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Six Months Ended | Year Ended | ||||||||||||||||||
June 30, 2016 | December 31, 2015 | ||||||||||||||||||
Rhiag | PGW | Other Acquisitions | Total | All Acquisitions | |||||||||||||||
Receivables | $ | 235,358 | $ | 136,529 | $ | 996 | $ | 372,883 | $ | 29,628 | |||||||||
Receivable reserves | (28,243 | ) | (6,146 | ) | (53 | ) | (34,442 | ) | (3,926 | ) | |||||||||
Inventories, net (1) | 239,559 | 169,558 | 840 | 409,957 | 79,646 | ||||||||||||||
Prepaid expenses and other current assets | 14,465 | 38,762 | (13 | ) | 53,214 | 3,337 | |||||||||||||
Property, plant and equipment | 58,275 | 271,641 | 431 | 330,347 | 11,989 | ||||||||||||||
Goodwill | 585,112 | 183,970 | 5,107 | 774,189 | 92,175 | ||||||||||||||
Other intangibles | 424,754 | 31,126 | — | 455,880 | 9,926 | ||||||||||||||
Other assets | 2,101 | 57,396 | (407 | ) | 59,090 | 5,166 | |||||||||||||
Deferred income taxes | (109,067 | ) | 2,024 | (216 | ) | (107,259 | ) | 4,102 | |||||||||||
Current liabilities assumed | (246,546 | ) | (168,442 | ) | (615 | ) | (415,603 | ) | (39,191 | ) | |||||||||
Debt assumed | (550,843 | ) | (4,027 | ) | — | (554,870 | ) | (2,365 | ) | ||||||||||
Other noncurrent liabilities assumed | (22,918 | ) | (50,539 | ) | — | (73,457 | ) | (2,651 | ) | ||||||||||
Other purchase price obligations | — | — | — | — | (21,199 | ) | |||||||||||||
Notes issued | — | — | (465 | ) | (465 | ) | (4,296 | ) | |||||||||||
Settlement of pre-existing balances | (591 | ) | — | (32 | ) | (623 | ) | (1,073 | ) | ||||||||||
Cash used in acquisitions, net of cash acquired | $ | 601,416 | $ | 661,852 | $ | 5,573 | $ | 1,268,841 | $ | 161,268 | |||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenue, as reported | $ | 2,450,693 | $ | 1,838,070 | $ | 4,372,169 | $ | 3,611,982 | |||||||
Revenue of purchased businesses for the period prior to acquisition: | |||||||||||||||
Rhiag | — | 246,583 | 213,376 | 481,885 | |||||||||||
PGW | 61,667 | 279,729 | 328,000 | 537,385 | |||||||||||
Other acquisitions | 347 | 92,376 | 1,531 | 187,786 | |||||||||||
Pro forma revenue | $ | 2,512,707 | $ | 2,456,758 | $ | 4,915,076 | $ | 4,819,038 | |||||||
Net income, as reported | $ | 140,737 | $ | 119,722 | $ | 248,469 | $ | 226,817 | |||||||
Net income of purchased businesses for the period prior to acquisition, and pro forma purchase accounting adjustments: | |||||||||||||||
Rhiag | — | 5,069 | (178 | ) | 5,201 | ||||||||||
PGW | 6,357 | 8,880 | 13,860 | 2,992 | |||||||||||
Other acquisitions | 16 | 3,374 | 73 | 6,655 | |||||||||||
Acquisition related costs of acquisitions closed in the period, net of tax | 1,604 | — | 10,101 | — | |||||||||||
Pro forma net income | $ | 148,714 | $ | 137,045 | $ | 272,325 | $ | 241,665 | |||||||
Earnings per share, basic—as reported | $ | 0.46 | $ | 0.39 | $ | 0.81 | $ | 0.75 | |||||||
Effect of purchased businesses for the period prior to acquisition: | |||||||||||||||
Rhiag | — | 0.02 | (0.00) | 0.02 | |||||||||||
PGW | 0.02 | 0.03 | 0.05 | 0.01 | |||||||||||
Other acquisitions | 0.00 | 0.01 | 0.00 | 0.02 | |||||||||||
Acquisition related costs of acquisitions closed in the period, net of tax | 0.01 | — | 0.03 | — | |||||||||||
Pro forma earnings per share, basic (1) | $ | 0.48 | $ | 0.45 | $ | 0.89 | $ | 0.79 | |||||||
Earnings per share, diluted—as reported | $ | 0.46 | $ | 0.39 | $ | 0.81 | $ | 0.74 | |||||||
Effect of purchased businesses for the period prior to acquisition: | |||||||||||||||
Rhiag | — | 0.02 | (0.00) | 0.02 | |||||||||||
PGW | 0.02 | 0.03 | 0.04 | 0.01 | |||||||||||
Other acquisitions | 0.00 | 0.01 | 0.00 | 0.02 | |||||||||||
Acquisition related costs of acquisitions closed in the period, net of tax | 0.01 | — | 0.03 | — | |||||||||||
Pro forma earnings per share, diluted (1) | $ | 0.48 | $ | 0.45 | $ | 0.88 | $ | 0.79 | |||||||
|
|||
June 30, | December 31, | ||||||
2016 | 2015 | ||||||
Aftermarket and refurbished products | $ | 1,422,701 | $ | 1,146,162 | |||
Salvage and remanufactured products | 397,522 | 410,390 | |||||
Glass manufacturing products (1) | 70,313 | — | |||||
Total inventories, net | $ | 1,890,536 | $ | 1,556,552 | |||
Land improvements | 10-20 years |
Buildings and improvements | 20-40 years |
Machinery and equipment | 3-20 years |
Computer equipment and software | 3-10 years |
Vehicles and trailers | 3-10 years |
Furniture and fixtures | 5-7 years |
June 30, | December 31, | ||||||
2016 | 2015 | ||||||
Land and improvements | $ | 135,171 | $ | 118,420 | |||
Buildings and improvements | 253,389 | 183,480 | |||||
Machinery and equipment | 574,195 | 355,313 | |||||
Computer equipment and software | 137,197 | 130,363 | |||||
Vehicles and trailers | 117,831 | 101,201 | |||||
Furniture and fixtures | 29,203 | 24,332 | |||||
Leasehold improvements | 150,086 | 140,732 | |||||
1,397,072 | 1,053,841 | ||||||
Less—Accumulated depreciation | (485,592 | ) | (437,946 | ) | |||
Construction in progress | 143,566 | 80,672 | |||||
Total property, plant and equipment, net | $ | 1,055,046 | $ | 696,567 | |||
North America | Europe | Specialty | Glass | Total | |||||||||||||||
Balance as of January 1, 2016 | $ | 1,445,850 | $ | 594,482 | $ | 278,914 | $ | — | $ | 2,319,246 | |||||||||
Business acquisitions and adjustments to previously recorded goodwill | 715 | 589,952 | (448 | ) | 183,970 | 774,189 | |||||||||||||
Exchange rate effects | 6,729 | (40,292 | ) | (384 | ) | — | (33,947 | ) | |||||||||||
Balance as of June 30, 2016 | $ | 1,453,294 | $ | 1,144,142 | $ | 278,082 | $ | 183,970 | $ | 3,059,488 | |||||||||
June 30, 2016 | December 31, 2015 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||||||||
Trade names and trademarks | $ | 295,384 | $ | (49,152 | ) | $ | 246,232 | $ | 172,219 | $ | (43,458 | ) | $ | 128,761 | |||||||||
Customer and supplier relationships | 405,547 | (60,752 | ) | 344,795 | 95,508 | (41,007 | ) | 54,501 | |||||||||||||||
Software and other technology related assets | 57,253 | (23,219 | ) | 34,034 | 44,500 | (17,844 | ) | 26,656 | |||||||||||||||
Covenants not to compete | 11,719 | (6,420 | ) | 5,299 | 10,774 | (5,575 | ) | 5,199 | |||||||||||||||
$ | 769,903 | $ | (139,543 | ) | $ | 630,360 | $ | 323,001 | $ | (107,884 | ) | $ | 215,117 | ||||||||||
Gross Amount | |||||||
Rhiag | PGW | ||||||
Trade names and trademarks | $ | 124,074 | $ | 4,200 | |||
Customer and supplier relationships | 290,766 | 24,500 | |||||
Software and other technology related assets | 9,914 | 1,026 | |||||
Covenants not to compete | — | 1,400 | |||||
$ | 424,754 | $ | 31,126 | ||||
Method of Amortization | Useful Life | ||
Trade names and trademarks | Straight-line | 4-30 years | |
Customer and supplier relationships | Accelerated | 4-20 years | |
Software and other technology related assets | Straight-line | 3-6 years | |
Covenants not to compete | Straight-line | 1-5 years | |
Balance as of January 1, 2016 | $ | 17,363 | |
Warranty expense | 16,341 | ||
Warranty claims | (14,256 | ) | |
Balance as of June 30, 2016 | $ | 19,448 | |
|
|||
|
|||
Number Outstanding | Weighted Average Grant Date Fair Value | Aggregate Intrinsic Value (in thousands) (1) | ||||||||
Unvested as of January 1, 2016 | 1,981,292 | $ | 24.19 | $ | 58,706 | |||||
Granted | 976,318 | $ | 29.05 | |||||||
Vested | (605,151 | ) | $ | 21.20 | ||||||
Forfeited / Canceled | (53,449 | ) | $ | 27.34 | ||||||
Unvested as of June 30, 2016 | 2,299,010 | $ | 26.96 | $ | 72,879 | |||||
Expected to vest after June 30, 2016 | 2,198,889 | $ | 26.98 | $ | 69,705 | |||||
Number Outstanding | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (in thousands) (1) | |||||||||
Balance as of January 1, 2016 | 3,765,952 | $ | 8.63 | 2.9 | $ | 79,317 | ||||||
Exercised | (692,610 | ) | $ | 7.06 | ||||||||
Forfeited / Canceled | (9,364 | ) | $ | 31.83 | ||||||||
Balance as of June 30, 2016 | 3,063,978 | $ | 8.92 | 2.6 | $ | 69,851 | ||||||
Exercisable as of June 30, 2016 | 2,981,006 | $ | 8.27 | 2.6 | $ | 69,851 | ||||||
Exercisable as of June 30, 2016 and expected to vest thereafter | 3,055,681 | $ | 8.86 | 2.6 | $ | 69,851 | ||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
RSUs | $ | 5,480 | $ | 5,528 | $ | 11,359 | $ | 10,948 | |||||||
Stock options | 29 | 40 | 66 | 166 | |||||||||||
Total stock-based compensation expense | $ | 5,509 | $ | 5,568 | $ | 11,425 | $ | 11,114 | |||||||
|
|||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||
June 30, 2016 | June 30, 2015 | |||||||||||||||||||||||||||||||
Foreign Currency Translation | Unrealized (Loss) Gain on Cash Flow Hedges | Unrealized (Loss) Gain on Pension Plans | Accumulated Other Comprehensive (Loss) Income | Foreign Currency Translation | Unrealized (Loss) Gain on Cash Flow Hedges | Unrealized (Loss) Gain on Pension Plan | Accumulated Other Comprehensive (Loss) Income | |||||||||||||||||||||||||
Beginning balance | $ | (96,750 | ) | $ | (500 | ) | $ | (7,501 | ) | $ | (104,751 | ) | $ | (81,883 | ) | $ | (3,118 | ) | $ | (9,623 | ) | $ | (94,624 | ) | ||||||||
Pretax (loss) income | (73,257 | ) | (6,528 | ) | — | (79,785 | ) | 44,510 | (166 | ) | — | 44,344 | ||||||||||||||||||||
Income tax effect | — | 2,250 | — | 2,250 | — | 69 | — | 69 | ||||||||||||||||||||||||
Reclassification of unrealized loss | — | 984 | 160 | 1,144 | — | 1,564 | (27 | ) | 1,537 | |||||||||||||||||||||||
Reclassification of deferred income taxes | — | (320 | ) | (40 | ) | (360 | ) | — | (549 | ) | 6 | (543 | ) | |||||||||||||||||||
Ending Balance | $ | (170,007 | ) | $ | (4,114 | ) | $ | (7,381 | ) | $ | (181,502 | ) | $ | (37,373 | ) | $ | (2,200 | ) | $ | (9,644 | ) | $ | (49,217 | ) | ||||||||
Six Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, 2016 | June 30, 2015 | |||||||||||||||||||||||||||||||
Foreign Currency Translation | Unrealized (Loss) Gain on Cash Flow Hedges | Unrealized (Loss) Gain on Pension Plans | Accumulated Other Comprehensive (Loss) Income | Foreign Currency Translation | Unrealized (Loss) Gain on Cash Flow Hedges | Unrealized (Loss) Gain on Pension Plan | Accumulated Other Comprehensive (Loss) Income | |||||||||||||||||||||||||
Beginning balance | $ | (96,890 | ) | $ | (932 | ) | $ | (7,648 | ) | $ | (105,470 | ) | $ | (27,073 | ) | $ | (3,401 | ) | $ | (9,751 | ) | $ | (40,225 | ) | ||||||||
Pretax (loss) income | (73,117 | ) | (6,672 | ) | — | (79,789 | ) | (10,300 | ) | (1,239 | ) | — | (11,539 | ) | ||||||||||||||||||
Income tax effect | — | 2,278 | — | 2,278 | — | 439 | — | 439 | ||||||||||||||||||||||||
Reclassification of unrealized loss | — | 1,790 | 357 | 2,147 | — | 3,085 | 143 | 3,228 | ||||||||||||||||||||||||
Reclassification of deferred income taxes | — | (578 | ) | (90 | ) | (668 | ) | — | (1,084 | ) | (36 | ) | (1,120 | ) | ||||||||||||||||||
Ending Balance | $ | (170,007 | ) | $ | (4,114 | ) | $ | (7,381 | ) | $ | (181,502 | ) | $ | (37,373 | ) | $ | (2,200 | ) | $ | (9,644 | ) | $ | (49,217 | ) | ||||||||
|
|||
June 30, | December 31, | ||||||
2016 | 2015 | ||||||
Senior secured credit agreement: | |||||||
Term loans payable | $ | 750,707 | $ | 410,625 | |||
Revolving credit facilities | 1,292,734 | 480,481 | |||||
Senior notes | 600,000 | 600,000 | |||||
Euro notes | 555,400 | — | |||||
Receivables securitization facility | 93,520 | 63,000 | |||||
Notes payable through October 2025 at weighted average interest rates of 2.3% and 2.2%, respectively | 9,866 | 16,104 | |||||
Other long-term debt at weighted average interest rates of 2.3% and 2.4%, respectively | 59,457 | 29,485 | |||||
Total debt | 3,361,684 | 1,599,695 | |||||
Less: long-term debt issuance costs | (23,925 | ) | (13,533 | ) | |||
Less: current debt issuance cost | (2,298 | ) | (1,460 | ) | |||
Total debt, net of issuance costs | 3,335,461 | 1,584,702 | |||||
Less: current maturities, net of debt issuance costs | (60,832 | ) | (56,034 | ) | |||
Long term debt, net of debt issuance costs | $ | 3,274,629 | $ | 1,528,668 | |||
|
|||
Notional Amount | Fair Value at June 30, 2016 (USD) | Fair Value at December 31, 2015 (USD) | ||||||||||||||||||
June 30, 2016 | December 31, 2015 | Other Accrued Expenses | Other Noncurrent Liabilities | Other Accrued Expenses | ||||||||||||||||
Interest rate swap agreements | ||||||||||||||||||||
USD denominated | $ | 760,000 | $ | 170,000 | $ | 500 | $ | 5,715 | $ | 858 | ||||||||||
GBP denominated | £ | 50,000 | £ | 50,000 | 209 | — | 465 | |||||||||||||
CAD denominated | C$ | — | C$ | 25,000 | — | — | 24 | |||||||||||||
Total cash flow hedges | $ | 709 | $ | 5,715 | $ | 1,347 | ||||||||||||||
|
|||
Balance as of June 30, 2016 | Fair Value Measurements as of June 30, 2016 | ||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||
Cash surrender value of life insurance | $ | 33,574 | $ | — | $ | 33,574 | $ | — | |||||||
Total Assets | $ | 33,574 | $ | — | $ | 33,574 | $ | — | |||||||
Liabilities: | |||||||||||||||
Contingent consideration liabilities | $ | 3,134 | $ | — | $ | — | $ | 3,134 | |||||||
Deferred compensation liabilities | 34,742 | — | 34,742 | — | |||||||||||
Interest rate swaps | 6,424 | — | 6,424 | — | |||||||||||
Total Liabilities | $ | 44,300 | $ | — | $ | 41,166 | $ | 3,134 | |||||||
Balance as of December 31, 2015 | Fair Value Measurements as of December 31, 2015 | ||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||
Cash surrender value of life insurance | $ | 29,782 | $ | — | $ | 29,782 | $ | — | |||||||
Total Assets | $ | 29,782 | $ | — | $ | 29,782 | $ | — | |||||||
Liabilities: | |||||||||||||||
Contingent consideration liabilities | $ | 4,584 | $ | — | $ | — | $ | 4,584 | |||||||
Deferred compensation liabilities | 30,336 | — | 30,336 | — | |||||||||||
Interest rate swaps | 1,347 | — | 1,347 | — | |||||||||||
Total Liabilities | $ | 36,267 | $ | — | $ | 31,683 | $ | 4,584 | |||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Beginning balance | $ | 3,079 | $ | 5,561 | $ | 4,584 | $ | 7,295 | |||||||
Payments | — | (538 | ) | (1,667 | ) | (2,205 | ) | ||||||||
Increase in fair value included in earnings | 46 | 125 | 119 | 276 | |||||||||||
Exchange rate effects | 9 | 43 | 98 | (175 | ) | ||||||||||
Balance as of June 30 | $ | 3,134 | $ | 5,191 | $ | 3,134 | $ | 5,191 | |||||||
|
|||
Six months ending December 31, 2016 | $ | 97,039 | |
Years ending December 31: | |||
2017 | 172,688 | ||
2018 | 142,782 | ||
2019 | 114,178 | ||
2020 | 92,563 | ||
2021 | 70,136 | ||
Thereafter | 351,954 | ||
Future Minimum Lease Payments | $ | 1,041,340 | |
|
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|
|||
North America | Europe | Specialty | Glass | Eliminations | Consolidated | ||||||||||||||||||
Three Months Ended June 30, 2016 | |||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Third Party | $ | 1,080,401 | $ | 824,216 | $ | 335,972 | $ | 210,104 | $ | — | $ | 2,450,693 | |||||||||||
Intersegment | 119 | (10 | ) | 1,094 | 74 | (1,277 | ) | — | |||||||||||||||
Total segment revenue | $ | 1,080,520 | $ | 824,206 | $ | 337,066 | $ | 210,178 | $ | (1,277 | ) | $ | 2,450,693 | ||||||||||
Segment EBITDA | $ | 163,825 | $ | 89,982 | $ | 41,792 | $ | 23,301 | $ | — | $ | 318,900 | |||||||||||
Depreciation and amortization (1) | 17,622 | 28,280 | 5,283 | 6,531 | — | 57,716 | |||||||||||||||||
Three Months Ended June 30, 2015 | |||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Third Party | $ | 1,044,779 | $ | 509,833 | $ | 283,458 | $ | — | $ | — | $ | 1,838,070 | |||||||||||
Intersegment | 372 | 70 | 872 | — | (1,314 | ) | — | ||||||||||||||||
Total segment revenue | $ | 1,045,151 | $ | 509,903 | $ | 284,330 | $ | — | $ | (1,314 | ) | $ | 1,838,070 | ||||||||||
Segment EBITDA | $ | 138,880 | $ | 53,943 | $ | 40,198 | $ | — | $ | — | $ | 233,021 | |||||||||||
Depreciation and amortization (1) | 17,249 | 8,704 | 5,092 | — | — | 31,045 | |||||||||||||||||
North America | Europe | Specialty | Glass | Eliminations | Consolidated | ||||||||||||||||||
Six Months Ended June 30, 2016 | |||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Third Party | $ | 2,167,764 | $ | 1,370,967 | $ | 623,334 | $ | 210,104 | $ | — | $ | 4,372,169 | |||||||||||
Intersegment | 333 | — | 2,045 | 74 | (2,452 | ) | — | ||||||||||||||||
Total segment revenue | $ | 2,168,097 | $ | 1,370,967 | $ | 625,379 | $ | 210,178 | $ | (2,452 | ) | $ | 4,372,169 | ||||||||||
Segment EBITDA | $ | 311,200 | $ | 147,480 | $ | 73,530 | $ | 23,301 | $ | — | $ | 555,511 | |||||||||||
Depreciation and amortization (1) | 35,137 | 38,588 | 10,626 | 6,531 | — | 90,882 | |||||||||||||||||
Six Months Ended June 30, 2015 | |||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Third Party | $ | 2,090,858 | $ | 997,179 | $ | 523,945 | $ | — | $ | — | $ | 3,611,982 | |||||||||||
Intersegment | 466 | 70 | 1,607 | — | (2,143 | ) | — | ||||||||||||||||
Total segment revenue | $ | 2,091,324 | $ | 997,249 | $ | 525,552 | $ | — | $ | (2,143 | ) | $ | 3,611,982 | ||||||||||
Segment EBITDA | $ | 288,268 | $ | 100,466 | $ | 65,602 | $ | — | $ | — | $ | 454,336 | |||||||||||
Depreciation and amortization (1) | 34,515 | 17,055 | 10,144 | — | — | 61,714 | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Segment EBITDA | $ | 318,900 | $ | 233,021 | $ | 555,511 | $ | 454,336 | |||||||
Deduct: | |||||||||||||||
Restructuring and acquisition related expenses (1) | 9,080 | 1,663 | 23,891 | 8,151 | |||||||||||
Inventory step-up adjustment - acquisition related (2) | 10,213 | — | 10,213 | — | |||||||||||
Change in fair value of contingent consideration liabilities (3) | 46 | 125 | 119 | 276 | |||||||||||
Add: | |||||||||||||||
Equity in earnings of unconsolidated subsidiaries | 147 | (1,162 | ) | (215 | ) | (3,070 | ) | ||||||||
Gains on foreign exchange contracts - acquisition related (4) | — | — | 18,342 | — | |||||||||||
EBITDA | 299,708 | 230,071 | 539,415 | 442,839 | |||||||||||
Depreciation and amortization - cost of goods sold | 5,187 | 1,263 | 6,665 | 2,479 | |||||||||||
Depreciation and amortization | 52,529 | 29,782 | 84,217 | 59,235 | |||||||||||
Interest expense, net | 26,381 | 14,622 | 40,973 | 29,528 | |||||||||||
Loss on debt extinguishment | — | — | 26,650 | — | |||||||||||
Provision for income taxes | 74,874 | 64,682 | 132,441 | 124,780 | |||||||||||
Net income | $ | 140,737 | $ | 119,722 | $ | 248,469 | $ | 226,817 | |||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Capital Expenditures | |||||||||||||||
North America | $ | 19,448 | $ | 14,744 | $ | 42,231 | $ | 30,147 | |||||||
Europe | 21,444 | 22,303 | 40,551 | 30,172 | |||||||||||
Specialty | 2,150 | 3,620 | 10,653 | 6,444 | |||||||||||
Glass | 8,884 | — | 8,884 | — | |||||||||||
$ | 51,926 | $ | 40,667 | $ | 102,319 | $ | 66,763 | ||||||||
June 30, | December 31, | ||||||
2016 | 2015 | ||||||
Receivables, net | |||||||
North America | $ | 331,359 | $ | 314,743 | |||
Europe (1) | 444,064 | 215,710 | |||||
Specialty | 99,871 | 59,707 | |||||
Glass (1) | 119,859 | — | |||||
Total receivables, net | 995,153 | 590,160 | |||||
Inventories, net | |||||||
North America | 807,132 | 847,787 | |||||
Europe (1) | 613,928 | 427,323 | |||||
Specialty | 305,396 | 281,442 | |||||
Glass (1) | 164,080 | — | |||||
Total inventories, net | 1,890,536 | 1,556,552 | |||||
Property, Plant and Equipment, net | |||||||
North America | 479,907 | 467,961 | |||||
Europe (1) | 242,741 | 175,455 | |||||
Specialty | 58,443 | 53,151 | |||||
Glass (1) | 273,955 | — | |||||
Total property, plant and equipment, net | 1,055,046 | 696,567 | |||||
Other unallocated assets | 4,245,209 | 2,804,558 | |||||
Total assets | $ | 8,185,944 | $ | 5,647,837 | |||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenue | |||||||||||||||
United States | $ | 1,483,840 | $ | 1,228,424 | $ | 2,768,807 | $ | 2,423,369 | |||||||
United Kingdom | 358,266 | 347,064 | 707,942 | 690,671 | |||||||||||
Other countries | 608,587 | 262,582 | 895,420 | 497,942 | |||||||||||
$ | 2,450,693 | $ | 1,838,070 | $ | 4,372,169 | $ | 3,611,982 | ||||||||
June 30, | December 31, | ||||||
2016 | 2015 | ||||||
Long-lived Assets | |||||||
United States | $ | 749,504 | $ | 493,300 | |||
United Kingdom | 147,556 | 138,546 | |||||
Other countries | 157,986 | 64,721 | |||||
$ | 1,055,046 | $ | 696,567 | ||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Aftermarket, other new and refurbished products | $ | 1,756,334 | $ | 1,296,168 | $ | 3,144,070 | $ | 2,542,639 | |||||||
Recycled, remanufactured and related products and services | 435,023 | 408,180 | 865,612 | 806,625 | |||||||||||
Manufactured products (1) | 140,632 | — | 140,632 | — | |||||||||||
Other | 118,704 | 133,722 | 221,855 | 262,718 | |||||||||||
$ | 2,450,693 | $ | 1,838,070 | $ | 4,372,169 | $ | 3,611,982 | ||||||||
|
|||
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Balance Sheets (In thousands) | |||||||||||||||||||
June 30, 2016 | |||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and equivalents | $ | 52,144 | $ | 31,140 | $ | 189,919 | $ | — | $ | 273,203 | |||||||||
Receivables, net | — | 372,413 | 622,740 | — | 995,153 | ||||||||||||||
Intercompany receivables, net | 14,864 | 11,224 | — | (26,088 | ) | — | |||||||||||||
Inventories, net | — | 1,203,556 | 686,980 | — | 1,890,536 | ||||||||||||||
Prepaid expenses and other current assets | 2,083 | 53,520 | 83,933 | — | 139,536 | ||||||||||||||
Total Current Assets | 69,091 | 1,671,853 | 1,583,572 | (26,088 | ) | 3,298,428 | |||||||||||||
Property, Plant and Equipment, net | 271 | 743,265 | 311,510 | — | 1,055,046 | ||||||||||||||
Intangible Assets: | |||||||||||||||||||
Goodwill | — | 1,825,033 | 1,234,455 | — | 3,059,488 | ||||||||||||||
Other intangibles, net | — | 161,257 | 469,103 | — | 630,360 | ||||||||||||||
Investment in Subsidiaries | 5,038,195 | 278,799 | — | (5,316,994 | ) | — | |||||||||||||
Intercompany Notes Receivable | 1,130,732 | 780,340 | — | (1,911,072 | ) | — | |||||||||||||
Other Assets | 41,418 | 80,687 | 28,361 | (7,844 | ) | 142,622 | |||||||||||||
Total Assets | $ | 6,279,707 | $ | 5,541,234 | $ | 3,627,001 | $ | (7,261,998 | ) | $ | 8,185,944 | ||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Accounts payable | $ | 1,669 | $ | 355,545 | $ | 377,924 | $ | — | $ | 735,138 | |||||||||
Intercompany payables, net | — | — | 26,088 | (26,088 | ) | — | |||||||||||||
Accrued expenses: | |||||||||||||||||||
Accrued payroll-related liabilities | 4,726 | 48,724 | 49,512 | — | 102,962 | ||||||||||||||
Other accrued expenses | 5,085 | 90,554 | 133,017 | — | 228,656 | ||||||||||||||
Other current liabilities | 283 | 16,820 | 23,691 | — | 40,794 | ||||||||||||||
Current portion of long-term obligations | 19,262 | 2,826 | 38,744 | — | 60,832 | ||||||||||||||
Total Current Liabilities | 31,025 | 514,469 | 648,976 | (26,088 | ) | 1,168,382 | |||||||||||||
Long-Term Obligations, Excluding Current Portion | 2,146,730 | 8,449 | 1,119,450 | — | 3,274,629 | ||||||||||||||
Intercompany Notes Payable | 750,000 | 1,114,430 | 46,642 | (1,911,072 | ) | — | |||||||||||||
Deferred Income Taxes | — | 111,766 | 121,416 | (7,844 | ) | 225,338 | |||||||||||||
Other Noncurrent Liabilities | 44,313 | 124,822 | 40,821 | — | 209,956 | ||||||||||||||
Stockholders’ Equity | 3,307,639 | 3,667,298 | 1,649,696 | (5,316,994 | ) | 3,307,639 | |||||||||||||
Total Liabilities and Stockholders' Equity | $ | 6,279,707 | $ | 5,541,234 | $ | 3,627,001 | $ | (7,261,998 | ) | $ | 8,185,944 | ||||||||
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Balance Sheets (In thousands) | |||||||||||||||||||
December 31, 2015 | |||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and equivalents | $ | 17,616 | $ | 13,432 | $ | 56,349 | $ | — | $ | 87,397 | |||||||||
Receivables, net | — | 214,502 | 375,658 | — | 590,160 | ||||||||||||||
Intercompany receivables, net | 3 | — | 13,544 | (13,547 | ) | — | |||||||||||||
Inventories, net | — | 1,060,834 | 495,718 | — | 1,556,552 | ||||||||||||||
Prepaid expenses and other current assets | 15,254 | 44,810 | 46,539 | — | 106,603 | ||||||||||||||
Total Current Assets | 32,873 | 1,333,578 | 987,808 | (13,547 | ) | 2,340,712 | |||||||||||||
Property, Plant and Equipment, net | 339 | 494,658 | 201,570 | — | 696,567 | ||||||||||||||
Intangible Assets: | |||||||||||||||||||
Goodwill | — | 1,640,745 | 678,501 | — | 2,319,246 | ||||||||||||||
Other intangibles, net | — | 141,537 | 73,580 | — | 215,117 | ||||||||||||||
Investment in Subsidiaries | 3,456,837 | 285,284 | — | (3,742,121 | ) | — | |||||||||||||
Intercompany Notes Receivable | 630,717 | 61,764 | — | (692,481 | ) | — | |||||||||||||
Other Assets | 35,649 | 28,184 | 18,218 | (5,856 | ) | 76,195 | |||||||||||||
Total Assets | $ | 4,156,415 | $ | 3,985,750 | $ | 1,959,677 | $ | (4,454,005 | ) | $ | 5,647,837 | ||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Accounts payable | $ | 681 | $ | 229,519 | $ | 185,388 | $ | — | $ | 415,588 | |||||||||
Intercompany payables, net | — | 13,544 | 3 | (13,547 | ) | — | |||||||||||||
Accrued expenses: | |||||||||||||||||||
Accrued payroll-related liabilities | 4,395 | 48,698 | 33,434 | — | 86,527 | ||||||||||||||
Other accrued expenses | 5,399 | 80,886 | 75,940 | — | 162,225 | ||||||||||||||
Other current liabilities | 284 | 15,953 | 15,359 | — | 31,596 | ||||||||||||||
Current portion of long-term obligations | 21,041 | 1,425 | 33,568 | — | 56,034 | ||||||||||||||
Total Current Liabilities | 31,800 | 390,025 | 343,692 | (13,547 | ) | 751,970 | |||||||||||||
Long-Term Obligations, Excluding Current Portion | 976,353 | 7,487 | 544,828 | — | 1,528,668 | ||||||||||||||
Intercompany Notes Payable | — | 615,488 | 76,993 | (692,481 | ) | — | |||||||||||||
Deferred Income Taxes | — | 113,905 | 19,190 | (5,856 | ) | 127,239 | |||||||||||||
Other Noncurrent Liabilities | 33,580 | 70,109 | 21,589 | — | 125,278 | ||||||||||||||
Stockholders’ Equity | 3,114,682 | 2,788,736 | 953,385 | (3,742,121 | ) | 3,114,682 | |||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 4,156,415 | $ | 3,985,750 | $ | 1,959,677 | $ | (4,454,005 | ) | $ | 5,647,837 | ||||||||
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Income (In thousands) | |||||||||||||||||||
For the Three Months Ended June 30, 2016 | |||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
Revenue | $ | — | $ | 1,530,947 | $ | 953,917 | $ | (34,171 | ) | $ | 2,450,693 | ||||||||
Cost of goods sold | — | 951,356 | 611,561 | (34,171 | ) | 1,528,746 | |||||||||||||
Gross margin | — | 579,591 | 342,356 | — | 921,947 | ||||||||||||||
Facility and warehouse expenses | — | 118,649 | 60,021 | — | 178,670 | ||||||||||||||
Distribution expenses | — | 118,321 | 66,010 | — | 184,331 | ||||||||||||||
Selling, general and administrative expenses | 8,887 | 132,488 | 112,778 | — | 254,153 | ||||||||||||||
Restructuring and acquisition related expenses | — | 7,082 | 1,998 | — | 9,080 | ||||||||||||||
Depreciation and amortization | 33 | 23,461 | 29,035 | — | 52,529 | ||||||||||||||
Operating (loss) income | (8,920 | ) | 179,590 | 72,514 | — | 243,184 | |||||||||||||
Other expense (income): | |||||||||||||||||||
Interest expense (income), net | 17,804 | (309 | ) | 8,886 | — | 26,381 | |||||||||||||
Intercompany interest (income) expense, net | (2,355 | ) | 2,376 | (21 | ) | — | — | ||||||||||||
Other expense (income), net | 33 | (284 | ) | 1,590 | — | 1,339 | |||||||||||||
Total other expense, net | 15,482 | 1,783 | 10,455 | — | 27,720 | ||||||||||||||
(Loss) income before (benefit) provision for income taxes | (24,402 | ) | 177,807 | 62,059 | — | 215,464 | |||||||||||||
(Benefit) provision for income taxes | (9,384 | ) | 72,019 | 12,239 | — | 74,874 | |||||||||||||
Equity in earnings of unconsolidated subsidiaries | — | 347 | (200 | ) | — | 147 | |||||||||||||
Equity in earnings of subsidiaries | 155,755 | 431 | — | (156,186 | ) | — | |||||||||||||
Net income | $ | 140,737 | $ | 106,566 | $ | 49,620 | $ | (156,186 | ) | $ | 140,737 | ||||||||
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Income (In thousands) | |||||||||||||||||||
For the Three Months Ended June 30, 2015 | |||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
Revenue | $ | — | $ | 1,269,541 | $ | 599,744 | $ | (31,215 | ) | $ | 1,838,070 | ||||||||
Cost of goods sold | — | 770,026 | 375,315 | (31,215 | ) | 1,114,126 | |||||||||||||
Gross margin | — | 499,515 | 224,429 | — | 723,944 | ||||||||||||||
Facility and warehouse expenses | — | 100,289 | 36,090 | — | 136,379 | ||||||||||||||
Distribution expenses | — | 102,753 | 47,286 | — | 150,039 | ||||||||||||||
Selling, general and administrative expenses | 8,761 | 119,958 | 77,077 | — | 205,796 | ||||||||||||||
Restructuring and acquisition related expenses | — | 1,185 | 478 | — | 1,663 | ||||||||||||||
Depreciation and amortization | 39 | 19,873 | 9,870 | — | 29,782 | ||||||||||||||
Operating (loss) income | (8,800 | ) | 155,457 | 53,628 | — | 200,285 | |||||||||||||
Other expense (income): | |||||||||||||||||||
Interest expense (income), net | 12,241 | (172 | ) | 2,553 | — | 14,622 | |||||||||||||
Intercompany interest (income) expense, net | (10,378 | ) | 7,056 | 3,322 | — | — | |||||||||||||
Other expense (income), net | 2 | (1,106 | ) | 1,201 | — | 97 | |||||||||||||
Total other expense, net | 1,865 | 5,778 | 7,076 | — | 14,719 | ||||||||||||||
(Loss) income before (benefit) provision for income taxes | (10,665 | ) | 149,679 | 46,552 | — | 185,566 | |||||||||||||
(Benefit) provision for income taxes | (4,294 | ) | 59,495 | 9,481 | — | 64,682 | |||||||||||||
Equity in earnings of unconsolidated subsidiaries | — | 19 | (1,181 | ) | — | (1,162 | ) | ||||||||||||
Equity in earnings of subsidiaries | 126,093 | 7,335 | — | (133,428 | ) | — | |||||||||||||
Net income | $ | 119,722 | $ | 97,538 | $ | 35,890 | $ | (133,428 | ) | $ | 119,722 | ||||||||
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Income (In thousands) | |||||||||||||||||||
For the Six Months Ended June 30, 2016 | |||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
Revenue | $ | — | $ | 2,849,114 | $ | 1,589,554 | $ | (66,499 | ) | $ | 4,372,169 | ||||||||
Cost of goods sold | — | 1,746,596 | 1,009,688 | (66,499 | ) | 2,689,785 | |||||||||||||
Gross margin | — | 1,102,518 | 579,866 | — | 1,682,384 | ||||||||||||||
Facility and warehouse expenses | — | 233,859 | 102,416 | — | 336,275 | ||||||||||||||
Distribution expenses | — | 222,475 | 114,199 | — | 336,674 | ||||||||||||||
Selling, general and administrative expenses | 19,266 | 259,156 | 194,049 | — | 472,471 | ||||||||||||||
Restructuring and acquisition related expenses | — | 11,118 | 12,773 | — | 23,891 | ||||||||||||||
Depreciation and amortization | 69 | 44,005 | 40,143 | — | 84,217 | ||||||||||||||
Operating (loss) income | (19,335 | ) | 331,905 | 116,286 | — | 428,856 | |||||||||||||
Other expense (income): | |||||||||||||||||||
Interest expense (income), net | 29,921 | (166 | ) | 11,218 | — | 40,973 | |||||||||||||
Intercompany interest (income) expense, net | (13,032 | ) | 8,966 | 4,066 | — | — | |||||||||||||
Loss on debt extinguishment | 2,894 | — | 23,756 | — | 26,650 | ||||||||||||||
Gains on foreign exchange contracts - acquisition related | (18,342 | ) | — | — | — | (18,342 | ) | ||||||||||||
Other (income) expense, net | (78 | ) | (3,084 | ) | 1,612 | — | (1,550 | ) | |||||||||||
Total other expense, net | 1,363 | 5,716 | 40,652 | — | 47,731 | ||||||||||||||
(Loss) income before (benefit) provision for income taxes | (20,698 | ) | 326,189 | 75,634 | — | 381,125 | |||||||||||||
(Benefit) provision for income taxes | (7,961 | ) | 125,464 | 14,938 | — | 132,441 | |||||||||||||
Equity in earnings of unconsolidated subsidiaries | (795 | ) | 352 | 228 | — | (215 | ) | ||||||||||||
Equity in earnings of subsidiaries | 262,001 | 12,373 | — | (274,374 | ) | — | |||||||||||||
Net income | $ | 248,469 | $ | 213,450 | $ | 60,924 | $ | (274,374 | ) | $ | 248,469 | ||||||||
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Income (In thousands) | |||||||||||||||||||
For the Six Months Ended June 30, 2015 | |||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
Revenue | $ | — | $ | 2,495,449 | $ | 1,182,687 | $ | (66,154 | ) | $ | 3,611,982 | ||||||||
Cost of goods sold | — | 1,510,829 | 743,884 | (66,154 | ) | 2,188,559 | |||||||||||||
Gross margin | — | 984,620 | 438,803 | — | 1,423,423 | ||||||||||||||
Facility and warehouse expenses | — | 198,050 | 70,986 | — | 269,036 | ||||||||||||||
Distribution expenses | — | 198,745 | 93,008 | — | 291,753 | ||||||||||||||
Selling, general and administrative expenses | 16,392 | 241,620 | 151,025 | — | 409,037 | ||||||||||||||
Restructuring and acquisition related expenses | — | 7,245 | 906 | — | 8,151 | ||||||||||||||
Depreciation and amortization | 79 | 39,764 | 19,392 | — | 59,235 | ||||||||||||||
Operating (loss) income | (16,471 | ) | 299,196 | 103,486 | — | 386,211 | |||||||||||||
Other expense (income): | |||||||||||||||||||
Interest expense (income), net | 24,555 | (129 | ) | 5,102 | — | 29,528 | |||||||||||||
Intercompany interest (income) expense, net | (21,201 | ) | 14,315 | 6,886 | — | — | |||||||||||||
Other expense (income), net | 27 | (2,841 | ) | 4,830 | — | 2,016 | |||||||||||||
Total other expense, net | 3,381 | 11,345 | 16,818 | — | 31,544 | ||||||||||||||
(Loss) income before (benefit) provision for income taxes | (19,852 | ) | 287,851 | 86,668 | — | 354,667 | |||||||||||||
(Benefit) provision for income taxes | (8,049 | ) | 115,272 | 17,557 | — | 124,780 | |||||||||||||
Equity in earnings of unconsolidated subsidiaries | — | 30 | (3,100 | ) | — | (3,070 | ) | ||||||||||||
Equity in earnings of subsidiaries | 238,620 | 14,595 | — | (253,215 | ) | — | |||||||||||||
Net income | $ | 226,817 | $ | 187,204 | $ | 66,011 | $ | (253,215 | ) | $ | 226,817 | ||||||||
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Comprehensive Income (In thousands) | |||||||||||||||||||
For the Three Months Ended June 30, 2016 | |||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
Net income | $ | 140,737 | $ | 106,566 | $ | 49,620 | $ | (156,186 | ) | $ | 140,737 | ||||||||
Other comprehensive (loss) income: | |||||||||||||||||||
Foreign currency translation | (73,257 | ) | (15,116 | ) | (73,830 | ) | 88,946 | (73,257 | ) | ||||||||||
Net change in unrecognized gains/losses on derivative instruments, net of tax | (3,614 | ) | — | 99 | (99 | ) | (3,614 | ) | |||||||||||
Net change in unrealized gains/losses on pension plans, net of tax | 120 | — | 120 | (120 | ) | 120 | |||||||||||||
Total other comprehensive loss | (76,751 | ) | (15,116 | ) | (73,611 | ) | 88,727 | (76,751 | ) | ||||||||||
Total comprehensive income (loss) | $ | 63,986 | $ | 91,450 | $ | (23,991 | ) | $ | (67,459 | ) | $ | 63,986 | |||||||
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Comprehensive Income (In thousands) | |||||||||||||||||||
For the Three Months Ended June 30, 2015 | |||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
Net income | $ | 119,722 | $ | 97,538 | $ | 35,890 | $ | (133,428 | ) | $ | 119,722 | ||||||||
Other comprehensive income (loss): | |||||||||||||||||||
Foreign currency translation | 44,510 | 13,134 | 44,216 | (57,350 | ) | 44,510 | |||||||||||||
Net change in unrecognized gains/losses on derivative instruments, net of tax | 918 | — | 191 | (191 | ) | 918 | |||||||||||||
Change in unrealized gain on pension plans, net of tax | (21 | ) | — | (21 | ) | 21 | (21 | ) | |||||||||||
Total other comprehensive income | 45,407 | 13,134 | 44,386 | (57,520 | ) | 45,407 | |||||||||||||
Total comprehensive income | $ | 165,129 | $ | 110,672 | $ | 80,276 | $ | (190,948 | ) | $ | 165,129 | ||||||||
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Comprehensive Income (In thousands) | |||||||||||||||||||
For the Six Months Ended June 30, 2016 | |||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
Net income | $ | 248,469 | $ | 213,450 | $ | 60,924 | $ | (274,374 | ) | $ | 248,469 | ||||||||
Other comprehensive (loss) income: | |||||||||||||||||||
Foreign currency translation | (73,117 | ) | (17,971 | ) | (76,869 | ) | 94,840 | (73,117 | ) | ||||||||||
Net change in unrecognized gains/losses on derivative instruments, net of tax | (3,182 | ) | — | 195 | (195 | ) | (3,182 | ) | |||||||||||
Net change in unrealized gains/losses on pension plans, net of tax | 267 | — | 267 | (267 | ) | 267 | |||||||||||||
Total other comprehensive loss | (76,032 | ) | (17,971 | ) | (76,407 | ) | 94,378 | (76,032 | ) | ||||||||||
Total comprehensive income (loss) | $ | 172,437 | $ | 195,479 | $ | (15,483 | ) | $ | (179,996 | ) | $ | 172,437 | |||||||
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Comprehensive Income (In thousands) | |||||||||||||||||||
For the Six Months Ended June 30, 2015 | |||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
Net income | $ | 226,817 | $ | 187,204 | $ | 66,011 | $ | (253,215 | ) | $ | 226,817 | ||||||||
Other comprehensive (loss) income: | |||||||||||||||||||
Foreign currency translation | (10,300 | ) | (1,238 | ) | (8,583 | ) | 9,821 | (10,300 | ) | ||||||||||
Net change in unrecognized gains/losses on derivative instruments, net of tax | 1,201 | — | 129 | (129 | ) | 1,201 | |||||||||||||
Change in unrealized gains/losses on pension plans, net of tax | 107 | — | 107 | (107 | ) | 107 | |||||||||||||
Total other comprehensive loss | (8,992 | ) | (1,238 | ) | (8,347 | ) | 9,585 | (8,992 | ) | ||||||||||
Total comprehensive income | $ | 217,825 | $ | 185,966 | $ | 57,664 | $ | (243,630 | ) | $ | 217,825 | ||||||||
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Cash Flows (In thousands) | |||||||||||||||||||
For the Six Months Ended June 30, 2016 | |||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||
Net cash provided by operating activities | $ | 136,098 | $ | 300,978 | $ | 66,346 | $ | (148,192 | ) | $ | 355,230 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||
Purchases of property, plant and equipment | (2 | ) | (57,742 | ) | (44,575 | ) | — | (102,319 | ) | ||||||||||
Investment and intercompany note activity with subsidiaries | (1,293,298 | ) | (34,448 | ) | — | 1,327,746 | — | ||||||||||||
Acquisitions, net of cash acquired | — | (661,852 | ) | (606,989 | ) | — | (1,268,841 | ) | |||||||||||
Proceeds from foreign exchange contracts | 18,342 | — | — | — | 18,342 | ||||||||||||||
Other investing activities, net | — | 400 | 10,913 | — | 11,313 | ||||||||||||||
Net cash used in investing activities | (1,274,958 | ) | (753,642 | ) | (640,651 | ) | 1,327,746 | (1,341,505 | ) | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||
Proceeds from exercise of stock options | 4,889 | — | — | — | 4,889 | ||||||||||||||
Excess tax benefit from stock-based payments | 6,685 | — | — | — | 6,685 | ||||||||||||||
Taxes paid related to net share settlements of stock-based compensation awards | (2,281 | ) | — | — | — | (2,281 | ) | ||||||||||||
Debt issuance costs | (7,100 | ) | — | (9,071 | ) | — | (16,171 | ) | |||||||||||
Proceeds from issuance of Euro notes | — | — | 563,450 | — | 563,450 | ||||||||||||||
Borrowings under revolving credit facilities | 1,204,000 | — | 618,020 | — | 1,822,020 | ||||||||||||||
Repayments under revolving credit facilities | (119,000 | ) | — | (893,362 | ) | — | (1,012,362 | ) | |||||||||||
Borrowings under term loans | 89,317 | — | 249,161 | — | 338,478 | ||||||||||||||
Repayments under term loans | (3,122 | ) | — | (1,599 | ) | — | (4,721 | ) | |||||||||||
Borrowings under receivables securitization facility | — | — | 97,000 | — | 97,000 | ||||||||||||||
Repayments under receivables securitization facility | — | — | (66,480 | ) | — | (66,480 | ) | ||||||||||||
Repayments of other debt, net | — | (1,657 | ) | (6,167 | ) | — | (7,824 | ) | |||||||||||
Repayment of Rhiag debt and related payments | — | — | (543,347 | ) | — | (543,347 | ) | ||||||||||||
Payments of other obligations | — | (1,371 | ) | — | — | (1,371 | ) | ||||||||||||
Investment and intercompany note activity with parent | — | 621,619 | 706,127 | (1,327,746 | ) | — | |||||||||||||
Dividends | — | (148,192 | ) | — | 148,192 | — | |||||||||||||
Net cash provided by financing activities | 1,173,388 | 470,399 | 713,732 | (1,179,554 | ) | 1,177,965 | |||||||||||||
Effect of exchange rate changes on cash and equivalents | — | (27 | ) | (5,857 | ) | — | (5,884 | ) | |||||||||||
Net increase in cash and equivalents | 34,528 | 17,708 | 133,570 | — | 185,806 | ||||||||||||||
Cash and equivalents, beginning of period | 17,616 | 13,432 | 56,349 | — | 87,397 | ||||||||||||||
Cash and equivalents, end of period | $ | 52,144 | $ | 31,140 | $ | 189,919 | $ | — | $ | 273,203 | |||||||||
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Cash Flows (In thousands) | |||||||||||||||||||
For the Six Months Ended June 30, 2015 | |||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||
Net cash provided by operating activities | $ | 121,024 | $ | 188,713 | $ | 89,630 | $ | (116,668 | ) | $ | 282,699 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||
Purchases of property, plant and equipment | (3 | ) | (34,791 | ) | (31,969 | ) | — | (66,763 | ) | ||||||||||
Investment and intercompany note activity with subsidiaries | 30,818 | — | — | (30,818 | ) | — | |||||||||||||
Acquisitions, net of cash acquired | — | (6,583 | ) | (30,625 | ) | — | (37,208 | ) | |||||||||||
Other investing activities, net | — | 585 | (5,794 | ) | — | (5,209 | ) | ||||||||||||
Net cash provided by (used in) investing activities | 30,815 | (40,789 | ) | (68,388 | ) | (30,818 | ) | (109,180 | ) | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||
Proceeds from exercise of stock options | 3,288 | — | — | — | 3,288 | ||||||||||||||
Excess tax benefit from stock-based payments | 6,737 | — | — | — | 6,737 | ||||||||||||||
Taxes paid related to net share settlements of stock-based compensation awards | (5,243 | ) | — | — | — | (5,243 | ) | ||||||||||||
Borrowings under revolving credit facilities | 132,000 | — | 67,621 | — | 199,621 | ||||||||||||||
Repayments under revolving credit facilities | (215,000 | ) | — | (79,276 | ) | — | (294,276 | ) | |||||||||||
Repayments under term loans | (11,250 | ) | — | — | — | (11,250 | ) | ||||||||||||
Borrowings under receivables securitization facility | — | — | 2,100 | — | 2,100 | ||||||||||||||
Repayments under receivables securitization facility | — | — | (1,758 | ) | — | (1,758 | ) | ||||||||||||
Repayments of other debt, net | (31,500 | ) | (596 | ) | (9,994 | ) | — | (42,090 | ) | ||||||||||
Payments of other obligations | — | (2,050 | ) | — | — | (2,050 | ) | ||||||||||||
Investment and intercompany note activity with parent | — | (32,051 | ) | 1,233 | 30,818 | — | |||||||||||||
Dividends | — | (116,668 | ) | — | 116,668 | — | |||||||||||||
Net cash used in financing activities | (120,968 | ) | (151,365 | ) | (20,074 | ) | 147,486 | (144,921 | ) | ||||||||||
Effect of exchange rate changes on cash and equivalents | — | 53 | 167 | — | 220 | ||||||||||||||
Net increase (decrease) in cash and equivalents | 30,871 | (3,388 | ) | 1,335 | — | 28,818 | |||||||||||||
Cash and equivalents, beginning of period | 14,930 | 32,103 | 67,572 | — | 114,605 | ||||||||||||||
Cash and equivalents, end of period | $ | 45,801 | $ | 28,715 | $ | 68,907 | $ | — | $ | 143,423 | |||||||||
|
|||
June 30, | December 31, | ||||||
2016 | 2015 | ||||||
Aftermarket and refurbished products | $ | 1,422,701 | $ | 1,146,162 | |||
Salvage and remanufactured products | 397,522 | 410,390 | |||||
Glass manufacturing products (1) | 70,313 | — | |||||
Total inventories, net | $ | 1,890,536 | $ | 1,556,552 | |||
Land improvements | 10-20 years |
Buildings and improvements | 20-40 years |
Machinery and equipment | 3-20 years |
Computer equipment and software | 3-10 years |
Vehicles and trailers | 3-10 years |
Furniture and fixtures | 5-7 years |
June 30, | December 31, | ||||||
2016 | 2015 | ||||||
Land and improvements | $ | 135,171 | $ | 118,420 | |||
Buildings and improvements | 253,389 | 183,480 | |||||
Machinery and equipment | 574,195 | 355,313 | |||||
Computer equipment and software | 137,197 | 130,363 | |||||
Vehicles and trailers | 117,831 | 101,201 | |||||
Furniture and fixtures | 29,203 | 24,332 | |||||
Leasehold improvements | 150,086 | 140,732 | |||||
1,397,072 | 1,053,841 | ||||||
Less—Accumulated depreciation | (485,592 | ) | (437,946 | ) | |||
Construction in progress | 143,566 | 80,672 | |||||
Total property, plant and equipment, net | $ | 1,055,046 | $ | 696,567 | |||
North America | Europe | Specialty | Glass | Total | |||||||||||||||
Balance as of January 1, 2016 | $ | 1,445,850 | $ | 594,482 | $ | 278,914 | $ | — | $ | 2,319,246 | |||||||||
Business acquisitions and adjustments to previously recorded goodwill | 715 | 589,952 | (448 | ) | 183,970 | 774,189 | |||||||||||||
Exchange rate effects | 6,729 | (40,292 | ) | (384 | ) | — | (33,947 | ) | |||||||||||
Balance as of June 30, 2016 | $ | 1,453,294 | $ | 1,144,142 | $ | 278,082 | $ | 183,970 | $ | 3,059,488 | |||||||||
June 30, 2016 | December 31, 2015 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||||||||
Trade names and trademarks | $ | 295,384 | $ | (49,152 | ) | $ | 246,232 | $ | 172,219 | $ | (43,458 | ) | $ | 128,761 | |||||||||
Customer and supplier relationships | 405,547 | (60,752 | ) | 344,795 | 95,508 | (41,007 | ) | 54,501 | |||||||||||||||
Software and other technology related assets | 57,253 | (23,219 | ) | 34,034 | 44,500 | (17,844 | ) | 26,656 | |||||||||||||||
Covenants not to compete | 11,719 | (6,420 | ) | 5,299 | 10,774 | (5,575 | ) | 5,199 | |||||||||||||||
$ | 769,903 | $ | (139,543 | ) | $ | 630,360 | $ | 323,001 | $ | (107,884 | ) | $ | 215,117 | ||||||||||
Gross Amount | |||||||
Rhiag | PGW | ||||||
Trade names and trademarks | $ | 124,074 | $ | 4,200 | |||
Customer and supplier relationships | 290,766 | 24,500 | |||||
Software and other technology related assets | 9,914 | 1,026 | |||||
Covenants not to compete | — | 1,400 | |||||
$ | 424,754 | $ | 31,126 | ||||
Method of Amortization | Useful Life | ||
Trade names and trademarks | Straight-line | 4-30 years | |
Customer and supplier relationships | Accelerated | 4-20 years | |
Software and other technology related assets | Straight-line | 3-6 years | |
Covenants not to compete | Straight-line | 1-5 years | |
Balance as of January 1, 2016 | $ | 17,363 | |
Warranty expense | 16,341 | ||
Warranty claims | (14,256 | ) | |
Balance as of June 30, 2016 | $ | 19,448 | |
|
|||
Six Months Ended | Year Ended | ||||||||||||||||||
June 30, 2016 | December 31, 2015 | ||||||||||||||||||
Rhiag | PGW | Other Acquisitions | Total | All Acquisitions | |||||||||||||||
Receivables | $ | 235,358 | $ | 136,529 | $ | 996 | $ | 372,883 | $ | 29,628 | |||||||||
Receivable reserves | (28,243 | ) | (6,146 | ) | (53 | ) | (34,442 | ) | (3,926 | ) | |||||||||
Inventories, net (1) | 239,559 | 169,558 | 840 | 409,957 | 79,646 | ||||||||||||||
Prepaid expenses and other current assets | 14,465 | 38,762 | (13 | ) | 53,214 | 3,337 | |||||||||||||
Property, plant and equipment | 58,275 | 271,641 | 431 | 330,347 | 11,989 | ||||||||||||||
Goodwill | 585,112 | 183,970 | 5,107 | 774,189 | 92,175 | ||||||||||||||
Other intangibles | 424,754 | 31,126 | — | 455,880 | 9,926 | ||||||||||||||
Other assets | 2,101 | 57,396 | (407 | ) | 59,090 | 5,166 | |||||||||||||
Deferred income taxes | (109,067 | ) | 2,024 | (216 | ) | (107,259 | ) | 4,102 | |||||||||||
Current liabilities assumed | (246,546 | ) | (168,442 | ) | (615 | ) | (415,603 | ) | (39,191 | ) | |||||||||
Debt assumed | (550,843 | ) | (4,027 | ) | — | (554,870 | ) | (2,365 | ) | ||||||||||
Other noncurrent liabilities assumed | (22,918 | ) | (50,539 | ) | — | (73,457 | ) | (2,651 | ) | ||||||||||
Other purchase price obligations | — | — | — | — | (21,199 | ) | |||||||||||||
Notes issued | — | — | (465 | ) | (465 | ) | (4,296 | ) | |||||||||||
Settlement of pre-existing balances | (591 | ) | — | (32 | ) | (623 | ) | (1,073 | ) | ||||||||||
Cash used in acquisitions, net of cash acquired | $ | 601,416 | $ | 661,852 | $ | 5,573 | $ | 1,268,841 | $ | 161,268 | |||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenue, as reported | $ | 2,450,693 | $ | 1,838,070 | $ | 4,372,169 | $ | 3,611,982 | |||||||
Revenue of purchased businesses for the period prior to acquisition: | |||||||||||||||
Rhiag | — | 246,583 | 213,376 | 481,885 | |||||||||||
PGW | 61,667 | 279,729 | 328,000 | 537,385 | |||||||||||
Other acquisitions | 347 | 92,376 | 1,531 | 187,786 | |||||||||||
Pro forma revenue | $ | 2,512,707 | $ | 2,456,758 | $ | 4,915,076 | $ | 4,819,038 | |||||||
Net income, as reported | $ | 140,737 | $ | 119,722 | $ | 248,469 | $ | 226,817 | |||||||
Net income of purchased businesses for the period prior to acquisition, and pro forma purchase accounting adjustments: | |||||||||||||||
Rhiag | — | 5,069 | (178 | ) | 5,201 | ||||||||||
PGW | 6,357 | 8,880 | 13,860 | 2,992 | |||||||||||
Other acquisitions | 16 | 3,374 | 73 | 6,655 | |||||||||||
Acquisition related costs of acquisitions closed in the period, net of tax | 1,604 | — | 10,101 | — | |||||||||||
Pro forma net income | $ | 148,714 | $ | 137,045 | $ | 272,325 | $ | 241,665 | |||||||
Earnings per share, basic—as reported | $ | 0.46 | $ | 0.39 | $ | 0.81 | $ | 0.75 | |||||||
Effect of purchased businesses for the period prior to acquisition: | |||||||||||||||
Rhiag | — | 0.02 | (0.00) | 0.02 | |||||||||||
PGW | 0.02 | 0.03 | 0.05 | 0.01 | |||||||||||
Other acquisitions | 0.00 | 0.01 | 0.00 | 0.02 | |||||||||||
Acquisition related costs of acquisitions closed in the period, net of tax | 0.01 | — | 0.03 | — | |||||||||||
Pro forma earnings per share, basic (1) | $ | 0.48 | $ | 0.45 | $ | 0.89 | $ | 0.79 | |||||||
Earnings per share, diluted—as reported | $ | 0.46 | $ | 0.39 | $ | 0.81 | $ | 0.74 | |||||||
Effect of purchased businesses for the period prior to acquisition: | |||||||||||||||
Rhiag | — | 0.02 | (0.00) | 0.02 | |||||||||||
PGW | 0.02 | 0.03 | 0.04 | 0.01 | |||||||||||
Other acquisitions | 0.00 | 0.01 | 0.00 | 0.02 | |||||||||||
Acquisition related costs of acquisitions closed in the period, net of tax | 0.01 | — | 0.03 | — | |||||||||||
Pro forma earnings per share, diluted (1) | $ | 0.48 | $ | 0.45 | $ | 0.88 | $ | 0.79 | |||||||
|
|||
June 30, | December 31, | ||||||
2016 | 2015 | ||||||
Aftermarket and refurbished products | $ | 1,422,701 | $ | 1,146,162 | |||
Salvage and remanufactured products | 397,522 | 410,390 | |||||
Glass manufacturing products (1) | 70,313 | — | |||||
Total inventories, net | $ | 1,890,536 | $ | 1,556,552 | |||
Land improvements | 10-20 years |
Buildings and improvements | 20-40 years |
Machinery and equipment | 3-20 years |
Computer equipment and software | 3-10 years |
Vehicles and trailers | 3-10 years |
Furniture and fixtures | 5-7 years |
June 30, | December 31, | ||||||
2016 | 2015 | ||||||
Land and improvements | $ | 135,171 | $ | 118,420 | |||
Buildings and improvements | 253,389 | 183,480 | |||||
Machinery and equipment | 574,195 | 355,313 | |||||
Computer equipment and software | 137,197 | 130,363 | |||||
Vehicles and trailers | 117,831 | 101,201 | |||||
Furniture and fixtures | 29,203 | 24,332 | |||||
Leasehold improvements | 150,086 | 140,732 | |||||
1,397,072 | 1,053,841 | ||||||
Less—Accumulated depreciation | (485,592 | ) | (437,946 | ) | |||
Construction in progress | 143,566 | 80,672 | |||||
Total property, plant and equipment, net | $ | 1,055,046 | $ | 696,567 | |||
North America | Europe | Specialty | Glass | Total | |||||||||||||||
Balance as of January 1, 2016 | $ | 1,445,850 | $ | 594,482 | $ | 278,914 | $ | — | $ | 2,319,246 | |||||||||
Business acquisitions and adjustments to previously recorded goodwill | 715 | 589,952 | (448 | ) | 183,970 | 774,189 | |||||||||||||
Exchange rate effects | 6,729 | (40,292 | ) | (384 | ) | — | (33,947 | ) | |||||||||||
Balance as of June 30, 2016 | $ | 1,453,294 | $ | 1,144,142 | $ | 278,082 | $ | 183,970 | $ | 3,059,488 | |||||||||
June 30, 2016 | December 31, 2015 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||||||||||
Trade names and trademarks | $ | 295,384 | $ | (49,152 | ) | $ | 246,232 | $ | 172,219 | $ | (43,458 | ) | $ | 128,761 | |||||||||
Customer and supplier relationships | 405,547 | (60,752 | ) | 344,795 | 95,508 | (41,007 | ) | 54,501 | |||||||||||||||
Software and other technology related assets | 57,253 | (23,219 | ) | 34,034 | 44,500 | (17,844 | ) | 26,656 | |||||||||||||||
Covenants not to compete | 11,719 | (6,420 | ) | 5,299 | 10,774 | (5,575 | ) | 5,199 | |||||||||||||||
$ | 769,903 | $ | (139,543 | ) | $ | 630,360 | $ | 323,001 | $ | (107,884 | ) | $ | 215,117 | ||||||||||
Gross Amount | |||||||
Rhiag | PGW | ||||||
Trade names and trademarks | $ | 124,074 | $ | 4,200 | |||
Customer and supplier relationships | 290,766 | 24,500 | |||||
Software and other technology related assets | 9,914 | 1,026 | |||||
Covenants not to compete | — | 1,400 | |||||
$ | 424,754 | $ | 31,126 | ||||
Method of Amortization | Useful Life | ||
Trade names and trademarks | Straight-line | 4-30 years | |
Customer and supplier relationships | Accelerated | 4-20 years | |
Software and other technology related assets | Straight-line | 3-6 years | |
Covenants not to compete | Straight-line | 1-5 years | |
Balance as of January 1, 2016 | $ | 17,363 | |
Warranty expense | 16,341 | ||
Warranty claims | (14,256 | ) | |
Balance as of June 30, 2016 | $ | 19,448 | |
|
|||
Number Outstanding | Weighted Average Grant Date Fair Value | Aggregate Intrinsic Value (in thousands) (1) | ||||||||
Unvested as of January 1, 2016 | 1,981,292 | $ | 24.19 | $ | 58,706 | |||||
Granted | 976,318 | $ | 29.05 | |||||||
Vested | (605,151 | ) | $ | 21.20 | ||||||
Forfeited / Canceled | (53,449 | ) | $ | 27.34 | ||||||
Unvested as of June 30, 2016 | 2,299,010 | $ | 26.96 | $ | 72,879 | |||||
Expected to vest after June 30, 2016 | 2,198,889 | $ | 26.98 | $ | 69,705 | |||||
Number Outstanding | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value (in thousands) (1) | |||||||||
Balance as of January 1, 2016 | 3,765,952 | $ | 8.63 | 2.9 | $ | 79,317 | ||||||
Exercised | (692,610 | ) | $ | 7.06 | ||||||||
Forfeited / Canceled | (9,364 | ) | $ | 31.83 | ||||||||
Balance as of June 30, 2016 | 3,063,978 | $ | 8.92 | 2.6 | $ | 69,851 | ||||||
Exercisable as of June 30, 2016 | 2,981,006 | $ | 8.27 | 2.6 | $ | 69,851 | ||||||
Exercisable as of June 30, 2016 and expected to vest thereafter | 3,055,681 | $ | 8.86 | 2.6 | $ | 69,851 | ||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
RSUs | $ | 5,480 | $ | 5,528 | $ | 11,359 | $ | 10,948 | |||||||
Stock options | 29 | 40 | 66 | 166 | |||||||||||
Total stock-based compensation expense | $ | 5,509 | $ | 5,568 | $ | 11,425 | $ | 11,114 | |||||||
|
|||
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||||
June 30, 2016 | June 30, 2015 | |||||||||||||||||||||||||||||||
Foreign Currency Translation | Unrealized (Loss) Gain on Cash Flow Hedges | Unrealized (Loss) Gain on Pension Plans | Accumulated Other Comprehensive (Loss) Income | Foreign Currency Translation | Unrealized (Loss) Gain on Cash Flow Hedges | Unrealized (Loss) Gain on Pension Plan | Accumulated Other Comprehensive (Loss) Income | |||||||||||||||||||||||||
Beginning balance | $ | (96,750 | ) | $ | (500 | ) | $ | (7,501 | ) | $ | (104,751 | ) | $ | (81,883 | ) | $ | (3,118 | ) | $ | (9,623 | ) | $ | (94,624 | ) | ||||||||
Pretax (loss) income | (73,257 | ) | (6,528 | ) | — | (79,785 | ) | 44,510 | (166 | ) | — | 44,344 | ||||||||||||||||||||
Income tax effect | — | 2,250 | — | 2,250 | — | 69 | — | 69 | ||||||||||||||||||||||||
Reclassification of unrealized loss | — | 984 | 160 | 1,144 | — | 1,564 | (27 | ) | 1,537 | |||||||||||||||||||||||
Reclassification of deferred income taxes | — | (320 | ) | (40 | ) | (360 | ) | — | (549 | ) | 6 | (543 | ) | |||||||||||||||||||
Ending Balance | $ | (170,007 | ) | $ | (4,114 | ) | $ | (7,381 | ) | $ | (181,502 | ) | $ | (37,373 | ) | $ | (2,200 | ) | $ | (9,644 | ) | $ | (49,217 | ) | ||||||||
Six Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
June 30, 2016 | June 30, 2015 | |||||||||||||||||||||||||||||||
Foreign Currency Translation | Unrealized (Loss) Gain on Cash Flow Hedges | Unrealized (Loss) Gain on Pension Plans | Accumulated Other Comprehensive (Loss) Income | Foreign Currency Translation | Unrealized (Loss) Gain on Cash Flow Hedges | Unrealized (Loss) Gain on Pension Plan | Accumulated Other Comprehensive (Loss) Income | |||||||||||||||||||||||||
Beginning balance | $ | (96,890 | ) | $ | (932 | ) | $ | (7,648 | ) | $ | (105,470 | ) | $ | (27,073 | ) | $ | (3,401 | ) | $ | (9,751 | ) | $ | (40,225 | ) | ||||||||
Pretax (loss) income | (73,117 | ) | (6,672 | ) | — | (79,789 | ) | (10,300 | ) | (1,239 | ) | — | (11,539 | ) | ||||||||||||||||||
Income tax effect | — | 2,278 | — | 2,278 | — | 439 | — | 439 | ||||||||||||||||||||||||
Reclassification of unrealized loss | — | 1,790 | 357 | 2,147 | — | 3,085 | 143 | 3,228 | ||||||||||||||||||||||||
Reclassification of deferred income taxes | — | (578 | ) | (90 | ) | (668 | ) | — | (1,084 | ) | (36 | ) | (1,120 | ) | ||||||||||||||||||
Ending Balance | $ | (170,007 | ) | $ | (4,114 | ) | $ | (7,381 | ) | $ | (181,502 | ) | $ | (37,373 | ) | $ | (2,200 | ) | $ | (9,644 | ) | $ | (49,217 | ) | ||||||||
|
|||
June 30, | December 31, | ||||||
2016 | 2015 | ||||||
Senior secured credit agreement: | |||||||
Term loans payable | $ | 750,707 | $ | 410,625 | |||
Revolving credit facilities | 1,292,734 | 480,481 | |||||
Senior notes | 600,000 | 600,000 | |||||
Euro notes | 555,400 | — | |||||
Receivables securitization facility | 93,520 | 63,000 | |||||
Notes payable through October 2025 at weighted average interest rates of 2.3% and 2.2%, respectively | 9,866 | 16,104 | |||||
Other long-term debt at weighted average interest rates of 2.3% and 2.4%, respectively | 59,457 | 29,485 | |||||
Total debt | 3,361,684 | 1,599,695 | |||||
Less: long-term debt issuance costs | (23,925 | ) | (13,533 | ) | |||
Less: current debt issuance cost | (2,298 | ) | (1,460 | ) | |||
Total debt, net of issuance costs | 3,335,461 | 1,584,702 | |||||
Less: current maturities, net of debt issuance costs | (60,832 | ) | (56,034 | ) | |||
Long term debt, net of debt issuance costs | $ | 3,274,629 | $ | 1,528,668 | |||
|
|||
Notional Amount | Fair Value at June 30, 2016 (USD) | Fair Value at December 31, 2015 (USD) | ||||||||||||||||||
June 30, 2016 | December 31, 2015 | Other Accrued Expenses | Other Noncurrent Liabilities | Other Accrued Expenses | ||||||||||||||||
Interest rate swap agreements | ||||||||||||||||||||
USD denominated | $ | 760,000 | $ | 170,000 | $ | 500 | $ | 5,715 | $ | 858 | ||||||||||
GBP denominated | £ | 50,000 | £ | 50,000 | 209 | — | 465 | |||||||||||||
CAD denominated | C$ | — | C$ | 25,000 | — | — | 24 | |||||||||||||
Total cash flow hedges | $ | 709 | $ | 5,715 | $ | 1,347 | ||||||||||||||
|
|||
Balance as of June 30, 2016 | Fair Value Measurements as of June 30, 2016 | ||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||
Cash surrender value of life insurance | $ | 33,574 | $ | — | $ | 33,574 | $ | — | |||||||
Total Assets | $ | 33,574 | $ | — | $ | 33,574 | $ | — | |||||||
Liabilities: | |||||||||||||||
Contingent consideration liabilities | $ | 3,134 | $ | — | $ | — | $ | 3,134 | |||||||
Deferred compensation liabilities | 34,742 | — | 34,742 | — | |||||||||||
Interest rate swaps | 6,424 | — | 6,424 | — | |||||||||||
Total Liabilities | $ | 44,300 | $ | — | $ | 41,166 | $ | 3,134 | |||||||
Balance as of December 31, 2015 | Fair Value Measurements as of December 31, 2015 | ||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
Assets: | |||||||||||||||
Cash surrender value of life insurance | $ | 29,782 | $ | — | $ | 29,782 | $ | — | |||||||
Total Assets | $ | 29,782 | $ | — | $ | 29,782 | $ | — | |||||||
Liabilities: | |||||||||||||||
Contingent consideration liabilities | $ | 4,584 | $ | — | $ | — | $ | 4,584 | |||||||
Deferred compensation liabilities | 30,336 | — | 30,336 | — | |||||||||||
Interest rate swaps | 1,347 | — | 1,347 | — | |||||||||||
Total Liabilities | $ | 36,267 | $ | — | $ | 31,683 | $ | 4,584 | |||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Beginning balance | $ | 3,079 | $ | 5,561 | $ | 4,584 | $ | 7,295 | |||||||
Payments | — | (538 | ) | (1,667 | ) | (2,205 | ) | ||||||||
Increase in fair value included in earnings | 46 | 125 | 119 | 276 | |||||||||||
Exchange rate effects | 9 | 43 | 98 | (175 | ) | ||||||||||
Balance as of June 30 | $ | 3,134 | $ | 5,191 | $ | 3,134 | $ | 5,191 | |||||||
|
|||
Six months ending December 31, 2016 | $ | 97,039 | |
Years ending December 31: | |||
2017 | 172,688 | ||
2018 | 142,782 | ||
2019 | 114,178 | ||
2020 | 92,563 | ||
2021 | 70,136 | ||
Thereafter | 351,954 | ||
Future Minimum Lease Payments | $ | 1,041,340 | |
|
|||
North America | Europe | Specialty | Glass | Eliminations | Consolidated | ||||||||||||||||||
Three Months Ended June 30, 2016 | |||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Third Party | $ | 1,080,401 | $ | 824,216 | $ | 335,972 | $ | 210,104 | $ | — | $ | 2,450,693 | |||||||||||
Intersegment | 119 | (10 | ) | 1,094 | 74 | (1,277 | ) | — | |||||||||||||||
Total segment revenue | $ | 1,080,520 | $ | 824,206 | $ | 337,066 | $ | 210,178 | $ | (1,277 | ) | $ | 2,450,693 | ||||||||||
Segment EBITDA | $ | 163,825 | $ | 89,982 | $ | 41,792 | $ | 23,301 | $ | — | $ | 318,900 | |||||||||||
Depreciation and amortization (1) | 17,622 | 28,280 | 5,283 | 6,531 | — | 57,716 | |||||||||||||||||
Three Months Ended June 30, 2015 | |||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Third Party | $ | 1,044,779 | $ | 509,833 | $ | 283,458 | $ | — | $ | — | $ | 1,838,070 | |||||||||||
Intersegment | 372 | 70 | 872 | — | (1,314 | ) | — | ||||||||||||||||
Total segment revenue | $ | 1,045,151 | $ | 509,903 | $ | 284,330 | $ | — | $ | (1,314 | ) | $ | 1,838,070 | ||||||||||
Segment EBITDA | $ | 138,880 | $ | 53,943 | $ | 40,198 | $ | — | $ | — | $ | 233,021 | |||||||||||
Depreciation and amortization (1) | 17,249 | 8,704 | 5,092 | — | — | 31,045 | |||||||||||||||||
North America | Europe | Specialty | Glass | Eliminations | Consolidated | ||||||||||||||||||
Six Months Ended June 30, 2016 | |||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Third Party | $ | 2,167,764 | $ | 1,370,967 | $ | 623,334 | $ | 210,104 | $ | — | $ | 4,372,169 | |||||||||||
Intersegment | 333 | — | 2,045 | 74 | (2,452 | ) | — | ||||||||||||||||
Total segment revenue | $ | 2,168,097 | $ | 1,370,967 | $ | 625,379 | $ | 210,178 | $ | (2,452 | ) | $ | 4,372,169 | ||||||||||
Segment EBITDA | $ | 311,200 | $ | 147,480 | $ | 73,530 | $ | 23,301 | $ | — | $ | 555,511 | |||||||||||
Depreciation and amortization (1) | 35,137 | 38,588 | 10,626 | 6,531 | — | 90,882 | |||||||||||||||||
Six Months Ended June 30, 2015 | |||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Third Party | $ | 2,090,858 | $ | 997,179 | $ | 523,945 | $ | — | $ | — | $ | 3,611,982 | |||||||||||
Intersegment | 466 | 70 | 1,607 | — | (2,143 | ) | — | ||||||||||||||||
Total segment revenue | $ | 2,091,324 | $ | 997,249 | $ | 525,552 | $ | — | $ | (2,143 | ) | $ | 3,611,982 | ||||||||||
Segment EBITDA | $ | 288,268 | $ | 100,466 | $ | 65,602 | $ | — | $ | — | $ | 454,336 | |||||||||||
Depreciation and amortization (1) | 34,515 | 17,055 | 10,144 | — | — | 61,714 | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Segment EBITDA | $ | 318,900 | $ | 233,021 | $ | 555,511 | $ | 454,336 | |||||||
Deduct: | |||||||||||||||
Restructuring and acquisition related expenses (1) | 9,080 | 1,663 | 23,891 | 8,151 | |||||||||||
Inventory step-up adjustment - acquisition related (2) | 10,213 | — | 10,213 | — | |||||||||||
Change in fair value of contingent consideration liabilities (3) | 46 | 125 | 119 | 276 | |||||||||||
Add: | |||||||||||||||
Equity in earnings of unconsolidated subsidiaries | 147 | (1,162 | ) | (215 | ) | (3,070 | ) | ||||||||
Gains on foreign exchange contracts - acquisition related (4) | — | — | 18,342 | — | |||||||||||
EBITDA | 299,708 | 230,071 | 539,415 | 442,839 | |||||||||||
Depreciation and amortization - cost of goods sold | 5,187 | 1,263 | 6,665 | 2,479 | |||||||||||
Depreciation and amortization | 52,529 | 29,782 | 84,217 | 59,235 | |||||||||||
Interest expense, net | 26,381 | 14,622 | 40,973 | 29,528 | |||||||||||
Loss on debt extinguishment | — | — | 26,650 | — | |||||||||||
Provision for income taxes | 74,874 | 64,682 | 132,441 | 124,780 | |||||||||||
Net income | $ | 140,737 | $ | 119,722 | $ | 248,469 | $ | 226,817 | |||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Capital Expenditures | |||||||||||||||
North America | $ | 19,448 | $ | 14,744 | $ | 42,231 | $ | 30,147 | |||||||
Europe | 21,444 | 22,303 | 40,551 | 30,172 | |||||||||||
Specialty | 2,150 | 3,620 | 10,653 | 6,444 | |||||||||||
Glass | 8,884 | — | 8,884 | — | |||||||||||
$ | 51,926 | $ | 40,667 | $ | 102,319 | $ | 66,763 | ||||||||
June 30, | December 31, | ||||||
2016 | 2015 | ||||||
Receivables, net | |||||||
North America | $ | 331,359 | $ | 314,743 | |||
Europe (1) | 444,064 | 215,710 | |||||
Specialty | 99,871 | 59,707 | |||||
Glass (1) | 119,859 | — | |||||
Total receivables, net | 995,153 | 590,160 | |||||
Inventories, net | |||||||
North America | 807,132 | 847,787 | |||||
Europe (1) | 613,928 | 427,323 | |||||
Specialty | 305,396 | 281,442 | |||||
Glass (1) | 164,080 | — | |||||
Total inventories, net | 1,890,536 | 1,556,552 | |||||
Property, Plant and Equipment, net | |||||||
North America | 479,907 | 467,961 | |||||
Europe (1) | 242,741 | 175,455 | |||||
Specialty | 58,443 | 53,151 | |||||
Glass (1) | 273,955 | — | |||||
Total property, plant and equipment, net | 1,055,046 | 696,567 | |||||
Other unallocated assets | 4,245,209 | 2,804,558 | |||||
Total assets | $ | 8,185,944 | $ | 5,647,837 | |||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenue | |||||||||||||||
United States | $ | 1,483,840 | $ | 1,228,424 | $ | 2,768,807 | $ | 2,423,369 | |||||||
United Kingdom | 358,266 | 347,064 | 707,942 | 690,671 | |||||||||||
Other countries | 608,587 | 262,582 | 895,420 | 497,942 | |||||||||||
$ | 2,450,693 | $ | 1,838,070 | $ | 4,372,169 | $ | 3,611,982 | ||||||||
June 30, | December 31, | ||||||
2016 | 2015 | ||||||
Long-lived Assets | |||||||
United States | $ | 749,504 | $ | 493,300 | |||
United Kingdom | 147,556 | 138,546 | |||||
Other countries | 157,986 | 64,721 | |||||
$ | 1,055,046 | $ | 696,567 | ||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Aftermarket, other new and refurbished products | $ | 1,756,334 | $ | 1,296,168 | $ | 3,144,070 | $ | 2,542,639 | |||||||
Recycled, remanufactured and related products and services | 435,023 | 408,180 | 865,612 | 806,625 | |||||||||||
Manufactured products (1) | 140,632 | — | 140,632 | — | |||||||||||
Other | 118,704 | 133,722 | 221,855 | 262,718 | |||||||||||
$ | 2,450,693 | $ | 1,838,070 | $ | 4,372,169 | $ | 3,611,982 | ||||||||
|
|||
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Balance Sheets (In thousands) | |||||||||||||||||||
June 30, 2016 | |||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and equivalents | $ | 52,144 | $ | 31,140 | $ | 189,919 | $ | — | $ | 273,203 | |||||||||
Receivables, net | — | 372,413 | 622,740 | — | 995,153 | ||||||||||||||
Intercompany receivables, net | 14,864 | 11,224 | — | (26,088 | ) | — | |||||||||||||
Inventories, net | — | 1,203,556 | 686,980 | — | 1,890,536 | ||||||||||||||
Prepaid expenses and other current assets | 2,083 | 53,520 | 83,933 | — | 139,536 | ||||||||||||||
Total Current Assets | 69,091 | 1,671,853 | 1,583,572 | (26,088 | ) | 3,298,428 | |||||||||||||
Property, Plant and Equipment, net | 271 | 743,265 | 311,510 | — | 1,055,046 | ||||||||||||||
Intangible Assets: | |||||||||||||||||||
Goodwill | — | 1,825,033 | 1,234,455 | — | 3,059,488 | ||||||||||||||
Other intangibles, net | — | 161,257 | 469,103 | — | 630,360 | ||||||||||||||
Investment in Subsidiaries | 5,038,195 | 278,799 | — | (5,316,994 | ) | — | |||||||||||||
Intercompany Notes Receivable | 1,130,732 | 780,340 | — | (1,911,072 | ) | — | |||||||||||||
Other Assets | 41,418 | 80,687 | 28,361 | (7,844 | ) | 142,622 | |||||||||||||
Total Assets | $ | 6,279,707 | $ | 5,541,234 | $ | 3,627,001 | $ | (7,261,998 | ) | $ | 8,185,944 | ||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Accounts payable | $ | 1,669 | $ | 355,545 | $ | 377,924 | $ | — | $ | 735,138 | |||||||||
Intercompany payables, net | — | — | 26,088 | (26,088 | ) | — | |||||||||||||
Accrued expenses: | |||||||||||||||||||
Accrued payroll-related liabilities | 4,726 | 48,724 | 49,512 | — | 102,962 | ||||||||||||||
Other accrued expenses | 5,085 | 90,554 | 133,017 | — | 228,656 | ||||||||||||||
Other current liabilities | 283 | 16,820 | 23,691 | — | 40,794 | ||||||||||||||
Current portion of long-term obligations | 19,262 | 2,826 | 38,744 | — | 60,832 | ||||||||||||||
Total Current Liabilities | 31,025 | 514,469 | 648,976 | (26,088 | ) | 1,168,382 | |||||||||||||
Long-Term Obligations, Excluding Current Portion | 2,146,730 | 8,449 | 1,119,450 | — | 3,274,629 | ||||||||||||||
Intercompany Notes Payable | 750,000 | 1,114,430 | 46,642 | (1,911,072 | ) | — | |||||||||||||
Deferred Income Taxes | — | 111,766 | 121,416 | (7,844 | ) | 225,338 | |||||||||||||
Other Noncurrent Liabilities | 44,313 | 124,822 | 40,821 | — | 209,956 | ||||||||||||||
Stockholders’ Equity | 3,307,639 | 3,667,298 | 1,649,696 | (5,316,994 | ) | 3,307,639 | |||||||||||||
Total Liabilities and Stockholders' Equity | $ | 6,279,707 | $ | 5,541,234 | $ | 3,627,001 | $ | (7,261,998 | ) | $ | 8,185,944 | ||||||||
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Balance Sheets (In thousands) | |||||||||||||||||||
December 31, 2015 | |||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
Assets | |||||||||||||||||||
Current Assets: | |||||||||||||||||||
Cash and equivalents | $ | 17,616 | $ | 13,432 | $ | 56,349 | $ | — | $ | 87,397 | |||||||||
Receivables, net | — | 214,502 | 375,658 | — | 590,160 | ||||||||||||||
Intercompany receivables, net | 3 | — | 13,544 | (13,547 | ) | — | |||||||||||||
Inventories, net | — | 1,060,834 | 495,718 | — | 1,556,552 | ||||||||||||||
Prepaid expenses and other current assets | 15,254 | 44,810 | 46,539 | — | 106,603 | ||||||||||||||
Total Current Assets | 32,873 | 1,333,578 | 987,808 | (13,547 | ) | 2,340,712 | |||||||||||||
Property, Plant and Equipment, net | 339 | 494,658 | 201,570 | — | 696,567 | ||||||||||||||
Intangible Assets: | |||||||||||||||||||
Goodwill | — | 1,640,745 | 678,501 | — | 2,319,246 | ||||||||||||||
Other intangibles, net | — | 141,537 | 73,580 | — | 215,117 | ||||||||||||||
Investment in Subsidiaries | 3,456,837 | 285,284 | — | (3,742,121 | ) | — | |||||||||||||
Intercompany Notes Receivable | 630,717 | 61,764 | — | (692,481 | ) | — | |||||||||||||
Other Assets | 35,649 | 28,184 | 18,218 | (5,856 | ) | 76,195 | |||||||||||||
Total Assets | $ | 4,156,415 | $ | 3,985,750 | $ | 1,959,677 | $ | (4,454,005 | ) | $ | 5,647,837 | ||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||
Current Liabilities: | |||||||||||||||||||
Accounts payable | $ | 681 | $ | 229,519 | $ | 185,388 | $ | — | $ | 415,588 | |||||||||
Intercompany payables, net | — | 13,544 | 3 | (13,547 | ) | — | |||||||||||||
Accrued expenses: | |||||||||||||||||||
Accrued payroll-related liabilities | 4,395 | 48,698 | 33,434 | — | 86,527 | ||||||||||||||
Other accrued expenses | 5,399 | 80,886 | 75,940 | — | 162,225 | ||||||||||||||
Other current liabilities | 284 | 15,953 | 15,359 | — | 31,596 | ||||||||||||||
Current portion of long-term obligations | 21,041 | 1,425 | 33,568 | — | 56,034 | ||||||||||||||
Total Current Liabilities | 31,800 | 390,025 | 343,692 | (13,547 | ) | 751,970 | |||||||||||||
Long-Term Obligations, Excluding Current Portion | 976,353 | 7,487 | 544,828 | — | 1,528,668 | ||||||||||||||
Intercompany Notes Payable | — | 615,488 | 76,993 | (692,481 | ) | — | |||||||||||||
Deferred Income Taxes | — | 113,905 | 19,190 | (5,856 | ) | 127,239 | |||||||||||||
Other Noncurrent Liabilities | 33,580 | 70,109 | 21,589 | — | 125,278 | ||||||||||||||
Stockholders’ Equity | 3,114,682 | 2,788,736 | 953,385 | (3,742,121 | ) | 3,114,682 | |||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 4,156,415 | $ | 3,985,750 | $ | 1,959,677 | $ | (4,454,005 | ) | $ | 5,647,837 | ||||||||
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Income (In thousands) | |||||||||||||||||||
For the Three Months Ended June 30, 2016 | |||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
Revenue | $ | — | $ | 1,530,947 | $ | 953,917 | $ | (34,171 | ) | $ | 2,450,693 | ||||||||
Cost of goods sold | — | 951,356 | 611,561 | (34,171 | ) | 1,528,746 | |||||||||||||
Gross margin | — | 579,591 | 342,356 | — | 921,947 | ||||||||||||||
Facility and warehouse expenses | — | 118,649 | 60,021 | — | 178,670 | ||||||||||||||
Distribution expenses | — | 118,321 | 66,010 | — | 184,331 | ||||||||||||||
Selling, general and administrative expenses | 8,887 | 132,488 | 112,778 | — | 254,153 | ||||||||||||||
Restructuring and acquisition related expenses | — | 7,082 | 1,998 | — | 9,080 | ||||||||||||||
Depreciation and amortization | 33 | 23,461 | 29,035 | — | 52,529 | ||||||||||||||
Operating (loss) income | (8,920 | ) | 179,590 | 72,514 | — | 243,184 | |||||||||||||
Other expense (income): | |||||||||||||||||||
Interest expense (income), net | 17,804 | (309 | ) | 8,886 | — | 26,381 | |||||||||||||
Intercompany interest (income) expense, net | (2,355 | ) | 2,376 | (21 | ) | — | — | ||||||||||||
Other expense (income), net | 33 | (284 | ) | 1,590 | — | 1,339 | |||||||||||||
Total other expense, net | 15,482 | 1,783 | 10,455 | — | 27,720 | ||||||||||||||
(Loss) income before (benefit) provision for income taxes | (24,402 | ) | 177,807 | 62,059 | — | 215,464 | |||||||||||||
(Benefit) provision for income taxes | (9,384 | ) | 72,019 | 12,239 | — | 74,874 | |||||||||||||
Equity in earnings of unconsolidated subsidiaries | — | 347 | (200 | ) | — | 147 | |||||||||||||
Equity in earnings of subsidiaries | 155,755 | 431 | — | (156,186 | ) | — | |||||||||||||
Net income | $ | 140,737 | $ | 106,566 | $ | 49,620 | $ | (156,186 | ) | $ | 140,737 | ||||||||
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Income (In thousands) | |||||||||||||||||||
For the Three Months Ended June 30, 2015 | |||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
Revenue | $ | — | $ | 1,269,541 | $ | 599,744 | $ | (31,215 | ) | $ | 1,838,070 | ||||||||
Cost of goods sold | — | 770,026 | 375,315 | (31,215 | ) | 1,114,126 | |||||||||||||
Gross margin | — | 499,515 | 224,429 | — | 723,944 | ||||||||||||||
Facility and warehouse expenses | — | 100,289 | 36,090 | — | 136,379 | ||||||||||||||
Distribution expenses | — | 102,753 | 47,286 | — | 150,039 | ||||||||||||||
Selling, general and administrative expenses | 8,761 | 119,958 | 77,077 | — | 205,796 | ||||||||||||||
Restructuring and acquisition related expenses | — | 1,185 | 478 | — | 1,663 | ||||||||||||||
Depreciation and amortization | 39 | 19,873 | 9,870 | — | 29,782 | ||||||||||||||
Operating (loss) income | (8,800 | ) | 155,457 | 53,628 | — | 200,285 | |||||||||||||
Other expense (income): | |||||||||||||||||||
Interest expense (income), net | 12,241 | (172 | ) | 2,553 | — | 14,622 | |||||||||||||
Intercompany interest (income) expense, net | (10,378 | ) | 7,056 | 3,322 | — | — | |||||||||||||
Other expense (income), net | 2 | (1,106 | ) | 1,201 | — | 97 | |||||||||||||
Total other expense, net | 1,865 | 5,778 | 7,076 | — | 14,719 | ||||||||||||||
(Loss) income before (benefit) provision for income taxes | (10,665 | ) | 149,679 | 46,552 | — | 185,566 | |||||||||||||
(Benefit) provision for income taxes | (4,294 | ) | 59,495 | 9,481 | — | 64,682 | |||||||||||||
Equity in earnings of unconsolidated subsidiaries | — | 19 | (1,181 | ) | — | (1,162 | ) | ||||||||||||
Equity in earnings of subsidiaries | 126,093 | 7,335 | — | (133,428 | ) | — | |||||||||||||
Net income | $ | 119,722 | $ | 97,538 | $ | 35,890 | $ | (133,428 | ) | $ | 119,722 | ||||||||
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Income (In thousands) | |||||||||||||||||||
For the Six Months Ended June 30, 2016 | |||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
Revenue | $ | — | $ | 2,849,114 | $ | 1,589,554 | $ | (66,499 | ) | $ | 4,372,169 | ||||||||
Cost of goods sold | — | 1,746,596 | 1,009,688 | (66,499 | ) | 2,689,785 | |||||||||||||
Gross margin | — | 1,102,518 | 579,866 | — | 1,682,384 | ||||||||||||||
Facility and warehouse expenses | — | 233,859 | 102,416 | — | 336,275 | ||||||||||||||
Distribution expenses | — | 222,475 | 114,199 | — | 336,674 | ||||||||||||||
Selling, general and administrative expenses | 19,266 | 259,156 | 194,049 | — | 472,471 | ||||||||||||||
Restructuring and acquisition related expenses | — | 11,118 | 12,773 | — | 23,891 | ||||||||||||||
Depreciation and amortization | 69 | 44,005 | 40,143 | — | 84,217 | ||||||||||||||
Operating (loss) income | (19,335 | ) | 331,905 | 116,286 | — | 428,856 | |||||||||||||
Other expense (income): | |||||||||||||||||||
Interest expense (income), net | 29,921 | (166 | ) | 11,218 | — | 40,973 | |||||||||||||
Intercompany interest (income) expense, net | (13,032 | ) | 8,966 | 4,066 | — | — | |||||||||||||
Loss on debt extinguishment | 2,894 | — | 23,756 | — | 26,650 | ||||||||||||||
Gains on foreign exchange contracts - acquisition related | (18,342 | ) | — | — | — | (18,342 | ) | ||||||||||||
Other (income) expense, net | (78 | ) | (3,084 | ) | 1,612 | — | (1,550 | ) | |||||||||||
Total other expense, net | 1,363 | 5,716 | 40,652 | — | 47,731 | ||||||||||||||
(Loss) income before (benefit) provision for income taxes | (20,698 | ) | 326,189 | 75,634 | — | 381,125 | |||||||||||||
(Benefit) provision for income taxes | (7,961 | ) | 125,464 | 14,938 | — | 132,441 | |||||||||||||
Equity in earnings of unconsolidated subsidiaries | (795 | ) | 352 | 228 | — | (215 | ) | ||||||||||||
Equity in earnings of subsidiaries | 262,001 | 12,373 | — | (274,374 | ) | — | |||||||||||||
Net income | $ | 248,469 | $ | 213,450 | $ | 60,924 | $ | (274,374 | ) | $ | 248,469 | ||||||||
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Income (In thousands) | |||||||||||||||||||
For the Six Months Ended June 30, 2015 | |||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
Revenue | $ | — | $ | 2,495,449 | $ | 1,182,687 | $ | (66,154 | ) | $ | 3,611,982 | ||||||||
Cost of goods sold | — | 1,510,829 | 743,884 | (66,154 | ) | 2,188,559 | |||||||||||||
Gross margin | — | 984,620 | 438,803 | — | 1,423,423 | ||||||||||||||
Facility and warehouse expenses | — | 198,050 | 70,986 | — | 269,036 | ||||||||||||||
Distribution expenses | — | 198,745 | 93,008 | — | 291,753 | ||||||||||||||
Selling, general and administrative expenses | 16,392 | 241,620 | 151,025 | — | 409,037 | ||||||||||||||
Restructuring and acquisition related expenses | — | 7,245 | 906 | — | 8,151 | ||||||||||||||
Depreciation and amortization | 79 | 39,764 | 19,392 | — | 59,235 | ||||||||||||||
Operating (loss) income | (16,471 | ) | 299,196 | 103,486 | — | 386,211 | |||||||||||||
Other expense (income): | |||||||||||||||||||
Interest expense (income), net | 24,555 | (129 | ) | 5,102 | — | 29,528 | |||||||||||||
Intercompany interest (income) expense, net | (21,201 | ) | 14,315 | 6,886 | — | — | |||||||||||||
Other expense (income), net | 27 | (2,841 | ) | 4,830 | — | 2,016 | |||||||||||||
Total other expense, net | 3,381 | 11,345 | 16,818 | — | 31,544 | ||||||||||||||
(Loss) income before (benefit) provision for income taxes | (19,852 | ) | 287,851 | 86,668 | — | 354,667 | |||||||||||||
(Benefit) provision for income taxes | (8,049 | ) | 115,272 | 17,557 | — | 124,780 | |||||||||||||
Equity in earnings of unconsolidated subsidiaries | — | 30 | (3,100 | ) | — | (3,070 | ) | ||||||||||||
Equity in earnings of subsidiaries | 238,620 | 14,595 | — | (253,215 | ) | — | |||||||||||||
Net income | $ | 226,817 | $ | 187,204 | $ | 66,011 | $ | (253,215 | ) | $ | 226,817 | ||||||||
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Comprehensive Income (In thousands) | |||||||||||||||||||
For the Three Months Ended June 30, 2016 | |||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
Net income | $ | 140,737 | $ | 106,566 | $ | 49,620 | $ | (156,186 | ) | $ | 140,737 | ||||||||
Other comprehensive (loss) income: | |||||||||||||||||||
Foreign currency translation | (73,257 | ) | (15,116 | ) | (73,830 | ) | 88,946 | (73,257 | ) | ||||||||||
Net change in unrecognized gains/losses on derivative instruments, net of tax | (3,614 | ) | — | 99 | (99 | ) | (3,614 | ) | |||||||||||
Net change in unrealized gains/losses on pension plans, net of tax | 120 | — | 120 | (120 | ) | 120 | |||||||||||||
Total other comprehensive loss | (76,751 | ) | (15,116 | ) | (73,611 | ) | 88,727 | (76,751 | ) | ||||||||||
Total comprehensive income (loss) | $ | 63,986 | $ | 91,450 | $ | (23,991 | ) | $ | (67,459 | ) | $ | 63,986 | |||||||
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Comprehensive Income (In thousands) | |||||||||||||||||||
For the Three Months Ended June 30, 2015 | |||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
Net income | $ | 119,722 | $ | 97,538 | $ | 35,890 | $ | (133,428 | ) | $ | 119,722 | ||||||||
Other comprehensive income (loss): | |||||||||||||||||||
Foreign currency translation | 44,510 | 13,134 | 44,216 | (57,350 | ) | 44,510 | |||||||||||||
Net change in unrecognized gains/losses on derivative instruments, net of tax | 918 | — | 191 | (191 | ) | 918 | |||||||||||||
Change in unrealized gain on pension plans, net of tax | (21 | ) | — | (21 | ) | 21 | (21 | ) | |||||||||||
Total other comprehensive income | 45,407 | 13,134 | 44,386 | (57,520 | ) | 45,407 | |||||||||||||
Total comprehensive income | $ | 165,129 | $ | 110,672 | $ | 80,276 | $ | (190,948 | ) | $ | 165,129 | ||||||||
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Comprehensive Income (In thousands) | |||||||||||||||||||
For the Six Months Ended June 30, 2016 | |||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
Net income | $ | 248,469 | $ | 213,450 | $ | 60,924 | $ | (274,374 | ) | $ | 248,469 | ||||||||
Other comprehensive (loss) income: | |||||||||||||||||||
Foreign currency translation | (73,117 | ) | (17,971 | ) | (76,869 | ) | 94,840 | (73,117 | ) | ||||||||||
Net change in unrecognized gains/losses on derivative instruments, net of tax | (3,182 | ) | — | 195 | (195 | ) | (3,182 | ) | |||||||||||
Net change in unrealized gains/losses on pension plans, net of tax | 267 | — | 267 | (267 | ) | 267 | |||||||||||||
Total other comprehensive loss | (76,032 | ) | (17,971 | ) | (76,407 | ) | 94,378 | (76,032 | ) | ||||||||||
Total comprehensive income (loss) | $ | 172,437 | $ | 195,479 | $ | (15,483 | ) | $ | (179,996 | ) | $ | 172,437 | |||||||
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Comprehensive Income (In thousands) | |||||||||||||||||||
For the Six Months Ended June 30, 2015 | |||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
Net income | $ | 226,817 | $ | 187,204 | $ | 66,011 | $ | (253,215 | ) | $ | 226,817 | ||||||||
Other comprehensive (loss) income: | |||||||||||||||||||
Foreign currency translation | (10,300 | ) | (1,238 | ) | (8,583 | ) | 9,821 | (10,300 | ) | ||||||||||
Net change in unrecognized gains/losses on derivative instruments, net of tax | 1,201 | — | 129 | (129 | ) | 1,201 | |||||||||||||
Change in unrealized gains/losses on pension plans, net of tax | 107 | — | 107 | (107 | ) | 107 | |||||||||||||
Total other comprehensive loss | (8,992 | ) | (1,238 | ) | (8,347 | ) | 9,585 | (8,992 | ) | ||||||||||
Total comprehensive income | $ | 217,825 | $ | 185,966 | $ | 57,664 | $ | (243,630 | ) | $ | 217,825 | ||||||||
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Cash Flows (In thousands) | |||||||||||||||||||
For the Six Months Ended June 30, 2016 | |||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||
Net cash provided by operating activities | $ | 136,098 | $ | 300,978 | $ | 66,346 | $ | (148,192 | ) | $ | 355,230 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||
Purchases of property, plant and equipment | (2 | ) | (57,742 | ) | (44,575 | ) | — | (102,319 | ) | ||||||||||
Investment and intercompany note activity with subsidiaries | (1,293,298 | ) | (34,448 | ) | — | 1,327,746 | — | ||||||||||||
Acquisitions, net of cash acquired | — | (661,852 | ) | (606,989 | ) | — | (1,268,841 | ) | |||||||||||
Proceeds from foreign exchange contracts | 18,342 | — | — | — | 18,342 | ||||||||||||||
Other investing activities, net | — | 400 | 10,913 | — | 11,313 | ||||||||||||||
Net cash used in investing activities | (1,274,958 | ) | (753,642 | ) | (640,651 | ) | 1,327,746 | (1,341,505 | ) | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||
Proceeds from exercise of stock options | 4,889 | — | — | — | 4,889 | ||||||||||||||
Excess tax benefit from stock-based payments | 6,685 | — | — | — | 6,685 | ||||||||||||||
Taxes paid related to net share settlements of stock-based compensation awards | (2,281 | ) | — | — | — | (2,281 | ) | ||||||||||||
Debt issuance costs | (7,100 | ) | — | (9,071 | ) | — | (16,171 | ) | |||||||||||
Proceeds from issuance of Euro notes | — | — | 563,450 | — | 563,450 | ||||||||||||||
Borrowings under revolving credit facilities | 1,204,000 | — | 618,020 | — | 1,822,020 | ||||||||||||||
Repayments under revolving credit facilities | (119,000 | ) | — | (893,362 | ) | — | (1,012,362 | ) | |||||||||||
Borrowings under term loans | 89,317 | — | 249,161 | — | 338,478 | ||||||||||||||
Repayments under term loans | (3,122 | ) | — | (1,599 | ) | — | (4,721 | ) | |||||||||||
Borrowings under receivables securitization facility | — | — | 97,000 | — | 97,000 | ||||||||||||||
Repayments under receivables securitization facility | — | — | (66,480 | ) | — | (66,480 | ) | ||||||||||||
Repayments of other debt, net | — | (1,657 | ) | (6,167 | ) | — | (7,824 | ) | |||||||||||
Repayment of Rhiag debt and related payments | — | — | (543,347 | ) | — | (543,347 | ) | ||||||||||||
Payments of other obligations | — | (1,371 | ) | — | — | (1,371 | ) | ||||||||||||
Investment and intercompany note activity with parent | — | 621,619 | 706,127 | (1,327,746 | ) | — | |||||||||||||
Dividends | — | (148,192 | ) | — | 148,192 | — | |||||||||||||
Net cash provided by financing activities | 1,173,388 | 470,399 | 713,732 | (1,179,554 | ) | 1,177,965 | |||||||||||||
Effect of exchange rate changes on cash and equivalents | — | (27 | ) | (5,857 | ) | — | (5,884 | ) | |||||||||||
Net increase in cash and equivalents | 34,528 | 17,708 | 133,570 | — | 185,806 | ||||||||||||||
Cash and equivalents, beginning of period | 17,616 | 13,432 | 56,349 | — | 87,397 | ||||||||||||||
Cash and equivalents, end of period | $ | 52,144 | $ | 31,140 | $ | 189,919 | $ | — | $ | 273,203 | |||||||||
LKQ CORPORATION AND SUBSIDIARIES Unaudited Condensed Consolidating Statements of Cash Flows (In thousands) | |||||||||||||||||||
For the Six Months Ended June 30, 2015 | |||||||||||||||||||
Parent | Guarantors | Non-Guarantors | Eliminations | Consolidated | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||||
Net cash provided by operating activities | $ | 121,024 | $ | 188,713 | $ | 89,630 | $ | (116,668 | ) | $ | 282,699 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||||
Purchases of property, plant and equipment | (3 | ) | (34,791 | ) | (31,969 | ) | — | (66,763 | ) | ||||||||||
Investment and intercompany note activity with subsidiaries | 30,818 | — | — | (30,818 | ) | — | |||||||||||||
Acquisitions, net of cash acquired | — | (6,583 | ) | (30,625 | ) | — | (37,208 | ) | |||||||||||
Other investing activities, net | — | 585 | (5,794 | ) | — | (5,209 | ) | ||||||||||||
Net cash provided by (used in) investing activities | 30,815 | (40,789 | ) | (68,388 | ) | (30,818 | ) | (109,180 | ) | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||||
Proceeds from exercise of stock options | 3,288 | — | — | — | 3,288 | ||||||||||||||
Excess tax benefit from stock-based payments | 6,737 | — | — | — | 6,737 | ||||||||||||||
Taxes paid related to net share settlements of stock-based compensation awards | (5,243 | ) | — | — | — | (5,243 | ) | ||||||||||||
Borrowings under revolving credit facilities | 132,000 | — | 67,621 | — | 199,621 | ||||||||||||||
Repayments under revolving credit facilities | (215,000 | ) | — | (79,276 | ) | — | (294,276 | ) | |||||||||||
Repayments under term loans | (11,250 | ) | — | — | — | (11,250 | ) | ||||||||||||
Borrowings under receivables securitization facility | — | — | 2,100 | — | 2,100 | ||||||||||||||
Repayments under receivables securitization facility | — | — | (1,758 | ) | — | (1,758 | ) | ||||||||||||
Repayments of other debt, net | (31,500 | ) | (596 | ) | (9,994 | ) | — | (42,090 | ) | ||||||||||
Payments of other obligations | — | (2,050 | ) | — | — | (2,050 | ) | ||||||||||||
Investment and intercompany note activity with parent | — | (32,051 | ) | 1,233 | 30,818 | — | |||||||||||||
Dividends | — | (116,668 | ) | — | 116,668 | — | |||||||||||||
Net cash used in financing activities | (120,968 | ) | (151,365 | ) | (20,074 | ) | 147,486 | (144,921 | ) | ||||||||||
Effect of exchange rate changes on cash and equivalents | — | 53 | 167 | — | 220 | ||||||||||||||
Net increase (decrease) in cash and equivalents | 30,871 | (3,388 | ) | 1,335 | — | 28,818 | |||||||||||||
Cash and equivalents, beginning of period | 14,930 | 32,103 | 67,572 | — | 114,605 | ||||||||||||||
Cash and equivalents, end of period | $ | 45,801 | $ | 28,715 | $ | 68,907 | $ | — | $ | 143,423 | |||||||||
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