XML 73 R45.htm IDEA: XBRL DOCUMENT v2.4.1.9
Guarantors (Tables)
12 Months Ended
Oct. 31, 2014
Guarantees [Abstract]  
Condensed Consolidating Balance Sheet


Condensed Consolidating Balance Sheet as of October 31, 2014

 

In Thousands

 

 

 

 

 

 

 

 

Non-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Guarantor

 

 

Guarantor

 

 

 

 

 

 

 

 

 

 

Parent

 

 

Subsidiaries

 

 

Subsidiaries

 

 

Eliminations

 

 

Total

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

14,634

 

 

$

3,454

 

 

$

220,056

 

 

$

-

 

 

$

238,144

 

Cash in escrow

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Accounts receivable, net

 

610

 

 

 

143,158

 

 

 

236,121

 

 

 

-

 

 

 

379,889

 

Inventories

 

-

 

 

 

188,982

 

 

 

244,613

 

 

 

-

 

 

 

433,595

 

Income tax refundable

 

-

 

 

 

-

 

 

 

5,266

 

 

 

-

 

 

 

5,266

 

Deferred income tax benefits

 

31,486

 

 

 

(1,191

)

 

 

18,384

 

 

 

-

 

 

 

48,679

 

Prepaid expenses

 

147

 

 

 

6,703

 

 

 

13,486

 

 

 

-

 

 

 

20,336

 

Other current assets

 

80

 

 

 

114

 

 

 

1,955

 

 

 

-

 

 

 

2,149

 

Current assets of businesses held for sale

 

-

 

 

 

26,800

 

 

 

14,646

 

 

 

-

 

 

 

41,446

 

Total Current Assets

 

46,957

 

 

 

368,020

 

 

 

754,527

 

 

 

-

 

 

 

1,169,504

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, Plant & Equipment, Net

 

1,489

 

 

 

158,089

 

 

 

159,764

 

 

 

-

 

 

 

319,342

 

Goodwill

 

-

 

 

 

347,700

 

 

 

724,086

 

 

 

-

 

 

 

1,071,786

 

Intangibles, net

 

-

 

 

 

106,164

 

 

 

365,213

 

 

 

-

 

 

 

471,377

 

Debt issuance costs, net

 

4,134

 

 

 

-

 

 

 

161

 

 

 

-

 

 

 

4,295

 

Deferred income tax benefits

 

20,455

 

 

 

30

 

 

 

50,822

 

 

 

-

 

 

 

71,307

 

Other assets

 

130

 

 

 

7,502

 

 

 

6,547

 

 

 

-

 

 

 

14,179

 

Non-current assets of businesses held

   for sale

 

-

 

 

 

40,737

 

 

 

30,940

 

 

 

-

 

 

 

71,677

 

Amounts Due From (To) Subsidiaries

 

-

 

 

 

797,342

 

 

 

-

 

 

 

(797,342

)

 

 

-

 

Investment in Subsidiaries

 

3,307,454

 

 

 

1,127,237

 

 

 

20,768

 

 

 

(4,455,459

)

 

 

-

 

Total Assets

$

3,380,619

 

 

$

2,952,821

 

 

$

2,112,828

 

 

$

(5,252,801

)

 

$

3,193,467

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

$

1,751

 

 

$

36,905

 

 

$

76,628

 

 

$

-

 

 

$

115,284

 

Accrued liabilities

 

20,178

 

 

 

93,168

 

 

 

149,190

 

 

 

-

 

 

 

262,536

 

Current maturities of long-term debt

 

8,750

 

 

 

349

 

 

 

3,675

 

 

 

-

 

 

 

12,774

 

Deferred income tax liabilities

 

76

 

 

 

8

 

 

 

1,689

 

 

 

-

 

 

 

1,773

 

Federal and foreign income taxes

 

(2,282

)

 

 

(2,643

)

 

 

6,496

 

 

 

-

 

 

 

1,571

 

Current liabilities of businesses held

   for sale

 

-

 

 

 

4,010

 

 

 

10,181

 

 

 

-

 

 

 

14,191

 

Total Current Liabilities

 

28,473

 

 

 

131,797

 

 

 

247,859

 

 

 

-

 

 

 

408,129

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit Facilities

 

100,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

100,000

 

Long-Term Debt, Net

 

403,125

 

 

 

55,176

 

 

 

51,419

 

 

 

-

 

 

 

509,720

 

Deferred Income Tax Liabilities

 

58,615

 

 

 

(17,333

)

 

 

107,883

 

 

 

-

 

 

 

149,165

 

Pension and Post-Retirement Obligations

 

18,683

 

 

 

1,226

 

 

 

42,784

 

 

 

-

 

 

 

62,693

 

Other Liabilities

 

16,762

 

 

 

3,944

 

 

 

26,178

 

 

 

-

 

 

 

46,884

 

Non-current liabilities of businesses held

   for sale

 

-

 

 

 

17,327

 

 

 

1,549

 

 

 

-

 

 

 

18,876

 

Amounts Due To (From) Subsidiaries

 

856,961

 

 

 

-

 

 

 

456,861

 

 

 

(1,313,822

)

 

 

-

 

Shareholders' Equity

 

1,898,000

 

 

 

2,760,684

 

 

 

1,178,295

 

 

 

(3,938,979

)

 

 

1,898,000

 

Total Liabilities and Shareholders' Equity

$

3,380,619

 

 

$

2,952,821

 

 

$

2,112,828

 

 

$

(5,252,801

)

 

$

3,193,467

 

 

 


Condensed Consolidating Balance Sheet as of October 25, 2013

 

In Thousands

 

 

 

 

 

 

 

 

Non-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Guarantor

 

 

Guarantor

 

 

 

 

 

 

 

 

 

 

Parent

 

 

Subsidiaries

 

 

Subsidiaries

 

 

Eliminations

 

 

Total

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

$

7,826

 

 

$

4,876

 

 

$

166,476

 

 

$

-

 

 

$

179,178

 

Cash in escrow

 

4,018

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

4,018

 

Accounts receivable, net

 

316

 

 

 

154,492

 

 

 

228,858

 

 

 

-

 

 

 

383,666

 

Inventories

 

-

 

 

 

190,830

 

 

 

256,833

 

 

 

-

 

 

 

447,663

 

Income tax refundable

 

-

 

 

 

6,526

 

 

 

-

 

 

 

-

 

 

 

6,526

 

Deferred income tax benefits

 

26,731

 

 

 

171

 

 

 

20,375

 

 

 

-

 

 

 

47,277

 

Prepaid expenses

 

117

 

 

 

5,510

 

 

 

12,556

 

 

 

-

 

 

 

18,183

 

Other current assets

 

86

 

 

 

115

 

 

 

5,003

 

 

 

-

 

 

 

5,204

 

Current assets of businesses held for sale

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Total Current Assets

 

39,094

 

 

 

362,520

 

 

 

690,101

 

 

 

-

 

 

 

1,091,715

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property, Plant & Equipment, Net

 

1,754

 

 

 

175,402

 

 

 

194,041

 

 

 

-

 

 

 

371,197

 

Goodwill

 

-

 

 

 

344,995

 

 

 

783,982

 

 

 

-

 

 

 

1,128,977

 

Intangibles, net

 

-

 

 

 

144,222

 

 

 

436,727

 

 

 

-

 

 

 

580,949

 

Debt issuance costs, net

 

5,252

 

 

 

-

 

 

 

959

 

 

 

-

 

 

 

6,211

 

Deferred income tax benefits

 

16,782

 

 

 

-

 

 

 

55,058

 

 

 

-

 

 

 

71,840

 

Other assets

 

18

 

 

 

3,692

 

 

 

7,513

 

 

 

-

 

 

 

11,223

 

Non-current assets of businesses held

   for sale

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Amounts Due From (To) Subsidiaries

 

-

 

 

 

549,307

 

 

 

-

 

 

 

(549,307

)

 

 

-

 

Investment in Subsidiaries

 

2,588,478

 

 

 

979,123

 

 

 

349,104

 

 

 

(3,916,705

)

 

 

-

 

Total Assets

$

2,651,378

 

 

$

2,559,261

 

 

$

2,517,485

 

 

$

(4,466,012

)

 

$

3,262,112

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

$

1,714

 

 

$

29,064

 

 

$

92,819

 

 

$

-

 

 

$

123,597

 

Accrued liabilities

 

21,652

 

 

 

87,826

 

 

 

144,083

 

 

 

-

 

 

 

253,561

 

Current maturities of long-term debt

 

8,750

 

 

 

237

 

 

 

12,292

 

 

 

-

 

 

 

21,279

 

Deferred income tax liabilities

 

568

 

 

 

24

 

 

 

1,715

 

 

 

-

 

 

 

2,307

 

Federal and foreign income taxes

 

2,408

 

 

 

(27,399

)

 

 

32,339

 

 

 

-

 

 

 

7,348

 

Current liabilities of businesses held

   for sale

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Total Current Liabilities

 

35,092

 

 

 

89,752

 

 

 

283,248

 

 

 

-

 

 

 

408,092

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit Facilities

 

130,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

130,000

 

Long-Term Debt, Net

 

411,875

 

 

 

55,562

 

 

 

70,422

 

 

 

-

 

 

 

537,859

 

Deferred Income Tax Liabilities

 

57,757

 

 

 

(7

)

 

 

135,369

 

 

 

-

 

 

 

193,119

 

Pension and Post-Retirement Obligations

 

17,500

 

 

 

618

 

 

 

49,984

 

 

 

-

 

 

 

68,102

 

Other Liabilities

 

12,298

 

 

 

194

 

 

 

27,696

 

 

 

-

 

 

 

40,188

 

Non-current liabilities of businesses held

   for sale

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Amounts Due To (From) Subsidiaries

 

102,104

 

 

 

-

 

 

 

405,018

 

 

 

(507,122

)

 

 

-

 

Shareholders' Equity

 

1,884,752

 

 

 

2,413,142

 

 

 

1,545,748

 

 

 

(3,958,890

)

 

 

1,884,752

 

Total Liabilities and Shareholders' Equity

$

2,651,378

 

 

$

2,559,261

 

 

$

2,517,485

 

 

$

(4,466,012

)

 

$

3,262,112

 

 

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss)

Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the fiscal year ended October 31, 2014  

 

In Thousands

 

 

 

 

 

 

 

 

Non-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Guarantor

 

 

Guarantor

 

 

 

 

 

 

 

 

 

 

Parent

 

 

Subsidiaries

 

 

Subsidiaries

 

 

Eliminations

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

-

 

 

$

970,376

 

 

$

1,086,313

 

 

$

(5,520

)

 

$

2,051,169

 

Cost of sales

 

-

 

 

 

617,881

 

 

 

718,184

 

 

 

(5,520

)

 

 

1,330,545

 

 

 

-

 

 

 

352,495

 

 

 

368,129

 

 

 

-

 

 

 

720,624

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

-

 

 

 

146,474

 

 

 

217,785

 

 

 

-

 

 

 

364,259

 

Research, development & engineering

 

-

 

 

 

45,965

 

 

 

52,936

 

 

 

-

 

 

 

98,901

 

Restructuring charges

 

-

 

 

 

9,637

 

 

 

4,005

 

 

 

-

 

 

 

13,642

 

Gain on sale of product line

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Gain on settlement of contingency

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Goodwill impairment

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Other (income) expense

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Total Expenses

 

-

 

 

 

202,076

 

 

 

274,726

 

 

 

-

 

 

 

476,802

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Earnings from Continuing

   Operations

 

-

 

 

 

150,419

 

 

 

93,403

 

 

 

-

 

 

 

243,822

 

Interest Income

 

(15,486

)

 

 

(9,240

)

 

 

(55,840

)

 

 

80,011

 

 

 

(555

)

Interest Expense

 

24,190

 

 

 

28,959

 

 

 

59,872

 

 

 

(80,011

)

 

 

33,010

 

Loss on Extinguishment of Debt

 

-

 

 

 

-

 

 

 

533

 

 

 

-

 

 

 

533

 

Earnings (Loss) from Continuing Operations

   Before Income Taxes

 

(8,704

)

 

 

130,700

 

 

 

88,838

 

 

 

-

 

 

 

210,834

 

Income Tax Expense (Benefit)

 

(1,894

)

 

 

27,922

 

 

 

18,246

 

 

 

-

 

 

 

44,274

 

Earnings (Loss) from Continuing Operations

   Including Noncontrolling Interests

 

(6,810

)

 

 

102,778

 

 

 

70,592

 

 

 

-

 

 

 

166,560

 

Earnings Attributable to Noncontrolling

   Interests

 

-

 

 

 

-

 

 

 

(553

)

 

 

-

 

 

 

(553

)

Earnings (Loss) from Continuing Operations

   Attributable to Esterline, Net of Tax

 

(6,810

)

 

 

102,778

 

 

 

70,039

 

 

 

-

 

 

 

166,007

 

Loss from Discontinued Operations

   Attributable to Esterline, Net of Tax

 

(719

)

 

 

(34,636

)

 

 

(28,234

)

 

 

-

 

 

 

(63,589

)

Equity in Net Earnings of Consolidated

   Subsidiaries

 

109,947

 

 

 

189

 

 

 

(301

)

 

 

(109,835

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Earnings (Loss) Attributable to Esterline

$

102,418

 

 

$

68,331

 

 

$

41,504

 

 

$

(109,835

)

 

$

102,418

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss)

$

102,418

 

 

$

68,331

 

 

$

41,504

 

 

$

(109,835

)

 

$

102,418

 

Change in fair value of derivative financial

   instruments, net of tax

 

-

 

 

 

-

 

 

 

(8,793

)

 

 

-

 

 

 

(8,793

)

Change in pension and post-retirement

   obligations, net of tax

 

(4,915

)

 

 

-

 

 

 

947

 

 

 

-

 

 

 

(3,968

)

Foreign currency translation adjustment

 

(96,532

)

 

 

(1,504

)

 

 

(77,029

)

 

 

78,533

 

 

 

(96,532

)

Comprehensive Income (Loss)

$

971

 

 

$

66,827

 

 

$

(43,371

)

 

$

(31,302

)

 

$

(6,875

)

 

 


Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the fiscal year ended October 25, 2013

 

In Thousands

 

 

 

 

 

 

 

 

Non-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Guarantor

 

 

Guarantor

 

 

 

 

 

 

 

 

 

 

Parent

 

 

Subsidiaries

 

 

Subsidiaries

 

 

Eliminations

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

-

 

 

$

912,572

 

 

$

980,512

 

 

$

(4,307

)

 

$

1,888,777

 

Cost of sales

 

-

 

 

 

567,432

 

 

 

620,943

 

 

 

(4,307

)

 

 

1,184,068

 

 

 

-

 

 

 

345,140

 

 

 

359,569

 

 

 

-

 

 

 

704,709

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

-

 

 

 

147,893

 

 

 

218,748

 

 

 

-

 

 

 

366,641

 

Research, development & engineering

 

-

 

 

 

46,999

 

 

 

43,215

 

 

 

-

 

 

 

90,214

 

Restructuring charges

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Gain on sale of product line

 

-

 

 

 

(2,264

)

 

 

-

 

 

 

-

 

 

 

(2,264

)

Gain on settlement of contingency

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Goodwill impairment

 

-

 

 

 

-

 

 

 

3,454

 

 

 

-

 

 

 

3,454

 

Other (income) expense

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Total Expenses

 

-

 

 

 

192,628

 

 

 

265,417

 

 

 

-

 

 

 

458,045

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Earnings from Continuing

   Operations

 

-

 

 

 

152,512

 

 

 

94,152

 

 

 

-

 

 

 

246,664

 

Interest Income

 

(15,639

)

 

 

(7,704

)

 

 

(54,602

)

 

 

77,410

 

 

 

(535

)

Interest Expense

 

30,050

 

 

 

26,868

 

 

 

60,130

 

 

 

(77,410

)

 

 

39,638

 

Loss on Extinguishment of Debt

 

946

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

946

 

Earnings (Loss) from Continuing Operations

   Before Income Taxes

 

(15,357

)

 

 

133,348

 

 

 

88,624

 

 

 

-

 

 

 

206,615

 

Income Tax Expense (Benefit)

 

(3,320

)

 

 

27,312

 

 

 

9,899

 

 

 

-

 

 

 

33,891

 

Earnings (Loss) from Continuing Operations

   Including Noncontrolling Interests

 

(12,037

)

 

 

106,036

 

 

 

78,725

 

 

 

-

 

 

 

172,724

 

Earnings Attributable to Noncontrolling

   Interests

 

-

 

 

 

-

 

 

 

(1,730

)

 

 

-

 

 

 

(1,730

)

Earnings (Loss) from Continuing Operations

   Attributable to Esterline, Net of Tax

 

(12,037

)

 

 

106,036

 

 

 

76,995

 

 

 

-

 

 

 

170,994

 

Loss from Discontinued Operations

   Attributable to Esterline, Net of Tax

 

(1,300

)

 

 

(2,685

)

 

 

(2,275

)

 

 

-

 

 

 

(6,260

)

Equity in Net Earnings of Consolidated

   Subsidiaries

 

178,071

 

 

 

1,697

 

 

 

3,705

 

 

 

(183,473

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Earnings (Loss) Attributable to Esterline

$

164,734

 

 

$

105,048

 

 

$

78,425

 

 

$

(183,473

)

 

$

164,734

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss)

$

164,734

 

 

$

105,048

 

 

$

78,425

 

 

$

(183,473

)

 

$

164,734

 

Change in fair value of derivative financial

   instruments, net of tax

 

-

 

 

 

-

 

 

 

(3,119

)

 

 

-

 

 

 

(3,119

)

Change in pension and post-retirement

   obligations, net of tax

 

36,669

 

 

 

-

 

 

 

6,325

 

 

 

-

 

 

 

42,994

 

Foreign currency translation adjustment

 

23,125

 

 

 

100

 

 

 

40,442

 

 

 

(40,542

)

 

 

23,125

 

Comprehensive Income (Loss)

$

224,528

 

 

$

105,148

 

 

$

122,073

 

 

$

(224,015

)

 

$

227,734

 

 

 


Condensed Consolidating Statement of Operations and Comprehensive Income (Loss) for the fiscal year ended October 26, 2012

 

In Thousands

 

 

 

 

 

 

 

 

Non-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Guarantor

 

 

Guarantor

 

 

 

 

 

 

 

 

 

 

Parent

 

 

Subsidiaries

 

 

Subsidiaries

 

 

Eliminations

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

$

-

 

 

$

846,062

 

 

$

1,035,764

 

 

$

(4,005

)

 

$

1,877,821

 

Cost of sales

 

-

 

 

 

530,401

 

 

 

673,537

 

 

 

(4,005

)

 

 

1,199,933

 

 

 

-

 

 

 

315,661

 

 

 

362,227

 

 

 

-

 

 

 

677,888

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

-

 

 

 

127,022

 

 

 

223,200

 

 

 

-

 

 

 

350,222

 

Research, development & engineering

 

-

 

 

 

45,506

 

 

 

55,371

 

 

 

-

 

 

 

100,877

 

Restructuring charges

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Gain on sale of product line

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Gain on settlement of contingency

 

-

 

 

 

-

 

 

 

(11,891

)

 

 

-

 

 

 

(11,891

)

Goodwill impairment

 

-

 

 

 

-

 

 

 

52,169

 

 

 

-

 

 

 

52,169

 

Other (income) expense

 

-

 

 

 

-

 

 

 

(1,263

)

 

 

-

 

 

 

(1,263

)

Total Expenses

 

-

 

 

 

172,528

 

 

 

317,586

 

 

 

-

 

 

 

490,114

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Earnings from Continuing

   Operations

 

-

 

 

 

143,133

 

 

 

44,641

 

 

 

-

 

 

 

187,774

 

Interest Income

 

(14,178

)

 

 

(16,141

)

 

 

(60,297

)

 

 

90,153

 

 

 

(463

)

Interest Expense

 

34,948

 

 

 

27,210

 

 

 

74,222

 

 

 

(90,153

)

 

 

46,227

 

Loss on Extinguishment of Debt

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Earnings (Loss) from Continuing Operations

   Before Income Taxes

 

(20,770

)

 

 

132,064

 

 

 

30,716

 

 

 

-

 

 

 

142,010

 

Income Tax Expense (Benefit)

 

(5,591

)

 

 

28,711

 

 

 

4,696

 

 

 

-

 

 

 

27,816

 

Earnings (Loss) from Continuing Operations

   Including Noncontrolling Interests

 

(15,179

)

 

 

103,353

 

 

 

26,020

 

 

 

-

 

 

 

114,194

 

Earnings Attributable to Noncontrolling

   Interests

 

-

 

 

 

-

 

 

 

(1,040

)

 

 

-

 

 

 

(1,040

)

Earnings (Loss) from Continuing Operations

   Attributable to Esterline, Net of Tax

 

(15,179

)

 

 

103,353

 

 

 

24,980

 

 

 

-

 

 

 

113,154

 

Loss from Discontinued Operations

   Attributable to Esterline, Net of Tax

 

-

 

 

 

6,977

 

 

 

(7,596

)

 

 

-

 

 

 

(619

)

Equity in Net Earnings of Consolidated

   Subsidiaries

 

127,714

 

 

 

17,659

 

 

 

(145

)

 

 

(145,228

)

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Earnings (Loss) Attributable to Esterline

$

112,535

 

 

$

127,989

 

 

$

17,239

 

 

$

(145,228

)

 

$

112,535

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss)

$

112,535

 

 

$

127,989

 

 

$

17,239

 

 

$

(145,228

)

 

$

112,535

 

Change in fair value of derivative financial

   instruments, net of tax

 

-

 

 

 

-

 

 

 

(2,399

)

 

 

-

 

 

 

(2,399

)

Change in pension and post-retirement

   obligations, net of tax

 

(15,727

)

 

 

-

 

 

 

(7,981

)

 

 

-

 

 

 

(23,708

)

Foreign currency translation adjustment

 

(56,365

)

 

 

172

 

 

 

(58,746

)

 

 

58,574

 

 

 

(56,365

)

Comprehensive Income (Loss)

$

40,443

 

 

$

128,161

 

 

$

(51,887

)

 

$

(86,654

)

 

$

30,063

 

 

 

Condensed Consolidating Statement of Cash Flows


Condensed Consolidating Statement of Cash Flows for the fiscal year ended October 31, 2014

 

In Thousands

 

 

 

 

 

 

 

 

Non-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Guarantor

 

 

Guarantor

 

 

 

 

 

 

 

 

 

 

Parent

 

 

Subsidiaries

 

 

Subsidiaries

 

 

Eliminations

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flows Provided (Used) by Operating Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) including

   noncontrolling interests

$

102,971

 

 

$

68,331

 

 

$

41,504

 

 

$

(109,835

)

 

$

102,971

 

Depreciation & amortization

 

-

 

 

 

47,633

 

 

 

68,394

 

 

 

-

 

 

 

116,027

 

Deferred income taxes

 

(5,274

)

 

 

(4

)

 

 

(9,615

)

 

 

-

 

 

 

(14,893

)

Share-based compensation

 

-

 

 

 

5,706

 

 

 

7,338

 

 

 

-

 

 

 

13,044

 

Loss (gain) on disposal of capital assets

 

-

 

 

 

2,580

 

 

 

594

 

 

 

-

 

 

 

3,174

 

Gain on settlement of contingency

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Goodwill impairment

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Loss on assets held for sale

 

-

 

 

 

31,164

 

 

 

18,308

 

 

 

-

 

 

 

49,472

 

Working capital changes, net of effect

   of acquisitions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

(294

)

 

 

8,820

 

 

 

(25,901

)

 

 

-

 

 

 

(17,375

)

Inventories

 

-

 

 

 

(7,858

)

 

 

(13,633

)

 

 

-

 

 

 

(21,491

)

Prepaid expenses

 

(30

)

 

 

(1,030

)

 

 

(2,177

)

 

 

-

 

 

 

(3,237

)

Other current assets

 

6

 

 

 

1

 

 

 

1,002

 

 

 

-

 

 

 

1,009

 

Accounts payable

 

37

 

 

 

4,186

 

 

 

(2,882

)

 

 

-

 

 

 

1,341

 

Accrued liabilities

 

(950

)

 

 

8,613

 

 

 

5,798

 

 

 

-

 

 

 

13,461

 

Federal and foreign income taxes

 

(4,690

)

 

 

27,794

 

 

 

(34,279

)

 

 

-

 

 

 

(11,175

)

Other liabilities

 

(5,951

)

 

 

608

 

 

 

(8,509

)

 

 

-

 

 

 

(13,852

)

Other, net

 

(14,802

)

 

 

(11,531

)

 

 

24,221

 

 

 

-

 

 

 

(2,112

)

 

 

71,023

 

 

 

185,013

 

 

 

70,163

 

 

 

(109,835

)

 

 

216,364

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flows Provided (Used) by Investing Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of capital assets

 

(331

)

 

 

(16,674

)

 

 

(28,673

)

 

 

-

 

 

 

(45,678

)

Proceeds from sale of capital assets

 

-

 

 

 

427

 

 

 

145

 

 

 

-

 

 

 

572

 

Acquisition of business, net of cash

   acquired

 

-

 

 

 

(44,745

)

 

 

-

 

 

 

-

 

 

 

(44,745

)

 

 

(331

)

 

 

(60,992

)

 

 

(28,528

)

 

 

-

 

 

 

(89,851

)

 

 


Condensed Consolidating Statement of Cash Flows for the fiscal year ended October 31, 2014

 

In Thousands

 

 

 

 

 

 

 

 

Non-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Guarantor

 

 

Guarantor

 

 

 

 

 

 

 

 

 

 

Parent

 

 

Subsidiaries

 

 

Subsidiaries

 

 

Eliminations

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flows Provided (Used) by Financing Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds provided by stock issuance

   under employee stock plans

 

31,215

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

31,215

 

Excess tax benefits from stock option

   exercises

 

7,090

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

7,090

 

Shares repurchased

 

(30,262

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(30,262

)

Repayment of long-term credit facilities

 

(55,000

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(55,000

)

Repayment of long-term debt

 

(8,750

)

 

 

(390

)

 

 

(26,670

)

 

 

-

 

 

 

(35,810

)

Proceeds from issuance of long-term

   credit facilities

 

25,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

25,000

 

Proceeds from government assistance

 

-

 

 

 

-

 

 

 

3,337

 

 

 

-

 

 

 

3,337

 

Dividends paid to noncontrolling interests

 

-

 

 

 

-

 

 

 

(778

)

 

 

-

 

 

 

(778

)

Debt and other issuance costs

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net change in intercompany financing

 

(33,112

)

 

 

(125,071

)

 

 

48,348

 

 

 

109,835

 

 

 

-

 

 

 

(63,819

)

 

 

(125,461

)

 

 

24,237

 

 

 

109,835

 

 

 

(55,208

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of Foreign Exchange Rates on Cash

   and Cash Equivalents

 

(65

)

 

 

18

 

 

 

(12,292

)

 

 

-

 

 

 

(12,339

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase (Decrease) in Cash and

   Cash Equivalents

 

6,808

 

 

 

(1,422

)

 

 

53,580

 

 

 

-

 

 

 

58,966

 

Cash and Cash Equivalents -

   Beginning of Period

 

7,826

 

 

 

4,876

 

 

 

166,476

 

 

 

-

 

 

 

179,178

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents - End of Period

$

14,634

 

 

$

3,454

 

 

$

220,056

 

 

$

-

 

 

$

238,144

 

 

 

Condensed Consolidating Statement of Cash Flows for the fiscal year ended October 25, 2013

 

In Thousands

 

 

 

 

 

 

 

 

Non-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Guarantor

 

 

Guarantor

 

 

 

 

 

 

 

 

 

 

Parent

 

 

Subsidiaries

 

 

Subsidiaries

 

 

Eliminations

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flows Provided (Used) by Operating Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) including

   noncontrolling interests

$

166,464

 

 

$

105,048

 

 

$

78,425

 

 

$

(183,473

)

 

$

166,464

 

Depreciation & amortization

 

-

 

 

 

43,539

 

 

 

68,593

 

 

 

-

 

 

 

112,132

 

Deferred income taxes

 

8,274

 

 

 

(11,067

)

 

 

(19,019

)

 

 

-

 

 

 

(21,812

)

Share-based compensation

 

-

 

 

 

4,163

 

 

 

5,412

 

 

 

-

 

 

 

9,575

 

Loss (gain) on disposal of capital assets

 

-

 

 

 

(1,013

)

 

 

(1,290

)

 

 

-

 

 

 

(2,303

)

Gain on settlement of contingency

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Goodwill impairment

 

-

 

 

 

-

 

 

 

3,454

 

 

 

-

 

 

 

3,454

 

Loss on assets held for sale

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Working capital changes, net of effect

   of acquisitions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

(135

)

 

 

(4,976

)

 

 

10,126

 

 

 

-

 

 

 

5,015

 

Inventories

 

-

 

 

 

(16,652

)

 

 

(11,665

)

 

 

-

 

 

 

(28,317

)

Prepaid expenses

 

(41

)

 

 

1,775

 

 

 

1,870

 

 

 

-

 

 

 

3,604

 

Other current assets

 

1,332

 

 

 

437

 

 

 

(3,327

)

 

 

-

 

 

 

(1,558

)

Accounts payable

 

(230

)

 

 

362

 

 

 

8,876

 

 

 

-

 

 

 

9,008

 

Accrued liabilities

 

5,955

 

 

 

6,725

 

 

 

(15,800

)

 

 

-

 

 

 

(3,120

)

Federal and foreign income taxes

 

4,445

 

 

 

(10,800

)

 

 

9,534

 

 

 

-

 

 

 

3,179

 

Other liabilities

 

3,271

 

 

 

(185

)

 

 

(10,688

)

 

 

-

 

 

 

(7,602

)

Other, net

 

(89

)

 

 

2,329

 

 

 

813

 

 

 

-

 

 

 

3,053

 

 

 

189,246

 

 

 

119,685

 

 

 

125,314

 

 

 

(183,473

)

 

 

250,772

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flows Provided (Used) by Investing Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of capital assets

 

(105

)

 

 

(15,937

)

 

 

(39,293

)

 

 

-

 

 

 

(55,335

)

Proceeds from sale of capital assets

 

-

 

 

 

1,013

 

 

 

1,290

 

 

 

-

 

 

 

2,303

 

Acquisition of business, net of cash

   acquired

 

-

 

 

 

-

 

 

 

(40,689

)

 

 

-

 

 

 

(40,689

)

 

 

(105

)

 

 

(14,924

)

 

 

(78,692

)

 

 

-

 

 

 

(93,721

)

 

 


Condensed Consolidating Statement of Cash Flows for the fiscal year ended October 25, 2013

 

In Thousands

 

 

 

 

 

 

 

 

Non-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Guarantor

 

 

Guarantor

 

 

 

 

 

 

 

 

 

 

Parent

 

 

Subsidiaries

 

 

Subsidiaries

 

 

Eliminations

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flows Provided (Used) by Financing Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds provided by stock issuance

   under employee stock plans

 

22,854

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

22,854

 

Excess tax benefits from stock option

   exercises

 

2,961

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,961

 

Shares repurchased

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

Repayment of long-term credit facilities

 

(110,000

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(110,000

)

Repayment of long-term debt

 

(179,375

)

 

 

(326

)

 

 

(55,727

)

 

 

-

 

 

 

(235,428

)

Proceeds from issuance of long-term

   credit facilities

 

175,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

175,000

 

Proceeds from government assistance

 

-

 

 

 

-

 

 

 

5,092

 

 

 

-

 

 

 

5,092

 

Dividends paid to noncontrolling interests

 

-

 

 

 

-

 

 

 

(1,048

)

 

 

-

 

 

 

(1,048

)

Debt and other issuance costs

 

(454

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(454

)

Net change in intercompany financing

 

(109,094

)

 

 

(100,893

)

 

 

26,514

 

 

 

183,473

 

 

 

-

 

 

 

(198,108

)

 

 

(101,219

)

 

 

(25,169

)

 

 

183,473

 

 

 

(141,023

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of Foreign Exchange Rates on Cash

   and Cash Equivalents

 

23

 

 

 

10

 

 

 

2,442

 

 

 

-

 

 

 

2,475

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase (Decrease) in Cash and

   Cash Equivalents

 

(8,944

)

 

 

3,552

 

 

 

23,895

 

 

 

-

 

 

 

18,503

 

Cash and Cash Equivalents -

   Beginning of Period

 

16,770

 

 

 

1,324

 

 

 

142,581

 

 

 

-

 

 

 

160,675

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents - End of Period

$

7,826

 

 

$

4,876

 

 

$

166,476

 

 

$

-

 

 

$

179,178

 

 


Condensed Consolidating Statement of Cash Flows for the fiscal year ended October 26, 2012

 

In Thousands

 

 

 

 

 

 

 

 

Non-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Guarantor

 

 

Guarantor

 

 

 

 

 

 

 

 

 

 

Parent

 

 

Subsidiaries

 

 

Subsidiaries

 

 

Eliminations

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flows Provided (Used) by Operating Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) including

   noncontrolling interests

$

113,575

 

 

$

127,989

 

 

$

17,239

 

 

$

(145,228

)

 

$

113,575

 

Depreciation & amortization

 

-

 

 

 

39,405

 

 

 

68,387

 

 

 

-

 

 

 

107,792

 

Deferred income taxes

 

18,013

 

 

 

(16,390

)

 

 

(22,823

)

 

 

-

 

 

 

(21,200

)

Share-based compensation

 

-

 

 

 

4,246

 

 

 

5,297

 

 

 

-

 

 

 

9,543

 

Loss (gain) on disposal of capital assets

 

-

 

 

 

(410

)

 

 

(534

)

 

 

-

 

 

 

(944

)

Gain on settlement of contingency

 

-

 

 

 

-

 

 

 

(11,891

)

 

 

-

 

 

 

(11,891

)

Goodwill impairment

 

-

 

 

 

-

 

 

 

52,169

 

 

 

-

 

 

 

52,169

 

Loss on assets held for sale

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Working capital changes, net of effect

   of acquisitions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

Accounts receivable

 

(23

)

 

 

(2,704

)

 

 

(19,654

)

 

 

-

 

 

 

(22,381

)

Inventories

 

-

 

 

 

(15,707

)

 

 

(3,596

)

 

 

-

 

 

 

(19,303

)

Prepaid expenses

 

(17

)

 

 

(385

)

 

 

(2,104

)

 

 

-

 

 

 

(2,506

)

Other current assets

 

6

 

 

 

(208

)

 

 

(800

)

 

 

-

 

 

 

(1,002

)

Accounts payable

 

1,132

 

 

 

(174

)

 

 

(7,440

)

 

 

-

 

 

 

(6,482

)

Accrued liabilities

 

(1,929

)

 

 

(156

)

 

 

16,964

 

 

 

-

 

 

 

14,879

 

Federal and foreign income taxes

 

(4,345

)

 

 

(7,707

)

 

 

4,984

 

 

 

-

 

 

 

(7,068

)

Other liabilities

 

(20,618

)

 

 

12,196

 

 

 

(6,280

)

 

 

-

 

 

 

(14,702

)

Other, net

 

(1,418

)

 

 

580

 

 

 

4,530

 

 

 

-

 

 

 

3,692

 

 

 

104,376

 

 

 

140,575

 

 

 

94,448

 

 

 

(145,228

)

 

 

194,171

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flows Provided (Used) by Investing Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of capital assets

 

(1,503

)

 

 

(23,553

)

 

 

(24,390

)

 

 

-

 

 

 

(49,446

)

Proceeds from sale of capital assets

 

-

 

 

 

410

 

 

 

534

 

 

 

-

 

 

 

944

 

Acquisition of business, net of cash

   acquired

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,503

)

 

 

(23,143

)

 

 

(23,856

)

 

 

-

 

 

 

(48,502

)

 


Condensed Consolidating Statement of Cash Flows for the fiscal year ended October 26, 2012

 

In Thousands

 

 

 

 

 

 

 

 

Non-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Guarantor

 

 

Guarantor

 

 

 

 

 

 

 

 

 

 

Parent

 

 

Subsidiaries

 

 

Subsidiaries

 

 

Eliminations

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash Flows Provided (Used) by Financing Activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds provided by stock issuance

   under employee stock plans

 

7,658

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

7,658

 

Excess tax benefits from stock option

   exercises

 

382

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

382

 

Shares repurchased

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

-

 

Repayment of long-term credit facilities

 

(150,000

)

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(150,000

)

Repayment of long-term debt

 

-

 

 

 

(405

)

 

 

(72,740

)

 

 

-

 

 

 

(73,145

)

Proceeds from issuance of long-term

   credit facilities

 

30,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

30,000

 

Proceeds from government assistance

 

-

 

 

 

-

 

 

 

17,285

 

 

 

-

 

 

 

17,285

 

Dividends paid to noncontrolling interests

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Debt and other issuance costs

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net change in intercompany financing

 

(24,731

)

 

 

(129,158

)

 

 

8,661

 

 

 

145,228

 

 

 

-

 

 

 

(136,691

)

 

 

(129,563

)

 

 

(46,794

)

 

 

145,228

 

 

 

(167,820

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effect of Foreign Exchange Rates on Cash

   and Cash Equivalents

 

751

 

 

 

5

 

 

 

(2,965

)

 

 

-

 

 

 

(2,209

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Increase (Decrease) in Cash and

   Cash Equivalents

 

(33,067

)

 

 

(12,126

)

 

 

20,833

 

 

 

-

 

 

 

(24,360

)

Cash and Cash Equivalents -

   Beginning of Period

 

49,837

 

 

 

13,450

 

 

 

121,748

 

 

 

-

 

 

 

185,035

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents - End of Period

$

16,770

 

 

$

1,324

 

 

$

142,581

 

 

$

-

 

 

$

160,675