Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 30, 2014 | 1-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
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 | ' | 43,602,220 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $569,579 | $613,304 |
Receivables, net | 313,603 | 304,204 |
Inventories, net | 220,098 | 207,980 |
Deferred income taxes | 28,667 | 28,767 |
Other current assets | 47,691 | 41,243 |
Total current assets | 1,179,638 | 1,195,498 |
Property, plant and equipment, less accumulated depreciation | 300,785 | 300,835 |
Goodwill | 766,678 | 773,048 |
Intangible assets, less accumulated amortization | 361,448 | 376,976 |
Deferred income taxes | 25,095 | 26,034 |
Other long-lived assets | 80,637 | 79,362 |
Total assets | 2,714,281 | 2,751,753 |
Current liabilities: | ' | ' |
Accounts payable | 200,160 | 199,897 |
Accrued liabilities | 158,318 | 199,169 |
Current maturities of long-term debt | 2,500 | 2,500 |
Total current liabilities | 360,978 | 401,566 |
Long-term debt | 1,366,211 | 1,364,536 |
Postretirement benefits | 103,274 | 105,924 |
Other long-term liabilities | 33,816 | 43,186 |
Stockholders' equity: | ' | ' |
Preferred stock | ' | ' |
Common stock | 503 | 503 |
Additional paid-in capital | 585,298 | 585,753 |
Retained earnings | 578,599 | 556,214 |
Accumulated other comprehensive loss | -40,494 | -29,181 |
Treasury stock | -273,904 | -276,748 |
Total stockholders' equity | 850,002 | 836,541 |
Total liabilities and stockholders' equity | $2,714,281 | $2,751,753 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Revenues | $487,690 | $507,473 |
Cost of sales | -311,973 | -340,120 |
Gross profit | 175,717 | 167,353 |
Selling, general and administrative expenses | -94,848 | -91,982 |
Research and development | -20,571 | -20,425 |
Amortization of intangibles | -11,741 | -12,977 |
Income from equity method investment | 954 | 2,271 |
Operating income | 49,511 | 44,240 |
Interest expense | -18,820 | -15,905 |
Interest income | 150 | 108 |
Income from continuing operations before taxes | 30,841 | 28,443 |
Income tax expense | -5,685 | -6,198 |
Income from continuing operations | 25,156 | 22,245 |
Loss from disposal of discontinued operations, net of tax | -562 | ' |
Net income | 24,594 | 22,245 |
Weighted average number of common shares and equivalents: | ' | ' |
Basic | 43,514 | 44,420 |
Diluted | 44,293 | 45,427 |
Basic income (loss) per share | ' | ' |
Continuing operations | $0.58 | $0.50 |
Discontinued operations | ($0.01) | ' |
Net income | $0.57 | $0.50 |
Diluted income (loss) per share | ' | ' |
Continuing operations | $0.57 | $0.49 |
Discontinued operations | ($0.01) | ' |
Net income | $0.56 | $0.49 |
Comprehensive income | $13,281 | $14,892 |
Dividends declared per share | $0.05 | $0.05 |
CONDENSED_CONSOLIDATED_CASH_FL
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $24,594 | $22,245 |
Adjustments to reconcile net income to net cash used for operating activities: | ' | ' |
Depreciation and amortization | 21,238 | 22,546 |
Share-based compensation | 4,566 | 3,419 |
Pension funding less than pension expense | 763 | 798 |
Loss on sale of business | 562 | ' |
Provision for inventory obsolescence | 63 | 474 |
Income from equity method investment | -954 | -2,271 |
Deferred income tax benefit | -2,248 | ' |
Tax benefit related to share-based compensation | -3,264 | -4,227 |
Changes in operating assets and liabilities, net of the effects of currency exchange rate changes and acquired businesses: | ' | ' |
Receivables | -6,490 | -9,785 |
Inventories | -13,268 | -2,723 |
Accounts payable | 1,252 | 5,520 |
Accrued liabilities | -40,748 | -30,347 |
Accrued taxes | -1,374 | -69,987 |
Other assets | -2,417 | -5,606 |
Other liabilities | -2,690 | -1,782 |
Net cash used for operating activities | -20,415 | -71,726 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -10,356 | -6,437 |
Cash used to acquire businesses, net of cash acquired | -4,700 | -9,475 |
Proceeds (payments) from disposal of businesses | -956 | 3,735 |
Proceeds from disposal of tangible assets | 12 | 1,077 |
Net cash used for investing activities | -16,000 | -11,100 |
Cash flows from financing activities: | ' | ' |
Proceeds from exercise of stock options, net of withholding tax payments | -5,441 | 1,551 |
Cash dividends paid | -2,172 | -76 |
Debt issuance costs paid | -1,702 | -6,794 |
Borrowings under credit arrangements | ' | 388,220 |
Payments under borrowing arrangements | ' | -194,110 |
Payments under share repurchase program | ' | -31,250 |
Tax benefit related to share-based compensation | 3,264 | 4,227 |
Net cash provided by (used for) financing activities | -6,051 | 161,768 |
Effect of foreign currency exchange rate changes on cash and cash equivalents | -1,259 | -4,631 |
Increase (decrease) in cash and cash equivalents | -43,725 | 74,311 |
Cash and cash equivalents, beginning of period | 613,304 | 395,095 |
Cash and cash equivalents, end of period | $569,579 | $469,406 |
CONDENSED_CONSOLIDATED_STOCKHO
CONDENSED CONSOLIDATED STOCKHOLDERS' EQUITY STATEMENT (Unaudited) (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands | ||||||
Beginning balance at Dec. 31, 2013 | $836,541 | $503 | $585,753 | $556,214 | ($276,748) | ($29,181) |
Beginning balance, shares at Dec. 31, 2013 | ' | 50,335 | ' | ' | 6,880 | ' |
Net income | 24,594 | ' | ' | 24,594 | ' | ' |
Foreign currency translation, net of $1.7 million tax | -12,473 | ' | ' | ' | ' | -12,473 |
Adjustment to pension and postretirement liability, net of $0.7 million tax | 1,160 | ' | ' | ' | ' | 1,160 |
Net current period other comprehensive income (loss) | -11,313 | ' | ' | ' | ' | ' |
Exercise of stock options, net of tax withholding forfeitures | -3,615 | ' | -5,336 | ' | 1,721 | ' |
Exercise of stock options, net of tax withholding forfeitures, shares | ' | ' | ' | ' | 92 | ' |
Conversion of restricted stock units into common stock, net of tax withholding forfeitures | -1,826 | ' | -2,949 | ' | 1,123 | ' |
Conversion of restricted stock units into common stock, net of tax withholding forfeitures, shares | ' | ' | ' | ' | 53 | ' |
Share-based compensation | 7,830 | ' | 7,830 | ' | ' | ' |
Dividends ($0.05 per share) | -2,209 | ' | ' | -2,209 | ' | ' |
Ending balance at Mar. 30, 2014 | $850,002 | $503 | $585,298 | $578,599 | ($273,904) | ($40,494) |
Ending balance, shares at Mar. 30, 2014 | ' | 50,335 | ' | ' | 6,735 | ' |
CONDENSED_CONSOLIDATED_STOCKHO1
CONDENSED CONSOLIDATED STOCKHOLDERS' EQUITY STATEMENT (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Statement Of Stockholders Equity [Abstract] | ' | ' |
Foreign currency translation, tax benefit | $1.70 | $0 |
Adjustments to pension and postretirement liability, tax | $0.70 | $0.70 |
Dividends declared per share | $0.05 | $0.05 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |||
Mar. 30, 2014 | ||||
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, 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, 2013: | ||||
• | 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 2013 Annual Report on Form 10-K. | ||||
Business Description | ||||
We are an innovative signal transmission solutions provider built around four global business platforms – Broadcast Solutions, Enterprise Connectivity Solutions, Industrial Connectivity Solutions, and Industrial IT Solutions. Our comprehensive portfolio of signal transmission solutions provides industry leading secure and reliable transmission of data, sound and video for mission critical applications. | ||||
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 30, 2014, the 89th day of our fiscal year 2014. Our fiscal second and third quarters each have 91 days. The three months ended March 31, 2013 included 90 days. | ||||
Reclassifications | ||||
We have made certain reclassifications to the 2013 Condensed Consolidated Financial Statements with no impact to reported net income in order to conform to the 2014 presentation. | ||||
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; and | |||
• | Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. | |||
As of and during the three months ended March 30, 2014 and March 31, 2013, we utilized Level 1 inputs to determine the fair value of cash equivalents. We did not have any transfers between Level 1 and Level 2 fair value measurements during the three months ended March 30, 2014. | ||||
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 March 30, 2014 was $204.0 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 March 30, 2014, we were party to standby letters of credit, bank guaranties, and surety bonds totaling $6.9 million, $4.8 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 elements. For these arrangements, when the elements can be separated, the 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. Generally, we determine relative selling price using our best estimate of selling price, as we do not have vendor specific objective evidence or third party evidence of fair value for such arrangements. | ||||
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 for $265.6 million in cash and recognized a pre-tax gain of $211.6 million ($124.7 million net of tax). At the time the transaction closed, we received $265.6 million in cash, subject to a working capital adjustment. We recognized a $0.9 million ($0.6 million net of tax) loss from disposal of discontinued operations related to this business in the three months ended March 30, 2014 as a result of settling the working capital adjustment and other matters. | ||||
In 2010, we completed the sale of Trapeze Networks, Inc. (Trapeze) for $152.1 million and recognized a pre-tax gain of $88.3 million ($44.8 million net of tax). 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. In 2013, we collected a partial settlement of $4.2 million from the escrow. 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. | ||||
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 12. | ||||
Current-Year Adoption of Accounting Pronouncements | ||||
On January 1, 2014, we adopted new accounting guidance issued by the Financial Accounting Standards Board with regard to the presentation of liabilities for unrecognized tax benefits. The adoption of this guidance did not have a material impact on our financial statements. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 30, 2014 | |
Business Combinations [Abstract] | ' |
Acquisitions | ' |
Note 2: Acquisitions | |
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 are reported within the Broadcast segment. The Softel acquisition was not material to our financial position or results of operations. |
Operating_Segments
Operating Segments | 3 Months Ended | ||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Operating Segments | ' | ||||||||||||||||||||
Note 3: Operating Segments | |||||||||||||||||||||
We are organized around four global business platforms: Broadcast, Enterprise Connectivity, Industrial Connectivity, and Industrial IT. Each of the global business platforms represents a reportable segment. | |||||||||||||||||||||
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, amortization of intangible assets, and other costs. | |||||||||||||||||||||
Our measure of segment assets does not include cash, goodwill, intangible assets, deferred tax assets, or corporate assets. All goodwill is allocated to reporting units of our segments for purposes of impairment testing. | |||||||||||||||||||||
Broadcast | Enterprise | Industrial | Industrial | Total | |||||||||||||||||
Solutions | Connectivity | Connectivity | IT Solutions | Segments | |||||||||||||||||
Solutions | Solutions | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
As of and for the three months ended March 30, 2014 | |||||||||||||||||||||
Revenues | $ | 165,868 | $ | 108,394 | $ | 159,318 | $ | 54,110 | $ | 487,690 | |||||||||||
Affiliate revenues | 199 | 2,076 | 1,356 | 2 | 3,633 | ||||||||||||||||
Operating income | 10,568 | 10,168 | 20,750 | 8,147 | 49,633 | ||||||||||||||||
Total assets | 292,690 | 228,401 | 270,295 | 61,001 | 852,387 | ||||||||||||||||
As of and for the three months ended March 31, 2013 | |||||||||||||||||||||
Revenues | $ | 155,586 | $ | 116,627 | $ | 176,721 | $ | 58,539 | $ | 507,473 | |||||||||||
Affiliate revenues | 109 | 2,469 | 364 | 30 | 2,972 | ||||||||||||||||
Operating income (loss) | (146 | ) | 8,835 | 24,449 | 9,517 | 42,655 | |||||||||||||||
Total assets | 273,459 | 233,521 | 271,869 | 57,793 | 836,642 | ||||||||||||||||
The following table is a reconciliation of the total of the reportable segments’ operating income to consolidated income from continuing operations before taxes. | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 30, 2014 | March 31, 2013 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Segment operating income | $ | 49,633 | $ | 42,655 | |||||||||||||||||
Income from equity method investment | 954 | 2,271 | |||||||||||||||||||
Eliminations | (1,076 | ) | (686 | ) | |||||||||||||||||
Total operating income | 49,511 | 44,240 | |||||||||||||||||||
Interest expense | (18,820 | ) | (15,905 | ) | |||||||||||||||||
Interest income | 150 | 108 | |||||||||||||||||||
Income from continuing operations before taxes | $ | 30,841 | $ | 28,443 | |||||||||||||||||
Income_per_Share
Income per Share | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Income per Share | ' | ||||||||
Note 4: Income per Share | |||||||||
The following table presents the basis for the income per share computations: | |||||||||
Three Months Ended | |||||||||
March 30, 2014 | March 31, 2013 | ||||||||
(In thousands) | |||||||||
Numerator: | |||||||||
Income from continuing operations | $ | 25,156 | $ | 22,245 | |||||
Loss from disposal of discontinued operations, net of tax | (562 | ) | — | ||||||
Net income | $ | 24,594 | $ | 22,245 | |||||
Denominator: | |||||||||
Weighted average shares outstanding, basic | 43,514 | 44,420 | |||||||
Effect of dilutive common stock equivalents | 779 | 1,007 | |||||||
Weighted average shares outstanding, diluted | 44,293 | 45,427 | |||||||
For the three months ended March 30, 2014 and March 31, 2013, diluted weighted average shares outstanding do not include outstanding equity awards of 0.1 million and 0.3 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 | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Note 5: Inventories | |||||||||
The major classes of inventories were as follows: | |||||||||
March 30, 2014 | December 31, 2013 | ||||||||
(In thousands) | |||||||||
Raw materials | $ | 88,329 | $ | 85,379 | |||||
Work-in-process | 35,334 | 34,671 | |||||||
Finished goods | 115,422 | 107,091 | |||||||
Perishable tooling and supplies | 2,139 | 2,156 | |||||||
Gross inventories | 241,224 | 229,297 | |||||||
Excess and obsolete reserves | (21,126 | ) | (21,317 | ) | |||||
Net inventories | $ | 220,098 | $ | 207,980 | |||||
LongLived_Assets
Long-Lived Assets | 3 Months Ended |
Mar. 30, 2014 | |
Property Plant And Equipment [Abstract] | ' |
Long-Lived Assets | ' |
Note 6: Long-Lived Assets | |
Disposals | |
During the three months ended March 31, 2013, we sold certain real estate of the Broadcast segment for $1.0 million, and recognized a $0.3 million loss on the sale. | |
Depreciation and Amortization Expense | |
We recognized depreciation expense in income from continuing operations of $9.5 million and $9.6 million in the three months ended March 30, 2014 and March 31, 2013, respectively. | |
We recognized amortization expense in income from continuing operations related to our intangible assets of $11.7 million and $13.0 million in the three months ended March 30, 2014 and March 31, 2013, respectively. |
LongTerm_Debt_and_Other_Borrow
Long-Term Debt and Other Borrowing Arrangements | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt and Other Borrowing Arrangements | ' | ||||||||
Note 7: Long-Term Debt and Other Borrowing Arrangements | |||||||||
The carrying values of our long-term debt and other borrowing arrangements were as follows: | |||||||||
March 30, 2014 | December 31, 2013 | ||||||||
(In thousands) | |||||||||
Revolving credit agreement due 2018 | $ | — | $ | — | |||||
Term Loan due 2020 | 248,800 | 248,775 | |||||||
Senior subordinated notes: | |||||||||
5.5% Senior subordinated notes due 2022 | 700,000 | 700,000 | |||||||
5.5% Senior subordinated notes due 2023 | 414,690 | 413,040 | |||||||
9.25% Senior subordinated notes due 2019 | 5,221 | 5,221 | |||||||
Total senior subordinated notes | 1,119,911 | 1,118,261 | |||||||
Total debt and other borrowing arrangements | 1,368,711 | 1,367,036 | |||||||
Less current maturities of Term Loan | (2,500 | ) | (2,500 | ) | |||||
Long-term debt | $ | 1,366,211 | $ | 1,364,536 | |||||
Revolving Credit Agreement due 2018 | |||||||||
In 2013, we entered into a revolving credit agreement that provides a $400 million multi-currency asset-based revolving credit facility (the Revolver). The borrowing base under the Revolver includes eligible accounts receivable, inventory, and property, plant, and equipment of certain of our subsidiaries in the United States, Canada, Germany, the Netherlands, and the United Kingdom. As of March 30, 2014, our borrowing base was $325 million. The Revolver matures in 2018. Interest on outstanding borrowings is variable, based upon LIBOR or other similar indices in foreign jurisdictions, plus a spread that ranges from 1.25% - 1.75%, depending upon our leverage position. We pay a commitment fee on our available borrowing capacity of 0.375%. In the event we borrow more than 90% of our borrowing base, we are subject to a fixed charge coverage ratio covenant. We paid approximately $7.0 million of fees associated with the Revolver, which are being amortized over the life of the Revolver. | |||||||||
Term Loan due 2020 | |||||||||
In 2013, we borrowed $250.0 million under a new Term Loan Credit Agreement (the Term Loan). The Term Loan is secured on a second lien basis by the assets securing the Revolving Credit Agreement due 2018 discussed above and on a first lien basis by the stock of certain of our subsidiaries. The borrowings under the Term Loan are scheduled to mature in 2020 and require quarterly amortization payments. Interest under the Term Loan is variable, based upon the three-month LIBOR plus an applicable spread. The interest rate as of March 30, 2014 was 3.25%. We utilized the proceeds from the Term Loan to repay amounts outstanding under the term loan of our prior senior secured credit facility. We paid approximately $3.6 million of fees associated with the Term Loan, which are being amortized over the life of the Term Loan using the effective interest method. | |||||||||
Senior Subordinated Notes | |||||||||
In 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 March 30, 2014 is $414.7 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 Term Loan. Interest is payable semiannually on April 15 and October 15 of each year. We paid $8.5 million of fees associated with the issuance of the notes in 2013, 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 prior senior secured credit facility and for general corporate purposes. | |||||||||
As of March 30, 2014, 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 Term Loan. Interest is payable semiannually on March 1 and September 1 of each year. | |||||||||
As of March 30, 2014, $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 senior subordinated debt, and are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Term Loan. | |||||||||
Fair Value of Long-Term Debt | |||||||||
The fair value of our senior subordinated notes as of March 30, 2014 was approximately $1,132.0 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 $1,119.9 million as of March 30, 2014. We believe the fair value of our Term Loan approximates book value. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Note 8: Income Taxes | |
Income tax expense was $5.7 million for the three months ended March 30, 2014. The most significant factor in the difference between the effective tax rate of 18.4% and the statutory United States tax rate of 35% for the three months ended March 30, 2014 is the tax rate differential associated with our foreign earnings. In addition, income tax expense for the three months ended March 30, 2014 included a $2.2 million tax benefit due to a reduction of an uncertain tax position liability. The liability was reduced as a result of favorable developments with a foreign tax audit. |
Pension_and_Other_Postretireme
Pension and Other Postretirement Obligations | 3 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Pension and Other Postretirement Obligations | ' | ||||||||||||||||
Note 9: 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 | ||||||||||||||||
Three Months Ended | March 30, | March 31, | March 30, | March 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands) | |||||||||||||||||
Service cost | $ | 2,019 | $ | 1,687 | $ | 31 | $ | 34 | |||||||||
Interest cost | 4,081 | 2,949 | 551 | 526 | |||||||||||||
Expected return on plan assets | (5,116 | ) | (3,406 | ) | — | — | |||||||||||
Amortization of prior service credit | — | (8 | ) | (26 | ) | (28 | ) | ||||||||||
Actuarial losses | 1,723 | 1,668 | 189 | 278 | |||||||||||||
Net periodic benefit cost | $ | 2,707 | $ | 2,890 | $ | 745 | $ | 810 | |||||||||
Comprehensive_Income_and_Accum
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) | 3 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
Note 10: Comprehensive Income and Accumulated Other Comprehensive Income (Loss) | |||||||||||||
The following table summarizes total comprehensive income: | |||||||||||||
Three Months Ended | |||||||||||||
March 30, 2014 | March 31, 2013 | ||||||||||||
(In thousands) | |||||||||||||
Net income | $ | 24,594 | $ | 22,245 | |||||||||
Foreign currency translation loss, net of $1.7 million and $0.0 million tax, respectively | (12,473 | ) | (8,526 | ) | |||||||||
Adjustments to pension and postretirement liability, net of $0.7 million and $0.7 million tax, respectively | 1,160 | 1,173 | |||||||||||
Total comprehensive income | $ | 13,281 | $ | 14,892 | |||||||||
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, 2013 | $ | 7,796 | $ | (36,977 | ) | $ | (29,181 | ) | |||||
Other comprehensive loss before reclassifications | (12,473 | ) | — | (12,473 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 1,160 | 1,160 | ||||||||||
Net current period other comprehensive income (loss) | (12,473 | ) | 1,160 | (11,313 | ) | ||||||||
Balance at March 30, 2014 | $ | (4,677 | ) | $ | (35,817 | ) | $ | (40,494 | ) | ||||
The following table summarizes the effects of reclassifications from accumulated other comprehensive income (loss) for the three months ended March 30, 2014: | |||||||||||||
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 | $ | 1,912 | (1) | ||||||||||
Prior service credit | (26 | ) | (1) | ||||||||||
Total before tax | 1,886 | ||||||||||||
Tax benefit | (726 | ) | |||||||||||
Net of tax | $ | 1,160 | |||||||||||
-1 | The amortization of these accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit costs (see Note 9). |
Share_Repurchases
Share Repurchases | 3 Months Ended |
Mar. 30, 2014 | |
Equity [Abstract] | ' |
Share Repurchases | ' |
Note 11: Share Repurchases | |
In July 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 November 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. This program is funded by cash on hand and cash flows from operating activities. The program does not have an expiration date and may be suspended at any time at the discretion of the Company. | |
For the three months ended March 30, 2014, we did not repurchase any of our common stock under the share repurchase program. From inception of the program to March 30, 2014, we have repurchased 5.4 million shares of our common stock under the program for an aggregate cost of $218.8 million and an average price of $40.37. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 12: Subsequent Events | |
We acquired 100% of the outstanding ownership interest in Grass Valley USA, LLC and GVBB Holdings S.a.r.l., (collectively, Grass Valley) on March 31, 2014 for cash of $220.0 million. Grass Valley is a leading provider of innovative technologies for the broadcast industry, including production switchers, cameras, servers, and editing solutions. Grass Valley is headquartered in the United States and will be included in our Broadcast segment. The $220.0 million purchase price remains subject to a working capital adjustment. We prepaid $4.4 million of the purchase price on March 28, 2014 in the form of a loan to Grass Valley. The prepayment is included in our Receivables balance in our Condensed Consolidated Balance Sheet and in investing activities in our Condensed Consolidated Cash Flow Statements. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended | |||
Mar. 30, 2014 | ||||
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, 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, 2013: | ||||
• | 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 2013 Annual Report on Form 10-K | ||||
Business Description | ' | |||
Business Description | ||||
We are an innovative signal transmission solutions provider built around four global business platforms – Broadcast Solutions, Enterprise Connectivity Solutions, Industrial Connectivity Solutions, and Industrial IT Solutions. Our comprehensive portfolio of signal transmission solutions provides industry leading secure and reliable transmission of data, sound and video for mission critical applications. | ||||
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 30, 2014, the 89th day of our fiscal year 2014. Our fiscal second and third quarters each have 91 days. The three months ended March 31, 2013 included 90 days. | ||||
Reclassifications | ' | |||
Reclassifications | ||||
We have made certain reclassifications to the 2013 Condensed Consolidated Financial Statements with no impact to reported net income in order to conform to the 2014 presentation. | ||||
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; and | |||
• | Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. | |||
As of and during the three months ended March 30, 2014 and March 31, 2013, we utilized Level 1 inputs to determine the fair value of cash equivalents. We did not have any transfers between Level 1 and Level 2 fair value measurements during the three months ended March 30, 2014. | ||||
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 March 30, 2014 was $204.0 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 March 30, 2014, we were party to standby letters of credit, bank guaranties, and surety bonds totaling $6.9 million, $4.8 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 elements. For these arrangements, when the elements can be separated, the 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. Generally, we determine relative selling price using our best estimate of selling price, as we do not have vendor specific objective evidence or third party evidence of fair value for such arrangements. | ||||
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 for $265.6 million in cash and recognized a pre-tax gain of $211.6 million ($124.7 million net of tax). At the time the transaction closed, we received $265.6 million in cash, subject to a working capital adjustment. We recognized a $0.9 million ($0.6 million net of tax) loss from disposal of discontinued operations related to this business in the three months ended March 30, 2014 as a result of settling the working capital adjustment and other matters. | ||||
In 2010, we completed the sale of Trapeze Networks, Inc. (Trapeze) for $152.1 million and recognized a pre-tax gain of $88.3 million ($44.8 million net of tax). 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. In 2013, we collected a partial settlement of $4.2 million from the escrow. 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. | ||||
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. | ||||
Current-Year Adoption of Accounting Pronouncements | ' | |||
Current-Year Adoption of Accounting Pronouncements | ||||
On January 1, 2014, we adopted new accounting guidance issued by the Financial Accounting Standards Board with regard to the presentation of liabilities for unrecognized tax benefits. The adoption of this guidance did not have a material impact on our financial statements. |
Operating_Segments_Tables
Operating Segments (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Operating Segment Information | ' | ||||||||||||||||||||
Broadcast | Enterprise | Industrial | Industrial | Total | |||||||||||||||||
Solutions | Connectivity | Connectivity | IT Solutions | Segments | |||||||||||||||||
Solutions | Solutions | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
As of and for the three months ended March 30, 2014 | |||||||||||||||||||||
Revenues | $ | 165,868 | $ | 108,394 | $ | 159,318 | $ | 54,110 | $ | 487,690 | |||||||||||
Affiliate revenues | 199 | 2,076 | 1,356 | 2 | 3,633 | ||||||||||||||||
Operating income | 10,568 | 10,168 | 20,750 | 8,147 | 49,633 | ||||||||||||||||
Total assets | 292,690 | 228,401 | 270,295 | 61,001 | 852,387 | ||||||||||||||||
As of and for the three months ended March 31, 2013 | |||||||||||||||||||||
Revenues | $ | 155,586 | $ | 116,627 | $ | 176,721 | $ | 58,539 | $ | 507,473 | |||||||||||
Affiliate revenues | 109 | 2,469 | 364 | 30 | 2,972 | ||||||||||||||||
Operating income (loss) | (146 | ) | 8,835 | 24,449 | 9,517 | 42,655 | |||||||||||||||
Total assets | 273,459 | 233,521 | 271,869 | 57,793 | 836,642 | ||||||||||||||||
Reconciliation of Total Reportable Segments' Operating Income to Consolidated Income from Continuing Operations before Taxes | ' | ||||||||||||||||||||
The following table is a reconciliation of the total of the reportable segments’ operating income to consolidated income from continuing operations before taxes. | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 30, 2014 | March 31, 2013 | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Segment operating income | $ | 49,633 | $ | 42,655 | |||||||||||||||||
Income from equity method investment | 954 | 2,271 | |||||||||||||||||||
Eliminations | (1,076 | ) | (686 | ) | |||||||||||||||||
Total operating income | 49,511 | 44,240 | |||||||||||||||||||
Interest expense | (18,820 | ) | (15,905 | ) | |||||||||||||||||
Interest income | 150 | 108 | |||||||||||||||||||
Income from continuing operations before taxes | $ | 30,841 | $ | 28,443 | |||||||||||||||||
Income_per_Share_Tables
Income per Share (Tables) | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Basis for Income per Share Computations | ' | ||||||||
The following table presents the basis for the income per share computations: | |||||||||
Three Months Ended | |||||||||
March 30, 2014 | March 31, 2013 | ||||||||
(In thousands) | |||||||||
Numerator: | |||||||||
Income from continuing operations | $ | 25,156 | $ | 22,245 | |||||
Loss from disposal of discontinued operations, net of tax | (562 | ) | — | ||||||
Net income | $ | 24,594 | $ | 22,245 | |||||
Denominator: | |||||||||
Weighted average shares outstanding, basic | 43,514 | 44,420 | |||||||
Effect of dilutive common stock equivalents | 779 | 1,007 | |||||||
Weighted average shares outstanding, diluted | 44,293 | 45,427 | |||||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Major Classes of Inventories | ' | ||||||||
The major classes of inventories were as follows: | |||||||||
March 30, 2014 | December 31, 2013 | ||||||||
(In thousands) | |||||||||
Raw materials | $ | 88,329 | $ | 85,379 | |||||
Work-in-process | 35,334 | 34,671 | |||||||
Finished goods | 115,422 | 107,091 | |||||||
Perishable tooling and supplies | 2,139 | 2,156 | |||||||
Gross inventories | 241,224 | 229,297 | |||||||
Excess and obsolete reserves | (21,126 | ) | (21,317 | ) | |||||
Net inventories | $ | 220,098 | $ | 207,980 | |||||
LongTerm_Debt_and_Other_Borrow1
Long-Term Debt and Other Borrowing Arrangements (Tables) | 3 Months Ended | ||||||||
Mar. 30, 2014 | |||||||||
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: | |||||||||
March 30, 2014 | December 31, 2013 | ||||||||
(In thousands) | |||||||||
Revolving credit agreement due 2018 | $ | — | $ | — | |||||
Term Loan due 2020 | 248,800 | 248,775 | |||||||
Senior subordinated notes: | |||||||||
5.5% Senior subordinated notes due 2022 | 700,000 | 700,000 | |||||||
5.5% Senior subordinated notes due 2023 | 414,690 | 413,040 | |||||||
9.25% Senior subordinated notes due 2019 | 5,221 | 5,221 | |||||||
Total senior subordinated notes | 1,119,911 | 1,118,261 | |||||||
Total debt and other borrowing arrangements | 1,368,711 | 1,367,036 | |||||||
Less current maturities of Term Loan | (2,500 | ) | (2,500 | ) | |||||
Long-term debt | $ | 1,366,211 | $ | 1,364,536 | |||||
Pension_and_Other_Postretireme1
Pension and Other Postretirement Obligations (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 30, 2014 | |||||||||||||||||
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 | ||||||||||||||||
Three Months Ended | March 30, | March 31, | March 30, | March 31, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
(In thousands) | |||||||||||||||||
Service cost | $ | 2,019 | $ | 1,687 | $ | 31 | $ | 34 | |||||||||
Interest cost | 4,081 | 2,949 | 551 | 526 | |||||||||||||
Expected return on plan assets | (5,116 | ) | (3,406 | ) | — | — | |||||||||||
Amortization of prior service credit | — | (8 | ) | (26 | ) | (28 | ) | ||||||||||
Actuarial losses | 1,723 | 1,668 | 189 | 278 | |||||||||||||
Net periodic benefit cost | $ | 2,707 | $ | 2,890 | $ | 745 | $ | 810 | |||||||||
Comprehensive_Income_and_Accum1
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | ||||||||||||
Mar. 30, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Total Comprehensive Income | ' | ||||||||||||
The following table summarizes total comprehensive income: | |||||||||||||
Three Months Ended | |||||||||||||
March 30, 2014 | March 31, 2013 | ||||||||||||
(In thousands) | |||||||||||||
Net income | $ | 24,594 | $ | 22,245 | |||||||||
Foreign currency translation loss, net of $1.7 million and $0.0 million tax, respectively | (12,473 | ) | (8,526 | ) | |||||||||
Adjustments to pension and postretirement liability, net of $0.7 million and $0.7 million tax, respectively | 1,160 | 1,173 | |||||||||||
Total comprehensive income | $ | 13,281 | $ | 14,892 | |||||||||
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, 2013 | $ | 7,796 | $ | (36,977 | ) | $ | (29,181 | ) | |||||
Other comprehensive loss before reclassifications | (12,473 | ) | — | (12,473 | ) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 1,160 | 1,160 | ||||||||||
Net current period other comprehensive income (loss) | (12,473 | ) | 1,160 | (11,313 | ) | ||||||||
Balance at March 30, 2014 | $ | (4,677 | ) | $ | (35,817 | ) | $ | (40,494 | ) | ||||
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 three months ended March 30, 2014: | |||||||||||||
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 | $ | 1,912 | (1) | ||||||||||
Prior service credit | (26 | ) | (1) | ||||||||||
Total before tax | 1,886 | ||||||||||||
Tax benefit | (726 | ) | |||||||||||
Net of tax | $ | 1,160 | |||||||||||
-1 | The amortization of these accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit costs (see Note 9). |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||
Mar. 30, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 30, 2014 | Mar. 31, 2012 | Mar. 31, 2010 | Dec. 31, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | |
Thermax and Raydex [Member] | Thermax and Raydex [Member] | Trapeze [Member] | Trapeze [Member] | Trapeze [Member] | Standby letters of credit [Member] | Bank guaranties [Member] | Surety bonds [Member] | Fiscal Second Quarter [Member] | Fiscal Third Quarter [Member] | ||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reporting period | '89 days | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | '91 days | '91 days |
Guideline used to determine the end date of first quarter | '91 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value measurements, transfers between Level 1 and Level 2 | $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 | 204,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Standby letters of credit, bank guaranties and surety bonds | ' | ' | ' | ' | ' | ' | ' | ' | 6,900,000 | 4,800,000 | 1,700,000 | ' | ' |
Cash proceeds from the sales of discontinued operations | ' | ' | ' | ' | 265,600,000 | 136,900,000 | ' | ' | ' | ' | ' | ' | ' |
Gain/(Loss) on disposal of discontinued operations, before tax | ' | ' | ' | -900,000 | 211,600,000 | 88,300,000 | ' | ' | ' | ' | ' | ' | ' |
Gain/(Loss) on disposal of discontinued operations, net of tax | -562,000 | ' | ' | -600,000 | 124,700,000 | 44,800,000 | ' | ' | ' | ' | ' | ' | ' |
Sale price for business | ' | ' | ' | ' | ' | 152,100,000 | ' | ' | ' | ' | ' | ' | ' |
Amount in escrow as partial security for Company's indemnity obligations under transaction's purchase and sale agreement | ' | ' | ' | ' | ' | 15,200,000 | ' | ' | ' | ' | ' | ' | ' |
Receivable, net | 313,603,000 | ' | 304,204,000 | ' | ' | ' | ' | 3,800,000 | ' | ' | ' | ' | ' |
Partial settlement received from escrow | ' | ' | ' | ' | ' | ' | $4,200,000 | ' | ' | ' | ' | ' | ' |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (Softel Limited [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Jan. 25, 2013 |
Softel Limited [Member] | ' |
Business Acquisition [Line Items] | ' |
Acquisition price | $9.10 |
Operating_Segments_Additional_
Operating Segments - Additional Information (Detail) | 3 Months Ended |
Mar. 30, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of global business platforms | 4 |
Operating_Segments_Operating_S
Operating Segments - Operating Segment Information (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | $487,690 | $507,473 | ' |
Operating income (loss) | 49,511 | 44,240 | ' |
Total assets | 2,714,281 | ' | 2,751,753 |
Broadcast Solutions [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 165,868 | 155,586 | ' |
Affiliate revenues | 199 | 109 | ' |
Operating income (loss) | 10,568 | -146 | ' |
Total assets | 292,690 | 273,459 | ' |
Enterprise Connectivity Solutions [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 108,394 | 116,627 | ' |
Affiliate revenues | 2,076 | 2,469 | ' |
Operating income (loss) | 10,168 | 8,835 | ' |
Total assets | 228,401 | 233,521 | ' |
Industrial Connectivity Solutions [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 159,318 | 176,721 | ' |
Affiliate revenues | 1,356 | 364 | ' |
Operating income (loss) | 20,750 | 24,449 | ' |
Total assets | 270,295 | 271,869 | ' |
Industrial IT Solutions [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 54,110 | 58,539 | ' |
Affiliate revenues | 2 | 30 | ' |
Operating income (loss) | 8,147 | 9,517 | ' |
Total assets | 61,001 | 57,793 | ' |
Reportable Segment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenues | 487,690 | 507,473 | ' |
Affiliate revenues | 3,633 | 2,972 | ' |
Operating income (loss) | 49,633 | 42,655 | ' |
Total assets | $852,387 | $836,642 | ' |
Operating_Segments_Reconciliat
Operating Segments - Reconciliation of Total Reportable Segments' Operating Income to Consolidated Income from Continuing Operations before Taxes (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' |
Income from equity method investment | $954 | $2,271 |
Total operating income | 49,511 | 44,240 |
Interest expense | -18,820 | -15,905 |
Interest income | 150 | 108 |
Income from continuing operations before taxes | 30,841 | 28,443 |
Reportable Segment [Member] | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' |
Total operating income | 49,633 | 42,655 |
Eliminations [Member] | ' | ' |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ' | ' |
Total operating income | ($1,076) | ($686) |
Income_per_Share_Basis_for_Inc
Income per Share - Basis for Income per Share Computations (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Income from continuing operations | $25,156 | $22,245 |
Loss from disposal of discontinued operations, net of tax | -562 | ' |
Net income | $24,594 | $22,245 |
Weighted average shares outstanding, basic | 43,514 | 44,420 |
Effect of dilutive common stock equivalents | 779 | 1,007 |
Weighted average shares outstanding, diluted | 44,293 | 45,427 |
Income_per_Share_Additional_In
Income per Share - Additional Information (Detail) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Diluted weighted average shares outstanding do not include outstanding equity awards | 0.1 | 0.3 |
Inventories_Major_Classes_of_I
Inventories - Major Classes of Inventories (Detail) (USD $) | Mar. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $88,329 | $85,379 |
Work-in-process | 35,334 | 34,671 |
Finished goods | 115,422 | 107,091 |
Perishable tooling and supplies | 2,139 | 2,156 |
Gross inventories | 241,224 | 229,297 |
Excess and obsolete reserves | -21,126 | -21,317 |
Net inventories | $220,098 | $207,980 |
LongLived_Assets_Additional_In
Long-Lived Assets - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ' | ' |
Proceeds from disposal of tangible assets including real estate | $12,000 | $1,077,000 |
Depreciation expense | 9,500,000 | 9,600,000 |
Amortization of intangibles | 11,741,000 | 12,977,000 |
Broadcast Solutions [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Proceeds from disposal of tangible assets including real estate | ' | 1,000,000 |
Loss recognized on the sale | ' | $300,000 |
LongTerm_Debt_and_Other_Borrow2
Long-Term Debt and Other Borrowing Arrangements - Carrying Values of Long-Term Debt and Other Borrowing Arrangements (Detail) (USD $) | Mar. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Senior subordinated notes | $1,119,911 | $1,118,261 |
Total debt and other borrowing arrangements | 1,368,711 | 1,367,036 |
Less current maturities of Term Loan | -2,500 | -2,500 |
Long-term debt | 1,366,211 | 1,364,536 |
Revolving credit agreement due 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long term debt | ' | ' |
Term loan due 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long term debt | 248,800 | 248,775 |
5.5% Senior subordinated notes due 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior subordinated notes | 700,000 | 700,000 |
5.5% Senior subordinated notes due 2023 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior subordinated notes | 414,690 | 413,040 |
9.25% Senior subordinated notes due 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior subordinated notes | $5,221 | $5,221 |
LongTerm_Debt_and_Other_Borrow3
Long-Term Debt and Other Borrowing Arrangements - Carrying Values of Long-Term Debt and Other Borrowing Arrangements (Parenthetical) (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 30, 2014 | Dec. 31, 2013 | |
Revolving credit agreement due 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long term debt, maturity | '2018 | '2018 |
Term loan due 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long term debt, maturity | '2020 | '2020 |
5.5% Senior subordinated notes due 2022 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior subordinated notes maturity year | '2022 | '2022 |
Senior subordinated notes interest rate | 5.50% | 5.50% |
5.5% Senior subordinated notes due 2023 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior subordinated notes maturity year | '2023 | '2023 |
Senior subordinated notes interest rate | 5.50% | 5.50% |
9.25% Senior subordinated notes due 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior subordinated notes maturity year | '2019 | '2019 |
Senior subordinated notes interest rate | 9.25% | 9.25% |
LongTerm_Debt_and_Other_Borrow4
Long-Term Debt and Other Borrowing Arrangements - Additional Information (Detail) | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Mar. 30, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 30, 2014 | Dec. 31, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | Dec. 31, 2013 | Mar. 30, 2014 | Dec. 31, 2013 | Mar. 30, 2014 | Mar. 30, 2014 | Mar. 30, 2014 | Dec. 31, 2013 | Mar. 30, 2014 | Dec. 31, 2013 | Mar. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | 5.5% Senior subordinated notes due 2022 [Member] | 5.5% Senior subordinated notes due 2022 [Member] | 5.5% Senior subordinated notes due 2022 [Member] | 9.25% Senior subordinated notes due 2019 [Member] | 9.25% Senior subordinated notes due 2019 [Member] | Revolving credit agreement due 2018 [Member] | Revolving credit agreement due 2018 [Member] | Revolving credit agreement due 2018 [Member] | Revolving credit agreement due 2018 [Member] | Term loan due 2020 [Member] | Term loan due 2020 [Member] | 5.5% Senior subordinated notes due 2023 [Member] | 5.5% Senior subordinated notes due 2023 [Member] | 5.5% Senior subordinated notes due 2023 [Member] | 5.5% Senior subordinated notes due 2023 [Member] | 5.5% Senior subordinated notes due 2023 [Member] | |
USD ($) | USD ($) | Senior Subordinate Notes [Member] | USD ($) | USD ($) | USD ($) | USD ($) | Minimum [Member] | Maximum [Member] | USD ($) | USD ($) | USD ($) | Senior Subordinate Notes [Member] | Senior Subordinate Notes [Member] | Senior Subordinate Notes [Member] | |||||
USD ($) | USD ($) | USD ($) | EUR (€) | ||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowing under line of credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | $400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long term debt, maturity | ' | ' | ' | ' | ' | ' | ' | ' | '2018 | '2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit borrowing base | ' | ' | ' | ' | ' | ' | ' | ' | 325,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR or other similar indices in foreign jurisdictions | ' | ' | ' | 'Three-month LIBOR plus an applicable spread | ' | ' | ' | ' | ' | ' |
Line of credit spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | 1.75% | ' | ' | ' | ' | ' | ' | ' |
Line of credit commitment fees | ' | ' | ' | ' | ' | ' | ' | ' | 0.38% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility description | ' | ' | ' | ' | ' | ' | ' | ' | 'In the event we borrow more than 90% of our borrowing base, we are subject to a fixed charge coverage ratio covenant. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility restrictive covenants fixed charge coverage ratio minimum threshold | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of debt issuance costs | 1,702,000 | 6,794,000 | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | 3,600,000 | ' | ' | ' | 8,500,000 | ' |
Term Loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | ' | ' | ' | ' | ' |
Term Loan, maturity year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2020 | '2020 | ' | ' | ' | ' | ' |
Frequency of interest payments | ' | ' | ' | ' | ' | 'Semiannually | 'Semiannually | ' | ' | ' | ' | ' | 'Quarterly amortization payments | ' | ' | ' | 'Semiannually | ' | ' |
Interest rate on loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | ' | ' | ' | ' | ' | ' |
Senior subordinated notes | 1,119,911,000 | ' | 1,118,261,000 | 700,000,000 | 700,000,000 | 700,000,000 | 5,221,000 | 5,221,000 | ' | ' | ' | ' | ' | ' | 414,690,000 | 413,040,000 | 414,690,000 | ' | ' |
Aggregate principal amount outstanding of senior subordinated notes | ' | ' | ' | ' | ' | ' | 5,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 388,200,000 | 300,000,000 |
Interest rate of senior subordinated notes | ' | ' | ' | 5.50% | 5.50% | 5.50% | 9.25% | 9.25% | ' | ' | ' | ' | ' | ' | 5.50% | 5.50% | ' | 5.50% | ' |
Senior subordinated notes due date | ' | ' | ' | '2022 | '2022 | '2022 | '2019 | '2019 | ' | ' | ' | ' | ' | ' | '2023 | '2023 | ' | '2023 | ' |
Senior Subordinated Notes maturing 2019; description of priority | ' | ' | ' | ' | ' | '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 Term Loan. | 'The notes rank equal in right of payment with our senior subordinated notes due 2022 and 2023 and with any future senior subordinated debt, and are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Term Loan. | ' | ' | ' | ' | ' | ' | ' | ' | ' | '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 Term Loan. | ' | ' |
Senior Subordinated Notes maturing 2019; description of priority | ' | ' | ' | ' | ' | '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. | ' | ' |
Effective interest rate of senior subordinated notes | ' | ' | ' | ' | ' | ' | 9.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of debt instrument | $1,132,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 30, 2014 | Mar. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Income tax expense | $5,685,000 | $6,198,000 |
Effective tax rate | 18.40% | ' |
Applicable statutory United States tax rate | 35.00% | ' |
Income tax benefit due to reduction of an uncertain tax position liability related to foreign tax audit | $2,200,000 | ' |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Obligations - Components of Net Periodic Benefit Costs (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Pension Obligations [Member] | ' | ' |
Components of net periodic benefit cost: | ' | ' |
Service cost | $2,019 | $1,687 |
Interest cost | 4,081 | 2,949 |
Expected return on plan assets | -5,116 | -3,406 |
Amortization of prior service credit | ' | -8 |
Actuarial losses | 1,723 | 1,668 |
Net periodic benefit cost | 2,707 | 2,890 |
Other Postretirement Obligations [Member] | ' | ' |
Components of net periodic benefit cost: | ' | ' |
Service cost | 31 | 34 |
Interest cost | 551 | 526 |
Expected return on plan assets | ' | ' |
Amortization of prior service credit | -26 | -28 |
Actuarial losses | 189 | 278 |
Net periodic benefit cost | $745 | $810 |
Comprehensive_Income_and_Accum2
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Total Comprehensive Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Equity [Abstract] | ' | ' |
Net income | $24,594 | $22,245 |
Foreign currency translation loss, net of $1.7 million and $0.0 million tax, respectively | -12,473 | -8,526 |
Adjustments to pension and postretirement liability, net of $0.7 million and $0.7 million tax, respectively | 1,160 | 1,173 |
Total comprehensive income | $13,281 | $14,892 |
Comprehensive_Income_and_Accum3
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Total Comprehensive Income (Parenthetical) (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Equity [Abstract] | ' | ' |
Foreign currency translation income (loss), tax portion | $1.70 | $0 |
Adjustments to pension and postretirement liability, tax portion | $0.70 | $0.70 |
Comprehensive_Income_and_Accum4
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss), Net of Tax (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 30, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Accumulated Other Comprehensive Income (Loss), Beginning balance | ($29,181) |
Other comprehensive loss before reclassifications | -12,473 |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,160 |
Net current period other comprehensive income (loss) | -11,313 |
Accumulated Other Comprehensive Income (Loss), Ending balance | -40,494 |
Foreign Currency Translation Component [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Accumulated Other Comprehensive Income (Loss), Beginning balance | 7,796 |
Other comprehensive loss before reclassifications | -12,473 |
Amounts reclassified from accumulated other comprehensive income (loss) | ' |
Net current period other comprehensive income (loss) | -12,473 |
Accumulated Other Comprehensive Income (Loss), Ending balance | -4,677 |
Pension and Other Postretirement Benefit Plans [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Accumulated Other Comprehensive Income (Loss), Beginning balance | -36,977 |
Other comprehensive loss before reclassifications | ' |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,160 |
Net current period other comprehensive income (loss) | 1,160 |
Accumulated Other Comprehensive Income (Loss), Ending balance | ($35,817) |
Comprehensive_Income_and_Accum5
Comprehensive Income and Accumulated Other Comprehensive Income (Loss) - Summary of Effects of Reclassifications from Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 30, 2014 | Mar. 31, 2013 |
Amortization of pension and other postretirement benefit plan items: | ' | ' |
Tax benefit | ($5,685) | ($6,198) |
Net income | 24,594 | 22,245 |
Pension and Other Postretirement Benefit Plans [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ' | ' |
Amortization of pension and other postretirement benefit plan items: | ' | ' |
Actuarial losses | 1,912 | ' |
Prior service credit | -26 | ' |
Total before tax | 1,886 | ' |
Tax benefit | -726 | ' |
Net income | $1,160 | ' |
Share_Repurchases_Additional_I
Share Repurchases - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 33 Months Ended | ||
Share data in Millions, except Per Share data, unless otherwise specified | Nov. 30, 2012 | Jul. 31, 2011 | Mar. 31, 2013 | Mar. 30, 2014 | Mar. 30, 2014 |
Share Repurchase Program [Member] | Share Repurchase Program [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ' |
Purchase of common stock | $200,000,000 | $150,000,000 | ' | ' | ' |
Payments under share repurchase program | ' | ' | $31,250,000 | ' | $218,800,000 |
Repurchase of shares | ' | ' | ' | 0 | 5.4 |
Repurchase of shares average price per share | ' | ' | ' | ' | $40.37 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | ||
Mar. 28, 2014 | Mar. 30, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' |
Cash purchase price for outstanding ownership interest in Grass Valley | ' | ' | ' | $220,000,000 |
Acquisition of outstanding shares | ' | ' | ' | 100.00% |
Prepayment of purchase price | $4,400,000 | $4,700,000 | $9,475,000 | ' |