Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 23, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Registrant Name | 'CommScope Holding Company, Inc. | ' |
Entity Central Index Key | '0001517228 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 187,213,819 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net sales | $1,066,256 | $940,859 | $2,001,292 | $1,745,548 |
Operating costs and expenses: | ' | ' | ' | ' |
Cost of sales | 654,605 | 607,035 | 1,251,930 | 1,146,650 |
Selling, general and administrative | 121,070 | 123,411 | 234,098 | 232,393 |
Research and development | 33,082 | 33,846 | 64,952 | 63,796 |
Amortization of purchased intangible assets | 44,306 | 43,685 | 88,604 | 86,965 |
Restructuring costs, net | 2,309 | 9,730 | 4,289 | 11,533 |
Asset impairments | 7,229 | 28,848 | 7,229 | 34,482 |
Total operating costs and expenses | 862,601 | 846,555 | 1,651,102 | 1,575,819 |
Operating income | 203,655 | 94,304 | 350,190 | 169,729 |
Other expense, net | -88,791 | -1,831 | -91,986 | -5,272 |
Interest expense | -63,625 | -48,052 | -105,905 | -93,837 |
Interest income | 1,111 | 906 | 2,215 | 1,610 |
Income before income taxes | 52,350 | 45,327 | 154,514 | 72,230 |
Income tax expense | -24,307 | -44,206 | -61,984 | -55,209 |
Net income | 28,043 | 1,121 | 92,530 | 17,021 |
Earnings per share: | ' | ' | ' | ' |
Basic | $0.15 | $0.01 | $0.50 | $0.11 |
Diluted | $0.15 | $0.01 | $0.49 | $0.11 |
Weighted average shares outstanding: | ' | ' | ' | ' |
Basic | 186,509 | 154,885 | 186,226 | 154,883 |
Diluted | 190,984 | 158,316 | 190,694 | 157,480 |
Comprehensive income (loss): | ' | ' | ' | ' |
Net income | 28,043 | 1,121 | 92,530 | 17,021 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Foreign currency gain (loss) | 2,356 | -10,682 | 3,983 | -16,613 |
Pension and other postretirement benefit activity | -1,551 | -1,355 | -3,102 | -2,712 |
Gain on available-for-sale securities | 18,694 | ' | 18,694 | ' |
Total other comprehensive income (loss), net of tax | 19,499 | -12,037 | 19,575 | -19,325 |
Total comprehensive income (loss) | $47,542 | ($10,916) | $112,105 | ($2,304) |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $481,049 | $346,320 |
Accounts receivable, less allowance for doubtful accounts of $12,823 and $12,617, respectively | 777,768 | 607,489 |
Inventories, net | 449,367 | 372,187 |
Prepaid expenses and other current assets | 82,923 | 71,818 |
Deferred income taxes | 51,752 | 55,609 |
Total current assets | 1,842,859 | 1,453,423 |
Property, plant and equipment, net of accumulated depreciation of $203,392 and $183,965, respectively | 300,816 | 310,143 |
Goodwill | 1,446,109 | 1,450,506 |
Other intangible assets, net | 1,326,586 | 1,422,192 |
Other noncurrent assets | 138,009 | 97,791 |
Total assets | 5,054,379 | 4,734,055 |
Liabilities and Stockholders' Equity | ' | ' |
Accounts payable | 312,303 | 251,639 |
Other accrued liabilities | 281,777 | 332,280 |
Current portion of long-term debt | 9,063 | 9,462 |
Total current liabilities | 603,143 | 593,381 |
Long-term debt | 2,701,987 | 2,505,090 |
Deferred income taxes | 383,462 | 386,527 |
Pension and other postretirement benefit liabilities | 33,027 | 40,349 |
Other noncurrent liabilities | 109,932 | 120,692 |
Total liabilities | 3,831,551 | 3,646,039 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $.01 par value: Authorized shares: 200,000,000; Issued and outstanding shares: None at June 30, 2014 and December 31, 2013 | 0 | 0 |
Common stock, $.01 par value: Authorized shares: 1,300,000,000; Issued and outstanding shares: 187,170,919 and 185,861,777 at June 30, 2014 and December 31, 2013, respectively | 1,881 | 1,868 |
Additional paid-in capital | 2,124,044 | 2,101,350 |
Retained earnings (accumulated deficit) | -885,761 | -978,291 |
Accumulated other comprehensive loss | -6,701 | -26,276 |
Treasury stock, at cost: 961,566 shares at June 30, 2014 and December 31, 2013 | -10,635 | -10,635 |
Total stockholders' equity | 1,222,828 | 1,088,016 |
Total liabilities and stockholders' equity | $5,054,379 | $4,734,055 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts receivable | $12,823 | $12,617 |
Property, plant and equipment, other, accumulated depreciation | $203,392 | $183,965 |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 200,000,000 | 200,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 1,300,000,000 | 1,300,000,000 |
Common stock, shares issued | 187,170,919 | 185,861,777 |
Common stock, shares outstanding | 187,170,919 | 185,861,777 |
Treasury stock, shares | 961,566 | 961,566 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating Activities: | ' | ' |
Net income | $92,530 | $17,021 |
Adjustments to reconcile net income to net cash (used in) generated by operating activities: | ' | ' |
Depreciation and amortization | 138,481 | 121,937 |
Equity-based compensation | 10,171 | 9,087 |
Deferred income taxes | -11,495 | 5,776 |
Asset impairments | 7,229 | 34,482 |
Excess tax benefits from equity-based compensation | -6,987 | -9 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable | -168,817 | -130,207 |
Inventories | -76,456 | -61,142 |
Prepaid expenses and other assets | -19,426 | -8,835 |
Accounts payable and other liabilities | -5,182 | 25,182 |
Other | -8,925 | 10,859 |
Net cash (used in) generated by operating activities | -48,877 | 24,151 |
Investing Activities: | ' | ' |
Additions to property, plant and equipment | -16,191 | -16,027 |
Proceeds from sale of property, plant and equipment | 1,446 | 1,056 |
Cash refunded from (paid for) acquisitions | 4,745 | -34,000 |
Other | 7,299 | 2,902 |
Net cash used in investing activities | -2,701 | -46,069 |
Financing Activities: | ' | ' |
Long-term debt repaid | -1,119,789 | -172,449 |
Long-term debt proceeds | 1,315,000 | 716,963 |
Long-term debt financing costs | -22,738 | -12,803 |
Proceeds from the issuance of common shares under equity-based compensation plans | 7,942 | ' |
Excess tax benefits from equity-based compensation | 6,987 | 9 |
Dividends paid | ' | -538,705 |
Cash paid to stock option holders | ' | -7,188 |
Other | ' | -32 |
Net cash generated by (used in) financing activities | 187,402 | -14,205 |
Effect of exchange rate changes on cash and cash equivalents | -1,095 | -4,642 |
Change in cash and cash equivalents | 134,729 | -40,765 |
Cash and cash equivalents, beginning of period | 346,320 | 264,375 |
Cash and cash equivalents, end of period | $481,049 | $223,610 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (Unaudited) (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock, at Cost [Member] |
In Thousands, except Share data | ||||||
Beginning balance at Dec. 31, 2012 | ' | $1,558 | $1,655,379 | ($447,687) | ($16,646) | ($10,322) |
Beginning balance, Shares at Dec. 31, 2012 | ' | 154,879,299 | ' | ' | ' | ' |
Issuance of shares under equity-based compensation plans, Shares | ' | 30,567 | ' | ' | ' | ' |
Shares repurchased under equity-based compensation plans, Shares | ' | -25,266 | ' | ' | ' | ' |
Issuance of shares under equity-based compensation plans | ' | ' | 279 | ' | ' | ' |
Net income | 17,021 | ' | ' | 17,021 | ' | ' |
Other comprehensive income (loss), net of tax | -19,325 | ' | ' | ' | -19,325 | ' |
Net shares repurchased under equity-based compensation plans | ' | ' | ' | ' | ' | -313 |
Equity-based compensation | ' | ' | 6,630 | ' | ' | ' |
Dividends paid | ' | ' | ' | -538,705 | ' | ' |
Tax benefit from shares issued under equity-based compensation plans | ' | ' | 9 | ' | ' | ' |
Cash paid to stock option holders | ' | ' | ' | -11,295 | ' | ' |
Ending balance at Jun. 30, 2013 | 636,583 | 1,558 | 1,662,297 | -980,666 | -35,971 | -10,635 |
Ending balance, Shares at Jun. 30, 2013 | ' | 154,884,600 | ' | ' | ' | ' |
Beginning balance at Dec. 31, 2013 | 1,088,016 | 1,868 | 2,101,350 | -978,291 | -26,276 | -10,635 |
Beginning balance, Shares at Dec. 31, 2013 | 185,861,777 | 185,861,777 | ' | ' | ' | ' |
Issuance of shares under equity-based compensation plans, Shares | ' | 1,309,142 | ' | ' | ' | ' |
Shares repurchased under equity-based compensation plans, Shares | ' | ' | ' | ' | ' | ' |
Issuance of shares under equity-based compensation plans | ' | 13 | 7,929 | ' | ' | ' |
Net income | 92,530 | ' | ' | 92,530 | ' | ' |
Other comprehensive income (loss), net of tax | 19,575 | ' | ' | ' | 19,575 | ' |
Net shares repurchased under equity-based compensation plans | ' | ' | ' | ' | ' | ' |
Equity-based compensation | ' | ' | 7,778 | ' | ' | ' |
Dividends paid | ' | ' | ' | ' | ' | ' |
Tax benefit from shares issued under equity-based compensation plans | ' | ' | 6,987 | ' | ' | ' |
Cash paid to stock option holders | ' | ' | ' | 0 | ' | ' |
Ending balance at Jun. 30, 2014 | $1,222,828 | $1,881 | $2,124,044 | ($885,761) | ($6,701) | ($10,635) |
Ending balance, Shares at Jun. 30, 2014 | 187,170,919 | 187,170,919 | ' | ' | ' | ' |
BACKGROUND_AND_BASIS_OF_PRESEN
BACKGROUND AND BASIS OF PRESENTATION | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
BACKGROUND AND BASIS OF PRESENTATION | ' | ||||||||||||||||
1. BACKGROUND AND BASIS OF PRESENTATION | |||||||||||||||||
Background | |||||||||||||||||
CommScope Holding Company, Inc., along with its direct and indirect subsidiaries (CommScope or the Company), is a global provider of essential infrastructure solutions for wireless, business enterprise and residential broadband networks. The Company’s solutions and services for wired and wireless networks enable high-bandwidth data, video and voice applications. CommScope’s global position is built upon innovative technology, broad solution offerings, high-quality and cost-effective customer solutions and global manufacturing and distribution scale. | |||||||||||||||||
Basis of Presentation | |||||||||||||||||
The Condensed Consolidated Balance Sheet as of June 30, 2014, the Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2014 and 2013, and the Condensed Consolidated Statements of Cash Flows and Stockholders’ Equity for the six months ended June 30, 2014 and 2013 are unaudited and reflect all adjustments of a normal recurring nature that are, in the opinion of management, necessary for a fair presentation of the interim period financial statements. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. | |||||||||||||||||
The unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and are presented in accordance with the applicable requirements of Regulation S-X. Accordingly, these financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. The significant accounting policies followed by the Company are set forth in Note 2 within the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 (the 2013 Annual Report). There were no changes in the Company’s significant accounting policies during the three and six months ended June 30, 2014. In addition, the Company reaffirms the use of estimates in the preparation of the financial statements as set forth in the audited consolidated financial statements. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements. | |||||||||||||||||
As of January 1, 2014, the Company adopted new accounting guidance that requires an entity to net its liability for uncertain tax positions as a reduction to deferred tax balances related to net operating loss carryforwards, similar tax losses or tax credit carryforwards when settlement in this manner is available under the tax law. The provisions of this new guidance did not have a material impact on the Company’s financial statements. | |||||||||||||||||
On October 4, 2013, the Company effected a 3-for-1 stock split of its common stock. All share and per share numbers have been revised to reflect the stock split. | |||||||||||||||||
Concentrations of Risk and Related Party Transactions | |||||||||||||||||
Net sales to Anixter International Inc. and its affiliates (Anixter) accounted for approximately 11% of the Company’s total net sales during the three and six months ended June 30, 2014. Net sales to Anixter accounted for approximately 12% of the Company’s total net sales during the three and six months ended June 30, 2013. Sales to Anixter primarily originate within the Enterprise segment. Other than Anixter, no direct customer accounted for 10% or more of the Company’s total net sales for the three or six months ended June 30, 2014 or 2013. | |||||||||||||||||
Accounts receivable from Anixter represented approximately 12% of accounts receivable as of June 30, 2014. Other than Anixter, no direct customer accounted for 10% or more of the Company’s accounts receivable as of June 30, 2014. | |||||||||||||||||
As of June 30, 2014, the Company was 54% owned by funds affiliated with The Carlyle Group (Carlyle). The Company paid $0.8 million and $1.5 million of management and oversight fees to Carlyle in the three and six months ended June 30, 2013, respectively. In October 2013, the Company paid Carlyle approximately $20.2 million to terminate the management agreement. | |||||||||||||||||
Product Warranties | |||||||||||||||||
The Company recognizes a liability for the estimated claims that may be paid under its customer warranty agreements to remedy potential deficiencies of quality or performance of the Company’s products. These product warranties extend over periods ranging from one to twenty-five years from the date of sale, depending upon the product subject to the warranty. The Company records a provision for estimated future warranty claims as cost of sales based upon the historical relationship of warranty claims to sales and specifically-identified warranty issues. The Company bases its estimates on assumptions that are believed to be reasonable under the circumstances and revises its estimates, as appropriate, when events or changes in circumstances indicate that revisions may be necessary. Such revisions may be material. | |||||||||||||||||
The following table summarizes the activity in the product warranty accrual, included in other accrued liabilities: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Product warranty accrual, beginning of period | $ | 22,938 | $ | 25,325 | $ | 24,838 | $ | 26,005 | |||||||||
Provision for warranty claims | 2,662 | 187 | 4,931 | 1,147 | |||||||||||||
Warranty claims paid | (3,805 | ) | (1,385 | ) | (7,974 | ) | (3,025 | ) | |||||||||
Product warranty accrual, end of period | $ | 21,795 | $ | 24,127 | $ | 21,795 | $ | 24,127 | |||||||||
Commitments and Contingencies | |||||||||||||||||
The Company is either a plaintiff or a defendant in pending legal matters in the normal course of business. Management believes none of these legal matters will have a material adverse effect on the Company’s business or financial condition upon final disposition. | |||||||||||||||||
As of June 30, 2014, the Company had commitments of $23.6 million to purchase metals that are expected to be consumed in normal production by the fourth quarter of 2014. In the aggregate, these commitments were at prices approximately 1% above market prices as of June 30, 2014. | |||||||||||||||||
Asset Impairments | |||||||||||||||||
Property, plant and equipment and intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable, based on the undiscounted cash flows expected to be derived from the use and ultimate disposition of the assets. Assets identified as impaired are carried at their estimated fair value. During the three months ended June 30, 2014, as a result of revisions to the business plan for a particular product line, the Company determined that certain intangible assets in the Broadband segment were no longer recoverable and a $7.2 million impairment charge was recorded. During the three months ended June 30, 2013, a goodwill impairment charge of $28.8 million was recorded in the Broadband segment primarily as a result of lower projected operating results than those used in the 2012 annual impairment test. During the six months ended June 30, 2013, the Company also recorded pretax impairment charges in the Wireless segment of $5.6 million related to certain real estate and production equipment. | |||||||||||||||||
Income Taxes | |||||||||||||||||
The effective income tax rate of 46.4% and 40.1% for the three and six months ended June 30, 2014, respectively, was higher than the statutory rate of 35% primarily due to increases in valuation allowances for foreign tax credit carryforwards, losses in certain jurisdictions where the Company did not recognize tax benefits due to the likelihood of them not being realizable, the provision for state income taxes and certain tax costs associated with repatriation of foreign earnings. In addition, no tax benefit was recognized on the $7.2 million asset impairment charge recorded during the second quarter of 2014. These items were partially offset by gains of $6.6 million and $12.0 million in the three and six months ended June 30, 2014, respectively, that resulted from the reduction in the estimated fair value of contingent consideration payable, which is not subject to tax. The Company also recognized a reduction in tax expense during the six months ended June 30, 2014 related to uncertain tax positions for which the statutes of limitations had lapsed. | |||||||||||||||||
The effective income tax rate for the three and six months ended June 30, 2013 was higher than the statutory rate of 35% primarily due to the establishment of a valuation allowance of $29.5 million related to foreign tax credit carryforwards that was partially offset by the reversal of a previously established valuation allowance of $8.3 million related to net operating loss carryforwards in a foreign jurisdiction as a result of improved profitability. In addition, no tax benefit was recognized on the $28.8 million goodwill impairment charge recorded during the second quarter of 2013. The effective tax rate for the three and six months ended June 30, 2013 was also impacted by losses in certain foreign jurisdictions where the Company did not recognize tax benefits due to the likelihood of them not being realizable, tax costs associated with repatriation of foreign earnings and adjustments related to prior years’ tax returns in various jurisdictions. | |||||||||||||||||
Earnings Per Share | |||||||||||||||||
Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is based on net income divided by the weighted average number of common shares outstanding plus the dilutive effect of potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding equity-based awards such as stock options and restricted stock units. Certain outstanding equity-based awards were not included in the computation of diluted earnings per share because the effect was either antidilutive or the performance condition was not met (2.2 million shares and 1.9 million shares for the three and six months ended June 30, 2014, respectively, and 2.5 million shares and 2.4 million shares for the three and six months ended June 30, 2013, respectively). The following table presents the basis for the earnings per share computations: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income for basic and diluted earnings per share | $ | 28,043 | $ | 1,121 | $ | 92,530 | $ | 17,021 | |||||||||
Denominator: | |||||||||||||||||
Weighted average shares outstanding - basic | 186,509 | 154,885 | 186,226 | 154,883 | |||||||||||||
Dilutive effect of equity-based awards | 4,475 | 3,431 | 4,468 | 2,597 | |||||||||||||
Weighted average common shares outstanding - diluted | 190,984 | 158,316 | 190,694 | 157,480 | |||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||
On May 28, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2014-09 Revenue from Contracts with Customers, which establishes a single comprehensive model for revenue recognition. Under the new guidance, revenue will be recognized when control over goods or services has been transferred to a customer. When multiple goods or services are sold under a single arrangement, revenue will be allocated based on the relative standalone selling prices of the various elements. The Company will be required to adopt the standard as of January 1, 2017 and early adoption is not permitted. Transition alternatives include full retrospective adoption or a modified retrospective adoption. The Company has not determined the transition approach that will be utilized or estimated the impact of adopting the new accounting standard. |
ACQUISITIONS
ACQUISITIONS | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Business Combinations [Abstract] | ' | ||||
ACQUISITIONS | ' | ||||
2. ACQUISITIONS | |||||
iTRACS Corporation | |||||
In March 2013, the Company acquired substantially all of the assets and assumed certain liabilities of iTRACS Corporation (iTRACS) for approximately $34.0 million in cash. In March 2014, the Company reached an agreement with the former owners of iTRACS to adjust the purchase price by $4.7 million and that amount was received by the Company in April 2014. iTRACS develops and markets enterprise-class data center infrastructure management (DCIM) solutions. Net sales of iTRACS products and services were immaterial for the three and six months ended June 30, 2014 and are reported in the Enterprise segment. The allocation of the purchase price, based on the estimated fair values of assets acquired and liabilities assumed, is as follows (in millions): | |||||
Current assets | $ | 1.7 | |||
Noncurrent assets, excluding intangible assets | 0.7 | ||||
Identifiable intangible assets | 13.1 | ||||
Goodwill | 15.1 | ||||
Less: Liabilities assumed | (1.3 | ) | |||
Net acquisition cost | $ | 29.3 | |||
The goodwill arising from the purchase price allocation of the iTRACS acquisition is believed to result from the company’s reputation in the marketplace and assembled workforce and is expected to be deductible for tax purposes. | |||||
Redwood Systems, Inc. | |||||
In July 2013, the Company acquired Redwood Systems, Inc. (Redwood), a provider of LED lighting solutions and integrated sensor networks for data centers and buildings. Redwood was acquired for an initial payment of $9.8 million and contingent consideration with an estimated fair value of $12.4 million as of the acquisition date. The Company may be required to pay up to an additional $37.25 million of consideration if certain net sales targets of up to $55.0 million are met over various periods through July 31, 2015. During the six months ended June 30, 2014, the estimated fair value of the liability for contingent consideration was reduced to $1.1 million (see Note 7). In addition, there are potential retention payments for employees of Redwood of up to $11.75 million based on the same net sales targets as the contingent consideration. Net sales of Redwood products and services were $2.4 million and $4.2 million, respectively, for the three and six months ended June 30, 2014 and are reported in the Enterprise segment. The Company does not believe that it is probable that any of the retention payments will be made. The allocation of the purchase price, based on estimates of the fair values of assets acquired and liabilities assumed, is as follows (in millions): | |||||
Current assets | $ | 2.6 | |||
Deferred taxes | 7.3 | ||||
Identifiable intangible assets | 9 | ||||
Goodwill | 4.2 | ||||
Other noncurrent assets | 0.8 | ||||
Less: Liabilities assumed | (1.7 | ) | |||
Net acquisition cost | $ | 22.2 | |||
The goodwill arising from the purchase price allocation of the Redwood acquisition is believed to result from the company’s reputation in the marketplace and assembled workforce and is not expected to be deductible for tax purposes. |
GOODWILL
GOODWILL | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
GOODWILL | ' | ||||||||||||||||
3. GOODWILL | |||||||||||||||||
The following table presents goodwill by reportable segment (in millions): | |||||||||||||||||
Wireless | Enterprise | Broadband | Total | ||||||||||||||
Goodwill, gross, as of December 31, 2013 | $ | 821.1 | $ | 659.5 | $ | 86.3 | $ | 1,566.90 | |||||||||
Revisions to preliminary purchase price allocations | — | (5.7 | ) | — | (5.7 | ) | |||||||||||
Foreign exchange | 1.3 | — | — | 1.3 | |||||||||||||
Goodwill, gross, as of June 30, 2014 | 822.4 | 653.8 | 86.3 | 1,562.50 | |||||||||||||
Accumulated impairment charges as of January 1, 2014 and June 30, 2014 | (80.2 | ) | — | (36.2 | ) | (116.4 | ) | ||||||||||
Goodwill, net, as of June 30, 2014 | $ | 742.2 | $ | 653.8 | $ | 50.1 | $ | 1,446.10 | |||||||||
SUPPLEMENTAL_FINANCIAL_STATEME
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION | ' | ||||||||||||||||
4. SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION | |||||||||||||||||
Inventories | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Raw materials | $ | 93,469 | $ | 72,170 | |||||||||||||
Work in process | 134,104 | 124,049 | |||||||||||||||
Finished goods | 221,794 | 175,968 | |||||||||||||||
$ | 449,367 | $ | 372,187 | ||||||||||||||
Investments | |||||||||||||||||
The Company utilizes the equity method of accounting for investments in entities where it does not have control but has the ability to exercise significant influence over the investee’s operating and financial policies. The Company considers investments in publicly traded securities for which it does not have significant influence as available-for-sale. Available-for-sale securities are carried at fair value with changes in fair value recorded net of tax in other comprehensive income. The Company owns 1.69 million shares of Hydrogenics Corporation (Hydrogenics), a publicly traded company that supplies hydrogen generators and hydrogen-based power modules and fuel cells for various uses. During the three months ended June 30, 2014, the Company reduced its ownership in Hydrogenics from 24.1% to 16.7%. As a result, the Company no longer is considered to have significant influence over the investee’s operating and financial policies and changed its method of accounting from the equity method to classifying the investment as available-for-sale. | |||||||||||||||||
As of June 30, 2014 the cost basis of the investment in Hydrogenics was $1.3 million, the fair value was $31.5 million and the unrealized pretax gains recorded in accumulated other comprehensive income were $30.2 million. The Company did not hold any investments that were classified as available-for-sale as of December 31, 2013. As of December 31, 2013 the carrying value of the Hydrogenics investment, accounted for under the equity method, was $3.1 million. Investments are recorded in other noncurrent assets on the Condensed Consolidated Balance Sheets. | |||||||||||||||||
During the three months ended June 30, 2014, the company sold 0.5 million shares of Hydrogenics common stock and received proceeds of $7.1 million (included in other investing activities on the Condensed Consolidated Statements of Cash Flows) and recorded a pretax realized gain of $6.7 million (recorded in other expense, net on the Condensed Consolidated Statements of Operations and Comprehensive Income). No amounts were reclassified from accumulated other comprehensive income during the three and six months ended June 30, 2014. | |||||||||||||||||
The Company’s share of earnings and losses as well as any impairment of its equity method investments are recorded in other expense, net on the Condensed Consolidated Statements of Operations and Comprehensive Income. The Company’s share of losses in its equity method investments was $0.9 million and $1.5 million for the three and six months ended June 30, 2014, respectively, compared to income of $0.8 million and losses of $0.1 million for the three and six months ended June 30, 2013, respectively. For the six months ended June 30, 2013, the Company also recorded an impairment charge of $0.8 million related to one of its equity method investments. | |||||||||||||||||
Other Accrued Liabilities | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Compensation and employee benefit liabilities | $ | 95,047 | $ | 124,893 | |||||||||||||
Deferred revenue | 31,100 | 21,498 | |||||||||||||||
Product warranty accrual | 21,795 | 24,838 | |||||||||||||||
Accrued interest | 11,611 | 47,366 | |||||||||||||||
Restructuring reserve | 9,766 | 18,572 | |||||||||||||||
Current income taxes payable | 38,715 | 24,074 | |||||||||||||||
Other | 73,743 | 71,039 | |||||||||||||||
$ | 281,777 | $ | 332,280 | ||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||
The following table presents changes in accumulated other comprehensive income (AOCI), net of tax, and accumulated other comprehensive loss (AOCL), net of tax: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Foreign currency gain (loss) | |||||||||||||||||
AOCL balance, beginning of period | $ | (27,445 | ) | $ | (30,155 | ) | $ | (29,072 | ) | $ | (24,224 | ) | |||||
Other comprehensive income (loss) | 2,356 | (10,682 | ) | 4,083 | (16,613 | ) | |||||||||||
Amounts reclassified from AOCL | — | — | (100 | ) | — | ||||||||||||
AOCL balance, end of period | $ | (25,089 | ) | $ | (40,837 | ) | $ | (25,089 | ) | $ | (40,837 | ) | |||||
Defined benefit plans | |||||||||||||||||
AOCI balance, beginning of period | $ | 1,245 | $ | 6,221 | $ | 2,796 | $ | 7,578 | |||||||||
Amounts reclassified from AOCI | (1,551 | ) | (1,355 | ) | (3,102 | ) | (2,712 | ) | |||||||||
AOCL balance, end of period | $ | (306 | ) | $ | 4,866 | $ | (306 | ) | $ | 4,866 | |||||||
Available for sale securities | |||||||||||||||||
AOCI balance, beginning of period | $ | — | $ | — | $ | — | $ | — | |||||||||
Other comprehensive income | 18,694 | — | 18,694 | — | |||||||||||||
AOCI balance, end of period | $ | 18,694 | $ | — | $ | 18,694 | $ | — | |||||||||
Net AOCL, end of period | $ | (6,701 | ) | $ | (35,971 | ) | $ | (6,701 | ) | $ | (35,971 | ) | |||||
Defined benefit plan amounts reclassified from accumulated other comprehensive loss are included in the computation of net periodic benefit income and are primarily recorded in cost of sales and selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income. | |||||||||||||||||
Cash Flow Information | |||||||||||||||||
Six Months Ended | |||||||||||||||||
June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Cash paid during the period for: | |||||||||||||||||
Income taxes, net of refunds | $ | 51,383 | $ | 47,170 | |||||||||||||
Interest | $ | 115,656 | $ | 82,755 | |||||||||||||
Noncash financing activities: | |||||||||||||||||
Acquisition of treasury stock resulting from stock option exercises | $ | — | $ | 281 |
FINANCING
FINANCING | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
FINANCING | ' | ||||||||
5. FINANCING | |||||||||
June 30, 2014 | December 31, 2013 | ||||||||
5.00% senior notes due June 2021 | $ | 650,000 | $ | — | |||||
5.50% senior notes due June 2024 | 650,000 | — | |||||||
8.25% senior notes due January 2019 | — | 1,100,000 | |||||||
Senior secured term loan due January 2017 | 347,375 | 349,125 | |||||||
Senior secured term loan due January 2018 | 521,063 | 523,688 | |||||||
Senior PIK toggle notes due June 2020 | 550,000 | 550,000 | |||||||
Senior secured revolving credit facility expires January 2017 | — | — | |||||||
Other | 662 | 1,079 | |||||||
$ | 2,719,100 | $ | 2,523,892 | ||||||
Less: Original issue discount, net of amortization | (8,050 | ) | (9,340 | ) | |||||
Less: Current portion | (9,063 | ) | (9,462 | ) | |||||
$ | 2,701,987 | $ | 2,505,090 | ||||||
See Note 6 in the Notes to Consolidated Financial Statements in the 2013 Annual Report for additional information on the terms and conditions of the 8.25% senior notes (the 2019 Notes), the senior secured credit facilities and the 6.625%/7.375% senior payment-in-kind toggle notes (senior PIK toggle notes). | |||||||||
5.00% Senior Notes Due 2021 and 5.50% Senior Notes Due 2024 | |||||||||
In May 2014, CommScope, Inc. issued $650.0 million of 5.00% Senior Notes due June 15, 2021 (the 2021 Notes) and $650.0 million of 5.50% Senior Notes due June 15, 2024 (the 2024 Notes), collectively referred to as the New Notes. Interest is payable on the New Notes semi-annually in arrears on June 15 and December 15 of each year, beginning December 15, 2014. | |||||||||
Proceeds from the New Notes were used to redeem the entire outstanding amount of 2019 Notes plus pay a redemption premium of $93.9 million, which was included in other expense, net. The remainder of the net proceeds were available for general corporate purposes. In connection with the redemption of the 2019 Notes, the Company wrote off $19.1 million of deferred financing costs to interest expense. | |||||||||
Each of the Company’s existing and future direct and indirect domestic subsidiaries that guarantees the senior secured credit facilities guarantees the New Notes on a senior unsecured basis. The New Notes and the guarantees are unsecured senior obligations ranking equal in right of payment to all of the Company’s and the guarantors’ existing and future senior indebtedness, including its senior secured credit facilities. However, the New Notes and guarantees are effectively junior to all of the Company’s and the guarantors’ existing and future secured debt, including its senior secured credit facilities, to the extent of the value of the assets securing such secured debt. In addition, the New Notes are structurally subordinated to all existing and future liabilities (including trade payables) of the Company’s subsidiaries that do not guarantee the New Notes, including indebtedness incurred by certain of the Company’s non-U.S. subsidiaries under the revolving credit facility. | |||||||||
The New Notes may be redeemed prior to maturity under certain circumstances. Upon certain change of control events, the New Notes may be redeemed at the option of the holders at 101% of their face amount, plus accrued and unpaid interest to the date of purchase. Prior to June 15, 2017 in the case of the 2021 Notes and June 15, 2019 in the case of the 2024 Notes, the New Notes may be redeemed at a redemption price equal to 100% of their principal amount, plus a make-whole premium (as defined in the indentures governing the New Notes), plus accrued and unpaid interest to the redemption date. On or prior to June 15, 2017, under certain circumstances, we may also redeem up to 40% of the aggregate principal amount of each series of the New Notes at a redemption price of 105.0% in the case of the 2021 Notes or 105.5% in the case of the 2024 Notes, plus accrued and unpaid interest to the redemption date using the proceeds of certain equity offerings. | |||||||||
In connection with issuing the New Notes, the Company incurred costs of approximately $23.5 million during the three and six months ended June 30, 2014, which were capitalized as other noncurrent assets and are being amortized over the terms of the notes. | |||||||||
Senior Secured Credit Facilities | |||||||||
During the three and six months ended June 30, 2014, the Company repaid $2.2 million and $4.4 million, respectively, of its senior secured term loans. No portion of the senior secured term loans was reflected as a current portion of long-term debt as of June 30, 2014 related to the potentially required excess cash flow payment because the amount that may be payable in 2015, if any, cannot currently be reliably estimated. There was no excess cash flow payment required in 2014 related to 2013. | |||||||||
During the six months ended June 30, 2014, the Company borrowed and repaid $15.0 million under the revolving credit facility. As of June 30, 2014, the Company had availability of approximately $352.8 million under the asset-based revolving credit facility, after giving effect to outstanding letters of credit. | |||||||||
Other Matters | |||||||||
The Company’s non-guarantor subsidiaries held approximately $1,219 million, or 24%, of total assets and approximately $356 million, or 9%, of total liabilities as of June 30, 2014 and accounted for approximately $382 million, or 36%, and $702 million, or 35%, of net sales for the three and six months ended June 30, 2014, respectively. As of December 31, 2013, the non-guarantor subsidiaries held approximately $1,077 million, or 23%, of total assets and approximately $315 million, or 9%, of total liabilities. For the three and six months ended June 30, 2013, the non-guarantor subsidiaries accounted for approximately $364 million, or 39%, and $654, or 38%, of net sales, respectively. All amounts presented exclude intercompany balances. | |||||||||
CommScope, Inc., a subsidiary of the Company, is the issuer of the 2021 and 2024 Notes. The reported balances for CommScope, Inc. are substantially identical to those of the Company other than interest expense for CommScope, Inc. for the three and six months ended June 30, 2014 does not reflect the interest expense incurred in connection with the senior PIK toggle notes, which was $9.5 million and $19.0 million, respectively, during such periods ($6.1 million and $12.1 million net of tax, respectively). Total debt for CommScope, Inc. as of June 30, 2014 was $2,161.1 million, which does not include the senior PIK toggle notes. | |||||||||
The weighted average effective interest rate on outstanding borrowings, including the amortization of deferred financing costs and original issue discount, was 5.36% and 6.89% at June 30, 2014 and December 31, 2013, respectively. |
DERIVATIVES_AND_HEDGING_ACTIVI
DERIVATIVES AND HEDGING ACTIVITIES | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||
DERIVATIVES AND HEDGING ACTIVITIES | ' | ||||||||||
6. DERIVATIVES AND HEDGING ACTIVITIES | |||||||||||
The Company uses forward contracts to hedge a portion of its exposure to balances denominated in currencies other than the functional currency of various subsidiaries and to manage exposure to certain planned foreign currency expenditures in order to mitigate the impact of changes in exchange rates. At June 30, 2014, the Company had foreign exchange contracts with maturities ranging from one to five months with an aggregate notional value of $308 million (based on exchange rates as of June 30, 2014). Unrealized gains and losses resulting from these contracts are recognized in other expense, net and partially offset corresponding foreign exchange transaction gains and losses and the impact of foreign exchange rate fluctuations on various operating expenses. These instruments are not held for speculative or trading purposes. These contracts are not designated as hedges for hedge accounting and are marked to market each period through earnings. The following table presents the balance sheet location and fair value of the Company’s derivatives: | |||||||||||
Fair Value of Asset (Liability) | |||||||||||
Balance Sheet Location | June 30, 2014 | December 31, 2013 | |||||||||
Foreign currency contracts | Prepaid expenses and other current assets | $ | 1,678 | $ | 2,738 | ||||||
Foreign currency contracts | Other accrued liabilities | (1,466 | ) | (662 | ) | ||||||
Total derivatives not designated as hedging instruments | $ | 212 | $ | 2,076 | |||||||
The pretax impact of the foreign currency forward contracts not designated as hedging instruments on the Condensed Consolidated Statements of Operations and Comprehensive Income is as follows: | |||||||||||
Foreign Currency Forward Contracts | Location of Gain (Loss) | Gain (Loss) Recognized | |||||||||
Three Months Ended June 30, 2014 | Other expense, net | $ | (303 | ) | |||||||
Three Months Ended June 30, 2013 | Other expense, net | $ | 6,100 | ||||||||
Six Months Ended June 30, 2014 | Other expense, net | $ | (3,335 | ) | |||||||
Six Months Ended June 30, 2013 | Other expense, net | $ | 3,671 |
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
FAIR VALUE MEASUREMENTS | ' | ||||||||||||||||||
7. FAIR VALUE MEASUREMENTS | |||||||||||||||||||
Fair value measurements using quoted prices in active markets for identical assets and liabilities fall within Level 1 of the fair value hierarchy, measurements using significant other observable inputs fall within Level 2, and measurements using significant unobservable inputs fall within Level 3. | |||||||||||||||||||
The Company’s financial instruments consist primarily of cash and cash equivalents, trade receivables, trade payables, investment in equity securities, debt instruments, foreign currency contracts and contingent consideration payable. For cash and cash equivalents, trade receivables and trade payables, the carrying amounts of these financial instruments as of June 30, 2014 and December 31, 2013 were considered representative of their fair values due to their short terms to maturity. The fair value of the Company’s investment in equity securities is based on quoted market prices. The fair values of the Company’s debt instruments and foreign currency contracts were based on indicative quotes. The fair value of the contingent consideration payable was based on a probability weighted discounted cash flow analysis. | |||||||||||||||||||
The carrying amounts, estimated fair values and valuation input levels of the Company’s investment in equity securities, foreign currency contracts, senior notes, senior secured term loans, senior PIK toggle notes and contingent consideration payable as of June 30, 2014 and December 31, 2013, are as follows: | |||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | Valuation | |||||||||||||||
Amount | Amount | Inputs | |||||||||||||||||
Assets: | |||||||||||||||||||
Investment in equity securities | $ | 31,511 | $ | 31,511 | $ | 3,112 | $ | 41,879 | Level 1 | ||||||||||
Foreign currency contracts | 1,678 | 1,678 | 2,738 | 2,738 | Level 2 | ||||||||||||||
Liabilities: | |||||||||||||||||||
5.00% senior notes due 2021 | 650,000 | 663,000 | — | — | Level 2 | ||||||||||||||
5.50% senior notes due 2024 | 650,000 | 663,000 | — | — | Level 2 | ||||||||||||||
8.25% senior notes | — | — | 1,100,000 | 1,205,280 | Level 2 | ||||||||||||||
Senior secured term loans due 2017, at par | 347,375 | 347,809 | 349,125 | 349,997 | Level 2 | ||||||||||||||
Senior secured term loans due 2018, at par | 521,063 | 521,063 | 523,688 | 524,997 | Level 2 | ||||||||||||||
Senior PIK toggle notes due 2020 | 550,000 | 588,500 | 550,000 | 572,000 | Level 2 | ||||||||||||||
Foreign currency contracts | 1,466 | 1,466 | 662 | 662 | Level 2 | ||||||||||||||
Contingent consideration | 1,076 | 1,076 | 13,068 | 13,068 | Level 3 | ||||||||||||||
Contingent consideration represents the estimated fair value of the expected payment due related to the acquisition of Redwood. The contingent consideration is payable in 2015 and could range from zero to $37.25 million. The amount to be paid is based on the achievement of sales targets of Redwood products with a maximum payout reached with $55.0 million of sales by July 31, 2015. The estimated fair value of the contingent consideration was $12.4 million as of July 3, 2013, the Redwood acquisition date. During the six months ended June 30, 2014, the estimated fair value of the contingent consideration was reduced to $1.1 million based on the latest projections of Redwood’s performance, which resulted in a $12.0 million reduction in selling, general and administrative expense in the Condensed Consolidated Statements of Operations and Comprehensive Income. | |||||||||||||||||||
During the three months ended June 30, 2014, the company recorded an impairment charge of $7.2 to reduce certain intangible assets in the Broadband segment to their estimated fair value. The valuations supporting the impairment charge were based on Level 3 valuation inputs. | |||||||||||||||||||
These fair value estimates are based on pertinent information available to management as of June 30, 2014 and December 31, 2013. Although management is not aware of any factors that would significantly affect these fair value estimates, such amounts have not been comprehensively revalued for purposes of these financial statements since those dates and current estimates of fair value may differ significantly from the amounts presented. |
SEGMENTS_AND_GEOGRAPHIC_INFORM
SEGMENTS AND GEOGRAPHIC INFORMATION | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
SEGMENTS AND GEOGRAPHIC INFORMATION | ' | ||||||||||||||||
8. SEGMENTS AND GEOGRAPHIC INFORMATION | |||||||||||||||||
The Company’s three reportable segments, which align with the manner in which the business is managed, are Wireless, Enterprise and Broadband. | |||||||||||||||||
The Wireless segment provides merchant radio frequency wireless network connectivity solutions and small cell distributed antenna systems (DAS) solutions. These solutions, marketed primarily under the Andrew brand, enable wireless operators to deploy both macro cell sites and small cell DAS solutions to meet 2G, 3G and 4G cellular coverage and capacity requirements. The macro cell site solutions can be found at wireless tower sites and include base station antennas, microwave antennas, hybrid fiber-feeder and power cables, coaxial cables, connectors, amplifiers, filters and backup power solutions, including fuel cells. The small cell DAS solutions are primarily composed of distributed antenna systems that allow wireless operators to extend and enhance cellular coverage and capacity in challenging network conditions such as stadiums, transportation systems, commercial buildings and urban areas. | |||||||||||||||||
The Enterprise segment provides connectivity and network intelligence for data centers and commercial buildings. These solutions include optical fiber and twisted pair structured cabling applications, intelligent infrastructure software, network rack and cabinet enclosures, intelligent building sensors, advanced LED lighting control systems and network design services. | |||||||||||||||||
The Broadband segment consists of cable and communications equipment that support the multi-channel video, voice and high-speed data services provided by cable operators. The segment’s products include coaxial and fiber-optic cables, fiber-to-the-home equipment, amplifiers, splitters and taps, conduit and headend solutions for the network core. | |||||||||||||||||
The following table provides summary financial information by reportable segment (in millions): | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Identifiable segment-related assets: | |||||||||||||||||
Wireless | $ | 2,654.70 | $ | 2,419.80 | |||||||||||||
Enterprise | 1,457.10 | 1,495.10 | |||||||||||||||
Broadband | 354.8 | 363.4 | |||||||||||||||
Total identifiable segment-related assets | 4,466.60 | 4,278.30 | |||||||||||||||
Reconciliation to total assets: | |||||||||||||||||
Cash and cash equivalents | 481 | 346.3 | |||||||||||||||
Deferred income tax assets | 58.4 | 59.7 | |||||||||||||||
Deferred financing fees | 48.4 | 49.8 | |||||||||||||||
Total assets | $ | 5,054.40 | $ | 4,734.10 | |||||||||||||
The following table provides net sales, operating income (loss), depreciation, and amortization by reportable segment (in millions): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales: | |||||||||||||||||
Wireless | $ | 724.9 | $ | 591.5 | $ | 1,352.10 | $ | 1,088.00 | |||||||||
Enterprise | 218.4 | 218.7 | 419.9 | 410.5 | |||||||||||||
Broadband | 123.4 | 132.8 | 230.9 | 250.8 | |||||||||||||
Inter-segment eliminations | (0.4 | ) | (2.1 | ) | (1.6 | ) | (3.8 | ) | |||||||||
Consolidated net sales | $ | 1,066.30 | $ | 940.9 | $ | 2,001.30 | $ | 1,745.50 | |||||||||
Operating income (loss): | |||||||||||||||||
Wireless (1) | $ | 178.9 | $ | 93.2 | $ | 306.5 | $ | 155.6 | |||||||||
Enterprise (2) | 30.3 | 26.6 | 52.9 | 42 | |||||||||||||
Broadband (3) | (5.5 | ) | (25.5 | ) | (9.2 | ) | (27.9 | ) | |||||||||
Consolidated operating income | $ | 203.7 | $ | 94.3 | $ | 350.2 | $ | 169.7 | |||||||||
Depreciation: | |||||||||||||||||
Wireless | $ | 7.3 | $ | 8.2 | $ | 14.2 | $ | 16.4 | |||||||||
Enterprise | 2.8 | 3 | 5.6 | 5.9 | |||||||||||||
Broadband | 2 | 2.6 | 4 | 5.1 | |||||||||||||
Consolidated depreciation | $ | 12.1 | $ | 13.8 | $ | 23.8 | $ | 27.4 | |||||||||
Amortization (4): | |||||||||||||||||
Wireless | $ | 22.5 | $ | 22 | $ | 45 | $ | 44.1 | |||||||||
Enterprise | 17.4 | 17.1 | 34.7 | 33.7 | |||||||||||||
Broadband | 4.4 | 4.6 | 8.9 | 9.2 | |||||||||||||
Consolidated amortization | $ | 44.3 | $ | 43.7 | $ | 88.6 | $ | 87 | |||||||||
-1 | Operating income includes restructuring charges of $1.6 million and $7.5 million for the three months ended June 30, 2014 and 2013, respectively. Restructuring charges for the six months ended June 30, 2014 and 2013 were $2.9 million and $8.6 million, respectively. Operating income for the six months ended June 30, 2013 includes asset impairment charges of $5.6 million. | ||||||||||||||||
-2 | Operating income for the three and six months ended June 30, 2014 includes gains of $6.6 million and $12.0 million, respectively, from adjustments to the estimated fair value of contingent consideration related to the Redwood acquisition. | ||||||||||||||||
-3 | Operating income includes impairment charges of $7.2 million for the three and six months ended June 30, 2014 and impairment charges of $28.8 million for the three and six months ended June 30, 2013. | ||||||||||||||||
-4 | Excludes amortization of deferred financing fees and original issue discount. | ||||||||||||||||
Sales to customers located outside of the United States comprised 40.3% and 40.1% of total net sales for the three and six months ended June 30, 2014, respectively, compared to 44.2% and 44.0% for the three and six months ended June 30, 2013, respectively. Sales by geographic region, based on the destination of product shipments, were as follows (in millions): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
United States | $ | 636.6 | $ | 524.6 | $ | 1,199.50 | $ | 978.1 | |||||||||
Europe, Middle East and Africa | 188.4 | 190.8 | 358 | 330 | |||||||||||||
Asia Pacific | 159.9 | 140.2 | 288.8 | 264.6 | |||||||||||||
Central and Latin America | 60.7 | 65.2 | 119.1 | 135.2 | |||||||||||||
Canada | 20.7 | 20.1 | 35.9 | 37.6 | |||||||||||||
Consolidated net sales | $ | 1,066.30 | $ | 940.9 | $ | 2,001.30 | $ | 1,745.50 | |||||||||
RESTRUCTURING_COSTS
RESTRUCTURING COSTS | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||||||||||
RESTRUCTURING COSTS | ' | ||||||||||||||||
9. RESTRUCTURING COSTS | |||||||||||||||||
The Company has initiated restructuring actions to realign and lower its cost structure primarily through workforce reductions and other cost reduction initiatives at various facilities, including the cessation of manufacturing operations at the Joliet, Illinois and Statesville, North Carolina facilities. Much of the production capacity from these facilities is being shifted to other existing facilities or contract manufacturers. The Company’s net pretax restructuring charges, by segment, were as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Wireless | $ | 1,616 | $ | 7,462 | $ | 2,854 | $ | 8,582 | |||||||||
Enterprise | (82 | ) | 2 | 132 | 455 | ||||||||||||
Broadband | 775 | 2,266 | 1,303 | 2,496 | |||||||||||||
Total | $ | 2,309 | $ | 9,730 | $ | 4,289 | $ | 11,533 | |||||||||
The activity within the liability established for these restructuring actions, which is included in other accrued liabilities, was as follows: | |||||||||||||||||
Lease | |||||||||||||||||
Employee- | Termination | Fixed Asset | |||||||||||||||
Related Costs | Costs | Related Costs | Total | ||||||||||||||
Balance as of March 31, 2014 | $ | 12,723 | $ | 1,003 | $ | — | $ | 13,726 | |||||||||
Additional charge recorded | (233 | ) | (7 | ) | 2,549 | 2,309 | |||||||||||
Cash paid | (3,418 | ) | (308 | ) | (2,320 | ) | (6,046 | ) | |||||||||
Foreign exchange and other non-cash items | 6 | — | (229 | ) | (223 | ) | |||||||||||
Balance as of June 30, 2014 | $ | 9,078 | $ | 688 | $ | — | $ | 9,766 | |||||||||
Balance as of December 31, 2013 | $ | 17,173 | $ | 1,399 | $ | — | $ | 18,572 | |||||||||
Additional charge recorded | 222 | (7 | ) | 4,074 | 4,289 | ||||||||||||
Cash paid | (8,336 | ) | (705 | ) | (3,845 | ) | (12,886 | ) | |||||||||
Foreign exchange and other non-cash items | 19 | 1 | (229 | ) | (209 | ) | |||||||||||
Balance as of June 30, 2014 | $ | 9,078 | $ | 688 | $ | — | $ | 9,766 | |||||||||
Employee-related costs include the expected severance costs and related benefits as well as any one-time severance benefits that are accrued over the remaining period employees are required to work in order to receive such benefits. | |||||||||||||||||
Lease termination costs relate to the cost of vacating leased facilities, net of anticipated sub-rental income. | |||||||||||||||||
Fixed asset related costs include non-cash impairment or disposals of fixed assets associated with restructuring actions in addition to the costs to uninstall, pack, ship and reinstall manufacturing equipment and the costs to prepare the receiving facility to accommodate relocated equipment. These costs are expensed as incurred. | |||||||||||||||||
As a result of restructuring and consolidation actions, the Company owns unutilized real estate at various facilities in the U.S. and internationally. The Company is attempting to sell or lease this unutilized space. Additional impairment charges may be incurred related to these or other excess assets. | |||||||||||||||||
The Company has recognized restructuring charges of $68.1 million since 2011. The additional pretax costs related to completing restructuring actions initiated to date are expected to be approximately $1.0 million to $2.0 million. Cash payments of approximately $9.0 million to $10.0 million are expected during the remainder of 2014 with an additional $1.0 million to $2.0 million expected to be paid by the end of 2015. In addition to the charges described above, the Company expects to recognize a restructuring charge in the second half of 2014 related to the lease agreement at its Joliet, Illinois facility that expires in 2022. The charge is expected to be $7.0 million to $10.0 million for the portion of the facility the Company will attempt to sublease once operations cease at that facility. Additional restructuring actions may be taken and the resulting charges and cash requirements could be material. |
EMPLOYEE_BENEFIT_PLANS
EMPLOYEE BENEFIT PLANS | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
EMPLOYEE BENEFIT PLANS | ' | ||||||||||||||||
10. EMPLOYEE BENEFIT PLANS | |||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||
Three Months Ended | |||||||||||||||||
June 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 116 | $ | 110 | $ | 24 | $ | 62 | |||||||||
Interest cost | 3,358 | 2,873 | 225 | 228 | |||||||||||||
Recognized actuarial loss (gain) | 71 | 125 | (85 | ) | 70 | ||||||||||||
Amortization of prior service credits | — | — | (2,494 | ) | (2,404 | ) | |||||||||||
Expected return on plan assets | (3,842 | ) | (3,573 | ) | — | (16 | ) | ||||||||||
Net periodic benefit income | $ | (297 | ) | $ | (465 | ) | $ | (2,330 | ) | $ | (2,060 | ) | |||||
Six Months Ended | |||||||||||||||||
June 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 230 | $ | 222 | $ | 48 | $ | 124 | |||||||||
Interest cost | 6,693 | 5,775 | 450 | 456 | |||||||||||||
Recognized actuarial loss (gain) | 142 | 250 | (169 | ) | 139 | ||||||||||||
Amortization of prior service credits | — | — | (4,988 | ) | (4,809 | ) | |||||||||||
Expected return on plan assets | (7,656 | ) | (7,179 | ) | — | (32 | ) | ||||||||||
Net periodic benefit income | $ | (591 | ) | $ | (932 | ) | $ | (4,659 | ) | $ | (4,122 | ) | |||||
The Company contributed $14.0 million and $15.0 million to its pension and other postretirement benefit plans during the three and six months ended June 30, 2014, respectively. During the remainder of 2014, the Company anticipates making additional contributions of approximately $9.3 million to these plans. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||
STOCKHOLDERS' EQUITY | ' | ||||||||||||||||||||
11. STOCKHOLDERS’ EQUITY | |||||||||||||||||||||
Dividends | |||||||||||||||||||||
On May 28, 2013, the Company’s Board of Directors declared a dividend of $2.21 per share of its common stock. The dividend paid on May 28, 2013 was $342.8 million. On June 28, 2013, the Company’s Board of Directors declared a dividend of $1.26 per share of its common stock, collectively, the 2013 dividends. The dividend paid on June 28, 2013 was $195.9 million. | |||||||||||||||||||||
In accordance with the antidilution provisions of the Company’s stock incentive plans, the exercise prices of certain options outstanding were adjusted to reflect the 2013 dividends. A cash payment of $7.2 million was made to stock option holders of options granted prior to 2011 in lieu of a reduction in exercise prices on the May dividend and a payable of $4.1 million was recorded related to the June dividend and was paid in July 2013. The cash payments and repricings had no effect on the vesting schedules or expiration dates of the stock options and resulted in no additional compensation expense. | |||||||||||||||||||||
Equity-Based Compensation Plans | |||||||||||||||||||||
As of June 30, 2014, $25.9 million of total unrecognized compensation costs related to non-vested stock options, restricted stock unit awards (RSUs) and share unit awards are expected to be recognized over a remaining weighted average period of 1.6 years. Although the share unit awards may at the Company’s discretion be settled in stock, they have historically been settled in cash and are accounted for as liability awards. There were no significant capitalized equity-based compensation costs at June 30, 2014. | |||||||||||||||||||||
Stock Options | |||||||||||||||||||||
The following table summarizes the stock option activity (in thousands, except per share amounts): | |||||||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||||||
Average Option | Average Grant | Intrinsic | |||||||||||||||||||
Exercise Price | Date Fair Value | Value | |||||||||||||||||||
Per Share | Per Share | ||||||||||||||||||||
Outstanding as of March 31, 2014 | 11,268 | $ | 7.26 | ||||||||||||||||||
Granted | 5 | $ | 25.36 | $ | 10.45 | ||||||||||||||||
Exercised | (972 | ) | $ | 5.88 | $ | 18,557 | |||||||||||||||
Outstanding as of June 30, 2014 | 10,301 | $ | 7.4 | $ | 162,027 | ||||||||||||||||
Exercisable at June 30, 2014 | 6,697 | $ | 6.36 | $ | 112,289 | ||||||||||||||||
Expected to vest | 3,562 | $ | 9.2 | $ | 49,636 | ||||||||||||||||
Outstanding as of December 31, 2013 | 10,828 | $ | 6.15 | ||||||||||||||||||
Granted | 755 | $ | 23.02 | $ | 9.41 | ||||||||||||||||
Exercised | (1,309 | ) | $ | 6.07 | $ | 24,040 | |||||||||||||||
Adjustment related to 2013 performance | 27 | $ | 5.57 | $ | 3.6 | ||||||||||||||||
Outstanding as of June 30, 2014 | 10,301 | $ | 7.4 | $ | 162,027 | ||||||||||||||||
The exercise prices of outstanding options at June 30, 2014 were in the following ranges: | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of Exercise Prices | Shares | Weighted Average | Weighted Average | Shares | Weighted Average | ||||||||||||||||
(in thousands) | Remaining Contractual | Exercise Price Per | (in thousands) | Exercise Price Per | |||||||||||||||||
Life | Share | Share | |||||||||||||||||||
(in years) | |||||||||||||||||||||
$2.96 to $5.35 | 996 | 3.9 | $ | 3.59 | 996 | $ | 3.59 | ||||||||||||||
$5.36 to $5.67 | 1,258 | 7.6 | $ | 5.57 | 721 | $ | 5.57 | ||||||||||||||
$5.68 to $8.54 | 5,090 | 6.6 | $ | 5.74 | 2,778 | $ | 5.74 | ||||||||||||||
$8.55 to $8.90 | 2,202 | 6 | $ | 8.66 | 2,202 | $ | 8.66 | ||||||||||||||
$8.91 to $25.36 | 755 | 9.7 | $ | 23.02 | — | $ | — | ||||||||||||||
$2.96 to $25.36 | 10,301 | 6.5 | $ | 7.4 | 6,697 | $ | 6.36 | ||||||||||||||
The Company uses the Black-Scholes model to estimate the fair value of stock option awards. Key input assumptions used in the model include the grant date fair value of common stock, exercise price of the award, the expected option term, stock price volatility, estimated marketability discount, the risk-free interest rate and the Company’s projected dividend yield. The Company believes that the valuation technique and the approach utilized to develop the underlying assumptions are appropriate in estimating the fair values of its stock options. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by employees who receive equity awards. Subsequent events are not indicative of the reasonableness of the original estimates of fair value made by the Company. The following table presents the weighted average assumptions used to estimate the fair value of stock option awards granted. | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Expected option term (in years) | 5 | 3 | 5 | 3 | |||||||||||||||||
Risk-free interest rate | 1.7 | % | 0.4 | % | 1.5 | % | 0.4 | % | |||||||||||||
Expected volatility | 45 | % | 75 | % | 45 | % | 75 | % | |||||||||||||
Estimated marketability discount | — | % | 15 | % | — | % | 15 | % | |||||||||||||
Expected dividend yield | — | % | — | % | — | % | — | % | |||||||||||||
Weighted average exercise price | $ | 25.36 | $ | 12.38 | $ | 23.02 | $ | 12.38 | |||||||||||||
Weighted average fair value at grant date | $ | 10.45 | $ | 4.69 | $ | 9.41 | $ | 4.69 | |||||||||||||
Restricted Stock Units | |||||||||||||||||||||
RSUs entitle the holder to shares of common stock generally after a three-year vesting period. The fair value of the awards is determined on the grant date based on the Company’s stock price. | |||||||||||||||||||||
The following table summarizes the RSU activity (in thousands, except per share data): | |||||||||||||||||||||
Restricted | Weighted Average | ||||||||||||||||||||
Stock Units | Grant Date Fair | ||||||||||||||||||||
Value Per Share | |||||||||||||||||||||
Outstanding and non-vested as of March 31, 2014 | 371 | $ | 22.85 | ||||||||||||||||||
Granted | 2 | $ | 25.53 | ||||||||||||||||||
Forfeited | (8 | ) | 23 | ||||||||||||||||||
Outstanding and non-vested as of June 30, 2014 | 365 | $ | 22.87 | ||||||||||||||||||
Outstanding and non-vested as of December 31, 2013 | 5 | $ | 14.99 | ||||||||||||||||||
Granted | 368 | $ | 22.98 | ||||||||||||||||||
Forfeited | (8 | ) | $ | 23 | |||||||||||||||||
Outstanding and non-vested as of June 30, 2014 | 365 | $ | 22.87 | ||||||||||||||||||
Other | |||||||||||||||||||||
Share unit award expense of $2.4 million and $2.5 million for the six months ended June 30, 2014 and 2013, respectively, is included in equity-based compensation as an adjustment to reconcile net income to net cash (used in) generated by operating activities on the Condensed Consolidated Statements of Cash Flows. |
SUBSEQUENT_EVENT
SUBSEQUENT EVENT | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENT | ' |
12. SUBSEQUENT EVENT | |
On July 1, 2014, the Company acquired two of the businesses of United Kingdom-based Alifabs Group (Alifabs) for approximately $45 million. Alifabs designs and supplies enclosures, monopoles, smaller streetworks towers and tower solutions for the United Kingdom telecommunications, utility, and energy markets. |
BACKGROUND_AND_BASIS_OF_PRESEN1
BACKGROUND AND BASIS OF PRESENTATION (Policies) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Basis of Presentation | ' | ||||||||||||||||
Basis of Presentation | |||||||||||||||||
The Condensed Consolidated Balance Sheet as of June 30, 2014, the Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2014 and 2013, and the Condensed Consolidated Statements of Cash Flows and Stockholders’ Equity for the six months ended June 30, 2014 and 2013 are unaudited and reflect all adjustments of a normal recurring nature that are, in the opinion of management, necessary for a fair presentation of the interim period financial statements. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. | |||||||||||||||||
The unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim financial information and are presented in accordance with the applicable requirements of Regulation S-X. Accordingly, these financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. The significant accounting policies followed by the Company are set forth in Note 2 within the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 (the 2013 Annual Report). There were no changes in the Company’s significant accounting policies during the three and six months ended June 30, 2014. In addition, the Company reaffirms the use of estimates in the preparation of the financial statements as set forth in the audited consolidated financial statements. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements. | |||||||||||||||||
As of January 1, 2014, the Company adopted new accounting guidance that requires an entity to net its liability for uncertain tax positions as a reduction to deferred tax balances related to net operating loss carryforwards, similar tax losses or tax credit carryforwards when settlement in this manner is available under the tax law. The provisions of this new guidance did not have a material impact on the Company’s financial statements. | |||||||||||||||||
On October 4, 2013, the Company effected a 3-for-1 stock split of its common stock. All share and per share numbers have been revised to reflect the stock split. | |||||||||||||||||
Concentrations of Risk and Related Party Transactions | ' | ||||||||||||||||
Concentrations of Risk and Related Party Transactions | |||||||||||||||||
Net sales to Anixter International Inc. and its affiliates (Anixter) accounted for approximately 11% of the Company’s total net sales during the three and six months ended June 30, 2014. Net sales to Anixter accounted for approximately 12% of the Company’s total net sales during the three and six months ended June 30, 2013. Sales to Anixter primarily originate within the Enterprise segment. Other than Anixter, no direct customer accounted for 10% or more of the Company’s total net sales for the three or six months ended June 30, 2014 or 2013. | |||||||||||||||||
Accounts receivable from Anixter represented approximately 12% of accounts receivable as of June 30, 2014. Other than Anixter, no direct customer accounted for 10% or more of the Company’s accounts receivable as of June 30, 2014. | |||||||||||||||||
As of June 30, 2014, the Company was 54% owned by funds affiliated with The Carlyle Group (Carlyle). The Company paid $0.8 million and $1.5 million of management and oversight fees to Carlyle in the three and six months ended June 30, 2013, respectively. In October 2013, the Company paid Carlyle approximately $20.2 million to terminate the management agreement. | |||||||||||||||||
Product Warranties | ' | ||||||||||||||||
Product Warranties | |||||||||||||||||
The Company recognizes a liability for the estimated claims that may be paid under its customer warranty agreements to remedy potential deficiencies of quality or performance of the Company’s products. These product warranties extend over periods ranging from one to twenty-five years from the date of sale, depending upon the product subject to the warranty. The Company records a provision for estimated future warranty claims as cost of sales based upon the historical relationship of warranty claims to sales and specifically-identified warranty issues. The Company bases its estimates on assumptions that are believed to be reasonable under the circumstances and revises its estimates, as appropriate, when events or changes in circumstances indicate that revisions may be necessary. Such revisions may be material. | |||||||||||||||||
The following table summarizes the activity in the product warranty accrual, included in other accrued liabilities: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Product warranty accrual, beginning of period | $ | 22,938 | $ | 25,325 | $ | 24,838 | $ | 26,005 | |||||||||
Provision for warranty claims | 2,662 | 187 | 4,931 | 1,147 | |||||||||||||
Warranty claims paid | (3,805 | ) | (1,385 | ) | (7,974 | ) | (3,025 | ) | |||||||||
Product warranty accrual, end of period | $ | 21,795 | $ | 24,127 | $ | 21,795 | $ | 24,127 | |||||||||
Commitments and Contingencies | ' | ||||||||||||||||
Commitments and Contingencies | |||||||||||||||||
The Company is either a plaintiff or a defendant in pending legal matters in the normal course of business. Management believes none of these legal matters will have a material adverse effect on the Company’s business or financial condition upon final disposition. | |||||||||||||||||
As of June 30, 2014, the Company had commitments of $23.6 million to purchase metals that are expected to be consumed in normal production by the fourth quarter of 2014. In the aggregate, these commitments were at prices approximately 1% above market prices as of June 30, 2014. | |||||||||||||||||
Asset Impairments | ' | ||||||||||||||||
Asset Impairments | |||||||||||||||||
Property, plant and equipment and intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable, based on the undiscounted cash flows expected to be derived from the use and ultimate disposition of the assets. Assets identified as impaired are carried at their estimated fair value. During the three months ended June 30, 2014, as a result of revisions to the business plan for a particular product line, the Company determined that certain intangible assets in the Broadband segment were no longer recoverable and a $7.2 million impairment charge was recorded. During the three months ended June 30, 2013, a goodwill impairment charge of $28.8 million was recorded in the Broadband segment primarily as a result of lower projected operating results than those used in the 2012 annual impairment test. During the six months ended June 30, 2013, the Company recorded pretax impairment charges in the Wireless segment of $5.6 million related to certain real estate and production equipment. | |||||||||||||||||
Income Taxes | ' | ||||||||||||||||
Income Taxes | |||||||||||||||||
The effective income tax rate of 46.4% and 40.1% for the three and six months ended June 30, 2014, respectively, was higher than the statutory rate of 35% primarily due to increases in valuation allowances for foreign tax credit carryforwards, losses in certain jurisdictions where the Company did not recognize tax benefits due to the likelihood of them not being realizable, the provision for state income taxes and certain tax costs associated with repatriation of foreign earnings. In addition, no tax benefit was recognized on the $7.2 million asset impairment charge recorded during the second quarter of 2014. These items were partially offset by gains of $6.6 million and $12.0 million in the three and six months ended June 30, 2014, respectively, that resulted from the reduction in the estimated fair value of contingent consideration payable, which is not subject to tax. The Company also recognized a reduction in tax expense during the six months ended June 30, 2014 related to uncertain tax positions for which the statutes of limitations had lapsed. | |||||||||||||||||
The effective income tax rate for the three and six months ended June 30, 2013 was higher than the statutory rate of 35% primarily due to the establishment of a valuation allowance of $29.5 million related to foreign tax credit carryforwards that was partially offset by the reversal of a previously established valuation allowance of $8.3 million related to net operating loss carryforwards in a foreign jurisdiction as a result of improved profitability. In addition, no tax benefit was recognized on the $28.8 million goodwill impairment charge recorded during the second quarter of 2013. The effective tax rate for the three and six months ended June 30, 2013 was also impacted by losses in certain foreign jurisdictions where the Company did not recognize tax benefits due to the likelihood of them not being realizable, tax costs associated with repatriation of foreign earnings and adjustments related to prior years’ tax returns in various jurisdictions. | |||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
Earnings Per Share | |||||||||||||||||
Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is based on net income divided by the weighted average number of common shares outstanding plus the dilutive effect of potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding equity-based awards such as stock options and restricted stock units. Certain outstanding equity-based awards were not included in the computation of diluted earnings per share because the effect was either antidilutive or the performance condition was not met (2.2 million shares and 1.9 million shares for the three and six months ended June 30, 2014, respectively, and 2.5 million shares and 2.4 million shares for the three and six months ended June 30, 2013, respectively). The following table presents the basis for the earnings per share computations: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income for basic and diluted earnings per share | $ | 28,043 | $ | 1,121 | $ | 92,530 | $ | 17,021 | |||||||||
Denominator: | |||||||||||||||||
Weighted average shares outstanding - basic | 186,509 | 154,885 | 186,226 | 154,883 | |||||||||||||
Dilutive effect of equity-based awards | 4,475 | 3,431 | 4,468 | 2,597 | |||||||||||||
Weighted average common shares outstanding - diluted | 190,984 | 158,316 | 190,694 | 157,480 | |||||||||||||
Recent Accounting Pronouncements | ' | ||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||
On May 28, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2014-09 Revenue from Contracts with Customers, which establishes a single comprehensive model for revenue recognition. Under the new guidance, revenue will be recognized when control over goods or services has been transferred to a customer. When multiple goods or services are sold under a single arrangement, revenue will be allocated based on the relative standalone selling prices of the various elements. The Company will be required to adopt the standard as of January 1, 2017 and early adoption is not permitted. Transition alternatives include full retrospective adoption or a modified retrospective adoption. The Company has not determined the transition approach that will be utilized or estimated the impact of adopting the new accounting standard. |
BACKGROUND_AND_BASIS_OF_PRESEN2
BACKGROUND AND BASIS OF PRESENTATION (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Summary of Activity in Product Warranty Accrual Included in Other Accrued Liabilities | ' | ||||||||||||||||
The following table summarizes the activity in the product warranty accrual, included in other accrued liabilities: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Product warranty accrual, beginning of period | $ | 22,938 | $ | 25,325 | $ | 24,838 | $ | 26,005 | |||||||||
Provision for warranty claims | 2,662 | 187 | 4,931 | 1,147 | |||||||||||||
Warranty claims paid | (3,805 | ) | (1,385 | ) | (7,974 | ) | (3,025 | ) | |||||||||
Product warranty accrual, end of period | $ | 21,795 | $ | 24,127 | $ | 21,795 | $ | 24,127 | |||||||||
Reconciliation of Earnings and Weighted Average Common Shares and Potential Common Shares Outstanding | ' | ||||||||||||||||
The following table presents the basis for the earnings per share computations: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income for basic and diluted earnings per share | $ | 28,043 | $ | 1,121 | $ | 92,530 | $ | 17,021 | |||||||||
Denominator: | |||||||||||||||||
Weighted average shares outstanding - basic | 186,509 | 154,885 | 186,226 | 154,883 | |||||||||||||
Dilutive effect of equity-based awards | 4,475 | 3,431 | 4,468 | 2,597 | |||||||||||||
Weighted average common shares outstanding - diluted | 190,984 | 158,316 | 190,694 | 157,480 | |||||||||||||
ACQUISITIONS_Tables
ACQUISITIONS (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
iTRACS Corporation [Member] | ' | ||||
Allocation of Purchase Price | ' | ||||
The allocation of the purchase price, based on the estimated fair values of assets acquired and liabilities assumed, is as follows (in millions): | |||||
Current assets | $ | 1.7 | |||
Noncurrent assets, excluding intangible assets | 0.7 | ||||
Identifiable intangible assets | 13.1 | ||||
Goodwill | 15.1 | ||||
Less: Liabilities assumed | (1.3 | ) | |||
Net acquisition cost | $ | 29.3 | |||
Redwood [Member] | ' | ||||
Allocation of Purchase Price | ' | ||||
The allocation of the purchase price, based on estimates of the fair values of assets acquired and liabilities assumed, is as follows (in millions): | |||||
Current assets | $ | 2.6 | |||
Deferred taxes | 7.3 | ||||
Identifiable intangible assets | 9 | ||||
Goodwill | 4.2 | ||||
Other noncurrent assets | 0.8 | ||||
Less: Liabilities assumed | (1.7 | ) | |||
Net acquisition cost | $ | 22.2 | |||
GOODWILL_Tables
GOODWILL (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Allocation of Goodwill by Reportable Segment | ' | ||||||||||||||||
The following table presents goodwill by reportable segment (in millions): | |||||||||||||||||
Wireless | Enterprise | Broadband | Total | ||||||||||||||
Goodwill, gross, as of December 31, 2013 | $ | 821.1 | $ | 659.5 | $ | 86.3 | $ | 1,566.90 | |||||||||
Revisions to preliminary purchase price allocations | — | (5.7 | ) | — | (5.7 | ) | |||||||||||
Foreign exchange | 1.3 | — | — | 1.3 | |||||||||||||
Goodwill, gross, as of June 30, 2014 | 822.4 | 653.8 | 86.3 | 1,562.50 | |||||||||||||
Accumulated impairment charges as of January 1, 2014 and June 30, 2014 | (80.2 | ) | — | (36.2 | ) | (116.4 | ) | ||||||||||
Goodwill, net, as of June 30, 2014 | $ | 742.2 | $ | 653.8 | $ | 50.1 | $ | 1,446.10 | |||||||||
SUPPLEMENTAL_FINANCIAL_STATEME1
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||||||||||
Inventories | ' | ||||||||||||||||
Inventories | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Raw materials | $ | 93,469 | $ | 72,170 | |||||||||||||
Work in process | 134,104 | 124,049 | |||||||||||||||
Finished goods | 221,794 | 175,968 | |||||||||||||||
$ | 449,367 | $ | 372,187 | ||||||||||||||
Other Accrued Liabilities | ' | ||||||||||||||||
Other Accrued Liabilities | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Compensation and employee benefit liabilities | $ | 95,047 | $ | 124,893 | |||||||||||||
Deferred revenue | 31,100 | 21,498 | |||||||||||||||
Product warranty accrual | 21,795 | 24,838 | |||||||||||||||
Accrued interest | 11,611 | 47,366 | |||||||||||||||
Restructuring reserve | 9,766 | 18,572 | |||||||||||||||
Current income taxes payable | 38,715 | 24,074 | |||||||||||||||
Other | 73,743 | 71,039 | |||||||||||||||
$ | 281,777 | $ | 332,280 | ||||||||||||||
Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | ||||||||||||||||
The following table presents changes in accumulated other comprehensive income (AOCI), net of tax, and accumulated other comprehensive loss (AOCL), net of tax: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Foreign currency gain (loss) | |||||||||||||||||
AOCL balance, beginning of period | $ | (27,445 | ) | $ | (30,155 | ) | $ | (29,072 | ) | $ | (24,224 | ) | |||||
Other comprehensive income (loss) | 2,356 | (10,682 | ) | 4,083 | (16,613 | ) | |||||||||||
Amounts reclassified from AOCL | — | — | (100 | ) | — | ||||||||||||
AOCL balance, end of period | $ | (25,089 | ) | $ | (40,837 | ) | $ | (25,089 | ) | $ | (40,837 | ) | |||||
Defined benefit plans | |||||||||||||||||
AOCI balance, beginning of period | $ | 1,245 | $ | 6,221 | $ | 2,796 | $ | 7,578 | |||||||||
Amounts reclassified from AOCI | (1,551 | ) | (1,355 | ) | (3,102 | ) | (2,712 | ) | |||||||||
AOCL balance, end of period | $ | (306 | ) | $ | 4,866 | $ | (306 | ) | $ | 4,866 | |||||||
Available for sale securities | |||||||||||||||||
AOCI balance, beginning of period | $ | — | $ | — | $ | — | $ | — | |||||||||
Other comprehensive income | 18,694 | — | 18,694 | — | |||||||||||||
AOCI balance, end of period | $ | 18,694 | $ | — | $ | 18,694 | $ | — | |||||||||
Net AOCL, end of period | $ | (6,701 | ) | $ | (35,971 | ) | $ | (6,701 | ) | $ | (35,971 | ) | |||||
Cash Flow Information | ' | ||||||||||||||||
Cash Flow Information | |||||||||||||||||
Six Months Ended | |||||||||||||||||
June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Cash paid during the period for: | |||||||||||||||||
Income taxes, net of refunds | $ | 51,383 | $ | 47,170 | |||||||||||||
Interest | $ | 115,656 | $ | 82,755 | |||||||||||||
Noncash financing activities: | |||||||||||||||||
Acquisition of treasury stock resulting from stock option exercises | $ | — | $ | 281 |
FINANCING_Tables
FINANCING (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Summary of Debt | ' | ||||||||
June 30, 2014 | December 31, 2013 | ||||||||
5.00% senior notes due June 2021 | $ | 650,000 | $ | — | |||||
5.50% senior notes due June 2024 | 650,000 | — | |||||||
8.25% senior notes due January 2019 | — | 1,100,000 | |||||||
Senior secured term loan due January 2017 | 347,375 | 349,125 | |||||||
Senior secured term loan due January 2018 | 521,063 | 523,688 | |||||||
Senior PIK toggle notes due June 2020 | 550,000 | 550,000 | |||||||
Senior secured revolving credit facility expires January 2017 | — | — | |||||||
Other | 662 | 1,079 | |||||||
$ | 2,719,100 | $ | 2,523,892 | ||||||
Less: Original issue discount, net of amortization | (8,050 | ) | (9,340 | ) | |||||
Less: Current portion | (9,063 | ) | (9,462 | ) | |||||
$ | 2,701,987 | $ | 2,505,090 | ||||||
DERIVATIVES_AND_HEDGING_ACTIVI1
DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 6 Months Ended | ||||||||||
Jun. 30, 2014 | |||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||
Balance Sheet Location and Fair Value of Company | ' | ||||||||||
The following table presents the balance sheet location and fair value of the Company’s derivatives: | |||||||||||
Fair Value of Asset (Liability) | |||||||||||
Balance Sheet Location | June 30, 2014 | December 31, 2013 | |||||||||
Foreign currency contracts | Prepaid expenses and other current assets | $ | 1,678 | $ | 2,738 | ||||||
Foreign currency contracts | Other accrued liabilities | (1,466 | ) | (662 | ) | ||||||
Total derivatives not designated as hedging instruments | $ | 212 | $ | 2,076 | |||||||
Pretax Impact of Foreign Currency Forward Contracts not Designated as Hedging Instruments | ' | ||||||||||
The pretax impact of the foreign currency forward contracts not designated as hedging instruments on the Condensed Consolidated Statements of Operations and Comprehensive Income is as follows: | |||||||||||
Foreign Currency Forward Contracts | Location of Gain (Loss) | Gain (Loss) Recognized | |||||||||
Three Months Ended June 30, 2014 | Other expense, net | $ | (303 | ) | |||||||
Three Months Ended June 30, 2013 | Other expense, net | $ | 6,100 | ||||||||
Six Months Ended June 30, 2014 | Other expense, net | $ | (3,335 | ) | |||||||
Six Months Ended June 30, 2013 | Other expense, net | $ | 3,671 |
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||
Carrying Amounts, Estimated Fair Values and Valuation Input Levels of the Company's Senior Notes, Senior Secured Term Loans and Senior Secured Revolving Credit Facility | ' | ||||||||||||||||||
The carrying amounts, estimated fair values and valuation input levels of the Company’s investment in equity securities, foreign currency contracts, senior notes, senior secured term loans, senior PIK toggle notes and contingent consideration payable as of June 30, 2014 and December 31, 2013, are as follows: | |||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | Valuation | |||||||||||||||
Amount | Amount | Inputs | |||||||||||||||||
Assets: | |||||||||||||||||||
Investment in equity securities | $ | 31,511 | $ | 31,511 | $ | 3,112 | $ | 41,879 | Level 1 | ||||||||||
Foreign currency contracts | 1,678 | 1,678 | 2,738 | 2,738 | Level 2 | ||||||||||||||
Liabilities: | |||||||||||||||||||
5.00% senior notes due 2021 | 650,000 | 663,000 | — | — | Level 2 | ||||||||||||||
5.50% senior notes due 2024 | 650,000 | 663,000 | — | — | Level 2 | ||||||||||||||
8.25% senior notes | — | — | 1,100,000 | 1,205,280 | Level 2 | ||||||||||||||
Senior secured term loans due 2017, at par | 347,375 | 347,809 | 349,125 | 349,997 | Level 2 | ||||||||||||||
Senior secured term loans due 2018, at par | 521,063 | 521,063 | 523,688 | 524,997 | Level 2 | ||||||||||||||
Senior PIK toggle notes due 2020 | 550,000 | 588,500 | 550,000 | 572,000 | Level 2 | ||||||||||||||
Foreign currency contracts | 1,466 | 1,466 | 662 | 662 | Level 2 | ||||||||||||||
Contingent consideration | 1,076 | 1,076 | 13,068 | 13,068 | Level 3 |
SEGMENTS_AND_GEOGRAPHIC_INFORM1
SEGMENTS AND GEOGRAPHIC INFORMATION (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Summary of Financial Information by Reportable Segment | ' | ||||||||||||||||
The following table provides summary financial information by reportable segment (in millions): | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Identifiable segment-related assets: | |||||||||||||||||
Wireless | $ | 2,654.70 | $ | 2,419.80 | |||||||||||||
Enterprise | 1,457.10 | 1,495.10 | |||||||||||||||
Broadband | 354.8 | 363.4 | |||||||||||||||
Total identifiable segment-related assets | 4,466.60 | 4,278.30 | |||||||||||||||
Reconciliation to total assets: | |||||||||||||||||
Cash and cash equivalents | 481 | 346.3 | |||||||||||||||
Deferred income tax assets | 58.4 | 59.7 | |||||||||||||||
Deferred financing fees | 48.4 | 49.8 | |||||||||||||||
Total assets | $ | 5,054.40 | $ | 4,734.10 | |||||||||||||
Summary of Net Sales and Operating Income (Loss), Depreciation and Amortization by Reportable Segment | ' | ||||||||||||||||
The following table provides net sales, operating income (loss), depreciation, and amortization by reportable segment (in millions): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net sales: | |||||||||||||||||
Wireless | $ | 724.9 | $ | 591.5 | $ | 1,352.10 | $ | 1,088.00 | |||||||||
Enterprise | 218.4 | 218.7 | 419.9 | 410.5 | |||||||||||||
Broadband | 123.4 | 132.8 | 230.9 | 250.8 | |||||||||||||
Inter-segment eliminations | (0.4 | ) | (2.1 | ) | (1.6 | ) | (3.8 | ) | |||||||||
Consolidated net sales | $ | 1,066.30 | $ | 940.9 | $ | 2,001.30 | $ | 1,745.50 | |||||||||
Operating income (loss): | |||||||||||||||||
Wireless (1) | $ | 178.9 | $ | 93.2 | $ | 306.5 | $ | 155.6 | |||||||||
Enterprise (2) | 30.3 | 26.6 | 52.9 | 42 | |||||||||||||
Broadband (3) | (5.5 | ) | (25.5 | ) | (9.2 | ) | (27.9 | ) | |||||||||
Consolidated operating income | $ | 203.7 | $ | 94.3 | $ | 350.2 | $ | 169.7 | |||||||||
Depreciation: | |||||||||||||||||
Wireless | $ | 7.3 | $ | 8.2 | $ | 14.2 | $ | 16.4 | |||||||||
Enterprise | 2.8 | 3 | 5.6 | 5.9 | |||||||||||||
Broadband | 2 | 2.6 | 4 | 5.1 | |||||||||||||
Consolidated depreciation | $ | 12.1 | $ | 13.8 | $ | 23.8 | $ | 27.4 | |||||||||
Amortization (4): | |||||||||||||||||
Wireless | $ | 22.5 | $ | 22 | $ | 45 | $ | 44.1 | |||||||||
Enterprise | 17.4 | 17.1 | 34.7 | 33.7 | |||||||||||||
Broadband | 4.4 | 4.6 | 8.9 | 9.2 | |||||||||||||
Consolidated amortization | $ | 44.3 | $ | 43.7 | $ | 88.6 | $ | 87 | |||||||||
-1 | Operating income includes restructuring charges of $1.6 million and $7.5 million for the three months ended June 30, 2014 and 2013, respectively. Restructuring charges for the six months ended June 30, 2014 and 2013 were $2.9 million and $8.6 million, respectively. Operating income for the six months ended June 30, 2013 includes asset impairment charges of $5.6 million. | ||||||||||||||||
-2 | Operating income for the three and six months ended June 30, 2014 includes gains of $6.6 million and $12.0 million, respectively, from adjustments to the estimated fair value of contingent consideration related to the Redwood acquisition. | ||||||||||||||||
-3 | Operating income includes impairment charges of $7.2 million for the three and six months ended June 30, 2014 and impairment charges of $28.8 million for the three and six months ended June 30, 2013. | ||||||||||||||||
-4 | Excludes amortization of deferred financing fees and original issue discount. | ||||||||||||||||
Summary of Sales by Geographic Region, Based on Destination of Product Shipments | ' | ||||||||||||||||
Sales to customers located outside of the United States comprised 40.3% and 40.1% of total net sales for the three and six months ended June 30, 2014, respectively, compared to 44.2% and 44.0% for the three and six months ended June 30, 2013, respectively. Sales by geographic region, based on the destination of product shipments, were as follows (in millions): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
United States | $ | 636.6 | $ | 524.6 | $ | 1,199.50 | $ | 978.1 | |||||||||
Europe, Middle East and Africa | 188.4 | 190.8 | 358 | 330 | |||||||||||||
Asia Pacific | 159.9 | 140.2 | 288.8 | 264.6 | |||||||||||||
Central and Latin America | 60.7 | 65.2 | 119.1 | 135.2 | |||||||||||||
Canada | 20.7 | 20.1 | 35.9 | 37.6 | |||||||||||||
Consolidated net sales | $ | 1,066.30 | $ | 940.9 | $ | 2,001.30 | $ | 1,745.50 | |||||||||
RESTRUCTURING_COSTS_Tables
RESTRUCTURING COSTS (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||||||||||
Summary of Company's Net Pretax Restructuring Charges | ' | ||||||||||||||||
The Company’s net pretax restructuring charges, by segment, were as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Wireless | $ | 1,616 | $ | 7,462 | $ | 2,854 | $ | 8,582 | |||||||||
Enterprise | (82 | ) | 2 | 132 | 455 | ||||||||||||
Broadband | 775 | 2,266 | 1,303 | 2,496 | |||||||||||||
Total | $ | 2,309 | $ | 9,730 | $ | 4,289 | $ | 11,533 | |||||||||
Activity within Liability Established for Restructuring Actions, Included in Other Accrued Liabilities | ' | ||||||||||||||||
The activity within the liability established for these restructuring actions, which is included in other accrued liabilities, was as follows: | |||||||||||||||||
Employee- | Lease | Fixed Asset | Total | ||||||||||||||
Related Costs | Termination | Related Costs | |||||||||||||||
Costs | |||||||||||||||||
Balance as of March 31, 2014 | $ | 12,723 | $ | 1,003 | $ | — | $ | 13,726 | |||||||||
Additional charge recorded | (233 | ) | (7 | ) | 2,549 | 2,309 | |||||||||||
Cash paid | (3,418 | ) | (308 | ) | (2,320 | ) | (6,046 | ) | |||||||||
Foreign exchange and other non-cash items | 6 | — | (229 | ) | (223 | ) | |||||||||||
Balance as of June 30, 2014 | $ | 9,078 | $ | 688 | $ | — | $ | 9,766 | |||||||||
Balance as of December 31, 2013 | $ | 17,173 | $ | 1,399 | $ | — | $ | 18,572 | |||||||||
Additional charge recorded | 222 | (7 | ) | 4,074 | 4,289 | ||||||||||||
Cash paid | (8,336 | ) | (705 | ) | (3,845 | ) | (12,886 | ) | |||||||||
Foreign exchange and other non-cash items | 19 | 1 | (229 | ) | (209 | ) | |||||||||||
Balance as of June 30, 2014 | $ | 9,078 | $ | 688 | $ | — | $ | 9,766 | |||||||||
EMPLOYEE_BENEFIT_PLANS_Tables
EMPLOYEE BENEFIT PLANS (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Summary of Defined Benefit Pension Plan and Other Postretirement Defined Benefit Plan | ' | ||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||
Three Months Ended | |||||||||||||||||
June 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 116 | $ | 110 | $ | 24 | $ | 62 | |||||||||
Interest cost | 3,358 | 2,873 | 225 | 228 | |||||||||||||
Recognized actuarial loss (gain) | 71 | 125 | (85 | ) | 70 | ||||||||||||
Amortization of prior service credits | — | — | (2,494 | ) | (2,404 | ) | |||||||||||
Expected return on plan assets | (3,842 | ) | (3,573 | ) | — | (16 | ) | ||||||||||
Net periodic benefit income | $ | (297 | ) | $ | (465 | ) | $ | (2,330 | ) | $ | (2,060 | ) | |||||
Six Months Ended | |||||||||||||||||
June 30, | |||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 230 | $ | 222 | $ | 48 | $ | 124 | |||||||||
Interest cost | 6,693 | 5,775 | 450 | 456 | |||||||||||||
Recognized actuarial loss (gain) | 142 | 250 | (169 | ) | 139 | ||||||||||||
Amortization of prior service credits | — | — | (4,988 | ) | (4,809 | ) | |||||||||||
Expected return on plan assets | (7,656 | ) | (7,179 | ) | — | (32 | ) | ||||||||||
Net periodic benefit income | $ | (591 | ) | $ | (932 | ) | $ | (4,659 | ) | $ | (4,122 | ) | |||||
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||||||
The following table summarizes the stock option activity (in thousands, except per share amounts): | |||||||||||||||||||||
Shares | Weighted | Weighted | Aggregate | ||||||||||||||||||
Average Option | Average Grant | Intrinsic | |||||||||||||||||||
Exercise Price | Date Fair Value | Value | |||||||||||||||||||
Per Share | Per Share | ||||||||||||||||||||
Outstanding as of March 31, 2014 | 11,268 | $ | 7.26 | ||||||||||||||||||
Granted | 5 | $ | 25.36 | $ | 10.45 | ||||||||||||||||
Exercised | (972 | ) | $ | 5.88 | $ | 18,557 | |||||||||||||||
Outstanding as of June 30, 2014 | 10,301 | $ | 7.4 | $ | 162,027 | ||||||||||||||||
Exercisable at June 30, 2014 | 6,697 | $ | 6.36 | $ | 112,289 | ||||||||||||||||
Expected to vest | 3,562 | $ | 9.2 | $ | 49,636 | ||||||||||||||||
Outstanding as of December 31, 2013 | 10,828 | $ | 6.15 | ||||||||||||||||||
Granted | 755 | $ | 23.02 | $ | 9.41 | ||||||||||||||||
Exercised | (1,309 | ) | $ | 6.07 | $ | 24,040 | |||||||||||||||
Adjustment related to 2013 performance | 27 | $ | 5.57 | $ | 3.6 | ||||||||||||||||
Outstanding as of June 30, 2014 | 10,301 | $ | 7.4 | $ | 162,027 | ||||||||||||||||
Summary of Exercise Price | ' | ||||||||||||||||||||
The exercise prices of outstanding options at June 30, 2014 were in the following ranges: | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of Exercise Prices | Shares | Weighted Average | Weighted Average | Shares | Weighted Average | ||||||||||||||||
(in thousands) | Remaining Contractual | Exercise Price Per | (in thousands) | Exercise Price Per | |||||||||||||||||
Life | Share | Share | |||||||||||||||||||
(in years) | |||||||||||||||||||||
$2.96 to $5.35 | 996 | 3.9 | $ | 3.59 | 996 | $ | 3.59 | ||||||||||||||
$5.36 to $5.67 | 1,258 | 7.6 | $ | 5.57 | 721 | $ | 5.57 | ||||||||||||||
$5.68 to $8.54 | 5,090 | 6.6 | $ | 5.74 | 2,778 | $ | 5.74 | ||||||||||||||
$8.55 to $8.90 | 2,202 | 6 | $ | 8.66 | 2,202 | $ | 8.66 | ||||||||||||||
$8.91 to $25.36 | 755 | 9.7 | $ | 23.02 | — | $ | — | ||||||||||||||
$2.96 to $25.36 | 10,301 | 6.5 | $ | 7.4 | 6,697 | $ | 6.36 | ||||||||||||||
Summary of Weighted Average Assumptions Used to Estimate Fair Value of Stock Option | ' | ||||||||||||||||||||
The following table presents the weighted average assumptions used to estimate the fair value of stock option awards granted. | |||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Expected option term (in years) | 5 | 3 | 5 | 3 | |||||||||||||||||
Risk-free interest rate | 1.7 | % | 0.4 | % | 1.5 | % | 0.4 | % | |||||||||||||
Expected volatility | 45 | % | 75 | % | 45 | % | 75 | % | |||||||||||||
Estimated marketability discount | — | % | 15 | % | — | % | 15 | % | |||||||||||||
Expected dividend yield | — | % | — | % | — | % | — | % | |||||||||||||
Weighted average exercise price | $ | 25.36 | $ | 12.38 | $ | 23.02 | $ | 12.38 | |||||||||||||
Weighted average fair value at grant date | $ | 10.45 | $ | 4.69 | $ | 9.41 | $ | 4.69 | |||||||||||||
Restricted Stock Units (RSUs) [Member] | ' | ||||||||||||||||||||
Summary of RSU activity | ' | ||||||||||||||||||||
The following table summarizes the RSU activity (in thousands, except per share data): | |||||||||||||||||||||
Restricted | Weighted Average | ||||||||||||||||||||
Stock Units | Grant Date Fair | ||||||||||||||||||||
Value Per Share | |||||||||||||||||||||
Outstanding and non-vested as of March 31, 2014 | 371 | $ | 22.85 | ||||||||||||||||||
Granted | 2 | $ | 25.53 | ||||||||||||||||||
Forfeited | (8 | ) | 23 | ||||||||||||||||||
Outstanding and non-vested as of June 30, 2014 | 365 | $ | 22.87 | ||||||||||||||||||
Outstanding and non-vested as of December 31, 2013 | 5 | $ | 14.99 | ||||||||||||||||||
Granted | 368 | $ | 22.98 | ||||||||||||||||||
Forfeited | (8 | ) | $ | 23 | |||||||||||||||||
Outstanding and non-vested as of June 30, 2014 | 365 | $ | 22.87 | ||||||||||||||||||
Recovered_Sheet1
Background and Basis of Presentation - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | |||||||||||||
Share data in Millions, unless otherwise specified | Oct. 04, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Oct. 31, 2013 |
Broadband [Member] | Broadband [Member] | Broadband [Member] | Broadband [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Sales [Member] | Carlyle [Member] | Carlyle [Member] | Carlyle [Member] | Carlyle [Member] | ||||||
Customer | Customer | Customer | Customer | Anixter International Inc. [Member] | Anixter International Inc. [Member] | Anixter International Inc. [Member] | Anixter International Inc. [Member] | Credit Concentration Risk [Member] | Credit Concentration Risk [Member] | Contract Termination [Member] | |||||||||||||||||
Customer | Anixter International Inc. [Member] | ||||||||||||||||||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock split of common stock | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of net sales to Anixter International Inc. and its affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.30% | 44.20% | 40.10% | 44.00% | 11.00% | 12.00% | 11.00% | 12.00% | ' | ' | ' | ' | ' | ' |
Number of customers other than Anixter accounted for 10% or more of the company's total net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of accounts receivable from Anixter | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | ' | ' | ' | ' |
Number of customers other than Anixter accounted for 10% or more of the company's accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' |
Annual management and oversight fee to Carlyle | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $800,000 | ' | $1,500,000 | ' |
Owned by funds affiliated | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54.00% | ' | ' |
Amount paid to terminate management agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,200,000 |
Product warranty term | ' | ' | ' | 'These product warranties extend over periods ranging from one to twenty-five years from the date of sale, depending upon the product subject to the warranty. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments to purchase metals | ' | ' | ' | 23,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of price of commitment above market prices | ' | ' | ' | 'In the aggregate, these commitments were at prices approximately 1% above market prices as of June 30, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairments identified during the year | ' | 7,229,000 | 28,848,000 | 7,229,000 | 34,482,000 | 7,200,000 | 28,800,000 | 7,200,000 | 28,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preliminary goodwill impairment charge | ' | ' | ' | ' | ' | ' | 28,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective income tax rate | ' | 46.40% | ' | 40.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statutory tax rate | ' | 35.00% | ' | 35.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pretax reduction in the estimated fair value of contingent consideration payable | ' | 6,600,000 | ' | 12,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation allowance related to foreign tax credit | ' | ' | 29,500,000 | ' | 29,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill impairment charges | ' | ' | 28,800,000 | ' | 28,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reversal of previously established valuation allowance related to net operating loss | ' | ' | 8,300,000 | ' | 8,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit on goodwill | ' | ' | $0 | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of outstanding equity based awards not included in computation of diluted earnings per share | ' | 2.2 | 2.5 | 1.9 | 2.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet2
Background and Basis of Presentation - Summary of Activity in Product Warranty Accrual Included in Other Accrued Liabilities (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ' | ' | ' |
Product warranty accrual, beginning of period | $22,938 | $25,325 | $24,838 | $26,005 |
Provision for warranty claims | 2,662 | 187 | 4,931 | 1,147 |
Warranty claims paid | -3,805 | -1,385 | -7,974 | -3,025 |
Product warranty accrual, end of period | $21,795 | $24,127 | $21,795 | $24,127 |
Recovered_Sheet3
Background and Basis of Presentation - Reconciliation of Weighted Average Common Shares and Potential Common Shares Outstanding (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Net income for basic and diluted earnings per share | $28,043 | $1,121 | $92,530 | $17,021 |
Denominator: | ' | ' | ' | ' |
Weighted average shares outstanding - basic | 186,509 | 154,885 | 186,226 | 154,883 |
Dilutive effect of equity-based awards | 4,475 | 3,431 | 4,468 | 2,597 |
Weighted average common shares outstanding - diluted | 190,984 | 158,316 | 190,694 | 157,480 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 30, 2014 | Mar. 31, 2013 | Jul. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 31, 2013 | Jul. 31, 2013 | Jul. 31, 2013 | |
iTRACS Corporation [Member] | iTRACS Corporation [Member] | Redwood Systems Inc [Member] | Redwood Systems Inc [Member] | Redwood Systems Inc [Member] | Redwood Systems Inc [Member] | Redwood Systems Inc [Member] | Redwood Systems Inc [Member] | |||||
Maximum [Member] | Minimum [Member] | Contingent Net Revenues Agreement [Member] | ||||||||||
Maximum [Member] | ||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for acquired assets and assumed liabilities | ' | ' | ($4,745,000) | $34,000,000 | ' | $34,000,000 | $9,800,000 | ' | ' | ' | ' | ' |
Amount of purchase price returned as per the agreement | ' | ' | ' | ' | 4,700,000 | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value | ' | ' | ' | ' | ' | ' | 12,400,000 | 1,100,000 | 1,100,000 | ' | ' | ' |
Additional consideration paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,250,000 |
Net sales target | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,000,000 | ' |
Retention payments for employees | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,750,000 | ' | ' |
Net sales | $1,066,256,000 | $940,859,000 | $2,001,292,000 | $1,745,548,000 | ' | ' | ' | $2,400,000 | $4,200,000 | ' | ' | ' |
Acquisitions_Allocation_of_Pur
Acquisitions - Allocation of Purchase Price (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | ' | ' |
Goodwill | $1,446,109,000 | $1,450,506,000 |
iTRACS Corporation [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Current assets | 1,700,000 | ' |
Identifiable intangible assets | 13,100,000 | ' |
Goodwill | 15,100,000 | ' |
Noncurrent assets, excluding intangible assets | 700,000 | ' |
Less: Liabilities assumed | -1,300,000 | ' |
Net acquisition cost | 29,300,000 | ' |
Redwood Systems Inc [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Current assets | 2,600,000 | ' |
Deferred taxes | 7,300,000 | ' |
Identifiable intangible assets | 9,000,000 | ' |
Goodwill | 4,200,000 | ' |
Noncurrent assets, excluding intangible assets | 800,000 | ' |
Less: Liabilities assumed | -1,700,000 | ' |
Net acquisition cost | $22,200,000 | ' |
Goodwill_Allocation_of_Goodwil
Goodwill - Allocation of Goodwill by Reportable Segment (Detail) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | ' | ' |
Goodwill, gross | $1,566,900,000 | ' |
Revisions to preliminary purchase price allocations | -5,700,000 | ' |
Foreign exchange | 1,300,000 | ' |
Goodwill, gross, as of June 30, 2014 | 1,562,500,000 | ' |
Accumulated impairment charges | -116,400,000 | ' |
Goodwill, net | 1,446,109,000 | 1,450,506,000 |
Wireless [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, gross | 821,100,000 | ' |
Foreign exchange | 1,300,000 | ' |
Goodwill, gross, as of June 30, 2014 | 822,400,000 | ' |
Accumulated impairment charges | -80,200,000 | ' |
Goodwill, net | 742,200,000 | ' |
Enterprise [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, gross | 659,500,000 | ' |
Revisions to preliminary purchase price allocations | -5,700,000 | ' |
Goodwill, gross, as of June 30, 2014 | 653,800,000 | ' |
Goodwill, net | 653,800,000 | ' |
Broadband [Member] | ' | ' |
Goodwill [Line Items] | ' | ' |
Goodwill, gross | ' | 86,300,000 |
Goodwill, gross, as of June 30, 2014 | 86,300,000 | 86,300,000 |
Accumulated impairment charges | -36,200,000 | ' |
Goodwill, net | $50,100,000 | ' |
Recovered_Sheet4
Supplemental Financial Statement Information - Inventories (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $93,469 | $72,170 |
Work in process | 134,104 | 124,049 |
Finished goods | 221,794 | 175,968 |
Inventories, net | $449,367 | $372,187 |
Recovered_Sheet5
Supplemental Financial Statement Information - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
Share data in Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Reclassified from accumulated other comprehensive income | ($6,701,000) | ($35,971,000) | ($6,701,000) | ($35,971,000) | ($26,276,000) |
Hydrogenics [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Equity method investment held by company | 16.70% | ' | 16.70% | ' | ' |
Number of shares owned | ' | ' | 1.69 | ' | ' |
Cost basis of the investment | 1,300,000 | ' | 1,300,000 | ' | ' |
Fair value of equity method investments | 31,500,000 | ' | 31,500,000 | ' | ' |
Pretax gains recorded in accumulated other comprehensive income | ' | ' | 30,200,000 | ' | ' |
Available-for-sale securities | ' | ' | ' | ' | 0 |
Carrying value of equity method investments | ' | ' | ' | ' | 3,100,000 |
Equity method investment, number of shares sold | 0.5 | ' | ' | ' | ' |
Equity method investment, net sales proceeds | 7,100,000 | ' | ' | ' | ' |
Recorded realized gain and other expense , net | 6,700,000 | ' | ' | ' | ' |
Reclassified from accumulated other comprehensive income | 0 | ' | 0 | ' | ' |
Share of losses (income) in equity method investments | 900,000 | -800,000 | 1,500,000 | 100,000 | ' |
Impairment related to the planned termination of equity method investments | ' | ' | ' | $800,000 | ' |
Hydrogenics [Member] | Scenario, Previously Reported [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Equity method investment held by company | 24.10% | ' | 24.10% | ' | ' |
Supplemental_Financial_Stateme2
Supplemental Financial Statement Information - Other Accrued Liabilities (Detail) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ' | ' | ' | ' | ' |
Compensation and employee benefit liabilities | $95,047 | ' | $124,893 | ' | ' | ' |
Deferred revenue | 31,100 | ' | 21,498 | ' | ' | ' |
Product warranty accrual | 21,795 | 22,938 | 24,838 | 24,127 | 25,325 | 26,005 |
Accrued interest | 11,611 | ' | 47,366 | ' | ' | ' |
Restructuring reserve | 9,766 | 13,726 | 18,572 | ' | ' | ' |
Current income taxes payable | 38,715 | ' | 24,074 | ' | ' | ' |
Other | 73,743 | ' | 71,039 | ' | ' | ' |
Other accrued liabilities, total | $281,777 | ' | $332,280 | ' | ' | ' |
Supplemental_Financial_Stateme3
Supplemental Financial Statement Information - Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2013 |
Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Foreign Currency Gain (Loss) [Member] | Defined Benefit Plans [Member] | Defined Benefit Plans [Member] | Defined Benefit Plans [Member] | Defined Benefit Plans [Member] | Available For Sale Securities [Member] | Available For Sale Securities [Member] | Available For Sale Securities [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net AOCL, end of period | ($6,701) | ($35,971) | ($6,701) | ($35,971) | ($25,089) | ($40,837) | ($25,089) | ($40,837) | ($306) | $4,866 | ($306) | $4,866 | $18,694 | $18,694 | $0 |
Beginning balance | ' | ' | -26,276 | ' | -27,445 | -30,155 | -29,072 | -24,224 | 1,245 | 6,221 | 2,796 | 7,578 | 0 | 0 | 0 |
Other comprehensive income (loss) | 19,499 | -12,037 | 19,575 | -19,325 | 2,356 | -10,682 | 4,083 | -16,613 | ' | ' | ' | ' | 18,694 | 18,694 | ' |
Amounts reclassified from (AOCL) and AOCI | -1,551 | -1,355 | -3,102 | -2,712 | ' | ' | -100 | ' | -1,551 | -1,355 | -3,102 | -2,712 | ' | ' | ' |
Ending balance | ($6,701) | ($35,971) | ($6,701) | ($35,971) | ($25,089) | ($40,837) | ($25,089) | ($40,837) | ($306) | $4,866 | ($306) | $4,866 | $18,694 | $18,694 | $0 |
Supplemental_Financial_Stateme4
Supplemental Financial Statement Information - Cash Flow Information (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash paid during the period for: | ' | ' |
Income taxes, net of refunds | $51,383 | $47,170 |
Interest | 115,656 | 82,755 |
Noncash financing activities: | ' | ' |
Acquisition of treasury stock resulting from stock option exercises | ' | $281 |
Financing_Summary_of_Debt_Deta
Financing - Summary of Debt (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Total | $2,719,100 | $2,523,892 |
Less: Original issue discount, net of amortization | -8,050 | -9,340 |
Less: Current portion | -9,063 | -9,462 |
Long term debt, noncurrent | 2,701,987 | 2,505,090 |
5.00% Senior Notes Due 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total | 650,000 | ' |
5.50% Senior Notes Due 2024 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total | 650,000 | ' |
8.25% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total | ' | 1,100,000 |
Senior Secured Term Loans Due 2017, at Par [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total | 347,375 | 349,125 |
Senior Secured Term Loans Due 2018, at Par [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total | 521,063 | 523,688 |
Senior PIK Toggle Notes Due 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total | 550,000 | 550,000 |
Senior Secured Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total | ' | ' |
Other [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Total | $662 | $1,079 |
Financing_Summary_of_Debt_Pare
Financing - Summary of Debt (Parenthetical) (Detail) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
5.00% Senior Notes Due 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity period of debt | 15-Jun-21 | ' |
Interest rate on senior note | 5.00% | 5.00% |
5.50% Senior Notes Due 2024 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity period of debt | 15-Jun-24 | ' |
Interest rate on senior note | 5.50% | 5.50% |
8.25% Senior Notes [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity period of debt | 15-Jan-19 | ' |
Interest rate on senior note | 8.25% | 8.25% |
Senior Secured Term Loans Due 2017, at Par [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity period of debt | 21-Jan-17 | ' |
Senior Secured Term Loans Due 2018, at Par [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity period of debt | 14-Jan-18 | ' |
Senior PIK Toggle Notes Due 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity period of debt | 1-Jun-20 | ' |
Senior Secured Revolving Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Maturity period of debt | 14-Jan-17 | ' |
Financing_Additional_Informati
Financing - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Senior notes issued | $2,719,100,000 | ' | $2,719,100,000 | ' | $2,523,892,000 |
Percentage of principal amount on debt instrument redeemed | ' | ' | 40.00% | ' | ' |
Percentage of face amount included accrued and unpaid interest | ' | ' | 101.00% | ' | ' |
Incurred cost | 23,500,000 | ' | 23,500,000 | ' | ' |
Long-term debt repaid | ' | ' | 1,119,789,000 | 172,449,000 | ' |
Long-term debt proceeds | ' | ' | 1,315,000,000 | 716,963,000 | ' |
Non-guarantor subsidiaries, assets | 5,054,379,000 | ' | 5,054,379,000 | ' | 4,734,055,000 |
Non-guarantor subsidiaries, liabilities | 3,831,551,000 | ' | 3,831,551,000 | ' | 3,646,039,000 |
Non-guarantor subsidiaries, sales | 1,066,256,000 | 940,859,000 | 2,001,292,000 | 1,745,548,000 | ' |
Interest expense | 63,625,000 | 48,052,000 | 105,905,000 | 93,837,000 | ' |
Weighted average effective interest rate | 5.36% | ' | 5.36% | ' | 6.89% |
CommScope Holding Company, Inc. [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Total debt | 2,161,100,000 | ' | 2,161,100,000 | ' | ' |
Senior Payment In Kind Toggle Notes [Member] | CommScope Holding Company, Inc. [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Interest expense | 9,500,000 | ' | 19,000,000 | ' | ' |
Interest expense, Net of tax | 6,100,000 | ' | 12,100,000 | ' | ' |
Minimum [Member] | Senior Payment In Kind Toggle Notes [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Interest rate on senior note | 6.63% | ' | 6.63% | ' | ' |
Maximum [Member] | Senior Payment In Kind Toggle Notes [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Interest rate on senior note | 7.38% | ' | 7.38% | ' | ' |
Senior Secured Term Loan [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Long-term debt repaid | 2,200,000 | ' | 4,400,000 | ' | ' |
Senior Secured Revolving Credit Facility [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Senior notes issued | ' | ' | ' | ' | ' |
Senior notes, due date | ' | ' | 14-Jan-17 | ' | ' |
Long-term debt repaid | ' | ' | 15,000,000 | ' | ' |
Long-term debt proceeds | ' | ' | 15,000,000 | ' | ' |
Remaining available capacity under revolving credit facility | 352,800,000 | ' | 352,800,000 | ' | ' |
8.25% Senior Notes Due January 2019 [Member] | Non-Guarantor Subsidiaries [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Non-guarantor subsidiaries, assets | 1,219,000,000 | ' | 1,219,000,000 | ' | 1,077,000,000 |
Assets held by non-guarantor subsidiaries as percentage of total assets | ' | ' | 24.00% | ' | 23.00% |
Non-guarantor subsidiaries, liabilities | 356,000,000 | ' | 356,000,000 | ' | 315,000,000 |
Liabilities held by non-guarantor subsidiaries as percentage of total liabilities | ' | ' | 9.00% | ' | 9.00% |
Non-guarantor subsidiaries, sales | 382,000,000 | 364,000,000 | 702,000,000 | 654,000,000 | ' |
Non-guarantor subsidiaries of net sale, percentage | 36.00% | 39.00% | 35.00% | 38.00% | ' |
5.00% Senior Notes Due 2021 [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Interest rate on senior note | 5.00% | ' | 5.00% | ' | 5.00% |
Senior notes issued | 650,000,000 | ' | 650,000,000 | ' | ' |
Senior notes, due date | ' | ' | 15-Jun-21 | ' | ' |
Percentage of principal amount on debt instrument redeemed | ' | ' | 100.00% | ' | ' |
5.50% Senior Notes Due 2024 [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Interest rate on senior note | 5.50% | ' | 5.50% | ' | 5.50% |
Senior notes issued | 650,000,000 | ' | 650,000,000 | ' | ' |
Senior notes, due date | ' | ' | 15-Jun-24 | ' | ' |
Percentage of principal amount on debt instrument redeemed | ' | ' | 100.00% | ' | ' |
8.25% Senior Notes [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Interest rate on senior note | 8.25% | ' | 8.25% | ' | 8.25% |
Senior notes issued | ' | ' | ' | ' | 1,100,000,000 |
Senior notes, due date | ' | ' | 15-Jan-19 | ' | ' |
Redemption premium | ' | ' | 93,900,000 | ' | ' |
Deferred financing cost to interest expense written off | ' | ' | $19,100,000 | ' | ' |
2021 Senior Notes [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Percentage of principal amount on debt instrument redeemed | ' | ' | 105.00% | ' | ' |
2024 Senior Notes [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Percentage of principal amount on debt instrument redeemed | ' | ' | 105.50% | ' | ' |
Recovered_Sheet6
Derivatives and Hedging Activities - Additional Information (Detail) (Foreign Currency Contracts [Member], USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Derivatives, Fair Value [Line Items] | ' |
Notional value | 308 |
Minimum [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Maturities ranging | '1 month |
Maximum [Member] | ' |
Derivatives, Fair Value [Line Items] | ' |
Maturities ranging | '5 months |
Recovered_Sheet7
Derivatives and Hedging Activities - Balance Sheet Location and Fair Value of Company (Detail) (Not Designated as Hedging Instrument [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives not designated as hedging instruments | $212 | $2,076 |
Prepaid Expenses and Other Current Assets [Member] | Foreign Currency Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives not designated as hedging instruments | 1,678 | 2,738 |
Other Accrued Liabilities [Member] | Foreign Currency Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Derivatives not designated as hedging instruments | ($1,466) | ($662) |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities - Pretax Impact of Foreign Currency Forward Contracts not Designated as Hedging Instruments (Detail) (Other Expense, Net [Member], Foreign Currency Contracts [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Other Expense, Net [Member] | Foreign Currency Contracts [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (Loss) Recognized on Foreign Currency Forward Contracts | ($303) | $6,100 | ($3,335) | $3,671 |
Fair_Value_Measurements_Carryi
Fair Value Measurements - Carrying Amounts, Estimated Fair Values and Valuation Input Levels of the Company's Senior Notes, Senior Secured Term Loans and Senior Secured Revolving Credit Facility (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Amount [Member] | Level 2 [Member] | Foreign Currency Contracts [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets | $1,678 | $2,738 |
Liabilities | 1,466 | 662 |
Carrying Amount [Member] | Level 2 [Member] | 8.25% Senior Notes [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Liabilities | ' | 1,100,000 |
Carrying Amount [Member] | Level 2 [Member] | 5.00% Senior Notes Due 2021 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Liabilities | 650,000 | ' |
Carrying Amount [Member] | Level 2 [Member] | 5.50% Senior Notes Due 2024 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Liabilities | 650,000 | ' |
Carrying Amount [Member] | Level 2 [Member] | Senior Secured Term Loans Due 2017, at Par [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Liabilities | 347,375 | 349,125 |
Carrying Amount [Member] | Level 2 [Member] | Senior Secured Term Loans Due 2018, at Par [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Liabilities | 521,063 | 523,688 |
Carrying Amount [Member] | Level 2 [Member] | Senior PIK Toggle Notes Due 2020 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Liabilities | 550,000 | 550,000 |
Carrying Amount [Member] | Level 1 [Member] | Investment In Equity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets | 31,511 | 3,112 |
Carrying Amount [Member] | Level 3 [Member] | Contingent consideration payable [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Liabilities | 1,076 | 13,068 |
Fair Value [Member] | Level 2 [Member] | Foreign Currency Contracts [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets | 1,678 | 2,738 |
Liabilities | 1,466 | 662 |
Fair Value [Member] | Level 2 [Member] | 8.25% Senior Notes [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Liabilities | ' | 1,205,280 |
Fair Value [Member] | Level 2 [Member] | 5.00% Senior Notes Due 2021 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Liabilities | 663,000 | ' |
Fair Value [Member] | Level 2 [Member] | 5.50% Senior Notes Due 2024 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Liabilities | 663,000 | ' |
Fair Value [Member] | Level 2 [Member] | Senior Secured Term Loans Due 2017, at Par [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Liabilities | 347,809 | 349,997 |
Fair Value [Member] | Level 2 [Member] | Senior Secured Term Loans Due 2018, at Par [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Liabilities | 521,063 | 524,997 |
Fair Value [Member] | Level 2 [Member] | Senior PIK Toggle Notes Due 2020 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Liabilities | 588,500 | 572,000 |
Fair Value [Member] | Level 1 [Member] | Investment In Equity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Assets | 31,511 | 41,879 |
Fair Value [Member] | Level 3 [Member] | Contingent consideration payable [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Liabilities | $1,076 | $13,068 |
Fair_Value_Measurements_Carryi1
Fair Value Measurements - Carrying Amounts, Estimated Fair Values and Valuation Input Levels of the Company's Senior Notes, Senior Secured Term Loans and Senior Secured Revolving Credit Facility (Parenthetical) (Detail) (Level 2 [Member]) | Jun. 30, 2014 | Dec. 31, 2013 |
8.25% Senior Notes [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest rate on senior notes | 8.25% | 8.25% |
5.00% Senior Notes Due 2021 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest rate on senior notes | 5.00% | 5.00% |
5.50% Senior Notes Due 2024 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest rate on senior notes | 5.50% | 5.50% |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jul. 03, 2013 | Jun. 30, 2014 | |
Broadband [Member] | Broadband [Member] | Broadband [Member] | Broadband [Member] | Redwood [Member] | Redwood [Member] | Minimum [Member] | |||||
Redwood [Member] | |||||||||||
Business Acquisition, Contingent Consideration [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payable of contingent consideration range, low | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' |
Payable of contingent consideration range, high | ' | ' | ' | ' | ' | ' | ' | ' | 37,250,000 | ' | ' |
Contingent consideration payable year | ' | ' | ' | ' | ' | ' | ' | ' | '2015 | ' | ' |
Maximum level of payout reached | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 55,000,000 |
Estimated fair value of contingent consideration | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000 | 12,400,000 | ' |
Expenses related to change in estimated fair value, recorded in selling, general and administrative expense | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | ' | ' |
Impairments identified during the year | $7,229,000 | $28,848,000 | $7,229,000 | $34,482,000 | $7,200,000 | $28,800,000 | $7,200,000 | $28,800,000 | ' | ' | ' |
Recovered_Sheet8
Segments and Geographic Information - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number of reportable segments | ' | ' | 3 | ' |
Sales [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Percentage of net sales to customers outside the US | 40.30% | 44.20% | 40.10% | 44.00% |
Recovered_Sheet9
Segments and Geographic Information - Summary of Financial Information by Reportable Segment (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total assets | $5,054,379,000 | $4,734,055,000 | ' | ' |
Cash and cash equivalents | 481,049,000 | 346,320,000 | 223,610,000 | 264,375,000 |
Operating Segments [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total assets | 4,466,600,000 | 4,278,300,000 | ' | ' |
Operating Segments [Member] | Wireless [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total assets | 2,654,700,000 | 2,419,800,000 | ' | ' |
Operating Segments [Member] | Enterprise [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total assets | 1,457,100,000 | 1,495,100,000 | ' | ' |
Operating Segments [Member] | Broadband [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Total assets | 354,800,000 | 363,400,000 | ' | ' |
Segment Reconciling Items [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 481,000,000 | 346,300,000 | ' | ' |
Deferred income tax assets | 58,400,000 | 59,700,000 | ' | ' |
Deferred financing fees | $48,400,000 | $49,800,000 | ' | ' |
Segments_and_Geographic_Inform2
Segments and Geographic Information - Summary of Net Sales and Operating Income (Loss), Depreciation and Amortization by Reportable Segment (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | $1,066,256,000 | $940,859,000 | $2,001,292,000 | $1,745,548,000 |
Operating income (loss) | 203,655,000 | 94,304,000 | 350,190,000 | 169,729,000 |
Depreciation | 12,100,000 | 13,800,000 | 23,800,000 | 27,400,000 |
Amortization | 44,306,000 | 43,685,000 | 88,604,000 | 86,965,000 |
Operating Segments [Member] | Wireless [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 724,900,000 | 591,500,000 | 1,352,100,000 | 1,088,000,000 |
Operating income (loss) | 178,900,000 | 93,200,000 | 306,500,000 | 155,600,000 |
Depreciation | 7,300,000 | 8,200,000 | 14,200,000 | 16,400,000 |
Amortization | 22,500,000 | 22,000,000 | 45,000,000 | 44,100,000 |
Operating Segments [Member] | Enterprise [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 218,400,000 | 218,700,000 | 419,900,000 | 410,500,000 |
Operating income (loss) | 30,300,000 | 26,600,000 | 52,900,000 | 42,000,000 |
Depreciation | 2,800,000 | 3,000,000 | 5,600,000 | 5,900,000 |
Amortization | 17,400,000 | 17,100,000 | 34,700,000 | 33,700,000 |
Operating Segments [Member] | Broadband [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | 123,400,000 | 132,800,000 | 230,900,000 | 250,800,000 |
Operating income (loss) | -5,500,000 | -25,500,000 | -9,200,000 | -27,900,000 |
Depreciation | 2,000,000 | 2,600,000 | 4,000,000 | 5,100,000 |
Amortization | 4,400,000 | 4,600,000 | 8,900,000 | 9,200,000 |
Inter-Segment Eliminations [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Net sales | ($400,000) | ($2,100,000) | ($1,600,000) | ($3,800,000) |
Segments_and_Geographic_Inform3
Segments and Geographic Information - Summary of Net Sales and Operating Income (Loss), Depreciation and Amortization by Reportable Segment (Parenthetical) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Restructuring charges | $2,309,000 | $9,730,000 | $4,289,000 | $11,533,000 |
Asset impairment charges | 7,229,000 | 28,848,000 | 7,229,000 | 34,482,000 |
Adjustment to the estimated fair value of contingent consideration | 6,600,000 | ' | 12,000,000 | ' |
Wireless [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Restructuring charges | 1,616,000 | 7,462,000 | 2,854,000 | 8,582,000 |
Asset impairment charges | ' | ' | ' | 5,600,000 |
Broadband [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Restructuring charges | 775,000 | 2,266,000 | 1,303,000 | 2,496,000 |
Asset impairment charges | $7,200,000 | $28,800,000 | $7,200,000 | $28,800,000 |
Segments_and_Geographic_Inform4
Segments and Geographic Information - Summary of Sales by Geographic Region, Based on Destination of Product Shipments (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net sales | $1,066,256 | $940,859 | $2,001,292 | $1,745,548 |
United States [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net sales | 636,600 | 524,600 | 1,199,500 | 978,100 |
Europe, Middle East and Africa [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net sales | 188,400 | 190,800 | 358,000 | 330,000 |
Asia Pacific [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net sales | 159,900 | 140,200 | 288,800 | 264,600 |
Central and Latin America [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net sales | 60,700 | 65,200 | 119,100 | 135,200 |
Canada [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net sales | $20,700 | $20,100 | $35,900 | $37,600 |
Restructuring_Costs_Summary_of
Restructuring Costs - Summary of Company's Net Pretax Restructuring Charges (Credits) (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Total pretax restructuring charges | $2,309 | $9,730 | $4,289 | $11,533 |
Wireless [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Total pretax restructuring charges | 1,616 | 7,462 | 2,854 | 8,582 |
Enterprise [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Total pretax restructuring charges | -82 | 2 | 132 | 455 |
Broadband [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Total pretax restructuring charges | $775 | $2,266 | $1,303 | $2,496 |
Restructuring_Costs_Activity_w
Restructuring Costs - Activity within Liability Established for Restructuring Actions, Included in Other Accrued Liabilities (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Balance as of December 31, 2013 | $13,726 | ' | $18,572 | ' |
Additional charge recorded | 2,309 | 9,730 | 4,289 | 11,533 |
Cash paid | -6,046 | ' | -12,886 | ' |
Foreign exchange and other non-cash items | -223 | ' | -209 | ' |
Balance as of June 30, 2014 | 9,766 | ' | 9,766 | ' |
Employee-Related Costs [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Balance as of December 31, 2013 | 12,723 | ' | 17,173 | ' |
Additional charge recorded | -233 | ' | 222 | ' |
Cash paid | -3,418 | ' | -8,336 | ' |
Foreign exchange and other non-cash items | 6 | ' | 19 | ' |
Balance as of June 30, 2014 | 9,078 | ' | 9,078 | ' |
Lease Termination Costs [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Balance as of December 31, 2013 | 1,003 | ' | 1,399 | ' |
Additional charge recorded | -7 | ' | -7 | ' |
Cash paid | -308 | ' | -705 | ' |
Foreign exchange and other non-cash items | ' | ' | 1 | ' |
Balance as of June 30, 2014 | 688 | ' | 688 | ' |
Fixed Asset Related Costs [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Balance as of December 31, 2013 | 0 | ' | 0 | ' |
Additional charge recorded | 2,549 | ' | 4,074 | ' |
Cash paid | -2,320 | ' | -3,845 | ' |
Foreign exchange and other non-cash items | -229 | ' | -229 | ' |
Balance as of June 30, 2014 | $0 | ' | $0 | ' |
Restructuring_Costs_Additional
Restructuring Costs - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Restructuring charges | ' | ' | $68,100,000 | ' |
Additional pretax costs | 2,309,000 | 9,730,000 | 4,289,000 | 11,533,000 |
Minimum [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Expected cash payment | ' | ' | 9,000,000 | ' |
Additional expected cash payment | ' | ' | 1,000,000 | ' |
Additional pretax costs | ' | ' | 1,000,000 | ' |
Minimum [Member] | Joliet, Illinois Facility [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Expected restructuring charges | ' | ' | 7,000,000 | ' |
Maximum [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Expected cash payment | ' | ' | 10,000,000 | ' |
Additional expected cash payment | ' | ' | 2,000,000 | ' |
Additional pretax costs | ' | ' | 2,000,000 | ' |
Maximum [Member] | Joliet, Illinois Facility [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Expected restructuring charges | ' | ' | $10,000,000 | ' |
Employee_Benefit_Plans_Pretax_
Employee Benefit Plans - Pretax Amounts for Net Periodic Benefit Cost and Other Amounts Included in Other Comprehensive Income (Loss) for the Defined Benefit Pension and Other Postretirement Benefit Plans (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Pension Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $116 | $110 | $230 | $222 |
Interest cost | 3,358 | 2,873 | 6,693 | 5,775 |
Recognized actuarial loss (gain) | 71 | 125 | 142 | 250 |
Expected return on plan assets | -3,842 | -3,573 | -7,656 | -7,179 |
Net periodic benefit cost | -297 | -465 | -591 | -932 |
Other Postretirement Benefits [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 24 | 62 | 48 | 124 |
Interest cost | 225 | 228 | 450 | 456 |
Recognized actuarial loss (gain) | -85 | 70 | -169 | 139 |
Amortization of prior service credits | -2,494 | -2,404 | -4,988 | -4,809 |
Expected return on plan assets | ' | -16 | ' | -32 |
Net periodic benefit cost | ($2,330) | ($2,060) | ($4,659) | ($4,122) |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (Pension and Other Postretirement Benefit Plans [Member], USD $) | 3 Months Ended | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Pension and Other Postretirement Benefit Plans [Member] | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' |
Current contribution amount | $14 | $15 |
Additional contribution amount for remaining fiscal period | $9.30 | ' |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 6 Months Ended | ||
Jun. 28, 2013 | 28-May-13 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stockholders Equity [Line Items] | ' | ' | ' | ' | ' |
Dividend declared | $1.26 | $2.21 | ' | ' | ' |
Dividend paid | $195,900,000 | $342,800,000 | ' | ' | $538,705,000 |
Cash payment to stock option holders in lieu of reduction in exercise prices | ' | ' | 4,100,000 | ' | 7,188,000 |
Additional compensation expense | ' | ' | ' | 0 | ' |
Total unrecognized compensation costs related to non-vested stock options and share unit awards | ' | ' | ' | 25,900,000 | ' |
Recognition period of unrecognized compensation costs | ' | ' | ' | '1 year 7 months 6 days | ' |
Share unit award expense | ' | ' | ' | $2,400,000 | $2,500,000 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' | ' |
Stockholders Equity [Line Items] | ' | ' | ' | ' | ' |
Common stock vesting period | ' | ' | ' | '3 years | ' |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Stock Option Activity (Detail) (Stock Options [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares, Beginning Balance | 11,268 | ' | 10,828 | ' |
Shares, Granted | 5 | ' | 755 | ' |
Shares, Exercised | -972 | ' | -1,309 | ' |
Shares, Adjustment related to 2013 performance | ' | ' | 27 | ' |
Shares, Ending Balance | 10,301 | ' | 10,301 | ' |
Shares, Exercisable Ending Balance | 6,697 | ' | 6,697 | ' |
Shares, Expected to vest | 3,562 | ' | 3,562 | ' |
Weighted Average Option Exercise Price Per Share, Beginning Balance | $7.26 | ' | $6.15 | ' |
Weighted Average Option Exercise Price Per Share, Granted | $25.36 | ' | $23.02 | ' |
Weighted Average Option Exercise Price Per Share, Exercised | $5.88 | ' | $6.07 | ' |
Weighted Average Option Exercise Price Per Share, Adjustment related to 2013 performance | ' | ' | $5.57 | ' |
Weighted Average Option Exercise Price Per Share, Ending Balance | $7.40 | ' | $7.40 | ' |
Weighted Average Option Exercise Price Per Share, Exercisable Ending Balance | $6.36 | ' | $6.36 | ' |
Weighted Average Grant Date Fair Value Per Share, Granted | $10.45 | $4.69 | $9.41 | $4.69 |
Weighted Average Option Exercise Price Per Share, Expected to vest | $9.20 | ' | $9.20 | ' |
Weighted Average Grant Date Fair Value Per Share, Adjustment related to 2013 performance | ' | ' | $3.60 | ' |
Aggregate Intrinsic Value, Exercised | $18,557 | ' | $24,040 | ' |
Aggregate Intrinsic Value, Outstanding as of June 30, 2014 | 162,027 | ' | 162,027 | ' |
Aggregate Intrinsic Value, Exercisable at June 30, 2014 | 112,289 | ' | 112,289 | ' |
Aggregate Intrinsic Value, Expected to vest | $49,636 | ' | $49,636 | ' |
Stockholders_Equity_Summary_of1
Stockholders' Equity - Summary of Exercise Price (Detail) (USD $) | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 |
Range One [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices Minimum | $2.96 |
Range of Exercise Prices Maximum | $5.35 |
Options Outstanding Shares | 996 |
Weighted Average Remaining Contractual Life | '3 years 10 months 24 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $3.59 |
Options Exercisable Shares | 996 |
Weighted Average Exercise Price Per Share, Options Exercisable | $3.59 |
Range Two [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices Minimum | $5.36 |
Range of Exercise Prices Maximum | $5.67 |
Options Outstanding Shares | 1,258 |
Weighted Average Remaining Contractual Life | '7 years 7 months 6 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $5.57 |
Options Exercisable Shares | 721 |
Weighted Average Exercise Price Per Share, Options Exercisable | $5.57 |
Range Three [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices Minimum | $5.68 |
Range of Exercise Prices Maximum | $8.54 |
Options Outstanding Shares | 5,090 |
Weighted Average Remaining Contractual Life | '6 years 7 months 6 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $5.74 |
Options Exercisable Shares | 2,778 |
Weighted Average Exercise Price Per Share, Options Exercisable | $5.74 |
Range Four [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices Minimum | $8.55 |
Range of Exercise Prices Maximum | $8.90 |
Options Outstanding Shares | 2,202 |
Weighted Average Remaining Contractual Life | '6 years |
Weighted Average Exercise Price Per Share, Options Outstanding | $8.66 |
Options Exercisable Shares | 2,202 |
Weighted Average Exercise Price Per Share, Options Exercisable | $8.66 |
Range Five [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices Minimum | $8.91 |
Range of Exercise Prices Maximum | $25.36 |
Options Outstanding Shares | 755 |
Weighted Average Remaining Contractual Life | '9 years 8 months 12 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $23.02 |
Range Six [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise Prices Minimum | $2.96 |
Range of Exercise Prices Maximum | $25.36 |
Options Outstanding Shares | 10,301 |
Weighted Average Remaining Contractual Life | '6 years 6 months |
Weighted Average Exercise Price Per Share, Options Outstanding | $7.40 |
Options Exercisable Shares | 6,697 |
Weighted Average Exercise Price Per Share, Options Exercisable | $6.36 |
Stockholders_Equity_Summary_of2
Stockholders' Equity - Summary of Weighted Average Assumptions Used to Estimate Fair Value of Stock Option (Detail) (Stock Options [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expected option term (in years) | '5 years | '3 years | '5 years | '3 years |
Risk-free interest rate | 1.70% | 0.40% | 1.50% | 0.40% |
Expected volatility | 45.00% | 75.00% | 45.00% | 75.00% |
Estimated marketability discount | ' | 15.00% | ' | 15.00% |
Expected dividend yield | ' | ' | ' | ' |
Weighted average exercise price | $23.02 | $12.38 | $23.02 | $12.38 |
Weighted average fair value at grant date | $10.45 | $4.69 | $9.41 | $4.69 |
Stockholders_Equity_Summary_of3
Stockholders' Equity - Summary of RSU Activity (Detail) (Restricted Stock Units (RSUs) [Member], USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Schedule Of Restricted Stock Activity [Line Items] | ' | ' |
Restricted Stock Units, Outstanding and non-vested, Beginning balance | 371 | 5 |
Restricted Stock Units, Granted | 2 | 368 |
Restricted Stock Units, Forfeited | -8 | -8 |
Restricted Stock Units, Outstanding and non-vested, Ending balance | 365 | 365 |
Outstanding and non-vested as of December 31, 2013 | $22.85 | $14.99 |
Granted | $25.53 | $22.98 |
Forfeited | $23 | $23 |
Outstanding and non-vested as of June 30, 2014 | $22.87 | $22.87 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (USD $) | 6 Months Ended | 0 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jul. 01, 2014 |
Subsequent Event [Member] | |||
Alifabs Group [Member] | |||
Business | |||
Subsequent Event [Line Items] | ' | ' | ' |
Number of businesses acquired | ' | ' | 2 |
Payments to acquire businesses | ($4,745) | $34,000 | $45,000 |