e8vk
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
February 9, 2011
 
AMKOR TECHNOLOGY, INC.
(Exact name of registrant as specified in its charter)
         
DELAWARE   000-29472   23-1722724
         
(State or Other Jurisdiction of
Incorporation)
  (Commission File Number)   (IRS Employer
Identification No.)
1900 SOUTH PRICE ROAD
CHANDLER, AZ 85286

(Address of Principal Executive Offices, including Zip Code)
(480) 821-5000
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 


 

Item 2.02. Results of Operations and Financial Condition.
Attached hereto as Exhibit 99.1 and incorporated by reference herein is financial information for Amkor Technology, Inc. for the three months and year ended December 31, 2010 and forward-looking statements relating to the first quarter of 2011 as presented in a press release dated February 9, 2011. The information in this Form 8-K and the exhibit attached hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
Exhibit 99.1 discloses return on invested capital (“ROIC”) for the years ended December 31, 2010 and 2009 and free cash flow for the three months and year ended December 31, 2010. ROIC and free cash flow are considered non-GAAP financial measures. Generally, a non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles. ROIC is defined as net operating profit after tax divided by average invested capital (the sum of average debt plus average equity minus average cash). We believe that ROIC is useful information for our investors in evaluating whether our capital investments are generating shareholder value. We define free cash flow as net cash provided by operating activities less purchases of property, plant and equipment. However, we believe free cash flow to be relevant and useful information to our investors because it provides them with additional information in assessing our liquidity, capital resources and financial operating results. Our management uses free cash flow in evaluating our liquidity, our ability to service debt and our ability to fund capital additions. However, these measures should be considered in addition to, and not as a substitute for, or superior to other measures of financial performance prepared in accordance with GAAP, and may not be comparable to similarly titled measures reported by other companies. The non-GAAP measures included in our press release have been reconciled to the nearest GAAP measure as required under SEC rules regarding the use of non-GAAP financial measures.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
     
99.1
  Text of Press Release dated February 9, 2011, which is furnished (not filed) herewith.
SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
         
  AMKOR TECHNOLOGY, INC.
 
 
  By:   /s/ Joanne Solomon    
    Joanne Solomon   
    Executive Vice President and Chief Financial Officer   
 
Date: February 9, 2011

 


 

EXHIBIT INDEX:
     
Exhibit   Description
99.1
  Text of Press Release dated February 9, 2011

 

exv99w1
Exhibit 99.1
     
(AMKOR TECHNOLOGY LOGO)   News Release
Amkor Technology Reports Financial Results for the Fourth Quarter and Full Year 2010
Fourth Quarter 2010
    Net sales $751 million
 
    Gross margin 21%
 
    Net income $51 million
 
    Earnings per diluted share $0.20
Full Year 2010
    Net sales $2.94 billion
 
    Gross margin 23%
 
    Net income $232 million
 
    Earnings per diluted share $0.91
CHANDLER, Ariz. — February 9, 2011 — Amkor Technology, Inc. (NASDAQ: AMKR), a leading provider of semiconductor assembly and test services, today announced financial results for the fourth quarter ended December 31, 2010, with net sales of $751 million, net income of $51 million, and earnings per diluted share of $0.20. For the full year 2010, Amkor reported net sales of $2.94 billion, net income of $232 million, and earnings per diluted share of $0.91.
“We delivered record net sales and net income for the full year 2010,” said Ken Joyce, Amkor’s president and chief executive officer. “Strong demand across all of our package families and end markets, particularly in our core markets for wireless communications, gaming and other consumer electronics, drove net sales growth of 35% and a 49% increase in net income. We also reduced our net debt by $79 million and delivered a 24% return on invested capital.”
“During the fourth quarter we saw solid growth in communications, a seasonal decline in gaming and inventory adjustments by some of our customers in the consumer electronics and networking areas,” said Joyce. “The lower business volumes in the quarter, along with unfavorable foreign currency exchange rate movements, reduced our gross margin from the prior quarter.”

 


 

Selected financial information for the fourth quarter 2010 is as follows:
    Net Sales: $751 million, down 5% from $794 million in the prior quarter, and up 12% from $668 million in the fourth quarter of 2009
 
    Gross Margin: 21%, compared to 24% in the prior quarter and 26% in the fourth quarter of 2009
 
    Net Income: $51 million, down from $78 million in the prior quarter, and down from $88 million in the fourth quarter of 2009
 
    Earnings Per Diluted Share: $0.20, down from $0.30 in the prior quarter, and down from $0.33 in the fourth quarter of 2009
Selected financial information for the full year 2010 is as follows:
    Net Sales: $2.94 billion, up 35% from $2.18 billion in 2009
 
    Gross Margin: 23%, compared to 22% in 2009
 
    Net Income: $232 million, up 49% from $156 million in 2009
 
    Earnings Per Diluted Share: $0.91, up from $0.67 in 2009
“Our fourth quarter earnings per diluted share were adversely impacted by approximately $0.04 as a result of unfavorable foreign currency exchange rate movements and $0.02 for an unanticipated reserve for foreign taxes,” said Joanne Solomon, Amkor’s executive vice president and chief financial officer. “Capital additions were $103 million during the fourth quarter, primarily in support of solid demand for wireless communications.”
Cash and cash equivalents were $405 million, and net debt was $959 million, at December 31, 2010. In January 2011, the company redeemed all $100 million of its 6.25% Convertible Subordinated Notes due 2013. The Notes were converted into 13.4 million shares of Amkor Common Stock and no cash was used for the redemption. As a consequence of this conversion, net debt would have been $859 million.
Selected operating data for the fourth quarter and full year 2010 are included in a section before the financial statements.
Business Outlook
“Looking ahead to the first quarter of 2011, our strong position in gaming is amplifying typical seasonal patterns and we see some carryover of the inventory adjustments that began in the fourth quarter,” said Joyce. “The corresponding decline in utilization is expected to compress our gross margin in the first quarter.”
“As we exit the first quarter, we are anticipating a rebound in customer demand and a year of solid growth driven primarily by strength in wireless communications and consumer electronics,” continued Joyce. “To meet the capacity requirements of our leading customers, we are currently planning capital additions of approximately $500 million for 2011, with spending weighted in the first half of the year to take advantage of the growth opportunities we see in the second quarter and the balance of the year.”

 


 

Based upon the currently available information, we have the following expectations for the first quarter of 2011:
    Net sales of $660 million to $690 million, down 8% to down 12% from the prior quarter
 
    Gross margin between 16% and 19%
 
    Net income of $10 million to $35 million, or $0.05 to $0.14 per diluted share
 
    Capital additions of approximately $135 million for the first quarter, and capital additions of approximately $500 million for the full year

 


 

Conference Call Information
Amkor will conduct a conference call on February 9, 2011, at 5:00 p.m. Eastern Daylight Time. This call is being webcast and can be accessed at Amkor’s web site: www.amkor.com. You may also access the call by dialing 877-941-1465. A replay of the call will be made available at Amkor’s web site or by dialing 800-406-7325 (access pass code #4406938). The webcast is also being distributed over Thomson Reuters’ Investor Distribution Network to both institutional and individual investors. Individual investors can listen to the call through Thomson Reuters’ individual investor center at www.companyboardroom.com or by visiting any of the investor sites in Thomson Reuters’ Individual Investor Network. Institutional investors can access the call via Thomson Reuters’ password-protected event management site, Street Events (www.streetevents.com).
About Amkor
Amkor is a leading provider of semiconductor assembly and test services to semiconductor companies and electronics OEMs. More information on Amkor is available from the company’s SEC filings and on Amkor’s website: www.amkor.com.
Forward-Looking Statement Disclaimer
This press release contains forward-looking statements within the meaning of federal securities laws. All statements other than statements of historical fact are considered forward-looking statements including, without limitation, the following statements made regarding: our position in gaming and its impact on our typical seasonal patterns, some carryover of inventory adjustments into the first quarter, a decline in utilization and its expected impact on our gross margin in the first quarter, the anticipated rebound in customer demand and year of solid growth, expected strength in wireless communications and consumer electronics, the amount and timing of our capital additions in 2011, growth opportunities in the second quarter and the balance of the year, and our current business outlook for the first quarter of 2011, including our expected net sales, gross margin, net income, earnings per diluted share and capital additions. These forward-looking statements involve a number of risks, uncertainties, assumptions and other factors that could affect future results and cause actual results and events to differ materially from historical and expected results and those expressed or implied in the forward-looking statements, including, but not limited to, the following:
    the highly unpredictable nature of the semiconductor industry;
 
    the effect of the global economy on credit markets, financial institutions, customers, suppliers and consumers;
 
    inability to achieve high capacity utilization rates;
 
    volatility of consumer demand for products incorporating our semiconductor packages;
 
    dependence on key customers;
 
    weakness in the forecasts of our customers;

 


 

    customer modification of and follow through with respect to forecasts provided to us;
 
    changes in tax rates and taxes as a result of changes in tax law, the jurisdictions in which our income is determined to be earned and taxed, the outcome of tax audits and tax ruling requests, our ability to realize deferred tax assets and the expiration of tax holidays;
 
    curtailment of outsourcing by our customers;
 
    our substantial indebtedness and restrictive covenants;
 
    failure to realize sufficient cash flow to fund capital additions;
 
    the effects of a recession or other downturn in the U.S. and other economies worldwide;
 
    disruptions or deficiencies in our controls resulting from the implementation of our new enterprise resource planning system;
 
    the highly unpredictable nature and costs of litigation and other legal activities and the risk of adverse results of such matters;
 
    worldwide economic effects of terrorist attacks, natural disasters and military conflict;
 
    our ability to control costs;
 
    competitive pricing and declines in average selling prices;
 
    timing and volume of orders relative to production capacity;
 
    fluctuations in manufacturing yields;
 
    competition;
 
    dependence on international operations and sales;
 
    dependence on raw material and equipment suppliers and changes in raw material and precious metal costs;
 
    exchange rate fluctuations;
 
    dependence on key personnel;
 
    difficulties in managing growth;
 
    enforcement of intellectual property rights;
 
    environmental and other governmental regulations; and
 
    technological challenges.
Other important risk factors that could affect the outcome of the events set forth in these statements and that could affect our operating results and financial condition are discussed in the company’s Annual Report on Form 10-K for the year ended December 31, 2009 and in the company’s subsequent filings with the Securities and Exchange Commission made prior to or after the date hereof. Amkor undertakes no obligation to review or update any forward-looking statements to reflect events or circumstances occurring after the date of this press release.
Contact:
Amkor Technology, Inc., Chandler
Joanne Solomon
Executive Vice President & Chief Financial Officer
480-786-7878
joanne.solomon@amkor.com

 


 

AMKOR TECHNOLOGY, INC.
Selected Operating Data
                                         
    Q4 2010     Q3 2010     Q4 2009     2010     2009  
Sales Data:
                                       
Packaging services (in millions):
                                       
Chip scale package
  $ 272     $ 244     $ 224     $ 954     $ 695  
Ball grid array
    186       212       142       747       500  
Leadframe
    176       204       184       761       587  
Other packaging
    46       52       47       188       152  
 
                             
Packaging services
    680       712       597       2,650       1,934  
Test services
    71       82       71       289       245  
 
                             
Total sales
  $ 751     $ 794     $ 668     $ 2,939     $ 2,179  
 
                             
 
                                       
Packaging services:
                                       
Chip scale package
    36 %     31 %     33 %     33 %     32 %
Ball grid array
    25 %     27 %     21 %     25 %     23 %
Leadframe
    24 %     26 %     28 %     26 %     27 %
Other packaging
    6 %     6 %     7 %     6 %     7 %
 
                             
Packaging services
    91 %     90 %     89 %     90 %     89 %
Test services
    9 %     10 %     11 %     10 %     11 %
 
                             
Total sales
    100 %     100 %     100 %     100 %     100 %
 
                             
 
                                       
Packaged units (in millions):
                                       
Chip scale package
    590       618       519       2,130       1,652  
Ball grid array
    61       72       53       228       205  
Leadframe
    1,579       2,185       1,856       7,466       5,773  
Other packaging
    4       8       7       24       24  
 
                             
Total packaged units
    2,234       2,883       2,435       9,848       7,654  
 
                             
 
                                       
Net sales from top ten customers
    57 %     55 %     55 %     54 %     53 %
 
Capacity Utilization (Packaging and test utilization separately presented beginning in Q4 2010. Prior periods were recalculated based on current methodology for comparability):                
Packaging
    78 %     85 %     87 %     82 %     76 %
Test
    74 %     87 %     74 %     78 %     67 %
 
                                       
End Market Distribution Data (an approximation including representative devices and applications based on a sampling of our largest customers. Prior periods were revised for an expanded sampling methodology and refinement of our classifications):                
 
   
Communications (cell phones, Ethernet, WiMAX, wireless LAN, Bluetooth)
    40 %     34 %     39 %     36 %     37 %
Consumer (gaming, set top boxes, TV, portable media)
    26 %     30 %     26 %     28 %     28 %
Computing (PCs, servers, displays, hard disk drive, printers, other peripherals)
    12 %     14 %     13 %     14 %     14 %
Networking (infrastructure, routers, network servers)
    13 %     13 %     13 %     13 %     13 %
Other (auto, industrial)
    9 %     9 %     9 %     9 %     8 %
 
                             
Total
    100 %     100 %     100 %     100 %     100 %
 
                             
 
                                       
Gross Margin Data:
                                       
Net sales
    100 %     100 %     100 %     100 %     100 %
Cost of sales:
                                       
Materials
    43 %     43 %     40 %     43 %     40 %
Labor
    13 %     12 %     13 %     12 %     13 %
Other manufacturing
    23 %     21 %     21 %     22 %     25 %
 
                             
Gross margin
    21 %     24 %     26 %     23 %     22 %
 
                             


 

AMKOR TECHNOLOGY, INC.
Selected Operating Data
                 
    2010     2009  
    (in millions)  
Return on Invested Capital:
               
Operating income
  $ 374     $ 225  
Income tax (expense) benefit
    (19 )     30  
 
           
Net operating profit after tax (NOPAT)
  $ 355     $ 255  
 
           
 
               
Invested capital:
               
Average debt
  $ 1,399     $ 1,464  
Plus average equity
    507       310  
Less average cash
    (400 )     (410 )
 
           
Average invested capital
  $ 1,506     $ 1,364  
 
           
 
               
Return on invested capital (NOPAT / average invested capital)*
    24 %     19 %
 
           
                                         
    Q4 2010     Q3 2010     Q4 2009     2010     2009  
    (in millions, except per share data)  
Capital Investment Data:
                                       
Property, plant and equipment additions
  $ 103     $ 171     $ 69     $ 505     $ 198  
Net change in related accounts payable and deposits
    66       (37 )     (7 )     (59 )     (24 )
 
                             
Purchases of property, plant and equipment
  $ 169     $ 134     $ 62     $ 446     $ 174  
 
                             
Depreciation and amortization
  $ 87     $ 83     $ 75     $ 324     $ 306  
 
                                       
Free Cash Flow Data:
                                       
Net cash provided by operating activities
  $ 176     $ 176     $ 106     $ 543     $ 262  
Less purchases of property, plant and equipment
    (169 )     (134 )     (62 )     (446 )     (174 )
 
                             
Free cash flow*
  $ 7     $ 42     $ 44     $ 97     $ 88  
 
                             
 
                                       
Earnings per Share Data:
                                       
Net income attributable to Amkor — basic
  $ 51     $ 78     $ 88     $ 232     $ 156  
Adjustment for dilutive securities on net income:
                                       
Interest on 2.5% convertible notes due 2011, net of tax
                      1       2  
Interest on 6.25% convertible notes due 2013, net of tax
    2       2       2       7       7  
Interest on 6.0% convertible notes due 2014, net of tax
    4       4       4       16       12  
 
                             
Net income attributable to Amkor — diluted
  $ 57     $ 84     $ 94     $ 256     $ 177  
 
                             
 
                                       
Weighted average shares outstanding — basic
    183       183       183       183       183  
Effect of dilutive securities:
                                       
Stock options and unvested restricted shares
    1                   1        
2.5% convertible notes due 2011
    3       3       3       3       5  
6.25% convertible notes due 2013
    13       13       13       13       13  
6.0% convertible notes due 2014
    83       83       83       83       62  
 
                             
Weighted average shares outstanding — diluted
    283       282       282       283       263  
 
                             
 
                                       
Net income attributable to Amkor per common share:
                                       
Basic
  $ 0.28     $ 0.42     $ 0.48     $ 1.26     $ 0.85  
 
                             
Diluted
  $ 0.20     $ 0.30     $ 0.33     $ 0.91     $ 0.67  
 
                             
 
*   Return on invested capital (“ROIC”) is defined as net operating profit after tax divided by average invested capital (the sum of average debt plus average equity minus average cash). ROIC is not defined by generally accepted accounting principles (“GAAP”). We believe that ROIC is useful information for our investors in evaluating whether our capital investments are generating shareholder value.

We define free cash flow as net cash provided by operating activities less purchases of property, plant and equipment. Free cash flow is not defined by GAAP. However, we believe free cash flow to be relevant and useful information to our investors because it provides them with additional information in assessing our liquidity, capital resources and financial operating results. Our management uses free cash flow in evaluating our liquidity, our ability to service debt and our ability to fund capital additions.

However, these measures should be considered in addition to, and not as a substitute for, or superior to, other measures of financial performance prepared in accordance with GAAP, and our definitions of ROIC and free cash flow may not be comparable to similarly titled measures reported by other companies.

 


 

AMKOR TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
                                 
    For the Three Months     For the Year  
    Ended December 31,     Ended December 31,  
    2010     2009     2010     2009  
    (In thousands, except per share data)  
 
                               
Net sales
  $ 750,609     $ 667,612     $ 2,939,483     $ 2,179,109  
Cost of sales
    591,266       492,258       2,275,727       1,698,713  
 
                       
Gross profit
    159,343       175,354       663,756       480,396  
 
                       
 
                               
Operating expenses:
                               
Selling, general and administrative
    62,037       54,640       242,424       210,626  
Research and development
    11,097       10,907       47,534       44,453  
 
                       
Total operating expenses
    73,134       65,547       289,958       255,079  
 
                       
Operating income
    86,209       109,807       373,798       225,317  
 
                       
Other (income) expense:
                               
Interest expense
    19,202       23,434       85,595       102,396  
Interest expense, related party
    3,813       3,813       15,250       13,000  
Interest income
    (675 )     (841 )     (2,950 )     (2,367 )
Foreign currency loss
    4,746       1,178       13,756       3,339  
Loss (gain) on debt retirement, net
          570       18,042       (15,088 )
Equity in earnings of unconsolidated affiliate
    (1,552 )     (2,373 )     (6,435 )     (2,373 )
Other income, net
    (144 )     (36 )     (619 )     (113 )
 
                       
Total other expense, net
    25,390       25,745       122,639       98,794  
 
                       
Income before income taxes
    60,819       84,062       251,159       126,523  
Income tax expense (benefit)
    10,058       (3,820 )     19,012       (29,760 )
 
                       
Net income
    50,761       87,882       232,147       156,283  
Net (income) loss attributable to noncontrolling interests
    (157 )     104       (176 )     (303 )
 
                       
Net income attributable to Amkor
  $ 50,604     $ 87,986     $ 231,971     $ 155,980  
 
                       
 
                               
Net income attributable to Amkor per common share:
                               
Basic
  $ 0.28     $ 0.48     $ 1.26     $ 0.85  
 
                       
Diluted
  $ 0.20     $ 0.33     $ 0.91     $ 0.67  
 
                       
Shares used in computing per common share amounts:
                               
Basic
    183,404       183,134       183,312       183,067  
Diluted
    282,830       282,495       282,602       263,379  

 


 

AMKOR TECHNOLOGY, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
                 
    December 31,     December 31,  
    2010     2009  
    (In thousands)  
ASSETS
       
Current assets:
               
Cash and cash equivalents
  $ 404,998     $ 395,406  
Restricted cash
    17,782       2,679  
Accounts receivable:
               
Trade, net of allowances
    392,327       328,252  
Other
    17,970       18,666  
Inventories
    191,072       155,185  
Other current assets
    37,918       32,737  
 
           
Total current assets
    1,062,067       932,925  
 
               
Property, plant and equipment, net
    1,537,226       1,364,630  
Intangibles, net
    13,524       9,975  
Investments
    28,215       19,108  
Restricted cash
    1,945       6,795  
Other assets
    93,845       99,476  
 
           
Total assets
  $ 2,736,822     $ 2,432,909  
 
           
 
               
LIABILITIES AND EQUITY
       
Current liabilities:
               
Short-term borrowings and current portion of long-term debt
  $ 150,081     $ 88,944  
Trade accounts payable
    443,333       361,263  
Accrued expenses
    178,794       155,630  
 
           
Total current liabilities
    772,208       605,837  
 
               
Long-term debt
    964,219       1,095,241  
Long-term debt, related party
    250,000       250,000  
Pension and severance obligations
    103,543       83,067  
Other non-current liabilities
    10,171       9,063  
 
           
Total liabilities
    2,100,141       2,043,208  
 
           
 
               
Equity:
               
Amkor stockholders’ equity:
               
Preferred stock
           
Common stock, $0.001 par value, 500,000 shares authorized, 183,467 and 183,171 shares issued, and 183,420 and 183,171 shares outstanding, in 2010 and 2009, respectively
    183       183  
Additional paid-in capital
    1,504,927       1,500,246  
Accumulated deficit
    (890,270 )     (1,122,241 )
Accumulated other comprehensive income
    15,457       5,021  
Treasury stock, at cost, 47 shares in 2010
    (284 )      
 
           
Total Amkor stockholders’ equity
    630,013       383,209  
Noncontrolling interests in subsidiaries
    6,668       6,492  
 
           
Total equity
    636,681       389,701  
 
           
Total liabilities and equity
  $ 2,736,822     $ 2,432,909  
 
           

 


 

AMKOR TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
                 
    For the Year Ended  
    December 31,  
    2010     2009  
    (In thousands)  
Cash flows from operating activities:
               
Net income
  $ 232,147     $ 156,283  
Depreciation and amortization
    323,608       305,510  
Loss (gain) on debt retirement, net
    10,562       (15,088 )
Other operating activities and non-cash items
    11,522       (17,595 )
Changes in assets and liabilities
    (35,244 )     (167,385 )
 
           
Net cash provided by operating activities
    542,595       261,725  
 
           
 
               
Cash flows from investing activities:
               
Purchases of property, plant and equipment
    (445,669 )     (173,496 )
Proceeds from the sale of property, plant and equipment
    3,125       3,116  
Purchase of equipment leased to unconsolidated affiliate
          (44,681 )
Investment in unconsolidated affiliate
          (16,735 )
Financing lease payment from unconsolidated affiliate
    13,384        
Other investing activities
    (15,761 )     (9,082 )
 
           
Net cash used in investing activities
    (444,921 )     (240,878 )
 
           
 
               
Cash flows from financing activities:
               
Borrowings under revolving credit facilities
    3,261       41,410  
Payments under revolving credit facilities
    (34,253 )     (10,171 )
Proceeds from issuance of short-term working capital facility
    15,000       15,000  
Payments of short-term working capital facility
    (15,000 )      
Proceeds from issuance of long-term debt
    611,007       100,000  
Proceeds from issuance of long-term debt, related party
          150,000  
Payments of long-term debt, net of redemption premiums and discounts
    (663,433 )     (338,104 )
Payments for debt issuance costs
    (7,487 )     (8,479 )
Proceeds from issuance of stock through stock compensation plans
    1,048       693  
 
           
Net cash used in financing activities
    (89,857 )     (49,651 )
 
           
 
               
Effect of exchange rate fluctuations on cash and cash equivalents
    1,775       (106 )
 
           
 
               
Net increase (decrease) in cash and cash equivalents
    9,592       (28,910 )
Cash and cash equivalents, beginning of period
    395,406       424,316  
 
           
Cash and cash equivalents, end of period
  $ 404,998     $ 395,406