Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidating Information (Tables)

v2.4.1.9
Condensed Consolidating Information (Tables)
3 Months Ended
May 02, 2015
Condensed Consolidating Information  
Condensed Consolidating Balance Sheet

 

The Men’s Wearhouse, Inc.

Condensed Consolidating Balance Sheet

May 2, 2015

(in thousands)

 

 

The Men’s

 

Guarantor

 

Non-Guarantor

 

 

 

 

 

 

 

Wearhouse Inc.

 

Subsidiaries

 

Subsidiaries

 

Eliminations

 

Consolidated

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

21,889

 

$

4,798

 

$

35,115

 

$

 

$

61,802

 

Accounts receivable, net

 

31,050

 

367,908

 

37,016

 

(352,805

)

83,169

 

Inventories

 

251,227

 

582,638

 

152,592

 

 

986,457

 

Other current assets

 

110,398

 

50,749

 

9,131

 

 

170,278

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current assets

 

414,564

 

1,006,093

 

233,854

 

(352,805

)

1,301,706

 

Property, plant and equipment, net

 

307,618

 

212,451

 

40,072

 

 

560,141

 

Tuxedo rental product, net

 

112,303

 

15,474

 

18,273

 

 

146,050

 

Goodwill

 

6,160

 

838,830

 

48,445

 

 

893,435

 

Intangible assets, net

 

266

 

642,659

 

22,010

 

 

664,935

 

Investments in subsidiaries

 

2,436,438

 

 

 

(2,436,438

)

 

Other assets

 

69,272

 

875

 

9,417

 

(42,732

)

36,832

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

3,346,621

 

$

2,716,382

 

$

372,071

 

$

(2,831,975

)

$

3,603,099

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

421,947

 

$

114,764

 

$

49,160

 

$

(352,805

)

$

233,066

 

Accrued expenses and other current liabilities

 

174,239

 

93,061

 

23,984

 

 

291,284

 

Current maturities of long-term debt

 

7,000

 

 

 

 

7,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current liabilities

 

603,186

 

207,825

 

73,144

 

(352,805

)

531,350

 

Long-term debt

 

1,679,634

 

 

33,432

 

(33,432

)

1,679,634

 

Deferred taxes and other liabilities

 

84,261

 

326,135

 

11,479

 

(9,300

)

412,575

 

Shareholders’ equity

 

979,540

 

2,182,422

 

254,016

 

(2,436,438

)

979,540

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

$

3,346,621

 

$

2,716,382

 

$

372,071

 

$

(2,831,975

)

$

3,603,099

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Men’s Wearhouse, Inc.

Condensed Consolidating Balance Sheet

May 3, 2014

(in thousands)

 

 

The Men’s

 

Guarantor

 

Non-Guarantor

 

 

 

 

 

 

 

Wearhouse Inc.

 

Subsidiaries

 

Subsidiaries

 

Eliminations

 

Consolidated

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

50,675

 

$

1,738

 

$

43,510

 

$

 

$

95,923

 

Accounts receivable, net

 

21,317

 

61,146

 

37,186

 

(51,871

)

67,778

 

Inventories

 

265,318

 

229,042

 

151,412

 

 

645,772

 

Other current assets

 

61,932

 

14,453

 

8,418

 

 

84,803

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current assets

 

399,242

 

306,379

 

240,526

 

(51,871

)

894,276

 

Property, plant and equipment, net

 

304,381

 

62,060

 

40,343

 

 

406,784

 

Tuxedo rental product, net

 

117,186

 

8,831

 

22,103

 

 

148,120

 

Goodwill

 

7,564

 

65,720

 

53,814

 

 

127,098

 

Intangible assets, net

 

374

 

30,000

 

27,592

 

 

57,966

 

Investments in subsidiaries

 

590,196

 

 

 

(590,196

)

 

Other assets

 

66,195

 

363

 

10,582

 

(70,406

)

6,734

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

1,485,138

 

$

473,353

 

$

394,960

 

$

(712,473

)

$

1,640,978

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

79,674

 

$

99,551

 

$

41,472

 

$

(51,871

)

$

168,826

 

Accrued expenses and other current liabilities

 

176,450

 

22,499

 

25,780

 

 

224,729

 

Current maturities of long-term debt

 

10,000

 

 

 

 

10,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current liabilities

 

266,124

 

122,050

 

67,252

 

(51,871

)

403,555

 

Long-term debt

 

85,000

 

 

59,906

 

(59,906

)

85,000

 

Deferred taxes and other liabilities

 

91,287

 

15,867

 

13,042

 

(10,500

)

109,696

 

Shareholders’ equity

 

1,042,727

 

335,436

 

254,760

 

(590,196

)

1,042,727

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

$

1,485,138

 

$

473,353

 

$

394,960

 

$

(712,473

)

$

1,640,978

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Men’s Wearhouse, Inc.

Condensed Consolidating Balance Sheet

January 31, 2015

(in thousands)

 

 

The Men’s

 

Guarantor

 

Non-Guarantor

 

 

 

 

 

 

 

Wearhouse Inc.

 

Subsidiaries

 

Subsidiaries

 

Eliminations

 

Consolidated

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

18,262

 

$

4,857

 

$

39,142

 

$

 

$

62,261

 

Accounts receivable, net

 

20,304

 

422,930

 

35,303

 

(405,271

)

73,266

 

Inventories

 

285,309

 

510,651

 

142,376

 

 

938,336

 

Other current assets

 

111,272

 

58,792

 

5,510

 

 

175,574

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current assets

 

435,147

 

997,230

 

222,331

 

(405,271)

 

1,249,437

 

Property, plant and equipment, net

 

306,597

 

221,454

 

38,023

 

 

566,074

 

Tuxedo rental product, net

 

107,908

 

8,318

 

16,446

 

 

132,672

 

Goodwill

 

6,159

 

834,470

 

47,307

 

 

887,936

 

Intangible assets, net

 

293

 

645,388

 

22,578

 

 

668,259

 

Investments in subsidiaries

 

2,405,680

 

 

 

(2,405,680

)

 

Other assets

 

75,060

 

681

 

9,671

 

(43,032

)

42,380

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

3,336,844

 

$

2,707,541

 

$

356,356

 

$

(2,853,983

)

$

3,546,758

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

449,102

 

$

120,499

 

$

45,537

 

$

(405,271

)

$

209,867

 

Accrued expenses and other current liabilities

 

145,943

 

101,363

 

23,238

 

 

270,544

 

Current maturities of long-term debt

 

11,000

 

 

 

 

11,000

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current liabilities

 

606,045

 

221,862

 

68,775

 

(405,271

)

491,411

 

Long-term debt

 

1,676,232

 

 

33,432

 

(33,432

)

1,676,232

 

Deferred taxes and other liabilities

 

84,778

 

323,376

 

10,772

 

(9,600

)

409,326

 

Shareholders’ equity

 

969,789

 

2,162,303

 

243,377

 

(2,405,680

)

969,789

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders’ equity

 

3,336,844

 

$

2,707,541

 

$

356,356

 

$

(2,853,983

)

$

3,546,758

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidating Statement of Earnings

 

The Men’s Wearhouse, Inc.

Condensed Consolidating Statement of Earnings

For the Three Months Ended May 2, 2015

(in thousands)

 

 

The Men’s

 

Guarantor

 

Non-Guarantor

 

 

 

 

 

 

 

Wearhouse Inc.

 

Subsidiaries

 

Subsidiaries

 

Eliminations

 

Consolidated

 

Net sales

 

$

455,494

 

$

442,549

 

$

99,761

 

$

(112,715

)

$

885,089

 

Cost of sales

 

231,450

 

319,750

 

65,052

 

(112,715

)

503,537

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin

 

224,044

 

122,799

 

34,709

 

 

381,552

 

Operating expenses

 

194,025

 

107,282

 

28,036

 

(3,080

)

326,263

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

30,019

 

15,517

 

6,673

 

3,080

 

55,289

 

Other income and expenses, net

 

3,080

 

 

 

(3,080

)

 

Interest income

 

556

 

818

 

24

 

(1,370

)

28

 

Interest expense

 

(27,097

)

(481

)

(275

)

1,370

 

(26,483

)

Loss on extinguishment of debt

 

(12,675

)

 

 

 

(12,675

)

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) earnings before income taxes

 

(6,117

)

15,854

 

6,422

 

 

16,159

 

Provision for income taxes

 

50

 

3,880

 

1,860

 

 

5,790

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) earnings before equity in net income of subsidiaries

 

(6,167

)

11,974

 

4,562

 

 

10,369

 

Equity in earnings of subsidiaries

 

16,536

 

 

 

(16,536

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings attributable to common shareholders

 

$

10,369

 

$

11,974

 

$

4,562

 

$

(16,536

)

$

10,369

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

$

16,829

 

$

11,974

 

$

10,648

 

$

(22,622

)

$

16,829

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Men’s Wearhouse, Inc.

Condensed Consolidating Statement of Earnings

For the Three Months Ended May 3, 2014

(in thousands)

 

 

The Men’s

 

Guarantor

 

Non-Guarantor

 

 

 

 

 

 

 

Wearhouse Inc.

 

Subsidiaries

 

Subsidiaries

 

Eliminations

 

Consolidated

 

Net sales

 

$

419,348

 

$

252,658

 

$

101,083

 

$

(142,615

)

$

630,474

 

Cost of sales

 

213,215

 

210,813

 

65,697

 

(142,615

)

347,110

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross margin

 

206,133

 

41,845

 

35,386

 

 

283,364

 

Operating expenses

 

201,370

 

28,328

 

29,767

 

(3,382

)

256,083

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income

 

4,763

 

13,517

 

5,619

 

3,382

 

27,281

 

Other income and expenses, net

 

3,008

 

374

 

 

(3,382

)

 

Interest income

 

478

 

150

 

57

 

(624

)

61

 

Interest expense

 

(1,284

)

(152

)

(323

)

624

 

(1,135

)

 

 

 

 

 

 

 

 

 

 

 

 

Earnings before income taxes

 

6,965

 

13,889

 

5,353

 

 

26,207

 

Provision for income taxes

 

7,008

 

1,609

 

1,132

 

 

9,749

 

 

 

 

 

 

 

 

 

 

 

 

 

(Loss) earnings before equity in net income of subsidiaries

 

(43

)

12,280

 

4,221

 

 

16,458

 

Equity in earnings of subsidiaries

 

16,501

 

 

 

(16,501

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings including non-controlling interest

 

16,458

 

12,280

 

4,221

 

(16,501

)

16,458

 

Net loss attributable to non-controlling interest

 

28

 

 

28

 

(28

)

28

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings attributable to common shareholders

 

$

16,486

 

$

12,280

 

$

4,249

 

$

(16,529

)

$

16,486

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

$

22,477

 

$

12,280

 

$

10,429

 

$

(22,709

)

$

22,477

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidating Statement of Cash Flows

 

The Men’s Wearhouse, Inc.

Condensed Consolidating Statement of Cash Flows

For the Three Months Ended May 2, 2015

(in thousands)

 

 

The Men’s

 

Guarantor

 

Non-Guarantor

 

 

 

 

 

 

 

Wearhouse Inc.

 

Subsidiaries

 

Subsidiaries

 

Eliminations

 

Consolidated

 

Net cash provided by (used in) operating activities

 

$

44,953

 

$

5,799

 

$

(1,767

)

$

 

$

48,985

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

(21,503

)

(5,858

)

(3,023

)

 

(30,384

)

 

 

 

 

 

 

 

 

 

 

 

 

Net cash used in investing activities

 

(21,503

)

(5,858

)

(3,023

)

 

(30,384

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

Proceeds from asset-based revolving credit facility

 

3,000

 

 

 

 

3,000

 

Payments on asset-based revolving credit facility

 

(3,000

)

 

 

 

(3,000

)

Payments on new term loan

 

(4,500

)

 

 

 

(4,500

)

Deferred financing costs

 

(3,566

)

 

 

 

(3,566

)

Cash dividends paid

 

(8,863

)

 

 

 

(8,863

)

Proceeds from issuance of common stock

 

908

 

 

 

 

908

 

Tax payments related to vested deferred stock units

 

(4,506

)

 

 

 

(4,506

)

Excess tax benefits from share-based plans

 

981

 

 

 

 

981

 

Repurchases of common stock

 

(277

)

 

 

 

(277

)

 

 

 

 

 

 

 

 

 

 

 

 

Net cash used in financing activities

 

(19,823

)

 

 

 

(19,823

)

 

 

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes

 

 

 

763

 

 

763

 

 

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

3,627

 

(59

)

(4,027

)

 

(459

)

Cash and cash equivalents at beginning of period

 

18,262

 

4,857

 

39,142

 

 

62,261

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

 

$

21,889

 

$

4,798

 

$

35,115

 

$

 

$

61,802

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Men’s Wearhouse, Inc.

Condensed Consolidating Statement of Cash Flows

For the Three Months Ended May 3, 2014

(in thousands)

 

 

The Men’s

 

Guarantor

 

Non-Guarantor

 

 

 

 

 

 

 

Wearhouse Inc.

 

Subsidiaries

 

Subsidiaries

 

Eliminations

 

Consolidated

 

Net cash provided by (used in) operating activities

 

$

78,972

 

$

(13,444

)

$

4,285

 

$

 

$

69,813

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures

 

(18,402

)

(1,773

)

(2,368

)

 

(22,543

)

 

 

 

 

 

 

 

 

 

 

 

 

Net cash used in investing activities

 

(18,402

)

(1,773

)

(2,368

)

 

(22,543

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

Payments on previous term loan

 

(2,500

)

 

 

 

(2,500

)

Deferred financing costs

 

(1,389

)

 

 

 

(1,389

)

Cash dividends paid

 

(8,812

)

 

 

 

(8,812

)

Proceeds from issuance of common stock

 

4,373

 

 

 

 

4,373

 

Tax payments related to vested deferred stock units

 

(5,732

)

 

 

 

(5,732

)

Excess tax benefits from share-based plans

 

3,002

 

 

 

 

3,002

 

Repurchases of common stock

 

(251

)

 

 

 

(251

)

 

 

 

 

 

 

 

 

 

 

 

 

Net cash used in financing activities

 

(11,309

)

 

 

 

(11,309

)

 

 

 

 

 

 

 

 

 

 

 

 

Effect of exchange rate changes

 

 

 

710

 

 

710

 

 

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash and cash equivalents

 

49,261

 

(15,217

)

2,627

 

 

36,671

 

Cash and cash equivalents at beginning of period

 

1,414

 

16,955

 

40,883

 

 

59,252

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

 

$

50,675

 

$

1,738

 

$

43,510

 

$

 

$

95,923