Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 28, 2013 | Oct. 25, 2013 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'Polypore International, Inc. | ' |
Entity Central Index Key | '0001292556 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 28-Sep-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-28 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 44,889,791 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Condensed_consolidated_balance
Condensed consolidated balance sheets (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $26,913 | $44,873 |
Accounts receivable, net | 103,676 | 122,056 |
Inventories | 113,272 | 115,462 |
Deferred income taxes | 21,670 | 21,671 |
Prepaid and other | 12,295 | 22,769 |
Assets held for sale | 91,228 | 92,261 |
Total current assets | 369,054 | 419,092 |
Property, plant and equipment, net | 596,595 | 607,466 |
Goodwill | 444,512 | 444,512 |
Intangibles and loan acquisition costs, net | 97,015 | 107,006 |
Other | 7,645 | 7,996 |
Total assets | 1,514,821 | 1,586,072 |
Current liabilities: | ' | ' |
Accounts payable | 23,372 | 30,083 |
Accrued liabilities | 54,941 | 44,039 |
Income taxes payable | 970 | 1,603 |
Current portion of debt | 16,875 | 50,000 |
Liabilities related to assets held for sale | 20,608 | 19,576 |
Total current liabilities | 116,766 | 145,301 |
Debt, less current portion | 629,375 | 646,250 |
Pension obligations, less current portion | 108,735 | 103,491 |
Deferred income taxes | 81,366 | 84,719 |
Other | 23,800 | 23,474 |
Commitments and contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Preferred stock - 15,000,000 shares authorized, no shares issued and outstanding | ' | ' |
Common stock, $.01 par value - 200,000,000 shares authorized; 46,896,541 issued and 44,888,280 outstanding at September 28, 2013 and 46,627,064 issued and outstanding at December 29, 2012 | 469 | 466 |
Paid-in capital | 561,426 | 545,196 |
Retained earnings | 87,248 | 55,768 |
Accumulated other comprehensive loss | -19,573 | -22,353 |
Treasury stock, at cost - 2,008,261 shares at September 28, 2013 and no shares at December 29, 2012 | -80,668 | ' |
Total Polypore shareholders' equity | 548,902 | 579,077 |
Noncontrolling interest | 5,877 | 3,760 |
Total shareholders' equity | 554,779 | 582,837 |
Total liabilities and shareholders' equity | $1,514,821 | $1,586,072 |
Condensed_consolidated_balance1
Condensed consolidated balance sheets (Parenthetical) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
Condensed consolidated balance sheets | ' | ' |
Preferred stock, shares authorized | 15,000,000 | 15,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 46,896,541 | 46,627,064 |
Common stock, shares outstanding | 44,888,280 | 46,627,064 |
Treasury stock, shares | 2,008,261 | 0 |
Condensed_consolidated_stateme
Condensed consolidated statements of income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Condensed consolidated statements of income | ' | ' | ' | ' |
Net sales | $152,020 | $161,353 | $466,858 | $486,563 |
Cost of goods sold | 104,389 | 105,603 | 309,606 | 299,296 |
Gross profit | 47,631 | 55,750 | 157,252 | 187,267 |
Selling, general and administrative expenses | 33,260 | 28,918 | 96,390 | 93,536 |
Operating income | 14,371 | 26,832 | 60,862 | 93,731 |
Other (income) expense: | ' | ' | ' | ' |
Interest expense, net | 9,919 | 9,478 | 29,631 | 26,438 |
Foreign currency and other | 841 | 496 | 1,543 | -747 |
Write-off of loan acquisition costs associated with refinancing of senior credit agreement | ' | ' | ' | 2,478 |
Other (income) expense total | 10,760 | 9,974 | 31,174 | 28,169 |
Income from continuing operations before income taxes | 3,611 | 16,858 | 29,688 | 65,562 |
Income taxes | -894 | 4,425 | 7,030 | 19,643 |
Income from continuing operations | 4,505 | 12,433 | 22,658 | 45,919 |
Income from discontinued operations, net of income taxes | 2,514 | 1,799 | 8,822 | 7,567 |
Net income | $7,019 | $14,232 | $31,480 | $53,486 |
Net income per share - basic: | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.10 | $0.27 | $0.50 | $0.99 |
Discontinued operations (in dollars per share) | $0.06 | $0.04 | $0.19 | $0.16 |
Net income per share (in dollars per share) | $0.16 | $0.31 | $0.69 | $1.15 |
Net income per share - diluted: | ' | ' | ' | ' |
Continuing operations (in dollars per share) | $0.10 | $0.26 | $0.49 | $0.97 |
Discontinued operations (in dollars per share) | $0.05 | $0.04 | $0.19 | $0.16 |
Net income per share (in dollars per share) | $0.15 | $0.30 | $0.68 | $1.13 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Weighted average shares outstanding - basic (in shares) | 44,748,071 | 46,550,852 | 45,877,092 | 46,527,292 |
Weighted average shares outstanding - diluted (in shares) | 45,386,263 | 47,211,245 | 46,526,755 | 47,211,168 |
Condensed_consolidated_stateme1
Condensed consolidated statements of comprehensive income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Condensed consolidated statements of comprehensive income | ' | ' | ' | ' |
Net income | $7,019 | $14,232 | $31,480 | $53,486 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustment | 8,609 | 8,970 | 2,776 | 2,119 |
Change in net actuarial loss and prior service credit | -712 | -272 | -73 | 33 |
Income taxes related to other comprehensive income (loss) | -415 | -438 | 77 | 172 |
Other comprehensive income | 7,482 | 8,260 | 2,780 | 2,324 |
Comprehensive income | $14,501 | $22,492 | $34,260 | $55,810 |
Condensed_consolidated_stateme2
Condensed consolidated statements of cash flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Operating activities: | ' | ' |
Net income | $31,480 | $53,486 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation expense | 34,350 | 30,972 |
Amortization expense | 8,892 | 10,386 |
Amortization of loan acquisition costs | 1,855 | 1,852 |
Stock-based compensation | 14,194 | 12,346 |
Loss on disposal of property, plant and equipment | 948 | 937 |
Foreign currency loss | 1,076 | 389 |
Deferred income taxes | -3,201 | 9,984 |
Write-off of loan acquisition costs associated with refinancing of senior credit agreement | ' | 2,478 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 18,154 | 5,419 |
Inventories | 1,867 | -27,620 |
Prepaid and other current assets | 10,672 | 2,535 |
Accounts payable and accrued liabilities | 4,839 | -9,635 |
Income taxes payable | -446 | -7,702 |
Other, net | 2,332 | 770 |
Net cash provided by operating activities | 127,012 | 86,597 |
Investing activities: | ' | ' |
Purchases of property, plant and equipment, net | -19,778 | -123,682 |
Net cash used in investing activities | -19,778 | -123,682 |
Financing activities: | ' | ' |
Principal payments on debt | -15,000 | -4,674 |
Payments on revolving credit facility | -89,200 | ' |
Proceeds from revolving credit facility | 54,200 | ' |
Proceeds from stock option exercises | 2,039 | 635 |
Repurchases of common stock | -80,668 | ' |
Noncontrolling interest | 1,971 | -300 |
Proceeds from new senior credit agreement | ' | 350,000 |
Principal payments in connection with refinancing of senior credit agreement | ' | -342,291 |
Loan acquisition costs | ' | -6,223 |
Net cash used in financing activities | -126,658 | -2,853 |
Effect of exchange rate changes on cash and cash equivalents | 1,464 | -47 |
Net decrease in cash and cash equivalents | -17,960 | -39,985 |
Cash and cash equivalents at beginning of period | 44,873 | 92,574 |
Cash and cash equivalents at end of period | $26,913 | $52,589 |
Description_of_Business_and_Ba
Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 28, 2013 | |
Description of Business and Basis of Presentation | ' |
Description of Business and Basis of Presentation | ' |
1. Description of Business and Basis of Presentation | |
Description of Business | |
Polypore International, Inc. (the “Company”) is a leading global high-technology filtration company that develops, manufactures and markets specialized microporous membranes used in separation and filtration processes. The Company has a global presence in the major geographic markets of North America, South America, Europe and Asia. | |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and all majority-owned subsidiaries after elimination of intercompany accounts and transactions. The unaudited condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles for interim financial information. Accordingly, the unaudited condensed consolidated financial statements and notes do not contain certain information included in the Company’s annual financial statements. In the opinion of management, all normal and recurring adjustments that are necessary for a fair presentation have been made. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended December 29, 2012. Operating results for the three and nine months ended September 28, 2013 are not necessarily indicative of the results that may be expected for the fiscal year ending December 28, 2013. | |
The accompanying condensed consolidated balance sheets as of September 28, 2013 and December 29, 2012 reflect the classification of certain assets and liabilities as held for sale. The condensed consolidated statements of income for all periods presented reflect the presentation of discontinued operations. All disclosures and amounts in the notes to the condensed consolidated financial statements relate to the Company’s continuing operations, unless otherwise indicated. |
Inventories
Inventories | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Inventories | ' | |||||||
Inventories | ' | |||||||
2. Inventories | ||||||||
Inventories are carried at the lower of cost or market using the first-in, first-out method of accounting and consist of: | ||||||||
(in thousands) | September 28, 2013 | December 29, 2012 | ||||||
Raw materials | $ | 38,532 | $ | 42,113 | ||||
Work-in-process | 24,663 | 27,608 | ||||||
Finished goods | 50,077 | 45,741 | ||||||
$ | 113,272 | $ | 115,462 |
Debt
Debt | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Debt | ' | |||||||
Debt | ' | |||||||
3. Debt | ||||||||
Debt, in order of priority, consists of: | ||||||||
(in thousands) | September 28, 2013 | December 29, 2012 | ||||||
Senior credit agreement: | ||||||||
Revolving credit facility | $ | — | $ | 35,000 | ||||
Term loan facility | 281,250 | 296,250 | ||||||
281,250 | 331,250 | |||||||
7.5% senior notes | 365,000 | 365,000 | ||||||
646,250 | 696,250 | |||||||
Less current portion, including borrowings under the revolving credit facility | 16,875 | 50,000 | ||||||
Long-term debt | $ | 629,375 | $ | 646,250 | ||||
On June 29, 2012, the Company refinanced its previous senior secured credit agreement with a new senior secured credit agreement. The credit agreement provides for a $150,000,000 revolving credit facility ($50,000,000 of which was borrowed in connection with the refinancing) and a $300,000,000 term loan facility. The proceeds from the credit agreement were used to pay outstanding principal and interest under the previous credit agreement and loan acquisition costs of $6,228,000 ($6,223,000 paid during the nine months ended September 29, 2012), which were capitalized and will be amortized over the life of the credit agreement. In connection with the refinancing, the Company wrote-off unamortized loan acquisition costs of $2,478,000 associated with the previous credit agreement. Interest rates under the credit agreement are, at the Company’s option, equal to either an alternate base rate or the Eurocurrency base rate, plus a specified margin. | ||||||||
At September 28, 2013, no amounts were outstanding under the revolving credit facility and the entire amount was available for borrowing. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 28, 2013 | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | ' |
4. Fair Value of Financial Instruments | |
The Company’s financial instruments include cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities and long-term debt. The carrying value of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities approximates their fair value due to the short-term maturities of these assets and liabilities. The carrying amount of borrowings under the senior secured credit agreement approximates fair value because the interest rates adjust to market interest rates. The fair value of the 7.5% senior notes, based on a quoted market price and classified as level one in the fair value hierarchy, was $386,900,000 at September 28, 2013. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 28, 2013 | |
Income Taxes | ' |
Income Taxes | ' |
5. Income Taxes | |
The income tax provision for the interim periods presented is computed at the effective rate expected to be applicable in each respective full year using the statutory rates on a country-by-country basis. Income tax expense recorded in the financial statements differs from the federal statutory income tax rate due to a variety of factors, including state income taxes, the mix of income between U.S. and foreign jurisdictions taxed at varying rates and changes in estimates of permanent differences and valuation allowances. During the three months ended September 28, 2013, the Company recognized a net tax benefit due to the reversal of a $1,697,000 reserve related to the completion of a tax audit. |
Pension_Plans
Pension Plans | 9 Months Ended | |||||||||||||
Sep. 28, 2013 | ||||||||||||||
Pension Plans | ' | |||||||||||||
Pension Plans | ' | |||||||||||||
6. Pension Plans | ||||||||||||||
The Company and its subsidiaries sponsor multiple defined benefit pension plans based in subsidiaries located outside of the United States. The following table provides the components of net periodic benefit cost: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
(in thousands) | September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | ||||||||||
Service cost | $ | 562 | $ | 405 | $ | 1,680 | $ | 1,241 | ||||||
Interest cost | 1,130 | 1,153 | 3,371 | 3,544 | ||||||||||
Expected return on plan assets | (192 | ) | (205 | ) | (572 | ) | (631 | ) | ||||||
Amortization of prior service credit | (13 | ) | (12 | ) | (39 | ) | (38 | ) | ||||||
Recognized net actuarial loss | 434 | 114 | 1,293 | 350 | ||||||||||
Net periodic benefit cost | $ | 1,921 | $ | 1,455 | $ | 5,733 | $ | 4,466 |
Environmental_Matters
Environmental Matters | 9 Months Ended |
Sep. 28, 2013 | |
Environmental Matters | ' |
Environmental Matters | ' |
7. Environmental Matters | |
Environmental obligations are accrued when such expenditures are probable and reasonably estimable. The amount of liability recorded is based on currently available information, including the progress of remedial investigations, current status of discussions with regulatory authorities regarding the method and extent of remediation, presently enacted laws and existing technology. Accruals for estimated losses from environmental obligations are adjusted as further information develops or circumstances change. Costs of future expenditures for environmental obligations are not discounted to their present value. The Company does not currently anticipate any material loss in excess of the amounts accrued. However, the Company’s future remediation expenses may be affected by a number of uncertainties including, but not limited to, the difficulty in estimating the extent and method of remediation, the evolving nature of environmental regulations and the availability and application of technology. The Company does not expect the resolution of such uncertainties to have a material adverse effect on its consolidated financial position or liquidity. Recoveries of environmental costs from other parties are recognized as assets when receipt is deemed probable. | |
In connection with the acquisition of Membrana GmbH (“Membrana”) in 2002, the Company recorded a reserve for environmental obligations. The reserve provides for costs to remediate known environmental issues and operational upgrades which are required in order for the Company to remain in compliance with local regulations. The initial estimate and subsequent finalization of the reserve was included in the allocation of purchase price at the date of acquisition. The environmental reserve for the Membrana facility, which is denominated in euros, was $5,285,000 and $11,079,000 at September 28, 2013 and December 29, 2012, respectively. The Company anticipates the expenditures associated with the reserve will be made in the next twelve months. The reserve is included in “Accrued liabilities” in the accompanying condensed consolidated balance sheets. | |
During the third quarter of 2013, the Company received $10,304,000 in full payment of amounts outstanding under indemnification agreements with the prior owners of Membrana. At December 29, 2012, the indemnification receivable, which was denominated in euros, was $11,542,000 and included in “Prepaid and other” in the accompanying condensed consolidated balance sheet. |
Treasury_Stock
Treasury Stock | 9 Months Ended |
Sep. 28, 2013 | |
Treasury Stock | ' |
Treasury Stock | ' |
8. Treasury Stock | |
On February 19, 2013, the Board of Directors authorized the repurchase of up to 4,000,000 shares of the Company’s common stock by December 31, 2013. As of September 28, 2013, the Company had repurchased 2,000,000 shares of common stock for $80,343,000. Additionally, during the nine months ended September 28, 2013, the Company withheld and repurchased 8,261 shares of common stock for $325,000 to satisfy certain employees’ withholding tax liabilities related to restricted stock grants. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 28, 2013 | |
Related Party Transactions | ' |
Related Party Transactions | ' |
9. Related Party Transactions | |
The Company’s German subsidiary has a 33% equity investment in a patent and trademark service provider and a 25% equity investment in a research company. The investments are accounted for under the equity method of accounting and were $664,000 and $650,000 at September 28, 2013 and December 29, 2012, respectively. Charges from the affiliates for work performed were $384,000 and $1,043,000 for the three and nine months ended September 28, 2013, respectively. Charges from the affiliates for work performed were $245,000 and $930,000 for the three and nine months ended September 29, 2012, respectively. Amounts due to the affiliates were $92,000 and $239,000 at September 28, 2013 and December 29, 2012, respectively. |
Noncontrolling_Interest
Noncontrolling Interest | 9 Months Ended |
Sep. 28, 2013 | |
Noncontrolling Interest | ' |
Noncontrolling Interest | ' |
10. Noncontrolling Interest | |
In 2010, the Company formed a joint venture with Camel Group Co., Ltd (“Camel”), a leading battery manufacturer in China, to produce lead-acid battery separators primarily for Camel’s use. The joint venture, Daramic Xiangyang Battery Separator Co., Ltd. (“Daramic Xiangyang”), is located at Camel’s facility and owned 65% by the Company and 35% by Camel. During the nine months ended September 28, 2013, the Company and Camel made equity contributions of $2,470,000 and $1,330,000, respectively, to fund capital expenditures. | |
In exchange for notes payable, Daramic Xiangyang purchased from Camel a building and from the Company certain production equipment that was previously located at the Company’s former facility in Potenza, Italy. The notes payable and related interest will be paid by Daramic Xiangyang using available free cash flow, as defined in the joint venture agreement. The building note payable to Camel has a principal balance of $5,910,000 at September 28, 2013 and December 29, 2012 and is included in “Other” non-current liabilities in the accompanying condensed consolidated balance sheets, and the equipment note payable to the Company eliminates in consolidation. |
StockBased_Compensation_Plans
Stock-Based Compensation Plans | 9 Months Ended | |||
Sep. 28, 2013 | ||||
Stock-Based Compensation Plans | ' | |||
Stock-Based Compensation Plans | ' | |||
11. Stock-Based Compensation Plans | ||||
The Company offers stock-based compensation plans to attract, retain, motivate and reward key officers, non-employee directors and employees. Stock-based compensation expense was $4,897,000 and $14,194,000 for the three and nine months ended September 28, 2013, respectively, and $3,914,000 and $12,346,000 for the same three and nine month periods in the prior year, respectively. The income tax benefit related to stock-based compensation expense was $1,740,000 and $5,044,000 for the three and nine months ended September 28, 2013, respectively, and $1,389,000 and $4,381,000 for the same three and nine month periods in the prior year, respectively. Stock-based compensation expense includes costs associated with stock options and restricted stock and is classified as “Selling, general and administrative expenses” in the accompanying condensed consolidated statements of income. | ||||
The 2007 Stock Incentive Plan (“2007 Plan”) allows for the grant of stock options, restricted stock and other instruments for up to a total of 4,751,963 shares of common stock. On February 25, 2013, the Company granted 328,467 stock options and 85,461 shares of restricted stock under the 2007 Plan with an aggregate grant-date fair value of $9,248,000, to be recognized over the vesting period for each award. The stock options granted are time-vested options that vest annually in equal one-third installments and have 10-year terms and an exercise price of $36.42, the fair market value of the Company’s stock on the grant date. | ||||
The fair value of the options granted was estimated on the date of grant based on the Black-Scholes option pricing model with the following assumptions: | ||||
February 25, 2013 | ||||
Grant Assumptions | ||||
Expected term (years) | 5.6 | |||
Risk-free interest rate | 0.92 | % | ||
Expected volatility | 57.3 | % | ||
Dividend yield | — | |||
The potential expected term of the stock options ranges from the vesting period of the options (three years) to the contractual term of the options (ten years). The Company determines the expected term of the options based on historical experience, vesting periods, structure of the option plans and contractual term of the options. The Company’s risk-free interest rate is based on the interest rate of U.S. Treasury bills with a term approximating the expected term of the options and is measured at the date of the stock option grant. Expected volatility is estimated based on the Company’s historical stock prices and implied volatility from traded options. The Company does not anticipate paying dividends. | ||||
On February 25, 2013, the Company modified the terms of stock options granted on August 23, 2011. For participants that meet certain criteria upon retirement, the modification extends the exercise period for vested options from 90 days after retirement to the earlier of the option expiration date or three years after retirement and also allows unvested options to continue to vest for up to three years after retirement as if the participant had remained in the service of the Company. The total incremental stock option expense associated with the modification, net of estimated forfeitures, was $2,500,000, of which $836,000 has been recognized as of September 28, 2013, and the remainder of which will be recognized over the remaining vesting period of 1.2 years. |
Segment_Information
Segment Information | 9 Months Ended | |||||||||||||
Sep. 28, 2013 | ||||||||||||||
Segment Information | ' | |||||||||||||
Segment Information | ' | |||||||||||||
12. Segment Information | ||||||||||||||
The Company’s operations are principally managed on a products basis and are comprised of three reportable segments for financial reporting purposes. The Company’s three reportable segments are presented in the context of its two primary businesses — energy storage and separations media. | ||||||||||||||
The energy storage business produces and markets membranes that provide the critical function of separating the cathode and anode in a variety of battery markets and is comprised of the following reportable segments: | ||||||||||||||
· Electronics and EDVs - produces and markets membranes for lithium batteries that are used in portable electronic devices, cordless power tools, electric drive vehicles (“EDVs”) and energy storage systems (“ESS”). | ||||||||||||||
· Transportation and industrial - produces and markets membranes for lead-acid batteries that are used in automobiles, other motor vehicles, forklifts and uninterruptible power supply systems. | ||||||||||||||
The separations media business is a reportable segment and produces and markets membranes and membrane modules used as the high-technology filtration element in various medical and industrial applications. | ||||||||||||||
The Company evaluates the performance of segments and allocates resources to segments based on operating income before depreciation and amortization. In addition, it evaluates business segment performance before stock-based compensation and certain non-recurring and other costs. | ||||||||||||||
Financial information relating to the reportable segments is presented below: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
(in thousands) | September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | ||||||||||
Net sales to external customers (by major product group): | ||||||||||||||
Electronics and EDVs | $ | 27,769 | $ | 43,477 | $ | 94,358 | $ | 133,261 | ||||||
Transportation and industrial | 76,453 | 76,647 | 232,906 | 220,608 | ||||||||||
Energy storage | 104,222 | 120,124 | 327,264 | 353,869 | ||||||||||
Healthcare | 29,141 | 26,025 | 88,684 | 82,094 | ||||||||||
Filtration and specialty | 18,657 | 15,204 | 50,910 | 50,600 | ||||||||||
Separations media | 47,798 | 41,229 | 139,594 | 132,694 | ||||||||||
Net sales | $ | 152,020 | $ | 161,353 | $ | 466,858 | $ | 486,563 | ||||||
Operating income: | ||||||||||||||
Electronics and EDVs | $ | 2,334 | $ | 10,540 | $ | 10,596 | $ | 41,843 | ||||||
Transportation and industrial | 16,223 | 16,049 | 49,264 | 48,752 | ||||||||||
Energy storage | 18,557 | 26,589 | 59,860 | 90,595 | ||||||||||
Separations media | 9,587 | 9,712 | 38,932 | 36,533 | ||||||||||
Corporate and other | (8,443 | ) | (5,460 | ) | (21,888 | ) | (19,798 | ) | ||||||
Segment operating income | 19,701 | 30,841 | 76,904 | 107,330 | ||||||||||
Stock-based compensation | 4,897 | 3,914 | 14,194 | 12,346 | ||||||||||
Non-recurring and other costs | 433 | 95 | 1,848 | 1,253 | ||||||||||
Total operating income | 14,371 | 26,832 | 60,862 | 93,731 | ||||||||||
Reconciling items: | ||||||||||||||
Interest expense, net | 9,919 | 9,478 | 29,631 | 26,438 | ||||||||||
Foreign currency and other | 841 | 496 | 1,543 | (747 | ) | |||||||||
Write-off of loan acquisition costs associated with refinancing of senior credit agreement | — | — | — | 2,478 | ||||||||||
Income from continuing operations before income taxes | $ | 3,611 | $ | 16,858 | $ | 29,688 | $ | 65,562 | ||||||
Depreciation and amortization from continuing operations: | ||||||||||||||
Electronics and EDVs | $ | 4,415 | $ | 4,404 | $ | 13,211 | $ | 11,715 | ||||||
Transportation and industrial | 2,799 | 2,496 | 8,469 | 6,975 | ||||||||||
Energy storage | 7,214 | 6,900 | 21,680 | 18,690 | ||||||||||
Separations media | 3,492 | 3,291 | 10,419 | 10,003 | ||||||||||
Corporate and other | 2,815 | 2,814 | 8,451 | 9,974 | ||||||||||
$ | 13,521 | $ | 13,005 | $ | 40,550 | $ | 38,667 | |||||||
Assets_Held_for_Sale_and_Disco
Assets Held for Sale and Discontinued Operations | 9 Months Ended | |||||||||||||
Sep. 28, 2013 | ||||||||||||||
Assets Held for Sale and Discontinued Operations | ' | |||||||||||||
Assets Held for Sale and Discontinued Operations | ' | |||||||||||||
13. Assets Held for Sale and Discontinued Operations | ||||||||||||||
On September 27, 2013, the Company entered into a Stock Purchase Agreement in which it agreed to sell the Microporous assets, which consist of the production facilities in Piney Flats, Tennessee, and Feistritz, Austria, to Seven Mile Capital Partners for a purchase price of $120,000,000, subject to adjustment for working capital at closing. The sale is subject to Federal Trade Commission approval and is expected to close in the fourth quarter of 2013. | ||||||||||||||
Microporous was previously included in the transportation and industrial segment. The assets and liabilities of Microporous to be sold meet the accounting criteria to be classified as held for sale and have been aggregated and reported separately in the accompanying condensed consolidated balance sheets as of September 28, 2013 and December 29, 2012. The carrying amounts of assets and liabilities held for sale are as follows: | ||||||||||||||
(in thousands) | September 28, 2013 | December 29, 2012 | ||||||||||||
Accounts receivable, net | $ | 15,818 | $ | 15,259 | ||||||||||
Inventories | 5,339 | 4,447 | ||||||||||||
Prepaid and other | 409 | 759 | ||||||||||||
Property, plant and equipment, net | 29,891 | 31,335 | ||||||||||||
Goodwill and intangibles, net | 38,975 | 39,530 | ||||||||||||
Other | 796 | 931 | ||||||||||||
Assets held for sale | $ | 91,228 | $ | 92,261 | ||||||||||
Liabilities | ||||||||||||||
Accounts payable and accrued liabilities | $ | 5,093 | $ | 4,066 | ||||||||||
Deferred income taxes | 14,069 | 13,948 | ||||||||||||
Other | 1,446 | 1,562 | ||||||||||||
Liabilities related to assets held for sale | $ | 20,608 | $ | 19,576 | ||||||||||
The results of operations of Microporous are classified as discontinued operations and are presented separately in the accompanying condensed consolidated statements of income for all periods presented. Summarized results of operations reported as discontinued operations are as follows: | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
(in thousands) | September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | ||||||||||
Net sales | $ | 18,560 | $ | 16,265 | $ | 54,505 | $ | 50,574 | ||||||
Income from discontinued operations | 4,159 | 2,682 | 13,954 | 11,302 | ||||||||||
Income from discontinued operations, net of income taxes | 2,514 | 1,799 | 8,822 | 7,567 | ||||||||||
Financial_Statements_of_Guaran
Financial Statements of Guarantors | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Financial Statements of Guarantors | ' | ||||||||||||||||
Financial Statements of Guarantors | ' | ||||||||||||||||
14. Financial Statements of Guarantors | |||||||||||||||||
The Company’s senior notes are unconditionally guaranteed, jointly and severally, on a senior basis by certain of the Company’s 100% owned subsidiaries (“Guarantors”). Management has determined that separate complete financial statements of the Guarantors would not be material to users of the financial statements. | |||||||||||||||||
The following sets forth condensed consolidating financial statements of the Guarantors and non-Guarantor subsidiaries. | |||||||||||||||||
Condensed consolidating balance sheet | |||||||||||||||||
September 28, 2013 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | — | $ | 18,861 | $ | 8,052 | $ | — | $ | 26,913 | |||||||
Accounts receivable, net | 29,396 | 74,280 | — | — | 103,676 | ||||||||||||
Inventories | 37,480 | 75,792 | — | — | 113,272 | ||||||||||||
Prepaid and other | 24,748 | 7,871 | 1,346 | — | 33,965 | ||||||||||||
Assets held for sale | 27,311 | 24,942 | 38,975 | — | 91,228 | ||||||||||||
Total current assets | 118,935 | 201,746 | 48,373 | — | 369,054 | ||||||||||||
Due from affiliates | 656,829 | 464,515 | 468,355 | (1,589,699 | ) | — | |||||||||||
Investment in subsidiaries | 107,115 | 403,104 | 708,789 | (1,219,008 | ) | — | |||||||||||
Property, plant and equipment, net | 307,013 | 289,582 | — | — | 596,595 | ||||||||||||
Goodwill | — | — | 444,512 | — | 444,512 | ||||||||||||
Intangibles and loan acquisition costs, net | — | — | 97,015 | — | 97,015 | ||||||||||||
Other | 727 | 6,850 | 68 | — | 7,645 | ||||||||||||
Total assets | $ | 1,190,619 | $ | 1,365,797 | $ | 1,767,112 | $ | (2,808,707 | ) | $ | 1,514,821 | ||||||
Liabilities and shareholders’ equity | |||||||||||||||||
Accounts payable and accrued liabilities | $ | 23,035 | $ | 40,991 | $ | 14,287 | $ | — | $ | 78,313 | |||||||
Income taxes payable | — | 1,528 | (558 | ) | — | 970 | |||||||||||
Current portion of debt | — | — | 16,875 | — | 16,875 | ||||||||||||
Liabilities related to assets held for sale | 15,727 | 4,881 | — | — | 20,608 | ||||||||||||
Total current liabilities | 38,762 | 47,400 | 30,604 | — | 116,766 | ||||||||||||
Due to affiliates | 630,451 | 407,107 | 552,141 | (1,589,699 | ) | — | |||||||||||
Debt, less current portion | — | — | 629,375 | — | 629,375 | ||||||||||||
Pension obligations, less current portion | — | 108,735 | — | — | 108,735 | ||||||||||||
Deferred income taxes and other | 61,471 | 43,482 | 213 | — | 105,166 | ||||||||||||
Shareholders’ equity | 459,935 | 759,073 | 554,779 | (1,219,008 | ) | 554,779 | |||||||||||
Total liabilities and shareholders’ equity | $ | 1,190,619 | $ | 1,365,797 | $ | 1,767,112 | $ | (2,808,707 | ) | $ | 1,514,821 | ||||||
Condensed consolidating balance sheet | |||||||||||||||||
December 29, 2012 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | — | $ | 28,098 | $ | 16,775 | $ | — | $ | 44,873 | |||||||
Accounts receivable, net | 36,980 | 85,076 | — | — | 122,056 | ||||||||||||
Inventories | 41,616 | 73,846 | — | — | 115,462 | ||||||||||||
Prepaid and other | 24,656 | 19,246 | 538 | — | 44,440 | ||||||||||||
Assets held for sale | 27,566 | 25,165 | 39,530 | — | 92,261 | ||||||||||||
Total current assets | 130,818 | 231,431 | 56,843 | — | 419,092 | ||||||||||||
Due from affiliates | 554,190 | 330,148 | 482,869 | (1,367,207 | ) | — | |||||||||||
Investment in subsidiaries | 123,765 | 381,295 | 636,860 | (1,141,920 | ) | — | |||||||||||
Property, plant and equipment, net | 316,128 | 291,338 | — | — | 607,466 | ||||||||||||
Goodwill | — | — | 444,512 | — | 444,512 | ||||||||||||
Intangibles and loan acquisition costs, net | — | — | 107,006 | — | 107,006 | ||||||||||||
Other | 727 | 7,269 | — | — | 7,996 | ||||||||||||
Total assets | $ | 1,125,628 | $ | 1,241,481 | $ | 1,728,090 | $ | (2,509,127 | ) | $ | 1,586,072 | ||||||
Liabilities and shareholders’ equity | |||||||||||||||||
Accounts payable and accrued liabilities | $ | 24,279 | $ | 45,286 | $ | 4,557 | $ | — | $ | 74,122 | |||||||
Income taxes payable | — | 723 | 880 | — | 1,603 | ||||||||||||
Current portion of debt | — | — | 50,000 | — | 50,000 | ||||||||||||
Liabilities related to assets held for sale | 15,222 | 4,354 | — | — | 19,576 | ||||||||||||
Total current liabilities | 39,501 | 50,363 | 55,437 | — | 145,301 | ||||||||||||
Due to affiliates | 579,388 | 344,398 | 443,421 | (1,367,207 | ) | — | |||||||||||
Debt, less current portion | — | — | 646,250 | — | 646,250 | ||||||||||||
Pension obligations, less current portion | — | 103,491 | — | — | 103,491 | ||||||||||||
Deferred income taxes and other | 65,367 | 42,681 | 145 | — | 108,193 | ||||||||||||
Shareholders’ equity | 441,372 | 700,548 | 582,837 | (1,141,920 | ) | 582,837 | |||||||||||
Total liabilities and shareholders’ equity | $ | 1,125,628 | $ | 1,241,481 | $ | 1,728,090 | $ | (2,509,127 | ) | $ | 1,586,072 | ||||||
Condensed consolidating statement of income | |||||||||||||||||
For the three months ended September 28, 2013 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net sales | $ | 44,725 | $ | 107,295 | $ | — | $ | — | $ | 152,020 | |||||||
Cost of goods sold | 19,520 | 84,869 | — | — | 104,389 | ||||||||||||
Gross profit | 25,205 | 22,426 | — | — | 47,631 | ||||||||||||
Selling, general and administrative expenses | 15,554 | 10,695 | 7,011 | — | 33,260 | ||||||||||||
Operating income (loss) | 9,651 | 11,731 | (7,011 | ) | — | 14,371 | |||||||||||
Interest expense and other | (1,817 | ) | 2,236 | 10,341 | — | 10,760 | |||||||||||
Equity in earnings of subsidiaries | — | — | (15,200 | ) | 15,200 | — | |||||||||||
Income from continuing operations before income taxes | 11,468 | 9,495 | (2,152 | ) | (15,200 | ) | 3,611 | ||||||||||
Income taxes | 5,526 | 2,936 | (9,356 | ) | — | (894 | ) | ||||||||||
Income from continuing operations | 5,942 | 6,559 | 7,204 | (15,200 | ) | 4,505 | |||||||||||
Income from discontinued operations, net of income taxes | 784 | 1,915 | (185 | ) | — | 2,514 | |||||||||||
Net income | $ | 6,726 | $ | 8,474 | $ | 7,019 | $ | (15,200 | ) | $ | 7,019 | ||||||
Condensed consolidating statement of income | |||||||||||||||||
For the three months ended September 29, 2012 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net sales | $ | 44,336 | $ | 117,017 | $ | — | $ | — | $ | 161,353 | |||||||
Cost of goods sold | 15,761 | 89,842 | — | — | 105,603 | ||||||||||||
Gross profit | 28,575 | 27,175 | — | — | 55,750 | ||||||||||||
Selling, general and administrative expenses | 14,616 | 10,540 | 3,762 | — | 28,918 | ||||||||||||
Operating income (loss) | 13,959 | 16,635 | (3,762 | ) | — | 26,832 | |||||||||||
Interest expense and other | (2,219 | ) | 2,735 | 9,458 | — | 9,974 | |||||||||||
Equity in earnings of subsidiaries | — | — | (21,086 | ) | 21,086 | — | |||||||||||
Income from continuing operations before income taxes | 16,178 | 13,900 | 7,866 | (21,086 | ) | 16,858 | |||||||||||
Income taxes | 7,734 | 3,242 | (6,551 | ) | — | 4,425 | |||||||||||
Income from continuing operations | 8,444 | 10,658 | 14,417 | (21,086 | ) | 12,433 | |||||||||||
Income from discontinued operations, net of income taxes | 505 | 1,479 | (185 | ) | — | 1,799 | |||||||||||
Net income | $ | 8,949 | $ | 12,137 | $ | 14,232 | $ | (21,086 | ) | $ | 14,232 | ||||||
Condensed consolidating statement of income | |||||||||||||||||
For the nine months ended September 28, 2013 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net sales | $ | 134,625 | $ | 332,233 | $ | — | $ | — | $ | 466,858 | |||||||
Cost of goods sold | 58,816 | 250,790 | — | — | 309,606 | ||||||||||||
Gross profit | 75,809 | 81,443 | — | — | 157,252 | ||||||||||||
Selling, general and administrative expenses | 45,798 | 32,906 | 17,686 | — | 96,390 | ||||||||||||
Operating income (loss) | 30,011 | 48,537 | (17,686 | ) | — | 60,862 | |||||||||||
Interest expense and other | (5,532 | ) | 6,937 | 29,769 | — | 31,174 | |||||||||||
Equity in earnings of subsidiaries | — | — | (54,507 | ) | 54,507 | — | |||||||||||
Income from continuing operations before income taxes | 35,543 | 41,600 | 7,052 | (54,507 | ) | 29,688 | |||||||||||
Income taxes | 18,953 | 13,060 | (24,983 | ) | — | 7,030 | |||||||||||
Income from continuing operations | 16,590 | 28,540 | 32,035 | (54,507 | ) | 22,658 | |||||||||||
Income from discontinued operations, net of income taxes | 3,963 | 5,414 | (555 | ) | — | 8,822 | |||||||||||
Net income | $ | 20,553 | $ | 33,954 | $ | 31,480 | $ | (54,507 | ) | $ | 31,480 | ||||||
Condensed consolidating statement of income | |||||||||||||||||
For the nine months ended September 29, 2012 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net sales | $ | 130,699 | $ | 355,864 | $ | — | $ | — | $ | 486,563 | |||||||
Cost of goods sold | 36,029 | 263,267 | — | — | 299,296 | ||||||||||||
Gross profit | 94,670 | 92,597 | — | — | 187,267 | ||||||||||||
Selling, general and administrative expenses | 47,929 | 33,716 | 11,891 | — | 93,536 | ||||||||||||
Operating income (loss) | 46,741 | 58,881 | (11,891 | ) | — | 93,731 | |||||||||||
Interest expense and other | (8,517 | ) | 6,607 | 27,601 | — | 25,691 | |||||||||||
Write-off of loan acquisition costs associated with refinancing of senior credit agreement | — | — | 2,478 | — | 2,478 | ||||||||||||
Equity in earnings of subsidiaries | — | — | (79,598 | ) | 79,598 | — | |||||||||||
Income from continuing operations before income taxes | 55,258 | 52,274 | 37,628 | (79,598 | ) | 65,562 | |||||||||||
Income taxes | 24,584 | 11,472 | (16,413 | ) | — | 19,643 | |||||||||||
Income from continuing operations | 30,674 | 40,802 | 54,041 | (79,598 | ) | 45,919 | |||||||||||
Income from discontinued operations, net of income taxes | 3,409 | 4,713 | (555 | ) | — | 7,567 | |||||||||||
Net income | $ | 34,083 | $ | 45,515 | $ | 53,486 | $ | (79,598 | ) | $ | 53,486 | ||||||
Condensed consolidating statement of comprehensive income | |||||||||||||||||
For the three months ended September 28, 2013 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net income | $ | 6,726 | $ | 8,474 | $ | 7,019 | $ | (15,200 | ) | $ | 7,019 | ||||||
Foreign currency translation adjustment, net of income tax expense of $558 | — | 9,065 | (856 | ) | (158 | ) | 8,051 | ||||||||||
Change in net actuarial loss and prior service credit, net of income tax benefit of $143 | — | (569 | ) | — | — | (569 | ) | ||||||||||
Equity in earnings of subsidiaries | — | — | 8,338 | (8,338 | ) | — | |||||||||||
Comprehensive income | $ | 6,726 | $ | 16,970 | $ | 14,501 | $ | (23,696 | ) | $ | 14,501 | ||||||
Condensed consolidating statement of comprehensive income | |||||||||||||||||
For the three months ended September 29, 2012 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net income | $ | 8,949 | $ | 12,137 | $ | 14,232 | $ | (21,086 | ) | $ | 14,232 | ||||||
Foreign currency translation adjustment, net of income tax expense of $438 | — | 9,365 | (644 | ) | (189 | ) | 8,532 | ||||||||||
Change in net actuarial loss and prior service credit | — | (272 | ) | — | — | (272 | ) | ||||||||||
Equity in earnings of subsidiaries | — | — | 8,904 | (8,904 | ) | — | |||||||||||
Comprehensive income | $ | 8,949 | $ | 21,230 | $ | 22,492 | $ | (30,179 | ) | $ | 22,492 | ||||||
Condensed consolidating statement of comprehensive income | |||||||||||||||||
For the nine months ended September 28, 2013 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net income | $ | 20,553 | $ | 33,954 | $ | 31,480 | $ | (54,507 | ) | $ | 31,480 | ||||||
Foreign currency translation adjustment, net of income tax expense of $340 | — | 3,191 | (502 | ) | (253 | ) | 2,436 | ||||||||||
Change in net actuarial loss and prior service credit, net of income tax benefit of $417 | — | 344 | — | — | 344 | ||||||||||||
Equity in earnings of subsidiaries | — | — | 3,282 | (3,282 | ) | — | |||||||||||
Comprehensive income | $ | 20,553 | $ | 37,489 | $ | 34,260 | $ | (58,042 | ) | $ | 34,260 | ||||||
Condensed consolidating statement of comprehensive income | |||||||||||||||||
For the nine months ended September 29, 2012 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net income | $ | 34,083 | $ | 45,515 | $ | 53,486 | $ | (79,598 | ) | $ | 53,486 | ||||||
Foreign currency translation adjustment, net of income tax benefit of $172 | — | 3,072 | 138 | (919 | ) | 2,291 | |||||||||||
Change in net actuarial loss and prior service credit | — | 33 | — | — | 33 | ||||||||||||
Equity in earnings of subsidiaries | — | — | 2,186 | (2,186 | ) | — | |||||||||||
Comprehensive income | $ | 34,083 | $ | 48,620 | $ | 55,810 | $ | (82,703 | ) | $ | 55,810 | ||||||
Condensed consolidating statement of cash flows | |||||||||||||||||
For the nine months ended September 28, 2013 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | 74,390 | $ | 53,642 | $ | (23,685 | ) | $ | 22,665 | $ | 127,012 | ||||||
Investing activities: | |||||||||||||||||
Purchases of property, plant and equipment, net | (3,532 | ) | (16,246 | ) | — | — | (19,778 | ) | |||||||||
Net cash used in investing activities | (3,532 | ) | (16,246 | ) | — | — | (19,778 | ) | |||||||||
Financing activities: | |||||||||||||||||
Principal payments on debt | — | — | (15,000 | ) | — | (15,000 | ) | ||||||||||
Payments on revolving credit facility | — | — | (89,200 | ) | — | (89,200 | ) | ||||||||||
Proceeds from revolving credit facility | — | — | 54,200 | — | 54,200 | ||||||||||||
Proceeds from stock option exercises | — | — | 2,039 | — | 2,039 | ||||||||||||
Repurchases of common stock | — | — | (80,668 | ) | — | (80,668 | ) | ||||||||||
Noncontrolling interest | — | — | 1,971 | — | 1,971 | ||||||||||||
Intercompany transactions, net | (70,858 | ) | (48,097 | ) | 141,620 | (22,665 | ) | — | |||||||||
Net cash provided by (used in) financing activities | (70,858 | ) | (48,097 | ) | 14,962 | (22,665 | ) | (126,658 | ) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | — | 1,464 | — | — | 1,464 | ||||||||||||
Net decrease in cash and cash equivalents | — | (9,237 | ) | (8,723 | ) | — | (17,960 | ) | |||||||||
Cash and cash equivalents at beginning of period | — | 28,098 | 16,775 | — | 44,873 | ||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 18,861 | $ | 8,052 | $ | — | $ | 26,913 | |||||||
Condensed consolidating statement of cash flows | |||||||||||||||||
For the nine months ended September 29, 2012 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | 72,194 | $ | 35,600 | $ | (20,398 | ) | $ | (799 | ) | $ | 86,597 | |||||
Investing activities: | |||||||||||||||||
Purchases of property, plant and equipment, net | (107,691 | ) | (15,991 | ) | — | — | (123,682 | ) | |||||||||
Net cash used in investing activities | (107,691 | ) | (15,991 | ) | — | — | (123,682 | ) | |||||||||
Financing activities: | |||||||||||||||||
Principal payments on debt | — | (117 | ) | (4,557 | ) | — | (4,674 | ) | |||||||||
Proceeds from stock option exercises | — | — | 635 | — | 635 | ||||||||||||
Noncontrolling interest | — | — | (300 | ) | — | (300 | ) | ||||||||||
Proceeds from new senior credit agreement | — | — | 350,000 | — | 350,000 | ||||||||||||
Principal payments in connection with refinancing of senior credit agreement | — | (41,865 | ) | (300,426 | ) | — | (342,291 | ) | |||||||||
Loan acquisition costs | — | — | (6,223 | ) | (6,223 | ) | |||||||||||
Intercompany transactions, net | 35,497 | (413 | ) | (35,883 | ) | 799 | — | ||||||||||
Net cash provided by (used in) financing activities | 35,497 | (42,395 | ) | 3,246 | 799 | (2,853 | ) | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | (47 | ) | — | — | (47 | ) | ||||||||||
Net decrease in cash and cash equivalents | — | (22,833 | ) | (17,152 | ) | — | (39,985 | ) | |||||||||
Cash and cash equivalents at beginning of period | — | 65,495 | 27,079 | — | 92,574 | ||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 42,662 | $ | 9,927 | $ | — | $ | 52,589 |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Inventories | ' | |||||||
Schedule of inventories | ' | |||||||
(in thousands) | September 28, 2013 | December 29, 2012 | ||||||
Raw materials | $ | 38,532 | $ | 42,113 | ||||
Work-in-process | 24,663 | 27,608 | ||||||
Finished goods | 50,077 | 45,741 | ||||||
$ | 113,272 | $ | 115,462 |
Debt_Tables
Debt (Tables) | 9 Months Ended | |||||||
Sep. 28, 2013 | ||||||||
Debt | ' | |||||||
Schedule of debt | ' | |||||||
(in thousands) | September 28, 2013 | December 29, 2012 | ||||||
Senior credit agreement: | ||||||||
Revolving credit facility | $ | — | $ | 35,000 | ||||
Term loan facility | 281,250 | 296,250 | ||||||
281,250 | 331,250 | |||||||
7.5% senior notes | 365,000 | 365,000 | ||||||
646,250 | 696,250 | |||||||
Less current portion, including borrowings under the revolving credit facility | 16,875 | 50,000 | ||||||
Long-term debt | $ | 629,375 | $ | 646,250 |
Pension_Plans_Tables
Pension Plans (Tables) | 9 Months Ended | |||||||||||||
Sep. 28, 2013 | ||||||||||||||
Pension Plans | ' | |||||||||||||
Schedule of components of net periodic benefit cost | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
(in thousands) | September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | ||||||||||
Service cost | $ | 562 | $ | 405 | $ | 1,680 | $ | 1,241 | ||||||
Interest cost | 1,130 | 1,153 | 3,371 | 3,544 | ||||||||||
Expected return on plan assets | (192 | ) | (205 | ) | (572 | ) | (631 | ) | ||||||
Amortization of prior service credit | (13 | ) | (12 | ) | (39 | ) | (38 | ) | ||||||
Recognized net actuarial loss | 434 | 114 | 1,293 | 350 | ||||||||||
Net periodic benefit cost | $ | 1,921 | $ | 1,455 | $ | 5,733 | $ | 4,466 |
StockBased_Compensation_Plans_
Stock-Based Compensation Plans (Tables) | 9 Months Ended | |||
Sep. 28, 2013 | ||||
Stock-Based Compensation Plans | ' | |||
Schedule of assumptions for stock option grants | ' | |||
February 25, 2013 | ||||
Grant Assumptions | ||||
Expected term (years) | 5.6 | |||
Risk-free interest rate | 0.92 | % | ||
Expected volatility | 57.3 | % | ||
Dividend yield | — |
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||
Sep. 28, 2013 | ||||||||||||||
Segment Information | ' | |||||||||||||
Schedule of financial information relating to the reportable segments | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
(in thousands) | September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | ||||||||||
Net sales to external customers (by major product group): | ||||||||||||||
Electronics and EDVs | $ | 27,769 | $ | 43,477 | $ | 94,358 | $ | 133,261 | ||||||
Transportation and industrial | 76,453 | 76,647 | 232,906 | 220,608 | ||||||||||
Energy storage | 104,222 | 120,124 | 327,264 | 353,869 | ||||||||||
Healthcare | 29,141 | 26,025 | 88,684 | 82,094 | ||||||||||
Filtration and specialty | 18,657 | 15,204 | 50,910 | 50,600 | ||||||||||
Separations media | 47,798 | 41,229 | 139,594 | 132,694 | ||||||||||
Net sales | $ | 152,020 | $ | 161,353 | $ | 466,858 | $ | 486,563 | ||||||
Operating income: | ||||||||||||||
Electronics and EDVs | $ | 2,334 | $ | 10,540 | $ | 10,596 | $ | 41,843 | ||||||
Transportation and industrial | 16,223 | 16,049 | 49,264 | 48,752 | ||||||||||
Energy storage | 18,557 | 26,589 | 59,860 | 90,595 | ||||||||||
Separations media | 9,587 | 9,712 | 38,932 | 36,533 | ||||||||||
Corporate and other | (8,443 | ) | (5,460 | ) | (21,888 | ) | (19,798 | ) | ||||||
Segment operating income | 19,701 | 30,841 | 76,904 | 107,330 | ||||||||||
Stock-based compensation | 4,897 | 3,914 | 14,194 | 12,346 | ||||||||||
Non-recurring and other costs | 433 | 95 | 1,848 | 1,253 | ||||||||||
Total operating income | 14,371 | 26,832 | 60,862 | 93,731 | ||||||||||
Reconciling items: | ||||||||||||||
Interest expense, net | 9,919 | 9,478 | 29,631 | 26,438 | ||||||||||
Foreign currency and other | 841 | 496 | 1,543 | (747 | ) | |||||||||
Write-off of loan acquisition costs associated with refinancing of senior credit agreement | — | — | — | 2,478 | ||||||||||
Income from continuing operations before income taxes | $ | 3,611 | $ | 16,858 | $ | 29,688 | $ | 65,562 | ||||||
Depreciation and amortization from continuing operations: | ||||||||||||||
Electronics and EDVs | $ | 4,415 | $ | 4,404 | $ | 13,211 | $ | 11,715 | ||||||
Transportation and industrial | 2,799 | 2,496 | 8,469 | 6,975 | ||||||||||
Energy storage | 7,214 | 6,900 | 21,680 | 18,690 | ||||||||||
Separations media | 3,492 | 3,291 | 10,419 | 10,003 | ||||||||||
Corporate and other | 2,815 | 2,814 | 8,451 | 9,974 | ||||||||||
$ | 13,521 | $ | 13,005 | $ | 40,550 | $ | 38,667 |
Assets_Held_for_Sale_and_Disco1
Assets Held for Sale and Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||
Sep. 28, 2013 | ||||||||||||||
Assets Held for Sale and Discontinued Operations | ' | |||||||||||||
Schedule of carrying amounts of assets and liabilities held for sale | ' | |||||||||||||
(in thousands) | September 28, 2013 | December 29, 2012 | ||||||||||||
Accounts receivable, net | $ | 15,818 | $ | 15,259 | ||||||||||
Inventories | 5,339 | 4,447 | ||||||||||||
Prepaid and other | 409 | 759 | ||||||||||||
Property, plant and equipment, net | 29,891 | 31,335 | ||||||||||||
Goodwill and intangibles, net | 38,975 | 39,530 | ||||||||||||
Other | 796 | 931 | ||||||||||||
Assets held for sale | $ | 91,228 | $ | 92,261 | ||||||||||
Liabilities | ||||||||||||||
Accounts payable and accrued liabilities | $ | 5,093 | $ | 4,066 | ||||||||||
Deferred income taxes | 14,069 | 13,948 | ||||||||||||
Other | 1,446 | 1,562 | ||||||||||||
Liabilities related to assets held for sale | $ | 20,608 | $ | 19,576 | ||||||||||
Summary of results of operations reported as discontinued operations | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
(in thousands) | September 28, 2013 | September 29, 2012 | September 28, 2013 | September 29, 2012 | ||||||||||
Net sales | $ | 18,560 | $ | 16,265 | $ | 54,505 | $ | 50,574 | ||||||
Income from discontinued operations | 4,159 | 2,682 | 13,954 | 11,302 | ||||||||||
Income from discontinued operations, net of income taxes | 2,514 | 1,799 | 8,822 | 7,567 | ||||||||||
Financial_Statements_of_Guaran1
Financial Statements of Guarantors (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 28, 2013 | |||||||||||||||||
Financial Statements of Guarantors | ' | ||||||||||||||||
Condensed consolidating balance sheet | ' | ||||||||||||||||
September 28, 2013 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | — | $ | 18,861 | $ | 8,052 | $ | — | $ | 26,913 | |||||||
Accounts receivable, net | 29,396 | 74,280 | — | — | 103,676 | ||||||||||||
Inventories | 37,480 | 75,792 | — | — | 113,272 | ||||||||||||
Prepaid and other | 24,748 | 7,871 | 1,346 | — | 33,965 | ||||||||||||
Assets held for sale | 27,311 | 24,942 | 38,975 | — | 91,228 | ||||||||||||
Total current assets | 118,935 | 201,746 | 48,373 | — | 369,054 | ||||||||||||
Due from affiliates | 656,829 | 464,515 | 468,355 | (1,589,699 | ) | — | |||||||||||
Investment in subsidiaries | 107,115 | 403,104 | 708,789 | (1,219,008 | ) | — | |||||||||||
Property, plant and equipment, net | 307,013 | 289,582 | — | — | 596,595 | ||||||||||||
Goodwill | — | — | 444,512 | — | 444,512 | ||||||||||||
Intangibles and loan acquisition costs, net | — | — | 97,015 | — | 97,015 | ||||||||||||
Other | 727 | 6,850 | 68 | — | 7,645 | ||||||||||||
Total assets | $ | 1,190,619 | $ | 1,365,797 | $ | 1,767,112 | $ | (2,808,707 | ) | $ | 1,514,821 | ||||||
Liabilities and shareholders’ equity | |||||||||||||||||
Accounts payable and accrued liabilities | $ | 23,035 | $ | 40,991 | $ | 14,287 | $ | — | $ | 78,313 | |||||||
Income taxes payable | — | 1,528 | (558 | ) | — | 970 | |||||||||||
Current portion of debt | — | — | 16,875 | — | 16,875 | ||||||||||||
Liabilities related to assets held for sale | 15,727 | 4,881 | — | — | 20,608 | ||||||||||||
Total current liabilities | 38,762 | 47,400 | 30,604 | — | 116,766 | ||||||||||||
Due to affiliates | 630,451 | 407,107 | 552,141 | (1,589,699 | ) | — | |||||||||||
Debt, less current portion | — | — | 629,375 | — | 629,375 | ||||||||||||
Pension obligations, less current portion | — | 108,735 | — | — | 108,735 | ||||||||||||
Deferred income taxes and other | 61,471 | 43,482 | 213 | — | 105,166 | ||||||||||||
Shareholders’ equity | 459,935 | 759,073 | 554,779 | (1,219,008 | ) | 554,779 | |||||||||||
Total liabilities and shareholders’ equity | $ | 1,190,619 | $ | 1,365,797 | $ | 1,767,112 | $ | (2,808,707 | ) | $ | 1,514,821 | ||||||
December 29, 2012 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | — | $ | 28,098 | $ | 16,775 | $ | — | $ | 44,873 | |||||||
Accounts receivable, net | 36,980 | 85,076 | — | — | 122,056 | ||||||||||||
Inventories | 41,616 | 73,846 | — | — | 115,462 | ||||||||||||
Prepaid and other | 24,656 | 19,246 | 538 | — | 44,440 | ||||||||||||
Assets held for sale | 27,566 | 25,165 | 39,530 | — | 92,261 | ||||||||||||
Total current assets | 130,818 | 231,431 | 56,843 | — | 419,092 | ||||||||||||
Due from affiliates | 554,190 | 330,148 | 482,869 | (1,367,207 | ) | — | |||||||||||
Investment in subsidiaries | 123,765 | 381,295 | 636,860 | (1,141,920 | ) | — | |||||||||||
Property, plant and equipment, net | 316,128 | 291,338 | — | — | 607,466 | ||||||||||||
Goodwill | — | — | 444,512 | — | 444,512 | ||||||||||||
Intangibles and loan acquisition costs, net | — | — | 107,006 | — | 107,006 | ||||||||||||
Other | 727 | 7,269 | — | — | 7,996 | ||||||||||||
Total assets | $ | 1,125,628 | $ | 1,241,481 | $ | 1,728,090 | $ | (2,509,127 | ) | $ | 1,586,072 | ||||||
Liabilities and shareholders’ equity | |||||||||||||||||
Accounts payable and accrued liabilities | $ | 24,279 | $ | 45,286 | $ | 4,557 | $ | — | $ | 74,122 | |||||||
Income taxes payable | — | 723 | 880 | — | 1,603 | ||||||||||||
Current portion of debt | — | — | 50,000 | — | 50,000 | ||||||||||||
Liabilities related to assets held for sale | 15,222 | 4,354 | — | — | 19,576 | ||||||||||||
Total current liabilities | 39,501 | 50,363 | 55,437 | — | 145,301 | ||||||||||||
Due to affiliates | 579,388 | 344,398 | 443,421 | (1,367,207 | ) | — | |||||||||||
Debt, less current portion | — | — | 646,250 | — | 646,250 | ||||||||||||
Pension obligations, less current portion | — | 103,491 | — | — | 103,491 | ||||||||||||
Deferred income taxes and other | 65,367 | 42,681 | 145 | — | 108,193 | ||||||||||||
Shareholders’ equity | 441,372 | 700,548 | 582,837 | (1,141,920 | ) | 582,837 | |||||||||||
Total liabilities and shareholders’ equity | $ | 1,125,628 | $ | 1,241,481 | $ | 1,728,090 | $ | (2,509,127 | ) | $ | 1,586,072 | ||||||
Condensed consolidating statement of income | ' | ||||||||||||||||
For the three months ended September 28, 2013 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net sales | $ | 44,725 | $ | 107,295 | $ | — | $ | — | $ | 152,020 | |||||||
Cost of goods sold | 19,520 | 84,869 | — | — | 104,389 | ||||||||||||
Gross profit | 25,205 | 22,426 | — | — | 47,631 | ||||||||||||
Selling, general and administrative expenses | 15,554 | 10,695 | 7,011 | — | 33,260 | ||||||||||||
Operating income (loss) | 9,651 | 11,731 | (7,011 | ) | — | 14,371 | |||||||||||
Interest expense and other | (1,817 | ) | 2,236 | 10,341 | — | 10,760 | |||||||||||
Equity in earnings of subsidiaries | — | — | (15,200 | ) | 15,200 | — | |||||||||||
Income from continuing operations before income taxes | 11,468 | 9,495 | (2,152 | ) | (15,200 | ) | 3,611 | ||||||||||
Income taxes | 5,526 | 2,936 | (9,356 | ) | — | (894 | ) | ||||||||||
Income from continuing operations | 5,942 | 6,559 | 7,204 | (15,200 | ) | 4,505 | |||||||||||
Income from discontinued operations, net of income taxes | 784 | 1,915 | (185 | ) | — | 2,514 | |||||||||||
Net income | $ | 6,726 | $ | 8,474 | $ | 7,019 | $ | (15,200 | ) | $ | 7,019 | ||||||
For the three months ended September 29, 2012 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net sales | $ | 44,336 | $ | 117,017 | $ | — | $ | — | $ | 161,353 | |||||||
Cost of goods sold | 15,761 | 89,842 | — | — | 105,603 | ||||||||||||
Gross profit | 28,575 | 27,175 | — | — | 55,750 | ||||||||||||
Selling, general and administrative expenses | 14,616 | 10,540 | 3,762 | — | 28,918 | ||||||||||||
Operating income (loss) | 13,959 | 16,635 | (3,762 | ) | — | 26,832 | |||||||||||
Interest expense and other | (2,219 | ) | 2,735 | 9,458 | — | 9,974 | |||||||||||
Equity in earnings of subsidiaries | — | — | (21,086 | ) | 21,086 | — | |||||||||||
Income from continuing operations before income taxes | 16,178 | 13,900 | 7,866 | (21,086 | ) | 16,858 | |||||||||||
Income taxes | 7,734 | 3,242 | (6,551 | ) | — | 4,425 | |||||||||||
Income from continuing operations | 8,444 | 10,658 | 14,417 | (21,086 | ) | 12,433 | |||||||||||
Income from discontinued operations, net of income taxes | 505 | 1,479 | (185 | ) | — | 1,799 | |||||||||||
Net income | $ | 8,949 | $ | 12,137 | $ | 14,232 | $ | (21,086 | ) | $ | 14,232 | ||||||
For the nine months ended September 28, 2013 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net sales | $ | 134,625 | $ | 332,233 | $ | — | $ | — | $ | 466,858 | |||||||
Cost of goods sold | 58,816 | 250,790 | — | — | 309,606 | ||||||||||||
Gross profit | 75,809 | 81,443 | — | — | 157,252 | ||||||||||||
Selling, general and administrative expenses | 45,798 | 32,906 | 17,686 | — | 96,390 | ||||||||||||
Operating income (loss) | 30,011 | 48,537 | (17,686 | ) | — | 60,862 | |||||||||||
Interest expense and other | (5,532 | ) | 6,937 | 29,769 | — | 31,174 | |||||||||||
Equity in earnings of subsidiaries | — | — | (54,507 | ) | 54,507 | — | |||||||||||
Income from continuing operations before income taxes | 35,543 | 41,600 | 7,052 | (54,507 | ) | 29,688 | |||||||||||
Income taxes | 18,953 | 13,060 | (24,983 | ) | — | 7,030 | |||||||||||
Income from continuing operations | 16,590 | 28,540 | 32,035 | (54,507 | ) | 22,658 | |||||||||||
Income from discontinued operations, net of income taxes | 3,963 | 5,414 | (555 | ) | — | 8,822 | |||||||||||
Net income | $ | 20,553 | $ | 33,954 | $ | 31,480 | $ | (54,507 | ) | $ | 31,480 | ||||||
For the nine months ended September 29, 2012 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net sales | $ | 130,699 | $ | 355,864 | $ | — | $ | — | $ | 486,563 | |||||||
Cost of goods sold | 36,029 | 263,267 | — | — | 299,296 | ||||||||||||
Gross profit | 94,670 | 92,597 | — | — | 187,267 | ||||||||||||
Selling, general and administrative expenses | 47,929 | 33,716 | 11,891 | — | 93,536 | ||||||||||||
Operating income (loss) | 46,741 | 58,881 | (11,891 | ) | — | 93,731 | |||||||||||
Interest expense and other | (8,517 | ) | 6,607 | 27,601 | — | 25,691 | |||||||||||
Write-off of loan acquisition costs associated with refinancing of senior credit agreement | — | — | 2,478 | — | 2,478 | ||||||||||||
Equity in earnings of subsidiaries | — | — | (79,598 | ) | 79,598 | — | |||||||||||
Income from continuing operations before income taxes | 55,258 | 52,274 | 37,628 | (79,598 | ) | 65,562 | |||||||||||
Income taxes | 24,584 | 11,472 | (16,413 | ) | — | 19,643 | |||||||||||
Income from continuing operations | 30,674 | 40,802 | 54,041 | (79,598 | ) | 45,919 | |||||||||||
Income from discontinued operations, net of income taxes | 3,409 | 4,713 | (555 | ) | — | 7,567 | |||||||||||
Net income | $ | 34,083 | $ | 45,515 | $ | 53,486 | $ | (79,598 | ) | $ | 53,486 | ||||||
Condensed consolidating statement of comprehensive income | ' | ||||||||||||||||
For the three months ended September 28, 2013 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net income | $ | 6,726 | $ | 8,474 | $ | 7,019 | $ | (15,200 | ) | $ | 7,019 | ||||||
Foreign currency translation adjustment, net of income tax expense of $558 | — | 9,065 | (856 | ) | (158 | ) | 8,051 | ||||||||||
Change in net actuarial loss and prior service credit, net of income tax benefit of $143 | — | (569 | ) | — | — | (569 | ) | ||||||||||
Equity in earnings of subsidiaries | — | — | 8,338 | (8,338 | ) | — | |||||||||||
Comprehensive income | $ | 6,726 | $ | 16,970 | $ | 14,501 | $ | (23,696 | ) | $ | 14,501 | ||||||
For the three months ended September 29, 2012 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net income | $ | 8,949 | $ | 12,137 | $ | 14,232 | $ | (21,086 | ) | $ | 14,232 | ||||||
Foreign currency translation adjustment, net of income tax expense of $438 | — | 9,365 | (644 | ) | (189 | ) | 8,532 | ||||||||||
Change in net actuarial loss and prior service credit | — | (272 | ) | — | — | (272 | ) | ||||||||||
Equity in earnings of subsidiaries | — | — | 8,904 | (8,904 | ) | — | |||||||||||
Comprehensive income | $ | 8,949 | $ | 21,230 | $ | 22,492 | $ | (30,179 | ) | $ | 22,492 | ||||||
For the nine months ended September 28, 2013 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net income | $ | 20,553 | $ | 33,954 | $ | 31,480 | $ | (54,507 | ) | $ | 31,480 | ||||||
Foreign currency translation adjustment, net of income tax expense of $340 | — | 3,191 | (502 | ) | (253 | ) | 2,436 | ||||||||||
Change in net actuarial loss and prior service credit, net of income tax benefit of $417 | — | 344 | — | — | 344 | ||||||||||||
Equity in earnings of subsidiaries | — | — | 3,282 | (3,282 | ) | — | |||||||||||
Comprehensive income | $ | 20,553 | $ | 37,489 | $ | 34,260 | $ | (58,042 | ) | $ | 34,260 | ||||||
For the nine months ended September 29, 2012 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net income | $ | 34,083 | $ | 45,515 | $ | 53,486 | $ | (79,598 | ) | $ | 53,486 | ||||||
Foreign currency translation adjustment, net of income tax benefit of $172 | — | 3,072 | 138 | (919 | ) | 2,291 | |||||||||||
Change in net actuarial loss and prior service credit | — | 33 | — | — | 33 | ||||||||||||
Equity in earnings of subsidiaries | — | — | 2,186 | (2,186 | ) | — | |||||||||||
Comprehensive income | $ | 34,083 | $ | 48,620 | $ | 55,810 | $ | (82,703 | ) | $ | 55,810 | ||||||
Condensed consolidating statement of cash flows | ' | ||||||||||||||||
For the nine months ended September 28, 2013 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | 74,390 | $ | 53,642 | $ | (23,685 | ) | $ | 22,665 | $ | 127,012 | ||||||
Investing activities: | |||||||||||||||||
Purchases of property, plant and equipment, net | (3,532 | ) | (16,246 | ) | — | — | (19,778 | ) | |||||||||
Net cash used in investing activities | (3,532 | ) | (16,246 | ) | — | — | (19,778 | ) | |||||||||
Financing activities: | |||||||||||||||||
Principal payments on debt | — | — | (15,000 | ) | — | (15,000 | ) | ||||||||||
Payments on revolving credit facility | — | — | (89,200 | ) | — | (89,200 | ) | ||||||||||
Proceeds from revolving credit facility | — | — | 54,200 | — | 54,200 | ||||||||||||
Proceeds from stock option exercises | — | — | 2,039 | — | 2,039 | ||||||||||||
Repurchases of common stock | — | — | (80,668 | ) | — | (80,668 | ) | ||||||||||
Noncontrolling interest | — | — | 1,971 | — | 1,971 | ||||||||||||
Intercompany transactions, net | (70,858 | ) | (48,097 | ) | 141,620 | (22,665 | ) | — | |||||||||
Net cash provided by (used in) financing activities | (70,858 | ) | (48,097 | ) | 14,962 | (22,665 | ) | (126,658 | ) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | — | 1,464 | — | — | 1,464 | ||||||||||||
Net decrease in cash and cash equivalents | — | (9,237 | ) | (8,723 | ) | — | (17,960 | ) | |||||||||
Cash and cash equivalents at beginning of period | — | 28,098 | 16,775 | — | 44,873 | ||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 18,861 | $ | 8,052 | $ | — | $ | 26,913 | |||||||
For the nine months ended September 29, 2012 | |||||||||||||||||
(in thousands) | Combined | Combined | The Company | Eliminations | Consolidated | ||||||||||||
Guarantor | Non-Guarantor | ||||||||||||||||
Subsidiaries | Subsidiaries | ||||||||||||||||
Net cash provided by (used in) operating activities | $ | 72,194 | $ | 35,600 | $ | (20,398 | ) | $ | (799 | ) | $ | 86,597 | |||||
Investing activities: | |||||||||||||||||
Purchases of property, plant and equipment, net | (107,691 | ) | (15,991 | ) | — | — | (123,682 | ) | |||||||||
Net cash used in investing activities | (107,691 | ) | (15,991 | ) | — | — | (123,682 | ) | |||||||||
Financing activities: | |||||||||||||||||
Principal payments on debt | — | (117 | ) | (4,557 | ) | — | (4,674 | ) | |||||||||
Proceeds from stock option exercises | — | — | 635 | — | 635 | ||||||||||||
Noncontrolling interest | — | — | (300 | ) | — | (300 | ) | ||||||||||
Proceeds from new senior credit agreement | — | — | 350,000 | — | 350,000 | ||||||||||||
Principal payments in connection with refinancing of senior credit agreement | — | (41,865 | ) | (300,426 | ) | — | (342,291 | ) | |||||||||
Loan acquisition costs | — | — | (6,223 | ) | (6,223 | ) | |||||||||||
Intercompany transactions, net | 35,497 | (413 | ) | (35,883 | ) | 799 | — | ||||||||||
Net cash provided by (used in) financing activities | 35,497 | (42,395 | ) | 3,246 | 799 | (2,853 | ) | ||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | (47 | ) | — | — | (47 | ) | ||||||||||
Net decrease in cash and cash equivalents | — | (22,833 | ) | (17,152 | ) | — | (39,985 | ) | |||||||||
Cash and cash equivalents at beginning of period | — | 65,495 | 27,079 | — | 92,574 | ||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 42,662 | $ | 9,927 | $ | — | $ | 52,589 |
Inventories_Details
Inventories (Details) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Inventories | ' | ' |
Raw materials | $38,532 | $42,113 |
Work-in-process | 24,663 | 27,608 |
Finished goods | 50,077 | 45,741 |
Inventories | $113,272 | $115,462 |
Debt_Details
Debt (Details) (USD $) | 9 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||
Sep. 29, 2012 | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Dec. 29, 2012 | Sep. 28, 2013 | Jun. 29, 2012 | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 28, 2013 | Dec. 29, 2012 | |
Senior credit agreement | Senior credit agreement | Senior credit agreement | Revolving credit facility | Revolving credit facility | Revolving credit facility | Term loan facility | Term loan facility | 7.5% senior notes | 7.5% senior notes | ||||
Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility | ' | ' | ' | ' | ' | ' | ' | $0 | $35,000,000 | ' | ' | ' | ' |
Long-term debt including current maturities | ' | 646,250,000 | 696,250,000 | ' | 331,250,000 | 281,250,000 | ' | ' | ' | 281,250,000 | 296,250,000 | 365,000,000 | 365,000,000 |
Less current maturities | ' | 16,875,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | ' | 629,375,000 | 646,250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.50% | 7.50% |
Maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' |
Amount borrowed during the period | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' |
Debt instrument, face amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' |
Loan acquisition costs | 6,223,000 | ' | ' | 6,223,000 | 6,228,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Write-off of unamortized loan acquisition costs | $2,478,000 | ' | ' | ' | $2,478,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Details) (7.5% senior notes, USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
Fair Value of Financial Instruments | ' | ' |
Debt instrument, interest rate (as a percent) | 7.50% | 7.50% |
Level one | ' | ' |
Fair Value of Financial Instruments | ' | ' |
Debt instrument, interest rate (as a percent) | 7.50% | 7.50% |
Fair value of 7.5% senior notes | 386,900,000 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended |
Sep. 28, 2013 | |
Income Taxes | ' |
Amount of reserve reversed during the period related to the completion of a tax audit | $1,697,000 |
Pension_Plans_Details
Pension Plans (Details) (Pension Plans, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Pension Plans | ' | ' | ' | ' |
Components of net periodic benefit cost: | ' | ' | ' | ' |
Service cost | $562 | $405 | $1,680 | $1,241 |
Interest cost | 1,130 | 1,153 | 3,371 | 3,544 |
Expected return on plan assets | -192 | -205 | -572 | -631 |
Amortization of prior service credit | -13 | -12 | -39 | -38 |
Recognized net actuarial loss | 434 | 114 | 1,293 | 350 |
Net periodic benefit cost | $1,921 | $1,455 | $5,733 | $4,466 |
Environmental_Matters_Details
Environmental Matters (Details) (Membrana GmbH, USD $) | 9 Months Ended | |
Sep. 28, 2013 | Dec. 29, 2012 | |
Membrana GmbH | ' | ' |
Environmental Matters | ' | ' |
Environmental reserve | $5,285,000 | $11,079,000 |
Period over which expenditures will be made | '12 months | ' |
Indemnification received | 10,304,000 | ' |
Indemnification receivable | ' | $11,542,000 |
Treasury_Stock_Details
Treasury Stock (Details) (USD $) | 9 Months Ended | |
Sep. 28, 2013 | Feb. 19, 2013 | |
Treasury Stock | ' | ' |
Maximum number of shares authorized to be repurchased | ' | 4,000,000 |
Shares of common stock repurchased | 2,000,000 | ' |
Amount at which shares of common stock were repurchased | $80,343,000 | ' |
Shares of common stock withheld and repurchased to satisfy certain employees' withholding tax liabilities related to restricted stock grants | 8,261 | ' |
Amount at which shares of common stock were withheld and repurchased to satisfy certain employees' withholding tax liabilities related to restricted stock grants | $325,000 | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 29, 2012 | |
Related party transactions | ' | ' | ' | ' | ' |
Ownership percentage in related party | 100.00% | ' | 100.00% | ' | ' |
German Subsidiary | All related parties | ' | ' | ' | ' | ' |
Related party transactions | ' | ' | ' | ' | ' |
Equity method investment | $664,000 | ' | $664,000 | ' | $650,000 |
Charges from the affiliates for work performed | 384,000 | 245,000 | 1,043,000 | 930,000 | ' |
Amounts due to the affiliates | $92,000 | ' | $92,000 | ' | $239,000 |
German Subsidiary | Patent and trademark service provider | ' | ' | ' | ' | ' |
Related party transactions | ' | ' | ' | ' | ' |
Ownership percentage in related party | 33.00% | ' | 33.00% | ' | ' |
German Subsidiary | Research company | ' | ' | ' | ' | ' |
Related party transactions | ' | ' | ' | ' | ' |
Ownership percentage in related party | 25.00% | ' | 25.00% | ' | ' |
Noncontrolling_Interest_Detail
Noncontrolling Interest (Details) (Daramic Xiangyang, USD $) | 9 Months Ended | |
Sep. 28, 2013 | Dec. 29, 2012 | |
Noncontrolling Interest | ' | ' |
Ownership percentage of joint venture | 65.00% | ' |
Contributions to joint venture | $2,470,000 | ' |
Principal balance of building note payable | 5,910,000 | 5,910,000 |
Camel Group Co., Ltd, Co-Venturer | ' | ' |
Noncontrolling Interest | ' | ' |
Ownership percentage of joint venture | 35.00% | ' |
Contributions to joint venture | $1,330,000 | ' |
StockBased_Compensation_Plans_1
Stock-Based Compensation Plans (Details) (2007 Stock Incentive Plan, USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
Feb. 25, 2013 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
Stock Based Compensation Plans | ' | ' | ' | ' | ' |
Stock-based compensation | ' | $4,897,000 | $3,914,000 | $14,194,000 | $12,346,000 |
Income tax benefit related to stock-based compensation expense | ' | 1,740,000 | 1,389,000 | 5,044,000 | 4,381,000 |
Number of shares authorized for grant under 2007 plan | ' | 4,751,963 | ' | 4,751,963 | ' |
Aggregate grant-date fair value of awards granted | 9,248,000 | ' | ' | ' | ' |
Stock option | ' | ' | ' | ' | ' |
Stock Based Compensation Plans | ' | ' | ' | ' | ' |
Granted (in shares) | 328,467 | ' | ' | ' | ' |
Percentage of shares vesting in equal installments | ' | ' | ' | 33.00% | ' |
Term of Options granted under the plan | ' | ' | ' | '10 years | ' |
Exercise price (in dollars per share) | $36.42 | ' | ' | ' | ' |
Assumptions used in estimation of grant date fair value of options based on the Black Scholes option pricing model | ' | ' | ' | ' | ' |
Expected term | '5 years 7 months 6 days | ' | ' | ' | ' |
Risk-free interest rate (as a percent) | 0.92% | ' | ' | ' | ' |
Expected volatility (as a percent) | 57.30% | ' | ' | ' | ' |
Stock Based Compensation Plans | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | '3 years | ' |
Exercise period after retirement for vested options before modification | '90 days | ' | ' | ' | ' |
Incremental stock option expense associated with the modification, net of estimated forfeitures | 2,500,000 | ' | ' | ' | ' |
Recognized amount of incremental stock option expense associated with the modification, net of estimated forfeitures | ' | $836,000 | ' | $836,000 | ' |
Remaining vesting term for recognizing remaining incremental stock option expense associated with the modification | ' | ' | ' | '1 year 2 months 12 days | ' |
Stock option | Maximum | ' | ' | ' | ' | ' |
Stock Based Compensation Plans | ' | ' | ' | ' | ' |
Exercise period after retirement for vested options after modification | '3 years | ' | ' | ' | ' |
Vesting period after retirement for unvested options after modification | '3 years | ' | ' | ' | ' |
Restricted Stock | ' | ' | ' | ' | ' |
Stock Based Compensation Plans | ' | ' | ' | ' | ' |
Restricted stock grants (in shares) | 85,461 | ' | ' | ' | ' |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
business | ||||
segment | ||||
Segment Information | ' | ' | ' | ' |
Number of primary businesses | ' | ' | 2 | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' |
Number of reportable segments | ' | ' | 3 | ' |
Net sales | $152,020,000 | $161,353,000 | $466,858,000 | $486,563,000 |
Operating income | 14,371,000 | 26,832,000 | 60,862,000 | 93,731,000 |
Interest expense, net | 9,919,000 | 9,478,000 | 29,631,000 | 26,438,000 |
Foreign currency and other | 841,000 | 496,000 | 1,543,000 | -747,000 |
Write-off of loan acquisition costs associated with refinancing of senior credit agreement | ' | ' | ' | 2,478,000 |
Income from continuing operations before income taxes | 3,611,000 | 16,858,000 | 29,688,000 | 65,562,000 |
Reportable segments | ' | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' |
Net sales | 152,020,000 | 161,353,000 | 466,858,000 | 486,563,000 |
Operating income | 19,701,000 | 30,841,000 | 76,904,000 | 107,330,000 |
Energy Storage | ' | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' |
Net sales | 104,222,000 | 120,124,000 | 327,264,000 | 353,869,000 |
Operating income | 18,557,000 | 26,589,000 | 59,860,000 | 90,595,000 |
Electronics and EDVs | ' | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' |
Net sales | 27,769,000 | 43,477,000 | 94,358,000 | 133,261,000 |
Operating income | 2,334,000 | 10,540,000 | 10,596,000 | 41,843,000 |
Transportation and industrial | ' | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' |
Net sales | 76,453,000 | 76,647,000 | 232,906,000 | 220,608,000 |
Operating income | 16,223,000 | 16,049,000 | 49,264,000 | 48,752,000 |
Separations Media | ' | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' |
Net sales | 47,798,000 | 41,229,000 | 139,594,000 | 132,694,000 |
Operating income | 9,587,000 | 9,712,000 | 38,932,000 | 36,533,000 |
Healthcare | ' | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' |
Net sales | 29,141,000 | 26,025,000 | 88,684,000 | 82,094,000 |
Filtration and specialty | ' | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' |
Net sales | 18,657,000 | 15,204,000 | 50,910,000 | 50,600,000 |
Corporate and other | ' | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' |
Operating income | -8,443,000 | -5,460,000 | -21,888,000 | -19,798,000 |
Unallocated amount to segment | ' | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' |
Stock-based compensation | 4,897,000 | 3,914,000 | 14,194,000 | 12,346,000 |
Non-recurring and other costs | $433,000 | $95,000 | $1,848,000 | $1,253,000 |
Segment_Information_Details_2
Segment Information (Details 2) (Continuing operations, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Financial information relating to the reportable segments | ' | ' | ' | ' |
Depreciation and amortization from continuing operations | $13,521 | $13,005 | $40,550 | $38,667 |
Energy Storage | ' | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' |
Depreciation and amortization from continuing operations | 7,214 | 6,900 | 21,680 | 18,690 |
Electronics and EDVs | ' | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' |
Depreciation and amortization from continuing operations | 4,415 | 4,404 | 13,211 | 11,715 |
Transportation and industrial | ' | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' |
Depreciation and amortization from continuing operations | 2,799 | 2,496 | 8,469 | 6,975 |
Separations Media | ' | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' |
Depreciation and amortization from continuing operations | 3,492 | 3,291 | 10,419 | 10,003 |
Corporate and other | ' | ' | ' | ' |
Financial information relating to the reportable segments | ' | ' | ' | ' |
Depreciation and amortization from continuing operations | $2,815 | $2,814 | $8,451 | $9,974 |
Assets_Held_for_Sale_and_Disco2
Assets Held for Sale and Discontinued Operations (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||
Sep. 27, 2013 | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 29, 2012 | |
Assets | ' | ' | ' | ' | ' | ' |
Assets held for sale | ' | $91,228,000 | ' | $91,228,000 | ' | $92,261,000 |
Liabilities | ' | ' | ' | ' | ' | ' |
Liabilities related to assets held for sale | ' | 20,608,000 | ' | 20,608,000 | ' | 19,576,000 |
Results of operations | ' | ' | ' | ' | ' | ' |
Income from discontinued operations, net of income taxes | ' | 2,514,000 | 1,799,000 | 8,822,000 | 7,567,000 | ' |
Microporous | ' | ' | ' | ' | ' | ' |
Assets Held for Sale and Discontinued Operations | ' | ' | ' | ' | ' | ' |
Sale price of assets to be sold | 120,000,000 | ' | ' | ' | ' | ' |
Assets | ' | ' | ' | ' | ' | ' |
Accounts receivable, net | ' | 15,818,000 | ' | 15,818,000 | ' | 15,259,000 |
Inventories | ' | 5,339,000 | ' | 5,339,000 | ' | 4,447,000 |
Prepaid and other | ' | 409,000 | ' | 409,000 | ' | 759,000 |
Property, plant and equipment, net | ' | 29,891,000 | ' | 29,891,000 | ' | 31,335,000 |
Goodwill and intangibles, net | ' | 38,975,000 | ' | 38,975,000 | ' | 39,530,000 |
Other | ' | 796,000 | ' | 796,000 | ' | 931,000 |
Assets held for sale | ' | 91,228,000 | ' | 91,228,000 | ' | 92,261,000 |
Liabilities | ' | ' | ' | ' | ' | ' |
Accounts payable and accrued liabilities | ' | 5,093,000 | ' | 5,093,000 | ' | 4,066,000 |
Deferred income taxes | ' | 14,069,000 | ' | 14,069,000 | ' | 13,948,000 |
Other | ' | 1,446,000 | ' | 1,446,000 | ' | 1,562,000 |
Liabilities related to assets held for sale | ' | 20,608,000 | ' | 20,608,000 | ' | 19,576,000 |
Results of operations | ' | ' | ' | ' | ' | ' |
Net sales | ' | 18,560,000 | 16,265,000 | 54,505,000 | 50,574,000 | ' |
Income from discontinued operations | ' | 4,159,000 | 2,682,000 | 13,954,000 | 11,302,000 | ' |
Income from discontinued operations, net of income taxes | ' | $2,514,000 | $1,799,000 | $8,822,000 | $7,567,000 | ' |
Financial_Statements_of_Guaran2
Financial Statements of Guarantors (Details) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Financial Statements of Guarantors | ' | ' | ' | ' |
Ownership percentage in domestic subsidiaries | 100.00% | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | $26,913 | $44,873 | $52,589 | $92,574 |
Accounts receivable, net | 103,676 | 122,056 | ' | ' |
Inventories | 113,272 | 115,462 | ' | ' |
Prepaid and other | 33,965 | 44,440 | ' | ' |
Assets held for sale | 91,228 | 92,261 | ' | ' |
Total current assets | 369,054 | 419,092 | ' | ' |
Property, plant and equipment, net | 596,595 | 607,466 | ' | ' |
Goodwill | 444,512 | 444,512 | ' | ' |
Intangibles and loan acquisition costs, net | 97,015 | 107,006 | ' | ' |
Other | 7,645 | 7,996 | ' | ' |
Total assets | 1,514,821 | 1,586,072 | ' | ' |
Liabilities and shareholders' equity | ' | ' | ' | ' |
Accounts payable and accrued liabilities | 78,313 | 74,122 | ' | ' |
Income taxes payable | 970 | 1,603 | ' | ' |
Current portion of debt | 16,875 | 50,000 | ' | ' |
Liabilities related to assets held for sale | 20,608 | 19,576 | ' | ' |
Total current liabilities | 116,766 | 145,301 | ' | ' |
Debt, less current portion | 629,375 | 646,250 | ' | ' |
Pension obligations, less current portion | 108,735 | 103,491 | ' | ' |
Deferred income taxes and other | 105,166 | 108,193 | ' | ' |
Shareholders' equity | 554,779 | 582,837 | ' | ' |
Total liabilities and shareholders' equity | 1,514,821 | 1,586,072 | ' | ' |
Combined Guarantor Subsidiaries | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Accounts receivable, net | 29,396 | 36,980 | ' | ' |
Inventories | 37,480 | 41,616 | ' | ' |
Prepaid and other | 24,748 | 24,656 | ' | ' |
Assets held for sale | 27,311 | 27,566 | ' | ' |
Total current assets | 118,935 | 130,818 | ' | ' |
Due from affiliates | 656,829 | 554,190 | ' | ' |
Investment in subsidiaries | 107,115 | 123,765 | ' | ' |
Property, plant and equipment, net | 307,013 | 316,128 | ' | ' |
Other | 727 | 727 | ' | ' |
Total assets | 1,190,619 | 1,125,628 | ' | ' |
Liabilities and shareholders' equity | ' | ' | ' | ' |
Accounts payable and accrued liabilities | 23,035 | 24,279 | ' | ' |
Liabilities related to assets held for sale | 15,727 | 15,222 | ' | ' |
Total current liabilities | 38,762 | 39,501 | ' | ' |
Due to affiliates | 630,451 | 579,388 | ' | ' |
Deferred income taxes and other | 61,471 | 65,367 | ' | ' |
Shareholders' equity | 459,935 | 441,372 | ' | ' |
Total liabilities and shareholders' equity | 1,190,619 | 1,125,628 | ' | ' |
Combined Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 18,861 | 28,098 | 42,662 | 65,495 |
Accounts receivable, net | 74,280 | 85,076 | ' | ' |
Inventories | 75,792 | 73,846 | ' | ' |
Prepaid and other | 7,871 | 19,246 | ' | ' |
Assets held for sale | 24,942 | 25,165 | ' | ' |
Total current assets | 201,746 | 231,431 | ' | ' |
Due from affiliates | 464,515 | 330,148 | ' | ' |
Investment in subsidiaries | 403,104 | 381,295 | ' | ' |
Property, plant and equipment, net | 289,582 | 291,338 | ' | ' |
Other | 6,850 | 7,269 | ' | ' |
Total assets | 1,365,797 | 1,241,481 | ' | ' |
Liabilities and shareholders' equity | ' | ' | ' | ' |
Accounts payable and accrued liabilities | 40,991 | 45,286 | ' | ' |
Income taxes payable | 1,528 | 723 | ' | ' |
Liabilities related to assets held for sale | 4,881 | 4,354 | ' | ' |
Total current liabilities | 47,400 | 50,363 | ' | ' |
Due to affiliates | 407,107 | 344,398 | ' | ' |
Pension obligations, less current portion | 108,735 | 103,491 | ' | ' |
Deferred income taxes and other | 43,482 | 42,681 | ' | ' |
Shareholders' equity | 759,073 | 700,548 | ' | ' |
Total liabilities and shareholders' equity | 1,365,797 | 1,241,481 | ' | ' |
The Company | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Cash and cash equivalents | 8,052 | 16,775 | 9,927 | 27,079 |
Prepaid and other | 1,346 | 538 | ' | ' |
Assets held for sale | 38,975 | 39,530 | ' | ' |
Total current assets | 48,373 | 56,843 | ' | ' |
Due from affiliates | 468,355 | 482,869 | ' | ' |
Investment in subsidiaries | 708,789 | 636,860 | ' | ' |
Goodwill | 444,512 | 444,512 | ' | ' |
Intangibles and loan acquisition costs, net | 97,015 | 107,006 | ' | ' |
Other | 68 | ' | ' | ' |
Total assets | 1,767,112 | 1,728,090 | ' | ' |
Liabilities and shareholders' equity | ' | ' | ' | ' |
Accounts payable and accrued liabilities | 14,287 | 4,557 | ' | ' |
Income taxes payable | -558 | 880 | ' | ' |
Current portion of debt | 16,875 | 50,000 | ' | ' |
Total current liabilities | 30,604 | 55,437 | ' | ' |
Due to affiliates | 552,141 | 443,421 | ' | ' |
Debt, less current portion | 629,375 | 646,250 | ' | ' |
Deferred income taxes and other | 213 | 145 | ' | ' |
Shareholders' equity | 554,779 | 582,837 | ' | ' |
Total liabilities and shareholders' equity | 1,767,112 | 1,728,090 | ' | ' |
Eliminations | ' | ' | ' | ' |
Assets | ' | ' | ' | ' |
Due from affiliates | -1,589,699 | -1,367,207 | ' | ' |
Investment in subsidiaries | -1,219,008 | -1,141,920 | ' | ' |
Total assets | -2,808,707 | -2,509,127 | ' | ' |
Liabilities and shareholders' equity | ' | ' | ' | ' |
Due to affiliates | -1,589,699 | -1,367,207 | ' | ' |
Shareholders' equity | -1,219,008 | -1,141,920 | ' | ' |
Total liabilities and shareholders' equity | ($2,808,707) | ($2,509,127) | ' | ' |
Financial_Statements_of_Guaran3
Financial Statements of Guarantors (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
Net sales | $152,020,000 | $161,353,000 | $466,858,000 | $486,563,000 |
Cost of goods sold | 104,389,000 | 105,603,000 | 309,606,000 | 299,296,000 |
Gross profit | 47,631,000 | 55,750,000 | 157,252,000 | 187,267,000 |
Selling, general and administrative expenses | 33,260,000 | 28,918,000 | 96,390,000 | 93,536,000 |
Operating income | 14,371,000 | 26,832,000 | 60,862,000 | 93,731,000 |
Interest expense and other | 10,760,000 | 9,974,000 | 31,174,000 | 25,691,000 |
Write-off of loan acquisition costs associated with refinancing of senior credit agreement | ' | ' | ' | 2,478,000 |
Income from continuing operations before income taxes | 3,611,000 | 16,858,000 | 29,688,000 | 65,562,000 |
Income taxes | -894,000 | 4,425,000 | 7,030,000 | 19,643,000 |
Income from continuing operations | 4,505,000 | 12,433,000 | 22,658,000 | 45,919,000 |
Income from discontinued operations, net of income taxes | 2,514,000 | 1,799,000 | 8,822,000 | 7,567,000 |
Net income | 7,019,000 | 14,232,000 | 31,480,000 | 53,486,000 |
Combined Guarantor Subsidiaries | ' | ' | ' | ' |
Net sales | 44,725,000 | 44,336,000 | 134,625,000 | 130,699,000 |
Cost of goods sold | 19,520,000 | 15,761,000 | 58,816,000 | 36,029,000 |
Gross profit | 25,205,000 | 28,575,000 | 75,809,000 | 94,670,000 |
Selling, general and administrative expenses | 15,554,000 | 14,616,000 | 45,798,000 | 47,929,000 |
Operating income | 9,651,000 | 13,959,000 | 30,011,000 | 46,741,000 |
Interest expense and other | -1,817,000 | -2,219,000 | -5,532,000 | -8,517,000 |
Income from continuing operations before income taxes | 11,468,000 | 16,178,000 | 35,543,000 | 55,258,000 |
Income taxes | 5,526,000 | 7,734,000 | 18,953,000 | 24,584,000 |
Income from continuing operations | 5,942,000 | 8,444,000 | 16,590,000 | 30,674,000 |
Income from discontinued operations, net of income taxes | 784,000 | 505,000 | 3,963,000 | 3,409,000 |
Net income | 6,726,000 | 8,949,000 | 20,553,000 | 34,083,000 |
Combined Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Net sales | 107,295,000 | 117,017,000 | 332,233,000 | 355,864,000 |
Cost of goods sold | 84,869,000 | 89,842,000 | 250,790,000 | 263,267,000 |
Gross profit | 22,426,000 | 27,175,000 | 81,443,000 | 92,597,000 |
Selling, general and administrative expenses | 10,695,000 | 10,540,000 | 32,906,000 | 33,716,000 |
Operating income | 11,731,000 | 16,635,000 | 48,537,000 | 58,881,000 |
Interest expense and other | 2,236,000 | 2,735,000 | 6,937,000 | 6,607,000 |
Income from continuing operations before income taxes | 9,495,000 | 13,900,000 | 41,600,000 | 52,274,000 |
Income taxes | 2,936,000 | 3,242,000 | 13,060,000 | 11,472,000 |
Income from continuing operations | 6,559,000 | 10,658,000 | 28,540,000 | 40,802,000 |
Income from discontinued operations, net of income taxes | 1,915,000 | 1,479,000 | 5,414,000 | 4,713,000 |
Net income | 8,474,000 | 12,137,000 | 33,954,000 | 45,515,000 |
The Company | ' | ' | ' | ' |
Selling, general and administrative expenses | 7,011,000 | 3,762,000 | 17,686,000 | 11,891,000 |
Operating income | -7,011,000 | -3,762,000 | -17,686,000 | -11,891,000 |
Interest expense and other | 10,341,000 | 9,458,000 | 29,769,000 | 27,601,000 |
Write-off of loan acquisition costs associated with refinancing of senior credit agreement | ' | ' | ' | 2,478,000 |
Equity in earnings of subsidiaries | -15,200,000 | -21,086,000 | -54,507,000 | -79,598,000 |
Income from continuing operations before income taxes | -2,152,000 | 7,866,000 | 7,052,000 | 37,628,000 |
Income taxes | -9,356,000 | -6,551,000 | -24,983,000 | -16,413,000 |
Income from continuing operations | 7,204,000 | 14,417,000 | 32,035,000 | 54,041,000 |
Income from discontinued operations, net of income taxes | -185,000 | -185,000 | -555,000 | -555,000 |
Net income | 7,019,000 | 14,232,000 | 31,480,000 | 53,486,000 |
Eliminations | ' | ' | ' | ' |
Equity in earnings of subsidiaries | 15,200,000 | 21,086,000 | 54,507,000 | 79,598,000 |
Income from continuing operations before income taxes | -15,200,000 | -21,086,000 | -54,507,000 | -79,598,000 |
Income from continuing operations | -15,200,000 | -21,086,000 | -54,507,000 | -79,598,000 |
Net income | ($15,200,000) | ($21,086,000) | ($54,507,000) | ($79,598,000) |
Financial_Statements_of_Guaran4
Financial Statements of Guarantors (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Net income | $7,019 | $14,232 | $31,480 | $53,486 |
Foreign currency translation adjustment | 8,051 | 8,532 | 2,436 | 2,291 |
Foreign currency translation adjustment, income tax benefit (expense) | -558 | -438 | -340 | 172 |
Change in net actuarial loss and prior service credit | -569 | -272 | 344 | 33 |
Change in net actuarial loss and prior service credit, income tax benefit (expense) | 143 | ' | 417 | ' |
Comprehensive income | 14,501 | 22,492 | 34,260 | 55,810 |
Combined Guarantor Subsidiaries | ' | ' | ' | ' |
Net income | 6,726 | 8,949 | 20,553 | 34,083 |
Comprehensive income | 6,726 | 8,949 | 20,553 | 34,083 |
Combined Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Net income | 8,474 | 12,137 | 33,954 | 45,515 |
Foreign currency translation adjustment | 9,065 | 9,365 | 3,191 | 3,072 |
Change in net actuarial loss and prior service credit | -569 | -272 | 344 | 33 |
Comprehensive income | 16,970 | 21,230 | 37,489 | 48,620 |
The Company | ' | ' | ' | ' |
Net income | 7,019 | 14,232 | 31,480 | 53,486 |
Foreign currency translation adjustment | -856 | -644 | -502 | 138 |
Equity in earnings of subsidiaries | 8,338 | 8,904 | 3,282 | 2,186 |
Comprehensive income | 14,501 | 22,492 | 34,260 | 55,810 |
Eliminations | ' | ' | ' | ' |
Net income | -15,200 | -21,086 | -54,507 | -79,598 |
Foreign currency translation adjustment | -158 | -189 | -253 | -919 |
Equity in earnings of subsidiaries | -8,338 | -8,904 | -3,282 | -2,186 |
Comprehensive income | ($23,696) | ($30,179) | ($58,042) | ($82,703) |
Financial_Statements_of_Guaran5
Financial Statements of Guarantors (Details 4) (USD $) | 9 Months Ended | |
Sep. 28, 2013 | Sep. 29, 2012 | |
Operating activities: | ' | ' |
Net cash provided by (used in) operating activities | $127,012,000 | $86,597,000 |
Investing activities: | ' | ' |
Purchases of property, plant and equipment, net | -19,778,000 | -123,682,000 |
Net cash used in investing activities | -19,778,000 | -123,682,000 |
Financing activities: | ' | ' |
Principal payments on debt | -15,000,000 | -4,674,000 |
Payments on revolving credit facility | -89,200,000 | ' |
Proceeds from revolving credit facility | 54,200,000 | ' |
Proceeds from stock option exercises | 2,039,000 | 635,000 |
Repurchases of common stock | -80,668,000 | ' |
Noncontrolling interest | 1,971,000 | -300,000 |
Proceeds from new senior credit agreement | ' | 350,000,000 |
Principal payments in connection with refinancing of senior credit agreement | ' | -342,291,000 |
Loan acquisition costs | ' | -6,223,000 |
Net cash used in financing activities | -126,658,000 | -2,853,000 |
Effect of exchange rate changes on cash and cash equivalents | 1,464,000 | -47,000 |
Net decrease in cash and cash equivalents | -17,960,000 | -39,985,000 |
Cash and cash equivalents at beginning of period | 44,873,000 | 92,574,000 |
Cash and cash equivalents at end of period | 26,913,000 | 52,589,000 |
Combined Guarantor Subsidiaries | ' | ' |
Operating activities: | ' | ' |
Net cash provided by (used in) operating activities | 74,390,000 | 72,194,000 |
Investing activities: | ' | ' |
Purchases of property, plant and equipment, net | -3,532,000 | -107,691,000 |
Net cash used in investing activities | -3,532,000 | -107,691,000 |
Financing activities: | ' | ' |
Intercompany transactions, net | -70,858,000 | 35,497,000 |
Net cash used in financing activities | -70,858,000 | 35,497,000 |
Combined Non-Guarantor Subsidiaries | ' | ' |
Operating activities: | ' | ' |
Net cash provided by (used in) operating activities | 53,642,000 | 35,600,000 |
Investing activities: | ' | ' |
Purchases of property, plant and equipment, net | -16,246,000 | -15,991,000 |
Net cash used in investing activities | -16,246,000 | -15,991,000 |
Financing activities: | ' | ' |
Principal payments on debt | ' | -117,000 |
Principal payments in connection with refinancing of senior credit agreement | ' | -41,865,000 |
Intercompany transactions, net | -48,097,000 | -413,000 |
Net cash used in financing activities | -48,097,000 | -42,395,000 |
Effect of exchange rate changes on cash and cash equivalents | 1,464,000 | -47,000 |
Net decrease in cash and cash equivalents | -9,237,000 | -22,833,000 |
Cash and cash equivalents at beginning of period | 28,098,000 | 65,495,000 |
Cash and cash equivalents at end of period | 18,861,000 | 42,662,000 |
The Company | ' | ' |
Operating activities: | ' | ' |
Net cash provided by (used in) operating activities | -23,685,000 | -20,398,000 |
Financing activities: | ' | ' |
Principal payments on debt | -15,000,000 | -4,557,000 |
Payments on revolving credit facility | -89,200,000 | ' |
Proceeds from revolving credit facility | 54,200,000 | ' |
Proceeds from stock option exercises | 2,039,000 | 635,000 |
Repurchases of common stock | -80,668,000 | ' |
Noncontrolling interest | 1,971,000 | -300,000 |
Proceeds from new senior credit agreement | ' | 350,000,000 |
Principal payments in connection with refinancing of senior credit agreement | ' | -300,426,000 |
Loan acquisition costs | ' | -6,223,000 |
Intercompany transactions, net | 141,620,000 | -35,883,000 |
Net cash used in financing activities | 14,962,000 | 3,246,000 |
Net decrease in cash and cash equivalents | -8,723,000 | -17,152,000 |
Cash and cash equivalents at beginning of period | 16,775,000 | 27,079,000 |
Cash and cash equivalents at end of period | 8,052,000 | 9,927,000 |
Eliminations | ' | ' |
Operating activities: | ' | ' |
Net cash provided by (used in) operating activities | 22,665,000 | -799,000 |
Financing activities: | ' | ' |
Intercompany transactions, net | -22,665,000 | 799,000 |
Net cash used in financing activities | ($22,665,000) | $799,000 |