Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 27, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
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 | 192,893,254 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
Net sales | $ 1,137,285 | $ 1,143,979 |
Operating costs and expenses: | ||
Cost of sales | 682,459 | 696,888 |
Selling, general and administrative | 211,554 | 209,197 |
Research and development | 48,895 | 52,190 |
Amortization of purchased intangible assets | 67,638 | 73,616 |
Restructuring costs, net | 5,388 | 6,072 |
Asset impairments | 15,293 | |
Total operating costs and expenses | 1,015,934 | 1,053,256 |
Operating income | 121,351 | 90,723 |
Other income (expense), net | (16,736) | 301 |
Interest expense | (69,554) | (72,562) |
Interest income | 874 | 2,579 |
Income before income taxes | 35,935 | 21,041 |
Income tax expense | (2,373) | (8,461) |
Net income | $ 33,562 | $ 12,580 |
Earnings per share: | ||
Basic | $ 0.17 | $ 0.07 |
Diluted | $ 0.17 | $ 0.06 |
Weighted average shares outstanding: | ||
Basic | 194,068 | 191,642 |
Diluted | 199,140 | 195,456 |
Comprehensive income: | ||
Net income | $ 33,562 | $ 12,580 |
Other comprehensive income, net of tax: | ||
Foreign currency translation gain | 40,351 | 46,284 |
Pension and other postretirement benefit activity | (369) | (731) |
Loss on net investment hedge | (355) | |
Available-for-sale securities | 1,309 | (723) |
Total other comprehensive income, net of tax | 40,936 | 44,830 |
Total comprehensive income | $ 74,498 | $ 57,410 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and cash equivalents | $ 437,637 | $ 428,228 |
Accounts receivable, less allowance for doubtful accounts of $18,103 and $17,211, respectively | 941,274 | 952,367 |
Inventories, net | 498,087 | 473,267 |
Prepaid expenses and other current assets | 155,165 | 139,902 |
Total current assets | 2,032,163 | 1,993,764 |
Property, plant and equipment, net of accumulated depreciation of $322,903 and $303,734, respectively | 474,066 | 474,990 |
Goodwill | 2,779,416 | 2,768,304 |
Other intangible assets, net | 1,740,199 | 1,799,065 |
Other noncurrent assets | 106,980 | 105,863 |
Total assets | 7,132,824 | 7,141,986 |
Liabilities and Stockholders' Equity | ||
Accounts payable | 453,339 | 415,921 |
Other accrued liabilities | 380,924 | 429,397 |
Current portion of long-term debt | 12,500 | |
Total current liabilities | 834,263 | 857,818 |
Long-term debt | 4,567,418 | 4,549,510 |
Deferred income taxes | 184,504 | 199,121 |
Pension and other postretirement benefit liabilities | 30,501 | 31,671 |
Other noncurrent liabilities | 112,115 | 109,782 |
Total liabilities | 5,728,801 | 5,747,902 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $.01 par value: Authorized shares: 200,000,000; Issued and outstanding shares: None | ||
Common stock, $0.01 par value: Authorized shares: 1,300,000,000; Issued and outstanding shares: 193,466,488 and 193,837,437, respectively | 1,966 | 1,950 |
Additional paid-in capital | 2,297,414 | 2,282,014 |
Retained earnings (accumulated deficit) | (556,200) | (589,556) |
Accumulated other comprehensive loss | (244,177) | (285,113) |
Treasury stock, at cost: 1,522,945 shares and 1,129,222 shares, respectively | (94,980) | (15,211) |
Total stockholders' equity | 1,404,023 | 1,394,084 |
Total liabilities and stockholders' equity | $ 7,132,824 | $ 7,141,986 |
Condensed Consolidated Balance4
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 18,103 | $ 17,211 |
Property, plant and equipment, net of accumulated depreciation | $ 322,903 | $ 303,734 |
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 | 193,466,488 | 193,837,437 |
Common stock, shares outstanding | 193,466,488 | 193,837,437 |
Treasury stock, shares | 3,155,802 | 1,129,222 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating Activities: | ||
Net income | $ 33,562 | $ 12,580 |
Adjustments to reconcile net income to net cash generated by operating activities: | ||
Depreciation and amortization | 100,401 | 96,938 |
Equity-based compensation | 9,412 | 8,835 |
Deferred income taxes | (16,444) | (10,440) |
Asset impairments | 15,293 | |
Changes in assets and liabilities: | ||
Accounts receivable | 19,683 | (58,760) |
Inventories | (19,132) | (9,863) |
Prepaid expenses and other assets | (12,314) | (6,378) |
Accounts payable and other liabilities | (28,032) | 73,019 |
Other | 15,653 | (1,751) |
Net cash generated by operating activities | 102,789 | 119,473 |
Investing Activities: | ||
Additions to property, plant and equipment | (12,910) | (14,472) |
Proceeds from sale of property, plant and equipment | 355 | 3,684 |
Cash paid for acquisitions including purchase price adjustments, net of cash acquired | 15,355 | |
Other | 639 | 474 |
Net cash generated by (used in) investing activities | (11,916) | 5,041 |
Financing Activities: | ||
Long-term debt repaid | (750,000) | (3,146) |
Long-term debt proceeds | 750,000 | |
Debt issuance costs | (6,115) | |
Debt extinguishment costs | (14,800) | |
Cash paid for repurchase of common stock | (58,770) | |
Proceeds from the issuance of common shares under equity-based compensation plans | 5,805 | 1,490 |
Tax withholding payments for vested equity-based compensation awards | (14,758) | (2,721) |
Net cash used in financing activities | (88,638) | (4,377) |
Effect of exchange rate changes on cash and cash equivalents | 7,174 | 5,347 |
Change in cash and cash equivalents | 9,409 | 125,484 |
Cash and cash equivalent at beginning of period | 428,228 | 562,884 |
Cash and cash equivalents at end of period | $ 437,637 | $ 688,368 |
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, 2015 | 191,368,727 | |||||
Issuance of shares under equity-based compensation plans, shares | 602,628 | |||||
Shares surrendered under equity-based compensation plans | (107,809) | |||||
Ending balance, Shares at Mar. 31, 2016 | 191,863,546 | |||||
Beginning balance at Dec. 31, 2015 | $ 1,923 | $ 2,216,202 | $ (812,394) | $ (171,678) | $ (11,333) | |
Issuance of shares under equity-based compensation plans | 6 | 1,483 | ||||
Equity-based compensation | 8,792 | |||||
Tax benefit from shares issued under equity-based compensation plans | 764 | |||||
Net income | $ 12,580 | 12,580 | ||||
Other comprehensive income, net of tax | 44,830 | 44,830 | ||||
Net shares surrendered under equity-based compensation plans | (2,721) | |||||
Ending balance at Mar. 31, 2016 | $ 1,288,454 | $ 1,929 | 2,227,241 | (799,814) | (126,848) | (14,054) |
Beginning balance, Shares at Dec. 31, 2016 | 193,837,437 | 193,837,437 | ||||
Issuance of shares under equity-based compensation plans, shares | 1,655,631 | |||||
Shares surrendered under equity-based compensation plans | (393,594) | |||||
Repurchase of common stock | (1,600,000) | (1,632,986) | ||||
Ending balance, Shares at Mar. 31, 2017 | 193,466,488 | 193,466,488 | ||||
Beginning balance at Dec. 31, 2016 | $ 1,394,084 | $ 1,950 | 2,282,014 | (589,556) | (285,113) | (15,211) |
Issuance of shares under equity-based compensation plans | 16 | 5,789 | ||||
Equity-based compensation | 9,316 | |||||
Cumulative effect of change in accounting principle | 295 | |||||
Net income | 33,562 | 33,562 | ||||
Cumulative effect of change in accounting principle | (206) | |||||
Other comprehensive income, net of tax | 40,936 | 40,936 | ||||
Repurchase of common stock | (65,000) | (65,011) | ||||
Net shares surrendered under equity-based compensation plans | (14,758) | |||||
Ending balance at Mar. 31, 2017 | $ 1,404,023 | $ 1,966 | $ 2,297,414 | $ (556,200) | $ (244,177) | $ (94,980) |
Background and Basis of Present
Background and Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
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 infrastructure solutions for the core, access and edge layers of communication 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. Basis of Presentation The Condensed Consolidated Balance Sheet as of March 31, 2017 and the Condensed Consolidated Statements of Operations and Comprehensive Income, Cash Flows and Stockholders’ Equity for the three months ended March 31, 2017 and 2016 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 these interim periods are not necessarily indicative of the results of operations to be expected for any future period or the full fiscal 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, 2016 (the 2016 Annual Report). There were no changes in the Company’s significant accounting policies during the three months ended March 31, 2017. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements. Prior to January 1, 2017, the Company consolidated the operating results of the acquired BNS business based on the BNS fiscal reporting calendar that resulted in a reporting lag of one day for the year ended December 31, 2016. Effective January 1, 2017, the reporting lag was eliminated as a result of system conversions that were part of the BNS integration. The elimination of the reporting lag represents a change in accounting principle which the Company believes to be preferable because it provides more current information to the users of its financial statements. The Company determined that it was impracticable to apply the effects of the lag elimination to financial reporting periods prior to January 1, 2017. The cumulative effect of not retroactively applying this change in accounting, however, was immaterial as of January 1, 2017. Therefore, the Company reported the cumulative effect of the change in accounting principle in net income for the three months ended March 31, 2017 and did not retrospectively apply the effects of this change to prior periods. Concentrations of Risk and Related Party Transactions Net sales to Anixter International Inc. and its affiliates (Anixter) accounted for 10% and 11% of the Company’s total net sales during the three months ended March 31, 2017 and 2016, respectively. Sales to Anixter primarily originate within the CommScope Connectivity Solutions (CCS) segment. Other than Anixter, no other direct customer accounted for 10% or more of the Company’s total net sales for the three months ended March 31, 2017 or 2016. Accounts receivable from Verizon Communications Inc. (Verizon) represented approximately 10% of accounts receivable as of March 31, 2017. Other than Verizon, no direct customer accounted for 10% or more of the Company’s accounts receivable as of March 31, 2017. Product Warranties The Company recognizes a liability for the estimated claims that may be paid under its customer warranty agreements to remedy potential deficiencies of quality or performance of the Company’s products. These product warranties extend over periods ranging from one to twenty-five years from the date of sale, depending upon the product subject to the warranty. The Company records a provision for estimated future warranty claims as cost of sales based upon the historical relationship of warranty claims to sales and specifically identified warranty issues. The Company bases its estimates on assumptions that are believed to be reasonable under the circumstances and revises its estimates, as appropriate, when events or changes in circumstances indicate that revisions may be necessary. Such revisions may be material. The following table summarizes the activity in the product warranty accrual, included in other accrued liabilities: Three Months Ended March 31, 2017 2016 Product warranty accrual, beginning of period $ 21,631 $ 17,964 Provision for warranty claims 2,202 2,051 Warranty claims paid (3,618 ) (2,104 ) Foreign exchange (35 ) (222 ) Product warranty accrual, end of period $ 20,180 $ 17,689 Commitments and Contingencies The Company is either a plaintiff or a defendant in certain 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 Goodwill is tested for impairment annually or at other times if events have occurred or circumstances exist that indicate the carrying value of the reporting unit may exceed its fair value. During the first quarter of 2016, the Company recorded a $15.3 million goodwill impairment charge as a result of the change in its reportable segments. The impairment was recorded in the CCS segment. 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. Other than the goodwill impairment described above, there were no asset impairments identified during the three months ended March 31, 2017 or 2016. Income Taxes The effective income tax rate of 6.6% for the three months ended March 31, 2017 was significantly lower than the statutory rate of 35.0% primarily due to the favorable impact of $8.7 million of excess tax benefits related to equity-based compensation awards. Such benefits, which were previously reflected in additional paid-in capital, are now recognized in income tax expense as a result of the adoption of Accounting Standards Update (ASU) No. 2016-09. See the discussion under Recent Accounting Pronouncements for further information regarding the adoption of this new accounting guidance. The effective income tax rate was also favorably affected by the impact of earnings in foreign jurisdictions that the Company does not plan to repatriate. These earnings are generally taxed at rates lower than the United States (U.S.) statutory rate. Offsetting these decreases for the three months ended March 31, 2017 was the effect of the provision for state income taxes. The effective income tax rate of 40.2% for the three months ended March 31, 2016 was higher than the statutory rate of 35.0% primarily due to the impact of the goodwill impairment charge for which only partial tax benefits were recorded. In addition, the effective income tax rate was also affected by the provision for state income taxes as well as losses in certain jurisdictions where the Company did not recognize tax benefits due to the likelihood of them not being realizable. These increases to the effective income tax rate were partially offset by the impact of earnings in foreign jurisdictions that the Company does not plan to repatriate, which are generally taxed at rates lower than the U.S. statutory rate. 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 effect of potentially dilutive common shares using the treasury stock method. Potentially dilutive common shares include outstanding equity-based awards (stock options, restricted stock units and performance share 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 (0.4 million shares and 2.2 million shares for the three months ended March 31, 2017 and 2016, respectively). During the three months ended March 31, 2017, the Company repurchased 1.6 million shares of its common stock to reduce dilution from grants under its equity-based award programs. See Note 11 for more information on the share repurchase program. The following table presents the basis for the earnings per share computations (in thousands, except per share data): Three Months Ended March 31, 2017 2016 Numerator: Net income for basic and diluted earnings per share $ 33,562 $ 12,580 Denominator: Weighted average common shares outstanding - basic 194,068 191,642 Dilutive effect of equity-based awards 5,072 3,814 Weighted average common shares outstanding - diluted 199,140 195,456 Earnings per share: Basic $ 0.17 $ 0.07 Diluted $ 0.17 $ 0.06 Recent Accounting Pronouncements Adopted During the Three Months Ended March 31, 2017 The Company adopted ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting The Company also adopted ASU No. 2016-15, Cash Flow Classification of Certain Cash Receipts and Cash Payments Issued but Not Adopted In March 2017, the Financial Accounting Standards Board (FASB) issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test of Goodwill Impairment In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments In February 2016, the FASB issued ASU No. 2016-02, Leases supersedes the current leasing guidance in Topic 840, Leases. Under the new guidance, lessees are required to recognize assets and lease liabilities for the rights and obligations created by leased assets previously classified as operating leases In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (except those accounted for under the equity method of accounting) In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers The Company has completed an impact assessment and determined that adoption of the standard will likely result in changes to revenue recognition related to the timing of when revenues are recognized for contracts containing multiple performance obligations. These contract revenues are currently accounted for using the multi-element guidance and are primarily for metro cell, DAS and small cell solutions within the CommScope Mobility Solutions (CMS) segment. Due to the short-term nature of most of the contracts, the ultimate impact to the Company’s consolidated financial statements will be based on customer-specific contract terms in effect at adoption and could be material. The Company is in the process of implementing the necessary changes to its accounting policies, processes, internal controls and information systems that will be required to meet the new standard’s reporting and disclosure requirements. 2 |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | 2. ACQUISITIONS On August 28, 2015, the Company acquired TE Connectivity’s BNS business for approximately $3.0 billion in an all-cash transaction. During the three months ended March 31, 2016, the Company received $15.4 million in net settlements for certain adjustments related to the BNS acquisition. Also during the three months ended March 31, 2016, the Company recorded measurement period adjustments primarily related to the finalization of the valuation of inventory, intangible assets, plant and equipment, pension liabilities and deferred taxes. The impact of these measurement period adjustments were not material to the Company’s results. |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | 3. GOODWILL The following table presents goodwill by reportable segment (in millions): CCS CMS Total Goodwill, gross at December 31, 2016 $ 2,077.5 $ 901.8 $ 2,979.3 Foreign exchange 9.8 1.3 11.1 Goodwill, gross at March 31, 2017 2,087.3 903.1 2,990.4 Accumulated impairment charges at December 31, 2016 and March 31, 2017 (51.5 ) (159.5 ) (211.0 ) Goodwill, net at March 31, 2017 $ 2,035.8 $ 743.6 $ 2,779.4 |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 3 Months Ended |
Mar. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Supplemental Financial Statement Information | 4. SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION Inventories March 31, 2017 December 31, 2016 Raw materials $ 124,639 $ 126,027 Work in process 124,519 135,848 Finished goods 248,929 211,392 $ 498,087 $ 473,267 Other Accrued Liabilities March 31, 2017 December 31, 2016 Compensation and employee benefit liabilities $ 98,428 $ 169,923 Deferred revenue 29,517 25,859 Product warranty accrual 20,180 21,631 Accrued interest 48,903 8,586 Restructuring reserve 27,098 30,438 Income taxes payable 52,962 49,984 Value-added taxes payable 13,691 14,885 Accrued professional fees 11,300 10,621 Other 78,845 97,470 $ 380,924 $ 429,397 Accumulated Other Comprehensive Loss The following table presents changes in accumulated other comprehensive income (AOCI), net of tax, and accumulated other comprehensive loss (AOCL), net of tax: Three Months Ended March 31, 2017 2016 Foreign currency translation Balance at beginning of period $ (254,148 ) $ (160,620 ) Other comprehensive income 40,084 46,284 Amounts reclassified from AOCL 267 — Balance at end of period $ (213,797 ) $ (114,336 ) Defined benefit plan activity Balance at beginning of period $ (33,473 ) $ (17,567 ) Amounts reclassified from AOCL (369 ) (731 ) Balance at end of period $ (33,842 ) $ (18,298 ) Net investment hedge Balance at beginning of period $ — $ — Other comprehensive loss (355 ) — Balance at end of period $ (355 ) $ — Available-for-sale securities Balance at beginning of period $ 2,508 $ 6,509 Other comprehensive income (loss) 1,698 (494 ) Amounts reclassified from AOCI (389 ) (229 ) Balance at end of period $ 3,817 $ 5,786 Net AOCL at end of period $ (244,177 ) $ (126,848 ) 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 cost (income) and are primarily recorded in cost of sales and selling, general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Income. Cash Flow Information Three Months Ended March 31, 2017 2016 Cash paid during the period for: Income taxes, net of refunds $ 17,006 $ 15,087 Interest $ 16,643 $ 16,057 |
Financing
Financing | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Financing | 5. FINANCING March 31, 2017 December 31, 2016 5.00% senior notes due March 2027 $ 750,000 $ — 6.00% senior notes due June 2025 1,500,000 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 4.375% senior secured notes due June 2020 — 500,000 Senior secured term loan due December 2022 1,096,250 1,234,375 Senior secured term loan due January 2018 — 111,875 Senior secured revolving credit facility expires May 2020 — — Total principal amount of debt $ 4,646,250 $ 4,646,250 Less: Original issue discount, net of amortization (4,756 ) (5,857 ) Less: Debt issuance costs, net of amortization (74,076 ) (78,383 ) Less: Current portion — (12,500 ) Total long-term debt $ 4,567,418 $ 4,549,510 See Note 6 in the Notes to Consolidated Financial Statements in the 2016 Annual Report for additional information on the terms and conditions of the 6.00% senior notes (the 2025 Notes), the 5.50% senior notes (the 2024 Notes), the 5.00% senior notes (the 2021 Notes), the 4.375% senior secured notes (the 2020 Notes) and the senior secured term loans and credit facility. 5.00% Senior Notes Due 2027 In March 2017, CommScope Technologies LLC (CommScope Technologies), a wholly owned subsidiary of the Company, issued $750.0 million of 5.00% Senior Notes due March 15, 2027 (the 2027 Notes). Interest is payable on the 2027 Notes semi-annually in arrears on March 15 and September 15 of each year, beginning on September 15, 2017. The Company used the proceeds of the issuance of the 2027 Notes, together with cash on hand, to (i) redeem all of the 2020 Notes, (ii) repay a portion of the outstanding borrowings under its senior secured term loans, including all $111.9 million of outstanding principal on the senior secured term loan due 2018 and $138.1 million of outstanding principal on the senior secured term loan due 2022, and (iii) pay related fees and expenses. The redemption of the 2020 Notes resulted in a $14.8 million charge which is reflected in other income (expense), net. In connection with the redemption of the 2020 Notes and prepayments of the senior secured term loans, $9.6 million of debt issuance costs and original issue discount were written off and included in interest expense. CommScope, Inc., a wholly owned subsidiary of the Company, and each of CommScope, Inc.’s existing and future domestic subsidiaries (other than CommScope Technologies) that guarantee the senior secured credit facilities also guarantees the 2027 Notes on a senior unsecured basis, subject to certain exceptions. The 2027 Notes rank senior in right of payment with all of CommScope Technologies’ and the guarantors’ future subordinated indebtedness and equally in right of payment with all of CommScope Technologies’ and the guarantors’ existing and future senior indebtedness, including the senior secured credit facilities, the 2025 Notes, the 2024 Notes and the 2021 Notes. The 2027 Notes and guarantees are effectively junior to all of CommScope Technologies’ and the guarantors’ existing and future secured indebtedness, including the senior secured credit facilities, to the extent of the value of the assets securing such secured indebtedness. In addition, the 2027 Notes are structurally subordinated to all existing and future liabilities (including trade payables) of CommScope, Inc.’s subsidiaries that do not guarantee the 2027 Notes, including indebtedness incurred by certain of CommScope, Inc.’s non-U.S. subsidiaries under the revolving credit facility. The 2027 Notes may be redeemed prior to maturity under certain circumstances. Upon certain change of control events, the 2027 Notes may be redeemed at the option of the holders at 101% of their principal amount, plus accrued and unpaid interest. The 2027 Notes may be redeemed on or after March 15, 2022 at the redemption prices specified in the indenture governing the 2027 Notes. Prior to March 15, 2022, the 2027 Notes may be redeemed at a redemption price equal to 100% of the aggregate principal amount of the 2027 Notes to be redeemed, plus a make-whole premium (as specified in the indenture governing the 2027 Notes), plus accrued and unpaid interest. At any time prior to March 15, 2020, CommScope Technologies may also redeem up to 40% of the aggregate principal amount of the 2027 Notes at a redemption price of 105%, plus accrued and unpaid interest, using the proceeds of certain equity offerings. In connection with issuing the 2027 Notes, the Company paid $6.1 million of debt issuance costs during the three months ended March 31, 2017, which was recorded as a reduction of the carrying amount of the debt and is being amortized over the term of the notes. Senior Secured Credit Facilities No portion of the senior secured term loan was reflected as a current portion of long-term debt as of March 31, 2017 related to the potentially required excess cash flow payment because the amount that may be payable in 2018, if any, cannot currently be reliably estimated. There was no excess cash flow payment required in 2017 related to 2016. During the three months ended March 31, 2017, the Company did not borrow under its revolving credit facility. As of March 31, 2017, the Company had availability of approximately $409.4 million under the asset-based revolving credit facility, after giving effect to borrowing base limitations and outstanding letters of credit. Other Matters The following table summarizes scheduled maturities of long-term debt as of March 31, 2017 (in millions): Remainder of 2017 2018 2019 2020 2021 Thereafter Scheduled maturities of long-term debt $ — $ — $ — $ — $ 650.0 $ 3,996.3 The Company’s non-guarantor subsidiaries held $2,641 million, or 37%, of total assets and $603 million, or 11%, of total liabilities as of March 31, 2017 and accounted for $440 million, or 39%, of net sales for the three months ended March 31, 2017. As of December 31, 2016, the non-guarantor subsidiaries held $2,211 million, or 31%, of total assets and $615 million, or 11%, of total liabilities. For the three months ended March 31, 2016, the non-guarantor subsidiaries accounted for approximately $500 million, or 44%, of net sales. All amounts presented exclude intercompany balances. The weighted average effective interest rate on outstanding borrowings, including the amortization of debt issuance costs and original issue discount, was 5.39% and 5.24% at March 31, 2017 and December 31, 2016, respectively. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | 6. DERIVATIVES AND HEDGING ACTIVITIES Derivatives Not Designated As Hedging Instruments The Company uses forward contracts to hedge a portion of its balance sheet foreign exchange re-measurement risk and to hedge certain planned foreign currency expenditures. As of March 31, 2017, the Company had foreign exchange contracts outstanding with maturities of up to twelve months and aggregate notional values of $455 million (based on exchange rates as of March 31, 2017). 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 and expenditures being hedged. These instruments are not held for speculative or trading purposes and 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 not designated as hedging instruments: Fair Value of Asset (Liability) Balance Sheet Location March 31, 2017 December 31, 2016 Foreign currency contracts Prepaid expenses and other current assets $ 733 $ 289 Foreign currency contracts Other accrued liabilities (2,567 ) (8,349 ) Total derivatives not designated as hedging instruments $ (1,834 ) $ (8,060 ) The pretax impact of these foreign currency forward contracts, both matured and outstanding, on the Condensed Consolidated Statements of Operations and Comprehensive Income is as follows: Foreign Currency Forward Contracts Location of Gain Gain Recognized Three Months Ended March 31, 2017 Other income (expense), net $ 1,855 Three Months Ended March 31, 2016 Other income (expense), net $ 1,163 Derivative Instruments Designated As Net Investment Hedge During the three months ended March 31, 2017, the Company entered into foreign exchange forward contracts that are designated as net investment hedges and are intended to mitigate a portion of the foreign currency risk on the Euro net investment in a foreign subsidiary. As of March 31, 2017, the Company had designated forward contracts with outstanding maturities of nine months and aggregate notional values of $74.5 million (based on exchange rates as of March 31, 2017). Hedge effectiveness is assessed each quarter based on the net investment in the foreign subsidiary designated as the hedged item and the overall changes in the fair value of the forward contracts. For hedges that meet the effectiveness requirements, changes in fair value are recorded as a component of other comprehensive income, net of tax. Any change in fair value that is the result of ineffectiveness is recognized immediately in earnings. As of March 31, 2017, there was no ineffectiveness on the instruments designated as net investment hedges. The following table presents the balance sheet location and fair value of the derivatives designated as net investment hedges: Fair Value of Asset (Liability) Balance Sheet Location March 31, 2017 December 31, 2016 Foreign currency contracts Prepaid expenses and other current assets $ 23 $ — Foreign currency contracts Other accrued liabilities (595 ) — Total derivatives designated as net investment hedging instruments $ (572 ) $ — The after tax impact of the effective portion of the foreign currency forward contracts designated as net investment hedging instruments on the Condensed Consolidated Statements of Operations and Comprehensive Income is as follows: Foreign Currency Forward Contracts Location of Loss Effective Portion of Loss Recognized Three Months Ended March 31, 2017 Other comprehensive income, net of tax $ (355 ) Three Months Ended March 31, 2016 Other comprehensive income, net of tax — |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 7. FAIR VALUE MEASUREMENTS The Company’s financial instruments consist primarily of cash and cash equivalents, trade receivables, trade payables, available-for-sale securities, debt instruments and foreign currency contracts. For cash and cash equivalents, trade receivables and trade payables, the carrying amounts of these financial instruments as of March 31, 2017 and December 31, 2016 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 was 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 March 31, 2017 and December 31, 2016, are as follows: March 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Valuation Inputs Assets: Available-for-sale securities $ 7,212 $ 7,212 $ 5,212 $ 5,212 Level 1 Foreign currency contracts 756 756 289 289 Level 2 Liabilities: 5.00% senior notes due 2027 750,000 749,100 — — Level 2 6.00% senior notes due 2025 1,500,000 1,578,750 1,500,000 1,585,350 Level 2 5.50% senior notes due 2024 650,000 672,165 650,000 673,530 Level 2 5.00% senior notes due 2021 650,000 669,500 650,000 669,500 Level 2 4.375% senior secured notes due 2020 — — 500,000 513,100 Level 2 Senior secured term loan due 2022, at par 1,096,250 1,105,815 1,234,375 1,245,145 Level 2 Senior secured term loan due 2018, at par — — 111,875 112,364 Level 2 Foreign currency contracts 3,162 3,162 8,349 8,349 Level 2 These fair value estimates are based on pertinent information available to management as of the valuation date. 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 | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segments and Geographic Information | 8. SEGMENTS AND GEOGRAPHIC INFORMATION The CommScope Connectivity Solutions (CCS) segment provides connectivity and network intelligence for indoor and outdoor network applications. Indoor network solutions are found in commercial buildings and in the network core, which includes data centers, central offices and cable television headends. These solutions include optical fiber and twisted pair structured cabling solutions, intelligent infrastructure software, network rack and cabinet enclosures, patch cords and panels, complete cabling systems and cable assemblies, central office connectivity and equipment and headend solutions for the network core. Outdoor network solutions are found in both local-area and wide-area networks and “last-mile” fiber-to-the-home installations. These solutions support the multichannel video, voice and high-speed data services provided by telecommunications operators and multi-system operators. The Company’s fiber optic connectivity solutions are primarily comprised of hardened connector systems, fiber distribution hubs and management systems, couplers and splitters, “plug and play” multiport service terminals, hardened optical terminating enclosures, high density cable assemblies, splices and splice closures. The CommScope Mobility Solutions (CMS) segment provides merchant radio frequency (RF) wireless network connectivity solutions as well as metro cell, DAS and small cell solutions to enable carriers’ 2G, 3G and 4G networks. These solutions enable wireless operators to increase spectral efficiency and enhance cellular coverage and capacity in challenging network conditions such as commercial buildings, urban areas, stadiums and transportation systems. The CMS segment focuses on all aspects of the radio access network (RAN) from the macro through the metro, to the indoor layer. Macro cell solutions can be found at wireless tower sites and on rooftops and include base station antennas, microwave antennas, hybrid fiber-feeder and power cables, coaxial cables, connectors and filters. Metro cell solutions can be found on street poles and on other urban, outdoor structures and include RF delivery and connectivity solutions, equipment housing and concealment. These fully integrated outdoor systems comprise specialized antennas, filters/combiners, backhaul solutions, intra-system cabling and power distribution, all minimized to fit an urban environment. The following table provides summary financial information by reportable segment (in millions): March 31, 2017 December 31, 2016 Identifiable segment-related assets: CCS $ 4,524.2 $ 4,507.5 CMS 2,124.5 2,159.4 Total identifiable segment-related assets 6,648.7 6,666.9 Reconciliation to total assets: Cash and cash equivalents 437.6 428.2 Deferred income tax assets 46.5 46.9 Total assets $ 7,132.8 $ 7,142.0 The following table provides net sales, adjusted operating income, depreciation expense and additions to property, plant and equipment by reportable segment (in millions): Three Months Ended March 31, 2017 2016 Net sales: CCS $ 681.6 $ 687.0 CMS 455.7 457.0 Consolidated net sales $ 1,137.3 $ 1,144.0 Segment adjusted operating income: CCS $ 115.3 $ 134.8 CMS 102.0 76.6 Total segment adjusted operating income 217.3 211.4 Amortization of intangible assets 67.6 73.6 Restructuring costs, net 5.4 6.1 Equity-based compensation 9.4 8.8 Asset impairments — 15.3 Integration and transaction costs 13.5 15.9 Purchase accounting adjustments — 1.0 Consolidated operating income $ 121.4 $ 90.7 Depreciation expense: CCS $ 14.4 $ 12.9 CMS 5.6 6.7 Consolidated depreciation expense $ 20.0 $ 19.6 Additions to property, plant and equipment: CCS $ 8.8 $ 11.1 CMS 4.1 3.4 Consolidated additions to property, plant and equipment $ 12.9 $ 14.5 Sales to customers located outside of the United States comprised 43.0% and 48.5% of total net sales for the three months ended March 31, 2017 and 2016, respectively. Sales by geographic region, based on the destination of product shipments, were as follows (in millions): Three Months Ended March 31, 2017 2016 United States $ 648.3 $ 588.8 Europe, Middle East and Africa 231.8 218.3 Asia Pacific 181.9 240.7 Central and Latin America 58.8 66.3 Canada 16.5 29.9 Consolidated net sales $ 1,137.3 $ 1,144.0 |
Restructuring Costs
Restructuring Costs | 3 Months Ended |
Mar. 31, 2017 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Costs | 9. RESTRUCTURING COSTS Prior to the acquisition of the BNS business in 2015, the Company initiated restructuring actions to realign and lower its cost structure primarily through workforce reductions and other cost reduction initiatives, including the cessation of manufacturing operations at various facilities. Production capacity from these facilities has been shifted to other existing facilities or unaffiliated suppliers. These actions are referred to as cost alignment restructuring actions. Following the acquisition of BNS, the Company initiated a series of restructuring actions to integrate the BNS operations (BNS integration restructuring actions) to achieve cost synergies. All charges related to these restructuring actions are reported in restructuring costs, net. The Company’s net pretax restructuring charges, by segment, were as follows: Three Months Ended March 31, 2017 2016 CCS $ 4,757 $ 1,109 CMS 631 4,963 Total $ 5,388 $ 6,072 The liability for restructuring actions is composed of three types of activities: employee-related costs, lease termination costs and fixed asset related costs. 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 fixed asset disposals 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. The activity within the liability established for the cost alignment restructuring actions was as follows: Employee- Related Costs Lease Termination Costs Fixed Asset Related Costs Total Balance at December 31, 2016 $ 311 $ 6,050 $ — $ 6,361 Additional charge recorded — 73 — 73 Cash paid — (249 ) — (249 ) Foreign exchange and other non-cash items 4 — — 4 Balance at March 31, 2017 $ 315 $ 5,874 $ — $ 6,189 The Company has recognized restructuring charges of $89.1 million since January 2011 for cost alignment restructuring actions. Additional pretax costs of $0.5 million to $1.0 million are expected to be incurred to complete these previously announced initiatives. Cash payments of $1.5 million to $2.0 million are expected during the remainder of 2017 with additional payments of $5.0 million to $5.5 million between 2018 and 2022. The activity within the liability established for the BNS integration restructuring actions was as follows: Employee- Related Costs Lease Termination Costs Fixed Asset Related Costs Total Balance at December 31, 2016 $ 32,740 $ 371 $ — $ 33,111 Additional charge recorded 4,973 288 54 5,315 Cash paid (8,697 ) (94 ) (219 ) (9,010 ) Consideration received — — 165 165 Foreign exchange and other non-cash items 47 — — 47 Balance at March 31, 2017 $ 29,063 $ 565 $ — $ 29,628 The BNS integration actions include the announced closure or reduction in activities at various U.S. and international facilities as well as headcount reductions in sales, marketing and administrative functions. The Company has recognized restructuring charges of $71.8 million since the BNS acquisition for integration actions. Additional pretax costs of up to $0.5 million are expected to be incurred to complete the previously announced BNS integration initiatives. Cash payments of $24.5 million to $25.0 million are expected during the remainder of 2017 with additional payments of $5.0 million to $5.5 million between 2018 and 2020. Additional restructuring charges related to the BNS integration are expected and the resulting amounts may be material. Restructuring reserves related to all actions were included in the Company’s Condensed Consolidated Balance Sheets as follows: March 31, 2017 December 31, 2016 Other accrued liabilities $ 27,098 $ 30,438 Other noncurrent liabilities 8,719 9,034 Total liability $ 35,817 $ 39,472 |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 10. EMPLOYEE BENEFIT PLANS Pension Benefits Other Postretirement Benefits Three Months Ended Three Months Ended March 31, March 31, U.S. Plans Non-U.S. Plans U.S. Plans 2017 2016 2017 2016 2017 2016 Service cost $ — $ — $ 1,164 $ 1,596 $ — $ 1 Interest cost 1,490 1,620 1,271 1,751 67 135 Recognized actuarial loss (gain) 164 236 367 28 (198 ) (346 ) Amortization of prior service credit — — — — (1,034 ) (1,055 ) Expected return on plan assets (1,687 ) (1,750 ) (1,819 ) (2,294 ) — — Net periodic benefit cost (income) $ (33 ) $ 106 $ 983 $ 1,081 $ (1,165 ) $ (1,265 ) The Company contributed $0.8 million to its defined benefit pension plans and postretirement benefit plans during the three months ended March 31, 2017. During the remainder of 2017, the Company anticipates making additional contributions of approximately $7.8 million to its defined benefit plans. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | 11. STOCKHOLDERS’ EQUITY Stock Repurchase Program On February 23, 2017, the Company announced that the Company’s Board of Directors authorized the repurchase of up to $100.0 million of the Company’s outstanding common stock. During the three months ended March 31, 2017, the Company repurchased $65.0 million of its common stock, or 1.6 million shares at an average cost of $39.81 per share. As of March 31, 2017, $6.2 million of the stock repurchases had not yet settled and the Company has reflected a liability for this amount. The Company has $35.0 million remaining authorized under the stock repurchase program as of March 31, 2017. Equity-Based Compensation Plans As of March 31, 2017, $100.3 million of unrecognized compensation costs related to unvested stock options, restricted stock units (RSUs) and performance share units (PSUs) are expected to be recognized over a remaining weighted average period of 1.7 years. There were no significant capitalized equity-based compensation costs at March 31, 2017. The following table shows a summary of the equity-based compensation expense included in the Condensed Consolidated Statements of Operations and Comprehensive Income: Three Months Ended March 31, 2017 2016 Selling, general and administrative $ 7,159 $ 6,716 Cost of sales 1,197 1,192 Research and development 1,056 927 Total equity-based compensation expense $ 9,412 $ 8,835 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 three 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 data): Shares Weighted Average Option Exercise Price Per Share Weighted Average Remaining Contractual Term in Years Aggregate Intrinsic Value Options outstanding at December 31, 2016 5,497 $ 10.33 Granted 481 $ 37.97 Exercised (536 ) $ 11.09 Forfeited (38 ) $ 20.19 Options outstanding at March 31, 2017 5,404 $ 12.65 4.9 $ 157,063 Options exercisable at March 31, 2017 4,453 $ 8.32 4.0 $ 148,694 Options expected to vest at March 31, 2017 951 $ 32.91 9.1 $ 8,369 The exercise prices of outstanding options at March 31, 2017 were in the following ranges: Options Outstanding Options Exercisable Range of Exercise Prices Shares (in thousands) Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Per Share Shares (in thousands) Weighted Average Exercise Price Per Share $2.96 to $5.35 360 2.0 $ 2.96 360 $ 2.96 $5.36 to $5.67 133 4.9 $ 5.57 133 $ 5.57 $5.68 to $8.54 2,568 3.8 $ 5.74 2,568 $ 5.74 $8.55 to $8.90 903 3.2 $ 8.59 903 $ 8.59 $8.91 to $23.00 207 6.9 $ 22.89 207 $ 22.89 $23.01 to $37.97 1,233 8.9 $ 31.86 282 $ 28.33 $2.96 to $37.97 5,404 4.9 $ 12.65 4,453 $ 8.32 The Company uses the Black-Scholes model to estimate the fair value of stock option awards at the date of grant. 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 risk-free interest rate reflects the yield on zero-coupon U.S. treasury securities with a term equal to the option’s expected term. The expected life represents the period over which the Company’s employees are expected to hold their options. Expected volatility is derived based on the historical Company volatility, as well as volatilities from publicly traded companies operating in the Company’s industry. The Company’s projected dividend yield is zero. 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 during the three months ended March 31, 2017 and 2016. Three Months Ended March 31, 2017 2016 Expected option term (in years) 6.0 6.0 Risk-free interest rate 2.0 % 1.4 % Expected volatility 40.0 % 50.0 % Weighted average exercise price $ 37.97 $ 24.94 Weighted average fair value at grant date $ 15.71 $ 12.03 Restricted Stock Units RSUs entitle the holder to shares of common stock after a vesting period that generally ranges from one to three years. 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 Stock Units Weighted Average Grant Date Fair Value Per Share Non-vested RSUs at December 31, 2016 2,519 $ 26.37 Granted 1,092 $ 37.96 Vested and shares issued (1,056 ) $ 25.98 Forfeited (60 ) $ 24.62 Non-vested RSUs at March 31, 2017 2,495 $ 31.65 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 typically vest over three years and the number of shares issued can vary from 0% to 150% of the number of PSUs granted, depending on performance. The fair value of each PSU is determined on the date of grant based on the Company’s stock price. 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 Share Units Weighted Average Grant Date Fair Value Per Share Non-vested PSUs at December 31, 2016 445 $ 26.68 Granted 199 $ 37.97 Vested and shares issued (64 ) $ 30.76 Forfeited (9 ) $ 24.94 Non-vested PSUs at March 31, 2017 571 $ 30.19 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events |
Background and Basis of Prese19
Background and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Condensed Consolidated Balance Sheet as of March 31, 2017 and the Condensed Consolidated Statements of Operations and Comprehensive Income, Cash Flows and Stockholders’ Equity for the three months ended March 31, 2017 and 2016 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 these interim periods are not necessarily indicative of the results of operations to be expected for any future period or the full fiscal 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, 2016 (the 2016 Annual Report). There were no changes in the Company’s significant accounting policies during the three months ended March 31, 2017. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements. Prior to January 1, 2017, the Company consolidated the operating results of the acquired BNS business based on the BNS fiscal reporting calendar that resulted in a reporting lag of one day for the year ended December 31, 2016. Effective January 1, 2017, the reporting lag was eliminated as a result of system conversions that were part of the BNS integration. The elimination of the reporting lag represents a change in accounting principle which the Company believes to be preferable because it provides more current information to the users of its financial statements. The Company determined that it was impracticable to apply the effects of the lag elimination to financial reporting periods prior to January 1, 2017. The cumulative effect of not retroactively applying this change in accounting, however, was immaterial as of January 1, 2017. Therefore, the Company reported the cumulative effect of the change in accounting principle in net income for the three months ended March 31, 2017 and did not retrospectively apply the effects of this change to prior periods. |
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 10% and 11% of the Company’s total net sales during the three months ended March 31, 2017 and 2016, respectively. Sales to Anixter primarily originate within the CommScope Connectivity Solutions (CCS) segment. Other than Anixter, no other direct customer accounted for 10% or more of the Company’s total net sales for the three months ended March 31, 2017 or 2016. Accounts receivable from Verizon Communications Inc. (Verizon) represented approximately 10% of accounts receivable as of March 31, 2017. Other than Verizon, no direct customer accounted for 10% or more of the Company’s accounts receivable as of March 31, 2017. |
Product Warranties | Product Warranties The Company recognizes a liability for the estimated claims that may be paid under its customer warranty agreements to remedy potential deficiencies of quality or performance of the Company’s products. These product warranties extend over periods ranging from one to twenty-five years from the date of sale, depending upon the product subject to the warranty. The Company records a provision for estimated future warranty claims as cost of sales based upon the historical relationship of warranty claims to sales and specifically identified warranty issues. The Company bases its estimates on assumptions that are believed to be reasonable under the circumstances and revises its estimates, as appropriate, when events or changes in circumstances indicate that revisions may be necessary. Such revisions may be material. The following table summarizes the activity in the product warranty accrual, included in other accrued liabilities: Three Months Ended March 31, 2017 2016 Product warranty accrual, beginning of period $ 21,631 $ 17,964 Provision for warranty claims 2,202 2,051 Warranty claims paid (3,618 ) (2,104 ) Foreign exchange (35 ) (222 ) Product warranty accrual, end of period $ 20,180 $ 17,689 |
Commitments and Contingencies | Commitments and Contingencies The Company is either a plaintiff or a defendant in certain 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 Goodwill is tested for impairment annually or at other times if events have occurred or circumstances exist that indicate the carrying value of the reporting unit may exceed its fair value. During the first quarter of 2016, the Company recorded a $15.3 million goodwill impairment charge as a result of the change in its reportable segments. The impairment was recorded in the CCS segment. 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. Other than the goodwill impairment described above, there were no asset impairments identified during the three months ended March 31, 2017 or 2016. |
Income Taxes | Income Taxes The effective income tax rate of 6.6% for the three months ended March 31, 2017 was significantly lower than the statutory rate of 35.0% primarily due to the favorable impact of $8.7 million of excess tax benefits related to equity-based compensation awards. Such benefits, which were previously reflected in additional paid-in capital, are now recognized in income tax expense as a result of the adoption of Accounting Standards Update (ASU) No. 2016-09. See the discussion under Recent Accounting Pronouncements for further information regarding the adoption of this new accounting guidance. The effective income tax rate was also favorably affected by the impact of earnings in foreign jurisdictions that the Company does not plan to repatriate. These earnings are generally taxed at rates lower than the United States (U.S.) statutory rate. Offsetting these decreases for the three months ended March 31, 2017 was the effect of the provision for state income taxes. The effective income tax rate of 40.2% for the three months ended March 31, 2016 was higher than the statutory rate of 35.0% primarily due to the impact of the goodwill impairment charge for which only partial tax benefits were recorded. In addition, the effective income tax rate was also affected by the provision for state income taxes as well as losses in certain jurisdictions where the Company did not recognize tax benefits due to the likelihood of them not being realizable. These increases to the effective income tax rate were partially offset by the impact of earnings in foreign jurisdictions that the Company does not plan to repatriate, which are generally taxed at rates lower than the U.S. statutory rate. |
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 effect of potentially dilutive common shares using the treasury stock method. Potentially dilutive common shares include outstanding equity-based awards (stock options, restricted stock units and performance share 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 (0.4 million shares and 2.2 million shares for the three months ended March 31, 2017 and 2016, respectively). During the three months ended March 31, 2017, the Company repurchased 1.6 million shares of its common stock to reduce dilution from grants under its equity-based award programs. See Note 11 for more information on the share repurchase program. The following table presents the basis for the earnings per share computations (in thousands, except per share data): Three Months Ended March 31, 2017 2016 Numerator: Net income for basic and diluted earnings per share $ 33,562 $ 12,580 Denominator: Weighted average common shares outstanding - basic 194,068 191,642 Dilutive effect of equity-based awards 5,072 3,814 Weighted average common shares outstanding - diluted 199,140 195,456 Earnings per share: Basic $ 0.17 $ 0.07 Diluted $ 0.17 $ 0.06 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adopted During the Three Months Ended March 31, 2017 The Company adopted ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting The Company also adopted ASU No. 2016-15, Cash Flow Classification of Certain Cash Receipts and Cash Payments Issued but Not Adopted In March 2017, the Financial Accounting Standards Board (FASB) issued ASU No. 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test of Goodwill Impairment In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments In February 2016, the FASB issued ASU No. 2016-02, Leases supersedes the current leasing guidance in Topic 840, Leases. Under the new guidance, lessees are required to recognize assets and lease liabilities for the rights and obligations created by leased assets previously classified as operating leases In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (except those accounted for under the equity method of accounting) In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers The Company has completed an impact assessment and determined that adoption of the standard will likely result in changes to revenue recognition related to the timing of when revenues are recognized for contracts containing multiple performance obligations. These contract revenues are currently accounted for using the multi-element guidance and are primarily for metro cell, DAS and small cell solutions within the CommScope Mobility Solutions (CMS) segment. Due to the short-term nature of most of the contracts, the ultimate impact to the Company’s consolidated financial statements will be based on customer-specific contract terms in effect at adoption and could be material. The Company is in the process of implementing the necessary changes to its accounting policies, processes, internal controls and information systems that will be required to meet the new standard’s reporting and disclosure requirements. |
Background and Basis of Prese20
Background and Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Activity in Product Warranty Accrual, Included in Other Accrued Liabilities | The following table summarizes the activity in the product warranty accrual, included in other accrued liabilities: Three Months Ended March 31, 2017 2016 Product warranty accrual, beginning of period $ 21,631 $ 17,964 Provision for warranty claims 2,202 2,051 Warranty claims paid (3,618 ) (2,104 ) Foreign exchange (35 ) (222 ) Product warranty accrual, end of period $ 20,180 $ 17,689 |
Summary of Earnings, Weighted Average Common Shares and Potential Common Shares Outstanding | The following table presents the basis for the earnings per share computations (in thousands, except per share data): Three Months Ended March 31, 2017 2016 Numerator: Net income for basic and diluted earnings per share $ 33,562 $ 12,580 Denominator: Weighted average common shares outstanding - basic 194,068 191,642 Dilutive effect of equity-based awards 5,072 3,814 Weighted average common shares outstanding - diluted 199,140 195,456 Earnings per share: Basic $ 0.17 $ 0.07 Diluted $ 0.17 $ 0.06 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill by Reportable Segment | The following table presents goodwill by reportable segment (in millions): CCS CMS Total Goodwill, gross at December 31, 2016 $ 2,077.5 $ 901.8 $ 2,979.3 Foreign exchange 9.8 1.3 11.1 Goodwill, gross at March 31, 2017 2,087.3 903.1 2,990.4 Accumulated impairment charges at December 31, 2016 and March 31, 2017 (51.5 ) (159.5 ) (211.0 ) Goodwill, net at March 31, 2017 $ 2,035.8 $ 743.6 $ 2,779.4 |
Supplemental Financial Statem22
Supplemental Financial Statement Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Inventories | Inventories March 31, 2017 December 31, 2016 Raw materials $ 124,639 $ 126,027 Work in process 124,519 135,848 Finished goods 248,929 211,392 $ 498,087 $ 473,267 |
Other Accrued Liabilities | Other Accrued Liabilities March 31, 2017 December 31, 2016 Compensation and employee benefit liabilities $ 98,428 $ 169,923 Deferred revenue 29,517 25,859 Product warranty accrual 20,180 21,631 Accrued interest 48,903 8,586 Restructuring reserve 27,098 30,438 Income taxes payable 52,962 49,984 Value-added taxes payable 13,691 14,885 Accrued professional fees 11,300 10,621 Other 78,845 97,470 $ 380,924 $ 429,397 |
Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax | The following table presents changes in accumulated other comprehensive income (AOCI), net of tax, and accumulated other comprehensive loss (AOCL), net of tax: Three Months Ended March 31, 2017 2016 Foreign currency translation Balance at beginning of period $ (254,148 ) $ (160,620 ) Other comprehensive income 40,084 46,284 Amounts reclassified from AOCL 267 — Balance at end of period $ (213,797 ) $ (114,336 ) Defined benefit plan activity Balance at beginning of period $ (33,473 ) $ (17,567 ) Amounts reclassified from AOCL (369 ) (731 ) Balance at end of period $ (33,842 ) $ (18,298 ) Net investment hedge Balance at beginning of period $ — $ — Other comprehensive loss (355 ) — Balance at end of period $ (355 ) $ — Available-for-sale securities Balance at beginning of period $ 2,508 $ 6,509 Other comprehensive income (loss) 1,698 (494 ) Amounts reclassified from AOCI (389 ) (229 ) Balance at end of period $ 3,817 $ 5,786 Net AOCL at end of period $ (244,177 ) $ (126,848 ) |
Cash Flow Information | Cash Flow Information Three Months Ended March 31, 2017 2016 Cash paid during the period for: Income taxes, net of refunds $ 17,006 $ 15,087 Interest $ 16,643 $ 16,057 |
Financing (Tables)
Financing (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Debt | March 31, 2017 December 31, 2016 5.00% senior notes due March 2027 $ 750,000 $ — 6.00% senior notes due June 2025 1,500,000 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 4.375% senior secured notes due June 2020 — 500,000 Senior secured term loan due December 2022 1,096,250 1,234,375 Senior secured term loan due January 2018 — 111,875 Senior secured revolving credit facility expires May 2020 — — Total principal amount of debt $ 4,646,250 $ 4,646,250 Less: Original issue discount, net of amortization (4,756 ) (5,857 ) Less: Debt issuance costs, net of amortization (74,076 ) (78,383 ) Less: Current portion — (12,500 ) Total long-term debt $ 4,567,418 $ 4,549,510 |
Scheduled Maturities of Long-Term Debt | The following table summarizes scheduled maturities of long-term debt as of March 31, 2017 (in millions): Remainder of 2017 2018 2019 2020 2021 Thereafter Scheduled maturities of long-term debt $ — $ — $ — $ — $ 650.0 $ 3,996.3 |
Derivatives and Hedging Activ24
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Not Designated as Hedging Instrument [Member] | |
Balance Sheet Location and Fair Value of Company | The following table presents the balance sheet location and fair value of the Company’s derivatives not designated as hedging instruments: Fair Value of Asset (Liability) Balance Sheet Location March 31, 2017 December 31, 2016 Foreign currency contracts Prepaid expenses and other current assets $ 733 $ 289 Foreign currency contracts Other accrued liabilities (2,567 ) (8,349 ) Total derivatives not designated as hedging instruments $ (1,834 ) $ (8,060 ) |
Pretax Impact of Foreign Currency Forward Contracts, Both Matured and Outstanding, not Designated as Hedging Instruments | The pretax impact of these foreign currency forward contracts, both matured and outstanding, on the Condensed Consolidated Statements of Operations and Comprehensive Income is as follows: Foreign Currency Forward Contracts Location of Gain Gain Recognized Three Months Ended March 31, 2017 Other income (expense), net $ 1,855 Three Months Ended March 31, 2016 Other income (expense), net $ 1,163 |
Derivative Instruments Designated as Net Investment Hedge [Member] | |
Balance Sheet Location and Fair Value of Company | The following table presents the balance sheet location and fair value of the derivatives designated as net investment hedges: Fair Value of Asset (Liability) Balance Sheet Location March 31, 2017 December 31, 2016 Foreign currency contracts Prepaid expenses and other current assets $ 23 $ — Foreign currency contracts Other accrued liabilities (595 ) — Total derivatives designated as net investment hedging instruments $ (572 ) $ — |
After Tax Impact of Effective Portion of Foreign Currency Forward Contracts, Designated as Net Investment Hedging Instruments | The after tax impact of the effective portion of the foreign currency forward contracts designated as net investment hedging instruments on the Condensed Consolidated Statements of Operations and Comprehensive Income is as follows: Foreign Currency Forward Contracts Location of Loss Effective Portion of Loss Recognized Three Months Ended March 31, 2017 Other comprehensive income, net of tax $ (355 ) Three Months Ended March 31, 2016 Other comprehensive income, net of tax — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 and December 31, 2016, are as follows: March 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Valuation Inputs Assets: Available-for-sale securities $ 7,212 $ 7,212 $ 5,212 $ 5,212 Level 1 Foreign currency contracts 756 756 289 289 Level 2 Liabilities: 5.00% senior notes due 2027 750,000 749,100 — — Level 2 6.00% senior notes due 2025 1,500,000 1,578,750 1,500,000 1,585,350 Level 2 5.50% senior notes due 2024 650,000 672,165 650,000 673,530 Level 2 5.00% senior notes due 2021 650,000 669,500 650,000 669,500 Level 2 4.375% senior secured notes due 2020 — — 500,000 513,100 Level 2 Senior secured term loan due 2022, at par 1,096,250 1,105,815 1,234,375 1,245,145 Level 2 Senior secured term loan due 2018, at par — — 111,875 112,364 Level 2 Foreign currency contracts 3,162 3,162 8,349 8,349 Level 2 |
Segments and Geographic Infor26
Segments and Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Summary of Financial Information by Reportable Segment | The following table provides summary financial information by reportable segment (in millions): March 31, 2017 December 31, 2016 Identifiable segment-related assets: CCS $ 4,524.2 $ 4,507.5 CMS 2,124.5 2,159.4 Total identifiable segment-related assets 6,648.7 6,666.9 Reconciliation to total assets: Cash and cash equivalents 437.6 428.2 Deferred income tax assets 46.5 46.9 Total assets $ 7,132.8 $ 7,142.0 |
Summary of Net Sales, Adjusted Operating Income, Depreciation Expense and Additions to Property, Plant and Equipment by Reportable Segment | The following table provides net sales, adjusted operating income, depreciation expense and additions to property, plant and equipment by reportable segment (in millions): Three Months Ended March 31, 2017 2016 Net sales: CCS $ 681.6 $ 687.0 CMS 455.7 457.0 Consolidated net sales $ 1,137.3 $ 1,144.0 Segment adjusted operating income: CCS $ 115.3 $ 134.8 CMS 102.0 76.6 Total segment adjusted operating income 217.3 211.4 Amortization of intangible assets 67.6 73.6 Restructuring costs, net 5.4 6.1 Equity-based compensation 9.4 8.8 Asset impairments — 15.3 Integration and transaction costs 13.5 15.9 Purchase accounting adjustments — 1.0 Consolidated operating income $ 121.4 $ 90.7 Depreciation expense: CCS $ 14.4 $ 12.9 CMS 5.6 6.7 Consolidated depreciation expense $ 20.0 $ 19.6 Additions to property, plant and equipment: CCS $ 8.8 $ 11.1 CMS 4.1 3.4 Consolidated additions to property, plant and equipment $ 12.9 $ 14.5 |
Summary of Sales by Geographic Region, Based on Destination of Product Shipments | Sales by geographic region, based on the destination of product shipments, were as follows (in millions): Three Months Ended March 31, 2017 2016 United States $ 648.3 $ 588.8 Europe, Middle East and Africa 231.8 218.3 Asia Pacific 181.9 240.7 Central and Latin America 58.8 66.3 Canada 16.5 29.9 Consolidated net sales $ 1,137.3 $ 1,144.0 |
Restructuring Costs (Tables)
Restructuring Costs (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Summary of Company's Net Pretax Restructuring Charges | The Company’s net pretax restructuring charges, by segment, were as follows: Three Months Ended March 31, 2017 2016 CCS $ 4,757 $ 1,109 CMS 631 4,963 Total $ 5,388 $ 6,072 |
Restructuring Reserves Related to Condensed Consolidated Balance Sheets | Restructuring reserves related to all actions were included in the Company’s Condensed Consolidated Balance Sheets as follows: March 31, 2017 December 31, 2016 Other accrued liabilities $ 27,098 $ 30,438 Other noncurrent liabilities 8,719 9,034 Total liability $ 35,817 $ 39,472 |
Cost Alignment Restructuring Plan [Member] | |
Activity within Liability Established for Restructuring Actions, Included in Other Accrued Liabilities | The activity within the liability established for the cost alignment restructuring actions was as follows: Employee- Related Costs Lease Termination Costs Fixed Asset Related Costs Total Balance at December 31, 2016 $ 311 $ 6,050 $ — $ 6,361 Additional charge recorded — 73 — 73 Cash paid — (249 ) — (249 ) Foreign exchange and other non-cash items 4 — — 4 Balance at March 31, 2017 $ 315 $ 5,874 $ — $ 6,189 |
BNS Integration Restructuring Plan [Member] | |
Activity within Liability Established for Restructuring Actions, Included in Other Accrued Liabilities | The activity within the liability established for the BNS integration restructuring actions was as follows: Employee- Related Costs Lease Termination Costs Fixed Asset Related Costs Total Balance at December 31, 2016 $ 32,740 $ 371 $ — $ 33,111 Additional charge recorded 4,973 288 54 5,315 Cash paid (8,697 ) (94 ) (219 ) (9,010 ) Consideration received — — 165 165 Foreign exchange and other non-cash items 47 — — 47 Balance at March 31, 2017 $ 29,063 $ 565 $ — $ 29,628 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Summary of Defined Benefit Pension Plan and Other Postretirement Defined Benefit Plan | Pension Benefits Other Postretirement Benefits Three Months Ended Three Months Ended March 31, March 31, U.S. Plans Non-U.S. Plans U.S. Plans 2017 2016 2017 2016 2017 2016 Service cost $ — $ — $ 1,164 $ 1,596 $ — $ 1 Interest cost 1,490 1,620 1,271 1,751 67 135 Recognized actuarial loss (gain) 164 236 367 28 (198 ) (346 ) Amortization of prior service credit — — — — (1,034 ) (1,055 ) Expected return on plan assets (1,687 ) (1,750 ) (1,819 ) (2,294 ) — — Net periodic benefit cost (income) $ (33 ) $ 106 $ 983 $ 1,081 $ (1,165 ) $ (1,265 ) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Summary of the Equity-Based Compensation Expense Included in the Condensed Consolidated Statements of Operations and Comprehensive Income | The following table shows a summary of the equity-based compensation expense included in the Condensed Consolidated Statements of Operations and Comprehensive Income: Three Months Ended March 31, 2017 2016 Selling, general and administrative $ 7,159 $ 6,716 Cost of sales 1,197 1,192 Research and development 1,056 927 Total equity-based compensation expense $ 9,412 $ 8,835 |
Summary of Stock Option Activity | The following table summarizes the stock option activity (in thousands, except per share data): Shares Weighted Average Option Exercise Price Per Share Weighted Average Remaining Contractual Term in Years Aggregate Intrinsic Value Options outstanding at December 31, 2016 5,497 $ 10.33 Granted 481 $ 37.97 Exercised (536 ) $ 11.09 Forfeited (38 ) $ 20.19 Options outstanding at March 31, 2017 5,404 $ 12.65 4.9 $ 157,063 Options exercisable at March 31, 2017 4,453 $ 8.32 4.0 $ 148,694 Options expected to vest at March 31, 2017 951 $ 32.91 9.1 $ 8,369 |
Summary of Exercise Price | The exercise prices of outstanding options at March 31, 2017 were in the following ranges: Options Outstanding Options Exercisable Range of Exercise Prices Shares (in thousands) Weighted Average Remaining Contractual Life (in years) Weighted Average Exercise Price Per Share Shares (in thousands) Weighted Average Exercise Price Per Share $2.96 to $5.35 360 2.0 $ 2.96 360 $ 2.96 $5.36 to $5.67 133 4.9 $ 5.57 133 $ 5.57 $5.68 to $8.54 2,568 3.8 $ 5.74 2,568 $ 5.74 $8.55 to $8.90 903 3.2 $ 8.59 903 $ 8.59 $8.91 to $23.00 207 6.9 $ 22.89 207 $ 22.89 $23.01 to $37.97 1,233 8.9 $ 31.86 282 $ 28.33 $2.96 to $37.97 5,404 4.9 $ 12.65 4,453 $ 8.32 |
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 during the three months ended March 31, 2017 and 2016. Three Months Ended March 31, 2017 2016 Expected option term (in years) 6.0 6.0 Risk-free interest rate 2.0 % 1.4 % Expected volatility 40.0 % 50.0 % Weighted average exercise price $ 37.97 $ 24.94 Weighted average fair value at grant date $ 15.71 $ 12.03 |
Summary of RSU Activity | The following table summarizes the RSU activity (in thousands, except per share data): Restricted Stock Units Weighted Average Grant Date Fair Value Per Share Non-vested RSUs at December 31, 2016 2,519 $ 26.37 Granted 1,092 $ 37.96 Vested and shares issued (1,056 ) $ 25.98 Forfeited (60 ) $ 24.62 Non-vested RSUs at March 31, 2017 2,495 $ 31.65 |
Summary of PSU Activity | The following table summarizes the PSU activity (in thousands, except per share data): Performance Share Units Weighted Average Grant Date Fair Value Per Share Non-vested PSUs at December 31, 2016 445 $ 26.68 Granted 199 $ 37.97 Vested and shares issued (64 ) $ 30.76 Forfeited (9 ) $ 24.94 Non-vested PSUs at March 31, 2017 571 $ 30.19 |
Background and Basis of Prese30
Background and Basis of Presentation - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2017USD ($)Customershares | Mar. 31, 2016USD ($)Customershares | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Product warranty term | These product warranties extend over periods ranging from one to twenty-five years from the date of sale, depending upon the product subject to the warranty. | |
Goodwill impairment charges | $ 15,300,000 | |
Pretax impairment charges | $ 0 | $ 0 |
Effective income tax rate | 6.60% | 40.20% |
Statutory tax rate | 35.00% | 35.00% |
Number of shares repurchased | shares | 1,600,000 | |
Stock Compensation Plan [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Amount of outstanding equity based awards not included in computation of diluted earnings per share | shares | 400,000 | 2,200,000 |
Number of shares repurchased | shares | 1,600,000 | |
ASU No. 2016-09 [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Cumulative effect on retained earnings, net of tax | $ 200,000 | |
ASU No. 2016-09 [Member] | Impact of Excess Tax Benefits on Income Tax Expense [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Impact of recent accounting pronouncements | 8,700,000 | |
ASU No. 2016-09 [Member] | Excess Tax Benefit or Deficiencies Impact in Operating Activities [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Increase in net cash | 1,400,000 | |
ASU No. 2016-09 [Member] | Excess Tax Benefit or Deficiencies Impact in Financing Activities [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Increase in net cash | 1,400,000 | |
ASU No. 2016-15 [Member] | Debt Redemption Premium Impact in Financing Activities [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Impact of recent accounting pronouncements | $ 14,800,000 | |
Minimum [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Product warranties expiration term | 1 year | |
Maximum [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Product warranties expiration term | 25 years | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Anixter International Inc. [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Concentration risk percentage | 10.00% | 11.00% |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Other Customers [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Number of customer accounted for more than 10% | Customer | 0 | 0 |
Customer Concentration Risk [Member] | Accounts Receivable | Other Customers [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Number of customer accounted for more than 10% | Customer | 0 | |
Customer Concentration Risk [Member] | Accounts Receivable | Verizon Communications Inc. [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Concentration risk percentage | 10.00% |
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Product warranty accrual, beginning of period | $ 21,631 | $ 17,964 |
Provision for warranty claims | 2,202 | 2,051 |
Warranty claims paid | (3,618) | (2,104) |
Foreign exchange | (35) | (222) |
Product warranty accrual, end of period | $ 20,180 | $ 17,689 |
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Numerator: | ||
Net income for basic and diluted earnings per share | $ 33,562 | $ 12,580 |
Denominator: | ||
Weighted average common shares outstanding - basic | 194,068 | 191,642 |
Dilutive effect of equity-based awards | 5,072 | 3,814 |
Weighted average common shares outstanding - diluted | 199,140 | 195,456 |
Earnings per share: | ||
Basic | $ 0.17 | $ 0.07 |
Diluted | $ 0.17 | $ 0.06 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - BNS [Member] - USD ($) $ in Millions | Aug. 28, 2015 | Mar. 31, 2017 | Mar. 31, 2016 |
Business Acquisition [Line Items] | |||
Business acquisition date | Aug. 28, 2015 | ||
Cash paid for acquired assets and assumed liabilities | $ 3,000 | ||
Cash received to net settlement for certain adjustment related to acquisition | $ 15.4 |
Goodwill - Goodwill by Reportab
Goodwill - Goodwill by Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Goodwill [Line Items] | ||
Goodwill, gross, Beginning balance | $ 2,979,300 | |
Foreign exchange | 11,100 | |
Goodwill, gross, Ending balance | 2,990,400 | |
Accumulated impairment charges, Beginning balance | (211,000) | |
Accumulated impairment charges, Ending balance | (211,000) | |
Goodwill, net | 2,779,416 | $ 2,768,304 |
CCS [Member] | ||
Goodwill [Line Items] | ||
Goodwill, gross, Beginning balance | 2,077,500 | |
Foreign exchange | 9,800 | |
Goodwill, gross, Ending balance | 2,087,300 | |
Accumulated impairment charges, Beginning balance | (51,500) | |
Accumulated impairment charges, Ending balance | (51,500) | |
Goodwill, net | 2,035,800 | |
CMS [Member] | ||
Goodwill [Line Items] | ||
Goodwill, gross, Beginning balance | 901,800 | |
Foreign exchange | 1,300 | |
Goodwill, gross, Ending balance | 903,100 | |
Accumulated impairment charges, Beginning balance | (159,500) | |
Accumulated impairment charges, Ending balance | (159,500) | |
Goodwill, net | $ 743,600 |
Supplemental Financial Statem35
Supplemental Financial Statement Information - Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 124,639 | $ 126,027 |
Work in process | 124,519 | 135,848 |
Finished goods | 248,929 | 211,392 |
Inventories, net | $ 498,087 | $ 473,267 |
Supplemental Financial Statem36
Supplemental Financial Statement Information - Other Accrued Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Accrued Liabilities Current [Abstract] | ||||
Compensation and employee benefit liabilities | $ 98,428 | $ 169,923 | ||
Deferred revenue | 29,517 | 25,859 | ||
Product warranty accrual | 20,180 | 21,631 | $ 17,689 | $ 17,964 |
Accrued interest | 48,903 | 8,586 | ||
Restructuring reserve | 27,098 | 30,438 | ||
Income taxes payable | 52,962 | 49,984 | ||
Value-added taxes payable | 13,691 | 14,885 | ||
Accrued professional fees | 11,300 | 10,621 | ||
Other | 78,845 | 97,470 | ||
Other Accrued Liabilities | $ 380,924 | $ 429,397 |
Supplemental Financial Statem37
Supplemental Financial Statement Information - Changes in Accumulated Other Comprehensive Income (Loss), Net of Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ 1,394,084 | |
Ending balance | 1,404,023 | $ 1,288,454 |
Foreign Currency Translation [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (254,148) | (160,620) |
Other comprehensive income (loss) | 40,084 | 46,284 |
Amounts reclassified from AOCI | 267 | |
Ending balance | (213,797) | (114,336) |
Available-for-Sale Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 2,508 | 6,509 |
Other comprehensive income (loss) | 1,698 | (494) |
Amounts reclassified from AOCI | (389) | (229) |
Ending balance | 3,817 | 5,786 |
Defined Benefit Plan Activity [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (33,473) | (17,567) |
Amounts reclassified from AOCI | (369) | (731) |
Ending balance | (33,842) | (18,298) |
Net Investment Hedge [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other comprehensive income (loss) | (355) | |
Ending balance | (355) | |
Accumulated Other Comprehensive Loss [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (285,113) | (171,678) |
Ending balance | $ (244,177) | $ (126,848) |
Supplemental Financial Statem38
Supplemental Financial Statement Information - Cash Flow Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash paid during the period for: | ||
Income taxes, net of refunds | $ 17,006 | $ 15,087 |
Interest | $ 16,643 | $ 16,057 |
Financing - Summary of Debt (De
Financing - Summary of Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total principal amount of debt | $ 4,646,250 | $ 4,646,250 |
Less: Original issue discount, net of amortization | (4,756) | (5,857) |
Less: Debt issuance costs, net of amortization | (74,076) | (78,383) |
Less: Current portion | (12,500) | |
Total long-term debt | 4,567,418 | 4,549,510 |
5.00% Senior Notes Due March 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 750,000 | |
6.00% Senior Notes Due June 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 1,500,000 | 1,500,000 |
5.50% Senior Notes Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 650,000 | 650,000 |
5.00% Senior Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Senior notes | 650,000 | 650,000 |
4.375% Senior Secured Notes Due June 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Senior secured term loans | 500,000 | |
Senior Secured Term Loan Due December 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Senior secured term loans | $ 1,096,250 | 1,234,375 |
Senior Secured Term Loan Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Senior secured term loans | $ 111,875 |
Financing - Summary of Debt (Pa
Financing - Summary of Debt (Parenthetical) (Detail) | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
5.00% Senior Notes Due March 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Mar. 15, 2027 | |
Interest rate | 5.00% | 5.00% |
6.00% Senior Notes Due June 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 15, 2025 | |
Interest rate | 6.00% | 6.00% |
5.50% Senior Notes Due 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 15, 2024 | |
Interest rate | 5.50% | 5.50% |
5.00% Senior Notes Due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jun. 15, 2021 | |
Interest rate | 5.00% | 5.00% |
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 Loan Due December 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Dec. 31, 2022 | |
Senior Secured Term Loan Due 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity date | Jan. 14, 2018 | |
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 | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||||
Repayment of senior secured loan | $ 750,000,000 | $ 3,146,000 | ||
Total assets | $ 7,132,824,000 | 7,132,824,000 | $ 7,141,986,000 | |
Total liabilities | $ 5,728,801,000 | 5,728,801,000 | $ 5,747,902,000 | |
Net sales | $ 1,137,285,000 | 1,143,979,000 | ||
Weighted average effective interest rate | 5.39% | 5.39% | 5.24% | |
Non Guarantor Subsidiaries Concentration Risk [Member] | ||||
Debt Instrument [Line Items] | ||||
Total assets | $ 2,641,000,000 | $ 2,641,000,000 | $ 2,211,000,000 | |
Total liabilities | 603,000,000 | 603,000,000 | $ 615,000,000 | |
Net sales | $ 440,000,000 | $ 500,000,000 | ||
Assets, Total [Member] | Non Guarantor Subsidiaries Concentration Risk [Member] | ||||
Debt Instrument [Line Items] | ||||
Concentration risk percentage | 37.00% | 31.00% | ||
Liabilities, Total [Member] | Non Guarantor Subsidiaries Concentration Risk [Member] | ||||
Debt Instrument [Line Items] | ||||
Concentration risk percentage | 11.00% | 11.00% | ||
Sales Revenue, Net [Member] | Non Guarantor Subsidiaries Concentration Risk [Member] | ||||
Debt Instrument [Line Items] | ||||
Concentration risk percentage | 39.00% | 44.00% | ||
Asset Based Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior secured credit facilities current borrowed amount | 0 | $ 0 | ||
Senior secured credit facilities current borrowing capacity | 409,400,000 | 409,400,000 | ||
5.00% Senior Notes Due March 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes | $ 750,000,000 | $ 750,000,000 | ||
Interest rate | 5.00% | 5.00% | 5.00% | |
Maturity date | Mar. 15, 2027 | |||
Senior Secured Term Loan Due 2018 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Jan. 14, 2018 | |||
Repayment of senior secured loan | $ 111,900,000 | |||
Senior Secured Term Loan Due December 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | Dec. 31, 2022 | |||
Repayment of senior secured loan | 138,100,000 | |||
Senior Secured Term Loan Due 2018 and December 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt issuance costs written off | 9,600,000 | |||
Senior Notes [Member] | 5.00% Senior Notes Due March 2027 [Member] | ||||
Debt Instrument [Line Items] | ||||
Senior notes | $ 750,000,000 | $ 750,000,000 | ||
Interest rate | 5.00% | 5.00% | ||
Maturity date | Mar. 15, 2027 | |||
Debt issuance costs paid | $ 6,100,000 | |||
Senior Notes [Member] | 5.00% Senior Notes Due March 2027 [Member] | Debt Instrument, Redemption, Period Two [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument redemption price percentage | 100.00% | |||
Redemption date, period end date | Mar. 15, 2022 | |||
Senior Notes [Member] | 5.00% Senior Notes Due March 2027 [Member] | Debt Instrument, Redemption, Period One [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument redemption price percentage | 105.00% | |||
Redemption date, period end date | Mar. 15, 2020 | |||
Percentage of principal amount of debt redeemed | 40.00% | |||
Senior Notes [Member] | 5.00% Senior Notes Due March 2027 [Member] | Option of the Holders [Member] | Redemption Upon Certain Change of Control Events [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument redemption price percentage | 101.00% | |||
Senior Secured Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption premium | $ 14,800,000 |
Financing - Scheduled Maturitie
Financing - Scheduled Maturities of Long- Term Debt (Detail) $ in Millions | Mar. 31, 2017USD ($) |
Long Term Debt By Maturity [Abstract] | |
2,021 | $ 650 |
Thereafter | $ 3,996.3 |
Derivatives and Hedging Activ43
Derivatives and Hedging Activities - Additional Information (Detail) - Foreign Currency Contracts [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Not Designated as Hedging Instrument [Member] | |
Derivatives, Fair Value [Line Items] | |
Notional value | $ 455 |
Not Designated as Hedging Instrument [Member] | Maximum [Member] | |
Derivatives, Fair Value [Line Items] | |
Maturities ranging | 12 months |
Derivative Instruments Designated as Net Investment Hedge [Member] | |
Derivatives, Fair Value [Line Items] | |
Notional value | $ 74.5 |
Maturities ranging | 9 months |
Derivatives and Hedging Activ44
Derivatives and Hedging Activities - Balance Sheet Location and Fair Value of the Company's Derivatives (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives | $ (1,834) | $ (8,060) |
Not Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency contracts | 733 | 289 |
Not Designated as Hedging Instrument [Member] | Other Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency contracts | (2,567) | $ (8,349) |
Derivative Instruments Designated as Net Investment Hedge [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total derivatives | (572) | |
Derivative Instruments Designated as Net Investment Hedge [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency contracts | 23 | |
Derivative Instruments Designated as Net Investment Hedge [Member] | Other Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign currency contracts | $ (595) |
Derivatives and Hedging Activ45
Derivatives and Hedging Activities - Pretax Impact of Foreign Currency Forward Contracts, Both Matured and Outstanding, not Designated as Hedging Instruments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Other Income (Expense), Net [Member] | Foreign Currency Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain Recognized on Foreign Currency Forward Contracts | $ 1,855 | $ 1,163 |
Derivatives and Hedging Activ46
Derivatives and Hedging Activities - After Tax Impact of Effective Portion of Foreign Currency Forward Contracts, Designated as Net Investment Hedging Instruments (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Other Comprehensive Income, Net of Tax [Member] | Foreign Currency Contracts [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Effective Portion of Loss Recognized on Foreign Currency Forward Contracts | $ (355) |
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 | Mar. 31, 2017 | Dec. 31, 2016 |
Carrying Amount [Member] | Other Assets Noncurrent [Member] | Hydrogenics [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Available-for-sale securities | $ 7,212 | $ 5,212 |
Carrying Amount [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Foreign currency contracts | 756 | 289 |
Carrying Amount [Member] | Other Accrued Liabilities [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Foreign currency contracts | 3,162 | 8,349 |
Fair Value [Member] | Other Assets Noncurrent [Member] | Hydrogenics [Member] | Level 1 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Available-for-sale securities | 7,212 | 5,212 |
Fair Value [Member] | Prepaid Expenses and Other Current Assets [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Foreign currency contracts | 756 | 289 |
Fair Value [Member] | Other Accrued Liabilities [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Foreign currency contracts | 3,162 | 8,349 |
5.00% Senior Notes Due 2027 [Member] | Carrying Amount [Member] | Long Term Debt Noncurrent [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 750,000 | |
5.00% Senior Notes Due 2027 [Member] | Fair Value [Member] | Long Term Debt Noncurrent [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 749,100 | |
6.00% Senior Notes Due June 2025 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 1,500,000 | 1,500,000 |
6.00% Senior Notes Due June 2025 [Member] | Carrying Amount [Member] | Long Term Debt Noncurrent [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 1,500,000 | 1,500,000 |
6.00% Senior Notes Due June 2025 [Member] | Fair Value [Member] | Long Term Debt Noncurrent [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 1,578,750 | 1,585,350 |
5.50% Senior Notes Due 2024 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 650,000 | 650,000 |
5.50% Senior Notes Due 2024 [Member] | Carrying Amount [Member] | Long Term Debt Noncurrent [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 [Member] | Long Term Debt Noncurrent [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 672,165 | 673,530 |
5.00% Senior Notes Due 2021 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 650,000 | 650,000 |
5.00% Senior Notes Due 2021 [Member] | Carrying Amount [Member] | Long Term Debt Noncurrent [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 650,000 | 650,000 |
5.00% Senior Notes Due 2021 [Member] | Fair Value [Member] | Long Term Debt Noncurrent [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 669,500 | 669,500 |
4.375% Senior Secured Notes Due 2020 [ Member] | Carrying Amount [Member] | Long Term Debt Noncurrent [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior secured debt | 500,000 | |
4.375% Senior Secured Notes Due 2020 [ Member] | Fair Value [Member] | Long Term Debt Noncurrent [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior notes | 513,100 | |
Senior Secured Term Loan Due 2022, at Par [Member] | Carrying Amount [Member] | Long Term Debt Noncurrent [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior secured debt | 1,096,250 | 1,234,375 |
Senior Secured Term Loan Due 2022, at Par [Member] | Fair Value [Member] | Long Term Debt Noncurrent [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior secured term loans | $ 1,105,815 | 1,245,145 |
Senior Secured Term Loan Due 2018 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior secured debt | 111,875 | |
Senior Secured Term Loan Due 2018 [Member] | Carrying Amount [Member] | Long Term Debt Noncurrent [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior secured debt | 111,875 | |
Senior Secured Term Loan Due 2018 [Member] | Fair Value [Member] | Long Term Debt Noncurrent [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Senior secured term loans | $ 112,364 |
Segments and Geographic Infor48
Segments and Geographic Information - Summary of Financial Information by Reportable Segment (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||||
Total assets | $ 7,132,824 | $ 7,141,986 | ||
Cash and cash equivalents | 437,637 | 428,228 | $ 688,368 | $ 562,884 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 6,648,700 | 6,666,900 | ||
Operating Segments [Member] | CCS [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 4,524,200 | 4,507,500 | ||
Operating Segments [Member] | CMS [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total assets | 2,124,500 | 2,159,400 | ||
Segment Reconciling Items [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Cash and cash equivalents | 437,600 | 428,200 | ||
Deferred income tax assets | $ 46,500 | $ 46,900 |
Segments and Geographic Infor49
Segments and Geographic Information - Summary of Net Sales, Adjusted Operating Income, Depreciation Expense and Additions to Property, Plant and Equipment by Reportable Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 1,137,285 | $ 1,143,979 |
Segment adjusted operating income | 217,300 | 211,400 |
Amortization of intangible assets | 67,638 | 73,616 |
Restructuring costs, net | 5,388 | 6,072 |
Equity-based compensation | 9,412 | 8,835 |
Asset impairments | 15,293 | |
Integration and transaction costs | 13,500 | 15,900 |
Purchase accounting adjustments | 1,000 | |
Consolidated operating income | 121,351 | 90,723 |
Depreciation expense | 20,000 | 19,600 |
Additions to property, plant and equipment | 12,910 | 14,472 |
CCS [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 681,600 | 687,000 |
Segment adjusted operating income | 115,300 | 134,800 |
Restructuring costs, net | 4,757 | 1,109 |
Depreciation expense | 14,400 | 12,900 |
Additions to property, plant and equipment | 8,800 | 11,100 |
CMS [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 455,700 | 457,000 |
Segment adjusted operating income | 102,000 | 76,600 |
Restructuring costs, net | 631 | 4,963 |
Depreciation expense | 5,600 | 6,700 |
Additions to property, plant and equipment | $ 4,100 | $ 3,400 |
Segments and Geographic Infor50
Segments and Geographic Information - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Sales Revenue, Net [Member] | Customers Located Outside of the U.S [Member] | ||
Segment Reporting Information [Line Items] | ||
Concentration risk percentage | 43.00% | 48.50% |
Segments and Geographic Infor51
Segments and Geographic Information - Summary of Sales by Geographic Region, Based on Destination of Product Shipments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 1,137,285 | $ 1,143,979 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 648,300 | 588,800 |
Europe, Middle East and Africa [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 231,800 | 218,300 |
Asia Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 181,900 | 240,700 |
Central and Latin America [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | 58,800 | 66,300 |
Canada [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net sales | $ 16,500 | $ 29,900 |
Restructuring Costs - Summary o
Restructuring Costs - Summary of Company's Net Pretax Restructuring Charges (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs, net | $ 5,388 | $ 6,072 |
CCS [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs, net | 4,757 | 1,109 |
CMS [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs, net | $ 631 | $ 4,963 |
Restructuring Costs - Activity
Restructuring Costs - Activity within Liability Established for Restructuring Actions (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | $ 39,472 | ||
Additional charge recorded | 5,388 | $ 6,072 | |
Ending balance | 35,817 | ||
Restructuring reserve, current | 27,098 | $ 30,438 | |
Other Accrued Liabilities [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, current | 27,098 | 30,438 | |
Other Noncurrent Liabilities [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring reserve, non-current | 8,719 | $ 9,034 | |
Cost Alignment Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 6,361 | ||
Additional charge recorded | 73 | ||
Cash paid | (249) | ||
Foreign exchange and other non-cash items | 4 | ||
Ending balance | 6,189 | ||
BNS Integration Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 33,111 | ||
Additional charge recorded | 5,315 | ||
Cash paid | (9,010) | ||
Consideration received | 165 | ||
Foreign exchange and other non-cash items | 47 | ||
Ending balance | 29,628 | ||
Employee-Related Costs [Member] | Cost Alignment Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 311 | ||
Foreign exchange and other non-cash items | 4 | ||
Ending balance | 315 | ||
Employee-Related Costs [Member] | BNS Integration Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 32,740 | ||
Additional charge recorded | 4,973 | ||
Cash paid | (8,697) | ||
Foreign exchange and other non-cash items | 47 | ||
Ending balance | 29,063 | ||
Lease Termination Costs [Member] | Cost Alignment Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 6,050 | ||
Additional charge recorded | 73 | ||
Cash paid | (249) | ||
Ending balance | 5,874 | ||
Lease Termination Costs [Member] | BNS Integration Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Beginning balance | 371 | ||
Additional charge recorded | 288 | ||
Cash paid | (94) | ||
Ending balance | 565 | ||
Fixed Asset Related Costs [Member] | BNS Integration Restructuring Plan [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Additional charge recorded | 54 | ||
Cash paid | (219) | ||
Consideration received | $ 165 |
Restructuring Costs - Additiona
Restructuring Costs - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
BNS [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Recognized restructuring charges | $ 71,800,000 |
Cost Alignment Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Recognized restructuring charges | 89,100,000 |
Cash payments | 249,000 |
Minimum [Member] | BNS [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Cash payments | 24,500,000 |
Additional cash payments | 5,000,000 |
Minimum [Member] | Cost Alignment Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Additional pretax costs expected to be incurred to complete previously announced initiatives | 500,000 |
Cash payments | 1,500,000 |
Additional cash payments | 5,000,000 |
Maximum [Member] | BNS [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Additional pretax costs expected to be incurred to complete previously announced initiatives | 500,000 |
Cash payments | 25,000,000 |
Additional cash payments | 5,500,000 |
Maximum [Member] | Cost Alignment Restructuring Plan [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Additional pretax costs expected to be incurred to complete previously announced initiatives | 1,000,000 |
Cash payments | 2,000,000 |
Additional cash payments | $ 5,500,000 |
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
U.S. Pension Benefits Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Interest cost | $ 1,490 | $ 1,620 |
Recognized actuarial loss (gain) | 164 | 236 |
Expected return on plan assets | (1,687) | (1,750) |
Net periodic benefit cost (income) | (33) | 106 |
Non-U.S. Pension Benefits Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 1,164 | 1,596 |
Interest cost | 1,271 | 1,751 |
Recognized actuarial loss (gain) | 367 | 28 |
Expected return on plan assets | (1,819) | (2,294) |
Net periodic benefit cost (income) | 983 | 1,081 |
U.S. Other Postretirement Benefits Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 1 | |
Interest cost | 67 | 135 |
Recognized actuarial loss (gain) | (198) | (346) |
Amortization of prior service credit | (1,034) | (1,055) |
Net periodic benefit cost (income) | $ (1,165) | $ (1,265) |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - Pension Plans and Postretirement Benefit Plans [Member] $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Company's contribution to defined benefit plans | $ 0.8 |
Additional contribution amount for remaining fiscal period | $ 7.8 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Mar. 31, 2017 | Mar. 31, 2017 | Feb. 23, 2017 |
Stockholders Equity [Line Items] | |||
Cost of common stock repurchased | $ 65,000,000 | ||
Number of shares repurchased | 1,600,000 | ||
Average cost of shares repurchased | $ 39.81 | ||
Stock repurchases not yet settled recorded in liability | $ 6,200,000 | $ 6,200,000 | |
Remaining amount authorized under repurchase program | 35,000,000 | 35,000,000 | |
Unrecognized compensation costs related to unvested stock options, restricted stock units (RSUs) and performance share units (PSUs) | 100,300,000 | $ 100,300,000 | |
Recognition period of unrecognized compensation expense | 1 year 8 months 12 days | ||
Capitalized equity-based compensation costs | $ 0 | ||
Stock Options [Member] | |||
Stockholders Equity [Line Items] | |||
Contractual term | 10 years | ||
Projected dividend yield | 0.00% | ||
Performance Shares [Member] | |||
Stockholders Equity [Line Items] | |||
Vesting period, year | 3 years | ||
Maximum [Member] | |||
Stockholders Equity [Line Items] | |||
Common stock amount authorized under repurchase program | $ 100,000,000 | ||
Maximum [Member] | Stock Options [Member] | |||
Stockholders Equity [Line Items] | |||
Vesting period, year | 3 years | ||
Maximum [Member] | Restricted Stock Units (RSUs) [Member] | |||
Stockholders Equity [Line Items] | |||
Vesting period, year | 3 years | ||
Maximum [Member] | Performance Shares [Member] | |||
Stockholders Equity [Line Items] | |||
Number of shares issued on performance | 150.00% | ||
Minimum [Member] | Stock Options [Member] | |||
Stockholders Equity [Line Items] | |||
Vesting period, year | 1 year | ||
Minimum [Member] | Restricted Stock Units (RSUs) [Member] | |||
Stockholders Equity [Line Items] | |||
Vesting period, year | 1 year | ||
Minimum [Member] | Performance Shares [Member] | |||
Stockholders Equity [Line Items] | |||
Number of shares issued on performance | 0.00% |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of the Equity-Based Compensation Expense Included in the Condensed Consolidated Statements of Operations and Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total equity-based compensation expense | $ 9,412 | $ 8,835 |
Selling, General and Administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total equity-based compensation expense | 7,159 | 6,716 |
Cost of Sales [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total equity-based compensation expense | 1,197 | 1,192 |
Research and Development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total equity-based compensation expense | $ 1,056 | $ 927 |
Stockholders' Equity - Summar59
Stockholders' Equity - Summary of Stock Option Activity (Detail) - Non Qualified Stock Option [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Options Beginning Balance | shares | 5,497 |
Shares, Granted | shares | 481 |
Shares, Exercised | shares | (536) |
Shares, Forfeited | shares | (38) |
Shares, Options Ending Balance | shares | 5,404 |
Shares, Options exercisable Ending Balance | shares | 4,453 |
Shares, Options expected to vest | shares | 951 |
Weighted Average Option Exercise Price Per Share, Options Beginning Balance | $ / shares | $ 10.33 |
Weighted Average Option Exercise Price Per Share, Granted | $ / shares | 37.97 |
Weighted Average Option Exercise Price Per Share, Exercised | $ / shares | 11.09 |
Weighted Average Option Exercise Price Per Share, Forfeited or expired | $ / shares | 20.19 |
Weighted Average Option Exercise Price Per Share, Options Ending Balance | $ / shares | 12.65 |
Weighted Average Option Exercise Price Per Share, Options exercisable Ending Balance | $ / shares | 8.32 |
Weighted Average Option Exercise Price Per Share, Options expected to vest | $ / shares | $ 32.91 |
Weighted Average Remaining Contractual Term in Years, Options outstanding | 4 years 10 months 24 days |
Weighted Average Remaining Contractual Term in Years, Options exercisable | 4 years |
Weighted Average Remaining Contractual Term in Years, Options expected to vest | 9 years 1 month 6 days |
Aggregate Intrinsic Value, Options outstanding as of March 31, 2017 | $ | $ 157,063 |
Aggregate Intrinsic Value, Options exercisable at March 31, 2017 | $ | 148,694 |
Aggregate Intrinsic Value, Options expected to vest | $ | $ 8,369 |
Stockholders' Equity - Summar60
Stockholders' Equity - Summary of Exercise Price (Detail) shares in Thousands | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
$2.96 to $5.35 [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 | shares | 360 |
Weighted Average Remaining Contractual Life | 2 years |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 2.96 |
Options Exercisable Shares | shares | 360 |
Weighted Average Exercise Price Per Share, Options Exercisable | $ 2.96 |
$5.36 to $5.67 [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 | shares | 133 |
Weighted Average Remaining Contractual Life | 4 years 10 months 24 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 5.57 |
Options Exercisable Shares | shares | 133 |
Weighted Average Exercise Price Per Share, Options Exercisable | $ 5.57 |
$5.68 to $8.54 [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 | shares | 2,568 |
Weighted Average Remaining Contractual Life | 3 years 9 months 18 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 5.74 |
Options Exercisable Shares | shares | 2,568 |
Weighted Average Exercise Price Per Share, Options Exercisable | $ 5.74 |
$8.55 to $8.90 [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 | $ 8.9 |
Options Outstanding Shares | shares | 903 |
Weighted Average Remaining Contractual Life | 3 years 2 months 12 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 8.59 |
Options Exercisable Shares | shares | 903 |
Weighted Average Exercise Price Per Share, Options Exercisable | $ 8.59 |
$8.91 to $23.00 [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 | shares | 207 |
Weighted Average Remaining Contractual Life | 6 years 10 months 24 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 22.89 |
Options Exercisable Shares | shares | 207 |
Weighted Average Exercise Price Per Share, Options Exercisable | $ 22.89 |
$23.01 to $37.97 [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 | $ 37.97 |
Options Outstanding Shares | shares | 1,233 |
Weighted Average Remaining Contractual Life | 8 years 10 months 24 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 31.86 |
Options Exercisable Shares | shares | 282 |
Weighted Average Exercise Price Per Share, Options Exercisable | $ 28.33 |
$2.96 to $37.97 [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 | $ 37.97 |
Options Outstanding Shares | shares | 5,404 |
Weighted Average Remaining Contractual Life | 4 years 10 months 24 days |
Weighted Average Exercise Price Per Share, Options Outstanding | $ 12.65 |
Options Exercisable Shares | shares | 4,453 |
Weighted Average Exercise Price Per Share, Options Exercisable | $ 8.32 |
Stockholders' Equity - Summar61
Stockholders' Equity - Summary of Weighted Average Assumptions Used to Estimate Fair Value of Stock Option (Detail) - Stock Options [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected option term (in years) | 6 years | 6 years |
Risk-free interest rate | 2.00% | 1.40% |
Expected volatility | 40.00% | 50.00% |
Weighted average exercise price | $ 37.97 | $ 24.94 |
Weighted average fair value at grant date | $ 15.71 | $ 12.03 |
Stockholders' Equity - Summar62
Stockholders' Equity - Summary of RSU Activity (Detail) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested RSUs, Beginning balance | shares | 2,519 |
Shares, Granted | shares | 1,092 |
Shares, Vested and shares issued | shares | (1,056) |
Shares, Forfeited | shares | (60) |
Non-vested RSUs, Ending balance | shares | 2,495 |
Weighted Average Grant Date Fair Value Per Share, Non-vested RSUs, Beginning balance | $ / shares | $ 26.37 |
Weighted Average Grant Date Fair Value Per Share, Granted | $ / shares | 37.96 |
Weighted Average Grant Date Fair Value Per Share, Vested and shares issued | $ / shares | 25.98 |
Weighted Average Grant Date Fair Value Per Share, Forfeited | $ / shares | 24.62 |
Weighted Average Grant Date Fair Value Per Share, Non-vested RSUs, Ending balance | $ / shares | $ 31.65 |
Stockholders' Equity - Summar63
Stockholders' Equity - Summary of PSU Activity (Detail) - Performance Shares [Member] shares in Thousands | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-vested RSUs, Beginning balance | shares | 445 |
Shares, Granted | shares | 199 |
Shares, Vested and shares issued | shares | (64) |
Shares, Forfeited | shares | (9) |
Non-vested RSUs, Ending balance | shares | 571 |
Weighted Average Grant Date Fair Value Per Share, Non-vested RSUs, Beginning balance | $ / shares | $ 26.68 |
Weighted Average Grant Date Fair Value Per Share, Granted | $ / shares | 37.97 |
Weighted Average Grant Date Fair Value Per Share, Vested and shares issued | $ / shares | 30.76 |
Weighted Average Grant Date Fair Value Per Share, Forfeited | $ / shares | 24.94 |
Weighted Average Grant Date Fair Value Per Share, Non-vested RSUs, Ending balance | $ / shares | $ 30.19 |