Actuant Corporation | |||||||||||||
Pro Forma Consolidated Balance Sheet | |||||||||||||
August 31, 2013 | |||||||||||||
(Unaudited) | |||||||||||||
(Dollars in thousands) | |||||||||||||
As | Pro Forma | Pro Forma | |||||||||||
Reported | Adjustments | Adjusted | |||||||||||
ASSETS | |||||||||||||
Current assets | |||||||||||||
Cash and cash equivalents | $ | 103,986 | $ | 238,946 | (a) | $ | 342,932 | ||||||
Accounts receivable, net | 219,075 | 15,659 | (b) | 234,734 | |||||||||
Inventories, net | 142,549 | — | 142,549 | ||||||||||
Deferred income taxes | 18,796 | (2,368 | ) | (d) | 16,428 | ||||||||
Prepaid expenses and other current assets | 28,228 | — | 28,228 | ||||||||||
Assets of discontinued operations | 272,606 | (272,606 | ) | (c) | — | ||||||||
Total current assets | 785,240 | (20,369 | ) | 764,871 | |||||||||
Property, plant and equipment, net | 201,496 | — | 201,496 | ||||||||||
Goodwill | 734,952 | — | 734,952 | ||||||||||
Other intangible assets, net | 376,692 | — | 376,692 | ||||||||||
Other long-term assets | 20,952 | — | 20,952 | ||||||||||
Total assets | $ | 2,119,332 | $ | (20,369 | ) | $ | 2,098,963 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||
Current liabilities | |||||||||||||
Trade accounts payable | $ | 154,049 | $ | — | $ | 154,049 | |||||||
Accrued compensation and benefits | 43,800 | — | 43,800 | ||||||||||
Income taxes payable | 14,014 | 37,118 | (d) | 51,132 | |||||||||
Other current liabilities | 56,899 | — | 56,899 | ||||||||||
Liabilities of discontinued operations | 53,080 | (53,080 | ) | (c) | — | ||||||||
Total current liabilities | 321,842 | (15,962 | ) | 305,880 | |||||||||
Long-term debt | 515,000 | — | 515,000 | ||||||||||
Deferred income taxes | 115,865 | (21,412 | ) | (d) | 94,453 | ||||||||
Pension and postretirement benefit accruals | 20,698 | (6,725 | ) | (c) | 13,973 | ||||||||
Other long-term liabilities | 65,660 | — | 65,660 | ||||||||||
Shareholders' equity | |||||||||||||
Capital stock | 15,399 | — | 15,399 | ||||||||||
Additional paid-in capital | 49,758 | — | 49,758 | ||||||||||
Accumulated other comprehensive loss | (68,660 | ) | (3,884 | ) | (c) | (72,544 | ) | ||||||
Treasury stock | (104,915 | ) | — | (104,915 | ) | ||||||||
Stock held in trust | (3,124 | ) | — | (3,124 | ) | ||||||||
Deferred compensation liability | 3,124 | — | 3,124 | ||||||||||
Retained earnings | 1,188,685 | 27,614 | (e) | 1,216,299 | |||||||||
Total shareholders' equity | 1,080,267 | 23,730 | 1,103,997 | ||||||||||
Total liabilities and shareholders' equity | $ | 2,119,332 | $ | (20,369 | ) | $ | 2,098,963 |
(a) | Represents estimated sale proceeds, less certain transaction costs, at August 31, 2013. |
(b) | Represents intercompany accounts receivable due from the Electrical Segment (which will be collected from the buyer subsequent to closing) and an estimated post-closing working capital adjustment at August 31, 2013. |
(c) | Reflects the elimination of the assets, liabilities and accumulated other comprehensive loss amounts associated with the discontinued operations of the Electrical Segment. |
(d) | Represents the elimination of deferred income tax balances related to the Electrical Segment and recognition of income taxes payable on the divestiture transaction. |
(e) | Represents the recognition of a gain, net of income taxes, which would have been realized upon the disposition of the Electrical Segment had the transaction closed on August 31, 2013. |