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GUARANTOR AND NON-GUARANTOR CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables)
 6 Months Ended
Jun. 30, 2013
Condensed consolidating balance sheet
Condensed Consolidating Balance Sheet
June 30, 2013
(in thousands of U.S. dollars)

 
Parent
Company
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Total
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
58,374

 
$
14,097

 
$
16,174

 
$
—

 
$
88,645

Accounts receivable, net
84,814

 
277,442

 
25,769

 
—

 
388,025

Inventories
28,418

 
7,631

 
3

 
—

 
36,052

Prepaid expenses and other (including intercompany)
1,845,826

 
4,736,260

 
2,365

 
(6,529,430
)
 
55,021

Total current assets
2,017,432

 
5,035,430

 
44,311

 
(6,529,430
)
 
567,743

Property, plant and equipment, net
20,431

 
91,385

 
1,030

 
—

 
112,846

Goodwill
23,700

 
601,750

 
6,988

 
—

 
632,438

Other intangible assets, net
11,523

 
196,190

 
—

 
—

 
207,713

Investments
693,702

 
18,852

 
—

 
(709,274
)
 
3,280

Intercompany note receivable (payable)
316,406

 
(305,009
)
 
(11,397
)
 
—

 
—

Other assets
6,988

 
3,388

 
12

 
—

 
10,388

Total assets
$
3,090,182

 
$
5,641,986

 
$
40,944

 
$
(7,238,704
)
 
$
1,534,408

 
 
 
 
 
 
 
 
 
 
Liabilities and Stockholders’ Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Current portion, long-term debt
$
30,000

 
$
—

 
$
—

 
$
—

 
$
30,000

Accounts payable and intercompany payable
1,973,111

 
4,811,153

 
13,175

 
(6,529,430
)
 
268,009

Progress billings
12,309

 
11,899

 
13,051

 
—

 
37,259

Accrued expenses
58,968

 
31,501

 
6,962

 
—

 
97,431

Total current liabilities
2,074,388

 
4,854,553

 
33,188

 
(6,529,430
)
 
432,699

Long-term debt
535,004

 
—

 
—

 
—

 
535,004

Deferred income taxes
(3,547
)
 
65,398

 
(4,009
)
 
—

 
57,842

Other non-current liabilities
15,604

 
31,321

 
(6,795
)
 
—

 
40,130

Total liabilities
2,621,449

 
4,951,272

 
22,384

 
(6,529,430
)
 
1,065,675

Stockholders’ equity
468,733

 
690,714

 
18,560

 
(709,274
)
 
468,733

Total liabilities and stockholders’ equity
$
3,090,182

 
$
5,641,986

 
$
40,944

 
$
(7,238,704
)
 
$
1,534,408

Condensed Consolidating Balance Sheet
December 31, 2012
(in thousands of U.S. dollars)
 
 
Parent
Company
 
Guarantor
Subsidiaries
 
Non-
Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Total
Assets
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
62,836

 
$
10,745

 
$
21,130

 
$
—

 
$
94,711

Accounts receivable, net
116,821

 
287,230

 
22,848

 
—

 
426,899

Inventories
35,421

 
7,829

 
3

 
—

 
43,253

Prepaid expenses and other (including intercompany)
1,520,526

 
3,706,682

 
1,998

 
(5,192,617
)
 
36,589

Total current assets
1,735,604

 
4,012,486

 
45,979

 
(5,192,617
)
 
601,452

Property, plant and equipment, net
19,159

 
105,667

 
1,006

 
—

 
125,832

Goodwill
23,699

 
601,750

 
6,989

 
—

 
632,438

Other intangible assets, net
11,534

 
203,637

 
—

 
—

 
215,171

Investments
645,411

 
15,375

 
—

 
(658,355
)
 
2,431

Intercompany note receivable (payable)
364,921

 
(360,830
)
 
(4,091
)
 
—

 
—

Other assets
7,543

 
4,157

 
11

 
—

 
11,711

Total assets
$
2,807,871

 
$
4,582,242

 
$
49,894

 
$
(5,850,972
)
 
$
1,589,035

 
 
 
 
 
 
 
 
 
 
Liabilities and Stockholders’ Equity
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
Current portion, long-term debt
$
22,500

 
$
—

 
$
—

 
$
—

 
$
22,500

Accounts payable and intercompany payable
1,653,928

 
3,804,209

 
15,800

 
(5,192,617
)
 
281,320

Progress billings
16,459

 
7,758

 
15,378

 
—

 
39,595

Accrued expenses
61,741

 
38,878

 
6,848

 
—

 
107,467

Total current liabilities
1,754,628

 
3,850,845

 
38,026

 
(5,192,617
)
 
450,882

Long-term debt
565,061

 
—

 
—

 
—

 
565,061

Deferred income taxes
(4,131
)
 
65,398

 
(4,009
)
 
—

 
57,258

Other non-current liabilities
18,750

 
22,722

 
799

 
—

 
42,271

Total liabilities
2,334,308

 
3,938,965

 
34,816

 
(5,192,617
)
 
1,115,472

Stockholders’ equity
473,563

 
643,277

 
15,078

 
(658,355
)
 
473,563

Total liabilities and stockholders’ equity
$
2,807,871

 
$
4,582,242

 
$
49,894

 
$
(5,850,972
)
 
$
1,589,035
Condensed consolidating statement of comprehensive income
Condensed Consolidating Statement of Comprehensive Income
Six Months Ended June 30, 2012
(in thousands of U.S. dollars)

 
Parent
Company
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Total
Revenues
$
342,828

 
$
887,678

 
$
31,886

 
$
(203,569
)
 
$
1,058,823

Costs and expenses:
 
 
 
 
 
 
 
 
 
Cost of sales
290,283

 
577,820

 
25,544

 
(101,026
)
 
792,621

Selling, general and administrative
53,809

 
203,483

 
6,391

 
(102,543
)
 
161,140

Amortization expense
11

 
6,301

 
—

 
—

 
6,312

Goodwill impairment
3,985

 
3,600

 
—

 
—

 
7,585

Total costs and expenses
348,088

 
791,204

 
31,935

 
(203,569
)
 
967,658

Earnings (loss) from operations
(5,260
)
 
96,474

 
(49
)
 
—

 
91,165

Other expenses and income:
 
 
 
 
 
 
 
 
 
Interest expense
13,809

 
—

 
—

 
—

 
13,809

Interest income
(60
)
 
—

 
(68
)
 
—

 
(128
)
Intercompany interest
(10,755
)
 
10,708

 
47

 
—

 
—

Other income, net
(15
)
 
(723
)
 
(36
)
 
—

 
(774
)
Total other expenses (income), net
2,979

 
9,985

 
(57
)
 
—

 
12,907

Earnings (loss) before income taxes
(8,239
)
 
86,489

 
8

 
—

 
78,258

Income tax expense (benefit)
(2,587
)
 
31,908

 
809

 
—

 
30,130

Equity in net earnings (loss) of subsidiaries
53,780

 
(801
)
 
—

 
(52,979
)
 
—

Net earnings (loss)
$
48,128

 
$
53,780

 
$
(801
)
 
$
(52,979
)
 
$
48,128

Other comprehensive income (loss)
(426
)
 
553

 
553

 
(1,106
)
 
(426
)
Comprehensive income (loss)
$
47,702

 
$
54,333

 
$
(248
)
 
$
(54,085
)
 
$
47,702

Condensed Consolidating Statement of Comprehensive Income
Six Months Ended June 30, 2013
(in thousands of U.S. dollars)

 
Parent
Company
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Total
Revenues
$
272,114

 
$
889,032

 
$
32,299

 
$
(215,036
)
 
$
978,409

Costs and expenses:
 
 
 
 
 
 
 
 
 
Cost of sales
212,333

 
600,709

 
23,172

 
(110,903
)
 
725,311

Selling, general and administrative
49,896

 
201,604

 
6,688

 
(104,133
)
 
154,055

Amortization expense
11

 
7,447

 
—

 
—

 
7,458

Total costs and expenses
262,240

 
809,760

 
29,860

 
(215,036
)
 
886,824

Earnings from operations
9,874

 
79,272

 
2,439

 
—

 
91,585

Other expenses and income:
 
 
 
 
 
 
 
 
 
Interest expense
15,177

 
—

 
—

 
—

 
15,177

Interest income
(52
)
 
—

 
(56
)
 
—

 
(108
)
Intercompany interest
(11,233
)
 
11,233

 
—

 
—

 
—

Other income, net
(58
)
 
(624
)
 
(241
)
 
—

 
(923
)
Total other expenses (income), net
3,834

 
10,609

 
(297
)
 
—

 
14,146

Earnings before income taxes
6,040

 
68,663

 
2,736

 
—

 
77,439

Income tax expense
1,536

 
27,025

 
423

 
—

 
28,984

Equity in net earnings of subsidiaries
43,951

 
2,313

 
—

 
(46,264
)
 
—

Net earnings
$
48,455

 
$
43,951

 
$
2,313

 
$
(46,264
)
 
$
48,455

Other comprehensive loss
(685
)
 
(1,636
)
 
(1,636
)
 
3,272

 
(685
)
Comprehensive income
$
47,770

 
$
42,315

 
$
677

 
$
(42,992
)
 
$
47,770

Condensed Consolidating Statement of Comprehensive Income
Three Months Ended June 30, 2012
(in thousands of U.S. dollars)

 
Parent
Company
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Total
Revenues
$
171,537

 
$
457,664

 
$
14,504

 
$
(103,467
)
 
$
540,238

Costs and expenses:
 
 
 
 
 
 
 
 
 
Cost of sales
145,141

 
294,725

 
13,616

 
(49,755
)
 
403,727

Selling, general and administrative
33,439

 
100,689

 
3,107

 
(53,712
)
 
83,523

Amortization expense
5

 
3,151

 
—

 
—

 
3,156

Goodwill impairment
3,985

 
3,600

 
—

 
—

 
7,585

Total costs and expenses
182,570

 
402,165

 
16,723

 
(103,467
)
 
497,991

Earnings (loss) from operations
(11,033
)
 
55,499

 
(2,219
)
 
—

 
42,247

Other expenses and income:
 
 
 
 
 
 
 
 
 
Interest expense
6,755

 
—

 
—

 
—

 
6,755

Interest income
(38
)
 
—

 
(32
)
 
—

 
(70
)
Intercompany interest
(1,788
)
 
1,741

 
47

 
—

 
—

Other expenses (income), net
129

 
(107
)
 
(99
)
 
—

 
(77
)
Total other expenses (income), net
5,058

 
1,634

 
(84
)
 
—

 
6,608

Earnings (loss) before income taxes
(16,091
)
 
53,865

 
(2,135
)
 
—

 
35,639

Income tax expense (benefit)
(5,005
)
 
18,548

 
389

 
—

 
13,932

Equity in net earnings (loss) of subsidiaries
32,793

 
(2,524
)
 
—

 
(30,269
)
 
—

Net earnings (loss)
$
21,707

 
$
32,793

 
$
(2,524
)
 
$
(30,269
)
 
$
21,707

Other comprehensive income (loss)
(372
)
 
203

 
203

 
(406
)
 
(372
)
Comprehensive income (loss)
$
21,335

 
$
32,996

 
$
(2,321
)
 
$
(30,675
)
 
$
21,335


Condensed Consolidating Statement of Comprehensive Income
Three Months Ended June 30, 2013
(in thousands of U.S. dollars)
 
 
Parent
Company
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Total
Revenues
$
135,044

 
$
448,591

 
$
17,477

 
$
(105,225
)
 
$
495,887

Costs and expenses:
 
 
 
 
 
 
 
 
 
Cost of sales
103,890

 
301,696

 
12,436

 
(53,479
)
 
364,543

Selling, general and administrative
28,271

 
97,779

 
3,419

 
(51,746
)
 
77,723

Amortization expense
5

 
3,724

 
—

 
—

 
3,729

Total costs and expenses
132,166

 
403,199

 
15,855

 
(105,225
)
 
445,995

Earnings from operations
2,878

 
45,392

 
1,622

 
—

 
49,892

Other expenses and income:
 
 
 
 
 
 
 
 
 
Interest expense
7,498

 
—

 
—

 
—

 
7,498

Interest income
(34
)
 
—

 
(12
)
 
—

 
(46
)
Intercompany interest
(2,183
)
 
2,183

 
—

 
—

 
—

Other expenses (income), net
(65
)
 
(1,336
)
 
780

 
—

 
(621
)
Total other expenses, net
5,216

 
847

 
768

 
—

 
6,831

Earnings (loss) before income taxes
(2,338
)
 
44,545

 
854

 
—

 
43,061

Income tax expense
595

 
15,553

 
127

 
—

 
16,275

Equity in net earnings of subsidiaries
29,719

 
727

 
—

 
(30,446
)
 
—

Net earnings
$
26,786

 
$
29,719

 
$
727

 
$
(30,446
)
 
$
26,786

Other comprehensive loss
(191
)
 
(514
)
 
(514
)
 
1,028

 
(191
)
Comprehensive income
$
26,595

 
$
29,205

 
$
213

 
$
(29,418
)
 
$
26,595
Condensed consolidating statement of cash flows
Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2012
(in thousands of U.S. dollars)
 
 
Parent
Company
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Total
Net cash provided by (used in) operating activities
$
113,898

 
$
(34,935
)
 
$
(9,160
)
 
$
—

 
$
69,803

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Additions to property, plant and equipment
(3,419
)
 
(8,164
)
 
(187
)
 
—

 
(11,770
)
Digital acquisitions, net of cash acquired
—

 
(18,362
)
 
—

 
—

 
(18,362
)
Proceeds from sale of property, plant and equipment
211

 
—

 
6

 
—

 
217

Net cash used in investing activities
(3,208
)
 
(26,526
)
 
(181
)
 
—

 
(29,915
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Cash provided by (used in) intercompany activity
(58,297
)
 
58,297

 
—

 
—

 
—

Repayments of long-term debt
(7,500
)
 
—

 
—

 
—

 
(7,500
)
Repurchases of common stock
(65,900
)
 
—

 
—

 
—

 
(65,900
)
Proceeds from issuance of common stock
6,305

 
—

 
—

 
—

 
6,305

Net cash provided by (used in) financing activities
(125,392
)
 
58,297

 
—

 
—

 
(67,095
)
Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
473

 
—

 
473

Net decrease in cash and cash equivalents
(14,702
)
 
(3,164
)
 
(8,868
)
 
—

 
(26,734
)
Cash and cash equivalents at beginning of period
68,887

 
7,543

 
25,541

 
—

 
101,971

Cash and cash equivalents at end of period
$
54,185

 
$
4,379

 
$
16,673

 
$
—

 
$
75,237

Condensed Consolidating Statement of Cash Flows
Six Months Ended June 30, 2013
(in thousands of U.S. dollars)
 
 
Parent
Company
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Consolidating
Adjustments
 
Consolidated
Total
Net cash provided by (used in) operating activities
$
14,400

 
$
72,957

 
$
(3,938
)
 
$
—

 
$
83,419

Cash flows from investing activities:
 
 
 
 
 
 
 
 
 
Additions to property, plant and equipment
(1,122
)
 
(9,034
)
 
(252
)
 
—

 
(10,408
)
Proceeds from sale of property, plant and equipment
79

 
5,100

 
9

 
—

 
5,188

Net cash used in investing activities
(1,043
)
 
(3,934
)
 
(243
)
 
—

 
(5,220
)
Cash flows from financing activities:
 
 
 
 
 
 
 
 
 
Cash provided by (used in) intercompany activity
65,671

 
(65,671
)
 
—

 
—

 
—

Repayments of long-term debt
(22,557
)
 
—

 
—

 
—

 
(22,557
)
Dividends paid on common shares and restricted stock
(24,035
)
 
—

 
—

 
—

 
(24,035
)
Repurchases of common stock
(53,412
)
 
—

 
—

 
—

 
(53,412
)
Proceeds from issuance of common stock
16,514

 
—

 
—

 
—

 
16,514

Net cash used in financing activities
(17,819
)
 
(65,671
)
 
—

 
—

 
(83,490
)
Effect of exchange rate changes on cash and cash equivalents
—

 
—

 
(775
)
 
—

 
(775
)
Net increase (decrease) in cash and cash equivalents
(4,462
)
 
3,352

 
(4,956
)
 
—

 
(6,066
)
Cash and cash equivalents at beginning of period
62,836

 
10,745

 
21,130

 
—

 
94,711

Cash and cash equivalents at end of period
$
58,374

 
$
14,097

 
$
16,174

 
$
—

 
$
88,645