| Condensed Financial Information of Parent Company Only Disclosure [Text Block] |
SCHEDULE I—CONDENSED FINANCIAL INFORMATION OF REGISTRANT
PARENT COMPANY BALANCE SHEETS
(in thousands)
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Year Ended
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December 28,
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December 29,
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2014
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2013
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Assets
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Investment in subsidiaries
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$
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528,684
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$
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537,460
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Total assets
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$
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528,684
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$
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537,460
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Equity
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Spansion Inc. Stockholders’ equity:
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Capital stock:
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Class A common stock, $0.001 par value, 150,000,000 shares authorized, 62,585,032 shares issued and outstanding as of December 28, 2014 (58,882,949 as of December 29, 2013)
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63
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59
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Class B common stock, $0.001 par value, 1 share authorized, 0 share issued and outstanding as of December 28, 2014 (1 share issued and outstanding as of December 28, 2013 and December 30, 2012)
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-
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-
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Preferred stock, $0.001 par value, 50,000,000 shares authorized, 0 shares issued and outstanding
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-
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-
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Additional paid-in capital
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806,916
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747,393
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Accumulated deficit
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(275,993
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)
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(205,959
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)
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Accumulated other comprehensive loss
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(2,302
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)
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(4,033
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)
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Total stockholders' equity
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$
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528,684
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$
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537,460
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PARENT COMPANY STATEMENTS OF OPERATIONS
(in thousands)
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Year Ended
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December 28,
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December 29,
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December 30,
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2014
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2013
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2012
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Equity in undistributed earnings of subsidiary
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$
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(70,034
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)
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$
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(78,268
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)
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$
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24,887
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Net income (loss)
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$
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(70,034
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)
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$
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(78,268
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)
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$
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24,887
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PARENT COMPANY STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(in thousands)
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Year Ended
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December 28,
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December 29,
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December 30,
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2014
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2013
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2012
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Net income (loss)
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$
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(70,034
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)
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$
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(78,268
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)
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$
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24,384
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Other comprehensive income (loss), net of tax:
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Net foreign currency translation gain (loss)
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354
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(1,350
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)
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(1,057
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)
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Gain (loss) on recovery from impaired investments
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-
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(1,200
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)
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1,200
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Net unrecognized loss on the Defined Benefit Plan
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(51
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)
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-
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-
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Net unrealized gain (loss) on cash flow hedges:
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Net unrealized hedge gain (loss) arising during the period
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(7,623
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)
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15,714
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741
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Net gain reclassified into earnings for revenue hedges (ineffective portion)
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-
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(2,415
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)
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-
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Net gain reclassified into earnings for cash flow hedges (effective portion)
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(978
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)
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(13,298
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)
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(740
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)
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Net loss reclassified into earnings for expense hedges
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10,029
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-
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-
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Net unrealized gain on cash flow hedges
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1,428
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1
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1
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Other comprehensive income (loss), net of tax
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1,731
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(2,549
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)
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144
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Total comprehensive income (loss)
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$
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(68,303
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)
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$
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(80,817
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)
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$
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24,528
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Less: Comprehensive income attributable to noncontrolling interest
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-
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-
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(503
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)
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Comprehensive income (loss) attributable to Spansion Inc. common stockholders
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$
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(68,303
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)
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$
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(80,817
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)
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$
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25,031
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PARENT COMPANY STATEMENTS OF CASH FLOWS
(in thousands)
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Year Ended
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December
28, 2014
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December
29, 2013
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December
30, 2012
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Cash Flows from Operating Activities:
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Net income (loss)
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$
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(70,034
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)
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$
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(78,268
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)
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$
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24,887
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Adjustments to reconcile net income (loss) to net cash used in operating activities:
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Equity in undistributed earnings of subsidiary
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70,034
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78,268
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(24,887
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)
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Net cash used in operating activities
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$
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-
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$
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-
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$
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-
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Cash Flows from Investing Activities:
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Investment in subsidiary
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(19,263
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)
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(2,693
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(1,588
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Distribution from subsidiary
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-
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-
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24,450
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Net cash provided by (used in) investing activities
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(19,263
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)
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(2,693
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)
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22,862
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Cash Flows from Financing Activities:
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Proceeds from issuance of common stock, net of offering costs
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19,263
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2,693
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1,588
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Purchase of bankruptcy claims
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-
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-
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(24,450
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)
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Net cash provided by (used in) financing activities
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19,263
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2,693
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(22,862
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)
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Net increase (decrease) in cash and cash equivalents
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-
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-
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-
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Cash and cash equivalents at the beginning of period
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-
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-
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-
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Cash and cash equivalents at end of period
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$
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-
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$
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-
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$
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-
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NOTES TO PARENT COMPANY FINANCIAL STATEMENTS
1. BASIS OF PRESENTATION
The financial statements for Spansion Inc. (the “Parent Company”) summarize the results of operations and cash flows of the Parent Company for the years ended December 28, 2014, December 29, 2013 and December 30, 2012 and its financial position at December 28, 2014 and December 29, 2013.
In these statements, the Parent Company’s investment in subsidiaries is stated at cost plus equity in undistributed earnings of subsidiaries since the date the Parent Company began consolidating them (“date of acquisition”). The Parent Company’s share of net income (loss) of its subsidiaries is included in net income (loss) using the equity method of accounting. The Parent Company financial statements should be read in conjunction with the consolidated financial statements of Spansion Inc. for the corresponding periods.
Under the terms of agreements governing the term loan and 7.875% Senior notes issued by Spansion LLC, a subsidiary of Spansion Inc., such subsidiary is significantly restricted from making dividend payments, loans or advances to Spansion Inc. and its subsidiaries. These restrictions have resulted in the restricted net assets (as defined in Rule 4-08(e)(3) of Regulation S-X) of Spansion Inc. and its subsidiaries exceeding 25% of the consolidated net assets of Spansion Inc. and its subsidiaries.
2. DIVIDENDS RECEIVED FROM SUBSIDIARIES
During the years ended December 28, 2014, December 29, 2013 and December 30, 2012 no dividends were paid to the Parent Company by its subsidiaries.
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