jcg-10q_20180505.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

(Mark One)

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

For the quarterly period ended May 5, 2018

Or

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

 

Commission

File Number

 

Registrant, State of Incorporation

Address and Telephone Number

 

I.R.S. Employer

Identification No.

333-175075

 

 

 

22-2894486

 

J.CREW GROUP, INC.

(Incorporated in Delaware)

 

770 Broadway

New York, New York 10003

Telephone: (212) 209-2500

 

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

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

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

 

Large Accelerated Filer

 

  

Accelerated Filer

 

 

 

 

 

Non-Accelerated Filer

 

  (Do not check if a smaller reporting company)

Smaller Reporting Company

 

 

 

 

 

 

 

 

  

Emerging growth company

 

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

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Stock

 

Outstanding at May 25, 2018

Common Stock, $.01 par value per share

 

1,000 shares

*

The Registrant has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934, but is not required to file such reports under such sections.

 

 

 

 


 

J.CREW GROUP, INC.

TABLE OF CONTENTS – FORM 10-Q

 

 

 

Page
Number

 

 

 

PART I. FINANCIAL INFORMATION

 

 

 

 

Item 1.

Condensed Consolidated Financial Statements (unaudited):

3

 

 

 

 

Condensed Consolidated Balance Sheets at May 5, 2018 and February 3, 2018

3

 

 

 

 

Condensed Consolidated Statements of Operations and Comprehensive Loss for the thirteen weeks ended May 5, 2018 and April 29, 2017

4

 

 

 

 

Condensed Consolidated Statements of Changes in Stockholders’ Deficit for the thirteen weeks ended May 5, 2018 and the fifty-three weeks ended February 3, 2018

5

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the thirteen weeks ended May 5, 2018 and April 29, 2017

6

 

 

 

 

Notes to Unaudited Condensed Consolidated Financial Statements

7

 

 

 

Item 2.

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

21

 

 

 

Item 3.

Quantitative and Qualitative Disclosure About Market Risk

31

 

 

 

Item 4.

Controls and Procedures

32

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

33

 

 

 

Item 1A.

Risk Factors

33

 

 

 

Item 6.

Exhibits

33

 

 

 

2


 

PART I – FINANCIAL INFORMATION

 

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

J.CREW GROUP, INC.

Condensed Consolidated Balance Sheets

(unaudited)

(in thousands, except share data)

 

 

 

May 5,

2018

 

 

February 3,

2018

 

ASSETS

 

 

 

 

 

(As adjusted)

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

36,038

 

 

$

107,066

 

Merchandise inventories, net

 

 

345,254

 

 

 

292,489

 

Prepaid expenses and other current assets

 

 

93,685

 

 

 

92,348

 

Refundable income taxes

 

 

2,349

 

 

 

1,622

 

Total current assets

 

 

477,326

 

 

 

493,525

 

Property and equipment, net

 

 

268,229

 

 

 

289,441

 

Intangible assets, net

 

 

306,860

 

 

 

308,702

 

Goodwill

 

 

107,900

 

 

 

107,900

 

Other assets

 

 

7,851

 

 

 

6,374

 

Total assets

 

$

1,168,166

 

 

$

1,205,942

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

223,810

 

 

$

232,480

 

Other current liabilities

 

 

158,213

 

 

 

177,206

 

Borrowings under the ABL Facility

 

 

41,561

 

 

 

 

Due to Parent

 

 

37,251

 

 

 

38,210

 

Interest payable

 

 

11,626

 

 

 

21,914

 

Current portion of long-term debt

 

 

15,670

 

 

 

15,670

 

Total current liabilities

 

 

488,131

 

 

 

485,480

 

Long-term debt, net

 

 

1,695,772

 

 

 

1,697,812

 

Lease-related deferred credits, net

 

 

113,589

 

 

 

117,688

 

Deferred income taxes, net

 

 

27,545

 

 

 

27,752

 

Other liabilities

 

 

26,883

 

 

 

30,168

 

Total liabilities

 

 

2,351,920

 

 

 

2,358,900

 

Stockholders’ deficit:

 

 

 

 

 

 

 

 

Common stock $0.01 par value; 1,000 shares authorized, issued and outstanding

 

 

 

 

 

 

Additional paid-in capital

 

 

733,117

 

 

 

733,071

 

Accumulated other comprehensive income (loss)

 

 

480

 

 

 

(2,603

)

Accumulated deficit

 

 

(1,917,351

)

 

 

(1,883,426

)

Total stockholders’ deficit

 

 

(1,183,754

)

 

 

(1,152,958

)

Total liabilities and stockholders’ deficit

 

$

1,168,166

 

 

$

1,205,942

 

 

 

 

 

 

 

 

 

 

See notes to unaudited condensed consolidated financial statements.

 

 

3


 

J.CREW GROUP, INC.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(unaudited)

(in thousands)

 

 

 

For the

Thirteen

Weeks Ended

May 5, 2018

 

 

For the

Thirteen

Weeks Ended

April 29, 2017

 

Revenues:

 

 

 

 

 

(As adjusted)

 

Net sales

 

$

507,706

 

 

$

504,856

 

Other

 

 

32,744

 

 

 

20,911

 

Total revenues

 

 

540,450

 

 

 

525,767

 

Cost of goods sold, including buying and occupancy costs

 

 

333,642

 

 

 

335,168

 

Gross profit

 

 

206,808

 

 

 

190,599

 

Selling, general and administrative expenses

 

 

200,836

 

 

 

210,483

 

Impairment losses

 

 

6,866

 

 

 

131,157

 

Loss from operations

 

 

(894

)

 

 

(151,041

)

Interest expense, net

 

 

32,982

 

 

 

20,436

 

Loss before income taxes

 

 

(33,876

)

 

 

(171,477

)

Provision (benefit) for income taxes

 

 

49

 

 

 

(50,484

)

Net loss

 

$

(33,925

)

 

$

(120,993

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

Reclassification of losses on cash flow hedges, net of tax, to earnings

 

 

996

 

 

 

1,864

 

Unrealized gain (loss) on cash flow hedges, net of tax

 

 

2,418

 

 

 

(4

)

Foreign currency translation adjustments

 

 

(331

)

 

 

410

 

Comprehensive loss

 

$

(30,842

)

 

$

(118,723

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to unaudited condensed consolidated financial statements.

 

4


 

 

J.CREW GROUP, INC.

Condensed Consolidated Statements of Changes in Stockholders’ Deficit

(unaudited)

(in thousands, except shares)

 

 

 

Common stock

 

 

Additional

paid-in

 

 

Accumulated

 

 

Accumulated

other

comprehensive

 

 

Total

stockholders’

 

 

 

Shares

 

 

Amount

 

 

capital

 

 

deficit

 

 

income (loss)

 

 

deficit

 

Balance at January 28, 2017 (as adjusted)

 

 

1,000

 

 

$

 

 

$

980,368

 

 

$

(1,760,227

)

 

$

(11,536

)

 

$

(791,395

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

(123,199

)

 

 

 

 

 

(123,199

)

Share-based compensation

 

 

 

 

 

 

 

 

2,299

 

 

 

 

 

 

 

 

 

2,299

 

Non-cash contribution to Parent in connection with

   Exchange Offer

 

 

 

 

 

 

 

 

(249,596

)

 

 

 

 

 

 

 

 

(249,596

)

Reclassification of realized losses on cash flow

   hedges, net of tax, to earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6,537

 

 

 

6,537

 

Unrealized gain on cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

693

 

 

 

693

 

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,703

 

 

 

1,703

 

Balance at February 3, 2018 (as adjusted)

 

 

1,000

 

 

$

 

 

$

733,071

 

 

$

(1,883,426

)

 

$

(2,603

)

 

$

(1,152,958

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

(33,925

)

 

 

 

 

 

(33,925

)

Share-based compensation

 

 

 

 

 

 

 

 

46

 

 

 

 

 

 

 

 

 

46

 

Reclassification of realized losses on cash flow

   hedges, net of tax, to earnings

 

 

 

 

 

 

 

 

 

 

 

 

 

 

996

 

 

 

996

 

Unrealized gain on cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,418

 

 

 

2,418

 

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(331

)

 

 

(331

)

Balance at May 5, 2018

 

 

1,000

 

 

$

 

 

$

733,117

 

 

$

(1,917,351

)

 

$

480

 

 

$

(1,183,754

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to unaudited condensed consolidated financial statements.

5


 

J.CREW GROUP, INC.

Condensed Consolidated Statements of Cash Flows

(unaudited)

(in thousands)

 

 

 

For the

Thirteen

Weeks Ended

May 5, 2018

 

 

For the

Thirteen

Weeks Ended

April 29, 2017

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

(As adjusted)

 

Net loss

 

$

(33,925

)

 

$

(120,993

)

Adjustments to reconcile to cash flows from operating activities:

 

 

 

 

 

 

 

 

Depreciation of property and equipment

 

 

21,505

 

 

 

25,163

 

Impairment losses

 

 

6,866

 

 

 

131,157

 

Amortization of intangible assets

 

 

1,803

 

 

 

2,288

 

Amortization of deferred financing costs and debt discount

 

 

1,790

 

 

 

1,227

 

Reclassification of hedging losses to earnings

 

 

1,355

 

 

 

3,056

 

Share-based compensation

 

 

46

 

 

 

209

 

Foreign currency transaction (gains) losses

 

 

30

 

 

 

(191

)

Deferred income taxes

 

 

(991

)

 

 

(51,775

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Merchandise inventories, net

 

 

(53,005

)

 

 

(10,618

)

Prepaid expenses and other current assets

 

 

(1,478

)

 

 

(15,535

)

Other assets

 

 

(1,668

)

 

 

631

 

Accounts payable and other liabilities

 

 

(43,913

)

 

 

22,253

 

Federal and state income taxes

 

 

563

 

 

 

1,847

 

Net cash used in operating activities

 

 

(101,022

)

 

 

(11,281

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(7,179

)

 

 

(8,317

)

Net cash used in investing activities

 

 

(7,179

)

 

 

(8,317

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Net borrowings under the ABL Facility

 

 

41,561

 

 

 

 

Quarterly principal repayments of Term Loan Facility

 

 

(3,918

)

 

 

(7,835

)

Net cash provided by (used in) financing activities

 

 

37,643

 

 

 

(7,835

)

Effect of changes in foreign exchange rates on cash and cash equivalents

 

 

(470

)

 

 

(225

)

Decrease in cash and cash equivalents

 

 

(71,028

)

 

 

(27,658

)

Beginning balance

 

 

107,066

 

 

 

132,226

 

Ending balance

 

$

36,038

 

 

$

104,568

 

Supplemental cash flow information:

 

 

 

 

 

 

 

 

Income taxes paid

 

$

9

 

 

$

16

 

Interest paid

 

$

42,131

 

 

$

21,928

 

 

 

 

 

 

 

 

 

 

 

 

See notes to unaudited condensed consolidated financial statements.


6


 

J.CREW GROUP, INC.

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the thirteen weeks ended May 5, 2018 and April 29, 2017

(Dollars in thousands, unless otherwise indicated)

 

1. Basis of Presentation  

J.Crew Group, Inc. and its wholly owned subsidiaries (the “Company” or “Group”) were acquired (the “Acquisition”) on March 7, 2011 through a merger with a subsidiary of Chinos Holdings, Inc. (the “Parent”). The Parent was formed by investment funds affiliated with TPG Capital, L.P. (“TPG”) and Leonard Green & Partners, L.P. (“LGP” and together with TPG, the “Sponsors”). Subsequent to the Acquisition, Group became an indirect, wholly owned subsidiary of Parent, which is owned by affiliates of the Sponsors, investors and members of management. Prior to March 7, 2011, the Company operated as a public company with its common stock traded on the New York Stock Exchange.

The accompanying unaudited condensed consolidated financial statements were prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. Therefore, these financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended February 3, 2018.

The Company’s fiscal year ends on the Saturday closest to January 31. All references to “fiscal 2018” represent the 52-week fiscal year that will end on February 2, 2019 and to “fiscal 2017” represent the 53-week fiscal year that ended February 3, 2018.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, necessary to present fairly in all material respects the Company’s financial position, results of operations and cash flows for the applicable interim periods. Certain prior year amounts have been reclassified to conform to current period presentation. The results of operations for these periods are not necessarily comparable to, or indicative of, results of any other interim period or for the fiscal year as a whole.

Management is required to make estimates and assumptions about future events in preparing financial statements in conformity with generally accepted accounting principles. These estimates and assumptions affect the amounts of assets, liabilities, revenues and expenses at the date of the unaudited condensed consolidated financial statements. While management believes that past estimates and assumptions have been materially accurate, current estimates are subject to change if different assumptions as to the outcome of future events are made. Management evaluates estimates and judgments on an ongoing basis and predicates those estimates and judgments on historical experience and on reasonable factors. Since future events and their effects cannot be determined with absolute certainty, actual results may differ from the estimates used in preparing the accompanying unaudited condensed consolidated financial statements.

2. Revenue Recognition

Overview. The Company generates revenue from three sources: (i) customers who shop in its brick-and-mortar stores, (ii) customers who shop on its websites, and (iii) wholesale customers who buy and resell its merchandise. The Company recognizes revenue at (i) the point-of-sale in brick-and-mortar stores, (ii) an estimated date of receipt by a customer in the e-commerce business, and (iii) the time ownership is transferred in the wholesale business.    

New Pronouncement. At the beginning of fiscal 2018, the Company adopted a pronouncement that clarified the principles of revenue recognition and standardized a comprehensive model for recognizing revenue arising from contracts with customers. Adoption of the new standard impacted the financial statements of the Company as follows:

 

 

Change in the timing of recognition of breakage income associated with its loyalty program;       

 

Change in the timing of recognition of expenses related to direct-response advertising costs;

 

Change in the presentation of the allowance for sales returns to recognize the reserve on a gross basis in the condensed consolidated financial statements, including recording a current asset related to its right to recover products for its sales returns, with an offsetting increase to its liability for returns; and

 

Change in the presentation of income from its private label credit card from a reduction of SG&A to other revenues.           


7


 

Impact of Adoption. The adoption was applied retrospectively to each prior period presented, with the cumulative effect of all fiscal years prior to those periods presented recorded to retained earnings. The cumulative effect recorded as of January 31, 2016 was $5.0 million. The impact of adoption on the condensed consolidated statement of operations for the previous two fiscal years is as follows:  

 

 

For the Year Ended

 

 

 

February 3, 2018

 

 

January 28, 2017

 

 

 

As

reported

 

 

Adjustments

 

 

As

adjusted

 

 

As

reported

 

 

Adjustments

 

 

As

adjusted

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

2,270,190

 

 

$

(2,380

)

 

$

2,267,810

 

 

$

2,359,622

 

 

$

388

 

 

$

2,360,010

 

Other

 

 

99,928

 

 

 

5,957

 

 

 

105,885

 

 

 

65,840

 

 

 

5,745

 

 

 

71,585

 

Total revenues

 

 

2,370,118

 

 

 

3,577

 

 

 

2,373,695

 

 

 

2,425,462

 

 

 

6,133

 

 

 

2,431,595

 

Cost of goods sold, including buying and occupancy costs

 

 

1,477,943

 

 

 

(1,879

)

 

 

1,476,064

 

 

 

1,550,185

 

 

 

120

 

 

 

1,550,305

 

Gross profit

 

 

892,175

 

 

 

5,456

 

 

 

897,631

 

 

 

875,277

 

 

 

6,013

 

 

 

881,290

 

Selling, general and administrative expenses

 

 

870,950

 

 

 

1,731

 

 

 

872,681

 

 

 

818,546

 

 

 

5,744

 

 

 

824,290

 

Impairment losses

 

 

141,187

 

 

 

 

 

 

141,187

 

 

 

7,752

 

 

 

 

 

 

7,752

 

Income (loss) from operations

 

 

(119,962

)

 

 

3,725

 

 

 

(116,237

)

 

 

48,979

 

 

 

269

 

 

 

49,248

 

Interest expense, net

 

 

110,513

 

 

 

 

 

 

110,513

 

 

 

79,359

 

 

 

 

 

 

79,359

 

Loss on refinancings

 

 

 

 

 

 

 

 

 

 

 

435

 

 

 

 

 

 

435

 

Loss before income taxes

 

 

(230,475

)

 

 

3,725

 

 

 

(226,750

)

 

 

(30,815

)

 

 

269

 

 

 

(30,546

)

Benefit for income taxes

 

 

(105,516

)

 

 

1,965

 

 

 

(103,551

)

 

 

(7,301

)

 

 

486

 

 

 

(6,815

)

Net loss

 

$

(124,959

)

 

$

1,760

 

 

$

(123,199

)

 

$

(23,514

)

 

$

(217

)

 

$

(23,731

)

The impact of the adoption on the condensed consolidated statement of operations for the first quarter of fiscal 2017 is as follows:

 

 

For the

Thirteen

Weeks Ended

April 29, 2017

 

 

 

As reported

 

 

Adjustments

 

 

As adjusted

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Net sales

 

$

513,180

 

 

$

(8,324

)

 

$

504,856

 

Other

 

 

18,786

 

 

 

2,125

 

 

 

20,911

 

Total revenues

 

 

531,966

 

 

 

(6,199

)

 

 

525,767

 

Cost of goods sold, including buying and occupancy costs

 

 

343,729

 

 

 

(8,561

)

 

 

335,168

 

Gross profit

 

 

188,237

 

 

 

2,362

 

 

 

190,599

 

Selling, general and administrative expenses

 

 

210,423

 

 

 

60

 

 

 

210,483

 

Impairment losses

 

 

131,157

 

 

 

 

 

 

131,157

 

Loss from operations

 

 

(153,343

)

 

 

2,302

 

 

 

(151,041

)

Interest expense, net

 

 

20,436

 

 

 

 

 

 

20,436

 

Loss before income taxes

 

 

(173,779

)

 

 

2,302

 

 

 

(171,477

)

Benefit for income taxes

 

 

(50,484

)

 

 

 

 

 

(50,484

)

Net loss

 

$

(123,295

)

 

$

2,302

 

 

$

(120,993

)

 


8


 

The impact of the adoption on the condensed consolidated balance sheets as of February 3, 2018 and April 29, 2017 is as follows:        

 

 

As of

 

 

 

February 3, 2018

 

 

April 29, 2017

 

 

 

As reported

 

 

Adjustments

 

 

As adjusted

 

 

As reported

 

 

Adjustments

 

 

As adjusted

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

107,066

 

 

$

 

 

$

107,066

 

 

$

104,568

 

 

$

 

 

$

104,568

 

Merchandise inventories, net

 

 

292,489

 

 

 

 

 

 

292,489

 

 

 

324,977

 

 

 

 

 

 

324,977

 

Prepaid expenses and other current assets

 

 

83,228

 

 

 

9,120

 

 

 

92,348

 

 

 

72,489

 

 

 

7,137

 

 

 

79,626

 

Refundable income taxes

 

 

5,807

 

 

 

(4,185

)

 

 

1,622

 

 

 

7,495

 

 

 

(3,644

)

 

 

3,851

 

Total current assets

 

 

488,590

 

 

 

4,935

 

 

 

493,525

 

 

 

509,529

 

 

 

3,493

 

 

 

513,022

 

Property and equipment, net

 

 

289,441

 

 

 

 

 

 

289,441

 

 

 

344,503

 

 

 

 

 

 

344,503

 

Intangible assets, net

 

 

308,702

 

 

 

 

 

 

308,702

 

 

 

318,116

 

 

 

 

 

 

318,116

 

Goodwill

 

 

107,900

 

 

 

 

 

 

107,900

 

 

 

107,900

 

 

 

 

 

 

107,900

 

Other assets

 

 

6,374

 

 

 

 

 

 

6,374

 

 

 

5,530

 

 

 

 

 

 

5,530

 

Total assets

 

$

1,201,007

 

 

$

4,935

 

 

$

1,205,942

 

 

$

1,285,578

 

 

$

3,493

 

 

$

1,289,071

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

232,480

 

 

$

 

 

$

232,480

 

 

$

214,173

 

 

$

 

 

$

214,173

 

Other current liabilities

 

 

167,113

 

 

 

10,093

 

 

 

177,206

 

 

 

171,714

 

 

 

9,533

 

 

 

181,247

 

Due to Parent

 

 

38,210

 

 

 

 

 

 

38,210

 

 

 

29,290

 

 

 

 

 

 

29,290

 

Interest payable

 

 

21,914

 

 

 

 

 

 

21,914

 

 

 

5,091

 

 

 

 

 

 

5,091

 

Current portion of long-term debt

 

 

15,670

 

 

 

 

 

 

15,670

 

 

 

15,670

 

 

 

 

 

 

15,670

 

Total current liabilities

 

 

475,387

 

 

 

10,093

 

 

 

485,480

 

 

 

435,938

 

 

 

9,533

 

 

 

445,471

 

Long-term debt, net

 

 

1,697,812

 

 

 

 

 

 

1,697,812

 

 

 

1,487,736

 

 

 

 

 

 

1,487,736

 

Lease-related deferred credits, net

 

 

117,688

 

 

 

 

 

 

117,688

 

 

 

130,195

 

 

 

 

 

 

130,195

 

Deferred income taxes, net

 

 

29,486

 

 

 

(1,734

)

 

 

27,752

 

 

 

97,614

 

 

 

(3,158

)

 

 

94,456

 

Other liabilities

 

 

30,168

 

 

 

 

 

 

30,168

 

 

 

41,122

 

 

 

 

 

 

41,122

 

Total liabilities

 

 

2,350,541

 

 

 

8,359

 

 

 

2,358,900