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68
Revision of Previously Issued Financial Statements
During the second quarter of 2014, we identified adjustments to prior periods related to purchases of property and equipment
included in ending accounts payable which impact the amounts presented as cash paid for purchases of property and equipment
in the investing activities section of our consolidated statements of cash flows, the change in accounts payable within the
operating activities section of the cash flow statement and the supplemental non-cash investing and financing activities
disclosure of purchases of property and equipment included in ending accounts payable. We concluded that the error was not
material to any of our prior period financial statements under the guidance of SEC Staff Accounting Bulletin (“SAB”) No. 99,
Materiality. We applied the guidance of SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying
Misstatements in the Current Year Financial Statements, and revised the prior period financial statements presented.
The impact of the immaterial error on our prior period Consolidated Statements of Cash Flows is presented in the following
table:
2013 2012
Dollars in thousands As Reported Adjustment As Revised As Reported Adjustment As Revised
Cash flows from changes in operating
assets and liabilities:
Accounts payable . . . . . . . . . . . . . . . . . . . . $ (2,252) $ 3,743 $ 1,491 $ 58,248 $ 1,856 $ 60,104
Net cash flows from operating activities. . . $ 324,091 $ 3,743 $ 327,834 $ 463,906 $ 1,856 $ 465,762
Investing Activities:
Purchases of property and equipment . . . . . $ (157,669) $ (3,743) $ (161,412) $ (208,054) $ (1,856) $ (209,910)
Net cash flows from investing activities . . . $ (393,448) $ (3,743) $ (397,191) $ (346,650) $ (1,856) $ (348,506)
Supplemental disclosure of non-cash
investing and financing activities:
Purchases of property and equipment
included in ending accounts payable. . . . . . $ 12,254 $ (5,598) $ 6,656 $ 27,562 $ (1,856) $ 25,706
Accounting Pronouncements Adopted During the Current Year
In May 2013, the FASB issued ASU No. 2013-05, "Foreign Currency Matters (Topic 830): Parent’s Accounting for the
Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or
of an Investment in a Foreign Entity." This ASU addresses the accounting for the cumulative translation adjustment when a
parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a
subsidiary or group of assets that is a nonprofit activity or a business within a foreign entity. For public entities, the ASU is
effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. The
amendments should be applied prospectively to derecognition events occurring after the effective date. Prior periods should not
be adjusted. Our adoption of ASU No. 2013-05 in the first quarter of 2014 did not have a material impact on our financial
position, results of operations or cash flows.
In November 2013, the FASB issued ASU 2013-11, "Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit
When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists." This ASU requires an
entity to present an unrecognized tax benefit as a reduction of a deferred tax asset for a net operating loss (NOL) carryforward,
or similar tax loss or tax credit carryforward, rather than as a liability when:
1. the uncertain tax position would reduce the NOL or other carryforward under the tax law of the applicable jurisdiction,
and
2. the entity intends to use the deferred tax asset for that purpose.
The ASU changes existing presentation requirements but does not require new recurring disclosures. The ASU is effective
prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013 for public entities.
Our adoption of ASU No. 2013-11 in the first quarter of 2014 did not have a material impact on our financial position, results of
operations or cash flows.