Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 15, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | COMM | |
Entity Registrant Name | CommScope Holding Company, Inc. | |
Entity Central Index Key | 1,517,228 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 189,989,161 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Net sales | $ 867,290 | $ 1,066,256 | $ 1,692,690 | $ 2,001,292 |
Operating costs and expenses: | ||||
Cost of sales | 552,595 | 654,605 | 1,084,791 | 1,251,930 |
Selling, general and administrative | 130,797 | 121,070 | 256,468 | 234,098 |
Research and development | 27,982 | 33,082 | 55,718 | 64,952 |
Amortization of purchased intangible assets | 44,624 | 44,306 | 89,410 | 88,604 |
Restructuring costs, net | 1,894 | 2,309 | 3,765 | 4,289 |
Asset impairments | 0 | 7,229 | 0 | 7,229 |
Total operating costs and expenses | 757,892 | 862,601 | 1,490,152 | 1,651,102 |
Operating income | 109,398 | 203,655 | 202,538 | 350,190 |
Other income (expense), net | 86 | (88,791) | 2,713 | (91,986) |
Interest expense | (49,036) | (63,625) | (85,365) | (105,905) |
Interest income | 1,031 | 1,111 | 2,060 | 2,215 |
Income before income taxes | 61,479 | 52,350 | 121,946 | 154,514 |
Income tax expense | (15,887) | (24,307) | (36,878) | (61,984) |
Net income | $ 45,592 | $ 28,043 | $ 85,068 | $ 92,530 |
Earnings per share: | ||||
Basic | $ 0.24 | $ 0.15 | $ 0.45 | $ 0.50 |
Diluted | $ 0.24 | $ 0.15 | $ 0.44 | $ 0.49 |
Weighted average shares outstanding: | ||||
Basic | 189,682 | 186,509 | 189,084 | 186,226 |
Diluted | 194,004 | 190,984 | 193,570 | 190,694 |
Comprehensive income: | ||||
Net income | $ 45,592 | $ 28,043 | $ 85,068 | $ 92,530 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation gain (loss) | 11,638 | 2,356 | (17,850) | 3,983 |
Pension and other postretirement benefit activity | (1,586) | (1,551) | (3,173) | (3,102) |
Available-for-sale securities | (1,147) | 18,694 | (4,136) | 18,694 |
Total other comprehensive income (loss), net of tax | 8,905 | 19,499 | (25,159) | 19,575 |
Total comprehensive income | $ 54,497 | $ 47,542 | $ 59,909 | $ 112,105 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and cash equivalents | $ 792,959 | $ 729,321 |
Accounts receivable, less allowance for doubtful accounts of $10,544 and $8,797, respectively | 718,333 | 612,007 |
Inventories, net | 352,777 | 367,185 |
Prepaid expenses and other current assets | 59,180 | 67,875 |
Deferred income taxes | 49,627 | 51,230 |
Total current assets | 1,972,876 | 1,827,618 |
Property, plant and equipment, net of accumulated depreciation of $225,599 and $207,342, respectively | 286,134 | 289,371 |
Goodwill | 1,450,847 | 1,451,887 |
Other intangible assets, net | 1,171,496 | 1,260,927 |
Funds restricted for acquisition | 2,746,875 | |
Other noncurrent assets | 83,875 | 87,255 |
Total assets | 7,712,103 | 4,917,058 |
Liabilities and Stockholders' Equity | ||
Accounts payable | 248,473 | 177,806 |
Other accrued liabilities | 269,414 | 289,006 |
Current portion of long-term debt | 12,554 | 9,001 |
Total current liabilities | 530,441 | 475,813 |
Long-term debt | 5,346,340 | 2,659,897 |
Deferred income taxes | 303,093 | 339,945 |
Pension and other postretirement benefit liabilities | 19,869 | 29,478 |
Other noncurrent liabilities | 102,088 | 104,306 |
Total liabilities | $ 6,301,831 | $ 3,609,439 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $.01 par value: Authorized shares: 200,000,000; Issued and outstanding shares: None at June 30, 2015 or December 31, 2014 | ||
Common stock, $.01 par value: Authorized shares: 1,300,000,000; Issued and outstanding shares: 189,953,618 and 187,831,389 at June 30, 2015 and December 31, 2014, respectively | $ 1,909 | $ 1,888 |
Additional paid-in capital | 2,184,156 | 2,141,433 |
Retained earnings (accumulated deficit) | (656,451) | (741,519) |
Accumulated other comprehensive loss | (108,707) | (83,548) |
Treasury stock, at cost: 961,566 shares at June 30, 2015 and December 31, 2014 | (10,635) | (10,635) |
Total stockholders' equity | 1,410,272 | 1,307,619 |
Total liabilities and stockholders' equity | $ 7,712,103 | $ 4,917,058 |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 10,544 | $ 8,797 |
Property, plant and equipment, other, accumulated depreciation | $ 225,599 | $ 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 | 189,953,618 | 187,831,389 |
Common stock, shares outstanding | 189,953,618 | 187,831,389 |
Treasury stock, shares | 961,566 | 961,566 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Activities: | ||
Net income | $ 85,068 | $ 92,530 |
Adjustments to reconcile net income to net cash generated by (used in) operating activities: | ||
Depreciation and amortization | 125,723 | 138,481 |
Equity-based compensation | 15,378 | 10,171 |
Deferred income taxes | (34,129) | (11,495) |
Asset impairments | 0 | 7,229 |
Excess tax benefits from equity-based compensation | (14,164) | (6,987) |
Changes in assets and liabilities: | ||
Accounts receivable | (118,257) | (168,817) |
Inventories | 9,038 | (76,456) |
Prepaid expenses and other assets | 5,877 | (19,426) |
Accounts payable and other liabilities | (2,269) | (5,182) |
Other | 1,001 | (8,925) |
Net cash generated by (used in) operating activities | 73,266 | (48,877) |
Investing Activities: | ||
Additions to property, plant and equipment | (24,081) | (16,191) |
Proceeds from sale of property, plant and equipment | 173 | 1,446 |
Cash refunded from acquisitions | 4,745 | |
Acquisition funds held in escrow | (2,746,875) | |
Other | 3,097 | 7,299 |
Net cash used in investing activities | (2,767,686) | (2,701) |
Financing Activities: | ||
Long-term debt repaid | (502,517) | (1,119,789) |
Long-term debt proceeds | 3,246,875 | 1,315,000 |
Long-term debt financing costs | (9,025) | (22,738) |
Proceeds from the issuance of common shares under equity-based compensation plans | 16,951 | 7,942 |
Excess tax benefits from equity-based compensation | 14,164 | 6,987 |
Net cash generated by financing activities | 2,766,448 | 187,402 |
Effect of exchange rate changes on cash and cash equivalents | (8,390) | (1,095) |
Change in cash and cash equivalents | 63,638 | 134,729 |
Cash and cash equivalents, beginning of period | 729,321 | 346,320 |
Cash and cash equivalents, end of period | $ 792,959 | $ 481,049 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Loss [Member] | Treasury Stock, at Cost [Member] |
Beginning balance, Shares at Dec. 31, 2013 | 185,861,777 | |||||
Issuance of shares under equity-based compensation plans, shares | 1,309,142 | |||||
Ending balance, Shares at Jun. 30, 2014 | 187,170,919 | |||||
Beginning balance at Dec. 31, 2013 | $ 1,868 | $ 2,101,350 | $ (978,291) | $ (26,276) | $ (10,635) | |
Issuance of shares under equity-based compensation plans | 13 | 7,929 | ||||
Net income | $ 92,530 | 92,530 | ||||
Other comprehensive income (loss), net of tax | 19,575 | 19,575 | ||||
Equity-based compensation | 7,778 | |||||
Tax benefit from shares issued under equity-based compensation plans | 6,987 | |||||
Ending balance at Jun. 30, 2014 | 1,222,828 | $ 1,881 | 2,124,044 | (885,761) | (6,701) | (10,635) |
Ending balance, Shares at Jun. 30, 2014 | 187,170,919 | |||||
Net income | 28,043 | |||||
Other comprehensive income (loss), net of tax | 19,499 | |||||
Ending balance at Jun. 30, 2014 | $ 1,222,828 | $ 1,881 | 2,124,044 | (885,761) | (6,701) | (10,635) |
Beginning balance, Shares at Dec. 31, 2014 | 187,831,389 | 187,831,389 | ||||
Issuance of shares under equity-based compensation plans, shares | 2,122,229 | |||||
Ending balance, Shares at Jun. 30, 2015 | 189,953,618 | 189,953,618 | ||||
Beginning balance at Dec. 31, 2014 | $ 1,307,619 | $ 1,888 | 2,141,433 | (741,519) | (83,548) | (10,635) |
Issuance of shares under equity-based compensation plans | 21 | 16,930 | ||||
Net income | 85,068 | 85,068 | ||||
Other comprehensive income (loss), net of tax | (25,159) | (25,159) | ||||
Equity-based compensation | 11,714 | |||||
Tax benefit from shares issued under equity-based compensation plans | 14,079 | |||||
Ending balance at Jun. 30, 2015 | $ 1,410,272 | $ 1,909 | 2,184,156 | (656,451) | (108,707) | (10,635) |
Ending balance, Shares at Jun. 30, 2015 | 189,953,618 | 189,953,618 | ||||
Net income | $ 45,592 | |||||
Other comprehensive income (loss), net of tax | 8,905 | |||||
Ending balance at Jun. 30, 2015 | $ 1,410,272 | $ 1,909 | $ 2,184,156 | $ (656,451) | $ (108,707) | $ (10,635) |
Background and Basis of Present
Background and Basis of Presentation | 6 Months Ended |
Jun. 30, 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. In June 2015, the Company borrowed $2.75 billion to be used, along with cash on hand, to fund the BNS acquisition. The proceeds of the financing are being held in escrow until the completion of the BNS acquisition. See Note 5 for additional discussion of the financing transactions. The BNS acquisition is expected to close within the next few months, subject to regulatory approvals and other customary closing conditions. During the three and six months ended June 30, 2015, the Company recorded transaction and integration costs in selling, general and administrative (SG&A) expense of $9.9 million and $21.3 million, respectively, primarily related to the proposed acquisition. Basis of Presentation The Condensed Consolidated Balance Sheet as of June 30, 2015, the Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2015 and 2014, and the Condensed Consolidated Statements of Cash Flows and Stockholders’ Equity for the six months ended June 30, 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 or six months ended June 30, 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. As of June 30, 2015, the Company adopted new accounting guidance that requires debt issuance costs related to a recognized debt liability be reported as a direct deduction from the carrying amount of that debt liability. The guidance has been applied retrospectively to the prior period presented. The adoption of this accounting guidance reduced the Company’s other noncurrent assets and long-term debt by the amount of unamortized debt issuance costs. As of June 30, 2015 and December 31, 2014, this amount was $97.7 million and $38.8 million, respectively. Concentrations of Risk and Related Party Transactions Net sales to Anixter International Inc. and its affiliates (Anixter) accounted for approximately 13% of the Company’s total net sales during the three and six months ended June 30, 2015. Net sales to Anixter accounted for approximately 11% of the Company’s total net sales during the three and six months ended June 30, 2014. Sales to Anixter primarily originate within the Enterprise segment. Other than Anixter, no direct customer accounted for 10% or more of the Company’s total net sales for the three or six months ended June 30, 2015 or 2014. Accounts receivable from Anixter represented approximately 12% of accounts receivable as of June 30, 2015. Other than Anixter, no direct customer accounted for 10% or more of the Company’s accounts receivable as of June 30, 2015. As of June 30, 2015, funds affiliated with The Carlyle Group (Carlyle) owned 32.2% 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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 Product warranty accrual, beginning of period $ 15,366 $ 22,938 $ 17,054 $ 24,838 Provision for warranty claims 2,372 2,662 3,914 4,931 Warranty claims paid (2,544 ) (3,805 ) (5,774 ) (7,974 ) Product warranty accrual, end of period $ 15,194 $ 21,795 $ 15,194 $ 21,795 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 significant asset impairments identified during the three or six months ended June 30, 2015. During the three months ended June 30, 2014, as a result of revisions to the business plan for a particular product line, the Company determined that certain intangible assets in the Broadband segment were no longer recoverable and a $7.2 million impairment charge was recorded. Income Taxes The effective income tax rate of 25.8% and 30.2% for the three and six months ended June 30, 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 for the three and six months ended June 30, 2015 was also affected by a reduction in tax expense related to uncertain tax positions as well as an unfavorable rate impact resulting from the provision for state income taxes and 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 46.4% and 40.1% for the three and six months ended June 30, 2014, respectively, was higher than the statutory rate of 35% primarily due to increases in valuation allowances for foreign tax credit carryforwards, losses in certain jurisdictions where the Company did not recognize tax benefits due to the likelihood of them not being realizable, the provision for state income taxes and certain tax costs associated with repatriation of foreign earnings. In addition, no tax benefit was recognized on the $7.2 million asset impairment charge recorded during the second quarter of 2014. These items were partially offset by gains of $6.6 million and $12.0 million in the three and six months ended June 30, 2014, respectively, that resulted from the reduction in the estimated fair value of contingent consideration payable, which was not subject to tax. The Company also recognized a reduction in tax expense during the six months ended June 30, 2014 related to uncertain tax positions for which the statutes of limitations had lapsed. 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 (1.8 million shares and 1.5 million shares for the three and six months ended June 30, 2015, respectively, and 2.2 million shares and 1.9 million shares for the three and six months ended June 30, 2014, respectively). The following table presents the basis for the earnings per share computations (per share amounts not in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Numerator: Net income for basic and diluted earnings per share $ 45,592 $ 28,043 $ 85,068 $ 92,530 Denominator: Weighted average shares outstanding—basic 189,682 186,509 189,084 186,226 Dilutive effect of equity-based awards 4,322 4,475 4,486 4,468 Weighted average common shares outstanding—diluted 194,004 190,984 193,570 190,694 Earnings per share: Basic $ 0.24 $ 0.15 $ 0.45 $ 0.50 Diluted $ 0.24 $ 0.15 $ 0.44 $ 0.49 Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 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 $9.2 million and $20.4 million, respectively, for the three and six months ended June 30, 2015. The allocation of the purchase price, based on the estimated fair value 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. 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 have been or are expected to be made. During the three and six months ended June 30, 2014, the Company recorded a $6.6 million and $12.0 million reduction in SG&A expense, respectively, resulting from an adjustment to the estimated fair value of contingent consideration payable related to the Redwood acquisition. 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 | 6 Months Ended |
Jun. 30, 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 $ 1,573.2 Foreign exchange (1.1 ) — — (1.1 ) Goodwill, gross, as of June 30, 2015 832.0 653.8 86.3 1,572.1 Accumulated impairment charges as of December 31, 2014 and June 30, 2015 (85.1 ) — (36.2 ) (121.3 ) Goodwill, net, as of June 30, 2015 $ 746.9 $ 653.8 $ 50.1 $ 1,450.8 |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Financial Statement Information | 4. SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION Inventories June 30, 2015 December 31, 2014 Raw materials $ 97,299 $ 90,486 Work in process 89,077 105,739 Finished goods 166,401 170,960 $ 352,777 $ 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: June 30, 2015 December 31, 2014 Shares owned 1,332 1,534 Cost basis $ 997 $ 1,150 Fair value $ 13,548 $ 20,392 Pretax unrealized gain in accumulated other comprehensive income $ 12,551 $ 19,242 The following table provides information related to the sale of shares in Hydrogenics: Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Shares sold 30 500 202 500 Proceeds received $ 324 $ 7,106 $ 2,817 $ 7,106 Pretax gain realized $ 303 $ 6,732 $ 2,666 $ 6,732 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 June 30, 2015 December 31, 2014 Compensation and employee benefit liabilities $ 62,408 $ 122,291 Deferred revenue 19,860 25,888 Product warranty accrual 15,194 17,054 Accrued interest 13,734 8,952 Restructuring reserve 3,747 5,657 Income taxes payable 22,285 35,302 Accrued debt issuance costs 58,026 — Accrued professional fees 9,606 7,147 Other 64,554 66,715 $ 269,414 $ 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 Six Months Ended 2015 2014 2015 2014 Foreign currency translation AOCL balance, beginning of period $ (109,971 ) $ (27,445 ) $ (80,483 ) $ (29,072 ) Other comprehensive income (loss) 11,638 2,356 (17,728 ) 4,083 Amounts reclassified from AOCL — — (122 ) (100 ) AOCL balance, end of period $ (98,333 ) $ (25,089 ) $ (98,333 ) $ (25,089 ) Pension and other postretirement benefit activity AOCI (AOCL) balance, beginning of period $ (16,544 ) $ 1,245 $ (14,957 ) $ 2,796 Amounts reclassified from AOCI (AOCL) (1,586 ) (1,551 ) (3,173 ) (3,102 ) AOCL balance, end of period $ (18,130 ) $ (306 ) $ (18,130 ) $ (306 ) Available-for-sale securities AOCI balance, beginning of period $ 8,903 $ — $ 11,892 $ — Other comprehensive income (loss) (960 ) 18,694 (2,488 ) 18,694 Amounts reclassified from AOCI (187 ) — (1,648 ) — AOCI balance, end of period $ 7,756 $ 18,694 $ 7,756 $ 18,694 Net AOCL, end of period $ (108,707 ) $ (6,701 ) $ (108,707 ) $ (6,701 ) 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 Six Months Ended June 30, 2015 2014 Cash paid during the period for: Income taxes, net of refunds $ 60,258 $ 51,383 Interest $ 67,423 $ 115,656 Non-cash financing activities: Accrued and unpaid debt issuance costs $ 58,026 $ 762 |
Financing
Financing | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Financing | 5. FINANCING June 30, 2015 December 31, 2014 6.00% senior notes due June 2025 $ 1,500,000 $ — 5.50% senior notes due June 2024 650,000 650,000 5.00% senior notes due June 2021 650,000 650,000 Senior PIK toggle notes due June 2020 550,000 550,000 4.375% senior secured notes due June 2020 500,000 — Senior secured term loan due December 2022 1,250,000 — Senior secured term loan due January 2018 361,875 518,438 Senior secured term loan due January 2017 — 345,625 Senior secured revolving credit facility expires May 2020 — — Other 54 408 $ 5,461,929 $ 2,714,471 Less: Original issue discount, net of amortization (5,337 ) (6,746 ) Less: Debt issuance costs, net of amortization (97,698 ) (38,827 ) Less: Current portion (12,554 ) (9,001 ) $ 5,346,340 $ 2,659,897 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), the senior secured credit facilities and the 6.625%/7.375% senior payment-in-kind toggle notes (the senior PIK toggle notes). 6.00% Senior Notes Due 2025 In June 2015, CommScope Technologies Finance LLC, a wholly owned subsidiary of the Company, issued $1.5 billion of 6.00% Senior Notes due June 15, 2025 (the 2025 Notes). Interest is payable on the 2025 Notes semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2015. The Company intends to use the proceeds of the offering of the 2025 Notes, together with cash on hand and borrowings under the senior secured term loan facility due December 2022, to finance the acquisition of the BNS business. The proceeds from the issuance of the 2025 Notes are being held in escrow until the completion of the BNS acquisition. If, prior to April 26, 2016, the BNS acquisition is not consummated, the acquisition agreement is terminated or the Company believes the acquisition will not be consummated, the 2025 Notes will be subject to redemption at a price equal to 100% of their principal amount, plus accrued and unpaid interest to the redemption date. Concurrent with the consummation of the BNS acquisition, CommScope Technologies Finance LLC (an unrestricted subsidiary as defined in the senior secured credit facilities) will merge with and into CommScope Technologies LLC (a wholly owned subsidiary of the Company), with CommScope Technologies LLC continuing as the surviving entity. Upon completion of this merger, CommScope Technologies LLC will become the issuer of the 2025 Notes, and the 2025 Notes will be guaranteed on a senior basis by CommScope, Inc. and its domestic restricted subsidiaries, subject to certain exceptions. The 2025 Notes and guarantees are effectively junior to all of the Company’s and the guarantors’ existing and future secured debt, including its senior secured credit facilities, to the extent of the value of the assets securing such secured debt. In addition, the 2025 Notes are structurally subordinated to all existing and future liabilities (including trade payables) of the Company’s subsidiaries that do not guarantee the 2025 Notes, including indebtedness incurred by certain of the Company’s non-U.S. subsidiaries under the revolving credit facility. The 2025 Notes may be redeemed prior to maturity under certain circumstances. Upon certain change of control events, the 2025 Notes may be redeemed at the option of the holders at 101% of their face amount, plus accrued and unpaid interest to the redemption date. Prior to June 15, 2020, the 2025 Notes may be redeemed at a redemption price equal to 100% of their principal amount, plus a make-whole premium (as defined in the indenture governing the 2025 Notes), plus accrued and unpaid interest to the redemption date. On or prior to June 15, 2018, under certain circumstances, the Company may also redeem up to 40% of the aggregate principal amount of the 2025 Notes at a redemption price of 106.0%, plus accrued and unpaid interest to the redemption date using the proceeds of certain equity offerings. In connection with issuing the 2025 Notes, the Company incurred costs of approximately $33.0 million during the three and six months ended June 30, 2015, which were recorded as a reduction of the carrying amount of the debt and are being amortized over the term of the notes. 4.375% Senior Secured Notes Due 2020 In June 2015, CommScope, Inc., a direct wholly owned subsidiary of the Company, issued $500.0 million of 4.375% Senior Secured Notes due June 15, 2020 (the 2020 Notes). Interest is payable on the 2020 Notes semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2015. The Company used the net proceeds of the offering of the 2020 Notes, together with cash on hand, to repay the entire principal amount outstanding under the existing term loan due 2017 and a portion of the principal amount outstanding under the existing term loan due 2018. The 2020 Notes are guaranteed on a senior secured basis by CommScope Holding Company, Inc. and its domestic restricted subsidiaries, subject to certain exceptions, and secured by security interests that secure indebtedness under the Company’s term loan facility. The 2020 Notes may be redeemed prior to maturity under certain circumstances. Upon certain change of control events, the 2020 Notes may be redeemed at the option of the holders at 101% of their face amount, plus accrued and unpaid interest to the redemption date. Prior to June 15, 2017, the 2020 Notes may be redeemed at a redemption price equal to 100% of their principal amount, plus a make-whole premium (as defined in the indenture governing the 2020 Notes), plus accrued and unpaid interest to the redemption date. Prior to June 15, 2017, under certain circumstances, the Company may also redeem up to 40% of the aggregate principal amount of the 2020 Notes at a redemption price of 104.375%, plus accrued and unpaid interest to the redemption date using the proceeds of certain equity offerings. In connection with issuing the 2020 Notes, the Company incurred costs of approximately $6.9 million during the three and six months ended June 30, 2015, which were recorded as a reduction of the carrying amount of the debt and are being amortized over the term of the notes. Senior Secured Credit Facilities In May 2015, the Company amended its asset-based revolving credit facility to, among other things, expand the facility from $400.0 million to $550.0 million and extend the maturity date to May 2020, subject to acceleration under certain circumstances. The ability to access the additional $150.0 million of revolving commitments is conditioned on the consummation of the BNS acquisition and other customary conditions. In connection with this amendment, the Company incurred costs of approximately $0.4 million during the three and six months ended June 30, 2015, which were recorded in other noncurrent assets and are being amortized over the term of the revolving credit facility. As of June 30, 2015, the Company had no outstanding borrowings under its revolving credit facility and the Company did not borrow under its revolving credit facility during the six months ended June 30, 2015. As of June 30, 2015, the Company had availability of approximately $318.9 million under its revolving credit facility, after giving effect to borrowing base limitations and outstanding letters of credit. In June 2015, the Company used the proceeds from the 2020 Notes issuance to repay $500.0 million of its existing term loans. In addition, CommScope Finance LLC (a wholly owned subsidiary of the Company and an unrestricted subsidiary as defined in the senior secured credit facilities) borrowed an additional $1.25 billion, less $3.1 million of original issue discount, in a term loan due December 2022 (the 2022 Term Loan). The Company intends to use the proceeds from the 2022 Term Loan, together with cash on hand and proceeds from the 2025 Notes, to finance the acquisition of the BNS business. The net proceeds from the 2022 Term Loan are being held in escrow until the completion of the BNS acquisition. Concurrent with the consummation of the BNS acquisition, the 2022 Term Loan will be assumed by CommScope, Inc. as a term loan under its senior secured credit facilities. If, prior to April 26, 2016, the BNS acquisition is not consummated, the acquisition agreement is terminated or the Company believes the acquisition will not be consummated, the 2022 Term Loan will be subject to mandatory prepayment, plus accrued and unpaid interest to the prepayment date. The 2022 Term Loan has scheduled maturities of $12.5 million per year due in equal quarterly installments with the balance due at maturity (commencing after assumption of the 2022 term loan under the senior secured credit facilities of CommScope, Inc.). The current portion of long-term debt reflects $12.5 million of repayments under the 2022 Term Loan. The interest rate margin applicable to the 2022 Term Loan is, prior to the consummation of the BNS acquisition, one-, two-, three- or six-month LIBOR or, if available from all lenders, twelve-month LIBOR (selected at the Company’s option) plus a margin of 3.00%, subject to a LIBOR floor of 0.75% (the LIBOR Option) and, after consummation of the BNS acquisition, at the Company’s option, either (1) the base rate plus a margin of 2.00% or (2) the LIBOR Option. During the three and six months ended June 30, 2015, the Company repaid $500.0 million and $502.2 million, respectively, of its existing senior secured term loans. In connection with the repayment of existing term loans, $6.7 million of original issue discount and debt issuance costs were written off and included in interest expense. The Company incurred costs of approximately $26.7 million during the three and six months ended June 30, 2015 related to the additional borrowings under the term loan facility. These costs were recorded as a reduction of the carrying amount of the debt and are being amortized over the term of the 2022 Term Loan. No portion of the senior secured term loans was reflected as a current portion of long-term debt as of June 30, 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. Other Matters The following table summarizes scheduled maturities of long-term debt as of June 30, 2015 (in millions): Remainder 2016 2017 2018 2019 Thereafter Scheduled maturities of long-term debt $ 6.3 $ 12.5 $ 12.5 $ 374.4 $ 12.5 $ 5,043.7 The Company’s non-guarantor subsidiaries held approximately $1,093 million, or 14%, of total assets and approximately $271 million, or 4%, of total liabilities as of June 30, 2015 and accounted for approximately $378 million, or 44%, and $753 million, or 45%, of net sales for the three and six months ended June 30, 2015, respectively. 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 and six months ended June 30, 2014, the non-guarantor subsidiaries accounted for approximately $382 million, or 36%, and $702 million, or 35%, of net sales, respectively. All amounts presented exclude intercompany balances. CommScope, Inc. is a guarantor of the 2025 Notes and the issuer of the 2021 Notes, 2024 Notes and the 2020 Notes. The balance sheet and income statement amounts for CommScope, Inc. are substantially identical to those of the Company other than interest expense and total debt. Interest expense for CommScope, Inc. does not reflect the interest expense incurred in connection with the senior PIK toggle notes. For both the three months ended June 30, 2015 and 2014, interest expense related to the PIK toggle notes was $9.5 million ($6.1 million net of tax). For both the six months ended June 30, 2015 and 2014, interest expense related to the PIK toggle notes was $19.0 million ($12.2 million net of tax). Total debt for CommScope, Inc. and its subsidiaries as of June 30, 2015 was $4,816.8 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 5.44% at June 30, 2015 and 5.38% at December 31, 2014. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 6 Months Ended |
Jun. 30, 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 June 30, 2015, the Company had foreign exchange contracts with maturities of up to seven months with an aggregate notional value of $335 million (based on exchange rates as of June 30, 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 June 30, 2015 December 31, 2014 Foreign currency contracts Prepaid expenses and other current assets $ 3,082 $ 1,165 Foreign currency contracts Other accrued liabilities (485 ) (3,584 ) Total derivatives not designated as hedging instruments $ 2,597 $ (2,419 ) The pretax impact of the 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 June 30, 2015 Other expense, net $ 3,636 Three Months Ended June 30, 2014 Other expense, net $ (303 ) Six Months Ended June 30, 2015 Other expense, net $ (1,164 ) Six Months Ended June 30, 2014 Other expense, net $ (3,335 ) |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 7. FAIR VALUE MEASUREMENTS The Company’s financial instruments consist primarily of cash and cash equivalents, funds held in escrow, trade receivables, trade payables, available-for-sale securities, debt instruments and foreign currency contracts. Funds held in escrow consist primarily of AAA-rated money market funds and U.S. Treasury funds. For cash and cash equivalents, funds held in escrow, trade receivables and trade payables, the carrying amounts of these financial instruments as of June 30, 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, and debt instruments as of June 30, 2015 and December 31, 2014, are as follows: June 30, 2015 December 31, 2014 Carrying Fair Value Carrying Fair Value Valuation Assets: Available-for-sale securities $ 13,548 $ 13,548 $ 20,392 $ 20,392 Level 1 Foreign currency contracts 3,082 3,082 1,165 1,165 Level 2 Liabilities: 6.00% senior notes due 2025 1,500,000 1,492,500 — — Level 2 5.50% senior notes due 2024 650,000 638,625 650,000 640,250 Level 2 5.00% senior notes due 2021 650,000 640,250 650,000 643,500 Level 2 Senior PIK toggle notes due 2020 550,000 571,340 550,000 566,500 Level 2 4.375% senior secured notes due 2020 500,000 505,000 — — Level 2 Senior secured term loan due 2022, at par 1,250,000 1,248,406 — — Level 2 Senior secured term loan due 2018, at par 361,875 362,318 518,438 513,254 Level 2 Senior secured term loan due 2017, at par — — 345,625 342,169 Level 2 Foreign currency contracts 485 485 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 Informa
Segments and Geographic Information | 6 Months Ended |
Jun. 30, 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, metro cell 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): June 30, 2015 December 31, 2014 Identifiable segment-related assets: Wireless $ 2,385.7 $ 2,372.8 Enterprise 1,390.6 1,403.4 Broadband 334.5 352.6 Total identifiable segment-related assets 4,110.8 4,128.8 Reconciliation to total assets: Cash and cash equivalents 793.0 729.3 Deferred income tax assets 61.4 59.0 Funds restricted for acquisition 2,746.9 — Total assets $ 7,712.1 $ 4,917.1 The following table provides net sales, operating income, depreciation and amortization by reportable segment (in millions): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Net sales: Wireless $ 515.2 $ 724.9 $ 1,011.5 $ 1,352.1 Enterprise 221.9 218.4 433.2 419.9 Broadband 130.6 123.4 248.6 230.9 Inter-segment eliminations (0.4 ) (0.4 ) (0.6 ) (1.6 ) Consolidated net sales $ 867.3 $ 1,066.3 $ 1,692.7 $ 2,001.3 Operating income: Wireless (1) $ 70.2 $ 178.9 $ 134.6 $ 306.5 Enterprise (2) 31.8 30.3 58.7 52.9 Broadband (3) 7.4 (5.5 ) 9.2 (9.2 ) Consolidated operating income $ 109.4 $ 203.7 $ 202.5 $ 350.2 Depreciation: Wireless $ 7.1 $ 7.3 $ 14.2 $ 14.2 Enterprise 2.6 2.8 5.2 5.6 Broadband 1.8 2.0 3.7 4.0 Consolidated depreciation $ 11.5 $ 12.1 $ 23.1 $ 23.8 Amortization (4): Wireless $ 23.1 $ 22.5 $ 46.2 $ 45.0 Enterprise 17.3 17.4 34.7 34.7 Broadband 4.2 4.4 8.5 8.9 Consolidated amortization $ 44.6 $ 44.3 $ 89.4 $ 88.6 (1) Operating income for the three months ended June 30, 2015 and 2014 includes transaction and integration costs of $3.8 million and $0.6 million, respectively. Transaction and integration costs for the six months ended June 30, 2015 and 2014 were $9.7 million and $1.2 million, respectively. (2) Operating income for the three months ended June 30, 2015 and 2014 includes transaction and integration costs of $2.8 million and $0.2 million, respectively. Transaction and integration costs for the six months ended June 30, 2015 and 2014 were $5.8 million and $0.5 million, respectively. Operating income for the three and six months ended June 30, 2014 includes gains of $6.6 million and $12 million, respectively, from adjustments to the estimated fair value of contingent consideration related to the Redwood acquisition. (3) Operating income for the three months ended June 30, 2015 and 2014 includes transaction and integration costs of $3.3 million and $0.1 million, respectively. Transaction and integration costs for the six months ended June 30, 2015 and 2014 were $5.8 million and $0.2 million, respectively. Operating income includes impairment charges of $7.2 million for the three and six months ended June 30, 2014. (4) Excludes amortization of debt issuance costs and original issue discount. Sales to customers located outside of the United States comprised 48.5% and 51.0% of total net sales for the three and six months ended June 30, 2015, respectively, compared to 40.3% and 40.1% for the three and six months ended June 30, 2014, respectively. Sales by geographic region, based on the destination of product shipments, were as follows (in millions): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 United States $ 446.5 $ 636.6 $ 829.6 $ 1,199.5 Europe, Middle East and Africa 177.8 188.4 336.7 358.0 Asia Pacific 160.5 159.9 350.4 288.8 Central and Latin America 65.0 60.7 131.7 119.1 Canada 17.5 20.7 44.3 35.9 Consolidated net sales $ 867.3 $ 1,066.3 $ 1,692.7 $ 2,001.3 |
Restructuring Costs
Restructuring Costs | 6 Months Ended |
Jun. 30, 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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 Wireless $ 927 $ 1,616 $ 2,688 $ 2,854 Enterprise (80 ) (82 ) (43 ) 132 Broadband 1,047 775 1,120 1,303 Total $ 1,894 $ 2,309 $ 3,765 $ 4,289 The activity within the liability established for these restructuring actions was as follows: Employee- Lease Fixed Asset Total Balance as of March 31, 2015 $ 3,324 $ 7,812 $ — $ 11,136 Additional charge recorded 712 96 1,086 1,894 Cash paid (2,343 ) (313 ) (86 ) (2,742 ) Foreign exchange and other non-cash items 14 — (1,000 ) (986 ) Balance as of June 30, 2015 $ 1,707 $ 7,595 $ — $ 9,302 Balance as of December 31, 2014 $ 3,822 $ 8,243 $ — $ 12,065 Additional charge recorded 2,256 261 1,248 3,765 Cash paid (4,282 ) (909 ) (248 ) (5,439 ) Foreign exchange and other non-cash items (89 ) — (1,000 ) (1,089 ) Balance as of June 30, 2015 $ 1,707 $ 7,595 $ — $ 9,302 Balance sheet classification as of June 30, 2015 Other accrued liabilities $ 1,707 $ 2,040 $ — $ 3,747 Other noncurrent liabilities — 5,555 — 5,555 Total liability $ 1,707 $ 7,595 $ — $ 9,302 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 $2.0 million to $3.0 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. As a result of the BNS integration additional restructuring actions are expected to be taken and the resulting charges and cash requirements could be material. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 10. EMPLOYEE BENEFIT PLANS Pension Benefits Other Postretirement Benefits Three Months Ended Three Months Ended June 30, June 30, 2015 2014 2015 2014 Service cost $ 108 $ 116 $ 7 $ 24 Interest cost 2,943 3,358 161 225 Recognized actuarial loss (gain) 170 71 (283 ) (85 ) Amortization of prior service credits — — (2,457 ) (2,494 ) Expected return on plan assets (3,484 ) (3,842 ) — — Net periodic benefit income $ (263 ) $ (297 ) $ (2,572 ) $ (2,330 ) Six Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Service cost $ 215 $ 230 $ 14 $ 48 Interest cost 5,881 6,693 322 450 Recognized actuarial loss (gain) 341 142 (566 ) (169 ) Amortization of prior service credits — — (4,915 ) (4,988 ) Expected return on plan assets (6,962 ) (7,656 ) — — Net periodic benefit income $ (525 ) $ (591 ) $ (5,145 ) $ (4,659 ) The Company contributed $3.9 million and $10.7 million to its pension and other postretirement benefit plans during the three and six months ended June 30, 2015, respectively. During the remainder of 2015, the Company anticipates making additional contributions of approximately $6.5 million to these plans. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | 11. STOCKHOLDERS’ EQUITY Equity-Based Compensation Plans As of June 30, 2015, $36.6 million of total unrecognized compensation costs related to non-vested stock options, restricted stock unit awards (RSUs) and performance share units (PSUs) are expected to be recognized over a remaining weighted average period of 1.9 years. There were no significant capitalized equity-based compensation costs at June 30, 2015. During the three months ended June 30, 2015, Carlyle sold a portion of its investment in the Company which triggered an acceleration of vesting of certain stock awards. The Company recorded equity-based compensation expense of $5.3 million as a result of the acceleration of vesting. 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 Outstanding as of March 31, 2015 9,113 $ 7.99 Exercised (544 ) $ 9.05 $ 11,640 Outstanding as of June 30, 2015 8,569 $ 7.92 $ 193,632 Exercisable at June 30, 2015 7,740 $ 7.19 $ 180,470 Expected to vest 826 $ 14.67 $ 13,154 Outstanding as of December 31, 2014 10,411 $ 7.32 Granted 292 $ 30.76 $ 13.25 Exercised (2,119 ) $ 8.00 $ 46,264 Forfeited (15 ) $ 23.00 Outstanding as of June 30, 2015 8,569 $ 7.92 $ 193,632 The exercise prices of outstanding options at June 30, 2015 were in the following ranges: Options Outstanding Options Exercisable Range of Exercise Prices Shares Weighted Average Weighted Shares Weighted $2.96 to $5.35 745 2.7 $ 3.68 745 $ 3.68 $5.36 to $5.67 769 6.6 $ 5.57 695 $ 5.57 $5.68 to $8.54 4,867 5.6 $ 5.74 4,412 $ 5.74 $8.55 to $8.90 1,371 4.7 $ 8.64 1,371 $ 8.64 $8.91 to $23.00 517 8.7 $ 23.00 517 $ 23.00 $23.01 to $30.76 300 9.6 $ 30.55 — $ — $2.96 to $30.76 8,569 5.6 $ 7.92 7,740 $ 7.19 The Company uses the Black-Scholes model to estimate the fair value of stock option awards. Key inputs and 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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 Expected option term (in years) * 5.0 6.0 5.0 Risk-free interest rate * 1.7 % 1.6 % 1.5 % Expected volatility * 45.0 % 43.0 % 45.0 % Expected dividend yield * — % — % — % Weighted average exercise price * $ 25.36 $ 30.76 $ 23.02 Weighted average fair value at grant date * $ 10.45 $ 13.25 $ 9.41 * No stock options were granted during the three months ended June 30, 2015. 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 Outstanding and non-vested as of December 31, 2014 — $ — Granted 184 $ 30.76 Outstanding and non-vested as of June 30, 2015 and March 31, 2015 184 $ 30.76 There was no PSU activity in the three months ended June 30, 2015. 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 Outstanding and non-vested as of March 31, 2015 1,335 $ 28.68 Granted 6 $ 29.83 Forfeited (13 ) $ 27.75 Outstanding and non-vested as of June 30, 2015 1,328 $ 28.70 Outstanding and non-vested as of December 31, 2014 372 $ 22.99 Granted 986 $ 30.76 Vested and shares issued (3 ) $ 18.25 Forfeited (27 ) $ 26.59 Outstanding and non-vested as of June 30, 2015 1,328 $ 28.70 Other Although 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. Share unit award expense of $3.7 million and $2.4 million for the six months ended June 30, 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 Prese18
Background and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Condensed Consolidated Balance Sheet as of June 30, 2015, the Condensed Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2015 and 2014, and the Condensed Consolidated Statements of Cash Flows and Stockholders’ Equity for the six months ended June 30, 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 or six months ended June 30, 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. As of June 30, 2015, the Company adopted new accounting guidance that requires debt issuance costs related to a recognized debt liability be reported as a direct deduction from the carrying amount of that debt liability. The guidance has been applied retrospectively to the prior period presented. The adoption of this accounting guidance reduced the Company’s other noncurrent assets and long-term debt by the amount of unamortized debt issuance costs. As of June 30, 2015 and December 31, 2014, this amount was $97.7 million and $38.8 million, respectively. |
Concentrations of Risk and Related Party Transactions | Concentrations of Risk and Related Party Transactions Net sales to Anixter International Inc. and its affiliates (Anixter) accounted for approximately 13% of the Company’s total net sales during the three and six months ended June 30, 2015. Net sales to Anixter accounted for approximately 11% of the Company’s total net sales during the three and six months ended June 30, 2014. Sales to Anixter primarily originate within the Enterprise segment. Other than Anixter, no direct customer accounted for 10% or more of the Company’s total net sales for the three or six months ended June 30, 2015 or 2014. Accounts receivable from Anixter represented approximately 12% of accounts receivable as of June 30, 2015. Other than Anixter, no direct customer accounted for 10% or more of the Company’s accounts receivable as of June 30, 2015. As of June 30, 2015, funds affiliated with The Carlyle Group (Carlyle) owned 32.2% 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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 Product warranty accrual, beginning of period $ 15,366 $ 22,938 $ 17,054 $ 24,838 Provision for warranty claims 2,372 2,662 3,914 4,931 Warranty claims paid (2,544 ) (3,805 ) (5,774 ) (7,974 ) Product warranty accrual, end of period $ 15,194 $ 21,795 $ 15,194 $ 21,795 |
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 significant asset impairments identified during the three or six months ended June 30, 2015. During the three months ended June 30, 2014, as a result of revisions to the business plan for a particular product line, the Company determined that certain intangible assets in the Broadband segment were no longer recoverable and a $7.2 million impairment charge was recorded. |
Income Taxes | Income Taxes The effective income tax rate of 25.8% and 30.2% for the three and six months ended June 30, 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 for the three and six months ended June 30, 2015 was also affected by a reduction in tax expense related to uncertain tax positions as well as an unfavorable rate impact resulting from the provision for state income taxes and 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 46.4% and 40.1% for the three and six months ended June 30, 2014, respectively, was higher than the statutory rate of 35% primarily due to increases in valuation allowances for foreign tax credit carryforwards, losses in certain jurisdictions where the Company did not recognize tax benefits due to the likelihood of them not being realizable, the provision for state income taxes and certain tax costs associated with repatriation of foreign earnings. In addition, no tax benefit was recognized on the $7.2 million asset impairment charge recorded during the second quarter of 2014. These items were partially offset by gains of $6.6 million and $12.0 million in the three and six months ended June 30, 2014, respectively, that resulted from the reduction in the estimated fair value of contingent consideration payable, which was not subject to tax. The Company also recognized a reduction in tax expense during the six months ended June 30, 2014 related to uncertain tax positions for which the statutes of limitations had lapsed. |
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 (1.8 million shares and 1.5 million shares for the three and six months ended June 30, 2015, respectively, and 2.2 million shares and 1.9 million shares for the three and six months ended June 30, 2014, respectively). The following table presents the basis for the earnings per share computations (per share amounts not in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Numerator: Net income for basic and diluted earnings per share $ 45,592 $ 28,043 $ 85,068 $ 92,530 Denominator: Weighted average shares outstanding—basic 189,682 186,509 189,084 186,226 Dilutive effect of equity-based awards 4,322 4,475 4,486 4,468 Weighted average common shares outstanding—diluted 194,004 190,984 193,570 190,694 Earnings per share: Basic $ 0.24 $ 0.15 $ 0.45 $ 0.50 Diluted $ 0.24 $ 0.15 $ 0.44 $ 0.49 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers |
Background and Basis of Prese19
Background and Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 Product warranty accrual, beginning of period $ 15,366 $ 22,938 $ 17,054 $ 24,838 Provision for warranty claims 2,372 2,662 3,914 4,931 Warranty claims paid (2,544 ) (3,805 ) (5,774 ) (7,974 ) Product warranty accrual, end of period $ 15,194 $ 21,795 $ 15,194 $ 21,795 |
Summary of Earnings, Weighted Average Common Shares and Potential Common Shares Outstanding | The following table presents the basis for the earnings per share computations (per share amounts not in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Numerator: Net income for basic and diluted earnings per share $ 45,592 $ 28,043 $ 85,068 $ 92,530 Denominator: Weighted average shares outstanding—basic 189,682 186,509 189,084 186,226 Dilutive effect of equity-based awards 4,322 4,475 4,486 4,468 Weighted average common shares outstanding—diluted 194,004 190,984 193,570 190,694 Earnings per share: Basic $ 0.24 $ 0.15 $ 0.45 $ 0.50 Diluted $ 0.24 $ 0.15 $ 0.44 $ 0.49 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Allocation of Purchase Price | The allocation of the purchase price, based on the estimated fair value 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) | 6 Months Ended |
Jun. 30, 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 $ 1,573.2 Foreign exchange (1.1 ) — — (1.1 ) Goodwill, gross, as of June 30, 2015 832.0 653.8 86.3 1,572.1 Accumulated impairment charges as of December 31, 2014 and June 30, 2015 (85.1 ) — (36.2 ) (121.3 ) Goodwill, net, as of June 30, 2015 $ 746.9 $ 653.8 $ 50.1 $ 1,450.8 |
Supplemental Financial Statem22
Supplemental Financial Statement Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Inventories | Inventories June 30, 2015 December 31, 2014 Raw materials $ 97,299 $ 90,486 Work in process 89,077 105,739 Finished goods 166,401 170,960 $ 352,777 $ 367,185 |
Information Related to the Investment in Hydrogenics | The following table presents information related to the Company’s investment in Hydrogenics: June 30, 2015 December 31, 2014 Shares owned 1,332 1,534 Cost basis $ 997 $ 1,150 Fair value $ 13,548 $ 20,392 Pretax unrealized gain in accumulated other comprehensive income $ 12,551 $ 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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 Shares sold 30 500 202 500 Proceeds received $ 324 $ 7,106 $ 2,817 $ 7,106 Pretax gain realized $ 303 $ 6,732 $ 2,666 $ 6,732 |
Other Accrued Liabilities | Other Accrued Liabilities June 30, 2015 December 31, 2014 Compensation and employee benefit liabilities $ 62,408 $ 122,291 Deferred revenue 19,860 25,888 Product warranty accrual 15,194 17,054 Accrued interest 13,734 8,952 Restructuring reserve 3,747 5,657 Income taxes payable 22,285 35,302 Accrued debt issuance costs 58,026 — Accrued professional fees 9,606 7,147 Other 64,554 66,715 $ 269,414 $ 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 Six Months Ended 2015 2014 2015 2014 Foreign currency translation AOCL balance, beginning of period $ (109,971 ) $ (27,445 ) $ (80,483 ) $ (29,072 ) Other comprehensive income (loss) 11,638 2,356 (17,728 ) 4,083 Amounts reclassified from AOCL — — (122 ) (100 ) AOCL balance, end of period $ (98,333 ) $ (25,089 ) $ (98,333 ) $ (25,089 ) Pension and other postretirement benefit activity AOCI (AOCL) balance, beginning of period $ (16,544 ) $ 1,245 $ (14,957 ) $ 2,796 Amounts reclassified from AOCI (AOCL) (1,586 ) (1,551 ) (3,173 ) (3,102 ) AOCL balance, end of period $ (18,130 ) $ (306 ) $ (18,130 ) $ (306 ) Available-for-sale securities AOCI balance, beginning of period $ 8,903 $ — $ 11,892 $ — Other comprehensive income (loss) (960 ) 18,694 (2,488 ) 18,694 Amounts reclassified from AOCI (187 ) — (1,648 ) — AOCI balance, end of period $ 7,756 $ 18,694 $ 7,756 $ 18,694 Net AOCL, end of period $ (108,707 ) $ (6,701 ) $ (108,707 ) $ (6,701 ) |
Cash Flow Information | Cash Flow Information Six Months Ended June 30, 2015 2014 Cash paid during the period for: Income taxes, net of refunds $ 60,258 $ 51,383 Interest $ 67,423 $ 115,656 Non-cash financing activities: Accrued and unpaid debt issuance costs $ 58,026 $ 762 |
Financing (Tables)
Financing (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Debt | June 30, 2015 December 31, 2014 6.00% senior notes due June 2025 $ 1,500,000 $ — 5.50% senior notes due June 2024 650,000 650,000 5.00% senior notes due June 2021 650,000 650,000 Senior PIK toggle notes due June 2020 550,000 550,000 4.375% senior secured notes due June 2020 500,000 — Senior secured term loan due December 2022 1,250,000 — Senior secured term loan due January 2018 361,875 518,438 Senior secured term loan due January 2017 — 345,625 Senior secured revolving credit facility expires May 2020 — — Other 54 408 $ 5,461,929 $ 2,714,471 Less: Original issue discount, net of amortization (5,337 ) (6,746 ) Less: Debt issuance costs, net of amortization (97,698 ) (38,827 ) Less: Current portion (12,554 ) (9,001 ) $ 5,346,340 $ 2,659,897 |
Scheduled Maturities of Long-Term Debt | The following table summarizes scheduled maturities of long-term debt as of June 30, 2015 (in millions): Remainder 2016 2017 2018 2019 Thereafter Scheduled maturities of long-term debt $ 6.3 $ 12.5 $ 12.5 $ 374.4 $ 12.5 $ 5,043.7 |
Derivatives and Hedging Activ24
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2015 December 31, 2014 Foreign currency contracts Prepaid expenses and other current assets $ 3,082 $ 1,165 Foreign currency contracts Other accrued liabilities (485 ) (3,584 ) Total derivatives not designated as hedging instruments $ 2,597 $ (2,419 ) |
Pretax Impact of Foreign Currency Forward Contracts not Designated as Hedging Instruments | The pretax impact of the 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 June 30, 2015 Other expense, net $ 3,636 Three Months Ended June 30, 2014 Other expense, net $ (303 ) Six Months Ended June 30, 2015 Other expense, net $ (1,164 ) Six Months Ended June 30, 2014 Other expense, net $ (3,335 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Carrying Amounts, Estimated Fair Values and Valuation Input Levels of the Company's Available-for-Sale Securities, Foreign Currency Contracts and Debt Instruments | The carrying amounts, estimated fair values and valuation input levels of the Company’s available-for-sale securities, foreign currency contracts, and debt instruments as of June 30, 2015 and December 31, 2014, are as follows: June 30, 2015 December 31, 2014 Carrying Fair Value Carrying Fair Value Valuation Assets: Available-for-sale securities $ 13,548 $ 13,548 $ 20,392 $ 20,392 Level 1 Foreign currency contracts 3,082 3,082 1,165 1,165 Level 2 Liabilities: 6.00% senior notes due 2025 1,500,000 1,492,500 — — Level 2 5.50% senior notes due 2024 650,000 638,625 650,000 640,250 Level 2 5.00% senior notes due 2021 650,000 640,250 650,000 643,500 Level 2 Senior PIK toggle notes due 2020 550,000 571,340 550,000 566,500 Level 2 4.375% senior secured notes due 2020 500,000 505,000 — — Level 2 Senior secured term loan due 2022, at par 1,250,000 1,248,406 — — Level 2 Senior secured term loan due 2018, at par 361,875 362,318 518,438 513,254 Level 2 Senior secured term loan due 2017, at par — — 345,625 342,169 Level 2 Foreign currency contracts 485 485 3,584 3,584 Level 2 |
Segments and Geographic Infor26
Segments and Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Summary of Financial Information by Reportable Segment | The following table provides summary financial information by reportable segment (in millions): June 30, 2015 December 31, 2014 Identifiable segment-related assets: Wireless $ 2,385.7 $ 2,372.8 Enterprise 1,390.6 1,403.4 Broadband 334.5 352.6 Total identifiable segment-related assets 4,110.8 4,128.8 Reconciliation to total assets: Cash and cash equivalents 793.0 729.3 Deferred income tax assets 61.4 59.0 Funds restricted for acquisition 2,746.9 — Total assets $ 7,712.1 $ 4,917.1 |
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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 Net sales: Wireless $ 515.2 $ 724.9 $ 1,011.5 $ 1,352.1 Enterprise 221.9 218.4 433.2 419.9 Broadband 130.6 123.4 248.6 230.9 Inter-segment eliminations (0.4 ) (0.4 ) (0.6 ) (1.6 ) Consolidated net sales $ 867.3 $ 1,066.3 $ 1,692.7 $ 2,001.3 Operating income: Wireless (1) $ 70.2 $ 178.9 $ 134.6 $ 306.5 Enterprise (2) 31.8 30.3 58.7 52.9 Broadband (3) 7.4 (5.5 ) 9.2 (9.2 ) Consolidated operating income $ 109.4 $ 203.7 $ 202.5 $ 350.2 Depreciation: Wireless $ 7.1 $ 7.3 $ 14.2 $ 14.2 Enterprise 2.6 2.8 5.2 5.6 Broadband 1.8 2.0 3.7 4.0 Consolidated depreciation $ 11.5 $ 12.1 $ 23.1 $ 23.8 Amortization (4): Wireless $ 23.1 $ 22.5 $ 46.2 $ 45.0 Enterprise 17.3 17.4 34.7 34.7 Broadband 4.2 4.4 8.5 8.9 Consolidated amortization $ 44.6 $ 44.3 $ 89.4 $ 88.6 (1) Operating income for the three months ended June 30, 2015 and 2014 includes transaction and integration costs of $3.8 million and $0.6 million, respectively. Transaction and integration costs for the six months ended June 30, 2015 and 2014 were $9.7 million and $1.2 million, respectively. (2) Operating income for the three months ended June 30, 2015 and 2014 includes transaction and integration costs of $2.8 million and $0.2 million, respectively. Transaction and integration costs for the six months ended June 30, 2015 and 2014 were $5.8 million and $0.5 million, respectively. Operating income for the three and six months ended June 30, 2014 includes gains of $6.6 million and $12 million, respectively, from adjustments to the estimated fair value of contingent consideration related to the Redwood acquisition. (3) Operating income for the three months ended June 30, 2015 and 2014 includes transaction and integration costs of $3.3 million and $0.1 million, respectively. Transaction and integration costs for the six months ended June 30, 2015 and 2014 were $5.8 million and $0.2 million, respectively. Operating income includes impairment charges of $7.2 million for the three and six months ended June 30, 2014. (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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 United States $ 446.5 $ 636.6 $ 829.6 $ 1,199.5 Europe, Middle East and Africa 177.8 188.4 336.7 358.0 Asia Pacific 160.5 159.9 350.4 288.8 Central and Latin America 65.0 60.7 131.7 119.1 Canada 17.5 20.7 44.3 35.9 Consolidated net sales $ 867.3 $ 1,066.3 $ 1,692.7 $ 2,001.3 |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 6 Months Ended |
Jun. 30, 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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 Wireless $ 927 $ 1,616 $ 2,688 $ 2,854 Enterprise (80 ) (82 ) (43 ) 132 Broadband 1,047 775 1,120 1,303 Total $ 1,894 $ 2,309 $ 3,765 $ 4,289 |
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 Balance as of March 31, 2015 $ 3,324 $ 7,812 $ — $ 11,136 Additional charge recorded 712 96 1,086 1,894 Cash paid (2,343 ) (313 ) (86 ) (2,742 ) Foreign exchange and other non-cash items 14 — (1,000 ) (986 ) Balance as of June 30, 2015 $ 1,707 $ 7,595 $ — $ 9,302 Balance as of December 31, 2014 $ 3,822 $ 8,243 $ — $ 12,065 Additional charge recorded 2,256 261 1,248 3,765 Cash paid (4,282 ) (909 ) (248 ) (5,439 ) Foreign exchange and other non-cash items (89 ) — (1,000 ) (1,089 ) Balance as of June 30, 2015 $ 1,707 $ 7,595 $ — $ 9,302 Balance sheet classification as of June 30, 2015 Other accrued liabilities $ 1,707 $ 2,040 $ — $ 3,747 Other noncurrent liabilities — 5,555 — 5,555 Total liability $ 1,707 $ 7,595 $ — $ 9,302 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, June 30, 2015 2014 2015 2014 Service cost $ 108 $ 116 $ 7 $ 24 Interest cost 2,943 3,358 161 225 Recognized actuarial loss (gain) 170 71 (283 ) (85 ) Amortization of prior service credits — — (2,457 ) (2,494 ) Expected return on plan assets (3,484 ) (3,842 ) — — Net periodic benefit income $ (263 ) $ (297 ) $ (2,572 ) $ (2,330 ) Six Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Service cost $ 215 $ 230 $ 14 $ 48 Interest cost 5,881 6,693 322 450 Recognized actuarial loss (gain) 341 142 (566 ) (169 ) Amortization of prior service credits — — (4,915 ) (4,988 ) Expected return on plan assets (6,962 ) (7,656 ) — — Net periodic benefit income $ (525 ) $ (591 ) $ (5,145 ) $ (4,659 ) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 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 Outstanding as of March 31, 2015 9,113 $ 7.99 Exercised (544 ) $ 9.05 $ 11,640 Outstanding as of June 30, 2015 8,569 $ 7.92 $ 193,632 Exercisable at June 30, 2015 7,740 $ 7.19 $ 180,470 Expected to vest 826 $ 14.67 $ 13,154 Outstanding as of December 31, 2014 10,411 $ 7.32 Granted 292 $ 30.76 $ 13.25 Exercised (2,119 ) $ 8.00 $ 46,264 Forfeited (15 ) $ 23.00 Outstanding as of June 30, 2015 8,569 $ 7.92 $ 193,632 |
Summary of Exercise Price | The exercise prices of outstanding options at June 30, 2015 were in the following ranges: Options Outstanding Options Exercisable Range of Exercise Prices Shares Weighted Average Weighted Shares Weighted $2.96 to $5.35 745 2.7 $ 3.68 745 $ 3.68 $5.36 to $5.67 769 6.6 $ 5.57 695 $ 5.57 $5.68 to $8.54 4,867 5.6 $ 5.74 4,412 $ 5.74 $8.55 to $8.90 1,371 4.7 $ 8.64 1,371 $ 8.64 $8.91 to $23.00 517 8.7 $ 23.00 517 $ 23.00 $23.01 to $30.76 300 9.6 $ 30.55 — $ — $2.96 to $30.76 8,569 5.6 $ 7.92 7,740 $ 7.19 |
Summary of Weighted Average Assumptions Used to Estimate Fair Value of Stock Option | The following table presents the weighted average assumptions used to estimate the fair value of stock option awards granted. Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Expected option term (in years) * 5.0 6.0 5.0 Risk-free interest rate * 1.7 % 1.6 % 1.5 % Expected volatility * 45.0 % 43.0 % 45.0 % Expected dividend yield * — % — % — % Weighted average exercise price * $ 25.36 $ 30.76 $ 23.02 Weighted average fair value at grant date * $ 10.45 $ 13.25 $ 9.41 * No stock options were granted during the three months ended June 30, 2015. |
Performance Share Units (PSUs) [Member] | |
Summary of PSU Activity | The following table summarizes the PSU activity (in thousands, except per share data): Performance Weighted Outstanding and non-vested as of December 31, 2014 — $ — Granted 184 $ 30.76 Outstanding and non-vested as of June 30, 2015 and 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 Outstanding and non-vested as of March 31, 2015 1,335 $ 28.68 Granted 6 $ 29.83 Forfeited (13 ) $ 27.75 Outstanding and non-vested as of June 30, 2015 1,328 $ 28.70 Outstanding and non-vested as of December 31, 2014 372 $ 22.99 Granted 986 $ 30.76 Vested and shares issued (3 ) $ 18.25 Forfeited (27 ) $ 26.59 Outstanding and non-vested as of June 30, 2015 1,328 $ 28.70 |
Background and Basis of Prese30
Background and Basis of Presentation - Additional Information (Detail) $ in Thousands, shares in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015USD ($) | Jan. 31, 2015USD ($) | Jun. 30, 2015USD ($)Customershares | Jun. 30, 2014USD ($)Customershares | Jun. 30, 2015USD ($)Customershares | Jun. 30, 2014USD ($)Customershares | Dec. 31, 2014USD ($) | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Payments to acquire businesses | $ (4,745) | ||||||
Proceeds from Issuance of senior long-term debt to fund acquisition | $ 500,000 | ||||||
Unamortized debt issuance costs | $ 97,698 | $ 97,698 | $ 97,698 | $ 38,827 | |||
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. | ||||||
Asset impairment charges | $ 0 | $ 7,229 | $ 0 | $ 7,229 | |||
Effective income tax rate | 25.80% | 46.40% | 30.20% | 40.10% | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% | 35.00% | |||
Income tax expense | $ 15,887 | $ 24,307 | $ 36,878 | $ 61,984 | |||
Adjustment to the estimated fair value of contingent consideration | $ 6,600 | $ 12,000 | |||||
Amount of outstanding equity based awards not included in computation of diluted earnings per share | shares | 1.8 | 2.2 | 1.5 | 1.9 | |||
Broadband [Member] | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Pretax impairment charges | $ 7,200 | ||||||
Asset impairment charges | $ 7,200 | $ 7,200 | |||||
Carlyle [Member] | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Ownership percentage | 32.20% | ||||||
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% | 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 | Customer | 0 | 0 | 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 | Customer | 10 | ||||||
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 | ||||||
Business acquisition, revenue reported by acquired entity for last annual period | $ 1,900,000 | ||||||
Business acquisition, transaction and integration costs in selling, general and administrative (SG&A) expense | $ 9,900 | $ 21,300 | |||||
Senior Secured Term Loan Due December 2022 and Notes Due June 2025 [Member] | |||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||
Proceeds from Issuance of senior long-term debt to fund acquisition | $ 2,750,000 |
Background and Basis of Prese31
Background and Basis of Presentation - Summary of Activity in Product Warranty Accrual Included in Other Accrued Liabilities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Product warranty accrual, beginning of period | $ 15,366 | $ 22,938 | $ 17,054 | $ 24,838 |
Provision for warranty claims | 2,372 | 2,662 | 3,914 | 4,931 |
Warranty claims paid | (2,544) | (3,805) | (5,774) | (7,974) |
Product warranty accrual, end of period | $ 15,194 | $ 21,795 | $ 15,194 | $ 21,795 |
Background and Basis of Prese32
Background and Basis of Presentation - Summary of Earnings, Weighted Average Common Shares and Potential Common Shares Outstanding (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Numerator: | ||||
Net income for basic and diluted earnings per share | $ 45,592 | $ 28,043 | $ 85,068 | $ 92,530 |
Denominator: | ||||
Weighted average shares outstanding-basic | 189,682 | 186,509 | 189,084 | 186,226 |
Dilutive effect of equity-based awards | 4,322 | 4,475 | 4,486 | 4,468 |
Weighted average common shares outstanding-diluted | 194,004 | 190,984 | 193,570 | 190,694 |
Earnings per share: | ||||
Basic | $ 0.24 | $ 0.15 | $ 0.45 | $ 0.50 |
Diluted | $ 0.24 | $ 0.15 | $ 0.44 | $ 0.49 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Jul. 31, 2014USD ($)Business | Apr. 30, 2014USD ($) | Jul. 31, 2013USD ($) | Mar. 31, 2013USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Business Acquisition [Line Items] | |||||||||
Cash paid for acquired assets and assumed liabilities | $ (4,745) | ||||||||
Net sales | $ 867,290 | $ 1,066,256 | $ 1,692,690 | 2,001,292 | |||||
Adjustment to the estimated fair value of contingent consideration | 6,600 | 12,000 | |||||||
Alifabs Group [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of businesses acquired | Business | 2 | ||||||||
Total consideration transferred, amount | $ 48,800 | ||||||||
Cash paid for acquired assets and assumed liabilities | $ 46,700 | ||||||||
Net sales | $ 9,200 | $ 20,400 | |||||||
iTRACS Corporation [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash paid for acquired assets and assumed liabilities | $ 34,000 | ||||||||
Amount of purchase price returned as per the agreement | $ 4,700 | ||||||||
Redwood Systems Inc [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Cash paid for acquired assets and assumed liabilities | $ 9,800 | ||||||||
Estimated fair value of the contingent consideration | $ 12,400 | $ 0 | |||||||
Adjustment to the estimated fair value of contingent consideration | $ 6,600 | $ 12,000 |
Acquisitions - Allocation of Pu
Acquisitions - Allocation of Purchase Price (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||
Goodwill | $ 1,450,847 | $ 1,451,887 |
Alifabs Group [Member] | ||
Business Acquisition [Line Items] | ||
Cash and cash equivalents | 2,100 | |
Other current assets | 15,700 | |
Identifiable intangible assets | 26,900 | |
Goodwill | 15,300 | |
Other noncurrent assets | 600 | |
Less: Liabilities assumed | (11,800) | |
Net acquisition cost | $ 48,800 |
Goodwill - Allocation of Goodwi
Goodwill - Allocation of Goodwill by Reportable Segment (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Goodwill [Line Items] | ||
Goodwill, gross, Beginning balance | $ 1,573,200 | |
Foreign exchange | (1,100) | |
Goodwill, gross, Ending balance | 1,572,100 | |
Accumulated impairment charges | (121,300) | |
Goodwill, net | 1,450,847 | $ 1,451,887 |
Wireless [Member] | ||
Goodwill [Line Items] | ||
Goodwill, gross, Beginning balance | 833,100 | |
Foreign exchange | (1,100) | |
Goodwill, gross, Ending balance | 832,000 | |
Accumulated impairment charges | (85,100) | |
Goodwill, net | 746,900 | |
Enterprise [Member] | ||
Goodwill [Line Items] | ||
Goodwill, gross, Beginning balance | 653,800 | |
Goodwill, gross, Ending balance | 653,800 | |
Goodwill, net | 653,800 | |
Broadband [Member] | ||
Goodwill [Line Items] | ||
Goodwill, gross, Beginning balance | 86,300 | |
Goodwill, gross, Ending balance | 86,300 | |
Accumulated impairment charges | (36,200) | |
Goodwill, net | $ 50,100 |
Supplemental Financial Statem36
Supplemental Financial Statement Information - Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 97,299 | $ 90,486 |
Work in process | 89,077 | 105,739 |
Finished goods | 166,401 | 170,960 |
Inventories, net | $ 352,777 | $ 367,185 |
Supplemental Financial Statem37
Supplemental Financial Statement Information - Information Related to the Investment in Hydrogenics (Detail) - Hydrogenics [Member] - USD ($) shares in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Shares owned | 1,332 | 1,534 |
Cost basis | $ 997 | $ 1,150 |
Fair value | 13,548 | 20,392 |
Pretax unrealized gain in accumulated other comprehensive income | $ 12,551 | $ 19,242 |
Supplemental Financial Statem38
Supplemental Financial Statement Information - Summary of Information Related to Sale of Shares (Detail) - Hydrogenics [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Shares sold | 30,000 | 500,000 | 202,000 | 500,000 |
Proceeds received | $ 324 | $ 7,106 | $ 2,817 | $ 7,106 |
Pretax gain realized | $ 303 | $ 6,732 | $ 2,666 | $ 6,732 |
Supplemental Financial Statem39
Supplemental Financial Statement Information - Other Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Compensation and employee benefit liabilities | $ 62,408 | $ 122,291 | ||||
Deferred revenue | 19,860 | 25,888 | ||||
Product warranty accrual | 15,194 | $ 15,366 | 17,054 | $ 21,795 | $ 22,938 | $ 24,838 |
Accrued interest | 13,734 | 8,952 | ||||
Restructuring reserve | 3,747 | 5,657 | ||||
Income taxes payable | 22,285 | 35,302 | ||||
Accrued debt issuance costs | 58,026 | |||||
Accrued professional fees | 9,606 | 7,147 | ||||
Other | 64,554 | 67,715 | ||||
Other Accrued Liabilities | $ 269,414 | $ 289,006 |
Supplemental Financial Statem40
Supplemental Financial Statement Information - Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | $ 1,307,619 | ||||
Other comprehensive income (loss) | $ 8,905 | $ 19,499 | (25,159) | $ 19,575 | |
Amounts reclassified from AOCI (AOCL) | (1,586) | (1,551) | (3,173) | (3,102) | |
Ending balance | 1,410,272 | 1,222,828 | 1,410,272 | 1,222,828 | |
Net AOCL, end of period | (108,707) | (6,701) | (108,707) | (6,701) | $ (83,548) |
Foreign Currency Translation [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (109,971) | (27,445) | (80,483) | (29,072) | |
Other comprehensive income (loss) | 11,638 | 2,356 | (17,728) | 4,083 | |
Amounts reclassified from AOCL | (122) | (100) | |||
Ending balance | (98,333) | (25,089) | (98,333) | (25,089) | |
Pension and Other Postretirement Benefit Activity [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | (16,544) | 1,245 | (14,957) | 2,796 | |
Amounts reclassified from AOCI (AOCL) | (1,586) | (1,551) | (3,173) | (3,102) | |
Ending balance | (18,130) | (306) | (18,130) | (306) | |
Available-for-Sale Securities [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning balance | 8,903 | 11,892 | |||
Other comprehensive income (loss) | (960) | 18,694 | (2,488) | 18,694 | |
Amounts reclassified from AOCI | (187) | (1,648) | |||
Ending balance | $ 7,756 | $ 18,694 | $ 7,756 | $ 18,694 |
Supplemental Financial Statem41
Supplemental Financial Statement Information - Cash Flow Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash paid during the period for: | ||
Income taxes, net of refunds | $ 60,258 | $ 51,383 |
Interest | 67,423 | 115,656 |
Non-cash financing activities: | ||
Accrued and unpaid debt issuance costs | $ 58,026 | $ 762 |
Financing - Summary of Debt (De
Financing - Summary of Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
Other | $ 54 | $ 408 |
Total financing | 5,461,929 | 2,714,471 |
Less: Original issue discount, net of amortization | (5,337) | (6,746) |
Less: Debt issuance costs, net of amortization | (97,698) | (38,827) |
Less: Current portion | (12,554) | (9,001) |
Long-term debt | 5,346,340 | 2,659,897 |
6.00% Senior Notes Due June 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 1,500,000 | |
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 PIK Toggle Notes Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Senior PIK toggle notes due June 2020 | 550,000 | 550,000 |
4.375% Senior Secured Notes Due June 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 500,000 | |
Senior Secured Term Loans Due 2017, at Par [Member] | ||
Debt Instrument [Line Items] | ||
Senior secured term loans | 345,625 | |
Senior Secured Term Loans Due 2018, at Par [Member] | ||
Debt Instrument [Line Items] | ||
Senior secured term loans | 361,875 | 518,438 |
Senior Secured Term Loan Due December 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Senior secured term loans | 1,250,000 | |
Senior Secured Revolving Credit Facility Expires May 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Senior secured revolving credit facility expires May 2020 | $ 0 | $ 0 |
Financing - Summary of Debt (Pa
Financing - Summary of Debt (Parenthetical) (Detail) | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
6.00% Senior Notes Due June 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 15, 2025 | |
Interest rate | 6.00% | 6.00% |
5.00% Senior Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 15, 2021 | |
Interest rate | 5.00% | 5.00% |
5.50% Senior Notes Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 15, 2024 | |
Interest rate | 5.50% | 5.50% |
Senior PIK Toggle Notes Due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 1, 2020 | |
4.375% Senior Secured Notes Due June 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 15, 2020 | |
Interest rate | 4.375% | 4.375% |
Senior Secured Term Loans Due 2017, at Par [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jan. 21, 2017 | |
Senior Secured Term Loans Due 2018, at Par [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jan. 14, 2018 | |
Senior Secured Term Loan Due December 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Dec. 31, 2022 | |
Senior Secured Revolving Credit Facility Expires May 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | May 31, 2020 |
Financing - Additional Informat
Financing - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | May. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||||||
Proceeds from senior notes | $ 500,000,000 | ||||||
Repayment of senior secured loan | 502,517,000 | $ 1,119,789,000 | |||||
Total assets | $ 7,712,103,000 | $ 7,712,103,000 | 7,712,103,000 | $ 4,917,058,000 | |||
Total liabilities | 6,301,831,000 | 6,301,831,000 | 6,301,831,000 | $ 3,609,439,000 | |||
Net sales | 867,290,000 | $ 1,066,256,000 | 1,692,690,000 | 2,001,292,000 | |||
Interest expense | 49,036,000 | $ 63,625,000 | 85,365,000 | $ 105,905,000 | |||
Long term debt | $ 4,816,800,000 | $ 4,816,800,000 | $ 4,816,800,000 | ||||
Weighted average effective interest rate | 5.44% | 5.44% | 5.44% | 5.38% | |||
Asset Backed Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Incurred costs | $ 400,000 | $ 400,000 | |||||
Senior secured credit facilities | $ 400,000,000 | ||||||
Senior secured credit facilities additional borrowing capacity | $ 150,000,000 | 150,000,000 | 150,000,000 | ||||
Senior secured revolving credit facility outstanding amount | 0 | 0 | 0 | ||||
Senior secured credit facilities current borrowed amount | 0 | 0 | 0 | ||||
Senior secured credit facilities current borrowing capacity | 318,900,000 | 318,900,000 | 318,900,000 | ||||
Assets, Total [Member] | Non-Guarantor Subsidiaries [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Total assets | 1,093,000,000 | 1,093,000,000 | $ 1,093,000,000 | $ 1,089,000,000 | |||
Concentration risk percentage | 14.00% | 22.00% | |||||
Liabilities, Total [Member] | Non-Guarantor Subsidiaries [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Concentration risk percentage | 4.00% | 8.00% | |||||
Total liabilities | $ 271,000,000 | $ 271,000,000 | $ 271,000,000 | $ 282,000,000 | |||
Sales Revenue, Net [Member] | Non-Guarantor Subsidiaries [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Concentration risk percentage | 44.00% | 36.00% | 45.00% | 35.00% | |||
Net sales | $ 378,000,000 | $ 382,000,000 | $ 753,000,000 | $ 702,000,000 | |||
Senior Payment In Kind Toggle Notes [Member] | CommScope Holding Company, Inc. [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest expense | 9,500,000 | 9,500,000 | 19,000,000 | 19,000,000 | |||
Interest expense, Net of tax | $ 6,100,000 | $ 6,100,000 | $ 12,200,000 | $ 12,200,000 | |||
4.375% Senior Secured Notes Due June 2020 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4.375% | 4.375% | 4.375% | 4.375% | |||
Senior notes | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | ||||
Maturity date | Jun. 15, 2020 | ||||||
6.00% Senior Notes Due June 2025 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 6.00% | 6.00% | 6.00% | 6.00% | |||
Senior notes | $ 1,500,000,000 | $ 1,500,000,000 | $ 1,500,000,000 | ||||
Maturity date | Jun. 15, 2025 | ||||||
Amendment [Member] | Asset Backed Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior secured credit facilities | $ 550,000,000 | ||||||
Senior secured credit facilities, maturity date | May 31, 2020 | ||||||
Senior Secured Term Loan Due December 2022 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maturity date | Dec. 31, 2022 | ||||||
Incurred costs | 26,700,000 | $ 26,700,000 | |||||
Senior secured term loans | 1,250,000,000 | 1,250,000,000 | 1,250,000,000 | ||||
Scheduled maturities per year | 12,500,000 | ||||||
Long-term Debt, Current Maturities | 12,500,000 | 12,500,000 | $ 12,500,000 | ||||
Term loan and reduces | 0.75% | ||||||
Discounts and issuance costs written off | 6,700,000 | ||||||
Senior Secured Term Loan Due December 2022 [Member] | CommScope Technologies Finance LLC [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Senior secured term loans | 1,250,000,000 | 1,250,000,000 | $ 1,250,000,000 | ||||
Original issue discount | $ 3,100,000 | $ 3,100,000 | $ 3,100,000 | ||||
Senior Secured Term Loan Due December 2022 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Libor rate margin | 3.00% | ||||||
Senior Secured Term Loan Due December 2022 [Member] | Base Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Libor rate margin | 2.00% | ||||||
Senior Secured Notes [Member] | 4.375% Senior Secured Notes Due June 2020 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 4.375% | 4.375% | 4.375% | ||||
Senior notes | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | ||||
Maturity date | Jun. 15, 2020 | ||||||
Percentage of principal amount on debt instrument redeemed | 101.00% | ||||||
Incurred costs | 6,900,000 | $ 6,900,000 | |||||
Senior Secured Notes [Member] | 4.375% Senior Secured Notes Due June 2020 [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of principal amount on debt instrument redeemed | 104.375% | ||||||
Percentage of principal amount on debt instrument redeemed | 40.00% | ||||||
Senior Secured Notes [Member] | 4.375% Senior Secured Notes Due June 2020 [Member] | Debt Instrument, Redemption, Period One [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of principal amount on debt instrument redeemed | 100.00% | ||||||
Senior Notes [Member] | 6.00% Senior Notes Due June 2025 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of principal amount on debt instrument redeemed | 101.00% | ||||||
Incurred costs | $ 33,000,000 | $ 33,000,000 | |||||
Senior Notes [Member] | 6.00% Senior Notes Due June 2025 [Member] | Debt Instrument, Redemption, Period Two [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of principal amount on debt instrument redeemed | 100.00% | ||||||
Senior Notes [Member] | 6.00% Senior Notes Due June 2025 [Member] | Debt Instrument, Redemption, Period One [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of principal amount on debt instrument redeemed | 106.00% | ||||||
Percentage of principal amount on debt instrument redeemed | 40.00% | ||||||
Senior Notes [Member] | 6.00% Senior Notes Due June 2025 [Member] | CommScope Technologies Finance LLC [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 6.00% | 6.00% | 6.00% | ||||
Senior notes | $ 1,500,000,000 | $ 1,500,000,000 | $ 1,500,000,000 | ||||
Maturity date | Jun. 15, 2025 | ||||||
Percentage of principal amount on debt instrument redeemed | 100.00% | ||||||
Senior Secured Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Repayment of senior secured loan | $ 500,000,000 | $ 502,200,000 | |||||
Minimum [Member] | Senior Payment In Kind Toggle Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 6.625% | 6.625% | 6.625% | ||||
Maximum [Member] | Senior Payment In Kind Toggle Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 7.375% | 7.375% | 7.375% |
Financing - Scheduled Maturitie
Financing - Scheduled Maturities of Long- Term Debt (Detail) $ in Millions | Jun. 30, 2015USD ($) |
Long-term Debt, Fiscal Year Maturity [Abstract] | |
Remainder of 2015 | $ 6.3 |
2,016 | 12.5 |
2,017 | 12.5 |
2,018 | 374.4 |
2,019 | 12.5 |
Thereafter | $ 5,043.7 |
Derivatives and Hedging Activ46
Derivatives and Hedging Activities - Additional Information (Detail) - Jun. 30, 2015 - Foreign Currency Contracts [Member] - USD ($) $ in Millions | Total |
Derivatives, Fair Value [Line Items] | |
Notional value | $ 335 |
Maximum [Member] | |
Derivatives, Fair Value [Line Items] | |
Maturities ranging | 7 months |
Derivatives and Hedging Activ47
Derivatives and Hedging Activities - Balance Sheet Location and Fair Value of the Company's Derivatives (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency contracts | $ 3,082 | $ 1,165 |
Other Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency contracts | (485) | (3,584) |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives not designated as hedging instruments | 2,597 | (2,419) |
Not Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency contracts | 3,082 | 1,165 |
Not Designated as Hedging Instrument [Member] | Other Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency contracts | $ (485) | $ (3,584) |
Derivatives and Hedging Activ48
Derivatives and Hedging Activities - Pretax Impact of Foreign Currency Forward Contracts not Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Other Income (Expense), Net [Member] | Foreign Currency Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized on Foreign Currency Forward Contracts | $ 3,636 | $ (303) | $ (1,164) | $ (3,335) |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts, Estimated Fair Values and Valuation Input Levels of the Company's Available-for-Sale Securities, Foreign Currency Contracts and Debt Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Hydrogenics [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale securities | $ 13,548 | $ 20,392 |
Prepaid Expenses and Other Current Assets [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign currency contracts | 3,082 | 1,165 |
Other Accrued Liabilities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Foreign currency contracts | 485 | 3,584 |
6.00% Senior Notes Due June 2025 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 1,500,000 | |
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 |
4.375% Senior Secured Notes Due 2020 [ Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 500,000 | |
Senior Secured Term Loan Due June Two Thousand Twenty Two [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior secured term loans | 1,250,000 | |
Senior Secured Term Loans Due 2017, at Par [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior secured term loans | 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 | 361,875 | 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 | 13,548 | 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 | 3,082 | 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 | 485 | 3,584 |
Fair Value [Member] | Level 2 [Member] | 6.00% Senior Notes Due June 2025 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 1,492,500 | |
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 | 640,250 | 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 | 638,625 | 640,250 |
Fair Value [Member] | Level 2 [Member] | 4.375% Senior Secured Notes Due 2020 [ Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior notes | 505,000 | |
Fair Value [Member] | Level 2 [Member] | Senior Secured Term Loan Due June Two Thousand Twenty Two [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Senior secured term loans | 1,248,406 | |
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 | 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 | 362,318 | 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 | $ 571,340 | $ 566,500 |
Segments and Geographic Infor50
Segments and Geographic Information - Additional Information (Detail) - Segment | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 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 | 48.50% | 40.30% | 51.00% | 40.10% |
Segments and Geographic Infor51
Segments and Geographic Information - Summary of Financial Information by Reportable Segment (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ||||
Total assets | $ 7,712,103 | $ 4,917,058 | ||
Cash and cash equivalents | 792,959 | 729,321 | $ 481,049 | $ 346,320 |
Funds restricted for acquisition | 2,746,875 | |||
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 4,110,800 | 4,128,800 | ||
Operating Segments [Member] | Wireless [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 2,385,700 | 2,372,800 | ||
Operating Segments [Member] | Enterprise [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 1,390,600 | 1,403,400 | ||
Operating Segments [Member] | Broadband [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 334,500 | 352,600 | ||
Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | 793,000 | 729,300 | ||
Deferred income tax assets | 61,400 | $ 59,000 | ||
Funds restricted for acquisition | $ 2,746,900 |
Segments and Geographic Infor52
Segments and Geographic Information - Summary of Net Sales and Operating Income, Depreciation and Amortization by Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Net sales | $ 867,290 | $ 1,066,256 | $ 1,692,690 | $ 2,001,292 |
Operating income | 109,398 | 203,655 | 202,538 | 350,190 |
Depreciation | 11,500 | 12,100 | 23,100 | 23,800 |
Amortization | 44,624 | 44,306 | 89,410 | 88,604 |
Inter-Segment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (400) | (400) | (600) | (1,600) |
Wireless [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 515,200 | 724,900 | 1,011,500 | 1,352,100 |
Operating income | 70,200 | 178,900 | 134,600 | 306,500 |
Depreciation | 7,100 | 7,300 | 14,200 | 14,200 |
Amortization | 23,100 | 22,500 | 46,200 | 45,000 |
Enterprise [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 221,900 | 218,400 | 433,200 | 419,900 |
Operating income | 31,800 | 30,300 | 58,700 | 52,900 |
Depreciation | 2,600 | 2,800 | 5,200 | 5,600 |
Amortization | 17,300 | 17,400 | 34,700 | 34,700 |
Broadband [Member] | Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 130,600 | 123,400 | 248,600 | 230,900 |
Operating income | 7,400 | (5,500) | 9,200 | (9,200) |
Depreciation | 1,800 | 2,000 | 3,700 | 4,000 |
Amortization | $ 4,200 | $ 4,400 | $ 8,500 | $ 8,900 |
Segments and Geographic Infor53
Segments and Geographic Information - Summary of Net Sales and Operating Income, Depreciation and Amortization by Reportable Segment (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Adjustment to the estimated fair value of contingent consideration | $ 6,600 | $ 12,000 | ||
Asset impairment charges | $ 0 | 7,229 | $ 0 | 7,229 |
Wireless [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Transaction and integration costs | 3,800 | 600 | 9,700 | 1,200 |
Enterprise [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Transaction and integration costs | 2,800 | 200 | 5,800 | 500 |
Adjustment to the estimated fair value of contingent consideration | 6,600 | 12,000 | ||
Broadband [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Transaction and integration costs | $ 3,300 | 100 | $ 5,800 | 200 |
Asset impairment charges | $ 7,200 | $ 7,200 |
Segments and Geographic Infor54
Segments and Geographic Information - Summary of Sales by Geographic Region, Based on Destination of Product Shipments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | $ 867,290 | $ 1,066,256 | $ 1,692,690 | $ 2,001,292 |
United States [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | 446,500 | 636,600 | 829,600 | 1,199,500 |
Europe, Middle East and Africa [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | 177,800 | 188,400 | 336,700 | 358,000 |
Asia Pacific [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | 160,500 | 159,900 | 350,400 | 288,800 |
Central and Latin America [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | 65,000 | 60,700 | 131,700 | 119,100 |
Canada [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net sales | $ 17,500 | $ 20,700 | $ 44,300 | $ 35,900 |
Restructuring Costs - Summary o
Restructuring Costs - Summary of Company's Net Pretax Restructuring Charges (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs, net | $ 1,894 | $ 2,309 | $ 3,765 | $ 4,289 |
Wireless [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs, net | 927 | 1,616 | 2,688 | 2,854 |
Enterprise [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs, net | (80) | (82) | (43) | 132 |
Broadband [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring costs, net | $ 1,047 | $ 775 | $ 1,120 | $ 1,303 |
Restructuring Costs - Activity
Restructuring Costs - Activity within Liability Established for Restructuring Actions, Included in Other Accrued Liabilities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | |||||
Beginning balance | $ 11,136 | $ 12,065 | |||
Additional charge recorded | 1,894 | $ 2,309 | 3,765 | $ 4,289 | |
Cash paid | (2,742) | (5,439) | |||
Foreign exchange and other non-cash items | (986) | (1,089) | |||
Ending balance | 9,302 | 9,302 | |||
Restructuring reserve, current | 3,747 | $ 5,657 | |||
Total restructuring reserve liability | 11,136 | 9,302 | 12,065 | ||
Other Accrued Liabilities [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring reserve, current | 3,747 | ||||
Other Noncurrent Liabilities [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring reserve, non-current | 5,555 | ||||
Employee-Related Costs [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Beginning balance | 3,324 | 3,822 | |||
Additional charge recorded | 712 | 2,256 | |||
Cash paid | (2,343) | (4,282) | |||
Foreign exchange and other non-cash items | 14 | (89) | |||
Ending balance | 1,707 | 1,707 | |||
Total restructuring reserve liability | 3,324 | 1,707 | 3,822 | ||
Employee-Related Costs [Member] | Other Accrued Liabilities [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring reserve, current | 1,707 | ||||
Lease Termination Costs [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Beginning balance | 7,812 | 8,243 | |||
Additional charge recorded | 96 | 261 | |||
Cash paid | (313) | (909) | |||
Ending balance | 7,595 | 7,595 | |||
Total restructuring reserve liability | 7,812 | 7,595 | $ 8,243 | ||
Lease Termination Costs [Member] | Other Accrued Liabilities [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring reserve, current | 2,040 | ||||
Lease Termination Costs [Member] | Other Noncurrent Liabilities [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring reserve, non-current | 5,555 | ||||
Fixed Asset Related Costs [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Additional charge recorded | 1,086 | 1,248 | |||
Cash paid | (86) | (248) | |||
Foreign exchange and other non-cash items | $ (1,000) | $ (1,000) |
Restructuring Costs - Additiona
Restructuring Costs - Additional Information (Detail) - Jun. 30, 2015 - USD ($) | Total | Total |
Restructuring Cost and Reserve [Line Items] | ||
Cash payments | $ 2,742,000 | $ 5,439,000 |
Minimum [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Additional pretax costs expected to complete initiatives | 1,000,000 | 1,000,000 |
Cash payments | 2,000,000 | |
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 | 2,000,000 |
Cash payments | 3,000,000 | |
Additional payments to be paid between 2016 and 2022 | $ 9,000,000 |
Employee Benefit Plans - Summar
Employee Benefit Plans - Summary of Defined Benefit Pension Plan and Other Postretirement Defined Benefit Plan (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 108 | $ 116 | $ 215 | $ 230 |
Interest cost | 2,943 | 3,358 | 5,881 | 6,693 |
Recognized actuarial loss (gain) | 170 | 71 | 341 | 142 |
Expected return on plan assets | (3,484) | (3,842) | (6,962) | (7,656) |
Net periodic benefit income | (263) | (297) | (525) | (591) |
Other Postretirement Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 7 | 24 | 14 | 48 |
Interest cost | 161 | 225 | 322 | 450 |
Recognized actuarial loss (gain) | (283) | (85) | (566) | (169) |
Amortization of prior service credits | (2,457) | (2,494) | (4,915) | (4,988) |
Net periodic benefit income | $ (2,572) | $ (2,330) | $ (5,145) | $ (4,659) |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - Jun. 30, 2015 - Pension and Other Postretirement Benefit Plans [Member] - USD ($) $ in Millions | Total | Total |
Defined Benefit Plan Disclosure [Line Items] | ||
Current contribution amount | $ 3.9 | $ 10.7 |
Additional contribution amount for remaining fiscal period | $ 6.5 | $ 6.5 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | |
Stockholders Equity [Line Items] | |||
Total unrecognized compensation costs related to non-vested stock options, restricted stock unit awards (RSUs) and performance share units (PSUs) | $ 36.6 | $ 36.6 | |
Recognition period of unrecognized compensation costs | 1 year 10 months 24 days | ||
Share-based compensation arrangement by share-based payment award accelerated compensation cost | $ 5.3 | ||
Stock options vested and expected to vest, contractual term | 10 years | ||
Share unit award expense | $ 3.7 | $ 2.4 | |
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
Stockholders' Equity - Summary of Stock Option Activity (Detail) - Non Qualified Stock Option [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Beginning Balance | 9,113 | 10,411 | 10,411 |
Shares, Granted | 292 | ||
Shares, Exercised | (544) | (2,119) | |
Shares, Forfeited | (15) | ||
Shares, Ending Balance | 8,569 | 9,113 | 8,569 |
Shares, Exercisable Ending Balance | 7,740 | 7,740 | |
Shares, Expected to vest | 826 | 826 | |
Weighted Average Option Exercise Price Per Share, Beginning Balance | $ 7.99 | $ 7.32 | $ 7.32 |
Weighted Average Option Exercise Price Per Share, Granted | 30.76 | ||
Weighted Average Option Exercise Price Per Share, Exercised | 9.05 | 8 | |
Weighted Average Option Exercise Price Per Share, Forfeited or expired | 23 | ||
Weighted Average Option Exercise Price Per Share, Ending Balance | 7.92 | $ 7.99 | 7.92 |
Weighted Average Option Exercise Price Per Share, Exercisable Ending Balance | 7.19 | 7.19 | |
Weighted Average Grant Date Fair Value Per Share, Granted | 13.25 | ||
Weighted Average Option Exercise Price Per Share, Expected to vest | $ 14.67 | $ 14.67 | |
Aggregate Intrinsic Value, Exercised | $ 11,640 | $ 46,264 | |
Aggregate Intrinsic Value, Outstanding as of June 30, 2015 | 193,632 | 193,632 | |
Aggregate Intrinsic Value, Exercisable at June 30, 2015 | 180,470 | 180,470 | |
Aggregate Intrinsic Value, Expected to vest | $ 13,154 | $ 13,154 |
Stockholders' Equity - Summar62
Stockholders' Equity - Summary of Exercise Price (Detail) - Jun. 30, 2015 - $ / shares shares in Thousands | Total |
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 | 745 |
Weighted Average Remaining Contractual Life | 2 years 8 months 12 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 3.68 |
Options Exercisable Shares | 745 |
Weighted Average Exercise Price Per Share, Options Exercisable | $ 3.68 |
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 | 769 |
Weighted Average Remaining Contractual Life | 6 years 7 months 6 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 5.57 |
Options Exercisable Shares | 695 |
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 | 4,867 |
Weighted Average Remaining Contractual Life | 5 years 7 months 6 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 5.74 |
Options Exercisable Shares | 4,412 |
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 | 1,371 |
Weighted Average Remaining Contractual Life | 4 years 8 months 12 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 8.64 |
Options Exercisable Shares | 1,371 |
Weighted Average Exercise Price Per Share, Options Exercisable | $ 8.64 |
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 | 517 |
Weighted Average Remaining Contractual Life | 8 years 8 months 12 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 23 |
Options Exercisable Shares | 517 |
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 7 months 6 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 | 8,569 |
Weighted Average Remaining Contractual Life | 5 years 7 months 6 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 7.92 |
Options Exercisable Shares | 7,740 |
Weighted Average Exercise Price Per Share, Options Exercisable | $ 7.19 |
Stockholders' Equity - Summar63
Stockholders' Equity - Summary of Weighted Average Assumptions Used to Estimate Fair Value of Stock Option (Detail) - Stock Options [Member] - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected option term (in years) | 5 years | 6 years | 5 years | |
Risk-free interest rate | 0.00% | 1.70% | 1.60% | 1.50% |
Expected volatility | 0.00% | 45.00% | 43.00% | 45.00% |
Expected dividend yield | 0.00% | |||
Weighted average exercise price | $ 0 | $ 25.36 | $ 30.76 | $ 23.02 |
Weighted average fair value at grant date | $ 0 | $ 10.45 | $ 13.25 | $ 9.41 |
Stockholders' Equity - Summar64
Stockholders' Equity - Summary of Weighted Average Assumptions Used to Estimate Fair Value of Stock Option (Parenthetical) (Detail) | 3 Months Ended |
Jun. 30, 2015shares | |
Risk Free Interest Rate [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock option granted | 0 |
Stockholders' Equity - Summar65
Stockholders' Equity - Summary of PSU Activity (Detail) - Performance Shares [Member] - $ / shares shares in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding and non-vested, Beginning balance | 184 | ||
Granted | 184 | 184 | |
Outstanding and non-vested, Ending balance | 184 | 184 | 184 |
Outstanding and non-vested, Beginning balance | $ 30.76 | ||
Weighted average fair value at grant date | $ 30.76 | $ 30.76 | |
Outstanding and non-vested, Ending balance | $ 30.76 | $ 30.76 | $ 30.76 |
Stockholders' Equity - Summar66
Stockholders' Equity - Summary of RSU Activity (Detail) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding and non-vested, Beginning balance | 1,335 | 372 | 372 |
Granted | 6 | 986 | |
Vested and shares issued | (3) | ||
Forfeited | (13) | (27) | |
Outstanding and non-vested, Ending balance | 1,328 | 1,335 | 1,328 |
Outstanding and non-vested, Beginning balance | $ 28.68 | $ 22.99 | $ 22.99 |
Weighted average fair value at grant date | 29.83 | 30.76 | |
Vested and shares issued | 18.25 | ||
Forfeited | 27.75 | 26.59 | |
Outstanding and non-vested, Ending balance | $ 28.70 | $ 28.68 | $ 28.70 |