Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 29, 2013 | Nov. 01, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 29-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'BDC | ' |
Entity Registrant Name | 'BELDEN INC. | ' |
Entity Central Index Key | '0000913142 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 43,453,757 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 29, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $503,837 | $395,095 |
Receivables, net | 326,597 | 300,864 |
Inventories, net | 211,827 | 215,282 |
Income tax receivable | 30,193 | ' |
Deferred income taxes | 21,545 | 19,885 |
Other current assets | 20,435 | 28,456 |
Total current assets | 1,114,434 | 959,582 |
Property, plant and equipment, less accumulated depreciation | 301,290 | 307,048 |
Goodwill | 778,640 | 778,708 |
Intangible assets, less accumulated amortization | 392,146 | 428,273 |
Deferred income taxes | 32,624 | 46,970 |
Other long-lived assets | 80,276 | 64,002 |
Total assets | 2,699,410 | 2,584,583 |
Current liabilities: | ' | ' |
Accounts payable | 194,715 | 183,672 |
Accrued liabilities | 174,013 | 166,272 |
Current maturities of long-term debt | 21,260 | 15,678 |
Current liabilities of discontinued operations | ' | 86,860 |
Total current liabilities | 389,988 | 452,482 |
Long-term debt | 1,322,524 | 1,135,527 |
Postretirement benefits | 141,139 | 144,320 |
Other long-term liabilities | 41,241 | 40,394 |
Stockholders' equity: | ' | ' |
Preferred stock | ' | ' |
Common stock | 503 | 503 |
Additional paid-in capital | 582,878 | 598,180 |
Retained earnings | 535,898 | 461,756 |
Accumulated other comprehensive loss | -37,752 | -30,565 |
Treasury stock | -277,009 | -218,014 |
Total stockholders' equity | 804,518 | 811,860 |
Total liabilities and stockholders' equity | $2,699,410 | $2,584,583 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenues | $522,478 | $465,234 | $1,559,442 | $1,363,052 |
Cost of sales | -339,637 | -326,421 | -1,030,052 | -946,792 |
Gross profit | 182,841 | 138,813 | 529,390 | 416,260 |
Selling, general and administrative expenses | -96,197 | -98,273 | -281,682 | -256,137 |
Research and development | -21,141 | -18,812 | -62,497 | -47,434 |
Amortization of intangibles | -12,326 | -7,646 | -38,408 | -13,145 |
Income from equity method investment | 758 | 2,553 | 5,285 | 7,254 |
Asset impairment | ' | -29,904 | ' | -29,904 |
Operating income (loss) | 53,935 | -13,269 | 152,088 | 76,894 |
Interest expense | -19,259 | -13,890 | -53,509 | -38,308 |
Interest income | 92 | 171 | 349 | 733 |
Loss on debt extinguishment | ' | -50,585 | ' | -50,585 |
Income (loss) from continuing operations before taxes | 34,768 | -77,573 | 98,928 | -11,266 |
Income tax benefit (expense) | -5,700 | 21,887 | -18,123 | 15,024 |
Income (loss) from continuing operations | 29,068 | -55,686 | 80,805 | 3,758 |
Gain on disposal of discontinued operations, net of tax | ' | 9,783 | ' | 9,783 |
Income from discontinued operations, net of tax | ' | 7,125 | ' | 14,346 |
Net income (loss) | 29,068 | -38,778 | 80,805 | 27,887 |
Weighted average number of common shares and equivalents: | ' | ' | ' | ' |
Basic | 43,694 | 44,787 | 44,013 | 45,410 |
Diluted | 44,537 | 44,787 | 44,916 | 46,249 |
Basic income (loss) per share: | ' | ' | ' | ' |
Continuing operations | $0.67 | ($1.24) | $1.84 | $0.08 |
Disposal of discontinued operations | ' | $0.22 | ' | $0.21 |
Discontinued operations | ' | $0.15 | ' | $0.32 |
Net income (loss) | $0.67 | ($0.87) | $1.84 | $0.61 |
Diluted income (loss) per share: | ' | ' | ' | ' |
Continuing operations | $0.65 | ($1.24) | $1.80 | $0.08 |
Disposal of discontinued operations | ' | $0.22 | ' | $0.21 |
Discontinued operations | ' | $0.15 | ' | $0.31 |
Net income (loss) | $0.65 | ($0.87) | $1.80 | $0.60 |
Comprehensive income (loss) | $34,776 | ($24,687) | $73,618 | $24,366 |
Dividends declared per share | $0.05 | $0.05 | $0.15 | $0.15 |
CONDENSED_CONSOLIDATED_CASH_FL
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $80,805 | $27,887 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities: | ' | ' |
Depreciation and amortization | 71,863 | 40,541 |
Share-based compensation | 11,126 | 9,373 |
Provision for inventory obsolescence | 2,541 | 3,341 |
Pension funding less than pension expense | 2,876 | 730 |
Loss on debt extinguishment | ' | 50,585 |
Asset impairment | ' | 29,998 |
Gain from disposal of discontinued operations | ' | -9,783 |
Deferred income tax benefit | -1,984 | -11,284 |
Income from equity method investment | -5,285 | -7,254 |
Tax benefit related to share-based compensation | -10,581 | -3,947 |
Changes in operating assets and liabilities, net of the effects of currency exchange rate changes and acquired businesses: | ' | ' |
Receivables | -40,214 | -8,855 |
Inventories | 1,172 | 11,701 |
Accounts payable | 7,812 | -7,197 |
Accrued liabilities | 9,875 | 870 |
Accrued taxes | -84,189 | -20,866 |
Other assets | 2,565 | -6,549 |
Other liabilities | 2,421 | -5,956 |
Net cash provided by operating activities | 50,803 | 93,335 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -31,405 | -31,788 |
Cash used to acquire businesses, net of cash acquired | -9,979 | -341,942 |
Proceeds from disposal of tangible assets | 3,155 | 1,236 |
Proceeds from disposal of business | 3,735 | ' |
Net cash used for investing activities | -34,494 | -372,494 |
Cash flows from financing activities: | ' | ' |
Borrowings under credit arrangements | 388,220 | 945,250 |
Payments under borrowing arrangements | -200,220 | -575,784 |
Payments under share repurchase program | -93,750 | -75,000 |
Debt issuance costs paid | -7,817 | -15,116 |
Cash dividends paid | -4,488 | -6,990 |
Proceeds from exercise of stock options, net of withholding tax payments | -2,274 | 2,372 |
Proceeds from settlement of derivatives | ' | 4,024 |
Tax benefit related to share-based compensation | 10,581 | 3,947 |
Net cash provided by financing activities | 90,252 | 282,703 |
Effect of foreign currency exchange rate changes on cash and cash equivalents | 2,181 | -621 |
Increase in cash and cash equivalents | 108,742 | 2,923 |
Cash and cash equivalents, beginning of period | 395,095 | 382,716 |
Cash and cash equivalents, end of period | $503,837 | $385,639 |
CONDENSED_CONSOLIDATED_STOCKHO
CONDENSED CONSOLIDATED STOCKHOLDERS' EQUITY STATEMENT (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Component [Member] | Accumulated Other Comprehensive Income (Loss), Pension and Postretirement Benefit Plans [Member] |
In Thousands | |||||||
Beginning balance at Dec. 31, 2012 | $811,860 | $503 | $598,180 | $461,756 | ($218,014) | $28,516 | ($59,081) |
Beginning balance, shares at Dec. 31, 2012 | ' | 50,335 | ' | ' | -6,167 | ' | ' |
Net income | 80,805 | ' | ' | 80,805 | ' | ' | ' |
Foreign currency translation | -10,733 | ' | ' | ' | ' | -10,733 | ' |
Amortization of pension and other postretirement benefit plan losses, net of $2.2 million tax | 3,546 | ' | ' | ' | ' | ' | 3,546 |
Exercise of stock options, net of tax withholding, shares | ' | ' | ' | ' | 865 | ' | ' |
Exercise of stock options, net of tax withholding | 561 | ' | -29,997 | ' | 30,558 | ' | ' |
Conversion of restricted stock units into common stock, net of tax withholding, shares | ' | ' | ' | ' | 120 | ' | ' |
Conversion of restricted stock units into common stock, net of tax withholding | -2,815 | ' | -7,012 | ' | 4,197 | ' | ' |
Share repurchase program | -93,750 | ' | ' | ' | -93,750 | ' | ' |
Share repurchase program, shares | ' | ' | ' | ' | -1,712 | ' | ' |
Share-based compensation | 21,707 | ' | 21,707 | ' | ' | ' | ' |
Dividends ($0.15 per share) | -6,663 | ' | ' | -6,663 | ' | ' | ' |
Ending balance at Sep. 29, 2013 | $804,518 | $503 | $582,878 | $535,898 | ($277,009) | $17,783 | ($55,535) |
Ending balance, shares at Sep. 29, 2013 | ' | 50,335 | ' | ' | -6,894 | ' | ' |
CONDENSED_CONSOLIDATED_STOCKHO1
CONDENSED CONSOLIDATED STOCKHOLDERS' EQUITY STATEMENT (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Statement Of Stockholders Equity [Abstract] | ' | ' | ' | ' |
Amortization of pension and other postretirement benefit plan losses, tax | $0.70 | $0 | $2.20 | $0 |
Dividends declared per share | $0.05 | $0.05 | $0.15 | $0.15 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | |||
Sep. 29, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Summary of Significant Accounting Policies | ' | |||
Note 1: Summary of Significant Accounting Policies | ||||
Basis of Presentation | ||||
The accompanying Condensed Consolidated Financial Statements include Belden Inc. and all of its subsidiaries (the Company, Belden, us, we, or our). We eliminate all significant affiliate accounts and transactions in consolidation. | ||||
The accompanying Condensed Consolidated Financial Statements presented as of any date other than December 31, 2012: | ||||
— | Are prepared from the books and records without audit, and | |||
— | Are prepared in accordance with the instructions for Form 10-Q and do not include all of the information required by accounting principles generally accepted in the United States for complete statements, but | |||
— | Include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the financial statements. | |||
These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Supplementary Data contained in our 2012 Annual Report on Form 10-K. | ||||
Business Description | ||||
Belden designs, manufactures, and markets signal transmission solutions for the broadcast, enterprise, and industrial markets. Our products are designed and manufactured to strict quality standards resulting in an industry leading reputation for worldwide reliability. | ||||
Reporting Periods | ||||
Our fiscal year and fiscal fourth quarter both end on December 31. Our fiscal first quarter ends on the Sunday falling closest to 91 days after December 31, which was March 31, 2013, the 90th day of our fiscal year 2013. Our fiscal second quarter has 91 days and ended on June 30, 2013. Our fiscal third quarter has 91 days and ended on September 29, 2013. The nine months ended September 29, 2013 and September 30, 2012 included 272 and 274 days, respectively. | ||||
Reclassifications | ||||
We have made certain reclassifications to the 2012 Condensed Consolidated Financial Statements with no impact to reported net income in order to conform to the 2013 presentation, primarily related to discontinued operations of a disposed business. | ||||
Fair Value Measurement | ||||
Accounting guidance for fair value measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources or reflect our own assumptions of market participant valuation. The hierarchy is broken down into three levels based on the reliability of the inputs as follows: | ||||
— | Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; | |||
— | Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets, or financial instruments for which significant inputs are observable, either directly or indirectly; | |||
— | Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. | |||
As of and for the three and nine months ended September 29, 2013 and September 30, 2012, we utilized Level 1 inputs to determine the fair value of cash equivalents. As of and for the three and nine months ended September 30, 2012, we utilized level 2 inputs to determine the fair value of certain long-lived assets (see Note 6). For the three and nine months ended September 30, 2012, we utilized Level 2 inputs to determine the fair value of derivatives and hedging instruments (see Note 9). We did not have any transfers between Level 1 and Level 2 fair value measurements during the year. | ||||
Cash and Cash Equivalents | ||||
We classify cash on hand and deposits in banks, including commercial paper, money market accounts, and other investments with an original maturity of three months or less, that we hold from time to time, as cash and cash equivalents. We periodically have cash equivalents consisting of short-term money market funds and other investments. The primary objective of our investment activities is to preserve our capital for the purpose of funding operations. We do not enter into investments for trading or speculative purposes. The fair value of these cash equivalents as of September 29, 2013 was $70.4 million and is based on quoted market prices in active markets (i.e., Level 1 valuation). | ||||
Contingent Liabilities | ||||
We have established liabilities for environmental and legal contingencies that are probable of occurrence and reasonably estimable, the amounts of which are currently not material. We accrue environmental remediation costs based on estimates of known environmental remediation exposures developed in consultation with our environmental consultants and legal counsel. We are, from time to time, subject to routine litigation incidental to our business. These lawsuits primarily involve claims for damages arising out of the use of our products, allegations of patent or trademark infringement, and litigation and administrative proceedings involving employment matters and commercial disputes. Based on facts currently available, we believe the disposition of the claims that are pending or asserted will not have a materially adverse effect on our financial position, results of operations or cash flow. | ||||
As of September 29, 2013, we were party to standby letters of credit, bank guaranties, and surety bonds totaling $7.0 million, $4.9 million, and $1.7 million, respectively. | ||||
Revenue Recognition | ||||
We recognize revenue when all of the following circumstances are satisfied: (1) persuasive evidence of an arrangement exists, (2) price is fixed or determinable, (3) collectability is reasonably assured, and (4) delivery has occurred. Delivery occurs in the period in which the customer takes title and assumes the risks and rewards of ownership of the products specified in the customer’s purchase order or sales agreement. At times, we enter into arrangements that involve the delivery of multiple products. For these arrangements, revenue is allocated to each deliverable based on that element’s relative selling price and recognized based on the period of delivery for each element. | ||||
We record revenue net of estimated rebates, price allowances, invoicing adjustments, and product returns. We record revisions to these estimates in the period in which the facts that give rise to each revision become known. | ||||
Discontinued Operations | ||||
In 2012, we sold our Thermax and Raydex cable business, and the results of operations of Thermax and Raydex in 2012 are reported in discontinued operations. Operating results from discontinued operations for the three and nine months ended September 30, 2012 include revenues of $25.1 million and $75.6 million, respectively, and income of $5.7 million ($4.5 million net of tax) and $17.8 million ($11.7 million net of tax), respectively, from Thermax and Raydex. | ||||
In 2010, we completed the sale of Trapeze Networks, Inc. (Trapeze) for $152.1 million. At the time the transaction closed, we received $136.9 million in cash, and the remaining $15.2 million was placed in escrow as partial security for our indemnity obligations under the sale agreement. Based on the status of the negotiations at the time, we reduced the carrying value of the escrow receivable and recognized a loss of $7.0 million ($4.3 million net of tax) for both the three and nine months ended September 30, 2012, which is included in our gain from disposal of discontinued operations. As of September 29, 2013, we have collected a partial settlement of $4.2 million from the escrow, and we remain in negotiations with the buyer of Trapeze regarding the status of the escrow and certain claims raised by the buyer. Based on the current status of the negotiations, the amount of the escrow receivable on our Condensed Consolidated Balance Sheet is $3.8 million, which is our best estimate of the remaining amount to be collected. | ||||
During 2005, we completed the sale of our discontinued communications cable operation in Phoenix, Arizona. In connection with this sale and related tax deductions, we established a liability for uncertain tax positions. The statute of limitations associated with the tax positions expired during our fiscal third quarter of 2012. Therefore, we reversed the uncertain tax position liability and the associated accrued interest and penalties. For both the three and nine months ended September 30, 2012, we recognized a net gain of $14.1 million due to the reversal of the uncertain tax position liability, which is included in our gain from disposal of discontinued operations. For both the three and nine months ended September 30, 2012, we recognized a gain of $4.0 million ($2.6 million net of tax) due to the reversal of the accrued interest and penalties, which is included in our income from discontinued operations. | ||||
Subsequent Events | ||||
We have evaluated subsequent events after the balance sheet date through the financial statement issuance date for appropriate accounting and disclosure. See Note 14. | ||||
Current-Year Adoption of Accounting Pronouncements | ||||
On January 1, 2013, we adopted new accounting guidance issued by the FASB with regard to the presentation and disclosure of changes in accumulated other comprehensive income (loss). The adoption of this guidance did not have a material impact on our financial statements. | ||||
Pending Adoption of Recent Accounting Pronouncements | ||||
In July 2013, the FASB issued guidance which requires the presentation of unrecognized tax benefits net of deferred tax assets for net operating loss carryforwards, similar tax losses, or tax credit carryforwards in cases where these carryforwards and losses are available at the balance sheet date. When carryforwards or losses are not available at the balance sheet date, an entity must present the liability separately, rather than on a net basis with deferred tax assets. The new guidance is effective for annual and interim periods beginning after December 15, 2013. We do not expect the adoption of this guidance to have a material impact on our financial statements. |
Acquisitions
Acquisitions | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Acquisitions | ' | ||||||||
Note 2: Acquisitions | |||||||||
Softel Limited | |||||||||
We acquired Softel Limited (Softel) for $9.1 million, net of cash acquired, on January 25, 2013. Softel is a key technology supplier to the media sector with a portfolio of technologies well aligned with industry trends and growing demand. Softel is located in the United Kingdom. The results of Softel have been included in our Consolidated Financial Statements from January 25, 2013, and are reported within the Broadcast segment. The Softel acquisition was not material to our financial position or results of operations reported as of and for the three and nine months ended September 29, 2013. | |||||||||
PPC Broadband, Inc. | |||||||||
We acquired 100% of the outstanding shares of PPC Broadband, Inc. (PPC) in exchange for cash of $522.4 million on December 10, 2012. PPC is a leading manufacturer and developer of advanced connectivity technologies for the broadband market and expands our solution offerings in the broadband end-market. PPC is headquartered in Syracuse, New York. PPC’s strong brands and technology enhance our portfolio of broadband products. The results of PPC have been included in our Consolidated Financial Statements from December 10, 2012, and are reported within the Broadcast segment. The following table summarizes the estimated fair value of the assets acquired and the liabilities assumed as of December 10, 2012 (in thousands). | |||||||||
Cash | $ | 6,874 | |||||||
Receivables | 27,007 | ||||||||
Inventories | 45,415 | ||||||||
Other current assets | 468 | ||||||||
Property, plant and equipment | 27,760 | ||||||||
Goodwill | 277,295 | ||||||||
Intangible assets | 164,500 | ||||||||
Other non-current assets | 134 | ||||||||
Total assets | $ | 549,453 | |||||||
Accounts payable | $ | 22,499 | |||||||
Accrued liabilities | 3,916 | ||||||||
Other long-term liabilities | 646 | ||||||||
Total liabilities | 27,061 | ||||||||
Net assets | $ | 522,392 | |||||||
The above purchase price allocation has been determined provisionally, and is subject to revision as additional information about the fair value of individual assets and liabilities becomes available and we ensure our accounting policies are applied at PPC. The provisional measurement of receivables, inventories, property, plant, and equipment, goodwill, deferred income taxes, and other assets and liabilities are subject to change. Any change in the acquisition date fair value of the acquired net assets will change the amount of the purchase price allocable to goodwill. | |||||||||
A single estimate of fair value results from a complex series of judgments about future events and uncertainties and relies heavily on estimates and assumptions. The judgments we have used in estimating the fair values assigned to each class of acquired assets and assumed liabilities could materially affect the results of our operations. | |||||||||
The fair value of acquired receivables is $27.0 million, with a gross contractual amount of $27.7 million. We do not expect to collect $0.7 million of the acquired receivables. | |||||||||
For purposes of the above allocation, we have estimated a fair value adjustment for inventories based on the estimated selling price of the work-in-process and finished goods acquired at the closing date less the sum of the costs to complete the work-in-process, the costs of disposal, and a reasonable profit allowance for our post acquisition selling efforts. We based our estimate of the fair value for the acquired property, plant, and equipment on a valuation study performed by a third party valuation firm. We used various valuation methods including discounted cash flows to estimate the fair value of the identifiable intangible assets. | |||||||||
Goodwill and other intangible assets reflected above were determined to meet the criterion for recognition apart from tangible assets acquired and liabilities assumed. The goodwill is primarily attributable to expected synergies and the assembled workforce. Our tax basis in the acquired goodwill is $277.3 million. The goodwill balance we recorded is deductible for tax purposes up to the amount of the tax basis. Intangible assets related to the PPC acquisition consisted of the following: | |||||||||
Estimated Fair | Amortization | ||||||||
Value | Period | ||||||||
(In thousands) | (In years) | ||||||||
Intangible assets subject to amortization: | |||||||||
Developed technologies | $ | 76,000 | 5 | ||||||
Customer relationships | 55,000 | 20 | |||||||
Backlog | 1,500 | 0.5 | |||||||
Total intangible assets subject to amortization | 132,500 | ||||||||
Intangible assets not subject to amortization: | |||||||||
Goodwill | 277,295 | ||||||||
In-process research and development | 5,000 | ||||||||
Trademarks | 27,000 | ||||||||
Total intangible assets not subject to amortization | 309,295 | ||||||||
Total intangible assets | $ | 441,795 | |||||||
Weighted average amortization period | 11.2 | ||||||||
Trademarks have been determined by us to have indefinite lives and are not being amortized, based on our expectation that the trademarked products will generate cash flows for us for an indefinite period. We expect to maintain use of trademarks on existing products and introduce new products in the future that will also display the trademarks, thus extending their lives indefinitely. In-process research and development assets are considered indefinite-lived intangible assets until the completion or abandonment of the associated research and development efforts. Upon completion of the development process, we will make a determination of the useful life of the asset and begin amortizing it over that period. If the project is abandoned, we will write-off the asset at such time. | |||||||||
The amortizable intangible assets reflected in the table above were determined by us to have finite lives. The useful life for the developed technologies intangible asset was based on the estimated time that the technology provides us with a competitive advantage and thus approximates the period of consumption of the intangible asset. The useful life for the customer relationship intangible asset was based on our forecasts of customer turnover. The useful life of the backlog intangible asset was based on our estimate of when the ordered items would ship. | |||||||||
Miranda Technologies Inc. | |||||||||
We acquired Miranda Technologies Inc. (Miranda) for cash of $374.7 million in July 2012. The results of Miranda are reported within the Broadcast segment. The purchase price allocation was finalized with no significant changes as compared to December 31, 2012. | |||||||||
Pro forma – PPC and Miranda | |||||||||
The following table illustrates the unaudited pro forma effect on operating results as if the Miranda and PPC acquisitions had been completed as of January 1, 2011. | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, 2012 | September 30, 2012 | ||||||||
(In thousands, except per share data) | |||||||||
(Unaudited) | |||||||||
Revenues | $ | 538,149 | $ | 1,634,729 | |||||
Income (loss) from continuing operations | (42,290 | ) | 12,017 | ||||||
Diluted income (loss) per share from continuing operations | $ | (0.94 | ) | $ | 0.26 | ||||
For purposes of the unaudited pro forma disclosures, the three and nine months ended September 30, 2012 include interest expense from the term loan borrowed to finance the acquisition of Miranda and from the borrowings under our senior secured credit facility to finance the acquisition of PPC. | |||||||||
The above unaudited pro forma financial information is presented for informational purposes only and does not purport to represent what our results of operations would have been had we completed the acquisitions on the date assumed, nor is it necessarily indicative of the results that may be expected in future periods. Pro forma adjustments exclude cost savings from any synergies resulting from the acquisitions. |
Operating_Segments
Operating Segments | 9 Months Ended | ||||||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Operating Segments | ' | ||||||||||||||||||||||||
Note 3: Operating Segments | |||||||||||||||||||||||||
In 2013, we re-organized the Company around four global business platforms: Broadcast, Enterprise Connectivity, Industrial Connectivity, and Industrial IT. Previously, we were organized around geographic regions. The re-organization was executed as a result of our transformation into a global provider of comprehensive signal transmission solutions. We believe the new organization will allow us to better capitalize on market opportunities and meet customer demands. We have determined that each of the global business platforms represents a reportable segment. We have revised the prior period segment information to conform to the change in the composition of our reportable segments. The All Other segment represents the financial results of our cable operations that primarily conducted business in the consumer electronics end market, which we sold in December 2012. | |||||||||||||||||||||||||
We allocate corporate expenses to the segments for purposes of measuring segment operating income. Corporate expenses are allocated on the basis of each segment’s relative operating income prior to the allocation, adjusted for certain items including asset impairment, severance and other restructuring costs, purchase accounting effects related to acquisitions, accelerated depreciation, and amortization of intangible assets. | |||||||||||||||||||||||||
Broadcast | Enterprise | Industrial | Industrial | All Other | Total | ||||||||||||||||||||
Solutions | Connectivity | Connectivity | IT Solutions | Segments | |||||||||||||||||||||
Solutions | Solutions | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
As of and for the three months ended September 29, 2013 | |||||||||||||||||||||||||
Revenues | $ | 176,062 | $ | 123,406 | $ | 167,008 | $ | 56,002 | $ | — | $ | 522,478 | |||||||||||||
Affiliate revenues | 118 | 1,930 | 475 | 228 | — | 2,751 | |||||||||||||||||||
Operating income | 7,541 | 13,984 | 22,926 | 9,193 | — | 53,644 | |||||||||||||||||||
Total assets | 293,260 | 222,800 | 237,366 | 57,172 | — | 810,598 | |||||||||||||||||||
As of and for the three months ended September 30, 2012 | |||||||||||||||||||||||||
Revenues | $ | 96,549 | $ | 128,715 | $ | 159,342 | $ | 56,309 | $ | 24,319 | $ | 465,234 | |||||||||||||
Affiliate revenues | 128 | 1,953 | 310 | 153 | — | 2,544 | |||||||||||||||||||
Operating income (loss) | (11,334 | ) | 8,311 | 7,017 | 8,446 | (27,659 | ) | (15,219 | ) | ||||||||||||||||
Total assets | 182,470 | 236,213 | 236,840 | 58,530 | 52,829 | 766,882 | |||||||||||||||||||
As of and for the nine months ended September 29, 2013 | |||||||||||||||||||||||||
Revenues | $ | 498,199 | $ | 372,962 | $ | 515,621 | $ | 172,660 | $ | — | $ | 1,559,442 | |||||||||||||
Affiliate revenues | 754 | 6,938 | 1,254 | 288 | — | 9,234 | |||||||||||||||||||
Operating income | 10,900 | 37,494 | 71,719 | 27,935 | 1,278 | 149,326 | |||||||||||||||||||
Total assets | 293,260 | 222,800 | 237,366 | 57,172 | — | 810,598 | |||||||||||||||||||
As of and for the nine months ended September 30, 2012 | |||||||||||||||||||||||||
Revenues | $ | 240,941 | $ | 382,542 | $ | 502,615 | $ | 163,422 | $ | 73,532 | $ | 1,363,052 | |||||||||||||
Affiliate revenues | 634 | 5,370 | 911 | 249 | — | 7,164 | |||||||||||||||||||
Operating income (loss) | (7,699 | ) | 32,347 | 52,715 | 23,941 | (29,839 | ) | 71,465 | |||||||||||||||||
Total assets | 182,470 | 236,213 | 236,840 | 58,530 | 52,829 | 766,882 | |||||||||||||||||||
Total segment assets do not include cash, goodwill and intangible assets, deferred tax assets, or corporate assets. | |||||||||||||||||||||||||
The following table is a reconciliation of the total of the reportable segments’ operating income (loss) to consolidated income (loss) from continuing operations before taxes. | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Segment operating income (loss) | $ | 53,644 | $ | (15,219 | ) | $ | 149,326 | $ | 71,465 | ||||||||||||||||
Income from equity method investment | 758 | 2,553 | 5,285 | 7,254 | |||||||||||||||||||||
Eliminations | (467 | ) | (603 | ) | (2,523 | ) | (1,825 | ) | |||||||||||||||||
Total operating income (loss) | 53,935 | (13,269 | ) | 152,088 | 76,894 | ||||||||||||||||||||
Interest expense | (19,259 | ) | (13,890 | ) | (53,509 | ) | (38,308 | ) | |||||||||||||||||
Interest income | 92 | 171 | 349 | 733 | |||||||||||||||||||||
Loss on debt extinguishment | — | (50,585 | ) | — | (50,585 | ) | |||||||||||||||||||
Income (loss) from continuing operations before taxes | $ | 34,768 | $ | (77,573 | ) | $ | 98,928 | $ | (11,266 | ) | |||||||||||||||
Income_per_Share
Income per Share | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Income per Share | ' | ||||||||||||||||
Note 4: Income per Share | |||||||||||||||||
The following table presents the basis for the income (loss) per share computations: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Numerator: | |||||||||||||||||
Income (loss) from continuing operations | $ | 29,068 | $ | (55,686 | ) | $ | 80,805 | $ | 3,758 | ||||||||
Gain from disposal of discontinued operations, net of tax | — | 9,783 | — | 9,783 | |||||||||||||
Income from discontinued operations, net of tax | — | 7,125 | — | 14,346 | |||||||||||||
Net income (loss) | $ | 29,068 | $ | (38,778 | ) | $ | 80,805 | $ | 27,887 | ||||||||
Denominator: | |||||||||||||||||
Weighted average shares outstanding, basic | 43,694 | 44,787 | 44,013 | 45,410 | |||||||||||||
Effect of dilutive common stock equivalents | 843 | — | 903 | 839 | |||||||||||||
Weighted average shares outstanding, diluted | 44,537 | 44,787 | 44,916 | 46,249 | |||||||||||||
For both the three and nine months ended September 29, 2013, diluted weighted average shares outstanding do not include outstanding equity awards of 0.3 million, because to do so would have been anti-dilutive. For the three and nine months ended September 30, 2012, diluted weighted average shares outstanding do not include outstanding equity awards of 1.8 million and 1.0 million, respectively, because to do so would have been anti-dilutive. | |||||||||||||||||
For purposes of calculating basic earnings per share, unvested restricted stock units are not included in the calculation of basic weighted average shares outstanding until all necessary conditions have been satisfied and issuance of the shares underlying the restricted stock units is no longer contingent. Necessary conditions are not satisfied until the vesting date, at which time holders of our restricted stock units receive shares of our common stock. | |||||||||||||||||
For purposes of calculating diluted earnings per share, unvested restricted stock units are included to the extent that they are dilutive. In determining whether unvested restricted stock units are dilutive, each issuance of restricted stock units is considered separately. | |||||||||||||||||
Once a restricted stock unit has vested, it is included in the calculation of both basic and diluted weighted average shares outstanding. |
Inventories
Inventories | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Note 5: Inventories | |||||||||
The major classes of inventories were as follows: | |||||||||
September 29, 2013 | December 31, 2012 | ||||||||
(In thousands) | |||||||||
Raw materials | $ | 87,379 | $ | 92,072 | |||||
Work-in-process | 38,251 | 34,391 | |||||||
Finished goods | 106,515 | 110,280 | |||||||
Perishable tooling and supplies | 2,204 | 2,493 | |||||||
Gross inventories | 234,349 | 239,236 | |||||||
Obsolescence and other reserves | (22,522 | ) | (23,954 | ) | |||||
Net inventories | $ | 211,827 | $ | 215,282 | |||||
LongLived_Assets
Long-Lived Assets | 9 Months Ended |
Sep. 29, 2013 | |
Property Plant And Equipment [Abstract] | ' |
Long-Lived Assets | ' |
Note 6: Long-Lived Assets | |
Disposals | |
During the nine months ended September 29, 2013, we sold certain real estate of the Broadcast segment for $1.0 million and recognized a $0.3 million loss on the sale. We also sold certain real estate of the Enterprise Connectivity segment for $2.1 million. There was no gain or loss on the sale. | |
In 2012, we sold our cable operations that primarily conducted business in the consumer electronics end market in China. For the nine months ended September 29, 2013, we recorded a $1.3 million gain on the sale due to a favorable resolution with the buyer of those assets regarding the closing date working capital. See further discussion below. | |
During the nine months ended September 30, 2012, we sold certain real estate of the Enterprise Connectivity segment for $0.8 million. There was no gain or loss recognized on the sale. | |
Impairment | |
During our fiscal third quarter of 2012, we recognized an impairment loss of $26.0 million on certain net assets of our Chinese cable operations that primarily conducted business in the consumer electronics end market. We subsequently sold the assets in our fiscal fourth quarter of 2012. The impairment loss is included in the operating results of the All Other segment. Of the total impairment loss, $10.6 million, $6.8 million, and $5.2 million related to property, plant, and equipment, customer relationships, and trademarks, respectively. We estimated the fair market value of these assets based upon the purchase price per the terms of the sale agreement. The remainder of the impairment loss was due to the accrual of estimated costs to sell, including such items as investment banker fees, legal fees, and other closing costs. | |
For both the three and nine months ended September 30, 2012, we recognized an impairment loss on property, plant and equipment of $2.5 million and $1.5 million in the operating results of our Industrial Connectivity and Enterprise Connectivity segments, respectively. Of the total impairment loss, approximately $1.5 million related to real estate retained by us from a German cable business we sold in 2009 and leased to the purchasers, $1.4 million related to manufacturing equipment, and $1.1 million related to other property, plant, and equipment. We estimated the fair value of these assets based upon bids received from third parties to potentially buy the assets, quoted prices in active markets or quoted prices for similar assets. | |
Depreciation and Amortization Expense | |
We recognized depreciation expense in income from continuing operations of $11.7 million and $33.5 million in the three and nine months ended September 29, 2013, respectively. Depreciation expense for the three and nine months ended September 29, 2013 included $2.2 million and $4.9 million, respectively, of accelerated depreciation expense. The accelerated depreciation expense related to a change in useful lives of certain assets as a result of our decision to consolidate manufacturing facilities as we integrate PPC. We recognized depreciation expense in income from continuing operations of $8.8 million and $26.1 million in the three and nine months ended September 30, 2012, respectively. | |
We recognized amortization expense in income from continuing operations related to our intangible assets of $12.3 million and $38.4 million in the three and nine months ended September 29, 2013, respectively. We recognized amortization expense in income from continuing operations related to our intangible assets of $7.6 million and $13.1 million in the three and nine months ended September 30, 2012, respectively. |
Restructuring_Activities
Restructuring Activities | 9 Months Ended |
Sep. 29, 2013 | |
Restructuring And Related Activities [Abstract] | ' |
Restructuring Activities | ' |
Note 7: Restructuring Activities | |
For the three and nine months ended September 29, 2013, we recorded severance and other restructuring costs of $3.8 million and $9.5 million, respectively. The majority of these costs were recorded in our Broadcast segment, which recognized $3.2 million and $7.6 million of severance and other restructuring costs for the three and nine months ended September 29, 2013, respectively. The other restructuring costs included relocation, equipment transfer, and other costs. These costs were incurred primarily as a result of facility consolidation in New York for recently acquired locations and other acquisition integration activities. The majority of the remaining severance and other restructuring costs were recorded in our Industrial IT segment. | |
Of the total severance and other restructuring costs recognized for the three months ended September 29, 2013, $1.9 million, $1.6 million, and $0.3 million were included in cost of sales, selling, general and administrative expenses, and research and development, respectively. Of the total severance and other restructuring costs recognized for the nine months ended September 29, 2013, $5.0 million, $3.2 million, and $1.3 million were included in cost of sales, selling, general and administrative expenses, and research and development, respectively. We expect the majority of the costs related to these actions will be paid in 2013. | |
We expect to incur additional severance and other restructuring costs in 2013 of approximately $4 million as a result of the Broadcast activities discussed above. We continue to review our business strategies and evaluate potential new restructuring actions. This could result in additional restructuring costs in future periods. | |
In our fiscal third quarter of 2012, we implemented certain restructuring actions in response to the uncertain global economic environment. For both the three and nine months ended September 30, 2012, we recognized severance and other restructuring costs in our Broadcast, Enterprise Connectivity, Industrial Connectivity, and Industrial IT segments of $4.4 million, $3.2 million, $9.2 million, and $0.5 million, respectively. The other restructuring costs consisted primarily of contract termination costs related to our supply chain. Of the total severance and other restructuring costs recognized, $6.4 million, $10.0 million, and $0.9 million were included in cost of sales, selling, general and administrative expenses, and research and development, respectively. |
LongTerm_Debt_and_Other_Borrow
Long-Term Debt and Other Borrowing Arrangements | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt and Other Borrowing Arrangements | ' | ||||||||
Note 8: Long-Term Debt and Other Borrowing Arrangements | |||||||||
The carrying values of our long-term debt and other borrowing arrangements were as follows: | |||||||||
September 29, 2013 | December 31, 2012 | ||||||||
(In thousands) | |||||||||
Senior secured credit faciliy: | |||||||||
Term Loan | $ | 233,863 | $ | 247,714 | |||||
Revolving credit component | — | 198,270 | |||||||
Total senior secured credit facility | 233,863 | 445,984 | |||||||
Senior subordinated notes: | |||||||||
5.5% Senior subordinated notes due 2022 | 700,000 | 700,000 | |||||||
5.5% Senior subordinated notes due 2023 | 404,700 | — | |||||||
9.25% Senior subordinated notes due 2019 | 5,221 | 5,221 | |||||||
Total senior subordinated notes | 1,109,921 | 705,221 | |||||||
Total debt and other borrowing arrangements | 1,343,784 | 1,151,205 | |||||||
Less current maturities of Term Loan | (21,260 | ) | (15,678 | ) | |||||
Long-term debt | $ | 1,322,524 | $ | 1,135,527 | |||||
Senior Secured Facility | |||||||||
In 2012, we amended our senior secured credit facility (Senior Secured Facility) and borrowed a CAD$250.0 million term loan (the Term Loan). The Term Loan was scheduled to mature in 2017 and requires quarterly amortization payments. Interest on the Term Loan was variable, based upon the three-month Canadian money-market rate plus an applicable spread (3.82% at September 29, 2013). | |||||||||
The borrowing capacity under the revolving credit component of our Senior Secured Facility was $400.0 million, and it was scheduled to mature on April 25, 2016. Under the revolving credit component, we were permitted to borrow and re-pay funds in various currencies. Interest on outstanding borrowings was variable, based on either the three month LIBOR rate or the prime rate. As of September 29, 2013, there were no borrowings outstanding under the revolving credit component, and we had $386.4 million in available borrowing capacity, as our borrowing capacity was also reduced by outstanding credit instruments of $13.6 million. We paid a commitment fee on our available borrowing capacity, which ranges from 0.25% to 0.50%, depending on our leverage ratio. | |||||||||
Borrowings under our Senior Secured Facility were secured by certain of our assets in the United States as well as the capital stock of certain of our subsidiaries. The Senior Secured Facility contained a leverage ratio covenant and a fixed charge coverage ratio covenant. As of September 29, 2013, we were in compliance with all of the covenants of the Senior Secured Facility. | |||||||||
Subsequent to September 29, 2013, we refinanced our Senior Secured Facility. See Note 14. | |||||||||
Senior Subordinated Notes | |||||||||
In March 2013, we issued €300.0 million ($388.2 million at issuance) aggregate principal amount of 5.5% senior subordinated notes due 2023. The carrying value of the notes as of September 29, 2013 is $404.7 million. The notes are guaranteed on a senior subordinated basis by certain of our subsidiaries. The notes rank equal in right of payment with our senior subordinated notes due 2022 and 2019 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Senior Secured Facility. Interest is payable semiannually on April 15 and October 15 of each year, beginning October 15, 2013. We paid $7.8 million of fees associated with the issuance of the notes, which are being amortized over the life of the notes using the effective interest method. We used the net proceeds from the transaction to repay amounts outstanding under the revolving credit component of our Senior Secured Facility and for general corporate purposes. | |||||||||
As of September 29, 2013, we have $700.0 million aggregate principal amount of 5.5% senior subordinated notes due 2022 outstanding. The notes are guaranteed on a senior subordinated basis by certain of our subsidiaries. The notes rank equal in right of payment with our senior subordinated notes due 2019 and 2023 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Senior Secured Facility. Interest is payable semiannually on March 1 and September 1 of each year. | |||||||||
As of September 29, 2013, $5.2 million aggregate principal amount of our senior subordinated notes due 2019 remain outstanding. The senior subordinated notes due 2019 have a coupon interest rate of 9.25%, and an effective interest rate of 9.75%. The interest on the 2019 notes is payable semiannually on June 15 and December 15. The notes are guaranteed on a senior subordinated basis by certain of our subsidiaries. The notes rank equal in right of payment with our senior subordinated notes due 2022 and 2023 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Senior Secured Facility. | |||||||||
Fair Value of Long-Term Debt | |||||||||
The fair value of our senior subordinated notes at September 29, 2013 was approximately $1,081.3 million based on quoted prices of the debt instruments in inactive markets (Level 2 valuation). This amount represents the fair values of our senior subordinated notes with a carrying value of $1,109.9 million as of September 29, 2013. We believe the fair value of our variable rate Term Loan approximates book value. |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 9 Months Ended |
Sep. 29, 2013 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' |
Derivatives and Hedging Activities | ' |
Note 9: Derivatives and Hedging Activities | |
During 2012, we entered into foreign currency forward contracts that were formally designated and qualified as net investment hedges. We recognized a $1.5 million and $4.0 million pre-tax gain in Accumulated Other Comprehensive Income for the three and nine months ended September 30, 2012, respectively, related to these hedges. We collected $4.0 million in proceeds upon the settlement of foreign currency forward contracts for the nine months ended September 30, 2012. There were no outstanding derivatives as of December 31, 2012 or as of or for the three and nine months ended September 29, 2013. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 29, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Note 10: Income Taxes | |
Income tax expense was $5.7 million and $18.1 million for the three and nine months ended September 29, 2013, respectively. The most significant factor in the difference between the effective tax rate of 16.4% and 18.3% for the three and nine months ended September 29, 2013, respectively, and the amount determined by applying the applicable statutory United States tax rate of 35% is the tax rate differential associated with our foreign earnings. | |
Income tax expense for the nine months ended September 29, 2013 included a $5.2 million tax benefit due to the impact of tax law changes in the U.S. In addition, for the nine months ended September 29, 2013, we recorded $3.7 million of income tax expense for an uncertain tax position liability related to a foreign tax audit. Income tax expense for the nine months ended September 30, 2012 included a tax benefit of $5.2 million due to reductions in our deferred tax asset valuation allowance associated with net operating losses in certain foreign tax jurisdictions. | |
For the nine months ended September 29, 2013, we made planned payments of two significant tax items. First, we paid $41.8 million of our estimated 2012 tax liability related to the sale of the Thermax and Raydex cable business in 2012. We recognized a $211.6 million pre-tax gain on the sale of this business in 2012. Second, we paid $30.0 million to settle a tax sharing agreement dispute with Cooper Industries. We reached the settlement and recognized a $21.0 million tax benefit in 2012. |
Pension_and_Other_Postretireme
Pension and Other Postretirement Obligations | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Pension and Other Postretirement Obligations | ' | ||||||||||||||||
Note 11: Pension and Other Postretirement Obligations | |||||||||||||||||
The following table provides the components of net periodic benefit costs for our pension and other postretirement benefit plans: | |||||||||||||||||
Pension Obligations | Other Postretirement Obligations | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
Service cost | $ | 1,677 | $ | 1,435 | $ | 33 | $ | 32 | |||||||||
Interest cost | 2,924 | 3,018 | 517 | 580 | |||||||||||||
Expected return on plan assets | (3,396 | ) | (3,171 | ) | — | — | |||||||||||
Amortization of prior service credit | (8 | ) | (20 | ) | (27 | ) | (29 | ) | |||||||||
Actuarial losses | 1,662 | 1,493 | 278 | 252 | |||||||||||||
Net periodic benefit cost | $ | 2,859 | $ | 2,755 | $ | 801 | $ | 835 | |||||||||
Nine Months Ended | |||||||||||||||||
Service cost | $ | 5,040 | $ | 4,299 | $ | 101 | $ | 94 | |||||||||
Interest cost | 8,786 | 9,065 | 1,600 | 1,713 | |||||||||||||
Expected return on plan assets | (10,193 | ) | (9,504 | ) | — | — | |||||||||||
Amortization of prior service credit | (23 | ) | (59 | ) | (82 | ) | (87 | ) | |||||||||
Actuarial losses | 4,995 | 4,475 | 876 | 738 | |||||||||||||
Net periodic benefit cost | $ | 8,605 | $ | 8,276 | $ | 2,495 | $ | 2,458 | |||||||||
Comprehensive_Income_Loss_and_
Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
Note 12: Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||
The following table summarizes total comprehensive income (loss): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 29, 2013 | September 30, 2012 | September 29, 2013 | September 30, 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Net income (loss) | $ | 29,068 | $ | (38,778 | ) | $ | 80,805 | $ | 27,887 | ||||||||
Foreign currency translation gain (loss) | 4,536 | 13,084 | (10,733 | ) | (5,988 | ) | |||||||||||
Foreign currency hedging instruments, net of $0.0 million, $0.5 million, $0.0 million, and $1.6 million tax, respectively | — | 1,007 | — | 2,467 | |||||||||||||
Amortization of pension and other postretirement benefit plan losses, net of $0.7 million, $0.0 million, $2.2 million, and $0.0 million tax, respectively | 1,172 | — | 3,546 | — | |||||||||||||
Total comprehensive income (loss) | $ | 34,776 | $ | (24,687 | ) | $ | 73,618 | $ | 24,366 | ||||||||
The accumulated balances related to each component of other comprehensive income (loss), net of tax, are as follows: | |||||||||||||||||
Foreign Currency | Pension and Other | Accumulated | |||||||||||||||
Translation | Postretirement | Other Comprehensive | |||||||||||||||
Component | Benefit Plans | Income (Loss) | |||||||||||||||
(In thousands) | |||||||||||||||||
Balance at December 31, 2012 | $ | 28,516 | $ | (59,081 | ) | $ | (30,565 | ) | |||||||||
Other comprehensive loss before reclassifications | (10,733 | ) | — | (10,733 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 3,546 | 3,546 | ||||||||||||||
Net current period other comprehensive income (loss) | (10,733 | ) | 3,546 | (7,187 | ) | ||||||||||||
Balance at September 29, 2013 | $ | 17,783 | $ | (55,535 | ) | $ | (37,752 | ) | |||||||||
The following table summarizes the effects of reclassifications from accumulated other comprehensive income (loss) for the nine months ended September 29, 2013: | |||||||||||||||||
Amount Reclassified from | Affected Line Item in the | ||||||||||||||||
Accumulated Other | Consolidated Statements | ||||||||||||||||
Comprehensive Income | of Operations and | ||||||||||||||||
(Loss) | Comprehensive Income | ||||||||||||||||
(In thousands) | |||||||||||||||||
Amortization of pension and other postretirement benefit plan items: | |||||||||||||||||
Actuarial losses | $ | 5,871 | -1 | ||||||||||||||
Amortization of prior service credit | (105 | ) | -1 | ||||||||||||||
Total before tax | 5,766 | ||||||||||||||||
Tax benefit | (2,220 | ) | |||||||||||||||
Total net of tax | $ | 3,546 | |||||||||||||||
-1 | The amortization of these accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit costs (see Note 11). |
Share_Repurchases
Share Repurchases | 9 Months Ended |
Sep. 29, 2013 | |
Equity [Abstract] | ' |
Share Repurchases | ' |
Note 13: Share Repurchases | |
In 2011, our Board of Directors authorized a share repurchase program, which allows us to purchase up to $150.0 million of our common stock through open market repurchases, negotiated transactions, or other means, in accordance with applicable securities laws and other restrictions. In 2012, our Board of Directors authorized an extension of the share repurchase program, which allows us to purchase up to an additional $200.0 million of our common stock. The program does not have an expiration date and may be suspended at any time at the discretion of the Company. This program is funded by cash on hand and cash flows from operating activities. | |
During the three months ended September 29, 2013, we entered into a prepaid variable share repurchase agreement for $31.25 million. Under this agreement, we repurchased 0.3 million shares as of September 29, 2013 and an additional 0.3 million shares subsequent to the end of our fiscal third quarter on September 30, 2013, for a total of 0.5 million shares repurchased at an average price per share of $60.71. Our treasury stock balance as of September 29, 2013 includes a receivable of $15.9 million for the amount of the shares repurchased subsequent to the end of our fiscal third quarter. In 2013, we repurchased 1.7 million shares of our common stock under the program through prepaid variable share repurchase agreements for an aggregate cost of $93.8 million and an average price per share of $54.76. From inception of the program through September 30, 2013, we have repurchased 5.4 million shares of our common stock under the programs for an aggregate cost of $218.8 million and an average price of $40.37. |
Subsequent_Event
Subsequent Event | 9 Months Ended |
Sep. 29, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Event | ' |
Note 14: Subsequent Event | |
Subsequent to September 29, 2013, we entered into a Credit Agreement that provides a new $400 million multi-currency asset-based revolving credit facility. The Credit Agreement is secured by assets of Belden Inc. and certain of its U.S. and foreign subsidiaries, and it matures in 2018. In addition, we borrowed $250.0 million under a new Term Loan Credit Agreement. The borrowings under the new Term Loan Credit Agreement are scheduled to mature in 2020 and require quarterly amortization payments. Interest under the Term Loan Credit Agreement is variable, based upon the three-month LIBOR plus an applicable spread. | |
The Credit Agreement replaced our existing Senior Secured Facility. There were no outstanding borrowings under the revolver component of our Senior Secured Facility at the time of the refinancing. We utilized the proceeds from the new Term Loan Credit Agreement to repay the amounts outstanding under the Term Loan of our Senior Secured Facility. We expect to incur a loss on these refinancing activities of approximately $2 million in our fiscal fourth quarter for the write-off of certain unamortized debt issuance costs. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | |||
Sep. 29, 2013 | ||||
Accounting Policies [Abstract] | ' | |||
Basis of Presentation | ' | |||
Basis of Presentation | ||||
The accompanying Condensed Consolidated Financial Statements include Belden Inc. and all of its subsidiaries (the Company, Belden, us, we, or our). We eliminate all significant affiliate accounts and transactions in consolidation. | ||||
The accompanying Condensed Consolidated Financial Statements presented as of any date other than December 31, 2012: | ||||
— | Are prepared from the books and records without audit, and | |||
— | Are prepared in accordance with the instructions for Form 10-Q and do not include all of the information required by accounting principles generally accepted in the United States for complete statements, but | |||
— | Include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the financial statements. | |||
These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and Supplementary Data contained in our 2012 Annual Report on Form 10-K. | ||||
Reporting Periods | ' | |||
Reporting Periods | ||||
Our fiscal year and fiscal fourth quarter both end on December 31. Our fiscal first quarter ends on the Sunday falling closest to 91 days after December 31, which was March 31, 2013, the 90th day of our fiscal year 2013. Our fiscal second quarter has 91 days and ended on June 30, 2013. Our fiscal third quarter has 91 days and ended on September 29, 2013. The nine months ended September 29, 2013 and September 30, 2012 included 272 and 274 days, respectively. | ||||
Reclassifications | ' | |||
Reclassifications | ||||
We have made certain reclassifications to the 2012 Condensed Consolidated Financial Statements with no impact to reported net income in order to conform to the 2013 presentation, primarily related to discontinued operations of a disposed business. | ||||
Fair Value Measurement | ' | |||
Fair Value Measurement | ||||
Accounting guidance for fair value measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources or reflect our own assumptions of market participant valuation. The hierarchy is broken down into three levels based on the reliability of the inputs as follows: | ||||
— | Level 1 – Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; | |||
— | Level 2 – Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets, or financial instruments for which significant inputs are observable, either directly or indirectly; | |||
— | Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. | |||
As of and for the three and nine months ended September 29, 2013 and September 30, 2012, we utilized Level 1 inputs to determine the fair value of cash equivalents. As of and for the three and nine months ended September 30, 2012, we utilized level 2 inputs to determine the fair value of certain long-lived assets (see Note 6). For the three and nine months ended September 30, 2012, we utilized Level 2 inputs to determine the fair value of derivatives and hedging instruments (see Note 9). We did not have any transfers between Level 1 and Level 2 fair value measurements during the year. | ||||
Cash and Cash Equivalents | ' | |||
Cash and Cash Equivalents | ||||
We classify cash on hand and deposits in banks, including commercial paper, money market accounts, and other investments with an original maturity of three months or less, that we hold from time to time, as cash and cash equivalents. We periodically have cash equivalents consisting of short-term money market funds and other investments. The primary objective of our investment activities is to preserve our capital for the purpose of funding operations. We do not enter into investments for trading or speculative purposes. The fair value of these cash equivalents as of September 29, 2013 was $70.4 million and is based on quoted market prices in active markets (i.e., Level 1 valuation). | ||||
Contingent Liabilities | ' | |||
Contingent Liabilities | ||||
We have established liabilities for environmental and legal contingencies that are probable of occurrence and reasonably estimable, the amounts of which are currently not material. We accrue environmental remediation costs based on estimates of known environmental remediation exposures developed in consultation with our environmental consultants and legal counsel. We are, from time to time, subject to routine litigation incidental to our business. These lawsuits primarily involve claims for damages arising out of the use of our products, allegations of patent or trademark infringement, and litigation and administrative proceedings involving employment matters and commercial disputes. Based on facts currently available, we believe the disposition of the claims that are pending or asserted will not have a materially adverse effect on our financial position, results of operations or cash flow. | ||||
As of September 29, 2013, we were party to standby letters of credit, bank guaranties, and surety bonds totaling $7.0 million, $4.9 million, and $1.7 million, respectively. | ||||
Revenue Recognition | ' | |||
Revenue Recognition | ||||
We recognize revenue when all of the following circumstances are satisfied: (1) persuasive evidence of an arrangement exists, (2) price is fixed or determinable, (3) collectability is reasonably assured, and (4) delivery has occurred. Delivery occurs in the period in which the customer takes title and assumes the risks and rewards of ownership of the products specified in the customer’s purchase order or sales agreement. At times, we enter into arrangements that involve the delivery of multiple products. For these arrangements, revenue is allocated to each deliverable based on that element’s relative selling price and recognized based on the period of delivery for each element. | ||||
We record revenue net of estimated rebates, price allowances, invoicing adjustments, and product returns. We record revisions to these estimates in the period in which the facts that give rise to each revision become known. | ||||
Discontinued Operations | ' | |||
Discontinued Operations | ||||
In 2012, we sold our Thermax and Raydex cable business, and the results of operations of Thermax and Raydex in 2012 are reported in discontinued operations. Operating results from discontinued operations for the three and nine months ended September 30, 2012 include revenues of $25.1 million and $75.6 million, respectively, and income of $5.7 million ($4.5 million net of tax) and $17.8 million ($11.7 million net of tax), respectively, from Thermax and Raydex. | ||||
In 2010, we completed the sale of Trapeze Networks, Inc. (Trapeze) for $152.1 million. At the time the transaction closed, we received $136.9 million in cash, and the remaining $15.2 million was placed in escrow as partial security for our indemnity obligations under the sale agreement. Based on the status of the negotiations at the time, we reduced the carrying value of the escrow receivable and recognized a loss of $7.0 million ($4.3 million net of tax) for both the three and nine months ended September 30, 2012, which is included in our gain from disposal of discontinued operations. As of September 29, 2013, we have collected a partial settlement of $4.2 million from the escrow, and we remain in negotiations with the buyer of Trapeze regarding the status of the escrow and certain claims raised by the buyer. Based on the current status of the negotiations, the amount of the escrow receivable on our Condensed Consolidated Balance Sheet is $3.8 million, which is our best estimate of the remaining amount to be collected. | ||||
During 2005, we completed the sale of our discontinued communications cable operation in Phoenix, Arizona. In connection with this sale and related tax deductions, we established a liability for uncertain tax positions. The statute of limitations associated with the tax positions expired during our fiscal third quarter of 2012. Therefore, we reversed the uncertain tax position liability and the associated accrued interest and penalties. For both the three and nine months ended September 30, 2012, we recognized a net gain of $14.1 million due to the reversal of the uncertain tax position liability, which is included in our gain from disposal of discontinued operations. For both the three and nine months ended September 30, 2012, we recognized a gain of $4.0 million ($2.6 million net of tax) due to the reversal of the accrued interest and penalties, which is included in our income from discontinued operations. | ||||
Subsequent Events | ' | |||
Subsequent Events | ||||
We have evaluated subsequent events after the balance sheet date through the financial statement issuance date for appropriate accounting and disclosure. | ||||
Recent Accounting Pronouncements | ' | |||
Current-Year Adoption of Accounting Pronouncements | ||||
On January 1, 2013, we adopted new accounting guidance issued by the FASB with regard to the presentation and disclosure of changes in accumulated other comprehensive income (loss). The adoption of this guidance did not have a material impact on our financial statements. | ||||
Pending Adoption of Recent Accounting Pronouncements | ||||
In July 2013, the FASB issued guidance which requires the presentation of unrecognized tax benefits net of deferred tax assets for net operating loss carryforwards, similar tax losses, or tax credit carryforwards in cases where these carryforwards and losses are available at the balance sheet date. When carryforwards or losses are not available at the balance sheet date, an entity must present the liability separately, rather than on a net basis with deferred tax assets. The new guidance is effective for annual and interim periods beginning after December 15, 2013. We do not expect the adoption of this guidance to have a material impact on our financial statements. | ||||
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Fair Value of Assets Acquired and Liabilities Assumed | ' | ||||||||
The following table summarizes the estimated fair value of the assets acquired and the liabilities assumed as of December 10, 2012 (in thousands). | |||||||||
Cash | $ | 6,874 | |||||||
Receivables | 27,007 | ||||||||
Inventories | 45,415 | ||||||||
Other current assets | 468 | ||||||||
Property, plant and equipment | 27,760 | ||||||||
Goodwill | 277,295 | ||||||||
Intangible assets | 164,500 | ||||||||
Other non-current assets | 134 | ||||||||
Total assets | $ | 549,453 | |||||||
Accounts payable | $ | 22,499 | |||||||
Accrued liabilities | 3,916 | ||||||||
Other long-term liabilities | 646 | ||||||||
Total liabilities | 27,061 | ||||||||
Net assets | $ | 522,392 | |||||||
Intangible Assets Related to Acquisition | ' | ||||||||
Intangible assets related to the PPC acquisition consisted of the following: | |||||||||
Estimated Fair | Amortization | ||||||||
Value | Period | ||||||||
(In thousands) | (In years) | ||||||||
Intangible assets subject to amortization: | |||||||||
Developed technologies | $ | 76,000 | 5 | ||||||
Customer relationships | 55,000 | 20 | |||||||
Backlog | 1,500 | 0.5 | |||||||
Total intangible assets subject to amortization | 132,500 | ||||||||
Intangible assets not subject to amortization: | |||||||||
Goodwill | 277,295 | ||||||||
In-process research and development | 5,000 | ||||||||
Trademarks | 27,000 | ||||||||
Total intangible assets not subject to amortization | 309,295 | ||||||||
Total intangible assets | $ | 441,795 | |||||||
Weighted average amortization period | 11.2 | ||||||||
Pro Forma Effect on Operating Results | ' | ||||||||
The following table illustrates the unaudited pro forma effect on operating results as if the Miranda and PPC acquisitions had been completed as of January 1, 2011. | |||||||||
Three Months Ended | Nine Months Ended | ||||||||
September 30, 2012 | September 30, 2012 | ||||||||
(In thousands, except per share data) | |||||||||
(Unaudited) | |||||||||
Revenues | $ | 538,149 | $ | 1,634,729 | |||||
Income (loss) from continuing operations | (42,290 | ) | 12,017 | ||||||
Diluted income (loss) per share from continuing operations | $ | (0.94 | ) | $ | 0.26 |
Operating_Segments_Tables
Operating Segments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Operating Segment Information | ' | ||||||||||||||||||||||||
Corporate expenses are allocated on the basis of each segment’s relative operating income prior to the allocation, adjusted for certain items including asset impairment, severance and other restructuring costs, purchase accounting effects related to acquisitions, accelerated depreciation, and amortization of intangible assets. | |||||||||||||||||||||||||
Broadcast | Enterprise | Industrial | Industrial | All Other | Total | ||||||||||||||||||||
Solutions | Connectivity | Connectivity | IT Solutions | Segments | |||||||||||||||||||||
Solutions | Solutions | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
As of and for the three months ended September 29, 2013 | |||||||||||||||||||||||||
Revenues | $ | 176,062 | $ | 123,406 | $ | 167,008 | $ | 56,002 | $ | — | $ | 522,478 | |||||||||||||
Affiliate revenues | 118 | 1,930 | 475 | 228 | — | 2,751 | |||||||||||||||||||
Operating income | 7,541 | 13,984 | 22,926 | 9,193 | — | 53,644 | |||||||||||||||||||
Total assets | 293,260 | 222,800 | 237,366 | 57,172 | — | 810,598 | |||||||||||||||||||
As of and for the three months ended September 30, 2012 | |||||||||||||||||||||||||
Revenues | $ | 96,549 | $ | 128,715 | $ | 159,342 | $ | 56,309 | $ | 24,319 | $ | 465,234 | |||||||||||||
Affiliate revenues | 128 | 1,953 | 310 | 153 | — | 2,544 | |||||||||||||||||||
Operating income (loss) | (11,334 | ) | 8,311 | 7,017 | 8,446 | (27,659 | ) | (15,219 | ) | ||||||||||||||||
Total assets | 182,470 | 236,213 | 236,840 | 58,530 | 52,829 | 766,882 | |||||||||||||||||||
As of and for the nine months ended September 29, 2013 | |||||||||||||||||||||||||
Revenues | $ | 498,199 | $ | 372,962 | $ | 515,621 | $ | 172,660 | $ | — | $ | 1,559,442 | |||||||||||||
Affiliate revenues | 754 | 6,938 | 1,254 | 288 | — | 9,234 | |||||||||||||||||||
Operating income | 10,900 | 37,494 | 71,719 | 27,935 | 1,278 | 149,326 | |||||||||||||||||||
Total assets | 293,260 | 222,800 | 237,366 | 57,172 | — | 810,598 | |||||||||||||||||||
As of and for the nine months ended September 30, 2012 | |||||||||||||||||||||||||
Revenues | $ | 240,941 | $ | 382,542 | $ | 502,615 | $ | 163,422 | $ | 73,532 | $ | 1,363,052 | |||||||||||||
Affiliate revenues | 634 | 5,370 | 911 | 249 | — | 7,164 | |||||||||||||||||||
Operating income (loss) | (7,699 | ) | 32,347 | 52,715 | 23,941 | (29,839 | ) | 71,465 | |||||||||||||||||
Total assets | 182,470 | 236,213 | 236,840 | 58,530 | 52,829 | 766,882 | |||||||||||||||||||
Reconciliation of Total Reportable Segments' Net Income to Consolidated Income (Loss) from Continuing Operations Before Taxes | ' | ||||||||||||||||||||||||
The following table is a reconciliation of the total of the reportable segments’ operating income (loss) to consolidated income (loss) from continuing operations before taxes. | |||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Segment operating income (loss) | $ | 53,644 | $ | (15,219 | ) | $ | 149,326 | $ | 71,465 | ||||||||||||||||
Income from equity method investment | 758 | 2,553 | 5,285 | 7,254 | |||||||||||||||||||||
Eliminations | (467 | ) | (603 | ) | (2,523 | ) | (1,825 | ) | |||||||||||||||||
Total operating income (loss) | 53,935 | (13,269 | ) | 152,088 | 76,894 | ||||||||||||||||||||
Interest expense | (19,259 | ) | (13,890 | ) | (53,509 | ) | (38,308 | ) | |||||||||||||||||
Interest income | 92 | 171 | 349 | 733 | |||||||||||||||||||||
Loss on debt extinguishment | — | (50,585 | ) | — | (50,585 | ) | |||||||||||||||||||
Income (loss) from continuing operations before taxes | $ | 34,768 | $ | (77,573 | ) | $ | 98,928 | $ | (11,266 | ) | |||||||||||||||
Income_per_Share_Tables
Income per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Basis of Income (Loss) per Share Computation | ' | ||||||||||||||||
The following table presents the basis for the income (loss) per share computations: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Numerator: | |||||||||||||||||
Income (loss) from continuing operations | $ | 29,068 | $ | (55,686 | ) | $ | 80,805 | $ | 3,758 | ||||||||
Gain from disposal of discontinued operations, net of tax | — | 9,783 | — | 9,783 | |||||||||||||
Income from discontinued operations, net of tax | — | 7,125 | — | 14,346 | |||||||||||||
Net income (loss) | $ | 29,068 | $ | (38,778 | ) | $ | 80,805 | $ | 27,887 | ||||||||
Denominator: | |||||||||||||||||
Weighted average shares outstanding, basic | 43,694 | 44,787 | 44,013 | 45,410 | |||||||||||||
Effect of dilutive common stock equivalents | 843 | — | 903 | 839 | |||||||||||||
Weighted average shares outstanding, diluted | 44,537 | 44,787 | 44,916 | 46,249 | |||||||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Major Classes of Inventories | ' | ||||||||
The major classes of inventories were as follows: | |||||||||
September 29, 2013 | December 31, 2012 | ||||||||
(In thousands) | |||||||||
Raw materials | $ | 87,379 | $ | 92,072 | |||||
Work-in-process | 38,251 | 34,391 | |||||||
Finished goods | 106,515 | 110,280 | |||||||
Perishable tooling and supplies | 2,204 | 2,493 | |||||||
Gross inventories | 234,349 | 239,236 | |||||||
Obsolescence and other reserves | (22,522 | ) | (23,954 | ) | |||||
Net inventories | $ | 211,827 | $ | 215,282 | |||||
LongTerm_Debt_and_Other_Borrow1
Long-Term Debt and Other Borrowing Arrangements (Tables) | 9 Months Ended | ||||||||
Sep. 29, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Carrying Values of Long-Term Debt and Other Borrowing Arrangements | ' | ||||||||
The carrying values of our long-term debt and other borrowing arrangements were as follows: | |||||||||
September 29, 2013 | December 31, 2012 | ||||||||
(In thousands) | |||||||||
Senior secured credit faciliy: | |||||||||
Term Loan | $ | 233,863 | $ | 247,714 | |||||
Revolving credit component | — | 198,270 | |||||||
Total senior secured credit facility | 233,863 | 445,984 | |||||||
Senior subordinated notes: | |||||||||
5.5% Senior subordinated notes due 2022 | 700,000 | 700,000 | |||||||
5.5% Senior subordinated notes due 2023 | 404,700 | — | |||||||
9.25% Senior subordinated notes due 2019 | 5,221 | 5,221 | |||||||
Total senior subordinated notes | 1,109,921 | 705,221 | |||||||
Total debt and other borrowing arrangements | 1,343,784 | 1,151,205 | |||||||
Less current maturities of Term Loan | (21,260 | ) | (15,678 | ) | |||||
Long-term debt | $ | 1,322,524 | $ | 1,135,527 | |||||
Pension_and_Other_Postretireme1
Pension and Other Postretirement Obligations (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Components of Net Periodic Benefit Costs | ' | ||||||||||||||||
The following table provides the components of net periodic benefit costs for our pension and other postretirement benefit plans: | |||||||||||||||||
Pension Obligations | Other Postretirement Obligations | ||||||||||||||||
September 29, | September 30, | September 29, | September 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
Service cost | $ | 1,677 | $ | 1,435 | $ | 33 | $ | 32 | |||||||||
Interest cost | 2,924 | 3,018 | 517 | 580 | |||||||||||||
Expected return on plan assets | (3,396 | ) | (3,171 | ) | — | — | |||||||||||
Amortization of prior service credit | (8 | ) | (20 | ) | (27 | ) | (29 | ) | |||||||||
Actuarial losses | 1,662 | 1,493 | 278 | 252 | |||||||||||||
Net periodic benefit cost | $ | 2,859 | $ | 2,755 | $ | 801 | $ | 835 | |||||||||
Nine Months Ended | |||||||||||||||||
Service cost | $ | 5,040 | $ | 4,299 | $ | 101 | $ | 94 | |||||||||
Interest cost | 8,786 | 9,065 | 1,600 | 1,713 | |||||||||||||
Expected return on plan assets | (10,193 | ) | (9,504 | ) | — | — | |||||||||||
Amortization of prior service credit | (23 | ) | (59 | ) | (82 | ) | (87 | ) | |||||||||
Actuarial losses | 4,995 | 4,475 | 876 | 738 | |||||||||||||
Net periodic benefit cost | $ | 8,605 | $ | 8,276 | $ | 2,495 | $ | 2,458 | |||||||||
Comprehensive_Income_Loss_and_1
Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Total Comprehensive Income (Loss) | ' | ||||||||||||||||
The following table summarizes total comprehensive income (loss): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 29, 2013 | September 30, 2012 | September 29, 2013 | September 30, 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Net income (loss) | $ | 29,068 | $ | (38,778 | ) | $ | 80,805 | $ | 27,887 | ||||||||
Foreign currency translation gain (loss) | 4,536 | 13,084 | (10,733 | ) | (5,988 | ) | |||||||||||
Foreign currency hedging instruments, net of $0.0 million, $0.5 million, $0.0 million, and $1.6 million tax, respectively | — | 1,007 | — | 2,467 | |||||||||||||
Amortization of pension and other postretirement benefit plan losses, net of $0.7 million, $0.0 million, $2.2 million, and $0.0 million tax, respectively | 1,172 | — | 3,546 | — | |||||||||||||
Total comprehensive income (loss) | $ | 34,776 | $ | (24,687 | ) | $ | 73,618 | $ | 24,366 | ||||||||
Components of Other Comprehensive Income (Loss), Net of Tax | ' | ||||||||||||||||
The accumulated balances related to each component of other comprehensive income (loss), net of tax, are as follows: | |||||||||||||||||
Foreign Currency | Pension and Other | Accumulated | |||||||||||||||
Translation | Postretirement | Other Comprehensive | |||||||||||||||
Component | Benefit Plans | Income (Loss) | |||||||||||||||
(In thousands) | |||||||||||||||||
Balance at December 31, 2012 | $ | 28,516 | $ | (59,081 | ) | $ | (30,565 | ) | |||||||||
Other comprehensive loss before reclassifications | (10,733 | ) | — | (10,733 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 3,546 | 3,546 | ||||||||||||||
Net current period other comprehensive income (loss) | (10,733 | ) | 3,546 | (7,187 | ) | ||||||||||||
Balance at September 29, 2013 | $ | 17,783 | $ | (55,535 | ) | $ | (37,752 | ) | |||||||||
Summary of Effects of Reclassifications from Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
The following table summarizes the effects of reclassifications from accumulated other comprehensive income (loss) for the nine months ended September 29, 2013: | |||||||||||||||||
Amount Reclassified from | Affected Line Item in the | ||||||||||||||||
Accumulated Other | Consolidated Statements | ||||||||||||||||
Comprehensive Income | of Operations and | ||||||||||||||||
(Loss) | Comprehensive Income | ||||||||||||||||
(In thousands) | |||||||||||||||||
Amortization of pension and other postretirement benefit plan items: | |||||||||||||||||
Actuarial losses | $ | 5,871 | -1 | ||||||||||||||
Amortization of prior service credit | (105 | ) | -1 | ||||||||||||||
Total before tax | 5,766 | ||||||||||||||||
Tax benefit | (2,220 | ) | |||||||||||||||
Total net of tax | $ | 3,546 | |||||||||||||||
-1 | The amortization of these accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit costs (see Note 11). |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Sep. 29, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 29, 2013 | Dec. 31, 2010 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 30, 2012 | |
Thermax and Raydex [Member] | Thermax and Raydex [Member] | Trapeze [Member] | Trapeze [Member] | Communications cable operation in Phoenix, Arizona [Member] | Communications cable operation in Phoenix, Arizona [Member] | Communications cable operation in Phoenix, Arizona [Member] | Communications cable operation in Phoenix, Arizona [Member] | Standby letters of credit [Member] | Bank guaranties [Member] | Surety bonds [Member] | Adjustment to Escrow under Indemnification Agreement [Member] | Adjustment to Escrow under Indemnification Agreement [Member] | |||||||
Reversal of Uncertain Tax Position Liability [Member] | Reversal of Uncertain Tax Position Liability [Member] | Reversal of Accrued Interest and Penalties [Member] | Reversal of Accrued Interest and Penalties [Member] | Trapeze [Member] | Trapeze [Member] | ||||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reporting Period | '91 days | '91 days | '90 days | ' | '272 days | '274 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value measurements, transfers between Level 1 and Level 2 | $0 | ' | ' | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Original maturity period of cash and cash equivalents | ' | ' | ' | ' | 'Three months or less | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of cash and cash equivalents based on quoted market prices in active markets Level 1 valuation | 70,400,000 | ' | ' | ' | 70,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingency accrual at carrying value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | 4,900,000 | 1,700,000 | ' | ' |
Operating results from discontinued operations | ' | ' | ' | ' | ' | ' | 25,100,000 | 75,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain from discontinued operations, before tax | ' | ' | ' | ' | ' | ' | 5,700,000 | 17,800,000 | ' | ' | ' | ' | 4,000,000 | 4,000,000 | ' | ' | ' | ' | ' |
Income from discontinued operations, after tax | ' | ' | ' | ' | ' | ' | 4,500,000 | 11,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from the sales of Trapeze | ' | ' | ' | ' | ' | ' | ' | ' | ' | 152,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount received in cash at the end of transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | 136,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount in escrow as partial security for Company's indemnity obligations under transaction's purchase and sale agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from disposal of discontinued operations, before tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | 7,000,000 |
Gain (loss) from disposal of discontinued operations | ' | ' | ' | 9,783,000 | ' | 9,783,000 | ' | ' | ' | ' | 14,100,000 | 14,100,000 | ' | ' | ' | ' | ' | -4,300,000 | -4,300,000 |
Amount collected from escrow | ' | ' | ' | ' | ' | ' | ' | ' | 4,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Escrow receivable | ' | ' | ' | ' | ' | ' | ' | ' | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain from discontinued operations, net of tax | ' | ' | ' | $7,125,000 | ' | $14,346,000 | ' | ' | ' | ' | ' | ' | $2,600,000 | $2,600,000 | ' | ' | ' | ' | ' |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Jan. 25, 2013 | Dec. 10, 2012 | Sep. 29, 2013 | Jul. 31, 2012 |
Softel Limited [Member] | PPC Broadband Inc [Member] | PPC Broadband Inc [Member] | Miranda Technologies Inc [Member] | |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Amount paid for additional shares acquired | $9.10 | $522.40 | ' | $374.70 |
Percentage of outstanding shares acquired | ' | 100.00% | ' | ' |
Fair value of acquired receivables | ' | ' | 27 | ' |
Acquired receivable, gross contractual amount | ' | ' | 27.7 | ' |
Amount of acquired receivables not expected to be collected | ' | ' | 0.7 | ' |
Goodwill acquired | ' | ' | $277.30 | ' |
Acquisitions_Fair_Value_of_Ass
Acquisitions - Fair Value of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 | Sep. 29, 2013 | Dec. 10, 2012 |
In Thousands, unless otherwise specified | PPC Broadband Inc [Member] | PPC Broadband Inc [Member] | ||
Business Acquisition [Line Items] | ' | ' | ' | ' |
Cash | ' | ' | ' | $6,874 |
Receivables | ' | ' | ' | 27,007 |
Inventories | ' | ' | ' | 45,415 |
Other current assets | ' | ' | ' | 468 |
Property, plant and equipment | ' | ' | ' | 27,760 |
Goodwill | 778,640 | 778,708 | 277,295 | 277,295 |
Intangible assets | ' | ' | ' | 164,500 |
Other non-current assets | ' | ' | ' | 134 |
Total assets | ' | ' | 441,795 | 549,453 |
Accounts payable | ' | ' | ' | 22,499 |
Accrued liabilities | ' | ' | ' | 3,916 |
Other long-term liabilities | ' | ' | ' | 646 |
Total liabilities | ' | ' | ' | 27,061 |
Net assets | ' | ' | ' | $522,392 |
Acquisitions_Intangible_Assets
Acquisitions - Intangible Assets Related to Acquisition (Detail) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 | Sep. 29, 2013 | Dec. 10, 2012 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 29, 2013 |
In Thousands, unless otherwise specified | PPC Broadband Inc [Member] | PPC Broadband Inc [Member] | PPC Broadband Inc [Member] | PPC Broadband Inc [Member] | PPC Broadband Inc [Member] | PPC Broadband Inc [Member] | PPC Broadband Inc [Member] | ||
In-process research and development [Member] | Trademarks [Member] | Developed technologies [Member] | Customer relationships [Member] | Backlog [Member] | |||||
Acquired Indefinite-lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets subject to amortization | ' | ' | $132,500 | ' | ' | ' | $76,000 | $55,000 | $1,500 |
Goodwill | 778,640 | 778,708 | 277,295 | 277,295 | ' | ' | ' | ' | ' |
Amortization period | ' | ' | ' | ' | ' | ' | '5 years | '20 years | '6 months |
Intangible assets not subject to amortization | ' | ' | 309,295 | ' | 5,000 | 27,000 | ' | ' | ' |
Total assets | ' | ' | $441,795 | $549,453 | ' | ' | ' | ' | ' |
Weighted average amortization period | ' | ' | '11 years 2 months 12 days | ' | ' | ' | ' | ' | ' |
Acquisitions_Pro_Forma_Effect_
Acquisitions - Pro Forma Effect on Operating Results (Detail) (PPC Broadband And Miranda Technologies [Member], USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2012 |
PPC Broadband And Miranda Technologies [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Revenues | $538,149 | $1,634,729 |
Income (loss) from continuing operations | ($42,290) | $12,017 |
Diluted income (loss) per share from continuing operations | ($0.94) | $0.26 |
Operating_Segments_Additional_
Operating Segments - Additional Information (Detail) | 9 Months Ended |
Sep. 29, 2013 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of global business platforms | 4 |
Operating_Segments_Operating_S
Operating Segments - Operating Segment Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | $522,478 | $465,234 | $1,559,442 | $1,363,052 | ' |
Operating income (loss) | 53,935 | -13,269 | 152,088 | 76,894 | ' |
Total assets | 2,699,410 | ' | 2,699,410 | ' | 2,584,583 |
Reportable Segment [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 522,478 | 465,234 | 1,559,442 | 1,363,052 | ' |
Affiliate revenues | 2,751 | 2,544 | 9,234 | 7,164 | ' |
Operating income (loss) | 53,644 | -15,219 | 149,326 | 71,465 | ' |
Total assets | 810,598 | 766,882 | 810,598 | 766,882 | ' |
Reportable Segment [Member] | Broadcast Solutions [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 176,062 | 96,549 | 498,199 | 240,941 | ' |
Affiliate revenues | 118 | 128 | 754 | 634 | ' |
Operating income (loss) | 7,541 | -11,334 | 10,900 | -7,699 | ' |
Total assets | 293,260 | 182,470 | 293,260 | 182,470 | ' |
Reportable Segment [Member] | Enterprise Connectivity Solutions [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 123,406 | 128,715 | 372,962 | 382,542 | ' |
Affiliate revenues | 1,930 | 1,953 | 6,938 | 5,370 | ' |
Operating income (loss) | 13,984 | 8,311 | 37,494 | 32,347 | ' |
Total assets | 222,800 | 236,213 | 222,800 | 236,213 | ' |
Reportable Segment [Member] | Industrial Connectivity Solutions [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 167,008 | 159,342 | 515,621 | 502,615 | ' |
Affiliate revenues | 475 | 310 | 1,254 | 911 | ' |
Operating income (loss) | 22,926 | 7,017 | 71,719 | 52,715 | ' |
Total assets | 237,366 | 236,840 | 237,366 | 236,840 | ' |
Reportable Segment [Member] | Industrial IT Solutions [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | 56,002 | 56,309 | 172,660 | 163,422 | ' |
Affiliate revenues | 228 | 153 | 288 | 249 | ' |
Operating income (loss) | 9,193 | 8,446 | 27,935 | 23,941 | ' |
Total assets | 57,172 | 58,530 | 57,172 | 58,530 | ' |
All Other [Member] | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' |
Revenues | ' | 24,319 | ' | 73,532 | ' |
Operating income (loss) | ' | -27,659 | 1,278 | -29,839 | ' |
Total assets | ' | $52,829 | ' | $52,829 | ' |
Operating_Segments_Reconciliat
Operating Segments - Reconciliation of Total Reportable Segments' Net Income to Consolidated Income (Loss) from Continuing Operations Before Taxes (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Income from equity method investment | $758 | $2,553 | $5,285 | $7,254 |
Total operating income (loss) | 53,935 | -13,269 | 152,088 | 76,894 |
Interest expense | -19,259 | -13,890 | -53,509 | -38,308 |
Interest income | 92 | 171 | 349 | 733 |
Loss on debt extinguishment | ' | -50,585 | ' | -50,585 |
Income (loss) from continuing operations before taxes | 34,768 | -77,573 | 98,928 | -11,266 |
Reportable Segment [Member] | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Total operating income (loss) | 53,644 | -15,219 | 149,326 | 71,465 |
Eliminations [Member] | ' | ' | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' | ' | ' |
Total operating income (loss) | ($467) | ($603) | ($2,523) | ($1,825) |
Income_per_Share_Basis_of_Inco
Income per Share - Basis of Income (Loss) per Share Computation (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Income (loss) from continuing operations | $29,068 | ($55,686) | $80,805 | $3,758 |
Gain from disposal of discontinued operations, net of tax | ' | 9,783 | ' | 9,783 |
Income from discontinued operations, net of tax | ' | 7,125 | ' | 14,346 |
Net income (loss) | $29,068 | ($38,778) | $80,805 | $27,887 |
Weighted average shares outstanding, basic | 43,694 | 44,787 | 44,013 | 45,410 |
Effect of dilutive common stock equivalents | 843 | ' | 903 | 839 |
Weighted average shares outstanding, diluted | 44,537 | 44,787 | 44,916 | 46,249 |
Income_per_Share_Additional_In
Income per Share - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Diluted weighted average shares outstanding do not include outstanding equity awards | 0.3 | 1.8 | 0.3 | 1 |
Inventories_Major_Classes_of_I
Inventories - Major Classes of Inventories (Detail) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $87,379 | $92,072 |
Work-in-process | 38,251 | 34,391 |
Finished goods | 106,515 | 110,280 |
Perishable tooling and supplies | 2,204 | 2,493 |
Gross inventories | 234,349 | 239,236 |
Obsolescence and other reserves | -22,522 | -23,954 |
Net inventories | $211,827 | $215,282 |
LongLived_Assets_Additional_In
Long-Lived Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Proceeds from sale of PP&E, including real estate | ' | ' | $3,155,000 | $1,236,000 |
Impairment loss recognized | ' | 26,000,000 | ' | ' |
Depreciation expense | 11,700,000 | 8,800,000 | 33,500,000 | 26,100,000 |
Accelerated depreciation | 2,200,000 | ' | 4,900,000 | ' |
Amortization of intangibles | 12,326,000 | 7,646,000 | 38,408,000 | 13,145,000 |
Property, plant and equipment [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Impairment loss recognized | ' | 10,600,000 | ' | ' |
Customer relationships [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Impairment loss recognized | ' | 6,800,000 | ' | ' |
Trademarks [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Impairment loss recognized | ' | 5,200,000 | ' | ' |
Real Estate [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Impairment losses | ' | 1,500,000 | ' | 1,500,000 |
Manufacturing Equipment [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Impairment losses | ' | 1,400,000 | ' | 1,400,000 |
Other Property, Plant and Equipment [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Impairment losses | ' | 1,100,000 | ' | 1,100,000 |
Consumer Electronics [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Gain or loss on the sale of the consumer electronic assets | ' | ' | 1,300,000 | ' |
Broadcast Solutions [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Proceeds from sale of PP&E, including real estate | ' | ' | 1,000,000 | ' |
Gain (loss) recognized on the sale | ' | ' | -300,000 | ' |
Enterprise Connectivity Solutions [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Proceeds from sale of PP&E, including real estate | ' | ' | 2,100,000 | 800,000 |
Gain (loss) recognized on the sale | ' | ' | 0 | 0 |
Impairment losses | ' | 1,500,000 | ' | 1,500,000 |
Industrial Connectivity Solutions [Member] | ' | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Impairment losses | ' | $2,500,000 | ' | $2,500,000 |
Restructuring_Activities_Addit
Restructuring Activities - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Severance and other restructuring costs | $3.80 | ' | $9.50 | ' |
Broadcast Segment [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Severance and other restructuring costs | 3.2 | 4.4 | 7.6 | 4.4 |
Enterprise Connectivity [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Severance and other restructuring costs | ' | 3.2 | ' | 3.2 |
Industrial Connectivity [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Severance and other restructuring costs | ' | 9.2 | ' | 9.2 |
Industrial IT Segment [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Severance and other restructuring costs | ' | 0.5 | ' | 0.5 |
Forecast [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Severance and other restructuring costs | ' | ' | 4 | ' |
Cost of sales [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Severance and other restructuring costs | ' | 6.4 | ' | 6.4 |
Total severance and other restructuring costs | 1.9 | ' | 5 | ' |
Selling, general and administrative expenses [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Severance and other restructuring costs | ' | 10 | ' | 10 |
Total severance and other restructuring costs | 1.6 | ' | 3.2 | ' |
Research and development [Member] | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' |
Severance and other restructuring costs | ' | 0.9 | ' | 0.9 |
Total severance and other restructuring costs | $0.30 | ' | $1.30 | ' |
LongTerm_Debt_and_Other_Borrow2
Long-Term Debt and Other Borrowing Arrangements - Carrying Values of Long-Term Debt and Other Borrowing Arrangements (Detail) (USD $) | Sep. 29, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Term Loan | $233,863 | $247,714 |
Revolving credit component | ' | ' |
Total senior subordinated notes | 1,109,921 | 705,221 |
Debt and other borrowing arrangements | 1,343,784 | 1,151,205 |
Less current maturities of Term Loan | -21,260 | -15,678 |
Long-term debt | 1,322,524 | 1,135,527 |
Revolving credit component [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Revolving credit component | ' | 198,270 |
Senior secured credit facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt and other borrowing arrangements | 233,863 | 445,984 |
5.5% Senior subordinated notes due 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt and other borrowing arrangements | 700,000 | 700,000 |
5.5% Senior subordinated notes due 2023 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt and other borrowing arrangements | 404,700 | ' |
9.25% Senior subordinated notes due 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt and other borrowing arrangements | $5,221 | $5,221 |
LongTerm_Debt_and_Other_Borrow3
Long-Term Debt and Other Borrowing Arrangements - Additional Information (Detail) | 9 Months Ended | 6 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||
Sep. 29, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Sep. 29, 2013 | Dec. 31, 2012 | Sep. 29, 2013 | Mar. 31, 2013 | Sep. 29, 2013 | Mar. 31, 2013 | Sep. 29, 2013 | Sep. 29, 2013 | |
USD ($) | USD ($) | USD ($) | $400.0 million senior secured credit facility [Member] | $400.0 million senior secured credit facility [Member] | $400.0 million senior secured credit facility [Member] | Senior Secured Term Loan Credit Facility [Member] | Senior Secured Term Loan Credit Facility [Member] | Senior subordinated notes due 2023 [Member] | Senior subordinated notes due 2023 [Member] | Senior subordinated notes due 2023 [Member] | Senior subordinated notes due 2023 [Member] | Senior Subordinated notes due 2022 [Member] | Senior Subordinated notes due 2019 [Member] | |
USD ($) | Minimum [Member] | Maximum [Member] | CAD | USD ($) | Senior Subordinate Notes [Member] | Senior Subordinate Notes [Member] | Senior Subordinate Notes [Member] | Senior Subordinate Notes [Member] | Senior Subordinate Notes [Member] | |||||
USD ($) | EUR (€) | USD ($) | USD ($) | |||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior secured credit facility | $233,863,000 | ' | $247,714,000 | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' | ' |
Interest on term loan | ' | ' | ' | ' | ' | ' | 3.82% | ' | ' | ' | ' | ' | ' | ' |
Maximum amount of Senior Secured Credit Facility | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility expiration date | ' | ' | ' | 25-Apr-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility interest rate description | ' | ' | ' | 'Under the revolving credit component, we are permitted to borrow and re-pay funds in various currencies. Interest on outstanding borrowings is variable, based on either the three month LIBOR rate or the prime rate. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, interest rate, LIBOR term | ' | ' | ' | 'P3M | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available Borrowing Capacity | 386,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing outstanding under the revolving credit agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding, Amount | 13,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee percentage depending on leverage ratio | ' | ' | ' | ' | 0.25% | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' |
Senior subordinated notes | 1,109,921,000 | ' | 705,221,000 | ' | ' | ' | ' | ' | ' | 388,200,000 | ' | 300,000,000 | 700,000,000 | 5,200,000 |
Interest rate of senior subordinated notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.50% | ' | ' | 5.50% | 9.25% |
Carrying value of notes | ' | ' | ' | ' | ' | ' | ' | ' | 404,700,000 | ' | ' | ' | ' | ' |
Senior Subordinated Notes maturing 2019; description of priority | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The notes are guaranteed on a senior subordinated basis by certain of our subsidiaries. The notes rank equal in right of payment with our senior subordinated notes due 2022 and 2019 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Senior Secured Facility. | ' | ' | 'The notes are guaranteed on a senior subordinated basis by certain of our subsidiaries. The notes rank equal in right of payment with our senior subordinated notes due 2019 and 2023 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Senior Secured Facility. | 'The notes are guaranteed on a senior subordinated basis by certain of our subsidiaries. The notes rank equal in right of payment with our senior subordinated notes due 2022 and 2023 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Senior Secured Facility. |
Senior Subordinated Notes maturing 2019; guarantees by subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The notes are guaranteed on a senior subordinated basis by certain of our subsidiaries. | ' | ' | 'The notes are guaranteed on a senior subordinated basis by certain of our subsidiaries. | 'The notes are guaranteed on a senior subordinated basis by certain of our subsidiaries. |
Frequency of interest payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Semiannually | ' | ' | 'Semiannually | 'Semiannually |
Fees associated with debt issuance | 7,817,000 | 15,116,000 | ' | ' | ' | ' | ' | ' | ' | 7,800,000 | ' | ' | ' | ' |
Effective interest rate of senior subordinated notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.75% |
Senior subordinated notes due date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2023 | ' | '2022 | ' |
Fair value of debt instrument | 1,081,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior subordinated notes carrying value | $1,109,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2012 | Sep. 30, 2012 | Sep. 29, 2013 | Dec. 31, 2012 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ' | ' | ' |
Pre-tax gain in Accumulated Other Comprehensive Income designated and qualified as net investment hedges | $1,500,000 | $4,000,000 | ' | ' |
Proceeds upon the settlement of foreign currency forward contracts | ' | 4,024,000 | ' | ' |
Derivatives outstanding | ' | ' | $0 | $0 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Dec. 31, 2012 | Sep. 29, 2013 | Dec. 31, 2012 | |
Thermax and Raydex [Member] | Thermax and Raydex [Member] | Cooper Industries [Member] | Cooper Industries [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax expense (benefit) | $5,700,000 | ($21,887,000) | $18,123,000 | ($15,024,000) | ' | ' | ' | ' |
Effective tax rate | 16.40% | ' | 18.30% | ' | ' | ' | ' | ' |
Applicable Statutory United States Tax Rate | ' | ' | 35.00% | ' | ' | ' | ' | ' |
Tax benefit due to the impact of tax law changes | ' | ' | 5,200,000 | ' | ' | ' | ' | ' |
Income tax expense for uncertain tax position liability | ' | ' | 3,700,000 | ' | ' | ' | ' | ' |
Income tax benefit, reduction in deferred tax asset valuation allowance, foreign net operating loss | ' | ' | ' | 5,200,000 | ' | ' | ' | ' |
Significant tax items settlement payment | ' | ' | ' | ' | 41,800,000 | ' | 30,000,000 | ' |
Pre-tax gain on sale of business | ' | ' | ' | ' | ' | 211,600,000 | ' | ' |
Tax benefit recognized | ' | ' | ' | ' | ' | ' | ' | $21,000,000 |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Obligations - Components of Net Periodic Benefit Costs (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Pension Obligations [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | $1,677 | $1,435 | $5,040 | $4,299 |
Interest cost | 2,924 | 3,018 | 8,786 | 9,065 |
Expected return on plan assets | -3,396 | -3,171 | -10,193 | -9,504 |
Amortization of prior service credit | -8 | -20 | -23 | -59 |
Actuarial losses | 1,662 | 1,493 | 4,995 | 4,475 |
Net periodic benefit cost | 2,859 | 2,755 | 8,605 | 8,276 |
Other Postretirement Obligations [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 33 | 32 | 101 | 94 |
Interest cost | 517 | 580 | 1,600 | 1,713 |
Expected return on plan assets | ' | ' | ' | ' |
Amortization of prior service credit | -27 | -29 | -82 | -87 |
Actuarial losses | 278 | 252 | 876 | 738 |
Net periodic benefit cost | $801 | $835 | $2,495 | $2,458 |
Comprehensive_Income_Loss_and_2
Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) - Total Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Equity [Abstract] | ' | ' | ' | ' |
Net income (loss) | $29,068 | ($38,778) | $80,805 | $27,887 |
Foreign currency translation gain (loss) | 4,536 | 13,084 | -10,733 | -5,988 |
Foreign currency hedging instruments, net of $0.0 million, $0.5 million, $0.0 million, and $1.6 million tax, respectively | ' | 1,007 | ' | 2,467 |
Amortization of pension and other postretirement benefit plan losses, net of $0.7 million, $0.0 million, $2.2 million, and $0.0 million tax, respectively | 1,172 | ' | 3,546 | ' |
Total comprehensive income (loss) | $34,776 | ($24,687) | $73,618 | $24,366 |
Comprehensive_Income_Loss_and_3
Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) - Total Comprehensive Income (Loss) (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Equity [Abstract] | ' | ' | ' | ' |
Foreign currency hedging instruments, tax | $0 | $0.50 | $0 | $1.60 |
Amortization of pension and other postretirement benefit plan losses, tax portion | $0.70 | $0 | $2.20 | $0 |
Comprehensive_Income_Loss_and_4
Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) Net of Tax (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 29, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Accumulated other comprehensive income (loss), Beginning balance | ($30,565) |
Other comprehensive loss before reclassifications | -10,733 |
Amounts reclassified from accumulated other comprehensive income (loss) | 3,546 |
Net current period other comprehensive income (loss) | -7,187 |
Accumulated Other Comprehensive Income (Loss), Ending balance | -37,752 |
Accumulated Other Comprehensive Income (Loss), Pension and Postretirement Benefit Plans [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Accumulated other comprehensive income (loss), Beginning balance | -59,081 |
Other comprehensive loss before reclassifications | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | 3,546 |
Net current period other comprehensive income (loss) | 3,546 |
Accumulated Other Comprehensive Income (Loss), Ending balance | -55,535 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Component [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Accumulated other comprehensive income (loss), Beginning balance | 28,516 |
Other comprehensive loss before reclassifications | -10,733 |
Amounts reclassified from accumulated other comprehensive income (loss) | ' |
Net current period other comprehensive income (loss) | -10,733 |
Accumulated Other Comprehensive Income (Loss), Ending balance | $17,783 |
Comprehensive_Income_Loss_and_5
Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) - Summary of Effects of Reclassifications from Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Amortization of pension and other postretirement benefit plan items: | ' | ' | ' | ' |
Tax benefit | ($5,700) | $21,887 | ($18,123) | $15,024 |
Net income (loss) | 29,068 | -38,778 | 80,805 | 27,887 |
Accumulated Other Comprehensive Income (Loss), Pension and Postretirement Benefit Plans [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' | ' | ' |
Amortization of pension and other postretirement benefit plan items: | ' | ' | ' | ' |
Actuarial losses | ' | ' | 5,871 | ' |
Amortization of prior service credit | ' | ' | -105 | ' |
Total before tax | ' | ' | 5,766 | ' |
Tax benefit | ' | ' | -2,220 | ' |
Net income (loss) | ' | ' | $3,546 | ' |
Share_Repurchases_Additional_I
Share Repurchases - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 26 Months Ended | |||
Share data in Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 29, 2013 | Sep. 29, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Share Repurchase Program [Member] | Share Repurchase Program [Member] | Share Repurchase Program [Member] | Share Repurchase Program [Member] | Share Repurchase Program [Member] | Share Repurchase Program [Member] | |||||
Receivable For Treasury Shares Repurchased [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||||
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of common stock | ' | ' | $200,000,000 | $150,000,000 | ' | ' | ' | ' | ' | ' |
Payments under share repurchase program | 93,750,000 | 75,000,000 | ' | ' | 31,250,000 | ' | ' | ' | 93,800,000 | 218,800,000 |
Repurchase of shares | ' | ' | ' | ' | 300 | ' | 300 | 500 | 1,700 | 5,400 |
Repurchase of shares average price per share | ' | ' | ' | ' | ' | ' | ' | $60.71 | $54.76 | $40.37 |
Treasury stock | $277,009,000 | ' | $218,014,000 | ' | ' | $15,900,000 | ' | ' | ' | ' |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (USD $) | Sep. 29, 2013 | Nov. 06, 2013 | Sep. 29, 2013 | Nov. 06, 2013 | Nov. 06, 2013 |
Revolving Credit Facility [Member] | Senior secured credit facility [Member] | Senior secured credit facility [Member] | Term Loan Credit Agreement [Member] | ||
Subsequent Event [Member] | Scenario, Forecast [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' |
Multi-currency asset-based credit agreement | ' | $400,000,000 | ' | ' | ' |
Credit agreement, maturity date | ' | '2018 | ' | ' | '2020 |
Amount borrowed under Term Loan Credit Agreement | ' | ' | ' | ' | 250,000,000 |
Description of interest terms | ' | ' | ' | ' | 'Three-month LIBOR plus an applicable spread |
Amount of outstanding borrowings | ' | ' | ' | 0 | ' |
Loss on refinancing activities | ' | ' | $2,000,000 | ' | ' |