020

Total revenues		929,255			1,112,147		2,041,402
Eliminations		(459,416	)		—		(459,416	)

Net revenues	$	469,839		$	1,112,147	$	1,581,986

Income from operations	$	49,258		$	63,500	$	112,758

Interest expense, net							65,214
Other expense, net							860

Income before income taxes						$	46,684


	Wholesale			Retail		Consolidated
Nine Months Ended September 30, 2016
Revenues:
Net sales	$	945,071		$	1,043,212	$	1,988,283
Royalties and franchise fees		—			11,009		11,009

Total revenues		945,071			1,054,221		1,999,292
Eliminations		(465,189	)		—		(465,189	)

Net revenues	$	479,882		$	1,054,221	$	1,534,103

Income from operations	$	65,669		$	49,285	$	114,954

Interest expense, net							67,857
Other income, net							(4,107	)

Income before income taxes						$	51,204

Note 8 – Commitments and Contingencies

The Company is a party to certain claims and litigation in the ordinary course of business. The Company does not believe these proceedings will result, individually or in the aggregate, in a material adverse effect on its financial condition or future results of operations.

On April 5, 2016, a derivative complaint was filed in the Supreme Court for the State of New York, naming certain directors and executives as defendants, and naming the Company as a nominal defendant. The complaint seeks unspecified damages and costs, and corporate governance reforms, for alleged injury to the Company in connection with public filings related to the Company’s April 2015 IPO, compensation paid to executives, and the termination of the management agreement disclosed in the initial public offering-related public filings. The Company intends to vigorously defend itself against this action. The Company is unable, at this time, to determine whether the outcome of the litigation would have a material impact on its results of operations, financial condition or cash flows.

Note 9 – Derivative Financial Instruments

The Company is directly and indirectly affected by changes in certain market conditions. These changes in market conditions may adversely impact the Company’s financial performance and are referred to as market risks. The Company, when deemed appropriate, uses derivatives as a risk management tool to mitigate the potential impact of certain market risks. The primary market risk managed through the use of derivative financial instruments is foreign currency exchange rate risk.

Foreign Exchange Risk Management

A portion of the Company’s cash flows is derived from transactions denominated in foreign currencies. In order to reduce the uncertainty of foreign exchange rate movements on transactions denominated in foreign currencies, including the British Pound Sterling, the Canadian Dollar, the Euro, the Malaysian Ringgit and the Australian Dollar, the Company enters into foreign exchange contracts with major international financial institutions. These forward contracts, which typically mature within one year, are designed to hedge anticipated foreign currency transactions, primarily inventory purchases and sales. For contracts that qualify for hedge accounting, the terms of the foreign exchange contracts are such that cash flows from the contracts should be highly effective in offsetting the expected cash flows from the underlying forecasted transactions.

The foreign currency exchange contracts are reflected in the condensed consolidated balance sheets at fair value. The fair value of the foreign currency exchange contracts is the estimated amount that the counterparties would receive or pay to terminate the foreign currency exchange contracts at the reporting date, taking into account current foreign exchange spot rates. At September 30, 2017 and December 31, 2016, the Company had certain foreign currency exchange contracts that qualified for hedge accounting. No components of these agreements were excluded in the measurement of hedge effectiveness. As these hedges were 100% effective, there was no impact on earnings due to hedge ineffectiveness. The Company anticipates that substantially all unrealized gains and losses in accumulated other comprehensive loss related to these foreign currency exchange contracts will be reclassified into earnings by June 2018.

The following table displays the fair values of the Company’s derivatives at September 30, 2017 and December 31, 2016:

Derivative Assets

Derivative Liabilities

Balance
Sheet
Line

Fair
Value

Balance
Sheet
Line

Fair
Value

Balance
Sheet
Line

Fair
Value

Balance
Sheet
Line

Fair
Value

Derivative Instrument

September 30, 2017

December 31, 2016

September 30, 2017

December 31, 2016

Foreign Exchange Contracts

) PP

—

) PP

697

) AE

355

) AE

215

(a)	PP = Prepaid expenses and other current assets

(b)	AE = Accrued expenses

The following table displays the notional amounts of the Company’s derivatives at September 30, 2017 and December 31, 2016:


Derivative Instrument	September 30, 2017		December 31, 2016
Foreign Exchange Contracts	$	6,875	$	22,502

Note 10 – Fair Value Measurements

The provisions of FASB ASC Topic 820, “Fair Value Measurement”, define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

•

Level 1 — Quoted prices in active markets for identical assets or liabilities.

•

Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.

•

Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

The following table shows assets and liabilities as of September 30, 2017 that are measured at fair value on a recurring basis:


	Level 1		Level 2		Level 3		Total as of September 30, 2017
Noncontrolling interests liabilities	$	—	$	—	$	6,016	$	6,016
Derivative assets		—		—		—		—
Derivative liabilities		—		355		—		355

The following table shows assets and liabilities as of December 31, 2016 that are measured at fair value on a recurring basis:


	Level 1		Level 2		Level 3		Total as of December 31, 2016
Noncontrolling interests liabilities	$	—	$	—	$	—	$	—
Derivative assets		—		697		—		697
Derivative liabilities		—		215		—		215

In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company is required to record other assets and liabilities at fair value on a nonrecurring basis, generally as a result of impairment charges. No impairment charges were recorded during the nine months ended September 30, 2017 or the nine months ended September 30, 2016.

The carrying amounts for cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities approximated fair value at September 30, 2017 because of the short-term maturities of the instruments and/or their variable rates of interest.

The carrying amount and fair value of the Company’s borrowings under its senior secured term loan facility (“Term Loan Credit Agreement”) and its $350,000 of 6.125% senior notes (“Senior Notes”) are as follows:


	September 30, 2017
	Carrying Amount		Fair Value
Term Loan Credit Agreement	$	1,198,750	$	1,220,406
Senior Notes		345,162		364,809

The fair values of the Term Loan Credit Agreement and the Senior Notes represent Level 2 fair value measurements as the debt instruments trade in inactive markets.

The carrying amounts for other long-term debt approximated fair value at September 30, 2017 based on the discounted future cash flows of each instrument at rates currently offered for similar debt instruments of comparable maturity.

During August 2015, the Company acquired 75% of the operations of Accurate Custom Injection Molding Inc. (“ACIM”). Based on the terms of the acquisition agreement, the Company will acquire the remaining 25% interest in ACIM over the next seven years and the Company’s liability for the estimated purchase price of such interest was $0 at September 30, 2017. The liability represents a Level 3 fair value measurement as it is based on unobservable inputs.

During March 2017, the Company acquired 85% of the common stock of Granmark, S.A. de C.V., a Mexican manufacturer and wholesaler of party goods. See Note 13 for further discussion of the acquisition. Based on the terms of the acquisition agreement, the Company is required to acquire the remaining 15% interest over the next five years and it has recorded a liability for the estimated purchase price of such interest, $3,342 at September 30, 2017. The liability represents a Level 3 fair value measurement as it is based on unobservable inputs.

During July 2017, the Company acquired 60% of Print Appeal, Inc. (“Print Appeal”). See Note 13 for further discussion of the acquisition. Based on the terms of the acquisition agreement, the Company will acquire the remaining 40% interest in Print Appeal over the next six years and the Company’s liability for the estimated purchase price of such interest was $2,674 at September 30, 2017. The liability represents a Level 3 fair value measurement as it is based on unobservable inputs.

Note 11 – Earnings Per Share

Basic earnings per share are computed by dividing net income available for common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share are calculated based on the weighted average number of outstanding common shares plus the dilutive effect of stock options and warrants as if they were exercised.

A reconciliation between basic and diluted income per share is as follows:


	Three Months Ended September 30, 2017		Three Months Ended September 30, 2016		Nine Months Ended September 30, 2017		Nine Months Ended September 30, 2016
Net income	$	10,084	$	10,180	$	30,383	$	32,301
Weighted average shares—Basic		119,587,339		119,406,751		119,546,451		119,340,610
Effect of dilutive securities:
Warrants		—		—		—		—
Stock options		1,325,510		1,065,546		1,361,528		971,882

Weighted average shares—Diluted		120,912,849		120,472,297		120,907,979		120,312,492

Net income per common share—Basic	$	0.08	$	0.09	$	0.25	$	0.27

Net income per common share—Diluted	$	0.08	$	0.08	$	0.25	$	0.27

During the three months ended September 30, 2017 and September 30, 2016, 2,370,106 stock options and 2,276,695 stock options, respectively, were excluded from the calculation of net income per common share – diluted as they were anti-dilutive. Additionally, during the three months ended September 30, 2017 and September 30, 2016, 596,000 warrants and 0 warrants, respectively, were excluded from the calculation of net income per common share – diluted as they were anti-dilutive. During the nine months ended September 30, 2017 and September 30, 2016, 2,370,106 stock options and 2,276,695 stock options, respectively, were excluded from the calculation of net income per common share – diluted as they were anti-dilutive. Additionally, during the nine months ended September 30, 2017 and September 30, 2016, 596,000 warrants and 0 warrants, respectively, were excluded from the calculation of net income per common share – diluted as they were anti-dilutive.

Note 12 – Long-Term Obligations

Long-term obligations at September 30, 2017 and December 31, 2016 consisted of the following:


	September 30, 2017			December 31, 2016
Term Loan Credit Agreement	$	1,198,750		$	1,205,496
Capital lease obligations		3,298			2,912
Senior Notes		345,162			344,544

Total long-term obligations		1,547,210			1,552,952
Less: current portion		(13,064	)		(13,348	)

Long-term obligations, excluding current portion	$	1,534,146		$	1,539,604

Note 13 – Acquisitions

During January 2017, the Company acquired 18 franchise stores, which are located mostly in Louisiana and Alabama, for total consideration of approximately $15,000. The Company is in the process of finalizing purchase accounting.

During March 2017, the Company acquired 85% of the common stock of Granmark, S.A. de C.V. (“Granmark”), a Mexican manufacturer and wholesaler of party goods, for total consideration of approximately $22,000 (exclusive of $5,600 of cash acquired). On the acquisition date, Granmark had $6,456 of debt outstanding under various revolving credit facilities. The majority of the balance was repaid during the first quarter of 2017. The Company is in the process of finalizing purchase accounting. Based on the terms of the acquisition agreement, the Company is required to acquire the remaining 15% interest over a three to five year period and it has recorded a liability for the estimated purchase price of such interest, $3,342 at September 30, 2017.

Also, during March 2017, the Company acquired an additional 18 franchise stores, which are located in North Carolina and South Carolina, for total consideration of approximately $31,000. The Company is in the process of finalizing purchase accounting.

During April 2017, the Company paid approximately $3,500 for a 28% ownership interest in Punchbowl, Inc., a provider of digital greeting cards and digital invitations. The Company is accounting for the investment under the equity method of accounting.

During July 2017, the Company acquired 60% of the common stock of Print Appeal, Inc., a wholesaler of personalized cups, napkins, and other items, for total consideration of approximately $2,800. The Company is in the process of finalizing purchase accounting. Based on the terms of the acquisition agreement, the Company is required to acquire the remaining 40% interest over a four to six year period and it has recorded a liability for the estimated purchase price of such interest, $2,674 at September 30, 2017.

Note 14 – Organizational Restructuring

On March 15, 2017, the Company and its Chairman of the Board of Directors (“the Board”), Gerald Rittenberg, entered into a Transition and Consulting Agreement under which Mr. Rittenberg’s employment as Executive Chairman of the Company terminated effective March 31, 2017. Beginning on April 1, 2017 and continuing through December 31, 2020, unless earlier terminated as provided for in the agreement (the “Consulting Period”), Mr. Rittenberg will serve on a part-time basis as a non-employee senior adviser to the Company. Additionally, Mr. Rittenberg will remain as Chairman of the Board through the end of his existing director term (the Company’s 2018 annual meeting of shareholders) and, subsequently, he will be nominated by the Board to serve as a non-employee member of such Board throughout the remainder of the Consulting Period.

Under the Transition and Consulting Agreement, Mr. Rittenberg will receive payments from April 1, 2017 through December 31, 2017 in amounts equal to his base salary had he remained employed as Executive Chairman during such period (i.e., pay at an annual rate equal to $2,090). Additionally, he will remain eligible to receive an annual bonus for full-year 2017 based on the terms of the Company’s 2017 bonus plan and the terms of his previous employment agreement (a target amount equal to 80% of his 2017 base salary). Further, during 2018, Mr. Rittenberg will receive severance payments aggregating $2,049, which will be made in four equal quarterly installments. Finally, beginning on January 1, 2018 and for the remainder of the Consulting Period, Mr. Rittenberg will receive payments equal to $40 per month in consideration for his consulting services.

Additionally, under the Transition and Consulting Agreement, during the Consulting Period, Mr. Rittenberg’s existing unvested stock options will remain eligible to vest in accordance with their original terms and Mr. Rittenberg’s existing vested stock options will remain outstanding (also, in accordance with their original terms).

As a result of the Transition and Consulting Agreement, the Company recorded a $4,296 severance charge in general and administrative expenses during the nine months ended September 30, 2017. Such amount represents: (1) the amount that he will be paid from April 1, 2017 – December 31, 2017 that is above and beyond the fair value ($40 per month) of his consulting services during such period, $1,207, (2) an estimate of his bonus for the period from April 1, 2017 – December 31, 2017, $1,040, and (3) the severance to be paid during 2018, $2,049. Throughout the Consulting Period, the Company will record $40 per month in general and administrative expenses, such amount representing the fair value of his consulting services.

Additionally, as a result of the Transition and Consulting Agreement: (1) allowing Mr. Rittenberg’s existing unvested stock options to continue vesting (such options would have been forfeited had he left the Company) and (2) allowing his existing vested stock options to remain outstanding (had he left the Company, he would have only had 60 days to exercise vested options), during the three months ended March 31, 2017 the Company recorded a $1,362 charge in general and administrative expenses due to the modification of such options.

Also, during the nine months ended September 30, 2017, the Company recorded a $3,195 severance charge related to the restructuring of its Retail segment. Of such amount, $2,291 was recorded in retail operating expenses and $904 was recorded in general and administrative expenses. The majority of the severance was paid during the second quarter of 2017.

Note 15 – Kazzam, LLC

During the first quarter of 2017, the Company and Ampology, a subsidiary of Trivergence, reached an agreement to form a new legal entity, Kazzam, LLC (“Kazzam”), for the purpose of designing, developing and launching an online exchange platform for party-related services. The website will allow consumers to select, schedule and pay for various services (including entertainment, activities and food) all through a single portal.

Although the Company currently only owns 30% of Kazzam’s equity, the Company has concluded that: a) Kazzam is a variable interest entity as it has insufficient equity at risk and b) the Company is its primary beneficiary. Therefore, the Company has consolidated Kazzam into the Company’s financial statements. Further, as the Company is currently funding all of Kazzam’s start-up activities via a loan to Kazzam (which will be repaid when the venture is profitable), the Company is recording 100% of Kazzam’s operating results in “development stage expenses” in the Company’s consolidated statement of operations and comprehensive income.

Additionally, as part of Ampology’s compensation for designing, developing and launching the exchange platform, Ampology has received a 70% ownership interest in Kazzam and a warrant to acquire 596,000 shares of Party City Holdco Inc. stock. During the nine months ended September 30, 2017, Kazzam recognized $3,000 of expense related to the fair value of the 70% interest. Additionally, during such period, Kazzam recorded $286 of expense related to the warrant. The amounts were recorded in “development stage expenses” in the Company’s consolidated statement of operations and comprehensive income. The 70% interest has been recorded as redeemable securities in the Company’s consolidated balance sheet as, in the future, Ampology has the right to cause the Company to purchase the interest. The warrant has an exercise price of $15.60 and a fair value of $2,544, which is being amortized over four years.

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

References throughout this document to the “Company” include Party City Holdco Inc. and its subsidiaries. In this document the words “we,” “our,” “ours” and “us” refer only to the Company and its subsidiaries and not to any other person.

Business Overview

Our Company

We are the leading party goods retailer by revenue in North America and, we believe, the largest vertically integrated supplier of decorated party goods globally by revenue. With over 900 locations (inclusive of approximately 150 franchised stores), we have the only coast-to-coast network of party superstores in the U.S. and Canada that make it easy and fun to enhance special occasions with a differentiated shopping experience and an unrivaled assortment of innovative and exciting merchandise offered at a compelling value. We also operate multiple e-commerce sites, principally under the domain name PartyCity.com, and during the Halloween selling season we open a network of approximately 250 - 300 temporary stores under the Halloween City banner.

In addition to our retail operations, we are also one of the largest global designers, manufacturers and distributors of decorated party supplies, with products found in over 40,000 retail outlets worldwide, including independent party supply stores, mass merchants, grocery retailers and dollar stores. Our products are available in over 100 countries with the United Kingdom (“U.K.”), Germany, Mexico and Australia among the largest end markets for our products outside of the U.S..

During the first quarter of 2017, the Company and Ampology, a subsidiary of Trivergence, reached an agreement to form a new legal entity for the purpose of designing, developing and launching an online exchange platform for party-related services. The website will allow consumers to select, schedule and pay for various services (including entertainment, activities and food) all through a single portal.

How We Assess the Performance of Our Company

In assessing the performance of our company, we consider a variety of performance and financial measures for our two operating segments, Retail and Wholesale. These key measures include revenues and gross profit, comparable retail same-store sales and operating expenses. We also review other metrics such as adjusted net income (loss), adjusted net income (loss) per common share – diluted and adjusted EBITDA. For a discussion of our use of these measures and a reconciliation of adjusted net income (loss) and adjusted EBITDA to net income (loss), please refer to “Financial Measures—Adjusted EBITDA,” “Financial Measures—Adjusted Net Income (Loss)” and “Financial Measures—Adjusted Net Income (Loss) Per Common Share – Diluted” below.

Segments

Our retail operations generate revenue primarily through the sale of Amscan, Designware, Anagram, Costumes USA and other party supplies through Party City, Halloween City and PartyCity.com. During 2016, approximately 77% of the product that was sold by our retail operations was supplied by our wholesale operations.

Our wholesale revenues are generated from the sale of party goods for all occasions, including paper and plastic tableware, accessories and novelties, costumes, metallic and latex balloons and stationery. Our products are sold at wholesale to party goods superstores, including our franchise stores, other party goods retailers, mass merchants, independent card stores, dollar stores and other retailers and distributors throughout the world.

Intercompany sales between the Wholesale and the Retail segment are eliminated, and the wholesale profits on intercompany sales are deferred and realized at the time the merchandise is sold to the retail consumer. For segment reporting purposes, certain general and administrative expenses and art and development costs are allocated based on total revenues.

Financial Measures

Revenues. Revenues from retail store operations are recognized at point of sale. We estimate future retail sales returns and record a provision in the period in which the related sales are recorded based on historical information. E-commerce sales are recorded on a FOB destination basis and include shipping revenues. Retail sales are reported net of taxes collected. Franchise royalties are recognized based on reported franchise retail sales. Additionally, fees paid by franchisees when franchise stores are opened are recognized upon the completion of our performance requirements and the opening of the franchise store.

Revenues from our wholesale operations represent the sale of our products to third parties, less rebates, discounts and other allowances. The terms of our wholesale sales are generally FOB shipping point, and revenue is recognized when goods are shipped. We estimate reductions to revenues for volume-based rebate programs and subsequent credits at the time sales are recognized. Intercompany sales from our wholesale operations to our retail stores are eliminated in our consolidated total revenues.

Comparable Retail Same-Store Sales. The growth in same-store sales represents the percentage change in same-store sales in the period presented compared to the prior year. Same-store sales exclude the net sales of a store for any period if the store was not open during the same period of the prior year. Acquired stores are excluded from same-store sales until they are converted to the Party City format and included in our sales for the comparable period of the prior year. Comparable sales are calculated based upon stores that were open at least thirteen full months as of the end of the applicable reporting period. When a store is reconfigured or relocated within the same general territory, the store continues to be treated as the same store. If, during the period presented, a store was closed, sales from that store up to and including the closing day are included as same-store sales as long as the store was open during the same period of the prior year. Same-store sales for the Party City brand include North American retail e-commerce sales.

Cost of Sales. Cost of sales at wholesale reflects the production costs (i.e., raw materials, labor and overhead) of manufactured goods and the direct cost of purchased goods, inventory shrinkage at both retail and wholesale, inventory adjustments, inbound freight to our manufacturing and distribution facilities, distribution costs and outbound freight to get goods to our wholesale customers. At retail, cost of sales reflects the direct cost of goods purchased from third parties and the production or purchase costs of goods acquired from our wholesale operations. Retail cost of sales also includes inventory shrinkage, inventory adjustments, inbound freight, occupancy costs related to store operations (such as rent and common area maintenance, utilities and depreciation on assets) and all logistics costs associated with our retail e-commerce business.

Our cost of sales increases in higher volume periods as the direct costs of manufactured and purchased goods, inventory shrinkage and freight are generally tied to net sales. However, other costs are largely fixed or vary based on other factors and do not necessarily increase as sales volume increases. Changes in the mix of our products may also impact our overall cost of sales. The direct costs of manufactured and purchased goods are influenced by raw material costs (principally paper, petroleum-based resins and cotton), domestic and international labor costs in the countries where our goods are purchased or manufactured and logistics costs associated with transporting our goods. We monitor our inventory levels on an on-going basis in order to identify slow-moving goods.

Wholesale Selling Expenses. Wholesale selling expenses include the costs associated with our wholesale sales and marketing efforts, including merchandising and customer service. Costs include the salaries and benefits of the related work force, including sales-based bonuses and commissions. Other costs include catalogues, showroom rent, travel and other operating costs. Certain selling expenses, such as sales-based bonuses and commissions, vary in proportion to sales, while other costs vary based on other factors, such as our marketing efforts, or are largely fixed and do not necessarily increase as sales volumes increase.

Retail Operating Expenses. Retail operating expenses include all of the costs associated with retail store operations, excluding occupancy-related costs included in cost of sales. Costs include store payroll and benefits, advertising, supplies and credit card costs. Retail expenses are largely variable but do not necessarily vary in proportion to net sales.

Franchise Expenses. Franchise expenses include the costs associated with operating our franchise network, including salaries and benefits of the administrative work force and other administrative costs. These expenses generally do not vary proportionally with royalties and franchise fees.

General and Administrative Expenses. General and administrative expenses include all operating costs not included elsewhere in the statement of operations and comprehensive income (loss). These expenses include payroll and other expenses related to operations at our corporate offices, including occupancy costs, related depreciation and amortization, legal and professional fees and data-processing costs. These expenses generally do not vary proportionally with net sales.

Art and Development Costs. Art and development costs include the costs associated with art production, creative development and product management. Costs include the salaries and benefits of the related work force. These expenses generally do not vary proportionally with net sales.

Development Stage Expenses. Represents start-up activities related to Kazzam, LLC. See footnote 15 of the consolidated financial statements in Item 1 for further discussion.

Adjusted EBITDA. We define EBITDA as net income (loss) before interest expense, net, income taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA, as further adjusted to eliminate the impact of certain items that we do not consider indicative of our core operating performance. We caution investors that amounts presented in accordance with our definition of Adjusted EBITDA may not be comparable to similar measures disclosed by other issuers, because not all issuers calculate Adjusted EBITDA in the same manner. We believe that Adjusted EBITDA is an appropriate measure of operating performance in addition to EBITDA because we believe it assists investors in comparing our performance across reporting periods on a consistent basis by eliminating the impact of items that we do not believe are indicative of our core operating performance. In addition, we use Adjusted EBITDA: (i) as a factor in determining incentive compensation, (ii) to evaluate the effectiveness of our business strategies, and (iii) because the credit facilities use Adjusted EBITDA to measure compliance with certain covenants.

Adjusted Net Income (Loss). Adjusted net income (loss) represents our net income (loss), adjusted for, among other items, intangible asset amortization, non-cash purchase accounting adjustments, amortization of deferred financing costs and original issue discounts, refinancing charges, equity based compensation and impairment charges. We present adjusted net income because we believe it assists investors in comparing our performance across reporting periods on a consistent basis by eliminating the impact of items that we do not believe are indicative of our core operating performance.

Adjusted Net Income (Loss) Per Common Share – Diluted. Adjusted net income (loss) per common share – diluted represents adjusted net income (loss) divided by the Company’s diluted weighted average common shares outstanding. We present the metric because we believe it assists investors in comparing our per share performance across reporting periods on a consistent basis by eliminating the impact of items that we do not believe are indicative of our core operating performance.

Results of Operations

Three Months Ended September 30, 2017 Compared To Three Months Ended September 30, 2016

The following table sets forth the Company’s operating results and operating results as a percentage of total revenues for the three months ended September 30, 2017 and 2016.


	Three Months Ended September 30,
	2017				2016
	(Dollars in thousands)
Revenues:
Net sales	$	557,350	99.5	%	$	553,382		99.4	%
Royalties and franchise fees		2,759	0.5			3,568		0.6

Total revenues		560,109	100.0			556,950		100.0
Expenses:
Cost of sales		357,523	63.8			356,662		64.0
Wholesale selling expenses		16,274	2.9			14,739		2.7
Retail operating expenses		100,739	18.0			100,746		18.1
Franchise expenses		3,636	0.6			3,370		0.6
General and administrative expenses		37,971	6.8			38,972		7.0
Art and development costs		5,898	1.1			5,543		1.0
Development stage expenses		680	0.1			—		0.0

Total expenses		522,721	93.3			520,032		93.4

Income from operations		37,388	6.7			36,918		6.6
Interest expense, net		23,228	4.1			22,424		4.0
Other expense (income), net		593	0.1			(905	)	(0.2	)

Income before income taxes		13,567	2.4			15,399		2.8
Income tax expense		3,483	0.6			5,219		1.0

Net income	$	10,084	1.8	%	$	10,180		1.8	%

Net income per common share – Basic	$	0.08			$	0.09
Net income per common share – Diluted	$	0.08			$	0.08

Revenues

Total revenues for the third quarter of 2017 were $560.1 million and were $3.2 million, or 0.6%, higher than the third quarter of 2016. The following table sets forth the Company’s total revenues for the three months ended September 30, 2017 and 2016.


	Three Months Ended September 30,
	2017						2016
	Dollars in Thousands			Percentage of Total Revenues			Dollars in Thousands			Percentage of Total Revenues
Net Sales:
Wholesale	$	381,858			68.2	%	$	416,387			74.8	%
Eliminations		(188,565	)		(33.7	)%		(210,562	)		(37.8	)%

Net wholesale		193,293			34.5	%		205,825			37.0	%
Retail		364,057			65.0	%		347,557			62.4	%

Total net sales		557,350			99.5	%		553,382			99.4	%
Royalties and franchise fees		2,759			0.5	%		3,568			0.6	%

Total revenues	$	560,109			100.0	%	$	556,950			100.0	%

Retail

Retail net sales during the third quarter of 2017 were $364.1 million and increased $16.5 million, or 4.7%, compared to the third quarter of 2016. Retail net sales at our Party City stores totaled $324.8 million and were $19.2 million, or 6.3%, higher than 2016 as franchise store acquisitions and new store growth were partially offset by negative same-store sales (see below for further detail). During the twelve months ended September 30, 2017, we acquired 36 franchise stores and 1 independent store, opened 28 new stores and closed 8 stores. Global retail e-commerce sales totaled $34.1 million during the third quarter of 2017 and were $1.7 million, or 4.7%, lower than during the corresponding quarter of 2016. The North American e-commerce sales that are included in our Party City brand comp decreased by 9.9% during the third quarter (see below for further detail). Sales at our temporary Halloween City stores were $5.2 million during the third quarter of 2017 or $1.0 million lower than the corresponding quarter of 2016 due, in part, to stores opening later than last year.

Same-store sales for the Party City brand (including North American retail e-commerce sales) decreased by 2.6% during the third quarter of 2017, principally due to the adverse effects of Hurricanes Harvey and Irma, which negatively impacted brand comp sales by approximately 140 basis points.

Excluding the impact of e-commerce, same-store sales decreased by 1.8% as a 2.2% decrease in transaction count was partially offset by a 0.4% increase in average transaction dollar size. Hurricane Harvey and Hurricane Irma adversely impacted same-store sales by approximately 130 basis points.

The North American retail e-commerce sales included in our Party City brand comp decreased by 9.9% due to a 9.1% decrease in transaction count and a 0.8% decrease in average transaction dollar size. Hurricane Harvey and Hurricane Irma adversely impacted the percentage by approximately 140 basis points. The remainder of the decrease in transaction count reflects lower traffic as customer conversion levels were consistent with the corresponding quarter of the prior year. The decrease in average transaction dollar size was principally due to increased promotional activity as units per transaction increased by approximately 3% versus the third quarter of 2016.

Same-store sales percentages were not affected by foreign currency as such percentages are calculated in local currency.

Wholesale

Wholesale net sales during the third quarter of 2017 totaled $193.3 million and were $12.5 million, or 6.1%, lower than the third quarter of 2016. Net sales to domestic party goods retailers and distributors (including our franchisee network) totaled $80.8 million and were $18.3 million, or 18.5%, lower than during 2016. The decrease was partially due to our acquisition of 36 franchise stores during the first quarter of 2017; as post-acquisition sales to such stores (approximately $10 million during the third quarter of 2016) are now eliminated as intercompany sales. Additionally, sales to existing franchisees decreased versus the corresponding quarter of 2016, principally due to carryover inventory from the 2016 Halloween selling season. Further, gift product sales decreased by approximately $1 million due to the continued de-emphasis and product-line refinement of our Grasslands Road gift business. Net sales of metallic balloons to domestic distributors and retailers (including our franchisee network) totaled $19.2 million during the third quarter of 2017 and were $0.7 million, or 3.8%, higher than during the corresponding quarter of 2016. Our international sales

(which include U.S. export sales and exclude U.S. import sales from foreign subsidiaries) totaled $93.3 million and were $5.1 million, or 5.8%, higher than in 2016. Our growth was largely driven by the acquisition of Granmark S.A. de C.V. (“Granmark”) in Q1 of this year, as well as continued strong performance in the U.K. and German markets.

Intercompany sales to our retail affiliates totaled $188.6 million during the third quarter of 2017 and were $22.0 million, or 10.4%, lower than during the corresponding quarter of 2016. Intercompany sales represented 49.4% of total wholesale sales during the third quarter of 2017, compared to 50.6% during 2016. The decrease in intercompany sales was due to carryover inventory from the 2016 Halloween selling season. The intercompany sales of our wholesale segment are eliminated against the intercompany purchases of our retail segment in the consolidated financial statements.

Royalties and franchise fees

Royalties and franchise fees for the third quarter of 2017 totaled $2.8 million and were $0.8 million lower than during the third quarter of 2016 principally due to the acquisition of 36 franchise stores during the first quarter of 2017.

Gross Profit

The following table sets forth the Company’s gross profit for the three months ended September 30, 2017 and September 30, 2016.


	Three Months Ended September 30,
	2017					2016
	Dollars in Thousands		Percentage of Net Sales			Dollars in Thousands		Percentage of Net Sales
Retail	$	141,334		38.8	%	$	133,177		38.3	%
Wholesale		58,493		30.3			63,543		30.9

Total	$	199,827		35.9	%	$	196,720		35.5	%

The gross profit margin on net sales at retail during the third quarter of 2017 was 38.8%. Such percentage was 50 basis points higher than during the third quarter of 2016. The benefits of increased share of shelf (i.e., the percentage of our retail product cost of sales supplied by our wholesale operations) and reduced product costs were partially offset by increased promotional activities. Our wholesale share of shelf at our Party City stores and our North American retail e-commerce operations increased from 75.1% during the third quarter of 2016 to 78.0% during the third quarter of 2017.

The gross profit on net sales at wholesale during 2017 and 2016 was 30.3% and 30.9%, respectively. The decrease was principally due to sales mix (including increased international sales) and de-leveraging of our fixed distribution costs due to the lower overall sales levels.

Operating expenses

Wholesale selling expenses were $16.3 million during the third quarter of 2017 and $14.7 million during the corresponding quarter of 2016. The increase was due to approximately $1.5 million of selling costs at Granmark (acquired in March 2017). Wholesale selling expenses were 8.4% and 7.2% of net wholesale sales during the third quarters of 2017 and 2016, respectively. See above for a discussion of the decrease in net wholesale sales.

Retail operating expenses during the third quarter of 2017 were $100.7 million and were principally consistent with the third quarter of 2016. The impact of the higher store count (discussed above) was offset by further realized savings associated with improved labor productivity and efficiency in our stores and slightly lower advertising costs. Retail operating expenses were 27.7% and 29.0% of net retail sales during the third quarters of 2017 and 2016, respectively.

Franchise expenses during the third quarters of 2017 and 2016 were $3.6 million and $3.4 million, respectively.

General and administrative expenses during the third quarter of 2017 totaled $38.0 million and were $1.0 million, or 2.6%, lower than in the third quarter of 2016. Lower executive compensation was partially offset by inflationary cost increases. General and administrative expenses as a percentage of total revenues were 6.8% and 7.0% during the third quarters of 2017 and 2016, respectively.

Art and development costs were $5.9 million and $5.5 million during the third quarters of 2017 and 2016, respectively.

Development stage expenses represent start-up costs related to Kazzam (see footnote 15 to the Company’s consolidated financial statements for further detail).

Interest expense, net

Interest expense, net, totaled $23.2 million during the third quarter of 2017, compared to $22.4 million during the third quarter of 2016. The increase principally relates to adjustments to the Company’s minority interest liabilities for Print Appeal and ACIM (see footnote 10 to the Company’s consolidated financial statements for further detail). The adjustments were partially offset by the impact of a $100 million prepayment of the Company’s Term Loan Credit Agreement during the Company’s October 2016 refinancing; as well as the impact of the credit spread on such debt being reduced by 25 basis points at such time.

Other expense (income), net

For the third quarter of 2017, other expense, net, totaled $0.6 million.

For the third quarter of 2016, other income, net, totaled $0.9 million. Such amount principally represented foreign currency transaction gains.

Income tax expense

The effective income tax rate for the three months ended September 30, 2017, 25.7%, is lower than the effective rate for the three months ended September 30, 2016, 33.9%, principally due to discrete items related to uncertain tax positions, stock option exercises and return-to-provision adjustments. The impact of such items was partially offset by the effect of state tax rate changes on deferred tax liabilities.

Nine Months Ended September 30, 2017 Compared To Nine Months Ended September 30, 2016

The following table sets forth the Company’s operating results and operating results as a percentage of total revenues for the nine months ended September 30, 2017 and 2016.


	Nine Months Ended September 30,
	2017				2016
	(Dollars in thousands)
Revenues:
Net sales	$	1,572,966	99.4	%	$	1,523,094		99.3	%
Royalties and franchise fees		9,020	0.6			11,009		0.7

Total revenues		1,581,986	100.0			1,534,103		100.0
Expenses:
Cost of sales		978,142	61.8			952,294		62.1
Wholesale selling expenses		47,946	3.0			45,854		2.9
Retail operating expenses		281,981	17.8			278,070		18.1
Franchise expenses		10,666	0.7			10,507		0.7
General and administrative expenses		125,763	7.9			115,828		7.6
Art and development costs		17,638	1.1			16,596		1.1
Development stage expenses		7,092	0.4			—		0.0

Total expenses		1,469,228	92.9			1,419,149		92.5

Income from operations		112,758	7.1			114,954		7.5
Interest expense, net		65,214	4.1			67,857		4.4
Other expense (income), net		860	0.1			(4,107	)	(0.2	)

Income before income taxes		46,684	3.0			51,204		3.3
Income tax expense		16,301	1.0			18,903		1.2

Net income	$	30,383	1.9	%	$	32,301		2.1	%

Net income per common share – Basic	$	0.25			$	0.27
Net income per common share – Diluted	$	0.25			$	0.27

Revenues

Total revenues for the first nine months of 2017 were $1,582.0 million and were $47.9 million, or 3.1%, higher than the corresponding period of 2016. The following table sets forth the Company’s total revenues for the nine months ended September 30, 2017 and 2016.


	Nine Months Ended September 30,
	2017						2016
	Dollars in Thousands			Percentage of Total Revenues			Dollars in Thousands			Percentage of Total Revenues
Net Sales:
Wholesale	$	929,255			58.7	%	$	945,071			61.6	%
Eliminations		(459,416	)		(29.0	)%		(465,189	)		(30.3	)%

Net wholesale		469,839			29.7	%		479,882			31.3	%
Retail		1,103,127			69.7	%		1,043,212			68.0	%

Total net sales		1,572,966			99.4	%		1,523,094			99.3	%
Royalties and franchise fees		9,020			0.6	%		11,009			0.7	%

Total revenues	$	1,581,986			100.0	%	$	1,534,103			100.0	%

Retail

Retail net sales during the first nine months of 2017 were $1,103.1 million and increased $59.9 million, or 5.7%, compared to the first nine months of 2016. Retail net sales at our Party City stores totaled $993.7 million and were $59.4 million, or 6.4%, higher than 2016 as franchise store acquisitions and new store growth were partially offset by negative same-store sales (see below for further detail). During the twelve months ended September 30, 2017, we acquired 36 franchise stores and 1 independent store, opened 28 new stores and closed 8 stores. Global retail e-commerce sales totaled $104.2 million during the first nine months of 2017 and were $1.5 million, or 1.5%, higher than during the corresponding period of 2016, driven by strong international e-commerce sales. Sales at our temporary Halloween City stores were $5.2 million during the period or $1.0 million lower than the corresponding period of 2016 partially due to the fact that we opened stores later this year than a year ago.

Same-store sales for the Party City brand (including North American retail e-commerce sales) decreased by 0.3%, largely a result of the adverse impact of Hurricanes Harvey and Irma, which adversely impacted brand comp sales by approximately 50 basis points.

Excluding the impact of e-commerce, same-store sales decreased by 0.3% as a 0.9% decrease in transaction count was partially offset by a 0.6% increase in average transaction dollar size. Hurricane Harvey and Hurricane Irma adversely impacted same-store sales by approximately 40 basis points.

The North American retail e-commerce sales included in our Party City brand comp increased by 0.1% as a 2.9% increase in transaction count was mostly offset by a decrease in average transaction dollar size. Hurricane Harvey and Hurricane Irma adversely impacted the percentage by approximately 50 basis points. The increase in e-commerce transaction count reflects higher customer conversion levels versus the same period of last year. The decrease in average transaction dollar size principally relates to lower units, largely a reflection of lower free-freight promotional thresholds.

Same-store sales percentages were not affected by foreign currency as such percentages are calculated in local currency.

Wholesale

Wholesale net sales during the first nine months of 2017 totaled $469.8 million and were $10.0 million, or 2.1%, lower than during 2016. Net sales to domestic party goods retailers and distributors (including our franchisee network) totaled $204.4 million and were $32.3 million, or 13.6%, lower than during the first nine months of 2016. The decrease was principally due to our acquisition of 36 franchise stores during the first quarter of 2017; as post-acquisition sales to such stores (approximately $19 million during the first nine months of 2016) are now eliminated as intercompany sales. Additionally, sales to existing franchisees decreased versus the corresponding period of 2016, principally due to carryover inventory from the 2016 Halloween selling season. Further, gift product sales decreased by approximately $3 million due to the continued de-emphasis and product-line refinement of our Grasslands Road gift business. Net sales of metallic balloons to domestic distributors and retailers (including our franchisee network) totaled $62.4 million during the first nine months of 2017 and were $3.7 million, or 6.3%, higher than during the corresponding period of 2016 primarily due to stronger Valentine’s Day sales, in part due to the timing of certain shipments. Our international sales (which include U.S. export sales and exclude U.S. import sales from foreign subsidiaries) totaled $203.0 million and were $18.6 million, or 10.1%, higher than in 2016, despite a $4.9 million negative impact from foreign currency translation during the first nine months of 2017. This growth was attributable to two acquisitions and further expansion of our store-in-store concept with key retailers.

Intercompany sales to our retail affiliates totaled $459.4 million during the first nine months of 2017 and were $5.8 million, or 1.2%, lower than during the corresponding period of 2016. Intercompany sales represented 49.4% of total wholesale sales during the first nine months of 2017, compared to 49.2% during 2016. The decrease in intercompany sales was due to carryover inventory from the 2016 Halloween selling season. The intercompany sales of our wholesale segment are eliminated against the intercompany purchases of our retail segment in the consolidated financial statements.

Royalties and franchise fees

Royalties and franchise fees for the first nine months of 2017 totaled $9.0 million and were $2.0 million, or 18.1%, lower than during the first nine months of 2016 principally due to the acquisition of 36 franchise stores during the first quarter of 2017.

Gross Profit

The following table sets forth the Company’s gross profit for the nine months ended September 30, 2017 and September 30, 2016.


	Nine Months Ended September 30,
	2017					2016
	Dollars in Thousands		Percentage of Net Sales			Dollars in Thousands		Percentage of Net Sales
Retail	$	447,787		40.6	%	$	419,283		40.2	%
Wholesale		147,037		31.3			151,517		31.6

Total	$	594,824		37.8	%	$	570,800		37.5	%

The gross profit margin on net sales at retail during the first nine months of 2017 was 40.6%. Such percentage was 40 basis points higher than during the corresponding period of 2016. The benefits of increased share of shelf (i.e., the percentage of our retail product cost of sales supplied by our wholesale operations) and reduced product costs were partially offset by increased promotional activities. Our wholesale share of shelf at our Party City stores and our North American retail e-commerce operations increased from 75.9% during the first nine months of 2016 to 78.0% during the first nine months of 2017.

The gross profit on net sales at wholesale during 2017 and 2016 was 31.3% and 31.6%, respectively. The decrease was principally due to the strengthening of the U.S. Dollar and its unfavorable impact on certain of our international subsidiaries that purchase product in U.S. Dollars and sell in local currency. Benefits associated with continued improvements in our sourcing efforts were offset by the impact of sales mix (including increased international sales) and de-leveraging of our fixed distribution costs due to the lower overall sales levels.

Operating expenses

Wholesale selling expenses were $47.9 million during the first nine months of 2017 and $45.9 million during the corresponding period of 2016. Approximately $3 million of selling costs at Granmark (acquired in March 2017) and inflationary cost increases were partially offset by favorable foreign currency translation ($0.7 million) and lower intangible asset amortization. Wholesale selling expenses were 10.2% and 9.6% of net wholesale sales during the first nine months of 2017 and 2016, respectively. See above for a discussion of the decrease in net wholesale sales.

Retail operating expenses during the first nine months of 2017 were $282.0 million and were $3.9 million, or 1.4%, higher than during the first nine months of 2016. The impact of the increased store count (discussed above) and inflationary cost increases were mostly offset by realized savings associated with improved labor productivity and efficiency in our stores and lower advertising expenses. Retail operating expenses were 25.6% and 26.7% of net retail sales during the first nine months of 2017 and 2016, respectively.

Franchise expenses during the first nine months of 2017 and 2016 were $10.7 million and $10.5 million, respectively.

General and administrative expenses during the first nine months of 2017 totaled $125.8 million and were $9.9 million, or 8.6%, higher than in the first nine months of 2016. In conjunction with the Transition and Consulting Agreement disclosed in Note 14 to our consolidated financial statements, during the first nine months of 2017 we recorded a $5.7 million severance charge, $1.4 million of which related to equity-based compensation. Additionally, as part of a retail restructuring (also disclosed in Note 14), during the first nine months of 2017 we recorded $0.9 million of severance expense for employees of our retail segment. The remainder of the variance versus the first nine months of 2016 was principally due to inflationary cost increases and administrative costs at Granmark (acquired in March 2017). General and administrative expenses as a percentage of total revenues increased from 7.6% in 2016 to 7.9% in 2017 due to the severance.

Art and development costs were $17.6 million and $16.6 million during the first nine months of 2017 and 2016, respectively. Such amounts represent 1.1% of total revenues in both periods.

Development stage expenses represent start-up costs related to Kazzam (see footnote 15 to the Company’s consolidated financial statements for further detail).

Interest expense, net

Interest expense, net, totaled $65.2 million during the first nine months of 2017, compared to $67.9 million during the first nine months of 2016. The decrease principally reflects a $100 million prepayment of the Company’s Term Loan Credit Agreement during the Company’s October 2016 refinancing; as well as the impact of the credit spread on such debt being reduced by 25 basis points at such time.

Other expense (income), net

For the first nine months of 2017, other expense, net, totaled $0.9 million.

During the corresponding period of 2016, other income, net, totaled $4.1 million. Such amount included $6.9 million of foreign currency transaction gains, primarily the impact of the change in the U.S. Dollar from December 31, 2015 to September 30, 2016 and the corresponding re-measurement of the U.S. dollar-denominated receivables and payables of our foreign operations.

Income tax expense

Adjusted EBITDA, Adjusted Net Income and Adjusted Net Income per Common Share – Diluted

The Company presents adjusted EBITDA, adjusted net income and adjusted net income per common share—diluted as supplemental measures of its operating performance. The Company defines EBITDA as net income (loss) before interest expense, net, income taxes, depreciation and amortization and defines adjusted EBITDA as EBITDA, as further adjusted to eliminate the impact of certain items that the Company does not consider indicative of our core operating performance. These further adjustments are itemized below. Adjusted net income represents the Company’s net income (loss) adjusted for, among other items, intangible asset amortization, non-cash purchase accounting adjustments, amortization of deferred financing costs and original issue discounts, equity based compensation, and impairment charges. Adjusted net income per common share – diluted represents adjusted net income divided by diluted weighted average common shares outstanding. The Company presents these measures as supplemental measures of its operating performance. You are encouraged to evaluate these adjustments and the reasons the Company considers them appropriate for supplemental analysis. In evaluating the measures, you should be aware that in the future the Company may incur expenses that are the same as, or similar to, some of the adjustments in this presentation. The Company’s presentation of adjusted EBITDA, adjusted net income and adjusted net income per common share-diluted should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items. The Company presents the measures because the Company believes they assist investors in comparing the Company’s performance across reporting periods on a consistent basis by eliminating items that the Company does not believe are indicative of its core operating performance. In addition, the Company uses adjusted EBITDA: (i) as a factor in determining incentive compensation, (ii) to evaluate the effectiveness of its business strategies and (iii) because its credit facilities use adjusted EBITDA to measure compliance with certain covenants. The Company also believes that adjusted net income and adjusted net income per common share—diluted are helpful benchmarks to evaluate its operating performance.

Adjusted EBITDA, adjusted net income, and adjusted net income per common share—diluted have limitations as analytical tools. Some of these limitations are:

•

they do not reflect the Company’s cash expenditures or future requirements for capital expenditures or contractual commitments;

•

they do not reflect changes in, or cash requirements for, the Company’s working capital needs;

•

adjusted EBITDA does not reflect the significant interest expense, or the cash requirements necessary to service interest or principal payments, on the Company’s indebtedness;

•

although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future, and adjusted EBITDA does not reflect any cash requirements for such replacements;

•

non-cash compensation is and will remain a key element of the Company’s overall long-term incentive compensation package, although the Company excludes it as an expense when evaluating its core operating performance for a particular period;

•

they do not reflect the impact of certain cash charges resulting from matters the Company considers not to be indicative of its ongoing operations; and

•

other companies in the Company’s industry may calculate adjusted EBITDA, adjusted net income and adjusted net income per common share differently than the Company does, limiting its usefulness as a comparative measure.

Because of these limitations, adjusted EBITDA, adjusted net income and adjusted net income per common share – diluted should not be considered in isolation or as substitutes for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using adjusted EBITDA, adjusted net income and adjusted net income per common share – diluted only on a supplemental basis. The reconciliations from net income (loss) to adjusted EBITDA and income (loss) before income taxes to adjusted net income (loss) for the periods presented are as follows:


	Three Months Ended September 30, 2017			Three Months Ended September 30, 2016			Nine Months Ended September 30, 2017			Nine Months Ended September 30, 2016
(Dollars in thousands)
Net income	$	10,084		$	10,180		$	30,383		$	32,301
Interest expense, net		23,228			22,424			65,214			67,857
Income taxes		3,483			5,219			16,301			18,903
Depreciation and amortization		20,694			20,015			62,519			61,186

EBITDA		57,489			57,838			174,417			180,247
Non-cash purchase accounting adjustments		1,500			—			6,350			3,689
Restructuring, retention and severance (a)		212			92			8,839			254
Deferred rent (b)		2,719			7,095			5,634			12,240
Closed store expense (c)		1,285			971			4,164			2,927
Foreign currency losses (gains), net		36			(1,767	)		(1,684	)		(6,945	)
Employee equity based compensation (d)		630			948			3,852			2,829
Non-employee equity based compensation (e)		21			—			3,286			—
Undistributed loss (income) in unconsolidated joint ventures		134			113			(92	)		380
Corporate development (f)		1,634			683			6,078			1,895
Hurricane-related costs		385			—			385			—
Other		84			61			562			118

Adjusted EBITDA	$	66,129		$	66,034		$	211,791		$	197,634


	Three Months Ended September 30, 2017			Three Months Ended September 30, 2016			Nine Months Ended September 30, 2017			Nine Months Ended September 30, 2016
(Dollars in thousands, except per share amounts)
Income before income taxes	$	13,567		$	15,399		$	46,684		$	51,204
Intangible asset amortization		3,879			4,049			11,704			12,182
Non-cash purchase accounting adjustments (g)		2,241			(102	)		8,165			4,991
Amortization of deferred financing costs and original issuance discounts		1,240			1,277			3,699			3,821
Restructuring, retention and severance (a)		(323	)		—			7,491			—
Non-employee equity based compensation (e)		21			—			3,286			—
Hurricane-related costs		385			—			385			—
Employee equity based compensation (d)		630			948			3,852			2,829

Adjusted income before income taxes		21,640			21,571			85,266			75,027
Adjusted income tax expense (h)		6,467			7,568			30,713			27,918

Adjusted net income	$	15,173		$	14,003		$	54,553		$	47,109

Adjusted net income per common share –diluted	$	0.13		$	0.12		$	0.45		$	0.39

Weighted-average number of common shares-diluted		120,912,849			120,472,297			120,907,979			120,312,492

(a)

The “restructuring, retention and severance” amounts in the adjusted net income table relate entirely to an organizational restructuring which took place during the first quarter of 2017 and which consisted of: a) the Company entering into a Transition and Consulting Agreement with Gerry Rittenberg and b) a restructuring of the Company’s retail segment. See Note 14 for further discussion. The “restructuring, retention and severance” amounts in the adjusted EBITDA table also include additional restructuring, retention and severance charges incurred by the Company and excluded from the definition of adjusted EBITDA in the Company’s credit facilities (see above for a discussion of the Company’s use of adjusted EBITDA).

(b)	The deferred rent adjustment reflects the difference between accounting for rent and landlord incentives in accordance with GAAP and the Company’s actual cash outlay for such items.

(c)	Charges incurred related to closing underperforming stores.

(d)	The first quarter of 2017 includes a $1,362 stock option modification charge for Gerald Rittenberg. See Note 14 for further discussion.

(e)	Principally represents shares of Kazzam awarded to Ampology as compensation for Ampology’s services. See Note 15 for further discussion.

(f)	Primarily represents start-up costs for Kazzam (see Note 15 for further discussion) and third-party costs related to acquisitions (principally legal expenses).

(g)

On July 27, 2012, PC Merger Sub, Inc., which was our wholly-owned indirect subsidiary, merged into Party City Holdings Inc. (“PCHI”), with PCHI being the surviving entity (the “Transaction”). As a result of the Transaction, the Company applied the acquisition method of accounting and increased the value of certain property, plant and equipment. The impact of such adjustments on depreciation expense increased the Company’s expenses. These property, plant and equipment depreciation amounts are included in “Non-cash purchase accounting adjustments” for purposes of calculating “adjusted net income,” but are excluded from “Non-cash purchase accounting adjustments” for purposes of calculating adjusted EBITDA since they are included in depreciation expense.

(h)

Represents income tax expense/benefit after excluding the specific tax impacts for each of the pre-tax adjustments. The tax impacts for each of the adjustments were determined by applying to the pre-tax adjustments the effective income tax rates for the specific legal entities in which the adjustments were recorded.

Liquidity

During 2015, the Company replaced its then-existing debt with indebtedness consisting of: (i) a senior secured term loan facility (“Term Loan Credit Agreement”), (ii) a $540 million asset-based revolving credit facility (with a seasonal increase to $640 million during a certain period of each calendar year) (“ABL Facility”) and (iii) $350 million of 6.125% senior notes.

We expect that cash generated from operating activities and availability under our credit agreements will be our principal sources of liquidity. Based on our current level of operations, we believe that these sources will be adequate to meet our liquidity needs for at least the next 12 months. We cannot assure you, however, that our business will generate sufficient cash flow from operations or that future borrowings will be available to us under the ABL Facility and the Term Loan Credit Agreement in amounts sufficient to enable us to repay our indebtedness or to fund our other liquidity needs.

Cash Flow

Net cash provided by operating activities totaled $6.3 million and $23.5 million during the nine months ended September 30, 2017 and 2016, respectively. Net cash flows provided by operating activities before changes in operating assets and liabilities were $113.5 million during the first nine months of 2017, compared to $114.1 million during 2016. Changes in operating assets and liabilities during the first nine months of 2017 and 2016 resulted in the use of cash of $107.2 million and $90.6 million, respectively. The use of cash was higher during 2017 principally due to increased income tax payments due to the Company’s increased profitability.

Net cash used in investing activities totaled $120.7 million during the nine months ended September 30, 2017, as compared to $89.1 million during the nine months ended September 30, 2016. Investing activities during 2017 included $72.8 million paid in connection with acquisitions, principally related to franchise stores and Granmark (see Note 13 to the consolidated financial statements for further detail). Capital expenditures during the nine months ended September 30, 2017 and 2016 were $47.9 million and $57.3 million, respectively. Retail capital expenditures totaled $25.1 million during 2017 and principally related to store conversions and information technology-related expenditures. Wholesale capital expenditures during 2017 totaled $22.8 million and primarily related to printing plates and dies, as well as machinery and equipment at the Company’s manufacturing operations and main distribution center.

Net cash provided by financing activities was $104.6 million during the nine months ended September 30, 2017, as compared to $71.5 million during the corresponding period of 2016. Borrowings were higher during 2017 principally due to the acquisitions.

At September 30, 2017, the Company had approximately $372 million of availability under its ABL Facility, after considering borrowing base restrictions.

Contractual Obligations

Other than as described above under “Liquidity and Capital Resources”, there were no material changes to our future minimum contractual obligations as of December 31, 2016 as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2016.

Off Balance Sheet Arrangements

We had no off balance sheet arrangements during the three months ended September 30, 2017 and the year ended December 31, 2016.

Seasonality

Wholesale Operations

Despite a concentration of holidays in the fourth quarter of the year, as a result of our expansive product lines, customer base and increased promotional activities, the impact of seasonality on the quarterly results of our wholesale operations has been limited. However, due to Halloween, the inventory balances of our wholesale operations are slightly higher during the third quarter than during the remainder of the year. Additionally, Halloween products sold to retailers and other distributors result in slightly higher accounts receivable balances during the quarter.

Retail Operations

Our retail operations are subject to significant seasonal variations. Historically, this segment has realized a significant portion of its revenues, cash flow and net income in the fourth quarter of the year, principally due to our Halloween sales in October and, to a lesser extent, year-end holiday sales.

Cautionary Note Regarding Forward-Looking Statements

From time to time, including in this filing and, in particular, the section captioned “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” we make “forward-looking statements” within the meaning of federal and state securities laws. Disclosures that use words such as the company “believes,” “anticipates,” “expects,” “estimates,” “intends,” “will,” “may” or “plans” and similar expressions are intended to identify forward-looking statements. These forward-looking statements reflect our current expectations and are based upon data available to us at the time the statements were made. An example of a forward-looking statement is our belief that our cash generated from operating activities and availability under our credit facilities will be adequate to meet our liquidity needs for at least the next 12 months. Such statements are subject to certain risks and uncertainties that could cause actual results to differ materially from expectations. These risks, as well as other risks and uncertainties, are detailed in the section titled “Risk Factors” included in our Annual Report on Form 10-K filed with the SEC on March 16, 2017. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. All forward-looking statements are qualified by these cautionary statements and are made only as of the date of this filing. Any such forward-looking statements, whether made in this filing or elsewhere, should be considered in context with the various disclosures made by us about our business. The following risks related to our business, among others, could cause actual results to differ materially from those described in the forward-looking statements:

•

our ability to compete effectively in a competitive industry;

•

fluctuations in commodity prices;

•

our ability to appropriately respond to changing merchandise trends and consumer preferences;

•

successful implementation of our store growth strategy;

•

decreases in our Halloween sales;

•

unexpected or unfavorable consumer responses to our promotional or merchandising programs;

•

failure to comply with existing or future laws relating to our marketing programs, e-commerce initiatives and the use of consumer information;

•

disruption to the transportation system or increases in transportation costs;

•

product recalls or product liability;

•

economic slowdown affecting consumer spending and general economic conditions;

•

loss or actions of third party vendors and loss of the right to use licensed material;

•

disruptions at our manufacturing facilities;

•

failure by suppliers or third-party manufacturers to follow acceptable labor practices or to comply with other applicable laws and guidelines;

•

our international operations subjecting us to additional risks;

•

potential litigation and claims;

•

lack of available additional capital;

•

our inability to retain or hire key personnel;

•

risks associated with leasing substantial amounts of space;

•

failure of existing franchisees to conduct their business in accordance with agreed upon standards;

•

adequacy of our information systems, order fulfillment and distribution facilities;

•

our ability to adequately maintain the security of our electronic and other confidential information;

•

our inability to successfully identify and integrate acquisitions;

•

adequacy of our intellectual property rights;

•

risks related to our substantial indebtedness; and

•

the other factors set forth under “Risk Factors” in our Annual Report on Form 10-K, filed with the SEC on March 16, 2017.

Except as required by law, we undertake no obligation to update publicly any forward-looking statements after the date of this filing to conform these statements to actual results or to changes in our expectations.

You should read this filing with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect.

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

There have been no material changes in our market risks since December 31, 2016 as previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2016.

Item 4.

Controls and Procedures

We have carried out an evaluation, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act of 1934, as amended (the “Act”)) as of September 30, 2017. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective in ensuring that information required to be disclosed by us in the reports that we file or submit under the Act is: (i) recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms; and (ii) accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosures.

There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Act) during the quarter ended September 30, 2017 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II-OTHER INFORMATION

Item 1.

Legal Proceedings

Information in response to this Item is incorporated herein by reference from Note 8, Commitments and Contingencies, to our Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q.

Item 1A.

Risk Factors

There have been no material changes to the risk factors disclosed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016.

Item 6.

Exhibits


3.1		Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to Party City Holdco Inc.’s Form 8-K dated April 21, 2015)

3.2		Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to Party City Holdco Inc.’s Form 8-K dated April 21, 2015)

31.1		Certification of Chief Executive Officer pursuant to Rule 13a-14(a)/Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Certification of Chief Financial Officer pursuant to Rule 13a-14(a)/Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101		Interactive Data Files pursuant to Rule 405 of Regulation S-T: (i) Condensed Consolidated Balance Sheets at September 30, 2017 and December 31, 2016; (ii) Condensed Consolidated Statements of Operations and Comprehensive Income for the three month periods ended September 30, 2017 and September 30, 2016; (iii) Condensed Consolidated Statements of Operations and Comprehensive Income for the nine month periods ended September 30, 2017 and September 30, 2016; (iv) Condensed Consolidated Statement of Stockholders’ Equity for the nine month period ended September 30, 2017; (v) Condensed Consolidated Statements of Cash Flows for the nine month periods ended September 30, 2017 and September 30, 2016; and (vi) Notes to the Condensed Consolidated Financial Statements.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Quarterly Report on Form 10-Q to be signed on its behalf by the undersigned thereunto duly authorized.

EX-31.1 2 d453579dex311.htm EX-31.1 EX-31.1

Exhibit 31.1

Section 302 Certification

I, James M. Harrison, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Party City Holdco Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: November 9, 2017

						/s/ James M. Harrison
						James M. Harrison
						Chief Executive Officer
						(Principal Executive Officer)

EX-31.2 3 d453579dex312.htm EX-31.2 EX-31.2

Exhibit 31.2

Section 302 Certification

I, Daniel J. Sullivan, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Party City Holdco Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(a)

(b)

(c)

(d)

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: November 9, 2017

						/s/ Daniel J. Sullivan
						Daniel J. Sullivan
						Chief Financial Officer
						(Principal Financial Officer)

EX-32.1 4 d453579dex321.htm EX-32.1 EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C.SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Party City Holdco Inc. (the “Company”) on Form 10-Q for the quarter ended September 30, 2017, as filed with the Securities and Exchange Commission (the “Report”), I, James M. Harrison, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ James M. Harrison

James M. Harrison

Chief Executive Officer

(Principal Executive Officer)

Date: November 9, 2017

This certification accompanies the Form 10-Q to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of Party City Holdco Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Form 10-Q), irrespective of any general incorporation language contained in such filing.

EX-32.2 5 d453579dex322.htm EX-32.2 EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C.SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Party City Holdco Inc. (the “Company”) on Form 10-Q for the quarter ended September 30, 2017, as filed with the Securities and Exchange Commission (the “Report”), I, Daniel J. Sullivan, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Daniel J. Sullivan

Daniel J. Sullivan

Chief Financial Officer

(Principal Financial Officer)

Date: November 9, 2017

EX-101.INS 6 prty-20170930.xml XBRL INSTANCE DOCUMENT

0.60

119730069 0.80

0.28

-39500000

916000

-38584000

-41650000

-378000

-42028000

0.75

47617000

-43037000

301000

-42736000

0.85

5600000

6456000

184115000

999315000

169059000

915090000

169130000

-36783000

3575112000

58143000

300000000

119662869

0.01

119662869

1197000

282376000

65023000

1631806000

567507000

687254000

646486000

30395000

10373000

2504559000

3575112000

607648000

1534146000

1547210000

241339000

13064000

12703000

80389000

0.01

15000000

84859000

298758000

3000000

188049000

1067553000

3342000

2674000

15.60

1198750000

1220406000

1198750000

6875000

355000

6016000

355000

6016000

3298000

0.06125

350000000

345162000

364809000

345162000

-36353000

915090000

-430000

-36783000

119662869

1197000

188049000

900

150

42919000

-33401000

611000

-32790000

46675000

149683000

880824000

134091000

910167000

163415000

-52239000

3393978000

64610000

119515894

1195000

278819000

76581000

1572568000

566599000

613868000

581277000

23222000

9369000

2377189000

3393978000

493259000

1539604000

1552952000

120138000

13348000

4502000

65507000

68255000

292904000

157666000

1016789000

697000

1205496000

22502000

215000

697000

215000

697000

215000

2912000

344544000

-53171000

910167000

932000

-52239000

119515894

1195000

157666000

2049000

2090000

40000 4 false

286000

787000

3852000

3699000

<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> Note 2 – Basis of Presentation and Recently Issued Accounting Pronouncements <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> The unaudited condensed consolidated financial statements of the Company include the accounts of the Company and its majority-owned and controlled entities. All significant intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included in the unaudited condensed consolidated financial statements. <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> The majority of our retail operations define a fiscal year (“Fiscal Year”) as the 52-week period or 53-week period ended on the Saturday nearest December 31st of each year and define fiscal quarters (“Fiscal Quarter”) as the four interim 13-week periods following the end of the previous Fiscal Year, except in the case of a 53-week Fiscal Year when the fourth Fiscal Quarter is extended to 14 weeks. The condensed consolidated financial statements of the Company combine the Fiscal Quarters of our retail operations with the calendar quarters of our wholesale operations. The Company has determined the differences between the retail operation’s Fiscal Year and Fiscal Quarters and the calendar year and calendar quarters to be insignificant. <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> Operating results for interim periods are not necessarily indicative of the results to be expected for the year ending December 31, 2017. Our business is subject to substantial seasonal variations as our retail segment has realized a significant portion of its net sales, cash flows and net income in the fourth quarter of each year, principally due to its Halloween season sales in October and, to a lesser extent, other year-end holiday sales. We expect that this general pattern will continue. Our results of operations may also be affected by industry factors that may be specific to a particular period such as movement in and the general level of raw material costs. For further information see the consolidated financial statements, and notes thereto, included in the Company’s Form 10-K for the fiscal year ended December 31, 2016, as filed with the Securities and Exchange Commission on March 16, 2017. <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> Recently Issued Accounting Pronouncements <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-12, “Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities”. The pronouncement amends the existing hedge accounting model in order to enable entities to better portray the economics of their risk management activities in their financial statements. The update is effective for the Company during the first quarter of 2019. Although the Company continues to evaluate this pronouncement, it does not believe that it will have a material impact on the Company’s consolidated financial statements. <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows: Restricted Cash”. The pronouncement clarifies how entities should present changes in restricted cash on the statement of cash flows. The update is effective for the Company during the first quarter of 2018. The Company is in the process of evaluating the impact of the pronouncement on the Company’s consolidated financial statements. <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments”. The pronouncement clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows. The update is effective for the Company during the first quarter of 2018. The Company is in the process of evaluating the impact of the pronouncement on the Company’s consolidated financial statements. <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12px; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial">   <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> In March 2016, the FASB issued ASU 2016-09, “Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting”. The pronouncement simplifies several aspects of the accounting for share-based payment transactions. The Company adopted the pronouncement during the first quarter of 2017 and such adoption did not have a material impact on the Company’s consolidated financial statements. <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> In February 2016, the FASB issued ASU 2016-02, “Leases”. The ASU requires that companies recognize on their balance sheets assets and liabilities for the rights and obligations created by the companies’ leases. The update is effective for the Company during the first quarter of 2019. The Company is in the process of evaluating the impact of the pronouncement on the Company’s consolidated financial statements. <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”. The update impacts the accounting for equity investments and the recognition of changes in fair value of financial liabilities when the fair value option is elected. The pronouncement will be effective for the Company during the first quarter of 2018. Although the Company continues to evaluate this pronouncement, it does not believe that it will have a material impact on the Company’s consolidated financial statements. <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> In July 2015, the FASB issued ASU 2015-11, “Inventory: Simplifying the Measurement of Inventory”. The update changes the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value. The Company adopted the pronouncement during the first quarter of 2017 and such adoption did not have a material impact on the Company’s consolidated financial statements. <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. The pronouncement contains a five-step model which replaces most existing revenue recognition guidance. The new standard is effective for the Company during the first quarter of 2018. The pronouncement can be applied retrospectively to prior reporting periods or through a cumulative-effect adjustment as of the date of adoption. The Company has decided to adopt the pronouncement using the modified retrospective approach. Although the Company continues to evaluate the pronouncement and it might impact the accounting for certain discounts and rebates within the Company’s wholesale business, the Company does not believe that the pronouncement will have a material impact on its consolidated financial statements. </div>

<div> Note 13 – Acquisitions During January 2017, the Company acquired 18 franchise stores, which are located mostly in Louisiana and Alabama, for total consideration of approximately $15,000. The Company is in the process of finalizing purchase accounting. During March 2017, the Company acquired 85% of the common stock of Granmark, S.A. de C.V. (“Granmark”), a Mexican manufacturer and wholesaler of party goods, for total consideration of approximately $22,000 (exclusive of $5,600 of cash acquired). On the acquisition date, Granmark had $6,456 of debt outstanding under various revolving credit facilities. The majority of the balance was repaid during the first quarter of 2017. The Company is in the process of finalizing purchase accounting. Based on the terms of the acquisition agreement, the Company is required to acquire the remaining 15% interest over a three to five year period and it has recorded a liability for the estimated purchase price of such interest, $3,342 at September 30, 2017. Also, during March 2017, the Company acquired an additional 18 franchise stores, which are located in North Carolina and South Carolina, for total consideration of approximately $31,000. The Company is in the process of finalizing purchase accounting. During April 2017, the Company paid approximately $3,500 for a 28% ownership interest in Punchbowl, Inc., a provider of digital greeting cards and digital invitations. The Company is accounting for the investment under the equity method of accounting. During July 2017, the Company acquired 60% of the common stock of Print Appeal, Inc., a wholesaler of personalized cups, napkins, and other items, for total consideration of approximately $2,800. The Company is in the process of finalizing purchase accounting. Based on the terms of the acquisition agreement, the Company is required to acquire the remaining 40% interest over a four to six year period and it has recorded a liability for the estimated purchase price of such interest, $2,674 at September 30, 2017. </div>

<div> Note 8 – Commitments and Contingencies The Company is a party to certain claims and litigation in the ordinary course of business. The Company does not believe these proceedings will result, individually or in the aggregate, in a material adverse effect on its financial condition or future results of operations. On April 5, 2016, a derivative complaint was filed in the Supreme Court for the State of New York, naming certain directors and executives as defendants, and naming the Company as a nominal defendant. The complaint seeks unspecified damages and costs, and corporate governance reforms, for alleged injury to the Company in connection with public filings related to the Company’s April 2015 IPO, compensation paid to executives, and the termination of the management agreement disclosed in the initial public offering-related public filings. The Company intends to vigorously defend itself against this action. The Company is unable, at this time, to determine whether the outcome of the litigation would have a material impact on its results of operations, financial condition or cash flows. </div>

-6467000

0.00

45839000

<div> Note 5 – Changes in Accumulated Other Comprehensive Loss The changes in accumulated other comprehensive loss consisted of the following:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="66%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="10" align="center">Three Months Ended September 30, 2017</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Foreign Currency Adjustments</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Impact of Foreign Exchange Contracts, Net of Taxes</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Total, Net of Taxes</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Balance at June 30, 2017 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(41,650</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(378</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(42,028</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Other comprehensive income (loss) before reclassifications </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,297</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(281</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,016</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">229</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">229</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Net current-period other comprehensive income (loss) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,297</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(52</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,245</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Balance at September 30, 2017 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(36,353</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(430</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(36,783</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="67%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="10" align="center">Three Months Ended September 30, 2016</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Foreign Currency Adjustments</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Impact of Foreign Exchange Contracts, Net of Taxes</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Total, Net of Taxes</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Balance at June 30, 2016 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(39,500</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">916</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(38,584</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Other comprehensive loss before reclassifications </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,537</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(470</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(4,007</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income, net </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(145</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(145</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Net current-period other comprehensive loss, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,537</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(615</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(4,152</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Balance at September 30, 2016 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(43,037</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">301</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(42,736</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="66%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="10" align="center">Nine Months Ended September 30, 2017</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Foreign Currency Adjustments</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Impact of Foreign Exchange Contracts, Net of Taxes</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Total, Net of Taxes</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Balance at December 31, 2016 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(53,171</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">932</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(52,239</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Other comprehensive income (loss) before reclassifications, net of income tax </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16,818</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1,077</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15,741</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income, net of income tax </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(285</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(285</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Net current-period other comprehensive income (loss) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16,818</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1,362</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15,456</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Balance at September 30, 2017 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(36,353</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(430</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(36,783</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="67%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="10" align="center">Nine Months Ended September 30, 2016</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Foreign Currency Adjustments</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Impact of Foreign Exchange Contracts, Net of Taxes</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Total, Net of Taxes</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Balance at December 31, 2015 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(33,401</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">611</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(32,790</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Other comprehensive (loss) income before reclassifications, net of income tax </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(9,636</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">183</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(9,453</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income, net of income tax </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(493</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(493</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Net current-period other comprehensive loss </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(9,636</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(310</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(9,946</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Balance at September 30, 2016 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(43,037</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">301</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(42,736</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

978142000

10666000

1469228000

--12-31

3221000

62519000

<div> Note 9 – Derivative Financial Instruments The Company is directly and indirectly affected by changes in certain market conditions. These changes in market conditions may adversely impact the Company’s financial performance and are referred to as market risks. The Company, when deemed appropriate, uses derivatives as a risk management tool to mitigate the potential impact of certain market risks. The primary market risk managed through the use of derivative financial instruments is foreign currency exchange rate risk. Foreign Exchange Risk Management A portion of the Company’s cash flows is derived from transactions denominated in foreign currencies. In order to reduce the uncertainty of foreign exchange rate movements on transactions denominated in foreign currencies, including the British Pound Sterling, the Canadian Dollar, the Euro, the Malaysian Ringgit and the Australian Dollar, the Company enters into foreign exchange contracts with major international financial institutions. These forward contracts, which typically mature within one year, are designed to hedge anticipated foreign currency transactions, primarily inventory purchases and sales. For contracts that qualify for hedge accounting, the terms of the foreign exchange contracts are such that cash flows from the contracts should be highly effective in offsetting the expected cash flows from the underlying forecasted transactions.   The foreign currency exchange contracts are reflected in the condensed consolidated balance sheets at fair value. The fair value of the foreign currency exchange contracts is the estimated amount that the counterparties would receive or pay to terminate the foreign currency exchange contracts at the reporting date, taking into account current foreign exchange spot rates. At September 30, 2017 and December 31, 2016, the Company had certain foreign currency exchange contracts that qualified for hedge accounting. No components of these agreements were excluded in the measurement of hedge effectiveness. As these hedges were 100% effective, there was no impact on earnings due to hedge ineffectiveness. The Company anticipates that substantially all unrealized gains and losses in accumulated other comprehensive loss related to these foreign currency exchange contracts will be reclassified into earnings by June 2018. The following table displays the fair values of the Company’s derivatives at September 30, 2017 and December 31, 2016:   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="56%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="14" align="center">Derivative Assets</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="14" align="center">Derivative Liabilities</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Balance Sheet Line</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Fair Value</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Balance Sheet Line</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Fair Value</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Balance Sheet Line</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Fair Value</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Balance Sheet Line</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Fair Value</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom" nowrap="nowrap"> Derivative Instrument </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">September 30, 2017</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">December 31, 2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">September 30, 2017</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">December 31, 2016</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Foreign Exchange Contracts </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(a</td> <td valign="bottom" nowrap="nowrap">) PP </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(a</td> <td valign="bottom" nowrap="nowrap">) PP </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">697</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(b</td> <td valign="bottom" nowrap="nowrap">) AE </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">355</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(b</td> <td valign="bottom" nowrap="nowrap">) AE </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">215</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top" width="4%" align="left">(a)</td> <td valign="top" align="left">PP = Prepaid expenses and other current assets</td> </tr> </table> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top" width="4%" align="left">(b)</td> <td valign="top" align="left">AE = Accrued expenses</td> </tr> </table> The following table displays the notional amounts of the Company’s derivatives at September 30, 2017 and December 31, 2016:   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="73%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom" nowrap="nowrap"> Derivative Instrument </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">September 30, 2017</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">December 31, 2016</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Foreign Exchange Contracts </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,875</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">22,502</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> Note 11 – Earnings Per Share Basic earnings per share are computed by dividing net income available for common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share are calculated based on the weighted average number of outstanding common shares plus the dilutive effect of stock options and warrants as if they were exercised.   A reconciliation between basic and diluted income per share is as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="48%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Three Months Ended September 30, 2017</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Three Months Ended September 30, 2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Nine Months Ended September 30, 2017</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Nine Months Ended September 30, 2016</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net income </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">10,084</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">10,180</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">30,383</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">32,301</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Weighted average shares—Basic </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">119,587,339</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">119,406,751</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">119,546,451</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">119,340,610</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Effect of dilutive securities: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Warrants </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Stock options </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,325,510</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,065,546</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,361,528</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">971,882</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Weighted average shares—Diluted </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">120,912,849</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">120,472,297</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">120,907,979</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">120,312,492</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net income per common share—Basic </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.08</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.09</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.25</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.27</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Net income per common share—Diluted </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.08</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.08</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.25</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.27</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> During the three months ended September 30, 2017 and September 30, 2016, 2,370,106 stock options and 2,276,695 stock options, respectively, were excluded from the calculation of net income per common share – diluted as they were anti-dilutive. Additionally, during the three months ended September 30, 2017 and September 30, 2016, 596,000 warrants and 0 warrants, respectively, were excluded from the calculation of net income per common share – diluted as they were anti-dilutive. During the nine months ended September 30, 2017 and September 30, 2016, 2,370,106 stock options and 2,276,695 stock options, respectively, were excluded from the calculation of net income per common share – diluted as they were anti-dilutive. Additionally, during the nine months ended September 30, 2017 and September 30, 2016, 596,000 warrants and 0 warrants, respectively, were excluded from the calculation of net income per common share – diluted as they were anti-dilutive. </div>

0.349

Q3 2017 10-Q

0.25

2017-09-30

0.25

3339000

Party City Holdco Inc.

<div> Note 10 – Fair Value Measurements The provisions of FASB ASC Topic 820, “Fair Value Measurement”, define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Level 1 — Quoted prices in active markets for identical assets or liabilities.</td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.</td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.</td> </tr> </table> The following table shows assets and liabilities as of September 30, 2017 that are measured at fair value on a recurring basis:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="66%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 1</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 2</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 3</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Total as of September 30, 2017</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Noncontrolling interests liabilities </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,016</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,016</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Derivative assets </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Derivative liabilities </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">355</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">355</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> </table>   The following table shows assets and liabilities as of December 31, 2016 that are measured at fair value on a recurring basis:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="68%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 1</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 2</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 3</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Total as of December 31, 2016</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Noncontrolling interests liabilities </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Derivative assets </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">697</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">697</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Derivative liabilities </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">215</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">215</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> </table> In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company is required to record other assets and liabilities at fair value on a nonrecurring basis, generally as a result of impairment charges. No impairment charges were recorded during the nine months ended September 30, 2017 or the nine months ended September 30, 2016. The carrying amounts for cash and cash equivalents, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities approximated fair value at September 30, 2017 because of the short-term maturities of the instruments and/or their variable rates of interest. The carrying amount and fair value of the Company’s borrowings under its senior secured term loan facility (“Term Loan Credit Agreement”) and its $350,000 of 6.125% senior notes (“Senior Notes”) are as follows:   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="74%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">September 30, 2017</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Carrying Amount</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Fair Value</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Term Loan Credit Agreement </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,198,750</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,220,406</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Senior Notes </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">345,162</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">364,809</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> </table> The fair values of the Term Loan Credit Agreement and the Senior Notes represent Level 2 fair value measurements as the debt instruments trade in inactive markets. The carrying amounts for other long-term debt approximated fair value at September 30, 2017 based on the discounted future cash flows of each instrument at rates currently offered for similar debt instruments of comparable maturity. During August 2015, the Company acquired 75% of the operations of Accurate Custom Injection Molding Inc. (“ACIM”). Based on the terms of the acquisition agreement, the Company will acquire the remaining 25% interest in ACIM over the next seven years and the Company’s liability for the estimated purchase price of such interest was $0 at September 30, 2017. The liability represents a Level 3 fair value measurement as it is based on unobservable inputs. During March 2017, the Company acquired 85% of the common stock of Granmark, S.A. de C.V., a Mexican manufacturer and wholesaler of party goods. See Note 13 for further discussion of the acquisition. Based on the terms of the acquisition agreement, the Company is required to acquire the remaining 15% interest over the next five years and it has recorded a liability for the estimated purchase price of such interest, $3,342 at September 30, 2017. The liability represents a Level 3 fair value measurement as it is based on unobservable inputs. During July 2017, the Company acquired 60% of Print Appeal, Inc. (“Print Appeal”). See Note 13 for further discussion of the acquisition. Based on the terms of the acquisition agreement, the Company will acquire the remaining 40% interest in Print Appeal over the next six years and the Company’s liability for the estimated purchase price of such interest was $2,674 at September 30, 2017. The liability represents a Level 3 fair value measurement as it is based on unobservable inputs. </div>

0001592058 Accelerated Filer

<div> The provisions of FASB ASC Topic 820, “Fair Value Measurement”, define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. ASC Topic 820 established a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Level 1 — Quoted prices in active markets for identical assets or liabilities.</td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.</td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td width="5%"> </td> <td valign="top" width="2%" align="left">•</td> <td valign="top" width="1%"> </td> <td valign="top" align="left">Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.</td> </tr> </table> </div>

-533000

9020000

125763000

46684000

<div> Note 4 – Income Taxes The effective income tax rate for the nine months ended September 30, 2017, 34.9%, is lower than the effective rate for the nine months ended September 30, 2016, 36.9%, principally due to discrete items related to uncertain tax positions, stock option exercises and return-to-provision adjustments. The impact of such items was partially offset by the effect of state tax rate changes on deferred tax liabilities. </div>

65002000

-24244000

25370000

46292000

1361528

92000

16301000

11299000

65214000

60871000

<div> Note 3 – Inventories Inventories consisted of the following:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="72%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000"> September 30, 2017</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">December 31, 2016</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> Finished goods </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">646,486</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">581,277</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> Raw materials </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">30,395</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">23,222</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> Work in process </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10,373</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9,369</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">687,254</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">613,868</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> Inventories are valued at the lower of cost or net realizable value. The Company principally determines the cost of inventory using the weighted average method. The Company estimates retail inventory shortage for the periods between physical inventory dates on a store-by-store basis. Inventory shrinkage estimates can be affected by changes in merchandise mix and changes in actual shortage trends. The shrinkage rate from the most recent physical inventory, in combination with historical experience, is the basis for estimating shrinkage. </div>

3286000

<div> Note 12 – Long-Term Obligations Long-term obligations at September 30, 2017 and December 31, 2016 consisted of the following:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="72%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000"> September 30, 2017</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">December 31, 2016</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> Term Loan Credit Agreement </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,198,750</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,205,496</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> Capital lease obligations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,298</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,912</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> Senior Notes </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">345,162</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">344,544</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> Total long-term obligations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,547,210</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,552,952</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> Less: current portion </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(13,064</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(13,348</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> Long-term obligations, excluding current portion </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,534,146</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,539,604</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> Note 1 – Description of Business Party City Holdco Inc. (the “Company” or “Party City Holdco”) is a vertically integrated supplier of decorated party goods. The Company designs, manufactures, sources and distributes party goods, including paper and plastic tableware, metallic and latex balloons, Halloween and other costumes, accessories, novelties, gifts and stationery throughout the world. The Company’s retail operations include over 900 specialty retail party supply stores (including approximately 150 franchise stores) in the United States and Canada, operating under the names Party City and Halloween City, and e-commerce websites, principally through the domain name PartyCity.com. Party City Holdco franchises both individual stores and franchise areas throughout the United States, Mexico and Puerto Rico, principally under the name Party City. Party City Holdco is a holding company with no operating assets or operations. The Company owns 100% of PC Nextco Holdings, LLC (“PC Nextco”), which owns 100% of PC Intermediate Holdings, Inc. (“PC Intermediate”). PC Intermediate owns 100% of Party City Holdings Inc. (“PCHI”), which owns the Company’s operating subsidiaries. </div>

-120694000

6262000

104626000

30383000

112758000

16818000

-1362000

-860000

72804000

47916000

26000

787000

432000

17638000

<div> Note 14 – Organizational Restructuring On March 15, 2017, the Company and its Chairman of the Board of Directors (“the Board”), Gerald Rittenberg, entered into a Transition and Consulting Agreement under which Mr. Rittenberg’s employment as Executive Chairman of the Company terminated effective March 31, 2017. Beginning on April 1, 2017 and continuing through December 31, 2020, unless earlier terminated as provided for in the agreement (the “Consulting Period”), Mr. Rittenberg will serve on a part-time basis as a non-employee senior adviser to the Company. Additionally, Mr. Rittenberg will remain as Chairman of the Board through the end of his existing director term (the Company’s 2018 annual meeting of shareholders) and, subsequently, he will be nominated by the Board to serve as a non-employee member of such Board throughout the remainder of the Consulting Period. Under the Transition and Consulting Agreement, Mr. Rittenberg will receive payments from April 1, 2017 through December 31, 2017 in amounts equal to his base salary had he remained employed as Executive Chairman during such period (i.e., pay at an annual rate equal to $2,090). Additionally, he will remain eligible to receive an annual bonus for full-year 2017 based on the terms of the Company’s 2017 bonus plan and the terms of his previous employment agreement (a target amount equal to 80% of his 2017 base salary). Further, during 2018, Mr. Rittenberg will receive severance payments aggregating $2,049, which will be made in four equal quarterly installments. Finally, beginning on January 1, 2018 and for the remainder of the Consulting Period, Mr. Rittenberg will receive payments equal to $40 per month in consideration for his consulting services. Additionally, under the Transition and Consulting Agreement, during the Consulting Period, Mr. Rittenberg’s existing unvested stock options will remain eligible to vest in accordance with their original terms and Mr. Rittenberg’s existing vested stock options will remain outstanding (also, in accordance with their original terms). As a result of the Transition and Consulting Agreement, the Company recorded a $4,296 severance charge in general and administrative expenses during the nine months ended September 30, 2017. Such amount represents: (1) the amount that he will be paid from April 1, 2017 – December 31, 2017 that is above and beyond the fair value ($40 per month) of his consulting services during such period, $1,207, (2) an estimate of his bonus for the period from April 1, 2017 – December 31, 2017, $1,040, and (3) the severance to be paid during 2018, $2,049. Throughout the Consulting Period, the Company will record $40 per month in general and administrative expenses, such amount representing the fair value of his consulting services. Additionally, as a result of the Transition and Consulting Agreement: (1) allowing Mr. Rittenberg’s existing unvested stock options to continue vesting (such options would have been forfeited had he left the Company) and (2) allowing his existing vested stock options to remain outstanding (had he left the Company, he would have only had 60 days to exercise vested options), during the three months ended March 31, 2017 the Company recorded a $1,362 charge in general and administrative expenses due to the modification of such options. Also, during the nine months ended September 30, 2017, the Company recorded a $3,195 severance charge related to the restructuring of its Retail segment. Of such amount, $2,291 was recorded in retail operating expenses and $904 was recorded in general and administrative expenses. The majority of the severance was paid during the second quarter of 2017. </div>

<div> The changes in accumulated other comprehensive loss consisted of the following:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="66%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="10" align="center">Three Months Ended September 30, 2017</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Foreign Currency Adjustments</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Impact of Foreign Exchange Contracts, Net of Taxes</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Total, Net of Taxes</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Balance at June 30, 2017 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(41,650</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(378</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(42,028</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Other comprehensive income (loss) before reclassifications </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,297</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(281</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,016</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">229</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">229</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Net current-period other comprehensive income (loss) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,297</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(52</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,245</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Balance at September 30, 2017 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(36,353</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(430</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(36,783</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="67%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="10" align="center">Three Months Ended September 30, 2016</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Foreign Currency Adjustments</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Impact of Foreign Exchange Contracts, Net of Taxes</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Total, Net of Taxes</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Balance at June 30, 2016 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(39,500</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">916</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(38,584</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Other comprehensive loss before reclassifications </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,537</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(470</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(4,007</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income, net </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(145</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(145</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Net current-period other comprehensive loss, net </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,537</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(615</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(4,152</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Balance at September 30, 2016 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(43,037</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">301</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(42,736</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="66%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="10" align="center">Nine Months Ended September 30, 2017</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Foreign Currency Adjustments</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Impact of Foreign Exchange Contracts, Net of Taxes</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Total, Net of Taxes</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Balance at December 31, 2016 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(53,171</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">932</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(52,239</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Other comprehensive income (loss) before reclassifications, net of income tax </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16,818</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1,077</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15,741</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income, net of income tax </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(285</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(285</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Net current-period other comprehensive income (loss) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">16,818</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1,362</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">15,456</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Balance at September 30, 2017 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(36,353</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(430</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(36,783</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="67%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="10" align="center">Nine Months Ended September 30, 2016</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Foreign Currency Adjustments</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Impact of Foreign Exchange Contracts, Net of Taxes</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Total, Net of Taxes</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Balance at December 31, 2015 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(33,401</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">611</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(32,790</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Other comprehensive (loss) income before reclassifications, net of income tax </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(9,636</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">183</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(9,453</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income, net of income tax </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(493</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(493</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Net current-period other comprehensive loss </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(9,636</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(310</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(9,946</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Balance at September 30, 2016 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(43,037</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">301</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(42,736</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> Long-term obligations at September 30, 2017 and December 31, 2016 consisted of the following:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="72%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000"> September 30, 2017</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">December 31, 2016</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> Term Loan Credit Agreement </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,198,750</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,205,496</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> Capital lease obligations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,298</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,912</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> Senior Notes </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">345,162</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">344,544</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> Total long-term obligations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,547,210</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,552,952</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> Less: current portion </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(13,064</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(13,348</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> Long-term obligations, excluding current portion </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,534,146</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,539,604</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> The following table displays the fair values of the Company’s derivatives at September 30, 2017 and December 31, 2016:   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="56%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="14" align="center">Derivative Assets</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="14" align="center">Derivative Liabilities</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Balance Sheet Line</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Fair Value</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Balance Sheet Line</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Fair Value</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Balance Sheet Line</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Fair Value</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Balance Sheet Line</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Fair Value</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom" nowrap="nowrap"> Derivative Instrument </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">September 30, 2017</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">December 31, 2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">September 30, 2017</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">December 31, 2016</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Foreign Exchange Contracts </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(a</td> <td valign="bottom" nowrap="nowrap">) PP </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(a</td> <td valign="bottom" nowrap="nowrap">) PP </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">697</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(b</td> <td valign="bottom" nowrap="nowrap">) AE </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">355</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(b</td> <td valign="bottom" nowrap="nowrap">) AE </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">215</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top" width="4%" align="left">(a)</td> <td valign="top" align="left">PP = Prepaid expenses and other current assets</td> </tr> </table> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td valign="top" width="4%" align="left">(b)</td> <td valign="top" align="left">AE = Accrued expenses</td> </tr> </table> </div>

<div> A reconciliation between basic and diluted income per share is as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="48%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Three Months Ended September 30, 2017</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Three Months Ended September 30, 2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Nine Months Ended September 30, 2017</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Nine Months Ended September 30, 2016</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net income </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">10,084</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">10,180</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">30,383</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">32,301</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Weighted average shares—Basic </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">119,587,339</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">119,406,751</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">119,546,451</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">119,340,610</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Effect of dilutive securities: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Warrants </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Stock options </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,325,510</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,065,546</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,361,528</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">971,882</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Weighted average shares—Diluted </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">120,912,849</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">120,472,297</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">120,907,979</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">120,312,492</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net income per common share—Basic </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.08</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.09</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.25</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.27</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Net income per common share—Diluted </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.08</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.08</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.25</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.27</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> Inventories consisted of the following:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="72%"></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="7%"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000"> September 30, 2017</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">December 31, 2016</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> Finished goods </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">646,486</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">581,277</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> Raw materials </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">30,395</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">23,222</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"> Work in process </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">10,373</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9,369</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">687,254</td> <td nowrap="nowrap" valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">613,868</td> <td nowrap="nowrap" valign="bottom"> </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> The following table displays the notional amounts of the Company’s derivatives at September 30, 2017 and December 31, 2016:   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="73%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom" nowrap="nowrap"> Derivative Instrument </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">September 30, 2017</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">December 31, 2016</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Foreign Exchange Contracts </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,875</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">22,502</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

1581986000

<div> The carrying amount and fair value of the Company’s borrowings under its senior secured term loan facility (“Term Loan Credit Agreement”) and its $350,000 of 6.125% senior notes (“Senior Notes”) are as follows:   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="74%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">September 30, 2017</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Carrying Amount</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Fair Value</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Term Loan Credit Agreement </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,198,750</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,220,406</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Senior Notes </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">345,162</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">364,809</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> </table> </div>

1572966000

<div> The Company’s industry segment data for the three months ended September 30, 2017 and September 30, 2016 was as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="68%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Wholesale</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Retail</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Three Months Ended September 30, 2017 </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Revenues: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net sales </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">381,858</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">364,057</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">745,915</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Royalties and franchise fees </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,759</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,759</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total revenues </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">381,858</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">366,816</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">748,674</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Eliminations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(188,565</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(188,565</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net revenues </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">193,293</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">366,816</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">560,109</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Income from operations </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">22,808</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">14,580</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">37,388</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Interest expense, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">23,228</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Other expense, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">593</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Income before income taxes </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">13,567</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="16"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Wholesale</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Retail</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Three Months Ended September 30, 2016 </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Revenues: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net sales </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">416,387</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">347,557</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">763,944</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Royalties and franchise fees </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,568</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,568</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total revenues </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">416,387</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">351,125</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">767,512</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Eliminations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(210,562</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(210,562</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net revenues </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">205,825</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">351,125</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">556,950</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Income from operations </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">35,532</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,386</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">36,918</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Interest expense, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">22,424</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Other income, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(905</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Income before income taxes </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">15,399</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   The Company’s industry segment data for the nine months ended September 30, 2017 and September 30, 2016 was as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="65%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Wholesale</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Retail</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Nine Months Ended September 30, 2017 </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Revenues: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net sales </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">929,255</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,103,127</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,032,382</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Royalties and franchise fees </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9,020</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9,020</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total revenues </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">929,255</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,112,147</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,041,402</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Eliminations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(459,416</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(459,416</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net revenues </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">469,839</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,112,147</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,581,986</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Income from operations </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">49,258</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">63,500</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">112,758</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Interest expense, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">65,214</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Other expense, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">860</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Income before income taxes </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">46,684</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="16"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Wholesale</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Retail</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Nine Months Ended September 30, 2016 </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Revenues: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net sales </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">945,071</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,043,212</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,988,283</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Royalties and franchise fees </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,009</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,009</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total revenues </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">945,071</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,054,221</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,999,292</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Eliminations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(465,189</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(465,189</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net revenues </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">479,882</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,054,221</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,534,103</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Income from operations </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">65,669</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">49,285</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">114,954</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Interest expense, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">67,857</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Other income, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(4,107</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Income before income taxes </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">51,204</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> Industry Segments The Company has two identifiable business segments. The Wholesale segment designs, manufactures, sources and distributes party goods, including paper and plastic tableware, metallic and latex balloons, Halloween and other costumes, accessories, novelties, gifts and stationery throughout the world. The Retail segment operates specialty retail party supply stores in the United States and Canada, principally under the names Party City and Halloween City, and it operates e-commerce websites, principally through the domain name Partycity.com. The Retail segment also franchises both individual stores and franchise areas throughout the United States, Mexico and Puerto Rico, principally under the name Party City. </div>

<div> The following table shows assets and liabilities as of September 30, 2017 that are measured at fair value on a recurring basis:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="66%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 1</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 2</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 3</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Total as of September 30, 2017</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Noncontrolling interests liabilities </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,016</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,016</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Derivative assets </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Derivative liabilities </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">355</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">355</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> </table>   The following table shows assets and liabilities as of December 31, 2016 that are measured at fair value on a recurring basis:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="92%" align="center" border="0"> <tr> <td width="68%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 1</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 2</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Level 3</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Total as of December 31, 2016</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Noncontrolling interests liabilities </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Derivative assets </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">697</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">697</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Derivative liabilities </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">215</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">215</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> </table> </div>

<div> Note 7 – Segment Information Industry Segments The Company has two identifiable business segments. The Wholesale segment designs, manufactures, sources and distributes party goods, including paper and plastic tableware, metallic and latex balloons, Halloween and other costumes, accessories, novelties, gifts and stationery throughout the world. The Retail segment operates specialty retail party supply stores in the United States and Canada, principally under the names Party City and Halloween City, and it operates e-commerce websites, principally through the domain name Partycity.com. The Retail segment also franchises both individual stores and franchise areas throughout the United States, Mexico and Puerto Rico, principally under the name Party City. The Company’s industry segment data for the three months ended September 30, 2017 and September 30, 2016 was as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="68%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Wholesale</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Retail</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Three Months Ended September 30, 2017 </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Revenues: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net sales </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">381,858</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">364,057</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">745,915</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Royalties and franchise fees </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,759</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,759</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total revenues </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">381,858</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">366,816</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">748,674</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Eliminations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(188,565</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(188,565</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net revenues </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">193,293</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">366,816</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">560,109</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Income from operations </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">22,808</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">14,580</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">37,388</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Interest expense, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">23,228</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Other expense, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">593</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Income before income taxes </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">13,567</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="16"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Wholesale</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Retail</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Three Months Ended September 30, 2016 </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Revenues: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net sales </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">416,387</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">347,557</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">763,944</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Royalties and franchise fees </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,568</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,568</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total revenues </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">416,387</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">351,125</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">767,512</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Eliminations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(210,562</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(210,562</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net revenues </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">205,825</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">351,125</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">556,950</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Income from operations </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">35,532</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,386</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">36,918</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Interest expense, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">22,424</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Other income, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(905</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Income before income taxes </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">15,399</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   The Company’s industry segment data for the nine months ended September 30, 2017 and September 30, 2016 was as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="84%" align="center" border="0"> <tr> <td width="65%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Wholesale</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Retail</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Nine Months Ended September 30, 2017 </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Revenues: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net sales </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">929,255</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,103,127</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,032,382</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Royalties and franchise fees </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9,020</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9,020</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total revenues </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">929,255</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,112,147</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,041,402</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Eliminations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(459,416</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(459,416</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net revenues </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">469,839</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,112,147</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,581,986</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Income from operations </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">49,258</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">63,500</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">112,758</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Interest expense, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">65,214</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Other expense, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">860</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Income before income taxes </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">46,684</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 1pt"> <td height="16"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> <td height="16" colspan="4"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Wholesale</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Retail</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Consolidated</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Nine Months Ended September 30, 2016 </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Revenues: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net sales </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">945,071</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,043,212</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,988,283</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Royalties and franchise fees </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,009</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,009</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Total revenues </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">945,071</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,054,221</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,999,292</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Eliminations </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(465,189</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(465,189</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Net revenues </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">479,882</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,054,221</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,534,103</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Income from operations </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">65,669</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">49,285</td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">114,954</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Interest expense, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">67,857</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid"> <td valign="top"> Other income, net </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(4,107</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; PAGE-BREAK-INSIDE: avoid" bgcolor="#CCEEFF"> <td valign="top"> Income before income taxes </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">51,204</td> <td valign="bottom" nowrap="nowrap"> </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

4296000

<div> Note 6 – Capital Stock At September 30, 2017, the Company’s authorized capital stock consisted of 300,000,000 shares of $0.01 par value common stock and 15,000,000 shares of $0.01 par value preferred stock. </div>

3852000

PRTY

120907979

<div> Note 15 – Kazzam, LLC During the first quarter of 2017, the Company and Ampology, a subsidiary of Trivergence, reached an agreement to form a new legal entity, Kazzam, LLC (“Kazzam”), for the purpose of designing, developing and launching an online exchange platform for party-related services. The website will allow consumers to select, schedule and pay for various services (including entertainment, activities and food) all through a single portal. Although the Company currently only owns 30% of Kazzam’s equity, the Company has concluded that: a) Kazzam is a variable interest entity as it has insufficient equity at risk and b) the Company is its primary beneficiary. Therefore, the Company has consolidated Kazzam into the Company’s financial statements. Further, as the Company is currently funding all of Kazzam’s start-up activities via a loan to Kazzam (which will be repaid when the venture is profitable), the Company is recording 100% of Kazzam’s operating results in “development stage expenses” in the Company’s consolidated statement of operations and comprehensive income. Additionally, as part of Ampology’s compensation for designing, developing and launching the exchange platform, Ampology has received a 70% ownership interest in Kazzam and a warrant to acquire 596,000 shares of Party City Holdco Inc. stock. During the nine months ended September 30, 2017, Kazzam recognized $3,000 of expense related to the fair value of the 70% interest. Additionally, during such period, Kazzam recorded $286 of expense related to the warrant. The amounts were recorded in “development stage expenses” in the Company’s consolidated statement of operations and comprehensive income. The 70% interest has been recorded as redeemable securities in the Company’s consolidated balance sheet as, in the future, Ampology has the right to cause the Company to purchase the interest. The warrant has an exercise price of $15.60 and a fair value of $2,544, which is being amortized over four years. </div>

119546451

47946000 5634000 129150000 25311000 281981000 2018-06 3000000 7092000

2370106

596000

P7Y 0.25

2674000

P6Y 0.40

-459416000

9020000

2041402000

2032382000

9020000

1112147000

1103127000

929255000

2544000

596000

P4Y

286000

0.30

a) Kazzam is a variable interest entity as it has insufficient equity at risk and b) the Company is its primary beneficiary.

1.00

904000

2291000

3195000

1.00

0.70 P371D P98D

P1Y0M0D

P364D P91D

16818000

286000

785000

3852000

-1362000

-1077000

285000

15456000

16818000

15741000

-1362000

285000

2000

146975

30383000

63500000

1112147000

49258000

469839000

1.00

3821000

4698000

0.00

22355000

952294000

10507000

1419149000

933000

61186000

0.369

0.27

-1214000

526000

-14000

11009000

115828000

51204000

26103000

79848000

46576000

108882000

971882

-380000

18903000

15046000

67857000

71095000

-89113000

23477000

71548000

32301000

114954000

4107000

44000

31820000

57324000

31000

1281000

429000

16596000

1534103000

1523094000

2829000

120312492

119340610

45854000 12240000 97943000 28158000 278070000

2276695

-465189000

11009000

1999292000

1988283000

11009000

1054221000

1043212000

945071000

-9636000

-310000

183000

493000

-9946000

-9453000

493000

49285000

1054221000

65669000

479882000

1040000

3500000

15000000

2800000

0.40 P6Y P4Y

31000000

22000000

0.15 P5Y P3Y

1362000

P60D

0.00

6028000

356662000

3370000

520032000

0.08

0.09

3568000

38972000

15399000

1065546

5219000

22424000

10180000

36918000

905000

5543000

556950000

553382000

120472297

119406751

14739000 100746000

2276695

-210562000

3568000

767512000

763944000

3568000

351125000

347557000

416387000

-3537000

-615000

-470000

145000

-4152000

-4007000

145000

1386000

351125000

35532000

205825000

0.00

15329000

357523000

3636000

522721000

0.08

2759000

37971000

13567000

1325510

3483000

23228000

10084000

37388000

-593000

5898000

560109000

557350000

120912849

119587339

16274000 100739000 680000

2370106

596000

-188565000

2759000

748674000

745915000

2759000

366816000

364057000

381858000

5297000

-52000

-281000

-229000

5245000

5016000

-229000

14580000

366816000

22808000

193293000

0001592058 prty:WholesaleMember 2017-07-01 2017-09-30 0001592058 prty:RetailMember 2017-07-01 2017-09-30 0001592058 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-07-01 2017-09-30 0001592058 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2017-07-01 2017-09-30 0001592058 us-gaap:AccumulatedTranslationAdjustmentMember 2017-07-01 2017-09-30 0001592058 us-gaap:OperatingSegmentsMemberprty:WholesaleMember 2017-07-01 2017-09-30 0001592058 us-gaap:OperatingSegmentsMemberprty:RetailMember 2017-07-01 2017-09-30 0001592058 us-gaap:OperatingSegmentsMember 2017-07-01 2017-09-30 0001592058 us-gaap:IntersegmentEliminationMemberprty:WholesaleMember 2017-07-01 2017-09-30 0001592058 us-gaap:IntersegmentEliminationMember 2017-07-01 2017-09-30 0001592058 us-gaap:WarrantMember 2017-07-01 2017-09-30 0001592058 us-gaap:EmployeeStockOptionMember 2017-07-01 2017-09-30 0001592058 2017-07-01 2017-09-30 0001592058 prty:WholesaleMember 2016-07-01 2016-09-30 0001592058 prty:RetailMember 2016-07-01 2016-09-30 0001592058 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-07-01 2016-09-30 0001592058 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2016-07-01 2016-09-30 0001592058 us-gaap:AccumulatedTranslationAdjustmentMember 2016-07-01 2016-09-30 0001592058 us-gaap:OperatingSegmentsMemberprty:WholesaleMember 2016-07-01 2016-09-30 0001592058 us-gaap:OperatingSegmentsMemberprty:RetailMember 2016-07-01 2016-09-30 0001592058 us-gaap:OperatingSegmentsMember 2016-07-01 2016-09-30 0001592058 us-gaap:IntersegmentEliminationMemberprty:WholesaleMember 2016-07-01 2016-09-30 0001592058 us-gaap:IntersegmentEliminationMember 2016-07-01 2016-09-30 0001592058 us-gaap:WarrantMember 2016-07-01 2016-09-30 0001592058 us-gaap:EmployeeStockOptionMember 2016-07-01 2016-09-30 0001592058 2016-07-01 2016-09-30 0001592058 2017-01-01 2017-03-31 0001592058 prty:GranmarkMemberus-gaap:MinimumMember 2017-03-01 2017-03-31 0001592058 prty:GranmarkMemberus-gaap:MaximumMember 2017-03-01 2017-03-31 0001592058 prty:GranmarkMember 2017-03-01 2017-03-31 0001592058 prty:NorthCarolinaAndSouthCarolinaMember 2017-03-01 2017-03-31 0001592058 prty:PrintAppealIncMemberus-gaap:MinimumMember 2017-07-01 2017-07-31 0001592058 prty:PrintAppealIncMemberus-gaap:MaximumMember 2017-07-01 2017-07-31 0001592058 prty:PrintAppealIncMember 2017-07-01 2017-07-31 0001592058 prty:LouisianaAndAlabamaMember 2017-01-01 2017-01-31 0001592058 prty:PunchbowlIncMember 2017-04-01 2017-04-30 0001592058 us-gaap:ScenarioForecastMember 2017-04-01 2017-12-31 0001592058 prty:WholesaleMember 2016-01-01 2016-09-30 0001592058 prty:RetailMember 2016-01-01 2016-09-30 0001592058 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-01-01 2016-09-30 0001592058 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2016-01-01 2016-09-30 0001592058 us-gaap:AccumulatedTranslationAdjustmentMember 2016-01-01 2016-09-30 0001592058 us-gaap:OperatingSegmentsMemberprty:WholesaleMember 2016-01-01 2016-09-30 0001592058 us-gaap:OperatingSegmentsMemberprty:RetailMember 2016-01-01 2016-09-30 0001592058 us-gaap:OperatingSegmentsMember 2016-01-01 2016-09-30 0001592058 us-gaap:IntersegmentEliminationMemberprty:WholesaleMember 2016-01-01 2016-09-30 0001592058 us-gaap:IntersegmentEliminationMember 2016-01-01 2016-09-30 0001592058 us-gaap:WarrantMember 2016-01-01 2016-09-30 0001592058 us-gaap:EmployeeStockOptionMember 2016-01-01 2016-09-30 0001592058 2016-01-01 2016-09-30 0001592058 prty:ForeignExchangeRiskManagementMember 2017-01-01 2017-09-30 0001592058 prty:WholesaleMember 2017-01-01 2017-09-30 0001592058 prty:RetailMember 2017-01-01 2017-09-30 0001592058 us-gaap:RetainedEarningsMember 2017-01-01 2017-09-30 0001592058 us-gaap:CommonStockMember 2017-01-01 2017-09-30 0001592058 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-01-01 2017-09-30 0001592058 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2017-01-01 2017-09-30 0001592058 us-gaap:AdditionalPaidInCapitalMember 2017-01-01 2017-09-30 0001592058 us-gaap:AccumulatedTranslationAdjustmentMember 2017-01-01 2017-09-30 0001592058 us-gaap:MinimumMember 2017-01-01 2017-09-30 0001592058 us-gaap:MaximumMemberprty:ForeignExchangeRiskManagementMember 2017-01-01 2017-09-30 0001592058 us-gaap:MaximumMember 2017-01-01 2017-09-30 0001592058 prty:AmpologyMemberprty:KazzamLlcMemberus-gaap:VariableInterestEntityNotPrimaryBeneficiaryMember 2017-01-01 2017-09-30 0001592058 prty:PcNextcoMember 2017-01-01 2017-09-30 0001592058 prty:PCIntermediateHoldingsIncMember 2017-01-01 2017-09-30 0001592058 prty:PartyCityHoldingsMember 2017-01-01 2017-09-30 0001592058 us-gaap:RestructuringChargesMemberprty:RetailSegmentMember 2017-01-01 2017-09-30 0001592058 prty:KazzamLlcMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2017-01-01 2017-09-30 0001592058 prty:AmpologyMemberprty:KazzamLlcMemberus-gaap:WarrantMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2017-01-01 2017-09-30 0001592058 us-gaap:OperatingSegmentsMemberprty:WholesaleMember 2017-01-01 2017-09-30 0001592058 us-gaap:OperatingSegmentsMemberprty:RetailMember 2017-01-01 2017-09-30 0001592058 us-gaap:OperatingSegmentsMember 2017-01-01 2017-09-30 0001592058 us-gaap:IntersegmentEliminationMemberprty:WholesaleMember 2017-01-01 2017-09-30 0001592058 us-gaap:IntersegmentEliminationMember 2017-01-01 2017-09-30 0001592058 prty:PrintAppealIncMember 2017-01-01 2017-09-30 0001592058 prty:AccurateCustomInjectionMoldingIncMember 2017-01-01 2017-09-30 0001592058 us-gaap:WarrantMember 2017-01-01 2017-09-30 0001592058 us-gaap:EmployeeStockOptionMember 2017-01-01 2017-09-30 0001592058 2017-01-01 2017-09-30 0001592058 prty:ExecutiveChairmanMemberprty:TwoThousandEighteenMember 2017-03-15 2017-03-15 0001592058 prty:ExecutiveChairmanMemberprty:TwoThousandSeventeenMember 2017-03-15 2017-03-15 0001592058 prty:ExecutiveChairmanMember 2017-03-15 2017-03-15 0001592058 us-gaap:RetainedEarningsMember 2016-12-31 0001592058 us-gaap:CommonStockMember 2016-12-31 0001592058 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-12-31 0001592058 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2016-12-31 0001592058 us-gaap:AdditionalPaidInCapitalMember 2016-12-31 0001592058 us-gaap:AccumulatedTranslationAdjustmentMember 2016-12-31 0001592058 us-gaap:SeniorNotesMember 2016-12-31 0001592058 us-gaap:CapitalLeaseObligationsMember 2016-12-31 0001592058 us-gaap:FairValueMeasurementsRecurringMember 2016-12-31 0001592058 us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember 2016-12-31 0001592058 us-gaap:ForeignExchangeContractMemberus-gaap:AccruedLiabilitiesMember 2016-12-31 0001592058 us-gaap:ForeignExchangeContractMember 2016-12-31 0001592058 us-gaap:SecuredDebtMemberprty:TermLoanCreditAgreementMember 2016-12-31 0001592058 us-gaap:PrepaidExpensesAndOtherCurrentAssetsMemberus-gaap:ForeignExchangeContractMember 2016-12-31 0001592058 2016-12-31 0001592058 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2015-12-31 0001592058 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2015-12-31 0001592058 us-gaap:AccumulatedTranslationAdjustmentMember 2015-12-31 0001592058 2015-12-31 0001592058 prty:UnitedStatesAndCanadaMember 2017-09-30 0001592058 us-gaap:RetainedEarningsMember 2017-09-30 0001592058 us-gaap:CommonStockMember 2017-09-30 0001592058 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-09-30 0001592058 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2017-09-30 0001592058 us-gaap:AdditionalPaidInCapitalMember 2017-09-30 0001592058 us-gaap:AccumulatedTranslationAdjustmentMember 2017-09-30 0001592058 us-gaap:SeniorNotesMember 2017-09-30 0001592058 us-gaap:CapitalLeaseObligationsMember 2017-09-30 0001592058 us-gaap:FairValueMeasurementsRecurringMember 2017-09-30 0001592058 us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember 2017-09-30 0001592058 us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember 2017-09-30 0001592058 us-gaap:ForeignExchangeContractMemberus-gaap:AccruedLiabilitiesMember 2017-09-30 0001592058 us-gaap:ForeignExchangeContractMember 2017-09-30 0001592058 us-gaap:SecuredDebtMemberprty:TermLoanCreditAgreementMember 2017-09-30 0001592058 prty:AmpologyMemberprty:KazzamLlcMemberus-gaap:WarrantMemberus-gaap:VariableInterestEntityPrimaryBeneficiaryMember 2017-09-30 0001592058 prty:PrintAppealIncMember 2017-09-30 0001592058 prty:GranmarkMember 2017-09-30 0001592058 2017-09-30 0001592058 prty:GranmarkMemberus-gaap:RevolvingCreditFacilityMember 2017-03-31 0001592058 prty:GranmarkMember 2017-03-31 0001592058 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-09-30 0001592058 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2016-09-30 0001592058 us-gaap:AccumulatedTranslationAdjustmentMember 2016-09-30 0001592058 2016-09-30 0001592058 prty:AccurateCustomInjectionMoldingIncMember 2015-08-31 0001592058 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-06-30 0001592058 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2017-06-30 0001592058 us-gaap:AccumulatedTranslationAdjustmentMember 2017-06-30 0001592058 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-06-30 0001592058 us-gaap:AccumulatedNetGainLossFromDesignatedOrQualifyingCashFlowHedgesMember 2016-06-30 0001592058 us-gaap:AccumulatedTranslationAdjustmentMember 2016-06-30 0001592058 prty:PunchbowlIncMember 2017-04-30 0001592058 prty:ExecutiveChairmanMemberprty:TwoThousandSeventeenMember 2017-03-15 0001592058 2017-11-01 0001592058 prty:PrintAppealIncMember 2017-07-31 pure shares iso4217:USD iso4217:USD shares prty:Store prty:Installments prty:Segment prty:Franchised_Stores

EX-101.SCH 7 prty-20170930.xsd XBRL TAXONOMY EXTENSION SCHEMA 101 - Document - Document and Entity Information link:calculationLink link:presentationLink link:definitionLink 103 - Statement - Condensed Consolidated Balance Sheets link:calculationLink link:presentationLink link:definitionLink 104 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) link:calculationLink link:presentationLink link:definitionLink 105 - Statement - Condensed Consolidated Statements of Operations and Comprehensive Income link:calculationLink link:presentationLink link:definitionLink 106 - Statement - Condensed Consolidated Statement of Stockholders' Equity link:calculationLink link:presentationLink link:definitionLink 107 - Statement - Condensed Consolidated Statements of Cash Flows link:calculationLink link:presentationLink link:definitionLink 108 - Disclosure - Description of Business link:calculationLink link:presentationLink link:definitionLink 109 - Disclosure - Basis of Presentation and Recently Issued Accounting Pronouncements link:calculationLink link:presentationLink link:definitionLink 110 - Disclosure - Inventories link:calculationLink link:presentationLink link:definitionLink 111 - Disclosure - Income Taxes link:calculationLink link:presentationLink link:definitionLink 112 - Disclosure - Changes in Accumulated Other Comprehensive Loss link:calculationLink link:presentationLink link:definitionLink 113 - Disclosure - Capital Stock link:calculationLink link:presentationLink link:definitionLink 114 - Disclosure - Segment Information link:calculationLink link:presentationLink link:definitionLink 115 - Disclosure - Commitments and Contingencies link:calculationLink link:presentationLink link:definitionLink 116 - Disclosure - Derivative Financial Instruments link:calculationLink link:presentationLink link:definitionLink 117 - Disclosure - Fair Value Measurements link:calculationLink link:presentationLink link:definitionLink 118 - Disclosure - Earnings Per Share link:calculationLink link:presentationLink link:definitionLink 119 - Disclosure - Long-Term Obligations link:calculationLink link:presentationLink link:definitionLink 120 - Disclosure - Acquisitions link:calculationLink link:presentationLink link:definitionLink 121 - Disclosure - Organizational Restructuring link:calculationLink link:presentationLink link:definitionLink 122 - Disclosure - Kazzam, LLC link:calculationLink link:presentationLink link:definitionLink 123 - Disclosure - Basis of Presentation and Recently Issued Accounting Pronouncements (Policies) link:calculationLink link:presentationLink link:definitionLink 124 - Disclosure - Inventories (Tables) link:calculationLink link:presentationLink link:definitionLink 125 - Disclosure - Changes in Accumulated Other Comprehensive Loss (Tables) link:calculationLink link:presentationLink link:definitionLink 126 - Disclosure - Segment Information (Tables) link:calculationLink link:presentationLink link:definitionLink 127 - Disclosure - Derivative Financial Instruments (Tables) link:calculationLink link:presentationLink link:definitionLink 128 - Disclosure - Fair Value Measurements (Tables) link:calculationLink link:presentationLink link:definitionLink 129 - Disclosure - Earnings Per Share (Tables) link:calculationLink link:presentationLink link:definitionLink 130 - Disclosure - Long-Term Obligations (Tables) link:calculationLink link:presentationLink link:definitionLink 131 - Disclosure - Description of Business - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 132 - Disclosure - Basis of Presentation and Recently Issued Accounting Pronouncements - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 133 - Disclosure - Inventories - Inventories (Detail) link:calculationLink link:presentationLink link:definitionLink 134 - Disclosure - Income Taxes - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 135 - Disclosure - Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated and Other Comprehensive Loss (Detail) link:calculationLink link:presentationLink link:definitionLink 136 - Disclosure - Capital Stock - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 137 - Disclosure - Segment Information - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 138 - Disclosure - Segment Information - Schedule of Company's Industry Segment Data (Detail) link:calculationLink link:presentationLink link:definitionLink 139 - Disclosure - Derivative Financial Instruments - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 140 - Disclosure - Derivative Financial Instruments - Schedule of Fair Values of Derivatives (Detail) link:calculationLink link:presentationLink link:definitionLink 141 - Disclosure - Derivative Financial Instruments - Schedule of Notional Amounts of Derivatives (Detail) link:calculationLink link:presentationLink link:definitionLink 142 - Disclosure - Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) link:calculationLink link:presentationLink link:definitionLink 143 - Disclosure - Fair Value Measurements - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 144 - Disclosure - Fair Value Measurements - Summary of Carrying Amount and Fair Value (Detail) link:calculationLink link:presentationLink link:definitionLink 145 - Disclosure - Earnings Per Share - Schedule of Reconciliation Between Basic and Diluted Income Per Share (Detail) link:calculationLink link:presentationLink link:definitionLink 146 - Disclosure - Earnings Per Share - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 147 - Disclosure - Long-Term Obligations - Summary of Long-Term Obligations (Detail) link:calculationLink link:presentationLink link:definitionLink 148 - Disclosure - Acquisitions - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 149 - Disclosure - Organizational Restructuring - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink 150 - Disclosure - Kazzam, LLC - Additional Information (Detail) link:calculationLink link:presentationLink link:definitionLink EX-101.CAL 8 prty-20170930_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 9 prty-20170930_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 10 prty-20170930_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Accounting Policies [Abstract] Accounting Policies [Abstract] Accounts Payable, Current Accounts payable Accounts Receivable, Net, Current Accounts receivable, net Accrued Income Taxes, Current Income taxes payable Accrued Liabilities, Current Accrued expenses Accrued Liabilities [Member] Accrued Expenses [Member] Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] Impact of Foreign Exchange Contracts, Net of Taxes [Member] Accumulated Other Comprehensive Income (Loss) [Line Items] Accumulated Other Comprehensive Income (Loss) [Line Items] Accumulated Other Comprehensive Income (Loss), Net of Tax Accumulated other comprehensive loss Accumulated Other Comprehensive Income (Loss) [Table] Accumulated Other Comprehensive Income (Loss) [Table] AOCI Attributable to Parent [Member] Accumulated Other Comprehensive Loss [Member] Accumulated Foreign Currency Adjustment Attributable to Parent [Member] Foreign Currency Adjustments [Member] Accurate Custom Injection Molding Inc [Member] Accurate Custom Injection Molding Inc [Member] Accurate Custom Injection Molding Inc [Member] Additional Cash Flow Elements and Supplemental Cash Flow Information [Abstract] Supplemental disclosure of cash flow information: Additional Paid in Capital, Common Stock Additional paid-incapital Additional Paid-in Capital [Member] Additional Paid-in Capital [Member] Adjustments to Additional Paid in Capital, Share-based Compensation and Exercise of Stock Options Exercise of stock options Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition Employee equity based compensation Adjustments to Additional Paid in Capital, Warrant Issued Adjustments to additional paid in capital warrant issued Warrant expense Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Adjustments to reconcile net income to net cash provided by operating activities: Amendment Flag Amendment Flag Amortization of Debt Issuance Costs and Discounts Amortization of deferred financing costs and original issuance discounts Warrant fair value Ampology. Ampology [Member] Ampology [Member] Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Antidilutive securities excluded from calculation of earnings per share Antidilutive Securities [Axis] Antidilutive Securities [Axis] Antidilutive Securities, Name [Domain] Antidilutive Securities, Name [Domain] Arrangements and Non-arrangement Transactions [Domain] Arrangements and Non-arrangement Transactions [Domain] Asset Impairment Charges Impairment charges Assets Total assets Assets [Abstract] ASSETS Assets, Current Total current assets Assets, Current [Abstract] Current assets: Balance Sheet Location [Axis] Balance Sheet Location [Axis] Balance Sheet Location [Domain] Balance Sheet Location [Domain] Basis Of Presentation And Significant Accounting Policies [Line Items] Basis Of Presentation And Significant Accounting Policies [Line Items] Basis Of Presentation And Significant Accounting Policies [Line Items] Basis of Presentation and Significant Accounting Policies [Text Block] Basis of Presentation and Recently Issued Accounting Pronouncements Basis of Presentation [Line Items] Basis of Presentation [Line Items] Basis Of Presentation [Line Items] Business Acquisition, Acquiree [Domain] Business Acquisition, Acquiree [Domain] Business Acquisition [Axis] Business Acquisition [Axis] Business Acquisition, Percentage of Voting Interests Acquired Business combination, acquisition percentage Business acquisition period to acquire remaining voting interests. Business Acquisition Period to Acquire Remaining Voting Interests Business combination, period to acquire remaining interest Business acquisition remaining percentage of voting interests to be acquired. Business Acquisition Remaining Percentage Of Voting Interests to be Acquired Business combination, percentage of remaining interest Business Combination, Consideration Transferred Total consideration amount Business Combination Disclosure [Text Block] Acquisitions Business Combination, Liabilities Arising from Contingencies, Amount Recognized Liability recorded for the estimated purchase price of remaining interest to be acquired Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents Business combination, cash acquired Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt Debt outstanding under revolving credit facilities Business Combinations [Abstract] Business Combinations [Abstract] Business Combination, Step Acquisition, Equity Interest in Acquiree, Fair Value Estimated purchase price interest Capital Lease Obligations [Member] Capital Lease Obligations [Member] Cash and Cash Equivalents, at Carrying Value Cash and cash equivalents at end of period Cash and cash equivalents at beginning of period Cash and cash equivalents Cash and Cash Equivalents, Period Increase (Decrease) Net (decrease) increase in cash and cash equivalents Change in deferred rent Change In Deferred Rent Deferred rent Class B units expense. Class B Units Expense Equity method investment aggregate cost Variable Interest Entity, Classification [Domain] Variable Interest Entity, Classification [Domain] Class of Warrant or Right, Exercise Price of Warrants or Rights Warrant exercise price Commitments and Contingencies Commitments and contingencies Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Disclosure [Text Block] Commitments and Contingencies Common Stock, Dividends, Per Share, Declared Dividends declared per share Common Stock [Member] Common Stock [Member] Common Stock, Par or Stated Value Per Share Common stock, par value Common Stock, Shares Authorized Authorized capital stock Common Stock, Shares, Issued Common stock, shares issued Common Stock, Shares, Outstanding Balance, Shares Balance, Shares Common stock, shares outstanding Common Stock, Value, Issued Common stock (119,662,869 and 119,515,894 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively) Compensation Related Costs [Abstract] Compensation Related Costs [Abstract] Comprehensive Income (Loss), Net of Tax, Attributable to Parent Comprehensive income Comprehensive Income (Loss) Note [Text Block] Changes in Accumulated Other Comprehensive Loss Consolidated Entities [Axis] Consolidated Entities [Axis] Consolidated Entities [Domain] Consolidated Entities [Domain] Consolidation Items [Axis] Consolidation Items [Axis] Consolidation Items [Domain] Consolidation Items [Domain] Consulting agreement monthly payments. Consulting Agreement Monthly Payments Consulting agreement monthly payments Consulting contracts. Consulting Contracts [Line Items] Consulting Contracts [Line Items] Consulting contracts. Consulting Contracts [Table] Consulting Contracts [Table] Conversion of Stock, Shares Issued warrant received to acquire Party City Holdco Inc Sock Cost of Merchandise Sales, Buying and Occupancy Costs Cost of sales Costs and Expenses Total expenses Costs and Expenses [Abstract] Expenses: Costs of Franchised Outlets Franchise expenses Credit Facility [Axis] Credit Facility [Axis] Credit Facility [Domain] Credit Facility [Domain] Current Fiscal Year End Date Current Fiscal Year End Date Date By Which Foreign Exchange Contract Gains Losses Will Be Reclassified Into Earnings Date By Which Foreign Exchange Contract Gains Losses Will Be Reclassified Into Earnings Foreign currency exchange contracts reclassified date Debt Disclosure [Abstract] Debt Disclosure [Abstract] Debt Instrument [Axis] Debt Instrument [Axis] Long-term Debt, Gross Debt Instrument Carrying Amount Debt Instrument, Face Amount Debt Instrument Carrying Amount Debt Instrument, Fair Value Disclosure Debt Instrument Fair Value Debt Instrument Fair Value Carrying Value [Abstract] Debt Instrument Fair Value Carrying Value [Abstract] Debt Instrument Fair Value Carrying Value [Abstract] Debt Instrument, Interest Rate, Stated Percentage Notes issued rate Debt Instrument [Line Items] Debt Instrument [Line Items] Debt Instrument, Name [Domain] Debt Instrument, Name [Domain] Schedule of Long-term Debt Instruments [Table] Schedule of Long-term Debt Instruments [Table] Deferred Income Tax Expense (Benefit) Deferred income tax expense Deferred Tax Liabilities, Net, Noncurrent Deferred income tax liabilities Depreciation, Depletion and Amortization Depreciation and amortization expense Derivative Asset, Current Derivative assets Derivative Contract [Domain] Derivative Contract [Domain] Derivative Instrument [Axis] Derivative Instrument [Axis] Derivative Instruments and Hedging Activities Disclosure [Abstract] Derivative Instruments and Hedging Activities Disclosure [Abstract] Derivative Instruments and Hedging Activities Disclosure [Text Block] Derivative Financial Instruments Derivative Liability, Current Derivative liabilities Derivative [Line Items] Derivative [Line Items] Derivative, Notional Amount Notional amounts Derivative, Remaining Maturity Foreign exchange forward contracts maturity Derivatives, Fair Value [Line Items] Derivatives, Fair Value [Line Items] Derivative [Table] Derivative [Table] Development stage expenses. Development Stage Expenses Development stage expenses Document And Entity Information [Abstract] Document And Entity Information [Abstract] Document And Entity Information [Abstract] Document Fiscal Period Focus Document Fiscal Period Focus Document Fiscal Year Focus Document Fiscal Year Focus Document Period End Date Document Period End Date Document Type Document Type Earnings Per Share [Abstract] Earnings Per Share [Abstract] Earnings Per Share, Basic Net income per common share - Basic Net income per common share-Basic Earnings Per Share Basic And Diluted [Line Items] Earnings Per Share Basic And Diluted [Line Items] Earnings Per Share Basic And Diluted [Line Items] Earnings Per Share, Diluted Net income per common share - Diluted Net income per common share-Diluted Earnings Per Share [Text Block] Earnings Per Share Effective Income Tax Rate Reconciliation, Percent Effective income tax rate Effect of Exchange Rate on Cash and Cash Equivalents, Continuing Operations Effect of exchange rate changes on cash and cash equivalents Employee Stock Option [Member] Employee Stock Option [Member] Entity Central Index Key Entity Central Index Key Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding Entity [Domain] Entity [Domain] Entity Filer Category Entity Filer Category Entity Registrant Name Entity Registrant Name Equity [Abstract] Equity [Abstract] Equity Component [Domain] Equity Component [Domain] Investment, Name [Domain] Investment, Name [Domain] Equity Method Investment, Ownership Percentage Equity method investment, ownership percentage Excess Tax Benefit from Share-based Compensation, Financing Activities Excess tax benefit from stock options Executive chairman. Executive Chairman [Member] Executive Chairman [Member] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value, Hierarchy [Axis] Fair Value, Hierarchy [Axis] Measurement Frequency [Axis] Measurement Frequency [Axis] Fair Value Disclosures [Abstract] Fair Value Disclosures [Abstract] Fair Value Disclosures [Text Block] Fair Value Measurements Fair Value, Inputs, Level 2 [Member] Level 2 [Member] Fair Value, Inputs, Level 3 [Member] Level 3 [Member] Fair Value, Measurement Frequency [Domain] Fair Value, Measurement Frequency [Domain] Fair Value Measurement, Policy [Policy Text Block] Fair Value Measurement Fair Value Hierarchy [Domain] Fair Value Hierarchy [Domain] Fair Value, Measurements, Recurring [Member] Fair Value, Measurements, Recurring [Member] Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type [Table] Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type [Table] Financial Instrument [Axis] Financial Instrument [Axis] Finite-Lived Intangible Assets, Net Other intangible assets, net Finite-Lived Intangible Assets, Remaining Amortization Period Warrant amortization period Fiscal quarter number of weeks. Fiscal Quarter Period Retail operations period of fiscal quarter Fiscal year number of weeks. Fiscal Year Period Retail operations period of fiscal year Foreign Exchange Contract [Member] Foreign Exchange Contracts [Member] Foreign Exchange Risk Management [Member] Foreign Exchange Risk Management [Member] Foreign Exchange Risk Management [Member] Franchise Revenue Royalties and franchise fees Gain (Loss) on Disposition of Property Plant Equipment Loss on disposal of assets General and Administrative Expense General and administrative expenses Goodwill Goodwill Granmark. Granmark [Member] Granmark [Member] Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Income before income taxes Income before income taxes Income (Loss) from Equity Method Investments, Net of Dividends or Distributions Undistributed (income) loss in unconsolidated joint ventures Income Statement [Abstract] Income Statement [Abstract] Income Statement Location [Axis] Income Statement Location [Axis] Income Statement Location [Domain] Income Statement Location [Domain] Income Tax Disclosure [Abstract] Income Tax Disclosure [Abstract] Income Tax Disclosure [Text Block] Income Taxes Income Taxes Paid Income taxes, net of refunds Income Tax Expense (Benefit) Income tax expense Increase (Decrease) in Accounts Payable and Accrued Liabilities (Decrease) increase in accounts payable, accrued expenses and income taxes payable Increase (Decrease) in Accounts Receivable Increase in accounts receivable Increase (Decrease) in Inventories Increase in inventories Increase (Decrease) in Operating Capital [Abstract] Changes in operating assets and liabilities, net of effects of acquired businesses: Increase (Decrease) in Prepaid Expense and Other Assets Increase in prepaid expenses and other current assets Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants Warrants Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements Stock options Indefinite-Lived Trade Names Trade names Interest Expense Interest expense, net Interest Paid Interest Intersegment Eliminations [Member] Eliminations [Member] Inventory Disclosure [Abstract] Inventory Disclosure [Abstract] Inventory Disclosure [Text Block] Inventories Inventory, Finished Goods, Net of Reserves Finished goods Inventory, Net Inventories, net Inventories, net Inventory, Raw Materials, Net of Reserves Raw materials Inventory, Work in Process, Net of Reserves Work in process Investment Company, Capital Share Transactions [Abstract] Investment Company, Capital Share Transactions [Abstract] Issuance of Stock and Warrants for Services or Claims Non-employee equity based compensation Kazzam LLC. Kazzam LLC [Member] Kazzam LLC [Member] Legal Entity [Axis] Legal Entity [Axis] Liabilities Total liabilities Liabilities and Equity Total liabilities, redeemable securities and stockholders' equity Liabilities and Equity [Abstract] LIABILITIES, REDEEMABLE SECURITIES AND STOCKHOLDERS' EQUITY Liabilities, Current Total current liabilities Liabilities, Current [Abstract] Current liabilities: EX-101.PRE 11 prty-20170930_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2017	Nov. 01, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q3
Trading Symbol	PRTY
Entity Registrant Name	Party City Holdco Inc.
Entity Central Index Key	0001592058
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		119,730,069

XML 13 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 58,143	$ 64,610
Accounts receivable, net	169,059	134,091
Inventories, net	687,254	613,868
Prepaid expenses and other current assets	84,859	68,255
Total current assets	999,315	880,824
Property, plant and equipment, net	298,758	292,904
Goodwill	1,631,806	1,572,568
Trade names	567,507	566,599
Other intangible assets, net	65,023	76,581
Other assets, net	12,703	4,502
Total assets	3,575,112	3,393,978
Current liabilities:
Loans and notes payable	241,339	120,138
Accounts payable	169,130	163,415
Accrued expenses	184,115	149,683
Income taxes payable		46,675
Current portion of long-term obligations	13,064	13,348
Total current liabilities	607,648	493,259
Long-term obligations, excluding current portion	1,534,146	1,539,604
Deferred income tax liabilities	282,376	278,819
Deferred rent and other long-term liabilities	80,389	65,507
Total liabilities	2,504,559	2,377,189
Redeemable securities	3,000
Commitments and contingencies
Stockholders' equity:
Common stock (119,662,869 and 119,515,894 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively)	1,197	1,195
Additional paid-incapital	915,090	910,167
Retained earnings	188,049	157,666
Accumulated other comprehensive loss	(36,783)	(52,239)
Total stockholders' equity	1,067,553	1,016,789
Total liabilities, redeemable securities and stockholders' equity	$ 3,575,112	$ 3,393,978

XML 14 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Parenthetical) - shares	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common stock, shares issued	119,662,869	119,515,894
Common stock, shares outstanding	119,662,869	119,515,894

XML 15 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues:
Net sales	$ 557,350	$ 553,382	$ 1,572,966	$ 1,523,094
Royalties and franchise fees	2,759	3,568	9,020	11,009
Total revenues	560,109	556,950	1,581,986	1,534,103
Expenses:
Cost of sales	357,523	356,662	978,142	952,294
Wholesale selling expenses	16,274	14,739	47,946	45,854
Retail operating expenses	100,739	100,746	281,981	278,070
Franchise expenses	3,636	3,370	10,666	10,507
General and administrative expenses	37,971	38,972	125,763	115,828
Art and development costs	5,898	5,543	17,638	16,596
Development stage expenses	680		7,092
Total expenses	522,721	520,032	1,469,228	1,419,149
Income from operations	37,388	36,918	112,758	114,954
Interest expense, net	23,228	22,424	65,214	67,857
Other expense (income), net	593	(905)	860	(4,107)
Income before income taxes	13,567	15,399	46,684	51,204
Income tax expense	3,483	5,219	16,301	18,903
Net income	10,084	10,180	30,383	32,301
Comprehensive income	$ 15,329	$ 6,028	$ 45,839	$ 22,355
Net income per common share-Basic	$ 0.08	$ 0.09	$ 0.25	$ 0.27
Net income per common share-Diluted	$ 0.08	$ 0.08	$ 0.25	$ 0.27
Weighted-average number of common shares-Basic	119,587,339	119,406,751	119,546,451	119,340,610
Weighted-average number of common shares-Diluted	120,912,849	120,472,297	120,907,979	120,312,492
Dividends declared per share	$ 0.00	$ 0.00	$ 0.00	$ 0.00

XML 16 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Loss [Member]
Balance at Dec. 31, 2015					$ (32,790)
Net income	$ 32,301
Balance at Sep. 30, 2016					(42,736)
Balance at Jun. 30, 2016					(38,584)
Net income	10,180
Balance at Sep. 30, 2016					(42,736)
Balance at Dec. 31, 2016	$ 1,016,789	$ 1,195	$ 910,167	$ 157,666	(52,239)
Balance, Shares at Dec. 31, 2016	119,515,894	119,515,894
Net income	$ 30,383			30,383
Employee equity based compensation	3,852		3,852
Warrant expense	286		286
Exercise of stock options	787	$ 2	785
Exercise of stock options, Shares		146,975
Foreign currency adjustments	16,818				16,818
Impact of foreign exchange contracts, net of taxes	(1,362)				(1,362)
Balance at Sep. 30, 2017	$ 1,067,553	$ 1,197	915,090	188,049	(36,783)
Balance, Shares at Sep. 30, 2017	119,662,869	119,662,869
Balance at Jun. 30, 2017					(42,028)
Net income	$ 10,084
Balance at Sep. 30, 2017	$ 1,067,553	$ 1,197	$ 915,090	$ 188,049	$ (36,783)
Balance, Shares at Sep. 30, 2017	119,662,869	119,662,869

XML 17 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows provided by operating activities:
Net income	$ 30,383	$ 32,301
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	62,519	61,186
Amortization of deferred financing costs and original issuance discounts	3,699	3,821
Provision for doubtful accounts	432	429
Deferred income tax expense	3,221	933
Deferred rent	5,634	12,240
Undistributed (income) loss in unconsolidated joint ventures	(92)	380
Loss on disposal of assets	533	14
Non-employee equity based compensation	3,286
Employee equity based compensation	3,852	2,829
Changes in operating assets and liabilities, net of effects of acquired businesses:
Increase in accounts receivable	(25,370)	(46,576)
Increase in inventories	(46,292)	(108,882)
Increase in prepaid expenses and other current assets	(11,299)	(15,046)
(Decrease) increase in accounts payable, accrued expenses and income taxes payable	(24,244)	79,848
Net cash provided by operating activities	6,262	23,477
Cash flows used in investing activities:
Cash paid in connection with acquisitions, net of cash acquired	(72,804)	(31,820)
Capital expenditures	(47,916)	(57,324)
Proceeds from disposal of property and equipment	26	31
Net cash used in investing activities	(120,694)	(89,113)
Cash flows provided by financing activities:
Repayment of loans, notes payable and long-term obligations	(25,311)	(28,158)
Proceeds from loans, notes payable and long-term obligations	129,150	97,943
Excess tax benefit from stock options		526
Exercise of stock options	787	1,281
Debt issuance costs		(44)
Net cash provided by financing activities	104,626	71,548
Effect of exchange rate changes on cash and cash equivalents	3,339	(1,214)
Net (decrease) increase in cash and cash equivalents	(6,467)	4,698
Cash and cash equivalents at beginning of period	64,610	42,919
Cash and cash equivalents at end of period	58,143	47,617
Cash paid during the period
Interest	60,871	71,095
Income taxes, net of refunds	$ 65,002	$ 26,103

XML 18 R7.htm IDEA: XBRL DOCUMENT

Description of Business	9 Months Ended
Description of Business	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Note 1 – Description of Business Party City Holdco Inc. (the “Company” or “Party City Holdco”) is a vertically integrated supplier of decorated party goods. The Company designs, manufactures, sources and distributes party goods, including paper and plastic tableware, metallic and latex balloons, Halloween and other costumes, accessories, novelties, gifts and stationery throughout the world. The Company’s retail operations include over 900 specialty retail party supply stores (including approximately 150 franchise stores) in the United States and Canada, operating under the names Party City and Halloween City, and e-commerce websites, principally through the domain name PartyCity.com. Party City Holdco franchises both individual stores and franchise areas throughout the United States, Mexico and Puerto Rico, principally under the name Party City. Party City Holdco is a holding company with no operating assets or operations. The Company owns 100% of PC Nextco Holdings, LLC (“PC Nextco”), which owns 100% of PC Intermediate Holdings, Inc. (“PC Intermediate”). PC Intermediate owns 100% of Party City Holdings Inc. (“PCHI”), which owns the Company’s operating subsidiaries.

XML 19 R8.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Recently Issued Accounting Pronouncements	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation and Recently Issued Accounting Pronouncements	Note 2 – Basis of Presentation and Recently Issued Accounting Pronouncements The unaudited condensed consolidated financial statements of the Company include the accounts of the Company and its majority-owned and controlled entities. All significant intercompany balances and transactions have been eliminated in consolidation. The unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included in the unaudited condensed consolidated financial statements. The majority of our retail operations define a fiscal year (“Fiscal Year”) as the 52-week period or 53-week period ended on the Saturday nearest December 31st of each year and define fiscal quarters (“Fiscal Quarter”) as the four interim 13-week periods following the end of the previous Fiscal Year, except in the case of a 53-week Fiscal Year when the fourth Fiscal Quarter is extended to 14 weeks. The condensed consolidated financial statements of the Company combine the Fiscal Quarters of our retail operations with the calendar quarters of our wholesale operations. The Company has determined the differences between the retail operation’s Fiscal Year and Fiscal Quarters and the calendar year and calendar quarters to be insignificant. Operating results for interim periods are not necessarily indicative of the results to be expected for the year ending December 31, 2017. Our business is subject to substantial seasonal variations as our retail segment has realized a significant portion of its net sales, cash flows and net income in the fourth quarter of each year, principally due to its Halloween season sales in October and, to a lesser extent, other year-end holiday sales. We expect that this general pattern will continue. Our results of operations may also be affected by industry factors that may be specific to a particular period such as movement in and the general level of raw material costs. For further information see the consolidated financial statements, and notes thereto, included in the Company’s Form 10-K for the fiscal year ended December 31, 2016, as filed with the Securities and Exchange Commission on March 16, 2017. *Recently Issued Accounting Pronouncements* In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-12, “Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities”. The pronouncement amends the existing hedge accounting model in order to enable entities to better portray the economics of their risk management activities in their financial statements. The update is effective for the Company during the first quarter of 2019. Although the Company continues to evaluate this pronouncement, it does not believe that it will have a material impact on the Company’s consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, “Statement of Cash Flows: Restricted Cash”. The pronouncement clarifies how entities should present changes in restricted cash on the statement of cash flows. The update is effective for the Company during the first quarter of 2018. The Company is in the process of evaluating the impact of the pronouncement on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments”. The pronouncement clarifies how entities should classify certain cash receipts and cash payments on the statement of cash flows. The update is effective for the Company during the first quarter of 2018. The Company is in the process of evaluating the impact of the pronouncement on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting”. The pronouncement simplifies several aspects of the accounting for share-based payment transactions. The Company adopted the pronouncement during the first quarter of 2017 and such adoption did not have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases”. The ASU requires that companies recognize on their balance sheets assets and liabilities for the rights and obligations created by the companies’ leases. The update is effective for the Company during the first quarter of 2019. The Company is in the process of evaluating the impact of the pronouncement on the Company’s consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”. The update impacts the accounting for equity investments and the recognition of changes in fair value of financial liabilities when the fair value option is elected. The pronouncement will be effective for the Company during the first quarter of 2018. Although the Company continues to evaluate this pronouncement, it does not believe that it will have a material impact on the Company’s consolidated financial statements. In July 2015, the FASB issued ASU 2015-11, “Inventory: Simplifying the Measurement of Inventory”. The update changes the measurement principle for inventory from the lower of cost or market to lower of cost and net realizable value. The Company adopted the pronouncement during the first quarter of 2017 and such adoption did not have a material impact on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. The pronouncement contains a five-step model which replaces most existing revenue recognition guidance. The new standard is effective for the Company during the first quarter of 2018. The pronouncement can be applied retrospectively to prior reporting periods or through a cumulative-effect adjustment as of the date of adoption. The Company has decided to adopt the pronouncement using the modified retrospective approach. Although the Company continues to evaluate the pronouncement and it might impact the accounting for certain discounts and rebates within the Company’s wholesale business, the Company does not believe that the pronouncement will have a material impact on its consolidated financial statements.

XML 20 R9.htm IDEA: XBRL DOCUMENT

Inventories

9 Months Ended

Sep. 30, 2017

Inventory Disclosure [Abstract]

Inventories

Note 3 – Inventories

Inventories consisted of the following:


	September 30, 2017		December 31, 2016
Finished goods	$	646,486	$	581,277
Raw materials		30,395		23,222
Work in process		10,373		9,369

	$	687,254	$	613,868

Inventories are valued at the lower of cost or net realizable value. The Company principally determines the cost of inventory using the weighted average method.

XML 21 R10.htm IDEA: XBRL DOCUMENT

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Note 4 – Income Taxes The effective income tax rate for the nine months ended September 30, 2017, 34.9%, is lower than the effective rate for the nine months ended September 30, 2016, 36.9%, principally due to discrete items related to uncertain tax positions, stock option exercises and return-to-provision adjustments. The impact of such items was partially offset by the effect of state tax rate changes on deferred tax liabilities.

XML 22 R11.htm IDEA: XBRL DOCUMENT

Changes in Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2017

Equity [Abstract]

Changes in Accumulated Other Comprehensive Loss

Note 5 – Changes in Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss consisted of the following:


	Three Months Ended September 30, 2017
	Foreign Currency Adjustments			Impact of Foreign Exchange Contracts, Net of Taxes			Total, Net of Taxes
Balance at June 30, 2017	$	(41,650	)	$	(378	)	$	(42,028	)
Other comprehensive income (loss) before reclassifications		5,297			(281	)		5,016
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income		—			229			229

Net current-period other comprehensive income (loss)		5,297			(52	)		5,245

Balance at September 30, 2017	$	(36,353	)	$	(430	)	$	(36,783	)


	Three Months Ended September 30, 2016
	Foreign Currency Adjustments			Impact of Foreign Exchange Contracts, Net of Taxes			Total, Net of Taxes
Balance at June 30, 2016	$	(39,500	)	$	916		$	(38,584	)
Other comprehensive loss before reclassifications		(3,537	)		(470	)		(4,007	)
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income, net		—			(145	)		(145	)

Net current-period other comprehensive loss, net		(3,537	)		(615	)		(4,152	)

Balance at September 30, 2016	$	(43,037	)	$	301		$	(42,736	)


	Nine Months Ended September 30, 2017
	Foreign Currency Adjustments			Impact of Foreign Exchange Contracts, Net of Taxes			Total, Net of Taxes
Balance at December 31, 2016	$	(53,171	)	$	932		$	(52,239	)
Other comprehensive income (loss) before reclassifications, net of income tax		16,818			(1,077	)		15,741
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income, net of income tax		—			(285	)		(285	)

Net current-period other comprehensive income (loss)		16,818			(1,362	)		15,456

Balance at September 30, 2017	$	(36,353	)	$	(430	)	$	(36,783	)


	Nine Months Ended September 30, 2016
	Foreign Currency Adjustments			Impact of Foreign Exchange Contracts, Net of Taxes			Total, Net of Taxes
Balance at December 31, 2015	$	(33,401	)	$	611		$	(32,790	)
Other comprehensive (loss) income before reclassifications, net of income tax		(9,636	)		183			(9,453	)
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income, net of income tax		—			(493	)		(493	)

Net current-period other comprehensive loss		(9,636	)		(310	)		(9,946	)

Balance at September 30, 2016	$	(43,037	)	$	301		$	(42,736	)

XML 23 R12.htm IDEA: XBRL DOCUMENT

Capital Stock	9 Months Ended
Capital Stock	Sep. 30, 2017
Equity [Abstract]
Capital Stock	Note 6 – Capital Stock At September 30, 2017, the Company’s authorized capital stock consisted of 300,000,000 shares of $0.01 par value common stock and 15,000,000 shares of $0.01 par value preferred stock.

XML 24 R13.htm IDEA: XBRL DOCUMENT

Segment Information

9 Months Ended

Sep. 30, 2017

Segment Reporting [Abstract]

Segment Information

Note 7 – Segment Information

Industry Segments


	Wholesale			Retail		Consolidated
Three Months Ended September 30, 2017
Revenues:
Net sales	$	381,858		$	364,057	$	745,915
Royalties and franchise fees		—			2,759		2,759

Total revenues		381,858			366,816		748,674
Eliminations		(188,565	)		—		(188,565	)

Net revenues	$	193,293		$	366,816	$	560,109

Income from operations	$	22,808		$	14,580	$	37,388

Interest expense, net							23,228
Other expense, net							593

Income before income taxes						$	13,567


	Wholesale			Retail		Consolidated
Three Months Ended September 30, 2016
Revenues:
Net sales	$	416,387		$	347,557	$	763,944
Royalties and franchise fees		—			3,568		3,568

Total revenues		416,387			351,125		767,512
Eliminations		(210,562	)		—		(210,562	)

Net revenues	$	205,825		$	351,125	$	556,950

Income from operations	$	35,532		$	1,386	$	36,918

Interest expense, net							22,424
Other income, net							(905	)

Income before income taxes						$	15,399

The Company’s industry segment data for the nine months ended September 30, 2017 and September 30, 2016 was as follows:


	Wholesale			Retail		Consolidated
Nine Months Ended September 30, 2017
Revenues:
Net sales	$	929,255		$	1,103,127	$	2,032,382
Royalties and franchise fees		—			9,020		9,020

Total revenues		929,255			1,112,147		2,041,402
Eliminations		(459,416	)		—		(459,416	)

Net revenues	$	469,839		$	1,112,147	$	1,581,986

Income from operations	$	49,258		$	63,500	$	112,758

Interest expense, net							65,214
Other expense, net							860

Income before income taxes						$	46,684


	Wholesale			Retail		Consolidated
Nine Months Ended September 30, 2016
Revenues:
Net sales	$	945,071		$	1,043,212	$	1,988,283
Royalties and franchise fees		—			11,009		11,009

Total revenues		945,071			1,054,221		1,999,292
Eliminations		(465,189	)		—		(465,189	)

Net revenues	$	479,882		$	1,054,221	$	1,534,103

Income from operations	$	65,669		$	49,285	$	114,954

Interest expense, net							67,857
Other income, net							(4,107	)

Income before income taxes						$	51,204

XML 25 R14.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 8 – Commitments and Contingencies The Company is a party to certain claims and litigation in the ordinary course of business. The Company does not believe these proceedings will result, individually or in the aggregate, in a material adverse effect on its financial condition or future results of operations. On April 5, 2016, a derivative complaint was filed in the Supreme Court for the State of New York, naming certain directors and executives as defendants, and naming the Company as a nominal defendant. The complaint seeks unspecified damages and costs, and corporate governance reforms, for alleged injury to the Company in connection with public filings related to the Company’s April 2015 IPO, compensation paid to executives, and the termination of the management agreement disclosed in the initial public offering-related public filings. The Company intends to vigorously defend itself against this action. The Company is unable, at this time, to determine whether the outcome of the litigation would have a material impact on its results of operations, financial condition or cash flows.

XML 26 R15.htm IDEA: XBRL DOCUMENT

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Note 9 – Derivative Financial Instruments

Foreign Exchange Risk Management

The following table displays the fair values of the Company’s derivatives at September 30, 2017 and December 31, 2016:

Derivative Assets

Derivative Liabilities

Balance
Sheet
Line

Fair
Value

Balance
Sheet
Line

Fair
Value

Balance
Sheet
Line

Fair
Value

Balance
Sheet
Line

Fair
Value

Derivative Instrument

September 30, 2017

December 31, 2016

September 30, 2017

December 31, 2016

Foreign Exchange Contracts

) PP

—

) PP

697

) AE

355

) AE

215

(a)	PP = Prepaid expenses and other current assets

(b)	AE = Accrued expenses

The following table displays the notional amounts of the Company’s derivatives at September 30, 2017 and December 31, 2016:


Derivative Instrument	September 30, 2017		December 31, 2016
Foreign Exchange Contracts	$	6,875	$	22,502

XML 27 R16.htm IDEA: XBRL DOCUMENT

Fair Value Measurements

9 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 10 – Fair Value Measurements

•

Level 1 — Quoted prices in active markets for identical assets or liabilities.

•

The following table shows assets and liabilities as of September 30, 2017 that are measured at fair value on a recurring basis:


	Level 1		Level 2		Level 3		Total as of September 30, 2017
Noncontrolling interests liabilities	$	—	$	—	$	6,016	$	6,016
Derivative assets		—		—		—		—
Derivative liabilities		—		355		—		355

The following table shows assets and liabilities as of December 31, 2016 that are measured at fair value on a recurring basis:


	Level 1		Level 2		Level 3		Total as of December 31, 2016
Noncontrolling interests liabilities	$	—	$	—	$	—	$	—
Derivative assets		—		697		—		697
Derivative liabilities		—		215		—		215


	September 30, 2017
	Carrying Amount		Fair Value
Term Loan Credit Agreement	$	1,198,750	$	1,220,406
Senior Notes		345,162		364,809

The fair values of the Term Loan Credit Agreement and the Senior Notes represent Level 2 fair value measurements as the debt instruments trade in inactive markets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 28 R17.htm IDEA: XBRL DOCUMENT

Earnings Per Share

9 Months Ended

Sep. 30, 2017

Earnings Per Share [Abstract]

Earnings Per Share

Note 11 – Earnings Per Share

A reconciliation between basic and diluted income per share is as follows:


	Three Months Ended September 30, 2017		Three Months Ended September 30, 2016		Nine Months Ended September 30, 2017		Nine Months Ended September 30, 2016
Net income	$	10,084	$	10,180	$	30,383	$	32,301
Weighted average shares—Basic		119,587,339		119,406,751		119,546,451		119,340,610
Effect of dilutive securities:
Warrants		—		—		—		—
Stock options		1,325,510		1,065,546		1,361,528		971,882

Weighted average shares—Diluted		120,912,849		120,472,297		120,907,979		120,312,492

Net income per common share—Basic	$	0.08	$	0.09	$	0.25	$	0.27

Net income per common share—Diluted	$	0.08	$	0.08	$	0.25	$	0.27

XML 29 R18.htm IDEA: XBRL DOCUMENT

Long-Term Obligations

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Long-Term Obligations

Note 12 – Long-Term Obligations

Long-term obligations at September 30, 2017 and December 31, 2016 consisted of the following:


	September 30, 2017			December 31, 2016
Term Loan Credit Agreement	$	1,198,750		$	1,205,496
Capital lease obligations		3,298			2,912
Senior Notes		345,162			344,544

Total long-term obligations		1,547,210			1,552,952
Less: current portion		(13,064	)		(13,348	)

Long-term obligations, excluding current portion	$	1,534,146		$	1,539,604

XML 30 R19.htm IDEA: XBRL DOCUMENT

Acquisitions	9 Months Ended
Acquisitions	Sep. 30, 2017
Business Combinations [Abstract]
Acquisitions	Note 13 – Acquisitions During January 2017, the Company acquired 18 franchise stores, which are located mostly in Louisiana and Alabama, for total consideration of approximately $15,000. The Company is in the process of finalizing purchase accounting. During March 2017, the Company acquired 85% of the common stock of Granmark, S.A. de C.V. (“Granmark”), a Mexican manufacturer and wholesaler of party goods, for total consideration of approximately $22,000 (exclusive of $5,600 of cash acquired). On the acquisition date, Granmark had $6,456 of debt outstanding under various revolving credit facilities. The majority of the balance was repaid during the first quarter of 2017. The Company is in the process of finalizing purchase accounting. Based on the terms of the acquisition agreement, the Company is required to acquire the remaining 15% interest over a three to five year period and it has recorded a liability for the estimated purchase price of such interest, $3,342 at September 30, 2017. Also, during March 2017, the Company acquired an additional 18 franchise stores, which are located in North Carolina and South Carolina, for total consideration of approximately $31,000. The Company is in the process of finalizing purchase accounting. During April 2017, the Company paid approximately $3,500 for a 28% ownership interest in Punchbowl, Inc., a provider of digital greeting cards and digital invitations. The Company is accounting for the investment under the equity method of accounting. During July 2017, the Company acquired 60% of the common stock of Print Appeal, Inc., a wholesaler of personalized cups, napkins, and other items, for total consideration of approximately $2,800. The Company is in the process of finalizing purchase accounting. Based on the terms of the acquisition agreement, the Company is required to acquire the remaining 40% interest over a four to six year period and it has recorded a liability for the estimated purchase price of such interest, $2,674 at September 30, 2017.

XML 31 R20.htm IDEA: XBRL DOCUMENT

Organizational Restructuring	9 Months Ended
Organizational Restructuring	Sep. 30, 2017
Restructuring and Related Activities [Abstract]
Organizational Restructuring	Note 14 – Organizational Restructuring On March 15, 2017, the Company and its Chairman of the Board of Directors (“the Board”), Gerald Rittenberg, entered into a Transition and Consulting Agreement under which Mr. Rittenberg’s employment as Executive Chairman of the Company terminated effective March 31, 2017. Beginning on April 1, 2017 and continuing through December 31, 2020, unless earlier terminated as provided for in the agreement (the “Consulting Period”), Mr. Rittenberg will serve on a part-time basis as a non-employee senior adviser to the Company. Additionally, Mr. Rittenberg will remain as Chairman of the Board through the end of his existing director term (the Company’s 2018 annual meeting of shareholders) and, subsequently, he will be nominated by the Board to serve as a non-employee member of such Board throughout the remainder of the Consulting Period. Under the Transition and Consulting Agreement, Mr. Rittenberg will receive payments from April 1, 2017 through December 31, 2017 in amounts equal to his base salary had he remained employed as Executive Chairman during such period (i.e., pay at an annual rate equal to $2,090). Additionally, he will remain eligible to receive an annual bonus for full-year 2017 based on the terms of the Company’s 2017 bonus plan and the terms of his previous employment agreement (a target amount equal to 80% of his 2017 base salary). Further, during 2018, Mr. Rittenberg will receive severance payments aggregating $2,049, which will be made in four equal quarterly installments. Finally, beginning on January 1, 2018 and for the remainder of the Consulting Period, Mr. Rittenberg will receive payments equal to $40 per month in consideration for his consulting services. Additionally, under the Transition and Consulting Agreement, during the Consulting Period, Mr. Rittenberg’s existing unvested stock options will remain eligible to vest in accordance with their original terms and Mr. Rittenberg’s existing vested stock options will remain outstanding (also, in accordance with their original terms). As a result of the Transition and Consulting Agreement, the Company recorded a $4,296 severance charge in general and administrative expenses during the nine months ended September 30, 2017. Such amount represents: (1) the amount that he will be paid from April 1, 2017 – December 31, 2017 that is above and beyond the fair value ($40 per month) of his consulting services during such period, $1,207, (2) an estimate of his bonus for the period from April 1, 2017 – December 31, 2017, $1,040, and (3) the severance to be paid during 2018, $2,049. Throughout the Consulting Period, the Company will record $40 per month in general and administrative expenses, such amount representing the fair value of his consulting services. Additionally, as a result of the Transition and Consulting Agreement: (1) allowing Mr. Rittenberg’s existing unvested stock options to continue vesting (such options would have been forfeited had he left the Company) and (2) allowing his existing vested stock options to remain outstanding (had he left the Company, he would have only had 60 days to exercise vested options), during the three months ended March 31, 2017 the Company recorded a $1,362 charge in general and administrative expenses due to the modification of such options. Also, during the nine months ended September 30, 2017, the Company recorded a $3,195 severance charge related to the restructuring of its Retail segment. Of such amount, $2,291 was recorded in retail operating expenses and $904 was recorded in general and administrative expenses. The majority of the severance was paid during the second quarter of 2017.

XML 32 R21.htm IDEA: XBRL DOCUMENT

Kazzam, LLC	9 Months Ended
Kazzam, LLC	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Kazzam, LLC	Note 15 – Kazzam, LLC During the first quarter of 2017, the Company and Ampology, a subsidiary of Trivergence, reached an agreement to form a new legal entity, Kazzam, LLC (“Kazzam”), for the purpose of designing, developing and launching an online exchange platform for party-related services. The website will allow consumers to select, schedule and pay for various services (including entertainment, activities and food) all through a single portal. Although the Company currently only owns 30% of Kazzam’s equity, the Company has concluded that: a) Kazzam is a variable interest entity as it has insufficient equity at risk and b) the Company is its primary beneficiary. Therefore, the Company has consolidated Kazzam into the Company’s financial statements. Further, as the Company is currently funding all of Kazzam’s start-up activities via a loan to Kazzam (which will be repaid when the venture is profitable), the Company is recording 100% of Kazzam’s operating results in “development stage expenses” in the Company’s consolidated statement of operations and comprehensive income. Additionally, as part of Ampology’s compensation for designing, developing and launching the exchange platform, Ampology has received a 70% ownership interest in Kazzam and a warrant to acquire 596,000 shares of Party City Holdco Inc. stock. During the nine months ended September 30, 2017, Kazzam recognized $3,000 of expense related to the fair value of the 70% interest. Additionally, during such period, Kazzam recorded $286 of expense related to the warrant. The amounts were recorded in “development stage expenses” in the Company’s consolidated statement of operations and comprehensive income. The 70% interest has been recorded as redeemable securities in the Company’s consolidated balance sheet as, in the future, Ampology has the right to cause the Company to purchase the interest. The warrant has an exercise price of $15.60 and a fair value of $2,544, which is being amortized over four years.

XML 33 R22.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Recently Issued Accounting Pronouncements (Policies)

9 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

Industry Segments

Industry Segments

Fair Value Measurement

•

Level 1 — Quoted prices in active markets for identical assets or liabilities.

•

XML 34 R23.htm IDEA: XBRL DOCUMENT

Inventories (Tables)

9 Months Ended

Sep. 30, 2017

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


	September 30, 2017		December 31, 2016
Finished goods	$	646,486	$	581,277
Raw materials		30,395		23,222
Work in process		10,373		9,369

	$	687,254	$	613,868

XML 35 R24.htm IDEA: XBRL DOCUMENT

Changes in Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2017

Equity [Abstract]

Changes in Accumulated Other Comprehensive Loss

The changes in accumulated other comprehensive loss consisted of the following:


	Three Months Ended September 30, 2017
	Foreign Currency Adjustments			Impact of Foreign Exchange Contracts, Net of Taxes			Total, Net of Taxes
Balance at June 30, 2017	$	(41,650	)	$	(378	)	$	(42,028	)
Other comprehensive income (loss) before reclassifications		5,297			(281	)		5,016
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income		—			229			229

Net current-period other comprehensive income (loss)		5,297			(52	)		5,245

Balance at September 30, 2017	$	(36,353	)	$	(430	)	$	(36,783	)


	Three Months Ended September 30, 2016
	Foreign Currency Adjustments			Impact of Foreign Exchange Contracts, Net of Taxes			Total, Net of Taxes
Balance at June 30, 2016	$	(39,500	)	$	916		$	(38,584	)
Other comprehensive loss before reclassifications		(3,537	)		(470	)		(4,007	)
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income, net		—			(145	)		(145	)

Net current-period other comprehensive loss, net		(3,537	)		(615	)		(4,152	)

Balance at September 30, 2016	$	(43,037	)	$	301		$	(42,736	)


	Nine Months Ended September 30, 2017
	Foreign Currency Adjustments			Impact of Foreign Exchange Contracts, Net of Taxes			Total, Net of Taxes
Balance at December 31, 2016	$	(53,171	)	$	932		$	(52,239	)
Other comprehensive income (loss) before reclassifications, net of income tax		16,818			(1,077	)		15,741
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income, net of income tax		—			(285	)		(285	)

Net current-period other comprehensive income (loss)		16,818			(1,362	)		15,456

Balance at September 30, 2017	$	(36,353	)	$	(430	)	$	(36,783	)


	Nine Months Ended September 30, 2016
	Foreign Currency Adjustments			Impact of Foreign Exchange Contracts, Net of Taxes			Total, Net of Taxes
Balance at December 31, 2015	$	(33,401	)	$	611		$	(32,790	)
Other comprehensive (loss) income before reclassifications, net of income tax		(9,636	)		183			(9,453	)
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income, net of income tax		—			(493	)		(493	)

Net current-period other comprehensive loss		(9,636	)		(310	)		(9,946	)

Balance at September 30, 2016	$	(43,037	)	$	301		$	(42,736	)

XML 36 R25.htm IDEA: XBRL DOCUMENT

Segment Information (Tables)

9 Months Ended

Sep. 30, 2017

Segment Reporting [Abstract]

Schedule of Company's Industry Segment Data

The Company’s industry segment data for the three months ended September 30, 2017 and September 30, 2016 was as follows:


	Wholesale			Retail		Consolidated
Three Months Ended September 30, 2017
Revenues:
Net sales	$	381,858		$	364,057	$	745,915
Royalties and franchise fees		—			2,759		2,759

Total revenues		381,858			366,816		748,674
Eliminations		(188,565	)		—		(188,565	)

Net revenues	$	193,293		$	366,816	$	560,109

Income from operations	$	22,808		$	14,580	$	37,388

Interest expense, net							23,228
Other expense, net							593

Income before income taxes						$	13,567


	Wholesale			Retail		Consolidated
Three Months Ended September 30, 2016
Revenues:
Net sales	$	416,387		$	347,557	$	763,944
Royalties and franchise fees		—			3,568		3,568

Total revenues		416,387			351,125		767,512
Eliminations		(210,562	)		—		(210,562	)

Net revenues	$	205,825		$	351,125	$	556,950

Income from operations	$	35,532		$	1,386	$	36,918

Interest expense, net							22,424
Other income, net							(905	)

Income before income taxes						$	15,399

The Company’s industry segment data for the nine months ended September 30, 2017 and September 30, 2016 was as follows:


	Wholesale			Retail		Consolidated
Nine Months Ended September 30, 2017
Revenues:
Net sales	$	929,255		$	1,103,127	$	2,032,382
Royalties and franchise fees		—			9,020		9,020

Total revenues		929,255			1,112,147		2,041,402
Eliminations		(459,416	)		—		(459,416	)

Net revenues	$	469,839		$	1,112,147	$	1,581,986

Income from operations	$	49,258		$	63,500	$	112,758

Interest expense, net							65,214
Other expense, net							860

Income before income taxes						$	46,684


	Wholesale			Retail		Consolidated
Nine Months Ended September 30, 2016
Revenues:
Net sales	$	945,071		$	1,043,212	$	1,988,283
Royalties and franchise fees		—			11,009		11,009

Total revenues		945,071			1,054,221		1,999,292
Eliminations		(465,189	)		—		(465,189	)

Net revenues	$	479,882		$	1,054,221	$	1,534,103

Income from operations	$	65,669		$	49,285	$	114,954

Interest expense, net							67,857
Other income, net							(4,107	)

Income before income taxes						$	51,204

XML 37 R26.htm IDEA: XBRL DOCUMENT

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2017

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Values of Derivatives

The following table displays the fair values of the Company’s derivatives at September 30, 2017 and December 31, 2016:

Derivative Assets

Derivative Liabilities

Balance
Sheet
Line

Fair
Value

Balance
Sheet
Line

Fair
Value

Balance
Sheet
Line

Fair
Value

Balance
Sheet
Line

Fair
Value

Derivative Instrument

September 30, 2017

December 31, 2016

September 30, 2017

December 31, 2016

Foreign Exchange Contracts

) PP

—

) PP

697

) AE

355

) AE

215

(a)	PP = Prepaid expenses and other current assets

(b)	AE = Accrued expenses

Schedule of Notional Amounts of Derivatives

The following table displays the notional amounts of the Company’s derivatives at September 30, 2017 and December 31, 2016:


Derivative Instrument	September 30, 2017		December 31, 2016
Foreign Exchange Contracts	$	6,875	$	22,502

XML 38 R27.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2017

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table shows assets and liabilities as of September 30, 2017 that are measured at fair value on a recurring basis:


	Level 1		Level 2		Level 3		Total as of September 30, 2017
Noncontrolling interests liabilities	$	—	$	—	$	6,016	$	6,016
Derivative assets		—		—		—		—
Derivative liabilities		—		355		—		355

The following table shows assets and liabilities as of December 31, 2016 that are measured at fair value on a recurring basis:


	Level 1		Level 2		Level 3		Total as of December 31, 2016
Noncontrolling interests liabilities	$	—	$	—	$	—	$	—
Derivative assets		—		697		—		697
Derivative liabilities		—		215		—		215

Summary of Carrying Amount and Fair Value


	September 30, 2017
	Carrying Amount		Fair Value
Term Loan Credit Agreement	$	1,198,750	$	1,220,406
Senior Notes		345,162		364,809

XML 39 R28.htm IDEA: XBRL DOCUMENT

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2017

Earnings Per Share [Abstract]

Schedule of Reconciliation Between Basic and Diluted Income Per Share

A reconciliation between basic and diluted income per share is as follows:


	Three Months Ended September 30, 2017		Three Months Ended September 30, 2016		Nine Months Ended September 30, 2017		Nine Months Ended September 30, 2016
Net income	$	10,084	$	10,180	$	30,383	$	32,301
Weighted average shares—Basic		119,587,339		119,406,751		119,546,451		119,340,610
Effect of dilutive securities:
Warrants		—		—		—		—
Stock options		1,325,510		1,065,546		1,361,528		971,882

Weighted average shares—Diluted		120,912,849		120,472,297		120,907,979		120,312,492

Net income per common share—Basic	$	0.08	$	0.09	$	0.25	$	0.27

Net income per common share—Diluted	$	0.08	$	0.08	$	0.25	$	0.27

XML 40 R29.htm IDEA: XBRL DOCUMENT

Long-Term Obligations (Tables)

9 Months Ended

Sep. 30, 2017

Debt Disclosure [Abstract]

Summary of Long-Term Obligations

Long-term obligations at September 30, 2017 and December 31, 2016 consisted of the following:


	September 30, 2017			December 31, 2016
Term Loan Credit Agreement	$	1,198,750		$	1,205,496
Capital lease obligations		3,298			2,912
Senior Notes		345,162			344,544

Total long-term obligations		1,547,210			1,552,952
Less: current portion		(13,064	)		(13,348	)

Long-term obligations, excluding current portion	$	1,534,146		$	1,539,604

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=64930739&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=64930785&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=84159872&loc=d3e21521-112644

+ Details

XML 41 R30.htm IDEA: XBRL DOCUMENT

Description of Business - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2017 Store
PC Nextco [Member]
Basis Of Presentation [Line Items]
Ownership percentage	100.00%
PC Intermediate [Member]
Basis Of Presentation [Line Items]
Ownership percentage	100.00%
Party City Holdings Inc [Member]
Basis Of Presentation [Line Items]
Ownership percentage	100.00%
United States and Canada [Member]
Basis Of Presentation [Line Items]
Number of specialty retail party supply stores	900
Number of franchise stores included in retail operation	150

XML 42 R31.htm IDEA: XBRL DOCUMENT

Basis of Presentation and Recently Issued Accounting Pronouncements - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2017
Minimum [Member]
Basis Of Presentation And Significant Accounting Policies [Line Items]
Retail operations period of fiscal year	364 days
Retail operations period of fiscal quarter	91 days
Maximum [Member]
Basis Of Presentation And Significant Accounting Policies [Line Items]
Retail operations period of fiscal year	371 days
Retail operations period of fiscal quarter	98 days

XML 43 R32.htm IDEA: XBRL DOCUMENT

Inventories - Inventories (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Inventory Disclosure [Abstract]
Finished goods	$ 646,486	$ 581,277
Raw materials	30,395	23,222
Work in process	10,373	9,369
Inventories, net	$ 687,254	$ 613,868

XML 44 R33.htm IDEA: XBRL DOCUMENT

Income Taxes - Additional Information (Detail)	9 Months Ended
Income Taxes - Additional Information (Detail)	Sep. 30, 2017	Sep. 30, 2016
Income Tax Disclosure [Abstract]
Effective income tax rate	34.90%	36.90%

XML 45 R34.htm IDEA: XBRL DOCUMENT

Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated and Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance			$ 1,016,789
Balance	$ 1,067,553		1,067,553
Foreign Currency Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(41,650)	$ (39,500)	(53,171)	$ (33,401)
Other comprehensive income (loss) before reclassifications, net of income tax	5,297	(3,537)	16,818	(9,636)
Net current-period other comprehensive (loss) income, net	5,297	(3,537)	16,818	(9,636)
Balance	(36,353)	(43,037)	(36,353)	(43,037)
Impact of Foreign Exchange Contracts, Net of Taxes [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(378)	916	932	611
Other comprehensive income (loss) before reclassifications, net of income tax	(281)	(470)	(1,077)	183
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income, net of income tax	229	(145)	(285)	(493)
Net current-period other comprehensive (loss) income, net	(52)	(615)	(1,362)	(310)
Balance	(430)	301	(430)	301
Accumulated Other Comprehensive Loss [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance	(42,028)	(38,584)	(52,239)	(32,790)
Other comprehensive income (loss) before reclassifications, net of income tax	5,016	(4,007)	15,741	(9,453)
Amounts reclassified from accumulated other comprehensive loss to the condensed consolidated statement of operations and comprehensive income, net of income tax	229	(145)	(285)	(493)
Net current-period other comprehensive (loss) income, net	5,245	(4,152)	15,456	(9,946)
Balance	$ (36,783)	$ (42,736)	$ (36,783)	$ (42,736)

XML 46 R35.htm IDEA: XBRL DOCUMENT

Capital Stock - Additional Information (Detail)	Sep. 30, 2017 $ / shares shares
Equity [Abstract]
Authorized capital stock \| shares	300,000,000
Common stock, par value \| $ / shares	$ 0.01
Preferred stock, par value \| $ / shares	$ 0.01
Authorized preferred stock \| shares	15,000,000

XML 47 R36.htm IDEA: XBRL DOCUMENT

Segment Information - Additional Information (Detail)	9 Months Ended
Segment Information - Additional Information (Detail)	Sep. 30, 2017 Segment
Segment Reporting [Abstract]
Number of business segments	2

XML 48 R37.htm IDEA: XBRL DOCUMENT

Segment Information - Schedule of Company's Industry Segment Data (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Revenues:
Net sales	$ 557,350	$ 553,382	$ 1,572,966	$ 1,523,094
Royalties and franchise fees	2,759	3,568	9,020	11,009
Total revenues	560,109	556,950	1,581,986	1,534,103
Income from operations	37,388	36,918	112,758	114,954
Interest expense, net	23,228	22,424	65,214	67,857
Other income (expense), net	593	(905)	860	(4,107)
Income before income taxes	13,567	15,399	46,684	51,204
Wholesale [Member]
Revenues:
Total revenues	193,293	205,825	469,839	479,882
Income from operations	22,808	35,532	49,258	65,669
Retail [Member]
Revenues:
Total revenues	366,816	351,125	1,112,147	1,054,221
Income from operations	14,580	1,386	63,500	49,285
Operating Segments [Member]
Revenues:
Net sales	745,915	763,944	2,032,382	1,988,283
Royalties and franchise fees	2,759	3,568	9,020	11,009
Total revenues	748,674	767,512	2,041,402	1,999,292
Operating Segments [Member] \| Wholesale [Member]
Revenues:
Net sales	381,858	416,387	929,255	945,071
Total revenues	381,858	416,387	929,255	945,071
Operating Segments [Member] \| Retail [Member]
Revenues:
Net sales	364,057	347,557	1,103,127	1,043,212
Royalties and franchise fees	2,759	3,568	9,020	11,009
Total revenues	366,816	351,125	1,112,147	1,054,221
Eliminations [Member]
Revenues:
Total revenues	(188,565)	(210,562)	(459,416)	(465,189)
Eliminations [Member] \| Wholesale [Member]
Revenues:
Total revenues	$ (188,565)	$ (210,562)	$ (459,416)	$ (465,189)

XML 49 R38.htm IDEA: XBRL DOCUMENT

Derivative Financial Instruments - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2017
Derivative [Line Items]
Foreign currency exchange contracts reclassified date	2018-06
Foreign Exchange Risk Management [Member]
Derivative [Line Items]
Hedging effectiveness	100.00%
Foreign Exchange Risk Management [Member] \| Maximum [Member]
Derivative [Line Items]
Foreign exchange forward contracts maturity	1 year

XML 50 R39.htm IDEA: XBRL DOCUMENT

Derivative Financial Instruments - Schedule of Fair Values of Derivatives (Detail) - Foreign Exchange Contracts [Member] - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Prepaid Expenses and Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative assets		$ 697
Accrued Expenses [Member]
Derivatives, Fair Value [Line Items]
Derivative liabilities	$ 355	$ 215

XML 51 R40.htm IDEA: XBRL DOCUMENT

Derivative Financial Instruments - Schedule of Notional Amounts of Derivatives (Detail) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Foreign Exchange Contracts [Member]
Derivatives, Fair Value [Line Items]
Notional amounts	$ 6,875,000	$ 22,502,000

XML 52 R41.htm IDEA: XBRL DOCUMENT

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncontrolling interests liabilities	$ 6,016
Derivative assets		$ 697
Derivative liabilities	355	215
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets		697
Derivative liabilities	355	$ 215
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Noncontrolling interests liabilities	$ 6,016

XML 53 R42.htm IDEA: XBRL DOCUMENT

Fair Value Measurements - Additional Information (Detail) - USD ($)	1 Months Ended		9 Months Ended
	Jul. 31, 2017	Mar. 31, 2017	Sep. 30, 2017	Sep. 30, 2016	Aug. 31, 2015
Debt Instrument [Line Items]
Impairment charges			$ 0	$ 0
Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument Carrying Amount			$ 350,000,000
Notes issued rate			6.125%
Accurate Custom Injection Molding Inc [Member]
Debt Instrument [Line Items]
Business combination, acquisition percentage					75.00%
Estimated purchase price interest			$ 0
Business combination, percentage of remaining interest			25.00%
Business combination, period to acquire remaining interest			7 years
Granmark [Member]
Debt Instrument [Line Items]
Business combination, acquisition percentage		85.00%
Business combination, percentage of remaining interest		15.00%
Liability recorded for the estimated purchase price of remaining interest to be acquired			$ 3,342,000
Granmark [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Business combination, period to acquire remaining interest		3 years
Granmark [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Business combination, period to acquire remaining interest		5 years
Print Appeal Inc [Member]
Debt Instrument [Line Items]
Business combination, acquisition percentage	60.00%
Estimated purchase price interest			$ 2,674,000
Business combination, percentage of remaining interest	40.00%		40.00%
Business combination, period to acquire remaining interest			6 years
Liability recorded for the estimated purchase price of remaining interest to be acquired			$ 2,674,000
Print Appeal Inc [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Business combination, period to acquire remaining interest	4 years
Print Appeal Inc [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Business combination, period to acquire remaining interest	6 years

XML 54 R43.htm IDEA: XBRL DOCUMENT

Fair Value Measurements - Summary of Carrying Amount and Fair Value (Detail) $ in Thousands	Sep. 30, 2017 USD ($)
Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	$ 345,162
Debt Instrument Fair Value	364,809
Term Loan Credit Agreement [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Debt Instrument Carrying Amount	1,198,750
Debt Instrument Fair Value	$ 1,220,406

XML 55 R44.htm IDEA: XBRL DOCUMENT

Earnings Per Share - Schedule of Reconciliation Between Basic and Diluted Income Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Earnings Per Share [Abstract]
Net income	$ 10,084	$ 10,180	$ 30,383	$ 32,301
Weighted average shares - Basic	119,587,339	119,406,751	119,546,451	119,340,610
Effect of dilutive securities:
Warrants	0	0	0	0
Stock options	1,325,510	1,065,546	1,361,528	971,882
Weighted average shares - Diluted	120,912,849	120,472,297	120,907,979	120,312,492
Net income per common share - Basic	$ 0.08	$ 0.09	$ 0.25	$ 0.27
Net income per common share - Diluted	$ 0.08	$ 0.08	$ 0.25	$ 0.27

XML 56 R45.htm IDEA: XBRL DOCUMENT

Earnings Per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Employee Stock Option [Member]
Earnings Per Share Basic And Diluted [Line Items]
Antidilutive securities excluded from calculation of earnings per share	2,370,106	2,276,695	2,370,106	2,276,695
Warrant [Member]
Earnings Per Share Basic And Diluted [Line Items]
Antidilutive securities excluded from calculation of earnings per share	596,000	0	596,000	0

XML 57 R46.htm IDEA: XBRL DOCUMENT

Long-Term Obligations - Summary of Long-Term Obligations (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Total long-term obligations	$ 1,547,210	$ 1,552,952
Less: current portion	(13,064)	(13,348)
Long-term obligations, excluding current portion	1,534,146	1,539,604
Senior Notes [Member]
Debt Instrument [Line Items]
Total long-term obligations	345,162	344,544
Capital Lease Obligations [Member]
Debt Instrument [Line Items]
Total long-term obligations	3,298	2,912
Term Loan Credit Agreement [Member] \| Secured Debt [Member]
Debt Instrument [Line Items]
Total long-term obligations	$ 1,198,750	$ 1,205,496

XML 58 R47.htm IDEA: XBRL DOCUMENT

Acquisitions - Additional Information (Detail) $ in Thousands	1 Months Ended				9 Months Ended
	Jul. 31, 2017 USD ($)	Apr. 30, 2017 USD ($)	Mar. 31, 2017 USD ($) Franchised_Stores	Jan. 31, 2017 USD ($) Franchised_Stores	Sep. 30, 2017 USD ($)	Sep. 30, 2016 USD ($)
Subsequent Event [Line Items]
Consideration paid for acquisition					$ 72,804	$ 31,820
Punchbowl Inc [Member]
Subsequent Event [Line Items]
Payment for equity method investment		$ 3,500
Equity method investment, ownership percentage		28.00%
Granmark [Member]
Subsequent Event [Line Items]
Business combination, acquisition percentage			85.00%
Consideration paid for acquisition			$ 22,000
Business combination, percentage of remaining interest			15.00%
Business combination, cash acquired			$ 5,600
Liability recorded for the estimated purchase price of remaining interest to be acquired					$ 3,342
Granmark [Member] \| Minimum [Member]
Subsequent Event [Line Items]
Business combination, period to acquire remaining interest			3 years
Granmark [Member] \| Maximum [Member]
Subsequent Event [Line Items]
Business combination, period to acquire remaining interest			5 years
Granmark [Member] \| Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Debt outstanding under revolving credit facilities			$ 6,456
North Carolina and South Carolina [Member]
Subsequent Event [Line Items]
Number of franchise stores acquired \| Franchised_Stores			18
Total consideration amount			$ 31,000
Print Appeal Inc [Member]
Subsequent Event [Line Items]
Business combination, acquisition percentage	60.00%
Consideration paid for acquisition	$ 2,800
Business combination, percentage of remaining interest	40.00%				40.00%
Business combination, period to acquire remaining interest					6 years
Liability recorded for the estimated purchase price of remaining interest to be acquired					$ 2,674
Print Appeal Inc [Member] \| Minimum [Member]
Subsequent Event [Line Items]
Business combination, period to acquire remaining interest	4 years
Print Appeal Inc [Member] \| Maximum [Member]
Subsequent Event [Line Items]
Business combination, period to acquire remaining interest	6 years
Louisiana and Alabama [Member]
Subsequent Event [Line Items]
Number of franchise stores acquired \| Franchised_Stores				18
Total consideration amount				$ 15,000

XML 59 R48.htm IDEA: XBRL DOCUMENT

Organizational Restructuring - Additional Information (Detail) $ in Thousands		3 Months Ended			9 Months Ended
	Mar. 15, 2017 USD ($) Installments	Sep. 30, 2017 USD ($)	Mar. 31, 2017 USD ($)	Sep. 30, 2016 USD ($)	Dec. 31, 2017 USD ($)	Sep. 30, 2017 USD ($)	Sep. 30, 2016 USD ($)
Consulting Contracts [Line Items]
Severance charge						$ 4,296
Compensation expense related to modification of certain stock options			$ 1,362
Remaining term Options exercisable in period			60 days
General and administrative expenses		$ 37,971		$ 38,972		125,763	$ 115,828
Retail Segment [Member] \| Restructuring Charges [Member]
Consulting Contracts [Line Items]
Severance charge						3,195
Retail operating expenses						2,291
General and administrative expenses						$ 904
Scenario, Forecast [Member]
Consulting Contracts [Line Items]
Severance bonus target					$ 1,040
Executive Chairman [Member]
Consulting Contracts [Line Items]
Base salary	$ 2,049
Executive Chairman [Member] \| 2017 [Member]
Consulting Contracts [Line Items]
Base salary	$ 2,090
Percentage of base salary with target amount	80.00%
Executive Chairman [Member] \| 2018 [Member]
Consulting Contracts [Line Items]
Consulting agreement monthly payments	$ 40
Aggregate severance payment due, number of equal quarterly installments \| Installments	4

XML 60 R49.htm IDEA: XBRL DOCUMENT

Kazzam, LLC - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Variable Interest Entity [Line Items]
Equity method investment aggregate cost	$ 3,000
Adjustments to additional paid in capital warrant issued	286
Warrant fair value	$ 3,699	$ 3,821
Variable Interest Entity, Not Primary Beneficiary [Member] \| Ampology [Member] \| Kazzam LLC [Member]
Variable Interest Entity [Line Items]
Variable interest entity ownership percentage	70.00%
Kazzam LLC [Member] \| Primary Beneficiary [Member]
Variable Interest Entity [Line Items]
Variable interest entity ownership percentage	30.00%
Variable interest entity percentage of operating results recorded in consolidated financial statement	100.00%
Variable interest entity description of entity	a) Kazzam is a variable interest entity as it has insufficient equity at risk and b) the Company is its primary beneficiary.
Adjustments to additional paid in capital warrant issued	$ 286
Kazzam LLC [Member] \| Primary Beneficiary [Member] \| Ampology [Member] \| Warrant [Member]
Variable Interest Entity [Line Items]
Warrant exercise price	$ 15.60
Warrant fair value	$ 2,544
Warrant amortization period	4 years
warrant received to acquire Party City Holdco Inc Sock	596,000

EXCEL 61 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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how.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 63 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 65 FilingSummary.xml IDEA: XBRL DOCUMENT 3.8.0.1 html 137 188 1 false 48 0 false 8 false false R1.htm 101 - Document - Document and Entity Information Sheet http://imetrix.edgar-online.com/taxonomy/role/DocumentandEntityInformation Document and Entity Information Cover 1 false false R2.htm 103 - Statement - Condensed Consolidated Balance Sheets Sheet http://imetrix.edgar-online.com/taxonomy/role/StatementOfFinancialPositionClassified Condensed Consolidated Balance Sheets Statements 2 false false R3.htm 104 - Statement - Condensed Consolidated Balance Sheets (Parenthetical) Sheet http://imetrix.edgar-online.com/taxonomy/role/StatementOfFinancialPositionClassifiedParenthetical Condensed Consolidated Balance Sheets (Parenthetical) Statements 3 false false R4.htm 105 - Statement - Condensed Consolidated Statements of Operations and Comprehensive Income Sheet http://imetrix.edgar-online.com/taxonomy/role/StatementOfIncome Condensed Consolidated Statements of Operations and Comprehensive Income Statements 4 false false R5.htm 106 - Statement - Condensed Consolidated Statement of Stockholders' Equity Sheet http://imetrix.edgar-online.com/taxonomy/role/StatementOfShareholdersEquityAndOtherComprehensiveIncome Condensed Consolidated Statement of Stockholders' Equity Statements 5 false false R6.htm 107 - Statement - Condensed Consolidated Statements of Cash Flows Sheet http://imetrix.edgar-online.com/taxonomy/role/StatementOfCashFlowsIndirect Condensed Consolidated Statements of Cash Flows Statements 6 false false R7.htm 108 - Disclosure - Description of Business Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsNatureOfOperations Description of Business Notes 7 false false R8.htm 109 - Disclosure - Basis of Presentation and Recently Issued Accounting Pronouncements Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsBasisOfPresentationAndSignificantAccountingPoliciesTextBlock Basis of Presentation and Recently Issued Accounting Pronouncements Notes 8 false false R9.htm 110 - Disclosure - Inventories Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsInventoryDisclosureTextBlock Inventories Notes 9 false false R10.htm 111 - Disclosure - Income Taxes Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsIncomeTaxDisclosureTextBlock Income Taxes Notes 10 false false R11.htm 112 - Disclosure - Changes in Accumulated Other Comprehensive Loss Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsComprehensiveIncomeNoteTextBlock Changes in Accumulated Other Comprehensive Loss Notes 11 false false R12.htm 113 - Disclosure - Capital Stock Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsStockholdersEquityNoteDisclosureTextBlock Capital Stock Notes 12 false false R13.htm 114 - Disclosure - Segment Information Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsSegmentReportingDisclosureTextBlock Segment Information Notes 13 false false R14.htm 115 - Disclosure - Commitments and Contingencies Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsCommitmentsAndContingenciesDisclosureTextBlock Commitments and Contingencies Notes 14 false false R15.htm 116 - Disclosure - Derivative Financial Instruments Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsDerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock Derivative Financial Instruments Notes 15 false false R16.htm 117 - Disclosure - Fair Value Measurements Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsFairValueDisclosuresTextBlock Fair Value Measurements Notes 16 false false R17.htm 118 - Disclosure - Earnings Per Share Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsEarningsPerShareTextBlock Earnings Per Share Notes 17 false false R18.htm 119 - Disclosure - Long-Term Obligations Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsLongTermDebtTextBlock Long-Term Obligations Notes 18 false false R19.htm 120 - Disclosure - Acquisitions Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsBusinessCombinationDisclosureTextBlock Acquisitions Notes 19 false false R20.htm 121 - Disclosure - Organizational Restructuring Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsRestructuringAndRelatedActivitiesDisclosureTextBlock Organizational Restructuring Notes 20 false false R21.htm 122 - Disclosure - Kazzam, LLC Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsVariableInterestEntityDisclosureTextBlock Kazzam, LLC Notes 21 false false R22.htm 123 - Disclosure - Basis of Presentation and Recently Issued Accounting Pronouncements (Policies) Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsBasisOfPresentationAndSignificantAccountingPoliciesTextBlockPolicies Basis of Presentation and Recently Issued Accounting Pronouncements (Policies) Policies http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsBasisOfPresentationAndSignificantAccountingPoliciesTextBlock 22 false false R23.htm 124 - Disclosure - Inventories (Tables) Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsInventoryDisclosureTextBlockTables Inventories (Tables) Tables http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsInventoryDisclosureTextBlock 23 false false R24.htm 125 - Disclosure - Changes in Accumulated Other Comprehensive Loss (Tables) Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsComprehensiveIncomeNoteTextBlockTables Changes in Accumulated Other Comprehensive Loss (Tables) Tables http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsComprehensiveIncomeNoteTextBlock 24 false false R25.htm 126 - Disclosure - Segment Information (Tables) Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsSegmentReportingDisclosureTextBlockTables Segment Information (Tables) Tables http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsSegmentReportingDisclosureTextBlock 25 false false R26.htm 127 - Disclosure - Derivative Financial Instruments (Tables) Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsDerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlockTables Derivative Financial Instruments (Tables) Tables http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsDerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock 26 false false R27.htm 128 - Disclosure - Fair Value Measurements (Tables) Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsFairValueDisclosuresTextBlockTables Fair Value Measurements (Tables) Tables http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsFairValueDisclosuresTextBlock 27 false false R28.htm 129 - Disclosure - Earnings Per Share (Tables) Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsEarningsPerShareTextBlockTables Earnings Per Share (Tables) Tables http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsEarningsPerShareTextBlock 28 false false R29.htm 130 - Disclosure - Long-Term Obligations (Tables) Sheet http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsLongTermDebtTextBlockTables Long-Term Obligations (Tables) Tables http://imetrix.edgar-online.com/taxonomy/role/NotesToFinancialStatementsLongTermDebtTextBlock 29 false false R30.htm 131 - Disclosure - Description of Business - Additional Information (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureDescriptionOfBusinessAdditionalInformation Description of Business - Additional Information (Detail) Details 30 false false R31.htm 132 - Disclosure - Basis of Presentation and Recently Issued Accounting Pronouncements - Additional Information (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureBasisOfPresentationAndRecentlyIssuedAccountingPronouncementsAdditionalInformation Basis of Presentation and Recently Issued Accounting Pronouncements - Additional Information (Detail) Details 31 false false R32.htm 133 - Disclosure - Inventories - Inventories (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureInventoriesInventories Inventories - Inventories (Detail) Details 32 false false R33.htm 134 - Disclosure - Income Taxes - Additional Information (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureIncomeTaxesAdditionalInformation Income Taxes - Additional Information (Detail) Details 33 false false R34.htm 135 - Disclosure - Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated and Other Comprehensive Loss (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureChangesInAccumulatedOtherComprehensiveLossChangesInAccumulatedAndOtherComprehensiveLoss Changes in Accumulated Other Comprehensive Loss - Changes in Accumulated and Other Comprehensive Loss (Detail) Details 34 false false R35.htm 136 - Disclosure - Capital Stock - Additional Information (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureCapitalStockAdditionalInformation Capital Stock - Additional Information (Detail) Details 35 false false R36.htm 137 - Disclosure - Segment Information - Additional Information (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureSegmentInformationAdditionalInformation Segment Information - Additional Information (Detail) Details 36 false false R37.htm 138 - Disclosure - Segment Information - Schedule of Company's Industry Segment Data (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureSegmentInformationScheduleOfCompanysIndustrySegmentData Segment Information - Schedule of Company's Industry Segment Data (Detail) Details 37 false false R38.htm 139 - Disclosure - Derivative Financial Instruments - Additional Information (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureDerivativeFinancialInstrumentsAdditionalInformation Derivative Financial Instruments - Additional Information (Detail) Details 38 false false R39.htm 140 - Disclosure - Derivative Financial Instruments - Schedule of Fair Values of Derivatives (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureDerivativeFinancialInstrumentsScheduleOfFairValuesOfDerivatives Derivative Financial Instruments - Schedule of Fair Values of Derivatives (Detail) Details 39 false false R40.htm 141 - Disclosure - Derivative Financial Instruments - Schedule of Notional Amounts of Derivatives (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureDerivativeFinancialInstrumentsScheduleOfNotionalAmountsOfDerivatives Derivative Financial Instruments - Schedule of Notional Amounts of Derivatives (Detail) Details 40 false false R41.htm 142 - Disclosure - Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureFairValueMeasurementsSummaryOfAssetsAndLiabilitiesMeasuredAtFairValueOnRecurringBasis Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) Details 41 false false R42.htm 143 - Disclosure - Fair Value Measurements - Additional Information (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureFairValueMeasurementsAdditionalInformation Fair Value Measurements - Additional Information (Detail) Details 42 false false R43.htm 144 - Disclosure - Fair Value Measurements - Summary of Carrying Amount and Fair Value (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureFairValueMeasurementsSummaryOfCarryingAmountAndFairValue Fair Value Measurements - Summary of Carrying Amount and Fair Value (Detail) Details 43 false false R44.htm 145 - Disclosure - Earnings Per Share - Schedule of Reconciliation Between Basic and Diluted Income Per Share (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureEarningsPerShareScheduleOfReconciliationBetweenBasicAndDilutedIncomePerShare Earnings Per Share - Schedule of Reconciliation Between Basic and Diluted Income Per Share (Detail) Details 44 false false R45.htm 146 - Disclosure - Earnings Per Share - Additional Information (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureEarningsPerShareAdditionalInformation Earnings Per Share - Additional Information (Detail) Details 45 false false R46.htm 147 - Disclosure - Long-Term Obligations - Summary of Long-Term Obligations (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureLongTermObligationsSummaryOfLongTermObligations Long-Term Obligations - Summary of Long-Term Obligations (Detail) Details 46 false false R47.htm 148 - Disclosure - Acquisitions - Additional Information (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureAcquisitionsAdditionalInformation Acquisitions - Additional Information (Detail) Details 47 false false R48.htm 149 - Disclosure - Organizational Restructuring - Additional Information (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureOrganizationalRestructuringAdditionalInformation Organizational Restructuring - Additional Information (Detail) Details 48 false false R49.htm 150 - Disclosure - Kazzam, LLC - Additional Information (Detail) Sheet http://imetrix.edgar-online.com/taxonomy/role/DisclosureKazzamLLCAdditionalInformation Kazzam, LLC - Additional Information (Detail) Details 49 false false All Reports Book All Reports prty-20170930.xml prty-20170930.xsd prty-20170930_cal.xml prty-20170930_def.xml prty-20170930_lab.xml prty-20170930_pre.xml http://xbrl.sec.gov/invest/2013-01-31 http://xbrl.sec.gov/dei/2014-01-31 http://fasb.org/us-gaap/2017-01-31 true true ZIP 67 0001193125-17-338153-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001193125-17-338153-xbrl.zip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੝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

Large accelerated filer

Accelerated filer

Non-accelerated filer

☐ (Do not check if a smaller reporting company)

Smaller reporting company

Emerging Growth Company