Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 15, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | COMM | |
Entity Registrant Name | CommScope Holding Company, Inc. | |
Entity Central Index Key | 1517228 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 189,419,449 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Net sales | $825,400 | $935,036 |
Operating costs and expenses: | ||
Cost of sales | 532,196 | 597,325 |
Selling, general and administrative | 125,671 | 113,028 |
Research and development | 27,736 | 31,870 |
Amortization of purchased intangible assets | 44,786 | 44,298 |
Restructuring costs, net | 1,871 | 1,980 |
Total operating costs and expenses | 732,260 | 788,501 |
Operating income | 93,140 | 146,535 |
Other income (expense), net | 2,627 | -3,195 |
Interest expense | -36,329 | -42,280 |
Interest income | 1,029 | 1,104 |
Income before income taxes | 60,467 | 102,164 |
Income tax expense | -20,991 | -37,677 |
Net income | 39,476 | 64,487 |
Earnings per share: | ||
Basic | $0.21 | $0.35 |
Diluted | $0.20 | $0.34 |
Weighted average shares outstanding: | ||
Basic | 188,480 | 185,942 |
Diluted | 193,137 | 190,922 |
Comprehensive income: | ||
Net income | 39,476 | 64,487 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation gain (loss) | -29,488 | 1,627 |
Pension and other postretirement benefit activity | -1,587 | -1,551 |
Available-for-sale securities | -2,989 | |
Total other comprehensive income (loss), net of tax | -34,064 | 76 |
Total comprehensive income | $5,412 | $64,563 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and cash equivalents | $735,142 | $729,321 |
Accounts receivable, less allowance for doubtful accounts of $8,410 and $8,797, respectively | 689,574 | 612,007 |
Inventories, net | 353,060 | 367,185 |
Prepaid expenses and other current assets | 65,152 | 67,875 |
Deferred income taxes | 45,017 | 51,230 |
Total current assets | 1,887,945 | 1,827,618 |
Property, plant and equipment, net of accumulated depreciation of $213,355 and $207,342, respectively | 282,244 | 289,371 |
Goodwill | 1,449,822 | 1,451,887 |
Other intangible assets, net | 1,214,832 | 1,260,927 |
Other noncurrent assets | 123,597 | 126,082 |
Total assets | 4,958,440 | 4,955,885 |
Liabilities and Stockholders' Equity | ||
Accounts payable | 234,032 | 177,806 |
Other accrued liabilities | 236,385 | 289,006 |
Current portion of long-term debt | 8,972 | 9,001 |
Total current liabilities | 479,389 | 475,813 |
Long-term debt | 2,697,173 | 2,698,724 |
Deferred income taxes | 318,214 | 339,945 |
Pension and other postretirement benefit liabilities | 23,211 | 29,478 |
Other noncurrent liabilities | 101,099 | 104,306 |
Total liabilities | 3,619,086 | 3,648,266 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $.01 par value: Authorized shares: 200,000,000; Issued and outstanding shares: None at March 31, 2015 or December 31, 2014 | ||
Common stock, $.01 par value: Authorized shares: 1,300,000,000; Issued and outstanding shares: 189,409,474 and 187,831,389 at March 31, 2015 and December 31, 2014, respectively | 1,904 | 1,888 |
Additional paid-in capital | 2,167,740 | 2,141,433 |
Retained earnings (accumulated deficit) | -702,043 | -741,519 |
Accumulated other comprehensive loss | -117,612 | -83,548 |
Treasury stock, at cost: 961,566 shares at March 31, 2015 and December 31, 2014 | -10,635 | -10,635 |
Total stockholders' equity | 1,339,354 | 1,307,619 |
Total liabilities and stockholders' equity | $4,958,440 | $4,955,885 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $8,410 | $8,797 |
Property, plant and equipment, other, accumulated depreciation | $213,355 | $207,342 |
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 | 189,409,474 | 187,831,389 |
Common stock, shares outstanding | 189,409,474 | 187,831,389 |
Treasury stock, shares | 961,566 | 961,566 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating Activities: | ||
Net income | $39,476 | $64,487 |
Adjustments to reconcile net income to net cash generated by (used in) operating activities: | ||
Depreciation and amortization | 59,454 | 59,461 |
Equity-based compensation | 5,253 | 3,676 |
Deferred income taxes | -13,623 | 7,343 |
Excess tax benefits from equity-based compensation | -10,414 | -1,542 |
Changes in assets and liabilities: | ||
Accounts receivable | -95,317 | -101,793 |
Inventories | 5,792 | -38,636 |
Prepaid expenses and other assets | -1,134 | 4,341 |
Accounts payable and other liabilities | 12,682 | -31,063 |
Other | -929 | -1,763 |
Net cash generated by (used in) operating activities | 1,240 | -35,489 |
Investing Activities: | ||
Additions to property, plant and equipment | -8,213 | -6,675 |
Proceeds from sale of property, plant and equipment | 125 | 1,183 |
Other | 2,633 | 46 |
Net cash used in investing activities | -5,455 | -5,446 |
Financing Activities: | ||
Long-term debt repaid | -2,199 | -17,558 |
Long-term debt proceeds | 15,000 | |
Proceeds from the issuance of common shares under equity-based compensation plans | 11,999 | 1,957 |
Excess tax benefits from equity-based compensation | 10,414 | 1,542 |
Net cash generated by financing activities | 20,214 | 941 |
Effect of exchange rate changes on cash and cash equivalents | -10,178 | -1,138 |
Change in cash and cash equivalents | 5,821 | -41,132 |
Cash and cash equivalents, beginning of period | 729,321 | 346,320 |
Cash and cash equivalents, end of period | $735,142 | $305,188 |
Condensed_Consolidated_Stateme2
Condensed 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, 2013 | $1,868 | $2,101,350 | ($978,291) | ($26,276) | ($10,635) | |
Beginning balance, Shares at Dec. 31, 2013 | 185,861,777 | |||||
Issuance of shares under equity-based compensation plans, shares | 337,258 | |||||
Issuance of shares under equity-based compensation plans | 4 | 1,953 | ||||
Net income | 64,487 | 64,487 | ||||
Other comprehensive income (loss), net of tax | 76 | |||||
Equity-based compensation | 2,622 | |||||
Tax benefit from shares issued under equity-based compensation plans | 1,542 | |||||
Ending balance at Mar. 31, 2014 | 1,158,700 | 1,872 | 2,107,467 | -913,804 | -26,200 | -10,635 |
Ending balance, Shares at Mar. 31, 2014 | 186,199,035 | |||||
Beginning balance at Dec. 31, 2014 | 1,307,619 | 1,888 | 2,141,433 | -741,519 | -83,548 | -10,635 |
Beginning balance, Shares at Dec. 31, 2014 | 187,831,389 | 187,831,389 | ||||
Issuance of shares under equity-based compensation plans, shares | 1,578,085 | |||||
Issuance of shares under equity-based compensation plans | 16 | 11,983 | ||||
Net income | 39,476 | 39,476 | ||||
Other comprehensive income (loss), net of tax | -34,064 | |||||
Equity-based compensation | 3,959 | |||||
Tax benefit from shares issued under equity-based compensation plans | 10,365 | |||||
Ending balance at Mar. 31, 2015 | $1,339,354 | $1,904 | $2,167,740 | ($702,043) | ($117,612) | ($10,635) |
Ending balance, Shares at Mar. 31, 2015 | 189,409,474 | 189,409,474 |
Background_and_Basis_of_Presen
Background and Basis of Presentation | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 leadership position is built upon innovative technology, broad solution offerings, high-quality and cost-effective customer solutions and global manufacturing and distribution scale. | |||||||||
In January 2015, the Company announced an agreement to acquire TE Connectivity’s Telecom, Enterprise and Wireless business, also referred to as Broadband Network Solutions (BNS), in an all-cash transaction valued at approximately $3.0 billion. This business provides fiber optic connectivity for wireline and wireless networks and generated annual revenues of approximately $1.9 billion in its fiscal year ended September 26, 2014. The acquisition is expected to be financed using a combination of cash on hand and approximately $2.75 billion of additional net debt. The transaction is expected to close by the end of 2015, subject to consummation of contemplated financing, regulatory approvals and other customary closing conditions. For the three months ended March 31, 2015, transaction and integration costs of $11.4 million, primarily related to the proposed acquisition, were included in selling, general and administrative expenses. | |||||||||
Basis of Presentation | |||||||||
The Condensed Consolidated Balance Sheet as of March 31, 2015, the Condensed Consolidated Statements of Operations and Comprehensive Income, Cash Flows and Stockholders’ Equity for the three months ended March 31, 2015 and 2014 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, 2014 (the 2014 Annual Report). There were no changes in the Company’s significant accounting policies during the three months ended March 31, 2015. 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. | |||||||||
Concentrations of Risk and Related Party Transactions | |||||||||
Net sales to Anixter International Inc. and its affiliates (Anixter) accounted for 13% and 11% of the Company’s total net sales during the three months ended March 31, 2015 and 2014, respectively. Sales to Anixter primarily originate within the Enterprise segment. Other than Anixter, no other direct customer accounted for 10% or more of the Company’s total net sales for the three months ended March 31, 2015 or 2014. | |||||||||
Accounts receivable from Anixter represented approximately 12% of accounts receivable as of March 31, 2015. Other than Anixter, no other direct customer accounted for more than 10% of the Company’s accounts receivable as of March 31, 2015. | |||||||||
As of March 31, 2015, funds affiliated with The Carlyle Group owned 42.9% of the outstanding shares of CommScope. | |||||||||
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 | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Product warranty accrual, beginning of period | $ | 17,054 | $ | 24,838 | |||||
Provision for warranty claims | 1,542 | 2,269 | |||||||
Warranty claims paid | (3,230 | ) | (4,169 | ) | |||||
Product warranty accrual, end of period | $ | 15,366 | $ | 22,938 | |||||
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. | |||||||||
In addition, the Company is subject to various federal, state, local and foreign laws and regulations governing the use, discharge, disposal and remediation of hazardous materials. Compliance with current laws and regulations has not had, and is not expected to have, a materially adverse effect on the Company’s financial condition or results of operations. | |||||||||
Asset Impairments | |||||||||
Property, plant and equipment and intangible assets with finite lives 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 estimated fair value. There were no asset impairments identified during the three months ended March 31, 2015 or 2014. | |||||||||
Income Taxes | |||||||||
The effective income tax rate of 34.7% for the three months ended March 31, 2015 was lower than the statutory rate of 35% primarily due to the impact of earnings in foreign jurisdictions that the Company does not plan to repatriate. Such earnings are generally taxed at rates lower than the U.S. statutory rate. In addition, the effective income tax rate was also affected by the provision for state income taxes as well as losses in certain jurisdictions where the Company did not recognize tax benefits due to the likelihood of them not being realizable. | |||||||||
The effective income tax rate of 36.9% for the three months ended March 31, 2014 was higher than the statutory rate of 35% primarily due to losses in certain jurisdictions where the Company did not recognize tax benefits due to the likelihood of them not being realizable, increases in valuation allowances on certain tax attributes, the provision for state income taxes and certain tax costs associated with repatriation of foreign earnings. These items were partially offset by benefits related to uncertain tax positions for which the statutes had lapsed and the $5.4 million pretax reduction in the estimated fair value of contingent consideration payable, which is not subject to tax. | |||||||||
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 (stock options, performance share units 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 conditions were not met (1.3 million shares and 3.0 million shares for the three months ended March 31, 2015 and 2014, respectively). | |||||||||
The following table presents the basis for the earnings per share computations: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Net income for basic and diluted earnings per share | $ | 39,476 | $ | 64,487 | |||||
Denominator: | |||||||||
Weighted average shares outstanding - basic | 188,480 | 185,942 | |||||||
Dilutive effect of equity-based awards | 4,657 | 4,980 | |||||||
Weighted average common shares outstanding - diluted | 193,137 | 190,922 | |||||||
Earnings per share: | |||||||||
Basic | $ | 0.21 | $ | 0.35 | |||||
Diluted | $ | 0.2 | $ | 0.34 | |||||
Recent Accounting Pronouncements | |||||||||
In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. The ASU requires that debt issuance costs related to a recognized debt liability be reported as a direct deduction from the carrying amount of that debt liability. The Company will be required to adopt this guidance as of January 1, 2016 and apply it retrospectively to all prior periods presented. Early adoption is permitted. The adoption of this accounting guidance will reduce the Company’s other noncurrent assets and long-term debt by the amount of unamortized debt issuance costs. As of March 31, 2015 and December 31, 2014, this amount was $40.7 million and $43.2 million, respectively. | |||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. This guidance defines how companies report revenues from contracts with customers, and also requires enhanced disclosures. The Company will be required to adopt the standard as of January 1, 2017 and early adoption is not permitted. In April 2015, the FASB announced a proposal to defer the effective date by one year, with early adoption on the original effective date permitted. The Company has not determined the transition approach that will be utilized or estimated the impact of adopting the new accounting standard. |
Acquisitions
Acquisitions | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Business Combinations [Abstract] | |||||
Acquisitions | 2. ACQUISITIONS | ||||
Alifabs Group | |||||
In July 2014, the Company acquired two businesses of United Kingdom-based Alifabs Group (Alifabs) for $48.8 million ($46.7 million, net of cash acquired). Alifabs is a designer and supplier of enclosures, monopoles, smaller streetworks towers and tower solutions for the United Kingdom telecommunications, utility and energy markets. Sales of Alifabs products reflected in the Condensed Consolidated Statements of Operations and Comprehensive Income were $11.2 million for the three months ended March 31, 2015. | |||||
The preliminary allocation of the purchase price, based on estimates of the fair values of assets acquired and liabilities assumed, is as follows (in millions): | |||||
Cash and cash equivalents | $ | 2.1 | |||
Other current assets | 15.7 | ||||
Identifiable intangible assets | 26.9 | ||||
Goodwill | 15.3 | ||||
Other noncurrent assets | 0.6 | ||||
Less: Liabilities assumed | (11.8 | ) | |||
Net acquisition cost | $ | 48.8 | |||
The goodwill arising from the purchase price allocation of the Alifabs acquisition is believed to result from the company’s reputation in the marketplace and assembled workforce and is not expected to be deductible for income tax purposes. | |||||
As additional information is obtained, adjustments may be made to the preliminary purchase price allocation. The Company is still finalizing the estimated fair value of certain assets acquired and liabilities assumed. | |||||
Redwood Systems, Inc. | |||||
In July 2013, the Company acquired Redwood Systems, Inc. (Redwood), for an initial payment of $9.8 million and contingent consideration payable in 2015 that had an estimated fair value of $12.4 million as of the acquisition date. During the year ended December 31, 2014, the estimated fair value of the liability for contingent consideration was reduced to zero and no payments are expected to be made. | |||||
iTRACS Corporation | |||||
In March 2013, the Company acquired substantially all the assets and certain liabilities of iTRACS Corporation (iTRACS) for $34.0 million. 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. |
Goodwill
Goodwill | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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, 2014 | $ | 833.1 | $ | 653.8 | $ | 86.3 | $ | 1,573.20 | |||||||||
Foreign exchange | (2.1 | ) | — | — | (2.1 | ) | |||||||||||
Goodwill, gross, as of March 31, 2015 | 831 | 653.8 | 86.3 | 1,571.10 | |||||||||||||
Accumulated impairment charges as of December 31, 2014 and March 31, 2015 | (85.1 | ) | — | (36.2 | ) | (121.3 | ) | ||||||||||
Goodwill, net, as of March 31, 2015 | $ | 745.9 | $ | 653.8 | $ | 50.1 | $ | 1,449.80 | |||||||||
Supplemental_Financial_Stateme
Supplemental Financial Statement Information | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Supplemental Financial Statement Information | 4. SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION | ||||||||
Inventories | |||||||||
March 31, 2015 | December 31, 2014 | ||||||||
Raw materials | $ | 91,073 | $ | 90,486 | |||||
Work in process | 101,464 | 105,739 | |||||||
Finished goods | 160,523 | 170,960 | |||||||
$ | 353,060 | $ | 367,185 | ||||||
Investments | |||||||||
The Company owns shares of Hydrogenics Corporation (Hydrogenics), a publicly traded company that supplies hydrogen generators and hydrogen-based power modules and fuel cells for various uses. These shares are accounted for as available-for-sale securities and are carried at fair value with changes in fair value recorded, net of tax, in other comprehensive income (loss). Investments are recorded in other noncurrent assets on the Condensed Consolidated Balance Sheets. | |||||||||
The following table presents information related to the Company’s investment in Hydrogenics: | |||||||||
March 31, 2015 | December 31, 2014 | ||||||||
Shares owned | 1,362 | 1,534 | |||||||
Cost basis | $ | 1,020 | $ | 1,150 | |||||
Fair value | $ | 15,427 | $ | 20,392 | |||||
Pretax unrealized gain in accumulated other comprehensive income | $ | 14,407 | $ | 19,242 | |||||
The following table provides information related to the sale of shares in Hydrogenics: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Shares sold | 172 | — | |||||||
Proceeds received | $ | 2,493 | $ | — | |||||
Pretax gain realized | $ | 2,363 | $ | — | |||||
Gains on the sale of available-for-sale securities have been determined using the average cost method and are recorded in other income (expense), net on the Condensed Consolidated Statements of Operations and Comprehensive Income. | |||||||||
Other Accrued Liabilities | |||||||||
March 31, 2015 | December 31, 2014 | ||||||||
Compensation and employee benefit liabilities | $ | 60,075 | $ | 122,291 | |||||
Deferred revenue | 23,932 | 25,888 | |||||||
Product warranty accrual | 15,366 | 17,054 | |||||||
Accrued interest | 35,041 | 8,952 | |||||||
Restructuring reserve | 5,019 | 5,657 | |||||||
Income taxes payable | 19,021 | 35,302 | |||||||
Accrued professional fees | 11,864 | 7,147 | |||||||
Other | 66,067 | 66,715 | |||||||
$ | 236,385 | $ | 289,006 | ||||||
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 | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Foreign currency translation | |||||||||
AOCL balance, beginning of period | $ | (80,483 | ) | $ | (29,072 | ) | |||
Other comprehensive income (loss) | (29,366 | ) | 1,727 | ||||||
Amounts reclassified from AOCL | (122 | ) | (100 | ) | |||||
AOCL balance, end of period | $ | (109,971 | ) | $ | (27,445 | ) | |||
Pension and other postretirement benefit activity | |||||||||
AOCI (AOCL) balance, beginning of period | $ | (14,957 | ) | $ | 2,796 | ||||
Amounts reclassified from AOCI (AOCL) | (1,587 | ) | (1,551 | ) | |||||
AOCI (AOCL) balance, end of period | $ | (16,544 | ) | $ | 1,245 | ||||
Available-for-sale securities | |||||||||
AOCI balance, beginning of period | $ | 11,892 | $ | — | |||||
Other comprehensive loss | (1,528 | ) | — | ||||||
Amounts reclassified from AOCI | (1,461 | ) | — | ||||||
AOCI balance, end of period | $ | 8,903 | $ | — | |||||
Net AOCL, end of period | $ | (117,612 | ) | $ | (26,200 | ) | |||
Amounts reclassified from net AOCL related to foreign currency translation and available-for-sale securities are recorded in other income (expense), net in the Condensed Consolidated Statements of Operations and Comprehensive Income. Defined benefit plan amounts reclassified from net AOCL 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 | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Cash paid during the period for: | |||||||||
Income taxes, net of refunds | $ | 34,075 | $ | 15,595 | |||||
Interest | $ | 7,272 | $ | 52,341 |
Financing
Financing | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Financing | 5. FINANCING | ||||||||
March 31, 2015 | December 31, 2014 | ||||||||
5.00% senior notes due June 2021 | $ | 650,000 | $ | 650,000 | |||||
5.50% senior notes due June 2024 | 650,000 | 650,000 | |||||||
Senior secured term loan due January 2017 | 344,750 | 345,625 | |||||||
Senior secured term loan due January 2018 | 517,125 | 518,438 | |||||||
Senior PIK toggle notes due June 2020 | 550,000 | 550,000 | |||||||
Senior secured revolving credit facility expires January 2017 | — | — | |||||||
Other | 361 | 408 | |||||||
$ | 2,712,236 | $ | 2,714,471 | ||||||
Less: Original issue discount, net of amortization | (6,091 | ) | (6,746 | ) | |||||
Less: Current portion | (8,972 | ) | (9,001 | ) | |||||
$ | 2,697,173 | $ | 2,698,724 | ||||||
See Note 6 in the Notes to Consolidated Financial Statements in the 2014 Annual Report for additional information on the terms and conditions of the 5.00% senior notes (the 2021 Notes), the 5.50% senior notes (the 2024 Notes and together with the 2021 Notes, the senior notes), the senior secured credit facilities and the 6.625%/7.375% senior payment-in-kind toggle notes (the senior PIK toggle notes). | |||||||||
Senior Secured Credit Facilities | |||||||||
During the three months ended March 31, 2015, the Company repaid $2.2 million 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 March 31, 2015 related to the potentially required excess cash flow payment because the amount that may be payable in 2016, if any, cannot currently be reliably estimated. There was no excess cash flow payment required in 2015 related to 2014. | |||||||||
During the three months ended March 31, 2015, the Company did not borrow under its revolving credit facility. As of March 31, 2015, the Company had availability of approximately $283.9 million under the asset-based revolving credit facility, after giving effect to borrowing base limitations and outstanding letters of credit. | |||||||||
Other Matters | |||||||||
The Company’s non-guarantor subsidiaries held approximately $1,092 million, or 22%, of total assets and approximately $265 million, or 7%, of total liabilities as of March 31, 2015 and accounted for approximately $375 million, or 45%, of net sales for the three months ended March 31, 2015. As of December 31, 2014, the non-guarantor subsidiaries held approximately $1,089 million, or 22%, of total assets and approximately $282 million, or 8%, of total liabilities. For the three months ended March 31, 2014, the non-guarantor subsidiaries accounted for approximately $320 million, or 34%, of net sales. All amounts presented exclude intercompany balances. | |||||||||
CommScope, Inc., a subsidiary of the Company, is the issuer of the senior notes. The reported balance sheet and income statement amounts for CommScope, Inc. are substantially identical to those of the Company other than interest expense for CommScope, Inc. for the three months ended March 31, 2015 and 2014 which does not reflect the interest expense incurred in connection with the senior PIK toggle notes, which was $9.5 million for both periods ($6.1 million net of tax). Total debt for CommScope, Inc. as of March 31, 2015 was $2,156.1 million, which does not include the senior PIK toggle notes. | |||||||||
The weighted average effective interest rate on outstanding borrowings, including the amortization of debt issuance costs and original issue discount, was 5.38% at both March 31, 2015 and December 31, 2014. |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
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. As of March 31, 2015, the Company had foreign exchange contracts with maturities of up to nine months with an aggregate notional value of $318 million (based on exchange rates as of March 31, 2015). Unrealized gains and losses resulting from these contracts are recognized in other income (expense), net and partially offset corresponding foreign exchange gains and losses on the balances being hedged. 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 | March 31, 2015 | December 31, 2014 | |||||||||
Foreign currency contracts | Prepaid expenses and other current assets | $ | 2,323 | $ | 1,165 | ||||||
Foreign currency contracts | Other accrued liabilities | (2,575 | ) | (3,584 | ) | ||||||
Total derivatives not designated as hedging instruments | $ | (252 | ) | $ | (2,419 | ) | |||||
The pretax impact of these foreign currency forward contracts on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) is as follows: | |||||||||||
Foreign Currency Forward Contracts | Location of Gain (Loss) | Gain (Loss) Recognized | |||||||||
Three Months Ended March 31, 2015 | Other income (expense), net | $ | (4,800 | ) | |||||||
Three Months Ended March 31, 2014 | Other income (expense), net | $ | (3,032 | ) |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value Measurements | 7. FAIR VALUE MEASUREMENTS | ||||||||||||||||||||
The Company’s financial instruments consist primarily of cash and cash equivalents, trade receivables, trade payables, available-for-sale securities, debt instruments and foreign currency contracts. For cash and cash equivalents, trade receivables and trade payables, the carrying amounts of these financial instruments as of March 31, 2015 and December 31, 2014 were considered representative of their fair values due to their short terms to maturity. The fair value of the Company’s available-for-sale 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. | |||||||||||||||||||||
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 carrying amounts, estimated fair values and valuation input levels of the Company’s available-for-sale securities, foreign currency contracts, senior notes, senior secured term loans and senior PIK toggle notes as of March 31, 2015 and December 31, 2014, are as follows: | |||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | Valuation | |||||||||||||||||
Amount | Amount | Inputs | |||||||||||||||||||
Assets: | |||||||||||||||||||||
Available-for-sale securities | $ | 15,427 | $ | 15,427 | $ | 20,392 | $ | 20,392 | Level 1 | ||||||||||||
Foreign currency contracts | 2,323 | 2,323 | 1,165 | 1,165 | Level 2 | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
5.00% senior notes due 2021 | 650,000 | 649,220 | 650,000 | 643,500 | Level 2 | ||||||||||||||||
5.50% senior notes due 2024 | 650,000 | 649,220 | 650,000 | 640,250 | Level 2 | ||||||||||||||||
Senior secured term loans due 2017, at par | 344,750 | 344,535 | 345,625 | 342,169 | Level 2 | ||||||||||||||||
Senior secured term loans due 2018, at par | 517,125 | 517,435 | 518,438 | 513,254 | Level 2 | ||||||||||||||||
Senior PIK toggle notes due 2020 | 550,000 | 565,125 | 550,000 | 566,500 | Level 2 | ||||||||||||||||
Foreign currency contracts | 2,575 | 2,575 | 3,584 | 3,584 | Level 2 | ||||||||||||||||
These fair value estimates are based on pertinent information available to management as of the date made. 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 | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 (RF) 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 cell sites and small cell DAS solutions to meet 2G, 3G and 4G cellular coverage and capacity requirements. Macro cell site solutions can be found at wireless tower sites and on rooftops and include base station antennas, microwave antennas, hybrid fiber-feeder cables, coaxial cables, connectors, amplifiers, filters and backup power solutions. Metro cell solutions can be found outdoors on street poles and on other urban structures and include RF delivery, equipment housing and concealment solutions. These fully integrated outdoor systems consist of specialized antennas, filters/combiners, backhaul solutions, intra-system cabling and power distribution systems, all minimized to fit an urban environment. The small cell DAS solutions are composed of distributed antenna systems that allow wireless operators to extend and enhance cellular coverage and capacity in challenging network conditions such as commercial buildings, urban areas, stadiums and transportation systems. | |||||||||
The Enterprise segment provides connectivity and network intelligence for commercial buildings and data centers. 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, conduit and headend solutions for the network core. | |||||||||
The following table provides summary financial information by reportable segment (in millions): | |||||||||
March 31, 2015 | December 31, 2014 | ||||||||
Identifiable segment-related assets: | |||||||||
Wireless | $ | 2,388.50 | $ | 2,370.40 | |||||
Enterprise | 1,398.60 | 1,401.90 | |||||||
Broadband | 339 | 352.1 | |||||||
Total identifiable segment-related assets | 4,126.10 | 4,124.40 | |||||||
Reconciliation to total assets: | |||||||||
Cash and cash equivalents | 735.1 | 729.3 | |||||||
Deferred income tax assets | 56.5 | 59 | |||||||
Debt issuance costs | 40.7 | 43.2 | |||||||
Total assets | $ | 4,958.40 | $ | 4,955.90 | |||||
The following table provides net sales, operating income, depreciation and amortization by reportable segment (in millions): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Net sales: | |||||||||
Wireless | $ | 496.3 | $ | 627.2 | |||||
Enterprise | 211.3 | 201.5 | |||||||
Broadband | 118 | 107.5 | |||||||
Inter-segment eliminations | (0.2 | ) | (1.2 | ) | |||||
Consolidated net sales | $ | 825.4 | $ | 935 | |||||
Operating income: | |||||||||
Wireless (1) | $ | 64.4 | $ | 127.6 | |||||
Enterprise (2) | 26.9 | 22.6 | |||||||
Broadband (3) | 1.8 | (3.7 | ) | ||||||
Consolidated operating income | $ | 93.1 | $ | 146.5 | |||||
Depreciation: | |||||||||
Wireless | $ | 7.2 | $ | 7 | |||||
Enterprise | 2.6 | 2.7 | |||||||
Broadband | 1.8 | 2 | |||||||
Consolidated depreciation | $ | 11.6 | $ | 11.7 | |||||
Amortization (4): | |||||||||
Wireless | $ | 23.1 | $ | 22.5 | |||||
Enterprise | 17.4 | 17.4 | |||||||
Broadband | 4.3 | 4.4 | |||||||
Consolidated amortization | $ | 44.8 | $ | 44.3 | |||||
-1 | Operating income for the three months ended March 31, 2015 and 2014 includes transaction and integration costs of $6.0 million and $0.6 million, respectively. | ||||||||
-2 | Operating income for the three months ended March 31, 2015 and 2014 includes transaction and integration costs of $3.0 million and $0.2 million, respectively. Operating income for the three months ended March 31, 2014 includes a gain of $5.4 million, from adjustments to the estimated fair value of contingent consideration related to the Redwood acquisition. | ||||||||
-3 | Operating income for the three months ended March 31, 2015 and 2014 includes transaction and integration costs of $2.4 million and $0.1 million, respectively. | ||||||||
-4 | Excludes amortization of debt issuance costs and original issue discount. | ||||||||
Sales to customers located outside of the United States comprised 53.6% and 39.8% of total net sales for the three months ended March 31, 2015 and 2014, respectively. Sales by geographic region, based on the destination of product shipments, were as follows (in millions): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
United States | $ | 383.1 | $ | 562.9 | |||||
Europe, Middle East and Africa | 158.9 | 169.6 | |||||||
Asia Pacific | 189.9 | 128.9 | |||||||
Central and Latin America | 66.7 | 58.4 | |||||||
Canada | 26.8 | 15.2 | |||||||
Consolidated net sales | $ | 825.4 | $ | 935 | |||||
Restructuring_Costs
Restructuring Costs | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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; Statesville, North Carolina; and Guangzhou, China facilities. Much of the production capacity from these facilities has been shifted to other existing facilities or unaffiliated suppliers. | |||||||||||||||||
The Company’s net pretax restructuring charges, by segment, were as follows: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Wireless | $ | 1,761 | $ | 1,238 | |||||||||||||
Enterprise | 37 | 214 | |||||||||||||||
Broadband | 73 | 528 | |||||||||||||||
Total | $ | 1,871 | $ | 1,980 | |||||||||||||
The activity within the liability established for these restructuring actions was as follows: | |||||||||||||||||
Employee- | Lease | Fixed Asset | Total | ||||||||||||||
Related | Termination | Related | |||||||||||||||
Costs | Costs | Costs | |||||||||||||||
Balance as of December 31, 2014 | $ | 3,822 | $ | 8,243 | $ | — | $ | 12,065 | |||||||||
Additional charge recorded | 1,544 | 165 | 162 | 1,871 | |||||||||||||
Cash paid | (1,939 | ) | (596 | ) | (162 | ) | (2,697 | ) | |||||||||
Foreign exchange and other non-cash items | (103 | ) | — | — | (103 | ) | |||||||||||
Balance as of March 31, 2015 | $ | 3,324 | $ | 7,812 | $ | — | $ | 11,136 | |||||||||
Balance sheet classification as of March 31, 2015: | |||||||||||||||||
Other accrued liabilities | $ | 3,324 | $ | 1,695 | $ | — | $ | 5,019 | |||||||||
Other noncurrent liabilities | — | 6,117 | — | 6,117 | |||||||||||||
Total liability | $ | 3,324 | $ | 7,812 | $ | — | $ | 11,136 | |||||||||
Employee-related costs include the expected severance costs and related benefits as well as 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 discounted cost of unused leased facilities, net of anticipated sub-rental income. | |||||||||||||||||
Fixed asset related costs include non-cash impairments or disposals of fixed assets associated with restructuring actions in addition to the cash 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. Cash paid is net of proceeds received from the sale of related assets. | |||||||||||||||||
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. | |||||||||||||||||
Additional pretax costs of approximately $1.0 million to $2.0 million are expected to complete these initiatives. Cash payments of approximately $4.0 million to $5.0 million are expected to be paid by the end of 2015 with additional payments of $8.0 million to $9.0 million to be paid between 2016 and 2022. Additional restructuring actions may be taken and the resulting charges and cash requirements could be material. |
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||
Employee Benefit Plans | 10. EMPLOYEE BENEFIT PLANS | ||||||||||||||||
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Service cost | $ | 107 | $ | 114 | $ | 7 | $ | 24 | |||||||||
Interest cost | 2,938 | 3,335 | 161 | 225 | |||||||||||||
Recognized actuarial loss (gain) | 170 | 71 | (283 | ) | (84 | ) | |||||||||||
Amortization of prior service credits | — | — | (2,457 | ) | (2,494 | ) | |||||||||||
Expected return on plan assets | (3,477 | ) | (3,814 | ) | — | — | |||||||||||
Net periodic benefit income | $ | (262 | ) | $ | (294 | ) | $ | (2,572 | ) | $ | (2,329 | ) | |||||
The Company contributed $6.8 million to its pension and other postretirement benefit plans during the three months ended March 31, 2015. During the remainder of 2015, the Company anticipates making additional contributions of approximately $10.3 million to these plans. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Stockholders' Equity | 11. STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Equity-Based Compensation Plans | |||||||||||||||||||||
As of March 31, 2015, $44.9 million of total unrecognized compensation costs related to non-vested stock options, restricted stock unit awards (RSUs), performance share units (PSUs) and share unit awards are expected to be recognized over a remaining weighted average period of 1.9 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 March 31, 2015. | |||||||||||||||||||||
Stock Options | |||||||||||||||||||||
Stock options are awards that allow the recipient to purchase shares of the Company’s common stock at a fixed price. Stock options are granted at an exercise price equal to the Company’s stock price at the date of grant. These awards generally vest over one to five years following the grant date and have a contractual term of ten years. | |||||||||||||||||||||
The following table summarizes the stock option activity (in thousands, except per share amounts): | |||||||||||||||||||||
Shares | Weighted Average | Weighted Average | Aggregate | ||||||||||||||||||
Option Exercise Price | Grant Date Fair | Intrinsic Value | |||||||||||||||||||
Per Share | Value Per Share | ||||||||||||||||||||
Outstanding as of December 31, 2014 | 10,411 | $ | 7.32 | ||||||||||||||||||
Granted | 292 | $ | 30.76 | $ | 13.25 | ||||||||||||||||
Exercised | (1,575 | ) | $ | 7.64 | $ | 34,624 | |||||||||||||||
Forfeited | (15 | ) | $ | 23 | |||||||||||||||||
Outstanding as of March 31, 2015 | 9,113 | $ | 7.99 | $ | 187,935 | ||||||||||||||||
Exercisable at March 31, 2015 | 7,319 | $ | 7.53 | $ | 153,764 | ||||||||||||||||
Expected to vest | 1,790 | $ | 9.83 | $ | 34,132 | ||||||||||||||||
The exercise prices of outstanding options at March 31, 2015 were in the following ranges: | |||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of Exercise Prices | Shares | Weighted Average | Weighted Average | Shares | Weighted Average | ||||||||||||||||
(in thousands) | Remaining | Exercise Price Per | (in thousands) | Exercise Price Per | |||||||||||||||||
Contractual Life | Share | Share | |||||||||||||||||||
(in years) | |||||||||||||||||||||
$2.96 to $5.35 | 821 | 3 | $ | 3.66 | 821 | $ | 3.66 | ||||||||||||||
$5.36 to $5.67 | 837 | 6.8 | $ | 5.57 | 499 | $ | 5.57 | ||||||||||||||
$5.68 to $8.54 | 5,005 | 5.8 | $ | 5.74 | 3,849 | $ | 5.74 | ||||||||||||||
$8.55 to $8.90 | 1,548 | 5 | $ | 8.65 | 1,548 | $ | 8.65 | ||||||||||||||
$8.91 to $23.00 | 602 | 8.9 | $ | 23 | 602 | $ | 23 | ||||||||||||||
$23.01 to $30.76 | 300 | 9.9 | $ | 30.55 | — | $ | — | ||||||||||||||
$2.96 to $30.76 | 9,113 | 5.9 | $ | 7.99 | 7,319 | $ | 7.53 | ||||||||||||||
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, 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 | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Expected option term (in years) | 6 | 5 | |||||||||||||||||||
Risk-free interest rate | 1.6 | % | 1.5 | % | |||||||||||||||||
Expected volatility | 43 | % | 45 | % | |||||||||||||||||
Expected dividend yield | — | % | — | % | |||||||||||||||||
Weighted average exercise price | $ | 30.76 | $ | 23 | |||||||||||||||||
Weighted average fair value at grant date | $ | 13.25 | $ | 9.4 | |||||||||||||||||
Performance Share Units | |||||||||||||||||||||
PSUs are stock awards in which the number of shares ultimately received by the employee depends on Company performance against specified targets. Such awards vest and shares are issued over three years if the performance targets are met. The fair value of each PSU is determined on the date of grant, based on the Company’s stock price. Over the performance period, the number of shares that are expected to be issued is adjusted upward or downward based upon the probable achievement of performance targets. The ultimate number of shares issued and the related compensation cost recognized will be based on the final performance metrics compared to the targets specified in the grants. | |||||||||||||||||||||
The following table summarizes the PSU activity (in thousands, except per share data): | |||||||||||||||||||||
Performance | Weighted Average | ||||||||||||||||||||
Share Units | Grant Date Fair | ||||||||||||||||||||
Value Per Share | |||||||||||||||||||||
Outstanding and non-vested as of December 31, 2014 | — | $ | — | ||||||||||||||||||
Granted | 184 | $ | 30.76 | ||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||
Outstanding and non-vested as of March 31, 2015 | 184 | $ | 30.76 | ||||||||||||||||||
Restricted Stock Units | |||||||||||||||||||||
RSUs entitle the holder to shares of common stock after a one to 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 December 31, 2014 | 372 | $ | 22.99 | ||||||||||||||||||
Granted | 980 | $ | 30.76 | ||||||||||||||||||
Vested and shares issued | (3 | ) | $ | 18.25 | |||||||||||||||||
Forfeited | (14 | ) | $ | 25 | |||||||||||||||||
Outstanding and non-vested as of March 31, 2015 | 1,335 | $ | 28.68 | ||||||||||||||||||
Other | |||||||||||||||||||||
Share unit award expense of $1.3 million and $1.1 million for the three months ended March 31, 2015 and 2014, respectively, is included in equity-based compensation as an adjustment to reconcile net income to net cash generated by (used in) operating activities on the Condensed Consolidated Statements of Cash Flows. |
Background_and_Basis_of_Presen1
Background and Basis of Presentation (Policies) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accounting Policies [Abstract] | |||||||||
Basis of Presentation | Basis of Presentation | ||||||||
The Condensed Consolidated Balance Sheet as of March 31, 2015, the Condensed Consolidated Statements of Operations and Comprehensive Income, Cash Flows and Stockholders’ Equity for the three months ended March 31, 2015 and 2014 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, 2014 (the 2014 Annual Report). There were no changes in the Company’s significant accounting policies during the three months ended March 31, 2015. 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. | |||||||||
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 13% and 11% of the Company’s total net sales during the three months ended March 31, 2015 and 2014, respectively. Sales to Anixter primarily originate within the Enterprise segment. Other than Anixter, no other direct customer accounted for 10% or more of the Company’s total net sales for the three months ended March 31, 2015 or 2014. | |||||||||
Accounts receivable from Anixter represented approximately 12% of accounts receivable as of March 31, 2015. Other than Anixter, no other direct customer accounted for more than 10% of the Company’s accounts receivable as of March 31, 2015. | |||||||||
As of March 31, 2015, funds affiliated with The Carlyle Group owned 42.9% of the outstanding shares of CommScope. | |||||||||
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 | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Product warranty accrual, beginning of period | $ | 17,054 | $ | 24,838 | |||||
Provision for warranty claims | 1,542 | 2,269 | |||||||
Warranty claims paid | (3,230 | ) | (4,169 | ) | |||||
Product warranty accrual, end of period | $ | 15,366 | $ | 22,938 | |||||
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. | |||||||||
In addition, the Company is subject to various federal, state, local and foreign laws and regulations governing the use, discharge, disposal and remediation of hazardous materials. Compliance with current laws and regulations has not had, and is not expected to have, a materially adverse effect on the Company’s financial condition or results of operations. | |||||||||
Asset Impairments | Asset Impairments | ||||||||
Property, plant and equipment and intangible assets with finite lives 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 estimated fair value. There were no asset impairments identified during the three months ended March 31, 2015 or 2014. | |||||||||
Income Taxes | Income Taxes | ||||||||
The effective income tax rate of 34.7% for the three months ended March 31, 2015 was lower than the statutory rate of 35% primarily due to the impact of earnings in foreign jurisdictions that the Company does not plan to repatriate. Such earnings are generally taxed at rates lower than the U.S. statutory rate. In addition, the effective income tax rate was also affected by the provision for state income taxes as well as losses in certain jurisdictions where the Company did not recognize tax benefits due to the likelihood of them not being realizable. | |||||||||
The effective income tax rate of 36.9% for the three months ended March 31, 2014 was higher than the statutory rate of 35% primarily due to losses in certain jurisdictions where the Company did not recognize tax benefits due to the likelihood of them not being realizable, increases in valuation allowances on certain tax attributes, the provision for state income taxes and certain tax costs associated with repatriation of foreign earnings. These items were partially offset by benefits related to uncertain tax positions for which the statutes had lapsed and the $5.4 million pretax reduction in the estimated fair value of contingent consideration payable, which is not subject to tax. | |||||||||
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 (stock options, performance share units 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 conditions were not met (1.3 million shares and 3.0 million shares for the three months ended March 31, 2015 and 2014, respectively). | |||||||||
The following table presents the basis for the earnings per share computations: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Net income for basic and diluted earnings per share | $ | 39,476 | $ | 64,487 | |||||
Denominator: | |||||||||
Weighted average shares outstanding - basic | 188,480 | 185,942 | |||||||
Dilutive effect of equity-based awards | 4,657 | 4,980 | |||||||
Weighted average common shares outstanding - diluted | 193,137 | 190,922 | |||||||
Earnings per share: | |||||||||
Basic | $ | 0.21 | $ | 0.35 | |||||
Diluted | $ | 0.2 | $ | 0.34 | |||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | ||||||||
In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2015-03, Simplifying the Presentation of Debt Issuance Costs. The ASU requires that debt issuance costs related to a recognized debt liability be reported as a direct deduction from the carrying amount of that debt liability. The Company will be required to adopt this guidance as of January 1, 2016 and apply it retrospectively to all prior periods presented. Early adoption is permitted. The adoption of this accounting guidance will reduce the Company’s other noncurrent assets and long-term debt by the amount of unamortized debt issuance costs. As of March 31, 2015 and December 31, 2014, this amount was $40.7 million and $43.2 million, respectively. | |||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. This guidance defines how companies report revenues from contracts with customers, and also requires enhanced disclosures. The Company will be required to adopt the standard as of January 1, 2017 and early adoption is not permitted. In April 2015, the FASB announced a proposal to defer the effective date by one year, with early adoption on the original effective date permitted. 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) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Product warranty accrual, beginning of period | $ | 17,054 | $ | 24,838 | |||||
Provision for warranty claims | 1,542 | 2,269 | |||||||
Warranty claims paid | (3,230 | ) | (4,169 | ) | |||||
Product warranty accrual, end of period | $ | 15,366 | $ | 22,938 | |||||
Summary of Earnings, Weighted Average Common Shares and Potential Common Shares Outstanding | The following table presents the basis for the earnings per share computations: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator: | |||||||||
Net income for basic and diluted earnings per share | $ | 39,476 | $ | 64,487 | |||||
Denominator: | |||||||||
Weighted average shares outstanding - basic | 188,480 | 185,942 | |||||||
Dilutive effect of equity-based awards | 4,657 | 4,980 | |||||||
Weighted average common shares outstanding - diluted | 193,137 | 190,922 | |||||||
Earnings per share: | |||||||||
Basic | $ | 0.21 | $ | 0.35 | |||||
Diluted | $ | 0.2 | $ | 0.34 |
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Business Combinations [Abstract] | |||||
Allocation of Purchase Price | The preliminary allocation of the purchase price, based on estimates of the fair values of assets acquired and liabilities assumed, is as follows (in millions): | ||||
Cash and cash equivalents | $ | 2.1 | |||
Other current assets | 15.7 | ||||
Identifiable intangible assets | 26.9 | ||||
Goodwill | 15.3 | ||||
Other noncurrent assets | 0.6 | ||||
Less: Liabilities assumed | (11.8 | ) | |||
Net acquisition cost | $ | 48.8 | |||
Goodwill_Tables
Goodwill (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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, 2014 | $ | 833.1 | $ | 653.8 | $ | 86.3 | $ | 1,573.20 | |||||||||
Foreign exchange | (2.1 | ) | — | — | (2.1 | ) | |||||||||||
Goodwill, gross, as of March 31, 2015 | 831 | 653.8 | 86.3 | 1,571.10 | |||||||||||||
Accumulated impairment charges as of December 31, 2014 and March 31, 2015 | (85.1 | ) | — | (36.2 | ) | (121.3 | ) | ||||||||||
Goodwill, net, as of March 31, 2015 | $ | 745.9 | $ | 653.8 | $ | 50.1 | $ | 1,449.80 | |||||||||
Supplemental_Financial_Stateme1
Supplemental Financial Statement Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||
Inventories | Inventories | ||||||||
March 31, 2015 | December 31, 2014 | ||||||||
Raw materials | $ | 91,073 | $ | 90,486 | |||||
Work in process | 101,464 | 105,739 | |||||||
Finished goods | 160,523 | 170,960 | |||||||
$ | 353,060 | $ | 367,185 | ||||||
Information Related to the Investment in Hydrogenics | The following table presents information related to the Company’s investment in Hydrogenics: | ||||||||
March 31, 2015 | December 31, 2014 | ||||||||
Shares owned | 1,362 | 1,534 | |||||||
Cost basis | $ | 1,020 | $ | 1,150 | |||||
Fair value | $ | 15,427 | $ | 20,392 | |||||
Pretax unrealized gain in accumulated other comprehensive income | $ | 14,407 | $ | 19,242 | |||||
Summary of Information Related to Sale of Shares | The following table provides information related to the sale of shares in Hydrogenics: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Shares sold | 172 | — | |||||||
Proceeds received | $ | 2,493 | $ | — | |||||
Pretax gain realized | $ | 2,363 | $ | — | |||||
Other Accrued Liabilities | Other Accrued Liabilities | ||||||||
March 31, 2015 | December 31, 2014 | ||||||||
Compensation and employee benefit liabilities | $ | 60,075 | $ | 122,291 | |||||
Deferred revenue | 23,932 | 25,888 | |||||||
Product warranty accrual | 15,366 | 17,054 | |||||||
Accrued interest | 35,041 | 8,952 | |||||||
Restructuring reserve | 5,019 | 5,657 | |||||||
Income taxes payable | 19,021 | 35,302 | |||||||
Accrued professional fees | 11,864 | 7,147 | |||||||
Other | 66,067 | 66,715 | |||||||
$ | 236,385 | $ | 289,006 | ||||||
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 | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Foreign currency translation | |||||||||
AOCL balance, beginning of period | $ | (80,483 | ) | $ | (29,072 | ) | |||
Other comprehensive income (loss) | (29,366 | ) | 1,727 | ||||||
Amounts reclassified from AOCL | (122 | ) | (100 | ) | |||||
AOCL balance, end of period | $ | (109,971 | ) | $ | (27,445 | ) | |||
Pension and other postretirement benefit activity | |||||||||
AOCI (AOCL) balance, beginning of period | $ | (14,957 | ) | $ | 2,796 | ||||
Amounts reclassified from AOCI (AOCL) | (1,587 | ) | (1,551 | ) | |||||
AOCI (AOCL) balance, end of period | $ | (16,544 | ) | $ | 1,245 | ||||
Available-for-sale securities | |||||||||
AOCI balance, beginning of period | $ | 11,892 | $ | — | |||||
Other comprehensive loss | (1,528 | ) | — | ||||||
Amounts reclassified from AOCI | (1,461 | ) | — | ||||||
AOCI balance, end of period | $ | 8,903 | $ | — | |||||
Net AOCL, end of period | $ | (117,612 | ) | $ | (26,200 | ) | |||
Cash Flow Information | Cash Flow Information | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Cash paid during the period for: | |||||||||
Income taxes, net of refunds | $ | 34,075 | $ | 15,595 | |||||
Interest | $ | 7,272 | $ | 52,341 |
Financing_Tables
Financing (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Summary of Debt | |||||||||
March 31, 2015 | December 31, 2014 | ||||||||
5.00% senior notes due June 2021 | $ | 650,000 | $ | 650,000 | |||||
5.50% senior notes due June 2024 | 650,000 | 650,000 | |||||||
Senior secured term loan due January 2017 | 344,750 | 345,625 | |||||||
Senior secured term loan due January 2018 | 517,125 | 518,438 | |||||||
Senior PIK toggle notes due June 2020 | 550,000 | 550,000 | |||||||
Senior secured revolving credit facility expires January 2017 | — | — | |||||||
Other | 361 | 408 | |||||||
$ | 2,712,236 | $ | 2,714,471 | ||||||
Less: Original issue discount, net of amortization | (6,091 | ) | (6,746 | ) | |||||
Less: Current portion | (8,972 | ) | (9,001 | ) | |||||
$ | 2,697,173 | $ | 2,698,724 | ||||||
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
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 | March 31, 2015 | December 31, 2014 | |||||||||
Foreign currency contracts | Prepaid expenses and other current assets | $ | 2,323 | $ | 1,165 | ||||||
Foreign currency contracts | Other accrued liabilities | (2,575 | ) | (3,584 | ) | ||||||
Total derivatives not designated as hedging instruments | $ | (252 | ) | $ | (2,419 | ) | |||||
Pretax Impact of Foreign Currency Forward Contracts not Designated as Hedging Instruments | The pretax impact of these foreign currency forward contracts on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) is as follows: | ||||||||||
Foreign Currency Forward Contracts | Location of Gain (Loss) | Gain (Loss) Recognized | |||||||||
Three Months Ended March 31, 2015 | Other income (expense), net | $ | (4,800 | ) | |||||||
Three Months Ended March 31, 2014 | Other income (expense), net | $ | (3,032 | ) |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
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 available-for-sale securities, foreign currency contracts, senior notes, senior secured term loans and senior PIK toggle notes as of March 31, 2015 and December 31, 2014, are as follows: | ||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | Valuation | |||||||||||||||||
Amount | Amount | Inputs | |||||||||||||||||||
Assets: | |||||||||||||||||||||
Available-for-sale securities | $ | 15,427 | $ | 15,427 | $ | 20,392 | $ | 20,392 | Level 1 | ||||||||||||
Foreign currency contracts | 2,323 | 2,323 | 1,165 | 1,165 | Level 2 | ||||||||||||||||
Liabilities: | |||||||||||||||||||||
5.00% senior notes due 2021 | 650,000 | 649,220 | 650,000 | 643,500 | Level 2 | ||||||||||||||||
5.50% senior notes due 2024 | 650,000 | 649,220 | 650,000 | 640,250 | Level 2 | ||||||||||||||||
Senior secured term loans due 2017, at par | 344,750 | 344,535 | 345,625 | 342,169 | Level 2 | ||||||||||||||||
Senior secured term loans due 2018, at par | 517,125 | 517,435 | 518,438 | 513,254 | Level 2 | ||||||||||||||||
Senior PIK toggle notes due 2020 | 550,000 | 565,125 | 550,000 | 566,500 | Level 2 | ||||||||||||||||
Foreign currency contracts | 2,575 | 2,575 | 3,584 | 3,584 | Level 2 |
Segments_and_Geographic_Inform1
Segments and Geographic Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Summary of Financial Information by Reportable Segment | The following table provides summary financial information by reportable segment (in millions): | ||||||||
March 31, 2015 | December 31, 2014 | ||||||||
Identifiable segment-related assets: | |||||||||
Wireless | $ | 2,388.50 | $ | 2,370.40 | |||||
Enterprise | 1,398.60 | 1,401.90 | |||||||
Broadband | 339 | 352.1 | |||||||
Total identifiable segment-related assets | 4,126.10 | 4,124.40 | |||||||
Reconciliation to total assets: | |||||||||
Cash and cash equivalents | 735.1 | 729.3 | |||||||
Deferred income tax assets | 56.5 | 59 | |||||||
Debt issuance costs | 40.7 | 43.2 | |||||||
Total assets | $ | 4,958.40 | $ | 4,955.90 | |||||
Summary of Net Sales and Operating Income, Depreciation and Amortization by Reportable Segment | The following table provides net sales, operating income, depreciation and amortization by reportable segment (in millions): | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Net sales: | |||||||||
Wireless | $ | 496.3 | $ | 627.2 | |||||
Enterprise | 211.3 | 201.5 | |||||||
Broadband | 118 | 107.5 | |||||||
Inter-segment eliminations | (0.2 | ) | (1.2 | ) | |||||
Consolidated net sales | $ | 825.4 | $ | 935 | |||||
Operating income: | |||||||||
Wireless (1) | $ | 64.4 | $ | 127.6 | |||||
Enterprise (2) | 26.9 | 22.6 | |||||||
Broadband (3) | 1.8 | (3.7 | ) | ||||||
Consolidated operating income | $ | 93.1 | $ | 146.5 | |||||
Depreciation: | |||||||||
Wireless | $ | 7.2 | $ | 7 | |||||
Enterprise | 2.6 | 2.7 | |||||||
Broadband | 1.8 | 2 | |||||||
Consolidated depreciation | $ | 11.6 | $ | 11.7 | |||||
Amortization (4): | |||||||||
Wireless | $ | 23.1 | $ | 22.5 | |||||
Enterprise | 17.4 | 17.4 | |||||||
Broadband | 4.3 | 4.4 | |||||||
Consolidated amortization | $ | 44.8 | $ | 44.3 | |||||
-1 | Operating income for the three months ended March 31, 2015 and 2014 includes transaction and integration costs of $6.0 million and $0.6 million, respectively. | ||||||||
-2 | Operating income for the three months ended March 31, 2015 and 2014 includes transaction and integration costs of $3.0 million and $0.2 million, respectively. Operating income for the three months ended March 31, 2014 includes a gain of $5.4 million, from adjustments to the estimated fair value of contingent consideration related to the Redwood acquisition. | ||||||||
-3 | Operating income for the three months ended March 31, 2015 and 2014 includes transaction and integration costs of $2.4 million and $0.1 million, respectively. | ||||||||
-4 | Excludes amortization of debt issuance costs and original issue discount. | ||||||||
Summary of Sales by Geographic Region, Based on Destination of Product Shipments | Sales by geographic region, based on the destination of product shipments, were as follows (in millions): | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
United States | $ | 383.1 | $ | 562.9 | |||||
Europe, Middle East and Africa | 158.9 | 169.6 | |||||||
Asia Pacific | 189.9 | 128.9 | |||||||
Central and Latin America | 66.7 | 58.4 | |||||||
Canada | 26.8 | 15.2 | |||||||
Consolidated net sales | $ | 825.4 | $ | 935 | |||||
Restructuring_Costs_Tables
Restructuring Costs (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Wireless | $ | 1,761 | $ | 1,238 | |||||||||||||
Enterprise | 37 | 214 | |||||||||||||||
Broadband | 73 | 528 | |||||||||||||||
Total | $ | 1,871 | $ | 1,980 | |||||||||||||
Activity within Liability Established for Restructuring Actions, Included in Other Accrued Liabilities | The activity within the liability established for these restructuring actions was as follows: | ||||||||||||||||
Employee- | Lease | Fixed Asset | Total | ||||||||||||||
Related | Termination | Related | |||||||||||||||
Costs | Costs | Costs | |||||||||||||||
Balance as of December 31, 2014 | $ | 3,822 | $ | 8,243 | $ | — | $ | 12,065 | |||||||||
Additional charge recorded | 1,544 | 165 | 162 | 1,871 | |||||||||||||
Cash paid | (1,939 | ) | (596 | ) | (162 | ) | (2,697 | ) | |||||||||
Foreign exchange and other non-cash items | (103 | ) | — | — | (103 | ) | |||||||||||
Balance as of March 31, 2015 | $ | 3,324 | $ | 7,812 | $ | — | $ | 11,136 | |||||||||
Balance sheet classification as of March 31, 2015: | |||||||||||||||||
Other accrued liabilities | $ | 3,324 | $ | 1,695 | $ | — | $ | 5,019 | |||||||||
Other noncurrent liabilities | — | 6,117 | — | 6,117 | |||||||||||||
Total liability | $ | 3,324 | $ | 7,812 | $ | — | $ | 11,136 | |||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
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 | Three Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Service cost | $ | 107 | $ | 114 | $ | 7 | $ | 24 | |||||||||
Interest cost | 2,938 | 3,335 | 161 | 225 | |||||||||||||
Recognized actuarial loss (gain) | 170 | 71 | (283 | ) | (84 | ) | |||||||||||
Amortization of prior service credits | — | — | (2,457 | ) | (2,494 | ) | |||||||||||
Expected return on plan assets | (3,477 | ) | (3,814 | ) | — | — | |||||||||||
Net periodic benefit income | $ | (262 | ) | $ | (294 | ) | $ | (2,572 | ) | $ | (2,329 | ) | |||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Summary of Stock Option Activity | The following table summarizes the stock option activity (in thousands, except per share amounts): | ||||||||||||||||||||
Shares | Weighted Average | Weighted Average | Aggregate | ||||||||||||||||||
Option Exercise Price | Grant Date Fair | Intrinsic Value | |||||||||||||||||||
Per Share | Value Per Share | ||||||||||||||||||||
Outstanding as of December 31, 2014 | 10,411 | $ | 7.32 | ||||||||||||||||||
Granted | 292 | $ | 30.76 | $ | 13.25 | ||||||||||||||||
Exercised | (1,575 | ) | $ | 7.64 | $ | 34,624 | |||||||||||||||
Forfeited | (15 | ) | $ | 23 | |||||||||||||||||
Outstanding as of March 31, 2015 | 9,113 | $ | 7.99 | $ | 187,935 | ||||||||||||||||
Exercisable at March 31, 2015 | 7,319 | $ | 7.53 | $ | 153,764 | ||||||||||||||||
Expected to vest | 1,790 | $ | 9.83 | $ | 34,132 | ||||||||||||||||
Summary of Exercise Price | The exercise prices of outstanding options at March 31, 2015 were in the following ranges: | ||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||
Range of Exercise Prices | Shares | Weighted Average | Weighted Average | Shares | Weighted Average | ||||||||||||||||
(in thousands) | Remaining | Exercise Price Per | (in thousands) | Exercise Price Per | |||||||||||||||||
Contractual Life | Share | Share | |||||||||||||||||||
(in years) | |||||||||||||||||||||
$2.96 to $5.35 | 821 | 3 | $ | 3.66 | 821 | $ | 3.66 | ||||||||||||||
$5.36 to $5.67 | 837 | 6.8 | $ | 5.57 | 499 | $ | 5.57 | ||||||||||||||
$5.68 to $8.54 | 5,005 | 5.8 | $ | 5.74 | 3,849 | $ | 5.74 | ||||||||||||||
$8.55 to $8.90 | 1,548 | 5 | $ | 8.65 | 1,548 | $ | 8.65 | ||||||||||||||
$8.91 to $23.00 | 602 | 8.9 | $ | 23 | 602 | $ | 23 | ||||||||||||||
$23.01 to $30.76 | 300 | 9.9 | $ | 30.55 | — | $ | — | ||||||||||||||
$2.96 to $30.76 | 9,113 | 5.9 | $ | 7.99 | 7,319 | $ | 7.53 | ||||||||||||||
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 | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Expected option term (in years) | 6 | 5 | |||||||||||||||||||
Risk-free interest rate | 1.6 | % | 1.5 | % | |||||||||||||||||
Expected volatility | 43 | % | 45 | % | |||||||||||||||||
Expected dividend yield | — | % | — | % | |||||||||||||||||
Weighted average exercise price | $ | 30.76 | $ | 23 | |||||||||||||||||
Weighted average fair value at grant date | $ | 13.25 | $ | 9.4 | |||||||||||||||||
Performance Share Units (PSUs) [Member] | |||||||||||||||||||||
Summary of PSU activity | The following table summarizes the PSU activity (in thousands, except per share data): | ||||||||||||||||||||
Performance | Weighted Average | ||||||||||||||||||||
Share Units | Grant Date Fair | ||||||||||||||||||||
Value Per Share | |||||||||||||||||||||
Outstanding and non-vested as of December 31, 2014 | — | $ | — | ||||||||||||||||||
Granted | 184 | $ | 30.76 | ||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||
Outstanding and non-vested as of March 31, 2015 | 184 | $ | 30.76 | ||||||||||||||||||
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 December 31, 2014 | 372 | $ | 22.99 | ||||||||||||||||||
Granted | 980 | $ | 30.76 | ||||||||||||||||||
Vested and shares issued | (3 | ) | $ | 18.25 | |||||||||||||||||
Forfeited | (14 | ) | $ | 25 | |||||||||||||||||
Outstanding and non-vested as of March 31, 2015 | 1,335 | $ | 28.68 | ||||||||||||||||||
Background_and_Basis_of_Presen3
Background and Basis of Presentation - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | ||
Share data in Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Jan. 31, 2015 | Dec. 31, 2014 |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
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. | |||
Effective income tax rate | 34.70% | 36.90% | ||
Statutory tax rate | 35.00% | 35.00% | ||
Pretax reduction in the estimated fair value of contingent consideration payable | $5,400,000 | |||
Amount of outstanding equity based awards not included in computation of diluted earnings per share | 1.3 | 3 | ||
Unamortized debt issuance costs | 40,700,000 | 43,200,000 | ||
Carlyle [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Ownership percentage | 42.90% | |||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Anixter International Inc. [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Concentration risk percentage | 13.00% | 11.00% | ||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Other Customers [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Other direct customer accounted for 10% or more of the Company's total net sales | 0 | 0 | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Anixter International Inc. [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Concentration risk percentage | 12.00% | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Other Customers [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Other direct customer accounted for 10% or more of the Company's total net sales | 0 | |||
Proposed acquisition of TE Connectivity's Telecom, Enterprise and Wireless business [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Payments to acquire businesses | 3,000,000,000 | |||
Business acquisition, revenue reported by acquired entity for last annual period | 1,900,000,000 | |||
Noncash or part noncash acquisition, debt assumed | 2,750,000,000 | |||
Business acquisition year | 2015 | |||
Business acquisition, transaction and integration costs | $11,400,000 |
Background_and_Basis_of_Presen4
Background and Basis of Presentation - Summary of Activity in Product Warranty Accrual Included in Other Accrued Liabilities (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Product warranty accrual, beginning of period | $17,054 | $24,838 |
Provision for warranty claims | 1,542 | 2,269 |
Warranty claims paid | -3,230 | -4,169 |
Product warranty accrual, end of period | $15,366 | $22,938 |
Background_and_Basis_of_Presen5
Background and Basis of Presentation - Summary of Earnings, Weighted Average Common Shares and Potential Common Shares Outstanding (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator: | ||
Net income for basic and diluted earnings per share | $39,476 | $64,487 |
Denominator: | ||
Weighted average shares outstanding - basic | 188,480 | 185,942 |
Dilutive effect of equity-based awards | 4,657 | 4,980 |
Weighted average common shares outstanding - diluted | 193,137 | 190,922 |
Earnings per share: | ||
Basic | $0.21 | $0.35 |
Diluted | $0.20 | $0.34 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | Jul. 31, 2014 | Apr. 30, 2014 | Mar. 31, 2013 | Jul. 31, 2013 | Dec. 31, 2014 | |
Business | |||||||
Business Acquisition [Line Items] | |||||||
Net sales | $825,400,000 | $935,036,000 | |||||
Alifabs Group [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of businesses acquired | 2 | ||||||
Total consideration transferred, amount | 48,800,000 | ||||||
Cash paid for acquired assets and assumed liabilities | 46,700,000 | ||||||
Net sales | 11,200,000 | ||||||
iTRACS Corporation [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash paid for acquired assets and assumed liabilities | 34,000,000 | ||||||
Amount of purchase price returned as per the agreement | 4,700,000 | ||||||
Redwood Systems Inc [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Cash paid for acquired assets and assumed liabilities | 9,800,000 | ||||||
Estimated fair value of the contingent consideration | $12,400,000 | $0 |
Acquisitions_Allocation_of_Pur
Acquisitions - Allocation of Purchase Price (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||
Goodwill | $1,449,822,000 | $1,451,887,000 |
Alifabs Group [Member] | ||
Business Acquisition [Line Items] | ||
Cash and cash equivalents | 2,100,000 | |
Other current assets | 15,700,000 | |
Identifiable intangible assets | 26,900,000 | |
Goodwill | 15,300,000 | |
Other noncurrent assets | 600,000 | |
Less: Liabilities assumed | -11,800,000 | |
Net acquisition cost | $48,800,000 |
Goodwill_Allocation_of_Goodwil
Goodwill - Allocation of Goodwill by Reportable Segment (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | ||
Goodwill, gross, Beginning balance | $1,573,200,000 | |
Foreign exchange | -2,100,000 | |
Goodwill, gross, Ending balance | 1,571,100,000 | |
Accumulated impairment charges | -121,300,000 | |
Goodwill, net | 1,449,822,000 | 1,451,887,000 |
Wireless [Member] | ||
Goodwill [Line Items] | ||
Goodwill, gross, Beginning balance | 833,100,000 | |
Foreign exchange | -2,100,000 | |
Goodwill, gross, Ending balance | 831,000,000 | |
Accumulated impairment charges | -85,100,000 | |
Goodwill, net | 745,900,000 | |
Enterprise [Member] | ||
Goodwill [Line Items] | ||
Goodwill, gross, Beginning balance | 653,800,000 | |
Goodwill, gross, Ending balance | 653,800,000 | 653,800,000 |
Goodwill, net | 653,800,000 | |
Broadband [Member] | ||
Goodwill [Line Items] | ||
Goodwill, gross, Beginning balance | 86,300,000 | |
Goodwill, gross, Ending balance | 86,300,000 | 86,300,000 |
Accumulated impairment charges | -36,200,000 | |
Goodwill, net | $50,100,000 |
Supplemental_Financial_Stateme2
Supplemental Financial Statement Information - Inventories (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $91,073 | $90,486 |
Work in process | 101,464 | 105,739 |
Finished goods | 160,523 | 170,960 |
Inventories, net | $353,060 | $367,185 |
Supplemental_Financial_Stateme3
Supplemental Financial Statement Information - Information Related to the Investment in Hydrogenics (Detail) (Hydrogenics [Member], USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Hydrogenics [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Shares owned | 1,362 | 1,534 |
Cost basis | $1,020 | $1,150 |
Fair value | 15,427 | 20,392 |
Pretax unrealized gain in accumulated other comprehensive income | $14,407 | $19,242 |
Supplemental_Financial_Stateme4
Supplemental Financial Statement Information - Summary of Information Related to Sale of Shares (Detail) (Hydrogenics [Member], USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Hydrogenics [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Shares sold | 172,000 | 0 |
Proceeds received | $2,493 | $0 |
Pretax gain realized | $2,363 | $0 |
Supplemental_Financial_Stateme5
Supplemental Financial Statement Information - Other Accrued Liabilities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Compensation and employee benefit liabilities | $60,075 | $122,291 | ||
Deferred revenue | 23,932 | 25,888 | ||
Product warranty accrual | 15,366 | 17,054 | 22,938 | 24,838 |
Accrued interest | 35,041 | 8,952 | ||
Restructuring reserve | 5,019 | 5,657 | ||
Income taxes payable | 19,021 | 35,302 | ||
Accrued professional fees | 11,864 | 7,147 | ||
Other | 66,067 | 66,715 | ||
Other Accrued Liabilities | $236,385 | $289,006 |
Supplemental_Financial_Stateme6
Supplemental Financial Statement Information - Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net AOCL, end of period | ($117,612) | ($26,200) |
Beginning balance | -83,548 | |
Other comprehensive income (loss) | -34,064 | 76 |
Amounts reclassified from AOCI (AOCL) | -1,587 | -1,551 |
Ending balance | -117,612 | -26,200 |
Foreign Currency Translation [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net AOCL, end of period | -109,971 | -27,445 |
Beginning balance | -80,483 | -29,072 |
Other comprehensive income (loss) | -29,366 | 1,727 |
Amounts reclassified from AOCL | -122 | -100 |
Ending balance | -109,971 | -27,445 |
Pension and Other Postretirement Benefit Activity [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net AOCL, end of period | -16,544 | 1,245 |
Beginning balance | -14,957 | 2,796 |
Amounts reclassified from AOCI (AOCL) | -1,587 | -1,551 |
Ending balance | -16,544 | 1,245 |
Available-for-Sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net AOCL, end of period | 8,903 | |
Beginning balance | 11,892 | |
Other comprehensive income (loss) | -1,528 | |
Amounts reclassified from AOCI | -1,461 | |
Ending balance | $8,903 |
Supplemental_Financial_Stateme7
Supplemental Financial Statement Information - Cash Flow Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash paid during the period for: | ||
Income taxes, net of refunds | $34,075 | $15,595 |
Interest | $7,272 | $52,341 |
Financing_Summary_of_Debt_Deta
Financing - Summary of Debt (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Other | $361 | $408 |
Total financing | 2,712,236 | 2,714,471 |
Total financing | 2,712,236 | 2,714,471 |
Less: Original issue discount, net of amortization | -6,091 | -6,746 |
Less: Current portion | -8,972 | -9,001 |
Long-term debt | 2,697,173 | 2,698,724 |
5.00% Senior Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 650,000 | 650,000 |
5.50% Senior Notes Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 650,000 | 650,000 |
Senior Secured Term Loans Due 2017, at Par [Member] | ||
Debt Instrument [Line Items] | ||
Senior secured term loans | 344,750 | 345,625 |
Senior Secured Term Loans Due 2018, at Par [Member] | ||
Debt Instrument [Line Items] | ||
Senior secured term loans | 517,125 | 518,438 |
Senior PIK Toggle Notes Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Senior PIK toggle notes due June 2020 | 550,000 | 550,000 |
Senior Secured Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Senior secured revolving credit facility expires January 2017 | $0 | $0 |
Financing_Summary_of_Debt_Pare
Financing - Summary of Debt (Parenthetical) (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | |
5.00% Senior Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | 15-Jun-21 | |
Interest rate | 5.00% | 5.00% |
5.50% Senior Notes Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | 15-Jun-24 | |
Interest rate | 5.50% | 5.50% |
Senior Secured Term Loans Due 2017, at Par [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | 21-Jan-17 | |
Senior Secured Term Loans Due 2018, at Par [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | 14-Jan-18 | |
Senior PIK Toggle Notes Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | 1-Jun-20 | |
Senior Secured Revolving Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | 14-Jan-17 |
Financing_Additional_Informati
Financing - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Repayment of senior secured loan | $2,199,000 | $17,558,000 | |
Long-term debt proceeds | 15,000,000 | ||
Total assets | 4,958,440,000 | 4,955,885,000 | |
Total liabilities | 3,619,086,000 | 3,648,266,000 | |
Net sales | 825,400,000 | 935,036,000 | |
Interest expense | 36,329,000 | 42,280,000 | |
Weighted average effective interest rate | 5.38% | 5.38% | |
CommScope Holding Company, Inc. [Member] | |||
Debt Instrument [Line Items] | |||
Total debt | 2,156,100,000 | ||
Senior Payment In Kind Toggle Notes [Member] | CommScope Holding Company, Inc. [Member] | |||
Debt Instrument [Line Items] | |||
Interest expense | 9,500,000 | 9,500,000 | |
Interest expense, Net of tax | 6,100,000 | 6,100,000 | |
Senior Secured Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Repayment of senior secured loan | 2,200,000 | ||
Senior Secured Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt proceeds | 0 | ||
Remaining available capacity under revolving credit facility | 283,900,000 | ||
8.25% Senior Notes Due January 2019 [Member] | Non-Guarantor Subsidiaries [Member] | Assets, Total [Member] | |||
Debt Instrument [Line Items] | |||
Total assets | 1,092,000,000 | 1,089,000,000 | |
Concentration risk percentage | 22.00% | 22.00% | |
8.25% Senior Notes Due January 2019 [Member] | Non-Guarantor Subsidiaries [Member] | Liabilities, Total [Member] | |||
Debt Instrument [Line Items] | |||
Concentration risk percentage | 7.00% | 8.00% | |
Total liabilities | 265,000,000 | 282,000,000 | |
8.25% Senior Notes Due January 2019 [Member] | Non-Guarantor Subsidiaries [Member] | Sales Revenue, Net [Member] | |||
Debt Instrument [Line Items] | |||
Concentration risk percentage | 45.00% | 34.00% | |
Net sales | $375,000,000 | $320,000,000 | |
Minimum [Member] | Senior Payment In Kind Toggle Notes [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 6.63% | ||
Maximum [Member] | Senior Payment In Kind Toggle Notes [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate | 7.38% |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities - Additional Information (Detail) (Foreign Currency Contracts [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Derivatives, Fair Value [Line Items] | |
Notional value | 318 |
Maximum [Member] | |
Derivatives, Fair Value [Line Items] | |
Maturities ranging | 9 months |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities - Balance Sheet Location and Fair Value of the Company's Derivatives (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency contracts | $2,323 | $1,165 |
Other Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency contracts | -2,575 | -3,584 |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives not designated as hedging instruments | -252 | -2,419 |
Not Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency contracts | 2,323 | 1,165 |
Not Designated as Hedging Instrument [Member] | Other Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency contracts | ($2,575) | ($3,584) |
Derivatives_and_Hedging_Activi4
Derivatives and Hedging Activities - Pretax Impact of Foreign Currency Forward Contracts not Designated as Hedging Instruments (Detail) (Other Nonoperating Income (Expense) [Member], Foreign Currency Contracts [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Other Nonoperating Income (Expense) [Member] | Foreign Currency Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) Recognized on Foreign Currency Forward Contracts | ($4,800) | ($3,032) |
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 $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Hydrogenics [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | $15,427 | $20,392 |
Prepaid Expenses and Other Current Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign currency contracts | 2,323 | 1,165 |
Other Accrued Liabilities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign currency contracts | 2,575 | 3,584 |
5.00% Senior Notes Due 2021 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 650,000 | 650,000 |
5.50% Senior Notes Due 2024 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 650,000 | 650,000 |
Senior Secured Term Loans Due 2017, at Par [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior secured term loans | 344,750 | 345,625 |
Senior Secured Term Loans Due 2018, at Par [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior secured term loans | 517,125 | 518,438 |
Senior PIK Toggle Notes Due 2020 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior PIK toggle notes due 2020 | 550,000 | 550,000 |
Fair Value [Member] | Level 1 [Member] | Hydrogenics [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 15,427 | 20,392 |
Fair Value [Member] | Level 2 [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign currency contracts | 2,323 | 1,165 |
Fair Value [Member] | Level 2 [Member] | Other Accrued Liabilities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign currency contracts | 2,575 | 3,584 |
Fair Value [Member] | Level 2 [Member] | 5.00% Senior Notes Due 2021 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 649,220 | 643,500 |
Fair Value [Member] | Level 2 [Member] | 5.50% Senior Notes Due 2024 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 649,220 | 640,250 |
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] | ||
Senior secured term loans | 344,535 | 342,169 |
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] | ||
Senior secured term loans | 517,435 | 513,254 |
Fair Value [Member] | Level 2 [Member] | Senior PIK Toggle Notes Due 2020 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior PIK toggle notes due 2020 | $565,125 | $566,500 |
Recovered_Sheet1
Segments And Geographic Information - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | 3 | |
Sales Revenue, Net [Member] | Customers Located Outside of the United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Concentration risk percentage | 53.60% | 39.80% |
Segments_and_Geographic_Inform2
Segments and Geographic Information - Summary of Financial Information by Reportable Segment (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ||||
Total assets | $4,958,440,000 | $4,955,885,000 | ||
Cash and cash equivalents | 735,142,000 | 729,321,000 | 305,188,000 | 346,320,000 |
Debt issuance costs | 40,700,000 | 43,200,000 | ||
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 4,126,100,000 | 4,124,400,000 | ||
Operating Segments [Member] | Wireless [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 2,388,500,000 | 2,370,400,000 | ||
Operating Segments [Member] | Enterprise [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 1,398,600,000 | 1,401,900,000 | ||
Operating Segments [Member] | Broadband [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 339,000,000 | 352,100,000 | ||
Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | 735,100,000 | 729,300,000 | ||
Deferred income tax assets | 56,500,000 | 59,000,000 | ||
Debt issuance costs | $40,700,000 | $43,200,000 |
Segments_and_Geographic_Inform3
Segments and Geographic Information - Summary of Net Sales and Operating Income, Depreciation and Amortization by Reportable Segment (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Segment Reporting Information [Line Items] | ||
Net sales | $825,400,000 | $935,036,000 |
Operating income | 93,140,000 | 146,535,000 |
Depreciation | 11,600,000 | 11,700,000 |
Amortization | 44,786,000 | 44,298,000 |
Inter-Segment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | -200,000 | -1,200,000 |
Wireless [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 496,300,000 | 627,200,000 |
Operating income | 64,400,000 | 127,600,000 |
Depreciation | 7,200,000 | 7,000,000 |
Amortization | 23,100,000 | 22,500,000 |
Enterprise [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 211,300,000 | 201,500,000 |
Operating income | 26,900,000 | 22,600,000 |
Depreciation | 2,600,000 | 2,700,000 |
Amortization | 17,400,000 | 17,400,000 |
Broadband [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 118,000,000 | 107,500,000 |
Operating income | 1,800,000 | -3,700,000 |
Depreciation | 1,800,000 | 2,000,000 |
Amortization | $4,300,000 | $4,400,000 |
Segments_and_Geographic_Inform4
Segments and Geographic Information - Summary of Net Sales and Operating Income, Depreciation and Amortization by Reportable Segment (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||
Adjustment to the estimated fair value of contingent consideration | $5.40 | ||
Wireless [Member] | |||
Segment Reporting Information [Line Items] | |||
Transaction and integration costs | 6 | 0.6 | |
Enterprise [Member] | |||
Segment Reporting Information [Line Items] | |||
Transaction and integration costs | 3 | 0.2 | |
Adjustment to the estimated fair value of contingent consideration | 5.4 | ||
Broadband [Member] | |||
Segment Reporting Information [Line Items] | |||
Transaction and integration costs | $2.40 | $0.10 |
Segments_and_Geographic_Inform5
Segments and Geographic Information - Summary of Sales by Geographic Region, Based on Destination of Product Shipments (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $825,400 | $935,036 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 383,100 | 562,900 |
Europe, Middle East and Africa [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 158,900 | 169,600 |
Asia Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 189,900 | 128,900 |
Central and Latin America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 66,700 | 58,400 |
Canada [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $26,800 | $15,200 |
Restructuring_Costs_Summary_of
Restructuring Costs - Summary of Company's Net Pretax Restructuring Charges (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs, net | $1,871 | $1,980 |
Wireless [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs, net | 1,761 | 1,238 |
Enterprise [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs, net | 37 | 214 |
Broadband [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs, net | $73 | $528 |
Restructuring_Costs_Activity_w
Restructuring Costs - Activity within Liability Established for Restructuring Actions, Included in Other Accrued Liabilities (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | $12,065 | ||
Additional charge recorded | 1,871 | 1,980 | |
Cash paid | -2,697 | ||
Foreign exchange and other non-cash items | -103 | ||
Ending balance | 11,136 | ||
Total Restructuring Reserve Liability | 11,136 | ||
Restructuring reserve, current | 5,019 | 5,657 | |
Other Accrued Liabilities [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, current | 5,019 | ||
Other Noncurrent Liabilities [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, non-current | 6,117 | ||
Employee-Related Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 3,822 | ||
Additional charge recorded | 1,544 | ||
Cash paid | -1,939 | ||
Foreign exchange and other non-cash items | -103 | ||
Ending balance | 3,324 | ||
Total Restructuring Reserve Liability | 3,324 | ||
Employee-Related Costs [Member] | Other Accrued Liabilities [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, current | 3,324 | ||
Lease Termination Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 8,243 | ||
Additional charge recorded | 165 | ||
Cash paid | -596 | ||
Ending balance | 7,812 | ||
Total Restructuring Reserve Liability | 7,812 | ||
Lease Termination Costs [Member] | Other Accrued Liabilities [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, current | 1,695 | ||
Lease Termination Costs [Member] | Other Noncurrent Liabilities [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, non-current | 6,117 | ||
Fixed Asset Related Costs [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Additional charge recorded | 162 | ||
Cash paid | ($162) |
Restructuring_Costs_Additional
Restructuring Costs - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | |
Cash payments | $2,697,000 |
Minimum [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Additional pretax costs expected to complete initiatives | 1,000,000 |
Cash payments | 4,000,000 |
Additional payments to be paid between 2016 and 2022 | 8,000,000 |
Maximum [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Additional pretax costs expected to complete initiatives | 2,000,000 |
Cash payments | 5,000,000 |
Additional payments to be paid between 2016 and 2022 | $9,000,000 |
Employee_Benefit_Plans_Summary
Employee Benefit Plans - Summary of Defined Benefit Pension Plan and Other Postretirement Defined Benefit Plan (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pension Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $107 | $114 |
Interest cost | 2,938 | 3,335 |
Recognized actuarial loss (gain) | 170 | 71 |
Expected return on plan assets | -3,477 | -3,814 |
Net periodic benefit income | -262 | -294 |
Other Postretirement Benefits [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 7 | 24 |
Interest cost | 161 | 225 |
Recognized actuarial loss (gain) | -283 | -84 |
Amortization of prior service credits | -2,457 | -2,494 |
Net periodic benefit income | ($2,572) | ($2,329) |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (Pension and Other Postretirement Benefit Plans [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Pension and Other Postretirement Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Current contribution amount | $6.80 |
Additional contribution amount for remaining fiscal period | $10.30 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Stockholders Equity [Line Items] | ||
Total unrecognized compensation costs related to non-vested stock options, restricted stock unit awards (RSUs), performance share units (PSUs) and share unit awards | $44.90 | |
Recognition period of unrecognized compensation costs | 1 year 10 months 24 days | |
Stock options vested and expected to vest, contractual term | 10 years | |
Share unit award expense | $1.30 | $1.10 |
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | ||
Stockholders Equity [Line Items] | ||
Vesting period, year | 1 year | |
Minimum [Member] | Stock Options [Member] | ||
Stockholders Equity [Line Items] | ||
Vesting period, year | 1 year | |
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | ||
Stockholders Equity [Line Items] | ||
Vesting period, year | 3 years | |
Maximum [Member] | Stock Options [Member] | ||
Stockholders Equity [Line Items] | ||
Vesting period, year | 5 years |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Stock Option Activity (Detail) (Stock Options [Member], USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, Beginning Balance | 10,411 | |
Shares, Granted | 292 | |
Shares, Exercised | -1,575 | |
Shares, Forfeited | -15 | |
Shares, Ending Balance | 9,113 | |
Shares, Exercisable Ending Balance | 7,319 | |
Shares, Expected to vest | 1,790 | |
Weighted Average Option Exercise Price Per Share, Beginning Balance | $7.32 | |
Weighted Average Option Exercise Price Per Share, Granted | $30.76 | $23 |
Weighted Average Option Exercise Price Per Share, Exercised | $7.64 | |
Weighted Average Option Exercise Price Per Share, Forfeited or expired | $23 | |
Weighted Average Option Exercise Price Per Share, Ending Balance | $7.99 | |
Weighted Average Option Exercise Price Per Share, Exercisable Ending Balance | $7.53 | |
Weighted Average Option Exercise Price Per Share, Expected to vest | $9.83 | |
Weighted Average Grant Date Fair Value Per Share, Granted | $13.25 | $9.40 |
Aggregate Intrinsic Value, Exercised | $34,624 | |
Aggregate Intrinsic Value, Outstanding as of December 31, 2014 | 187,935 | |
Aggregate Intrinsic Value, Exercisable at December 31, 2014 | 153,764 | |
Aggregate Intrinsic Value, Expected to vest | $34,132 |
Stockholders_Equity_Summary_of1
Stockholders' Equity - Summary of Exercise Price (Detail) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
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 | 821 |
Weighted Average Remaining Contractual Life | 3 years |
Weighted Average Exercise Price Per Share, Options Outstanding | $3.66 |
Options Exercisable Shares | 821 |
Weighted Average Exercise Price Per Share, Options Exercisable | $3.66 |
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 | 837 |
Weighted Average Remaining Contractual Life | 6 years 9 months 18 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $5.57 |
Options Exercisable Shares | 499 |
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 | 5,005 |
Weighted Average Remaining Contractual Life | 5 years 9 months 18 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $5.74 |
Options Exercisable Shares | 3,849 |
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 | 1,548 |
Weighted Average Remaining Contractual Life | 5 years |
Weighted Average Exercise Price Per Share, Options Outstanding | $8.65 |
Options Exercisable Shares | 1,548 |
Weighted Average Exercise Price Per Share, Options Exercisable | $8.65 |
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 | $23 |
Options Outstanding Shares | 602 |
Weighted Average Remaining Contractual Life | 8 years 10 months 24 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $23 |
Options Exercisable Shares | 602 |
Weighted Average Exercise Price Per Share, Options Exercisable | $23 |
Range Six [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices Minimum | $23.01 |
Range of Exercise Prices Maximum | $30.76 |
Options Outstanding Shares | 300 |
Weighted Average Remaining Contractual Life | 9 years 10 months 24 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $30.55 |
Range Seven [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 | $30.76 |
Options Outstanding Shares | 9,113 |
Weighted Average Remaining Contractual Life | 5 years 10 months 24 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $7.99 |
Options Exercisable Shares | 7,319 |
Weighted Average Exercise Price Per Share, Options Exercisable | $7.53 |
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 | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected option term (in years) | 6 years | 5 years |
Risk-free interest rate | 1.60% | 1.50% |
Expected volatility | 43.00% | 45.00% |
Expected dividend yield | 0.00% | 0.00% |
Weighted average exercise price | $30.76 | $23 |
Weighted average fair value at grant date | $13.25 | $9.40 |
Stockholders_Equity_Summary_of3
Stockholders Equity - Summary of PSU Activity (Detail) (Performance Shares [Member], USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding and non-vested, Beginning balance | 0 |
Granted | 184 |
Forfeited | 0 |
Outstanding and non-vested, Ending balance | 184 |
Outstanding and non-vested, Beginning balance | $0 |
Weighted average fair value at grant date | $30.76 |
Forfeited | $0 |
Outstanding and non-vested, Ending balance | $30.76 |
Stockholders_Equity_Summary_of4
Stockholders' Equity - Summary of RSU Activity (Detail) (Restricted Stock Units (RSUs) [Member], USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 |
Restricted Stock Units (RSUs) [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding and non-vested, Beginning balance | 372 |
Granted | 980 |
Vested and shares issued | -3 |
Forfeited | -14 |
Outstanding and non-vested, Ending balance | 1,335 |
Outstanding and non-vested, Beginning balance | $22.99 |
Weighted average fair value at grant date | $30.76 |
Vested and shares issued | $18.25 |
Forfeited | $25 |
Outstanding and non-vested, Ending balance | $28.68 |