GT Advanced Technologies Inc.

CIK:0001394954|SEC Filings

Accumulated Other Comprehensive Income

6 Months Ended

Jun. 28, 2014

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

The following tables summarize the changes in accumulated balances of other comprehensive income for the periods presented:



	Three months ended June 28, 2014									Six months ended June 28, 2014
	Unrealized Gains and Losses on Cash Flow Hedges			Foreign Currency Items			Total			Unrealized Gains and Losses on Cash Flow Hedges			Foreign Currency Items			Total
Beginning balance	$	(587	)	$	1,380		$	793		$	(590	)	$	1,849		$	1,259
Other comprehensive (loss) income before reclassification	(1		)	(3		)	(4		)	2			(472		)	(470		)
Amounts reclassified from accumulated other comprehensive income	—			—			—			—			—			—
Ending balance	$	(588	)	$	1,377		$	789		$	(588	)	$	1,377		$	789

	Three months ended June 29, 2013									Six months ended June 29, 2013
	Unrealized Gains and Losses on Cash Flow Hedges			Foreign Currency Items			Total			Unrealized Gains and Losses on Cash Flow Hedges			Foreign Currency Items			Total
Beginning balance	$	(566	)	$	1,373		$	807		$	(537	)	$	1,343		$	806
Other comprehensive (loss) income before reclassification	26			218			244			(3		)	248			245
Amounts reclassified from accumulated other comprehensive income	(51		)	—			(51		)	(51		)	—			(51		)
Ending balance	$	(591	)	$	1,591		$	1,000		$	(591	)	$	1,591		$	1,000

The reclassification out of accumulated other comprehensive income to cost of revenue for the three and six months ended June 29, 2013 was $60 ($51 net of tax).

Condensed Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 28, 2014	Jun. 29, 2013
Cash flows from operating activities:
Net loss	$ (127,778)	$ (6,734)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization expense	6,033	5,122
Depreciation expense	16,944	8,666
Prepayment obligation and convertible notes discount amortization	15,799	5,250
Contingent consideration (income) expense	1,837	(3,974)
Loss on asset disposals	(667)	181
Deferred income tax benefit	(28,731)	(14,832)
Excess and obsolete inventory and inventory write-downs	8,947	970
Share-based compensation expense	14,363	9,328
Excess tax benefits from share-based awards	0	(3)
Amortization of deferred financing costs	696	2,262
Other adjustments, net	2,973	275
Changes in operating assets and liabilities (excluding impact of acquired assets and assumed liabilities):
Restricted cash	1,243	0
Accounts receivable	(1,702)	13,120
Inventories	(101,614)	17,689
Deferred costs	(8,223)	25,481
Vendor advances	(10,511)	27,055
Prepaid expenses and other assets	(621)	(579)
Accounts payable and accrued expenses	104,316	(28,095)
Customer deposits	9,171	(72,987)
Deferred revenue	2,069	(53,725)
Income taxes	(6,934)	(10,343)
Other, net	10	171
Net cash used in operating activities	(102,380)	(75,702)
Cash flows from investing activities:
Restricted cash	307,416	0
Purchases and deposits on property, plant and equipment	(380,814)	(2,699)
Purchase of certain assets	(3,506)	0
Proceeds from sale of property, plant and equipment	60	0
Net cash used in investing activities	(76,844)	(2,699)
Cash flows from financing activities:
Proceeds from financing sale-leaseback	14,724	0
Principal payments under credit facility	0	(41,813)
Proceeds and related excess tax benefits from exercise of share‑based awards	8,003	63
Payments related to share repurchases to satisfy statutory minimum tax withholdings	(7,680)	(1,194)
Deferred financing costs	(328)	(2,266)
Other financing activities	(136)	(10)
Net cash provided (used) by financing activities	14,583	(45,220)
Effect of foreign exchange rates on cash	(425)	213
Decrease in cash and cash equivalents	(165,066)	(123,408)
Cash and cash equivalents at beginning of period	498,213	418,095
Cash and cash equivalents at end of period	333,147	294,687
Supplemental cash flow information:
Cash paid for interest, net of capitalized interest	6,759	6,384
Non-cash investing and financing activities:
Increase (decrease) in accounts payable and accrued expenses for property, plant and equipment	22,996	(480)
Fair value of shares issued for acquisition	0	14,463
Contingent consideration issued for acquisition	3,542	6,211
Unpaid deferred financing fees	54	0
Restricted cash received from Apple	214,000	0
Fair value of prepayment obligation	$ 167,300	$ 0

Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Jun. 28, 2014	Dec. 31, 2013
Current assets:
Cash and cash equivalents	$ 333,147	$ 498,213
Restricted cash	87	1,330
Accounts receivable, net	14,021	12,377
Inventories	132,647	39,087
Deferred costs	11,480	2,977
Vendor advances	14,471	1,341
Deferred income taxes	24,392	17,881
Refundable income taxes	2,758	2,759
Prepaid expenses and other current assets	16,179	7,003
Total current assets	549,182	582,968
Restricted cash	0	93,419
Property, plant and equipment, net	611,465	209,760
Intangible assets, net	93,896	95,943
Goodwill	56,888	54,279
Other assets	196,579	150,912
Total assets	1,508,010	1,187,281
Current liabilities:
Current portion of prepayment obligation	43,900	0
Accounts payable	184,614	77,303
Accrued expenses	63,656	39,115
Contingent consideration	6,265	234
Customer deposits	48,165	38,995
Deferred revenue	46,257	19,724
Accrued income taxes	678	301
Total current liabilities	393,535	175,672
Prepayment obligation, net of current portion	306,700	172,475
Convertible notes	294,209	283,914
Deferred income taxes	16,039	23,448
Customer deposits	55,598	55,598
Deferred revenue	173,081	99,672
Contingent consideration	14,521	15,173
Other non-current liabilities	17,711	808
Accrued income taxes	20,787	28,116
Total liabilities	1,292,181	854,876
Commitments and contingencies (Note 14)
Stockholders’ equity:
Preferred stock, 10,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value; 500,000 shares authorized, 137,346 and 134,463 shares issued and outstanding as of June 28, 2014 and December 31, 2013, respectively	1,373	1,345
Additional paid-in capital	367,560	355,916
Accumulated other comprehensive income	789	1,259
Accumulated deficit	(153,893)	(26,115)
Total stockholders' equity	215,829	332,405
Total liabilities and stockholders' equity	$ 1,508,010	$ 1,187,281