Supplemental Consolidating Financial Information (Tables)

12 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Condensed Consolidating Statement of Income



Chiquita Brands International, Inc.
Condensed Consolidating Statement of Income
Year Ended December 31, 2014
(in thousands)
	CBII			CBLLC			Guarantor			Non-Guarantor			Consolidating			Company
	(Co-issuer)			(Co-issuer)			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	955,302		$	1,214,555		$	2,088,245		$	(1,167,878	)	$	3,090,224
Cost of sales	—			921,895			1,070,671			1,910,031			(1,167,480		)	2,735,117
Selling, general and administrative	32,909			17,716			84,120			83,316			—			218,061
Depreciation	—			4,553			25,539			21,206			—			51,298
Amortization	—			—			9,342			26			—			9,368
Equity in (earnings) losses of investees	(63,586		)	(96,919		)	4,214			(2,750		)	156,291			(2,750		)
Transaction Costs	51,266			—			—			—			—			51,266
Restructuring and relocation costs	460			—			—			—			—			460
Operating income (loss)	(21,049		)	108,057			20,669			76,416			(156,689		)	27,404
Interest income	—			3			33			2,679			—			2,715
Interest expense	(21,735		)	(36,707		)	(2,989		)	(465		)	—			(61,896		)
Loss on debt extinguishment	—			(521		)	—			—			—			(521		)
Other income (expense), net	—			—			300			(10,206		)	—			(9,906		)
Intercompany interest and other	580			(7,246		)	(274		)	6,542			398			—
Income (loss) from continuing operations before income taxes	(42,204		)	63,586			17,739			74,966			(156,291		)	(42,204		)
Income tax (expense) benefit	(20,332		)	(43,182		)	749			(19,704		)	62,137			(20,332		)
Net income (loss)	$	(62,536	)	$	20,404		$	18,488		$	55,262		$	(94,154	)	$	(62,536	)



Chiquita Brands International, Inc.
Condensed Consolidating Statement of Income
Year Ended December 31, 2013
(in thousands)
	CBII			CBLLC			Guarantor			Non-Guarantor			Consolidating			Company
	(Co-issuer)			(Co-issuer)			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	789,846		$	1,231,560		$	1,981,726		$	(945,650	)	$	3,057,482
Cost of sales	—			774,653			1,102,136			1,777,275			(945,636		)	2,708,428
Selling, general and administrative	36,970			15,726			89,680			91,330			—			233,706
Depreciation	—			5,604			27,958			22,353			—			55,915
Amortization	—			—			9,342			24			—			9,366
Equity in (earnings) losses of investees	(48,128		)	(97,089		)	(24		)	(258		)	145,241			(258		)
Restructuring and relocation costs	(15		)	353			145			(3		)	—			480
Operating income (loss)	11,173			90,599			2,323			91,005			(145,255		)	49,845
Interest income	—			17			171			2,668			—			2,856
Interest expense	(22,563		)	(36,913		)	(1,630		)	(38		)	—			(61,144		)
Loss on debt extinguishment	(843		)	(5,432		)	—			—			—			(6,275		)
Other income (expense), net	1,037			(143		)	180			2,434			14			3,522
Income (loss) from continuing operations before income taxes	(11,196		)	48,128			1,044			96,069			(145,241		)	(11,196		)
Income tax (expense) benefit	(4,619		)	19,461			(1,240		)	(7,619		)	(10,602		)	(4,619		)
Net income (loss)	$	(15,815	)	$	67,589		$	(196	)	$	88,450		$	(155,843	)	$	(15,815	)



Chiquita Brands International, Inc.
Condensed Consolidating Statement of Income
Year Ended December 31, 2012
(in thousands)
	CBII			CBLLC			Guarantor			Non-Guarantor			Consolidating			Company
	(Co-issuer)			(Co-issuer)			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net sales	$	—		$	707,939		$	1,248,854		$	1,987,888		$	(866,344	)	$	3,078,337
Cost of sales	521			657,836			1,109,273			1,842,302			(866,892		)	2,743,040
Selling, general and administrative	41,335			26,146			96,137			111,613			—			275,231
Depreciation	—			3,998			28,678			21,060			—			53,736
Amortization	—			—			9,394			24			—			9,418
Equity in (earnings) losses of investees and subsidiaries	220,010			215,479			(929		)	33,433			(434,560		)	33,433
Restructuring and relocation costs	11,065			6,391			13,182			4,791			—			35,429
Goodwill and trademark impairment	—			—			180,105			1,779			—			181,884
Operating income (loss)	(272,931		)	(201,911		)	(186,986		)	(27,114		)	435,108			(253,834		)
Interest income	—			24			198			2,909			—			3,131
Interest expense	(27,167		)	(17,813		)	(80		)	(239		)	—			(45,299		)
Loss on debt extinguishment	—			—			—			—			—			—
Other income (expense), net	320			(310		)	1,028			(2,283		)	(548		)	(1,793		)
Income (loss) from continuing operations before income taxes	(299,778		)	(220,010		)	(185,840		)	(26,727		)	434,560			(297,795		)
Income tax (expense) benefit	(105,239		)	(3,604		)	17,855			(17,553		)	3,302			(105,239		)
Income (loss) from continuing operations	(405,017		)	(223,614		)	(167,985		)	(44,280		)	437,862			(403,034		)
Loss from discontinued operations, net of income taxes	—			—			—			(1,983		)	—			(1,983		)
Net income (loss)	$	(405,017	)	$	(223,614	)	$	(167,985	)	$	(46,263	)	$	437,862		$	(405,017	)

Condensed Consolidating Statement of Comprehensive Income



Chiquita Brands International, Inc.
Condensed Consolidating Statement of Comprehensive Income
Year Ended December 31, 2014
(in thousands)
	CBII			CBLLC			Guarantor		Non-Guarantor			Consolidating			Company
	(Co-issuer)			(Co-issuer)			Subsidiaries		Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	(62,536	)	$	20,404		$	18,488	$	55,262		$	(94,154	)	$	(62,536	)
Unrealized foreign currency translation gains (losses)	—			—			—		16			—			16
Realized gains for foreign currency translation on business disposal reclassified into Other income (expense), net	—			—			—		163			—			163
Net other comprehensive income (loss) related to foreign currency translation	—			—			—		179			—			179

Unrealized gains (losses) on derivatives for the period	—			—			—		15,871			—			15,871
Derivative (gains) losses reclassified into Net sales	—			—			—		(7,391		)	—			(7,391		)
Derivative (gains) losses reclassified into Cost of sales	—			—			—		4,473			—			4,473
Net other comprehensive income (loss) related to derivatives	—			—			—		12,953			—			12,953

Actuarial gains (losses) for the period, net of tax	—			(4,719		)			(3,901		)	—			(8,620		)
Pension cost amortization	—			410			—		779			—			1,189
Net other comprehensive income (loss) related to defined benefit pension and severance plans	—			(4,309		)	—		(3,122		)	—			(7,431		)

Other comprehensive income (loss) of investments in subsidiaries	5,701			10,010			—		—			(15,711		)	—

Comprehensive income (loss)	$	(56,835	)	$	26,105		$	18,488	$	65,272		$	(109,865	)	$	(56,835	)



Chiquita Brands International, Inc.
Condensed Consolidating Statement of Comprehensive Income
Year Ended December 31, 2013
(in thousands)
	CBII			CBLLC		Guarantor			Non-Guarantor			Consolidating			Company
	(Co-issuer)			(Co-issuer)		Subsidiaries			Subsidiaries			Eliminations			Consolidated
Net income (loss)	$	(15,815	)	$	67,589	$	(196	)	$	88,450		$	(155,843	)	$	(15,815	)
Other comprehensive income (loss), net of tax where applicable:
Unrealized foreign currency translation gains (losses)	—			—		—			(349		)	—			(349		)

Change in fair value of available-for-sale investment	157			—		—			—			—			157
Realized gains of available-for-sale investment reclassified into Other income (expense), net	(561		)	—		—			—			—			(561		)
Net other comprehensive income (loss) related to available-for-sale investment	(404		)	—		—			—			—			(404		)

Unrealized gains (losses) on derivatives for the period	—			—		—			(11,111		)	—			(11,111		)
Derivative (gains) losses reclassified into Net Sales	—			—		—			29,858			—			29,858
Derivative (gains) losses reclassified into Cost of sales	—			—		—			(7,839		)	—			(7,839		)
Net other comprehensive income (loss) related to derivatives	—			—		—			10,908			—			10,908

Actuarial gains (losses) for the period, net of tax	—			5,697		—			(2,467		)	—			3,230
Pension cost amortization	—			496		—			861			—			1,357
Net other comprehensive income (loss) related to defined benefit pension and severance plans	—			6,193		—			(1,606		)	—			4,587

Other comprehensive income (loss) of investments in subsidiaries	15,146			8,953		—			—			(24,099		)	—

Comprehensive income (loss)	$	(1,073	)	$	82,735	$	(196	)	$	97,403		$	(179,942	)	$	(1,073	)



Chiquita Brands International, Inc.
Condensed Consolidating Statement of Comprehensive Income
Year Ended December 31, 2012
(in thousands)
	CBII			CBLLC			Guarantor			Non-Guarantor			Consolidating		Company
	(Co-issuer)			(Co-issuer)			Subsidiaries			Subsidiaries			Eliminations		Consolidated
Net income (loss)	$	(405,017	)	$	(223,614	)	$	(167,985	)	$	(46,263	)	$	437,862	$	(405,017	)
Other comprehensive income (loss), net of tax where applicable:
Unrealized foreign currency translation gains (losses)	—			—			—			(194		)	—		(194		)

Change in fair value of available-for-sale investment	1,944			—			—			—			—		1,944
Realized gains of available-for-sale investment reclassified into Other income (expense), net	(722		)	—			—			—			—		(722		)
Net other comprehensive income (loss) related to available-for-sale investment	1,222			—			—			—			—		1,222

Unrealized gains (losses) on derivatives for the period	—			—			—			(16,928		)	—		(16,928		)
Derivative (gains) losses reclassified into Net Sales	—			—			—			(1,240		)	—		(1,240		)
Derivative (gains) losses reclassified into Cost of sales	—			—			—			(16,053		)	—		(16,053		)
Net other comprehensive income (loss) related to derivatives	—			—			—			(34,221		)	—		(34,221		)

Actuarial gains (losses) for the period, net of tax	—			(898		)	—			1,087			—		189
Pension cost amortization	—			374			—			415			—		789
Net other comprehensive income (loss) related to defined benefit pension and severance plans	—			(524		)	—			1,502			—		978

Other comprehensive income (loss) of investments in subsidiaries	(33,437		)	(32,913		)	—			—			66,350		—

Comprehensive income (loss)	$	(437,232	)	$	(257,051	)	$	(167,985	)	$	(79,176	)	$	504,212	$	(437,232	)

Condensed Consolidating Balance Sheet



Chiquita Brands International, Inc.
Condensed Consolidating Balance Sheet
December 31, 2014
(in thousands)
	CBII		CBLLC		Guarantor		Non-Guarantor		Consolidating			Company
	(Co-Issuer)		(Co-issuer)		Subsidiaries		Subsidiaries		Eliminations			Consolidated
ASSETS
Current assets:
Cash and equivalents	$	—	$	13,707	$	—	$	34,453	$	—		$	48,160
Trade receivables, less allowances	—		49,844		47,579		119,997		—			217,420
Other receivables, net	—		4,383		3,302		59,335		(210		)	66,810
Inventories	—		9,657		34,331		153,319		—			197,307
Prepaid expenses	209		5,555		8,193		24,861		—			38,818
Other current assets	—		10,070		11,506		503		(7,530		)	14,549
Total current assets	209		93,216		104,911		392,468		(7,740		)	583,064
Property, plant and equipment, net	—		15,680		194,362		186,987		—			397,029
Investments and other assets, net	22,032		11,209		4,372		79,150		(6,543		)	110,220
Trademarks	—		208,085		38,500		179,500		—			426,085
Goodwill	—		—		18,095		—		—			18,095
Other intangible assets, net	—		—		77,511		34		—			77,545
Investments in and accounts with subsidiaries	1,431,037		1,165,799		1,572		—		(2,598,408		)	—
Due from affiliates	$	84,298	$	2,377,190	$	1,537,915	$	626,343	$	(4,625,746	)	$	—
Total assets	$	1,537,576	$	3,871,179	$	1,977,238	$	1,464,482	$	(7,238,437	)	$	1,612,038

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt and capital lease obligations	$	—	$	1,500	$	1,674	$	1,529	$	—		$	4,703
Accounts payable	6,795		7,672		86,010		122,809		—			223,286
Accrued liabilities	31,752		24,308		54,199		48,436		(7,740		)	150,955
Total current liabilities	38,547		33,480		141,883		172,774		(7,740		)	378,944
Long-term debt and capital lease obligations, net of current portion	176,431		415,858		39,945		5,284		—			637,518
Accrued pension and other employee benefits	14,637		6,549		—		68,195		—			89,381
Deferred tax liabilities	—		83,188		27,720		—		(6,543		)	104,365
Due to affiliates	981,225		1,893,148		1,346,665		404,708		(4,625,746		)	—
Other liabilities	3,402		7,919		21,979		45,196		—			78,496
Total liabilities	1,214,242		2,440,142		1,578,192		696,157		(4,640,029		)	1,288,704
Commitments and contingencies
Total shareholders' equity	323,334		1,431,037		399,046		768,325		(2,598,408		)	323,334
Total liabilities and shareholders' equity	$	1,537,576	$	3,871,179	$	1,977,238	$	1,464,482	$	(7,238,437	)	$	1,612,038



Chiquita Brands International, Inc.
Condensed Consolidating Balance Sheet
December 31, 2013
(in thousands)
	CBII		CBLLC		Guarantor		Non-Guarantor		Consolidating			Company
	(Co-Issuer)		(Co-issuer)		Subsidiaries		Subsidiaries		Eliminations			Consolidated
ASSETS
Current assets:
Cash and equivalents	$	—	$	15,851	$	—	$	38,166	$	—		$	54,017
Trade receivables, less allowances	—		49,325		51,189		151,554		—			252,068
Other receivables, net	1,061		402		5,140		49,670		—			56,273
Inventories	—		15,567		34,831		160,166		—			210,564
Prepaid expenses	1,024		3,661		11,040		34,008		—			49,733
Due from affiliates	68,194		2,060,284		1,270,479		490,208		(3,889,165		)	—
Other current assets	—		2,751		12,753		—		(8,964		)	6,540
Total current assets	70,279		2,147,841		1,385,432		923,772		(3,898,129		)	629,195
Property, plant and equipment, net	—		20,258		201,346		169,169		—			390,773
Investments and other assets, net	15,445		19,548		3,644		75,218		(5,778		)	108,077
Trademarks	—		208,085		38,500		179,500		—			426,085
Goodwill	—		—		18,095		—		—			18,095
Other intangible assets, net	—		—		86,853		60		—			86,913
Investments in and accounts with subsidiaries	1,402,089		1,073,711		3,186		—		(2,478,986		)	—
Total assets	$	1,487,813	$	3,469,443	$	1,737,056	$	1,347,719	$	(6,382,893	)	$	1,659,138

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt and capital lease obligations	$	—	$	1,500	$	726	$	45	$	—		$	2,271
Accounts payable	1,126		8,150		89,352		149,645		—			248,273
Accrued liabilities	27,547		36,384		57,984		45,083		(8,964		)	158,034
Due to affiliates	903,865		1,517,129		1,122,258		345,913		(3,889,165		)	—
Total current liabilities	932,538		1,563,163		1,270,320		540,686		(3,898,129		)	408,578
Long-term debt and capital lease obligations, net of current portion	164,050		427,049		38,147		107		—			629,353
Accrued pension and other employee benefits	15,223		2,818		—		59,025		—			77,066
Deferred gain - sale of shipping fleet	—		—		—		6,290		—			6,290
Deferred tax liabilities	115		66,142		42,539		661		(5,778		)	103,679
Other liabilities	1,449		8,182		8,885		41,218		—			59,734
Total liabilities	1,113,375		2,067,354		1,359,891		647,987		(3,903,907		)	1,284,700
Commitments and contingencies
Total shareholders' equity	374,438		1,402,089		377,165		699,732		(2,478,986		)	374,438
Total liabilities and shareholders' equity	$	1,487,813	$	3,469,443	$	1,737,056	$	1,347,719	$	(6,382,893	)	$	1,659,138

Condensed Consolidating Statement of Cash Flow



Chiquita Brands International, Inc.
Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 2014
(in thousands)
	CBII		CBLLC			Guarantor			Non-Guarantor			Consolidating			Company
	(Co-Issuer)		(Co-Issuer)			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Cash provided (used) by:
Operating cash flow	$	—	$	17,908		$	9,028		$	26,865		$	—		$	53,801

Capital expenditures	—		(3,403		)	(13,289		)	(32,959		)	—			(49,651		)
Net proceeds from sale of:
Equity method investments	—		—			—			3,671			—			3,671
Other long-term assets	—		—			1,219			1,685			—			2,904
Investing activity with subsidiaries	—		(4,583		)	(570		)	—			5,153			—
Other, net	—		—			—			(3,685		)	—			(3,685		)
Investing cash flow	—		(7,986		)	(12,640		)	(31,288		)	5,153			(46,761		)

Repayments of long-term debt and capital lease obligations	—		(11,500		)	(831		)	—			—			(12,331		)
Borrowings under the 2013 ABL Revolver	—		24,000			—			—			—			24,000
Repayments of the 2013 ABL Revolver	—		(24,000		)	—			—			—			(24,000		)
Payments for debt modification and issuance costs	—		(266		)	—			—			—			(266		)
Payments of debt extinguishment costs	—		(300		)	—			—			—			(300		)
Financing activity with subsidiaries	—		—			4,443			710			(5,153		)	—
Financing cash flow	—		(12,066		)	3,612			710			(5,153		)	(12,897		)
Increase (decrease) in cash and equivalents	—		(2,144		)	—			(3,713		)	—			(5,857		)
Cash and equivalents, beginning of period	—		15,851			—			38,166			—			54,017
Cash and equivalents, end of period	$	—	$	13,707		$	—		$	34,453		$	—		$	48,160



Chiquita Brands International, Inc.
Condensed Consolidating Statement of Cash Flows
Year Ended December 31, 2013
(in thousands)
	CBII			CBLLC			Guarantor			Non-Guarantor			Consolidating			Company
	(Co-Issuer)			(Co-Issuer)			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Cash provided (used) by:
Operating cash flow	$	(4,420	)	$	49,260		$	3,698		$	42,941		$	—		$	91,479

Capital expenditures	—			(3,673		)	(19,167		)	(26,214		)	—			(49,054		)
Contribution to equity method investment	—			—			—			(18,422		)	—			(18,422		)
Net proceeds from sale of:
Equity method investments	—			—			—			3,396			—			3,396
Other long-term assets	1,819			—			7,645			313			—			9,777
Investing activity with subsidiaries	—			—			8,027			—			(8,027		)	—
Other, net	—			—			—			3,541			—			3,541
Investing cash flow	1,819			(3,673		)	(3,495		)	(37,386		)	(8,027		)	(50,762		)

Issuances of long-term debt	—			429,415			—			—			—			429,415
Repayments of long-term debt and capital lease obligations	—			(412,901		)	(203		)	(86		)	—			(413,190		)
Borrowings under the 2013 ABL Revolver	—			36,590			—			—			—			36,590
Repayments of the 2013 ABL Revolver	—			(36,590		)	—			—			—			(36,590		)
Repayments of the Credit Facility Revolver	—			(40,000		)	—			—			—			(40,000		)
Payments for debt modification and issuance costs	—			(13,951		)	—			—			—			(13,951		)
Financing activity with subsidiaries	—			(5,003		)	—			(3,024		)	8,027			—
Financing cash flow	—			(42,440		)	(203		)	(3,110		)	8,027			(37,726		)
Increase (decrease) in cash and equivalents	(2,601		)	3,147			—			2,445			—			2,991
Cash and equivalents, beginning of period	2,601			12,704			—			35,721			—			51,026
Cash and equivalents, end of period	$	—		$	15,851		$	—		$	38,166		$	—		$	54,017

CHIQUITA BRANDS INTERNATIONAL INC 10-K