Euramax Holdings, Inc.

CIK:0001026743|SEC Filings

Accumulated Other Comprehensive Income

3 Months Ended

Apr. 03, 2015

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Changes in accumulated other comprehensive income (loss) by component for the three month period ended April 3, 2015 were as follows:



	Foreign Currency Translation Adjustments		Defined Benefit Pension Plan Adjustments			Total
	(in thousands)
Balance, beginning of period	$	19,557	$	(14,392	)	$	5,165
Other comprehensive income before reclassifications	221		—			221
Amounts reclassified from accumulated other comprehensive income	—		122			122
Net other comprehensive income	221		122			343
Balance, end of period	$	19,778	$	(14,270	)	$	5,508

Amounts reclassified from the defined benefit pension plan adjustments component of accumulated other comprehensive income (loss) were recorded in selling and general expenses within the condensed consolidated statement of operations. There were no net tax effects related to the reclassification as a result of the full valuation allowances in the U.S. and UK in the current year. The accumulated tax effect related to the defined benefit pension plan adjustments component of accumulated other comprehensive income (loss) was a provision of $0.3 million as of April 3, 2015 and December 31, 2014. There are no tax impacts related to the foreign currency translation adjustment component of accumulated other comprehensive income (loss) as the earnings of subsidiaries are considered to be permanently invested.

Supplemental Guarantor Condensed Financial Information - Consolidated Statements of Cash Flows (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Apr. 03, 2015	Mar. 28, 2014
Condensed Financial Statements, Captions [Line Items]
Net cash used in operating activities	$ (32,470)	$ (3,886)
Cash flows from investing activities:
Proceeds from sale of assets	43	43
Capital expenditures	(2,109)	(1,488)
Due (to) from affiliates	0	0
Net cash used in investing activities	(2,066)	(1,445)
Cash flows from financing activities:
Net borrowings on ABL Credit Facility	24,207us-gaap_ProceedsFromLinesOfCredit
Net borrowings on European Credit Facilities	10,523	14,657
Net borrowings on Dutch Revolving Credit Facility		14,657
Repayments of Lines of Credit		(13,756)us-gaap_RepaymentsOfLinesOfCredit
Changes in cash overdrafts	0	236
Debt issuance costs	0us-gaap_PaymentsOfDebtIssuanceCosts	(88)us-gaap_PaymentsOfDebtIssuanceCosts
Due from (to) affiliates	0	0
Net cash provided by (used in) financing activities	34,730	1,049
Effect of exchange rate changes on cash	(400)	(297)
Net decrease in cash and cash equivalents	(206)	(4,579)
Cash and cash equivalents at beginning of period	2,074	8,977
Cash and cash equivalents at end of period	1,868	4,398
Parent
Condensed Financial Statements, Captions [Line Items]
Net cash used in operating activities	0	0
Cash flows from investing activities:
Proceeds from sale of assets	0	0
Capital expenditures	0	0
Due (to) from affiliates	0	0
Net cash used in investing activities	0	0
Cash flows from financing activities:
Net borrowings on ABL Credit Facility	0
Net borrowings on European Credit Facilities	0
Net borrowings on Dutch Revolving Credit Facility		0
Repayments of Lines of Credit		0
Changes in cash overdrafts		0
Debt issuance costs		0
Due from (to) affiliates	0	0
Net cash provided by (used in) financing activities	0	0
Effect of exchange rate changes on cash	0	0
Net decrease in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Subsidiary Issuer
Condensed Financial Statements, Captions [Line Items]
Net cash used in operating activities	(25,168)	4,233
Cash flows from investing activities:
Proceeds from sale of assets	43	43
Capital expenditures	(1,563)	(976)
Due (to) from affiliates	0	0
Net cash used in investing activities	(1,520)	(933)
Cash flows from financing activities:
Net borrowings on ABL Credit Facility	24,207
Net borrowings on European Credit Facilities	0
Net borrowings on Dutch Revolving Credit Facility		0
Repayments of Lines of Credit		(13,756)
Changes in cash overdrafts		236
Debt issuance costs		(88)
Due from (to) affiliates	2,478	8,616
Net cash provided by (used in) financing activities	26,685	(4,992)
Effect of exchange rate changes on cash	0	0
Net decrease in cash and cash equivalents	(3)	(1,692)
Cash and cash equivalents at beginning of period	4	1,700
Cash and cash equivalents at end of period	1	8
Non-Guarantor
Condensed Financial Statements, Captions [Line Items]
Net cash used in operating activities	(7,302)	(8,119)
Cash flows from investing activities:
Proceeds from sale of assets	0	0
Capital expenditures	(546)	(512)
Due (to) from affiliates	(2,478)	(8,616)
Net cash used in investing activities	(3,024)	(9,128)
Cash flows from financing activities:
Net borrowings on ABL Credit Facility	0
Net borrowings on European Credit Facilities	10,523
Net borrowings on Dutch Revolving Credit Facility		14,657
Repayments of Lines of Credit		0
Changes in cash overdrafts		0
Debt issuance costs		0
Due from (to) affiliates	0	0
Net cash provided by (used in) financing activities	10,523	14,657
Effect of exchange rate changes on cash	(400)	(297)
Net decrease in cash and cash equivalents	(203)	(2,887)
Cash and cash equivalents at beginning of period	2,070	7,277
Cash and cash equivalents at end of period	1,867	4,390
Eliminations
Condensed Financial Statements, Captions [Line Items]
Net cash used in operating activities	0	0
Cash flows from investing activities:
Proceeds from sale of assets	0	0
Capital expenditures	0	0
Due (to) from affiliates	2,478	8,616
Net cash used in investing activities	2,478	8,616
Cash flows from financing activities:
Net borrowings on ABL Credit Facility	0
Net borrowings on European Credit Facilities	0
Net borrowings on Dutch Revolving Credit Facility		0
Repayments of Lines of Credit		0
Changes in cash overdrafts		0
Debt issuance costs		0
Due from (to) affiliates	(2,478)	(8,616)
Net cash provided by (used in) financing activities	(2,478)	(8,616)
Effect of exchange rate changes on cash	0	0
Net decrease in cash and cash equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	$ 0	$ 0

Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Apr. 03, 2015	Dec. 31, 2014	Mar. 28, 2014	Dec. 31, 2013
ASSETS
Cash and cash equivalents	$ 1,868	$ 2,074	$ 4,398	$ 8,977
Accounts receivable, less allowances of $1,268 and $1,522, respectively	88,357us-gaap_AccountsReceivableNetCurrent	80,329us-gaap_AccountsReceivableNetCurrent
Inventories, net	110,648us-gaap_InventoryNet	106,385us-gaap_InventoryNet
Income taxes receivable	1,897us-gaap_IncomeTaxesReceivable	1,734us-gaap_IncomeTaxesReceivable
Deferred income taxes	424us-gaap_DeferredTaxAssetsNetCurrent	426us-gaap_DeferredTaxAssetsNetCurrent
Other current assets	7,750us-gaap_OtherAssetsCurrent	7,009us-gaap_OtherAssetsCurrent
Total current assets	210,944us-gaap_AssetsCurrent	197,957us-gaap_AssetsCurrent
Property, plant and equipment, net	104,037us-gaap_PropertyPlantAndEquipmentNet	111,164us-gaap_PropertyPlantAndEquipmentNet
Goodwill	180,659us-gaap_Goodwill	190,158us-gaap_Goodwill
Customer relationships, net	22,754us-gaap_FiniteLivedIntangibleAssetsNet	26,315us-gaap_FiniteLivedIntangibleAssetsNet
Other intangible assets, net	6,365	6,495
Deferred income taxes	179us-gaap_DeferredTaxAssetsNetNoncurrent	0us-gaap_DeferredTaxAssetsNetNoncurrent
Other assets	3,924us-gaap_OtherAssetsNoncurrent	4,687us-gaap_OtherAssetsNoncurrent
Total assets	528,862us-gaap_Assets	536,776us-gaap_Assets
LIABILITIES AND SHAREHOLDERS’ DEFICIT
Accounts payable	83,772us-gaap_AccountsPayableCurrent	78,846us-gaap_AccountsPayableCurrent
Accrued expenses and other current liabilities	25,065us-gaap_AccruedLiabilitiesCurrent	25,509us-gaap_AccruedLiabilitiesCurrent
Accrued interest payable	85us-gaap_InterestPayableCurrent	12,912us-gaap_InterestPayableCurrent
Current portion of long-term debt	450,012us-gaap_LongTermDebtCurrent	4,663us-gaap_LongTermDebtCurrent
Deferred income taxes	811us-gaap_DeferredTaxLiabilitiesCurrent	895us-gaap_DeferredTaxLiabilitiesCurrent
Total current liabilities	559,745us-gaap_LiabilitiesCurrent	122,825us-gaap_LiabilitiesCurrent
Long-term debt	124,408us-gaap_LongTermDebtNoncurrent	534,852us-gaap_LongTermDebtNoncurrent
Deferred income taxes	14,073	15,894
Other liabilities	34,711us-gaap_OtherLiabilitiesNoncurrent	36,311us-gaap_OtherLiabilitiesNoncurrent
Total liabilities	732,937us-gaap_Liabilities	709,882us-gaap_Liabilities
Shareholders’ deficit:
Common stock	196us-gaap_CommonStockValue	196us-gaap_CommonStockValue
Additional paid-in capital	724,661	724,562
Accumulated loss	(934,440)	(903,029)
Accumulated other comprehensive income	5,508	5,165
Total shareholders’ deficit	(204,075)us-gaap_StockholdersEquity	(173,106)us-gaap_StockholdersEquity
Total liabilities and shareholders’ deficit	$ 528,862	$ 536,776